Franklin Savings Bank - New York, NY

Bank Information

Episode Type: Run Only
Bank Type: savings bank
Start Date: November 30, 1875
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: da8d9981

Response Measures

Accommodated withdrawals

Description

Contemporary articles (Nov 30–Dec 1, 1875) report a slight run on Franklin Savings Bank but state it had plenty of funds, paid depositors promptly, and confidence was soon restored. No suspension, closure, or receivership is reported.

Events (1)

1. November 30, 1875 Run

Cause: Local Banks
Cause Details: Part of a broader small panic among savings banks; runs on other local savings banks (e.g., North River) prompted depositors to withdraw from Franklin despite its sound condition.
Measures: Paid depositors promptly; bank continued to meet withdrawals and restored confidence (no suspension).
Newspaper Excerpt: a slight run was made to-day on the Franklin Savings Bank, which has plenty of money and is paying everybody as fast as possible.
Source: newspapers

Newspaper Articles (5)

1. November 30, 1875 The Sun New York, NY

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Article Text

CRIPPLED SAVINGS BANKS. SOME FACTS AND FIGURES MADE INTERESTING BY THE RUN. The Third Avenue Savings Bank's Officers 10 R Police Court The Banks that Have Closed their Doors and these that Stood a your SHULAMS amos non a gathering of lawyers and Presidents and ex-secretaries of the Third Avenue il nk in the York He Police court yestenday. Vr Henry 1. Clinton sppeared for " Decker. accused of perjury. and *41 10 48499 uo poinossed quid 1. if District rnev's office. Mr. Do ker's case Taken up first. Messrs, Daniel Bates, Wm. m. PIA pus 'QOA'I 'H up T V us 0.13A reputi 10th safe .) SEM security ALL 12000 091 '100418 HEAL is 'Q181 11) spuog worth at the be hest. instead of par. AS renrein the statement of the Third Avenue usaq you pay spu 0111 110 18440101 941 for sevi rat years. After Mr. Has-ler's tesName: the ex mination W A adjourned until Reput The trustees of the Security Savings Bank met 01 U pay BMI wait on the uperintendent of Banksand ask his advice. Thes also resolved to call - meeting of those depos who represent a misjority of the deposits and get their advice. The Peopl is Sevings Bank. the Security and 0.10.M P-14.L 10 114 para *** closed vesterday. Their officers are awaiting action if the Superintendent of Banks. The Manufacturers and Builders'. Theo a Third averecorded If 10 spoug and 111 speadju 81 to 9 THE na MON 10 AND 041 up 40; save 944 the Seamen N. the nion Dime the Howery. and others millions of irplus report lorger de paujujdxa aq 1000 1441 1081 - msn U.S. 41 sup weap 11 dep 1891 code) and 941 DUE sqoiso P. goadens on 10 mo punosed 91 umoun 08041 ontil II 1 THE RUN ON THE NORTH RIVER. 04.1 cou iting room of the North Riv Savings Bank nt 478 Eighth avenue. was filled all ves terd and time the multitude of depost offed out into the street unfavorable 01 pus STAM подириоэ MID 041 10 aur uns am 01 Pel 1841 puv aujud 0101 and 10 unis th were closed were so numerous 'Sup II" spread ssnq iday 0.10 M squar 10 1001 our pue sions (US JOJ 9.10AM Kenn THE 1000'08's 001 1 SH.W as.m 10110 = 10 quammous 041 UI summer 04: uo per SHAW sycu 1120943 no appea 041 the fa that not doll of the bank money spjoy age was 10 snida e seq pus susodap 01 0068 -us sequen 041 10 uperu ey. 00000$ 10&O spuoq pue sont noas 60 solv S portual " *1 Delive . put 1001 MPN THE : 00 1R