15713. Dime Savings Bank (New York, NY)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
October 23, 1877
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
4c4d37c6

Response Measures

Partial suspension, Books examined

Other: Sixty-day rule invoked (partial suspension) and official examination/denial of insolvency.

Description

Newspaper items from Oct 23–27, 1877 describe a short-lived run driven by rumors/fabrications. The bank enforced the 60-day rule (a partial suspension) and examiners reported the bank sound; by Oct 26 the run had ceased. No receivership or permanent closure is mentioned.

Events (4)
1. October 23, 1877 Run
Cause
Rumor Or Misinformation
Cause Details
Street rumor and fabricated reports alleging suspension/receiver appointment frightened depositors; described in papers as mendacious rumors and a senseless scare.
Measures
Enforced the sixty-day rule (partial suspension of payments); bank examiner inspected and reported the bank is sound.
Newspaper Excerpt
There was something of a run on the Dime savings bank this morning
Source
newspapers
2. October 23, 1877 Suspension
Cause
Rumor Or Misinformation
Cause Details
Sixty-day rule invoked in response to panic created by false/fabricated rumors about the bank's condition.
Newspaper Excerpt
There was something of a run on the Dime savings bank this morning, but the sixty day rule was enforced.
Source
newspapers
3. October 24, 1877 Other
Newspaper Excerpt
The run upon the Dime Savings Bank continued this morning, but no effect was observable upon the stock market.
Source
newspapers
4. October 26, 1877 Other
Newspaper Excerpt
The run on the Dime Savings Bank ceased yesterday.
Source
newspapers

Newspaper Articles (8)
1. October 3, 1877 The New York Herald New York, NY
Article from The New York Herald, October 3, 1877

Click image to open full size in new tab

Article Text

FINANCIAL AND COMMERCIAL. The Stock Market Active and Strong. GOLD 102 7-8 A 103. on Call Easy at 4 a Money 5 Per Cent. ADVANCE IN THE COAL SHARES. WALL STREET. TUESDAY, Oct. 2-6 P. M. The new bull movement so successfully started yesterday was kept under full headway this morning and resulted in a moderate advance through the list. More especially is this true of the Western railroads and the roal stocks, the former being persistently advanced for reasons heretofore noted, and the latter from the covering of shorts and some fresh buying to keep pace with the market. News comes to-day that the miners of the Lehigh and Wilkesbarro Company and the Lehigh region generally have returned to work. Judging from the strength of the stocks the circumstance is apparently looked upon as a favorable one; a fort. night back even the apprehension of such a fact was deemed highly unfavorable, as presaging a glut of the product and lower prices. Thus is it vouchsafed to stock operators to blow hot and cold as the occasion demands. There was a fresh outburst of speculation in the minor fancies this morning, in which the Ohio and Mississippi and Wabash insecurities were prominent. It has suddenly been discovered that in spite of their bankrupt condition some balue yet remains in the Gilead of an improved business, and the sellers of a day or two back have been busily reversing their position and appearing as buyers. Among these Mr. Garrett, ot the Ballim ore and Ohio Railroad, the Exchange Court party and some of the bow window people were prominent as purchasers of the Ohio property, thereby creating a very active trade and a rise in price to 83/8. Wabash was also treated to an advance of about 1 1/2 per cent, allowance being made for the assessment, but with less business than fell to the lot of the neighboring Cheap John A slight check was given to the buoyancy of the market in the afternoon by the discovery that certain scrip, issued by the Atlantic Mutual Marine Insurance-Company had been submitted to the process of "raising," by which $200 had been altered to $10,000 in one instance and $1,260 to $87,320 in another. The original scrip 18 in the name of Mr. William C. Gilman, and the larger amount is held by the American Exchange Bank. Close upon the heels or this came the rumor of a run upon the Dime Savings Bauk: but the story was denied promptly and officially before any harm was done. Another opportunity is now offered the Governing Committee to ferret out the oftenders; but, as these gentlemen, like the gendarmes in the "Brigands," have hitherto been always "too late" In investigations of this sort. it is hopeless to expect any greater celerity from them in the present instance. The Vanderbilt roads were-subject to slight fluctuations which favored an advance during the early hours, but In the end failed to carry prices above those ruling at the close yesterday. The granger stocks were altogether the liveliest on the list, made the greatest ad. vance and stuck to it the closest at the end. Final dealings were made to prices a shade off for the entire list, but left them strong enough to evidence still betfor ones for to-morrow. OPENING PRICES. Western Union, 801/4; Lake Shore, 64%; New York Central, 102%; Rock Island (ex div.), 101; Michigan Central. 58% Delaware, Lackawanna and Western, 85% Delaware and Hudson, 4014; Morris and Essex, 1; St. Paul, 38: St. Paul preferred, 70; Northwestern, 39; Northwestern preferred, 643/; C., C and II C., 33/4; C., c., C. and I., 41; Erie, 11 1/2; Ohios, 734 Dhio preferred, 15; Wabash, 151/2; Hauntbal and St. Joseph, 12; Hannibal and St. Joseph preferred, 28; Qaickstiver, 20% Quicksilver preferred, 35% Illinois Contral, 711/2; Pacific Mail, 221/2; Union Pacific, 66% St. Louis N., 53/2; Chicago, Burlington and Quincy. 101%; Atlantic and Pacific Telegraph, 201/;; Chicago and Akton (bid), 851/2; Chicago and Alton preferred (bid), 104; New Jersey Central, 16 1/2; Fort Wayne, 921/6.

