16023. Irving Savings Institution (New York, NY)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
September 22, 1873
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
8bbcd36e

Response Measures

Accommodated withdrawals

Description

Multiple contemporaneous newspaper accounts (Sept 22–23, 1873) describe a crowd of depositors at the Irving Savings Bank (96 Warren St.) demanding money during the Panic of 1873. The bank paid out deposits (reported >$10,000 by 2pm) and continued operations; no suspension or closure is mentioned. Cause attributed to the wider stock/financial panic (Jay Cooke collapse, market closure).

Events (1)

1. September 22, 1873 Run
Cause
Macro News
Cause Details
Run triggered by the nationwide financial panic of September 1873 (Stock Exchange closure and Jay Cooke & Co. distress), producing depositors' fears.
Measures
Paying-teller immediately paid out cash (paid out above $10,000 by 2pm); bank continued to receive deposits and remained open.
Newspaper Excerpt
When the doors of the Irving Savings Bank, 96 Warren street, were opened this morning, a crowd of depositors rushed in, clamoring for their money. The paying teller immediately set to work to satisfy their demands. Up to 2 P. M. the bank had paid out above $10,000.
Source
newspapers

Newspaper Articles (3)

Article from The Portland Daily Press, September 23, 1873

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Article Text

BY TELEGRAPH THE STOCK PANIC. The Gold Exchange Closed. RUN ON THE BANKS. Light Breaking. OF CONFIRESTORATION DENCE. to NEW YORK. Sent 22.- Marvin Brothers added to the list of suspended brokers' arrived here Moutreal bein the the hrinkage quotat from Eu large orders also are with instructions to fill as soon as the in posted on the door of This Trust Company statement prepare will soon prepare are cautioned against their owing notice has just been issued stock exchange will remain the be held will at to-morrow morning Gold Exchange has closed the same as Stock Exchange. 112 has been will The room basis The for the purpose of settlement. for interest is fixed at seven per cent. The followin notice is posted in the United sub treasur, The United States bonds to-day all of the series include Small made h# bought. that the in the the directors of the Seamen immed Bank, decided pay $100 under under. All not be paid before thirty days, as their The Clearing House statement has been made and all the banks have been The feeling There relief. down great of any the if of the Banks that the there quiet there ordinary there, the of financial or that city city that upon the report the side tour quiet being banks The are their notice compel days' their their deposito desiring loan committee have The Clearing House two and issued half million of loan Peter Cooke and Hugh McCulloch arrive will be morning and steamer Egypt street The national ational banks banks are promptly meeting all The savings banks suspension, the merely relief to rdrew their A.D Williams & North the Bauk amount $450,000 To-day the $250,000. leaving $200,000 bank due. avoring The to compel the payment of statement statement Saturday that checks of had Bank been the Clearing error, House an was with Bank National is The the Continent al Bank been has usual. paying been all paving demands - on them that looks like legitimate bus on There is considerable enquiry for stocks streets meeting of Jay Cooke creditors will be been until full have offices country These are now now being prepared pres of anything regarding the duration in feeling financial The improve dealing there stocks board for cash and green diminish backs. The crowds down town are ing. Runs on the Banks When the doors of the Irving Savings Bank were this open rushed dep teller The paying Up paid the has the up The Bank, inside They Savings checks The the insists day Bauk Savings Banks The which met. Savings large Atlantic Bank paying less upou Checks the amount are required required to abide by after the Bowery Savings Bank the doors State the its began numbers The Trustees that One live. their had about been about had The 0.000 000.000 S1 in and draw could They they $200 to $300, sums thei depositor the The teller paying Bank corner and Bowery stated there Savings had there but there be should they were prepared ions in the West. Apprehen until A spatch from Mili says the Wedbers Comm has adjourned the affairs adge Fanche the the at to-day Grocers of this attacht tional Bank this city the of Bank Philade phia this city, for $10,000 Basiness Settlements. in gold The -treasury paid out $22,000 843 000 for account The Co.. $362,000 Jay Cook, this their represeut of Co.'s the & Cooke The of Co Jay Bo French of by Ed o & Sweet Co. those Abbot Conn., by the opolitan Na tional Bank Judge Fancher this afternoon granted against the property liamson tacomen brokers city, for $495,548 the Satmorning being the by the Bank Bank North morning the but day, pay paid. which Action of the Brooklyn Banks. The Brook to-day to-day securiresolved sell $1,000.000 of case an the upon them. They will stand by each other whatever may transpire Another Run. the Fifth Ward There was slight run or City to-day. Jersey Banks Savings The Post's Review closed day 'The The Evening Post says: Stock al ith with the Stock Ex feeling. though put will,1 change closed such be prudent the for of as threehigh the street g fourths per cen Money rate having been paid by President distresse Vail the Bank of Commerce, that had said beeu fidence thought He of : greatly improved mant buying 5.20s had been beneficial highly The Panic Scare bank


