15621. Citizens Bank (New York, NY)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
November 20, 1890
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
350afcb2

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions

Description

Multiple contemporaneous papers (Nov 21–26, 1890) report a run on the Citizens Bank in New York that began around Nov 20, continued several days, and was reported over after six days. Bank officials kept paying out, declined to invoke the 30-day (suspension) law, and borrowed funds from City National and Mercantile Trust. No suspension, closure, reopening, or receivership is reported in these articles. Cause appears to be speculative/manufactured panic (machinations of the speculators), not a specific corrected misinformation episode.

Events (1)
1. November 20, 1890 Run
Cause
Rumor Or Misinformation
Cause Details
Press describes the run as driven by machinations of the speculators and a general panic; no bank insolvency or failure of correspondents is cited.
Measures
Refused to invoke 30-day suspension law; paid out to all who demanded funds; president withdrew $100,000 from City National Bank and Mercantile Trust to bolster funds; limited acceptance of small deposits.
Newspaper Excerpt
The run on the Citizens' bank continued to-day... The finance committee ... determined not to take advantage of the privilege of the thirty days law, but to keep right on paying out to all who demanded their money.
Source
newspapers

Newspaper Articles (7)
1. November 22, 1890 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, November 22, 1890

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PLENTY OF FUNDS ON HAND. Continuation of the Run on the Citizens' Bank. NEW YORK, Nov. 21.-The run on the Citizens' bank continued to-day. As early as 6 o'clock crowds began gathering about the bank, and were formed into a line by the police. When the doors of the bank were opened at 10 o'clock the crowd made a rush. and forty or fifty got in and were paid off. Quite a number wanted to leave a dollar or two on deposit, but the teller would not allow any lower account than $10 or $15 to remain. The finance committee of the bank held a meeting this morning, at which it was determined not to take advantage of the privilege of the thirty days law, but to keep right on paying out to all whodemanded their money. The bank started in with $160,000 left over from yesterday, and in the course of the morning President Quintard drew $100,000 more from the City National bank and the Mercantile Trust company, in order to be fully prepared in all emergencies. The bank officials say, that while they deprecate the machinations of the speculators, they have no legal means of stopping them.

2. November 25, 1890 New-York Tribune New York, NY
Article from New-York Tribune, November 25, 1890

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TWELVE PAGES. THE NEWS THIS MORNING. Foreign. - The question of Mr. Parnell's future leadership will be decided at the meeting of Nationalist members in London to-day. The substance of the Queen's speech opening Parliament to-day has been made public. Many lives have been lost and many vessels wrecked in the North Atlantic in the recent stormy weather. Mr. Edmund Yates comments upon the news in London. General Boulanger has returned to the Island of Jersey. Mrs. Birchall left Woodstock, Canada, on her return journey to Europe. The effect of the potato famine is being felt in Ireland. Domestic. - General Miles received a letter from Los Angeles, Cal., stating that the "Messiah" was probably a Nevada Indian known as Peacemaker. Republicans generally throughout New-Hampshire supported Governor Goodell's action in regard to a special session of the Legislature. A conference committee representing the World's Fair Commission and the Directory was appointed to settle the question of jurisdiction. Fawcett & Sons, prominent coal merchants in Pittsburg, failed. The United States Supreme Court has decided that Jugiro must die by electricity: their decision was also against the Navassa rioters. New rules concerning the treatment of insane patients were promulgated by the State Commissioners of Lunacy. The Harvard students celebrated their victory over Yale. At a meeting of the American Baseball Association, in Louisville, the franchise of the Athletic club was declared forfeited. City and Suburban. - August Belmont died. Edward Brandon, a broker, made an assignment. The run on the Citizens' Bank ended. Four Italians were blown up by an explosion of dynamite; two of them died. The Flower Show at Madison Square Garden was opened. Albert H. Smith was convicted of forgery. Stocks after an early decline more than recovered and closed strong. The Weather - Forecast for to-day: Slightly warmer, fair or partly cloudy. Temperature yesterday: Highest, 44 degrees: lowest, 31; average, 37 5-8.

