15252. East Chester Savings Bank (Mount Vernon, NY)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: savings bank
Start Date: November 7, 1884
Location: Mount Vernon, New York (40.913, -73.829)

Metadata

Model: gpt-5-mini
Short Digest: 44933e21

Response Measures

Accommodated withdrawals, Full suspension, Books examined

Other: Bank decided to wind up business permanently and divide small surplus among remaining depositors.

Description

A slight run began in early November 1884 after the failure of J. M. Masterton & Co.; by Dec 22, 1884 officers decided to suspend operations and wind up business in February. No reopening is reported; planned winding up implies permanent closure. OCR corrected Masterton/Masterdon typos; used December 22, 1884 as suspension decision date.

Events (2)

1. November 7, 1884 Run

Cause: Local Banks
Cause Details: Run triggered by loss of confidence following the failure of local banking firm J. M. Masterton & Co.
Measures: Directors continued paying depositors as demands were made; paid out about $51,000 over two days; statement bank found safe after examination; had $10,000 cash on hand to meet immediate demands.
Newspaper Excerpt: There is a slight run on the East Chester Savings Bank, but the directors insist that the bank is not complicated in the failure of James M. Masteron & Co.
Source: newspapers

2. December 22, 1884 Suspension

Cause: Local Banks
Cause Details: Continual withdrawals and lack of new business following the Masterton & Co. failure forced officers to suspend and plan winding up.
Newspaper Excerpt: The East Chester Savings Bank of this place contemplates closing its doors and winding up its business in February. Since the failure of J. W. Masterton & Co., of Mt. Vernon, there has been a continual run upon the institution, and so little new business has come in that the officers have decided upon a suspension.
Source: newspapers

Newspaper Articles (7)

1. November 8, 1884 Evening Star Washington, DC

Article from Evening Star, November 8, 1884

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Article Text

2d Edition. Latest Telegrams to The Star. LATEST ELECTION NEWS. The Vote of San Francisco. SAN FRANCISCO, November 8.-This city gives Blaine 23,753 votes, and Cleveland 20,768. There are still twelve precincts to hear from. Excitement in Brooklyn-Comparing the Returns. NEW YORK, November 8.-The election excitement in Brooklyn has subsided and business interests flow on in their wonted channels. The bulletin boards and telegraph offices are deserted, and the political banners have furled. The committee of democrats who are comparing the returns of the presidential vote of this city completed their labors to-day. It was found that the two sets of returns agreed exactly. Petersburg Fires a Democratic Salute. PETERSBURG, va., November 8.-The livliest enthusiasm prevails here over the success of the democratic party, and a salute of 100 guns has been fired. There are to be other demonstrations here to-night. Savannah Satisfied. SAVANNAH, GA., November 8.-Many leading democrats of this city deem it unnecessary to call a mass meeting to-day to express any further sentiments than that expressed at the mass meeting held here yesterday relative to the election. Worcester Democrats Celebrating. WORCESTER, Mass., November 8.-The democrats fired a national salute here this noon, and will hold a mass meeting this evening. The Richmond Democrats Firing Cannons. RICHMOND, VA., November 8.-For the third successive day cannons are fired in Richmond in honor of Cleveland's election, that of to-day being done at noon in accordance with the suggestion of Chairman Barnum, of the national democratic committee. To-night an outdoor mass meeting is to be held togive expression to the sentiment of the democracy of Richmond. Lynchburg Democrats Enthusiastic. LYNCHBURG, va., November 8.-The excitement and enthuslasm of the democrats here is unbounded, and arrangements are being made for a grand procession with fireworks. A cannon is now booming from the highest point in the city. A Contested Congressional Election. PROVIDENCE, R. I., November 8.-Chas. H. Page, democrat, candidate for Congress in the second district, will contest the election of Major Wm. A. Pierce, and preparations are now in progress. The case will be based on several counts, including bribery, irregularities and illegal voting, and Mr. Page's friends assure him that he has a strong case. A Slight Run on a Sagings Bank. MOUNT VERNON, N. Y., November 8.-There is a slight run on the East Chester savings bank, but the directors insist that the bank is not complicated in the failure of James M. Masteron & Co. Destructive Fire in Philadelphia. Philadelphia, PA., November 8.-The packing box manufactory of Robert S. Officer, on Swanson street, the factory of Thos. Tunis, in the rear, and three houses and stables adjoining, were destroyed by fire this morning. Total loss estimated at $40,000.

