16609. Third Avenue Savings Institution (New York, NY)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: savings bank
Start Date: April 14, 1868
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 07c9e788

Response Measures

Accommodated withdrawals, Full suspension, Books examined

Description

Multiple runs occurred earlier (notably April 1868 and January 1872). The bank ultimately suspended (Sept 30, 1875) and a receiver was sought/appointed by court order, and did not reopen. Classification: an earlier run(s) followed by a later suspension resulting in closure/receivership.

Events (4)

1. April 14, 1868 Run

Cause: Macro News
Cause Details: Panic nervousness caused by the Atlantic Mail break and unsettled stock market decline that reduced confidence.
Measures: Officers promptly paid depositors who demanded funds; bank met withdrawals.
Newspaper Excerpt: The run on the Third avenue Savings Bank is very heavy, but all depositors have been promptly paid thus far.
Source: newspapers

2. January 1, 1872 Run

Cause: Rumor Or Misinformation
Cause Details: Publication/rehash of prior examinations and hostile press/publications prompted depositor panic; trustees blamed enemies and malign publications.
Measures: Paid all depositors who demanded money and interest; relied on on-hand cash and convertible assets.
Newspaper Excerpt: As soon as the doors were opened yesterday morning a heavy run was inaugurated... During the day all were paid who demanded their money, and the interest as well.
Source: newspapers

3. September 30, 1875 Other

Newspaper Excerpt: Bank closed pursuant to an order of the Supreme Court, granted on the application of the Attorney General, at the request of the superintendent of the bank department.
Source: newspapers

4. September 30, 1875 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Insolvency due to inability to realize nominal value of investments; long-term effects of prior runs and poor asset liquidity left the bank unable to meet obligations; Supreme Court order closed bank and receiver applied for/appointed.
Newspaper Excerpt: The Third Avenue Savings Bank has suspended and will not open to-day for business, and that application has been made for a receiver.
Source: newspapers

Newspaper Articles (10)

1. April 15, 1868 Evening Star Washington, DC

Article from Evening Star, April 15, 1868

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FINANCIAL AND COMMERCIAL. The New York money market was very astive through yesterday, and quite stringemt, even after bank hours. The general rate for call loans was 7 per cent. but coin interest was paid in many cases. There is an uneasy feeling in consequence of the recent Atlantic Mail break and the unsettled state of the stock market, and confidence is somewhatdistrusted. somewhat distrusted. The run on the Third avenue Savings Bank is very heavy, but all depositors have been promptly paid thus far. The President, Mr. Spencer K. Green, states that the assets of the Bank consist largely of cash, call loans, Gov. ernments and New York state stocks, which can be readily converted into cash.

2. April 15, 1868 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, April 15, 1868

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COMMERCIAL. New York Stock and Money Market. NEW YORK, April 14-6 P. M.-Money very active throughout the day and quite stringent after Bank hours. The general rate for call loans was at 7 per cent., but coin interest paid in many cases was quite he vy, A run was made on the Third Avenue Savings Bank, but all the dep sitors were promptly paid. The officers have asked an investigation by the Bank Superintendent at Albany. contident that it will show the Bank to be all right. Discounts quiet but comparatively easy at 8 @ 9 per cent.Sterling Exchange firm at 1094 @ 110 for prime bills. Gold lower under the free sale by the Treasury, which amount to about halfa million; Gold opened at 138₫ and closed at 138 @ 1381. In Governments there is rather less speculative movement and the market closed dult but steady. Henry Clewes & Co. turnish the following 4.30 quotations:-Coupon 6's 1881, 112 @ 1121; do 5's 1862. 1111 @ 1111; do 1864 109 @ 1091; do 1865, 109 @ 109}; do new, 107# @ 1073; do 1867, 107g @ 108; 10-40's, 1013 @ 1017; 7-30's, 106} @ 106g. The rumored suspension of a National Bank is uniounded. Railway market opened with a smart assault on Rock Island by a leading operator. under which it fell to 901. In the uncertainty about the Eiie bill at Albany that stock tell to 69 and New York Central to 1161. Later it was announced that the bill had been tabled subject to call, and Central and Erie advanced 11 @ 1 - per cent., and at the 1 o'clock Board Erie stood at 701 and Central at 1181. The market was weaker at the Second Board and prices were 1 @ 1 per cent. lower: subsequently the market became acti e and closed steady at a shade improved from the lowest rates. The following are 5.30 figures:Pacific Mail 891 @ 80}; New York Central, 117 @ 1174; Erie, 69$ @ 693; do preferred, 71 @ 75; Hudson, 1271 @ 128; Reading, 881 @ 883; Michigan Central, 1133 @ 114; Michigan Southern, 873 @ 871; Illinois Central, 141} @ 142; Cleveland & Pittsburg, 853 @ 86; T ledo, 1024 @ 102}; Rock Island, 89 @ 901; Chicago & North Western, 62 @ 621; do preferred, 731 @ 731; Fort Wayne, 100f @ 1001. Mining sharesdull; Smith & Parmelee 215; Quartz Hill 95c @1 00. The receipts at the Sub-Treasurv to-day amounted to $1,746,866; payments $869,765; balance $101,569,236.

