15734. Dry Dock Savings Institution (New York, NY)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
savings bank
Start Date
June 21, 1876
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
e08b7cc9

Response Measures

Accommodated withdrawals, Partial suspension

Other: Multiple discrete runs across years (1876, 1878); 1878 episode invoked sixty-day notice (partial suspension) but bank remained open and resumed normal business.

Description

Multiple runs occurred on the Dry Dock Savings Bank (1876 and 1878). In 1878 the bank invoked the sixty-days notice clause (a partial suspension) in response to a run triggered by contagion from the Teutonia/German savings bank troubles; the Dry Dock subsequently resumed normal operations and deposits returned. 1876 runs were caused first by contagious/nervous depositors (rumor/jealousy) and later by failures of nearby small savings banks (local_banks).

Events (7)
1. June 21, 1876 Run
Cause
Rumor Or Misinformation
Cause Details
Officers stated the run was causeless; president later attributed it to malice/contagious excitement and withdrawals by societies.
Measures
Bank officers met demands promptly; expressed confidence and continued payments.
Newspaper Excerpt
A causeless run, according to the officers' statement, has been made since Monday on the Dry Dock Savings Bank.
Source
newspapers
2. June 22, 1876 Run
Cause
Rumor Or Misinformation
Cause Details
Continued heavy withdrawals; officers could give no concrete reason, attributing it to nervousness and actions of societies withdrawing funds.
Measures
Paid out large sums (over $157,000); officers met demands and reassured public.
Newspaper Excerpt
The run on the Dry Dock savings bank was continued with much greater vigor today. Over $157,000 were paid out yesterday.
Source
newspapers
3. October 6, 1876 Run
Cause
Local Banks
Cause Details
Run attributed to more recent failures of some small savings banks in the vicinity which excited distrust among Dry Dock depositors.
Measures
Closed for the day after heavy payouts; large crowd at doors.
Newspaper Excerpt
Two hundred thousand dollars were paid out on Monday, and the bank closed for the day with a large crowd at the doors.
Source
newspapers
4. April 26, 1878 Run
Cause
Local Banks
Cause Details
Run followed closing/trouble of Teutonia/other savings banks; contagion from those failures prompted depositors to withdraw.
Measures
Paid small sums up to $100; to quiet depositors the bank invoked the sixty-days' notice clause for sums over $100 (partial suspension of immediate payment).
Newspaper Excerpt
There has been a considerable run on the bank today... more than three hundred excited persons, mostly women, with their bank books in their hands, presented themselves.
Source
newspapers
5. April 26, 1878 Suspension
Cause
Local Banks
Cause Details
Partial suspension (enforcing sixty-days' notice) was adopted in response to the run triggered by failures/closures of nearby savings banks (Teutonia).
Newspaper Excerpt
In order to quiet all undue excitability ... I decided to take advantage of the sixty-days clause.
Source
newspapers
6. April 30, 1878 Other
Newspaper Excerpt
All signs of the run at the Dry Dock Savings Bank ... have disappeared and the office has resumed its accustomed quiet. The sixty day rule is still enforced. The deposits were in excess of the payments, and not over twenty persons called during the day with their accounts.
Source
newspapers
7. May 1, 1878 Other
Newspaper Excerpt
The run on the Dry Dock Savings Bank has ceased and depositors are returning their funds.
Source
newspapers

Newspaper Articles (15)
1. October 12, 1875 New-York Tribune New York, NY
Article from New-York Tribune, October 12, 1875

