Washington City Savings Bank (Washington, DC)

Episode Information

Episode UID
1047381890879
Episode Type
Run → Suspension → Closure
Bank Type
savings
Bank ID
104738189 hash
Start Date
March 12, 1873
Location
Washington, District of Columbia (38.895, -77.036)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8688356327bd2016

Response Measures

None

Description

Multiple runs in 1873 led to a suspension (60-day notice) and the appointment of a receiver; depositors later negotiated but bank remained in liquidation.

Events (5)
1. March 12, 1873 Run
Cause Details
Threat by the Comptroller of the Currency to withdraw the bank's charter for law violations prompted withdrawals.
Newspaper Excerpt
There was a run on the Washington City Savings Bank yesterday, growing... out of the threat of the comptroller of the currency to withdraw its charter
Source
newspapers
2. September 19, 1873 Run
Cause
Macro News
Cause Details
Panic following major failures in New York (the 1873 financial panic) caused large withdrawals and lines at the bank.
Measures
Bank later suspended immediate payments and invoked a notice requirement (sixty days) to stem withdrawals.
Newspaper Excerpt
There is quite a rush on the Washington City Savings Bank... Both give assurance of their ability to meet all demands
Source
newspapers
3. September 25, 1873 Suspension
Cause
Macro News
Cause Details
General financial panic and stringency in money markets prompted the bank to invoke its charter privilege requiring 60 days' notice instead of immediate payment.
Newspaper Excerpt
the bank would take advantage of its legal privilege and require sixty days' notice from all depositors... the bank officials... ceased paying out funds
Source
newspapers
4. September 29, 1873 Receivership
Newspaper Excerpt
WM. F. MATTINGLY, Receiver... A satisfactory statement will be published in a few days, showing the assets and liabilities of the bank. se29-10t (Star) 435 Seventh street.
Source
newspapers
5. October 11, 1873 Other
Newspaper Excerpt
depositors sign agreement to waive legal proceedings and accept pro rata payments while the bank remains under receiver and seeks resumption; plan accepted by bank officers
Source
newspapers

Newspaper Articles (20)
1. March 13, 1873 The Charleston Daily News Charleston, SC
Article from The Charleston Daily News, March 13, 1873

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RUN ON A SAVINGS BANK. WASHINGTON. March 12. There was a run on the Washington City Savings Bank yesterday, growing. It 18 said, out of the threat of the comptroller of the currency to withdraw its charter, on account of a violation of the law. The bank yesterday paid three thousand depositors, and it is well tortified this morning. There 1+ little or no excitement about the other banks. There are probably fifteen hundred colored depositors in the Freedman's savings Bank, but not the least excitement is apparent.

2. March 13, 1873 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, March 13, 1873

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HIO Meroigs Affairs LONDON: March M The House of Commons last night, after a protracted debate, rejected Gladstone's Irish University bill. The result of the division was announced as follows: For the bill, 284; against it, 287-majority against it, 3. The announcement of the vote caused greatexcitement. The House adjourned until Thursday P. M.-Gladetone waited on her Majesty Queen Victoria, at Buckingham Palace, at noon, to -day. to tender his resignation. It is probable that Mr. Diaracli will be summoned to form a new Ministry. The scene in the House of Commons, last night, when the defeat of the Minis try on the Irish University bill was announced, is indescribable. The exoitement in the gallery and on the floor was intense; while the opponents of the measure indulged in tumultaous cheers over its rejection. Among the distinguished personages and strangers in the gallery, which was crowded during the debate, were the Prince of Wales, Princess Louise and Prince Christian. The Scotch and Walsh members supported the bill. The Catholics were unanimons in their opposition to it. After the announcement of the result; Gladstone arose, and said: 'The vote just given is certainly of a grave charaoter. As the House never wishes to continue its deliberations when the existence of the Government is in dopbt, I move an adjournment until Thursday, The motion was carried. In consequence of the late hour at which the result was reached, the editorial comments of the London morning journals are meagre and restrained. The Irish University bill did not receive the vote of a single Conservative member of the House of Commons. Forty-seven Liberals, of whom thirty. six were Irishmen, voted against the bill. Fifteen Irish members voted for it. Seventeen members of the House, including Dr. Isaao Bull, member for Limerick, were absent. Forty members participated in the debate. The Right Hon. John Bright, Jacob Bright, his brother, and the Marquis of Lorne, supported the Government. MADRID, Maroh 3.-The Assembly, yesterday, definitively sanctioned the bill introduced by the Government, BUSa pending its sittings, and convoking Constituent Cortes, on the first of May. Senor Martos, President of the Assembly, and Senor Lopez, the Secretary, have resigned. Senor Martos, in tenderinglhis resignation, made statement that the act was caused solely by ill health. The debate on the Porto Rioo abolition bill has been resumed in the Assembly. PARIS, March 12.-Letters from the frontier give particulars of an engagement in Spain between bands of Carlists under Sorueta, and a force of Spanish Government troops, The insurgents, who were entrenched on the heights of Orjaroun, were attacked by the national troops, resulting in a defeat of the Government force, which was compelled to retreat, with a loss of 100 men. Sorneta was mortally wounded. The Spanish commander, in his official report of the engagement, claimed that the Carliets were defeated. BERLIN, March 12.-The German Par liament convened in this city, to-day. His Majesty Emperor William opened the session in person. In his speech, he believed that the negotiations now in progress would result in the entire evacuation of France by the German troops at an earlier day than had been heretofore expected. American Matters. CHARLESTON, March 12.-ArrivedSteamships Champion, New York; Sea Gull, Baltimore; Equator, Philadelphia. WASHINGTON, March 12.-There was run on the Washington City Savings Bank, yesterday, growing, it is said, out of the threat of the Comptroller of the Currency to withdraw the charter, for technical violations of the law The bank yesterday paid 1,700 of its 3,000 depositors, and it is well fortified this morning. There is little or no excite ment about the other banks. There are probably fifty colored people in the Freedmen's Savings Bank, but there is no excitement. CONCORD, March 12-2 A. M.-Returns from 141 towns show a net loss for Republicans of about 900. There is a probability of no election of Governor by the people. No figures on the con gressional vote can be given, as they have not been returned Democratic candidates are undoubtedly elected from each of the three districts-E. H. Hib bard from the First; Samuel N. Bell from the Second, and H. W. Parker from the Third. In the Legislature, the Republicans will have a strong majority, and also a majority in the Senate and Council. 2.30 A. M.-Returus from 145 towns give Democrat, Straw, Republican, 27,476; Weston, 24,459; Blackmer, 864; Mason, 503; Republican gain. 1.022: Rennh.

