Dime Savings Bank (New York, NY)

Episode Information

Episode UID
1035870885
Episode Type
Run → Suspension → Reopening
Bank Type
savings
Bank ID
103587 routing
Routing Number
1-0358
Start Date
September 23, 1873
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
a9d74ed7e0fb8c1a

Response Measures

None

Events (3)
1. September 23, 1873 Run
Cause
Macro News
Cause Details
Withdrawals and crowds driven by the nationwide financial panic of September 1873.
Measures
Banks' officials resolved to enforce the legal notice (30 days) before paying deposits; some institutions required notice.
Newspaper Excerpt
There is quite a crowd gathered around the Dime savings bank awaiting the opening.
Source
newspapers
2. September 23, 1873 Suspension
Cause
Macro News
Cause Details
In response to the panic and heavy withdrawals, the bank required 30 days' notice for withdrawals (protective suspension of immediate payments).
Newspaper Excerpt
This was also the case with the Dime Savings Bank in Canal-st. ... required thirty days for notification
Source
newspapers
3. September 25, 1873 Reopening
Newspaper Excerpt
The Long Island and Dime Savings Banks also enjoyed a day of perfect rest.
Source
newspapers

Newspaper Articles (5)
1. September 23, 1873 The Daily State Journal Richmond, Alexandria, VA
Article from The Daily State Journal, September 23, 1873

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Article Text

THE FINANCIAL CRISIS OVER. NEW YORK, September 23.-Quite a full meeting of the presidents of savings institutions was held this morning, when it was resolved to enforce the legal notice before paying deposits. There is quite a crowd gathered around the Dime savings bank awaiting the opening. The presidents of nearly all the prominent banks express the belief that the crisis is over. Several banks have ceased discounting. Many refuse to receive checks as cash, for prudential reasons. The total amount of bonds bought at the sub-treasury yesterday was $3,339,150. Jay Cooke, McCulloch & Co., of London, have appointed Mr. F. French their attorney-in-fact to represent their interests in this city pending the arrangement of Messrs. Jay Cooke & Co.'s business. James T. Brady & Co. and the Security trust company of this city suspended yesterday. All the morning journals unite in expressing the opinion that the panic is over. The stock exchange will not be opened to-day. The governing committee meets again to-morrow morning. The excitement on the street seems to be wearing itself out. Brokers have formed a street market in front of the exchange. Government has bought $350,000 worth of bonds. The gold exchange is open. The latest quotation is 111 Quotations of Western Union stock are 66 bid, 70 asked. WASHINGTON, September 23.-The run on the Freedmans savings bank has entirely ceased.

