1535. Mechanics & Farmers Savings Bank (Bridgeport, CT)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
October 22, 1914
Location
Bridgeport, Connecticut (41.167, -73.205)

Metadata

Model
gpt-5-mini
Short Digest
0c614eca

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Public signal of financial health

Description

October 1914 run precipitated by failure of a private banking house and circulating rumors among non-English-speaking residents. Bank remained open, paid depositors on demand, refused to invoke 90-day clause, and the Treasury/Comptroller's assurances ended the panic. OCR typos corrected (Mebhanics' → Mechanics').

Events (1)
1. October 22, 1914 Run
Cause
Local Banks
Cause Details
Run apparently triggered by the recent failure of a private banking house in the city and spreading rumors among immigrant communities.
Measures
Refused to invoke 90-day (suspension) clause; paid depositors on demand; received public assurance/assistance facilitation from U.S. Treasury/Comptroller and offered support from national banks.
Newspaper Excerpt
An alarm, evidently precipitated by the failure of a private banking house recently, has precipitated a run on the Mechanics' and Farmers' Savings bank ... The bank has the right to take advantage of the 90 day clause, but has refused to do so and is paying off its depositors as fast as they appear.
Source
newspapers

Newspaper Articles (4)
1. October 22, 1914 The Bridgeport Evening Farmer Bridgeport, CT
Article from The Bridgeport Evening Farmer, October 22, 1914

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Article Text

Mechanics & Farmers' Savings Bank Is Financially Sound; Pays Depositors On Demand An alarm, evidently precipitated by the failure of a private banking house recently, has precipitated a run on the Mebhanics' and Farmers' Savings bank, Wall street, this city, one of the strongest, most conservative and most economically managed savings institutions in Connecticut. The bank has the right to take advantage of the 90 day clause, but has refused to do so and is paying off its depositors as fast as they appear. The bank has assets of $6,569,374, which represent a large surplus above its liabilities of all kinds. In the opinion of the leading financial men here the run is senseless and can work nothing but injury to the city and to the depositors in the institution. Those who withdraw their deposits not only lose their interest but leave themselves liable to unscrupulous adventurers who will lie awake at night devising schemes to trap the unwary. One of the leading Hungarian citizens of the city who has a substantial deposit in the bank said that one of the reasons why most of the non-English speaking people were alarmed was because they found the bank closed Monday night of Columbus day, a legal holiday when it was compelled to close by law, while the custom has been for the bank to remain open Monday evenings.. This together with the recent collapse of a private bank caused their misgivings. There is a law which imposes a term in state's prison and a heavy fine for any one adjudged guilty of circulating reports detrimental to a savings bank

2. October 23, 1914 The Bridgeport Evening Farmer Bridgeport, CT
Article from The Bridgeport Evening Farmer, October 23, 1914

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Article Text

The senseless run on the Mechanics' and Farmers' savings bank of this city one of the soundest savings institutions in the country is practically over. The action of the United State Treasury department in volunteering such assistance as was necessary to assure the depositors of the safety of their funds had a wholesome effect upon the panicky depositors. Upon being notified of the unfortunate and unnecessary situation yesterday Congressman Jeremiah Donovan immediately sought out the treasury department where he laid the facts before the comptroller of the currency. Telegram From Mr. Donovan. Congressman Donovan was interrogated with respect to the standing, of the institution and its officials and upon his assurance the following telegram was sent to Mr. Lyman S. Catlin, secretary and treasurer of the institution. "Assistant Comptroller of the Currency Kane informed of the scare on your bank, by me, today, authorizes the following: "Have your bank the Mechanics' and Farmers' get whatever assistance they need from the National banks and let the National banks apply to the United States Treasury for any assistance they may need, if it is necessary. "Plenty of money in Treasury to meet emergencies like this. Give everybody his money who wants it. I trust the good people will not lose their interest by a fake scare. "JEREMIAH DONOVAN, M. C."

3. October 24, 1914 The Bridgeport Evening Farmer Bridgeport, CT
Article from The Bridgeport Evening Farmer, October 24, 1914

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Article Text

NORMAL BUSINESS AT BANK The foolish run on the Mechanics' and Farmers' Savings bank practically ceased yesterday following Congressman Donovan's notice from the treasury department in Washington. Many depositors were in evidence today, with good deposits reported at the closing hour by the bank officials. The large number of non-English speaking people who were panicky at first when seeing that everyone was getting their money became satisfied yesterday with the result that many again became depositors today.

4. October 28, 1914 The Bridgeport Evening Farmer Bridgeport, CT
Article from The Bridgeport Evening Farmer, October 28, 1914

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Article Text

POLICE RUN DOWN CLUES TO MEN WHO STARTED BANK RUN Responsibilities for stories, alleged to have been circulated in sections of the city inhabitated by families of foreign parentage to the detriment of the Mechanics & Farmers' Savings bank and to have started the recent needless "run" is being probed by the police department. Clues have been secured that are expected to result in action of a lesson-teaching type. For several days past threads of evidence have been followed up, in the West End mainly. Frank Buzinsky, 20 Whiting lane, and Marczyjan Karporwicz, 15 Summer street, were recently subjected to a thorough examination by Captain of Detectives Arnold. It is said that the tracing out of rumors seemed to converge towards these two and that these two names were mentioned by many as being implicated.