3. September 20, 1873 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, September 20, 1873

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[Associated Press telegrams. NEW YORK, September 19. - Fisk & Hatch have suspended, also Robinson & Suydam, Richard Schell; White, Defrees & Rathbone, Bouis & Edwards, and Eugene Jackson. George Opdyke & Co. have not suspended. The wildest excitement followed the announcement of the failure of Fisk & Hatch. Wall street was in its shirt-sleeves and bareheaded. Stocks fell ten per cent., and are still sinking. De Haven & Co., of Philadelphia, have failed. NEW YORK, September .-The followingadditional failures are reported: Thomas Reed & Co., W. H. Warren, Greenleaf & Norris, George B. Alley, Thomas Biddle, A. M. Kidder. Western Union Telegraph stock opened at 78; it is now 68}. Like fluctuations in the whole list. WASHINGTON, September 19. 1 Dispatches from all cities report long lines of depositors crowding the bank doors. In this city there is no exceptior. NEW YORK, September 19.-Jay Cooke & Co. have assurances from their London house and correspondents in other cities that their bills will be protected. WASHINGTON, September -There is quite a rush on the Washington City Savings Bank and a slight demonstration on the Freedmen's Bank. Both give assurance of their ability to meet all demands. The Freedmen's Savings Bank report they had this morning $80,000, of which only $20,000 had been drawn. There are about seventytive persons in the line at this bank. There is no excitement about other banks. NEW YORK, September 19.-Fi-k & Hatch say their suspension is but temporary. Their advances are upon the Chesapeake and Ohio railroad and the Central Pacific. They expect to resume as soon as the panic ceases. Their office is strongly guarded by the police. Fitch & Co. and Versou & Hoy have suspended. A prominent Street broker says if

4. September 23, 1873 Evening Star Washington, DC
Article from Evening Star, September 23, 1873

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ones who were so anxious to draw their funds out, are now over-solicitous to again place the same in safe custody. All of the down town banks are transacting routine business as usual, and in a majority of instances the deposits far exceed the disbursements. At the Washington City Savings bank ten or a dozen were in line this morning. These were all paid off and the doors thrown wide open when quite a number of business men and others having entire confidence in the bank and its officers, and who have been prevented from depositing for several days past on account of the crowd, dropped in and left their deposits as usual. Mr. Ruff was congratulated on all sides at this additional evidence of the stability of his institution. During the run on his bank a number of prominent capitalists offered to furnish him with almost any amount of money but he invariably declined these generous offers with thanks, on the ground that he required no assistance. SUIT AGAINST JAY COOKE & CO. John T. Luding yesterday brought suit against Jay Cooke, Menry D. Cooke, William G. Moorehead, H. C. Fatinestock, Pitt Cooke, J. H. Garland, Hugh McCalloch and J. H. Puleston, trading as Jay Cooke & Co., for $1,989.60 on an unpaid draft. MUTILATED CURRENCY. The First National Bank of this city had an arrangement with upwards of six hundred banks throughont the country. In cousideration of their depositing with that bank such mutilated currency as they desired redeemed, the bank returned new notes, making a profit from the use of such notes by holding them in their possession until their time came in the usual run of this business to be served. Since the suspension, numerous packages of mutilated currency have been received by the express company, which, not knowing what to do with them, has been informed in response ') an inquiry of the Controller of the Currency, that the better way would be to ask the owners of the currency what disposition shall be made of it, as the bank, in its present condition, could not act in the premises. The express company, therefore, awaits telegraphic responses from the parties directly interested.

5. September 24, 1873 The Daily State Journal Richmond, Alexandria, VA
Article from The Daily State Journal, September 24, 1873

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THE MONEY MARKET. The excitement here over the stringency of the market, occasioned by the swindlers of Wall street, has somewhat subsided. The run, however, on the Washington City savings bank still continues. There is a slight run on the Freedman's bank. Besides these two instances Washington does not seem to be affected by the great crash. It is the opinion of the leading citizens here, that the government will eventually lift Jay Cook & Co. from off their embarrassment.

