1525. City Savings Bank (Bridgeport, CT)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
February 15, 1877
Location
Bridgeport, Connecticut (41.167, -73.205)

Metadata

Model
gpt-5-mini
Short Digest
212986a9

Response Measures

Accommodated withdrawals, Books examined

Description

Multiple newspaper accounts (Feb 1877) describe a run on City Savings Bank of Bridgeport in mid-February 1877. The bank met all demands, kept its doors open late, and solicited assistance from prominent bankers; it did not suspend and continued operating thereafter. Causes are described as circulating rumors/alarm without apparent basis. Articles give Feb 15, 1877 as the primary date (some local recall mentions Feb 17-18).

Events (1)

1. February 15, 1877 Run
Cause
Rumor Or Misinformation
Cause Details
Rumors in circulation affecting the bank's credit caused depositors to withdraw funds; reports emphasize 'alarm without any apparent cause' and circulating rumors.
Measures
Bank kept doors open later than usual, met all demands; prominent bankers and business men to assist so bank would not need to invoke 60-day notice; bank stated able to meet all demands and assets convertible to cash.
Newspaper Excerpt
There was a run on the City Savings Bank of Bridgeport, Conn., yesterday, and up to noon $75,000 had been paid out.
Source
newspapers

Newspaper Articles (5)

Article from The Daily Gazette, February 16, 1877

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Article Text

General News. There was a run on the City Savings Bank of Bridgeport, Conn., yesterday, and up to noon $75,000 had been paid out. The bank is said to be amply able to meet all demands without availing itself of the usual sixty days' notice. Treasury detectives have just discovered great frauds upon the revenue in the smuggling of prunellas from Canada. Two of the offenders were arrested in New York yesterday, and further arrests of merchants, middlemen, United States Inspectors and others are expected. Governor Connor, of Maine, has succeeded in securing the passage of a law by the Legislature of that State authorizing the Governor and Council to offer to persons who will take to Maine the machinery necessary for the production of beet sugar, for the purpose of manufacturing it from beets grown in the State, a bonus of one cent a pound for all such sugar, manufactured, and an additional bounty of $7000 a year for ten years as a general encouragement. Charge Oschwald was hanged at Newark, N. J., yesterday for the murder of police officer Brock, of that city. Thos. Ryan, his accomplice, who was to have heen changed along with him, died in prison yesterday morning, it is supposed from the effects of poison.


