16660. Union Dime Savings Bank (New York, NY)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
September 23, 1873
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
74e0114c

Response Measures

Accommodated withdrawals, Partial suspension

Other: Bank sold government bonds and drew greenbacks from Sub-Treasury to meet payments; trustees later invoked 30/60-day notice for larger sums in some reports.

Description

Multiple contemporary articles (Sept 23–25, 1873) describe a heavy run on the Union Dime Savings Bank in New York. The bank paid out depositors, sold government bonds to increase cash, and in some cases invoked the 60-day/notice by‑law for larger sums, but it continued to meet demands and did not suspend or enter receivership in these reports. Cause tied to the wider 1873 financial panic (macro news), not a discrete misinformation incident.

Events (1)
1. September 23, 1873 Run
Cause
Macro News
Cause Details
Run driven by the broader financial panic of September 1873 and loss of confidence following failures and market turmoil (Clews & Co., stock exchange closure, general panic).
Measures
Paid out cash to depositors; sold government bonds to reinforce cash holdings; placed extra paying tellers; later invoked 30/60-day notice rule for larger sums while continuing to pay smaller demands.
Newspaper Excerpt
Run On the Union Dime Savings Bank. At an early hour yesterday morning a systematic run was inaugurated upon the Union Dime Savings Bank, situated at 398 Canal street...we are paying all who come along...Up to three o'clock to-day we have paid out $90,000.
Source
newspapers

Newspaper Articles (9)
1. September 23, 1873 Evening Star Washington, DC
Article from Evening Star, September 23, 1873

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Article Text

TELEGRAMS TO THE STAR This Afternoon's Dispatches. Associated Press Reports. THE PANIC OVER END OF THE FINANCIAL FLURRY. WALL STREET RECOVERING THESITUATION TO-DAY The New York Stock Exchange Closed, but the Gold Exchange Open. Street Sales of Stocks. SUBSIDENCE OF THE PANIC. NEW YORK. Sept The presidents of near all the prominent banks express the opinion that the crisis over, and that the government has probably done the best that it could under the circumstances. Several of the banks have ceased discounting and many refuse to receive checks as cash, but only for prudential reasons. All the morning unite in expressing the opinion that the panic over. The Board of Aldermen have decided not to hold the spe cial meeting called for to-day to take action on the financial situation. THE RUN ON THE UNION DIME SAVINGS BANK Quite a number of people have congregated on the steps of the Union dime savings bank on Canal street, waiting for the opening of the doors. PRUDENT ACTION OF GEN. HILLHOUSE General Hillhouse yesterday declined to give the names of the sellers of bonds to the ment, on the ground that suspicion might be directed against the solvency of those who rushed into the market to realize. Some sellers were connected with savings banks. General Hillhouse has not been authorized to buy bonds of '81, as the President did not believe he had a legal right to take up bonds not yet due. THE STOCK STILL CLOSED. NEW YORK, Sept. 23, 10,a. m.-The govern ing committee of the stock exchange decided not to open the exchange to-day. The committee will meet again to-morrow at 9:30 a. m Gold opened at 112. CARLTON, THE DEFAULTER- HIS FATHER SAYS HE IS INSANE. Rev. Dr. Carlton, father of the defaulting secretary of the Union Trust Company, who was in the office of the company when his son took his final departure, on Thursday says he seemed to be nervous and excited, and when not signing checks he conversed with tears rolling down his cheeks. His father ascribed this condition to grief at the loss of his wife, who died recently. Just before noon he said he had to go out, and took his hat and left since which of time he has not been seen. It is the opinion Dr. Carlton that his son has been crazy since the loss of his wife. It is said that the Trust company has made no effort to secure the arrest of Carlton. It is understood that his friends are aware of his whereabouts STREET MARKET FOR STOCKS. NEW YORK. Sept 10.45 a. m The excitement on the street seems to be wearing itself out, and a better feeling exists. Brokers have congregated in front of the stock exchange and formed a street market, all sales being for cash The following are the quotations New York Central, 91a92 bid; Harlem 105 bid and 110 fered; Lake Shore bid; Wabash, 50 bid Rock Island, 88 bid; St. Paul, bid; Ohio and Mississippi, 30 bid: Union Pacific, 21a23 bid; Hannibal and St. Joe, 20 bid; Western Union, 65 bid, ( offered: Pacific mail. bid. The Union Trust company are still preparing their statement, which they expect to make public late in the day TWO MILLION BONDS have been bought at the sub-Treasury. NOON QUOTATIONS. NEW YORK, Sept. 23, noon. Street quotations: Ohio, 30 bid: Wabash. 48 bid; St Paul, 6 bid; Central, 93; Lake Shore, 82 bid. HEAVY PURCHASES OF BONDS BY THE GOVERNMENT. NEW YORK, Sept. 23.12 The sub-treasurer has purchased $8,169,100 bonds to this hour including Saturday and yesterday. PETITION A was filed with the clerk in bankruptcy of the United States District Court to-day to have the Union Trust company adjudicated an involuntary bankrupt. The papers were forwarded to Judge Blatchford who isat Newport. The petition is filed by depositors, but their names could not be ascertained. Exhaustion after the Battle NEW YORK, Sept. There is but little more than the usual number of people in the lower streets of the city beyond the small gatherings about the Stock Exchange, who are bickering in stocks. The financial center presents the appearance of exhaustion and lassitude after a great struggle. There is no desire manifested to have the Stock Exchange reopen, except by those wanting to purchase for investment. and brokers generally would like to have it continue closed during the remainder of the week. The general remark among them is that this disaster will materially thin out the number of brokers, as was the case with Black Friday, thus making more business for those maining The Bank of Commonwealth still keeps its doors closed. The run on the Fourth National has ceased, There are runs of more or less importance on the savings banks. The appearance of crowds indicate that the runners are laboring men and working women who have become frightened. It is believed their confidence will be restored by the promptness with which their money is handed them. and the run will cease to-day or by to-morrow at the latest. RELIEF MEASURES. of NEW YORK, Sept. 22, 1:30 m. $1,500,000 loan certificates have been issued by the clearing-house to-day. Two and a half millions of bonds have been purchased by the sub-treas. urer up to this hour. It is probable that the whole ten millions of loan certificates will be taken up, and the clearing-house association will increase the amount. AUGUST SCHELL, vice president of the Union Trust Company officially denies that a petition was filed in the United States District Court to have the company adjudicated an involuntary bankrupt. THE CLEARANCES of gold exchange banks are completed, and balances will be paid as usual. THE GOLD ROOM opened for business this morning, with sales at 12. afterwards advanced 12 K. but later declined to 11% The rates paid for carrying were to per cent. and flat, to 1-64 for borrowing Foreign exchange was weak, leading bankers having reduced their rates from 109% to 108 for long and short sterling. There is little or nothing doing in money The savings banks are making money by the run, as the scared depositors who withdraw lose their interest since August. Suspension of Clews & Co. NEW YORK, Sept. 23.-Henry Clews & Co. have suspended. A Better Feeling Abroad Too. LONDON, Sept. The news arrived from America relative to the condition just of financial affairs in New York causes a better feeling in American securities. Erie. 45k.

