1335. City Savings Bank (Bridgeport, CT)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
February 15, 1877
Location
Bridgeport, Connecticut (41.167, -73.205)

Metadata

Model
gpt-5-mini
Short Digest
d48a0bd5776bcea8

Response Measures

None

Description

Multiple contemporary papers (Feb 15-18, 1877) report a run on the City Savings Bank of Bridgeport. The bank met all demands, was certified sound, had large liquid assets, and declined offered loans — no suspension or closure is reported. Cause is described as rumors/alarms without apparent cause.

Events (1)
1. February 15, 1877 Run
Cause
Rumor Or Misinformation
Cause Details
Rumors affecting the bank's credit led depositors to withdraw funds despite official examinations showing the bank sound.
Measures
Kept doors open later than usual; met all demands; prominent bankers offered assistance (offers of loans were declined).
Newspaper Excerpt
For a few days past rumors have been in circulation affecting the credit of the City Savings Bank...some 50 depositors withdrawing their accounts...$75,000 having been paid out up to noon
Source
newspapers

Newspaper Articles (6)
1. February 16, 1877 The Daily Gazette Wilmington, DE
Article from The Daily Gazette, February 16, 1877

Click image to open full size in new tab

Article Text

General News. There was a run on the City Savings Bank of Bridgeport, Conn., yesterday, and up to noon $75,000 had been paid out. The bank is said to be amply able to meet all demands without availing itself of the usual sixty days' notice. Treasury detectives have just discovered great frauds upon the revenue in the smuggling of prunellas from Canada. Two of the offenders were arrested in New York yesterday, and further arrests of merchants, middlemen, United States Inspectors and others are expected. Governor Connor, of Maine, has succeeded in securing the passage of a law by the Legislature of that State authorizing the Governor and Council to offer to persons who will take to Maine the machinery necessary for the production of beet sugar, for the purpose of manufacturing it from beets grown in the State, a bonus of one cent a pound for all such sugar, manufactured, and an additional bounty of $7000 a year for ten years as a general encouragement. Charge Oschwald was hanged at Newark, N. J., yesterday for the murder of police officer Brock, of that city. Thos. Ryan, his accomplice, who was to have heen changed along with him, died in prison yesterday morning, it is supposed from the effects of poison.

