Essex Savings Bank - Lawrence, MA

Bank Information

Episode Type: Run Only
Bank Type: savings bank
Start Date: January 25, 1906
Location: Lawrence, Massachusetts (42.707, -71.163)

Metadata

Model: gpt-5-mini
Short Digest: 50f7de97

Response Measures

Accommodated withdrawals

Description

Multiple contemporaneous newspaper accounts (Jan 25–30, 1906) report a small run triggered by an unfounded rumor/joke. Bank paid depositors on demand and officers said they could meet all calls; deposits returned and no suspension or closure reported.

Events (1)

1. January 25, 1906 Run

Cause: Rumor Or Misinformation
Cause Details: Unfounded rumor that the bank was embarrassed; officers traced the story to a joke started a few days earlier.
Random Run: Yes
Random Run Snippet: Story started in a joke a few days ago; rumor false
Measures: Paid all depositors on demand (in gold); cashier issued statement assuring solvency and encouraging returns of deposits.
Newspaper Excerpt: A small sized run was started this morning on the Essex Savings bank... The run started from a rumor that the bank was financially embarrassed, and so far as the officers of the institution have been able to trace it the story started in a joke a few days ago.
Source: newspapers

Newspaper Articles (3)

1. January 25, 1906 The Providence News Providence, RI

Article from The Providence News, January 25, 1906

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Article Text

SMALL SIZED RUN ON SAVINGS BANK AT LAWRENCE, MASS. Lawrence, Mass., Jan. 25.-A small sized run was started this morning on the Essex Savings bank, considered in financial circles as one of the strongest in the state, All depositors, mostly women, employed in the local mills, were paid in gold upon demand, and the bank officials stated that they would have no difficulty in meeting all calls, There was no general panic and many deposits were made at the same time that the less confident were withdrawing their money. The run started from a rumor that the bank was financially embarrassed, and so far as the officers of the institution have been able to trace it the story started in a joke a few days ago.

2. January 26, 1906 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, January 26, 1906

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Article Text

RUN ON LAWRENCE BANK. But It Soon Subsided and Depositors Returned Their Cash. Lawrence, Mass., Jan. 25.-A small sized run was started this morning on the Essex Savings Bank, considered in financial circles as one of the strongest in the state. All depositors, mostly women employed in the local mills, were paid in gold upon demand and the bank officials stated that they would have no difficulty in meeting all calls. There was no general panic, the business section of the city not being affected and many deposits were made at the same time that the less confident were withdrawing their money. The run started from a rumor that the bank was financially embarrassed and so far as the officers of the institution have been able to trace it, the story started in a joke a few days ago. Albert I. Couth, cashier of the bank, issued a statement at noon. He said that the run had practically subsided and that many persons who had withdrawn their savings in the morning returned them in a few hours. Mr. Couth said that the bank was in no danger and that depositors will be paid just as fast as they apply.

3. January 31, 1906 Arizona Republican Phoenix, AZ

Article from Arizona Republican, January 31, 1906

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Article Text

JOKE STARTS RUN ON BANK. Institution With Deposits of Nine Million Dollars Paying All Who Apply. Lawrence, Mass., Jan. 30.-Unfound. ed rumors regarding the condition of the Eessex Saving bank resulted today in the starting of a run. All depositors who applied were paid, and it is believed the alarm will soon subside. Most of those who drew out their deposits were women. The source of the rumor has not yet