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NEW-YORK CITY. Judge Benedict will receive the Grand Jury in the United States Circuit Court at 10 a. m. to-day. There were 120 applicants for naturalization papers in the Supreme Court yesterday. The Central Booksellers' Association will hold their regular meeting at 11 a. m. to-day at the St. Nichola Hotel. The new building of the Dry Dock Savings Bank on the Bowery, was opened for inspection yesterday. Business will be began on Thursday. Since Sept. 30 the city's receipts have amounted to $4,945,181 41: payments, $4,572,022 38; balance on hand Oct. 9, $5,914,322 41. An alarm of fire was caused last evening by smoke issuing from the new heaters of the Hall of Records. There was no damage. Maurice Dunn of No. 16 Hamilton-st. was caught yesterday between the bridge of the Cortlandt Street Ferry and the ferry and was very severely injured. Leonard Waldo of Columbia College Observatory last evening read a paper before the Academy of Sciences or The methods of furnishing Standard Public Time. An evidence of the advance of American manu factures was the shipment on Saturday of a silver desser service, made upon the order of Count Napesa, for the Em press of Austria, by Tiffany & Co. Joseph L. Perley, President of the Board of Fire Commissioners. said yesterday that there wasno truth what ever in the rumors that the Mayor had requested any of the Fire Commissioners to resign. Edward M. Clift of No. 352 West Forty-sixth-st. Maria Andrews of No. 251 Stanton-st., and John Goodyear o No. 256 West Twenty ninth-st., were all badly injured by being run over in the streets yesterday. The State prize, won by the 7th Regiment at Creedmoor this season, is on exhibition at Tiffany's. The trophy is: fac simile of the dome and surmounting figure the Capitol at Washington, and is valued at $300. The furniture and appointments of the Park Hos pital will be removed to Bellevue Hospital this week, and this down town station closed. Application is to be made for the use of the vacant Beekman st. Station for hospital purposes. There was a meeting last evening in the Universal ist Hall, at Thirty third-st. and Sixth-ave., consider the best remedy for present National wrongs." Father Beesor and Col. Meachem presented their views. Prof. Joseph W. Howe delivered a lecture at the opening of the School for Nurses on Aug. 10 upon the care o surgical patients and the best means of saving life in certain cases. This lecture has now been printed in a pamphiet of pages. Coroners' juries yesterday gave verdicts of acci dental death in the cases of Morris Schelhorn, who was rur over on the Belt Railroad on Sept. 23 and of J. Henry Brown who was drowned by falling into the North River irom the barge J.E. Parker. An agreement is in circulation among the jeweler and watchmakers of this city pledging all who sign to close their stores not later than 8p. m., excepting on Saturday and during December. The signatures of 4.) or 50 firms have al ready been obtained. Of eight Members of the Produce Exchange,' whose names are paraded in Philadelphia dispatch as dis tinguished representatives on a tour of inspection of the Cen tennial didings, only one has anything to do with the Produce Exchange, and he a non resident. Leper Kottchofski filed yesterday an assignment for the benefit of creditors to Emil M. Michaelis; John Ashe and Alfred Redlish filed a similar assignment to Berthold Cort land and Harris Rothstein made an assignment to Abrahan Shenfield. Rothstein liabilities are stated at $37,211 94. At a meeting of the Society of Practical Engineer ing. held yesterday at No. 212 Broadway, to discuss means o reforming the Patent laws. the President was directed to pre sent memorials to Congress, at their next session, for certain beneficial modifications of the statute and for precise defini tions of certain vague terms in use in the Patent Office. William L. Lanier, Vice-President of the Alabama Central Railroad Company, was in $300 bail at the ash ington Place Police Coart yesterday for carrying a swor cane He was arrested on complaint of Richard M. Rooertson No. 25 East Nineteenth-st., who charged Mr. Lanier with having attacked him with the cane. Mayor Wickham yesterday appointed Gen. Gil more, Gen. Newton, and William E. Worthen a committee to examine the condition of the sea wall at the foot of Canal an Leroy sts. This Committee, which will report to the Mayor was appointed by request of the Dock Department It wil begin its labors at once, and probably complete them in a weel or ten days. The Inman steamer City of Berlin has gained surpassing triumph, having just accomplished the swiftes passage ever made across the Atlantic either way. She lef Sandy Hook at a. m. on Oct. 2 and arrived at Queenstow 5:10 a. 111. on Oct. 10, requiring only days, 10 hours, 48 min utes' actual time for the trip. There are ordered for the present month the fol military inspections at Tompkins square Oct. 18, 70 Regiment; Oct. 19, 8th Regiment Oct. 21, 9th Regiment Oct. 22, 55th Regiment Oct. 25, 84th Regiment: Oct. 26. St Regiment; Oct. 27th. 96th Regiment Oct. 28, 11th Regi ment. Gen. Woodward is expected to be present at most 0 these inspections. The Sixpenny Savings Bank, which for 22 year has occupied rooms in Clinton Hall, has removed to new quar ters at Broadway and Astor-place. This was the bank t receive very small deposits, and it has done a very lurge busi ness, having now more than 33,000 open accounts. Its theor is that the determination to save, and not the amount, makes good depositor. It was amusing last evening to watch the anties o pedestriaus in Park-row, vainly endeavoring to avoid being struck by a plank which a laborer carried on his shoulder. A1 imposing battalion of infortunates, whose hats had beer knocked or who had been toppled down cellar ways doubled up by a thrust in the stomach meditated venge as the uninoved man and his plank vanished in the dis tance. The principal German singing societies of New York, the Liederkranz, All in. Beethoven Mannerchor, Schil lerbund, and others, have united to celebrate the Contennial On July 2 next year they will give a grand concert; on July there will be procession, terminating at Union-square, where a concert by 500 agers will be given and the statue of Wash ington decorated. A committee from Standard Division No. 116 of the Order of Sons of Temperance, consisting of C. Van Epps Peter Donald, and James McCombie, visited the ommis sioners of Excise vesterday and urged them to aid the Sons 0 Temperance in the work of discouraging the sale and use intoxicating drinks. Mr. Van Epps asserted that #1 00,000 perday is spent for liquor in this city, and that the prisons protectori and reformatories are filled with men made crim inals by the use of liquor. BROOKLYN. The evening schools were opened last evening with an increased attendance. An adjourned meeting of the Supervisors' Commit tee on the Equalization of Taxes was held yesterday. Reports of grape-vine robberies are of daily occur rence, and arrestsof boys for stealing the fruit are frequent. The Second Precinct Police seized the policy-shop at No. 17 Charles-st. yesterday. and arrested William Pickett writer, and Henry Small and Thomas Glen, players. The police are looking for a man who pawned blood stained dagger for a drink at the liquor store at No. Nassau-st. A coroner's jury has rendered a verdict that Mrs Isaac B. Van Duzer of No. 64 Henry-st., "came to her deat! from taking narcotic poison. with suicidal intent, while labor ing under temporary aberration of mind." A peremptory mandamus to compel the Secretary of State to license The Insurers' Protective Association Limited," was granted by Justice Pratt yesterday. An appea will be taken. The owners of property along Fourth-ave. com plain that the laying of gas within 18 inches of the curb stones endanger the shade trees which line the avenue, the workmen being compelled to sever many of the roots. Villiam Reid, age 50, a rigger. of No. 220 Madi

