Greenfield Savings Bank - Greenfield, MA

Bank Information

Episode Type: Run Only
Bank Type: savings bank
Start Date: October 8, 1903
Location: Greenfield, Massachusetts (42.588, -72.600)

Metadata

Model: gpt-5-mini
Short Digest: d11fd429

Response Measures

Accommodated withdrawals

Description

Newspaper (Oct 9, 1903) reports a short-lived run beginning Thursday that had about spent itself by Monday, with < $100,000 withdrawn and the bank described as in good condition. No suspension or closure mentioned.

Events (1)

1. October 8, 1903 Run

Cause: Rumor Or Misinformation
Cause Details: Withdrawals driven by depositor fear and nervousness; no adverse bank-specific facts reported and some depositors returned funds after reassurance.
Measures: No special measures reported; officers relied on sufficient quick assets and public reassurance.
Newspaper Excerpt: The run on the Greenfield savings bank which began Thursday morning had about spent itself by Monday afternoon. Mr. Abercrombie, the president, said that less than $100,000 had been withdrawn.
Source: newspapers

Newspaper Articles (1)

1. October 9, 1903 Vermont Phœnix Brattleboro, Bellows Falls, Ludlow, VT

Article from Vermont Phœnix, October 9, 1903

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Article Text

MASSACHUSETTS NOTES. Run on Savings Bank Over. The run on the Greenfield savings bank which began Thursday morning had about spent itself by Monday afternoon. Mr. Abercrombie, the president, said that less than $100,000 had been withdrawn. As the depositors who withdrew their money lose three months' interest, the officers of the bank, knowing that the institution was in the best of condition, viewed with some complacency the depletion of the deposits. As the bank pays 4 per cent. interest, the loss of interest to the depositors and the gain to the bank will be $10 on every $1000 withdrawn. Some of the depositors who took out their money repented of their folly and took it back. Some from out of town went to Greenfield Monday determined to withdraw their money, but meeting with an acquaintance who was in full possession of his senses, were persuaded to let their money lie. Probably the withdrawals after this will be very small. With a million of dollars quick assets and another quarter of a million that could be had on short notice, the institution was in a position to stand a serious run. As less than $100,000 has been withdrawn the run has not been at all serious, except to the depositors who let their fears get the better of their judgment.