Poughkeepsie Savings Bank - Poughkeepsie, NY

Bank Information

Episode Type: Run Only
Bank Type: savings bank
Start Date: October 22, 1878
Location: Poughkeepsie, New York (41.700, -73.921)

Metadata

Model: gpt-5-mini
Short Digest: 5340ed0d

Response Measures

Accommodated withdrawals, Public signal of financial health, Books examined

Description

Multiple newspapers (Oct 22–24, 1878) report a run on the Poughkeepsie Savings Bank that ceased after exposure of ill-founded reports. No suspension, receivership, or permanent closure is mentioned. Cause identified as rumors/misinformation. I did not infer a specific charter type from the name beyond 'savings bank'.

Events (1)

1. October 22, 1878 Run

Cause: Rumor Or Misinformation
Cause Details: Ill-founded reports and 'foolish cause' exposed by local newspaper and state bank examiners; no bank insolvency found.
Measures: Paid out $80,000 during the run; held double that amount in vaults to meet depositors; public disclosure of examiner report restored confidence.
Newspaper Excerpt: The run on the savings bank has ceased. Confidence has been restored by an exposure of the foolish cause of the ill-founded reports.
Source: newspapers

Newspaper Articles (4)

1. October 22, 1878 New-York Tribune New York, NY

Article from New-York Tribune, October 22, 1878

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Article Text

THE NEWS THIS MORNING. FOREIGN.-The Canadian Ministry is complete. The Exhibition awards were announced with great ceremony at Paris yesterday. It is confirmed that the Afghan Ameer's answer to England is unsatisfactory. Several Americans have received grades in the The City of Glasgow French Legion of Honor. Bank directors have been arraigned for fraud. Three large failures have occurred in Great Britain. DOMESTIC.-The New-Orleans Relief Committee has ceased its labors and the doctors are going home from Memphis. Bishop Rosecrans died at Columbus last night. Fresh outrages upon South Carolina A run took place Republicans are reported. on a Poughkeepsie savings bank yesterday; the bank The Democracy in is prepared to meet it fully. Pennsylvania concede the election of the Republican ticket. Ex-Chief Clerk Avery has State sued General Butler to get back a counsel fee of $500, the General not having rendered any service in return for the fee. CITY AND SUBURBAN.-The Republican Conference Committee will support Edward Cooper for Mayor, B. K. Phelps for District-Attorney and The TamRufus B. Cowing for City Judge. many Congressmen were renominated yesterday excepting Mr. Hewitt. Justice Riley was nominated for Sheriff by the McLaughlin Democrats in Incoming vessels reported adKings County. ditional disasters. Singular rumors attend the Gold, 10012. suicide of W. B. Cooper at Bath. 100916, 10091s; gold value of the legal-tender dollar at the close 9959100 cents. Stocks opened higher and then declined, afterward were irregular and closed dull. THE WEATHER.-TRIBUNE local observations indicate clear or party cloudy weather with little change in temperature. Thermometer yesterday, 52°,73°,60°.

2. October 23, 1878 The Daily Gazette Wilmington, DE

Article from The Daily Gazette, October 23, 1878

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Article Text

The Australian cricketers have arrived in San Francisco, and will play on Thursday Friday, and Saturday. Eli Thayre has been nominated for Congress by the democrats and greenbackers of the ninth Massachusetts district. The run on the Poughkeepsie (N. Y.) Savings Bank has ceased, confidence being restored.

3. October 23, 1878 New-York Tribune New York, NY

Article from New-York Tribune, October 23, 1878

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Article Text

THE RUN AT POUGHKEEPSIE ENDED. POUGHKEEPSIE, N. Y., Oct. 22.-The run on the savings bank has ceased. Confidence has been restored by an exposure ID The Eagle of the foolish cause of the ill-founded reports. A short time ago the State Bank Examiners concluded an examination of the institution, and a special dispatch to The Eagle, from Albany. says that the examiners declare it to be one of the soundest banks in the State. Since the ran begau the bank has paid out $80,000, and it has double that amount now in its vaults ready to meet depositors.

4. October 24, 1878 Litchfield Enquirer Litchfield, CT

Article from Litchfield Enquirer, October 24, 1878

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Article Text

DOMESTIC. The yellow fever is much abated by cold weather. The New-Orleans Relief Committee has ceased its labors and the doctors are going home from Memphis. Bishop Rosecrans died at Columbus on Monday. A run took place on a Poughkeepsie savings bank, Monday. There have been ice and heavy frosts in the South ; snow has fallen in the Catskills. General Sherman says that the Army is in most excellent condition. Augustus Schell has been nominated for Mayor of New York by Tammany Hall. The Treasury is accumulating coin so fast as now to be fully confident of the success of resumption. On Monday nine people were killed and thirty wounded by the panic in the colored church at Lynchburg, Va. Mr. Tilden, in a card, published last week, denies any knowledge of the cipher telegrams, and any connection with attempts at bribery. United States Senator Justin S. Morrill was re-elected last week by the Vermont Legislature.