8734. Peoples Savings Bank (Lewiston, ME)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
savings bank
Start Date
December 1, 1890*
Location
Lewiston, Maine (44.100, -70.215)

Metadata

Model
gpt-5-mini
Short Digest
b08f8e23

Response Measures

Accommodated withdrawals, Partial suspension

Other: Bank invoked statutory 30/60-day notice for certain withdrawals (partial suspension).

Description

Multiple contemporary reports (Dec 5–8, 1890) describe a run by small depositors based on stories that the bank's credit was impaired. The bank paid demands but then invoked the statutory 30/60-day notice provision; officials stated the bank was sound and expected to resume business in a few days. No receivership or permanent closure is reported.

Events (3)

1. December 1, 1890* Other
Newspaper Excerpt
Treasurer Wellman courteously and emphatically told the depositor the bank was in a splendid financial condition and that undoubtedly regular business would be resumed in a few days.
Source
newspapers
2. December 5, 1890 Run
Cause
Rumor Or Misinformation
Cause Details
Small depositors withdrew funds after hearing stories that the bank's credit was impaired (unfounded rumors).
Measures
Paid all demands to depositors; officials reassured public of bank's soundness.
Newspaper Excerpt
There was a run on the People's Savings Bank today. The bank is in sound condition... The run was made by people who had small amounts on deposit and who had heard stories to the effect that the bank's credit was impaired. All demands were paid.
Source
newspapers
3. December 5, 1890 Suspension
Cause
Rumor Or Misinformation
Cause Details
Following the run by small depositors spurred by rumors about impaired credit, the bank invoked the 30/60-day notice statutory provision to limit immediate withdrawals while assuring depositors of its sound condition.
Newspaper Excerpt
The run on the People's Saving Bank of Lewiston... decided the bank to avail itself of the statutory provision requiring a notice of 30 days for sums less than $500 and 60 days for sums over $500...
Source
newspapers

Newspaper Articles (4)

Article from The Portland Daily Press, December 6, 1890

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Article Text

On a Lewiston Bank. LEWISTON, December 5.-There was a run on the People's Savings Bank today. The bank is in sound condition and has the confidence of the business community. The run was made by people who had small amounts on deposit and who had heard stories to the effect that the bank's credit was impaired. All demands were paid.


Article from Daily Kennebec Journal, December 8, 1890

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Article Text

SPARKS FROM MAINB WIRES The Bath Iron Works have received the first payment from the government on the gunboat contracts. The payment is 828.000. The run on the People's Saving Bank of Lewiston. Friday, decided the bank to avail itself of the statutory provision requiring a notice of 30 days for sums less than 8500 and 60 days for sums over 8500, but in each case Treasurer Wellman courteously and emphatically told the depositor the bank was in a splendid financial condition and that undoubtedly regular business would be resumed in a few days.


Article from The Somerset Reporter, December 11, 1890

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Article Text

Quite a flury was caused in Lewiston Friday last among depositors of the People's Suvings Bank, and many small depositors called for their money and got it without the 30 days notice required by law. "Let every one have their money If they want it", said the bank officials. Large depositors did not call for their money and some business men in town depesited heavily. There is absolutely no cause for the panic as the surplus ac. cording to the recent published statement offBank Examiner Bisbee isreported to be over $45,000, and j he highly compliments the management.


Article from The Somerset Reporter, December 11, 1890

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Article Text

Reliable Insurance at Lowest Rates. Business and Amusement No A DIDE conyeying petroleum from a tank-car to the Augusta gas works burst Thursday morning and 4,000 gallons of A handy remedy for colds, 9 oil ran into the Kennebec. of water, 3 of Brown's Instar There was a run on the Peoples' SavBottle and take a little every 20 ings Bank at Lewiston, Friday. The bank is in sound condition and has the confiYou can buy of F. A. Willian dence of the business community. The cutlery, hardware, lower than = run was made by people who had small places in town. amounts on deposit and who had heard stories to the effect that the bank's credit Large cellar room accommod was impaired. All demands were paid. storage of apples and all kinds Mr. Whitney who boughta piece of land Apply to Morrison & McClellar on the East Branch of Swift river in By. on, last spring, recently sent $300 worth The New Home Sewing Ma of native gold, dug by himself on that many friends in this vicinity. purchase, to the United States mint at & Bickford are now agents for Philadelphia, and has received it back in the form of $20 coins bearing the official brated machine. The new style oak wood work are tine, New S stamp of Uncle Sam: The officials of the mint informed Mr. Whitney that it is the New Home Machine" given aws finest gold ever received there to be coined. NOTICE-All persons still in The Bee's regret in announcing the inthe estate of Dr. J. S. Cushs tended departure of Rev. J. H. Little quested to settle at once and S from this village, will be shared by many Geo. Cushing, Executor. readers. Since his connection with the Universalist church, that organization THE NATION'S PRIDE-The 19 has prospered to an extent unexpected Rotary Shuttle Sewing Machine even by the most sanguine, while his es all others for speed and lig work in various societies, no less than running. Send for catalogue an his engaging social qualities, combine Smiths' Music store, 25 Madisor to render his removal a matter of public Skowhegan. regret. Mr. Little will assume the pastorate of the Universalist church at Pitts Dr. Orrin Fitzgerald of th field, lecember 1st. That society is home, Allston, Mass., will by S fortunate in securing him. He is a man quest, visit] Skowhegan Dec. : as well as a elergyman, and will be examine all who may call on hir found capable of doing a man's work in charge, at Heselton House. Ii any community where he dwells. Rich. suffering from any disease that I moad Bee. your physician, call on Dr. H