Boston Five Cents Savings Bank (Boston, MA)

Episode Information

Episode UID
5011171584
Episode Type
Run Only
Bank Type
savings
Bank ID
501117 routing
Routing Number
5-0111
Start Date
December 18, 1931
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
7c52479f622482d1

Response Measures

None

Events (1)
1. December 18, 1931 Run
Cause
Macro News
Cause Details
Part of the broader December 1931 banking disturbances in Boston/statewide unease rather than a discrete bank-specific scandal or identified false rumor.
Measures
Paid depositors promptly; publicly announced ability to meet all demands and refused to invoke the 90-day holding law.
Newspaper Excerpt
two-day run on the bank and No matter how long the run continues the bank has plenty of money on hand to meet all demands.
Source
newspapers

Newspaper Articles (7)
1. December 18, 1931 The Boston Daily Globe Boston, MA

Article Text

'PLENTY OF MONEY TO MEET ALL DEMANDS" Pres Evans of Boston Five Cents Savings Bank Reassures Depositors The Boston Five Cents Savings Bank will not close its doors and will not invoke the 90-day law affecting savings deposits. This statement was made this afternoon by Wilmot R. Evans, president of the institution, following two-day run on the bank. The statement of Pres Evans today to reassure all depositors was as follows: "No matter how long the run continues the bank has plenty of money on hand to meet all demands. We are paying the depositors as fast as they come. Conditions which have prevailed for some time have not affected the Boston Five Cents Savings Bank. We are ready and willing to pay every depositor every cent of their. money. "For 77 years this bank has met promptly every demand upon it. We have always recognized that the moneys intrusted to us are the property of the depositors and that they were entitled to have it paid to them on demand. "We shall not invoke the 90-day law for holding back in an emergency; we do not need its protection and haven't the least intention of seeking it." Backfire of Deposits Shortly after Pres Evans' statement was issued eight of Boston's prominent business and professional leaders opened savings accounts in the Boston Five Cents Savings Bank, School st, as a concrete expression of their confidence in the stability of this institution and banks in general in the city Arriving in a body at the bank they included: Frederic S. Snyder, newly elected president of the Boston Chamber of Commerce. P. A. O'Connell, president of E. T. George R. Nutter, prominent Boston attorney Carl Dreyfus, director of the Chamber of Commerce and publishing exec. utive. Victor M. Cutter, president of the United Fruit Company Melville D. Liming, secretary of the Boston Chamber of Commerce. Eugene McSweeney, Boston publishing Carl P. Dennett, vice president of Continued on Page Thirty-Nine

2. December 18, 1931 Fitchburg Sentinel Fitchburg, MA

Article Text

Boston Bank Ready to Meet Demands BOSTON. Dec. 18 (P:The Boston Five Cents Savings bank. which has been meeting steady demands for withdrawals by depositors for two days, today announced that it was ready and willing to pay every positor every cent and that under circumstance the 90-day notice law invoked. Wilmot R. Evans. president. said: "No matter how long the run continues. the bank has plenty of money hand to meet are paying the depositors as fast "Conditions which have prevailed for some time have not affected the Boston Five Cents Savings bank. ready and willing to pay depositor every cent "For 77 years this bank has met promptly every demand upon have always recognized that the money entrusted the propof the depositors and that they erty are entitled to payment on demand Student's Magic Pays Dec. 18 John Waestner, sophomore at Ripon lege. earns his way through school He has pulled enough rabbits of hats to enable him to stay in college. Police Buy Band Uniforms Dec. 11 (AP) So that the police band in of ormay properly all policemen will assessed monthly until the musician's attire paid House Work Buffalo News) Schooling isn't to success You early. Edison and study at home. for 68 years

3. December 19, 1931 The Springfield Daily Republican Springfield, MA

Article Text

this morning, the commissioner said the prospects that the situation had were promising. The run on the Boston Five Cents Savings bank is giving no worry. The bank is considered to so strong flnancially, with so much quick assets on hand, that its financial cannot be upset by the run and that the will come this in a day or SO and confidence will be