2. June 21, 1876 Public Ledger Memphis, TN
Article from Public Ledger, June 21, 1876

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New York Items. NEW YORK, June 21.-The first meeting of the Board of Managers of the Missionary Society of the Methodist Episcopal Church, appointed at the Baltimore Conference, was held yesterday and Bishop Jones chosen President. The treasurer submitted a report, showing a net indebtedness of $134,297, and said that by next March the debt would probably amount to $350,000. It was decided to refer the matter to the finance committee and six members to be ap. pointed by the chair to devise a plan to pay the debt. A causeless run, according to the officers' statement, has been made since Monday on the Dry Dock Savings Bank. The New York Social Artistic Lite= rary Association met in Chickering Hall last evening, and assisted at the presentation of a commemorative vase to Wm. Cullen Bryant. The presentation address was made by Rev. Dr. Osgood.

3. June 23, 1876 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, June 23, 1876

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NEW YORK. The Daniel Drew Case. New York, June 22. Daniel Drew in his exam. ination before the register in bankruptcy, stated that his first losses began in 1873. He lost on a corner in north western. nearly $1,000,000. His next big loss was in Wabash and Canada southern when he suffered a loss of a million dollars. He lost in Wabash when he was very short and had to cover by paying $1,200,000. His next loss was in Canton, amounted to between three and four thousand dollars, and then in Lake George, when he dropped a like amount. There are a great many minor losses which he cannot remember. He says tnat sixteen months ago, he was worth $1,000,000 over what he owed. [Policemen's Parade. About 1600 police paraded to-day, under Superintendent Walling, and headed by a band. At Union Square they were reviewed by the President of the Board of Aldermen, who is acting May or in the absence of Mayor Wickham. Financial. The run on Dry Dock Savings Bank continued to-day with greater vigor. Over $157,000 were paid out yesterday. St. Louis Bound. Several newspaper representatives including editor Smart of the Boston Post and a number of delegates to the national democratic convention from New England, are in town to-day and leave to-night for St. Louis.

4. June 23, 1876 The Rutland Daily Globe Rutland, VT
Article from The Rutland Daily Globe, June 23, 1876

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[LATER.] New YORK, June 22. The run on the Dry Dock savings bank was continued with much greater vigor today. Over $157,000 was paid out yester. day. The officers of the bank can give no reason for the run, but express confidence that it will cease shortly, as the demands are promptly met. No large depositors have withdrawn their money, the dem and being chiefly confined to the lower classes.

5. June 23, 1876 The New York Herald New York, NY
Article from The New York Herald, June 23, 1876

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# THE RUN ON THE DRY DOCK SAVINGS BANK continues unabated, although the bank officials present a satisfactory balance sheet. The class of depositors who have intrusted their savings to this institution is one easily affected by unreasonable panic, but no one can blame a poor man or woman for making sure of his or her little reserve for "a rainy day" when there is the slightest danger of losing it.

