14158. Dime Savings Institution (Newark, NJ)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
November 12, 1875
Location
Newark, New Jersey (40.736, -74.172)

Metadata

Model
gpt-5-mini
Short Digest
f37c49d9

Response Measures

Accommodated withdrawals

Description

Multiple contemporaneous newspaper reports (Nov 12–13, 1875) describe a run by small depositors on the Dime Savings Institution in Newark triggered by the failure of A. M. Reynolds, a private banker and manager of the institution. The bank paid depositors promptly, kept doors open, and announced reopening hours; there is no mention of a suspension or permanent closure.

Events (1)

1. November 12, 1875 Run
Cause
Bank Specific Adverse Info
Cause Details
Run triggered by failure of A. M. Reynolds, a private banker who was a manager of the institution, which alarmed small depositors.
Measures
Clerks paid depositors promptly; doors kept open during evening; president announced reopening at 7 o'clock.
Newspaper Excerpt
A run was made to-day upon the Dime savings institution by small depositors, caused by the recent failure of A. M. Reynolds, private banker, who was a manager in the institution.
Source
newspapers

Newspaper Articles (10)

Article from Memphis Daily Appeal, November 13, 1875

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Article Text

Run on a Savings Bank. NEWARK, N. J. November 12.-A ruu was made to-day upon the Dime savings institution by small depositors, caused by the recent failure of A. M. Reynolds, private banker, who was a manager in the institution. The crowd was so great that policement were required al the doors. The institution has over two million dollars of deposits safely invested, and ample funds to meet the emergency. The doors were kept open during the evening to meet the demand.


Article from The Wheeling Daily Register, November 13, 1875

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Run on a Savings Bank. NEWARK, November 12.-A run was made to-day upon the Dime Savings Institution by small depositors, who were alarmed by the recent failure of A. M. Reynolds, it private banker, who was a manager in the institution. The crowd was so great that policemen were required at the doors. The institution has over $2,000,000 savely invested and ample funds to meet an emergency. The doors were kept open during the evening to meet the demand.


Article from Daily Kennebec Journal, November 13, 1875

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NEW JERSEY. Run on a Savings Bank. Newark, November 12. A run was made today, upon the Dime Savings Institution by small depositors, alarmed by the recent failure of A. M. Reynolds, a private banker, who was a manager in the Institution. The crowd was so great that the police were required at the doors. The Institution has over two million dollars in deposits, safely invested, and has ample funds to meet all demands. The doors were kept open during the evening to meet the demanda.


Article from The New York Herald, November 13, 1875

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RUN ON A BANK. NEWARK. N. J., Nov. 12, 1875. A run was made to-day upon the Dime Savings Institution by small depositors, alarmed by the recent failure ot A. M. Reynolds, a private banker, who was a manager- in the institution. The crowd was so great that policemen wese required at the doors. The clerks are paying all the depositors, intending to continue as long as their strength will endure. The institution has over $2,000,000 of deposits safely invested, and ample funds to meet the emergency. The doors were kept open during the evening to meet the demand.


Article from Chicago Daily Tribune, November 13, 1875

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NEWARK, N.J. NEWARK, N. J., Nov. 12.-A run was made today upon the Dime Savings Institution by small depositors, slarmed by the recent failure of William Reynolds, private banker, who was a manager in the institution. The crowd was BO great that policemen were required at the doors. The institution has_over $2,000,000 in deposits safely invested, and ample funds to meet the emergency. The doors wore left open during the evening to meet the domand.