4. December 19, 1931 The Boston Daily Globe Boston, MA

Article Text

BANKING SITUATION CLEARING, GUY SAYS Steps to Prevent Freezing of Assets Taken The banking situation in the State seemed to be clearing yesterday in opinion of Bank Arthur Guy and he appeared quite sanguine to the outcome of the recent happenings. Steps have been taken to secure the position of banking Institutions where there has been an frozen assets according to Mr Guy, the general banking looked promising night. It is believed the peak of present conditions has been reached stable condition result yesterday's improvement will reached the Boston Five Cents Savings of all the savings banks the State, with resources appeared to have been checked afterwhen Pres nounced that the bank neither close doors invoke the 90-day clause. He said bank the every depositor deWithout the knowledge of Pres Evans Boston men visited the bank the afternoon and opened savings counts in their names savings banks. Many had stood waiting back into the bank they that there was danger of loss to them. Withdrawals Lose Interest their from the Boston Cents Saving Bank losing amounts three months' interest their paid are April Oct While only terest deposits put back interest until

5. December 19, 1931 The Boston Daily Globe Boston, MA

Article Text

The statement of Pres Evans yesterday follows: matter how the tinues the bank has plenty money on hand to meet all demands. We paying the fast as they vailed for some time not Cents Bank. are ready and willing to pay every depositor every their money years this has recognized moneys intrusted to are the property the that they entitled to have It paid to them demand. not invoke the 90-day law for do not need its haven't the least intention of seeking Backfire of Deposits Shortly was issued eight of Boston's prominent business leaders in the Boston Five Cents School expression their fidence stability of this instituand banks the Arriving body at the bank they included Snyder, newly elected president the Commerce O'Connell, president of E. Slattery George R. Nutter, promient Boston Carl Dreyfus, director of the Cham. ber Commerce and utive. Victor M. Cutter, president of the United Company of the Boston Boston publishCarl Dennett, vice president of the Boston president of the Griffin Wheel ComTheir arrival wholly unexpected officers bank. Their deposits the bank plenty hand all mands appreciation the which these walked stabilize ditions All the accounts opened size, their psychotheir monetary worth the bank execuO'Connell said, after opening his account: "The banking situation Boston reason for fear on the one for deposits banks in Boston. matter fact, savings deposits bring greater returns today than seplace for money today said Carl Dreyfus. has lost penny savings banks. absolute confidence in the Liming, "and had wish put 'There not the slightest question stability of the banks Boston, Pres Snyder the for depositors take their unless they really They place money sounder bank than the Boston Cents with for his personal country retain small of sanity in said Eugene McSweeney 'and not Our ton are sound and deserving of every 'From all the investigations that made, George Nutter, former head the Boston and Massachusetts Associations, 'the banking Boston solutely that extremely wants money foolish can draw but out and lose the interest. the bank wasn't money. would not deposited my Trustees of Bank Among the trustees of the Boston Cents Savings Bank Daniel Wing, president the First National Bank of Boston local representative the National Credit Corporation created by President Hoover with to assist any bank in need. The Boston Five Cents Savings Bank has for this Channing Jesse Alfred Francis Robert Holmes. Albert Lyon, Frederic Charles SubStockton. E. LeRoy VanHuysen, Charles W. Whittier.