2. September 23, 1873 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, September 23, 1873

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quee o country capitalists ward came in with greenbacks in hand expecting to buy at the panic prices of Saturday morning. were much disappointed at finding that where stocks were obtainable at all they were held at ten to twenty per cent. higher than when the Stock Exchange closed on Saturday. At the close of business the feeling was still more improved. The panic has undoubtedly been limited to financial circles, banks having been a barrier which prevented an extension to the mercantile interests. A good many settlements are making between brokers of stock, and if the Exchange is kept closed for another day the volume of these contracts to be settled will be largely reduced. We may on opening of the Stock Exchange have a fresh lot of failures of brokers' firms, but there is no doubt that the tide has turned, and mercintile credit will not be swept down. EFFECT UPON THE TOBACCO TRADE. (Special to the DI patch from the ditors of the New York Tobacco Leaf.] have BROOKLYN, N.Y., September 22.-We heard of no suspensions or failures in the tobacco trade either in this eity or elsewhere. During the past year our merchants have acted in a most con-ervative and prudent manner both in buying and selling. The market has been very little affected. the usual number of sales having been made during the week. Associated Press telegrams.) NOTES OF INCIDENTS YESTERDAY-RUN ON SAVINGS BANKS-HOW THEY STOOD T-JAY COOKES CREDITORSTHE ELISG IN THE EVENING. THE GOVERNMENT DETERMINED TO BUY BONDS. NEW YORK. September 22.-It is oflicially announced that Secretary Richardson will continue to buy bond< at Saturday's quotations. Secretary Richardson said last night he did not see he had the power to do more than buy bonds and all the 5-20's offered will be bought without delay or red tape. The Government. the Sceretary says. not : trust company or loan institution. and is doubtunt what her Congress would sane. tion any such construction of my power." covertudes to the using of $10,000,000 of the reserves.] MISCELLANEOUS ITEMS ABOUT THE PANIC. to Thirty savings banks have resolved ! rigidly inforce the previous-netice clause. The Union Tru-Company is in the hands of receiver The New York Stock Exchange remains closed to-day. The manager of the Clearing House says every check passed through clearing will be paid. Hesays the banks are in no danger, and bat they were never tronger. The suspension of Mary Brothers is announced. All the banks have pulle d through except wo-the two settlin it through the loan coth= mittee. All the savings banks are having amouthem. The clearing-house loan committee have issued 82,500,000 certified checks. The Government has bought a million in bonds. carge crowd. are waiting to sell. Montrea and Europe are buy mg stocks at theshrinkage The Gold Exchange is closed. 112 has The licen tixod as the basis of settlement. rate of interest is fixed at for carrying. at The Sub-Treasury is buy ing 5.20's 110 70-100. A run on the Scannan's Bank has commeneed. They pay all sums of $100 and under: larger sums must wait the law's day. the Treasury Department denies that from the DAVY account fund this been transfe rred Jay Cooke, Met uttoch & Co. banks The run on the Wa-lington savings to-day was comparatively very slight. Secretary Richardson has received the following dispites. dated New York to-day .. The mercintile business progresses n-tual. Wall street is already itself. The people join in congramulations to the President and Fecretary Richar dson for their stability. The Stock Exchange will be opened Wednesday." NEW YORK. September 22. When the doors of the Irving savings Bank. 96 Warren street, were opened this morning, a crowd of depositors rushed in clamoring for their money. The pay ing-teller immediately When set to work to satisfy their demands. the majority present saw how willingly the money was being paid out they became quieted and left. Unto2 P. M. the bank had paid our about 810,000. and had received a considerable amount in deposits. At present the excitement has completely subsided 4 Al the Broadway Savings Bank, No. Park Place, business wast ing transacted as usual. little or no excitement prevailing amount paid out up to 2 P. M. did not exceed $10,000. we Bee proportion ateamount had been received. The bank officials do not anticipate run. Shortly after the Bewery Savings Bank opened its doors this morning a large numher of de positors began arriving, and it soon be became evident that there was going to area. The trustees met and decided to pay all demands, as they did not believe that tue run would last. One of the trustees stated that nearly all of the depositors drawing out their money were those having small accounts. The trussay that they have got $12,000,000 in in Government tees bonds, and about 82,000,000 which New Yorkand $1,000,000 in Brookly n. they could draw on immediately. However, the run lasts, they will take advantage of if the three-days' notice clause in their by-laws. $20 but will even then pay out sums up to from or 830, so as to save their depositors any The inconvenience. Union Dine Savings Bank. on Canal street. is besieged by vast throug. About hundred are inside. The doors are two closed, and a placard in the window can anpounces that as many persons are in as able off to-day. The bank is amply in be meet paid a run. having on hand $1,500,000 in to cash. They will sell to day $500,000 their bonds, the proceeds going to reinforce excash for to-morrow's runs They are not the sixty days' notice accorded by with its acting by-laws. There are 90,000 depositors this institution. The New York Savings Bank, Sixth checks aveBUE, has a run of one hundred. All promp ly has a -light run, The Greenwich being met. cashed. which is promptly Bleecker is paying all checks upon The large line is in attendance.