6. September 25, 1873 Evening Star Washington, DC
Article from Evening Star, September 25, 1873

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THE SITUATION IN WASHINGTON No More Bonds to be Bought by the Government. The Treasury department this morning declined to purchase any more bonds, the full amount of twelve million called for having been bought. Mr. Ruff, of the Washington City Savings Bank, made application at the Department to-day to obtain currency for bonds; but his request was not complied with. The last balance exhibit showed that the Treasury had on hand upwards of fourteen millions of currency, of which twelve million had already been exhausted in the purchase of bonds, leaving only two million on hand for the current business of the government. For over one hour this morning the Secretary of the Treasury and Attorney General Williams were in consultation, the object being, it is understood, to elicit an opinion from the latter officer as to the legality of drawing upon the 44 millions reserves. The government needing for its own uses the remaining two (24 million of currency, its officers were constrained to suspend the purchase of bonds for its protection. After the conference closed, Judge Richardson stated to a STAR reporter that he has always held that he has a legal right to draw on the legal tender reserves; that his predecssors had so drawn; but that he should not draw upon them for the purchase of bonds, but only for uses of the government, if necessary. He says he has no desire to indate the currency. He says also that the government has helped the banks by the issuing of twelve million dollars of currency, and that they must now look out for themselves. It is thought that if the government again assists to relieve the stringency. it will only be by anticipating the payment of the November interest. No statement has yet been made public as to the condition of the banking house of Jay Cooke & Co. or the First National bank. A MISCHIEVOUS RUMOR. It has been rumored for a few days past that ex-Gov. Cooke transferred all his property some two months since to his wife. As the official records show no such transfer to her or any other person, it is fair to presume that the mischievous report was started by some person or persons actuated by malicious motives. THE WASHINGTON CITY SAVING BANK. A meeting of the directors of the Washington City Savings Bank was held in the morning, and it was decided that the bank would take advantage of its legal privilege and require sixty days' notice from all depositors. This was deemed prudent under the circumstances, and was done to protect not only the bank, but the interests of the depositors themselves. At about 10:30 a. m. a notice to the above effect was posted up, and the bank officials ceased paying out funds and required every depositor who appeared to write his name in a book provided for the purpose, together with the amount he desired to draw at the expiration of the time specified in the notice. The bank officials are convinced of the wisdom of the precautionary measure they have taken, and are entirely confident that at the expiration of sixty days business will have fully resumed its normal condition. and that a great majority of those who have given this notice will prefer to leave their money on deposit. At any rate the bank will be abundantly prepared, if necessary, to pay every dollar of its deposits. Everything was quiet at the other down town banks. and there were no indications whatever of financial uneasiness at any of them.