6. June 24, 1876 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, June 24, 1876

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D. 152. k on the morusharp fight on Rosebud ing of the 17th instanc, lasting several hours. Our loss was nine men killed and twenty-one wounded. Captain Henry, of the Third cavalry, was the only officer hurt; he is seriously wounded in the face. We won the fight, and camped on the field. The Indians made the attack with a force which they no doubt believed was sufficient to whip this command." A private dispatch states that General Crook had a horse shot from under him during the engagement. DELEGATES TO ST. LOUIS. ATLANTA, GA., June 23.-Delegates to the Democratic Convention from Georgia, South Carolina, North Carolina, and Florida left here this evening by the Kenesaw route for St. Louis. ATTENDANCE AT THE CENTENNIAL. PHILADELPHIA, June 23.-The attendance at the exhibition is apparently larger than usual. The hoteis and boarding-houses are steadily filling up. ADRIFT AT SEA. BOSTON, June 23.-A schooner arriving here to-day reports passing a boat bottom up, with three men clinging to it. The rough sea prevented a rescue. MOULTON VS. BEECHER. NEW YORK, June 23.-The general term of the Supreme Court of Brooklyn has reversed the decision given by Judge Dykeman in the case of Moulton vs. Beecher, argued at Poughkeepsie. This gives Mr. Moulton the right to bring action. It is now Mr. Beecher's turn to appeal, and he can carry the case to the Court of Appeals. WASHINGTON ITEMS. WASHINGTON, June 23.-The Treasury and Navy were not represented at the Cabinet to-day. The Banking and Currency Committee will vote on the resumption bill again on Monday, when General Gibson will be present. Colonel Scott testified before the Judiciary Committee confirming his letter to Knott. One James G. Reed publishes a letter assuming the responsibility of the dispatch to Caldwell. The committee will summon bim. The conference committee on appropriation bills are in almost constant session. Custis F. Barnum, Second Assistant Secretary of the Treasury, has resigned. The following nominations were made today : Charles C. Waters, attorney for the Eastern district of Arkansas; Towner Schley, postmaster at Charlestown, W. Va. ; Sam. Carson, Washington, N. C.; Thomas Taylor, Chattanooga, Tenn. WASHINGTON, June 23.-No committees are in session this morning. Many Congressmen and others are departing for St. Louis. No boisterous preference is expressed for any candidate. Conservative money, strong Chinese planks, with Tilden are most whispered. There is no positive demonstration in any direction. NEW YORK ITEMS. NEW YORK, June 23.-The run on the Dry Dock Savings Bank has ended. A considerable number of merchants of various branches of trade, in addition to those before reported, including Tiffany & Co. and Arnold, Constable & Co., have resolved to suspend business from July 1st to Wednesday, July 5th. The sub-committee of the House Coinmittee on Expenditures on public buildings arrived here to-day to make an investigation into alleged excessive and illegal expenditure of $327,000 on the new post-office.

7. July 11, 1876 New-York Tribune New York, NY
Article from New-York Tribune, July 11, 1876

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THE DRY DOCK SAVINGS BANK. CESSATION OF THE RUN-THE PRESIDENT'S STATEMENT. The President of the Dry Dock Savings Bank said yesterday, in response to inquiries made by a TRIBUNE reporter, that until he saw the dispatch from Albany, dated July 9. and printed in THE TRIBUNE of yesterday. be was in entire ignorance of any statements said to have been made by any of the trustees of the bank to its discredit. He knew nothing of any such statements. nor to whom they could be attributed. The Dry Dock Bank, he said, was one of the most solid sayings banks in the country, and amply able to meet any run that could possibly be made upon it, having its securities in such shape that they could be quickly turned into cash. It had $2,350,000 invested in Govern+ ment bonds. and over $4,500,000 in State and city bonds, authorized by the Savings Bank law. all of which were now worth more than they cost. No fears were entertained even in case of a most extended run on the bank The first run the President said. had its origin in the malice and Jealousy of certain persons, whose names be had not yet succeeded in ascertaining, but which be was confide at he would eventually discover. He had been informed and believed that preparations for a run were being made for a month before it becan. On the Sunday receding the beginning of the first run, several German and J wish societies, at their meetings, passed resolutions to withdraw all their funds This action caused the run, smaller depositors becoming frightened when they saw these large accounts simultaneously with. drawn. Far from injuring the bank, however, the action was a benefit to it, as the bank thereby saved large amounts of interest, which otherwise would have become due July 1. The President added that Le would have preferred to have this interest go to the dapositors. as the bank was making money rapidly enough. The second run was merley spasmodic, and has already ceased. the deposits at present aggregating more than the day 1s. On Saturday the deposits amounted to $93,000. while less than $50,000 was drawn out. Yesterday, while the reporter was in the bank. persons making deposits were present in large numbers, while at the paying teller's desk only a few were present, receiving their uni-amineal interest.

