13389. Elmira Savings Bank (Elmira, NY)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
May 24, 1893
Location
Elmira, New York (42.090, -76.808)

Metadata

Model
gpt-5-mini
Short Digest
45e49a42daee45fe

Response Measures

None

Description

Multiple contemporary articles describe a run on the Elmira Savings Bank in late May 1893 triggered by the failure/closure of the Elmira National Bank. The savings bank continued to pay small withdrawals (under $100) and required time notices for larger sums; the run subsided within days. Later (July 10, 1893) the savings bank is reported as having reopened/paid a dividend, but there is no clear evidence it fully suspended payments—therefore classify as run_only.

Events (3)

1. May 24, 1893 Run
Cause
Local Banks
Cause Details
Run was started by the failure/closure of the Elmira National Bank (closure reported May 23/24, 1893).
Measures
Paid all sums under $100 on demand; demanded the usual time (30/60/90 days) for deposits over $100; continued to conduct business while examining withdrawals.
Newspaper Excerpt
Run on the Elmira Savings Bank...hundreds of excited depositors crowded around the bank all day yesterday, but the bank kept right along business and the depositors will all be paid in full.
Source
newspapers
2. May 26, 1893 Run
Cause
Local Banks
Cause Details
After the initial panic prompted by the Elmira National Bank failure the withdrawals largely ceased and only small amounts were taken.
Measures
Continued payment of small withdrawals; allowed time notices for larger amounts.
Newspaper Excerpt
The run on the Elmira Savings Bank...has pretty nearly ceased. The total amount drawn out is about $8,000, in sums of not over $100.
Source
newspapers
3. July 10, 1893 Reopening
Newspaper Excerpt
The Elmira (N. Y.) Savings bank reopened for business yesterday, paying its old depositors a dividend of 25 per cent. As soon as possible another dividend will be declared.
Source
newspapers

Newspaper Articles (11)

Article from The Record-Union, May 24, 1893

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Article Text

as they refrain from violence they will have the sympathy of all who believe in fair play. FINANCIAL WORLD. The Money Market Condition Growing Worse. NEW York, May 23.-A prominent banker is quoted by Wall-street agencies as saying: "The money market condition is growing worse. The borrowing demand has been on an unprecedented scale for some time past from the West and South, and is still increasing. It is no exaggeration to say there has been no such pressure for money throughout the country in twenty years." BANK FAILURE. ELMIRA (N. Y.), May 23.-The Elmira National Bank closed its doors this morning, the result of the recent financial troubles. Colonel D. O. Robinson, Bank Examiner, last week reported the bank solvent in case Colonel Robinson paid his liabilities; if not, then the depositors would be paid in full, and there would be a small loss to stockholders. The suspension of the Elmira National Bank comes from the big run on the Elmira Savings Bank. It is given out that all depositors will be paid in full. Under the law time has been demanded on all deposits over $100. A GROCERY HOUSE GOES UNDER. BRUNSWICK (Ga.), May 23.-The wholesale grocery house of Mayor & Ullman has been placed in the hands of a temporary receiver. The liabilities are $230,000. Ullman committed suicide last week. A RECEIVER WANTED. NEW York, May 23.-The majority of the Trustees of the Ives, Blakslee & Williams Company have petitioned for the appointment of a receiver for voluntary dissolution. The firm has done a very large business in toys and fireworks, but became insolvent through monetary stringency. Liabilities, $260,000; assets, $70,000. BANK OF DEPOSIT CLOSES ITS DOORS. NEW York, May 23.-The doors of the Bank of Deposit are closed. The Bank Examiner is in charge. Depositors will be paid in full. APPLICATION FOR A RECEIVER. EAU CLAIRE (Wis.), May 23.-Application has been made for a receiver for the National Electric Manufacturing Company. Assets, $560,000; liabilities, $400,000.


Article from Fort Worth Gazette, May 24, 1893

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Article Text

ELMIRA BANK FAILURE Elmira. N. Y., May 28.-The Elmira National bank closed its doors this morning. The bank's failure is the result of the recent financial troubles of Coloner D. C. Robinson. The bank examiners last week reported the bank perfectly solvent in case Colonel Robinson paid his obligations. If not. depositors would then be paid in full with small less to stockholders. The suspension of the Elmira National bank was caused by a run on the Elmira Havings bank bit the bank kept along doing business. and depositors all paid in full.


Article from The Evening Herald, May 24, 1893

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Run on the Elmira Savings Bank. ELMIRA, N. Y., May 24.-The - suspension of the Elmira National bank has caused a big run to be made on the Elmira Savings bank. Hundreds of excited depositors crowded around the bank all day yesterday, but the bank kept right along business and the depositors will all be paid in full. All amounts under $100 have been paid on demand. The usual time allowed by law will be taken for all deposits over $100.


