15513. Bowery Savings Bank (New York, NY)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
September 22, 1873
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
b10d6b33

Response Measures

Accommodated withdrawals

Description

Multiple contemporary articles (Sept 22-24, 1873) describe a heavy run on the Bowery Savings Bank during the financial panic triggered by Jay Cooke & Co. and the stock-market crisis. Trustees paid depositors, limited large payments (certificates for big accounts), and posted 30/60-day notice provisions as a precaution, but the bank did not suspend or enter receivership and soon resumed normal operations.

Events (1)
1. September 22, 1873 Run
Cause
Macro News
Cause Details
Run occurred during the nationwide financial panic/stock-market crisis (collapse of Jay Cooke & Co. and related shocks) leading to widespread depositor nervousness.
Measures
Trustees paid small accounts promptly; limited payment of very large deposits (certificates issued); posted 30/60-day notice rules and restricted larger payments while keeping on-hand cash and government bonds available.
Newspaper Excerpt
Shortly after the Bowery Savings Bank opened its doors this morning large numbers of depositors began arriving, and soon became evident there was going to be a run. The trustees met and decided to pay ... they have got $12,000,000 government bonds ... however, if the run lasts they will take advantage of the thirty days notice clause in the by-laws.
Source
newspapers

Newspaper Articles (11)
1. September 23, 1873 New Orleans Republican New Orleans, LA
Article from New Orleans Republican, September 23, 1873

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BANK FAILURES The Condition of Affairs Monday Morning. NEW YORK, September The Gold Ex. change has closed, the same as the Stock Exchange: 112 has been established as the basis of settlements. The room will re. main open for the purpose of settlement. The rate of interest is fixed at seven per cent for carrying. It is officially announced that Secretary Richardson will continue to buy bonds at Saturday's quetations, He (Secretary Richardson) said last night he did not see that he had the power to do more than buy bonds, and all tive-twenties offered will be bought without delay or red tape. The government, the Secretary adds, "is not a trust company or loan institution, and it is doubtful whether Congress would sanction any such construction of my power. The above alludes to using the $40,000,000 reserves. Thirty savings banks have resolved to rigidly enforce the previously noticed clause. The Stock Exchange remains closed today. from the Clearing House office check passed says A message that every through It the Clearing House will be paid. says the banks are in no danger: they were never stronger. All the banks have pulled through except the two settling through the loan committee. All the savings banks "runned" the Clearing House. The loan committee issued : 0.000 gov. ernment certified checks and $1,000,000 bonds. Large crowds are waiting to sell Montreal and Europe are buying stocks at a *shrinkage. The sub-treasury is buying five-twenties at 110 12-100. The run on the Seamen's Bank has commenced. They pay sums of $100 and under: larger amounts must await the law's delay. When the doors of the Irving Savings 96 Warren street, were opened this a crowd of in. for their money. Bank, clamoring morning No. depositors work. The and rashed paying teller immediately set to com. menced to satisfy their demands. When the majority saw how willingly money was being paid out they became quieted and left. Up two o'clock the bank had paid out about $10,000, and received a considerable amount in deposits. At the Broadway Savings Bank. No. : Park place. business was being done as or no excitement out up to while a amount had been not The usual. amount exceed Little paid 810.000. received. two proportional prevailed. clock did The bank officials do not anticipate a run. Shortly after the Bowery Savings Bank opened its doors this morning large numit bers of depositors began arriving, and soon became evident there was going to be run The trustees met and decided to a allowances, as they did not believe the PULL pay would last. The trustees etated that nearly all of the depositors drawing out their money were small accounts. The trustees say that they have got 812.000.000 government bonds and about $2,000,000 in New York and $100,000 in Brooklyn which they could draw on immediately. However. if the run lasts they will take advantage of the thirty days notice clause in the by but will even then pay out sums up to 8200 or $300, so as to save their depositors from any inconvenience. New York Savings Bank. Sixth has a run. All checks are cashed. The a which is being met. slight promptly avenue. The run. Greenwich checks promptly has being The Biecker is paying all upon presentation. There is a large crowd in attendance. The Atlantic is paying all checks of $100 and less upon presentation. Checks of greater amount are required to abide by the sixty days by-law. Feeling of Relief. The feeling among all classes is one of of great relief. There are no runs on any the national or State banks. and the crowds on Wall street are mainly curious spectators. There is considerable inquiry for stocks on the streets. investors with greenbacks seeking purchases. but the prohibit tion of the Stock Exchange precludes trans. actions. Cooke & Co.'s Creditors. : of Jay Cooke & cred- have itore No held until full will meeting Jay be statements Co. been received from the various branch they have throughout the county offices these are now being prepared with the try: utmost dispatch. The firm can not at 0 present say anything with regard to the duration of their suspension. The Clearing House has issued a state ment that all the banks made their clear- here. satisfactorily. including the two tofore reported in doubt. The following are the street anotations showing the falling off: New York Central 90, Hariem 106. Eric 51. Rock Island 87. Panama 88. How it is Arranged. of drafts drawn of Jay Cooke Co. correspondents Holders by banks the & under referred for honor to the and bankers are set opposite their respective names. ( Drafts drawn against money deposited since their suspension will be paid upon presentation to Jay Cooke, McCulloch & Co., Lordon: Drexel, Morgan & Co. Home Insurance and Banking ComGalveston; American Exchange NaP pany, tional Bank: Planters and Miners' Bank, t Centreville, Georgia; National Park Bank: p Georgia Banking and Trust Company. At lanta, Georgia; Hopkins, Dwight & Trowf bridge Savings Institution, Mobile; Metropolitan National Bank. What the Express Says. t Express says: "After all but one bank The suspended and two trust companies. has The banks both here and in Washington, as B turns out, were worse scared than hurt, and It h indeed half the panic has been a scare. is understood that the loan committee