3. November 26, 1890 The Semi-Weekly Tribune Great Falls, MT
Article from The Semi-Weekly Tribune, November 26, 1890

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# CONDENSED TELEGRAMS. August Belmont died at Yew York yesterday. Soldiers at Pine Ridge have little food but much amunition. Flax seed, $1.25. Lead, $4.80. Tin, $29.80. Edward Brandon's failure has been announced on New York stock exchange. A Northwestern freight train with $60,000 worth of freight went through a bridge near Baraboo. A violent gale prevails in the English channel. The run on the Citizens bank, New York, is over, after six days. Thomas Fawcett and Sons, Pittsburg, coal firm, failed with liabilities $400,000; assests $600,000. The Bishopville, S. C., riot proved to be a scare and has subsided. The Northwestern railroad declared a 3 per cent semi-annual dividend on common, 1¼ quarterly on preferred. Bar silver, $1.03½. Dr. A. M. Turner, ex-member of Alabama legislature, while insane choked his wife and daughter to death at Falkville.

4. November 27, 1890 Barton County Democrat Great Bend, KS
Article from Barton County Democrat, November 27, 1890

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THE EAST. THE will of the late Robert Ray Hamilton has been offered for probate at New York. The document makes no mention of Mr. Hamilton's wife, who is now in a New Jersey prison, but provides $1,200 a year for Beatrice Ray, the child which he calls his "adopted daughter." The bulk of the estate is left to the children of Schuyler Hamilton. THE North River Bank, of New York, will not resume business. A SHERIFF'S jury New York has decided that Tony Hart, the actor, is insane. The chief witness was Dr. Frederick H. Daniels, of the Worcester insane asylum, where Hart is confined. Hart's estate is valued at $22,000. DANIEL HOGUE and Edward Murray, two potters, were struck by an eastbound train on the Fort Wayne road near New Brighton, Pa., and instantly killed. Both men were young and but recently married. THE announcement was made on the New York Stock Exchange of the suspension of P. W. Gallandel, No. 2 Wall street, with liabilities of $1,000,000. The failure is due to the action of several banks in calling in loans to the firm. THE proceedings against the Duchess of Marlborough at New York for an alleged debt were merely legal formalities on an insurance point. THE first annual meeting of the National non-partisan W. C. T. U. began in Allegheny City, Pa., on the 19th. NEGOTIATIONS for a consolidation of the coal and iron interests in the Hocking valley are reported to be in progress. FOURTEEN children at North Braddock, Pa., have been made seriously ill by drinking milk bought of a strange ,man. MISS SUSAN MINERVA TRAIN, only daughter and eldest child of George Francis Train, was married recently to Philip Dunbar Gulager, chief clerk of the gold department of the sub-treasury in New York, where he has been for twenty-seven years. THE run upon the Citizens' Bank at New York continued on the 20th. WANAMAKER is mentioned as a candidate for the United States Senatorship of Pennsylvania. BARKER BROS. & Co., bankers and brokers of Philadelphia, have failed. The failure was heavy and was caused by unprofitable railroad investments. THE New York Supreme Court has declared the Dequest of $4,000,000 by Samuel J. Tilden to the New York public library invalid. The case now goes to the Court of Appeals for final decision. THE International Law and Order League was in session at Pittsburgh, Pa., on the.20th. THE Evening Journal of Albany, N. Y., notices a great scarcity of barleyhardly enough to make beer. THE Twenty-sixth Ward Bank of Brooklyn, of which Ditmas Jewell, formerly of the Brooklyn Bank, is president, was robbed of a package containing $5,000 in bills. The work is supposed to be that of a band of clever sneak thieves. THE run on the Howard Savings Bank at Newark, N. J., gradually tapered off. It was the result of a fool ish scare. JAY GOULD thinks better times are at hand for Wall street.