put and 18 pas " me mo BY nee some instances per cent. The that ves erday's run lessened toward the day. ind their belief that 111 umour AID 19403 sour Jog мори 400 June u VISA 11 case nl together. The directors -nung "(I 'Keth "M ear queq 0411 Teams wave повпяту LM A imports доривходу '01 TOTAL 111 -sng 104809 мэдриу P W 1V 'SSOIN qdesop mas steem ay '001 on President : : Henry D. Ran 40011 pers TO 11, sa Bennett Seer tarv. THE BUN ON OTHER BANKS. The deposit Franklin Savings Bank. -111 1891 una эряш V 10 anou our If pus U1 usado $8.11 There 000.00$ inoqa uww.p DRIVE 18 01 Japjo up pus MUS moy 1154 inqs SQ1RZ and and 100 ficers of the bank do not expect run shew so # JI 1891 AUS inq as spuemed II - paid . taking tage the sixty rule pue 'sitsodap u] 0001004111 inoquespro 4 suf about $55,000 The investments NJO MPN ULA 10# 99 una puelspuoq same радо pus red enjo 01 XIS most passes the urchase price James Cham beriain is President, and George Crouch, Treasurer A few dissatisfied depositors drew heavily Fourteent 18 qu & A MON em mor street and Eighth avenue yesterday but the nodn upens penson us JOJ goot 100 op 810 Ineir resources The bank round num 000'000$ JOAO puu personsion suchings eases 'shipling beeq every smoke UMO3 UMOP 041 II" ALIVEN production am AO paid D" 1 to 920ml ance and their payments generally in 0% cess their deposits. The East River Bank $99A S.I upon 01 piea 1001 hampers 0 14 terday from $15,000 to $20,000 more than the deposits and the flicers drew $20,000 from the Park Bank to meet a possible emergency but gloods OUT 11 Den you 0.1 1901 have no fear of any extended run. They say exp: you ITEM seq1 'euo aq should 04091 11 TRUE OJR return SARD MIXIS 941 non II" AND The Eleventh Ward Bank at 106 Avenue C paid about $5,000 more than their usual daily disPetty SUM queq am sound 18 pue $100m using pm eyes neus PM Vantage of the sixty days law. said Mr. Timmerman. the Secretary in case of a panic. but 9.48 DABQ ou There a steady run at the Teutonia Bank SEM 000'98$ inoqu puw Awp III V ueAV 98 19 ursed. an amount exceeding the usual payments DV about $30,000 But we have enty them sed neus UR., THE am pps souom right along. We can also get all the money that you Ileas Jayso TOTAL 9.M eq1 u1 1000X0 MEI email aq1 10 gr emergency There is no cause for fear. and we apprehend not the lightest 0.10 M AND em un SHURO STUTAUS aequire 941 IIV auou III inq N program NOS 19 passia anumys sun event SEAM pootion PAOGE esoqi JO our TII 11 THEIR OWN SHOWING The following banks reported their condition of su January Ablugdon Square Savings Bank. at 03 AbingV CHARGES :6991 UI paint thum cker. President. and George " Brown. as are ruvq 8191 JO au S.1 101000 2011 9 separate age pur THIS 18 period 10 990'921$ 041 Kg pa uas ades $1 18 моломоц 10989 am 15 01W180 61 BIRTHER 'sormixg pum oun many -J0141 81/098 is pun 'sduress подот OUTS 1800 2 1281 apquire 100 innome am STUDI perpony was n in performed pepasors The airmont Savings Bank. 247 Greenwich Shorman '02ST IT III 02318 Mandas u MS DIANG pus pa 11/ puu LEMISS securi Sal TO 810880 TO 8800X u 183 11 141 uo net 1099 on MU q SEQUIRE 110 981 spung 181g 004'81$ pu 'serent quemqa pm smood para uo USED SUM DIRECT MODIS arrand to zunoure am 01 seju dinoo 480.11 83080 01 puw our JO our The of 000'0% 4040 10 bank 1874 there had been deposited pue "AB 414713 112 1" NUEST no d 'suemo M M "RATE 90 811 D Hodel nujeq eq 01 pun 16% XII juinj our 1011 Jual SHAM ** 18$ put