2. September 23, 1873 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, September 23, 1873

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BY TELEGRAPH THE STOCK PANIC. The Gold Exchange Closed. RUN ON THE BANKS. Light Breaking. OF CONFIRESTORATION DENCE. to NEW YORK. Sent 22.- Marvin Brothers added to the list of suspended brokers' arrived here Moutreal bein the the hrinkage quotat from Eu large orders also are with instructions to fill as soon as the in posted on the door of This Trust Company statement prepare will soon prepare are cautioned against their owing notice has just been issued stock exchange will remain the be held will at to-morrow morning Gold Exchange has closed the same as Stock Exchange. 112 has been will The room basis The for the purpose of settlement. for interest is fixed at seven per cent. The followin notice is posted in the United sub treasur, The United States bonds to-day all of the series include Small made h# bought. that the in the the directors of the Seamen immed Bank, decided pay $100 under under. All not be paid before thirty days, as their The Clearing House statement has been made and all the banks have been The feeling There relief. down great of any the if of the Banks that the there quiet there ordinary there, the of financial or that city city that upon the report the side tour quiet being banks The are their notice compel days' their their deposito desiring loan committee have The Clearing House two and issued half million of loan Peter Cooke and Hugh McCulloch arrive will be morning and steamer Egypt street The national ational banks banks are promptly meeting all The savings banks suspension, the merely relief to rdrew their A.D Williams & North the Bauk amount $450,000 To-day the $250,000. leaving $200,000 bank due. avoring The to compel the payment of statement statement Saturday that checks of had Bank been the Clearing error, House an was with Bank National is The the Continent al Bank been has usual. paying been all paving demands - on them that looks like legitimate bus on There is considerable enquiry for stocks streets meeting of Jay Cooke creditors will be been until full have offices country These are now now being prepared pres of anything regarding the duration in feeling financial The improve dealing there stocks board for cash and green diminish backs. The crowds down town are ing. Runs on the Banks When the doors of the Irving Savings Bank were this open rushed dep teller The paying Up paid the has the up The Bank, inside They Savings checks The the insists day Bauk Savings Banks The which met. Savings large Atlantic Bank paying less upou Checks the amount are required required to abide by after the Bowery Savings Bank the doors State the its began numbers The Trustees that One live. their had about been about had The 0.000 000.000 S1 in and draw could They they $200 to $300, sums thei depositor the The teller paying Bank corner and Bowery stated there Savings had there but there be should they were prepared ions in the West. Apprehen until A spatch from Mili says the Wedbers Comm has adjourned the affairs adge Fanche the the at to-day Grocers of this attacht tional Bank this city the of Bank Philade phia this city, for $10,000 Basiness Settlements. in gold The -treasury paid out $22,000 843 000 for account The Co.. $362,000 Jay Cook, this their represeut of Co.'s the & Cooke The of Co Jay Bo French of by Ed o & Sweet Co. those Abbot Conn., by the opolitan Na tional Bank Judge Fancher this afternoon granted against the property liamson tacomen brokers city, for $495,548 the Satmorning being the by the Bank Bank North morning the but day, pay paid. which Action of the Brooklyn Banks. The Brook to-day to-day securiresolved sell $1,000.000 of case an the upon them. They will stand by each other whatever may transpire Another Run. the Fifth Ward There was slight run or City to-day. Jersey Banks Savings The Post's Review closed day 'The The Evening Post says: Stock al ith with the Stock Ex feeling. though put will,1 change closed such be prudent the for of as threehigh the street g fourths per cen Money rate having been paid by President distresse Vail the Bank of Commerce, that had said beeu fidence thought He of : greatly improved mant buying 5.20s had been beneficial highly The Panic Scare bank