Article from Knoxville Daily Chronicle, November 14, 1875

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LATEST NEWS BY TELEGRAPH. HOME NEWS. Wants to Face the Music and Take the Punishment. Another Revenue Official Indicted at St. Louis. ST. Louis, Nov. 13.-Arthur Gunther, Revenue Agent, indicted for receiving money to withhold information of whisky and tobacco frauds, plead not guilty, and was held in $5,000 bail Col. Joyce has withdrawn his motion for s new trial and asked for judgment. He says he is tired of being passed backward and forward for the benefit of others, and that he is ready to face the music and take the punishment. WORCESTER, Mass., Nov. 18.-Rev-Jas. B. Miles, D. D., Secretary of the American Peace Society, and General Secretary of the Association for the Reform and Codification of the Laws of the Nation, died here this morning after two days illness. NORWICH, CT., Nov. 13.-The Santinet Mill at Plainfield, R. I., has been burned. Loss, $60,000. SAN FRANCISCO, Nov. 13.-The Revenue steamer Walcott, cruizing for survivors from the Pacific, was boarded in Barclay Sound from the Indian village by a man claiming to be first mate of the ship Orpheus. He said she had been run into the previous Thursday evening by a steamer, was wrecked, and the following Saturday the crew got ashore safely. Capt. Sawyer, of the Orpheus, subsequently boarded the Walcott, and says the Orpheus will prove a total wreck. There is no hope of finding any more survivors from the Pacific. The $30,000, gold, race for 4 mile heats was postponed on account of rain. HUDSON, N. Y., Nov. 13.-Eliza A. Stone was acquitted of the charge of poisoning her husband. The case of Daniel G. Bosworth, who was indicted as an accessory, was nolle prosequied. PHILADELPHIA, Nov. 13.-The sloop-of war Antiedam, commenced 11 years ago, was launched to-day. PITTSBURG, Nov. 13.-Joseph Sansberry, who was indicted for killing Col. Butler in 1864, has been acquitted. LOUISVILLE, Nov. 13.-The jury in the case of the United States against William Linoot Geo. Meffert, John Owan and Geo. t Hall, charged with conspiracy against the I Government and with intimidating Willis Russell, Acting U. S. Marshal, in the disa charge of his duties, returned a verdict this t morning of guilty as to Linoot and Meffert, c but recommended Meffert to the mercy of t the Court on account of his ill health. The k men are all implicated in the Owen kuklux outrages. it TRENTON, Nov. 13.-The limited express h for New York from Philadelphia was off f the track at Stillham Junction, near this f city, at 2:26 o' clock this evening, and stopped all travel up to 7:30 this evening. No t one hurt. The express struck a freight train that was crossing the track. o NEWARK, N. J., Nov. 13. - -The run on the Dime Savings Bank continued to-day. and was met by prompt payments. At the t regular hour for closing the crowd was unU abated, when the President announced that t the bank would re-open as usual at 7 o'clock next morning.