3. September 23, 1873 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, September 23, 1873

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TELEGRAPH. [SPECIAL DISPATCHES TO THE GAZETTE.] THE FINANCIAL CONDITION. LONDON, Sept. 23-12.30 p. m.-The news from America relative to the conjust dition of financial affairs in New city arrived a securities. York better feeling in American of causes NEW YORK, Sept. 23.-Quite a number of the have congregated on the steps people Union Dime Savings Bank, on Canal street, waining for the opening of the doors. NEW YORK, Sept. 23.-The Presidents the of a'l the prominent banks express that the nearly that the crisis is over, and that it opinion Government has probably done the best of the under the circumstances. Several refuse could have ceased disi junting and many tial banks to receive checks as cash, but only for prudeuAll reasons. the morning journals unite in expressing the opinion that the panic is over. Board of Aldermen have decided not to to The the special meeting called for to-day take hold action on the financial situation. YORK, Sept. 3.-General Hillhouse of the NEW declined to give the names, on the yesterday of bonds to the government, sellers that suspicion might be directed into against the ground the solvency of those who rushed market to realize. were connected with savings auSome General sellers Hillhouse has not President been banks. to buy bonds of S1, as the take up did thorized not believe he had a legal right to bonds not YORK, yet due. Sept. 23--11 a. m. -The Gov- deNEW Committee of the Stock Exchange cided erning not to open the Exchange to-day. NEW YORK, Sept. 23. Gold opened at 1.12. ExGoverning Committee of the Stock in. The will meet again to-morrow at 9:30 a. change NEW YORK, Sept. 23 --The Gold Exchange made. is open and regular transactions are being Gold is now 12}. NEW YORK, Sept. 23.--10.45 a. m.--The on the street seems to be wearing Brokers excitement and a better feeling exists. Stock itself have out, congregated in front of the all sales Exand formed a street market, change cash. The following are the quotations 105 being York Central, 91a92 bid; Harlem, 50 New offered; Lake Shore, 82 bid; Wabash, 35 bid; a 110 Rock Island, 88 bid; St. Paul, 21 bid; and Mississippi, 30 bid: Union Pacific, Western Onio Hanibal and St. Joe, 20 bid; 34 a 36 Union, a 23 bid; 66 bid, 70 offered; Pacific Mail, Thus bid. far to-day the Sub Treasury have purchased $350,000 of bonds. The Union Trust Company are still prepar- make iug their statement, which they expect to putlic late YORK, in the Sept. day. 23.--The Sub-Treasurer up NEW to 11.10 a. 111. has bought $1,600,000 bonds. YORK, Sept. 23.-Two millions of bonds NEW have been bought at the Sub-Treasury YORK, Sept. 23-noon.-Street Paul, NEW Ohio, 30 bid; Wabash, 48 bid; bid. St. 36 tion: Central, 93; Lake Shore, 82 NEW bid; YORK, Sept. 23-12 m.-The Sub- bonds Treasurer has purchased $8,169,100 this hour. including Saturday and in.-There yesterday. YORK, Sept. 23-1 p. is more than the usual the but the lower streets of the city NEW in little number beyond Exchange of people gatherings about the Stock financial censmall bickering in stocks. The and who are the appearance of exhaustion is DO tre presents after a great struggle. There iassitude manifested to have the Stock Exchange desire except by those wanting to purchase would reopen, investment, and brokers generally the for have it coutinue closed during relike to of the week. The general material- remark mainder them is that this disaster will was among thiu out the number of brokers as ly with Black Friday, thus making more of the case for those remaining doors The Bauk closed. Commonwealth business still keeps its ceased. on the Fourth National has on The run runs of more or less importance crowds There Savings are Banks. The appearance of men and the that the runners are laboring indicate women who have became frightened. restored working believed their confidence will be is It is the promptness with which their money or handed by them and the run will cease to-day by to-morrow, YORK, at Sept. the latest. 22.-The clearances ballan- of gold NEW exchange banks are completed and ces will be YORK, paid as Sept. usual. 23-1.30 p. -One certifiNEW five hundred thousand of loan house million have been issued by the clearing have cates Two and a half millions of bonds to-day. purchased by the Sub Treasurer whole up ten to been It is probable that the and this hour. loan certificates will be taken up the the millions clearing of house association will increase amount. YORK, Sept. 23.-August Scheel, vice-president NEW of the Union Trust filled Company, in the denies that a petition was the comofficially United States District Court to have pany adjudicated an involuntary bankrupt. Foreign News. Seut -Jean Jacques Coste, the PARIS

