Franklin Bank - New York, NY

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: December 1, 1875
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 76e109f46bf05771

Response Measures

None

Description

Article (The Sun, 1875-12-02) reports a run on the Franklin (a savings bank at 658 Eighth Avenue) that ceased after assurances the bank could pay. No suspension, reopening, or receivership is mentioned — fits a run that ended while the bank remained open.

Events (1)

1. December 1, 1875 Run

Cause: Rumor Or Misinformation
Cause Details: Depositors' fears (panic) that the bank could not pay; alleviated by public assurances that it could pay dollar for dollar.
Measures: Bank paid depositors who called; officers publicly assured solvency and stated no 60-day notice required.
Newspaper Excerpt: The run on the North River Savings Bank ... and on the Franklin, at 658 Eighth avenue, ceased entirely yesterday, the depositors being apparently satisfied with the assurance in THE SUN that the banks named could pay dollar for dollar.
Source: newspapers

Newspaper Articles (1)

1. December 2, 1875 The Sun New York, NY

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Article Text

THE END OF THE FRIGHT. Yesterday in those of the Savings Banks that have Stood R Run. The run on the North River Savings Bank, at 478 Eighth avenue, and on the Franklin, at 658 Eighth avenue, ceased entirely yesterday, the depositors being apparently satisfied with the assurance in THE SUN that the banks named could pay dollar for dollar. At the Mechanics' and Traders' Savings Bank. 283 Bowery, a number of depositors assembled in the morning, seemingly anxious to get their money. There was also a line of persons who wished to deposit money. The clerks seemed more accustomed to their work than on Tuesday, and paid rapidly and promptly. Toward evening the demand for money diminished. and a number went away expressing confidence in the institution. The President, Mr. A. Γ. Conklin, said : ** The statement of last year does not apply to the bank now. The suspense account of $39,127 07 represented money in litigation, which h is been recovered, and is now an asset. The judgment secured by real estate. $5,178 48. is against a man who is very wealthy, and is entirely good. Our stocks and bonds were placed at the lowest m rket value, and we can get more for them now. We hold no town bonds. Our bonds are all State, city, and county. As for our real estate, we have been offered $147,619.27 for the site, but in our report we put it at only the cost. $126,646.77. We have a genuine surplus of $80,000, for, unlike some other banks. our de: 08118 have increased this year instead of decreasing." Mr. Conklin added that the bank had met with some losses during the Presidency of a former trustee, which had been fully repaired. The bank. he said, would not require any sixty days' notice. but would pay everybody that called. He had received offers from other banks to take up all his securities. He added, Although I don't like a run. I would rather have it now than pay interest in January." The trustees of the Mutual Benefit Savings Bank have been discussing whether they will put in enough money to start the bank again. They will probably resolve to do SO.