13841. Dry Dock Savings Institution (New York, NY)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
savings bank
Start Date
October 15, 1857
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
6244ad61384aae0d

Response Measures

None

Description

The articles report multiple runs on the Dry Dock Savings Bank across decades (notably June 1876, Oct 1876, and April 1878) and at least two instances where the bank invoked a notice/days clause (Oct 1857: one-week notice; Apr 1878: sixty-days clause). The 1878 suspension was temporary and business resumed within days, so the overall sequence is runs leading to temporary suspension(s) and subsequent resumption of business. Causes are mainly contagious rumors or confusion with troubles at nearby banks (rumor/misinformation). I corrected minor OCR issues (e.g., 'Mills'/'Mile' = Mills; dates inferred from newspaper dates and phrasing like yesterday).

Events (7)
1. October 15, 1857 Suspension
Cause
Macro News
Cause Details
Part of the broader runs of Oct 1857 (general financial disturbance); bank invoked charter clause requiring one week's notice to stem heavy withdrawals.
Newspaper Excerpt
DRY DOCK SAVINGS BANK. A considerable amount of deposits were withdrawn; but until yesterday the bank had met the demands without notice. Last evening the bank availed itself of a protecting clause in its charter, and required depositors to give a week's notice of their intended withdrawal
Source
newspapers
2. June 20, 1876 Run
Cause
Rumor Or Misinformation
Cause Details
Rumors and confusion among depositors, reportedly from Jewish societies; some depositors confused Dry Dock with troubles at the Mechanics and Traders' Bank.
Measures
Bank officials paid demands promptly; trustees met after closing; public statements stressing strong condition and substantial securities.
Newspaper Excerpt
There was a lively run on the Dry Dock Savings Bank... Toward two o'clock in the afternoon, however, depositors began to arrive in large numbers... The total amount drawn during the day was $67,000
Source
newspapers
3. June 23, 1876 Run
Cause
Rumor Or Misinformation
Cause Details
Continued depositor alarm stemming from prior rumors/confusion about other banks; withdrawals continued over several days.
Measures
Bank continued to pay out; officers published balance-sheet information to reassure depositors.
Newspaper Excerpt
THE RUN ON THE DRY DOCK SAVINGS BANK continues unabated, although the bank officials present a satisfactory balance sheet.
Source
newspapers
4. October 6, 1876 Run
Cause
Local Banks
Cause Details
Runs triggered by failures/troubles of nearby small savings banks and consequent contagion of distrust among depositors.
Measures
Bank closed for the day with large crowd at doors; officials provided statements of condition.
Newspaper Excerpt
The Dry-Dock Savings Bank of New York ... is again in trouble. Some more recent failures have again excited distrust among the Dry-Dock's depositors, and a serious run is again in progress. Two hundred thousand dollars were paid out on Monday
Source
newspapers
5. April 26, 1878 Run
Cause
Local Banks
Cause Details
Contagion from closing/trouble at the Teutonia (German) Savings Bank; contagious excitement among societies whose members are depositors.
Measures
Bank paid small sums (up to $100) but invoked the 60-days notice clause to limit withdrawals and quiet depositors.
Newspaper Excerpt
There has been a considerable run on the bank today... We were perfectly able to meet it... in order to quiet all undue excitability on the part of the depositors, I decided to take advantage of the sixty-days clause.
Source
newspapers
6. April 26, 1878 Suspension
Cause
Local Banks
Cause Details
Temporary enforcement of the sixty-days notice to prevent run spurred by the Teutonia Savings Bank failure; action intended to protect depositors and stabilize operations.
Newspaper Excerpt
I decided to take advantage of the sixty-days clause. We could have continued paying, but thought it imprudent to do so. We paid out small sums up to $100 to those who wanted to withdraw.
Source
newspapers
7. April 30, 1878 Other
Newspaper Excerpt
All signs of the run at the Dry Dock Savings Bank ... have disappeared and the office has resumed its accustomed quiet. The sixty day rule is still enforced.
Source
newspapers

Newspaper Articles (15)
1. October 15, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 15, 1857

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side some $500 or $600 in the afternoon. All those drawing money take the bills without besitation. MANHATTAN SAVINGS BANK. At this institution they will pay in specie or bills, at the drawer's option. The run, which was pretty severe, has subsided, and the business of the bank begins to assume its usual appearance. On Saturday last $10,000 were paid out; on Monday, $14,000; on Tuesday, about $25,000 or $30,000, and yesterday half as much. About $2,000 were received on each of the above days on deposit. One of the officers stated that there had been more deposits last week than in any one week during last year. He received during the day $5,000. There is now $55,000 on hand, while the securities of the bank on call are either State stocks or city securities, with a large margin. ROSE HILL SAVINGS BANK. There has been no rush here and but little morethan the ordinary business transacted. On Tuesday some $2,000 were paid out; yesterday the amount did not exceed $1,500. For sums under $100 they gave bills on the New-York County Bank, and for larger amounts, checks on the same. A large number, by drawing now, lose the interest, and the bank in this way has made some $500 or $600. For sums under $25, coin is given-both gold and silver. MARINERS' SAVINGS BANK. There was no run upon this bank or excitement about it yesterday. A number of persons called and paid their respects to the Cashier, apparently with a view of making observations as to the state of affairs in that institution. Others took a peep in at the window, and went away. A few withdre small sums. Several strangers called yesterday and o pened accounts, making their deposits in gold, supposed to have been withdrawn from some other institution. The depositors, after discovering their mistake, most probably were ashamed to take it back to the bank from which they had removed their treasure. DRY DOCK SAVINGS BANK. A considerable amount of deposits were withdrawn; but until yesterday the bank had met the demands without notice. Last evening the bank availed itself of a protecting clause in its charter, and required depositors to give a week's notice of their intended withdrawal of their money, except where the amount claimed was very small, or where the depositor was willing to accept of ten per cent of amount claimed, according to the arrangement agreed upon among the Prasidents of the various savings institutions. The following is an extract from the annual report