4. September 23, 1873 The New York Herald New York, NY
Article from The New York Herald, September 23, 1873

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upon drawing money for sickness, &c., on the spot. The general effect, it is but fair to say, when the determination was made known, begot general consternation, and many people declared that their ruin was inevitable. Many of the savings banks made payments yesterday as usual and declined to avail themselves of the time clause. The general opinion among the bank presidents was that confidence was on the eve of being restored. The President ot the Union Dime Savings Bank stated that his institution netted yesterday over $3,000 by people withdrawing their money and sacrificing the interest their deposits had gained. At the Bowery Savings Bank an old woman withdrew several thousand dollars, and when she was told that she would lose the interest thereon for SIX months, she almost, with tears in her eyes, begged the cashier to put it back into the bank, which he eventually consented to do. To-day it is generally believed the run on the banks will be greatly diminished. Run On the Union Dime Savings Bank. At an early hour yesterday morning a systematic run was inaugurated upon the Union Dime Savings Bank, situated at 398 Canal street. People elbowed each other terociously to get into the building, and everal members of the police force, under the command of Captain Petty, were found necessary to quiet the applicants. An excited woman, not understanding the duty of Captain Petty, attempted, amidst some laughter, to pull him down from the steps and make him take his proper place in the file of candidates for admission. The crowd poured into the building without losing a second when they had the chance-and if they rushed in quickly the money was handed to them with equal despatch, so that not a moment's time was lost in keeping the ball moving. Several people. who withdrew their money, walked away with it a couple of blocks, and then redeposited it, aiter waiting perhaps an hour. During the height of the run a reporter of the HERALD gained admission to the private office of the President, who made the following expianation:"We are paying all who come along, and I am happy to say the bank has made over $3,000 to-day by people withdrawing their deposits and sacrificing the interest which had accrued upon their money. Up to three o'clock to-day we have paid out $90,000, and to-night we have an 'evening session' and may probably pay out $20,000 or $30,000 more. I can tell you (laughingly) we are not afraid to face the music, and will pay all that come along. We have received a great many deposits to-dayabout $10,000, I think. Our surplus reserve fund was $800,000 on 30th last June, taking our securities at market value. This bank has been in existence for fiteen years, and 1873 has been the most successful year it ever had. Our net profits from 1st January to 30th June were $63,000. We are well provided with funds (here the President pointed to a pile of $400,000 greenbacks), and are able to pay all that come along. We have received offers of assistance from our friends, but have declined them, as we are able to run our own concern. 01 course, we don't like runs, but we are not afraid of them." Franklin Savings Bank. No payments were made to the excited throng which flocked to the Franklin Savings Bank and besieged it all day; but, at an early hour, the following placard was affixed to the window:The trustees of this bank require of depositors the usual notice or sixty days for the payment 01 all deposits, in accordance with the bylaws of the bank and in conformity with a resolution 01 the representatives of savings banks held on the 21st inst. By order of the Board of Trustees. J. P. PECK, Secretary. A large number of withdrawal notices were accordingly handed in. lin exhibit also dia