2. October 23, 1877 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, October 23, 1877

Click image to open full size in new tab

Article Text

NEW YORK. A Run on'the Dime Savings Bank. NEW YORK, Oct. 23. - -There was something of a run on the Dime savings bank this morning, but the sixty day rule was enforced. The bank examiner reports the bank is all right.

3. October 23, 1877 The New York Herald New York, NY
Article from The New York Herald, October 23, 1877

Click image to open full size in new tab

Article Text

The Stock Market Very Weak and Feverish. 103. A GOLD 102 7-8 Government Bonds Weaker, States Higher and Railroads Higher. Money on Call Easy at 6 a 7 Per Cent. WALL STREET, MONDAY. Oct. 22-CP. For the first fifteen minutes of business this inorning the market started off with a hop, skip and a Jump that surprised both bulls and bears alike. Lake Shore, as the favorite, advanced from 67 1/4 to 68% and the rest of the market followed on, with a greater or less degree of improvement. It reminded one of the old malle poste days in France, when, no matter what difficulties had been encountered en route, it became a point of honor to enter a town at full speed, with crepidating whip and a general "Houp la!" as an entertainment for admiring rustics. As things turned out to-day's stock market pulled up as suddenly as the French courier was wont to do at the hospitable au. berge. The advance of the morning was lost almost as soon as made, and before an hour had passed the prices of prominent stocks had fallen to the lowest points of the day. For example, Lake Shore fell to 651/, Western Union to 77 1/6, Michigan Central to 621/6, the grangers off 3 to 4 per cent, and the rest ot the list generally tinged with a "green and yellow melancholy," which to other than color blind bulls was prophetic of lower prices to come. In a word, there occurred a general slump of quotations, which was not recovered from entirely, although at the end there were somewhat better prices made. Both in volume of transactions and in speculative interest Lake Shore was in the advance. Mr. Gould is believed to be a large seller on the short account, and Mr. Cammack, as a transinogrifed bull, is supposed to be helping him. Greek joins Greek, and the "tug of war" apparently rests between this combination and the Keene and Vanderbilt influence. Whatever value may be conceded to this report, certain it is that Lake Shore, while being the most active was still the weakest stock of the day. Toward the end a fresh influence was attempted to be exerted on the bear side by renewed reports prejudicial to the Dime Savings Bank, and these went so far as to announce a suspension and the appointment of a receiver. So far as regards the prices of stocks the rumor 18 ot small matter any way, and the official denial of any difficulty on the part of the bank renders it of no moment at all. Closing prices, in spite of the rumored bank trouble, held firmly, and the day finished up with a fair amount of steadiness, though considerably off from the highest prices of the day. THE SALES TO-DAY. The sales of active stocks at the Board to-day aggregated 253,000 shares, which were distributed as follows:-New York Central, 8,570; Erie, 5,700; Lake Shore, 72,300; Wabash, 3,700; Northwestern, 12,000; do. preferred, 8,600; Rock Island, 2,840; Milwaukoe and St. Paul, 21,230; do. preferred, 10,500; Pitts. burg, 100; Delaware, Lackawanna and Western, 31,134; New Jersey Central, 210; Delaware and Hudson Canal, 1,275; Morris and Essex, 1,145; Michigan Central, 6,300; Illinois Central, 2,000; Union Pacific, 120; C., C., C. and i., 1,090; C., C. and I. C., 300; Hannibal and St. Joseph, 335; do. preferred, 850; Ohio and Massissippi, 5,150; Western Union. 44,000; Pacific Mail, 1,000; Quicksilver, 200; do. preterred, 425; Wells, Fargo & Co., 100. OPENING PRICES. Gold, 102% Western Union, 78 1/4; Lake Shore, BTX; New York Central, 106%; Rock Island, 101 1/2; Michigan Central, 64 1/2: Delaware, Lackawanna and Western, 51; Morris and Essex, 751/4; Delaware and Hudson, 42; Erie, 131/4; Ohios, 101/6; Wabash, 1534; St. Paul, 35% do. preferred, 68 1/4; Northwestern, 37 1/2; do. preferred, 641/4: Pacific Mail, 23%; Illinois Central, 77; Quicksilver, 19: Hannibal and St. Joseph, 11%: do. preferred, 2414; Pittsburg, 791/2; C., B. and Quincy, 103; c., C., C. and I., 403; C., C. and I. C.,33. CLOSING QUOTATIONS. The closing quotations at three P. M. were as fol-

