Suffolk Bank (Boston, MA)

Episode Information

Episode UID
9773274990939
Episode Type
Run Only
Bank Type
state
Bank ID
977327499 hash
Start Date
March 15, 1878
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
cb2dd95d2e631cc4

Response Measures

None

Description

Sources disagree whether Suffolk experienced a full run or only withdrawals; overall panic affected it.

Events (1)
1. March 15, 1878 Run
Cause
Macro News
Cause Details
Public uneasiness following passage of a bill empowering commissioners to regulate payments by savings banks, which depositors feared would limit withdrawals
Measures
Some banks (Franklin) limited payments to $25 and required sixty days' notice for larger sums; Suffolk paid out significant withdrawals but did not invoke sixty days rule
Newspaper Excerpt
the same is true of the Suffolk, although these banks are, as far as known, solvent
Source
newspapers

Newspaper Articles (11)
1. March 15, 1878 Gold Hill Daily News Gold Hill, NV
Article from Gold Hill Daily News, March 15, 1878

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whole of the same, shall be educational fund, which said fund shall be invested in bonds of the United States bearing a rate of interest not less than four per centum per annum, both principal and interest payable in coin, the interest on such educational fund only to be appropriated as above provided, and that for the first ten years the distribution of the net proceeds and interest of the fund to and among the several States, Territories and the District of Columbia shall be made according to the number of their respective population of ten years old and upward who cannot read and write, as shown from time to time by the last preceding published census of the United States. The first apportionment is to be made on or before the 31st of July, 1878, when the States and Territories shall be entitled to receive their distributiv shares. Goode will offer an amendment providing that one-fourth of the money appropriated by this bill shall be given to agricultural colleges and institutions of learning established in accordance with the Act of Congress of July 2, 1862, unless in any case the State Legislature shall otherwise direct. Run on a Boston Savings Bank. BOSTOM, March 15.-The run on the Boston Five-Cent Savings Bank, begun yesterday, has developed into a genuine panic. School street, where the bank is located, has been blockaded by a crowd to-day, and the excitement has been intense. The committee examining the securities states that after deducting all the depreciation which the assets, embracing stocks, bonds, etc., have suffered, and allowing $16,700 with which to pay interest falling due on the 1st of April, the bank will still have a surplus of upward of $429,000. The uneasiness has spread to the Franklin Bank, Boylston street. one of the strongest banks in the country. The managers of the Franklin have limited the amount paid to depositors on demand to $25 and sixty days' notice is required for all sums over that amount. This action reduces to three the number of banks in Boston paying in full on demand. A large number of depositors in the provident institutions for savings are partaking of the general scare, and have applied for and obtained their money to-day, and the same is true of the Suffolk, although these banks are as far as known-solvent. A suit Against the Panama Trau⑉18 Company. NEW YORK, February 15.-The World says Charles A. Jones has sued the Panama Transit Company for $50,000. His agent purchased the stoamship Georgia when ashore in the Straits of Magellan for $950, but before he could take possession the company's steamer Wilmington arrived and Captain Holmes threatened to seize the Georgia if not given up peaceably, whereupon Jones, agent, entered into an agreement to sell her for $1,350 and Captain Holmes gave draft on Valparaiso for that amount. The draft was dishonored, it is claimed. at the instance of Holmes. Meauwhile the Georgia was taken away. Ats Peruvian port Captain Dow. in the employ of the Panama Transit Steamship Company, made an offer on the 12th of June to give Jones $16,250 gold and costs in settlement of his claim. This offer was accepted, but the gold was not forthcoming, drafts being offered instead. These Jones, owing to his former experience, refused. Ten days afterwards the Georgia escaped and Jones now seeks $50,000 damages. Judge Freedman denied the application to strike out a portion of the complaint. A Queer Assertion. NEW YORK, March 15.-A Herald's Washington special says that silver bullion is now held at a higher price in San Francisco than in London. It looks as though the mine owners who are few in number, and who control the supply in California and Nevada, are putting up the price on the Government now that the silver bill has forced the Treasury to be a regular purchaser of a fixed amount. The Secretary, it is understood. has not yet had occasion to buy in the San Francisco market and he will doubtless buy in the cheapest market, wherever that may be; but if the country sees that the Nevada mine owners mean to use the silver act to make a corner, it will not be inclined patiently to submit to this. General Anderson's Case. NEW YORK, March 14.-A Herald New Orleans special says There appears little doubt that the extra Legislature is to be held here in connection with the Returning Board pardons. It was stated this morning by undoubted authority that fourteen Democratic Senators have agreed to stand by Governor Nicholls in pardoning Anderson, and they would delay legistion until Anderson's case was decided by the Supreme Court. In furtherance of this arrangement they have not passed any of the important House bills sent to them and are delaying matters in every possible way. The correspondent hints that this movement is likely to cause a disruption of the Democratic party. aliver Bullion Certificates. WASHINGTON, March 15.-The Committee on Banking and Currency this morning agreed upon a bill providing for the issuing of silver bullion certificates, The bullion is be counted at its equivalent in coin, less Mint charges and cost of transportation. Certificates are to be issued by any silver coining Mint or Assay office, and to be redeemable at the Assay office in New York and the Mint in San Francisco. The certificates are to be legal tender in payment for all Government dues. A Louisinum Representative Dead. WASHINGTON, March 15. Secretary Evarts this afternoon telegraphed from the State Department the following, addressed to Hon. Samuel J. Randall, Speaker of the House of Representatives: "A telegraphic communication has just been received from the United States Consul General at Havana, stating that Hon. John Edwards Leonard, Representative from Louisiana, died this morning of W. M. EVARTS, yellow fever. "Secretary of State," The Union Pacific Open. OMAHA, March 14.-The first overland passenger express train from the West since Friday last arrived this afternoon. All the snow-bound passengers have now reached this city. The Union Pacific in now running all trains on schedule time. Four hundred miles of road was cleared from the effects of the worst storm in the history of the road, in sixty hours. The New Hampshire Election. CONCORD, March 14.-Returns are in from all the towns in the State except 16. For Governor, Prescott received 38,520 McKean, 36,571, and scattering, 535. The sixteen towns to hear from voted last year:

2. March 16, 1878 New-York Tribune New York, NY
Article from New-York Tribune, March 16, 1878

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BANK TROUBLES. RUN ON BOSTON SAVINGS BANKS. A PANIC AMONG DEPOSITORS-THE FIVE CENT BANK pronounced SOLVENT-ONLY THREE BANKS PAYING ON DEMAND-ACTION OF THE STATE SENATE. BOSTON, March 15.-The run on the Boston Five Cent Savings Bank, which begun yesterday, has developed to a general panic among savings banks depositors. School-st., where the Five Cent Bank is situated, has been blockaded by a crowd to-day, and the excitement has been intense. The committee, which have been engaged in examining the securities of this bank for the past two weeks, say that after deducting all the depreciation which the assets, embracing stocks, bonds, etc., have suffered since the last statement of the bank was made. and allowing $167,000 with which to pay interest falling due on the 1st of April, the bank will still have a surplus of $429,000. The uneasiness has spread to the Franklin Bank on Boylston-st., one of the strongest savings institutions in the country, the managers of which have applied the brakes in season to prevent the calamity which has overtaken some other banks. The amount paid to dopositors on demand has been limited to $25, and sixty days' notice is required for all sums over that amount. This reduces the number of banks in Boston which are paying in full on demand, to three. An unusually large number of depositors in the Provident Institution for Savings, partaking of the general scare, applied for and obtained their money to-day, and the same is true of the Suffolk Bank; although these banks are, as far as is known, solvent to the last degree. The bill enlarging the powers of Savings Bank commissioners passed the Senate to day. It empowers commissioners, when the security of depositors requires limitation of payments, to direct any savings bank as to the time and amount of payments, and any person aggrieved by such Order shall have the right to uppeal within thirty days to the Supreme Judicial Court.