2. September 23, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 23, 1873

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Article Text

THE PANIC OVER. Continued from First Page. all their demands and the number was considerably diminished as the hour of closing approached. There were also a number of deposits made with this institu tion. and several new accounts were opened. Mr. Alvord, the Secretary, informed a TRIBUNE reporter that they did not see any reason why they should avail themselves of the legal time allowed, as they had been prepared thus far to meet all payments without the slightest embarrassment. GERMANIA RAVINGS BANK. The Germania Savings Bank was paying out more than It was receiving, but there was no indication of a run. The cashier said that they had vet no reason to take the legal time, and probably would not. NEW-YORK SAVINGS BANK. At the New York Savings Bank at Fourteenth-st and Eighth-ave. there was in the morning little demand for cash. The bank paid sums not exceeding $500. A8 the day advanced, somewhat of a run began, and increased to such an extent that the President, seeing that he could not pay every depositor in full, decided to give each one something, the amount depending upon the number that presented themseves. There was, how ever, stay in the panic toward the latter part of the afternoon, and many of those who had drawn out their money returned and redeposited it. TRADES' SAVINGS BANK. At the Trades' Savings Bank, at No. 275/Twenty-thirdst., there was no run, and C. B. Le Baron, the President, said that nothing had occurred to interrupt their ordi nary transactions He anticipated no trouble. and thought that the affairs of other similar institutions would soon become quiet again. ABINGDON SQUARE SAVINGS BANK. At the Abingdon Square Savings Bank the deposite exceeded the payments. G. N. Brown, the Secretary. said that a few depositors had called during day, but were satisfied on inquiry that there was no occasion for . drawing their money. OTHER SAVINGS INSTITUTIONS The Clinton'Savings Bank, on Eighth-ave was undia turbed, and at the Excelsior. on Sitxh-ave., there was run. The North River Savings Bank, at Thirty-fourth-et and Eighth-ave., and the Franklin, at Forty-second-st. and Eighth-ave. required thirty days for notification This was also the case with the Dime Savings Bank in Canal-st. Similar statements were met at the Security. Metropolitan, Central Park, and Dry Docks Savings Banks. There had been no unusual variation in the regular business. A notice of requirement of 30 days was posted up in the Central Park Bank. THE RULE OF REQUIRING NÓTICE INDORSED. An adjourned meeting of savings bank officials was held at the Fifth Avenue Hotel, last evening, to discuss further the situation and extend protective measures. Isaac T. Smith of the Metropolitan Savings Bank acted as Chairman, and William H. Waring of the Franklin Savinga Bank as Secretary. The following institutions were represented, numbering 23: The Metropolitan, Oriental, Central Park, Sixpenny, German Uptown, Eleventh Ward, Abingdon-square, Equitable, Teutonia, New-Amsterdam, Peoples', Mechanies' and Traders', Third Are nue, Citizens', Irving, Union Dune, Security, Emigrant, Franklin, Bowery, North River, Manhattan, and Ger man Savings Banks. It was reported that the Seamen's Savings Bank had been the first to carry out the rule adopted on Sunday evening with regard to notices from depositors. The majority of those mentioned above had also observed it. The Bowery Savings Bank had met all demands until p. in., paying out over $100,000. The German Savings Bank had been paying all day, and had disbursed about $175,000. The Manhattan, Citizens, Union Dime, and Mechanics and Traders' had also paid all demands. The banks that had required the notice had found that their depositors quickly understood the necessity of the rule, and betrayed no loss of confidence It was attended with the best of results wherever followed. A resolution was adopted as follows Whereas, It has been ascertained by the reports of the various savings banks represented here this evening that the adoption to-day by many of them of the recommendation of the meeting of last evening. that notice be required from depositors, has met with their general approval, and has had the effect of allaying all excite ment a the institutions which have adopted it; therefore Resolved, That this meeting do recommend that the provision requiring notice be generally adopted by the savings banks of this city. It was directed that copies of the resolution be sent to all banks which have not yet agreed to its observance All those present expressed themselves as contident that the excitement was about over. The meeting adjourned. subject to the call of the chairman. SERVICES OF THE POLICE. Superintendent Matsell ordered, yesterday, Detective Warlow, at present in command of the detect ive squad, to sendeight of the detectives to Wall-st. and to keep the remainder in the Police Headquarters building ready for any duty which might be required of them during the day. The detectives assigned to Wall-st. re mained there all day. and were busily employed in watching for pickpockets in the crowds which gathered around the doors of the suspended banking firms. After few hours of idleness the Police Headquarters detectives began to be called upon for the duty which the Superintendent had suspected would be necessary when he had withdrawn the men from their usual work Orders had been issued to the captains of the police precincts to telegraph at once to Police Headquarters the fact of any 'run" being begun by the de positors in a savings bank. Soon after 10 o'clock telegram was received that the Manhatian Savings Bank at Bleecker-st. and Broadway, was beginning to be unusually crowded with customers. Superintendent Matsell at once summoned a detective, and, after informing him of the situation of affairs at the bank, gave him orders to go to the bank and remain there during the day, to guard the depositors from being robbed by pickpockets, and to remove from the bank any suspicious person whom they might see. Information in regard to runs upon other eavings banks quickly followed, and, as each report was received, a detective was given similar orders, and was sent to the threatened bank. In the course of the day nearly every detective thus reserved was detailed to the duty described. The police captains had also received orders in respect to detailing men to goard bank ing-houses and savings banks whenever it might become necessary to do so. Patrolmen on duty near the savings banks received orders from their respective captains to report at the station-house f there was any indication of a run on such institu. tions. As soon as the information was received a squad of police was sent to the bank: the people at its doors were marshaled into line, and crowds were prevented from gathering on the sidewalk Capt. Clinchy of the Fourteenth Precinct personally took command at the Bowery Savings Bank, and, with the aid of several policemen, succeeded in maintaining perfect order among the multitude that sought to enter the bank doors, and also kept the sidewalk clear for pedestrians. The Sixth Precinct police, undea the command of Capt. Kennedy, maintained order in a similar manner at the Citizens Savings Bank, at the Bowery and Canal-st.; Capt. Byrnes of the Fifteenth Precinct at the Manhattan and the Bank for Savings in Bleecker-st.; and Capt. Washburne of the Ninth Pro einet at the Greenwich Savings Bank, at Waverley place and Sixth-ave THE FUGITIVE SECRETARY FRANK STATEMENT OF HIS FATHER-THE SON LAST

