City Institution For Savings

Bank Information

Episode Type: Run Only
Bank Type: savings bank
Start Date: September 12, 1857
Location: Lowell, Massachusetts (42.633, -71.316)

Metadata

Model: gpt-5-mini
Short Digest: 3c7d0380

Response Measures

Accommodated withdrawals

Description

Article (Worcester Daily Spy, 1857-09-16) describes a short-lived run on the City Savings Bank in Lowell; bank paid out deposits and resumed normal business by Monday. The supplied bank name City Institution For Savings appears to refer to the same City Savings Bank mentioned in the article. I infer a state-chartered savings bank.

Events (1)

1. September 12, 1857 Run

Cause: Macro News
Cause Details: Run driven by general alarm among foreign depositors and other alarmed citizens during the 1857 panic period; article describes local nervousness rather than specific bank insolvency or a discrete rumor.
Measures: Rescinded the one-week notice rule and paid out cash as requested; restored confidence and resumed normal business by Monday.
Newspaper Excerpt: There was a run on the City Savings Bank in Lowell, on Saturday, by the foreign depositors and some other alarmed citizens, upon which the bank immediately rescinded its rule requiring the depositor to give a week's notice before withdrawing his funds, and paid out the cash as fast as it was called for.
Source: newspapers

Newspaper Articles (1)

1. September 16, 1857 Worcester Daily Spy Worcester, MA

Article from Worcester Daily Spy, September 16, 1857

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Article Text

A BANK PANIC-There was a run on the City Savings Bank in Lowell, on Saturday, by the foreign depositors and some other alarmed citizens, upon which the bank immediately rescinded its rule requiring the depositor to give a week's notice before withdrawing his funds, and paid out the cash as fast as it was called for. By pursuing this course, confidence was very soon restored, and on Monday the bank was crowded again with customers anxious to re deposit their funds.