3. September 23, 1873 The Rutland Daily Globe Rutland, VT
Article from The Rutland Daily Globe, September 23, 1873

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New YORK Sept. 29. The Brooklyn Bank Presidents met to. day and resolved to sell one million of United States securities in case of emergency. The majority, however was of opinion that there would be no run upon them. They will stand by each other whatever may happen. A SLIGHT RUN. There was a slight run on the Fifth Ward Savings Bank, Jersy city, to-day. AN IMPROVED GENERAL FRELING The Evening Post says the day closed with an established improvement in the general feeling. One day more with the Stock Exchange closed will. it is thought. put everybody in such condition. so far the exercise of reason is concerned, that it will be prudent for the broken to again be. gin business. This afternoon money lent on the street as high as 9 per cent. that rate having been paid by distressed brokers. President Vail of the Bank of Commerce. said this afternoon that confidence had been very greatly improved. He thought the action of the government in buying five-twenties had been highly beneficial loosing greenbacks STATEMENTS OF JAY COOKE AND CO. Jay Cooke Co. notify the holders all drafts drawn against money deposited since their suspension will be paid on presentation of holders, and those drawn previous to suspension are referred as follows: Of Lathrop. Lroy, N. Y. to Bank of Commerce : of all Canada banks except Molson's bank of London and its branches to Metropolitan bank of Molson's bank, of London. St. Thomas and Owen Sound, Ontario to Park bank holders. Drafts drawn by bankers in various parts of the country and abroad are referred for payment to banks and banking firms to whom accounts against which drafts are made. has been transferred. HUNS st BRIDING IN WASHINGTON WASHINGTON Sept. 22. The run on the Freedman's and Washington city savings banks has nearly sub. sided. not more than a dozen persons being at either place at any one time during the day. RUN ON NEW JERSEY SAVINGS BANK. TRENTOS. J., Sept. 22. There was a run on the savings banks today. The directors claimed two weeks notice according to their charter. and took the names of all who wanted their money. The banks are amply able to pay every dollar. The regular banks were also called upon by a few depositors, whose demands were promptly paid. Each of the three banks in Trentonhave a surplus of over $100,000 ANOTHER st SPENSION. PITTSBURG Sept. James T. Brady & Co., brokers of the Security Trust Company suspended today. RUN ON ALBANY SAVINGS BANKS. ALBANY. Sept. was quite a run on some of the banks here to-day. savings There The Albany Home Savings Bank paid out 850,000 Savings Bank, $6,000. and the National $12,000. AL p.m., when the banks closed. there was a better feeling prevailing. and it is thought the run is now over. THE NEW YORK CITY SAVINGS BANKS. NEW YORK, Sept. 22. The savings banks. being run upon. do not all enforce the thirty or sixty day notice provision of the charter. The Bowery Savings Bank has such an amount of cash on hand that it will not 10 quire such notice. The Murray Hill Bank is also pay ing all demands upon it. The Metropolitan Savings Bank and Third Avenue Savings Bank both require notice. The savings bank in Bleeeker street are paying as nstial. and there have been no more withdrawals than in ordinary times. Manhattan savings bank, corner of Broadway and Bleecker street. have such confidence in their stability that they are paying without any notice being required. The Citizen's savings bank in the Bow. ery are paying all small sums but require thirty days on all amounts above $1,000. Mechanics & Traders', East River. New and Ainsterdam are all paying on demand require no notice. Payments are not beyond the usual amounts In many of the banks which are paying on demand depositors frequently leave with ut withdrawing their money to when they find that the bank is ready deSome of the banks that have elded pay it to enforce the thirty day provision their reabiding so rigidly by the letter of charter that it is creating some discontent. The Security Bank,corner of Thirty-fourth street and Third avenue will make no pay. ments unless notice is given. Many small depositors grumbled at this. the they wanted to withdraw amount of their entire not because deposits and but wanted they stood in need of ready money Bank a portion of their that however, denied them. officials, to draw funds. saying establish paying them they would by precedent that might be followed side. every one of their depositors on the west The savings bank depositors for the seemed to be much alarmed and gathered time in groups around the institutions held their money, but consideration all danconvinced that them of the absence of to and they gave up the inclination could. draw ger their money, even if they ) A HEAVY RUN WELL MET. There has been a run on the Union during Dime bank, No. 396 Canal street over and at two o'clock there savings he day, and were around hundred people inside and seven bank. They required no notice 1 the until seven o'clock this evening. paid bank has ninety thousand deposi- on This million and it half of cash tors, and had PRODUCED