7. September 26, 1873 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, September 26, 1873

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EXCITEMENT AND SUSPENSIONS AT MEMPHIS. MEMPHIS, Sept.25.-Thereis great excitement in this city on account of the suspension of banks, caused by their inability to realize on securities in New York. The following named banks have closed up to-day First National Bank, De Soto Bank. It is reported that the Freedmen's Savings Bank and Trust Co. have a heavy run. It is expected that all will resume after the panic subsides. The excitement at present is intense. PAYMENT OF JANUARY INTEREST NOT TO BE ANTICIPATED NEW YORK, Sept. 25.-Secretary Richardson declines to anticipate the payment of the interest on bonds due December and January next. SHIPMENT OF GOLD FROM ENGLAND. LONDON, Sept. 25.-One hundred and eighty-five thousand pounds bullion was shipped from Liverpool for New York to day. The daily News believes the financial panic in New York will possibly lead to resumption of specie payment. The meeting called by President Watson to consider the affairs of the Erie Railroad Company took place o-day and was attended by thousands of persons, many Americans being present. The meeting is described as having been stormy Resolutions of thanks to Watson were adopted, and the names of Bischoftsheim and Henry were greeted with a stream of mingled hisses and cheers Watson, in explanation of the affairs of the Company, said there was some apparent dubiousness about itsaccounts, but he believed they were correct; and that they wanted $30,000,000 immediately to finish the improvements already commenced and lay the third rail. RUN ON BANKS AT BAVANNAH SAVANNAH, Sept. 25.-A run commenced this morning on the savings department of the Savannah Bank and Trust Company and the Southern Bank of Georgia. Large crowds are congregated, and the banks are paying dollar for dollar. Business is at a complete stand still for the want of currency WASHINGTON SAVINGS BANKS. WASHINGTON, Sept. -The Washington City Savings Bank announces that will require sixty days notice for the payment of deposits in accordance with the provision in its charter The Navy Department is paying all of its employes to day in anticipation of the usual pay day, in order to lessen the stringency of themoney market cansed by the scarcity of currency 0 THE STOPPAGE OF BOND PURCHASES. NEW YORK, Sept. 5-The stocks advertised for sale at auction to-day have been withdrawn The Express says "The announcement that the government has stopped buying bonds caused deep disappoinment to-day. No little indignation was expressed against Secretary Richardson for his decision. Yesterday reports were current that the government would stop buying, and we were induced by the Treasury office to denounce the report as malicious. The advance in the Bank of England rate to 4 per cent is the natural result of the shipment of gold this morning. GOLD AND STOCKS. Gold opened firm at 111 owing to the the advance on the Bank of England rate, but afterwards declined to 1111, and still later rallied to 111 when it was announced from Washington that bonds of 1874 would not be anticipated by the Treasury. The rates paid for carrying ranged from flat to 6 per cent The crowd in Broad street shows a material decrease, and few transactions stock have been consummated. Prices are marked up and down, according to the views of parties, and no fair quotations can be obtained. The prices are as nearly as possible to these, current New York Central. 89a91; Cleveland, Co lumbus & Indiana Central, 21a21; Union Pacific, 19a20: Lake Shore, 74a75: Ohio& Mississippi, 22a28; Pacific Mail 29a80: Northwestern, 39a41: Rock Island, 85a 85; Western Union Telegraph, 56a58; Harlem 105, blank; Wabash, 39a4e The governing committee of the Stock Exchange will meet at 7 P. M. STRINGENCY AT CHARLESTON, S. C, INTER FERING WITH TRADE. CHARLESTON. S. C., Sept.; 25.-Money is so stringent here that no obligations are contracted, and all business is limited in amount. There is some demand for cotton at low figures, but there is difficul ty in negotiating. Exchange stops sales, and relief from that source is slow in coming in: Factors would at the moment accept low rates for most articles of produce Paper falling due is renewed in full, or with small credit on account Creditors are disposed to be indulgent No failures have been reported. The banks pay checks as usual, and there has not been the first symptom of a run. MORE HOPEFUL FEELING IN PHILADELPHIA. PHILADELPHIA, Sept 25.-A more hopeful feeling exists among the merchants, and the prices of goods continue very steady. Third street 18 quiet. All the National Banks, Savings Banks, and such of the State Banks as did not sus-pend continue business in the usual manner. The Board of Brokers has adopted a resolution that until otherwise ordered certified checks or due bills in any of the associated banks will be received in settlement of contracts between members of the Board. SUGGESTION-FROM SECRETARY RICHARDSON. NEW YORK, Sept. 25.-A Washington dispatch says Secretary Richardson has stated that it would be a good policy for all banks to suspend further currency payments. EXTRA SESSION OF CONGRESS It is rumored that the President has been advised to call an extra session of Congress. THE COMMERCIAL TONK IN CINCINNATI. CINCINNATI, Sept. -The market everything this morning is entirely nomi-

8. September 30, 1873 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, September 30, 1873

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ELSEWHERE. COLUMBUS, OHIO. COLUMRUS, September 29. - The financial troubles as yet have had very slight effect upon this city, while all the banks have prepared for a run. Thus far this precaution has proved unneces. sary. Instead of disastrously affecting the manufacturing establishments, there is the usual work going on, and all skilled mechanics find demand for their labor. New manufactories are being built, and all old ones are running full sets of hands, and cannot fill their orders. The banks buy eastern exchange very cautiously, and discount scarcely any paper. There has been no concerted action among the bankers, each preferring to attend to their own affairs. ST. PAUL, MINN. ST. PAUL, September 29.-All of the St. Paul banks respond to all demands in currency, and have done so all the time, with no thought of doing otherwise. There is no excitement or alarm here, and aside from the stoppage of the purchase of wheat, business goes on as usual. CAIRO, ILL. CAIRO, September 29.-In compliance with the resolutions adopted by the chamber of commerce this morning, requesting the banks to suspend currency of payment, the two national banks this city will to-day adopt plan similar to that adopted in Cincinnati and other cities, of giving certified checks or exchangein payment of checks. WASHINGTON, D.C. WASHINGTON, September 29.-The Farmers and Mechanics' national bank, of Georgetown, National bank of the Republic, Bank of Washington, and the banking-houses of Riggs & Co. and Middleton & Co. are paying all demands upon them as usual. The other banks and banking-houses, in a combination formed last night to certify checks instead of paying currency, will not pay the smallest check to-day. Since the commencement of the panic four institutions have closed their do rs, namely: the First national bank and the Washington city savings bank, now in liquidation, and the banking-houses of Jay Cooke & Co. and Fant. The President and Secretary Richardson were in consultation to-day on financial matters. Five hundred and seventy-five thousand dollars have been drawn within the last ten days from the Freedmen's and f Washington city savings bank, and from other banks of the city about eight hundred thousand dollars have I been drawn. Friday one person drew from the National bank of the Metropolis sixteen thousand dollars, and placed 8 it in the Safe-Deposit company. Most of the money drawn remains with the e drawers. The city is free from financial excitement. Recent statements have been received from the north of the improved condition of affairs, which have had a tranquilizing effect in Washington, to 8 such an extent that several gentlemen g connected with the banking combination say that in the course of a few days I checks for small amounts will be cashed instead of certified. Another favorable sign is that many of the large depositors in the Washington savings bank are concerting with a view to a resumption of its business. PHILADELPHIA, PENN. PHILADELPHIA, September 29.' Benjamin Bullock & Son, extensive wool-dealers, suspended this morning for a large sum, but they have ample assets to pay all their obligations. Their suspension was caused by the failure of the Glenham manufacturing company of New York, who owe them about hundred thousand dollars. Joseph Bullock, one of the firm, is director of the CornExchangenational bank, but they owe that institution only forty-five thousand dollars, which is covered with collaterals for twice that amount. The affair has caused no unusual excitement, and in business circles generally there is a confident tone. LOWELL, MASS. LOWELL, September 29.-The bank officials of this city at a meeting to-day decided to follow substantially the action of the banks in other cities in re-