5. November 28, 1890 Bismarck Weekly Tribune Bismarck, ND
Article from Bismarck Weekly Tribune, November 28, 1890

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NUBS OF NEWS. J. C. Waldron, a New York broker, has failed. August Belmont died at New York Monday. The English parliament assembled Tuesday. Henry Villard sailed for America, Thursday. Red Cloud says he has not even seen the dances. The run on the Howard saving bank is less vigorous. President Adams of the Union Pacific says he will resign. The officers at Pine Ridge regard the situation as critical. Jay Gould says he has not gained control of the Atchison. The run on the Citizens saving bank, of New York continues. Soldiers at Pine Ridge have little food, but much ammunition. Mrs. Birchall and Mrs. Wast Jones are on their way to England. The run on the Citizens Bank, New York, is over, after six days. The story of Indian troubles on the Neshena agency is a canard. Richard Hallen & Co., New York bankers, have failed for a million. Eva Hamilton has been pardoned for shooting her husband in New Jersey. R. F. Tobin, senior vice-commander of the G. A. R., died at Boston, Saturday. Edward Brandon's failure has been announced on New York stock exchange. A special session of the New Hampshire legislature will be held December 2d. The New Orleans jury in the Hennessy assassination case, indicted sixteen Italians. It IS rumored that Father McGlynn will soon be reinstated in the church of Rome. The failure of Barker Bros. & Co. has been announced on the Philadelphia exchange. A boiler explosion at St. John, N. B., Tuesday, killed six and injured many others. Mrs. Maria Wolsely, of Raymond, Wis. was fatally injured by an enraged bull Friday. The Illinois glass works buned at Alton, Ills, Saturday., causing a loss of $1,000,000. Peter Miller, a Chicago millionare, was sent to jail for begging on the street last Monday. Six thousand Alabama coal miners will probably strike December 1st for an increase. The schooner Wm. Jones was wrecked near Manistee, Friday night. The crew was saved. Twenty-sixth Ward bank, Brooklyn was robbed of $5.000 by sneak thieves, Thursday. Washington will suffer heavily on account of the lack of transportation for their wheat. Wm. Clark of Milwaukee was knocked down by two men in that city Tuesday and robbed of $19,000. The regular quarterly dividend of one per cent has been declared on Northern Pacific preferred stock. Many deposito rs are returning money to the Howard bank at Newark, N. J. and the run has abated. Thomas Fawcett & Sons, a Pittsburg coal firm, has failed, with liabilities $400,000; assets $600,000. Benjamin Penhallow Shillaber, familiarly known in literary world as "Mrs. Partington," died Tuesday. The Irish home rulers have unanimously requested Parnell to return to the leadership of the party. A Northwestern freight train with $60,000 worth of freight, went through a bridge near Baraboo, Monday. Acting Indian commissioner Belt notified all the agents to keep him fully posted on the state of affairs. The run on the Howard savings bank of Newark, N. J., continues, but the officials say they have plenty of money. The Commercial bank, of Guthrie, Okla., was assigned to the sheriff and the proprietors left the town Friday. At Clinton, near Beaver Falls, Pa., eight persons have been poisoned. The particulars have not yet been received. Two oil tanks exploded at Danburg,

