Bleecker Street Savings Bank

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: September 24, 1873
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: b94cd270

Response Measures

Accommodated withdrawals

Description

Articles (Sept 23-25, 1873) describe continuing small run on savings banks including Bleecker Street Savings Bank during the Panic of 1873/Black Friday. Bank is paying out limited sums (payments up to $100) and president says depositors 'can all have their money.' No suspension, receivership, or reopening/closure is mentioned for this bank in the texts provided.

Events (2)

1. September 24, 1873 Run

Cause: Macro News
Cause Details: Runs driven by the wider financial crisis and Wall Street panic of Sept 1873 (post-Black Friday), causing depositor nervousness and withdrawals from savings banks.
Measures: Allowed limited payments (payments up to $100); president publicly reassured depositors that they could have their money; adhered to charter provisions requiring notice (30-60 days) for larger withdrawals.
Newspaper Excerpt: Several depositors are in line in front of the Union dime savings bank this morning, The president says they can all have their money. ... the Bowery. Citizens'. Union, time Dime and Bleeker street savings bank con. to make payments up to 8100.
Source: newspapers

2. September 25, 1873 Run

Cause: Macro News
Cause Details: Continued depositor withdrawals linked to the ongoing Wall Street disturbances and general anxiety among merchants and depositors.
Measures: Bank officials stated stockholders would assist and were preparing a statement; continued paying out deposits (per earlier statement).
Newspaper Excerpt: Among those waiting to draw their deposits from the Bleecker Street Savings Bank to-day were a large lot of ORGAN GRINDERS... they draw out amounts of money ranging from $50 to $500.
Source: newspapers

Newspaper Articles (2)

1. September 24, 1873 The Rutland Daily Globe Rutland, VT

Article from The Rutland Daily Globe, September 24, 1873

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Article Text

FEW MORE FAILURES Tuesday's News, NEW York, Sept. 23. 10:15 im THE TIDAI WAVE RECEIDING Gold opened at 112. The following notice is posted until The further stock exchange orders." will remain closed The governing B.O. committee WHITE, will Secretary. meet half-past nine to-morrow. 10:50 p.m. -The excitementon the seems to be wearing itself out, appears to exist. Brokers gregated feeling and have street in front of the stock exchange. and formed a street market. all sales being for cash. The following are the quotations Central 91 and 92 bid: Lake Shore, 82 bash, and 110 50 offered: Harlem. bid: 109 bid Wit. bid: Rock Island. 88 bid: Paul, 85 bid: Ohio and Wisconsin, 30 St. I. Union Pacific, 21 and 22 bid: C. bid C. 21 bid Hannibal and St. Joseph, and 20 bid : Western Union Tel., 66 bid. 70 of Pacific Mail. 343 and 36 fered The bid. gold exchange is open and doing business as usual, gold 1141. 000 The bonds sub-treasury this morning. have purchased 83,500, The Union Trust Company are still paring a statement which they expect premake public late in the day. Noon Two millions of bonds havebeen bought Street at the sub-treasury to this hour. quotations now Ohio, 30 bid : CenWabash. 18 bid : St. Paul, 36 bid : tral. 93 Lake Sdore, 82 bid, THE SAVINGS BANKS banks 12:10 P. m. & light run on the savings is being continued. The their banks strictly adhere to the provision smaller charters which requires a notice of from tors. thirty to sixty days from heirdeposi. of The Bowery. Citizens'. Union, time Dime and Bleeker street savings bank con. to make payments up to 8100. THINGS DOWN TOWN. 12.15 P. m. There is but little more than lower the usual number of people in streets of the city, beyond the about the Stock in stocks. The gatherings are ten dickering Exchange, financial the small who presents the appearance of cen. after great manifested to have and is no lassitude, desire struggle. exhaustion the There stock exchange re-open. except by those wanting to purchase for investment. and brokers generally would like to have it continue closed during the remainder of remark among them is will materially thin number this The disaster general the out week. that the of brokers as was the case Black Friday, thus making more business with for those remaining. BONDS PURCHASED 12:30 p.m.--Gold 110 bid. The sub-treasurer has purchased 88, 100 bonds up to this hour. including Satur- 169. day and yesterday. 12. 45 P. -TheStreet quotations stocks are: Lake Shore 80: for 92: Northern Central Union Pacific S New Western York 65: Eric 58: Pacific Mail 31: Ohio and Mississippizo: Northwestern 40: Rock Island M.C.C.& L 22 St. Paul, com mon. 36 Wabash 15 ABOUT BANKS The Bank of the Commonwealth keeps its doors closed. The run on Fourth National has ceased. MORE GREENBACK Assistant Treasurer Hillhouse in greenbacks from Wash. morning. to the ington twenty this millions prevent received possi. bility of becoming embarrassed in the pur. chase of bonds, QUIET IN FINANCIAL CIRCLES 1 p.m. - Affairs are still quiet with prospect of continuing so. GOLD EXCHANGE BANK CLEARANCES of the Gold bank The clearances Exchange are complete. and the balances be paid as usual. FOOLISH DEPOSITORS Several depositor> are in line in front of the Union dime savings bank this morning, The president says they can all have their money. SMALL CROWD AT THE FIFTH AVENUE HOTEL The crowd at the Fifth Avenue Hotel last night was small and quiet. compared with previous evenings. SLOW-MOVING ALDERMEN. The board of aldermen have decided the special meeting not today, to hold called for to take action on the financial erisis. MENT. THE CRISIS OVER-PRAISE OF THE GOVERNPresident Kennedy of the Bank of Com. merce said last evening that government is doing that over. it probably The the the crisis best is can. President Kitchen of the National Park bank says that for reasons ped All the discounting only morning prudential it stop journals unite in express ing the opinion that the panic is over. AN OVER-DRAFT SETTLED. John Bonner, the banker the overdrew his account at the bank of North America to the extent of several hundred thousand dellars, has made a satisfactory settlement bank. Large orders from all over the be brokers with received the continue country to to for the purchase of stocks, so that lively bidding is anticipated when the Stock Exchange reopens. THE SUB-TREASURY yesterday declined to the of the sellers of bonds to the ernment, Gen. names Hillhouse the gov- give on ground that suspicion against the into the market to those might Some who sellers be directed rushed solvency realize of were connected with savings banks, Gen. Hillhouse has not to bonds of '81, as the dent thorized did buy been prosi- aunot believe he had a legal tight to take the bonds not yet due.