4. September 23, 1873 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, September 23, 1873

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quee o country capitalists ward came in with greenbacks in hand expecting to buy at the panic prices of Saturday morning. were much disappointed at finding that where stocks were obtainable at all they were held at ten to twenty per cent. higher than when the Stock Exchange closed on Saturday. At the close of business the feeling was still more improved. The panic has undoubtedly been limited to financial circles, banks having been a barrier which prevented an extension to the mercantile interests. A good many settlements are making between brokers of stock, and if the Exchange is kept closed for another day the volume of these contracts to be settled will be largely reduced. We may on opening of the Stock Exchange have a fresh lot of failures of brokers' firms, but there is no doubt that the tide has turned, and mercintile credit will not be swept down. EFFECT UPON THE TOBACCO TRADE. (Special to the DI patch from the ditors of the New York Tobacco Leaf.] have BROOKLYN, N.Y., September 22.-We heard of no suspensions or failures in the tobacco trade either in this eity or elsewhere. During the past year our merchants have acted in a most con-ervative and prudent manner both in buying and selling. The market has been very little affected. the usual number of sales having been made during the week. Associated Press telegrams.) NOTES OF INCIDENTS YESTERDAY-RUN ON SAVINGS BANKS-HOW THEY STOOD T-JAY COOKES CREDITORSTHE ELISG IN THE EVENING. THE GOVERNMENT DETERMINED TO BUY BONDS. NEW YORK. September 22.-It is oflicially announced that Secretary Richardson will continue to buy bond< at Saturday's quotations. Secretary Richardson said last night he did not see he had the power to do more than buy bonds and all the 5-20's offered will be bought without delay or red tape. The Government. the Sceretary says. not : trust company or loan institution. and is doubtunt what her Congress would sane. tion any such construction of my power." covertudes to the using of $10,000,000 of the reserves.] MISCELLANEOUS ITEMS ABOUT THE PANIC. to Thirty savings banks have resolved ! rigidly inforce the previous-netice clause. The Union Tru-Company is in the hands of receiver The New York Stock Exchange remains closed to-day. The manager of the Clearing House says every check passed through clearing will be paid. Hesays the banks are in no danger, and bat they were never tronger. The suspension of Mary Brothers is announced. All the banks have pulle d through except wo-the two settlin it through the loan coth= mittee. All the savings banks are having amouthem. The clearing-house loan committee have issued 82,500,000 certified checks. The Government has bought a million in bonds. carge crowd. are waiting to sell. Montrea and Europe are buy mg stocks at theshrinkage The Gold Exchange is closed. 112 has The licen tixod as the basis of settlement. rate of interest is fixed at for carrying. at The Sub-Treasury is buy ing 5.20's 110 70-100. A run on the Scannan's Bank has commeneed. They pay all sums of $100 and under: larger sums must wait the law's day. the Treasury Department denies that from the DAVY account fund this been transfe rred Jay Cooke, Met uttoch & Co. banks The run on the Wa-lington savings to-day was comparatively very slight. Secretary Richardson has received the following dispites. dated New York to-day .. The mercintile business progresses n-tual. Wall street is already itself. The people join in congramulations to the President and Fecretary Richar dson for their stability. The Stock Exchange will be opened Wednesday." NEW YORK. September 22. When the doors of the Irving savings Bank. 96 Warren street, were opened this morning, a crowd of depositors rushed in clamoring for their money. The pay ing-teller immediately When set to work to satisfy their demands. the majority present saw how willingly the money was being paid out they became quieted and left. Unto2 P. M. the bank had paid our about 810,000. and had received a considerable amount in deposits. At present the excitement has completely subsided 4 Al the Broadway Savings Bank, No. Park Place, business wast ing transacted as usual. little or no excitement prevailing amount paid out up to 2 P. M. did not exceed $10,000. we Bee proportion ateamount had been received. The bank officials do not anticipate run. Shortly after the Bewery Savings Bank opened its doors this morning a large numher of de positors began arriving, and it soon be became evident that there was going to area. The trustees met and decided to pay all demands, as they did not believe that tue run would last. One of the trustees stated that nearly all of the depositors drawing out their money were those having small accounts. The trussay that they have got $12,000,000 in in Government tees bonds, and about 82,000,000 which New Yorkand $1,000,000 in Brookly n. they could draw on immediately. However, the run lasts, they will take advantage of if the three-days' notice clause in their by-laws. $20 but will even then pay out sums up to from or 830, so as to save their depositors any The inconvenience. Union Dine Savings Bank. on Canal street. is besieged by vast throug. About hundred are inside. The doors are two closed, and a placard in the window can anpounces that as many persons are in as able off to-day. The bank is amply in be meet paid a run. having on hand $1,500,000 in to cash. They will sell to day $500,000 their bonds, the proceeds going to reinforce excash for to-morrow's runs They are not the sixty days' notice accorded by with its acting by-laws. There are 90,000 depositors this institution. The New York Savings Bank, Sixth checks aveBUE, has a run of one hundred. All promp ly has a -light run, The Greenwich being met. cashed. which is promptly Bleecker is paying all checks upon The large line is in attendance.

