16872. Port Jervis Savings Bank (Port Jervis, NY)

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: savings bank
Start Date: February 1, 1878
Location: Port Jervis, New York (41.375, -74.693)

Metadata

Model: gpt-5-mini
Short Digest: 8ebbb73d

Response Measures

Accommodated withdrawals, Partial suspension

Description

Multiple newspapers (dated Feb 1, 1878) report a run on the Port Jervis Savings Bank. The bank paid depositors under $100 but enforced the 30-day rule for larger withdrawals (a partial suspension). The run was triggered by a Court of Appeals decision declaring similar municipal railway bonds invalid; the bank held $47,000 of Port Jervis bonds. No permanent closure or receivership is reported.

Events (1)

1. February 1, 1878 Run

Cause: Bank Specific Adverse Info
Cause Details: Court of Appeals decision that municipal railway bonds (Thompson/Monticello) are invalid; Port Jervis issued $200,000 in similar bonds and the bank holds $47,000 of them, raising concern about asset validity.
Measures: Paid depositors under $100 in full; enforced the 30-day rule (requirement of thirty days' notice for larger withdrawals).
Newspaper Excerpt: There has been a run on the Port Jervis Savings Bank to-day. The bank has paid depositors of less than $100, but depositors of larger amounts are required, under the rule, to give thirty days' notice.
Source: newspapers

Newspaper Articles (7)

1. February 2, 1878 Daily Globe Saint Paul, MN

Article from Daily Globe, February 2, 1878

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Article Text

ALL AROUND THE GLOBE. Lanary's flax mill at Napierville, Quebec, is burned. Loss heavy; no insurance. George Cruikshank, the well known English draughtsman and caricaturist is dead. The Providence County Savings Bank of Rhode Island, is enjoined from doing any further business. The burning of a wooden building at Glover's Corner, Boston, caused a loss of $30,000; insured. Leavitt Burnham has been appointed land commissioner of the Union Pacific railroad in place of Davis, resigned. The Executive committee of the Industrial League at Philadelphia yesterday morning adopted a resolution hostile to the tariff bill recently published. There was a run on the Port Jarvis, N. Y., savings bank to-day. Deposits less than $100 were paid. On larger ones the thirty day rule was enforced. A dispatch from Richmond, Va., says General Joseph C. Johnston has consented to be a candidate for Congress from that district, ex-Governor Walker declining a reelection. Pork and lard in storage in the American pork packing establishment, New York, was damaged $20,000 by fire last night. Pork and lard is stored there preparatory to inspection and sale. The population of the Island of Providence, about 746 souls, appeal to the people of the United Statos for assistance, all their houses, provisions and crops having been destroyed by two hurricanes. Dr. Wm. A. Davis, an aged physician of Philadelphia, charged wieh causing the death of Julia Steigerwald by criminal malpractice, was stricken with paralysis when the warrant was served upou him Monday and died Thursday.] The insurance on furniture manufactory of F. M. Holmes & Co., at Charlestown, Mass., was $134,000, distributed among some 65 companies. The loss of Holmes & Co. is estimated at $230,000. The value of adjoining tenements and stables burned was $20,000. Philip Watson, colored, who murdered his wife with a hatchet last September, in Covinpton, Ky., was hanged in presence of five thousand spectators at 11 o'clock yesterday morning. Previous to the execution he made acknowledgment of the crime and expressed repentance.

2. February 2, 1878 The Sun New York, NY

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Article Text

Run on the Port Jervis Savings Bank. PORT JERVIS. Feb. 1.-There has been a run on the Port Jervis Savings Bank to-day. The bank has paid depositors of less than $100, but depositors of larger amounts are required. under the rule, to give thirty days notice. The run was caused by the decision of the Court of Appeals in the matter of the bonds of the town of Thompsonville, Sullivan county, issued in aid of the Monticello Railway, the decision being that the bonds are invalid The town of Port Jervis issued bonds to the amount of $200,000 for the same purpose and it 18 presumed that they will be affected by the decision. The bank holds $47,000 of these bonds The statement of the bank on the 1st of January exhibited assets to the amount of $248,777 The liabilities are $240,443 The run has caused very little excitement

3. February 2, 1878 Evening Star Washington, DC

Article from Evening Star, February 2, 1878

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Article Text

THERE WAS A RUN on the Port Jervis (N Y.) savings bank yesterday. Depositors of less than $100 were paid ; for larger sums thirty days are required. The bank's assets are $248,777; liabilities $240,443.

