16795. Newburg Savings Bank (Newburg, NY)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
March 24, 1883
Location
Newburg, New York (42.693, -78.120)

Metadata

Model
gpt-5-mini
Short Digest
79a8ff94

Response Measures

Accommodated withdrawals

Description

Multiple contemporaneous reports (Mar 24 and Mar 26, 1883) describe a small, causeless scare/rumor that prompted withdrawals of about $25,000 each time. The bank paid depositors promptly and was well supplied with cash and correspondent balances; there is no mention of suspension or closure in the articles. Some reports speculate the scare arose from disclosures about Judge Taylor's affairs (his office was in the bank building) but explicitly state he had no connection with the bank, so the trigger is best classified as rumor/misinformation rather than adverse bank-specific insolvency.

Events (2)
1. March 24, 1883 Run
Cause
Rumor Or Misinformation
Cause Details
A causeless rumor prompted depositors (mostly small accounts, women) to withdraw funds; bank officers called the run causeless and absurd.
Measures
Depositors were promptly paid; bank reported over $300,000 in cash available via correspondent banks and large marketable securities; officers reassured public and guaranteed payment.
Newspaper Excerpt
A rumor, starting nobody knows how, caused a small run to-day on the Newburg Savings Bank ... Twenty-five thousand dollars was paid out.
Source
newspapers
2. March 26, 1883 Run
Cause
Rumor Or Misinformation
Cause Details
Recommencement of withdrawals thought to be sparked by scare/rumors; some accounts link scare to disclosures about Judge Taylor's affairs (he had an office in the bank building) though he had no connection to the bank.
Measures
Bank supplied with ready cash and depositors promptly paid; in some cases returned offered redeposits were refused to avoid further runs.
Newspaper Excerpt
The run on the Newburgh Savings Bank recommenced this morning. About $25,000 were paid out, and the bank is declared to be supplied with ready cash to meet all demands.
Source
newspapers

Newspaper Articles (10)
1. March 25, 1883 New-York Tribune New York, NY
Article from New-York Tribune, March 25, 1883

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Article Text

A RUN ON THE NEWBURG SAVINGS BANK. NEWBURG, N. Y., March 24.-A rumor, starting nobody knows how. caused a small run toway on the Newburg Savings Bauk, one of the most solld institutions of its kind in the State, of which ex-Senator Daniel B. St. John is president. Twenty-five thousand dollars was paid out. The January statement showed that the bank had ass geta amounting to about $4,000,000, par value, and over $4,500,000, market value. The amount due depositors 18 $3,854,548, and the market value surplus is $669,432. There has been no shrinkage In either the assets or the surplus since January. Tue bank officers state both thathavegrownlarger and the bank is in good condition to meet any run, having in the Newburg and Highland National Banks here and the Continental Bauk, of New-York City, over $300,000 in cash. available at a momeat's notice, and over $3,003,000 of the bank's assets consist of securities that command a handsome premium and could readily be turned into cash. President St. John said the depositors could have their money as last as 10 was wanted. The bank had muca more money on hand than it could protitably invest now, and would be pleased to get rid of it. The bank would guarantee to pay out $500,000 faster than the people could come for it. Tue alarmed depositors are mostly women having small accounts. They were promptly paid. Others who were on their way to the bank were reassured by cidicens, who convinced them of the entire safety of tuelr deposits. It 18 not believed that the run, which is generally regarded as causeless and absurd, will be resumed on Monday.

2. March 25, 1883 New-York Tribune New York, NY
Article from New-York Tribune, March 25, 1883

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Article Text

# THE NEWS THIS MORNING. FOREIGN.-Mr. Parnell will be called to account in Parliament for his recent statements in Paris regarding Irish affairs. Captain O'Shea (Home Ruler) will ask certain questions in Parliament as to Lady Florence Dixie, whose story has not been well received in England. There is a report of a hostile Fenian plot against the Chatham Navy Yard. "Number One" is said to be in Mexico. Queen Victoria's health continues to improve. The English Revolutionary League held a meeting in Loudon yesterday. Prussia has refused the demands of the Vatican as to education and the appointment of priests. Emperor William's health is better. A bottle of gunpowder was exploded near a Government office in Rome without doing any damage. The Geneva authorities threaten to arrest Bishop Mermillod if he visits the city. Three French soldiers have been convicted of Socialism. DOMESTIC.-The Acting Secretary of the Treasury has issued instructions respecting section 7 of the Tariff act. The Postmaster-General is ill at his home in Wisconsin. The health of Secretary Folger is somewhat improved. By the breaking of the levee, the town of Thibodeaux, La., is threatened. A reduction of wages has been accepted by iron workers at Trenton. Eugene Cary was nominated for Mayor by the Chicago Republican Convention. The sub-committee of the Executive Committee of the National Union League consulted in regard to Republican harmony. There was an apparently causeless run on the Newburg Savings Bank. An express train on the Missouri Pacific Railroad was wrecked. CITY AND SUBURBAN.-Committees of the dealers and farmers yesterday agreed upon the price of milk for the coming year. George W. Conkling, who killed W. H. Haverstick, was admitted to bail. Nothing was heard from the embezzling clerk of the Equitable Trust Company. Application was made to Justice Donohue for the release of Mrs. Mordaunt. A number of the members of the Methodist Protestant Episcopal Church, of Newark, N. J. formed a new society with the Rev. S. T. Graham as pastor. Elaborate preparations for Easter have been made in the churches. # THE WEATHER.-TRIBUNE local observations indicate warmer and clear or fair weather, followed at night by increasing cloudiness. Temperature yesterday: Highest, 41°; lowest, 25°; average, 32°.