Article from The Daily Dispatch, September 23, 1873

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quee o country capitalists ward came in with greenbacks in hand expecting to buy at the panic prices of Saturday morning. were much disappointed at finding that where stocks were obtainable at all they were held at ten to twenty per cent. higher than when the Stock Exchange closed on Saturday. At the close of business the feeling was still more improved. The panic has undoubtedly been limited to financial circles, banks having been a barrier which prevented an extension to the mercantile interests. A good many settlements are making between brokers of stock, and if the Exchange is kept closed for another day the volume of these contracts to be settled will be largely reduced. We may on opening of the Stock Exchange have a fresh lot of failures of brokers' firms, but there is no doubt that the tide has turned, and mercintile credit will not be swept down. EFFECT UPON THE TOBACCO TRADE. (Special to the DI patch from the ditors of the New York Tobacco Leaf.] have BROOKLYN, N.Y., September 22.-We heard of no suspensions or failures in the tobacco trade either in this eity or elsewhere. During the past year our merchants have acted in a most con-ervative and prudent manner both in buying and selling. The market has been very little affected. the usual number of sales having been made during the week. Associated Press telegrams.) NOTES OF INCIDENTS YESTERDAY-RUN ON SAVINGS BANKS-HOW THEY STOOD T-JAY COOKES CREDITORSTHE ELISG IN THE EVENING. THE GOVERNMENT DETERMINED TO BUY BONDS. NEW YORK. September 22.-It is oflicially announced that Secretary Richardson will continue to buy bond< at Saturday's quotations. Secretary Richardson said last night he did not see he had the power to do more than buy bonds and all the 5-20's offered will be bought without delay or red tape. The Government. the Sceretary says. not : trust company or loan institution. and is doubtunt what her Congress would sane. tion any such construction of my power." covertudes to the using of $10,000,000 of the reserves.] MISCELLANEOUS ITEMS ABOUT THE PANIC. to Thirty savings banks have resolved ! rigidly inforce the previous-netice clause. The Union Tru-Company is in the hands of receiver The New York Stock Exchange remains closed to-day. The manager of the Clearing House says every check passed through clearing will be paid. Hesays the banks are in no danger, and bat they were never tronger. The suspension of Mary Brothers is announced. All the banks have pulle d through except wo-the two settlin it through the loan coth= mittee. All the savings banks are having amouthem. The clearing-house loan committee have issued 82,500,000 certified checks. The Government has bought a million in bonds. carge crowd. are waiting to sell. Montrea and Europe are buy mg stocks at theshrinkage The Gold Exchange is closed. 112 has The licen tixod as the basis of settlement. rate of interest is fixed at for carrying. at The Sub-Treasury is buy ing 5.20's 110 70-100. A run on the Scannan's Bank has commeneed. They pay all sums of $100 and under: larger sums must wait the law's day. the Treasury Department denies that from the DAVY account fund this been transfe rred Jay Cooke, Met uttoch & Co. banks The run on the Wa-lington savings to-day was comparatively very slight. Secretary Richardson has received the following dispites. dated New York to-day .. The mercintile business progresses n-tual. Wall street is already itself. The people join in congramulations to the President and Fecretary Richar dson for their stability. The Stock Exchange will be opened Wednesday." NEW YORK. September 22. When the doors of the Irving savings Bank. 96 Warren street, were opened this morning, a crowd of depositors rushed in clamoring for their money. The pay ing-teller immediately When set to work to satisfy their demands. the majority present saw how willingly the money was being paid out they became quieted and left. Unto2 P. M. the bank had paid our about 810,000. and had received a considerable amount in deposits. At present the excitement has completely subsided 4 Al the Broadway Savings Bank, No. Park Place, business wast ing transacted as usual. little or no excitement prevailing amount paid out up to 2 P. M. did not exceed $10,000. we Bee proportion ateamount had been received. The bank officials do not anticipate run. Shortly after the Bewery Savings Bank opened its doors this morning a large numher of de positors began arriving, and it soon be became evident that there was going to area. The trustees met and decided to pay all demands, as they did not believe that tue run would last. One of the trustees stated that nearly all of the depositors drawing out their money were those having small accounts. The trussay that they have got $12,000,000 in in Government tees bonds, and about 82,000,000 which New Yorkand $1,000,000 in Brookly n. they could draw on immediately. However, the run lasts, they will take advantage of if the three-days' notice clause in their by-laws. $20 but will even then pay out sums up to from or 830, so as to save their depositors any The inconvenience. Union Dine Savings Bank. on Canal street. is besieged by vast throug. About hundred are inside. The doors are two closed, and a placard in the window can anpounces that as many persons are in as able off to-day. The bank is amply in be meet paid a run. having on hand $1,500,000 in to cash. They will sell to day $500,000 their bonds, the proceeds going to reinforce excash for to-morrow's runs They are not the sixty days' notice accorded by with its acting by-laws. There are 90,000 depositors this institution. The New York Savings Bank, Sixth checks aveBUE, has a run of one hundred. All promp ly has a -light run, The Greenwich being met. cashed. which is promptly Bleecker is paying all checks upon The large line is in attendance.


