Broadway Savings Institution

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: ee099692

Response Measures

Accommodated withdrawals

Description

Newspaper (Sept 22, 1873) reports a modest run at Broadway Savings Institution (No. Park Place). Bank paid out about $10,000 by 2 P.M., received deposits, and officials did not anticipate a continued run. No suspension, closure, or reopening is mentioned. Cause tied to the wider 1873 panic (stock exchange closed, Jay Cooke collapse) — systemic/macro news.

Events (1)

1. September 22, 1873 Run

Cause: Macro News
Cause Details: Part of the wider financial panic of September 1873 (Stock Exchange closed, Jay Cooke collapse) provoking deposit withdrawals.
Measures: Paid out depositors (about $10,000 by 2 P.M.); continued business as usual; officials did not anticipate further run.
Newspaper Excerpt: At the Broadway Savings Bank, No. Park Place, business was transacted as usual. little or no excitement prevailing amount paid out up to 2 P. M. did not exceed $10,000.
Source: newspapers

Newspaper Articles (1)

1. September 23, 1873 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, September 23, 1873

Click image to open full size in new tab

Article Text

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.