3. April 15, 1868 The Evansville Journal Evansville, IN

Article from The Evansville Journal, April 15, 1868

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New York Gold and Stock Market. NEW YORK, April 14. By Telegraph.] MONEY--Very active throughout the day, and quite stringent. Even after bank hours, the general rate of call loans was z per cent., but coin interest was paid in many cases. There was quite a heavyrun on the Third A venue Savings Bank, but all depositors were promptly paid. The officers have asked an investigation by the Bank Superintendent at Albany, confidentthat it will show the bank to be all right. Discounts quiet and comparatively easy at 8@9 per cent. EXCHANGE-Sterling firm at 93/4@10 for prime bills. GOLD-Lower, under free sales by the Treasury, amounting to about half a million; opened at 1387/8; closed at 1383/81881/2. GOVERNMENT STocks-In Governments there is less speculation, and the market closed dull but steady. Henry Clewes & Co. furnish the annexed 4:30 quotatations: Coupons of '81, 112@112½; do. of '62, 1111/8111/4; do. of '64, 109@109%; do. '65, 1093/8@109/2; do. new, do. '67, 1077/8@108; 10-40s, 101%@101%; 7-30s, 1061/4@ 1063/8 The rumored suspension of a national bank is unfounded,

4. April 15, 1868 The New York Herald New York, NY

Article from The New York Herald, April 15, 1868

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THE TH.RD AVENUE SAVINGS BANK. dents. Withdrawal of Deposite-Scenes and Inciquiet neighborhood of Twenty-sixth excited in The usually Third avenue has been terribly days. The street and sense during the past owes few its origin a financial this hubbub and turmoil of Saturcause of all that appeared in the papers the Third Aveto a paragraph wherein it was stated that by the sudday Savings last, Bank had become Atlantic involved Mail to the nue in the stock of of dollars. den decline of nearly a quarter of a million immediately amount readily be imagined, a panic depositors in this seized As can all those persons who the were bank followed as a institution, and a run on since then large and ex. natural consequence. and Ever women of all classes of the cited groups of men the hard working laborer and community, from to the thriving green poor washerwoman avaricious landlord, have besieged the of grocer and the spacious building in which hard many earned doors of it unsafe to trust their in their them thought longer, and vainly endeavored, through the savingsany heir way into the bank steps for frenzy, to police, force who were stationed on the were drawn cordon of of preserving order. Many doubtless ex. the purpose through mere idle curiosity, "burst" or its thither minute to see the bank this depecting every "up in a balloon;" but them as yet and their directors go has been denied Solitary lightful sensation remains ungratified. down the Third delectable individuals curiosity occasionally sauntered of half a block, when their they avenue for the distance onward movement, search place of a would pause in trowsers their pockets, as If did in not hands in their could not and or up something that about they them, march deliberately the retail possess, stores, to look listlessly windows of some of their chances the large they show very probably contemplated purchase any of the good and of where ever again being able to should the bank fall, thought then, things with therein this displayed harrowing minds, would and rush agonizing spasmodically after struguppermost 10 the in scene their of their the distress, crowd and in front admitted of the gling back hard 10 quietly wedge auide into their received time to instructions be into doors, the would building. The police could not show a bank some book; in to admit no person dimounty who experienced special by busthence the admission. great Those who had withdraw no 10 order gaining with the bank were forced persons to as desired either to few ness to make room take for out such their business. money, and this to some deposit tended or to facilitate but very depositors extent On Saturday there were out of the concern; but of after Sunwho drew their the money subject during conclusion the whole that their thinking upon of them came to the the only chance they day many was In danger, and draw that It out and close their money account had of saving with the it run apparently was on to Monday. threatened From the clerks the institution; regular were morning hence the hour great of opening in the setting bank up individual closing kept constantly after engaged midnight. instead further of busiaccounts until and refusing to transact arrived any for doing so, the doors after the regular hour for had over two hours after the to the ness bank was purpose kept open of affording do an opportunity 80 to take time, for the who desired to after twelve o'clock all out their those money. It the was clerks got yesterday through that night their before arduous duties, hand bright and and early, pawith they were again on their troublesome morning smiling complacently ready as upon they were the The day previous directors trons, either and to take as deposits or of in pay ich out. commendation hours to meet for are certainly deserving 80 long after could not, If keeping the bank of their open depositors, who withdraw their the the demard directors were 80 without disposed, first giving explicitly thirty money from the bank effect. This clause 13 Savings days' notice the to charter that of the general Third Avenue law governing statec Bank. similar and in Institutions such, in fact, and 13 the 11 redounds to their credit to for all having very acted fact of 60 having uperally. exhibited them has a willingness apparently cor meet The all demands excitement made upon and begotten among a a cerawayed the amount of confidence depositors. As yet responding class of Their largest confined principally to is those said tain the excitement has amounts been at stake, and brought it their who had but many small of these have to lose already the benefit of first the that even back, 10 order not accruing since the have interest money that may have of the been heavier depositors also a of January. Most a willingness but and it expressed not money remain in the of the their only the omcers bank, institution desire to. is to confidently have expected that the by excitement ready will and terminate capable but of in question They declare demands themselves of their creditors; promeeting day. add that, all If they the are pushed place 100 some hard, of they their may securi- they bably be compelled market, 10 but this alternative Savings Bank ties in avoid. the The Third Avenue invested ID bonds hope to amount of money fallen back upon in and has a mortgages, large ty, which besides can a million be and all three-quar. of which case in of government necess and State into securities, ready money account at very of ters can readily be The converted bank has a depositors' less than $300,000 has up to the present Jewer short $5,200,000, been notice. drawn of which out sum since something time. the run upon drawing it first com- out menced Yesterday there on were the day previous, persons nard and nearly work their money these than were to all appearance great deal of anxiety. one-half of They evinced a mue, quietly awaited that turn to be but, ing women. taking their places served. in the About seventy persons