4. October 25, 1877 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, October 25, 1877

Click image to open full size in new tab

Article Text

The Presbyterian Synod yesterday voted against Rev. Mr. See's higher life boliness doctrine 110 to 3. The general sentiment is that he should resign. The evidence in behalf the American case before the Fishery Commission was concluded yesterday. John Kelly was run 07er in Boston last night and killed. A German with over 600 good diamonds was arrested by the New York police yesterday for smuggling. Minor Augur Osborn, for many years editor of the New Haven Register, is dead. The run on the Dime Savings Bank in New York increased yesterday. Twogood & Elliott's banking house in Marion, lowa, has failed. Liabilities $150,000; assets unknown, The first of the riot cases was tried at Pittsburg yesterday. A. Murry, aged 16, was convicted of having stolen property and having fire arms in his possession, and sentenced to the peuitentiary for three years, Seven prisoners escaped from jail at Watertown, N. Y. yesterday, The result of the examination of the books of the Philadelphia Street Railway Company, shows there was an overissue of 7200 shares of stock. Wm. S. Taylor, the Albany forger, was committed to jail yesterday in default of bail. Peter McIntire and son stabbed Albert S. Gates fatally and James McAffee seriously, in St. John, yesterday. There has been a slight eartbquake on the Isthmus of Panama.