2. November 8, 1884 Evening Star Washington, DC

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A Contested Congressional Election. PROVIDENCE, R. I., November 8.-Chas. H. Page, democrat, candidate for Congress in the second district, will contest the election of Major Wm. A. Pierce, and preparations are now in progress. The case will be based on several counts, including bribery, irregularities and illegal voting, and Mr. Page's friends assure him that he has a strong case. A Slight Run on a Sagings Bank. MOUNT VERNON, N. Y., November 8.-There is a slight run on the East Chester savings bank, but the directors insist that the bank is not complicated in the failure of James M. Masteron & Co.

3. November 9, 1884 The Indianapolis Journal Indianapolis, IN

Article from The Indianapolis Journal, November 9, 1884

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Run on a Bank. MT. VERNON, N. Y., Nov. 7.-There is a slight run on the East Chester Savings Bank, but the directors insist that the bank is not complicated in the failure of James M. Masterton & Co. Only about $125,000 is on deposit. The bank has $10,000 cash on hand, which they are prepared to pay out immediately. The bank was examined, last week, and found to be perfectly safe and solid. James M. Masterton and Philip Lucas have turned over their property, and there is a prospect of the firm's paying its creditors 60 per cent.

4. November 12, 1884 New-York Tribune New York, NY

Article from New-York Tribune, November 12, 1884

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Article Text

THE MOUNT VERNON BANK MUDDLE. HOW IGNORANT DEPOSITORS LOST THEIR MONEYEFFORTS TO MAKE AMENDS. The run upon the East Chester Savings Bank at Mount Veruon was far less yesterday than on Monday. During the two days, about $51,000 was paid out to depositors. The directors said that they would continue paying off the depositors as long as they made demands. Many of the depositors who have liberal sums placed to their credit have not appeared. feeling satisfied that the institution is perfectly sound. Many persons in moderate circumstances who did not know that the banking house of J. M. Masterton & Co. and the East Chester Savings Banks, were entirely disconnected, have unintentionally deposited their savings with J. M. Masterton & Co., instead of the Savings Bank, merely remarking when they called at the banking house, that they desired to put some money in the bank, without specifying the Savings Bank. and thus a class of citizens who could ill afford to lose a single dollar have sacrificed their earnings. The Law Committees having under consideration the most practicable, and judicious course to pursue, in order to get all the money possible from the assets of the firm of Masterton & Co., held a meeting at Judge Lawler's office, to mature their plans of action in the matter, and to day it is probable that some developments of importance may result from their labors. Two of the creditors of the firm, C. C. Bigelow and John Berry. yesterday filed writs of attachment against some property in Tenth-ave., claimed to belong to Mrs. Lucas, and also against the property of Mr. and Mrs. Masterton. Another meeting of the creditors will be held on Saturday evening. Colonel Henry Huss. on being elected Supervisor of the Town of East Chester, transferred t .e town funds from the private bank of Masterton & Co. to the Union Trust Company of New York, on the ground that he did not consider the former a responsible institution. For this action he was severely censured, and was on that account defeated at the following election of town officers. On handing over the funds and papers of the town to his successor, David Quackenbush, he put the latter in possession of a certificate showing a deposit there of $15,000 for the payment of interest on $50,000 in bonds stolen from the Manhattan Savings Bank, the coupons attached thereto not having been presented for payment. The $15,000 of town funds were subsequently re-transferred from the Union Trust Company to the bank of J. M. Masterton & Co., and may probably be considered as lost or nearly so. It IS, however, understood that Mr. Quackenbush has offered to mortgage his property so far as may be necessary to make good the loss which his bondsmen would otherwise incur. At the office of Harriot & Noyes, No. 53 Exchange-place. the brokerage firm which had attached the property of -the Mount Vernon banking firm of J. M. Masterton & Co., it was said yesterday that the property attached was supposed to be ample to satisfy the debt of over $80,000. Mr. Masterton had not lost money in speculating through the house and had speculated little. No further information could be given, for the members of the firm had no intimate knowledge of the affairs of the broken firm.