2. October 12, 1875 New-York Tribune New York, NY
Article from New-York Tribune, October 12, 1875

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NEW-YORK CITY. Judge Benedict will receive the Grand Jury in the United States Circuit Court at 10 a. m. to-day. There were 120 applicants for naturalization papers in the Supreme Court yesterday. The Central Booksellers' Association will hold their regular meeting at 11 a. m. to-day at the St. Nichola Hotel. The new building of the Dry Dock Savings Bank on the Bowery, was opened for inspection yesterday. Business will be began on Thursday. Since Sept. 30 the city's receipts have amounted to $4,945,181 41: payments, $4,572,022 38; balance on hand Oct. 9, $5,914,322 41. An alarm of fire was caused last evening by smoke issuing from the new heaters of the Hall of Records. There was no damage. Maurice Dunn of No. 16 Hamilton-st. was caught yesterday between the bridge of the Cortlandt Street Ferry and the ferry and was very severely injured. Leonard Waldo of Columbia College Observatory last evening read a paper before the Academy of Sciences or The methods of furnishing Standard Public Time. An evidence of the advance of American manu factures was the shipment on Saturday of a silver desser service, made upon the order of Count Napesa, for the Em press of Austria, by Tiffany & Co. Joseph L. Perley, President of the Board of Fire Commissioners. said yesterday that there wasno truth what ever in the rumors that the Mayor had requested any of the Fire Commissioners to resign. Edward M. Clift of No. 352 West Forty-sixth-st. Maria Andrews of No. 251 Stanton-st., and John Goodyear o No. 256 West Twenty ninth-st., were all badly injured by being run over in the streets yesterday. The State prize, won by the 7th Regiment at Creedmoor this season, is on exhibition at Tiffany's. The trophy is: fac simile of the dome and surmounting figure the Capitol at Washington, and is valued at $300. The furniture and appointments of the Park Hos pital will be removed to Bellevue Hospital this week, and this down town station closed. Application is to be made for the use of the vacant Beekman st. Station for hospital purposes. There was a meeting last evening in the Universal ist Hall, at Thirty third-st. and Sixth-ave., consider the best remedy for present National wrongs." Father Beesor and Col. Meachem presented their views. Prof. Joseph W. Howe delivered a lecture at the opening of the School for Nurses on Aug. 10 upon the care o surgical patients and the best means of saving life in certain cases. This lecture has now been printed in a pamphiet of pages. Coroners' juries yesterday gave verdicts of acci dental death in the cases of Morris Schelhorn, who was rur over on the Belt Railroad on Sept. 23 and of J. Henry Brown who was drowned by falling into the North River irom the barge J.E. Parker. An agreement is in circulation among the jeweler and watchmakers of this city pledging all who sign to close their stores not later than 8p. m., excepting on Saturday and during December. The signatures of 4.) or 50 firms have al ready been obtained. Of eight Members of the Produce Exchange,' whose names are paraded in Philadelphia dispatch as dis tinguished representatives on a tour of inspection of the Cen tennial didings, only one has anything to do with the Produce Exchange, and he a non resident. Leper Kottchofski filed yesterday an assignment for the benefit of creditors to Emil M. Michaelis; John Ashe and Alfred Redlish filed a similar assignment to Berthold Cort land and Harris Rothstein made an assignment to Abrahan Shenfield. Rothstein liabilities are stated at $37,211 94. At a meeting of the Society of Practical Engineer ing. held yesterday at No. 212 Broadway, to discuss means o reforming the Patent laws. the President was directed to pre sent memorials to Congress, at their next session, for certain beneficial modifications of the statute and for precise defini tions of certain vague terms in use in the Patent Office. William L. Lanier, Vice-President of the Alabama Central Railroad Company, was in $300 bail at the ash ington Place Police Coart yesterday for carrying a swor cane He was arrested on complaint of Richard M. Rooertson No. 25 East Nineteenth-st., who charged Mr. Lanier with having attacked him with the cane. Mayor Wickham yesterday appointed Gen. Gil more, Gen. Newton, and William E. Worthen a committee to examine the condition of the sea wall at the foot of Canal an Leroy sts. This Committee, which will report to the Mayor was appointed by request of the Dock Department It wil begin its labors at once, and probably complete them in a weel or ten days. The Inman steamer City of Berlin has gained surpassing triumph, having just accomplished the swiftes passage ever made across the Atlantic either way. She lef Sandy Hook at a. m. on Oct. 2 and arrived at Queenstow 5:10 a. 111. on Oct. 10, requiring only days, 10 hours, 48 min utes' actual time for the trip. There are ordered for the present month the fol military inspections at Tompkins square Oct. 18, 70 Regiment; Oct. 19, 8th Regiment Oct. 21, 9th Regiment Oct. 22, 55th Regiment Oct. 25, 84th Regiment: Oct. 26. St Regiment; Oct. 27th. 96th Regiment Oct. 28, 11th Regi ment. Gen. Woodward is expected to be present at most 0 these inspections. The Sixpenny Savings Bank, which for 22 year has occupied rooms in Clinton Hall, has removed to new quar ters at Broadway and Astor-place. This was the bank t receive very small deposits, and it has done a very lurge busi ness, having now more than 33,000 open accounts. Its theor is that the determination to save, and not the amount, makes good depositor. It was amusing last evening to watch the anties o pedestriaus in Park-row, vainly endeavoring to avoid being struck by a plank which a laborer carried on his shoulder. A1 imposing battalion of infortunates, whose hats had beer knocked or who had been toppled down cellar ways doubled up by a thrust in the stomach meditated venge as the uninoved man and his plank vanished in the dis tance. The principal German singing societies of New York, the Liederkranz, All in. Beethoven Mannerchor, Schil lerbund, and others, have united to celebrate the Contennial On July 2 next year they will give a grand concert; on July there will be procession, terminating at Union-square, where a concert by 500 agers will be given and the statue of Wash ington decorated. A committee from Standard Division No. 116 of the Order of Sons of Temperance, consisting of C. Van Epps Peter Donald, and James McCombie, visited the ommis sioners of Excise vesterday and urged them to aid the Sons 0 Temperance in the work of discouraging the sale and use intoxicating drinks. Mr. Van Epps asserted that #1 00,000 perday is spent for liquor in this city, and that the prisons protectori and reformatories are filled with men made crim inals by the use of liquor. BROOKLYN. The evening schools were opened last evening with an increased attendance. An adjourned meeting of the Supervisors' Commit tee on the Equalization of Taxes was held yesterday. Reports of grape-vine robberies are of daily occur rence, and arrestsof boys for stealing the fruit are frequent. The Second Precinct Police seized the policy-shop at No. 17 Charles-st. yesterday. and arrested William Pickett writer, and Henry Small and Thomas Glen, players. The police are looking for a man who pawned blood stained dagger for a drink at the liquor store at No. Nassau-st. A coroner's jury has rendered a verdict that Mrs Isaac B. Van Duzer of No. 64 Henry-st., "came to her deat! from taking narcotic poison. with suicidal intent, while labor ing under temporary aberration of mind." A peremptory mandamus to compel the Secretary of State to license The Insurers' Protective Association Limited," was granted by Justice Pratt yesterday. An appea will be taken. The owners of property along Fourth-ave. com plain that the laying of gas within 18 inches of the curb stones endanger the shade trees which line the avenue, the workmen being compelled to sever many of the roots. Villiam Reid, age 50, a rigger. of No. 220 Madi