3. March 16, 1878 The Sun New York, NY
Article from The Sun, March 16, 1878

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RUN ON BOSTON SAVINGS BANKS, A General Panic Among Depositors-ApplyIng the Sixty Days' Rule. BOSTON, March 15.-The run on the Five Cent Savings Bank. which began yesterday. has developed into a general panic among savings bank depositors. School street, where the Five Cent Bank is located. has been blockaded by a crowd to- day, and the excitement has been intense. The committee which has been examining the securities of this bank for the past two weeks say that after deducting all the depreciation which the quick assets. embracing stocks. bonds, &c. have suffered since the last state. ment of the bank was made. and allowing $167. 000 with which to pay the interest falling due on the 1st of April, the bank will still have a surplus of upward of $429,000. The uneasiness has spread to the Franklin. in Boylston street. one of the strongest savings institutions in the country, the managers of which have applied the brakes in season to prevent the calamity which has overtaken some other banks. The amount paid to depositors on demand has been limited to $25. and sixty days' notice is required for all sums over that amount This redu es the number of the banks in Boston which are paying in full on demand to three. An unusually large number of depositors in the Provident Institution for Savings, partaking of the general panic, applied for and obtained their money to-day. and the same is true of the Suffolk. although these banks are, as far as is known. solvent to the last degree.

4. March 16, 1878 Daily Globe Saint Paul, MN
Article from Daily Globe, March 16, 1878

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SAVINGS BANK PANIC. Wild Rush of: Reared Depositors on the Boston Institutions--A Cincinnasi Concern Closes its Doors. BOSTON, March 15.-The run on the Boston five cent savings bank, begun yesterday, has developed into a general panic. School street, where the bank is located, has been blockaded by a crowd to-day, and the excitecitement has been intense. The committee examining the securities state that after deducting all the depreciation which the assets, embracing stock, bonds, &c., have suffered, and allowing $157,000 with which to pay the interest falling due the first of April, the bank will still have a surplus of upward of $429,000. The uneasiness has spread to the Franklin bank in Boyleston street, one of the strongest savings institutions in the country. The managers of the Franklin have limited the amount paid to depositors on demand to twenty-flve dollars, and sixty days notice is required for all sums over that amount. This action reduces to three the number of banks in Boston paying in full on demand. An unusually large number of depositors in the Provident Institution for savings are partaking of the general scare, and applied for and obtained their money to-day, and the same is true of the Suffolk, although these banks are as far as known solvent to the last degree. SOUND BUT SUSPENDED. CINCINNATI, Ohio March 15.-The examiners appointed by Judge Burnett to investigate the affairs of the Cincinnati savings bank, which recently suspended, report to-day that the assets are $480,000 and the liabilities $437,000. The examiners declare that affairs in the bank have been prudently managed and that the security on hand for payment of obligations is more than ample.

5. March 16, 1878 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, March 16, 1878

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A RUN ON MASSACHUSETTS SAVINGS BANKS. A Groundless and Dangerous Panic at the Five Cent Savings Bank. THE UNEASINESS SPREADING TO OTHER BANKS. BOSTON, March 15. A run on the Boston Five Cent Savings Bank, which commenced yesterday, has developed in a general panic among bank depositors. School street, where the bank is located, has been blockaded by the crowd to-day, and the excitement has been intense. The commi tee which has been engaged in examining the securities of the bank the past two weeks, states that after reducing all depreciation which the quick assets, embracing stock, bonds, etc., have suffered since the last statement of the bank was made, and allowing $197,000 with which to pay the interest falling due on the first of April, the bank will still have a surplus of upwards of $429. The uneasiness has spread to the Franklin Savings Band, Boylston St., one of the strongest institutions in the country, and the managers have given notice that the amount paid to depositors on demand, has been limited to $25, and sixty days' notice is required for large sums. This reduces the number of banks in Bostom which are paying in full on demand, to three. Au unusually large number of depositors in the Provident Institution for Savings, partaking of the general and foolish scare, applied for and ubtained their money to-day, and the same is true of the Suffolk, although these banks as far as known are solvent to the last degree.

