Five Cent Savings Bank (Boston, MA)

Episode Information

Episode UID
9150948591584
Episode Type
Run Only
Bank Type
state
Bank ID
915094859 hash
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
8a268aa11ee99f55

Response Measures

None

Events (1)

1. December 18, 1931 Run
Cause
Rumor Or Misinformation
Cause Details
Groundless fears by depositors triggered heavy withdrawals though bank described as solvent.
Measures
Remained open and permitted unlimited withdrawals; did not invoke the 90-day (90-day privilege) withdrawal limit.
Newspaper Excerpt
President Wilmot R. Evans said the Boston Five Cent Savings Bank, scene of a run yesterday, would stay open and permit unlimited withdrawals, without invoking the 90-day rule.
Source
newspapers

Newspaper Articles (2)

Article from The Waterbury Democrat, December 18, 1931

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Article Text

SEEK TO HALT RUNS ON CLOSED BANKS IN MASS. Individuals and Groups Unite for EmergencyCredit Corporation De= posits Millions in Cash Boston, Dec 18.-(UP)-Many agencies and individuals cooperated to-day to halt runs that were sapping the available cash of several banks described as entirely solvent. Emergency measures had to be adopted in the face of 19 bank closings in New England since October 1. A national bank and three trust companies which closed yesterday increased to $93,463,262 the total deposits tied up at the height of the Christmas shopping season. Outstanding among the stabilizing steps was the depositing of a total of $2,600,000 in the Exchange Trust company of Boston by the National Credit Corporation, a group of Boston banks, the state, and the city. This was calculated to curb a run in progress at that bank Several Massachusetts banks whose solvency was threatened by apparently groundless fears of depositors invoked the 90-day privilege, under which, for the specified period, withdrawals will be limited to $100. Announcements by some, banks that many new accounts were being started were expected to have a strengthening influence. President Wilmot R. Evans said the Boston Five Cent Savings Bank, scene of n run yesterday, would stay open and permit unlimited withdrawals, without invoking the 90-day rule. After the Plymouth County Trust company of Brockton closed, Edgar B. Davis, the Texas oil millionaire who became famous as the sponsor of the profitless Broadway play, "The Ladder," guaranteed depositors 100 cents on the dollar. He is connected with the bank.


Article Text

HEAVY RUN ON BANK Dec. 19 (U.S. heavy on the Boston Five Cent Savings bank. for 70 years one of ings in the was the only unthe for Friday in the situation following the close of trust "No how long the run continues the bank has plenty of money on hand to meet all statement issued by Wilmont H. Evans, president,