5. September 24, 1873 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, September 24, 1873

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AMOUNT r OF BONDS BOUGHT [Special telegram to the Dispatch.] NEW YORK, September This morning a better feeling prevails on the street, and is believed that the panic is nearly over. The Stock Exchange is not open, and will not be opened until morrow. The amount of greenbacks paid by the Government for bonds during the last few days is about $8,000,000. NIGHT DISPATCH. FAILURE OF HENRY CLEWS & CO.-THE STREET DEPRESSED- WILD RUMORS FROM THE WEST-EFFORTS TO FACILITATE SETTLEMENTS. [Special telegram to the Dispatch.] NEW YORK, September 23.-The failure of Clews & Co. to-day shows that it is next to impossible to borrow money. The banks are husbanding their resources, while capitalists lack confidence or are waiting to buy securities at lower prices. WILD RUMORS. The Clews failure was followed by many rumors from the West, some reports stating that the banks at Chicago and Pittsburgh had suspended. In addition some mercantile failures were also rumored. None of these were authenticated, but they served to add to the depression already occasioned. WESTERN ADVICES. Advices from the West report that some the exchanges have been been closed, and that western shippers are holding back grain. Some New York receivers have telegraphed to the West orders to stop sending grain in consequence of the difficulty of ob: taining money to honor sight-drafts. The Governing Committee of the Stock Exchange will meet to-morrow morning to consult as usual in regard to opening the Board. THE FEELING THIS AFTERNOON was apparently unanimous against opening. In fact, keeping the Exchange closed is looked upon as the only salvation for bankers and brokers as whole. Some few Shyloc would like to see the Board opened so that securities would be sacrificed and bargains be secured to themselves. To open the Stock Exchange would simply be to convert it into a slaughter-house and give fresh impetus to the panic, which has been allayed somewhat by the closing of the Board. Brokers to-d were making settlements be tween themselves of old contracts, and it is estimated that 100,000 shares have been cleared. It is proposed that the Governing Committee appoint a sub-committee to arrange some plan for FACILITATING SETTLEMENTS. A circular was issued about noon, headed Board Rooms," advertising of rooms for of Cards of were stocks. opening Independent admission the sale set gold down and at 810. Not much notice was paid to the circular, and very few brokers were found willing to advance the required subscription. A meeting of creditors at Jay Cooke's remains in session. No particulars are made as yet,and probably none will be this At the Union of the evening. public vesterday,many large Dime depositors Savings Bank who withdrew their money early in the day returned with it at a later hour and requested officers to enter it on their books. This was done a a loss of interest to the depositor. THE BANKS have gone through the panic so far all right, however. Since Saturday the business of the banks has been simply with merchants, active accounts of Stock Exchange firms having by reason of closing up of the Exchange been suspended. These firms probably have at least five hundred accounts with banks. Friday and Saturday's business at the Stock has still to the Exchange Exchangeopen money-lenders be settled. who might Should have rugh failed to get responses on loans called in and force sales under the rule, which would throw everything into a panic again, a and injure the banks. To prevent such state of affairs, it has been recommended that the Governing Committee appoint subcommittee to-morrow to prescribe regulations by which settlements may be made before the Exchange is opened. [ Associated Press celegrams.) THE STORM SUBSIDING. NEW YORK, September 23.-Quite a full meeting of the presidents of savings institutions was held this morning, when it was resolved to enforce the legal notice before paying deposits. There is quite a crowd gaths red around the Dinne Savings Bank, awaiting the opening. The presidents of nearly all the promibanks express the belief that the crisis is over. Several banks have ceased discounting. for Many refuse to receive hecks as cash, prudential reasons. All the morning journals unite in expressing the opinion that the panic is over. The Stock Exchange will not be opened to-day. The governing committee meets again to-morrow morning. The excitement on the street seems to be wearing itself out. Brokers have formed a street market in front of the Exchange. Government has bought $350,000 worth of bonds. The Gold Exchange is open. The latest quotation is 1113. Quotations of Western Union stock are 66 bid, 70 asked. NIGHT DISPATCHES NEW YORK, September 23.-The Street subdisbursed 83,259,000 for Western of Henry Clews & the quotations treasury The failure Union, to-day. 63 Co. to state 64. left at the close of business in a of and the confidence up to 1 street restoring wild excitement, headway o'clock made to day in has been lost. Speculative stocks were unquotable at the

6. September 24, 1873 Knoxville Weekly Chronicle Knoxville, TN
Article from Knoxville Weekly Chronicle, September 24, 1873

