15712. Dime Savings Bank (New York, NY)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
September 23, 1873
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
2f98fe79

Response Measures

Accommodated withdrawals

Description

1873 articles describe light runs/withdrawal pressure on the Dime Savings Bank in New York tied to post-Black-Friday panic and depositors' fears; bank remained open and continued limited payments (up to $100). No suspension or closure mentioned.

Events (2)
1. September 23, 1873 Run
Cause
Macro News
Cause Details
General financial panic/market turmoil in late September 1873 (stock exchange excitement and panic) produced a light run on savings banks; banks adhered to notice provisions and limited payments.
Measures
Continued to make limited payments (payments up to $100); adherence to 30-60 day notice provision for larger withdrawals.
Newspaper Excerpt
Several depositors are in line in front of the Union dime savings bank this morning, The president says they can all have their money.
Source
newspapers
2. November 8, 1873 Run
Cause
Rumor Or Misinformation
Cause Details
A depositor (husband) falsely represented to a depositor that the bank was unsafe and signed an order to withdraw funds, indicating rumor/false representations about bank safety.
Measures
No special measures reported for this specific incident; bank retained the deposit (money not removed).
Newspaper Excerpt
Mrs. Loretz . . . for the return of $2,308 now on deposit in the Dime Savings Bank, having signed and delivered an order for the withdrawal of the money, on his false representations that the bank was unsafe.
Source
newspapers

Newspaper Articles (2)
1. September 24, 1873 The Rutland Daily Globe Rutland, VT
Article from The Rutland Daily Globe, September 24, 1873

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Article Text

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.

2. November 8, 1873 New-York Tribune New York, NY
Article from New-York Tribune, November 8, 1873

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Article Text

Mr. Joseph Aren sans 101 none, TO-day, 123 be White Star steamship Republic. The steamship California, arriving from Glasgow yesterday, reported strong westerly winds and heavy seas throughout the voyage The drills and meetings of the 11th Regiment, N. G., will be resumed by order of Col. Vilmar. and enust a men who arenow on trial are no. exempted from duty. The Fair of the Sisters of the Stranger opened on Thursday evening, and is now in progress at the chapel, No. 4 Winthrop-place This society aids des titute strangere of all nationalities and seats, and the fair is held to raise money to continue this WORK. At an examination yesterday before Register Dwight, in the case of the bankruptcy of the Market Savings Bank, it appeared by the cross-examination of Mr. Mann, who claims $10,000 for legal services to the assignee, that there are other lawyers having claims against the estate. Complaint is made that a Frenchman is hawking gloves and perfumery from house to house, in the upper part of he city, and presenting the card of some acquaintance of the lady of the house, advising bim to call and show his wares. The lady is thus in clined to treat the peddier with favor; but probably, on his departure, misses some of her cards, and thus discovers the trick. A number of poor Germans called at the Mayor's office yesterday, and applied for permission to be kept a Ward's Island for a few months, or until they could secure work. They stated that they had been recently discharged from public works in the neighborhood of Harlem. In answer to an inquiry, Commissioner Vin Nort informed a TRIBUSE reporter that as yet no workmen had been discharged by the Department of Public Works, nor would the wages be reduced. susual during the Winter, the force of men will be curtailed, but the men will be dropped one by one, as the occasion demands. In reference to the Germans who ealied a: the Mayor's office, he said that they were not employed by the Department but might have been one of the contractors. BROOKLYN. By order of Vice-Admiral S. C. Rowan, the hull and machinery of the old United States steatner Nevada will be sold at auction at the Navy Yard next Wednesday. The Fire Marshal transmitted yesterday to the Board of Police and Excise his October report, which shows that 35 fires occurred during the month; es imated loss on buildings, $37,070; estimated loss ou contents $57,215-total, $91,294; insurance on buildings, $161,758 insurance on contents, $86,940-total,$218,693. The Clerk of the Board of Supervisors, E. B. Cadley, announces that the rate of taxation, according to the budget as passed, will be $3 Japon each $100 valuation of real and personal property, as against $3 47 in 1872. The highest Ward rate will be in the Ninth Ward, where 11 will be $3 65, while the lowest will DO ID the Seventeenth. Eighteenth, and Nineteeath Wards, where the rate will be $3 23. Thomas Armstrong, a merchant, at No. 164 William-st. New-York, aud residing at No. 81 Hicks-st., in this city, left his home on Tuesday at 10 8. in. to go to the polls to vote, since which time be has not been seen. The missing man was to have been married to the niece of A. Fitzgerald, with whom he boarded. in a few days, and his disappearance has caused the family unen concern. Two suits have been brought against John M. Loretz, an organist of this city; the first to secure money due for the board of his wife and children and the second, instituted by Mrs. Loretz, for the return of $2,308 now on deposit in the Dime Savings Bank, BIG having signed and delivered an order for the withdrawal of the money, on hisfalse representations that the bank was unsafe. Loretz did not remove the money but direceed transfer from the his Richard M. Wilson. an alleged thief, for whom the detectives have been searching for a long time, was arrested yesterday, for robbing the store of Nathan Johnson. in Caledonia County, Vermont, of dry goods valued $ 5500. last August. Wilson implicates Mr. John ion'scontidentialelerk and the latter's wife, whose arrest has been ordered by telegraph. Goods have been missed by Mr. Johnson for over a year, at different Junes, NEW-JERSEY. ran into a Pennsylvania Central freight train. near the Newark-ave. crossing of the Pennsylvania Retiread, at a. in. yesterday. The engine was ronuing down from the round house on the eastward bound main track. and when discovered coming through the cut, danger ei guals were displayed, as a freight train was crossing this track to run from a side switch to the outward bound track. The engineer of the Midland engine continued to proceed at full speed. and crashed into the center of the train, destroying one freight car and damaging the another. The engine was only slightly damaged, and and dremen escaped almost miraculonely engineer In the Hudson County Coart yeaterday John A. Vickers held in $000 ball to appear for tital on a charge of was stealing a water, valued at $100, from Robert C. Tea Joha L Hamilton was held in Brocck. for trial on charge of shootian di EStephen Payn pear last Summer. Isaac Crispell was arralgued which on it charge ter of perjury in the Con gulia bigamy case, in alibi. witness. and gave tasthmony to prove an he ThomasCoughim was a became security in the sum of $3,000 Parker has approved the decision of the New Gov. Board of Pilot Commissioner in the case of Robert Jersey David Thomas, found guilty of incompetency and gross carelessness in piloting the steamship City has of Li merick from Quarantine AUR. 26, and Thomas has dismissed from the service. The Governor been the revocation of the license of Phot Whilden also approved of Porth Amboy, found gillity of 10 competency Contracts have been awarded con- by Board of Chosen Freeholders for the the of gas and botter houses and a sewer for struction the public Institutional at Snake HI The Had County Board of Caryanzers organized yesterday James son the election of Matthew Erwin, Chairman, and The by Clerk. and then adjourned to meet to-day Madden, Rubber Factory, which now manufacture by , Claremont dozen rubber balls per week, will be closed LOW 1,200 Miss Annie Firmin, an actress at the theater. Dec. 15. was robbed on Thursday night of a mutchel at # conjewelry and tolich articles valued which taining School No. 5, in Bay-st. was Public been rebullt and burned in 1872, has Nov. 15 partially ready for occupancy by will be Hudson County Court, yesterday, of Jedge this In the Christian Cosselman Hoffman. presiding. Joseph Bertholf of Union and Securities and and costs any were seatenced to pay a Ano of $10 Court in Hill dolau of the Sunday liquor The accidened