6. November 28, 1890 The Iola Register Iola, KS
Article from The Iola Register, November 28, 1890

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THE EAST. THE will of the late Robert Ray Hamilton has been offered for probate at New York. The document makes no mention of Mr. Hamilton's wife, who is now in a New Jersey prison, but provides $1,200 a year for Beatrice Ray, the child which he calls his "adopted daughter." The bulk of the estate is left to the children of Schuyler Hamilton. THE North River Bank, of New York, will not resume business. A SHERIFF'S jury at New York has decided that Tony Hart, the actor, is insane. The chief witness was Dr. Frederick H. Daniels, of the Worcester insane asylum, where Hart is confined. Hart's estate is valued at $22,000. DANIEL HOGUE and Edward Murray, two potters, were struck by an eastbound train on the Fort Wayne road near New Brighton, Pa., and instantly killed. Both men were young and but recently married. THE announcement was made on the New York Stock Exchange of the suspension of P. W. Gallandel, No. 2 Wall street, with liabilities of $1,000,000. The failure is due to the action of several banks in calling in loans to the firm. THE proceedings against the Duchess of Marlborough at New York for an alleged debt were merely legal formalities on an insurance point THE first annual meeting of the National non-partisan W. C. T. U. began in Allegheny City, Pa., on the 19th. NEGOTIATIONS for a consolidation of the coal and iron interests in the Hocking valley are reported to be in progress. FOURTEEN children at North Braddock, Pa., have been made seriously ill by drinking milk bought of a strange man. MISS SUSAN MINERVA TRAIN, only daughter and eldest child of George Francis Train, was married recently to Philip Dunbar Gulager, chief clerk of the gold department of the sub-treasury in New York, where he has been for twenty-seven years. THE run upon the Citizens' Bank at New York continued on the 20th. WANAMAKER is mentioned as candidate for the United States Senatorship of Pennsylvania. BARKER BROS. & Co., bankers and brokers of Philadelphia, have failed. The failure was heavy and wascaused by unprofitable railroad investments. THE New York Supreme Court has declared the bequest of $4,000,000 by. Samuel J. Tilden to the New York public library invalid. The case now goes to the Court of Appeals for final decision. THE International Law and Order League was in session at Pittsburgh, Pa., on the 20th. THE Evening Journal of Albany, N. Y., notices a great scarcity of barleyhardly enough to make beer. THE Twenty-sixth Ward Bank of Brooklyn, of which Ditmas Jewell, formerly of the Brooklyn Bank, is president, was robbed of a package containing $5,000 in bills. The work is supposed to be that of a band of clever sneak thieves. THE run on the Howard Savings Bank at Newark, N. J., gradually tapered off. It was the result of a foolish scare. JAY GOULD thinks better times are at hand for Wall street.