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WASHINGTON. Sent. 22.-In the course of the morning the President called at the Treasury Department and had a conference with Secretary Richardson. The result of it may be inferred from the fact thatsubsequently the Secretary stated to the agent of the New York Associated Press that the President will o anything within the law but will in no particular go beyond his clear legal authority. He will maintain the safety of the Treasury Department and protect the credit of the United States from the influences of the present financial embarrassment. Jay Cooke re-asserts the solvency of the London house. A private dispatch from Shreveport is discouraging. Pastor Hutter, of St. Mathew's Lutheran Church of Philadelphia is dead, aged 61 years. An American steamer at Newfoundland reports collision with a fisherman, three out of fifteen were saved. Bettingist and three to one on Brown for to-morrow's boat raco at Halifax. The Treasury Department denies that the navy account fund had been transferred from Jay Cooke, McCulloch & Co. Judge Richardson, says he will look out that the Government does its duty within the law, and he knows exactly where to get all the funds that are necessary, but does not intimate a word about the much talked of legal tender reserve, furnishing a part of the money to go to the Assistant Treasurer at New York. No meeting of the creditors will be held until full statements have been received from the various branch offices throughout the country. These are being prepared with the utmost dispatch. The firm can not at present say anything in regard to the duration of their suspension. The Clearing House statement is out to-day and shows that all the banks made their clearing satisfactorily, including the two heretofore reported in doubt. The following are the street quotations, showing a falling off New York Central, 91 Harlem, 106: Erie, 51; Rock Island, 87 Panama, 88. At present the excitement has complete. ly subsided. At the Broadway Sayings Bank, No. 4 Park Place, business was being transacted as usual, little or no exeitement prevailing. The amount paid up to two o'clock did not exceed $10,000, while the proportionate amount had been received. The bank officials do not anticipate a run. Shortly after the Bowery Savings Bank opened its doors, this morning, a large number of depositors began arriving and it soon became evident that there was going to be a run. The trustees met and decided to pay. all demands, as they did not believe that the run would last. One of the trustees stated that nearly all of the depositors drawing out their money were those having small accounts. The trustees say that they have et $2,000,000 government bonds, $1,000,000 in New York and $1,000,000 in Brooklyn, which could be drawn on immediately. However, if the run lasts, they will take advantage of every notice clause in their by-laws, but will even then pay out sums deup to $200 or $300, SO as to save their positors from any inconvenience. The Union Dime"Savings Bank, Canal street, is besieged by a vast throng. About two hundred are inside. The doors are closed, and a placard in the window announces that as many persons are in as can be paid to-day. The bank is amply able to meet the run, having on hand $1,500,000ir cash. They will sell to-day $500,000 in bonds, the proceeds going to reinforce their cash for to-morrow's run. They are not exacting the sixty days privilege accorded by its (by-laws. There are ninety thousand depositors with the institution. The New York Savings bank of Sixth Avenue, has had a run of $100,000, all checks being promptly cashed. The Greenwich Savings bank has had a slight run, which was promptly met. The Blecker street Bank is paying all checks upon presentation. A large line is in attendance. The Atlantic bank is paying all checks of one hundred dollars and less upon presentation. Checks of a greater amount are required to abide by sixty days by-law. Currency for the Purchase ef Ronds Fortheoming, WASHINGTON, Sept. 22.-Richard Harrington was appointed Secretary of State, of this District, vice E. L. Stanton, Esq., resigned. There will be a sufficient amount of currency in New York to-morrow, belonging to the Government to buy all the bonds that may be offered. The Secretary of the Treasury bas all that is necessary. and will lookout that there is enough in the hands of the Assistant Treasurer to buy everything in the shape of Government bonds that are presented for sale. Run on Savings Banks. The run on the Washington sayings banks to-day was comparatively very slight. Secretary Richardson received the following dispatch, dated at New York, today: Mercantile business progresses as usual. Wall street is already itself. The people join in congratulations to the President and Secretary Richardson for their stability. The Stock Exchange will be opened Wednesday Notice from Southern Banks. NEW YORK, Sept. 92 The holders of e drafts drawn by the undersigned, who are of Jay ree ferred honor to the banks correspondents for Cooke & and Co., bankers are Drafts set opposite their respective names.