6. April 12, 1932 The Boston Daily Globe Boston, MA

Article Text

PRICES YIELD AGAIN IN BOSTON MARKET New England Tel. Up, Eastern Gas, Edison Off Prices continued to seek lower levels generally during yesterday's session of the Boston Stock Exchange. Edison, selling ex-dividend, was off nearly five points, while American Telephone had a two-point yield. New England Telephone was up a large fraction. Eastern Gas lost half a point and the preferred two points. Elevated eased a fraction and touched a low for the year. New Haven also touched a low and was off more than two points, while Pennsylvania eased the best part of a point. Boston & Maine prior gained half a point. United Fruit had a point gain. Union Twist Drill, United Shoe, Bigelow Sanford, General Electric and Gillette dropped fractions. First National Stores lost better than a point and East Boston Company a small fraction. Woolen preferred gained a fraction. Swift eased half a point. Mohawk recovered nearly a point in the coppers. Calumet and Hecla, Copper Range lost fractions. American and United Founders recovered small fractions. Shawmut and General Capital lost small fractions. Stone and Webster was firm in the holding shares, while Kreuger and Toll lost another fraction. THOMAS F. BEAL HEADS CLEARING HOUSE Thomas F. Beal, president of the Second National Bank, was elected president of the Boston Clearing House Association at a meeting yesterday. He succeeds Alfred L. Ripley, chairman of the board of directors of the Merchants National Bank, who has filled the office for a period of nine years. Mr Beal succeeds to an office that was held by his father for a long term of years. Mr Beal was also president of the Second National, and after his death his son, the present executive, was chosen to succeed him, as he does now as head of the Clearing House Association. Mr Ripley, whose duties have been developing right along and who had succeeded Mr Beal as president of the Clearing House, has undoubtedly desired to relinquish some of the obligations resting upon him, so that his retirement from the office was not unexpected. There were four new members elected at the meeting. Henry J. Nichols, vice president of the National Shawmut Bank, was elected a member, as was Harry K. Noyes, chairman of the board of directors of the Atlantic National Bank. Frederick W. Rugg, chairman of the board of directors of the Rockland National Bank, and Robert D. Brewer, president of the Merchants National Bank, were the other two new members elected. Members who were reelected are Allan Forbes, president of the State Street Trust Company, Philip Stockton, president of the First National Bank, and Thomas P. Beal. Herbert E. Stone, vice president and cashier of the Second National Bank, was reelected secretary of the association. FIVE CENTS SAVINGS BANK ACCOUNTS RISE 5455 For the year ended April 5 the Boston Five Cents Savings Bank showed a net increase of 5455 accounts, bringing the total to 185,629. Deposits at the close of business April 5 amounted to $104,080,322 and total resources were $112,494,304. Deposits show a gain of $4,360,000 since close of the run which the bank experienced in December. In other words, the bank not only regained all of the deposit decrease which the run occasioned, but has deposits now about $800,000 larger than the figure before the run. HOME AND SUFFOLK BANKS LOWER INTEREST RATES The Suffolk Savings Bank has declared a semiannual dividend on deposits of 2 percent, payable April 20. The previous payment was 2 1/4 percent. The Home Savings Bank has declared a semiannual dividend on deposits of 2 percent, payable April 20. Heretofore the annual rate has been 4 1/2 percent.

7. May 21, 1932 The Boston Daily Globe Boston, MA

Article Text

REVEALS HOW BANK PREPARED FOR RUN Boston Five Cents Head Addresses Bankers NEW YORK, May 20—An explanation of how the Boston Five Cents Savings Bank successfully dealt with a spectacular run last December and was able to pay every cent due its depositors was given here today by Wilmot R. Evans, president of the bank, at a conference of the National Association of Mutual Savings Banks. After a research, which included the study of banking conditions during 75 years, officials of the bank concluded that they could expect a run of major importance at least every 15 or 18 years. "In 1929 the industrial and commercial conditions," he said, "were so alarming that a run was to be expected. It was essential, therefore, that we adopt a system of investment to the end that when the run came the demands of all depositors could be readily met. In order to do this we proceeded on a basis of a five-times factor of safety. Therefore, if the ordinary run should result in the withdrawal of 3 to 4 percent of our deposits, not less than 15 percent of our assets should be so invested in that type of securities which could most speedily be reduced to cash.