15098. Fishkill Savings Bank (Fishkill, NY)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
January 14, 1877
Location
Fishkill, New York (41.536, -73.899)

Metadata

Model
gpt-5-mini
Short Digest
83f7e42d

Response Measures

Accommodated withdrawals, Books examined

Description

Newspapers (Jan 14–15, 1877) report a run on the Fishkill Savings (also called Fishkill Savings Institute) triggered by an (incorrect) report that misappropriated bonds belonged to the savings bank amid the cashier Bartow scandal at the National Bank of Fishkill. The savings bank limited payouts (no sums over $500) and officers sought funds, but there is no mention of suspension or closure; papers indicate the bank expected to 'pull through.'

Events (1)

1. January 14, 1877 Run
Cause
Rumor Or Misinformation
Cause Details
Incorrect report that the misappropriated bonds (by cashier Bartow) belonged to the Fishkill Savings Institute, prompting depositors to withdraw funds.
Random Run
Yes
Random Run Snippet
Report that misappropriated bonds belonged to the savings bank was incorrect
Measures
Refused to pay out sums over $500; treasurer paid out $12,000; president left to obtain funds to meet demands.
Newspaper Excerpt
A run on the Fishkill Savings Bank has been begun... the bank refused to pay out any sums over $500. He paid out $12,000 on Friday, and more to-day.
Source
newspapers

Newspaper Articles (2)

Article from The Sun, January 15, 1877

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Article Text

FISHRILL'S MISSING BONDS. Great Excitement in the Quiet Village-A Rua ou the Savings Bank. POUGHKEEPSIE, Jan. -The loss of the National Bank of Fishkill by the Bartow Irregularities will probably be heavier than was at first supposed. The report that the misappropriated bonds belonged to the savings bank, which does bustness in the same building, was incorrect. So far as can be ascertained, all the bonds taken to New York and hypothecated by Cashier Bartow were the property of individuals who had placed them in the bank for safe keeping. W.S. Ladue of Fishkill Hook had $2.500 in bonds there. Mr. Bartow. when asked by Ladue about them. said they had been used for the bank. John F. Berry had $7,000 in 10.40s and $1.700 in 10-30s. He says the troubled cashier told him they went through the bank. and that he was all right. Edward Lyster of East Fishkill had $3,000 disposed of in the same manner. Samuel Hosted of Putnam county deposited $6,000: they, too. are gone. John S. Emans had one $1,000 bond, but he savs it was credited to him on the books of the bank. This incomplete list foots up $21,200, and new losses are turning up almost hourly. A gentleman who was talking to a group in one of the stores yesterday morning said that the expert had thus far unearthed a deficiency of $130,000. Another said that Cashier Birtow, and th bank through him. has lost beavily in the Datebess Ore Company. Leonard Horton of that company, when spoken to about the matter. desired to have it understood that this was not the case, but he did not deny that the bank had lost by the company. A very prominent citizen of Fishkill, said to have an overdrawn account at the bank. has aid that Cashier Bartow spent considerable money for election purposes. He was a zealous Dolttlcian. and an enthusiastic supporter of Tilden. Mr. John F. Berry SAYS that Bartow told him that $20,000 had 12 ne in the ore company. Another man said that a prominent Poughkeep. sin had overdrawn his account some $8,000 or $10.000. A statement was also made openly that the agent of the bank was in Cold Spring last Thursday on his usual tour of collection. and received deposits from customers. This was after the trouble in the bank was known. The bank officers maintain silence. Acting Cashier Hapelje said on Saturday that some of the men who had made the heaviest overdrafts had already appeared at the bank and promised to make everything good. The names of these gentlemen are withheid. In the absence of positive information, there is a feeling 10 banking circles in Poughkeepsie that the officers of the bank will be compelled to put up the shutters. A run on the Fisukill Savings Bank has been begun. add it is understood that the bank refused to pay out any sums over $500. All the farmers, mechanics, servant girls. and laboring women besteged the doors yesterday, and the treasurer was kept busv. He paid out $12,000 on Friday. and more to-day. but the bidgest run on the bank is expected on Monday, and the President left town on Saturday to obtain funds to meet it. There are over 150 depositors who reside in Cold Spring. and they will undoubtedly all appear at the bank to-morrow. The Treasurer is certain the bank will pull through all right. Leading men of the village also say that the savings bank will side over tue trouble.


Article from The New York Herald, January 15, 1877

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Article Text

FISHKILL'S DEFAULTING CASHIER. THE DEFICIENCIES SAID TO BE INCREASINGMISAPPLICATION OF TRUST FUNDS-RETICENCE OF THE OFFICERS OF THE BANK RUN ON THE FISHKILL SAVINGS INSTITUTE. POUGHKEEPSIE, Jan. 14, 1877. All of the affairs of the National Bank of Fishkiii are still in doubt, except in the fact that the deficiencies will probably be heavier than was first reported. There was a statement made on Friday or Saturday last that the misappropriated bonds were those of the savings bank which does business in the same build. ing. This was all wrong, and has worked an injury to that bank which 18 very annoying. So far as can be ascertained all of the bonds taken to New York and hypothecated by Cashier Bartow were the property of individuals who placed them in the National Bank of Fishkill for safe keeping, or, in other works, "III trust." This list alone foots up $21,200, and new losses are turning up almost every hour. It is stated that the expert who IS bandling the books had thus far unearthed a deficiency of $130,000. Should tats prove true the general impression IS the bank will have to wind up its affairs. It is reported that Cashier Barrow, and the bank through him, has lost heavily in the Dutchess Ore Company. Leonard Horton, of that company, when spoken to about the matter, desired to have 11 understood that such was not the case, but he did not deny that the bank had experienced some losses by the company. The bank officers maintain silence and insist that they can say nothing until the examinat on of accounts is finished. THE LIST A LONG ONE. It was stated that Cashier Bartow had furnished a list of the bonds hypothecated by him in New York, together with the amount of each and name of owner. All attempt was made to secure the list for the press, but the officers refused 10 exhibit it, saying. however, that such a list had been handed them by Mr. Bartow. and significantly added i'll 18 a long one." That was all that could be ascertained about the matter. Acting Cashier Rapleje stated on Saturday that some of the mea who had made the heaviest overdraits had aire idy appeared at the bank and promised in person to make everything good. The names of these gentlemen are withheld. It is possible that the expert now at work on the books will finish to-morrow or next day. When he started ne thought 11 would take him three days, but he has already gone over that time. In the absence of positive information there 18 a feeling in bank. ing circles in Poughkeepsre that the officers of the bank will be compelled to put up the shutters. THE SAVINGS INSTITUTE. As to the Fishkill Savings Insuinte. it is believed it is affected by the National Bank's troubles, but not seriously. However, there was a run commenced on 11 yesterday. and it 18 understood that the bank refused to pay out any sums over $500. All the morning tarmers. mechanics, servant girls and laboring people besteged the bank. and the Treasurer, Thomas E. Dearin, was kept busy paying out deposits. He paid out $12,000 on Fruay, and more yesterday. but the biggest run on the bank IS expected to-morrow, and the President left town on Saturday to obtain funds to meet 12, and will no doubt succeed. There are over 150 depositors who reside in Cold Spring, and they will undoubtedly all appear at the bank on Monday. The Treasurer says they will meet every demand if they have to pay over mortgages held by the bank. He 18 certain they will pull through all right. Leading men of the village also reel that the suvings bank will tide over, and the dismissed ca-hier of the National Bank is anxious to have the people understand that 1a no way have the funds of the Savings Institute becn tampered with or unisappropriated