3. March 26, 1883 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, March 26, 1883

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Article Text

SAVINGS BANK RUN. I NEWBURGH, N.Y., March 26.--The run on the Newburgh Savings Bank recommenced. this morning. About $25,000 were paid out, and the bank is declared to be supplied with ready cash to meet all demands.

4. March 26, 1883 Daily Globe Saint Paul, MN
Article from Daily Globe, March 26, 1883

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Article Text

Run on a Savings Bank. NEWBURG, N. Y., March 24.-A ridiculous rumor starting nobody knows how, caused a small run to-day on the Newburg Savings bank, one of the most solid institutions of its kind in the state; $25,000 was paid out.

5. March 27, 1883 Savannah Morning News Savannah, GA
Article from Savannah Morning News, March 27, 1883

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Article Text

A RUN ON A SOUND BANK. The Claims of Depositors Promptly Met, but Deposits Declined. NEWBURG, N. Y., March 26.-The run on the Newburg Savings Bank recommenced this morning, but those who reclaimed their deposits were mostly from out of town. There is no further alarm among the depositors here. The bank is amply supplied with ready cash, and the depositors are promptly paid. In some instances the depositors, on receiving their money, again offered to deposit, but it was refused. About $25,000 were paid out this morning. It is now supposed that the scare originated from disclosures regarding the late Judge Taylor's affairs. His office was in the Savings Bank building, but he had no connection with the institution.

6. March 27, 1883 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, March 27, 1883

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Article Text

Small Run on a Bank. NEWBURG, N. Y., March 26.-The run on the Newburg Savings bank recommenced this morning. The bank is amply supplied with ready cash, and depositors are promptly paid. About $25,000 was paid out this morning. It is supposed the scare originated from the disclosures in the late Judge Taylor's affairs, but he had no connection with the bank, which is in a perfectly safe condition.

7. March 27, 1883 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, March 27, 1883

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Article Text

MINOR TELEGRAMS. Ex-President Diaz and party arrived in Washington yesterday. The milk war in New York is over, an abundant supply arriving yesterday morning. Dukes, who killed Captain Nutt, has been given 14 hours' notice to quit, by the inhabitants of Uniontown, Penn. C. C. Snowden & Co., an old hardware firm of Montreal, have suspended. Liabilities not large. A slight run has occurred on the Newburg, N. Y., savings bank. The New York Telegram begun the issue of a nine o'clock morning edition yesterday at one cent per copy. Owing to an anticipated cave in Alpine Ridge colliery of the Delaware and Hudson company at Wilkesbarre, serious results are hourly expected. A San Francicco despatch says there is no object in disguising the fact that without a good rain in the next fortnight the main cereal erop of California will be a total or partial failure. Dr. Wm. H. Vanburen, well known as connected with the United States Sanitary Commission during the war, an eminent medical author and a Doctor of Laws in Yale College, died Sunday, aged 64 years. Governor Butler has received from Mr. Plympton, his candidate for the insurance commissionership, a letter declining the renomination for that office. As there is no likelihood of his confirmation, he asks the Governor to withdraw his name. The Connecticut river is open from Hartford to the Sound. New York boats will resame their regular trips in a few days. No tidings of the sealing fleat have yet been received. The harbor of St. Johns, N. F., is blocked with drift ice. There was an unprecedented snow fall in North Carolina yesterday and Sunday. The Pope has consented to be represented at the coronation of the Czar. Second Assistant Postmaster General Elmer will act as Postmaster General during Mr. Hatton's abience.

8. March 27, 1883 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, March 27, 1883

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Article Text

Kun on the Newburgh Bank. NEWBURGH, N. Y., March 26.-The run on the Newburgh Savings Bank recommenced this morning. The bank is amply supplied with ready cash, and depositors are promptly paid. About $25,000 was paid out this morning. It is supposed the scare originated from disclosures of the late Judge Tyler's affairs, but he had no connection with the bank, which is in a perfectly safe condition.

9. March 27, 1883 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, March 27, 1883

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Article Text

Run on a Savings Bank. NEWBURG, N. Y., March 26.-The run on the Newburg Savings Bank recommenced this morning, but those who reclaimed their deposits were from out of town. There is no further alarm among the depositors here. The bank is amply supplied with ready cash, and depositors are promptly paid. In some instances depositors on receiving their money again offered to deposit, but it was refused. About $25,000 were paid out this morning. It is now supposed that the scare originated from disclosures regarding the late Judge Taylor's affairs. His office was in the Savings Bank building, but he had no connection with the institution.

10. March 27, 1883 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, March 27, 1883

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Article Text

Can Stand the Strain. NEWBURG, N. Y., March 26.-A run on the Newburg savings bank herecommenced this morning. The bank is amply supplied with ready cash and depositors were promptly paid. About $25,000 was paid out this morning. It is supposed the scare originated from the disclosures of the late Judge Taylor's affairs, but he had no connection with the bank, which is in a perfectly safe condition. LATER.-' The run on the Newburgh sayings bank has ended.