5. October 25, 1877 The New York Herald New York, NY
Article from The New York Herald, October 25, 1877

Click image to open full size in new tab

Article Text

The Stock Market Dull and Irregular. GOLD WEAKER AT 102 3-4. Government Bonds Active and Steady, States Dull and Railroads Steady. MONEY ON CALL 6 A 7 PER CENT. WALL STREET. WEDNESDAY, Oct. 24-6P Our friends who have kindly undertaken the manip. ulation of the stock market, like J. B. in "Dombey have turned out to be not only "tough," but A few days back we were Son," sly.' "glathered" given to understand that the bull operators had heir stocks-which, after vain appeals to Webster, is Baken to mean that they had sold largely-and to-day we are told that they are "climbing" for the same. Some sort of acrobatic performance of this nature was visible this morning, and was necessary to account for he rise, which was a characteristic of the general list. Messrs. Gould, Vanderbilt and Morgan in fleshings, essaying to climb a greased pole to snatch the wreath of a profitable "turn," is a sight which, "though it make the unskilful laugh, it cannot but make the judicious grieve." Yet, general observation be trustworthy, such a spectacle was afforded to-day. The large purchases of Lake Shore in particular are ascribed to these financial atuletes, who seem to have flipflapped from the bull to the bear side, and vice versa, with an alacrity truly commendable. Mr. Vanderoilt was an extensive purchaser and promises 85 for Lake Shore. Mr. Gould has covered his shorts and gone long (though his horns as a buil are of doubtful velvet), and Mr. Morgan stands upon tip-toe, like the Mercury of the Vatican, ready to "skip" at the possible realization of a (seductive "eighth." At least this is the street talk and we give it for what it is worth. Under any circumstances the plain matter-of-fact of the day's business is that the course of speculation within the lust two days was been completely revolutionized. The depression occasioned by bogus and mendacious rumors of impending troubles has given way to a feeling of buoyancy and hope, and the impress has been uomistakenly stamped upon the market to-day. Chiefly was this felt by Lake Shore, which took the position of first favorite, both in the matter of volume of transactions and in amount ot In popular estimation tide stock is in the direction improvement in this of the higher set prices, of the and the great congeries of smaller speculators have launched themselves upon the current, buoyed up by such safety contrivances as are to be found in Mr. Sage's privileges and the efficacy of somewhat meagre margins. While the railway speculation was in the main buoyant the anthracite fancies scarcely held their An advance in the morning, as a natu. ral to the steadiness which sequitur own. these decline, properties have maintained during the recent yielded somewhat when the result of the coal sale became known, and some decline from the best prices of the day marked the close. The rates obtained at the auction were not satisfactory, resulting in a decline of 45 to 70 cents per ton below the schedule prices lately pub lished by the Lehigh and Wilkesbarre Company. Much lower prices for coal shares are, however, not to be looked for, it being the evident interest ot the companies to sustain prices pending the floating of the new mortgage loan. The run upon the Dime Savings Bank continued this morning, but no effect was observable upon the stock market. The fact has "aged" to the limit of a nine day wonder with surprising celerity, andits present influence for evil is practicably nil. THE SALES TO-DAY. The sales of active stocks at the Board to-day aggregated 167,400 shares, which were distributed as tollows:-New York Central, 3,577; Erie, 5,900; Lake Shore, 55,400; Wabash, 300; Northwestern. 3,706: do. Milwaukee and preferred, 3,925; Rock Island, 1,365; St. Paul, 8,325; do. preferred, 5,200; Delaware, Lackawanua and Western. 26,400; New Jersey Central, 100; Delaware and Hudson Canal, 5,525; Morrisand Essex, 500; Michigan Central, 1,050; Illinois Central, 1,500; Union Pacific, 310; C., C. and I. c., 200; Hannibal and St. Joseph preferred, 100; Ohio and Mississippi, 3,250; Western Union. 36,150; Pacific Mail, 200; Quicksilver, 600; do. preferred, 1,600; New Jersey Southern, 2,600; American Express, 120. OPENING PRICES. The opening prices ere:-Western Union, 793/; Lake Shore, 671/4; New York Central, 1061/4 Rock Island, 101% Michigan Central, 6434; Delaware, Lackawanna and Western, 51%; Morris and Essex, 7614; Delaware and Hudson, 43% Erie, 1334; Ohios, 9%; Wabash, 161/; c., C., C. and I., 41%: St. Paul, 34: St. Paul preferred, 68; Northwestern, 36 1/2; do. preferred, 6414; Illinois Central, 77; Pacific Mall, 23%; Quicksilver, 19: do. preferred, 38; Chicago, Burlington and Quincy, 103% St. Louis Northern preferred, 24 1/2. CLOSING QUOTATIONS.

6. October 27, 1877 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, October 27, 1877

Click image to open full size in new tab

Article Text

NEW YORK. Court Matters. NEW YORK, October 26. Langdon W. Moore, alias Charler Adams, and his wife, were brought to the supreme court chambers to-day on habeas corpus. On motion of the prisoners' counsel, the wife was discharged, there being no evidedce against her, and the hearing of the male prisoner's case, was adjourned to November 2d, in order to enable the district attorney to collect evidence against him. Political. The morning papers report Tilden as saying that underground railways are the most practical in London, but too expensive for New York, and he declined to converse on politics. Gen. Grant. Cable despatches say that November 6th has beeu named as the day for a banquet to Grant by the Americans in Paris. The director of the Italian opera offers Grant a fete on the opening night November 3d, giving him the state box and decorating the entire house with American emblems. Rumor. The Herald says it is rumored the English mission will be tendered to Grant. Bank Matters. The run on the Dime Savings Bank ceased yesterday.

