8086. Farmers & Mechanics Savings Bank (Framingham, MA)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
June 14, 1904
Location
Framingham, Massachusetts (42.279, -71.416)

Metadata

Model
gpt-5-mini
Short Digest
d7ee0ed6

Response Measures

Accommodated withdrawals

Other: Bank officers extended hours, kept large cash on hand, and savings bank commissioners publicly declared the bank sound.

Description

Slight run June 14–16, 1904 caused by a false/nonsensical report (origin traced to a woman seeing a large check). Bank paid depositors, extended hours, had police on site, and remained open; run subsided.

Events (1)
1. June 14, 1904 Run
Cause
Rumor Or Misinformation
Cause Details
Circulation of a false/nonsensical report — traced to a story by a woman who saw a depositor cash a $900 check; panic spread to nearby towns.
Random Run
Yes
Random Run Snippet
False report from woman who saw a $900 check; deemed nonsensical/false
Measures
Paid depositors with interest as books were presented; extended hours; had large cash on hand; police stationed to keep order; declined outside assistance.
Newspaper Excerpt
The Farmers and Mechanics Savings Bank experienced a slight run, the responsibility for which is placed by the bank officials upon the circulation of a nonsensical and false report regarding the condition of the institution.
Source
newspapers

Newspaper Articles (10)
1. June 15, 1904 Evening Star Washington, DC
Article from Evening Star, June 15, 1904

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Article Text

Bank Meets Uncalled-For Run. SOUTH FRAMINGHAM, Mass., June 15. -When the doors of the Farmers and Mechanics' Savings Bank were opened for business at 9 o'clock today fifty or sixty depositors were in line waiting to withdraw their funds. News of the run of the previous two days had apparently spread to Saxonville, Hopkinton and other neighboring places, as depositors from those localities appeared to be in the majority at the bank's doors. The bank officials said they were ready to pay depositors, with all interest due, as fast as books were presented. About 200 depositors had withdrawn about $40,000 up to this morning.

2. June 15, 1904 Perth Amboy Evening News Perth Amboy, NJ
Article from Perth Amboy Evening News, June 15, 1904

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Article Text

Run on South Framingham Bank. SOUTH FRAMINGHAM. Mass., June 15.-The Farmers and Mechanics' Savings bank has experienced a slight run. the responsibility for which is placed by the bank officials upon the circulation of a nonsensical and false report regarding the condition of the institution.

3. June 15, 1904 The Providence News Providence, RI
Article from The Providence News, June 15, 1904

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Article Text

RUN ON THE BANK CONTINUES South Framingham, Mass., June 15.When the doors of the Farmers' and Mechanics' Savings bank here were opened for business at 9 o'clock today, from 50 to 60 depositors were in line waiting to withdraw their funds. From Monday, when the run was begun until this forenoon about $40,000 had been handed over the counters. Police officers were stationed about the entrance today to keep the crowd in order and to prevent late comers from breaking into the line and replacing those who had arrived before them. The news of the run of the previous two days had apparently spread to Saxonville, Hopkinton and other nearby places. The trolley cars brought quite a number of depositors and those from out of town at the bank's doors appeared to be in the majority. Most of the Framingham people who have withdrawn their accounts are employes of factories. A number of them had their funds tied up two or three years ago by the failure of the Framingham Savings bank and were therefore unusually sensitive when reports regarding the condition of the Farmers and Mechanics bank were put in circulation. The bank officials are paying out funds with all interest due as fast as books are presented. They said they did not desire to put out the regulation provided by law, requiring notice from depositors before money can be paid. Since the run was begun about 200 depositors have taken out their accounts. The bank officers kept the doors open until 5 o'clock yesterday afternoon and arranged to extend the business hours again today if it should be considered necessary. During the evening preparations were made to meet a continuation of the run and a large amount of cash was on hand. The officers say that the institution is in good condition and can meet the abnormal demand now being made upon it.

4. June 15, 1904 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, June 15, 1904

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Article Text

RUN ON BANK. Depositors at South Framingham Have Drawn Out $40,000. South Framingham, Mass, June 15.When the doors of the Farmers and Mechanics Savings bank here were opened for business at 9 o'clock to-day 50 or 60 depositors were in line waiting to withdraw their funds. News of the run of the previous two days had apparently spread to Saxonville, Hop+ kinton and other nearby places, as depositors from those localities appeared to be in the majority at the bank's doors. The bank officials said they were ready to pay depositors with all interest due, as fast as books were presented. About 200 depositors had withdrawn about $40,000 up to this morning.

