14685. Albany Savings Bank (Albany, NY)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
September 22, 1873
Location
Albany, New York (42.653, -73.756)

Metadata

Model
gpt-5-mini
Short Digest
d85fc66f

Response Measures

Accommodated withdrawals

Other: Run occurred during the wider Panic of 1873; banks paid depositors and the run subsided same day.

Description

Multiple contemporaneous newspaper dispatches (Sept 22–23, 1873) report a run on the Albany Savings Bank that paid out substantial sums ($50,000) but had subsided/closed by noon with deposits larger than payouts. No suspension, receivership, or permanent closure is reported; the bank continued to operate.

Events (1)

1. September 22, 1873 Run
Cause
Macro News
Cause Details
Part of the wider financial crisis/panic of September 1873 (news of failures such as Clews & Co. and general money-stringency triggered runs on savings banks).
Measures
Paid out cash to depositors (reported $50,000); banks closed at 2 P.M. with improved confidence.
Newspaper Excerpt
There was a run .some of the savings banks here to-day. The Albany Savings Bank paid out $50,000 ... At 2 p. m., when the banks closed, there was a better feeling prevailing, and it is thought the run is now over.
Source
newspapers

Newspaper Articles (10)

Article from New-York Tribune, September 23, 1873

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st., suspended this morning in consequence of their inability to secure currency. 5 P.M.-A normal condition of finances is rapidly obtaining in this city. This afternoon it was publicly stated that some of the State banks of this city had suspended, and that the others would inevitably follow suit. An investigation proves that this is an exaggerated way of stating the case. All of the State banks are thoroughly 80!vent. but experiencing some annoyance from a scarcity of currency. They ascribe the trouble to the refusal of the National banks to accept their checks, thus throwing them upon their own resources. Of the banks that were specifically nained as having suspended, namely: The Citizens'. the Iron, the State, and the Keystone, all are asserted by their respective officers to be perfectly sound. It is probable that all will promptly and fully meet their demands to-morrow. EXCITEMENT IN CHICAGO-A RUN ON THE BANKS. CHICAGO, Sept. 22.-There is a run upon some of the banks here to-day, but they are adhering to the resolution adopted yesterday to falf back upon the 30 and 60-day rule, and are only paying same of less than $100. The largest assemblage appears to be gathered at the State's Savings Institution, but so far the crowd has been very quiet and orderly. The latest reports from New-York appear to lessen the anxiety. NO PANIC IN BUFFALO-ONE SUSPENSION BUFFALO, Sept. 22.-Everything in financial and commercial circles is quiet here to-day. The banks are acting very cautiously. taking care of their regular customers only. There have been but few sales on 'Change this morning Grain is moving in large quantities, 28 usual. 2 P. M.-H. W. Burt & Co., private bankers and brokeray closed this afternoon. Their suspension caused no undue excitement outside of their private depositors. Financial matters are feverish, but business men and brokers appear tirm and confident that no sorious embarrassment will be experienced here. 7 p. n.-The suspension of H. W. Burt & Co., private bankers and brokers, is considered to be only temporary and occasioned by the failure of their New-York correspondent to pay currency for their drafts, for which ample securities were held. The business of the house 18 principally among large operators and caused but little embarrassmeno. The house has the confidence and sympathy of the general public. Since the failure of Burt & Co. the editor-in-chief of The Buffato Commercial Advertuser visited in person every bank in the city, and in a local postcript in the last edition says: The banks of discount, without a single exception, ap pear to be doing the usual amount and kind of business. In several cases they had received more money than had been paid out in checks. Add the officers feels confident of their ability to stand The any pressure that is likely to occur. local financial situation, if changed since the morning, is changed for the better, and fully justifies the confl. dence expressed in our editorial articles. A PITTSBURGH SUSPENSION. PITTSBURGH, Sept. 22.-James T. Brady & Co., brokers of the Security Trust Company of this city, suspended to-day. A RUN ON ALBANY SAVINGS BANKS. ALBANY, Sept. 22.-There was a run .some of the savings banks here to-day. The Albany Savings Bank paid out $50,000, the Home Savings Banks, $6,000, and the National $12,000. At 2 p. m., when the banks closed, there was a better feeling prevailing, and it 18 thought the run is now over. A RUN ON TRENTON SAVINGS BANKS. TRENTON, Sept. 22.-There was a run on our savings banks to-day. The directors claimed the two weeks' notice, according to their charter, and took the names of all who wanted their money. The banks are amply able to pay every dollar. Our regular banks were also called upon by a few depositors, whose demands were promptly paid. Each of the three banks in Trenton has a surplus of over $100,000. CONTRACTS OF THE CANADA SOUTHERN RAILWAY CANCELED. ST. CATHERINES, Ont., Sept. 22.-The Canada Southern Railway Company have, owing to the financial crisis io New-York, been obliged to cancel all their contracts for the present, and have ordered the discharge of all their workmen not employed on the regular trains running over the road. The cause of this is reported to be owing to the complications in Daniel Drew's affairs, he being a large stookholder in the Company. CITY MONEY REFUSED IN LITTLE ROCK. LITTLE Rock, Sept. 22.-On account of the financial panic in the North, the banks here to-day re fused to take city money, home currency. which has beenin circulation at par for six years, and as a consequence great excitement prevailed. This money has always been received the same as greenbacks. A citizens' meeting was held in the afternoon, at which it was resolved to take the money. The general impression is that the panic will be over to-morrow and the money be taken as usual. [For Press Comments on the Panic see Eighth Page Second Edition