8. October 6, 1876 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, October 6, 1876

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The Currency Movement Unabated -Clearings, $4,400,000. The Produce Markets Irregular---Provisions in Fair Demand and Steady. Breadstuffs Less Active- Whent and Corn Rather Weak Barley Stronger. The General Feeling in Produce Circles is One of Great Uncortainty, FINANCIAL. The general Ritnation among the banks was one of activity. The flow of currency continues heavy to the country. One or two Institutions reported that their orders had been less numerous, but the aggregate shipments were little, If any, smaller than on the preceding daystel the week. The discount business shows a development from day to day. The applications from the Interior for advances are pressing. From a variety of causes there has been some tightnces In collections lately, and merchants have had recourse to the banks to make up the deficiency. More of a demand for loans has been experienced by the Board of Trade banks from receivers of wheat who have to carry It for a few days. Rates of discount remain unchanged. Whatever hardening of rates has taken place has affected only the theaper fonde. Regular customers are charged 8@10 per cont, and desirable, first-class ontside borrowers obtain concessions. The condition of business on the street is dull, and sales are a among the banks. New York exchange WAS sold between banks at 75c@S1 per $1,000 discount. The clearings were 4,400,000. JUOTATIONS OF THE AMERICAN MINING DOARD. At the opening of the sessions In New York of the American Mining Board, it was stated by the President, in response to a question, that the quoIntions would be In currency. The San Francisco augiations are In gold, but the New York: operators Solieve that in a short time the New York market will control the San Francisco market, which will thereupon conform Its quotations to the Now York standard. FINANCIAL EFFECTS OF THE TELLOW FEVER. The firmuces of foreign exchange on Monday was due to the failure to arrive of cotton bills of ex. change which had been expected at New York. The absence of these bills was caused by the presence of yellow fever at the Southern ports, which Interfered with shipments. BUSINESS OF THE NEW YORK STOCK EXCHANGE. The business of the Stock Exchange during the month of September amounted to 8380, 810,300, of which that in railroad mtocks was $370, 037. 800 In railroad and State bonds, St, 036, 000; and in United States bonds, 2,742, 800. A BANKER'S MISFORTUNE. The Financier relates an occurrence, In London, which illustrates the great picthora here of loanable capital: Calling upon a banker of our acquaintance the other day, he appealed to our sympathy by exclaiming, we have just had a grut misfortune. Indeed, asked what has happened Well, he replied. "an old customer has first called and left me £100,000 on deposit. 80 much for n braker's misfortune. Our friend could not refund to take money which was offered by an old and valued customer. A little Incldent of this kind portrays the state of the money market well as anything that could be said. In this country, where no Interest le paid on Indidividual deposits, bankers look with quite different eyes on such deposits. TITE NEW YORK CLEARING-HOUSE. The report of the manager of the New York Clearing-House, read at Its annual meeting on Monday, shown the following operations for the year: $10,874,815,300.01 Currency clearlogs Currency balance underearing 1,722,454,880.43 Gold balances 285,509,101.83 Total for the year $21,402,310,275.98 transactions per day for the year were $70,34,427.51. The total Amount of transactions since the organization of the Clearing-Honso (twenty. three years) Is $401,002,047. 715.50. Tie association now constata of 45 National Banks, with in capital of SERI, 150,000 and 14 State banks with 11 capital of $13,380. 200, making n total of 50 banks. with an aggrerate capital of $78,535,200 a reduction In the afferegate capital of the banks inembers of the association of WALL STREET AND THE BUSINESS REVIVAL. It will be seen that the course of speculation to. day afforded unmistakeable evidence that the rapid Improvement In general business is having Its natural effect In Wall attect. Having failed to scare Investors Into throwing their property overboard, the hears are now manifesting considerable anxiety over the great scarcity of certain stocks, and their position becomes daily more critical. An Important element In the speculative situation Is the probability of A European war, and far-stoong operators are already watching with much Interest the war-cloud which threatens to involve the Great Powers of Europe. York Times, Oct. a. ANOTHER NEW YORK SAVINGS BANK IN TROUBLE The Dry-Dock Savings Bank of New York, one of the oldest and largest in the city, is again in trouble. Last June the failure of one or two email savings banks In its vicitility caused a run on it, which substited. Some more recent failures have again excited distrust among the Dry-Dock's dopositors, and a serious run is again in progress. Two hundred thousand dollars were paid out on Monday, and the bank closed for the day with a large crowd at the doors. GOLD AND GREENBACKS. Gold was 100@1001/4 In greenbacks. Greenbacks were 01y@01%c on the dollar in told. FOREION EXCHANOE.