6. March 16, 1878 The New York Herald New York, NY
Article from The New York Herald, March 16, 1878

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RUN ON SAVINGS BANKS. BOSTON, Mass., March 15, 1878. The run on the Boston Five Cent Savings Bank, which commenced yesterday, has developed to a general panic among savings bank depositors. School street, where the Five Cent Bank is located, bas been blockaded by a crowd to-day, and the excitement has been intense. The committee, which have been engaged in examining the securities of this bank for the past two weeks, state that the bank, after making all proper deductions, will still have a surplus of $429,000. The uneasiness has spread to the Franklin Bank in Boylston street, one of the strongest savings institutions in the country, the managers of which have applied the brakes in season to prevent the calamity which has overtaken some other banks. The amount paid to depositors on demand has been limited to $25, and sixty days' notice is required for all sums over that amount. An unusually large number of depositors in the Provident Institution for Savings, partaking of the general scare, applied for and obtained their money to-day, and the same is true of the Suffolk Bank, although these banks are, as tar as known, solvent to the last degree.

7. March 17, 1878 The New York Herald New York, NY
Article from The New York Herald, March 17, 1878

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BOSTON'S MONEY PANIC. BOSTON, Mass, March 16, 1878. The panic among savings bank depositors continued to-day, and the crowd in front of the Five Cent Bank was even greater than yesterday. Ninety thousand dollars was paid out by the bank yesterday, and about as much to-day. it has about seventy-two thousand depositors, and the small proportion at its doors are of the laboring class, and deaf to all guarantees of the reliability of the institution. A meeting of the directors resolved not to take advantage of the sixty days' notice. The Provident Savings Institution had a considerable number of visitors, mostly ladies, waiting to withdraw their funds. This bank paid out about $80,000 yesterday and probably an equal amount today. The officers think the run was caused by the passage of the bill empowering commissioners to regulate payments by savings banks, which it IS leared may operate against depositors who wish to withdraw funds. There was no run on the Suffolk Bank, but there were a number ot withdrawais, evidently influenced by the prevailing uneasiness of the public mind. Yesterday the bank paid out $27,000 and received $5,000 on deposit. A meeting of the trustees of the Franklin Savings Bank, on Boylston street, this morning approved the action of the officers in requiring sixty days' notice. Everything was very quiet at this bank.

8. March 17, 1878 Daily Globe Saint Paul, MN
Article from Daily Globe, March 17, 1878

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DOUBTING PETERS. Continuation of the Run Upon the Boston Savings Institutions Demands of Depositors Promptly Met---Failures, Etc. BOSTON, March 16.-The panic among the savings bank depositors continued to-day, and the crowd in front of the Five Cent savings bank was even greater than yesterday. It paid to-day altogether $90,000. A small proportion of the depositors around the door were of the laboring class, deaf to all statements of the safety of the institution. The directors resolved not to take advantage of the sixty days notice. At the Provident savings institution there was a considerable number of persons, mostly women. The bank paid out yesterday probably about $80,000, and probably an equal amount to-day. The officers say they think the run has been caused by the passage of the bill regulating payments by savings banks by commissioners, which it is apprehended will operate against depositors who may wish to withdraw. At the Suffulk bank, while there was no run, there were a number of withdrawals. Yesterday the bank paid out $27,000 and received $5,000. The trustees of the Franklin Savings bank approved the action of the officers requiring sixty day's notice. Everything quiet at this bank. NEW YORK, March 16.-The schedules of Warren A. Ransom, Aaron P. Ransom and Robert Boyd, members of the firm of W. A. Ransom & Co., Broadway, New York, were filed yesterday. The liabilities are $550,000; assets $897,000. CINCINNATI, March 16.-S. Trimble, banker and large dealer in grain at Gilead, Ohio, failed yesterday. Liabilities'not known, but are probably heavy.

