8084. Florence Savings Bank (Florence, MA)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
March 25, 1892
Location
Florence, Massachusetts (42.336, -72.672)

Metadata

Model
gpt-5-mini
Short Digest
7b0b70ba

Response Measures

None

Description

Multiple contemporaneous newspapers (Mar 25-26, 1892) report a short-lived run on the Florence Savings Bank triggered by rumors tied to the recent Tack Company failure and the embarrassment of local officials. Reports state confidence was quickly restored and the bank remained in good condition; no suspension or closure is mentioned.

Events (1)
1. March 25, 1892 Run
Cause
Local Shock
Cause Details
Run started by rumors linking the bank to losses from the recent Tack Company failure and embarrassment of local officials (ex-Mayor Hill / Judge Bond).
Newspaper Excerpt
A run on the Florence Savings bank was started today by rumors of an embarrassment growing out of the recent tack company failure
Source
newspapers

Newspaper Articles (8)
1. March 26, 1892 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, March 26, 1892

Click image to open full size in new tab

Article Text

THE PAINESVILLE BANK FRAUDS. President Steel in Jail for Forgery and Cashier Paige a Fugitive. CLEVELAND, March Today's developments of the Painesville bank failure are startling. Forged paper to the amount of $60,000 was discovered, and P. K. Paige, the head of the bank, is missing. The forged notes had been piaced in various banks. Seven thousand dollars left at the bank a week ago by the Fairport Dock Company to pay its men are missing, and the men have not received a cent. Paige is believed to have gone to New York. The assignees say the liabilities will amount to over $600,000. Steps will be taken to prevent Paige from leaving the country. Paige came to this city last week and cashed a $2,500 bogus draft on New York. He endeavored to obtain $5,000 more, but failed. Attorneys announce that Paige has been located, but decline to tell his whereabouts. Horace Steel, president of the bank, was arrested tonight on a charge of indorsing a forged note. The note 13 signed by J. R. Erwin, manager of the Pennsylvania and Lake Erie Dock Company, who declares it a forgery. Both Steel and Paige indorsed it. A warrant has undoubtedly been issued for Paige also, and he is supposed to be in Painesville, but could not be found. FLORENCE, Mass., March 25.-A run on the Florence savings bank was started today by rumors of an embarrassment growing out of the recent tack company failure, but it is expected that confidence will soon be restored. It is said the bank's condition is perfect.

2. March 26, 1892 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, March 26, 1892

Click image to open full size in new tab

Article Text

Run on a Bank. FLORENCE, Mass., March 25.-A run on the Florence Savings bank started today by rumors of embarrassment growing out of the recent tack company failure, but it is expected confidence will soon be restored. It is said the bank's condition is perfect.

3. March 26, 1892 The Providence News Providence, RI
Article from The Providence News, March 26, 1892

Click image to open full size in new tab

Article Text

A Run on the Florence, Mass, Bank. FLORENCE, Mass., March 26.-A run on the Florence Savings Bank was started yesterday by a rumor regarding the bank's losses by reason of the recent Tack Co., failure. and the embarrassment of exMayor Hill. Forty-two hundred dollars were drawn out, but it is expected that confidence will soon be restored. The bank has $315,000 on deposit, $33,000 cash on hand and $100,000 in quick assets, and there is no ground for any flurry.

4. March 26, 1892 Pawtucket Tribune Pawtucket, RI
Article from Pawtucket Tribune, March 26, 1892

Click image to open full size in new tab

Article Text

FLORENCE, Mass., March 26.-A run on the Florence Savings bank was started yesterday by a rumor regarding losses by the recent tack company failure and the embarrassment of ex-Mayor Hill. It is expected that confidence will soon be restored. The bank has $315,000 on deposit, $33,000 cash on hand, and $100,000 in quick assets, and there is no ground for any flurry

5. March 26, 1892 The Morning Call San Francisco, CA
Article from The Morning Call, March 26, 1892

Click image to open full size in new tab

Article Text

A Run on a Savings Bank. FLORENCE, Mass., March 25.-A run on the Florence Saviags Bank was started today by a rumor of embarrassment growing out of the recent Tack Company failure, but it is expected that confidence will soon be restored. It is said that the bank's condition is perfect.

6. March 26, 1892 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, March 26, 1892

Click image to open full size in new tab

Article Text

Run on a savings Bank. FLORENCE, Mass., March 25.-The run on the Florence Savings bank was started to-day by rumors of embezziement, growing out of the recent tack company failure, bui it is expected contidence will soon be restored. It is said the bank's condition is perfect.

7. April 1, 1892 Vermont Phœnix Brattleboro, Bellows Falls, Ludlow, VT
Article from Vermont Phœnix, April 1, 1892

Click image to open full size in new tab

Article Text

MASSACHUSETTS NOTES. A Run on the Florence Savings Bank. There was a run on the Florence savings bank last Friday, about $8000 being withdrawn. The bank is in good condition and the people are now recovering their confidence and returning their money. This bank suffered severely from the benefit endowment orders, but gained $12,000 in de. posits last year. The run was caused by the failure of the tack company, and the embarrassment of Judge Bond and exMayor Hill.

8. April 8, 1892 Vermont Phœnix Brattleboro, Bellows Falls, Ludlow, VT
Article from Vermont Phœnix, April 8, 1892

Click image to open full size in new tab

Article Text

MASSACHUSETTS NOTES. Another town meeting will be held at Orange to-morrow to elect three water commissioners, bond the town for a sum not exceeding $125,000, arrange for putting in water works and see if the town wants a board of sewer commissioners. E. A. Goddard, whos appointment as postmaster at Orange was announced last Friday, is one of the best known men in that town, and has held many offices. He served as chairman of the board of selectmen for six years, and was a representative in the legislature in 1890 and 1891. He was foremost in bringing about the construction of the sewers and the proposed water works. Northampton, which had an unusually busy building season last year, will enjoy prosperity in the same direction this year, it being estimated that over $400,000 will be expended. The Forbes library building will cost $80,000, the Episcopal church $100,000, dormitories for Smith college $50,000, and an addition to the state hospital $50,000. R. P. Grant, a prominent citizen and member of the school board at Brookfield, has disappeared. He has written from Canada confessing that he is short in his accounts to the amount of $400. The people of Brookfield are greatly shocked, as he was one of the most trusted men in town. The Phoenix recently recorded the run on the Florence savings bank. Another Hampshire county institution suffered in the same way last week, when $20,000 was drawn from the Easthampton bank, which is one of the strongest in western Massachusetts. This run undoubtedly grew out of the excitement attending the strike of the weavers of the Glendale mill. A company has been organized at Leominster with $10,000 capital for the purpose of recovering $4,800,000 in British gold, which, it is claimed, was sunk by the ship Hussar at Hell Gate 112 years ago. Frank H. Smith, the young man who was struck by a train and had a leg cut off and an arm crushed at Smiths Ferry last September, has brought suit against the Connecticut River railroad company for $50,000. Rev. Wm. R. Newhall of the Statestreet Methodist church in Springfield, has been chosen principal of the Weslyan academy at Wilbraham to succeed Rev. Dr. Steele, who has resigned after 13 years of successful work.