Dime Savings Institution

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: May 16, 1889
Location: Newark, New Jersey (40.736, -74.172)

Metadata

Model: gpt-5-mini
Short Digest: 0693d275

Response Measures

None

Description

Article (New-York Tribune, 1889-05-16) states the Dime Savings Bank has for years been under control of the court and that the chancellor consented to an accounting to see whether assets should be sold to pay creditors. This indicates the bank has been effectively closed/in receivership and assets are to be liquidated. No run is mentioned. I infer permanent closure/receivership from the court control and proposed sale of assets.

Events (1)

1. May 16, 1889 Receivership

Newspaper Excerpt: Chancellor McGill has consented to have an accounting made of the affairs of the Dime Savings Bank, which has for years been under the control of the court, with a view to seeing whether the old assets should not be sold to pay the balances due to creditors.
Source: newspapers

Newspaper Articles (1)

1. May 16, 1889 New-York Tribune New York, NY

Article from New-York Tribune, May 16, 1889

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Article Text

NEWARK. Governor Green has signed the Legislative bill authorizing Newark to issue bonds for $6,000,000 to pay for the new water supply about to be contracted for with the Lehigh Valley Railroad Company. The bonds are to run for a period of not less than thirty years, at not over 4 per cent interest, and they are to be non-taxable in the hands of Newark investors. Chancellor McGill has consented to have an accounting made of the affairs of the Dime Savings Bank, which has for years been under the control of the court, with a view to seeing whether the old assets should not be sold to pay the balances due to creditors. John F. Nagle, who was for ten years assistant city surveyor, was yesterday committed to jail for non-support of his wife and children.