9. March 18, 1878 New-York Tribune New York, NY
Article from New-York Tribune, March 18, 1878

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THE BOSTON BANK PANIC. BOSTON, Mass., March 17.-The panic among savings bank depositors continued yesterday. and the crowd in front of the Five-Cent Bank was even greater than on Friday. $90,000 was paid out by this bank Friday, and about as much yesterday. It has about 12,000 depositors, and the small proportion of this number around its doors are of the laboring class, and deaf to all guarantees of the solvency of the institution. A meeting of its directors resolved not to take advantage of the sixty days' notice. The Provident Savings Institution had a considerable number of visitors, mostly ladies, waiting to withdraw their funds. This bank "paid out about $80,000 on Friday, and probably an equal amount yesterday. There was a run on the Suffolk Bank, but there were a number of withdrawals evidently influenced by the prevailing uneasiness of the public mind. On Friday the bank paid out $27,000 and received $5,000 on deposit. A meeting of the trustees of the Franklin Savings Bank, on Boylston-st., yesterday morning, approved the action of the officers in requiring sixty days' notice. Everything was very quiet at this bank. The East Boston Savings Bank officials have notified depositors that sixty days' notice will be required before their funds can be withdrawn.

10. March 21, 1878 The Elk County Advocate Ridgway, PA
Article from The Elk County Advocate, March 21, 1878

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of prison escapes. Boston, March 16.-The panic among saving bank depositors continued today, and the crowd in front of the Five Cent Bank was even greater than yesterday. $90,000 was paid out yesterday, and about as much to.day. The Provident Savings Institution paid out about $80,000 yesterday and an equal amount to-day. There was no run on the Suffolk Bank, but there were a number of withdrawals. Yesterday the bank paid out $27,000 and received $5,000 on deposit. A meeting of the trustees of the Franklin Savings Bank, on Boylston street, this morning, approved the action of the officers in requiring sixty days' notice, Everything was very quiet at this bank.

