1655. Connecticut Savings Bank (New Haven, CT)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
July 18, 1879
Location
New Haven, Connecticut (41.308, -72.928)

Metadata

Model
gpt-5-mini
Short Digest
dc5107c5

Response Measures

None

Description

A depositor run occurred after Cashier John W. Mansfield's suicidal attempts (July 18, 1879). Officers publicly assured depositors, declined to invoke the 90-day delay, and the run was stopped the next day. No suspension or receivership is reported.

Events (1)
1. July 18, 1879 Run
Cause
Rumor Or Misinformation
Cause Details
Depositors, hearing of the cashier's sudden aberration and suicide attempts, feared for the bank's safety and presented books for payment; panic driven by misinterpretation of the cashier's actions rather than bank insolvency.
Measures
Officers (Governor English) publicly assured depositors the bank was sound, disclosed cash and government bonds on hand, declined to use legal 90-day delay; other banks offered ready money. President addressed depositors to calm them.
Newspaper Excerpt
A run was caused this afternoon on the Connecticut Savings Bank ... through the sudden aberration of the cashier, John W. Mansfield, manifested by two suicidal attempts.
Source
newspapers

Newspaper Articles (3)
1. July 19, 1879 The New York Herald New York, NY
Article from The New York Herald, July 19, 1879

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Article Text

RUN ON A SAVINGS BANK. CASHIER MANSFIELD, OF THE CONNECTICUT SAVINGS BANK, IN A TEMPORARY ABERRATION OF REASON, ATTEMPTS SUICIDE, WITH THE RESULT OF INDUCING MANY DEPOSITORS TO ASK FOR THEIR MONEY-THE BANK SOUND. NEW HAVEN, July 18, 1879. A run was caused this afternoon on the Connecticut Savings Bank, said by the most prominent financial authorities to be one of the soundest in the State, having $4,000,000 on deposit, through the sudden aberration of the cashier, John W. Mansfield, manifested by two suicidal attempts. Mr. Mansfield has long had the name of being one of the most careful and successful of investors, but the failure of the Townsend Savings Bank, five years ago, engendered a spirit of distrust, which the most positive assurances of trusted citizens, under the circumstances, were unable to combat successfully. At eleven o'clock this fornoon Mr. Mansfield was at the bank, apparently in the enjoyment of excellent health. Without any provoking cause he, in five minutes afterward, gave unmistakable indications of aberration, and shortly afterward he was at the Union Depot lying on the railroad track and asking an engineer to kili him. Being drawn from this perilous position he leaped overboard from an adjoining wharf and lay on the harbor bottom, and when a boat came to his resoue he expressed a desire to be killed at once. Mr. Mansfield being happily situated in his domestic affairs, wealthy, and having the confidence of all classes of citizens, the nervous depositors, when they heard of the occurrence, placed a construction unfavorable to their own interests on the matter. and within an an hour after he had been taken to his home, nearly dead, they began to present books at the teller's desk for payment. This became speedily known, and during the afternoon, to three o'clock, the hour for closing, the bank was packed. The books presented were mainly offered by small depositors. THE BANK STRONG. Other banking institutions, it was understood, were ready to come forward and lend ready money if necessary. and the bank management preferred not to take advantage of the legal provision for a delay of ninety days before beginning payments. Governor English, the president, said that the institution was in splendid condition and that everything is right, and the bank has more money than it needs. He said to a reporter:"We have $85,000 in cash and $600,000 in government bonds and half our securities are convertible at convenience. It has been a point to so conduct affairs that a special demand for money could be met readily. There are no bad loans, and the ank has had no connections with brokers." He also said that the investments were largely in government securities; that the institution never takes in excess of six per cent interest, and has frequently had so much money that depositors have been written to for the purpose of having them withdraw deposits. General W. S. Chamley, Charles L. English and others corroborated these statements, and all that there was to controvert them was the feeling of prevailing distrust. A SPEECH BY THE PRESIDENT. As the rush grew greater late in the afternoon Governor English made a speech to the depositors, a rather novel occurrence in a banking institution. He said:-"I want to say to all you depositors that the trouble that has come upon Mr. Mansfield will not affect the bank in the least. Mr. Mansfield held none of our money and owes us nothing, and if he did he has ample property to secure all claims. The bank has money at command to pay you all; in fact, we shall be glad to have you take out all that belongs to you. Give us time and we have half a million dollars that we shall be only too glad to pay out. I have been president of this bank since it started, have worked without one cent of salary and have always kept watch and guard over the depositors' money. It is not likely now that I shall see you lose anything. I shall be glad to have you come; only come orderly, come in reason, and I pledge you my honor and my property, if I have any, that you shall be paid in full.' His speech had the effect to cause some of the depositors to withdraw satisfied, but others will undoubtedly resume the run in the morning. The position and general esteem in which Cashier Mansfield has been and is held caused much solicitude concerning him this evening. His physician said that he had recovered concsiousness some hours after returning home and his sanity also returned, though he was at