5. September 23, 1873 The New York Herald New York, NY
Article from The New York Herald, September 23, 1873

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was solvent, and, being assured of this, they did not draw their money. A 10w people, who had come under the influence of a scare in the early part of the afternoon, and drawn their money, and who then went away, subsequently returned and again deposited their money. The bank officers say that they looked upon the action of the great bulk of their depositors as very foolish. They did all they could to assure them that the bank was perfectly solvent and abundantly able to pay every dollar that might be demanded, but they did not desire to pay the largest deposits. Sums of less than $1,000 were paid as fast as the corps of assistants were able to prepare them. There are about $8,000,000 deposited in this bank. The bank officers say that they will continue to pay as they were paying yesterday, but should the other savings banks agree on a united action the Citizens' Bank will be in tull accord with them, and will act in harmony with them. The bank kept open until seven o'clock last evening. Up to that hour the crowd continued around the buil ding, and became an object of attention for all the passengers in the cars travelling up and down the Bowery. The Bowery Savings Bank. There was a long and a strong run on this bank during the entire day. The bank offices were crammed, and the street in front of the building was thronged with anxious groups of people. As in the Citizens' Bank police officers were stationed in the building and outside of it to preserve order. The rush was constant and threatening. More than at any other banking institution in the city depositors flocked here, as rumors had been rile relative to the run upon it. The stream of people wanting to draw their money was continuous, and last as the clerks could supply it the money was placed on the counters. The facility with which anxious people were supplied with their accounts helped to send many others away who had been in serious trepidation as to the safety of their savings. The principal officers of the bank stated that it was with great. regret they saw depositors acting so foolishly, as, of course, by drawing their money they were losing the three months' interest. They stated, furthermore, that they intend paying as long as depositors appear to demand their money. They do not, however, intend to pay in cash the largest amounts on deposit, for this could not possibly do any good, but to those who have very large deposits in the bank they give certificates, which, IOr all business purposes, are just as good as the money. In this way they mean to continue until'the run ceases. They had no fears whatever yesterday as to the result of the run upon the savings' banks, and anticipated that to-day would see the end of it. The bank had a rull reserve on hand yesterday morning, in all about four hundred thousand dollars. The total deposits amounted to about nine hundred and fifty thousand dollars.

6. September 24, 1873 Knoxville Weekly Chronicle Knoxville, TN
Article from Knoxville Weekly Chronicle, September 24, 1873

