13974. Dime Savings Institution (Elizabeth, NJ)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
December 16, 1877
Location
Elizabeth, New Jersey (40.664, -74.211)

Metadata

Model
gpt-5-mini
Short Digest
cc32ab6e

Response Measures

Accommodated withdrawals

Description

Multiple contemporaneous articles (Dec 16–18, 1877) describe a spirited run on the Dime Savings Institution in Elizabeth driven by circulated rumors that the bank would close. The bank paid depositors (prompt payments, then paying only 10% until regular payday per institution rule) and the run largely ceased; there is no mention of a suspension, receivership, or permanent closure.

Events (1)

1. December 16, 1877 Run
Cause
Rumor Or Misinformation
Cause Details
Circulated rumors that the bank would be opened for the last time and stories affecting its stability; articles state 'there was no good ground whatever for the run.'
Measures
Officers promptly paid demands at the counter; later insisted on paying only 10% until their stated pay day according to rule (partial payment rule).
Newspaper Excerpt
A spirited run on the Dime Savings Institution... the story that its doors would be opened for the last time... depositors began to arrive, bank books in hand, and clamorous for a statement.
Source
newspapers

Newspaper Articles (9)

Article from The Sun, December 16, 1877

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A RUN ON AN ELIZABETH BANK. Alarmed Depositors Withdraw their Money from the Dime Savings Bank. Much excitement was created in Elizabeth, N. J., yesterday afternoon and evening. by a spirited run on the Dime Savings Institution. a small* but popular savings bank on Broad and West Grand streets. Rumors affecting its stability had been circulated on the streets of that city on Friday. but owing to the number. and the high standing of its managers, including such men as ex-Congressman Amos Clarke, Jr., Senator William J. Magic. and the Hon. Moses F. Cory. it was not believed that its depositors would become suff eigntly frightened to make a run on the bank. By some means the story that its doors would be opened for the last time yesterday got circulated in the street shortly after 2 o'clock. and soon afterward depositors began to arrive, bank books in hand, and clamorous for a statement. The officers. who had received but short notice of the coming ran, prepared for the worst. and promptly paid all deman Is until o'clock. At 6 o'clock. when the bank was reopened. the run was begun again. and for three hours longer the money was handed over the counter as fast as the clerks could handle it. Treasurer Stryker then announced that the stories affecting the solvency of the bank were groundless, and assured Urose present that the bank would pay every dollar it owed. The Hon. Amos Clarke, Jr., also counselled the panic-stricken men to keep cool, as everything would turn out right. His aidvice rillayed the fears of many, but It is believed. from the feeling of distrust exhibited by the larger portion of the depositors, that another run will take place to-morrow. It is hinted that in case of an emergency the other banks of Elizabeth will come to the rescue. The Dine Savings Institution was founded in 1867. and it has 9,000 depositors. The annual statement issued on the 1st of October of this year shows that its assets were $177,374.22. and its liabilities $454,578.39. leaving a surplus of $22,795.83.


Article from Evening Star, December 17, 1877

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The Run on the Elizabeth Savings Banks. ELIZABETH, N. J., Dec. 17.-The run on the dime savings banks here has almost entirely ceased. At noon not a depositor was in the bank; and the excitement is allayed. The bank officers insist on paying only ten per cent. until their stated pay day, in January, according to rule. There was no good ground whatever for the run.


Article from Daily Press and Dakotaian, December 17, 1877

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MISCELLANEOUS. -THE ESTELLE. Providence, Dec. 17.-The treasury department has informed the builder of the steam yach Estelle, that the supervising inspector at New London had been instructed to issue as usual a certificate to the Es. telle after inspection, provided she is to be used only in the waters of the United States. TRAINS RUNNING AS USUAL. Davenport, Dec. 17.-The damage sustained by the east span of the Rock Island bridge Saturday last, has been substantially repaired. The passenger and freight trains commenced running as usual this morning. THE DIME SAVINGS BANK. Elleabeth, N. J., Dec. 17.-The run on the Diane Savingo bank has nearly coaded.


Article from The Rock Island Argus, December 17, 1877

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Dime-Savings * Bonk. ELIZABETH, N. J., Dec. 17.-The run ou the Dime Savings bank has nearly closed.