5. December 23, 1884 Savannah Morning News Savannah, GA

Article from Savannah Morning News, December 23, 1884

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CAUGHT IN JANNER'S DRAG NET. An Old Firm of Vienna Forced to go Into Bankruptcy. VIENNA, Dec. 22. - -The very old firm of Emmanuel Bisch & Co. has suspended. It was obliged to take this step because of its dealings with Heinrich Kuffler, the broker implicated in Janner's operations. The assets of the firm are amply sufficient to cover its liabilities, but it is difficult to convert them into cash. A book belonging to Kufller has been found which contains a record of the broker's dealings with Janner. The book proves conclusivelv Kuffler's complicity in Janner's frauds. General confidence in the financial situation has been restored, and depositors are returning their money to the discount bank. Jean Lucas. manager of the securities department of Giro and Cassenverein Bank. committed suicide to-day. He was a brotherin-law of Herr Balday, a superior official in the same bank, who is under arrest for embezzling. WOOLEN GOODS DEALERS ARRESTED. NEW YORK, Dec. 22.-Ferdinand Mayer and his son, Benjamin, who formerly did a large business in woolen goods at No. 42 White street, and who failed for $100,000 on Sept. 24 last were arrested to-day by detectives from the District Attorney's office on a charge of perjury connected with their assignment. J. T. Swift & Co., dealers in woolens, make a charge of fraud. A BANK TO RETIRE FROM BUSINESS. MT. VERNON, N. Y., Dec. 22. -The East Chester Savings Bank of this place contemplates closing its doors and winding up its business in February. Since the failure of J. W. Masterton & Co., of Mt. Vernon, there has been a continual run on the institution, and so little new business has come in that the officers have decided upon a suspension. There is a surplus on hand of between $8,000 and $9,000, which will probably be divided among the remaining depositors. A TRIPLE FAILURE. OTTAWA, ILL., Dec. 22.-0. J. & Wm. Wilson, bankers, made an assignment for the benefit of their creditors this morning. The liabilities of the bank are $80,000. of O.J. Wilson $15,000, and of William Wilson $40,000. The assets claimed are as follows: Of the bank $85,000, of O. J. Wilson $66,000, and OF William Wilson $16,000.

6. December 23, 1884 Richmond Dispatch Richmond, VA

Article from Richmond Dispatch, December 23, 1884

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About to Wind Up Its Affairs. (Bv telegraph to the Dispatch.] MOUNT VERNON, N. Y., December 22.The East Chester Savings Bank, of this town contemplates closing its doors and winding up its business in February. Since the failure of J. W. Masterdon & Co., of Mount Vernon. there has been a continual run upon the institution, and so little new business has come in that the officers have decided upon a suspension. There is a surplus on band of between $8,600 and $9,000, which will probably be divided among the remaining depositors.

7. December 23, 1884 Daily Republican Wilmington, DE

Article from Daily Republican, December 23, 1884

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Business Suspensions. The Eastchester Savings Bank, of Mount Vernon, New York, will prob ably wind up its affairs in February. Since the failure of J. W. Masterton & Co., it has been subjected to a continual run, and has had little new busine 8. There is a surplus of nearly $9 000 on hand, which will probably be divided among the remaining depositors. O.J. & William Wilson, bankers, of Ottawa, Illinois, made an assignment on Monday morning. The liabilities of the bank are $80,000 ; of O. J. Wilson, $15,000 ; of William Wilson, $4,000. The assets claimed are Of the bank, $85,000 ; of O. J. Wilson, $66,000 of Wm. Wilson, $16,000."