7. August 26, 1897 New-York Tribune New York, NY
Article from New-York Tribune, August 26, 1897

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correction, and many stand to shoulder. made me feel that I could not 4 it any longer.'' Upstairs the Commissioners were talking about the necessity for immediate action in the appointment of Mr. Conlin's successor. Mr. Parker brought up the subject. and wanted the other Commissioners to pass a resolution to make Dep. uty Chief Cortright acting Chief. They were disposed to think that there was no need for haste, saying that Cortright as the Deputy-Chief would be at the head of the force until a Chief was appointed. but Mr. Parker was not to be put off. He called attention to the law in the case, and pointed out the fact that while the Deputy-Chief was made the acting Chief in the absence or illness of the Chief, yet in the event of a vacancy the in the office of Chief the Commissioners had power to appoint either the Deputy-Chief. an Mr. inspector or a captain to fill the vacancy. Moss was quick to see the advantage of the situation. and he had the meeting adjourned for half an hour. in which time he consulted with Com. missioners Andrews and Smith, and talked over the telephone with somebody in the Mayor's office. M'CULLAGH'S APPOINTMENT When the Commissioners met again. about 1 p. m., Mr. Andrews offered the following resolution: "Resolved. That under the provision of Section 4 of Chapter 569 of the Laws of 1856. Captain and Acting Inspector John McCullagh be and hereby is appointed to fill the vacancy in the office of Chief of Police caused by the retirement of Peter Conlin.** Commissioner Parker raised the question as to the right of the Board to appoint McCullagh before he became eligible by passing a Civil Service examination. President Moss conceded that it might be necessary under existing laws he for McCullagh to pass an examination but declared that the resolution offered by Mr. Andrews contained the language of the statute under which the Board could fill the vacancy. The resolution was then moved and Mr. Parker of voted against it. It was carried by the votes his three colleagues. and Captain McCullagh became Chief of Police Mr. Parker still thought he could stave off defeat. and he hastily drew up resolutions asking for the advice of the Corporation Counsel as The to the legality of McCullagh's appointment. the other Commissioners cheerfully voted for resolutions THE NEW CHIEF The new Chief of Police is under fifty, and looks to be not over forty years old. He is one of the handsomest and best-preserved men in the force. The late John H. McCallagh. who was a captain of police for many years, was his cousin. Chief McCullach is known to he a Republican. in full sympathy with the regular organization in this city. He is known also to be a man of much firmness and courage. and he has been popular among his associates in the Department. He has been a policeman since March 31. 1870. He was made a roundsman February 28. 1873, and 8 sergeant on July 19, 1876. He rose to the rank of captain on July 21. 1883. He commanded the Sixth Precinct (Elizabeth-st. station) from 1884 to 1890. His work in this precinct was commended by the Police Board. and in 1890 he recelved a set of resolutions from General Butterfield and the Board of Trustees of the Citizens' Bank for the firm and judicious course taken the by him in preserving order during a run on bank. As captain he commanded the Sixth. Eighth and Twentieth precincts. He was made acting inspector on May 27. 1895. on which day Chief Byrnes was retired, and he has been in charge of the Third and Sixth Inspection Districts. PETER CONLIN'S CAREER. Peter Conlin is a half brother of the late W. J. Florence, the actor, and was born in this city fifty-six years ago. In 1861 he went to the war with the 12th Regiment, under command of General Daniel Butterfield. He was in the battles of Fair Oaks. Gaines's Mill. White Oak Swamp and Malvern Hill. In the last-mentioned battle he was severely wounded During the war he joined the famous Irish Brigade as second lieutenant in Company E. 69th Regiment. After his return from the war he went into politics, and was made Deputy Collector of Internal Revenue in the Second District of Louisiana, but he lost his place through change in administration. Then he came North and opened a hotel in Newburg. This was not a success. and he joined the New-York police force on July 29. 1869 He was promoted a roundsman on December 1876 2. 1872. and made sergeant on July 19. He rose to the rank of captain on February 8. 1884. He commanded the East Eighty-eight and City Hall squads He was made an inst. spector August 8. 1887. Alexander S. Williams was made inspector at the same meeting, and the question subsequently arose as to who was senior inspector. Conlin was the first one appointed. but Williams was sworn in first. The courts decided that Conlin was senior inspector. Conlin became Chief Inspector upon the retirement of Inspector Steers on August 1. 1892. abolished and held that rank until the office was by an act of the Legislature in February, 1893. He was made Acting Chief on May 27. 1895, on which day Chief Byrnes was retired. He became Chief of the Department on December 6. 1895. Mr. Conlin left Headquarters early yesterday afternoon. Before going he sent for all the precinct commanders and bade them goodby. He said a kind word to every one and they in turn wished him good luck. Chief McCullagh had no statement to make later. He said that he would assume his duties as soon as he was officially informed of his appointment. He will start in to-day. There is no doubt now that Acting Inspector Brooks will be made an inspector. The other vacancies among captains and sergeants will also be filled in short order. Whether or not McCullagh's appointment will be permanent he can as acting Chief. perform all the duties of the Chief and has the power of recommending promotions The matter of promotions will be taken up just as soon as the State Civil Service Board ap. proves the Civil Service rules of the Department. Acting Inspector Stephen O'Brien may be moved out of the Detective Bureau soon. The change of yesterday may mean many changes within a month. MR. MOSS SEES THE MAYOR President Moss of the Police Board telephoned down to the Mayor's office at 3:30 o'clock that he would call on the Mayor. If Colonel Strong would wait for him The Mayor agreed to wait an hour. Commissioner Moss had not appeared at 4:30, and the Mayor went with President E.