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WASHINGTON. Sent. 22.-In the course of the morning the President called at the Treasury Department and had a conference with Secretary Richardson. The result of it may be inferred from the fact thatsubsequently the Secretary stated to the agent of the New York Associated Press that the President will o anything within the law but will in no particular go beyond his clear legal authority. He will maintain the safety of the Treasury Department and protect the credit of the United States from the influences of the present financial embarrassment. Jay Cooke re-asserts the solvency of the London house. A private dispatch from Shreveport is discouraging. Pastor Hutter, of St. Mathew's Lutheran Church of Philadelphia is dead, aged 61 years. An American steamer at Newfoundland reports collision with a fisherman, three out of fifteen were saved. Bettingist and three to one on Brown for to-morrow's boat raco at Halifax. The Treasury Department denies that the navy account fund had been transferred from Jay Cooke, McCulloch & Co. Judge Richardson, says he will look out that the Government does its duty within the law, and he knows exactly where to get all the funds that are necessary, but does not intimate a word about the much talked of legal tender reserve, furnishing a part of the money to go to the Assistant Treasurer at New York. No meeting of the creditors will be held until full statements have been received from the various branch offices throughout the country. These are being prepared with the utmost dispatch. The firm can not at present say anything in regard to the duration of their suspension. The Clearing House statement is out to-day and shows that all the banks made their clearing satisfactorily, including the two heretofore reported in doubt. The following are the street quotations, showing a falling off New York Central, 91 Harlem, 106: Erie, 51; Rock Island, 87 Panama, 88. At present the excitement has complete. ly subsided. At the Broadway Sayings Bank, No. 4 Park Place, business was being transacted as usual, little or no exeitement prevailing. The amount paid up to two o'clock did not exceed $10,000, while the proportionate amount had been received. The bank officials do not anticipate a run. Shortly after the Bowery Savings Bank opened its doors, this morning, a large number of depositors began arriving and it soon became evident that there was going to be a run. The trustees met and decided to pay. all demands, as they did not believe that the run would last. One of the trustees stated that nearly all of the depositors drawing out their money were those having small accounts. The trustees say that they have et $2,000,000 government bonds, $1,000,000 in New York and $1,000,000 in Brooklyn, which could be drawn on immediately. However, if the run lasts, they will take advantage of every notice clause in their by-laws, but will even then pay out sums deup to $200 or $300, SO as to save their positors from any inconvenience. The Union Dime"Savings Bank, Canal street, is besieged by a vast throng. About two hundred are inside. The doors are closed, and a placard in the window announces that as many persons are in as can be paid to-day. The bank is amply able to meet the run, having on hand $1,500,000ir cash. They will sell to-day $500,000 in bonds, the proceeds going to reinforce their cash for to-morrow's run. They are not exacting the sixty days privilege accorded by its (by-laws. There are ninety thousand depositors with the institution. The New York Savings bank of Sixth Avenue, has had a run of $100,000, all checks being promptly cashed. The Greenwich Savings bank has had a slight run, which was promptly met. The Blecker street Bank is paying all checks upon presentation. A large line is in attendance. The Atlantic bank is paying all checks of one hundred dollars and less upon presentation. Checks of a greater amount are required to abide by sixty days by-law. Currency for the Purchase ef Ronds Fortheoming, WASHINGTON, Sept. 22.-Richard Harrington was appointed Secretary of State, of this District, vice E. L. Stanton, Esq., resigned. There will be a sufficient amount of currency in New York to-morrow, belonging to the Government to buy all the bonds that may be offered. The Secretary of the Treasury bas all that is necessary. and will lookout that there is enough in the hands of the Assistant Treasurer to buy everything in the shape of Government bonds that are presented for sale. Run on Savings Banks. The run on the Washington sayings banks to-day was comparatively very slight. Secretary Richardson received the following dispatch, dated at New York, today: Mercantile business progresses as usual. Wall street is already itself. The people join in congratulations to the President and Secretary Richardson for their stability. The Stock Exchange will be opened Wednesday Notice from Southern Banks. NEW YORK, Sept. 92 The holders of e drafts drawn by the undersigned, who are of Jay ree ferred honor to the banks correspondents for Cooke & and Co., bankers are Drafts set opposite their respective names.

7. September 24, 1873 The Rutland Daily Globe Rutland, VT
Article from The Rutland Daily Globe, September 24, 1873

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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.