3. September 24, 1873 The Rutland Daily Globe Rutland, VT
Article from The Rutland Daily Globe, September 24, 1873

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FEW MORE FAILURES Tuesday's News, NEW York, Sept. 23. 10:15 im THE TIDAI WAVE RECEIDING Gold opened at 112. The following notice is posted until The further stock exchange orders." will remain closed The governing B.O. committee WHITE, will Secretary. meet half-past nine to-morrow. 10:50 p.m. -The excitementon the seems to be wearing itself out, appears to exist. Brokers gregated feeling and have street in front of the stock exchange. and formed a street market. all sales being for cash. The following are the quotations Central 91 and 92 bid: Lake Shore, 82 bash, and 110 50 offered: Harlem. bid: 109 bid Wit. bid: Rock Island. 88 bid: Paul, 85 bid: Ohio and Wisconsin, 30 St. I. Union Pacific, 21 and 22 bid: C. bid C. 21 bid Hannibal and St. Joseph, and 20 bid : Western Union Tel., 66 bid. 70 of Pacific Mail. 343 and 36 fered The bid. gold exchange is open and doing business as usual, gold 1141. 000 The bonds sub-treasury this morning. have purchased 83,500, The Union Trust Company are still paring a statement which they expect premake public late in the day. Noon Two millions of bonds havebeen bought Street at the sub-treasury to this hour. quotations now Ohio, 30 bid : CenWabash. 18 bid : St. Paul, 36 bid : tral. 93 Lake Sdore, 82 bid, THE SAVINGS BANKS banks 12:10 P. m. & light run on the savings is being continued. The their banks strictly adhere to the provision smaller charters which requires a notice of from tors. thirty to sixty days from heirdeposi. of The Bowery. Citizens'. Union, time Dime and Bleeker street savings bank con. to make payments up to 8100. THINGS DOWN TOWN. 12.15 P. m. There is but little more than lower the usual number of people in streets of the city, beyond the about the Stock in stocks. The gatherings are ten dickering Exchange, financial the small who presents the appearance of cen. after great manifested to have and is no lassitude, desire struggle. exhaustion the There stock exchange re-open. except by those wanting to purchase for investment. and brokers generally would like to have it continue closed during the remainder of remark among them is will materially thin number this The disaster general the out week. that the of brokers as was the case Black Friday, thus making more business with for those remaining. BONDS PURCHASED 12:30 p.m.--Gold 110 bid. The sub-treasurer has purchased 88, 100 bonds up to this hour. including Satur- 169. day and yesterday. 12. 45 P. -TheStreet quotations stocks are: Lake Shore 80: for 92: Northern Central Union Pacific S New Western York 65: Eric 58: Pacific Mail 31: Ohio and Mississippizo: Northwestern 40: Rock Island M.C.C.& L 22 St. Paul, com mon. 36 Wabash 15 ABOUT BANKS The Bank of the Commonwealth keeps its doors closed. The run on Fourth National has ceased. MORE GREENBACK Assistant Treasurer Hillhouse in greenbacks from Wash. morning. to the ington twenty this millions prevent received possi. bility of becoming embarrassed in the pur. chase of bonds, QUIET IN FINANCIAL CIRCLES 1 p.m. - Affairs are still quiet with prospect of continuing so. GOLD EXCHANGE BANK CLEARANCES of the Gold bank The clearances Exchange are complete. and the balances be paid as usual. FOOLISH DEPOSITORS Several depositor> are in line in front of the Union dime savings bank this morning, The president says they can all have their money. SMALL CROWD AT THE FIFTH AVENUE HOTEL The crowd at the Fifth Avenue Hotel last night was small and quiet. compared with previous evenings. SLOW-MOVING ALDERMEN. The board of aldermen have decided the special meeting not today, to hold called for to take action on the financial erisis. MENT. THE CRISIS OVER-PRAISE OF THE GOVERNPresident Kennedy of the Bank of Com. merce said last evening that government is doing that over. it probably The the the crisis best is can. President Kitchen of the National Park bank says that for reasons ped All the discounting only morning prudential it stop journals unite in express ing the opinion that the panic is over. AN OVER-DRAFT SETTLED. John Bonner, the banker the overdrew his account at the bank of North America to the extent of several hundred thousand dellars, has made a satisfactory settlement bank. Large orders from all over the be brokers with received the continue country to to for the purchase of stocks, so that lively bidding is anticipated when the Stock Exchange reopens. THE SUB-TREASURY yesterday declined to the of the sellers of bonds to the ernment, Gen. names Hillhouse the gov- give on ground that suspicion against the into the market to those might Some who sellers be directed rushed solvency realize of were connected with savings banks, Gen. Hillhouse has not to bonds of '81, as the dent thorized did buy been prosi- aunot believe he had a legal tight to take the bonds not yet due.