5. April 15, 1868 The New York Herald New York, NY

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NEW YORK HERALD, WEDNESDAY, APRIL 15, 1868.-QUADRUPLE SHEET. Progress of Anarchy i rebuffs from the Sergeant de-Arms, he gave up his in death. Stanton, Logan, Sumner, Butler case, not on technical rules, but upon broad plan of planting the flag on the dome, and returned Race and company are helping General Grant along principles of national justice, and on such with it to his hotel. just at present, and may even imagine they are principles make the guilt of the accused plain It appears from a con In the Court of Common Pleas, Chambers, yesterday, "using him." But he is really using them all to the nation, if he be guilty. in another part of the paj Judge Barrett presiding, the Gould contempt (Erie the time; and when in power the first necesreceived from other 8 Railroad) case was up on return of a motion to Such being the necessity of their position, show cause. The affidavits of Gould, Harris and sity of his situation will be to "use them up." secret society with the how do they meet it? They charge against others were read, testifying to the fact that no conthe President certain acts that are either crimiKlux Klan-is not a sha They have been burly mutineers against Presitempt was committed by Gould, his non-apearance dent Johnson, and mutineers are not the kind nal or innocent, according to the intent with substantial and widespre being accounted for, according to the affidavit, by IIIof cattle that a dictator of General Grant's which they were done. In his intention, then, correspondent, "Gabriel ness. On hearing the affidavits Judge Barrett discharged the order as against Mr. Harris and postmilitary education will be scrupulous to have whatever this portentous lies his offence, if he is guilty of any; yet poned the return of the one in the case of Gould till around him in positions of confidence angel and these cabalist when he endeavors to show by the whole Saturday next. or power. The Frankenstein of our new course of his conversations just what his intent assures us that the orga The Third avenue Savings Bank of this city for the seven hundred thousand system of government will avenge the rewas, to give his thoughts so far as is possible, past few days has been the scene of considerable exmoval of Andrew Johnson and the murder the door is shut against him; he is ruled out citement, occasioned by the circulation of a report is spread over the whole in which it was stated that the bank had become of our old constitutional system by levying to the Gulf of Mexico an on technical points, and people ear the involved, by the sudden decline in the stock of Atwar against his creators the moment he is strange declaration that, while the court the Pacific. Only white lantic Mail, to the amount of a little less than a given a chance. His advisers will be found in States can become mei may from certain facts "assume" that quarter of a million of dollars. Almost a panic the ranks of his old army subordinates; and his intentions were evil, he is not alnegroes and infidels card ensued, but owing to the officers of the bank showsuch obedient soldiers as General Sheridan ing their willingness to meet all the demands made given to the term Ku K lowed to prove that they were honest. upon them confidence has been somewhat restored will be the tools most familiar to his grasp. Here, then, is anything but national justice, of friends," and the obje and the apprehensions of the depositors quieted. In the first French Revolution the semi-concheckmate and to act as and the Senate for a time persistently votes to The North American Steamship Company's steamer radical secret societies servative republicans thought young Captain this effect. But suddenly it changes its face Santiago de Cuba. Captain Smith, will leave pier No. 29 North river at noon to-day (Wednesday) for Bonaparte, just fresh from the siege of Toulon, and the Grand Arm and votes exactly the other way. Why Has San Francisco via Panama Reilroad, connecting with might be a good instrument to help them in it suddenly determined to take the broader pofor the purpose of perpe the new steamship Oregonia= at Panama. the task of restraining the excesses of the sition and prove guilt, not to the satisfaction of liberty. So says "Gab