Article from Pioche Daily Record, November 14, 1875

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States. an order to take testimony in other Loeder He states 'tis likely the trial would call forth evidence of of amined nearly all the parties not previously tion who are said to possess informa- exbearing on the issue between Beecher and Tilton. WASHINGTON, Nov. 13.-The President has appointed Heron Leffingwell U. Levi Marshal for the District of Missouri. S, Bacon of Michigan has been pointed financial clerk of the Patent apOffice. Commissioner Burdett of General Land Office will in his forth- the coming all report strongly recommend that timber lands offered by the Government be appraised and thrown open to purchasers at not less than their praised unless value. He is of the opinion that apthey are thus placed under private guardianship the fine forrests of the by country will soon be wantonly exhausted who lumber companies and speculators are now stripping land of its timber under cover of dummy pre-emption entries or with without any pretense of compliance the law, while the Government dethe rives no revenue from its property and country sustains almost irreparable damage of from the sweeping denudation will large areas of its water-sheds. He also condemn the practice of extending the system of subdivision surveys over immense bodies of worthless land west of the hundredth meridian, and suggest that only such tracts be minutely surveyed as have any attractions for settlers. He will also recommend that vision be made for connecting Land pro- Office surveys with important points 8 established by geological surveys of territories, and the monuments at section corners, etc., be constructed in a much more lasting manner. The recommenil dation tion of his predecessor that pre-empd laws be abolished and homestead to at system made the only method for quiring title to agricultural lands ac- is is repeated and earnestly urged upon the it attention of Congress. WASHINGTON, Nov. 13.-The Vice Prese ident He has rested quietly during the day. or Baxter suffers no pain, is cheerful, and Dr. says he is rapidly convalescing. Baron Blane, the newly appointed rs Minister of Italy, was presented to President by the Secretary of State with the the usual formalities. X DETROIT, Nov. 13.-The jury in the 10 a Ward will case, being unable to agree on ed verdict, were discharged at 3:30 p. 11 GALVESTON, Texas, Nov. 12. - The m. re steamship Texas, which has been outside it, to-day searching for Waco people, has ve There returned and brings no further news. re seems to be little hope of finding ey any of the passengers or crew. The an steamship Australia, which was driven an eashore at the month of the San Bernard ry river, feet is reported to be lying in fifteen ilt of water, and it is expected she will ry soon be towed into deep water and prony ne ceed to New Orleans for repairs. ke WASHINGTON, Nov. 13.-The Vice hPresident to-night is able to take a ve nourishing diet. At 8 o'clock be more al, Ve sleeping quietly, his pulse regular, was and me condition generally comfortable. The President has recognized the a val lowing Consuls: Albert Pick, of Hun fol ds. gary, of at Chicago; Ernst Van Bourback, Hungary, at Milwaukee. ifine PORTLAND, Me., Nov. 13.-Two an on gines W. and several cars were smashed. enW. Conley, master mason of ho en road, was killed and one passenger the in ng jured by a collision on the Grand Trunk it inRailroad, near Lenoxville, to-day. or NEWARK, N. J., Nov. 13-The run so day upon the Dime Savings Bank to 1e. small depositors alarmed by the recent by of al. failure who of Wm. Reynolds, private banker, her so was manager of the institution, was erheavy and the crowd so great the hat police had to interfere. The bank has ck the over two million dollars of deposits safely minvested emergency. and ample funds to meet the ng PROVIDENCE, R. I., Nov. 13.- The enboiler of the engine Mathew Morgan ex adploded on the Stonington Railroad to was night, badly injuring the two engineers ing Wm. Fisk and H. Lewis, and less seri one ously three other pesons. ss. NEW YORK, Nov. George Gris ex, wald, a well-known merchant wd, the firm of L. N. Griswald 1& Co., lar gly missing his since Saturday evening, nea on own residence. He is known to hav ith $1,000 and from $3,500 to $4,000 ors jewelry about his person, and it is feare o uch the he has been murdered or abducted.


Article from The New York Herald, November 14, 1875

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NEWARK SAVINGS BANK SCARE. The run on the Dime Savings Bank, of Newark, continued yesterday, and was met by prompt payments. At four o'clock, the regular hour for closing, the crowd was unabated. Then the President announced that the bank would reopen as usual at seven o'clock. in the evening. Upward of $70,000 were paid during the day. No doubts are felt of their ability to hold out to the end of the run. The sworn statement of the bank shows that it has ample funds to meet all demands. It to as follows:


Article from New Orleans Republican, November 14, 1875

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ship Peter Young, was murdered by his steward at Pabillian de Pica. Mill Burned. NORWICH, Conn., November 13.-A satinet mill at Plainfield, Rhode Island, has been burned. Loss. $60,000. Accident to Senator Dawes. SPRINGFIELD, Mase, November 13.-Senator Dawes was painfully injured yesterday by his horse. Off the Track. TRENTON, November 13-The limited ex. press for New York, from Philadelphia, ran off the track at Millham Junction, near this city, at twenty-six minutes past two o'clock this afternoon, and stopped all travel up to half-past seven o'clock this afternoon. No one hurt. The express struck a freight train as it was crossing the track. A Run on a Savings Bank. NEWARK N. J., November 13.-The run on the Dime Savings Bank was continued to-day, and met by prompt payments. At the regular hour for closing the crowd was unabated. Mr. Wren, president, announced the bank would open as usual at seven o'clock this evening. The Union Dime Savings Bank was opened to-night to receive deposits. There was no excitement. Arkansas Financial Legislation. LITTLE Rock, November 13.-The House to-day passed the Senate bill authorizing the State board on finance to hypothecate bonds in order to borrow money to pay the current expenses. Convicted and Sentenced. ROME. N. Y., November 13.-John Sweetman was to-day convicted of complicity in a masked robbery near Utica, and sent to prison for eighteen years. Cutting Down Wages at the Amoskeng Mills. BOSTON, November 13-On account of the state of the market. the Amoskeag mills, of Manchester, New Hampshire, have given notice of a cut down of five to fifteen per cent on wages of operatives from December 1. Other mills will probably follow suit. Probabilities. WAR DEPARTMENT, Office Chief Signal Officer. Washington, November 13, 1875, 4:30 P. M.) For the South Atlantic and Eastern Gulf States, falling or stationary barometer, south to west winds, warmer, cloudy and rainy weather will prevail, followed by fall ing temperature. In the Western Gulf States, winds shifting to northerly, rising barometer, colder, partly cloudy weather and rain. For Tennessee and the Ohio valley, higher barometer, winds mostly from east to north, colder, cloudy and rainy weather, followed by warmer weather. River and Marine News. SOUTHWEST PASS, November 13. Noon.Barometer 30. Wind south, fresh breeze blowing. Weather cloudy and hazy. Arrived-Steamship George Washington. at eleven o'clock last night, Whitehead, master, from New York, to A. Moulton; bark Susan L. Campbell, Brooks, master, twentytwo days from New York, to Ranger, Fatman & Co.: Norwegian bark Niord, Hunn, master, fifty-eight days from Rio Janeiro; Austrian bark Tolomeo, Gladulich, master, fifty days from Newry. Ireland; American schooner William Layton, Layton, master, six days from Ruatan. ailed-Schooners T.J. Collins and Gertrude Howes. VICKSBURG, November 13.-Down-Katie, at nine o'clock, Lee ten oclock last night: H. C. Yaeger, at 7 A. M.; Assumption, at 7 P.M. to-day. Up-Fontenelle, at 5 A. M.; Pargoud, 11 A. M.; Atlantic and tow, at 4:30 P. M. MEMPHIS, November 13.-Arrived-Grand Tower. from St. Louis; City of Vicksburg, from Vicksburg; J. D. Parker, from Ohio river. Departed- Grand Tower, for St. Lonis; City of Vicksburg. for St. Louis: Ruth, for White River; Fort Gibson, for Arkansas River; Quickstep, for the mouth of White River; Belle of Shreveport; last night, for St. Louis. PITTSBURG, November 13.-River five feet four inches and stationary. Weather rainy. CAIRO, November 13.-Arrived-Cherokee, from New Orleans, at 2 P: M.; Future City, from St. Loutis, at eight o'clock; Mary Houston, from New Orleans, at noon. Departed-Fannie Tatum, for Vicksburg, at 1 A. M.; Cherokee, for St. Louis, at five, Mary Houston, for Cincinnati, at 1 P. M. River nine feet and rising. A heavy rain fell all the afternoon. Cool weather. CINCINNATI, November 13.-River fifteen feet and falling. Departed-Charles Morgan, for New Orleans. Raining since noon. EVANSVILLE, November 13.-Rain since 2 P. M. Weather cool. River rising. ST. LOUIS, November 13-DepartedGlencoe, for New Orleans: Julia, for Vicksburg. River stationary. Weather cloudy and raw, with indications of rain.


Article from The Daily Gazette, November 15, 1875

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FOURTH EDITION General News. The run on the Dime Savings Bank at Newark, N. J., continued on Saturday, but up to the close of business all demands were met. The removals commenced in the Interior Department by Secretary Chandler last week will continue this week, and there is much alarm among the clerks in conseubence. The Amoskeag Mills, at Manchester, N. H., has given' notice of a reduction ot from five to fifteen per cent. in the wages of operatives, to take effect on December 1. It is believed other mills will follow suit. It is intimated that Mr. New will soon resign the position of United States Treasurer and quit the office about New Year's The reason for this step are the requirements of his private business in Indiana. In selecting the country east of the Jordan for their field, the Palestine Exploration Society have alighted upon a district filled with monuments and treasures of antiquity, which have remained almost untouched for ages. The expedition sent out has already begun its work and, it suitably supported, they will doubtles< reap from the buried civilization of the Syrian Desert it rich harvest of curiosities that should find place among the collections of our Metro. politan Museum of Art.