2. February 16, 1877 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, February 16, 1877

Click image to open full size in new tab

Article Text

News of the Day. A dispatch from Deadwood, dated yestersays: During the last week numerous reday, of Indian depredations have been coming To. ports from small towns adjacent to this place. in these rumors assumed an alarming aspect, day substantiated the news of simultaneous to and different directions. which leads this that the Indians are attacks the belief in surrounding train was capVolen's large cattle near Bear Butte herd of mules was also tured vicioity. Fletcher's entire yesterday. captured short and in Montana ranche, a the from here, was attacked the Indians capturing all the distance same same time, vicinity. which about the was stock. near Wigginton's herd of horses, City, was also captured. Wigginton ConsidCrook wounded and his assistant killed. were was crable stock in the vicinity of Spearfish run off. A smuggling conspiracy, by which extensive smuggling of goods from Canada has been carried on, has been discovered in New York. have Samuel Stratford and Charles B. Spear arrested. D. McClanaghan, proprietor be been of Express Hotel, Montreal, is said with to the and front of the conspiracy, sevand and telegraph operators Montreal, eral the head U. S. inspectors baggage-masters likewise. seized at at A of smuggled prunella was of merquantity York yesterday. Many arrests others New middlemen, U. S. inspectors and been de chants, expected. The government has for are frauded out of vast sums by the smugglers several years. The plot was one of the deepest and best planned ever discovered. The Commissioner of Internal Revenue has advised of the arrival of two companies of been at Georgia, to assist the in the enforcement of infantry civil officers Cartersville, that the place revenue has The revenue agent at laws. from Washington 10 purchase for use in raiding among horses been authorized the commenced illicit disoperations are to be as little delay as possible. tillers. with Active killed The raid upon very Lieut. McIntyre was was a nearly which one, and men and horses were will have severe with constant labor. They the short season exhausted a of rest before going into mountains again. Rochester, N. Y., woman recently ap. peared A on the streets at mid-day in a ball dress with low neck and short sleeves, and was ar. la court she proved her respectability, which rested. her lawyer argued that a dress light and be word in a ball room by gas in the might without impropriety was fit to be worn subsc. by day. She was released, but street quently reappeared on the street in the same costume and was rearrested. The Boston and Maine Railroad Company announces that no more engineers or firemen wanted on the road, a sufficient number the are been secured to take the place of having The railroad officials swear that the and they propose and trains as usual strikers. strike freight is ended, passenger by to Wed. start still next. The striking engineers are have to firm, needay and claim that the road will yet accept their terms. Indian Commissioner Smith called on the President yesterday with a view to having consideration given to the case of the Indians, imprisseventy in number, who are now Florida, about oned at Fort Marion, St. Augustine, Indians, convicted of various depredations, and the been in prison for nearly two years, Execu having strong efforts are being made 10 have tive elemency afforded. Dr. M. M. Wishard, superintendent of the Orphans' Home at Knightstown, Ind., com mitted suicide by cutting his throat at the St. James Hotel, New Orleans, on Wednesday 00 11c disappeared from Knightstown the night. 8th iost. His accounts have been examined and found to be correct. There was a run on the City Savings Bank Bridgeport, Cona., yesterday, and up to is of $75,000 had been paid out. The demands bank noon to be amply able to meet all days said without availing itself of the usual sixty notice. The Virginia Cane Fibre Company's build fire ings at Fredericksburg were destroyed by 130 Wednesday. The factory employed last hands. The property was valued at $50,000, and is partially insured. lu the U. S. Senate, yesterday, the tax rate for the District of Columbia was fixed at $1.50 the $100 of all real property, churches, asylums on and educational institutions to be exempt from the operations of the tax bill. The President yesterday signed the set authorizing the commissioners of the Freedmen's Savings and Trust Company to buy in certain real and other property and to seli the same public and private sale. The steamship J. B. Waiker sailed from New Haven yesterday with arms and Her ammuni- cargo tion for the Turkish government. is valued at over a million of dollars. destructive fire occurred Wednesday A in the town of Smithfield, N. C., en- of morning tailing a loss of $15,000 or $20,000 worth property

3. February 16, 1877 New-York Tribune New York, NY
Article from New-York Tribune, February 16, 1877

Click image to open full size in new tab

Article Text

RUN ON A SAVINGS BANK. BRIDGEPORT, Conn., Feb. 15.-For a few days past rumors have been in circulation affecting the credit of the City Savings Bank. Yesterday there were symptoms of a run, some 50 depositors withdrawing their accounts. The doors were kept open an hour later than usual, and all demands were met. This morning large crowd gathered at the bank before the time for opening, and up to 2:30 o'clock p. m. there has been constantly a line of depositors waiting their turn. Money was drawn out to-day on a considerable number of 30 counts, $75,000 having been paid out up to noon-the largest amount drawn by one individual being $7,000. There seems to be no question of the bank's perfect soundness. It was officially examined three months ago and certified to be in first-class condition. At least $600,000 of the assets can be converted into cash in 24 hours. Prominent bankers and other business, men will assist the institution to meet any and all demands without the necessity of the bank's (availing itself of the 60 days charter provision.

4. February 23, 1877 Connecticut Western News North Canaan, Salisbury, Canaan, CT
Article from Connecticut Western News, February 23, 1877