7. September 24, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 24, 1873

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that may be converted in fifteen minutes, and $750,000 bonds, in cash, an amount total which their entire force would find difficulty in paying out in many days. BANK FOR SAVINGS. for Savings of the City of New-York. on was besieged throughout the de- its and paying, as they sum depositors, Bleecker-st., The Bank continued to day large do, all by even to the settlement of accounts, a mands, necessarily paid out. There seemed, however, of money a want was of the excitement attending the run of Saturday and Monday; indeed, a fair proportion drawing on the bank with the intention of those visiting doing so, assured by their deposits returned without appearance of things of their security. reply of the the controller to the ft-repeated question, Are my if safe 9" that They were; still, take them earnings want them," deterred many drawing. A large majority you of those drawing yesterday were women, credof whom, from appearances, would not be many ited with any great surfeit of this world's goods, yet whose bank account was quite large. With loss the money once in their possession, many seemed at a know what to do with it. Every one in their immediate to neighborhood seemed looked upon evil charac- One and the money was quickly hidden from sight. the ter, very scantily dressed. though advised to contrary. woman, drew her account of nearly $1,000, and, with the fear depicted on every feature, hurriedly passed to front door. But the gaze of the crowd of idlers upon the outside was too much for her, and she as hurriedly a returned to the receiving teller's desk and opened account. Soi it was with many others, who merely new drew their money as it appeared, to satisfy themselves that 11 was actually in the bank, and then returned it, though forfeiting the interest about due. It is understood that the authorities will not place any restrictions on the drawing of moneys, but will continue their preseut course. UNION DIME SAVINGS BANK. N. J. Haines, the President of this institution, said that they had since the excitement began paid in full every depositor who demanded money up to 7 p. m. Monday night, and that at that hour they had paid one depositor $8,000. "To-day, however," said he, the directors reluctantly passed: resolution to avail themselves of the 60 days' time allowed by law in the case of sums over $100. They had paid out on Monday $130,000, and yesterday the amount, he thought, would not exceed $40,000. which was not one-fourth the amount paid out by them daily in ordimary times. Yesterday a large number of depositors, mostly of small amounts, besieged the doors early in the morning. These, however, drew much lighter than the rule, and it was a noticeable feature that nine out of ten were unable to sign their names. Inside the clerks were busy tearing the wrappers off from huge packages of greenbacks from the Treasury and anextra paying teller was put on in order to satisfy the crowd as soon as possible. At 1:15 in the afternoon the street was perfectly clear of depositors, and the crowd inside was diminishing rapidly. This bank had also in the midst of the panic purchased |$100,000 worth of Government bonds, and paid cash. The Treasurer paid that the bank had made, by those depositors drawing out their accounts, between $5,000 and $6,000, to the advantage of those who had seen fit to let their money remain. MANHATTAN SAVINGS BANK. At the Manhattan yesterday. everything was quiet and Edward Schell, the Treasurer, stated that their drafts were not over an average business, and that many times during the day there was not a single person in the bank besides the officials and employes. They bad paid in full from the beginning, and the amount paid out yesterday would not equal one-tenth the sum drawn day previous. their financial affairs were adjustIng themselves properly to their agreeable surprise, as they expected troublejfrom the indications of Saturday. GREENWICH SAVINGS BANK. C. Gilbert, the Treasurer of the Greenwich Savings Bank, said that afnumber} offsmall accounts had been closed since Saturday, more, perhaps, than in ordinary times, though there had been no run and they had paid In full when asked to do so. About $60,000 was paid out on Monday. Yesterday, an hour before closing, the amount did not exceed $17,000, and there were few perBons in bank. Ordinarily in busy times they had paid four times that amount. GERMAN SAVINGS BANK. At eight o'clock yesterday morning a solitary woman was BOOD sitting on the steps of the German Bank in Union-square, and an hour later she was joined by half d o dozen men, who waited patiently until the doors were ppened. This bank has not availed itself of time, and Several of the men on learning that they could have their money, preferred to let it remain rather than lose %hree months' interest. " Monday," said Theo. E. Buck, the Treasurer, we had a deposit of $25,000. Some ac Counts have been closed, for among 20,000 depositors come will be foolish enough to draw in times like these." FRANKLIN SAVINGS BANK. The Franklin, at Forty second-st. and Eighth-ave. also resumed the payment of small amounts, yesterday, and will continue in this course unless the panic returns, a thing which the officers of that institution by no means anticipate. NEW-YORK SAVINGS BANK. President Richard H. Bull said that there had been few persons in this Bank all day, and their deposits yes Berday would, he thought, nearly equal their drafts. NORTH RIVER SAVINGS BANK. The North River Savings Bank, at Thirty-fourth-st. and Eighth-ave. began yesterday to pay in small sums, as the demand was light, although they had previously desided to require the thirty and sixty days' notice, ac cording the rule. One of the tellers said that they should continue to meet small amounts as long 88 there was the present quiet condition of affairs. but should avail themselves of their first determination if there wasany prospect of the repetition of a general rush. / OTHER RAVINGS INSTITUTIONS. At most of other savings banks, there was a return to the usual business. The Atlantic was paying all demands of $100, and larger sums when necessary; and this course was taken at the Mechanica' and Traders' Savings Bank. The New-Amsterdam was meeting all demands, which did not much exceed the usual amount The German Up-town Bank was free from the run of Monday. through adopting the requirement of 30 days' potice in all cases. The Teutonia Savings Bank, on Avenue A, was somewhat pressed on Monday. but its depositors recovered their confidence yeaterday, and held back. The Freedman's Savings Bank, on Bleeckerst., was quiet, paying out little money and receiving many deposits. The Clinton Savings Bank. on Eighth-ave., has from the outset had no trouble from depositors anxious to withdraw their accounts, and was yesterday opening a number of new accounts. O. P. Smith. the secretary, paid that everything was as quiet as Sunday there. This was also the case with the Trades' Savings Bank, Twenty-third-st. The Metropolitan and Seamen's SavIngs Banks have required the 30 days notice for sums $ 100 and 60 days for sums over $500. The Mutual Benefit, on Nassau-st., also adopted this rule, and was visited by few depositors yesterday. Thus the excitement seems lessening, and all the savings institutions in the city are confident that there will be no repetition of the panie, while many of the depositors are beginning to regret the loss of the interest on their money, which will considerably benefit the banks. The arrangements of Superintendent Matsell to keep order at the savings banks upon which "runs" were begun by customers were similar to those of the day

8. September 25, 1873 The New York Herald New York, NY
Article from The New York Herald, September 25, 1873

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ne Bowel. Savings the Citizens' Savings very: the Union Dime, migrant Savings Bank, h of which a heavy run re all working yesterday the legal notices. At each rated yesterday that, so iar rouble in consequence of the quired, the truth was depositor. me to the bank on business themselves as fully confident in the of this action on the part of the trustees In each of the banks last mentioned small sums were paid out during the day, as well as in all the other savings banks in the city not here enumerated, and all of which have avaited themselves of the legal notices. Sums of $100 or less were paid out in all of them, but in special cases, where legitimate business needed it, there was no question whatever as to the amount. It is intended by those banks that have required the legal notice irom depos tors to suspend the order requiring it as soon as the settled condition of financial affairs shall warrant them in doing so.

