Bowery Savings Bank - New York, NY

Bank Information

Episode Type: Run Only
Bank Type: savings bank
Start Date: May 16, 1884
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 471e3696

Response Measures

None

Description

Article (The Daily Dispatch, 1884-05-17) reports withdrawals from Bowery Savings Bank on May 16, 1884 as part of wider money stringency and runs on multiple NYC savings banks. No suspension, closure, or reopening is mentioned for Bowery Savings Bank in the excerpt, so this is classified as a run that did not lead to suspension.

Events (1)

1. May 16, 1884 Run

Cause: Macro News
Cause Details: Withdrawals occurred during a broader money stringency and bank failures in New York (general panic/market weakness, failures elsewhere) rather than bank-specific scandal or a discrete rumor about this bank.
Newspaper Excerpt: A number of persons drew out their deposits at the Bowery Savings Bank to-day. There was no excitement there.
Source: newspapers

Newspaper Articles (1)

1. May 17, 1884 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, May 17, 1884

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Article Text

THE WORST IS OVER. BRIGHTER DAY IN WALL STREET. Backbone of the Money Stringency BrokenThe Clearing-House Decide to Loan Money to Members-The Government Comes to the Rescue. [By telegraph to the Dispatch.] NEW YORK, May 16.-The meeting of the Clearinghouse Loan Committee this morning resulted in a decision to loan to members of the Association all the money they may require at par, on the pledge of Gevernment securities. This will, is is thought, help materially to ease the prevailing stringency 11. money. THE NEW YORK BANKS. NEW YORK, May 16.-The run on the Emigrant Industrial Savings Bank had abated to-day, and business was being done the same as usual. About $160,000 was paid out yesterday. but depositors were returning their money to-day. There was no run on the Manhattan Savings Institution. The Greenwich Savings Bank run ended to-day. There was a steady run on the German Savings Bank to-day. A large crowd, composed mostly of workmen, stood around it. The teller was paying nothing but gold to them. The Second National Bank presented a quiet appearance to-day. There were many parties making deposits, but few drawing out. At the Union Dime Savings Bank only a few persons drew out their deposits. A crowd surrounded the Bleeker-Street Bank this morning. They were nearly all Italians, and the run is confined altogether to them. A number of persons drew out their deposits at the Bowery Savings Bank to-day. There was no excitement there. There was no run on the Butcher's and Drover's National Bank. the Citizens Savings Bank, Metropolitan Savings Bank, Manhattan Savings Institution, nor the East River Savings Bank. There was a run to-day on the Seamen's Savings Bank, but all depositors were paid on demand. The Petroleum Exchange resolved to close at 3 o'clock to-day without taking the usual recess. It was also resolved to maintain a position of masterly inactivity and do as little as possible, allowing things to settle of their ownaccord it they would. DONNELL, LAWSON & SIMPSON. NEW YORK, May 16.-Donnell, Lawson & Simpson have assigned to their confidential clerk, R. H. Weems. The assignee says the firm has been unable to make out a statement of its condition, and does not expect to have one ready for some time. The assignment was made with a view to protecting everybody, both large and small, and was only determined on when parties at the West began attaching property of the concern. THE MARKET CLOSES WITH A WHIRL OF BRILLIANCY. The New York stock market opened irregular. and in the main weak, on account of the failure of Fisk & Hatch, announced late Thursday. The first sales were generally at a concession of 1@14. St. Paul opened * lower, Northwest 1, Lackawanna 1, Lake Shore 21, Missouri Pacific 1. New York Central 1. Northern Pacific preferred 1. Pacific Mail 21, Omaha 11. On the other hand, Western Union and Wabash preferred, Union Pacific and Texas Pacific were higher. Before the first call there was a sharp upward turn, and Lake Shore rose 2, Pacific Mail 2, Western Union 21. New York Central 18, Eried. Northwest 14, St. Paul 21, Quincy 1, Central Pacific 24, Lackawanna 1, Louisville and Nashville 14, Missouri Pacific 1. Speculation was favorably affected by the weakness of the sterling exchange market. The failure of the Newark Savings Institution was announced, and a drive was made against Lake Shore and New York Central. The former broke 8 and the latter 3t. Among the other active shares Canadian Pacific fell off 24, Central Pacific 12, Canada Southern 3. Northwest 41, St. Paul3] Rock Island 11. Lackawanna 44. Delaware and Hudson 2, Louisville and Nashville 34, Missouri Pacific 5, Kansas and Texas 14, Northern Pacific preferred 3, Pacific Mail 3. Reading 14, Union Pacific 24, Western Union 24. Subsequently, while there were frequent reactions, and at times a feverish feeling under fear of further failures, themarket showed a hardening tendency, and as 3 o'clock approached and there were not only no further failures, but the favorable conditions continued to multiply, there was a great improvement in prices, the day closeing with a whirl of buoyancy. The change from depression to buoyancy late in the day was very marked, and at the close there was a great feeling of relief. and the opinion gained ground that the worst was over. During the day considerable money was received from nearly all points, and investors also brought heavy amounts to buy. At the close it looked as if the backbone of money stringency had been broken. In the late advance Canada Southern rose 3, Canada Pacific 31, Central Pacifie 41, Quincy 44, Northwest 34, preferred 4. St. Paul 41, Louisville and Nashville 54. Lake Shore