Article from The Daily Gazette, December 18, 1877

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GENERAL NEWS. o Petroleum has been discovered 100 miles south of Deadwood, D. T. Hon. John F. Driggs, ex-Congressman died at East Saginaw, Mich., yesterday. The liabilities of Adriance, Robbins A Co, New York, are $138,891; nominal assets, $147,947; actual, $101,73 Two thousand laborers on the Lachine canal, Canada, have struck for a dollar a day. They were getting ninety cents. About two hundred girls and boys employed in New York cigar factories were attacked and maltreated Saturday by strikers. The run on the Dime Savings Bank at Elizabeth, N. J., has almost entirely ceased. There was no ground whatever for the run. On Sunday night Mrs. Mary F. Johnson, of Port Deposit was robbed of a valuable mare. jagger wagon. harness, robes, blankets, whip, &c. Moses A. Snyder, a clerk in the Merchants' Exchange bank of New York, has been sentenced to five years in the penitentiary for embezzling. Charles W. Wright and Jonathan Wright have been stricken from the list of attorneys in Schuylkill county. Pa., on charges of financial crookedness. John Dillon, for the manslaughter of his father-in-law, at Watertown, N. Y., has been sentenced to eight years and four months in the State prison. Walter F. Bartlett, defaulting receiver of taxes for Trenton, N. J., has been surrendered by his sureties and put in jail. The 0 amount of his defalcation IS $33.000. The New York city chamberlain received from the State attorney general yesterday $444,982, amounts received from Peter B. Sweeny and Elbert A. Woodward in settlement of the suits against them to recover part of the money stolen by the Tweed ring. Ballard Drake, postmaster at Ten Mile, Lincoln county, W. Va., has been placed n in Barboursville jail on a charge of robbing x, the mail of a letter containing $300. The 8, arrest was made by United States Marshal 1. Patton. y


Article from New-York Tribune, December 18, 1877

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SAVINGS BANK METHODS. WINDING UP THE ORIENTAL-THE INDICTED BANK OFFICERS-NEWARK RUNS AT AN END. A number of the depositors of the Oriental Savings Bank called at the office of that institution, yesterday, to learn when they could draw their deposits and what progress had been made in settling the affairs of the bank. The greater part of them are poor people living in the thickly populated district about Grand-st. The deposits in this bank at one time amounted to $450,000, but now they are about $182,000. The falling off is very plainly due to the hard times. The matter of closing the bank is returnable at Albany to-morrow. The officers hope that a committee ef the trustees will be allowed to wind up the bank's affairs, without t he ex pense of a receivership. Only two of the officers have received salaries, and the rent of the offices has been only $1,000 a year. Sherman Broadwell, the President of the Clairmont Savings Bank, appeared, yesterday, in the Court of Oyer and Terminer, asking to have his bail reduced. Ex-Recorder James M. Smith and Mr. Doolittle urged that $20,000 bail was excessive, in view of the small discrepancy in the bank statement claimed by the indictment, and as ten years was the extreme limit of punishment if Mr Broadwell was convicted. District-Attorney Phelps opposed. claiming that this was the same bail fixed in the analogous cases of the insurance company presidents; as the prisoner lived in New-Jersey, his bail should not be reduced. Mr. Smith said it was in consequence of his moneyed friends living in New-Jersey that he found such difficulty in getting bail, and he could be arrested on the bail bond as easily in New-Jersey as in New-York. Judge Brady reduced the bail to $15,000, but Mr. Broadwell was unable to obtain that amount, and returned, yesterday afternoon, to the Tombs. In the suit of Samuel H. Hurd, Receiver of the Third Avenue Savings Bank, against Spencer K. Green, Judge Van Brunt directed, yesterday, a verdict for plaintiff for $19,161 08. The sult was on a $15,000 bond given by Green alone, in 1873, to make up a deficiency in the bank's assets. The same defences were set up against it as were set up by the makers of the $100,000, and it was claimed that this bond, being made a year later, the defences had more vigor. Judge Van Brunt, however, overruled them, as on the former trials, and directed a verdict as above. The run on the Newark savings banks has ceased, and the excitement has entirely subsided. A meeting of the Dime Savings Institution has been called, and it is thought the three months' notice rule will be rescinded. Chancellor Runyon, yesterday, signed the order for the investigation of the Newark Savings Institution. The run on the Dime Savings Institution, of Elizabeth, has almost entirely ceased, and the excitement 18 allayed. The bank officers insist on paying only 10 per cent until their stated pay day in January, according to rule.