6. April 16, 1868 New-York Tribune New York, NY

Article from New-York Tribune, April 16, 1868

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Money continues sharp 7 per cent on call, with gold interest in many cases, and commissions added. No dearer day for money has been experienced for a long time. A good deal of discrimination is shown as to collaterals, and large margins are demanded. Prime paper is reported as very scarce, and wanted at 7 per cent. The extremes are 7@9 per cent. The run upon the Third Avenue Savings (Bank is over, and depositors in all these institutions are content to let their funds remain. The Sub-Treasury is steadily increas ing its balances, and by its sales of gold absorbe all the currency brought from the interior. Storling Exchange is steady at quotations: London, 60 days, 1091@110; do., sight, 1101@110}; Paris, long. 5.13;@5.12}; do., short, 5.111@5.10); Antwerp, 5.171° 5.161; Swiss, 5.171@5.161; Hamburg, 36@364; Amster dam, 41@411: Frankfort, 401@41; Bremen, Berlin, 711@72. The transactions at the office of the Assistant Treasurer were: Receipts for Customs, $428,000; no ceipts for Gold Notes, $255,000; total receipts, $3,528, 559 56; total payments, $1,338,129 95; balance, $103, 759,665 54. Freights to Liverpool: 7,600 bush. Corn at 3dd; 150 tcs. Lard at 20s. To London by steamer 50 bales Hops at Id.; and to Glasgow by steamer, 16,000 bush. Wheat at 61d., and 15 tuns Whalefoots at 30s. The Atlantic and Great Western Railway's earn. ings from April 1 to April 7 were $104,318; same time last year, $97,749. The exports (exclusive of specie) from New-York to foreign ports during the week were $47,194,634; since Jan. 1, $50,208,027. The St. Louis Republican says that "the State Bank of Missouri has concluded the purchase of $1,500,000 city bonds at 80 cents, payable 20 years after date, with interest at 6 per cent per annum. The Toledo Blade says, as to the crop prospects of the West: There is every indication that the harvest of 1868 will be immense. In Wisconsin the Winter wheat is looking remarkably well, but little of it having been Winter killed, and from the North-Western States the prospect is equally cheering. Kansas promises the largest crop the State has ever been blessed with, and Illinois is equally hopeful. Indiana will have plenty and to spare. The Washington correspondent of The Philadelphia Ledger, under date of April 13, says: It appears from the returns of the receipts from castoms and internal revenue, as shown upon the official record, that the former has thus far come well up to the estimates made by the Secretary of the Treasury, and the latter has fallen somewhat short of realizing the agentgate expected up to this time. The custome receipts have aggregated about $4,000,000 in the past nine days, which is about the average estimates. The internal reve nue receipts during the eight days ending on Monday, were $2,057,000, which is not up to the average daily n ceipts for March. The estimated receipts from internal revenue for the fiscal year ending June 30, next, is $208, 000,000. There have already been received over $151,006, 000, leaving nearly $57,000,000, to be collected during the next 79 days, to reach the estimated receipts from this source by the last of June. Secretary McCulloch and Commissioner Rollins are satisfied the amount that will be collected by the last named date will be fully up to the required $57,000,000.

