Irving Savings Institution (New York, NY)

Episode Information

Episode UID
1018071122
Episode Type
Run Only
Bank Type
savings
Bank ID
101807 routing
Routing Number
1-0180
Start Date
June 15, 1893
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
2ae2e48de16ef994

Response Measures

None

Description

Run triggered by discovered internal defalcations by officers.

Events (1)

1. June 15, 1893 Run
Cause
Bank Specific Adverse Info
Cause Details
State examiner discovered a $70,800 deficiency caused by overdrafts and abstraction by the president, secretary, and paying teller.
Measures
Depositors were paid promptly and in full; bank secured funds by distributed drafts on correspondent banks and paid out withdrawals.
Newspaper Excerpt
There was a mild run on the Irving Savings Institution; depositors were paid in full, and further demands were provided for.
Source
newspapers

Newspaper Articles (12)

Article from The Morning Call, June 14, 1893

Click image to open full size in new tab

Article Text

TIME ALLOWANCE. The Detroit Savings Banks Were Readily Held Up. DETROIT, June 13.-Fourteen savings banks of this city, in view of the tendency among depositors to withdraw their money, have issued a circular saying they will hereafter require the notice provided for according to law. A run of extensive proportions began on the Omaha Savings Bank at the opening this morning, and all morning the bank was besieged by depositors. Senator Henderson and Vice-President Kimball of the Union Pacific, directors of the bank, made speeches to the crowd guaranteeing them their money. but the run continued. One or two runs began at the opening, but business men began to make heavy deposits, and the State Bank Examiner assured depositors that the banks were all in first-class condition, when the excitement 8000 subsided. NEW YORK, June 13. - It has been rumored on the street that the National Lead Company would not declare a dividend on common stock this quarter, but the officers say a dividend will be paid and it will probably be declared before the end of the week. The sales by the company for the month of May are reported to be the largest in its history. Defalcations aggregating $70,800 were discovered in the Irving Savings Institution at 96 Warren street to-day. The shortage was discovered by the State Bank Examiners, who are still at work on the books. The officers implicated are Clarence D. Heaton of Brooklyn, president, who has overdrawn his account $27,100, ex-Secretary W. H. Burton of this city and Paying Teller D. D. Tompkins. After the discovery of the defalcation the resignation of the three officers named were received and accepted, and the facts reported to the District Attorney. Counsel for the institution to-night gave out a statement saying that the deficiency was caused partly by the overdrafts of Clarence D. Heaton and William H. Buxton and the abstraction of funds by D. D. Tompkins. The $25,000 overdraft made by Buxton was at once made good by him by the payment of that much cash and about $1,200 was paid over by President Heaton. The bank is said to have a clear surplus of $675,000. MOBERLY, Mo., June 13.-The Exchange Bank of Moberly made an assignment today for the benefit of creditors. There is no statement yet, but it is believed that payment will be made in full. OMAHA, June 13.-The American National Bank was closed this morning by order of the Comptroller of the Currency. No statement of the American Bank has yet been made, but the Clearing-house has refused to assist it. It is understood its affairs are entangled with those of the MeGague Savings Bank, which closed yesterday afternoon. The Clearing-house, at a meeting last


Article from Rock Island Daily Argus, June 14, 1893

Click image to open full size in new tab

Article Text

MORE SAVINGS BANKS RUNS. Detroit Officials Put on the BrakesTrouble at Omaha. CHICAGO, June 14.- The savings bank run seems epidemic. At Detroit a run was threatened and the officers of all the banks met and agreed to require the time limit of all depositors. The run was started, but every depositor was required to give the legal notice, and confidence was partly restored. At Omaha there was a run on every savings bank in the city caused by the failure of the McCague bank and American National. McCague says he will pay every depositor. All the banks met the run with cash, and the run was greatly abated by night. The Nashville Savings company has made an assignment with liabilities of $282,000 and assets of $125,000. The Irving Savings institution at New York is short $70,000, due to the rascality of its president, secretary, and paying teller.


