14043. Jersey City Savings Bank (Jersey City, NJ)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
September 25, 1873
Location
Jersey City, New Jersey (40.728, -74.078)

Metadata

Model
gpt-5-mini
Short Digest
c48b59c0

Response Measures

None

Description

Articles (Sept 25–26, 1873) report a run on the Jersey City Savings Bank during the Panic of 1873 that subsequently ceased. There is a rumor of a closure in one dispatch, but other reports indicate the run stopped and no suspension or receivership is reported for this bank in the provided texts.

Events (1)
1. September 25, 1873 Run
Cause
Macro News
Cause Details
Run occurred in the context of the financial panic of September 1873 (general loss of confidence/panic).
Newspaper Excerpt
The run on the Jersey City Savings Bank has ceased.
Source
newspapers

Newspaper Articles (2)
1. September 26, 1873 New Orleans Republican New Orleans, LA
Article from New Orleans Republican, September 26, 1873

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Article Text

BANK FAILURES Orders to Purchase Bonds Exhausted. NEW YORK. September 25.-Assistant Treasurer Hillhouse says be has exhausted his orders to purchase bonds, and will await further instructions. Dry Goods Trade Sound. merchants trade The but dry goods report dull. sound. The rumors of failures among them are groundless. Hopeful. The morning journals take a very hopeful view of the financial situation this morning, and the general impression that the panic over. Securities. members of the Jay Cooke firm meet have decided not to their in order to meet daily. The securities and their sacritice obligations. but to await the restoration of public confidence. Mr. Howes. of Howes & Marcy, says they have the best of securities. but don't propose to sacrifice them at the current rates. Secretary Richardson. Sceretary Richardson telegraphs that his duties require his presence in Washington. He can not meet the Clearing House committee in New York. Improved Feeling. 3 P. M-The feeling continues to improve. The run on the Jersey City Savings Bank has ceased. Gold closed at 111 The superintendent o: the Clearing House states that about $3,000,000 of the new loan certificates have been issued. Stock Exchange. The governing committee of the Stock deExchange met to-day for the purpose of some plan for clearing stocks. A of seven was brokers to send in vising committee requested appointed their and state the ments. Resolutions of the Produce Exchange. WHEREAS, The critical condition of the commercial interest. of the country requires immediate relief by the remova! of the block in negotiating foreign exchange: therefore. beit That we respectfully suggest to the of the Treasury for relief in this emergency: plans Resolved. Secretary immediately the following First-That currency be insued to banks or bankers upon satisfactory in evidence that gold has been placed special deposit in the Bank of England by their correspondents in London to the credit of the United States. to be used solely in purchasing commercial bills of exchange. Second-That the President and Secretary of the Treasury are respectfully requested to order the immediate prepayment of the outstanding loan of the United States. due January ! 1874. A Terrible Newsboy Farnishes an Item. A newsboy was arrested today for libeloutly crying out. Suspension of the First National Bank. but was released on explaining that he meant the First National Bank at Memphie. Action of the Stock Exchange. Narcases of bankruptcy against suspend in2 bankers. The governing committee of the Stock Exchange this afternoon appointed a subcommittee of seven to arrange is plan for clearing stocks. The banks in the Clearing House Association are pooling their greenbacks, as agreed vesterday. One or two which stood exceptionally strong refused at first to put their legal tenders in. but finally concluded to do -rather than be expelled from the association. Money is etil! unoutable. Greenbacks have been exchanged day for certified checks all the way from one to three and a half premium. The loan committee of the Clearing House have isaued up to to-night 17.090.000 of certificates. A proposition has been advanced to open the Stock Ex change for business. leaving the settlement Friday's and Saturday . business and sales under rule in aberance. It is claimed this would give investors a chance to buy stock and bring money into the street. The creditors of the National Bank of the Commonwealth held a meeting this afternoon, but, pending investigation by there. ceiver. 110 action was taken. Rates at Closing. Gold carrying rates 3at. Clearing to day $28,250,000. Customs receipts $245,000. Foreigh exchange unsettled; prime bank ere eixty day bills 5@54. Commercial 3 @ i. It is estimated that $2,000,000 in gold has been shipped from England to New York since the panic begun. The actual disbursements of greenbacks for the purchase of bonds by the sub-treasury since Saturday were $13,300,000. Cincinuati Clearing House. CISCINNATI, September 25-The Clearing House Association has just adopted the following resolution: Resolved, That for the protection of our commercial interests, and for the purpose of preventing the drain of currency from the banks and bankers of this city. we do

