16513. Savings Bank (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
20bf993f

Response Measures

Accommodated withdrawals

Description

Multiple articles (Sept–Oct 1873) report a run on a New York savings bank (Bleecker St. opposite Crosby; Manhattan Savings Bank also mentioned). The bank paid depositors without enforcing the 30-day notice; the run subsided and there is no mention of suspension or closure. I mark bank_name_unsure=true because articles refer to Savings Bank generically and also specifically to the Manhattan Savings Bank; the provided bank name is generic.

Events (1)

1. September 22, 1873 Run
Cause
Macro News
Cause Details
Run occurred during the wider financial panic/crush of securities (Panic of 1873) and general loss of confidence in markets; articles cite the panic and market crush as reasons.
Measures
Paying depositors on demand without requiring the customary thirty days' notice; officers paid all who appeared regardless of amount.
Newspaper Excerpt
The run which commenced last Monday on the Savings Banks of the city of New York, in Bleecker Street opposite Crosby, continues, but in a much less degree.
Source
newspapers

Newspaper Articles (5)

Article from New-York Tribune, June 28, 1873

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Article Text

NEW-YORK CITY. Re. Music at the Central Park District at 4 p. Regular m. The VIIIth Assembly last evening, at Contra publican Grand-st., Association John [cDonald elected, in place a delegate of John to H. the Strand Republican signed. The Pacific Committee, Mail Steamship an opinion Company's from effect that Edwards directors received yesterday to the Company, the money to the required its Company bonds could Pierrepont, counsel not must be issued, be borrowed and by pledging Thursday the property Solomon Hillen, jr., who while died on his way to of a Col. the Fifth Avenue, Hotel well-known resident watering night at place had in Canada, been frequent was had honored been with Mayor the of member most Baltimore important of and the Maryland public trusts. Legislature, He and member Charity Hospital, CONKRESS. was given at the by volunteer per- The A concert Island, last evening, patients. on Blackwell's the entertainment of was the represented such by formers, Board of for Charities and who Correction expressed occurrence, hope and that would Commissioner would Stern be of destitute frequent invalids. occasions prove beneficial to the which, west of Central and will which Seventy-second-st the usual cross Central streets, Park been has Park, Park, is wider connect than a western outlet of the paved withiTelwestern tot the For with the new Riverside from the Central opened Park for travel pleasant the ford Boulevard, pavement and has the been present Fifty-ninth-st., it will afford a diagonally past route through week. from the Park Fifth-ave and out at to the Boulevard. and ex. Warden of George Brown, Steward was removed by the yesterday. CommisCharities the Centre-st. Hospital, and Correction, of the Ladies' sioners alleged of arrogance and toward harshness members toward the patients. Com for Visiting Comm Committee. made by two members consider ble length Com removal. The complaint mittee, who were was Laimbeer examined and Biern at voted for, and Commissioners missioner Bowen against the assignee of the Market Francis M. Walsh, his counsel, applied to Reg the Bank, and Mr. Man, extra compensation, Savings Dwight, on Thursday $18,000 for in addition to the reg former ister for from $15,000 (nearly to $4,000), and paid the latter him. The for gular commissions in addition to the were $2,500 present already to hear the procured application, of the will meet $10,000 Depositors and on Committee learning the case amounts until Wednesday emanded, to-day at next at an adjournment The Depo itors' Committee No. 79 Nassau-s the to take 2,700 o'clock office of M Dow ley deem expedient of for the Garden the such depositors. action Jeremiah will they pay may Quinlan, another dividend Receiver to-day yesterday Savings Bank, Keenan began an inquest age 42, of Coroner the death of Dr. Joseph head, Popper, hitherto sup concerning 537 Fifth-st., from injuries to an the accidental fall while Dosed No. to have been intoxicated, caused by on last Sunday night. Fifty-second saw he that insulted be Jacob was Arnobein, presumably butcher, of the No. deceased 330 East follow him witness 20 or st., and entitled them of swear having at the deceased and say tell to heard men some of the men he also heard the deceased all I want him to "go on me back my rounded that by the men, no then Give was then side surre mom later motionless the men passed on,and pushed the deceased him from witness side to saw deceased ring on the sidewalk. BROOKLYN in Prospect