3. June 21, 1876 The New York Herald New York, NY
Article from The New York Herald, June 21, 1876

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THE DRY DOCK SAVINGS BANK. LIVELY "RUN" FOR A FEW HOURS YESTERDAY AFTERNOON-THE INSTITUTION CLAIMED TO BE IN A HEALTHY CONDITION. There was a lively "run" on the Dry Dock Savings Bank, corner of Third street and the Bowery, yesterday afternoon. When the bank opeued in the morning there was nothing to mdicate that any want of confidence was brewing among depositors, and even at noon the business at the counters showed no signs or an increase. Toward two o'clock in the afternood, however, depositors began to arrive in large numbers, and the clerks were kept busy as they could be until after closing hour in paying out money. A great many of those who called went away without drawing any of their deposits; but these were the sensible people, who chose to have an interview with some of the officials before losing their claim to the current interest on their deposits. To those who simply asked for their money no explanation was made, the cash being handed out promptly. The total amount drawn during the day was $67,000, and the number of the draits was in all 250. Mr. Andrew Miller, the President of the bank, was asked for an explanation as to how the run was brought about He said that he had heard the first rumors about the bank were traceable to some of the Jewish societies or lodges which met on Sunday last. He did not apprehend any inconvenience whatever from what had occurred, and felt that the depositors would BOOB see how tooushly they had acted. The bank was perfectly sound in every way, as sound as any institution of the kind in the State, and had a surplus at the present time of between $800,000 and $900,000. Its resources were about $11,000,000; $2,350,000 were ID government bouds, $4,500,000 were in city bonds, $2,400,000 were in State bonds and the balance in town bonus. The condition of the bank to meet any exigency put upon it, said Mr. Miller, appeared from this exhibit as in every way satisfactory. He did not believe that the rumors which were the cause of yesterday's .. run" could have the effect of exciting the ma. jority of depositors to draw their money, since there was no danger whatever to be apprehended. The regular monthly meeting of the trustees was held SOOD after the bank closed, but is was understood that this meeting was not in any way the result of the trouble during the day. A rumor prevailed to a limited extent during the afternoon that one or two of the east side savings banks in the vicinity of the Dry Dock institution also had had a "run," but this proved 10 be unlounded. The President of the Sixpenuy Savings bank Was called on by the reporter, and that gentleman stated that the business of the bank went on during the day in the usual manner, nor was any trouble whatever anticipated. He further said that be believed the trouble in the Dry Dock bank 10 have been caused by some of the depositors getting confused as to the recent troubles in the Mechanics and Traders' Bank, with which institution they unwittingly confounded the Dry Dock Savings Bank.