2. December 1, 1875 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, December 1, 1875

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Article Text

Run on Savings Banks. NEW YORK, November 30.--There is still n little excitement hmong the depositors in savings banks, and n slight run was made to-day on the Franklin Savings Bank, which has plenty of money and is paying everybody as fast as possible. The run commenced yesterday on the North River Savings Bank was continued today, but there is less anxiety among the depositors, who were promptly paid.

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

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Article Text

50 500'001'1* RA ESPIRATED -$1,254,482 Real estate. cost $126,646.77 market value, $117,619.27. and standing on books at 919'981 Cash 00 deposit ID banks or trust comsapped $15.91 Cash on hand not deposited in bank 000'31 uonditions AJOAD JO 810880 JO munday not included under any of the above :speaq Interest accrued 29 111'21$ Judgment secured by real esR1 81 821'9 Suspense account 20 48T'68 Estimated value or real estate over cost 088 201$ -09 846'08 Total $2,644,381 L1 Amount due to depositor $2,427,664 o ner dabilities LEVOIL Excess of assets over liabilities OFS'49 Total 1881192$ According to the above there was. when report was made up, a surplus of $67,240.08. item of "suspense accounts." $39,127.07. repre senting money sunk in an Atlantic Mail vestment such as wrecked the Third nue Bank. is practically valueless, and said by the President to have been wined of the books. The "estimated value of real estate over cost" is another worthless item. and represents $20,972.50 of the so-called surplus. Instead of bringing an amount over its cost, it Is safe say that the bank lot and building would bring the $126,646.77. they are said to have cost Besides. $465,942.25 of the money of the deposi tors appears to have been paid out for bonds States other than New York, and worth in Janu ary last, according to the sworn bank statement $269,530. It appears from the same statement that the amount deposited during 1874 was $537, 651. and the amount withdrawn $948,829.51. cating a rapid decrease of deposits. The same r te of decrease continued through 1875 would leave the bank with $200,000 less of good money or good investments than appeared in the report. The run on the North River Bank continued yesterday. This bank holds no Southern bonds or other doubtful securities. and its statement of last year would indicate its ability to dollar for dollar. At noon yesterday the ber of depositors waiting to be paid was large. Behind the counter were stacks of green backs that the teller counted out as rapidly possible to depositors. Mr. Stafford, the Vice President. said that the bank will continue pay until all are satisfied. About $100,000 been paid out since Monday morning. There was also a run yesterday on the Frank Im Savings Bank, at Eighth avenue and Forty second street. The bank has assets amounting 10 $1,645,609.22. consisting of United States bond and bonds of cities, towns and counties in State, $63,000 of real estate. and a large amount Jo rueq zuome trojuido OUT, USED 10 ficials isthat the Franklin is A sound institution The officials of the People's Bank have

4. December 1, 1875 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, December 1, 1875

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Article Text

FINANCIAL. NEW YORK, Nov. 80.-Theie is still & little excitement among depositors in the savings banks, and B slight run was made to-day on the Franklin Savings Bank," which has plenty of money, and is paying everybody as fast as possible. A run commenced yesterday on the North River Savings Bank continued to-day, but there is less anxiety among depositors, who were promptly paid.

5. December 2, 1875 The New York Herald New York, NY

Article from The New York Herald, December 2, 1875

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THE BANK SCARE. END OF THE RUN ON THE SAVINGS BANKS-CONFIDENCE RESTORED. The feeling manifested yesterday throughout the city by depositors in the different savings banks was unmistakably one of greater confidence. In fact, it appears from the investigations made by the HERALD reporter that the excitement of the past few days has almost entirely subsided. That depositors generally are to be congratulated on this result no one can doubt for, as has already been pointed out in the HERALD, the banks raided on have available assets sufficient to meet all liabilities, and the people who have drawn their money from these institutions have simply lost so much interest for six months on their deposits. The really weak banks have been left untouched, much to the surprise of all who know what a really sound bank congists of in the matter of assets. These will, however, it is confidently asserted, be taken in hand by the Bank Department and put into the hands of receivers forthwith. Mr. Ellis is expected in New York to-day, and his action is anxiously looked for. THE NORTH RIVER SAVINGS BANK was to a certain extent raided on early in the morning, but as the day advanced the number of depositors grew small by degrees and beautifully less, until by two o'clock in the afternoon there were but some five or six depositors present seeking to withdraw their balances. The amounts deposited exceeded the withdrawals. THE FRANKLIN SAVINGS BANK was similarly affected, and the run of the past two days was practically at an end by noon yesterday. Many who had previously withdrawn their savings returned in the afternoon and reopened their accounts. THE MERCHANTS AND TRADERS' SAVINGS BANK, although visited in the early hours by quite a number of depositors, was at the closing of business hours almost deserted. The President, as well as the other officers, assert their ability to meet all demands, and say that the scare of the last two days was simply a suicidal policy on the part of the depositors, who by withdrawing their deposits at the present time lose their six months' interest which is an actual gain to the bank. The securities of the bank consist of State, city and county bonds, which can be realized upon at a moment's notice at a profit on their original cost. The real estate held by the bank, it has been ascertained, is fully worth the value set upon it, and from the inquiries made at other banks there appears to exist no reason for the late run, which, however, may now be considered at an end in view of the restored confidence that prevails. THE THIRD AVENUE BANK. It was said by the Committee of Thirteen, appointed by a certain number of the depositors, that a Mr. Tate, of No. 229 Broadway, had been appointed receiver, in place of Mr. Carman, by Judge Westbrook. THE MUTUAL SAVINGS BANK. Affairs were in statu que yesterday. The trus tees are exerting every effort to make good the do ficiency and so resume business. This will probably be done during the next six days.