8. September 24, 1873 The New York Herald New York, NY
Article from The New York Herald, September 24, 1873

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informing depositors that all amounts under $100 will be paid without notice being given, but all intended withdrawal of amounts over that sum must be noted thirty days in advance. MANHATTAN SAVINGS INSTITUTION. This establishment, situated at the corner of Broadway and Bleecker street, requires no notice for withdrawal of deposits. There was no perceptible run on this bank yesterday. On the contrary, a number of depositors who had drawn their money on Monday returned the same yesterday. Confidence seems to have been entirely restored among the patrons of this bank. BOWERY SAVINGS BANK. Although this bank, in its report to the General Superintendent of Banks, shows the largest surplus and soundest condition, it has, nevertheless, posted large placards inside and outside of the building notifying depositors that thirty days' notice mustabe given before withdrawing any sums of $300 and under, and sixty days 10r amounts above that. No run there yesterday. THE NORTH RIVER SAVINGS BANK, corner of Eighth avenue and Thirty-fourth street, has issued similar notices to those of the larger institutions. At a meeting of the Board of Directors, held yesterday, it was decided that, in view of the many poor people having deposits there, sums of $10 and under be paid out on demand. Larger amounts, however, require notice. OTHER BANKS. The Atlantic, Broadway, Claremont, Dry Dock, Clinton, East River, Excelsior, Merchants', Clerks', Dime Savings, Mutual, New York and other banks have been compelled to protect themselves by issuing the thirty and sixty days' notices.

9. September 24, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 24, 1873

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THE SAVINGS BANKS UNDISMAYED. GENERAL ADOPTION OF THE RULE REQUIRING NOTICE -SEVERAL SLIGHT RUNS, BUT A FEELING OF CONFIDENCE PREVALENT. At the savings banks matters yesterday wore a much more cheerful aspect. At most of them there was an entire want of the excitement of Monday. The agreement to require the stated notice on the withdrawal of all deposits appears to have had a most salutary effect. and, though numerous notices were given at the various banks, it seems the general impression with the officers that few will be 80 anxious to draw their deposits at the end of the stipulated time. EMIGRANT INDUSTRIAL SANINGS BANK. At this bank all demands of $100 and under were paid during the day, but in the settlement of all amounts of large sums 30 days' notice was required. At 2 o'clock the bank was deserted, as compared with Monday. President Huguet stated to a TRIBUNE reporter that the excitement seemed much abated. Few notices of withdrawal of deposits had been made, and in small suma not more than $30,000 had been paid out up to that hour. EAST RIVER SAVINGS BANK. The East River Savings Bank had, thus far, enjoyed a freedom from anything like a run from its depositors. Many inquiries had been made as to the security of depositors, and little trouble had been found in giving satisfactory assurance. Deposits were coming in and drafts were being made to the usual extent. Many now accounts were opened during the day, one of $2,000 during the visit of the reporter. The officers are making no restrictions in the withdrawal of deposits. CITIZENS' SAVINGS BANK. At this bank the rule requiring notice of intention to draw deposits was strictly enforced, and no moneya were paid out at all. A long list of notices of such in. tention was shown, but the officers are confident that this would be the last heard of them. They hoped to return to their usual custom in the payments of demands within ajfew days. ORIENTAL:SAVINGS BANK. Here all necessary money required by depositors was willingly given, but in other cases the usual notices were required. There had been few demands, and as a general rule there was still little variation in the usual banking business. BOWERY SAVINGS BANK. Only in cases of absolute necessity was any money yesterday paid to the depositors of the Bowery Savings Bank, and then only when the officers were fully assured of such want. The notice stating that during the present excitement 30 days' notice would be required upon drafts of $300 and under, and 60 days upon sums exceeding that amount, served for the time to allay all excitement, and during yesterday the bank was comparatively quiet. Through the day many visited the bank, made inquiries, and left. The pohce force found little occasion for their services, beyond dispersing the crowd of idlers that continuously gathered upon the sidewalk. President Brown, who has just returned to the city, takes a very cheerful view of affairs, and gives it as his opinion that they will not be obliged to enforce any restrictions beyond a few days. During Monday, $490,000 had been paid out, and at the same time about $90,000 in deposits received. Yesterday, many deposits were returned, and President Brown has given orders that the old deposits drawn Saturday or Monday, and returned yesterday, shall draw interest the same as if not withdrawn from the bank at all. The long line of women yesterday at the windows of the m ceiving tellers was encouraging evidence that they at least had recovered from their momentary excitement. As conclusive evidence of the stability of the bank. it is