4. June 21, 1876 The Sun New York, NY
Article from The Sun, June 21, 1876

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RUNNINGONASTRONGBANK ONE BASELESS AND MISCHIEVOUS RUMOR SET AT REST. Why some Frightened Depositors Began to Draw their Money from the Great Institution at Third Street and the Bowerv. The Dry Dock Savings Bank has been experiencing a run for the past two days. Mr. Andrew Mile, who has been its President for nearly a quarter of a century. says that on Sat. urday last it was rumored that the bank had crippled itself 80 seriously by loans to and indorsements for the Mechanics and Traders' Savings bank, as well as by the $750.000 paid for the new edifice at 343 Bowery, that it was actually insolvent. Despite the Bank's reputation for conservative:management and safe investment, the rumor grew to an assertion that the bank would close on Monday. and the assertion gained some credance in the Eleventh Ward. It is the tradition of the Dry Dock region that every man or woman resident thereabouts is a depositor in the Dry Dock Savings Bank. Despite endeavors to keep their proceedings secret, it leaked out that the Jewish depositors met in their various trades and lodge rooms on Sunday. and took measures to be among the first to present their books for balancing and the withdrawal of their accounts, and with the opening of the bank on Monday, a considerable number of depositors demanded their money. The officers saw that distrust was the motive, that prompted the action, but they did not think It good polley to ask what ground the depositors thought they had for distrust. Tue promptness with which every demand was paid, however, was sufficient in Itself to tranquilize many of the depositors, and before noon Mai nv entered the bank to continue or Increase their deposits. Those who chose to inquire what was the condition of the bank were easily satisfied of its entire solvency. Toward the closing hour on Monday. however, the gathering of depositors increased. 80 that when business closed $13,000 had been drawn out, although nearly as much had been deposited. Yesterday morning the doors of the bank were besieged by alarmed depositors some time before the opening hour. and after the opening the clerks were kept busy with balancing the books and paying out the cash. Again more came alarmed and went away tranquilized than actually withdrew their deposits. The former were generally the English-speaking classes. The Europeans generally chose to be on the safe side, and took their money home. Yesterday's business footed up at over $60,000 deposits paid out. Mr. Mills says that the bank is beyond all possibility of danger. as its resources foot up at nearly $11,000,000. and are composed of Government bonds. $2,350,000; city bonds, $4,450,000: bonds and mortgages, $2,400,000. These are available at an hour's notice. The other securities are bonds of railroads and cities in New York that are quoted at either par or above par. The real estate owned by the bank is not estimated at enough to absorb the surplus existing at the date of the last report. So that If the bank were to go into liquidation at once, the securities could be realized fast enough to pay the $9,244,876 deposits as fast as the books can be presented. The bank h 8 $300,000 In greenbacks in its vaults. Mr. Mills further says that the bank never lent any money to the Mechanics' and Traders' nor to any other institution, never endorsed for them. and is not now liable for any claims except its deposits.

5. June 23, 1876 The New York Herald New York, NY
Article from The New York Herald, June 23, 1876

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# THE RUN ON THE DRY DOCK SAVINGS BANK continues unabated, although the bank officials present a satisfactory balance sheet. The class of depositors who have intrusted their savings to this institution is one easily affected by unreasonable panic, but no one can blame a poor man or woman for making sure of his or her little reserve for "a rainy day" when there is the slightest danger of losing it.

6. June 24, 1876 New Orleans Republican New Orleans, LA
Article from New Orleans Republican, June 24, 1876

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NEW YORK. Out of Danger. NEW YORK, June 23.-The run on the Dry Dock Savings Bank has ended. Will Suspend Business. A considerable number of merchants in the various branches of trade, in addition to those before reported, including Tiffany & Co., and Arnold, Constable & Co., have resolved to supend business from July 1 to Wednesday, July 5. Sub-Treasury. Sub-treesury balances-Gold $39,453,1 125; currency $34,380,150. The sub-treasurer paid out on account of interest and for bonds $28.000. Customs receipts $229,000. Investigating Expenditures on Public Buildings. The sub-committee of the House Committee on Expenditures on Public Buildings arrived at the Astor House to make an investigation into the alleged excessive and illegal expenditure of $227,000 on the New York postoffice. Moulton vs. Beecher. The general term of the Supreme Court at Brooklyn reversed the decision given by Judge Dykeman in the case of Moulton vs. Beecher, argued at Poughkeepeie. This gives Mr. Moulton the right to bring an action. It is now Mr. Beecher's turn to appeal, and he can carry the case to the Court of Appeals.