7. October 28, 1877 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, October 28, 1877

Click image to open full size in new tab

Article Text

by a profitable investment. He leading was friendly with one of the and ecially a well-known man on the turf. It ught advice from this intelligent had source. weakenhappened that the combination next day. and decided to sell out the had very better put run $5,000 to however. do up into it of five with by Lake all Tom or what means, six Shore. excitement asked points was as if the that he sure on heavy stock the over to morrow. was bull come the to ospect his favor, the young man morning, was hand promptly at first call in the bad, morebought Lake Shore at 71. He to do influenced other small capitalists advice. and terrise, on the strength of such and a few minutes the stock was buoyant risen two omising. But no sooner had it. suddenly than the market was nooded, felwithout warning, and before the poor Lake could realize what had happened money was down to 65. and they had no sold up further margins. So they possessed, were put to the total loss of every cent they the " bull informant was CHUCKLING IN HIS SLEEVE the neat trick he had played on the " boys." sum had enabled him to turn a handsome and conthe upward impetus their numbers bids. Such nad imparted to the opening hundreds as this, done by a man worth his of men thousands, to the utter cleaning out Wall-street have had a hard tussle with the ventures of fortune,-the goddess never tar from there,-seems incredible. Yet, so and is it goes for a capital practical joke, street than more uncommon on the deed, any ruinous lying is. The excuse (or that the it was excuse were made, would be till he " bull's interest to keep stock up profit. sell his large handful of them at a as the he had told the small broker to would sell have was about to break, the news and next given out in turn to many others, large disthe stock would go down, to his be little Such an excuse, however, would from the provement, morally considered, for the in statement that it was done just line of of the thing. It is, in the same interest rument, undoubtedly for the burglar's contents walk away undisturbedly with the intertere other people's safes, but the police around-for him-when they chance to be of the that. The wonder is, as the narrator deliberatelysaid, that some of these their losses, timized men, made desperate by or at least not kill the shameless swindlers, thrushthem as Selover did Gould. That for the by the these kind a repaid, were to be all taken up and to attend speculators would have no time become a anything else, and Change would like of public whipping-post. Something beneficial. though, might prove vastly if it must be ought clubbed to have into honesty, them. even RUNNING A BANK. Going up-town to-day I saw two or three build- hunpersons crowded about the beautiful juncture of the Dime Savings Bank, at the is the SCCBroadway and Sixth avenue. This the day of the run," which was started had sent by a that the Examiner at Albany Such a down to look over the accounts. sufficient in these days of distrust, was by create a fright, which was not quieted any 10 run action of a few speculators who tried invented the market on the strength of an forth to aleation. Every effort has been put depositors, the "run and reassure the the Exto no purpose. The testimony doubt of as to himself that he had no officer bank's solveney, and that nis for only doing regular duty, went there are nor could the fact that made an 000,000 of assets in good bonds be not for argument to those who came Bank rument but for money. The Dime of the completed only last year. is one but renstructures in the city, and this the brokthe depositors more fearful, since in attemptbanks were generally swamped It would to carry such a load in real estate. sacrifice. t t pity to have the building sold at a the last t the officers will not give up till pressure. is gone to recover under the for some 11 President has not drawn his salary weakwhich indicates an undesirable hope the a somewhere: but all business men under. Savings may be saved from going S BANKERS AS WELL AS BANKS, sevaller have

8. October 29, 1877 The New York Herald New York, NY
Article from The New York Herald, October 29, 1877

Click image to open full size in new tab

Article Text

FINANCIAL AND COMMERCIAL Review of the Week-A Feverish Stock Speculation. THE GOLD AND MONEY MARKETS. Investment Secunties-Government, State and Railroad Bonds. WALL STREET. SUNDAY, Oct. 28, 1877. } To others than the chronic speculator, dyed in the wool, the events of the last week upon the Stock Ex. change have offered little interest. Although the fluctuations of prices have been sharp and severe they have been rather due to local causes than to the instigation of popular influences. The early part of the week was marked by a general depression, partly the result of real and partly of artificial cause. A general dumping ot stocks by some of the large holdors lately connected with the bull movement produced H surfeit of securities which at one time threatened a panic of indigestion, but all danger was removed by the speedy assistance on the part of the remaining bulls and the somewhat timid bears who rushed to the rescue. To give additional force to a downward movement. which naturally grew out of the large offerings of stocks. the scandal mongers of the street busied themselves with fabrications concerning this and that financial institution, to the extent of trightening timid speculators and of producing an unquestionable run upon the Dime Savings Bank. The crop, sowed in mendacity, nevertheless failed in its harvest. Beyond tbe savings bank episode. which turned out to be a senseless scare, the residuum of lies soon sunk out of sight as a wicked and gratuitous sediment with which it had been sought to befoul the credit of several well known institutions. The recovery in prices was immediate and important, but, unfortunately for the bulls who had taken a hand, did not last long, sincein twenty-four hours later a second collapse took place, not 80 formidable as the first, it is true, but sufficiently severe to upset prices for the rest of the week and to close business in a state of leverishness and doubt. During this whole period of uncertainty and while the railroads were being knocked about at the whim of speculators the anthracite stocks remained steady and even firm. The coal sale on Wednesday proved to be the reverse of satisfac. tory, lower prices to the extent of 40 a 75 cents per ton being made. The share prices held, however, as noticed, to the manifest disgust of the shorts. That the companies are doing business at a loss will probably be concoded by themselves, and the steadiness of their securities becomes the more inexplicable from the fact. Rates for money have not increased, and the loss in legal tenders for the week is less than was expected. TRANSACTIONS OF THE WEEK. The following table represents the opening, highest and lowest sales, regular way, of the principal stocks during the past week, together with the number of shares dealt in:No men High Lour