16091. Long Island Savings Bank (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
August 16, 1877
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
e53c9e50

Response Measures

None

Description

Multiple contemporaneous newspapers (Aug 16, 1877) report the Long Island Savings Bank 'suspended payment' invoking the sixty-days rule; counsel and secretary stated the bank was solvent but needed time to avoid sacrifice of securities. A receiver was appointed Sept 14, 1877, indicating permanent closure. Articles describe depositor 'excitement' but do not describe a discrete run triggered by misinformation; therefore classified as a suspension followed by closure (receiver).

Events (2)

1. August 16, 1877 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank invoked the sixty-days rule to avoid 'needless sacrifice' of securities — i.e., temporary suspension to protect assets due to distressed securities/asset realization concerns.
Newspaper Excerpt
The excitement over the suspension of payments by the Long Island Savings Bank continues. Secretary Fowler declared to-day that the bank is solvent, and has a surplus of $26,000, but that it is necessary to take advantage of the sixty days' rule in order to avoid needless sacrifice in some of its securities.
Source
newspapers
2. September 14, 1877 Receivership
Newspaper Excerpt
A receiver has been appointed for the Long Island Savings Bank in the suit of a depositor.
Source
newspapers

Newspaper Articles (10)

Article from Daily Press and Dakotaian, August 16, 1877

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NEW YORK. ABOUT THE STRIKERS. New York, Aug. 16.-A Wilkesborns special reports that the workmen whoware driven from the Delaware & Hudson mines yeares are asic M contisus their work, but the them to swear they would not work until the trouble ended. It is reported that some of the Delaware & Hudson company's mises are on fire. THE LONG ISLAND BANK. Excitement over the suspension of payments by the Long Island savings bank continue. Secretary Fowler declared 10 day that the bank is solvent, and has a sur. plus of $200,000. but it is necessary to take 00 day rule In order w pee ifices on John Ordinary, the bank, a card this morning, declaring the solvency of the Institution.


Article from The Rock Island Argus, August 16, 1877

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Excitement of the Suspension of the Long Island Savings Bank.-The Bank's Attorney Publishes a Card. NEW YORK, Aug. 16.-The excitement over the suspension cf payments by the Long Island Savings Bank continues. Secretary Fowler declared to-day, that the bane is solvent and has a surplus of $26,000, but that it is necessary to take adyantage of the sixty days' rule in order to avoid needless sacrifice in some of the securities. Jno. C, Perry, counsel for the bank, issued a card this morning declaring the solvency of the institution.


Article from The New Orleans Daily Democrat, August 17, 1877

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A savings Bank Suspended. [Special to the Democrat.] NEW YORK, Aug. 16.-The excitement over the suspension of payments by the Long Island Savings Bank continues. The counsel for the bank issued a card this morning declaring the solvency of the institution.


Article from The Wheeling Daily Intelligencer, August 17, 1877

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Long Island Navings Bank-Ex. citement Over Its Suspension. NEW YORK, August 16.-The excitement over the suspension of payment by the Long Island Savings Bank continues. Secretary Fowler declared to-day that the bank is solvent, and has a surplus of $26,000, but that it is necessary to take advantage of the sixty days' rule in order to avoid a needless sacrifice in some of its securities. John C. Perry, counsel for the bank, issued a card this morning, declaring the solvency of the institution.