9. February 7, 1877 New-York Tribune New York, NY
Article from New-York Tribune, February 7, 1877

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LOCAL MISCELLANY. # DRY DOCK SAVINGS BANK. A DEPOSITOR'S UNFAVORABLE CALCULATIONS CORRECTED BY THE OFFICERS. The different views depositors and directors may sometimes take of the meaning of a savings bank statement is illustrated by a communication received by THE TRIBUNE in relation to the last report of the Dry Dock Savings Bank. The writer makes a calculation, showing an apparent annual deficit of $30,370. In the yearly liabilites, the interest due depositors is calculated at 6 per cent. In the income, 7 per cent is allowed on mortgages and 6 per cent on bonds, South Carolina bonds being thrown out as worthless. The writer also questions the correctness of the statement of asset, reducing it from $964,000, as given by the bank, to $311,000, by deducting an alleged loss on real estate of $375,000 and an over-valuation of city securities of $278,000. A reporter of THE TRIBUNE called at the Dry Dock Savings Bank, and laid this exposition of the affairs of the bank before the officers. They were unanimous in giving it a kindly reception, and also in advising its author to withdraw his deposit; when a depositor became skeptical of the safety of his money in a bank, they thought it better for the peace of mind of the depositor that the money be withdrawn. The exhibit of the depositor, they said, showed ignorance of the workings of a savings bank and of general finance. Instead of paying 6 per cent on deposits, 5 per cent was paid on all amounts above $2,000, or less than an average of 5½ per cent on all the deposits. No interest was paid on a very large proportion of the deposits be-cause interest began only quarterly, and was not paid unless the deposit remained at least six months The bank, they said, made $50,000 in interest saved, during a single run on the bank. As to income, the officers said that according to the statement of the State Bank Examiner $6,200,000 of their bonds were paying 9 instead of 6 per cent, which made a difference of $62,000 in favor of the bank. The interest on the South Carolina bonds was paid up to last July. "Cash in bank" meant cash deposited in other banks, which drew interest and amount-ed at least to $5,000 additional income to the savings bank. "Cash on Hand," so far fom being "trustees' due bills," as intimated in the communica-tion, was the cash in the vaults of the bank to meet the demands of depositors. They would not admit that the banking house, costing nearly $600,000, was worth only $200,000, as given by the writer of the letter, and asserted that the old banking property would bring $50.000 in the market. On Nov. 24, 1876, George W. Reid, the State Examiner, had stated the bank's surplus at $993,890 85. While the bank officers had bren content to reckon it at $964,326 57, they had, they said, a surplus large enough to pay 10 per eent on all deposits. The value of city bonds having been questioned, they said that last year city bonds bear-ing gold interest could be bought for 116; now they were considered worth from 123 to 125. City of Roches-ter bonds were worth at least 10 per cent, they said, and New-York bonds of certain issues 12 per cent.

10. June 19, 1877 The New York Herald New York, NY
Article from The New York Herald, June 19, 1877

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DECISIONS. SUPREME COURT-CHAMBERS. By Judge Barrett. Foley vs. Rathbone.-Lea is granted to the de. fendant's attorneys to answer the written affidavit of Mr. Henderson. Shipman VE. Beers.-Temporary injunction denied, with $10 costs. Opinion. Bell vs. Hibernia Fire Insurance Company of Ohio.I cannot do anything to assist the parties in this matter. Thore is nothing upon which the Court can act advisedly. The matter must be arranged by consent, or, it that is impossible, a motion upon affidavits must be made. Clark vs. Crane.-Opinion. Trotter and others vs. Volkening.-The motions are still irregular in that there was a stay of proceedings in the order to show cause, which, under the rule, could only be granted on two days' notice. But, further, the motion was not to be let in upon the merits and upon terms, but strictly to vacate the proceedings for irregularity Now, there was no irregularity, as the order extending time to answer was not properly served and was properly returned. Then the motion to vacate was dismissed by default, with costs, and those costs were not paid. The motion to open that motion default ought not to be for granted to permit a motion to vacate irregularity. It would have been otherwise, perhaps, If there had been in the present order to show cause on appeal to the lavor on the merits of the cause. But although that was argued before the it was tembraced in the order 10 show cause, and is, therefore. not up. The motions must therefore be denied, with $10 costs. Matter of the Receivership of the Guardian Savings Institute.-The statutory compensation was waived by special agreement. To this all parties assented The agreement was subsequently stricken out on the ap. plication of counsel for Quinlan and as against him it ceased to be binding. The stipulation, however, was not withdrawn as to any of the other parties, and Mr. McGowan, who now objects to the amount of the referee's fees, was silent and did not withdraw from the stipulation. It is, therefore, binding as LO him, and as 10 all parties except Quinian, and the latter does not object to the present application. But, tur. ther, section 313 would seem to apply only to costs in civil actions. The motion should be granted. SUPREME COURT-SPECLAL TERM. By Judge Van Brunt. McFarlane vs. Forrester; Dannatt vs. Board of Education; Conkling and another Vb. Davis and another; Bush vs. Scotield and another.-Opluions. Finney vs. The Mayor, kc.-Demurrer overruled. Defendants to have leave to amend upoa payment of usual costs. Limeliew vs. Suebly.-Motion denied. Bartiett vs. Shirley. -Memorandum for counsel. Koster vs. Ritter and another.-Findings signed. COMMON PLEAS-GENERAL TERM. By Chief Judge C. P. Daly, Judges Robinson, Larremore, Van Hoesen and J. F. Daly. Earle vs. New York Lite Insurance Company.-Judge ment afirmed. Opinion by Judge Robinson. Noe vs. Gregory. Judgment reversed. Opinion by Judge Van Hoesen, J. F. Daiy concurring. Mabler vs. Schloss and others.Judgment reversed, new trial ordered, with costs to abide event. Opinion by Judge Robinson. Schenecke vs. Roweil and others.-Order overruling demurrer reversed, and judgment given for the detendants unless plaintiff within twenty days from the service of a copy order. to be entered herein, amend his complaint and pay the costs ot the trial on the demurrer and of this appeal (to be taxed by the Clerk), and for failure to so amend and pay such costs that detendant have judgment final Opinion by Judge Robinson. Brady vs. Brady.- -The order interlocutory judgment affirmed, with costs, without prejudice to defendant's right to review the order directing an accounting. Opinion by Judge Robinson. The People, &c., vs. Holmes, &c.-Referee's report as to identity affirmed. Opinion per curriam. Haviland vs. Clark and others. -Judgment reversed. Opinions by Judges Robinson and Larremore; Chief Justice Daiy dissenting. West Side Savings Bank VR. Newton-Judgment af. firmed. Opinion by Judge Robinson and Chief Justice C.P. Daly. Lawrence vs. The American Central Insurance Company of St. Tonis.-Judgment affirmed. Opinion by Judge Robinson COMMON PLEAS-SPECIAL TERM. By Judge Vau Housen. Morello vs. Claremount-Reterved to Mr. Jerome Buck. See memorandum. Maynard vs. Miller.-Motion denied, without costs. See memorandum. Manchaster VS. Brandis, &c.-Motion deniea. See memorandum. Melianey vs. Weisanbeck.- Case ordered on short cause calendar. Sec memorandum. Storn VIA Donnelly. -Motion granted on payment of respondent's attorney $10 costs of opposing motion. Boardman VS. Freiburg.-Motion for receiver denied. See memorandum. Scrauth V3. Dry Dock Savings ank.-Motion granted. Schaub vs. McCloskey.- granted in part and denied as to residue. See opinion. Werner VA. Moranga.-Motion denied. See memorandain. Doerge vs. Bissenger.-Detau opened. See memorandum. Pacião Mail Steamship Company V8. Luelling.--Re port of referee confirmed. See opinion. SUPERIOR TERM. By Judge Freedman. Dietz VR. Farish -The defendant is entitled to judgment, dismissing the complaint upon the merits, with costs. By Chief Justice Curtis. Pike vs. McKie. Order settled. By Judge Sanford. Parnie VS. Noelke. -Judgment for plaintiff on demurrer, with liberty to defendant LO answer on payment of costs. Opinions. Malloy V8. Duke. Ordered on day calendar for the 25th of June. Hedgemen vs. Haaror et al.-Order discontinuing action and cancelling lis pendeus. Maires vs. the Manhattan Real Estate Association. Ordered on day calendar for June 18. Miller, Jr., vs. the New York Cement Company et al -Order continuing injunction. Tutaill VS. Masters -Order vacating verdict. Savery VS. Land et al-Order continuing Injunction. MARINE DOURT-CHAMBERS. By Judge Goepp. Ingebrand vs. Kuchn; Deibi vs. Esselborn: Allen vs.

