15877. Franklin Savings Bank (New York, NY)

Bank Information

Episode Type: Run Only
Bank Type: savings bank
Start Date: May 3, 1881
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 89927783

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Public signal of financial health

Description

Multiple contemporary newspapers (May 3–4, 1881) report a depositor run on the Franklin Savings Bank precipitated by a Court of Appeals decision declaring certain Springport town bonds void. The bank paid out substantial sums but directors secured funds (Chemical Bank support) and the run subsided; the bank remained open.

Events (1)

1. May 3, 1881 Run

Cause: Bank Specific Adverse Info
Cause Details: Decision of the Court of Appeals declaring certain Springport town bonds held by the bank void, causing depositors alarm.
Measures: Drew funds from Chemical Bank (secretary obtained $50,000), directors secured additional funds and kept bank open; paid out about $170,000 since run began.
Newspaper Excerpt: The run on the bank began last week...the directors say they can meet all demands.
Source: newspapers

Newspaper Articles (8)

1. May 4, 1881 Lancaster Daily Intelligencer Lancaster, PA

Article from Lancaster Daily Intelligencer, May 4, 1881

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LATEST NEWS BY MAIL. Fannie J. Blanchett, aged 24 years. has died in New York, from lead poisoning. induced by the use of cosmetics. The New York brass moulders have demanded an advance of tifty cents per day they now receive three dollars. If refused, they will strike on Monday evening. In the New York Assembly yesterday the Senate bill making an appropriation of $750,000 for continuing the work on the new capitol was passed by a vote of 96 to 92. An excavating company cleaning the cess pool at the Windsor house, Philadelphia, dragged up the skeleton of a man, nearly stripped of flesh. How the body got there is the tragic conundrum. The safe at the Onconta (N. Y.) postoffice was discovered yesterday Liorning seventy-five rods from the postoffice blown open and robbed of $1200 in stamps, $300 in cash and a registered letter containing a $100 government bond. The schooner Eva, at New York from Virginia, reports that on the outward passage, April 14, off Atlantic City, she saw a schooner sunk and sailed down to her, but could find no one. All hands are supposed to be lost. A smash up occurred on the Troy & Boston railroad yesterday morning. near Eagle Bridge, N. Y., by which several passenger coaches were thrown down an embankment. All the trains from the West are delayed. George Brooks and Scott Love fought a duel at Orliston, Ohio, and both were wounded. Sheriff Aeker and Prosecuting Attorney Buerhans went to the secue of the tragedy to arrest the parties. It is reported that Love will not live. Baseball yosterday : At Boston-Providence, 7; Boston 1. At Woreester-Worcester, 10; Troy, 5. At New York-New York, 11; Atlantics, 5. At PrincetonMetropolitan, 9 : Princeton, 1. At Chieago-Chicago, 6; Cleveland, 0. The run on the Franklin savings bank, of New York, has begun to subside. The crowd of depositors desiring to close their accounts yesterday was smaller than the day before. The secretary said only about seventy thousand dollars was paid out yesterday. At Annapolis, Md., yesterday Col. G. S. Marsh was found guilty of setting fire to his own house in Anne Arundel county two weeks ago. The jury were only out fifteen minutes. Colonel Marsh has hitherto held a high social position in the county. The thirty-second annual session of the American Medical association began at Richmond, Va., yesterday. The exercises were opened with prayer by Bishop Keane, of the Catholic church, and an address of welcome was delivered by Governor Holli day. Some 500 delegates were present. The sessions will coutinue for days. T. B. Davis narrowly escaped death while examining a coal mine in Mineral county, W. Va., from a gun shot fired by some unknown person, whether accidentally or intentionally could not be ascertained. The bullet struck him in the breast just as he was in the act of facing to the right. It passed through an overcoat, a thick undercoat, the vest and underclothing, and cut a furrow in the flesh just above the right nipple, making a slight wound.

