15494. Bleecker Street Savings Bank (New York, NY)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
January 16, 1872
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
b60bb084

Response Measures

Accommodated withdrawals

Description

Articles (Jan 16 and Jan 21, 1872) describe heavy withdrawals and rumors of an official absconding. Treasuer denied the rumor; bank was paying depositors and imposing deposit limits but did not suspend. No evidence of a suspension or closure for this bank in the articles.

Events (2)

1. January 16, 1872 Run
Cause
Rumor Or Misinformation
Cause Details
A neighborhood rumor that a bank official/employe had absconded with $20,000 triggered heavy withdrawals; treasurer emphatically denied the report as unfounded.
Measures
Bank paid depositors at about two a minute; doors guarded by a policeman; refused deposits over $1,000 and limited one deposit per person; treasurer prepared a statement.
Newspaper Excerpt
Within the banking room, seated on forms all round the room, were persons of all ages and both sexes waiting to be paid. Many of them were taking out both principal and interest...
Source
newspapers
2. January 21, 1872 Run
Cause
Rumor Or Misinformation
Cause Details
Newspaper reports that rumors of an intended run on Bleecker Street Savings Bank were circulating; no report of an actual suspension for this bank.
Measures
Not specified for this report beyond contemporaneous coverage of crowd unrest at other banks.
Newspaper Excerpt
Miscellaneous—Rumors were current yesterday of an intended run on the Market, Bleecker Street and German savings banks......
Source
newspapers

Newspaper Articles (2)

Article from The New York Herald, January 16, 1872

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Article Text

THE BLEECKER STREET SAVINGS BANK. An Unfounded Rumor-Stntement of the Treasurer. The numerous bank failures which have recently occurred here and elsewhere have made depositors more than usually careful and alive to everything that might look like a "run" on a bank. Yesterday the bank for savings in Bleecker street, opposite Crosby, was paying its semt-annual dividend to depositors, and a line of over five hundred of themmen and women-filled the steps and the sidewalk for several rods below. This fact probably led to the rumor which passed current in Bleecker street and in other localities in the neighbornood that one of the bank officials or employes had absconded on Saturday with $20,000 of the funds of the institution. White so many savings banks are in a shaky condition and public confidence in all or most of them 18 somewhat shaken, It will not do to allow even the merest rumor to pass unnoticed. Consequently a HERALD reporter yesterday called at the bank. Its doors were jealously GUARDED BY A POLICEMAN, and admission was dificult, even for a press man. Within the banking room, seated on forms all round the room. were persons of all ages and both sexes waiting to be paid. Many of them were taking out both principal and interest, and many more of them the interest merely. It could not be.definitely ascertained at the time or the reporter's visit how much had been paid out. The tellers and clerks were busy as bees, and depositors were paid at the rate of about two a minute. Stepping into the Treasurer's office, the reporter saw Mr. James F. De Peyster and his son, to whom he reported the street rumor and his business. Mr. De Peyster most emphatically declared that there was not a particle of truth in the report, that the bank is as sound as a nut and that just such a run as they had to-day (yesterday) they will have for at least ten days more. My dear sir, said the treasurer, the trouble with us is the other way. We nave to refuse deposits every day, and WE ACCEPT NO DEPOSIT for more than $1,000, nor do we allow more than one deposit to one name and person. We have, however, single deposits of more than $1,000, be. cause we have allowed interest to accumulate on such sums. And, furthermore, said the gentleman, it would be impossible for any or our employés to make away with $20, much less with $20,000. They have only the temporary handling of money and must render an account for every day's transactions. REPORTER-Can you furnish me, Mr. De Peyster, with a statement or the financial condition or the bank? Mr. DE PEYSTER-We are making out such a statement in connection with our semi-annual report, but I could not give you any figures just now. In a couple of weeks our statement will be ready. But you must readily understand that when we have ABOUT SEVENTY THOUSAND DIFFERENT ACCOUNTS It 18 no easy task to settle up the books of every one and render a statement immediately. REPORTER-I believe, sir, your bank is one of the oldest in the city? Mr. DE PEYSTER-Not only in the city, sir, but in the State, or in the country. There are but two other banks in the United States as old as this, and they are small institutions compared with this. This bank was established in 1819, and has continued on its course steady and sure ever since. Its increase during the past year has been very large, but I can't exactly say how much. The HERALD may contradict most emphatically any rumor or statement from source wnatsoever which charges this bank with inability to pay every dollar it owes at once. ATTEMPTED BANK ROBBERY AT GREAT FALLS, N.H.-An unsuccessful attempt was made Friday night to rob the vauit of the Great Falls National Bank and the Savings Bank. Entrance to the banking room was effected by a rear window. After cutting away the brick work until they came to a heavy granite wall. which was too hard for them, the robbers tried the doors. The first was opened by means of powerful jacks and wedges. Before they had made any impression on the steel second door the rogues evidently became alarmed, as they filed, leaving all their tools and implements bebind.


Article from Memphis Daily Appeal, January 21, 1872

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Article Text

The statement is favorable, and shows a net gain of $65,550 in the reserve fund. Banks now hold $10,931,625 abovethe 25 per cent required. The figures reflect an influx of money at this point. Miscellaneous—Rumors were current yesterday of an intended run on the Market, Bleecker Street and German savings banks...... Later—The excitement around the suspended Market bank this p.m., was very great. Crowds of indignant depositors marched up the street and indulged in vigorous threats against the officials........ John Russell, a messenger of the Metropolitan bank, was robbed on the street about noon to-day of $23,000 in gold certificates and a quantity of notes and bonds. No arrests...... City Chamberlain Palmer says there is $5,000,000 belonging to the city now on deposit in the Broadway bank, and that the comptroller is at liberty to draw on this to pay the police their back wages. NEW ORLEANS. NEW ORLEANS, January 20.—Gold, 109%. Sterling exchange, 118%; sight, par. LONDON. LONDON, January 20.— The money market at the close was as follows: Consols, money 92% | U. S. 5-20s 1865.......93% Consols, account..... 92% U. S. 5-20s 1867.......93% U. S. 5-20s 1862.......92% U. S. 10-40s 92% PARIS. PARIS, January 20.—Rentes, 56f. 55c. Specie in the Bank of France has increased 3,500,000 francs. FRANKFORT. FRANKF RT, January 20 - United States securities-five-twenties of 1862, 96%.