Article from The Sun, June 15, 1893

Click image to open full size in new tab

Article Text

THE IRVING SAVINGS INSTITUTION. $86,000 Paid to Depositors—A New System of Bookkeeping. A mild sort of run was the result yesterday of the announcement that Bank Superintendent Preston had discovered a deficiency of $70,800 by his examination of the books of the Irving Savings In-


Article from New-York Tribune, June 15, 1893

Click image to open full size in new tab

Article Text

THURSDAY, JUNE 15, 1893. # FOURTEEN PAGES. # THE NEWS THIS MORNING. Foreign. The House of Commons took up clause 4 of section 1 of the Home Rule bill; one amendment proposed by the Opposition was withdrawn and the other was rejected. Count Kalnoky, in a speech, eulogized the Triple Alliance and reaffirmed the kindly feeling of Russia for Austria. Prince Bismarck is in favor of increasing the defensive strength of the German Empire, but not in the way provided in the Army bill. The Servia ran down and sank the American ship A. McCallum on June 7; all except one of the ship's crew were rescued. There have been 155 deaths from cholera at Mecca since Friday. Domestic. The Infanta Eulalie left Chicago for Niagara Falls. The Baackes Wire Nail Company, of Cleveland, assigned; a number of small banks in the West were forced to suspend. Commencement exercises were held at Princeton, Vassar, Miami University and other institutions. The Borden murder trial went on at New-Bedford, evidence for the prosecution being continued. Ex-President Harrison was among the visitors at the World's Fair. Chief Justice Bingham, of the District Supreme Court, refused the mandamus asked for by Colonel Ainsworth, and declared the proceedings before the deputy coroner in the Ford's Theatre case illegal. City and Suburban. The Clearing House Committee is to ask the association for authority to issue certificates. There was a mild run on the Irving Savings Institution; depositors were paid in full, and further demands were provided for. The yacht Navahoe was reported to have been in collision with a New-Jersey pilotboat. New-York defeated Chicago at baseball, by 15 to 11; Brooklyn won from Cleveland by 4 to 2. Commencement exercises of Columbia were held. The body of a little girl who was probably murdered was found in a cellar. Rapid Transit Commissioners anxious to meet again. Winners at Morris Park-Sirocco, Reckon, St. Julien, Prince George, Don Alonzo, Old Dominion and Ellen. Stocks irregular, but not specially active; Atchison was extremely weak and the exceptional advances were in Louisville and Nashville and a few specialities. Money ruled at 6 per cent until late in the day when the rate advanced to 10 per cent. The Weather. Forecast for to-day: Increasing cloudiness and probably showers in the afternoon or evening. Temperature yesterday: Highest, 83; lowest, 66; average, 73 1-8.


Article from The Times, June 16, 1893

Click image to open full size in new tab

Article Text

Telegraphic Brevities. WASHINGTON, D. C., June 15.-Charles Price, United States attorney for the Western district of North Carolina, has resigned, and the same has been accepted. SAVANNAH, GA., June 15.-The Savannah Cotton Exchange and Board of Trade to-day passed resolutions urging the repeal of the Sherman law. CINCINNATI, O., June 15.-The Democratic State central committee selected Cincinnati, August 9th and 10th, as place and time for holding the convention to nominate State ticket. ADRIAN, MO., June 15.-Six Wright brothers were standing under a tree near their home yesterday, when lightning killed four of them outright and injured the other two so they may die. ARKANSAS CITY, KAN., June 15.The First National Bank of this city, one of the oldest and generally believed to be one of the strongest financial institutions in the Southwest, has failed. NEW YORK, June 15.-The run on the Irving Savings Institution was renewed this morning, and $15,000 were paid out the first hour. None of the large depositors were present. NEW ORLEANS, June 15.-Father Darius M. Hubert, S. J., the beloved soldierpriest, died in Macon, Ga., yesterday. Father Hubert served through the war in the army as a private soldier, and was revered by all veterans of every creed. He was a member of the Veteran Association, Army of Northern Virginia, and was seventy years old. MILLEN, GA., June 15.-Deputy Marshall E. N. Parnell killed Henry Johnson, a negro desperado and outlaw, last night. Johnson was looking for the deputy with a Winchester, having threatened to kill him, but Parnell got the drop, and put fifteen buckshot in the negro's breast within a space the size of a silver dollar.