2. July 20, 1879 The New York Herald New York, NY
Article from The New York Herald, July 20, 1879

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Article Text

A BANK RUN STOPPED. NEW HAVEN, July 19, 1879. The run which began yesterday on the Connecticut Savings Bank on account of. Cashier John W. Mansfield's attempts at suicide has been stopped by the assurances of the officers of the institution that it is perfectly sound and that Cashier Mansfield owes the bank nothing. The morning local papers contained the following card from Governor English:-

3. August 1, 1879 Essex County Herald Island Pond, Guildhall, VT
Article from Essex County Herald, August 1, 1879

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Article Text

SUMMARY OF NEWS. Eastern and Middle States. The four-oared boat race at Lake George, between crews representing Columbia, Wesleyan and Cornell Colleges, was won by the first-named. At Seabright, N. J., thirteen frame buildings, consisting of a lumber yard, stores and dwellings mostly occupied by fishermen, were destroyed by fire, entailing a loss of about $30,000, one-half of which is covered by inurance. During a temporary aberration of mind John W. Mansfield, cashier of the Connecticut Savings Bank of New Haven, twice essayed to take his own life, first by placing himself on a railroad track in front of an approaching train, and then by throwing himself into the water; but in both attempts he was frustrated by the bystanders. The result was a run on the bank, which is said to have $4,000,000 of deposits. The roof of a new round-house in course of erection for the Erie Railroad Company near East Buffalo, N. Y., fell in with a terrible crash, killing one man and more or less seri ously injuring eleven others. An explosion at midnight on board the steamer Drew, running on the Hudson between New York and Albany, demolished three state-rooms, filled the main saloon with smoke and brought the passengers out of their births in a state of great excitement. Investigation showed the explosion to have been caused by a box filled with powder, brought on board by a passenger, who was captured and proved to be well-known swindler, often before arrested in various parts of the country for committing acts that sometimes bordered 11 the insane. The ocean steamer Mosel arrived in New York, having on board 336 Russian Mennonites, who camped out on the wharf all night and the next day started for the West. By the premature explosion of a blast in a quarry at Huntington, Pa., Michael Ryan, a sub-contractor, Joseph Roncoroni and A. W. Keith were instantly killed. Considerable excitement and comment has been caused among the Hebrews in and about New York by the public declaration of Mr. Austin Corbin, president of the Manhattan Beach Company, of Coney Island, that he did not want any Israelites to patronize the company's hotel or railroad. The declaration which has created such a stir was written by Mr. Corbin himselt, and is as follows: " We do not like the Jews as a class. There are some well-behaved people among them, but as a rule they make themselves offensive to the kind of people who principally patronize our road and hotel, and I am satisfied we should be better off without than with their custom." Prominent Hebrews of New York vehemently denounce Mr. Corbin's action as unjustified. The First National Bank of Butler, Pa., has failed. The total liabilities are $288,000, and the assets are stated to be sufficient to pay all depositors, and to reimburse about $15,000 on the $50,000 of capital stock. The Pennsylvania Republicans nominated Samuel Butler for State Treasurer at their convention in Harrisburg. The platform adopted declares its " implacable hostility to the repeal of the national laws which protect the purity of the ballot box and secure their elections," denounces the Democratic party and praises the President, is in favor of " the payment of the national debt in coin and of a paper curre NJ redeemable in eoin," etc. Secretary SL Than spoke for two hours at Portland, Me., on the extra session of Congress and the Republican financial policy. Daniel F. Davis, Republican nominee for Governor, Senator-Blaine and Hon. Thomas B. Reed also addressed the meeting. Fully 5,000 persons were present at the closing exercises of the three days' session of the National Temperance Union at Ocean Beach, N.J. The closing address was made by Mrs. Mary C. Lathrop, of Michigan. The New York Republican State Committee has issued a call for the State Convention, to be held at Saratoga September 3. Leon Peter Federmeyer reached New York city with a wheelbarrow which he had trundled from San Francisco, accompanied by James T. Fuller, who acted as referee. The walk was the result of a wager made with Lyman Potter, who arrived in San Francisco last year with a wheelbarrow which he claimed to have trundled across the continent from Albany N.Y. The two men started from San Francisco on their novel tour on December 8, and Federmeyer made the trip to New York in six months and fifteen days, Potter being behind somewhere in Illinois. As Michael Bolender, foreman in a New York candy manufactory, was returning home from work he was pounced upon by Frank Portello, a discharged Italian workman, stabbed twice and instantly killed. Then Portello, with the reeking knite in his hands, walked along the street, defying the officers, who arrested him only after a fierce struggle. Portello's motive was revenge for having been discharged by his victim.