9. October 18, 1873 New-York Tribune New York, NY
Article from New-York Tribune, October 18, 1873

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SAVINGS BANKS UNSHAKEN. BUSINESS FLOWING BACK INTO ITS ORDINARY CHANNEL-PAYMENTS MADE TO DEPOSITORS IN ALL CASES OF NECESSITY-WITHDRAWAL MADE FOR PERMANENT INVESTMENT. " Business with us is easy," said President Brown of the Bowery Savings Bank yesterday, when questioned in this particular by a TRIBUNE reporter. easy as it has ever been." He further said that they had virtually resumed the payment of all demands, only draft requiring the legal notice, when the proposed a seemed unnecessary to the depositor. Only few of these notices were now given, on an average one or two daily. Taken altogether, notices had been received covering about $280,000; if the bank had settled all these book accounts at the time the respective notices were given. it would not have proved much more than the usual day's business. More money was being paid out than during the month previous to the panic, no doubt partly occasioned by the investments in real estate. He said the number of small drafts -of $5, $10, and was unusually large, which would seem to indicate that a large number of the laboring class were out of employment. Deposits, as was usually the case during the month of October, had been Finall. Deposits made after the 1st did not draw interest until the fullowing January. Compared with the corresponding month of last year, there was a very marked decrease, but taken altogether, everything connected with the banking business seemed most satisfactory at present. In the course of his remarks, Mr. Brown spoke of the statement made through the press to the effect that the savings banks were hoarding greenbacks-were ac cumulating in their vaults an "unusually large amount of bills. This," said he, " 80 far as the Bowerv Bank 18 I concerned, is untrue. On the Monday of the run, drew $500,000 from the Sub-Treasury, and the same day paid out $399,000. Anticipating a similar run on Tuesday, I that day drew another $500,000 from the Sub Treasury but the course then taken prevented run and this latter sum was left intact. I have now in the vaults $580,000 in greenbacks, against a liability of $27,000,000. and with notices covering $280.00 maturing within a few days. This amount is not as large by at least one third as the cash kept in the bank during the months of July and August last." When questioned as to the probable effect on their business of the enforcement of the law requiring notice. he said it did not appear hurtful to him. The depositors must in time acknowledge that they alone were benefited by such a course. Especially was this the case at this bank. The Bowery Savings Bank was in reality a charitable institution. and if the depositors could find more profitable investment for their savings, then its only aim was accomplished. There were no sinecures in the institution, none of the officers drew salaries except those actually engaged in the business of the bank. As to deposits, it would cause no disappointment if not another dollar was received. Secretary T.S. Armour reported a similar encouraging condition of affairs at the Union Ditne Savings Bank present they were paying sums of $500 upon demand, and even larger amounts when satisfied that they were required for legitimate business purposes. Notices covering about $57,000 had been received, and scarcely a day passed without many withdrawals were made. The drafts were mostly in small amounts. The receipts of the month were in excess of the payments, and, considering the circumstances, compared very favorably with the business of last year for the same month. the difference amounting to about $83,000. At present. business was not quite as heavy as ordinarily During the three days' run about $175,000 had been paid out-the largest amount in one day being $129,000. This was not equal to the usual payments for January and July, when dividends were declared. At these times as high as $150,000 or $200,000 was distributed in a single day. Of those w ho had helped to cause the run upon the bank, the majority were of the poorest and most illiterate their customers-it was safe to say seven out of ten could neither read nor write. At the Emigrant Industrial Savings Bank the Con troller said that they held notices of the withdrawal of deposits amount ing to $203,000. and in amounts varying from $50 to $2,000. He believed that little of this would be called for. Few notices were now coming in. only two or three a day. The receipts during the month were about one-third less than those of the corresponding month last year; the drafts were somewhat in excess. Much of the money was drawn for more profitable investment and not from any fear as to the security of the deposits. They still required the notice from those having no actual and immediate requirement for their moneys, but were paying all demands necessary for business purposes. At the Greenwich Savings Bank they have not exacted any notice from their depositors, meeting all demands promptly. Secretary Boyce stated that they were still paying out a larger amount of money than usual, but. as it seemed. chiefly to meet actual necessities. Few If any accounts were being closed, and no evidences of alarm could be seen among those making drafts. This ratber unusual drain upon the deposits he believed was occasioned partly by the large number of men out of employment at present, partly by the tightness of the money market, and partly by the investment of considerable sums in real estate. The drafts of this month were much larger than for the same period last year. He thought that the savings banks that had enforced the rule requiring notice from depositors would in the end suffer from it, and that those that had continued in the payment of all demands would be correspondingly benefited. Controller Craig, at the Bank for Savings of the City of New-York. said: Money is still coming in and going out. We are still paying out considerable more than our average previous to the panic, but among those drawing their deposits there are no evidences of fear as to their security. People seem to be very generally investing in good securities, and in real estate, and being unable to draw their deposits from other banks, are necessarily compelled to take what they have with us. Many are idle, and must have money to meet the actual requirements of life. Some of our country depositors have just heard that there has been some frouble in New-York, and are coming in to look after their deposits. Some take them. but more leave them. Very few accounts are being closed indeed a very fair percentage of money drawn during the excitement has been returned. To be brief, business is in most satisfactory condition. The secretary of the East River Savings Bank stated that the receipts for the week ending last Wednesday were $10,000 in excess of the amount for the corresponding week last year. The payments were somewhat heavier, and had been all along. Visits to numerous other savings banks-the German. Merchants' Clerks', Freedman's, Manhattan, Mechanics' and Traders', and Citizens'-substantiated the above reports. With all, business has resumed its ordinary channel, and the future appears most promising. THE DELTA KAPPA EPSILON FRATERNITY. EASTON. Pa.. Oct. 17.-The closing entertain-