Article from The New York Herald, September 23, 1873

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THE EFFECT ELSEWHERE. Run on the Albany Savings Banks. ALBANY, N. Y., Sept. 22, 1873. There was quite a run on some of the savings banks here to-day. The Albany Savings Bank paid out $50,000, the Home Savings Bank $6,000 and the National $12,000. At two P. M., when the banks closed, there was a better feeling prevailing, and it is thought the run is now over.


Article from Memphis Daily Appeal, September 24, 1873

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gathered at the Savings banks awaiting their opening, but nobody seems to think that anything like a run will take place. Rev. William Quino, viear-general of New York, was at the Emigrant Savings' bank yesterday, advising the depositors to leave their money with the bank, where it was safe. He promised to be on hand to-day. CHICAGO BLOWS HER BUGLE. CHICAGO, September -The THbune of to-morrow says, editorially: "There were wild rumors last night in New York, alleging the failure of any number of Chicago banks, the deliloraiisation of the grain trade, and general disturbance here of financial matters. The first and only information on this subject was received here from New York in dispatches making inquiry as to the extent of the trouble. We are happy to say that no bank in Chicago failed yesterday, and that when business closed in the afternoon, despite the intelligence of the failure of Henry Clews & Co., there was no falling-off in the confidence that the banks would safely go through the storm. There was a decline in wheat and other grains, but nothing that was not due to the general decline in business incidental' to the stringency of the money market. ALBANY QUIET. ALBANY, N. Y., September 23.-The run on the Albany savings bank closed this noon, and the deposits at the close were much larger than the amount paid out. The panic is over here. THE QUAKER CITY COMPOSED. PHILADELPHIA, September 3.-The financial crisis here is over, and the bankers and brokers are transacting business as usual. All the State banks that were under temporary difficulty have resumed except the Union and Citizens banks. The latter will soon resume. All the National banks stood firm. No doubts were entertained of their stability.


Article from The Wheeling Daily Intelligencer, September 24, 1873

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The Panic at Albany. ALBANY, Sept. 23.-The run on the Albany Savings Bank closed this noon, and the deposits at the close were much larger than the amount paid out. The panic is over here. -


Article from The Wheeling Daily Register, September 24, 1873

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ALBANY. Ran on a Savings Bank. ALBANY, September 23.-The run on the Albany Savings Bank continuee, and the contagion is repreading and small gatherings are noticed at nearly every savings bank.


Article from Nashville Union and American, September 24, 1873

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The Situation Elsewhere. / Four Banks Suspend in Petersburg, Virginia. RICHMOND, VA., Sept. 23.-The Merchants' National Bask, the Planter3' and Mechanics' Bank, the People's Bank and the First National Bank, all of Petersburg, suspended this morning. The Citizens' Bank, of Petersburg, although not suspend ed, declines payment. Rumors of a beavy commercial failure are rife in that city. The banks of Richmond are all quiet, but there is consider able excitement here over the news from Petersburg. Result of the Panic on Locomotives. PATTERSON, N. J., Sept. 23.-In consequence of the general depreciation of new railroad securities, orders for locomotives for three months ahead at Rogers' Locomotive Works in this city, have been cancelled, and five hundred and eighty workmen were discharged to-day. It is fe red that five hundred more may be discharged from the same works and several hundred at the Danforth and at the Grant works. Confidence Unshaken in Canadian Railroads. OTTAWA, Sept. 23-The Government has received advices by cable stating that Mr. Tilley, Finance Minister, has successfully placed on the London market five per cent loan of two millions sterling for Inter-Colonial railways. The bids amounted to four millions sterling, at an average premium of 412 per cent. The interest is to begin from the 1st of October. Trenton Easy. TRENTON, Sept. 23.-There is no run of consequence here and no failures. Poughkeepsie. POUGHKEEPSIE, N. Y., Sept. 23.-Information from Amenia, states that the iron ore men are making & run on the bank there, and that the bank is standing it well. BRE A Reaction at Albany. ALBANY, N. N., Sept. 23.-The run on the Albany Savings Bank closed this noon, and the deposits at the close were much larger than the amount paid out. The panic is over here. Philadelphia on its Feet. PHILADELPHIA, Sept. 23.-The financial eris 8 here is over, and the bankers and brokers are transacting business as usual. All the State banks that were under temporary difficulties have resumed, except the Union and Citizens'. The latter will soon resume. All the National banks stood firm. Chicago. CHICAGO, Sept. 23.-A report gained circulation here to-day that there were rumors in New York of the failure of heavy grain dealers in this city. There is not the slightest foundation for the report. The slight run which began on some of the savings banks yesterday has entirely subeided, and they are now paying without asking thirty day's notice. LATER-The news of the failure of Clews & Co. had the effect to depress the


