16103. Manhattan Bank (New York, NY)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
September 1, 1878*
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
eb3fcd2e

Response Measures

Full suspension

Description

Articles describe a prior closure/suspension after a robbery of the bank's bonds in autumn 1878 and, in March 1879, a run that is considered at an end. It is unclear from the pieces whether the bank had fully resumed normal operations after the suspension or whether the suspension remained in effect; therefore I classify as run_suspension_unsure. Bank type not explicit in the texts.

Events (2)

1. September 1, 1878* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed/suspended after a robbery of its bonds in the previous autumn (reported as the trigger for suspension).
Newspaper Excerpt
When the Manhattan Bank closed its doors, after the robbery of its bonds last autumn, ... Lefferts still accounts for the delay by his former argument, that it is occasioned by the Manhattan Bank suspending.
Source
newspapers
2. March 18, 1879 Run
Cause
Bank Specific Adverse Info
Cause Details
Depositor nervousness/withdrawals linked to the bank's earlier robbery/closure and suspension; article does not attribute run to a discrete rumor or hoax.
Measures
None mentioned in articles.
Newspaper Excerpt
Few persons were to be seen at the Manhattan Bank yesterday morning, and the run is considered at an end.
Source
newspapers

Newspaper Articles (2)

Article from The Sun, March 8, 1879

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Article Text

LEFFERTS AS A FINANCIER. An Extraordinary System of Police Book. keeping-Further Developments. A fact in the recent developments respecting the financial management of the Police Mu. tual Aid Association, that has not heretofore appeared, throws additional light on the extraordinary system of Sergeant Lefferts's bookkeeping. When the Manhattan Bank closed its doors, after the robbery of its bonds last autumn, the Sergeant had an amount. variously estimated at from $8,000 to $10,000, belonging to the widows and orphans of dead members of the association, deposited therein in his name. He made an excuse of the bank's suspension to withhold payment of the various sums due the different claimants, and this sum went on bearing interest. This $10,000 continued to be deposited in Lefferts's name until one of the higher officials in the Police Department, who was not a member of the association. called him to account for it. What would become of this money. should you die he asked. "Oh, my family is honest," Lefferts replied. "I do not question your honesty." was the retort,' nor that of your family. but it's certainly a very loose way of doing business for you to have a small fortune belonging to other people held in bank in your name. with no evidence showing that it belongs to them. and every evidence that it is yours." As a result of this remonstrance. Lefferts had the words in trust for," with the names of the various owners of the money, inserted in his bank book. But he still made thesuspension of the bank an excuse for not paying out any portion of the $10,000, although application for "their share was made to him by several owners. Finally a Mrs. Sutton. whose husband had died in August, the amount due her-$1,228.50-having been collected the succeeding month, appealed to the same official who had remonstrated with Lefferts for depositingthe money in dispute in his own name, She had $1,150 to pay on a house and lot on Long Island. she said, which she would lose if the money were not immediately forthcoming. This time he did not yield so easily to the remonstrance. The bank would not advance the money, he claimed. Give me your bank book and I will get it advanced." said the widow's friend. Thus pressed. Lefferts finally went to the bank, and, having set forth Mrs. Sutton's need, easily obtained the $1,150. The money due another widow whose husband died six months or more ago, and which should have been paid over within less than as many weeks of his death. was only secured by an appeal to the same official. The names of Mrs. Sutton and the second widow appeared in Lefferts's report for January as having received the amounts due them. The members of the association were thus kept in ignorance of the delay to which the poor women were subjected, and when Lefferts was remonstrated with for printing what was not true he claimed that, as he was honest, the money was as good as paid over. Mrs. Sutton. although thus published at the beginning of the year ns in receipt of her $1,228.50. did not receive the $1.150 above mentioned until March 1, and has the difference still owing her. It was only within the past few weeks that the second widow was paid. Lefferts still accounts for the delay by his former argument, that it is occasioned by the Manhattan Bank suspending. and he cannot be made to see that he printed a falsehood in his January report when he set forth that Mrs. Sutton had been paid.