Article from The Salt Lake Herald, May 24, 1893

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THE BUSINESS WORLD. The Elmira, N. ¥., National Bank Closes Its Doors. ELMIRA, N. Y., May 23.-Eimira National bank closed its doors this morning as a result of the recent financial troubles. Colonel D. C. Robinson, bank examiner, last week reported the bank solvent in case Col. Robinson paid his liabilities. If not, the depositors would be paid in full and there would be a small loss to the stockholders. The suspension comes from a big run on the Elmira Savings bank. It is given out that all depositors will be paid in full. Under the law time is demanded on all deposits over $100.


Article from The Seattle Post-Intelligencer, May 25, 1893

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BUSINESS TROUBLES. Mayor Robinson, of Elmira, N. Y., As. signs-Hardware Company Faila ELMIRA, N. Y., May 24-Mayor D. C. Robinson has made an assignment, including the Elmira National bank, which closed its doors yesterday, with preferred creditors. The liabilities are unknown, but may reach $100,000. The run on the Elmira Savings bank continues, and all sums under $100 are being paid on demand. Col. Robinson's indebtedness to the Elmirs National bank is $258,000. Preferences outside the bank aggregate $55,000. The assignment created great excitement and the county clerk's office was besieged by hundreds of people anxious to see the document. New YORK, May 24.-The Van Wagner & Williams Company. wholesale dealers in hardware, failed today. They were at.


Article from The Times, May 25, 1893

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DAVID C. ROBINSON ASSIGNS. The Elmira National Bank a Preferred Creditor_Run on a Bank. ELMIRA, N. Y., May 24.-Mayor David C. Robinson this morning made a general assignment for the benefit of his creditors, making the Elmira National Bank, which closed its doors yesterday, a preferred creditor. The National Bank is in the hands of a bank examiner. The run on the Elmira Savings Bank continues, and all depositors having less than $100 are being paid. The Savings Bank may be able to pay every dollar, and the proba. bility is that every dollar will be taken out. Schedule A. in the assignment places Colonel Robinson's indebtedness to the Elmira National Bank for over-drafts, his own paper and notes indorsed by him, at $258,000. Preferences outside of the bank aggregate $55,000. The filing of the assignment has created great excitement, and the county clerk's office is besieged by hundreds of people anxious to see the document.


Article from The Salt Lake Herald, May 25, 1893

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Article Text

Another Elmira, New York, Assignment. ELMIRA, N.Y., May 24.-Mayor D. C. Robinson made an assignment to the Elmira National bank, which closed its doors yesterday, as preferred creditor. Liabilities are unknown but it may reach $100,000. The run on the Elmira Savings bank is continued. All sums over $100 are being paid on demand. Colonel Robinson's indebtedness to the Elmira National bank is $258,000. Preferences outside of the bank aggregate $55,000. The assignment created great excitement, and the county clerk's office was besieged by & hundreds of people anxious to see the document.


Article from The Evening Herald, May 26, 1893

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Article Text

Run on the Bank Over, ELMIRA, N. Y., May 26.-The run on the Elmira Savings Bank, which was started by the failure of the Elmira National Bank, has pretty nearly ceased. The total amount diawn out is about $8,000, in sums of not over $100. It is not known how large an amount the fifty and sixty days notices call for to be paid at the expiration of that time, but it is probable that confidence will be fully restored and the depositors will allow their money to remain


Article from Morning Journal and Courier, May 26, 1893

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Ugly Rumors A re A float. ELMIRA, May 25.-The run on the Elmira Savings bank which was started by the failure of the Elmira National bank has pretty nearly ceased. The total amount drawn out is about $8,000. Excitement over Mayor Robinson's assignment continues unabated, and many ugly rumors in regard to his transactions are afloat. Some place his liabilities at over $1,000,000.


Article from St. Paul Daily Globe, May 26, 1893

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FINANCIAL TROUBLES Runs on Denver and Elmira Banks Come to an End. DENVER, May 25.-The run on the People's bank, which gained such force yesterday, was practically broken by the prompt action of the clearing house. A large number of the depositors were present when the bank opened this morning, but the line was confronted with a notice that on all sums over $25 the usual notice of withdrawal of deposits under the rules of the bank must be given, and many went away without even taking that step, but a majority gave notice of a withdrawal of their deposits. Six hundred and fifty depositors drew out their accounts yesterday. aggregating $175,000. ELMIRA, May 25.-The run on the Elmira Savings bank, which was started by the failure of the Elmira National bank. has pretty nearly ceased. The actual amount drawn out was $5,000. It is not known how large an amount the thirty and sixty-day notices call for to be paid at the expiration of that time, but it is probable that confidence will be fully restored, and depositors will allow their money to remain. Excitement over Mayor Robinson's assignment continues unabated, and many ugly rumors in regard to his transactions are afloat. No estimate is made of his liabilities, but some place them at over $1,000,000. BOSTON, May 25. -Richardson & Denuis, dealers in hides, have failed. The firm was rated at $200,000. It is not believed the liabilities will exceed $300,000. It is said by those who are active in the leather trade that the cause of the failure of Richardson a Dennis may be traced to the sole leather combine. NEW YORK, May 25.-One million dol lars in gold and $46,000 in silver was shipped to England on the Normanñía today.


