Equitable Savings Bank - New York, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: June 26, 1876
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 67b3e932

Response Measures

None

Description

Article (The Sun, 1876-06-26) states the Equitable Savings Institution is closing under the direction of JOHN E. DEWITT, special trustee. No run on this specific bank is described; context blames reckless management and dishonesty for recent savings bank failures. I infer a suspension/closure due to bank-specific adverse information (mismanagement/insolvency). 'Special trustee' noted rather than a government receiver.

Events (1)

1. June 26, 1876 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank is closing under the direction of John E. DeWitt, special trustee amid wider exposure of reckless management and dishonesty in savings banks; indicates insolvency/failed management.
Newspaper Excerpt: the Equitable Savings Institution is closing under the direction of JOHN E. DEWITT, special trustee.
Source: newspapers

Newspaper Articles (1)

1. June 26, 1876 The Sun New York, NY

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Article Text

The Dry Dock Savings Bank. Within comparatively a very short period, less than a year, we have had to record the failure of six savings banks in this city, the Third Avenue, People's Mutual Benefit. Central Park, German Up-town, Security, and Mechanics and Traders': and the Equitable Savings Institution is closing under the direction of JOHN E. DEWITT, special trustee. In view of these failures, succeeding each other in such rapid succession. the public mind has become extremely sensitive on the subject of savings banks in general, and the slightest rumor or suspicion will start a run on any institution, which can be stopped in no other manner than by paying all depositors who present themselves. Assurances of solvency and strength from officers and trustees count for nothing. Since the failure of the Third Avenue Savings Bank, and the arrest of Messrs. SPENCER K. GREEN and WILLIAM A. DARLING. who were in 1871 respectively the President and Sécretary protem. of that institution, on a charge of having certified to a false statement of the bank's condition. the people at large have lost faith in all such assurances and statements. The exposure of the interior management of the Third Avenue Savings Bank, as made by BENJAMIN A. McDONALD, expert accountant, before Justice DUFFY at the Tombs in March last, was certainly not calculated to inspire on the part of depositors a blind confidence in either the management or the statements of savings bank officials. The recent failures of savings banks in this city have resulted from reckless management and downright dishonesty. The practice of granting charters to political favorites has too frequently given the custody of the hard earned savings of the poor to a class of trustees whose sole object in seeking office was directly or indirectly to benefit themselves. Many of these trustees give very little or no attention to the affairs of the bank they are supposed to manage, and till those who are responsible find time to attend to their duties, we may look from time to time for the disastrous consequences which inevitably follow incompetency, bad management, and the want of management. The run on the Dry Dock Savings Bank, which set in on Monday last. and has con tinued steadily during the week, is an ad ditional proof of the general distrust. Mr ANDREW MILLS, the President, says the bank is sound, having assets as follows: $2,345,950 Bonds and mortgages.