2. May 4, 1881 The Cheyenne Daily Leader Cheyenne, WY

Article from The Cheyenne Daily Leader, May 4, 1881

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BRIEF TELEGRAMS. St. Louis: One hundred restaurant waiters struck to-day. New York: Forty mormon missionaries sailed to-day for Europe. St. Paul: The democrats swept the town by from 1,000 to 1,200 majority to-day. # Omaha: A train of fifty cars of oysters in barrels, left here last night for San Francisco, to be planted in San Francisco bay. New York: A run has been made on the Franklin Savings bank, Fighth avenue; $105,000 has been withdrawn since Friday last. $ Witchita, Ks.: The Oklahama boom collapsed this afternoon on receipt of the news of the unfavorable termination of Payne's trial. New York: Gen. Wm. F. Smith pleaded not guilty to the indictments against him, and the police commissioners did the same. Springfield, Mass.: A freight train on the Connecticut river railway was telescoped at Greenfield by running off an open switch. Two engines and 12 cars were wrecked. The loss is estimated at $15,000. Galveston: The consolidation is arranged of the Missouri, Kansas & Texas, and the Texas & Great Northern railroads. The St. Louis Iron Mountain & Southern and the Texas Pacific will be consolidated on the 18th inst. Toronto: The home committee of the Grand Trunk brakemen call upon the men to hold themselves in readiness to strike on Wednesday at midnight, and warn them against committing any act of violence or in any way contravening law. North Adams, Mass.: A smash-up occurred on the Troy & Boston railway this morning, near Eagle Bridge, New York, by which several passenger coaches were thrown down an embankment. No particulars. It is understood that there are no fatalities. Chicago: At a meeting of the Leadville and Gunnison mining company, at the Grand Pacific hotel yesterday, E. St. John, general passenger agent of the Chicago, Rock Island & Pacific railroad, was chosen president of the organization, which has large and profitable interests in Colorado. Yankton: The telegraph lines are still down. The flood is subsiding rapidly. The people are preparing to return to their farms, although they are destitute and their farms devastated. The mail bags sent from Green Island were found in the mud with the registered letter pouch safe. One package contained $1,100.

3. May 4, 1881 Daily Globe Saint Paul, MN

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ALL AROUND THE GLOBE. The Rideau canal is open to navigation. T he miners of the Tompkins mines at Pitts ton, Pa., have struck, stopping the mines. Michael Kelly, aged 55, drowned himself in the canal at Louisville yesterday. He leaves a family. The statement of the Imperial Bank of Germany shows a decrease of specie of 2,680,000 marks. Gen. Grant was dined at the City of Mexico by the friends of the Mexican railroad scheme in which he IS interested. J. L. Ashley, who was the New York Herald correspondent at Washington during the war, died yesterday at New York. An Ithaca, New York, special says arrangements have been perfected for having Cornell's four entered in the Henry regatta. The American residents of the City of Mexi CO gave Gen. Grant a public reception Fri ay evening, which was very largely attended. Now it is the coal cart drivers and shovelers of Indianapolis, Ind., who are on a strike. New hands were prevented from working by the strikers. Matthew Gottfried filed fourteen complaints in the United States court at Chicago against nearly all the prominent beer brewers of the city for violating his patent for "pitching barrels. " There was a run on the Franklin Savings bank, corner of Eighth avenue and Forty seeond streets, New York, yesterday. Since Saturday $105,000 have been withdrawn. The directors say they can meet all demands. Gen. Wm. F. Smith and Police Commissioners Mason, French, Nichols and Matthews, of New York, appeared in court yesterday and tendered pleas of not guilty to indictments found against them for not cleaning the streets. The brakemen on the Grand Trunk railway have requested an advance from $1.25 to $1.40 per day on through freights, coupled with the announcement that if the request is not acceded to they will resign at midnight of Wednesday. Coursal!, a Canadian M. P., said at a Montreal banquet last night that he believed amicable relations between the United States and England would not be complete unless Canada sent a regiment to the Yorktown celebration. The New York board of aldermen yesterday passed over the mavor's veto resolutions giving permission to the Brush Electric Illuminating company and United States Illuminating company to lay tubes in the streets, for the purpose of lighting houses and streets.

4. May 4, 1881 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, May 4, 1881

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Gotham Gossip. New York, 2.-Immigrants landed today, 3,500. New York, 3.-There is a run on the Franklin Savings Bank, Eighth Avenue. One hundred and five thousand dollars has been withdrawn since Friday. General Wm. F. Smith pleaded not guilty to the indictments against him, and the police commissioners did the same. The aldermen passed, over the mayor's veto, a resolution allowing the Brusn Electric Illuminating Company and the United States Illuminating Company to lay tubes to light houses and streets.

