8264. Westfield Savings Bank (Westfield, MA)

Bank Information

Episode Type: Run Only
Bank Type: savings bank
Start Date: November 11, 1897
Location: Westfield, Massachusetts (42.125, -72.750)

Metadata

Model: gpt-5-mini
Short Digest: 7a892aef

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions

Description

A run occurred on Nov 11, 1897 after reports (rumor) linking the bank to the failure/closing of the Bay State Beneficiary Association because the bank treasurer was also treasurer of the association. Bank met demands with funds (including >$200,000 borrowed from national banks) and there is no indication of suspension or closure.

Events (1)

1. November 11, 1897 Run

Cause: Rumor Or Misinformation
Cause Details: Unfounded reports that the bank had sustained losses due to the failure/closing of the Bay State Beneficiary Association; treasurer of bank was treasurer of the association, which sparked the reports.
Measures: Borrowed/received over $200,000 from national banks and promptly paid all applicants; officials reassured depositors and paid withdrawals.
Newspaper Excerpt: The recent closing of the Bay State Beneficiary Association caused a run on the Westfield Savings Bank to-day, and about $12,000 was withdrawn. ... The excitement ceased by night and the bank officials claim they have money to meet every demand.
Source: newspapers

Newspaper Articles (7)

1. November 12, 1897 The Sun New York, NY

Article from The Sun, November 12, 1897

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Article Text

Due Wednesday, Nov. 17. Nov 10 Liverpool Majestic Nov N Gibraltar Ems Christiansand Nov 4 Norge Nov :3 Swansea Chicago City Nov 3 Gibraltar Piequa Gibraitar Nov 2 Pathan Nov 18 Havana Orizaba Nov 11 La Guavra Philadelphia Santa Martha Nov 10 Holstein Run on as Massachusetts Bank. SPRINGFIELD, Mass., Nov. 11. -- The recent closing of the Bay State Beneficiary Association caused a run on the Westfield Savings Bank to-day, and about 4 $2,000 was drawn out. W. V. Crowson. Treasurer of the bank. was also Treasurer of the insur nce association. and this started the run. The excitement ceased by night. The bank officials BBYT they have sufficient money to meet every denfand, I

2. November 12, 1897 The Times Washington, DC

Article from The Times, November 12, 1897

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Article Text

Short Rim on B. Savings Bank. Springfield, Mass., Nov. II.--The recent closing GP the Bay State Beneficiary Association caused a run on the Westfield Savings Bank today, and about $12,000 was withdrawn. W. V. Crowson, treasurer of the bank, was also treasurer of the insurance association, and the reports started that the bank was affected. The excitement ceased by night and the bank officials claim they have money to meet every demand.

3. November 12, 1897 The Indianapolis Journal Indianapolis, IN

Article from The Indianapolis Journal, November 12, 1897

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Article Text

Run on a Savings Bank. WESTFIELD, Mass., Nov. 11.-A run was started on the Westfield Savings Bank late yesterday and continued this morning. The crowd consisted mostly of foreigners and withdrew sums varying from $5 to $500. Over $200,000 was received from national banks and all applicants were promptly paid and the run was practically over at noon to-day.

4. November 12, 1897 Daily New Dominion Morgantown, WV

Article from Daily New Dominion, November 12, 1897

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Article Text

Bank Withstood the Run. WESTFIELD, Mass., Nov. 12.-A run was started on the Westfield Savings bank, mos ly by foreigners. Over $200,000 was received from national banks and all applicants were promptly paid and the run ended.

5. November 12, 1897 The Saint Paul Globe Saint Paul, MN

Article from The Saint Paul Globe, November 12, 1897

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Article Text

Run on a Bank. SPRINGFIELD, Mass., Nov. 11.-A special to the Union from Westfield says: A run was started on the Westfield Savings bank late yesterday, and continued this morning. The crowd consisted mostly of foreigners, and withdrew sums varying from $50 to $500. Over $200,000 was received from national banks, and all applicants were promptly paid, and the run was practically over at neon today.

6. November 12, 1897 Wheeling Register Wheeling, WV

Article from Wheeling Register, November 12, 1897

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Article Text

SATISFIED ALL DEMANDS. -Foreigners Make a Run on a Bank But Fail to Break It, Sprinffield, Mass., November 11.-A special to the Union from Westfield says: A run was started on the Westfield Savings bank late yesterday, and continued this morning. The crowd consisted chiefly of foreigners and withdrew sums varying from $5 to $500. Over $200,000 was received from national banks and all applicants were promptly paid, and the run was practically over at noon to-day.

7. November 12, 1897 Vermont Phœnix Brattleboro, Bellows Falls, Ludlow, VT

Article from Vermont Phœnix, November 12, 1897

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Article Text

Michael Coughlin, foreman in a quarry at Graniteville, Barre, had one leg badly crushed by a large piece of granite falling upon it yesterday. Amputation was necessary. Norman L. Jefts, an inmate of the Soldiers' Home at Bennington, died yesterday. The burial will be in the Soldiers' Home cemetery. Mr. Jefts enlisted from Jamaica in Company K, 8th Vermont regiment, Dec. 18, 1863. An unfounded rumor that the Westfield, Mass., savings bank had sustained losses in connection with the failure of the Bay State Beneficiary association, caused a run on the bank Wednesday afternoon and Thursday morning. There was much excitement for a short time, but no harm was done to the bank. About 75 depositors withdrew $23,000, but a part of it was redeposited as soon as they learned the real condition of the bank.