14675. Rochester Savings Bank (Rochester, NY)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
December 29, 1877
Location
Rochester, New York (43.155, -77.616)

Metadata

Model
gpt-5-mini
Short Digest
ef4eefb383d93999

Response Measures

None

Description

Multiple contemporaneous newspaper dispatches (Dec 29, 1877–Jan 2, 1878) report a 'partial' or 'causeless' run on Rochester Savings Bank driven by rumors. The bank paid all demands, kept doors open (even nights), had large surplus/resources, and the run ceased by Jan 2; there is no mention of suspension or receivership. OCR errors in some clippings corrected (e.g., Rocee-ter -> Rochester).

Events (2)

1. December 29, 1877 Run
Cause
Rumor Or Misinformation
Cause Details
Newspaper accounts describe the run as 'causeless' and triggered by rumors that the bank was in trouble; officers and large depositors reported no alarm and large surplus.
Measures
Paid all demands promptly; kept doors open day and night; large currency shipments from New York (mostly not needed); piled up cash on counter to reassure depositors.
Newspaper Excerpt
There was a partial, and an entirely causeless run, to-day, on the Rochester savings bank.
Source
newspapers
2. January 2, 1878 Other
Newspaper Excerpt
The run on the Rochester Savings bank has ceased. / The run on the Rochester Savings Bank was insignificant...only the small depositors drew out their money. (Jan. 2 reports).
Source
newspapers

Newspaper Articles (10)

Article from Daily Press and Dakotaian, December 29, 1877

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Article Text

NEW YORK. -THE ROCHESTER SAVINGS BANK. Rochester, Dec. 29.-There was a partial, and an entirely causeless run, to-day, on the Rochester savings bank. No alarm among intelligent classes. The bank has a surplus of $700,000 over all liabilities.


Article from The Cincinnati Daily Star, December 29, 1877

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Article Text

Another Savings Bank Run. National Associated Press to the Star. ROCHESTER, N. Y., Dec. 29.--Late yesterday alternoon it was rumored that the Rochester Savings Bank was In trouble, and this morning there is a heavy run on it. Hundreds of depositors are waiting for their turn. The bank thus far is paying out as last as the applicants get to the counter.


Article from The Sun, December 30, 1877

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Article Text

A Run on a Savings Bank. ROCHESTER. Dec. 29.-There is a run to-day on the Rochester Savings Bank. There is no alarm among the large depositors. The bank has a surplus of $700,000 over all liabilities.


Article from Chicago Daily Tribune, December 30, 1877

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Article Text

FINANCIAL. Special Dispatch to The Chicago Tribune. BOSTON, Dec. 29.-The West Boston Savings Bank was to-day temporarily enjoined from doing further business by the Supreme Court, and on Jan. S the case is to be argued. The trustees say they believe the usefulness of the bank has passed, and it is for the interest of the depositors that business should cease, but the depositors, who have crowded the doors of the bank yesterday and to-day, are vet to be heard from on this question. There is a strong belief that a rigid examination of the books will develop bothing that has not yet come to light. Special Dispatch to The Chicago Tribune. SPRINGFIELD, III., Dec. 29.-Voluntary petitions in bankruptcy have been filed by the following persons: R. L. & W. A. Thompson, of Virginia, Cass County, and C. D. Stewart and W. E. Shelton, of Cairo. The Stockholders' Committee of the Springfield Savings Bank has made a report, which shows liabilities of $169,562, and available resources of $160,403. There is no doubt the deficit will be made good, as the stockholders are individually liable under the charter, and the values. assets have been scaled down to hard-pan ROCHESTER, N. Y., Dec. 29.-A partial and entirely causeless run occurred to-day on the Rochester Savings Bank. No alarm is felt among the intelligent classes. The bank has a surplus of $700,000 over all its liabilities. CINCINNATI, 0., Dec. 29.-The liabilities of John D. Park, who failed yesterday, are $125,000. His assets are unknown. WATERTOWN,,N. Y., Dec. 20.-George M. Brooks' Bank of Lowville has suspended. Liabilities, equal. about $60,000. Assets claimed to be


Article from The Daily Gazette, December 31, 1877

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Article Text

A RUN ON A SAVINGS BANK. ROCHESTER, N. Y., Dec. 29.-Rochester Savings Bank was the victim of a ridiculous run yesterday and to day.The officers were perfectly good humored and paid all demands cheerfully and promptly. The following sign was post ed to day. "This bank will be kept open all day and all night if necessary." The resources of the bank are over $8, 000,000, and the officers expect to hav e $1,000,0000 ready to draw on by Monday. reasurer Hart says he can pay every depositor and then have from $300,000 to $4,000 left, besides the bank building.