7. January 3, 1872 The New York Herald New York, NY

Article from The New York Herald, January 3, 1872

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MORE SAVINGS BANK TROUBLES. Another Run on the Third Avenue Bank-What the Officers Say-A Clamorous Crowd After Their Deposits. It appears that the Third Avenue Savings Bank, which in October withstood a three days' run that resulted in the withdrawal of nearly seven hundred thousand dollars deposits, 13 not yet "out of the wilderness" of its financial troubles. In a morning paper of yesterday appeared a rehash of several polumns of its affairs and examinations, made previous to the October run, and the result was that as soon as the doors were opened yesterday morning a heavy run was inaugurated, which in (creased in proportions until the hour for closing. During the day all were paid who demanded their money, and the interest as well. The President, Mr. Lyons, and William F. DarKing. one of the trustees, were very indignant at the publication, the latter declaring that he could not understand the animus of the journal, as the bank was never in a sounder condition or better prepared to meet all its obligations. Speaking of Messrs. Dunn. Dooley and John Murphv. late officers of the Institution. he characterized the run as their work, and declared they were prompted by malignaut motives and a desire to ruin the institution. Mr. Darling stated that while the deposits are only about $5,077,000, they have about $10,000,000 In assets, nearly all of which is convertible at a short notice, and that when the run of yesterday commenced there was $1,050,000 111 the bank's cofYers and an abundance of call loans not disturbed. when the last run occurred they met every call and were now as sound as ever, and could get all the aid they required from other banks. The run, he Hald, was not unexpected, as it is a usual thing for $100,000 or $200,000 to be drawn out on the 1st of January, when the accrued interest is paid, and about $70,000 is paid in as acerued interest on bonds and mortgages. Mr. Darling was very indignant at the supposed influence used Spy the above-named disappointed men to cripple tue Institution, and declared it was wilful. personal towards some of the directors that instigated the publication. President Lyons asserted that Ehose men were personally hostue to trustees Green, Daring and Harrison, and he would say that many of the statements made were false. in October last the officers claim they made a statement to Superintendent Howeil, of the Bank Department, showing a surplus of about eighty thousand dollars. Mr. Howell came down from the capital after the run, made a thorough examination of the concern, and declared that be aid not see but the bank was sound and all right; that he aid not propose to go back two years and examine into the past management; that he was satisfied that the trustees had carefully guarded the interests of the depositors, and as the bank had stood the brunt of baitle for 80 many years he felt a pride in sustainLag it. The trustees also report that since the last run they have received about a quarter of a million of deposits, and since the first run in April, 1868, they have paid to depositors over a million dollars in interest. They claim to have the sympathy and support of the other banks, upon which they do not expect be compelled to call, as they have on hand about $550,000 in government securities, that can at once be converted into cash to meet any emergency such as now stares them in the face, and the great bulk of the rest of the $10,000,000 assets conSists of New York and Brooklyn and State stocks, upon which, they say, they can quickly realize ready cash. Then they have considerable in bond and mortgage that can also be converted. When asked it there was any immediate danger or not being able to withstand a prolonged run one of tne trustees replied, "Not if the newspapers help us. With over a million in our coffers and two milKion immediately convertible we feel sanguine of our ability to weather the storm. Still these runs Injure a bank's reputation, and when the last one euded this clique boasted that our troubles were not over; that ou the 1st of January we should have another tussle, and it has come." Another of the trustees charged that some of the enemies of the ininstitution had gone about among the members of an Induential religious sect, of which most of their acpositors are members, and denounced the bank as suaky. To this he attributes much or their Lies. Yesterday morning Rev. Father Marcon, pastor of the Roman Catholic church of Long Island City, bame over and deposited $2,800 of the church fund the bank, but at the urgent request of the trustees Eater in the day ne withdrew it. White the trustees were very emphatic in their assertions that they would withstand the danger That careatened to carry down the institution their faces betrayed great anxiety for the future. The above 18 derived from information furnished by them, and in the absence of an official statement or assets and liabilities it would be improper to express an opinion as to the solvency of the corporaCton. It is probable that this run will be greater than the last, as that in October occurred at a time when, under the rules, the bank was not held for the interest, and many, not wishing to lose their interest, run the risk of its collapse. As depositors are now entitled to interest as well as principal they be more anxious to withdraw their saviags and Deposit elsewhere.