Park at 4 p. m. Music of City Works has made the construc- a requiThe Board of $30,000 of bonds for -aves. sition for the Central and Knickerb of William tion of sewere E. in Brown, formerly African Treasurer Church, of to $230 the belonging not the Bridge arrested, Street yesterday, Methodist Society. for Episcopal the alleged The accused embezzlement pleaded will of The guilty. steam yacht Florence North Seventh Witherbee st., at noon be launched from the was foot built for John G. Witherbee feet of to-day. The vessel length, 175 feet beam, inch 14-inch Port draft Henry, and is furnished 96 feet stroke. in with two She vertical has one return engines tubular botter weighing children 11 tons. attached to St. Peter's up the Prot- East As the Episcopal Sunday- -school were barge sating Walter Sands, estant weaterday morning, on the fell overboard, but was River, Ernest Beck, age 5. accidentally by John Daly, age 16. and of No. held 42 the At saved lantic-st., from drowning plunged arrival into of the small water, boat. Daly was 324 at No. little presented fellow with until $20 the for his gallant act. residing John Lutz, was a the scavenger, possessor of a dog and The cow. animals Last Albany-ave.. the dog went mad and bit skinned, the cow. and the cow't were week both killed, into the dog vacant was lot. the Numerous careass hungry of the careass dogs thrown eats thereabout was that feasted three on other mad dogs were cow. and the Lutz result and the police last night. killed by LONG ISLAND. ISLAND CITY The steamer Jane on the Mose line LOND and will take her place when the ley 18 completed, and Newport Monday. will go between Greenport the Long Island Railroad, new Boston route, John via Fahnestock has been reélected Alanson into operation of the Board of Schools. Education, The and fund for the Palmer President Super erintendent schools of nearly exhausted, and the maintenance weeks of the the Board schools will be unable will close to pay for the after a salaries few of the teachers. Dr The Demler, Sanitary foot of long vacation inspection July of the decided flood-gate at the the made an some years ago to prevent vicinity of gate was established low land the fresh tide The from overflowing and some the result was that producing the a the Stevens estate and became stagnant, prevalent. water accumulat lated and fever have become very Flushing malaria. Chills been resumed on the are NEWTOWN- Work Island has Railroad, and workment road Branch of the Long through this village The called completing expected to the grading into operation meeting this for season Tuesday The night to weekly Comholding mittee take into of consideration have the project -payers of for consulting in regard meetings to of the the best citizens interests and of the of town. the Board of SuperJAMAICA.-A Queens special County meeting will be held to next altering Thursday the colvisors take definite action It 18 in proposed reference to issue three-tenthe new warrant mills ciency. levied loctor's warrant which shall not by the State include for the Canal three and and General Fund dellSTATEN ISLAND. A branch of the Nursery time and been STAPLETON of New York, has for some At Child's Hospital known as the Four Corners. established at place Board of the institumeeting of the Medical that there Advisory are children; under the of tion the shown Staten Island Department old 155 are 194 in the nursery. care of are under one year Since Sept. 1. 1872, there died. have been these and 39 233 are children boarded under out. care, of which only 13 have NEW-JERSEY. CITY. Sheriff Reinhardt Midland of Hudson Railin County JERSEY served an attachment against the connection with way Company, Thursday of afternoon, $9,000. The Sheriff and his a suit for the recovery the Montclair train, which was about do deputies seized time, but finally allowed the accompany train to starting at condition the that a deputy should the train to its and destination, of have Board Finance Deputy part, on Sheriff Tangeman returned with went it yesterday upon morning organized Sinking The members into the Board of Commissioners President, the and See, Clerk There Fund, themselves with George H Farrier, have been 136 applicant the High School, and ward examinations for admission were to the concluded yesterday locomotive Rd while Flynn. who was run over track by near Hudson- of his on working on the Pennsyl vania morning from the effects injuries. charged Tuesday died A man esterday who gave his name as with Frank stealing Elaridge 16 was committ nections yesterday from air-brakes on the Penn- which pairs eyivania of braes Central cont Railroad cars. The is valued property at $120. In to addition this, was found in the is thief's quantity possession of rubber pipe was destroye