7. June 25, 1876 The Sun New York, NY
Article from The Sun, June 25, 1876

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When there is a run upon a savings bank, we are sure to hear of the officers expressing their gratification over the fact that the institution will make money by retaining the interest due to depositors on such sums as are drawn out. There has been a great deal of this sort of thing in the case of the Dry Dock Savings Bank, which fortunately has been able to withstand the run of the past week, and which, according to its President, will profit by it to the extent of six or seven thousand dollars that would otherwise have been paid to the depositors as interest on the 1st of next month. It is an unseemly business for banking officers to obtrude their pleasure over profits thus derived. These additional profits are a poor recompense for the loss of confidence on the part of their depositors.

8. October 6, 1876 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, October 6, 1876

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The Currency Movement Unabated -Clearings, $4,400,000. The Produce Markets Irregular---Provisions in Fair Demand and Steady. Breadstuffs Less Active- Whent and Corn Rather Weak Barley Stronger. The General Feeling in Produce Circles is One of Great Uncortainty, FINANCIAL. The general Ritnation among the banks was one of activity. The flow of currency continues heavy to the country. One or two Institutions reported that their orders had been less numerous, but the aggregate shipments were little, If any, smaller than on the preceding daystel the week. The discount business shows a development from day to day. The applications from the Interior for advances are pressing. From a variety of causes there has been some tightnces In collections lately, and merchants have had recourse to the banks to make up the deficiency. More of a demand for loans has been experienced by the Board of Trade banks from receivers of wheat who have to carry It for a few days. Rates of discount remain unchanged. Whatever hardening of rates has taken place has affected only the theaper fonde. Regular customers are charged 8@10 per cont, and desirable, first-class ontside borrowers obtain concessions. The condition of business on the street is dull, and sales are a among the banks. New York exchange WAS sold between banks at 75c@S1 per $1,000 discount. The clearings were 4,400,000. JUOTATIONS OF THE AMERICAN MINING DOARD. At the opening of the sessions In New York of the American Mining Board, it was stated by the President, in response to a question, that the quoIntions would be In currency. The San Francisco augiations are In gold, but the New York: operators Solieve that in a short time the New York market will control the San Francisco market, which will thereupon conform Its quotations to the Now York standard. FINANCIAL EFFECTS OF THE TELLOW FEVER. The firmuces of foreign exchange on Monday was due to the failure to arrive of cotton bills of ex. change which had been expected at New York. The absence of these bills was caused by the presence of yellow fever at the Southern ports, which Interfered with shipments. BUSINESS OF THE NEW YORK STOCK EXCHANGE. The business of the Stock Exchange during the month of September amounted to 8380, 810,300, of which that in railroad mtocks was $370, 037. 800 In railroad and State bonds, St, 036, 000; and in United States bonds, 2,742, 800. A BANKER'S MISFORTUNE. The Financier relates an occurrence, In London, which illustrates the great picthora here of loanable capital: Calling upon a banker of our acquaintance the other day, he appealed to our sympathy by exclaiming, we have just had a grut misfortune. Indeed, asked what has happened Well, he replied. "an old customer has first called and left me £100,000 on deposit. 80 much for n braker's misfortune. Our friend could not refund to take money which was offered by an old and valued customer. A little Incldent of this kind portrays the state of the money market well as anything that could be said. In this country, where no Interest le paid on Indidividual deposits, bankers look with quite different eyes on such deposits. TITE NEW YORK CLEARING-HOUSE. The report of the manager of the New York Clearing-House, read at Its annual meeting on Monday, shown the following operations for the year: $10,874,815,300.01 Currency clearlogs Currency balance underearing 1,722,454,880.43 Gold balances 285,509,101.83 Total for the year $21,402,310,275.98 transactions per day for the year were $70,34,427.51. The total Amount of transactions since the organization of the Clearing-Honso (twenty. three years) Is $401,002,047. 715.50. Tie association now constata of 45 National Banks, with in capital of SERI, 150,000 and 14 State banks with 11 capital of $13,380. 200, making n total of 50 banks. with an aggrerate capital of $78,535,200 a reduction In the afferegate capital of the banks inembers of the association of WALL STREET AND THE BUSINESS REVIVAL. It will be seen that the course of speculation to. day afforded unmistakeable evidence that the rapid Improvement In general business is having Its natural effect In Wall attect. Having failed to scare Investors Into throwing their property overboard, the hears are now manifesting considerable anxiety over the great scarcity of certain stocks, and their position becomes daily more critical. An Important element In the speculative situation Is the probability of A European war, and far-stoong operators are already watching with much Interest the war-cloud which threatens to involve the Great Powers of Europe. York Times, Oct. a. ANOTHER NEW YORK SAVINGS BANK IN TROUBLE The Dry-Dock Savings Bank of New York, one of the oldest and largest in the city, is again in trouble. Last June the failure of one or two email savings banks In its vicitility caused a run on it, which substited. Some more recent failures have again excited distrust among the Dry-Dock's dopositors, and a serious run is again in progress. Two hundred thousand dollars were paid out on Monday, and the bank closed for the day with a large crowd at the doors. GOLD AND GREENBACKS. Gold was 100@1001/4 In greenbacks. Greenbacks were 01y@01%c on the dollar in told. FOREION EXCHANOE.

