14254. Paterson Savings Institution (Paterson, NJ)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
May 15, 1884
Location
Paterson, New Jersey (40.917, -74.172)

Metadata

Model
gpt-5-mini
Short Digest
46198916

Response Measures

Accommodated withdrawals

Description

Contemporary reports (May 15–16, 1884) describe a slight run on the Paterson Savings Institution that was promptly met; there is no mention of any suspension, receivership, or permanent closure. Cause appears to be general uneasiness among working classes rather than a specific rumor or bank insolvency.

Events (1)

1. May 15, 1884 Run
Cause Details
General uneasiness among the working classes prompted withdrawals (no specific rumor or failure alleged).
Measures
Bank officials met all demands promptly; reported $500,000 available in cash or call loans; deposits for the day exceeded withdrawals.
Newspaper Excerpt
A slight run on the Paterson savings institution to-day, was promptly met.
Source
newspapers

Newspaper Articles (2)

Article from St. Paul Daily Globe, May 16, 1884

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Article Text

very by the temporary trouble in Kansas City, still the general opinion is nothing serious will result outside of New York. Considerable attention is attracted to Donnell, Lawson & Simpson, and there is considerable desire to know the condition of that firm, and what its future action will be, It has intimate relations with, and is a correspondent of nearly one hundred banks in Missouri, some sixty in Kansas, thirty or forty in Texas, and has numerous connections in all extreme western states and territories. L. V. Stephens, of Booneville, one of the most prominent bankers in this state, estimates, in case of o the complete failure of the firm, the loss to Missouri will be half a million. It is feared also the loss to the Texas bankers will be heavy. A dispatch from St. Joseph says: Attachments have been laid on Daniels' property in that city to the Tamount of $60,000. James L. Wilson, assignee of the St. Joseph Savings bank, which closed yesterday, has taken charge .and will investigate the condition of affairs at once. DALLAS, TEXAS. DALLAS, Texas, May 15.-The Fort Worth Water Works company to-day began suit in the United States court against the suspended firm of Donnell, Lawson & Simpson, of New York, for $13,000, alleged to be due on the sale of bonds, the proceeds being on deposit with the firm at New York at the time of its suspension. The marshal levied on a two story brick business house and lot on Main street to satisfy the claim. ST. JOSEPH, MO. ST. JOSEPH, Mo., May 15.-A better feeling has prevailed here to-day, and it is generally believed that the worst of the panic is over. The banks opened their doors a little earlier than usual this morning, and have met the demands of depositois, besides doing the usual discount business. There was no perceptible run on any bank. The bankers and business men are unanimous in the opinion that the State Savings bank was in good condition and would not have failed, had it not been dragged down by its intimate New York connections. It is confidently believed it will pay dollar for dollar. . PATERTON, N. J. PATERSON, N. J., May 15.-A slight run on the Paterson savings institution to-day, was promptly met. MISSOURI STATE BANK. JEFFERSON CITY, Mo., May 15.-Secretary of State McGrath, is in receipt of reports from the banks of the state, up to the first of the month, and says: The statement shows the banks to be in a flourishing condition, and show a better financial standing than at any previous time. THE OIL EXCHANGE. PITTSBURG, May 15.-A feverish feeling prevailed in the petroleum exchange during the early hours of this morning, owing to the fear that the broker's sheets would not pass the clearing house dealers refused to buy or sell, and the market was almost at a stand still. Exaggerated reports of failures were circulated, and the general trade is awaiting with anxiety the clearing house report, fortunately the fears proved almost groundless. One dealer, Geo. Bingham, was nnable to fulfill his contracts. He bought 25,000 yesterday at 92c which he was unable to take take to-day, and Vice President Fisher sold that amount under the rule to his account at 85% The loss will not exceed $2,000, and will be arranged it is thought to-morrow. The market which opened at 82c, declined to 80c recovered to 83% settled down, and closed steady at 831/4C with a better feeling. Bradford dispatches report the closing of the doors of the Tuna Valley bank to prevent a run. The affairs are reported in excellent shape CINCINNATI, CINCINNATI, o, May 15.-Aside from a little more caution on the part of bankers, there has been no effect here from the disturbances in New York. The business shows no less volume. The news of the failure of Fish & Hatch was received too late to affect the day's business, but is regarded as a proof that the causes of this trouble are to be found outside legitimate and actual business. BRIDGEPORT. CONN. BRIDGEPORT, May 15. The raid on the banking house of Watson & Co., resumed business this afternoon, but excitement subsided by 10 o'clock.


Article from New-York Tribune, May 16, 1884

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Article Text

DEMANDS ON A PATERSON INSTITUTION. There was a slight run on the Paterson Savings Institution, at Paterson, N.J.. due to a feeling of uneasiness among the working classes. About $25,000 was drawn out; but the deposits for the day were $12,000 to $13,000-considerably inexcess of the usual daily deposits. The bank has deposits of over $2,000,000. The bank officials met all demands promptly, and claimed to have $500,000 available in cash or call loans. The First and Second National Banks of Paterson were not affected in the least and their transactions were about as usual.