4. September 25, 1873 The New York Herald New York, NY
Article from The New York Herald, September 25, 1873

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BROCKLYN BANKS. There was no untoward excitement visible at any of the banks of the City of Churches yesterday. A tour of the leading institutions was made by the writer, which elicited the fact that the anxiety which characterized the action of the panicstricken depositors on Monday and Tuesday has subsided, and a better feeling of security was apparent. At the Brooklyn Bank, corner of Concord and Fulton streets, where the run had been greatest the day previous, there were not more than twenty-five or thirty people in line at one time, and many of these were persons who had withdrawn their money in naste to repent at leisure. This class of people were returning their money to the sale keeping of the bank, having iorieited, however, the interest due lor the past three months. The President of the bank stated that he believed the worst had passed over, and that the accounts from abroad were more favorable. He was sorry to see a "run," such as they had been subjected to, but then the depositors had a periect right to control their own money; and whenever, in their judgment, it was proper to withdraw their money, the banks should let them have it. They had never availed themselves of the thirty days' notification provision, as they always managed to have the cash. By having such securities, as the best government bonds upon which they could always realize. The administration had acted nobly during the crisis; and were it not for the assistance of the government no bank could have withstood the storm. Money was not to be had on checks at any bank in the "two cities." All the banks could do was to certify their checks, which enabled them to go through the Clearing House. Two hundred and fifty thousand dollars of currency was obtained by the Brooklyn Bank yesterday forenoon. When the hour for closing arrived there was nobody to bother the paying teller. At the South Brooklyn Savings Bank the same improvement in the condition of affairs was noticeable. There was no crowd, and nothing for the busy little porter or the special officer to do. The Long Island and Dime Savings Banks also enjoyed a day of perfect rest.

