Dry Dock Savings Institution

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: savings bank
Start Date: October 15, 1857
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 0f0634b5

Response Measures

Partial suspension

Other: Invoked charter 'protecting clause' requiring one week's notice for withdrawals; allowed small exceptions and a 10% arrangement.

Description

Article (New-York Daily Tribune, 1857-10-15) reports notable withdrawals from Dry Dock Savings Bank and that the bank invoked a charter protecting clause requiring one week's notice for withdrawals. This is a run that led to a temporary suspension (notice requirement). No evidence in this article of permanent closure or receivership.

Events (2)

1. October 15, 1857 Run

Cause: Macro News
Cause Details: Widespread panic/difficulties among New York savings banks during October 1857 (general runs on multiple institutions).
Measures: Bank later invoked a protecting clause in its charter requiring depositors to give a week's notice for withdrawals (except small amounts or by arrangement).
Newspaper Excerpt: DRY DOCK SAVINGS BANK. A considerable amount of deposits were withdrawn;
Source: newspapers

2. October 15, 1857 Suspension

Cause: Macro News
Cause Details: Temporary suspension/limitation of payments implemented in response to heavy withdrawals amid the broader 1857 banking panic.
Newspaper Excerpt: the bank availed itself of a protecting clause in its charter, and required depositors to give a week's notice of their intended withdrawal
Source: newspapers

Newspaper Articles (1)

1. October 15, 1857 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, October 15, 1857

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Article Text

side some $500 or $600 in the afternoon. All those drawing money take the bills without besitation. MANHATTAN SAVINGS BANK. At this institution they will pay in specie or bills, at the drawer's option. The run, which was pretty severe, has subsided, and the business of the bank begins to assume its usual appearance. On Saturday last $10,000 were paid out; on Monday, $14,000; on Tuesday, about $25,000 or $30,000, and yesterday half as much. About $2,000 were received on each of the above days on deposit. One of the officers stated that there had been more deposits last week than in any one week during last year. He received during the day $5,000. There is now $55,000 on hand, while the securities of the bank on call are either State stocks or city securities, with a large margin. ROSE HILL SAVINGS BANK. There has been no rush here and but little morethan the ordinary business transacted. On Tuesday some $2,000 were paid out; yesterday the amount did not exceed $1,500. For sums under $100 they gave bills on the New-York County Bank, and for larger amounts, checks on the same. A large number, by drawing now, lose the interest, and the bank in this way has made some $500 or $600. For sums under $25, coin is given-both gold and silver. MARINERS' SAVINGS BANK. There was no run upon this bank or excitement about it yesterday. A number of persons called and paid their respects to the Cashier, apparently with a view of making observations as to the state of affairs in that institution. Others took a peep in at the window, and went away. A few withdre small sums. Several strangers called yesterday and o pened accounts, making their deposits in gold, supposed to have been withdrawn from some other institution. The depositors, after discovering their mistake, most probably were ashamed to take it back to the bank from which they had removed their treasure. DRY DOCK SAVINGS BANK. A considerable amount of deposits were withdrawn; but until yesterday the bank had met the demands without notice. Last evening the bank availed itself of a protecting clause in its charter, and required depositors to give a week's notice of their intended withdrawal of their money, except where the amount claimed was very small, or where the depositor was willing to accept of ten per cent of amount claimed, according to the arrangement agreed upon among the Prasidents of the various savings institutions. The following is an extract from the annual report