8125. Hyde Park Savings Bank (Hyde Park, MA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
savings bank
Start Date
March 18, 1878
Location
Hyde Park, Massachusetts (42.256, -71.124)

Metadata

Model
gpt-5-mini
Short Digest
76fb4eb0

Response Measures

None

Description

Articles (Mar 18–19, 1878) mention that Hyde Park Savings Bank is enforcing the sixty-day rule for withdrawals over $25 amid a run on Boston savings banks. There is no report of a specific run on this bank, no closure, and no receivership — only invocation of the 60-day notice (a temporary suspension measure). I classify this as a suspension (temporary measure) with the bank continuing operations.

Events (1)

1. March 18, 1878 Suspension
Cause
Local Banks
Cause Details
Enforcement of the 60-day withdrawal notice in response to runs/excitement affecting Boston savings banks generally (local banking panic).
Newspaper Excerpt
The Hyde Park Savings bank requires sixty days notice before paying sums over twenty-five dollars.
Source
newspapers

Newspaper Articles (2)

Article from The Wheeling Daily Intelligencer, March 19, 1878

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Article Text

Banksand Bankers. MONTREAL, CAN., March 18.-In asuit against the ex-directors of the Metropolitan Bank to recover damages for their mismanagement, it is alleged in the proceedings that the statements of the bank, from four to six years ago, were false; that the directors borrowed over a half a million dollars, and need the money for stock speculations. BOSTON, March 18-Bank Examiner Needham states that the actual loss to the Leichmere Bank, at East Cambridge, by robbery last Saturday, amounts to $3,038, leaving a surplus of $113,000. The balance of the loss falls upon the President and outside parties. The run on the Savings Banks to day continues, but the excitement is greatly diminished, and the crowd in the Five Cent Savings Bank did not number over one hundred. At the Provident and Soffolk Savings Banks there were few if any depositors calling for their money. REQUIRES THE BIXTY DAY NOTICE. The Hyde Park Savings bank requires sixty days notice before paying sums over twenly. five dollars.


Article from The Daily Dispatch, March 19, 1878

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Article Text

Massacusetts. THE ROBBERY OF THE LECHMERE BANK, &C. BOSTON, March 18.-Bank Examiner Needham states that the actual loss to the Lechmere Bank at East Cambridge by the robbery last Saturday is $3,033, leaving a surplus of $113,000. The balance of the loss falls upon the president and outside parties. The run on the Boston Savings banks continues to-day, but the excitement is greatly diminished. There is a crowd at the Five-Cent Savings Bank of about one hundred. At the Providence Savings Bank and Suffolk Savings Bank few depositors are calling for their money. The Hyde-Park Savings Bank is enforcing the sixty-days rule for sums over twenty-five dollars.