Click image to open full size in new tab

Article Text

3 F5 Mrs. Theo. Sweet. Union Grove, Wis., E. Snedeker. Marbledale. Conn., R. J. Arnold, Otrego. H. Howe. Huntsville, Conn., 6 18 M. Stevene, Chapinville, Conn. 3 50 McClerrin. Chapinville. Conn., Ohio, W Bisrell Wakeman. 618 4 20 Mrs. Wm Hunt. 10 John St., Worcester. Mass., S. Silvernail Elkhart. Ind. Clerk of Probate Donald T Warner. E-q. has been appointed Clerk of the Court of Probate for the district of Sa.isbury. Christ Church Lenten Services.-The services during the season of Lent, will be Evening prayer and lecture on Friday even ing of each week at o'c lock, in the church. His New "Ad"-Mr. R N. Cochrane of West Cornwall has inaugurated his spring ousiness thus early by causing his new vertisement to be inserted in THE NEWS. Just take a look at it, beyond in another column. History of Sharon-T Amenia Times of people have in the works the "History Shuron," to be published in book form. It will unquestionably be of great value to all who are or ever haye been, inhabitants of the town of Sharon. Political.-The Electoral Commission decided not to go bebind the returns has from the states of Florida and Louisiana, those and has directed the returns giving states to Hayes and Wheeler to be counted. This matter between these two states being disposed of, the contest between the politi- an cal parties is regarded as nominally at end, and the fact of the inauguration vice- of Hayes and Wheeler for President and President for the term beginning March 4th next, is conceded to be established. Potato Shields of this place, tound while digging on his land, last Tuesday. large quantities of potato bugs about tour inches below the surface of the be He said the earth of and after an exposure ground. full them, seemed to to the >un 10r about five minutes, they beshow signs of life. and soon after, gan warm to win er' were entirely awakened from their sleep. and appeared to be strong, healthy. re= and in most xcellent condition for the sumption of business as soon as spring opens. Gone to Texas - Henry White of Lakeville, and his sister of Falls Viilage, who recently went to Texas, are said to be delighted with the country, and recommend everybody in this fur away frigid North to "Go to Texas." The Texas fever seems to to considerable extent It admirable time to quesprevail is an agitate hereabout. the and tion during these cold winter days. peopie can now be easily induced to listen to, and entertain seriously the proposition to make that country their home. The Camp Station Building -The debris of the camp meeting station building and belonging to the Housatonic R. R. Co., located at the grounds of the Pine Grove Camp Meeting Society, between this place and Falls Village, and which was blown down, and blown pretty much all to piece 10 a gale in the last part ot last December, is now entirely cleared away, and nothing but the platform and floor of the structure remains. It is presumed the building next will be rebuilt before the advent of the camp meeting at these grounds. The Bridgeport Bank.-The run Bank on Bridgeport City Savings the ended like the similar rush that was made on the Dime Savings Bank; ID poor people have out to good Hartford many taken only and lost the interest, that the bank was bauk has paid out hand discover their Bridgeport money sound. altogether The $140,000 and has $200,000 more on in bills to meet any further demands. Be<ides this. final cial men and bankers have off red 10 loan the institution $1,000,000, but the offer was declined as the money was not needed. West Cornwall -Eggs are only 18 cents per dezen potatoes one dollar per bushel. Mallinson & Wood are repairing their dam by dumping dirt into the water on the to upper side, and, the teams are driven on the ice, which makes it very easy work busi- to do the filling. The Life insurance ness set mis to be quite active nowadays. The last entertain ent of the Sunday School society was a very enjoyable affsir The next Dime sociable will be held the residence of S. H. Barnum on the eve- R. oing of the 28th inst The H. R. stockholders of this vicinity are making preparations to visit Bridgeport on Friday NUF CED of this week. To The Black Hills. -Mr. James Girlahan of this place is organizing a company on a tour of inspection to the Black 10 Hills, go it being the purpose of some of the to examine into the opportunities party here offered for profitable employment, simwhile others will make the excursion after to see the country, and will return ply short ojourn there, Mr. G. bas succeed d in getting verylow rates over as much viz, of route as can be trayeled by rail. Dakota, and the of th will be part to the Yankton, journey made from remaining by stage, Dat"mule express." the distance bunor kota to the Hills being about four start Ired miles. The party expects to sometime in April.