Article from St. Paul Daily Globe, July 11, 1893

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TELEGRAPHIC TICKS. The cruiser Philadelphia has arrived at Rio de Janeiro, Brazil. The Southern California bank at Los Angeles, Cal., resumed business yesterdry morning. The Lafayette hotel, belonging to the Wabash and Big Four at Lafayette, Ind., was destroyed by fire yesterday afternoon. The total number of fourth-class postyesterday was caused 126, of were to fill which masters 40 appointed death. vacancies by resignations and The Elmira (N. Y.) Savings bank reopened for business yesterday, paying its old depositors a dividend of 25 per cent. As soon as possible another dividend will be declared. a Secretary Herbert has directed court martial to assemble at Mare the Island, Cal., on the 29th inst., for trial of Paymaster J. S. Sullivan, charged with embezzlement. Mrs. Bancroft, the well-known actress, thrown from a cab in London yeswas terday and run over. She received injuries that necessitated her removal to a hospital. 1: The discussion of the ninth clause of government act. which relates to the in of Irish parliament the Irish representation counties the committee and imperial boroughs, began yesterday in of the whole of the house of commons. The missing yacht Sea Gull, which was supposed to have foundered near Chicago with nearly a dozen people all in Sunday night's storm, has turned up right. She landed in an out-of-the way place in the southern part of the city, and suffered no damage. Latest advices are to the effect that the steamer Bawnmore, which struck a rock off Point Gardo, Cal., and Cas- was about to sink, has been towed into She par bay, on the Mendocino coast. is a very much damaged vessel. The excursion steamer Eldorado ran aground on Horseshoe reef, near Buffalo, it early yesterday, and for a while which looked as though the accident, in itself slight, would dis- all but the passengers astrous, was prove were safely landed. The New Haven steamboat Richard Peck, whose highest ambition is to show Purher heels to some other boat, the the Fall River line, has by Mr. itan pride of lowered Hearst's in had little race her yacht Vamoose, who beat her a on Long Island sound. One million bushels of grain came to Ont., from the West last The receipts were received there in one as Kingston, week. ever week, the carriers largest and a of the large are there waiting to be result lying many grain unloaded. of the T. Oswin Mayo, vice president E. Wells Packing company. committed suicide at his home, in Chicago, by taking a dose of rat poison. His business affairs are said to be in good condition, act. and 110 cause can be assigned for the Enlisted men in the navy will now have the privilege of purchasing their Secretary Herbert yesterday order establishing for the purchase regulations issued discharge. an rules of and discharges, as authorized by the last naval appropriation bill. believed at Leaventhat the the coal miners IS at an among worth. It is Kan., generally sympathy strike end. into morning miners went mines. The men work at the price offered the Yesterday two when for resumed mine they first went out-80 cents a ton run coal. Reports to the South Chicago police who station indicate that three men were seen clinging to an upturned row aftboat off Cheltenham Beach Sunday ernoon, and who were supposed to have the been drowned, were picked up by occupants of a boat and brought safely to land. The statue of P. T. Barnum at Seaside park, Bridgeport, Conn., was disfigured Sunday night by being covered of with red paint. The granite steps the pedestal were covered with inscriptions derogatory to the character of the deceased showman. There is no clue to the perpretator of the deed. Jerry O'Donnel was to have been married at Calumet, Mich.. but at the time set for the ceremony a requiem mass was being sung for him. He died suddenly. O'Donnell was the one for very who-was sent to the penitentiary three years for trying to bribe the jury in the Croun case at Chicago. The New Zealand Loan aud Mercancompany, limited, the offices of are in London, is The capital of the tile day. which Agency failed company the yester£4,500,000. Three-quarters of loss It will on people in Great Britain. is that the company on wide speculations John S. Penman, tralia. carrying Rev. feared fall Dr. Irvington, rector has in been Aus- of the Presbyterian church at He N. Y., has resigned his pastorship. he has done so because of his inability says to longer sustain and subscribe to the "system of doctrine" of his church. Dr. Penman was one of the commissionto the general assembly at Washing- in ton. ers He voted with the minority favor of Dr. Briggs.