11. April 26, 1878 New-York Tribune New York, NY
Article from New-York Tribune, April 26, 1878

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A RUN ON THE DRY DOCK. TAKING ADVANTAGE OF THE SIXTY-DAYS' CLAUSECONFIDENCE OF PRESIDENT MILLS. The effect of the closing of the Teutonia Savings Bank was felt yesterday by the Dry Dock Savings Bank. It was reported down town that there had been such a "run" on it that it had been obliged to borrow funds to meet the emergency. The president, Andrew Mills, said last night: "There has been a considerable run on the bank today. We are situated where we feel the effects of organized movements, very many of our customers being members of societies and associations. I was told early in the morning by a friend of the bank, a German, and a member of one of these societies. that there was to be a run. We were perfectly able to meet it and needed no warning or preparation. The bank has a surplus of over $300,000 in addition to its real estate. Of its assets fully $6,000.000 are readily available. being invested in Government, city and State bonds. Our mortgages are all in this city, and in every respect are first-class. "The run was not attended with great excitement, but as it was apparently increasing, in order to quiet all undue excitability on the part of the depositors, I decided to take advantage of the sixty-days clause. We could have continued paying, but thought it imprudent to do so. We paid out small sums up to $100 to those who wanted to withdraw. But we thought it more prudent and more consonant with the real interests of the depositors to take this action. I believe this course will allay all anxiety on the part of the creditors of the bank. as I think the run resulted simply from contagious excitement, and not from any actual fear about the condition of the bank. In fact, some of the depositors have told me since that they bad no fear concerning the bank, but if any were to withdraw their funds. they did not wish to be last." In regard to the rumor that the bank had been obliged to borrow on the street, Mr. Mills said that there was not the slightest truth in it. We had to have money," he continued. but we drew from our own funds on deposit in the Broadway Bank, and because they did not have sufficient bills for our wants, we had to go to the sub-Treasury to get them. That is all the possible foundation there is for that story." Mr. Mills spoke with the greatest confidence as to the ability of the bank to meet all claims. The report made to the State Banking Department showing the condition of this bank on January 1, 1878, is as follows:

12. April 26, 1878 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, April 26, 1878

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Bank Affairs. PROVIDENCE. R I., April 26.-The Mochanics' Savings Bank, the second largest in the city, commenced today to enforce the pro vision requiring notice of withdrawal of de. posits. NEWBURYPORT, MASS, April 26.-Fraudu lent bonds 00 the Newburyport horse railroad to the amount of $5,000 have come to light,and more are anticipated. The directors are making an investigation. The bonds were issued under the former treasurer, Mr. Binney. NEW YORK, April 26.-A run was begun this morning on the Dry Dock Savings Back, and ist the hour of opening the Baok more than three bundred excited persons, mostly women, with their bank books in their hands, presented themselves. and asked for their money. They were ranged in long lines extend. iog up and down the entire length of the block.