Article from Daily Press and Dakotaian, January 2, 1878

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Article Text

NEW YORK. ENTIRELY INNOCENT. New York, Jan. 2.-Arthur Sewell, of the suspended fiam of Bonner & Co., has sent a communication to the stock exchange, asking for a committee of investigation into the affairs of the firm. Sewell claims to be entirely innocent of any connection with the rehypothecati on of the securities. THE ROCHESTER SAVINGS BANK. Rocee-ter, Jan. 2:-The run on the Rochester Savings bank has ceased. APPOINTMENT New York. Jan. 2--Robt. L. Cutting, has been temporarily appointed receiver of the bankers and brokers association, of which John Bonner was presiden).


Article from Daily Press and Dakotaian, January 2, 1878

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Article Text

NEW YORK. ENTIRELY INNOCENT. New York, Jan. 2.-Arthur Sewell, of the suspended fiam of Bonner & Co., has sent a communication to the stock exchange, asking for a committee of investigation into the affairs of the firm. Sewell claims to be entirely innocent of any connection with the rehypothecati on of the securities. THE ROCHESTER SAVINGS BANK. Rocee-ter, Jan. 2-The run on the Rochester Savings bank has ceased. APPOINTMENT New York, Jan. 2-Robt. L. Cutting, has been temporarily appointed receiver of the bankers and brokers association, of which John Bonner was president.


Article from New-York Tribune, January 3, 1878

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Article Text

RUN ON THE ROCHESTER SAVINGS BANK. ROCHESTER, N. Y., Jan. 2.-The run on the Rochester Savings Bank was insignificant. The fact that the bank is perfectly sound was soon established, and allayed all excitement. Only the small depositors drew out their money. The institution kept its doors open evenings and on New Year's Day to meet the demands, but the amount drawn out was small. A large quantity of currency sent from New-York was not needed, and will be returned to that city.


Article from The Emporia News, January 11, 1878

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Article Text

The Rochester, N. Y., savings bank piled up one million dollars on the counter, and the run stopped.


Article from Vermont Watchman and State Journal, January 30, 1878

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Article Text

# Letter from Rev. J. Copeland. WEBSTER, N. Y., January 26, 1878 Messrs. Editors: -I learn from your paper of the 23d instant, which comes an ever welcome visitor into my family, that in St. Johnsbury pansies were picked in full bloom from the ground on New Year's day, and the song of summer birds was heard also. That is a remarkable fact, but we can equal it here, for on that same day, but a little distance from our house, a party were out in the door-yard engaged at a game of croquet, a thing that was never known here before at that time of the year, and probably may never be known again. The ground was entirely bare and the temperature mild, so that it was not at all un-comfortable to play at the game at that time. During December cherry trees were reported in blossom in some parts of this county. The mildness of the season is a common subject of remark. We have read of the mercury down to thirty eight degrees below zero not long since in your village; in this place it has not yet reached lower than four degrees below, and only once as low as that. We have had but six days' sleighing thus far, and that was very poor. No ice has yet been gathered for our summer use. It has formed at best only to the thickness of four inches, and remained at that only a couple of days. The streams are all clear at the present time and ice-gatherers think they have a gloomy prospect before them. Last winter was remarkable for its depth of snow and cold: this for the absence of snow and mildness. Business throughout this region is dull, and times are hard. I asked a man from an adjoining town, not long since, how the times were? He replied: "It is the liveliest time for debts that I ever saw. Everybody that you are owing wants his pay, and you have no money to pay with." One great trouble seems to be a want of confi-dence. Men do not know whom to trust. If one has a demand against another he wants it paid; then, if he gets the money in hand, he does not know with whom to trust it. A short run was made not long ago upon the Rochester Savings Bank, the oldest and strongest institution of the kind in the city, but all demands were met so promptly that it soon subsided. Those who drew their money lost several thousand dollars by drawing before the interest of the month matured, and then they could not re-deposit it, because no other bank of the city would take it A little later, in the same bank, it was discovered that the paying teller was a defaulter in the sum of ten thousand dollars. Fast living and desire for speculation were the cause. The temperance movement in our town still holds the interest of the people in an unusual degree. Regular meetings are held fortnightly, at which we have addresses, music and charades, and the attendance is very large A slight fee is charged to pay expenses. Last evening was very unpropitions-dark, rainy and muddy, but over two hundred were in attendance. A course of literary and scientfice lectures has grown out of the movement, and these are so well attended as to require the full capacity of the largest church of the place. Four of the eight lectures of the course have been given. They have more than paid their way, and there is no lack of interest yet manifested. Several who were thought to be beyond hope of reform have abandoned their old habits and come unto the temper-ance ranks, and promise well for time to come. Our mild weather seems not altogether conducive to health, but as yet no prevailing or fatal disease has manifested itself. J. C.