Article from Elizabeth Daily Monitor, September 24, 1873

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The slight run that began on some of the savings banks yesterday has entirely subsided, and the banks are now paying those who do call for their deposits without asking any notice. RICHMOND, Sept. 23.-The Merchants National Bank, Planters' and Mechanics' Bank. People's Bank, and First National Bank, all of Petersburg, suspended this morning. The Citizens' Bank of Petersburgh, although not suspended, declines payment. Rumors of heavy commercial failures are rife in that city. ALBANY, Sept. 23.-The run on the Albany Savings Bank here closed this noon, and the deposits at the close were much larger than the amount paid out. The panic is over here. PATERSON, Sept. 23.-In consequence of the financial crisis in New York, and the general depression of new railroad securities, orders for locomotives for three months ahead at the e Rogers' Locomotive Works, in this city, have been cancelled, and five hundred and eighty-five of the workmen were discharged to-day. It is feared that five hundred more may be discharged at the same works and several hundred at the Danforth and at the Grant Works. PHILADELPHIA, Sept. 23.-T he financial crisis here is over, and the bankers and brokers are transacting business as usual. All the State banks that were under temporary difficulties have resumed, except the Union and Citizens. The latter will soon resume. All the national banks stood firm, and no doubts were entertained of their stability.


Article from Daily Kennebec Journal, September 24, 1873

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The Financial Crisis. New York, 23. Mr. Comp of the Clearing House, states that $10,000,000 of loan certificates have issued up to to-night. There will be a meeting of the associated brokers to-morrow at ten o'clock at the Merchants' Bank. The brokers to-day were making settlements between themselves of old contracts, and it is estimated that over a million shares have been cleared. The failure of Clews & Co. left the street at the close of business at three o'clock in a condition of wild excitement, and the headway made in restoring confidence up to one o'clock to-day has been lost. There has been a relapse and damaging rumors are again current. A private despatch received this afternoon from London, says Messrs. Jay Cooke, Mc. Cullock & Co. are throwing out the drafts drawn by Messrs. Jay Cooke & Co., which have come to hand since the news of the 8118pension was received." All the papers here call on the governing committee of the Stock Board, to keep the exchange closed, and the feeling on the street is almost unanimous that it should be kept closed for the present. It is reported that Richmond, Virginia, is on the eve of a crisis. The slight run that begun on some of Savings Banks yesterday, has entirely subsided. Philadelphia, 23. The financial crisis here is over, and bankers and brokers are transacting business as usual. All the National banks stand firm, and no doubta are entertained of their stability. Albany, N. Y., 23. The run on the Albany Savings Bank here, ceased this noon, and the deposits at the close was much larger than the amount paid out. The pasic is over here. New York, 23. The investigating committee of the Union Trust Company here, have not completed their examination, but expect to conclude to-night. Nothing is known as to the whereabout of Carleton. The associated banks will hold a meeting to-morrow for the purpose of making arrangements to issue another $10,000,000 on loan certificates, the ten millions issued on Monday having been exhausted. Chicago, 23. The reception of the news of the failure of H. Clews & Co. had the effect to depress the prices of grain this afternoon in the open board, wheat closi: g at 98c. cash, and 103 seller October; corn, 35 r 2c. cash, and 38c. 3-4 seller October. A report gained circulation here to-day that there were rumors in New York of the failure of several heavy graintdealers in this city. There is not the slightest foundation for the report. as there has been neither failure or rumors of any here.


Article from New-York Tribune, September 24, 1873

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IN NEW-YORK INCREASE OV DEPOSITS IN THE ALBANY SAVINGS BANK, ALBANY, Sept. 23:-The run on the Albany Savings Bank here closed this moon, and the deposits at the close were much larger than the amount paid. out, and the panic is over here. in RUN ON. THE AMENIA BANK-THE REPORT DENIED. POUGHKEEPSIE, N. Y., Sept. 23.-Information from A menia states that the iron-ore men are making a rup on the bank there. The bank is standing it well. 6.p. DA-A telegram from Senator Palmer, President of the Amenia Bank, says the report of the run on that bank is untrue.


Article from The New York Herald, September 24, 1873

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No Panic in Albany. ALBANY, Sept. 23, 1873. The run on the Albany Savings Bank here closed this noon, and the deposits at the close were much larger than the amount paid out. The panic is over here.