5. May 4, 1881 New-York Tribune New York, NY

Article from New-York Tribune, May 4, 1881

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A SAVINGS BANK NOT AFFECTED BY A RUN. Walk right in and get your money : there is plenty enough for all," said Charles E. Hyatt, secretary of the Franklin Savings Bank, yesterday, to a reporter whom he had mistaken for one of the depositors anxious to withdraw their money. The bank was kept open after the regular hour to pay frightened depositors, and before the officers left the building the run was virtually at an end. "The run on the bank began last week," said the secretary, " when a decision of the Court of Appeals was published declaring that certain Spring Port town bonds were not legally issued. This bank had held $23,000 of the bonds, which cost us $23,000. We anticipated the loss of the bonds three or four years ago, and at that time charged the amount to profit and loss. The decision now does not affect the standing of the bank in any possible way, butstiM a number of Germans considered it necessary to withdraw their money. I went to the Chemical Bank this morning to get money to pay the depositors, and Mr. Williams, the president, said to me: 'Mr. Hyatt, tell your people that I will stand by you until the run is over, if it takes $1,000,000. I drew $50,000 and there is $45,000 of it untouched. We have paid about $30,000 today, and are ready to meet all other demands. You see that there is not a person here now, which shows that the people have regained their senses. There have been about 800 accounts balanced, and about $170,000 has been paid out since the run began last week. About $20,000 of the money has been returned by the depositors, and a great many depositors wanted me to take back their money an hour after they closed their accounts. There are about 10,000 depositors, and those who have withdrawn their money have been recent depositors. The old ones stand by ns still."

6. May 4, 1881 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, May 4, 1881

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the day bosses visited headquarters and agreed to the demands of their inen, and at 10 o'clock to-night less than 1,000 mon were Idle. THREE ANNIBLE OTHLA. 10 the Western Associated Press. New York, May 3.-Three young women who arrived at Castle Garden a few days ago with a company of Mormon converts became with the prospects before them among the Latter-Day Saints, and secured employment. Two of them have just been engaged as domestics, and the other is still at the Labor Burenu. A CHICAGO MAN UP IN ARMS. Matthow Gottfried, of Chicago, to-day filed fourteen bills of complaint In the United States Circuit Court against nearly all the prominent lager-beer browers In the city for violation of his patent in regard to pitching barrels.' lle prays for an Injunction and nccounting. AN ELECTRIC LIGHT VICTORY. The Board of Aldermen to-day passed over the Mayor's veto the resolution giving permission to the Brush Electric IlluminatIng Company and United States Illuminating Company to lay tubes In the streets, etc., for the purpose of lighting houses and streets. A RUN ON A SAVINGS BANK. There is n run on the Franklin Savings Bank, on Eighth avenue and Forty-second street. One hundred and five thousand dolJars have been withdrawn since Friday last. The Directors have taken measures to secure funds to meet all demands. WHAT KILLED THE nov. The death of Frederick Bemander, 8 years old, Is reported nt the Bureau of Vital, Stntistics to-day as having occurred from epidemic cerebro spinal meningitis, convulsions, and the filthy condition of the streets." THE WEATHER. The wenther is bright, sunny, and pleasant. Thermometer at 6 n. m., 40; 9, 50; noon, 53. CAPITALISTS OFF TO EUROPE. The European steamships salled at an early hour yesterday morning, and cousequently comparatively few persons witnessed their departure. Nearly all the passengers went on board Friday evening. Many beautiful flowers were on the cabin tables of the Germanic when that vessel started. Atnong her passengers were William H. Vanderbilt and his uncle, Mr. J. H. Vanderbilt, Mrs. J. L. Aspinwall and daughter, Gen. W. 11. H. Collis, Mr. Frederick Clay, the composer. Maj. E. Molyneux, Mr. and Mrs. J. T. Lenvitt, Cnpt. C. H. Williamson, Mr. and Mrs. Louis Livingston, Johnston Livingston, Miss Livingston, William L. Scott, Mrs. Aloxunder Taylor and daughters, Capt. c. II. Townsend, Capt. John Martin. Mr. and Mrs. A. C. Kingstand, Mr. and Mrs. W. M. Kingsland, Mr. and Mrs. F. c. Lawrence, and the Misses Garner. OUTIAURY. Ex-County Treasurer Thomas A. Gardiner, of Kings County, died at bis residence in Brooklyn from homorrbuge of the lungs. He has been suffering for the lust two or three years from consumption. J. N. Ashley. who was, during the War, conneeted with the Washington Bureau of the New York Herald, afterwards night agent in Now York of the Now England Associated Press, and for soveral years past editor of the Journal of Telegraphy, died last night, after a short illuces, of paralysis of the brain. THE HENLEY REGATTA. An Ithaca special anys arrangements have been perfected for having Cornell's tour entered In the Henley regatta. COMING IN BRIGADES. Two thousand three hundred and eixty-six Immigrants arrived in this city to-day from Europo. THE NATIONAL RIFLE ASSOCIATION In future will allow members of the army and navy and the National Guard of other States to compete in matches of the Association at Creedmoor on the same conditions ns the National Guard of this State. AFTER MORE VICTIMS. Forty Mormon missionarios Billed to-day for Europe. THE WAGES QUESTION. Three-fourths of the bakers have resumed work at advanced wages. Tho brass molders deinand GO cents n day increaso, or they will strike. OLEOMARGARINE Prof. Chandler. In obedience to n resolution of the Board of Aldermon, reported to the Board of Health the result of his inquiries into tho subject of oleomargarino. lle saysit is suporior in all respects to the poorer grades of dairy butter sold here: that there is nothing objectionable olther in the material or its manufacture, and. 115 there is nothing unwholesome in olcon margurine, ho soes no need of legislation In rogurd to It to protect the public health. DEADLY COSMETICS. to Fannie J. Blanchett, aged 24, died to-day from s. the use of polsonous cosmetics. 10 THE STOCK EXCHANGE in opposes the proposed tax upon purchases and is sales of stock by brokers, and says n similar system tried In San Francisco had driven nearly all the brokers from that city, and the samu reBull would follow were the bill to become a law In this State. Although the (HX soomed email, an estimate showed that the yearly rovenue from such a source would be nearly $5,000,000.