Article from The Sun, December 18, 1877

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ELIZABETH'S BANK. The Run on the Dine Savings Institution at an End-The Bank's Condition. The run on the Dimes Savings Institution of Elizabeth that was begun on Saturday last was ended at noon yesterday. Saturday's panic was exciting up to 9P. M., and nearly $9,000 was drawn out. The depositors who were most excited were women of the working class, whose savings were in small sums. When the doors were opened yesterday morning a score or more of persons presented their books and demanded their money. All were promptly paid. and whatever feeling of distrust oxisted among others soon melted away. and at 12 o'clock not a depositor was in the bank. A few straggled in in the afternoon. and at 3 o'clock there were four women and a countryman. who had stepped in to inquire about the condition of the bank. The women were given their money, and the countryman walked away satisfied. From that hour to the closing time, 4 o'clock, the cashier was not troubled by uneasy depositors. The books of the institution show the assets to be $154,578.30; the liabilities. $431,782.47. There are 9,939 depositors. The institution has endured but one previous run in its ten years' existence. that in 1873.


Article from The Iola Register, January 26, 1878

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OLA. : : : KANSAS. # GENERAL BREVITIES. LONDON gossips have an absurd story that the Queen is going to marry Disraeli. CHARLES CROCKER, one of the millionaires of California, was a newsboy in Troy in 1835. ASA PACKER is the richest of the 99 millionaires of Philadelphia, being worth $12,000,000. THE naturalized voters in three counties of New York State-Erie, Kings and New York-exceed those who are native born. A SILVER three-cent piece which lodged in the wind-pipe of a five-year-old urchin in Cincinnati has been restored to the currency of the country. HERE is a new feature in fairs. A Pacific Coast paper describes an Episcopal social in Carson, where "there were billiard tables in charge of the ladies, at four bits a game." THE Overseer of the Poor saw several people go into the Dime Savings Bank at Elizabeth, N. J., during the late run, and draw money, who, under complaint of dire poverty, had been regularly receiving supplies from the city. They were cut off from future orders. THE street-car drivers of Montreal are compelled to advertise their dishonesty by carrying cash-boxes slung around their necks. The passenger places the money on the lid of the box, the conductor presses a spring, and the money falls in. If the conductor touches the money he is discharged. THE wife of a former commission merchant of New York and the wife of a man who had been ruined by the failure of a New York insurance company were applicants for bread-tickets in Newark the other day. One of these women had been what is called "a leader in society." THE West Union (Iowa) Gazette tells of a miser in that vicinity, worth thousands of dollars, who never allows his wife candles or lamp of an evening, compelling her to kindle shavings to see if her bread is baked at night, and doling out the wood to her by the stick. The wife tried to leave him recently, but the old man got control of their child, and thus also kept the mother. A BEDFORD (Iowa) woman has suddenly lost and recovered her voice several times within the past two years, her longest period of speechlessness being five months. She never suffers pain or has the slightest premonitory symptom, and her peculiarity is attributed to occasional paralysis of the vocal cords. THERE has just been made at Stockton, Cal., the largest plow ever manufactured. It is designed to work in the tules, and cuts a furrow 35 inches wide. The mold-board is eight feet long from the point to the end. The plow will be attached to a sulky, and will require twelve stout animals to pull it. MRS. ABIGAIL GRIFFITH, of Boston, aged 91, and a daughter of a Revolutionary soldier, supplies a certain number of people in her neighborhood with their newspapers, going out in the morning at 4 and working until 6. Rain or shine, hot or cold, she is always on time with those papers. DR. CORNELIUS FOX writes in the Sanitary Record: "There can be no question in the mind of any one who has taken an interest in sanitary subjects that scarlet fever poison is disseminated by letters. Proofs of this accident have been repeatedly afforded. The out-break of this disease in a village Post-office has presented itself to my notice on two occasions, and in both cases the disease has spread." A VIRGINIA farmer has reported rather an odd little incident that he has seen on his farm. He planted some weeks ago timothy seed with his wheat. The timothy failed to come up, although the wheat grew splendid. A careful examination disclosed the fact that the ants had gathered up all the grass seed, and made piles of it at the entrance of their underground home. All over the field this had been done, and a great quantity of the seed had been carried across the road and piled up in the field there. A 5-YEAR-OLD child left its seat in the Baptist Church at Grand Rapids, Mich., walked up to the pulpit and up the steps, and stood beside Dr. Graves, the pastor, who turned toward the lad, saying, "What do you want, my little man?" The child innocently replied, "A glass of water." The pastor poured out a glass of water, the child drank it, and left the platform. The incident created considerable merriment among the audience, which the child in returning to his seat noticed, and, thinking the people were amused at some mistake of his, he made a bow to the pastor, and said, "Thank you, sir," and went to his seat, satisfied that he had not committed an impropriety. A NOTABLE exhibition of courage, coolness and skill was furnished by the officers of the German steamship Hermann on her last voyage to New York. A fire being discovered in the cargo near the boiler-room, the speed of the vessel was slackened, the Captain, summoned from a sick-bed, took command, a strong force was quietly set to work, and in the short space of 20 minutes, though laboring in blinding smoke and with the possibility of the fire bursting through the deck at any moment, the men had overcome the danger. So efficiently and coolly was the all-important task performed that passengers within 20 feet of the scene of peril knew nothing of what was going on. COLOFFI FRES Sora