Article from The Morning Call, June 16, 1893

Click image to open full size in new tab

Article Text

MANY GO DOWN. Eastern Banks and Mercantile Concerns Yield to Pressure. NEW YORK, June 15.-C. Cottier & Son, diamond-dealers, assigned to-day. The liabilities exceed $100,000. The cause is poor business and heavy losses by recent failures. The assets are equal to the liabilities. The run on the Irving Savings Institution was stopped this afternoon. All the depositors were paid promptly and in full. ARKANSAS CITY, Kans., June 15. - The First National Bank of this city, one of tho oldest, and generally believed to be the strongest financial institution in the Southwest, failed to open its doors this morning. The deposits are reported to be $600,000. ANDERSON, Ind., June 15.-The Farm-


Article from The Portland Daily Press, June 16, 1893

Click image to open full size in new tab

Article Text

WANTED TO BLOW IT UP. / Farmers Who Lost in This Bank Threaten to Use Dynamite. ANDERSON, Ind., June 15.-The Farmers and Merchants' state bank of Fairmount. Grant county, closed its doors yesterday and assigned. A crowd of farmers rushed for the bank and threatened to use dynamite under it. It had a paid up capital of $50,000, with a surplus of $5000 at the last report. Dollar for Dollar. WESTON, o., June 15.-The Exchange Banking company of this place closed its doors today. The bank has encountered a run and was unable to get help. The directors notified the depositors that they would probably receive dollar for dollar. The Run in Gotham. NEW YORK, June 15. .-The run on the Irving Savings Institution was renewed this morning. A majority of those in line were women. Over twenty accounts were closed in the first hour and $15,000 withdrawn. None of the large depositors were present. Deposits $600,000. ARKANSAS CITY, Kan., June 15.-The first national bank of this city, one of the oldest and strongest financial institutions in the southwest, failed to open its doors this morning. The deposits are said to be $600,000.


Article from The Seattle Post-Intelligencer, June 16, 1893

Click image to open full size in new tab

Article Text

RUNS ON BANKS ENDED. The Omaha Savings and Irvings savings, of New York, Stand Solid. OMAHA, June 15.-The run on the Omaha banks is practically over, the Omaha Savings bank, which caught it the hardest, having passed through a two days' siege apparently without inconvenience, and today there was no indication at any of the banks of the strain of the past fortyeight hours. NEW YORK, June 15.-A run on the Irv. ing Savings institution, which started yesterday, continued until this afternoon, and all the depositors were paid promptly and in full. The run eased off this afternoon, and is believed to be ended.


Article from The Jersey City News, June 16, 1893

Click image to open full size in new tab

Article Text

IRVING BANK RUN ENDS. NEW YORK, June 16, 1893. - The Irving Savings Institute was opened at half past nine o'clock this morning and at that hour there were but a dozen persons waising to withdraw their deposits. The run is believed to be entirely over, and the bank has a large amount of cash on band in redeposits. During the two days's run on the bank $179,000 were withdrawn. The institute secured this money by carefully distributed drafts on banks with which they hod accounts. Now that the run is over the whole forca of clerks wili go to work to find the exact condition of the bank's affairs.


Article from The Salt Lake Herald, June 16, 1893

Click image to open full size in new tab

Article Text

A Second Run on a Bank. NEW YORK, June 15.-A run on the Irving Savings institution was started his afternoon. All depositors were paid promptly and in full. The run eased off later in the afternoon and it is believed to be ended.


Article from New-York Tribune, June 18, 1893

Click image to open full size in new tab

Article Text

# PROFIT FROM THE RUN ON THE IRVING BANK. Eusiness was unusually quiet at the Irving Savings Institution yesterday. Only $8,500 was withdrawn which the bank officials said was less than is usually paid out on Saturdays. About $500 was deposited. The bank officials estimate that they will make about $4,000 in forfeited interest on account of the run on the bank. Several speculators who bought some of the depositors' accounts at their face value will also make considerable money. The Interest on the deposits will be due on July 1. Those who drew their money from the bank forfeited this interest. The speculators who bought up these accounts will hold them until July 1, and then present them, receiving the face value of the deposits and the interest due upon them.


