15618. Citizens Bank (New York, NY)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
March 11, 1871
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
29bfa581

Response Measures

None

Description

Newspaper reports (Nov 22, 1871) describe a circulated rumor of a run on the Citizens' Bank in New York that proved untrue and the bank remained solvent; no suspension or closure is reported. Also an unrelated suit for false dividend returns was reported March 11, 1871.

Events (2)

1. March 11, 1871 Other
Newspaper Excerpt
Suits were begun in the United States District Court this morning against the Tenth National Bank and the Citizens' Bank to recover $5000 in each for false dividend returns.
Source
newspapers
2. November 22, 1871 Run
Cause
Rumor Or Misinformation
Cause Details
Widespread unfounded rumors among the public suggested a run on the bank; the stories were described as ungrounded and the bank proved solvent.
Newspaper Excerpt
A rumor of a run upon this old established Citizens' Bank in - circulation proved solvent, yesterday, the being entirely untruthful.
Source
newspapers

Newspaper Articles (2)

Article from The Evening Telegraph, March 11, 1871

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Article Text

FROM NEW YORK. The Erie Troubles. NEW YORK, March 11.-In the United States Court, Judge Blatchford, this morning, the motion of Heath & Raphael that the injunction which had been granted in the State courts for the appointment of a receiver of six millions of Erie stock left with the Farmers' Loan and Trust Company was vacated, judgment being taken by default. False Dividend Returns. Suits were begun in the United States District Court this morning against the Tenth National Bank and the Citizens' Bank to recover $5000 in each for false dividend returns. Heavy Suit-Jury Disagrees. NEW YORK, Mareq 11.-The jury in the United States Court were unable to agree in the case of the Government against William Weld & Co., of Boston, for $400,000, being the value of an importation of sugar on which it was claimed full duty was unpaid. The jury was discharged. Lesses at the Murray Street Fire. The losses by the Murray street fire this morning were as follows:-Lawson & Co., $55,000, insured for $52,000; W. H. Rogers, paper maker, $20,000, insured for $17,000; Howards & Quickenbush, $15,000, insured for $20,000. Losses on the building $20,000, insurance not ascertained. The New York Bank Statement. NEW YORK, March 11.-The following items appear in the weekly bank statement published to-day:Loans increased $6,731,508 563 031 Specie decreased 983,884 Legal-tenders decreased 4,885,070 Deposits increased


Article from The New York Herald, November 22, 1871

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Article Text

THE BANK TROUBLES. The Situation Yet rday-Better Prospects for the Depositors-The Receiver of the Bowling Green Bank HopefulStatements Yest: The panic which prevailed very extensively in the city among the poorer classes relative to savings banks has Been greatly less ned by the statements of the various companies vesterday. and public confidence has in some measure been restored. The smash of two or three of the smaller banks raised apprehensions in the minds of the untainking that all kind ed institutions must necessarily collapse, and in consequence will rutnors have been freely circulated ab nt different co spanies, some of them the strongest in the city, which have turned our to he urterly un ounded. all having proved thoron nly solvent except the two or three which have been controlled by the Ring. The old standard banks of the city have maintained the even tenor of their way. though a number or them were more or less affected DV the stories which have been mooted abroad. It now seems as If the erisis is over, and probably when all is known the loss to the depositors will not prove 80 serious as at first represeated. The measures hich have-been so promptly taken to uard their interests cannot fail in securing all the available assets of the backs which have suspended, and the sums may ossibly be large. enough to cover, or nearly so, the indebredness. A ERTE KETCH of the situation yesterday will explain how matters at present stand, and show the condition of the various banks which have already burst, and the others whose name have been associated with the nying ramors of Monday. THE GUARDIAN. NO new developments have taken place relative to the Goardian Savings Bank, the receiver not being in a ition as yet to give 8 correct opinion upon of afairs. The offices yesterday remained the entire day. various parties of procuring an entrance the closed sirous state who were being deby a padlocked door, the building. officers met having completely eserted company the will renor at all probable that this 15 as the neads O. 1 the sum confidence of the people, and, 1031 state o their finances prombit present It the basines, have Anything besides, completely like states that his his Mr. is very signt, be having only R bank resulaption, Tweed connection supposed allowed with the ino as President croin the name it had with the people. it IS finance the old man is more deeply to ever. that appear contess; Dat 13 likely. impucated dimicult nowthan particulars, ae is willing the to other officials of the bank pregain a strict reticence on the subject. serving THE BOWLING GREEN was visited by a AERALD reporter, who, after procured admission. con- Mr. siderab the directly secretary, was found in the once, and up Se mea. of clerks, busily engaged 1a squaring with the deanumoer with a look to settlement able the accounts, Mr. Selmes scares tney expect to as be the reever Golia, or nearly so, as SOON business. to pay has concluded his research of himself the ceiver positors. both Mr. Smith and deeply, 1eel lie says the bank very as they They do not intend to resuine them the failure took of a deep interest among business in is success a variety of reasons, chief memagain being the or the partisite Committee 01 adnerence Manage of nent to e the Tam- to the present spects if pers Rine. Mr. Kaapp, the receiver, and many before the 1st of a depositors will be paid the the possi There was no to declare 10.all them. dividend excitement January It Juil around useless amount own the people neding make office any yesterday, further exernous to procure their money under existing circumstances. THE YORK ILLE from has so far weathered Of the the city storm, Hall accounting its distance for hav- its the atinosphere the hanks situated near hea tquarters deposits. ing recen ed 01 a lar business en done in tate bank one 1: small, bunThe amount not of deposit+ being under tears out the solveney, whole amo amount Mr. Genet of Tamariar nas no dred monsand prove all right. of ars. The depositors contrary also to seem report to have confidence 1il place more tuan usual at any unie no rua since the Guardian It will having takea THE the company, NATIONAL suspended payment, still continues to pav. and on the hand cashier to meet states all that 11athere are abundant was lustis progressing yesterday of in a billines. manner, there being no very qmet of money being out unusual reported large sum were their amount Bosiness indication exoress WILLGRAWD taken any inthough the it 13 week. The company wish to withdraw, during tontion do not to anticipate payment that any win for further the time drain seems will be to but made upon end them. here. The and r1-k the oficials are condident that be at all an Will be right THE 14 a CITIZENS'. few days. rumor o: a run upon This old established it, DANK in nas circulation proved solvent, yesterday, the being entirely untrathful. THE MANHATTAN it being also concerning is also square, the street report is responsible for the stories unrounded. on Wall with the TWO banks, but, like source many, in connection the same nas other to be a canard. their it has to the savings sensations turned relative our Nothing banks. any way. transpired names the situation. figuring I will in the he excitement seen and from the people the in above. who sup- nas become more about to be neeced in a wholesale as they posed they were cease to be 80 much The manner may encouraging safe.y of their alarmed lungs. will rehave been about the good men and tru, who ceivers discharge their duties 10 doubless favor or appointed affection. preserving are and the depositors. strict impartiality III without a very both the companies 10 publish their they are short time they of clearing up all and trafactorily. hoperni expect appear upon statements, their accounts Bowling Green will they The mardian and more ascompanies. the support Jalled. the scene no upon 80 long having entirely the event of have depended be with the National in the other another How 1. will crisis remains to be seen; but all banks are perfectly sound.