Article from The Emporia News, February 8, 1878

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# Facts and Fancies. In Nevada fresh oysters cost 12½ cents each. The immense tooth-pick branch of the trade is about all that keeps the lumber business of the country from utter prostration. Austrian doctors say that whooping-cough is purely a nervous affection, which can be overcome by a strong exercise of the will. Kate Field sang through a telephone to Queen Victoria from London to Osborne, Professor Bell expressing explaining the invention to her highness. The Mail says a 'Frisco bachelor is writing a novel to be called "Bald, with a Black Eye; or Bruised from Heel to Head: a Tale of Wedded Bliss." The seats of the New York Elevated railway cars are to be divided into eighteen inch spaces, and when a fat man gets in he will have to stand, or pay two fares and sit both sides of a rail. There can be no doubt that much of the pulpit argument of the day is more evolved from the imagination of the preacher than the Bible basis. Christian theologians should by all means cultivate a familiarity with the Scriptures. The overseer of the poor saw several people go into the Dime Savings bank at Elizabeth, N. J., during the late run, and draw money, who under complaint of dire poverty, had been regularly receiving supplies from the city. They were cut off from future orders. It is the fashion in London now to dress for afternoon tea.—Ev. We hope it is also the fashion in this country to dress for an afternoon tea. If it is not the fashion, we don't want to receive invitations to such teas. We wouldn't go to one for ten dollars in gold.—Norristown Herald. At the seat of war in Bulgaria the price of a human jaw is about $2. It varies according to the regularity, soundness, and whiteness of the teeth. In Paris the quotation is 50 per cent. greater at wholesale rates. The ghastly wares are packed in cases of 500, and the teeth are extracted after their arrival at the city to which their jaws are consigned. A London lady, who had advertised for a cook, received a letter with a royal coronet stampted on the envelope and gold-embossed heading on the note paper. She opened it with trembling haste and eager anticipation, but it proved to be an intimation from one of the domestics of Princess Mary's household that she was going to leave, and wished to apply for a situation. There are four native modes of making butter in the Empire of Brazil. The first is by putting the milk in a common bowl and beating it with a spoon, as you would an egg. The second by pouring the milk into a bottle and shaking it till the butter appears; when it is removed by breaking off the top of the bottle. The third, where the dairy is more extensive, is performed by filling a hide with the milk, which is lustily shaken by an athletic native at each end until butter is produced. The fourth, which is considered to indicate vast progress over any of the preceding methods, consists in dragging the hide or leathern vessel, filled with milk, on the ground after a galloping horse until it is supposed the butter is formed.