2. September 25, 1873 The Rutland Daily Globe Rutland, VT

Article from The Rutland Daily Globe, September 25, 1873

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Article Text

change on Tuesday morring members evithan usual, but the little impatience of the doors at 10 denced larger and the very opening orexeitement, rush. o'clock The was not announced by the usual leisureformed into line and walked in crowd into the room. where they flocked waited front ly of the chairman's desk and The for the president's opening remarks. was standing, gavel in hand. raps at president his desk, and after a few preliminary Hows: of the hammer he spoke as fo THE PRESIDENT'S SPEECH. Gentlemen The power is vested Exchange in the executive committee to know. close the We do not and 1 at any to do so think refrain from it necessary time, to please as voll to-day. undue ask you If we and citement in your to business. close, that will should detake upon Do so, find it necessary you, we shall the "Good prerog to we look pend ative and do so. [Cries of to you the trade as will tend to and not increase enough, excitement make such Therefore it. allay The conclusion of these remarks was hailed by eries of "Bravo:" and hurrah that made the room resound. Immediately at the close of the speech, selling commenced in terrible earnest, and it seemed been though the vim and spirit that had fold as shut off for two days escaped with ten the interest. A noticeable feature was JEWISH BROKERS. who had been off the field on account inter- of their New Year's holiday. It was to note the manner of by the outside board esting business of conducting brokers aftercrying stocks in the street Tuesday wanted noon. A man would shout that he a specified number of shares of 8 stock. he but would receive no answer. Soon would cease his cries and quietly walk with up side street. This was in accordance the a hint given by a tug at his coat tail by this a broker who wished to sell. It is in manner that members of the Exchange them managed to evade the decompelling the to refrain from all transactions during "Come period the Exchange is closed. round to the office." The hint was taken, and in the private room of more than one as office securities were changing hands they were wont to do in ordinary times in the public exchange. Mr. McCulloch, of the London firm of Jay Cooke, McCalloch & Co., was found, Tuesday morning, in the office of with Jay Cooke & Co., in private conference Mr. F. O. French, who has been appointed in by the London firm as their attorney, fact, to represent their interests in New firm. York pending the settlement of the Mr. McCulloch declined to express himself upon the condition of the New York house, on the ground that upon his arrival on Monday afternoon, he was so worn down with the effects of his sea voyage that the he been unable as yet to investigate of the suspension. A had causes private "Messrs. disreceived from London says: McCullough Jay patch Cooke, & drawn Co.. are by throwing out the drafts Cooke & Co., which have hand since the news was received." R Jay come the suspension to committee L. Cut. of ting, Jr., one of the governing of the Stock Exchange, said "I rather think the Stock Exchange will remain closed for a week. perhaps more. Indeed, I hope so. That will give the banks chance to get strong again, when business will continue smoothly and calmly. THE PRICE OF BONDS. A gentleman, as he ascended the steps of the Sub-Treasury, was accosted with the question whether he had any bonds to sell, and was offered a price for them slightly in excess of that paid by the Assistant Treasurer Forty-five hundred shares of Rock Island have been transferred on the books of the company since Tuesday morning in the names of small investers, in lots ranging from 10 to 100 shares. In regard to the rumor that the stockholders of the Bank lift of the Commonwealth had proposed to the that institution out of its difficulties, The cashier said: The rumor is true. stockholders have proposed to come to our rescue, and we haye SO far accepted their offer as to ask them to wait until we are able to make out 8 statement, which will be in a day or so. We are hard at work on now." INDIGNATION was expressed on Tuesday over a reported saying of Secretary Richardson that it was a Wall street flurry, got up by a set of speculators, and that the Treasury must look out for itself. Among those waiting to draw their deposits from the Bleecker Street Savings Bank to-day were a large lot of ORGAN GRINDERS, Many of them are ragged and apparently poverty stricken, but they draw out amounts of money ranging from $50 to $500. ANXIETY AMONG THE MERCHANTS. The three New York commercial agencies all unite in saying that the feeling among the mercantile men of the country in regard to the Wall street troubles is one of universal anxiety and apprehension. They are now constantly in receipt of let. ters from the most remote sections of the country, all anxiously inquiring the condition of affairs and the prospect for the fu ture. Country banks hesitate about sendto New York for fear the house to which send may be in and ing money they trouble, lose their that they may in consequence money. A very large amount of notes given by chanteet New York are maturing the country merchants to the jobbers and mer-