9. February 7, 1877 New-York Tribune New York, NY
Article from New-York Tribune, February 7, 1877

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LOCAL MISCELLANY. # DRY DOCK SAVINGS BANK. A DEPOSITOR'S UNFAVORABLE CALCULATIONS CORRECTED BY THE OFFICERS. The different views depositors and directors may sometimes take of the meaning of a savings bank statement is illustrated by a communication received by THE TRIBUNE in relation to the last report of the Dry Dock Savings Bank. The writer makes a calculation, showing an apparent annual deficit of $30,370. In the yearly liabilites, the interest due depositors is calculated at 6 per cent. In the income, 7 per cent is allowed on mortgages and 6 per cent on bonds, South Carolina bonds being thrown out as worthless. The writer also questions the correctness of the statement of asset, reducing it from $964,000, as given by the bank, to $311,000, by deducting an alleged loss on real estate of $375,000 and an over-valuation of city securities of $278,000. A reporter of THE TRIBUNE called at the Dry Dock Savings Bank, and laid this exposition of the affairs of the bank before the officers. They were unanimous in giving it a kindly reception, and also in advising its author to withdraw his deposit; when a depositor became skeptical of the safety of his money in a bank, they thought it better for the peace of mind of the depositor that the money be withdrawn. The exhibit of the depositor, they said, showed ignorance of the workings of a savings bank and of general finance. Instead of paying 6 per cent on deposits, 5 per cent was paid on all amounts above $2,000, or less than an average of 5½ per cent on all the deposits. No interest was paid on a very large proportion of the deposits be-cause interest began only quarterly, and was not paid unless the deposit remained at least six months The bank, they said, made $50,000 in interest saved, during a single run on the bank. As to income, the officers said that according to the statement of the State Bank Examiner $6,200,000 of their bonds were paying 9 instead of 6 per cent, which made a difference of $62,000 in favor of the bank. The interest on the South Carolina bonds was paid up to last July. "Cash in bank" meant cash deposited in other banks, which drew interest and amount-ed at least to $5,000 additional income to the savings bank. "Cash on Hand," so far fom being "trustees' due bills," as intimated in the communica-tion, was the cash in the vaults of the bank to meet the demands of depositors. They would not admit that the banking house, costing nearly $600,000, was worth only $200,000, as given by the writer of the letter, and asserted that the old banking property would bring $50.000 in the market. On Nov. 24, 1876, George W. Reid, the State Examiner, had stated the bank's surplus at $993,890 85. While the bank officers had bren content to reckon it at $964,326 57, they had, they said, a surplus large enough to pay 10 per eent on all deposits. The value of city bonds having been questioned, they said that last year city bonds bear-ing gold interest could be bought for 116; now they were considered worth from 123 to 125. City of Roches-ter bonds were worth at least 10 per cent, they said, and New-York bonds of certain issues 12 per cent.