Article from Freeland Tribune, June 22, 1893

Click image to open full size in new tab

Article Text

# NEWS OF THE WEEK. Thursday, June 15. The Borden murder trial went on at New Bedford, evidence for the prosecution being continued—Ex-President Harrison was among the visitors at the World's fair—Chief Justice Bingham of the district supreme court refused the mandamus asked for by Colonel Ainsworth and declared the proceedings before the deputy coroner in the Ford's theater case illegal—In an accident at the World's fair one man was killed and several persons badly injured—The firemen in the Havemeyer sugar refinery in Williamsburg, N. Y., have struck for an 8-hour working day. There are 2,800 men employed in the refinery, and only 102 of them have gone out—The Brooklyn police are investigating the mysterious death of little Katie Schilt—The Infanta Eulalie arrived at Niagara Falls—The Baackes Wire Nail company of Cleveland assigned. A number of small banks in the west were forced to suspend—Commencement exercises were held at Princeton, Vassar, Miami university and other institutions—The New York clearing house committee is to ask the association for authority to issue certificates—There was a mild run on the Irving Savings institution, New York. Depositors were paid in full, and further demands were provided for—The yacht Navahoe was reported to have been in collision with a New Jersey pilotboat—The house of commons took up clause 4 of section 1 of the home rule bill. One amendment proposed by the opposition was withdrawn, and the other was rejected—Count Kalnoky in a speech eulogized the triple alliance and reaffirmed the kindly feeling of Russia for Austria. Friday, June 16. The prosecution rested and the defense began in the trial of Lizzie Borden at New Bedford. Mr. Jennings made the opening speech for the prisoner—Wealthy and aged Eliphalet Stratton of Brooklyn has been arrested on a charge of starving his invalid young wife—It is alleged that E. M. Field's insanity is shammed and that he is practically free—Royal Phelps Carroll's new yacht, the Navahoe, was disabled by collision with a pilotboat—Several persons were killed, and considerable damage to property was done by lightning in the west—The heirs of Jay Gould will contest in court the payment of $250,000 inheritance tax in addition to the $500,000 already paid—The Rev. Charles B. McKenna, a priest of St. Ann's Roman Catholic church, New York, was drowned with his cousin in the Hudson river—The New York Clearing House association authorized the issue of certificates—Ex-Minister Charles Emory Smith addressed the Republican county committee at New York—The elections in Germany show a remarkable increase in the strength of the Socialists—James Henry and George W. Carter, escaped from Sing Sing prison during the last 10 days, have not been recaptured, and the prison officials have no clew to their whereabouts—The French court of cassation set aside the sentences of the Panama defendants. MM. Eiffel and Fontane were set at liberty Charles de Lesseps must serve out a concurrent sentence for bribery—The official bulletin says President Carnot's condition is slightly improved. It is believed in Paris that his illness is serious—Sir Richard Webster continued his argument before the Behring sea court—The heavy fog caused several mishaps among the shipping in New York waters. The steamer Monmouth was badly damaged by collision with the steamer Kara, and the ferryboat F. J. James and the steamboat City of Richmond were sunk on rocks—Judge Ingraham of New York authorized a lawyer to represent Mme. Philipina Milhau in a suit brought against her by her son, Edward L. Milhau, who alleges that he is insane. Saturday, June 17. The taking of testimony in the Borden murder trial was finished, and the court adjourned till Monday. Emma Borden gave strong evidence in her sister's favor—Bunker Hill day is being celebrated in New England with unusual ceremonies—Harvard authorities decided upon new requirements for admission to the law school—The militia was ordered to be in readiness to repress a threatened outbreak among the striking lumber shovers at Tonawanda, N. Y.—The Infanta Eulalie arrived in New York again and went to the house of J. M. Ceballos, which has been placed at her disposal—Chicago was chosen as the place for the national headquarters of the Republican National league—The congress of the American Sons of the Revolution met in Chicago—A reception was tendered to ex-President Harrison in the Ohio building at the World's fair—Joseph Jefferson was taken ill on the Pilgrim and is now in Fall River. It is thought to be only indigestion—The Socialists have made enormous gains in Germany—Gladstonians have lost a seat in the house of commons—Baron Alphonse de Rothschild, head of the great Paris banking house, has been obliged to have one of his eyes removed—Serious apprehensions concerning President Carnot's condition are entertained in Paris—District Attorney Nicoll of New York wrote to Superintendent Andrews of the state hospital for the insane in Buffalo to see if Edward M. Field is sane again—Captain Magnus Andersen of the Viking ship arrived in New York from Newport—In view of the gravity of the financial situation President Cleveland, it is said on the authority of a friend, will call an extra session of congress before Sept. 1—The house of commons passed a resolution favoring the settlement of International disputes by arbitration. Ambassador Bayard listened to the debate. Monday, June 19. There were many murders committed in different parts of the country—A tramp steamship is expected at New York with 800 contract laborers on board—The lawyers on both sides in the Borden case were busy preparing for the submission of their cases to the jury—It was said that the pope's letter on the American school question indorses the position taken by Mgr. Satolli—The Rev. W. W. Page preached to the Seventh regiment in the state camp at Peekskill—An unknown man committed suicide by jumping from the Brooklyn bridge—News was received that the Rev. Dr. Thwing was not