Article from Alexandria Gazette, February 16, 1877

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News of the Day. A dispatch from Deadwood, dated yestersays: During the last week numerous reday, of Indian depredations have been coming To. ports from small towns adjacent to this place. in these rumors assumed an alarming aspect, day substantiated the news of simultaneous to and different directions. which leads this that the Indians are attacks the belief in surrounding train was capVolen's large cattle near Bear Butte herd of mules was also tured vicioity. Fletcher's entire yesterday. captured short and in Montana ranche, a the from here, was attacked the Indians capturing all the distance same same time, vicinity. which about the was stock. near Wigginton's herd of horses, City, was also captured. Wigginton ConsidCrook wounded and his assistant killed. were was crable stock in the vicinity of Spearfish run off. A smuggling conspiracy, by which extensive smuggling of goods from Canada has been carried on, has been discovered in New York. have Samuel Stratford and Charles B. Spear arrested. D. McClanaghan, proprietor be been of Express Hotel, Montreal, is said with to the and front of the conspiracy, sevand and telegraph operators Montreal, eral the head U. S. inspectors baggage-masters likewise. seized at at A of smuggled prunella was of merquantity York yesterday. Many arrests others New middlemen, U. S. inspectors and been de chants, expected. The government has for are frauded out of vast sums by the smugglers several years. The plot was one of the deepest and best planned ever discovered. The Commissioner of Internal Revenue has advised of the arrival of two companies of been at Georgia, to assist the in the enforcement of infantry civil officers Cartersville, that the place revenue has The revenue agent at laws. from Washington 10 purchase for use in raiding among horses been authorized the commenced illicit disoperations are to be as little delay as possible. tillers. with Active killed The raid upon very Lieut. McIntyre was was a nearly which one, and men and horses were will have severe with constant labor. They the short season exhausted a of rest before going into mountains again. Rochester, N. Y., woman recently ap. peared A on the streets at mid-day in a ball dress with low neck and short sleeves, and was ar. la court she proved her respectability, which rested. her lawyer argued that a dress light and be word in a ball room by gas in the might without impropriety was fit to be worn subsc. by day. She was released, but street quently reappeared on the street in the same costume and was rearrested. The Boston and Maine Railroad Company announces that no more engineers or firemen wanted on the road, a sufficient number the are been secured to take the place of having The railroad officials swear that the and they propose and trains as usual strikers. strike freight is ended, passenger by to Wed. start still next. The striking engineers are have to firm, needay and claim that the road will yet accept their terms. Indian Commissioner Smith called on the President yesterday with a view to having consideration given to the case of the Indians, imprisseventy in number, who are now Florida, about oned at Fort Marion, St. Augustine, Indians, convicted of various depredations, and the been in prison for nearly two years, Execu having strong efforts are being made 10 have tive elemency afforded. Dr. M. M. Wishard, superintendent of the Orphans' Home at Knightstown, Ind., com mitted suicide by cutting his throat at the St. James Hotel, New Orleans, on Wednesday 00 11c disappeared from Knightstown the night. 8th iost. His accounts have been examined and found to be correct. There was a run on the City Savings Bank Bridgeport, Cona., yesterday, and up to is of $75,000 had been paid out. The demands bank noon to be amply able to meet all days said without availing itself of the usual sixty notice. The Virginia Cane Fibre Company's build fire ings at Fredericksburg were destroyed by 130 Wednesday. The factory employed last hands. The property was valued at $50,000, and is partially insured. lu the U. S. Senate, yesterday, the tax rate for the District of Columbia was fixed at $1.50 the $100 of all real property, churches, asylums on and educational institutions to be exempt from the operations of the tax bill. The President yesterday signed the set authorizing the commissioners of the Freedmen's Savings and Trust Company to buy in certain real and other property and to seli the same public and private sale. The steamship J. B. Waiker sailed from New Haven yesterday with arms and Her ammuni- cargo tion for the Turkish government. is valued at over a million of dollars. destructive fire occurred Wednesday A in the town of Smithfield, N. C., en- of morning tailing a loss of $15,000 or $20,000 worth property


Article from New-York Tribune, February 16, 1877

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RUN ON A SAVINGS BANK. BRIDGEPORT, Conn., Feb. 15.-For a few days past rumors have been in circulation affecting the credit of the City Savings Bank. Yesterday there were symptoms of a run, some 50 depositors withdrawing their accounts. The doors were kept open an hour later than usual, and all demands were met. This morning large crowd gathered at the bank before the time for opening, and up to 2:30 o'clock p. m. there has been constantly a line of depositors waiting their turn. Money was drawn out to-day on a considerable number of 30 counts, $75,000 having been paid out up to noon-the largest amount drawn by one individual being $7,000. There seems to be no question of the bank's perfect soundness. It was officially examined three months ago and certified to be in first-class condition. At least $600,000 of the assets can be converted into cash in 24 hours. Prominent bankers and other business, men will assist the institution to meet any and all demands without the necessity of the bank's (availing itself of the 60 days charter provision.