11. March 23, 1878 The Democratic Advocate Westminster, MD
Article from The Democratic Advocate, March 23, 1878

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News of the Week. Boston. Counterfeit trade dollars are circulating in Canon Farrar calls Scotland the most drunken country in the world. A bill has been introduced in the Pennsyl vania House making cremation a crime. Tennessee's illicit distillers are reported to be officials. preparing for a battle with the revenue Henry Disston, the great saw manufacturer of Philadelphia, died of paralysis or Saturday evening last. Captain Crapo will shorten his dory six feet and eross the Atlantic again if somebody will guarantee him $5,000. Mr. Samuel W. Small ("Old Si,") of the Atlanta Constitution, will to Paris as member of Commissioner McCormick's staff. Dr. Edward Tallman, convicted of malpraetice, was sentenced at Poughkeepsie, on Sat urday, Sing. to four years' imprisonment at Sing Mr. Bayard Taylor, the new minister to Germany, his daughter and "Mark Twain' and family will sail for Europe on the 11th prox. Mining has been resumed by the principal companies in the coal regions. Ifthey could only resume the old prices they would be happy. Lynchburg, Va., has nearly one hundred tobacco factories in operation, giving not less than 5,000 persons constant and lucrative employment. A colored man, named Taylor, detected in attempting to commit felonious assault upon a little girl, at Pilot. Grove, Mo., on Sunday, was shot dead. The manufacturers of Fall River, Mass. voted on Saturday to reduce the wages of their operatives 15 per cent., commeneing on the 1st of April. Michael La Rose, "a notorious burglar,' was shot and seriously wounded while trying to break into a house at Charlesburg, near Quebec, early on Saturday morning. The wool hat manufactory of Bollman, Hendel & Co., at Adamstown, Pa., wasburned OR Saturday. Loss $25,000. Over 100 fire. men are thrown out of employment by this Our exports of animal products during February -bacon and hams, pork, pickled and fresh beef, lard, tallow, butter and $13,655,218. cheese-were valued in the aggregate, at The announcement is madethat Mr. Charles Stowe, a son of Harriet Beecher Stowe, is to marry next May Miss Laura Pratt, a daugh ter of the Collector of Newport, R. I. The Secretary of the Treasury last week purchased enough silver bullion to run the mints about five weeks. It is said the price paid for the bullion is less than was expected by the sellers. Thirty-three firemen were discharged from the Chicago fire department, recently, and eighty five policemen. Reductions in other departments will continue until the expenditures come within the resources. There are now seventy two postmistresses in the United States, one of whom, Miss Nina Hodges, in the Des Moines postoffice, is said to have handled and paid out four million dollars and cent has fallen short. The run on the Savings Banks in Boston continued on Saturday During Friday and Saturday the Five Cent Savings Bank paid out $180,000, the Provident Savings Institu about $160,000, and the Suffolk Bank $27, 000. The Franklin Bank enforced the sixty days rule. Hayti manages to keep pace with St. Do mingo in the revolution business. The arse nal and fort in Port au Prince are now in the hands of the insurgents, and are being bom barded by the navy, which remains loyal to the government, if there is anything there worth the name. Dates from Rio Janiero to the 22d of Feb ruary state that the yellow fever was quite severe there, fatalities among the shipping reaching twenty five to thirty daily. Strin gent quarantine regulations are being enforced. Other fevers prevail in the city, where the mortality averages fifty daily. Major Robert P. Archer, an Honorary Commissioner from Virginia to the Paris Exposition, died suddenly in Richmond, on Monday, at the age of 60. He exhibited a process of manufacturing tobacco at the Centennial Exhibition, and was perfecting arrangements to exhibit the same process in Paris. A Connecticut Yankee named Ritchel, is said to have solved the problem of serial lo comotion. He uses lindrical balloon that is propelled by fans that make 3,500 revolutions a minute, and in a closed room the machine seems to work. How it would an swer in an adverse gale, is a very different matter. St. Patrick's Day parades took place on Monday in Philadelphia, New York, Wash ington, San Francisco, Richmond, Va., Albany, Quebec, and various other cities. In Washington, the parade was unusually fine, and included two societies from Baltimore. In passing the White House the procession was reviewed by the President and Secretary Schurz. On Saturday, City Treasurer Kilgore, of Pittsburg, secured a brass band, seated the members in a huge wagon, and had the ve hicle conveyed through the streets by a team of six horses. The wagon was decorated with flags and banners, and on the sides was printed the announcement, "Pay your taxes before the 1st of April if you desire to save 10 per cent. A meeting of Cubans opposed to surrender to the Spanish Government was held in New York on Saturday. President Juan Arnao presided, and General Cespedes, Senor Aguil era and others made addresses urging the continuance of the struggle in Cuba, and sug gesting the fitting out of an expedition for that island. A committee of fifteen was ap pointed to select a revolutionary committee of five to look after the Cuban interest. The Louisiana Supreme Court on Monday rendered decision in the appeal case of Thomas C. Anderson for new trial, setting aside the verdict of the inferior court on the ground that the returns of Vernon parish were not susceptible of forgery, and ordering his discharge. This ends the prosecution of members of the Returning Board. The Su preme Court ordered the release of Ander son, but this has not been obeyed, the State having five days to ask for rehearing Joseph Lapage, the murderer of Josie Langmaid, young school girl, was hanged at Concord, N. H., on the 15th. He con fessed the deed, and also to the murder of Miss Ball, school teacher. Gus Johnson, the murderer of a colored ferryman, was hanged in Rome, Ga. Thursday The exe cution was public, and a large crowd was present. Johnson showed no sign of fear and ascended the scaffold with cigar in his mouth. He confessed to four murders. He died in seventeen minutes of strangulation. A singular affair recently occurred at Mad ison, Ind. A lot of little colored boys were playing court, and sentenced one of their number to be hung He was accordingly strung up by his heels to door knob and left there, while one of the executioners went down stairs and told his mother of the affair. She went up stairs and found the boy terrible condition, with blood gushing from his nose and mouth. He had lost his eye sight, and on the next day he died. William Hayward and Daniel Dwyer, con victs in the Massachusetts Penitentiary, at Boston, broke from the guards Sunday morn ing, while passing through the yard, ran to the third story of the workshop, and fastened the door behind them. They then ran along a plank projecting from a window The inner end of this plank being fastened under steam pipe it formed spring board. From this Hayward leaped up over the wall and alighted safely on the ground outside Dwy er missed his footing and fell to the ground, breaking a leg and receiving other injuries. Hayward was subsequently recaptured in Somerville. The steamers for Europe from New York, on Saturday last, were six in number, all with full cargoes. In some instances the