1658. E. C. Scranton & Co. (New Haven, CT)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
private
Start Date
March 26, 1873
Location
New Haven, Connecticut (41.308, -72.928)

Metadata

Model
gpt-5-mini
Short Digest
0d20f177

Response Measures

Full suspension

Description

Multiple newspapers (Mar 26-27, 1873) report an unexpected run on E. C. Scranton & Co. precipitated by rumors about large stock holdings tied to parties affected by the Boston fire; the firm suspended payments. Reports suggest the suspension may be temporary and that depositors will be paid in full, but no explicit reopening is reported in these articles, so outcome is unsure.

Events (2)

1. March 26, 1873 Run
Cause
Rumor Or Misinformation
Cause Details
Run caused by rumors that a large amount of stock was being carried for parties crippled by the Boston fire and unable to take it.
Measures
Managers claim the firm holds enough securities to pay all depositors; suspension of payments followed the run.
Newspaper Excerpt
The banking-house of E. C. Scranton & Co., at New Haven, suspended on the 26th, owing to an unexpected run upon the bank.
Source
newspapers
2. March 27, 1873 Suspension
Cause
Rumor Or Misinformation
Cause Details
Suspension followed an unexpected run prompted by rumors about stock holdings related to the Boston fire victims; managers state securities sufficient to pay depositors.
Newspaper Excerpt
The suspension of the banking-house of E. C. Scranton & Co., of this city, created quite a stir. The liabilities of the firm are placed at $450,000.
Source
newspapers

Newspaper Articles (6)

Article from Memphis Daily Appeal, March 28, 1873

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Article Text

Gone Up for Half a Million. n NEW HAVEN, March 27.-Thesu spension of the banking house of E. C. Scranton & Co., of this city, created quite a stir. The liabilities of the firm are placed at four hundred and fifty thousand dollars. Scranton, the manager, says the firm hold enough securities to pay all the depositors. The run on the bank was caused by rumors that a large amount of stock was being carried for parties who were crippled by the Boston fire, and who were unable to take the same.


Article from The Wheeling Daily Intelligencer, March 28, 1873

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Article Text

THE LATEST NEWS. -Governor Hartranft, of Pennsylvania, has signed the bill appropriating $1,000,000 for the Centennial Celebration. -It is reported from Hartford, Conncc. ticut, that ex-Senator James Dixon is dy. ing from heart disease. -A bill appropriating $1,000,000 for the Centennial Exhibition has passed both branches of the Pennsylvania Legislature. The Governor's signature is already assured. -Dr. Geo. L. Weed, for thirty years a resident of Cincinnati, intimately identified with religious and benevolent enterpriscs, died yesterday at Maumce City, Ohio. -Both brunches of the Michigan Leg. islature have adopted a resolution asking Congress for an-appropriation for the survey of Michigan ship canal. -The banking house of E. C. Scranton & Co., at New Haven, suspended Wed. nesday, owing to an unexpected run upon the bank. It is probable the suspension is temporary and that the depositors will be paid in full.


Article from The Wheeling Daily Intelligencer, March 28, 1873

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Article Text

Bank Suspension at New Haven. NEW HAVEN, CONN., March 27.-The suspension of the banking house of E. C. Scranton & Co., of this city, created quite a stir. The liabilities of the firm are placed at $450,000. The Scranton Man. ager says the firm hold enough securities to pay all the depositors. A run on the bank was caused by rumors that a large amount of stock was being carried for parties who were crippled by the Boston OR fire and unable to take the same.


Article from Nashville Union and American, March 28, 1873

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Article Text

Another Broken Bank. NEW HAVEN, Conn., March 27.-The banking house of E. C. Scranton & Co., of this city, suspended to-day, creating quite a stir. The liabilities of the firm are placed at $450,000. Scranton, the managar, says the firm hold enough securities to pay all the depositors. A run OD the bank was caused by ruriors that a large amount of stock was being carried for parties who were cripoled by the Boston fire and unable to take the same.


Article from Chicago Daily Tribune, March 28, 1873

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Article Text

Bank Suspension. NEW HAVEN, Ct., March 27.-The suspension of the banking-house of E. C. Scranton & Co., of this city, created quite a etir. The liabilities of the firm are placed at $450,000. Mr. Scrantoo, the manager, saye the firm holds enough securities to pay all depositors. The run on the bank was caused by rumors that a large amount of stock was being carriod for parties who wore crippled by the Boston fire, and unable to tako the same.


Article from Wood County Reporter, April 3, 1873

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Article Text

two men committed the deed. The cause of the outrage is unknown. Three children-a daughter and son of Mr. Shortgen, and a son of Mr. Wodel, the eldest being eleven years of age-were burnt to death by a prairie fire which occurred on the farm of Mr. Shortgen, near Reed's Landing, Minn., on the 24th. Floyd Graham, of Brazil, Clay County, Ind., has been arrested on a charge of passing counterfeit greenbacks. It is said that he is an old offender. He was taken to the jail at Indianapolis. The store of Farwell & Co., at Frederick, Ill., was entered by burglars on the night of the 21st, the clerk drugged, and the safe blown open and robbed of $1,600 in money. The robbers escaped. The mill of the American Powder Company, at Acton, Mass., blew up on the 24th, killing two workmen and injuring three others. Several days ago Governor McEnery issued a circular letter at New Orleans suggesting the calling in each parish of '2 mass meeting of citizens to perfect a complete and thorough organization, with a view to the resistance of the collection of taxes by the Kellogg Government. I will remain at my post at the Capitol, and exercise, so far as practicable, the powers and functions of my office, and appeal to the people of the State to rally to my support and give me effective aid in my efforts to hold their rights and liberties. It is impossible that the Kellogg usurpation can continue beyond the meeting of Comgress, in December next, and if our liberties are worth anything at all, they are worth 2 struggle against tyranny and usurpation from now until Congress shall definitely act in our case." The Brooklyn (N. Y.) carpenters, at a meeting held on the 25th, decided to strike on April 7 if their wages were not raised from $0.00 to $3.50, and their time reduced to eight hours per day. At a large meeting of prominent colored Republicans of New Orleans, on the 26th, resolutions were adopted endorsing Judge Durell, Senator Morton and the Kellogg State Government, and complimenting President Grant for his devotion to Republican principles; expressing regret at the falure to accord Mr. Pinchback his seat in the United States Senate, and condemning the exclusion by the Louisiana Congressional delegation of Mr. Pinchback and Mr. John Boy, two recognized leaders of the Republican party and noted elements of strength, from consultation in dispensing the Federal patronage in Louisiana. The banking-house of E. C. Scranton & Co., at New Haven, Conn., suspended on the 26th, owing to an unexpected run upon the bank. The managers claim that the depositors will be paid in full.