Article from Daily Kennebec Journal, August 17, 1877

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NEW YORK. Bank Matters. NEW YORK, August 16. The excitement continues over the suspension of the Long Island Savings Bank. John C. Perry. counsel for the bank, has issued a card this morning, declaring the solvency of the institution. Aid for St. John. Sheridan makes report of $550, the receipts of the entertainment in Union Square theatre, for the benefit of the St. John sufferers. Suicide. Jarvis Woolmad, a prominent Trentou mer" chant, blew out his brains yesterday. He leaves a wife and four children. Political. A Columbus despatch says the anti-Hayes committee are receiving a vast number of letters commending the movement. Gen. Beatty says 20,000 republicans will refuse to vote for the Ohio State ticket. Grain Markets. A despatch from the United States minister to Greece asserts that the United States can now and henceforth control to a large extent the grain markets of Europe. Russia has been our only competitor in this trade. British capitalists are now building six large sized iron vessels for the transportation of breadstuffs from our shores, on English account. We should not only strain every nerve to meet the increased demands of Europe for breadstuffs, but should also supply ships to carry the same. Gold. Gold opened at 105 1-4. An Assault. James Weldermott was terribly cut with a knife last evening, by Honora McComick. She charges that Weldermott ruined her. She subsequently married happily in San Francisco, but some one revealed her former intrigue with Wildermott. Her husband deserted her and she came east to kill her betrayer. A later despatch says Mrs. McCormick states that she cut him in defence of her honor, he attempting rape. She denies the paramour story. Wildermott will probably die. Vanderbilt's Gift. The auditor of Vanderbilt's roads says he is busy dividing Vanderbilt's $100,000 gift. It will be distributed early in September to the men connected with the running of trains on all branches of the New York Central Railroad, except the Harlem division, and not including station masters and freight house workmen. About 8,000 will share in the money. The Turf. UTICA, August 16. Jennie Hatton won the 1st race to-day; best time, 2.22. Three heats of the second race were trotted. Comee, Prospero, Hanna, May Bird and Slow Go started. The latter was the favorite. Comee won the 1st and 2d heats and May Bird the 3d, when a shower compelled a postponement. Time. 2.20 3.4, 2.21, 2.21 Arrested. Rev. John Matthews, head waiter at the West End hotel at Long Branch, who led the religious exercises there Sundays for the servants, and several other waiters have been arrested for stealing bed clothing, table linen and goods belonging to the guests at the hotel. Most of the stolen property was recovered. Destructive Fires. The Davis mill and elevator burned to-day at Topeka. Loss, $26,000. The oil works of Denslow & Bush, at the foot of 25th street, Brooklyn, took fire to-night from some unknown cause, and beforethe flames could be extinguished a damage of about $7,000 was done. The burning oil made a great conflagration, and about one thousand empty kerosene barrels were consumed. Indicted. Wm. E King, an employee of the city finance department, supposed to be intimately connected with the ring transactions, has had four indictments found against him by the general sessions grand jury, for defrauding the city. King is in Brazil, where he fled at the time the frauds were discovered. Court Matters. Judge Van Brunt has ordered the Dominion nuns to give up an 11 year old daughter of Mr. Healey to her father, she having been placed in the nunnery by her mother, unknown to her father. Cholera. There was a case of Asiatic cholera in this city, last night. Sentenced. Justice Maurice Marshall of Jersey City has been sentenced to jail for thirty days, for beating his wife. Death. R. T. Daniels, Attorney General of Virginia, died at Richmond, to-day, aged 72 years. Fatal Railroad Accident. The seven year old daughter of Pat McCarty was killed by a train on the Conn. River road, at Northampton, this evening. Suicide. John Stone of Claremont, N. H., committed suicide by hanging, to day. Fatal Accident. By the falling of a safe, to-day, one negro was killed and three whitemen and four negroes injured at Savannah. Work Resumed. The Atlantic & Georges Creek Coal Miding Co. resumed work to-day, at 55 cents. Also the Swanton Co., at the same rate. CUBA.


Article from The Daily Dispatch, August 17, 1877

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New York. A WOMAN'S REVENGE. NEW YORK. August 16.-Jumes Wildermatt. aged forty-eight, employed at the Delamatro Iron-Works. was taken to the Eastern District hospital, Williamsburg, last night, shockingly mutilated. He said he had been injured by a woman named Mrs. Honora McCormick. She said she had cut Wildermatt because, having seduced her several yearsago, he had separated her from a good and loving husband in San Francisco. She came from there to get revenge. Wilderinatt has a wife and married children. THE LONG ISLAND SAVINGS BANK REPORTED SOLVENT. NEW YORK, August 16.-The excitement over the suspension of payments by the Long Island Savings Bank continues. Secretary Fowler declared to-day the bank is solvent, and has a surplus of $26,000, but that it is necessary to take advantage of the sixty,days' rule in order to avoid needless sacrifice of securities. SARATOGA RACES. SARATOGA, August 16.-The three-quarter-mile race for two year-olds was dead between Duke Magenta and Spartan; WarDance, colt, second. Time, 1:16% Magenta and Spartan divided the stakes, In the three-quarter-mile race Vera Cruz won; Ochiltree second, Viceroy third. Time, 3:17. Intheone-and-one-eighth-milerace Madge won; Mary second, Sister of Mércy third. Time 2:012. Redding


Article from The Dallas Daily Herald, August 17, 1877

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# Depositors Still Excited. NEW YORK, August 16.—The excitement over the suspension of payment by the Long Island Savings bank continues. Secretary Fowler declared today the bank was solvent and has a surplus of $26,000, but that it was necessary to take advantage of the sixty days rule in order to avoid needless sacrifice of the assets.


Article from Chicago Daily Tribune, August 17, 1877

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FINANCIAL. NEW YORK, Aug. 16.-The excitement over the suspension of the Long Island Savings Bank continues. Secretary Fowler declared today that the bank was solveut, and has a surplus of $26,000, but that it is necessary to take alvantage of the sixty-days' rule in order to avoid needless sacrifice In some of the securitics. John C. Perry, councel for the bank, issued a card this morning declaring the sulvency of the institution. Dks MOINES, Ia., Aug. 16.-By order of the United States District Court, West & Sons. bankers, have been adjudged bankrupts, and


Article from The Weston Democrat, August 25, 1877

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Long Island Savings Bank-Excite ment Over its Suspension. NEW YORK, August.-Excitement over the suspension of payment by the Long Island Savings Bank continues. Secretary Fowler declared to-day that the bank is solvent, and has a surplus of $26,000, but that it is neessary to take advastage of the sixty days rule in order to avoid a needless sacrifice in some of its securities. John C. Perry, council for the bank, issued a card this morning declaring the solvency of the institution.


Article from The Daily Dispatch, September 15, 1877

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New York. # DEATH OF GENERAL BLANCHARD. SYRACUSE, N. Y., September 14.-General J. W. Blanchard, of Albany, died to-day. He was formerly captain of Burgess's corps and brigadier-general in command at New Orleans during the war. # RECEIVER APPOINTED. NEW YORK, September 14.-A receiver has been appointed for the Long Island Savings Bank in the suit of a depositor.