8. September 30, 1875 Evening Star Washington, DC

Article from Evening Star, September 30, 1875

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A New York Savings Bank Failure. NEW YORK, Sept. 30.-It is stated that the Third Avenue Savings Bank has suspended and will not open to-day for business, and that application has been made for a receiver. Since last Thursday all moneys received from depositors has been placed in eavelopes with the names of depositors thereon, and these have not been entered on the bank book and will be returned in full. As far as can at present be learned fifty cents on the dollar and perhaps more can be paid depositors. Since its incorporation in 1854 this bank has sustained three runs, the first in 1868, which lasted four days; the second in 1871, and the last in January, 1872, during which $4,000,000 was paid in the ten weeks the panic lasted. The bank has never recovered from the effects of the celebrated run, and its present insolvency issimply due to the impossibility of realizing the nominal value of its investments. Its depositors number about 8,000, and the amount due them is about $1.340,000. Later.-The Third Avenue Savings Bank did not open this morning, and the followin notice was posted on the door: "Bank closed pursuant to an order of the Supreme Court, granted on the application of the Attorney General, at the request of the superintendent of the bank department." At an early hour large crowds of depositors gathered around the bank, and sought in vain to gain admission, but when the notice was put up they soon dispersed.

9. September 30, 1875 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, September 30, 1875

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Savings Bank Failure. NEW YORK, Sept. 30.-It is stated that the Third Avenue Savings Bank has suspended and will not open to-day for business, and that application has been made for a receiver. Since last Thursday all moneys received from depositors have been placed in envelopes with the names of the depositors thereon, and these have not been entered on the bank book and will be returned in full. As far as can at present be learned fifty cents on the dollar and perhaps more can be paid depositors. Since its incorporation in 1854 this bank has sustained three runs, the first in 1868, which lasted four days, the second in 1871, and the last in Janu ary, 1872, during which $4,000.000 was paid in the ten weeks the panio lasted. The bank has never recovered from the effects of the celebrated run, and its present insolvency is simply due to the impossibility of realizing the nominal value of its investments. Its depositors number about 8,000 and the amount due them is about $1,340,000.

10. October 1, 1875 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, October 1, 1875

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Bank Suspension. NEW YORK, September 30.-It is stated that the Third-Avenue Savings Bank has suspended, and will not open to day for business, and that application bas been made for a receiver. Since last Thursday all moneys received from depositors have been placed in envelopes with the names of the depositors thereon. These have not been entered in the bank-books, and will be returned in full. As far as can at present be learned, fifty cents on the dollar, perhaps more, can be paid depositors. Since its incorporation, in 1854. this bank sustained three runs : First, in 1868, which lasted four days; second, in 1871; and last, in January, 1872, during which $4,000.000 was paid out in the ten weeks the pinie lasted. The bank has never recovered from the ffects of this celebrated run, and its present insolvency is simply due to the impossibility of realizing the nominal value of its investments. Its depositors number about 8.000, and the amount due them is about $1,340,000. Crowds gathered about the Third-Avenue Savings Bank this morning, but dispersed upon notice that the bank was closed pursuant to an order granted by the Supreme Court.