Gloucester Bank - Gloucester, MA

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: state
Start Date: December 15, 1931
Location: Gloucester, Massachusetts (42.616, -70.662)

Metadata

Model: gpt-5-mini
Short Digest: e806c1b4

Response Measures

Full suspension, Books examined

Other: Bank doors closed to public; president publicly reassured depositors; examiner asked to examine books and report.

Description

Newspaper (Boston Daily Globe) reports Gloucester Bank 'suspends temporarily' on advice of the bank examiner after a run; a second article lists Gloucester among Massachusetts banks shut that day. No article states a reopening or permanent receivership, so outcome is uncertain.

Events (2)

1. December 15, 1931 Run

Cause: Local Banks
Cause Details: Depositors withdrew in response to runs/closings affecting other Massachusetts banks and affiliated institutions, producing a large demand for withdrawals on Gloucester Bank.
Measures: Closed doors to the public; president notified depositors and invoked advice of the bank examiner; examiner to make a thorough report.
Newspaper Excerpt: this bank temporarily...this solvent...called run large amount which cannot be immediately...had withdrawn our balances week ago
Source: newspapers

2. December 15, 1931 Suspension

Cause: Local Banks
Cause Details: Bank suspended payments temporarily on advice of the bank examiner because of heavy withdrawals (a run) linked to wider bank closings in Massachusetts that day; bank stated it was solvent and examiner would investigate.
Newspaper Excerpt: GLOUCESTER BANK SUSPENDS TEMPORARILY...By advice of the bank examiner, this bank temporarily [closed]
Source: newspapers

Newspaper Articles (2)

1. December 15, 1931 The Boston Daily Globe Boston, MA

Article from The Boston Daily Globe, December 15, 1931

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Article Text

GLOUCESTER BANK SUSPENDS TEMPORARILY GLOUCESTER, Dec the first time in its history of 135 of dobusiness the closed doors to the public for today exact to say it closed its were opened. group about depositors were gathered in the demand for Snortly Thomas Carroll, president of the appeared addressed the group substantially as follows: Gentlemen: By advice of the bank examiner, this bank temporarily. me you that But this solvent. be in progress called run large amount which cannot be immediately me that the affairs of this all largest are we depositors been minded we could had withdrawn our balances week ago, that there loss we stand the meantime bank examiner thorough of the condition this will make report in short time. done conserve of the bank in of hope be for business in

2. December 16, 1931 The Mercury Manhattan, KS

Article from The Mercury, December 16, 1931

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Article Text

NINE MASSACHUSETTS ARE SHUT DOWN BANKS Includes Four National and List Five State Banks With Deposits Boston. Dec. 15 Massachusetts banking institutions, with aggregate deposits, according to the latest were closed today. The list included four national banks and five state banks. central figure in the closings The Federal National bank the which has five city branchwith which all the other inand stitutions were affiliated. Federal National whose The directors voted to ask the comptrolto take charge after ler currency the bank and its branches runs had deposits, Septemof other banks and their latest The available statements of deposit The Middlesex National bank. Lothe State National well. the Gloucesbank. Lynn. National bank. the Bancroft ter Worcester, $5,876,Trust 474: the Lawrence Trust company, Lawrence, the Inman Trust company, Cambridge,