East Side Savings Bank - New York, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: December 23, 1875
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: f9063017

Response Measures

None

Description

The article (Dec 23, 1875) states the Superintendent decided to close the East Side Savings Bank as a benevolent institution despite it being solvent. There is mention of a 'run' in the paragraph but that appears to refer to other savings banks (German Up-town/Yorkville) rather than the East Side bank. OCR errors in the clipping were corrected (e.g., 'recognizo'->'recognize', 'Sebwarz'->'Schwarz').

Events (1)

1. December 23, 1875 Suspension

Cause: Government Action
Cause Details: State banking Superintendent ordered the bank closed (converted into a benevolent institution) despite solvency; closure by regulator/official action.
Newspaper Excerpt: The Superintendent has also decided to close the East Side Savings Bank for ... a benevolent institution, with about $16,000 on deposit. It IS solvent.
Source: newspapers

Newspaper Articles (1)

1. December 23, 1875 The Sun New York, NY

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Article Text

OLOSING SAVINGS BANKS. The Yorkville and the East Side Sailors' to be Forced One of Business. Superintendent Ellis has resolved to close the Yorkville Savings Bank, known as "Harry Genet's bank." The examiner reported a deficiency two years ago, but the bank has been allowed to go on. Its condition has been made still more hopeless by the refusal of the State of Alabama to recognizo the railroad bonds endorsed by the State, in which It Invested $10,000. Most of the depositors are Hariem working people. The Superintendent has also decided to close the East Side Savings Bank for 8 tor. a Uenev olent institution, with about $16,000 on deposit. It IS solvent. and has been conducted gratis by S. toping Commissioner Duncan. Rei reiver Uni, of the Germ 11 Up-town Savtries Bank, says there will be a dividend about the first of next January. He DODES to be able to settle up the affairs of the bank within three months. Ex-Pre-ident Clausen 8318 that the run on the b nk was caused by the financial emrassment of President Sebwarz. that Mr. Cummiss collected $26,000 of the bask's money. and that depositors should not seil their books. Depositors of the German i---Town Savings Bank. in a meeting last eventage considered is prej osition to allow half of their deposits to reminin for one year with some favor.