9. September 30, 1873 National Republican Washington, DC
Article from National Republican, September 30, 1873

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WASHINGTON CITY SAVINGS BANK. Depositors are requested to leave the'r books at the bank, that they may be balanced. All persons holding checks of depositors will please leave them at my office, that they may be charged to the proper accounts. All persons indebted to the bank on overdue paper or for interest are notified to prepare for settlement, as payment will strictly be demanded. A satisfactory statement will be published in a few days, showing the assets and liabilities of the bank. WM. F. MATTINGLY, Receiver, se29-10t (Star) 435 Seventh street.

10. September 30, 1873 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, September 30, 1873

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ALEXANDRIA, VA. TUESDAY, SEPTEMBER 30, 1873. FINANCIAL AFFAIRS. Io New York there was a considerable improvement yesterday in financial affairs as compared with the feeling on Saturday. There were some transactions in stocks on the streets. Gold was weak and lower, chiefly on account of the order of the Treasury to commence the payment of the November interest and cable reports of further large shipments of coin from Liverpool. The banks in the North have gento erally agreed certify checks, but when these will answer for purposes of business, as a general rule in the South and West the money is forthcoining upon demand. The healthy condition of the Southern banks is a most cheering sign of the times. The bankers rest upon the great staple (cotton). The same feeling prevails in the West. Chicago has not been seriously affected by the panic, and her banks have weathered the storm. No failures are reported in Báltimore. The Washington correspondent of the Baltimore Sun says :- "Some uneasiness has prevailed to-day in business circles, caused to some extent by the absence of unanimity of action among the banks of the District. A want of confidence in one or two of the banks, whether deserved or not, has been very plainly exhibited. An old and leading private banking house, one of those which refuse to make any change in its ordinary manner of transacting business, was completely overrun to day with persons anxious to make deposits. The head of this house refused over seventy thousand dollars offered by new depositors." The controlling committee of the associated banks of Washington city organized yesterday. At three o'clock a meeting of the depositors in Washington City (Ruff's) Savings Bank was held, ex-Mayor Richard Wallach was called to the chair, and there was an expression of a general desire that the bank if possible should be permitted to resume. Finally a committee of thirteen, with Mr. Wallach, as chairman was appointed to take the wishes of the meeting into consideration and devise some plan of rendering them effective. The meeting then adjourned until Wednesday at three o'clock p. m., when a report is expected. The committee of thirteen met immediately, and appointed a sub-committee to confer with Receiver Mattingly and Mr. Ruff in reference to the situation. The banks' controlling committee met at four o'clock, and made clearances of the checks certified between the associated banks.

11. October 10, 1873 Evening Star Washington, DC
Article from Evening Star, October 10, 1873

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THE WASHINGTON CITY SAVINGS BANK The Proposition of the Depositors Accepted by Mr. Ruff. - The committee of thirteen chosen by the depositors of the Washington City Savings bank held an adjourned meeting yesterday afternoon at No. 905 F street, at which Mr. Ruff and other officers of the bank were present for consultation. The sub-committee appointed for that purpose reported resolutions, which were adopted, favoring the plan previously agreed upon by the committee, to wit: The depositors, by agreement, to release and defend the bank against any legal interference for one year: the depositors to be paid meantime pro rata in installments as the condition of the bank shall warrant; the interests of the depositors to be looked after by an advisory committee to be selected by them. Mr. Ruff stated that he would gladly accept their proposition; that he felt doubly reassured by the confidence reposed in him by the depositors of the bank. The subcommittee were instructed to confer with Mr. Ruff and the other officers of the bank and arrange further details.