Article from The Newtown Bee, February 22, 1889

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THE CITY SAVINGS BANK. The petition for the incorporation of the City savings bank of Bridgeport was drawn up and presented to the Legislature by D. F. Hollister and a charter was granted for the institution in May, 1859. At the first meeting of the corporators, held at the city council rooms July 16, 1859, the following officers were elected: President, Hanford Lyon. Vice presidents, Russell Tomlinson, D. H. Sterling, Ira Gregory, D. W. Thompson. Secretary and treasurer, S. M. Middlebrook. Trustees, Sherman Hartwell, P.C. Calhoun, Horace Nichols, D. F. Hollister, George P. Stockwell, Stephen Lounsbury, H. N. Hayes, John Brooks, A. A. Pettengill, E. B. Goodsell, Burr Knapp, R. T. Clarke, Thomas Hawley, Josiah Baylies and S. C. Booth. To commence business, rooms were hired on Wall street, near the corner of Water and several of the trustees deposited $100 each in the new bank. Two accounts, those of Hanford Lyon and Josiah Baylies, were allowed to accumulate for about 24 years and when closed amounted to nearly $400 each, the increase being due solely to interest, no additional deposit having been made. In this connection, it may be mentioned that the sum total of the 53 dividends declared by the bank from January, 1860, to January, 1886, is about $1,700,000. Mr Middlebrook continued to act as treasurer until his death, in 1883 and to his prudence and fidelity the success of the bank was largely due. He was highly respected. Soon after the death of Mr Middlebrook, the trustees chose William B. Hincks treasurer and William N..Middlebrook secretary. Mr Lyon died in 1879 and was succeeded as president by Ira Gregory, who died in 1883. Horace Nichols, now president of the bank, has been one of its officers for nearly 30 years and has witnessed Its increase until its depositors number over 6,300 and its assets amount to over $2,800,000. An interesting event in the history of the bank was the run, February 17 and 18, 1877, during which about $150,000 was drawn out by depositors who had become alarmed without any apparent cause. All calls were promptly met by Mr Middlebrook, the ban being keut open


Article from The Bridgeport Evening Farmer, November 22, 1909

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HALF CENTURY OF HONORABLE SERVICE City Savings Bank Has Celebrated in Handsome Historical Pamphlet Half a century of prosperous and consistent groyth of the City Savings Bank is outlined in the 50th birthday souvenir of the institution, a handsome booklet distributed to its depositors. While it is designed to interest especially those whose funds are intrusted to the bank's keeping, the booklet is of much interest to all who watch with curiosity the growth of Bridgeport. From the organization of the institution in July 16. 1859, under the presidency of the late Hanford Lyon. down to the present time, the steady and healthful growth of the band is detailed. The names of many who took prominent part in Bridgeport's commercial life appear again and again in the little history. The organization of the bank resulted in the election of Mr. Lyon as president; Russell Tomlineon. D.H. Sterling. Ira Gregory, and S. C. Booth, vice president; S. M. Middlebrook, secretary and treasurer. and the following trustees: Sherman Hartwell, P. C. Calhoun, Horace Nichols, R.T. Clarke, D. W. Thompson, Stephen Lounsbury, John Brooks, Jr., Seth B. Jones, -A. A. Pettingill, E. B. Goodsell, Burr Knapp. Thomas Hawley. H. Hayes, D. F. Hollister, G. P. Stockwell and Josiah Baylies. The committee chosen to arrange for theopening of a bank comprises Messrs. Lyon, Hartwell, R. Tomlinson, Nichols, Booth and Sterling. A contemporary newspaper, speaking of the new institution makes the following slyly humorous note: "It is understood that the president and vice presidents to make deposits at an early the day, propose so prospects of the City Savings Bank are very promising." The first mortgage loan was for $500. made to Sylvia Ward. Aug. 15. 1859. The first dividend was declared January, 1860, at the rate of five per cent. the total amount being $184.29. The next year the dividend was six per cent., and ten years later seven per cent, Lowest dividends were at 3 and one half per cent., from 1899 to 1906. The run on the bank, starting in February, 1877, and readily recalled as one of the memorable events of the city by the older Bridgeporters, is instanced as proof of the stability that has always characterized the bank. and the sudden demand for funds proved to be "but an incident in the progress in the bank." The book concludes with a brief sketch of the personnel of the board of trustees, and an outline of the prospects of the institution. also a list of the officers, corporators and trustees from the birth of the bank down to its 50th birthday.