4. February 2, 1878 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, February 2, 1878

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PORT JARVIE, N. Y., February 1.-There was a run on the Port Jarvis Savings Bank to-day. Deposits of less than $100 paid; on larger ones the 30 days rule enforced. TOPEKA, February 1.-There has been but little excitement here to-day. The Citizens Bank of North Toepka closed its doors, but they only owe $26,000 and will be able to resume in ten days. The other banks paid all demands. The Topeka National has been heavily reinforced with currency, and fears no troubles.

5. February 2, 1878 New-York Tribune New York, NY

Article from New-York Tribune, February 2, 1878

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SENATOR JULES BRAME. PARIS, Feb. 1.-M. Jules Brame, Senator of the Department of the Nord is dead. SAVINGS BANKS' TROUBLES. PORT JERVIS, Feb. 1.-There has been a run on the Port Jervis Savings Bank to-day. The bank has paid depositors of less than $100, but depositors of "larger amounts are required, under the rule, to give thirty days' notice. The run was caused by the decision of the Court of Appeals in the matter of the bonds of the town of Thompson, Sullivan County, issued 111 and of the Monticelio Railway, the decision being that the bonds are invalid. The town of Port Jervis issued bonds to the amount of $200,000, for the same purpose, and it is presumed that they will be affected by the decision. The bank holds $47,000 of these bonds. The statement of the bank on the 1st of January, exhibited assets to the amount of $248,777. The liabilities are $240,443 The run has caused very little excitement. PROVIDENCE, R. I., Feb. 1.-The Supreme Court this morning enjoined the Providence County Savings Bank of Pawtucket from doing business until further order of the court, upon the petition of the Special Commissioner.