7. May 7, 1881 The Sentinel Trenton, NJ

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# NEWS ΕΡΙΤΟΜΕ. East and Middle. COLONEL FREDERICK GRANT, having resigned his commission in the army, will hereafter reside in New York, where he has assumed the presidency of the projected Texas Western narrow gauge railroad company. A FIRE in Philadelphia destroyed the Girard Point elevator at the mouth of the Schuylkill. 'The elevator was one of the largest in the country, and its full capacity was 650,000 bushels, although there were stored in it at the time of the fire only 30,000 bushels of corn and 67,000 bushels of wheat. The total loss is about $700,000. NEW HAMPSHIRE has sixty-four savings banks with 96,681 depositors owning $32,097,734. Two mountain settlements in Pike county, Pa., have been destroyed by the forest fires. ROYAL S. CARR was hanged at Windsor, Vt., for murdering a half-breed Indian whose wife he wished to marry. He had previously served a sentence of ten years for the murder of a married woman only fourteen years old. ARTICLES have been filed in Albany incorporating the New York and Western Telegraph company, with a capital of $1,500,000. The line is to run from New York to New Jersey, Pennsylvania, Ohio, Indiana, Michigan and Illinois, with a branch from Pittsburg to Buffalo. JOHN W. MINTURN, member of the firm of Grinnell, Minturn & Co., one of the best-known shipping houses in New York, committed suicide in his office the other day by shooting himself through the head. The act is thought to have been done in a fit of temporary insanity, brought about by illness. PROFESSOR LEWIS SWIFT, director of the Warner observatory at Rochester, N. Y., has discovered a new comet. As this is the first comet discovered the present year, Professor Swift secures the prize of $200 offered last January by H. H. Warner. A LOCOMOTIVE crashed through a bridge near Ringwood Junction, N. J., and fell thirty-five feet into the water. The engineer and fireman were killed. THE house occupied by David Reese near New Providence, Penn., caught fire, and while Mr. Reese and his son were trying to save some of their effects the building suddenly collapsed and both were burned to death. ABOUT 4,000 of the New York and Brooklyn bakers struck for an advance in wages, and many of the employers acceded to their demands. THERE has been a heavy run on the Franklin Savings bank, of New York, by its depositors, owing to a decision of the court of appeals declaring that certain bonds of the bank issued by the town of Springfort, N. Y., were void. About $150,000 were drawn out by alarmed depositors in three days.

8. May 11, 1881 Juniata Sentinel and Republican Mifflintown, PA

Article from Juniata Sentinel and Republican, May 11, 1881

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A RUN was made by depositors on the Franklin Savings Bank of New York last week, but the institution stood the shock. Seventy thousand dollars were paid out on Thursday.