12. October 11, 1873 Evening Star Washington, DC
Article from Evening Star, October 11, 1873

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THE WASHINGTON CITY SAVINGS BANK Report of the Committee. Important Action. The committee of thirteen appointed at the meeting of the depositors of the Washington City Savings Bank, have assumed no authority whatever, nor have they exercised any powers, but have labored faithfully to obtain such information as would enable them to make judicious recommendations to the depositors in order that they may act advisedly. After due deliberation and full consultation with the officers of the bank and the receiver of the court, the following paper was unanimously adopted by the committee of thirteen, and is respectfully submitted to the depositors through the press as being the speediest method of commumicating with them. Recognizing the great benefit of the Washington City Savings Bank to this city, and its sound financial condition as seen from the report of the receiver, the high character of Mr J. A. Ruff and the gentlemen associated with him, we do hereby express our regret that this bank, having successfully withstood two runs of great severity, was forced. in time of universal financial panic and general suspension of currency payments, to close its doors. While we have the utmost confidence in the ability and integrity of Mr. Mattingty, the receiver, we believe that it would be to the inter est of the depositors and of the community if arrangements could be made for the bank to resume its usual business. With a view to this end it is recommended that lists be prepared and left at places to be designated hereafter for the signatures of the depositors, binding them for a period of twelve months to abstain from legal proceedings against the bank, and agreeing to receive such pro rata dividends, less interest on deposits, as the bank may from time to time declare. The present assets of the bank shall be held and used for the sole benefit of the present depositors, and are not to be sacrificed at the present ruinous rates. That a committee of five depositors, viz: W. B. Todd, Jno. Ogden, J. F. Ennis, G. Crandell and H. Polkinhorn, be appointed as an advissory committee in behalf of the depositors to consult as to the disposition of assets and the declaration of dividends for the next twelve months, or until such time as the bank shall resume full currency payment again." The proposition contained in the foregoing paper having been accepted by Mr. John A Ruff and the officers of the bank, shall go into effect when the depositors shall have signed this agreement, pending which we request Mr. Mattingly to continue in his office as receiver in the discharge of the duties of receiver of which he has given entire satisfaction. THE AGREEMENT TO BE SIGNED. The following is the paper to be submitted to the depositors for their signature: We, the undersigned depositors in the Washington City Savings Bank, each in consideration of the signatures of the others to this agreement. do hereby mutually agree with each other and with said bank to waive all interest on our deposits for one year from September 26, 1873. and until such further time as the committee of live, appointed at a meeting of the depositors held October 9th, 1873, may deem expedient and proper. and during said period to abstain from instituting any legal proceedings whatever against said bank. or any of the persons connected therewith, for the recovery of our deposits therein, and do hereby release any legal action so brought within said period. see.

13. October 16, 1873 Evening Star Washington, DC
Article from Evening Star, October 16, 1873

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The MASS Washington City Savings Bank OF THE MEETING OF DEPOSITORS-T AND COMMITTEE OF NINETEEN DISCUSSED REPORT MOUSLY. FINALLY ADOPTED ALMOST UNANIton meeting City of the depositors of the hall Savings Bank was held Washinghearing yesterday afternoon. for the at Lincoin appointed the report of the committee purpose of of trade rooms. at a late meeting held at the thirteen. board o order, Col. Wm. L. Bramhall called the secretary and Mr. Wm. H. Clagett was meeting elected to mittee. Mr. Richard Wallach, chairman of the and submitted explained the action of the committee, comTHE STAR, recommending their report, that already printed in bind to themselves for a period of twelve the depositors bank abstain and from legal proceedings months idends, agreeingjto receive such against the may from on deposits, as the less the interest pro rata div bank assets of time to time declare: that the sole bank shall be held and present not to benefit of the present depositors. used for the that be sacriticed at the present ruinous and are ed by a committee of five depositors be rates; behalf this of meeting as an advisory appoint position the depositors to consult committee as in dends of assets and the declaration to the disfor the next twelve months, or of diviagain. time payment as the bank shall resume full until such currency Mr. Wallach then stated that he considered the condition of the bank, as reported M able, Mattingly to be not only selvent, but by tions of and the fully committee. warranting the recommenda favor Col. Bramball, secretary of the committee the went into a detailed statement condition of the bank. the labors of as the to the mittee, and the practical workings of the com plan Mr. Horner stated that he did not made the report of the committee or the approve of the by them He had a deposit or proposition bank and therefore not only felt a 83,500 in in count in the mode of settlement on his lively but also on account of those smaller own positors who had their all invested de tution. stimate He had, therefore, made in a the insti of the of all the assets contained in the careful receiver, at their present cash report to found them to aggregate $826,000. with value, and pay liabilities amounting to which and believed the concern to be resolutions, as a report of therefore proposed substitute $906,000. bankrupt. for the He the committee, proposing bank into bankruptcy, according to force the visions law. of section forty-three of the to bankrupt the prothat Col. the Bramhall said, in reply to Mr. Horner committee had presented the of assets to the examination of the schedule their ciers in Washington and taken their best finan- of pression intrinsic value. The result opinion of the opinion, in which the was an unanimously tirely concurred, that the bank committee was er solvent. and not bankrupt. the bank Mr. R. S. Davis spoke in favor of Mr in the hands of the receiver. leaving P.] H. Welch defended the report committee. dencein and asked those who still had of the He then Mr. Ruff to rise. [Nearly all confiasked the opposite to rise, and arose. he said that Mr. Ruff had said to no tune tears in his eyes, that his rising mittee, and with reputation whole the com- one forwas therefore more was in the bank; that he honest and economical deeply settlement interested in the than was any one of the depositors could of be, its and affairs them confident all inside that of six if months. reinstated he could pay he tion The of report was then modified at the a depositor. 80 to require Mr. suggesistration give security in $200.000 for the faithful Ruff to positors. of the assets in the interest of admin- the debank Mr. Bundy inquired what was to hinder isfied being put into bankruptcy by the entered depositor into : after this arrangement any had dissat- been advised The committee responded that they had Mr. that such a course could not be been agreement Bundy also thought that the pursued. bank. was one-sided all in form of To this the it depositors being the only favor of the the that the bank directors or trustees and its to the depositors, and their subject still under The liable obligations was replied preser bed stockholders by party charter. were to still examination and had of the Currency: in short, the by tion Controller tors to all the supervision deposi- affairs the that protection under this in the they had when they placed proposiposed bond bank. and $200,000 additional their in money waived of Mr. Ruff. The accrued the proalone by the depositors in this interest bank. would add 880,000 to the strength proposition of the agreement The question on the adoption of the Clagett being demanded. the report and He was said he would like to say chairman, Mr. What did business man and would talk few words. to the depositors want? To like to them get it cheap. Lawyers get their The and the courts. That left money; depositors wanted expensive. one man did not want any was save it who had sense enough to make lawyers. Any and put it into that bank, money and enough man. He to get out. Mr. Ruff was had sense honest, and had traveled a rough road, business would pull them if the through. depositors stood by but him was he of The the question was then taken on the ried almost report unanimously. of the committee, and it adoption was carThe the advisory committee of five in report was selected as follows provided for ard Bundy, Wallach. Mr. Wm. H. Clagett Mr. RichL. Bramball, Mr. Henry Polkinhorn and Col. Mr. C.S. Wm. The committee of thirteen was charged, with the thanks of the meeting. then discommittee where of five will notify the The ready for they their can signatures. find the agreement, depositors when it is Editor WHAT A DEPOSITOR" THINKS. two hundred Star see by the proceedingsofabout of the 2,200 of Ruff's who met yesterday afternoon at the depositors hall that Mr. Kun is to be allowed Y.M.C.A. to business again, and that the depositors resume are relinquish for to him the interest on their to one year. According to Mr. deposits his liabilities are 8906,933.88, all terest to his depositors, together with ment 1 belongs Ruff's of the which state- inwould thereon be at six per cent. per annum, $54,364.88 very liberal reward which closing to his bank doors and taking his for the pay his depositors. The expense own time now pending in court 1% per cent. under any exceed leaving proceedings 41 circumstances, attending will not depositors per cent. to be divided is forced at the expiration of one among the at least into bankruptcy the expense year. will If he advantage five per cent.; so that it will be be now. remain where of the it is depositors to allow the case to the to as present to the integrity and There responsibility can be no doubt terest to receiver. and that it will be to his of the earliest wind up the affairs of the bank inRuff's possible moment, while it will at the advantage to delay it as long as possible. be to