Article from New-York Tribune, September 20, 1873

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NEW-YORK DAILY TRIBUNE, SATURDAY, SEPTEMBER 20, 1873.-TRIPLE SHEET. bank's being Greatened, the Hoboken Land and together in the post-office, and talked to them about trator, apparently undismayed by the wreck of honr. The Improvement Company will come to its rescue. stocks and the crush of securities. Jay Cooke," and " Fisk & Hatch," and the ea-way for the Three reasons are assigned for desiring the appoint"How is this to end " "Fourth National," and the Northern Pacific," and early hour. A ment of the Savings Bank's president as receiver 'New-York Central" and "Western Union" and "I might tell you better at three o'clock?' in the spec1. That the delinquencies of some of the directors 'Vanderbilt" and all the rest of the soul-stirring "Perhaps you can tell me now how it begun." spectacle as a bit not yet involved may be covered; 2. That an extopics that everybody is so fluent about, in such a Young man, you probably read Æsop's Fables at kets, persisted in posure of the condition of the First National Bank school. Do you remember that one about the way as to extort admiration and excite envy. To ll-st., and turned may be avoided; 3. That the feestmay be received friendly bear who was 80 fond of a certain hermit such a person the street" on Friday was an exhilathe doorkeeper, by one of the bank's officers, and the moneys of the rating spectacle, He was here, no doubt, viewing that he could not bear to see his rest disturbed by a The roar Savings Bank applied to the relief of the National it with enthusiasm. He stood on the curbstone opsmall but exasperating fly that hovered above the to their ears Bank. posite the Fourth National Bank and watched the hermit's nose and refused to shoo! Sohe got a huge eager for ad-


Article from The Middlebury Register, September 30, 1873

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OUR NEW YORK LETTER. THE RUN ON SAVINGS BANKS-DEPOSITORS GROWING CALMER-OPINIONS OF BANKERS ON THE SITUATION-G0S-I AND JOTT. INGS. [From our Special Correspondent.] NEW YORK, Oct. 1, 1973. DEPOSITORS GETTING CALMER. The run which commenced last Monday on the Savings Banks of the city of New York, in Bleeker Street opposite Crosby, continues, but in a much less degree. The customary legal thirty days notice is not required by the Bank offi. cers, who are paying all who make their appearance without regard to the amount. The body of the Bank is crowded with depositors, who are calmly awaiting their turos to be paid. Up to Wednesday about $150,000 had been paid out to de. positors, who in these cases lose the interest they could otherwise have drawn in January next No uneasiness is felt by the Bank authorities, as they state they will be able to meet all demand which may be made upon them.