10. October 1, 1873 Watertown Republican Watertown, WI
Article from Watertown Republican, October 1, 1873

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THE FINANCIAL PANIC. The failure of Henry Clews & Co. the extensive brokers and private bankers, of New York, on the 23d inst. has caused the suspension of their corresponding house in London, and of a banking house at Wilkesbarre, Pa., The Geneea! effect of the Clews suspension has been to check the favorable reaction in New York and elsewhere. The last and only important suspension in New York is that of Howes & Macy, an old brokerage and banking concern. The banks of Baltimore, and also virtually those of New York, have suspended currency pay ments. The great difficulty just now is to turn even good securities into cash. The consequence is a continued stringencyin all the commercial centers and uneasiness everywhere. NEW YORK, September 24-10:30 a in -The Governing Committee has decided not to open the Stock Exchange to-day. No Government bonds have been offered at the Sub-Treasury up to this time. The feeling on the street is rather nervous. Brokers are congregrated in front of the Stock Exchange, but are doing little or no business. A meeting of bank Presidents is now in session, considering measures to be taken in the present emergency. Howes & Macy have suspended. This is the first effect of the suspension, yesterday. of Henry Clews & Co. It was one of the houses mentioned in rumor as likely not to weather the present storm, andits suspension causes other houses. reported as being embarrassed, to be closely watched, rumor having been right this time. NEW YORK, September 24-noon.The Sub-Treasury has bought, this morning, almost $1,000,000 worth of bonds. The Bank Presidents have decided to issue another $10,000,000 of loan certificates. NEW YORK, Septen.ber 24.-The slight run upon some of the savingsbanks, noted from day to day since the beginning of the crisis, has ceased entirely. The principal banks below Fourteenth street were visited this morning, but most of them were unmolested, except by occasional depositors, At the Bowery Savings Bank there were some persons withdrawing small sums. but the demand was nothing in comparison with that of a day or two ago. Some persons who crew their money during the early days of the panic have deposited their amounts again. Two prominent stock houses are receiving their stocks, which they have been !unwilling to do since the closing of the Stock-Exchange. Brokers are beginning to think they can see daylight. Money is about 1 per cent. per diem. There are more failures to report today, and the feeling, although not cheerful, is not disheartening, as at the close yesterday.

11. October 2, 1873 New-York Tribune New York, NY
Article from New-York Tribune, October 2, 1873

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THE SAVINGS BANKS STRENGTHENED. MONEY FLOWING BACK-THE DEPOSITORS REGRET THEIR FORMER FOLLY. The business of the up-town savings banks has steadily increased since the early part of last week. Their officers are considering how they may prevent a recurrence of a loss of confidence and the consequent run upon the banks. Some of them believe that a notice of one year should be required in place of thirty or sixty days. Again, this sudden demand for ready cash for deposits made might be obviated by the issue of certificates of deposit, which, once brought into use, might prove as easy of negotiation as other mercantile paper, and certainly as safe. This would free the banks from the necessity of sacrificing securities to meet demands. None of the officials anticipate any further excitement at present, but deem that, until some change is made in the banking laws, such scenos are liable to recur at any time. The custom of meeting all demands from depositors has been continued at the East River Savings Bank. During the week ending Saturday evening $53,000 was received on deposit, and considerable money was returned. Of the $150,000 paid out at the Emigrant Industrial Savings Bank on the Monday of the run, Mr. Donnelly, Assistant Controller, states that probably 60 per cent has been returned by the original depositors. He said that it was an amusing scene to see them come in and, with very sheepish looks, make excuses for having drawn out their deposits. The managers hope in the course of a week to take down the card requiring notice on the withdrawal of deposits. Confident that all excitement is at an end, the officers of the Citizens' Saving Bank have resumed the payment of all deposits, and the card requiring notice is withdrawn from sight. During the week past about $65,000 has been received in deposits-a very fair percentage of the total amount withdrawn during the first days of the excitement. At the Bowery Savings Bank the requiring of notice is also practically discontinued. Money is paid in any amount to those actually requiring it, and the rule of notice is only enforced in the case of those who still find cause for anxiety. At the Metropolitan Savings Bank the rule requiring notice of the withdrawa of deposits is still enforced to some extent, the officers using 'their discretion in the matter. T. W. Lillie, Secretary, says the stories of depositors to gain their money have proved an endless source of amusement. Notices have been received of the withdrawal of between $60,000 and $70,000. and Mr. Lillier argues that the persons should be compelled to take their money, as part return for the trouble occasioned the bank, and not permitted to withdraw the notices, as many are already doing. At the Manhattan Savings Bank business has resumed the ordinary routine. or the $240,000 withdrawn on Monday of last week, much has been returned. At the Sixpenny Savings Bank the rule requiring notice is still in force. Few demands are received, except from regular business men, and these are met. About 80 notices, representing $25,000, have been given. The German Savings Bank is meeting all demands, BIGH Dues