5. June 15, 1904 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, June 15, 1904

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Article Text

A FOOLISH RUMOR Starts Run on Savings Bank at South Framingham. Mass. South Framingham, Mass., June 14.-The Farmers and Mechanics Savings Bank experienced a slight run, today. the responsibility for which is placed by the bank officials upon the circulation of a nonsensical and false report regarding the condition of the institution. The run began with the withdrawal of a few accounts by women. yesterday, and when the doors were closed at 5 o'clock, this afternoon, two hours later than the usual hour of closing. 164 persons had removed their deposits and 40 other depositors were still in line awaiting an opportunity to close their accounts. The officials refused to say, tonight, how much money had been withdrawn, but asssured their patrons that the resources of the bank were in no way impaired and that the institution would open as usual, tomorrow morning. The savings bank commissioners stated, today. that they considered the bank sound, and this, with a statement during the day\ by officers of the bank, served to reassure the depositors. In the statement issued by the bank people during the day it was said that no inconvenience had been caused the institution, which had declined proffered assisstance from Boston banks. It was added that many heavy depositors had added to their accounts since morning, and that all demands were being promptly met. It was announced that, June 1, $822,365 was on deposit. The run is said to have resulted from a story told by a woman who chanced to see a depositor cash a check for $900. To her the amount seemed large enough to justify a feeling of alarm.

6. June 15, 1904 Evening Star Washington, DC
Article from Evening Star, June 15, 1904

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Article Text

Woman Started Bank Run. A dispatch from South Framingham, Mass., last night says: The Farmers and Mechanics' Savings Bank experienced a slight run today, the responsibility for which is placed by the bank officials upon

7. June 15, 1904 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, June 15, 1904

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Article Text

Run on South Framingham Bank. SOUTH FRAMINGHAM, Mass., June 15.-The Farmers and Mechanics' Savings bank has experienced a slight run, the responsibility for which is placed by the bank officials upon the circulation of a nonsensical and false report regarding the condition of the institution.

8. June 16, 1904 The Providence News Providence, RI
Article from The Providence News, June 16, 1904

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Article Text

RUN ON FARMERS BANK GRADUALLY SUBSIDING. South Framingham, Mass., June 16.Not more than 20 persons were in line at the Farmers' and Mechanics' Savings bank here today when business was resumed. The run is gradually subsiding and the bank officials believe that the demand for money after today will be no greater than usual.

9. June 16, 1904 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, June 16, 1904

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Article Text

DEPOSITORS IN LINE In Recently Started Run on South Framingham Savings Bank. South Framingham, Mass., June 15. -When the doors of the Farmers' and Mechanics' Savings Bank here were opened for business, at 9 o'clock, Wednesday, from 50 to 60 depositors were in line waiting to withdraw their funds. From Monday when the run was begun until, Wednesday forenoon, about $40,000 has been handed over the counters. Police officers were stationed about the entrance to keep the crowd in order and to prevent late comers from breaking into the line and replacing those who had arrived before them. The news of the run of the previous two days had apparently spread to Saxonville, Hopkinton and other nearby places. The trolley cars brought quite a number of depositors and those from out of town at the bank's doors appeared to be in the majority. Most of the Framingham people who have withdrawn their accounts are employes of factories. A number of them had their funds tied up two or three years ago by the failure of the Framingham Savings Bank and were therefore unusually sensitive when reports regarding the condition of the Farmers' and Mechanics' Bank were put in circulation. The bank officials are paying out funds with all interest due as fast as books are presented. They said they did not desire to put out the regulation provided by law requiring notice from depositors before money can be paid. Since the run was begun, about 200 depositors have taken out their accounts. The bank officers kept the doors open until 5 o'clock, Tuesday afternoon, and arranged to extend the business hours again, Wednesday, if it should be considered necessary. During the evening preparations were made to meet a continuation of the run and a large amount of cash was on hand. The officers say the institution is in good condition and can meet the abnormal demand now being made upon it. The run continued all the forenoon and this afternoon, but the number of depositors at the bank grew smaller. Some of those who presented their books had a talk with the officials and in consequence they went away without drawing their money. About 20 persons were in line at 1.30.

10. June 17, 1904 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, June 17, 1904

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Article Text

GRADUALLY SUBSIDING Is Savings Bank Run at South Framingham. Mass South Framingham. Mass., June 16.Not more than 20 persons were in line at the Farmers' and Mechanics' Savings Bank here. today, when business was resumed. The run is gradually subsiding and the bank officials believe that the demand for money after, today, will be no greater than usual. At noon few new faces were seen in the line and it was expected all waiting would be paid before the middle of the afternoon. During the run about 200 persons had withdrawn their accounts. The aggregate amount is somewhat less than $50,000.