5. February 22, 1889 The Newtown Bee Newtown, CT
Article from The Newtown Bee, February 22, 1889

Click image to open full size in new tab

Article Text

THE CITY SAVINGS BANK. The petition for the incorporation of the City savings bank of Bridgeport was drawn up and presented to the Legislature by D. F. Hollister and a charter was granted for the institution in May, 1859. At the first meeting of the corporators, held at the city council rooms July 16, 1859, the following officers were elected: President, Hanford Lyon. Vice presidents, Russell Tomlinson, D. H. Sterling, Ira Gregory, D. W. Thompson. Secretary and treasurer, S. M. Middlebrook. Trustees, Sherman Hartwell, P.C. Calhoun, Horace Nichols, D. F. Hollister, George P. Stockwell, Stephen Lounsbury, H. N. Hayes, John Brooks, A. A. Pettengill, E. B. Goodsell, Burr Knapp, R. T. Clarke, Thomas Hawley, Josiah Baylies and S. C. Booth. To commence business, rooms were hired on Wall street, near the corner of Water and several of the trustees deposited $100 each in the new bank. Two accounts, those of Hanford Lyon and Josiah Baylies, were allowed to accumulate for about 24 years and when closed amounted to nearly $400 each, the increase being due solely to interest, no additional deposit having been made. In this connection, it may be mentioned that the sum total of the 53 dividends declared by the bank from January, 1860, to January, 1886, is about $1,700,000. Mr Middlebrook continued to act as treasurer until his death, in 1883 and to his prudence and fidelity the success of the bank was largely due. He was highly respected. Soon after the death of Mr Middlebrook, the trustees chose William B. Hincks treasurer and William N..Middlebrook secretary. Mr Lyon died in 1879 and was succeeded as president by Ira Gregory, who died in 1883. Horace Nichols, now president of the bank, has been one of its officers for nearly 30 years and has witnessed Its increase until its depositors number over 6,300 and its assets amount to over $2,800,000. An interesting event in the history of the bank was the run, February 17 and 18, 1877, during which about $150,000 was drawn out by depositors who had become alarmed without any apparent cause. All calls were promptly met by Mr Middlebrook, the ban being keut open

6. November 22, 1909 The Bridgeport Evening Farmer Bridgeport, CT
Article from The Bridgeport Evening Farmer, November 22, 1909

Click image to open full size in new tab

Article Text

HALF CENTURY OF HONORABLE SERVICE City Savings Bank Has Celebrated in Handsome Historical Pamphlet Half a century of prosperous and consistent groyth of the City Savings Bank is outlined in the 50th birthday souvenir of the institution, a handsome booklet distributed to its depositors. While it is designed to interest especially those whose funds are intrusted to the bank's keeping, the booklet is of much interest to all who watch with curiosity the growth of Bridgeport. From the organization of the institution in July 16. 1859, under the presidency of the late Hanford Lyon. down to the present time, the steady and healthful growth of the band is detailed. The names of many who took prominent part in Bridgeport's commercial life appear again and again in the little history. The organization of the bank resulted in the election of Mr. Lyon as president; Russell Tomlineon. D.H. Sterling. Ira Gregory, and S. C. Booth, vice president; S. M. Middlebrook, secretary and treasurer. and the following trustees: Sherman Hartwell, P. C. Calhoun, Horace Nichols, R.T. Clarke, D. W. Thompson, Stephen Lounsbury, John Brooks, Jr., Seth B. Jones, -A. A. Pettingill, E. B. Goodsell, Burr Knapp. Thomas Hawley. H. Hayes, D. F. Hollister, G. P. Stockwell and Josiah Baylies. The committee chosen to arrange for theopening of a bank comprises Messrs. Lyon, Hartwell, R. Tomlinson, Nichols, Booth and Sterling. A contemporary newspaper, speaking of the new institution makes the following slyly humorous note: "It is understood that the president and vice presidents to make deposits at an early the day, propose so prospects of the City Savings Bank are very promising." The first mortgage loan was for $500. made to Sylvia Ward. Aug. 15. 1859. The first dividend was declared January, 1860, at the rate of five per cent. the total amount being $184.29. The next year the dividend was six per cent., and ten years later seven per cent, Lowest dividends were at 3 and one half per cent., from 1899 to 1906. The run on the bank, starting in February, 1877, and readily recalled as one of the memorable events of the city by the older Bridgeporters, is instanced as proof of the stability that has always characterized the bank. and the sudden demand for funds proved to be "but an incident in the progress in the bank." The book concludes with a brief sketch of the personnel of the board of trustees, and an outline of the prospects of the institution. also a list of the officers, corporators and trustees from the birth of the bank down to its 50th birthday.