Article from Knoxville Weekly Chronicle, September 24, 1873

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Georgia, to Hopkins, Dwight & Trowbridge; Deposit Savings Institution, Mobile, to Metropolitan National Bank The Brooklyn Banks. The Brooklyu bank presidents to resolved te sell $1,000,000 of U. S. securities in case of emergency. The majority were, however, of the opinion that there would be no run upon them. The Evening Post says: The day closed with an established improvement in general feeling; one day more with the Stock Exchange closed, will, it is thought, put everybody in such a condition, SO far as the exercise of reason is concerned, that it will be prudent for the brokers to again resume business. This afternoon money lent on the streets at : per cent., that rate having been paid by distressed brokers. President Rail, of the Bank of Commerce, said this afternoon that confidence had been very greatly improved and he Thought the action of the Government in buying 5-20s had been highly beneficial in loosening greenbacks. NEW York, Sept. 22.-When the doors of the Irving Savings Bank, 96 Warren street, were opened this morning, a crowd of depositors rushed in, clamoring for their money. The paying teller immediately set to work to satisfy their demands. When the majority, however, saw how willingly money was being paid out, they became quieted and left. Up to 2 o' clock the bank had paid out above $10,000, and had received a considerale amount in deposits. Feeling of Relief in New York. NEW YORK, Sept. 20.-The feeling among all classes is one of great relief. No runs on any of the national or state banks and the crowds on Wall street are mainly curious spectators. There are considerable inquirry for stocks on Wall street. Investors with greenbacks in hand are seeking to purchase, but the prohibition of Stock Ex: change drohibits transactions. The Chicago Banks. CHICAGO, Sept. 22.-There was a considerable run upon some of the banks here today, but they areadhering to the resolution adopted yesterday to fall back upon thirty and sixty days notice, and only paying sums of less than one hundred dollars. The largest assemblage appears to be gathered at the Statee Savings Institution, but so far the crowd has been very quiet and orderly. The latest reports, public and private from New York appear to have had the effect to lessen the anxiety. Chicago Savings Bank. CHICAGO, Sept. 22.-The Savings Banks give notice of the enforcement of thesixty days' notice. MEMPHIS, Sept. 22.-There were eight cases of yellow fever on Sunday. Philadelphia Banks. PHILADELPHIA, Sept. 22.-The run on the Savings] Banks has subsided. PHILADELPHIA, Sept. 2.-There is a much better feeling on the street to-day. The Stock Board is firmer. Pennsylvanias are holding ground at 40 to 50. A bank statement wili be out as usual to-day and will show a gratifying exhibit. The Situation in London. LONDON, Sept. 22-5 P. M.-Much excitement is manifested on all sides to hear further news from New York. Jay Cooke, McCulloch & Co. continue to pay cash in the usual manner over their counter. Among the rumors current in Stock Exchange is one that the Bank of England holds $400,000 of Jay Cooke Co.'s acceptances and that Rothschilds have $100,000 of the same paper. LONDON, Sept. 22-6:30 P. M. - dispatch announcing the closing of the New York Gold Exchanged has just been bulletined. This news is aceepted as an indication of the gravity of the financial situation and the market for American securities is again depressed.