5. November 8, 1873 New-York Tribune New York, NY
Article from New-York Tribune, November 8, 1873

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Mr. Joseph Aren sans 101 none, TO-day, 123 be White Star steamship Republic. The steamship California, arriving from Glasgow yesterday, reported strong westerly winds and heavy seas throughout the voyage The drills and meetings of the 11th Regiment, N. G., will be resumed by order of Col. Vilmar. and enust a men who arenow on trial are no. exempted from duty. The Fair of the Sisters of the Stranger opened on Thursday evening, and is now in progress at the chapel, No. 4 Winthrop-place This society aids des titute strangere of all nationalities and seats, and the fair is held to raise money to continue this WORK. At an examination yesterday before Register Dwight, in the case of the bankruptcy of the Market Savings Bank, it appeared by the cross-examination of Mr. Mann, who claims $10,000 for legal services to the assignee, that there are other lawyers having claims against the estate. Complaint is made that a Frenchman is hawking gloves and perfumery from house to house, in the upper part of he city, and presenting the card of some acquaintance of the lady of the house, advising bim to call and show his wares. The lady is thus in clined to treat the peddier with favor; but probably, on his departure, misses some of her cards, and thus discovers the trick. A number of poor Germans called at the Mayor's office yesterday, and applied for permission to be kept a Ward's Island for a few months, or until they could secure work. They stated that they had been recently discharged from public works in the neighborhood of Harlem. In answer to an inquiry, Commissioner Vin Nort informed a TRIBUSE reporter that as yet no workmen had been discharged by the Department of Public Works, nor would the wages be reduced. susual during the Winter, the force of men will be curtailed, but the men will be dropped one by one, as the occasion demands. In reference to the Germans who ealied a: the Mayor's office, he said that they were not employed by the Department but might have been one of the contractors. BROOKLYN. By order of Vice-Admiral S. C. Rowan, the hull and machinery of the old United States steatner Nevada will be sold at auction at the Navy Yard next Wednesday. The Fire Marshal transmitted yesterday to the Board of Police and Excise his October report, which shows that 35 fires occurred during the month; es imated loss on buildings, $37,070; estimated loss ou contents $57,215-total, $91,294; insurance on buildings, $161,758 insurance on contents, $86,940-total,$218,693. The Clerk of the Board of Supervisors, E. B. Cadley, announces that the rate of taxation, according to the budget as passed, will be $3 Japon each $100 valuation of real and personal property, as against $3 47 in 1872. The highest Ward rate will be in the Ninth Ward, where 11 will be $3 65, while the lowest will DO ID the Seventeenth. Eighteenth, and Nineteeath Wards, where the rate will be $3 23. Thomas Armstrong, a merchant, at No. 164 William-st. New-York, aud residing at No. 81 Hicks-st., in this city, left his home on Tuesday at 10 8. in. to go to the polls to vote, since which time be has not been seen. The missing man was to have been married to the niece of A. Fitzgerald, with whom he boarded. in a few days, and his disappearance has caused the family unen concern. Two suits have been brought against John M. Loretz, an organist of this city; the first to secure money due for the board of his wife and children and the second, instituted by Mrs. Loretz, for the return of $2,308 now on deposit in the Dime Savings Bank, BIG having signed and delivered an order for the withdrawal of the money, on hisfalse representations that the bank was unsafe. Loretz did not remove the money but direceed transfer from the his Richard M. Wilson. an alleged thief, for whom the detectives have been searching for a long time, was arrested yesterday, for robbing the store of Nathan Johnson. in Caledonia County, Vermont, of dry goods valued $ 5500. last August. Wilson implicates Mr. John ion'scontidentialelerk and the latter's wife, whose arrest has been ordered by telegraph. Goods have been missed by Mr. Johnson for over a year, at different Junes, NEW-JERSEY. ran into a Pennsylvania Central freight train. near the Newark-ave. crossing of the Pennsylvania Retiread, at a. in. yesterday. The engine was ronuing down from the round house on the eastward bound main track. and when discovered coming through the cut, danger ei guals were displayed, as a freight train was crossing this track to run from a side switch to the outward bound track. The engineer of the Midland engine continued to proceed at full speed. and crashed into the center of the train, destroying one freight car and damaging the another. The engine was only slightly damaged, and and dremen escaped almost miraculonely engineer In the Hudson County Coart yeaterday John A. Vickers held in $000 ball to appear for tital on a charge of was stealing a water, valued at $100, from Robert C. Tea Joha L Hamilton was held in Brocck. for trial on charge of shootian di EStephen Payn pear last Summer. Isaac Crispell was arralgued which on it charge ter of perjury in the Con gulia bigamy case, in alibi. witness. and gave tasthmony to prove an he ThomasCoughim was a became security in the sum of $3,000 Parker has approved the decision of the New Gov. Board of Pilot Commissioner in the case of Robert Jersey David Thomas, found guilty of incompetency and gross carelessness in piloting the steamship City has of Li merick from Quarantine AUR. 26, and Thomas has dismissed from the service. The Governor been the revocation of the license of Phot Whilden also approved of Porth Amboy, found gillity of 10 competency Contracts have been awarded con- by Board of Chosen Freeholders for the the of gas and botter houses and a sewer for struction the public Institutional at Snake HI The Had County Board of Caryanzers organized yesterday James son the election of Matthew Erwin, Chairman, and The by Clerk. and then adjourned to meet to-day Madden, Rubber Factory, which now manufacture by , Claremont dozen rubber balls per week, will be closed LOW 1,200 Miss Annie Firmin, an actress at the theater. Dec. 15. was robbed on Thursday night of a mutchel at # conjewelry and tolich articles valued which taining School No. 5, in Bay-st. was Public been rebullt and burned in 1872, has Nov. 15 partially ready for occupancy by will be Hudson County Court, yesterday, of Jedge this In the Christian Cosselman Hoffman. presiding. Joseph Bertholf of Union and Securities and and costs any were seatenced to pay a Ano of $10 Court in Hill dolau of the Sunday liquor The accidened