14. October 22, 1873 Evening Star Washington, DC
Article from Evening Star, October 22, 1873

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Condensed Locals. Miss Josephine Esputa was robbed of a gold watch and chain while on the street cars yesterday. A patent has been issued to Riley A. Shinn, of Georgetown, D. C., for a machine for cleaning streets of snow. Mr. and Mrs. Florence had a large and appreerative audience last night to witness their performance of "The Ticket of Leave Man." The only building permit issued to-day wasto F. P. Hill, two story brick, 2d street. between Indiana avenue and D street northwest. Most of the depositors of the Washington City Savings Bank have signed the agreement prepared by the committee, turning the bank over Mr. Kuff. The Board of Public Works has ordered the superintendent of streets to discontinue the watering of Pennsylvania avenue after No vember 1st. The Board of Health have secured the threestory brick building, No. 1223 F street northwest, as their quarters, and it is already being made ready for occupancy by the board and officers on the first of November. The cars of the Washington and Georgetown railroad company on the navy yard line com. meneed running through this morning by way of south B street to the Avenue at 2d street east. Senator Roscoe Conkling has sold hisresidence on 15th street, for $27,000, or $10,000 more than he paid for it about ten years ago. The purchaser of the property is Mr. Samuel Hooper, of Massachusetts, who will add it to Wormley's House." At a regular meeting of the Territorial Guard last night, the resignation of Lieut. George W. Stewart was received and accepted, and Ser. geant William J. Johnson was elected to fill the vacancy. Sergeant Louis Williams was elected third lieutenant. At a meeting of the general temperance committee last night, Messrs. B. D. Peck, Alex. Lynch, and Allen Coffin were appointed a committee to draft a constitution for a "Temperance League" which is to be organized for the purpose of promoting prohibitory legislation. BOARD OF HEALTH-Weekly Report-Premisee Condemned-Slaughter Houses-The Powder Magazine, de.-At the regular meeting of the Board of Health last evening, the health offieer, Dr. P. T. Keene, submitted a synopsis of the operations of his office for the week ending October 18, showing that 439 nuisances had been reported, of which number 256 had been abated and 152 referred: garbage complaints, 7; dead animals reported, 38; number of animals impounded, 28: killed, 10; redeemed, 18; amount realized, $22.50. On the recommendation of the health officer, the brick house at the northwest corner of 9th and K streets southwest was condemned as a nuisance, and its abatement ordered. The health officer, in compliance with a late resolution of the board, reported that the number of slaughter houses in the District is 95; the number of venders of meat having stalls in the markets is 175, and the number of venders outside the markets is 350, and the latter class will be increased one-fourth during the winter. A communication was received from a numher of citizens residents of the county near the Rockville road. petitioning that the powder magazine be condemned as a nuisance by the board, and that it be removed or abated. On motion of Mr. Marbury, the subject was referred to the health officer for investigation and report. It was decided to recommend to the board of police that the time of Poundmaster Einstein as a special 1 olice [officer be extended twelve months.