10. June 19, 1877 The New York Herald New York, NY
Article from The New York Herald, June 19, 1877

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DECISIONS. SUPREME COURT-CHAMBERS. By Judge Barrett. Foley vs. Rathbone.-Lea is granted to the de. fendant's attorneys to answer the written affidavit of Mr. Henderson. Shipman VE. Beers.-Temporary injunction denied, with $10 costs. Opinion. Bell vs. Hibernia Fire Insurance Company of Ohio.I cannot do anything to assist the parties in this matter. Thore is nothing upon which the Court can act advisedly. The matter must be arranged by consent, or, it that is impossible, a motion upon affidavits must be made. Clark vs. Crane.-Opinion. Trotter and others vs. Volkening.-The motions are still irregular in that there was a stay of proceedings in the order to show cause, which, under the rule, could only be granted on two days' notice. But, further, the motion was not to be let in upon the merits and upon terms, but strictly to vacate the proceedings for irregularity Now, there was no irregularity, as the order extending time to answer was not properly served and was properly returned. Then the motion to vacate was dismissed by default, with costs, and those costs were not paid. The motion to open that motion default ought not to be for granted to permit a motion to vacate irregularity. It would have been otherwise, perhaps, If there had been in the present order to show cause on appeal to the lavor on the merits of the cause. But although that was argued before the it was tembraced in the order 10 show cause, and is, therefore. not up. The motions must therefore be denied, with $10 costs. Matter of the Receivership of the Guardian Savings Institute.-The statutory compensation was waived by special agreement. To this all parties assented The agreement was subsequently stricken out on the ap. plication of counsel for Quinlan and as against him it ceased to be binding. The stipulation, however, was not withdrawn as to any of the other parties, and Mr. McGowan, who now objects to the amount of the referee's fees, was silent and did not withdraw from the stipulation. It is, therefore, binding as LO him, and as 10 all parties except Quinian, and the latter does not object to the present application. But, tur. ther, section 313 would seem to apply only to costs in civil actions. The motion should be granted. SUPREME COURT-SPECLAL TERM. By Judge Van Brunt. McFarlane vs. Forrester; Dannatt vs. Board of Education; Conkling and another Vb. Davis and another; Bush vs. Scotield and another.-Opluions. Finney vs. The Mayor, kc.-Demurrer overruled. Defendants to have leave to amend upoa payment of usual costs. Limeliew vs. Suebly.-Motion denied. Bartiett vs. Shirley. -Memorandum for counsel. Koster vs. Ritter and another.-Findings signed. COMMON PLEAS-GENERAL TERM. By Chief Judge C. P. Daly, Judges Robinson, Larremore, Van Hoesen and J. F. Daly. Earle vs. New York Lite Insurance Company.-Judge ment afirmed. Opinion by Judge Robinson. Noe vs. Gregory. Judgment reversed. Opinion by Judge Van Hoesen, J. F. Daiy concurring. Mabler vs. Schloss and others.Judgment reversed, new trial ordered, with costs to abide event. Opinion by Judge Robinson. Schenecke vs. Roweil and others.-Order overruling demurrer reversed, and judgment given for the detendants unless plaintiff within twenty days from the service of a copy order. to be entered herein, amend his complaint and pay the costs ot the trial on the demurrer and of this appeal (to be taxed by the Clerk), and for failure to so amend and pay such costs that detendant have judgment final Opinion by Judge Robinson. Brady vs. Brady.- -The order interlocutory judgment affirmed, with costs, without prejudice to defendant's right to review the order directing an accounting. Opinion by Judge Robinson. The People, &c., vs. Holmes, &c.-Referee's report as to identity affirmed. Opinion per curriam. Haviland vs. Clark and others. -Judgment reversed. Opinions by Judges Robinson and Larremore; Chief Justice Daiy dissenting. West Side Savings Bank VR. Newton-Judgment af. firmed. Opinion by Judge Robinson and Chief Justice C.P. Daly. Lawrence vs. The American Central Insurance Company of St. Tonis.-Judgment affirmed. Opinion by Judge Robinson COMMON PLEAS-SPECIAL TERM. By Judge Vau Housen. Morello vs. Claremount-Reterved to Mr. Jerome Buck. See memorandum. Maynard vs. Miller.-Motion denied, without costs. See memorandum. Manchaster VS. Brandis, &c.-Motion deniea. See memorandum. Melianey vs. Weisanbeck.- Case ordered on short cause calendar. Sec memorandum. Storn VIA Donnelly. -Motion granted on payment of respondent's attorney $10 costs of opposing motion. Boardman VS. Freiburg.-Motion for receiver denied. See memorandum. Scrauth V3. Dry Dock Savings ank.-Motion granted. Schaub vs. McCloskey.- granted in part and denied as to residue. See opinion. Werner VA. Moranga.-Motion denied. See memorandain. Doerge vs. Bissenger.-Detau opened. See memorandum. Pacião Mail Steamship Company V8. Luelling.--Re port of referee confirmed. See opinion. SUPERIOR TERM. By Judge Freedman. Dietz VR. Farish -The defendant is entitled to judgment, dismissing the complaint upon the merits, with costs. By Chief Justice Curtis. Pike vs. McKie. Order settled. By Judge Sanford. Parnie VS. Noelke. -Judgment for plaintiff on demurrer, with liberty to defendant LO answer on payment of costs. Opinions. Malloy V8. Duke. Ordered on day calendar for the 25th of June. Hedgemen vs. Haaror et al.-Order discontinuing action and cancelling lis pendeus. Maires vs. the Manhattan Real Estate Association. Ordered on day calendar for June 18. Miller, Jr., vs. the New York Cement Company et al -Order continuing injunction. Tutaill VS. Masters -Order vacating verdict. Savery VS. Land et al-Order continuing Injunction. MARINE DOURT-CHAMBERS. By Judge Goepp. Ingebrand vs. Kuchn; Deibi vs. Esselborn: Allen vs.

11. April 26, 1878 New-York Tribune New York, NY
Article from New-York Tribune, April 26, 1878

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A RUN ON THE DRY DOCK. TAKING ADVANTAGE OF THE SIXTY-DAYS' CLAUSECONFIDENCE OF PRESIDENT MILLS. The effect of the closing of the Teutonia Savings Bank was felt yesterday by the Dry Dock Savings Bank. It was reported down town that there had been such a "run" on it that it had been obliged to borrow funds to meet the emergency. The president, Andrew Mills, said last night: "There has been a considerable run on the bank today. We are situated where we feel the effects of organized movements, very many of our customers being members of societies and associations. I was told early in the morning by a friend of the bank, a German, and a member of one of these societies. that there was to be a run. We were perfectly able to meet it and needed no warning or preparation. The bank has a surplus of over $300,000 in addition to its real estate. Of its assets fully $6,000.000 are readily available. being invested in Government, city and State bonds. Our mortgages are all in this city, and in every respect are first-class. "The run was not attended with great excitement, but as it was apparently increasing, in order to quiet all undue excitability on the part of the depositors, I decided to take advantage of the sixty-days clause. We could have continued paying, but thought it imprudent to do so. We paid out small sums up to $100 to those who wanted to withdraw. But we thought it more prudent and more consonant with the real interests of the depositors to take this action. I believe this course will allay all anxiety on the part of the creditors of the bank. as I think the run resulted simply from contagious excitement, and not from any actual fear about the condition of the bank. In fact, some of the depositors have told me since that they bad no fear concerning the bank, but if any were to withdraw their funds. they did not wish to be last." In regard to the rumor that the bank had been obliged to borrow on the street, Mr. Mills said that there was not the slightest truth in it. We had to have money," he continued. but we drew from our own funds on deposit in the Broadway Bank, and because they did not have sufficient bills for our wants, we had to go to the sub-Treasury to get them. That is all the possible foundation there is for that story." Mr. Mills spoke with the greatest confidence as to the ability of the bank to meet all claims. The report made to the State Banking Department showing the condition of this bank on January 1, 1878, is as follows:

12. April 27, 1878 The Cheyenne Daily Leader Cheyenne, WY
Article from The Cheyenne Daily Leader, April 27, 1878

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There was a slight run Thursday on the Dry Dock Savings Bank in New York. The officers of the bank decided to require sixty days' notice from all depositors, wishing to draw out 425 amounts exceeding $100.

13. April 30, 1878 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, April 30, 1878

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passengers and crew landed safely here. TROY, N. Y., April 20.-Senator Morrissy was struck with paralysis of right arm yesterday and is helpless. He cannot speak but partakes of food drink. NEW YORK, April 29.-The run on the German savings bank continued to-day. The officers state that they have no intention of enforcing the sixty days clause. The run on the Dry Dock savings bank is abated. LONDON, April 29.-The Manchester Guardian says the struggle in the cotton trade continues, but the prospect of a peaceful settlement appears somewhat less remote.

14. April 30, 1878 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, April 30, 1878

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New York Savings Banks. NEW YORK, April 29.-The run on the German Savings Bank continued to-day. The officers state that they have no intention of enforcing the sixty-days clause. The run on the Dry-Dock Savings Bank has abated.

15. April 30, 1878 The New York Herald New York, NY
Article from The New York Herald, April 30, 1878

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SAVINGS BANK TROUBLES. THE RUN ON THE DRY DOCK ENDED-TRUTONIA DEPOSITORS LOOKING OUT FOR THEIR INTERESTS-A RECEIVER APPOINTED. All signs of the run at the Dry Dock Savings Bank, corner of the Bowery and Third street, have disappeared and the office has resumed its accustomed quiet. The deposits were in excess of the payments, and not over twenty persons called during the day with their accounts. The sixty day rule is still enforced. At the German Savings Bank, corner of Fourth avenue and Fourteenth street, there were long lines of depositors drawing out their money as on Saturday, but the crowd was not so great. The number of callers amounted to about one hundred and dity, and the amount drawn out was less than $60,000 as against $200,000 on Saturday. At one o'clock a meeting of the depositors of the Teutonia Savings Bank was held in Concordia Hall, No. 28 avenue A. The meeting was well attended, over five hundred persons being present. All carried their bank-books, which served to gain admission. Francis Euring was elected chairman and Henry Gottlieb secretary. Mr. Euring made a long address in German, relating the circumstances of the bank's troubles. He said that the attorney of the bank had appeared before Judge Westbrook, at Hudson, and made no objection to the appointment of a receiver, admitting the bank was insolvent. He had left the whole matter in the hands of the Judge. The object of this meeting. said the speaker, was to appoint a committee of turee to wait upon Judge Westbrook and confer with him in regard to the selection of a receiver. One should be appointed. he contended, who understood the German language, as most of the creditors of the bank were Germans. A meeting of some of the larger depositors had been held on Saturday night, and they nad taken the liberty to telegraph to Judge Westbrook requesting him to delay the appointment of I receiver unail ne should hear from a general meeting of the depositors. A motion was made to appoint a committee of three for the objects named by the chairman, but an amendment was carried that a committee of seven should be chosen, The following persons were then nominated and unanimously elected:-Charles Boss, J. Dauscher, Felix Horn, J. H. Tamsen, Frank Selles, Joseph Brull and Charles Jung. Tue president of the meeting, Mr. Francis Euring, and the secretary, Mr. Gott. lieb, were afterward added to the committee as ex officio members. The depositors' meeting then adjourned. Immediately alter their adjournment the Committee of Seven met and appointed the following sub-committee to visit the Bank Superintoudent, at A1bany, and Judge Westbrook, at Hudson:-Charles Boss, chairman, J. Dauscher and Fenx Horn. They were instructed to ask for the appointment of a receiver who understands German and who would ne in the Interests of the depositors. They were also instructed to suggest the following named persons, any one of whom would be a receiver satisfactory 10 the deposItors:-General Unl; General Scowarzwaelder, President of the Germania Bank, and Michael J. Adrian, President of the German Exchange Bank. The subcommittee lelt for Albany last night at SIX o'clock. A RECEIVER ALREADY APPOINTED. That the above proceedings were somewhat blindly conducted may be seen by the following despacto, recelved last evening:RONDOUT, N. Y., April 29. 1878. Judge Westbrook, after hearing an order to show cause, has appointed Jamês D. Fish, President of the Marine Bank, receiver of the Teutonia Savings Bank.