6. February 6, 1878 New Ulm Weekly Review New Ulm, MN

Article from New Ulm Weekly Review, February 6, 1878

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Misceilaneous. Lanary's flax mill at Napierville, Quebec, is burned. Loss heavy; no insurance. The standing committee of the diocese of northern New Jersey has consented to the election, as Bishop, of Rev. D. P. Sey mour. The burning of a wooden building at Glover's Corner, Bsoton, caused a loss of $30, 000; insured. The Providence County Savings Bank of Rhode Island, is enjoined from doing any further business. sample of Russian army bread recently analyzed in Bulgaria was found to contain 19 per cent. of sawdust, and 14 per cent. of sand. The executive committee of the Industrial League at Philadelphia have adopted a resolution hostile to the tariff bill recently published. A new free board of trade was opened in Chicago, on the 28th, for direct deals in grain and pork, the exchange charging oneeighth of one per cent. There was a run on the Port Jarvis, N. Y. savings bank on the 1st inst. Deposites less than $100 were paid. On larger ones the thirty day rule was enforced. New Orleans parties are making an effort to organize a joint stock company to run a steamsi ip line between New Orleans and Demarara, via Aaspinwall and Barbadoes. Pork and lard in storage in the Amercan pork packing establishment, New York, was damaged $20,000 by fire on the 1st inst. Pork and lard is stored there preparatory to inspection and sale. The Crispin troubles at Marlboro continue. A. E. Townsend, one of the publishers of the Malboro Advertiser has been shot but not killed, for not using his influence to make girls leave the factory. The population of the Island of Providence, about 746 souls, appeal to the people of the United States for assistance, all their houses, provisions and crops having been destroyed by two hurricanes. The available troops of Great Britain for war are estimated at 462,000, besides 200,000 for home protection, 80,000 colonial, and 315,000 Sepoys in India. England also has a wonderful method of raising or hiring auxiliary troops. A Toronto dispatch says Courtney, the Union Springs rower, will meet Hanlon in match race in the fall, and that Hanlon will challenge Morris in a day or two for the championship of the United States and one thousand dollars or upwards. The body of a woman in a crouching position, in full dress, and with rings in its ears was recently found in a cargo of soda, brought by the ship Irving from Peru to Rotherhithe. It is in a good state of preservation, and is supposed to be that of a victim of an earthquake which occurred many hundred years ago. The order from the Adjutant General's office regarding recruits for field infantry has been issued, and Gen. Miles reccommends that they be fully armed and equipped, furnished with government transportation, and sent under charge of officers of regiments now East, via the Stanley Trial to the Yellowstone. The Delaware, Lackawanna and Western railroad sold 59,000 tons of Scranton coal lately at auction. The prices were much advanced over last month's sales; 5,000 tons steamboat sold quickly at $3.10; 8,000 tons grate at $3.12%; 8,000 tons of egg at $3.15: 22,000 tons of stove at $3.55@3.60; 7,000 tons chestnut at $3.121/2. Workingmen met in the council chamber in Chicago, on the 26th, and adopted & platform in favor of eight hours as a day's work, declaring against contract system on public works, and opposing prison labor except on public improvements. All speakers repudiated the communistic element of party. Two thousand half-famished children in one district of South Wales called Merthyr, were fed on the night of the 11th inst. Shoeless, ragged, unwashed boys and girls, from two to twelve years old had one bowl of soup each, for the first time in weeks. Nothing but the liberal perseverance of the rich saves the poor of South Wales from starvation. The Postmaster General has issued instructions regarding mail matter thought to contain anything subject to custom duty, to the effect that hereafter all such matter shall be stamped and opened by a custom house officer in the presence of the party to whom it was addressed. The action of the department takes the examination of such mat-

7. February 7, 1878 The Manitowoc Pilot Manitowoc, WI

Article from The Manitowoc Pilot, February 7, 1878

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THE EAST. THE Hestonville railroad company, of Philadelphia, have had their notes protested, and a receiver will be appointed. THE famous Harry Genet, of New York, one of the members of the Harlem Court House Ring, surrendered to the authorities on the 4th inst., and gave bail for $25,000. Sheriff Brennan and his deputies, who were fined and imprisoned for permitting Genet to escape, are declared to have been in no way connected with his escape. THE Hinkley Locomotive Works, at Boston, Mass., have suspended. Liabilities about $300,000. Half of the paper is held by Boston banks. The property of the company is assessed for $350,000. A LONG BRANCH telegram, dated Feb ruary 1st, says that almostevery building on the shore from that place to Sandy Hook have been more or less damaged by a storm. Sixtv bathhouses were washed away in front of the Ocean House. THERE was a run on the Port Jervis, N. Y., savings bank on the 1st inst. Deposits of less than $100 were paid; on larger ones the thirty day rule was enforced. FRANK LESLIE was arrested at Philadelphia on the 31st ult., while en route from Washington to New York, on a charge of libel. As Leslie had Wrigby, the plaintiff, arrested last summor under similar circumstances, this action is probably in revenge. THE Delaware, Lackawanna and Western Railway Co. sold 50,000 tons of Scranton coal at auction at New York on the 30th ult. Prices ranged from $3.10 to $3.60, according to grade-an advance over last month. O. F. BULLARD, member of the Pennsylvania house of representatives, from Delaware county, arrested some time since for embezzling funds of various societies, escaped on the 30th ult., from the sergeant-atarms, who had been instructed to take him back to the Delaware county jail. BENJ. E. BATES, late treasurer of the Lewiston, Me., mills, it was found upon examination of the books, diverted to his own use $200,000 borrowed for the corporation, giving his own obligations therefor. Mr. Bates was reputed very wealthy, and it may be his estate will meet all his obligations.