13. April 27, 1878 Evening Star Washington, DC
Article from Evening Star, April 27, 1878

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The Runs on the New York Savings Banks. NEW YORK, April 27.-Tne runs on the Dry Dock and German Savings Banks had considerably decreased to-day. A number of Jews were offering to buy bank books of the Dry Dock for fifty cents on the dollar. The president of this bank received a letter from the bank department approving the course he had taken in reference to demanding sixty days' notice for sums over$100. The German Savings Bank is paying all depositors who ask for their money, without the customary sixty days' notice.

14. April 30, 1878 The New York Herald New York, NY
Article from The New York Herald, April 30, 1878

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SAVINGS BANK TROUBLES. THE RUN ON THE DRY DOCK ENDED-TRUTONIA DEPOSITORS LOOKING OUT FOR THEIR INTERESTS-A RECEIVER APPOINTED. All signs of the run at the Dry Dock Savings Bank, corner of the Bowery and Third street, have disappeared and the office has resumed its accustomed quiet. The deposits were in excess of the payments, and not over twenty persons called during the day with their accounts. The sixty day rule is still enforced. At the German Savings Bank, corner of Fourth avenue and Fourteenth street, there were long lines of depositors drawing out their money as on Saturday, but the crowd was not so great. The number of callers amounted to about one hundred and dity, and the amount drawn out was less than $60,000 as against $200,000 on Saturday. At one o'clock a meeting of the depositors of the Teutonia Savings Bank was held in Concordia Hall, No. 28 avenue A. The meeting was well attended, over five hundred persons being present. All carried their bank-books, which served to gain admission. Francis Euring was elected chairman and Henry Gottlieb secretary. Mr. Euring made a long address in German, relating the circumstances of the bank's troubles. He said that the attorney of the bank had appeared before Judge Westbrook, at Hudson, and made no objection to the appointment of a receiver, admitting the bank was insolvent. He had left the whole matter in the hands of the Judge. The object of this meeting. said the speaker, was to appoint a committee of turee to wait upon Judge Westbrook and confer with him in regard to the selection of a receiver. One should be appointed. he contended, who understood the German language, as most of the creditors of the bank were Germans. A meeting of some of the larger depositors had been held on Saturday night, and they nad taken the liberty to telegraph to Judge Westbrook requesting him to delay the appointment of I receiver unail ne should hear from a general meeting of the depositors. A motion was made to appoint a committee of three for the objects named by the chairman, but an amendment was carried that a committee of seven should be chosen, The following persons were then nominated and unanimously elected:-Charles Boss, J. Dauscher, Felix Horn, J. H. Tamsen, Frank Selles, Joseph Brull and Charles Jung. Tue president of the meeting, Mr. Francis Euring, and the secretary, Mr. Gott. lieb, were afterward added to the committee as ex officio members. The depositors' meeting then adjourned. Immediately alter their adjournment the Committee of Seven met and appointed the following sub-committee to visit the Bank Superintoudent, at A1bany, and Judge Westbrook, at Hudson:-Charles Boss, chairman, J. Dauscher and Fenx Horn. They were instructed to ask for the appointment of a receiver who understands German and who would ne in the Interests of the depositors. They were also instructed to suggest the following named persons, any one of whom would be a receiver satisfactory 10 the deposItors:-General Unl; General Scowarzwaelder, President of the Germania Bank, and Michael J. Adrian, President of the German Exchange Bank. The subcommittee lelt for Albany last night at SIX o'clock. A RECEIVER ALREADY APPOINTED. That the above proceedings were somewhat blindly conducted may be seen by the following despacto, recelved last evening:RONDOUT, N. Y., April 29. 1878. Judge Westbrook, after hearing an order to show cause, has appointed Jamês D. Fish, President of the Marine Bank, receiver of the Teutonia Savings Bank.

15. May 1, 1878 The New York Herald New York, NY
Article from The New York Herald, May 1, 1878

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SAVINGS BANK TROUBLES. The run on the Dry Dock Savings Bank has coased and depositors are returning their funds. Mr. Newshafer, counsel for the Teutonia Savings Bank, denies that he ever said the concern was insolvent. He only said that If it once closed 11 would be useless to open the doors again. Had the trustees been notified they would have bought the bonds at cost before the institution closed. 11 properly managed the bank would pay monety cents on the dollar. The run on the German Savings Bank, Fourth avenue and Fourteenth street, still continued yesterday, but there were not BO many callers as there were the previous day. The run IS thought to be about over.