2. September 26, 1873 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, September 26, 1873

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Article Text

[Signed Citizen's Bank N. o. Nt Bank Bank America Union Ntl Bank Germania Nu Bank Ntl Banking A TeutoniaN Bank Canal Bank Mutual Ntl Bank Louisiana Ntl Bank America Hibern an Ntl Bank People's Bank Bank of Lafayette State Ntl Bank Fike Bro &Co, bankers Clearing house certificates at the rate of 75 cents on the dollar will be issued collaterals deposited by banks and certified checks. Clearing house checks will be used instead of currency. STATEMENT FROM CLEWS & CO. NEW YORK, Sept. 25,-Henry Clews & Co. state that the liabilities which their London house describes as incurred on the account of the New York house, are largely acceptances under commercial credits for the account of various merchants in this city and elsewhere, to whom draits will be returned and who will meet them, being prepared to do so by having goods placed in their posses sion, against which acceptances were given. The apparent liabilities, there tore. of the London house will be reduced to the extent to which the acceptances under these credits are provided by the parties on whose account they were issued BRIGHTER SKIES AT PITTABURGH-LARGE ARRIVAL OF GREENBACKS. PITTSBURGH, Sept. 25 -It is learned from authentic sources that three hundred and fifty thousand dollars in greenbacks arrived here to day from New York and Washington city Other large sums are on the way which are expected to arrive to-morrow, and there is a well founded hope that the greenback stringency will be over by Saturday morning if not soon er. The entire outlook is more bright and there is reason for saying that the temporary derangement of our financial houses is to be of very brief duration. The run on the various Savings banks has stopped and no new movement of the kind is apprehended. The Security Trust Company is making arrangements to resume. The officers say that they expect to be open by Monday next. The Lawrence Savings Bank, which suspended yesterday, will resume in a few days RUMORED ASSIGNMENT AT TOLEDO. TOLEDO, Sept. 25.-The rumor is current o-night that the banking house of Krans & Smith, has made an assignment. A FLURRY AT INDIANAPOLIS. INDIANAPOLIS Sept. Considerable excitement was caused here this morning by the announcement of the precautionary measures adopted by the Chicago and Cincinnati banks, which were at first reported as having totally suspended, end this excitement was heightened at noon by the suspension of the private banking house of Woolen, Webb & Co. Owing mainly to the return of their draits on the suspended Trust Company of New York and public confidence became so shaken that there was quite a heavy run on Ritzingers' Bank and on the Indianapolis Savings Banks by a class of generally small depositors, and some few persons withdrew their money from other banks The First National Bank, instead of closing at the usual hour, kept open an hour later to give any depos itor an opportunity to withdraw his money if he wished, and when it closed it had received moremoney than it had paid out. The unquestionable solvency of all our banks, together with the fearless way in which they met the excitement, seems to have sent home the crowds who thronged the streets after the banks had closed in a better state of feeling. and it is now anticipated that there will be no fur ther trouble. The banks previous to the excitement had, after a conference together, decided to go ahead in the usual way, and this determination will be carried out. AMOUNT OF BONDS PURCHASED NEW YORK, Sept. actual dis bursement of greenbacks for the purchase of bonds by the Sub-Treasury, since Sat Furday, is $13,300,000 There is a rumor that the Jersey City Savings Bank closed this morning Hoboken banks are all quiet, and there has been no run on the Savings banks of Brooklyn or this city, to-day. AT SUSPENSION OF A BUSINESS HOUSE ATLANTA ATLANTA, Sept. 25.-The Dollar Sav ings Bank of this city suspended to-day. BANK SUSPENSION AT NEWARK, N. J. NEWARK, N. J., Jept. 25.-The State Bank of New Brunswick suspended to day. This is the bank that was crippled by the irregularities of Appletons cash ier. THE BALTIMORE BANKS TAKING IN SAIL CITY FINANCIAL INSTITUTIONS AND COMMERCE ON A HEALTHY BASIS. BALTIMORE, Sept. 5-The officers of the associated banks of Baltimore met this afternoon and resolved in view of the present financial situation not to pay out money on checks except what may be re quired for legitimate business purposes of the banks and to certify all good checks which can be used in business transac tions. It is confidently believed here that the banks in the city were never in a more sound condition than at the present, and their action this afternoon Is recognized as a prudent precaution against any panic. The mercantile and commercial interests of the city, while suffering in some de gree from the general pressure and tight ness in money are regarded as being on safe and sound basis. The trade fs very limited. The feeling to-day sympathizing with favorable dispatches from New York, is much better than for several days previous, and it is confidently expected that business will soon revive. THE LITTLE ROCK BANKS HOLDING OUT. LITTLE ROCK, ARK., Sept. 5.-The ex citement over the city currency and the reported suspension of banks in Memphis caused unusual excitement. Financial matters are the only topic of conversation. Nearly all the merchants refused to take the city money to-day, and through out the day there was a heavy run on the banks by the depositors. As yet they have met every demand promptly, and claim that they can weather the storm.