15. October 25, 1873 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, October 25, 1873

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Chas. W. Horner, a depositor in the Washington City Savings (Ruff's) Bank to the amount of $4.000, brings suit against the trustees of the bank for the amount of his deposits. He alleges that under the general law by which the bank was incorporated it is provided that if the indebtedness of any company shall at any time exceed the amount of its capital stock, the trustees of such company assenting thereto shall be personally and individually liable for such excess, and that the capital of this bank was $50,000, while its indebtedness is $900,000, making the trustees individually liable for $850,000. The chancery suit against the same bank by Mr. Germane Crandell, and under which Mr. Mattingly was appointed receiver, has never been withdrawn.

16. November 4, 1873 Eureka Daily Sentinel Eureka, NV
Article from Eureka Daily Sentinel, November 4, 1873

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DISTRICT OF COLUMBIA. WASHINGTON. Nev. 3. From the best data that can be obtained. the First National Bank of Washington will pay its creditors from present assets about 50 per cent. in all. The payment of larger dividends depends on the business capacity of Jay Cooke & Co. The Receiver of the Washington City Savings Bank has informed depositors that they will receive ultimately 75 cents on the dollar. The Japanese Government has appointed a new Minister in place of Mr. Mori. who is now employed in making a treatv with the treatv-making department of that country. Mr. Yans, who has been acting Charge d'Affaires at Washington, will be the principal Secretary of the new Minister. Members of Congress and attorneys who had claims settled by the Geneva award are already moving in the matter of legislation as to the parties who should receive it. According to the official returns of the Bureau of Statistics during the quarter ending Sept. 30, there arrived in New York 68.588 immigrants. of whom 88,613 were males, and 29.970 females. There died during the VOVage 40 males and 37 females. Total arrivals from England, 15.399: Ireland, 13.190: Scotland, 2.791; Wales, 257; Germany, 24,381 Austria, 526: Sweden. 2.139: Norway, 2,024; Denmark. 596: France. 1.740: Switzerland, 640: Spain, 92: Italy. 1.029; Holland, 851 : Prussia, 1,208; Poland, 581; and Hungary, 313. Born at sea, 29.

17. November 22, 1873 National Republican Washington, DC
Article from National Republican, November 22, 1873

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WASHINGTON CITY SAVINGS BANK. Probable Early Relestatement of Mr. Ruff in Its Management. The business community will be glad to learn that a large majority of the depositors have signed the requisite agreement for the rein. statement of Mr. John A. Ruff in the management of the affairs of the Washington City Savings Bank. Those mose. signatures are still lacking should bear in mind that their tardiness only lessens their chances for the final return of their entire deposits. The assets of the back, it should be remembered, are earning nothing at present at all commensurate with the expenses, while their forced sale in the present condition of the I zoney market will certainly involve a ruInous acrifice. If Mr. Ruff had been permitted to go on with his bue iness immediately after the panic, his bank could not only have afforded much relief to the business community by the use of the capital now tied up, but could also have made large earnings from loaus during the prevailing high rate for money. Is It not wise policy, therefore, to unlock the doors of this bank, which has been found to have always been prudently managed, and enjoy again the facilities which its managers have ever been ready to afford to their customers? This is the question for the remaining depositors to answer. If they would do it grace ully, let them do it promptly.

18. December 23, 1873 Nashville Union and American Nashville, TN
Article from Nashville Union and American, December 23, 1873

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WASHINGTON. The Broken Banks. WASHINGTON, Dec. 22.-The Receiver of the Washington City Savings Bank is to-day paying twenty per cent. on deposits under and ten per cent. on sums over fifty dollars. This is the first distribution from their assets. The First National Bank will in January pay another dividend. Ku-Klux, So-Called. The Attorney General has recommended to the President the pardon of Marion Fowler, William Ramsey and John Willcock, convicted Ku-Klux's, now serving terms of imprisonment in the Albany prison. Off for Christmas. Secretary Richardson leaves Wednesday for Boston, where he will remain till Monday. The outstanding legal tenders are-$370. 194,962.

19. July 27, 1874 Evening Star Washington, DC
Article from Evening Star, July 27, 1874

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THE WASHINGTON CITY SAVINGS BANK.In the Equity Court this morning, Judge Wylie, the case of the Washington City Savings Bank came up on the petition of the district attorney, III behalf of the Government, asking that an order be passed directing the receiver to pay the Government tax of one twentyfourth of one per cent. a mouth. The court decided that a suspended bank is not liable for such tax, and refused the petition.

20. August 4, 1874 Evening Star Washington, DC
Article from Evening Star, August 4, 1874

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A CARD- Mr. Editor: I see by the STAR of last evening an item detailing certain suits that have been brought by the receiver of the Washington City Savings Bank against certain parties for moneys alleged to be owing by them. Among these is my name as owing $3,000. This sets me in a wrong light as I do not owe this bank a farthing. The bank holds a certain note for $3,000, secured by first mortgage upon real estate worth nearly double the amount upon which my name appears. This property has passed out of my hands several years ago, and was sold subject to this debt. Hence the debt is another's and not mine, and yet the receiver has seen proper to sue me for what I do not owefor which he has real estate security of the most ample character, and out of which he can make the money at any moment by foreclosure. The most singular feature in this transaction is that said receiver had this same property put up at auction on the 25th of August when $4,000 cash was bid, and yet he refused to sell. MARTIN M. ROHRER. WASHINGTON, August 4, 1874.