Article from Ellsworth American, October 2, 1873

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on the Savings Banks of the city of New York. in Bleecker street, opposite Crosby, continues. but In a much less degree. The customary legal thirty days notice is not require d by the bank officers, who are paying all who make their appearance, without regard to the amount. The body of the bank is crowded with depositors, who are calmly awaiting their turns to be paid. Upto Wednesday about 8150.000 had been paid to the depositors, who in these cases lose the interest they could otherwise have drawn on January next. No uneasiness is telt by the bank authorities, as they state they will be able to meet all demand which may be made against them. "THE MANHATTAN SAVINGSBANK." The rush of depositors to the Manhattan Savings Bank. corner of Bleecker and Broadway. has greatly decreased in mm bers. On Tuesday only sixty depositors presented their drafts. which in the stare. gate amounted to not more than 85,000. This bank is paying all depositors without availing themselves of the thirty days notice. The officers state that the run has subsided. and they infer that it will not recommence. BANKERS OPINIONS ON THE PANIC. Mr. Vall. the President of the Bank of Commerce, in an interview. said that confidence had been very greatly improved. He thought that the action of the government Mathing the twenties had been highly beneficial in loosening greenbacks. President Jordan. of the Third National Bank, expressed similiur opinions, saying that he saw no reason why all the bank should not now go along in a quiet and regular manner. number of other prom meat bankers and brokers who were quess tioned in regard to the financial situation unanimous in the opinion that affairs wore a far brighter aspect in every respect. and that the crisis vas entirely over. Some thought that the action of the bank president. in issuing loan certificate - should have been taken earlier. be all said the this. with the purchase of bonds by the government, had aided greatly in estorIng confidence. and that there was no ground for apprehending further di-rate One banker said that he thought the case value stock was the best indica ion the improved state of feelings New Yor Central Stock having been actually and delivered : his hernoon at 97 ex-dividead. while 103 was the highest quoi last week. GOSSIP AND JOI THINGS. The Scythes the Grangers new paper. cently started here. has some terrible in its second number on the panic. and causes The Soy'h take the ground that there will be the greatest erashever Know before January, and hows why in is inevitable. The paper is a great success One of the most beautiful and perfect things to be seen 18 the musi it line. is at the piano establishment of Horace Waters & Son. of 481 Broadway. It le styled the New Cancerto Parlor Organ The speel alty of this strument is 11 its concer stop. which is produ ed by an extra set reeds. o looed. as to resemble the human volce -triking manner. INSIDER General News. The Financial Sitration. LETTER FROM PRESIDENT GRANT. The Attitude of the Government. PREPAYMENT OF THE NOVEMBER INTEREST. WASHINGTON Sept. 28. The following letter written to-day : EXECUTIVE MANSION. , ASHINGTON. Sept. 28. 1873. Mears. II B. Cartin and Chas: L. Antho Gentlemen-In response to the views you have communicated to me touching the present stringency in the money market of the country and the necessary steps to store confidence and legitimate trade and commerce. I have the honor to communicate the following: The Government is desirons of doing all in its power to relieve the present unsettled condition of business affairs. which is holding back the immense resources of the country now awaiting transportation to the seaboard and market. Confidence on the par of the people the first thing needed to relieve this candition and arrest the threatened destruction of business with its accompanying disastersto all classes of the people. To re-establish this feeling the Government is willing to take all the legal measures at its command. but it is evident that no Government efforts will avail without active co-operation of the banks and moneyed corporations of the country With the $14,000,000 already paid out in the purchase of Government Indebtedness and the withdrawal of their large deposits from the Treasury the banks are now strong enough to adopt a liberal policy on their part by a generous system of discounts to sustain the business interests of the country. Should such a course be pursued the 844,000,000 reserve will be considered as money in the Treasury to meet the demand of public necessity as the circumstances of the country may require. Close attention will besgiven to the course pursued by those who have meaus at their command of rendering all the aid necessary to restore trade to its proper hannels and condition. With a view of strengthening the hands of those who carry out the measures above Indicated orders have already been issued for the prepayment of the interest accruing in November. (Signed) U.S. GRANT.


Article from The Daily Phoenix, August 27, 1874

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The semi-annual report of the savings bank of New York shows that the depositors have substantially recovered from the fright or necessity which occasioned a withdrawal of their deposits during the panic of last fall. A little boy who lives at Lee's Mills, N. C., by the name of Chesson, was bitten by a rattlesnake ou Wednesday last, and died in fifteen minutes. There were 37 deaths in Charleston for the woek ending the 22d-whites 15; colored 22.