Article from New-York Tribune, March 18, 1879

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Article Text

NEW-YORK CITY. The newest lace is the black Breton. Worth's last dresses are shorter even than those now worn here. Few persons were to be seen at the Manhattan Bank yesterday morning, and the run is considered at an end. New dresses at Arnold & Constable's are of grenadine combined with satin, and trimmed with the new black Breton lace. The Pennsylvania Coal Company circular for April, just issued, shows an advance of about 5 cents a ton on each grade of coal. The steamer Moselle, which arrived from Bremen yesterday, contained a cargo of animals for P. T. Barnum. among them being elephants, elands and a tapir. Henry Ward Beecher will deliver his new lecture, entitled Why should the Chinese go to-morrow evening at the Thirty-fourth Street Reformed Church, between Eighth and Ninth-aves. A petition was in circulation on the Produce Exchange yesterday in opposition to a new building; and another petition was circulated asking for a division of the surplus fund. Neither petition received many signatures. Charles Dennison has been elected president of the Grocers' Bank in place of Samuel B. White, resigned. Charles Dennison, the father of the new pres. ident, was the founder of the bank, and held its presidency during his lifetime. A representative of the Municipality of St. Petersburg, whose card bears the name "H. M. B. Bary," was busy yesterday examining the apparatus and workings of the New-York Fire Department. It is said that the St. Petersburg authorities intend to engage several New-York fire officers to introduce the system in the Russian capital. In announcing the embarrassment in business of H. E. Oakley & Co., of No. 68 Pearl-st., last we k, THE TRIBUNE stated that it was in part caused by their indorsing for Oakley & Place, of Oswego. A member of the latter firm said yesterday that this report was untrue, and that Oakley & Place hold H. E. Oakley & Co.'s paper to the amount of $1,200. It was officially stated yesterday that the last rail of the Chicago and Alton Railroad extension had been laid at the Kansas City end, and that the new route would be in readiness for regular trains by April 1. The equipment of the Chicago and Alton, it is stated, will be increased, contracts having been made for seven new locomotive engines, 1,000 freight cars, ten passenger coaches and three Pullman sleepers. Maurice V. Freund has sued Mrs. Theresa Percy Bell for $25,000 for his services as her agent in 1876 and 1877, and has secured an attachment against her property, mainly diamonds. Mrs. Bell at once gave all nee ted security to release her diamonds, but her counsel applied to the Court for the vacation of the attachment on the ground that the claim was wholly without foundation. Judge Lawrence, on motion of Joseph I. Stein, directed that the plaintiff give security for $2,000 on the attachment. BROOKLYN. A sign of Spring: Forty building permits were issued in Brooklyn last week. During February fifty prisoners, whose sentences did not exceed six months each, were sent to the Kings County Penitentiary. The Common Council refused yesterday, by a vote of 15 to 8, to adopt a resolution appropriating $250 for the expenses of the Committee on Legislation in going to Albany to advocate or oppose certain bills pending before the Legislature. Detective Short yesterday arrested Edward Burke, of No. 828 Park-ave., on a warrant charging him with being implicated in robbing Mrs. Amelia Holman, of No. 22 Broadway, of $1,600, which she had drawn from a savings bank, on So ptember 26, 1878. The Fulton Municipal Gas Company of the City of Brooklyn has been incorporated, with a capital of $1,500,000. The directors are James N. Smith, William Schwarzwaelder, George H. Roberts, F. F. Jones, William Foster, P. H. Dickinson and Henry S. Bennett. A number of property-owners in the county towns met yesterday in the County Treasurer's office to express their opposition to the proposed annexation of the towns to the City of Brooklyn. A committee was appointed to visit Albany and oppose the bill having that project in view. J. E. Weeks, who was associated with Samuel Y. Hines in the hoax played Sunday night upon the audience which gathered at Everett Hall to witness marvellous spiritualistic phenomena, was arrested in Chatham-st., New-York, yesterday. Both prisoners pleaded not guilty before Justice Walsb, and were held for examination to morrow.