1703. Savings Bank (New London, CT)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
October 30, 1915
Location
New London, Connecticut (41.356, -72.100)

Metadata

Model
gpt-5-mini
Short Digest
c2286060

Response Measures

Accommodated withdrawals, Public signal of financial health

Description

Multiple contemporary articles (Oct 30–Nov 2, 1915) describe a short-lived run on the Savings Bank of New London caused by gossip/rumors (illness of treasurer and assistant treasurer). The bank met all withdrawals, brought large sums of cash by express and resumed normal operations. No suspension or receivership is reported.

Events (1)
1. October 30, 1915 Run
Cause
Rumor Or Misinformation
Cause Details
Gossip about treasurer Walter Learned's illness and assistant treasurer George Whittlesley's nervous breakdown sparked rumors about the bank's condition; officials called the reports erroneous.
Measures
Paid out deposits as presented; engaged extra clerks; received large shipments of currency by express ($300,000) and displayed cash; police maintained order.
Newspaper Excerpt
A run started at the Savings bank of New London...A line of 75 to 100 depositors were waiting when the bank doors opened and they continued to come until between 300 and 500 are believed to have visited the institution.
Source
newspapers

Newspaper Articles (6)
1. October 30, 1915 South Bend News-Times South Bend, IN
Article from South Bend News-Times, October 30, 1915

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Article Text

All Accounts Are Paid as Fast as Books Are Presented. Line Waiting When Doors Are Opened. OFFICIALS ARE UNABLE TO FURNISH REASON Deposits Aggregating More Than Twelve Million Shown by Reports Made on January 1. NEW LONDON, Oct. 30.-A run started at the Savings bank of New London, considered one of the strongest institutions in the state, when the bank opened this morning. A line of 75 to 100 depositors were waiting when the bank doors opened and they continued to come until between 300 and 500 are believed to have visited the institution. All accounts were paid as fast as the books were presented. There was a lull arter the first hour though a few continued in line. The officials of the bank which on Jan. 1, 1915, had deposits aggregating $12,102,838.21, were unable to account for the run.

2. October 31, 1915 The Sun New York, NY
Article from The Sun, October 31, 1915

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Article Text

RUMOR STARTS A RUN ON NEW LONDON BANK Savings Institution Pays Out $60,000-More Than Solvent. Say Directors. NEW LONDON. Oct. 30.-The Savings Bank of New London in Main street, considered one of the soundest financial institutions in Connecticut. had a run this moring and it is reported about $60.000 was paid to depositors during the two hours the bank was open for business. The recent illness of Treasurer Walter Learned, who is on a six months leave, followed by a complete nervous breakdown of Assistant Treasurer George Whittlesley, caused considerable gossip about the city that the bank's standing was in a precarious condition. As soon as the bank opened at 10 o'clock a steady stream of depositors appeared and the demand for their money was immediately met by an extra force of clerks who had been engaged, the directors of the bank anticipating the withdrawal of deposits. The majority of the 300 persons withdrawing their deposits were foreigners and the women outnumbered the men two to one. Officials of other banks in the city scouted the idea of any Irregularity in the Savings Bank of New London, as did also numerous heavy de. positors in the latter institution. In behalf of the board of directors Judge William Belcher issued the following statement: "There is not the slightest cause for alarm in the affairs of the Savings Bank of New London, and what caused such erroneous reports to spread is beyond my comprehension. The institution is more than solvent. It could pay $1 30 for every dollar of deposits if it had to. Without disturbing its mortgage loans the bank could pay every depositor in full by converting its bonds into cash."

3. November 1, 1915 The Bridgeport Evening Farmer Bridgeport, CT
Article from The Bridgeport Evening Farmer, November 1, 1915

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Article Text

RUN ON NEW LONDON BANK IS CONTINUED New London, Nov. 1.-There was a resumption of the run of the Savings bank of New London this morning which lasted until about noon, when the withdrawal of deposits practically stopped and some of those who had taken out money put it back. Great piles of bills and gold were placed where the depositors could easily see there was plenty of cash to meet all demands promptly.

4. November 1, 1915 The Washington Herald Washington, DC
Article from The Washington Herald, November 1, 1915

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Article Text

Connecticut Bank Withstands Run. New London, Conn., Oct. 31-A run started at the Savings Bank of New London, considered one of the strongest insituations in the State, when the bank opened yesterday. A line of seventyfive to 100 depositors was waiting when the bank doors opened. and they continued to come until between 200 and 300 are believed to have visited the institution. All accounts were paid as fast as the books were presented. There was a lull after the first hour, though a few continued in line. The officials of the bank, which on January 1, 1915, had deposists aggregating $12,102,838.21, were unable to account for the run.

5. November 1, 1915 Norwich Bulletin Norwich, CT
Article from Norwich Bulletin, November 1, 1915

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Article Text

Senseless Run on Bank. There was a small run on the Savings Bank of New London on Saturday morning. It was largely by foreigners with small accounts, and all were paid as fast as they presented their books. The bank is able to pay $1.30 on the dollar and the officials could give no reason, other than idle pumors, why the run should have started.

6. November 2, 1915 The Brattleboro Daily Reformer Brattleboro, VT
Article from The Brattleboro Daily Reformer, November 2, 1915

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Article Text

Election returns will be received at The Reformer office tonight and posted on The Reformer bulletin board. MYSTERIOUS RUN ON NEW LONDON BANK Rush of Depositors Ended After Two Hours-$300,000 Spread Out in View of Waiting Line. NEW LONDON, Conn., Nov. 2. - A run on the savings bank of New London, which started last week, continued for two hours after the institution opened for business yesterday morning, the majority of the depositors being foreigners who had small accounts. An hour before the bank opened an Adams Express wagon arrived with a box which contained $300,000 in eurrency. It took four men to carry the box into the bank. There the money was spread out in full view of the men and women who were kept in line by & policeman. At noon the run had petered out and conditions at the bank were normal the rest of the day. The bank's own ready money was sufficient to meet every demand without touching the big heap that came by express. It is reported other banks in the city also received large shipments of currency since Saturday and over a million dollars was in readiness to tide the savings bank over the run that started in a mysterious manner.