17066. Yonkers Savings Bank (Yonkers, NY)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
January 26, 1883
Location
Yonkers, New York (40.931, -73.899)

Metadata

Model
gpt-5-mini
Short Digest
43fceee0

Response Measures

Accommodated withdrawals, Books examined

Other: Bank reassured depositors by public statements of president and citing liquid securities.

Description

Multiple articles (Jan 27–28 and Mar 10, 1883) report a brief run by depositors on the Yonkers Savings Bank that proved groundless after investigation. No suspension, closure, or receivership is mentioned; bank officials stress soundness and continued operation.

Events (1)

1. January 26, 1883 Run
Cause
Rumor Or Misinformation
Cause Details
A panic/scare among depositors which investigations found to be causeless; confined largely to working-class depositors according to bank president.
Measures
Investigation and public statement by bank president assuring soundness; noting securities convertible to cash and continued operations.
Newspaper Excerpt
There was a run on the Yonkers Savings Bank yesterday, but a proper investigation proved that the scare among the depositors was causelesss.
Source
newspapers

Newspaper Articles (3)

Article from Alexandria Gazette, January 27, 1883

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Article Text

TC-DAY'S TELEGRAPHIC NEWS. Colonel O. H. Irish, Chief of the Bureau of Engraving and Printing, died in Washington this morning. A culprit in the Sussex county, Pa., jail recently "soaped" himself thoroughly and squeezed himself through a six by nine hole. Violent storms prevailed in Hungary on Friday. Most of the houses in one district were destroyed. A fire, caused by a railroad accident, at Winooski, Vt., this morning destroyed $125,000 worth of property. The republicans of the Nebraska Legislature, after taking eleven ineffectual ballots for U. S. Senator, adjourned last night until to-day. There was a run on the Yonkers Savings Bank yesterday, but a proper investigation proved that the scare among the depositors was causelesss. The ice in New York harbor has nearly closed that port to navigation. The ocean at Rockaway was frozen during the late cold snap one hundred yards from the beach. In the Carroll murdertrial in New Haven, Conn., yesterday, the culprit deliberately fell asleep very unconcernedly during the most, to him, vital point in the proceedings. The usual see-saw testimony as to who is to blame in steamship collisions is still given by the respective officers of the Sultan and Cimbria. The evidence, at present, is rather disastrous to the latter. The body of a Frenchman who had been dead nearly a month was found near Pueblo Col., recently. Magpies had eaton nearly all the flesh from it. The body was supposed to be that of a lawyer named Wellman, who it was thought committed suicide. Milwaukee is having a run on fires. About half-past one o'clock this morning the Female College in that city was discovcred to be on fire. Upon the alarm being given the inmates, about sixty young ladies, were compelled to flee for their lives to the street in their night clothes. Though all suffered terribly from cold, none perished. The loss on the building is about $29,000.


Article from New-York Tribune, January 28, 1883

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Article Text

THE YONKERS SAVINGS BANK SOUND. The furry which occurred among a part of the depositors in the Yonkers Savings Bank on Thursday and Friday had almost disappeared yesterd y. 'I here were only a few more withdrawals of money than is usual on Saturday. Among businessmen of all classes no oe could be found who doubted the bank's Boundness Ethan Flagg, presi. ent of he bank, said to a TR:BUNI reporter who asked him what started me "ruu": " I cannot explain the affarr. The panic was confined to the working classes entirely. Whilet the 'run' wa the greatest there were many good-sized deposits made. he bank has been in successful operation since 1854, and it was never in a bet er condition than it is to-day. We have securities amount.ng to $750,000, par value, that we could turn into cash at almost an hour's notice. The par value of the bank's assers is $1,165,000; the liabilities amount to a little more than that, but the premiums on our securiti make the actual surplus owned by the bank more than $100,000. We are rather glad the affair has occurred, as it takes money off our hands that We can't invest to the best advantage just now."


Article from Morris Tribune, March 10, 1883

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Article Text

# General Topics. The barque Amethyst, which from 1820 to the breaking out of the war was a champion New Bedford whaler, has been since in the merchant service, but now she lies at a San Francisco dock, fitting out again as an Arctic whaler. She was built in 1820, and is now said to be as sound as when she first struck the water. Henry Ward Beecher believes in women dressing richly and tastefully, ut does not believe in sending to Worth, of Paris, for dresses, as he never saw one of Worth's dresses that was not six inches too short at one end and three feet too long at the other. The run on the Yonkers (N. Y,) Savings Bank brought to light several depositors whom the city had been supporting as paupers, and enabled several persons to collect their debtors who never had any money, but who were caught coming out of the bank with the cash in their hands. Dr. William J. White gives these directions to save one who is choking: Do not lose an instant. Force the mouth open with the handle of a knife or of a strong spoon; push the thumb and fingers deep down into the throat beyond the root of the tongue, and feel for the foreign body. If the obstruction cannot be grasped, a hairpin bent into a hook and guided by the left hand will often bring it out. If this fails, get some one to press against the front of the chest or support it against the edge of the table, and strike several hard, quick blows with the open hand on the back, between the shoulder-blades. Further treatment must be applied by a physician, who should have been immediately sent for." The result of the last census have been compiled into a volume of 1,769 pages, called the Compendium of the Tenth Census. The valuable tables of Dr. Frederick H. Wines of Philadelphia on the desective, dependent and deiinquent classes appear, and are, especially interesting. One of the most striking things is the remarkable increase of the insane, blind, deaf and idiotic. Their number in 1850 was 58,541, in 1870, 98,484, and in 1880, 251,698. White the entire population increase but 30 per cent. in the ten years preceding 1880 these classes increased 155 per cent. The Macmillions of London will issue an ilustrated magazine on the 1st of October in opposition to Harper's Monthly and the Century, which have gained a sufficient foothold in London to excite the apprehension and jealousy of native publishers. John Morley will be the editor and Comyus Car will manage the art department, and the intention is to show that English drawing and engraving are not inferior to American. To add to its hostile character, the circulation of Harper's Magazine in England is larger than that of any English magazine. The throne to be used at the czar's coronation has already been ordered. It will be made of black oak, richly carved in antique Slavonic patterns, and will cost over $8,000. The canopy will be supported by four columns ten feet high, and will be ornamented by the imperial eagle and a scroll-work bearing the arms of the fifty-six coats of arms of the government of Russia. Crimson velvet hangings, embossed in gold, will shelter the imperial chairs, which will stand or a dais. The "missing link," in the shape of a curious little wair, is now exhibiting at the Royal Aquarium. Westminister. Krao certainly presents some abnormal peculiarities, but they are scarcely of a sufficiently pronounced type to justify the claim. She is, in fact, a distinctively human child, about seven years old, endowed with an average share of intelligence, and being able to articulate quite freely. The whole body is over-grown with a coating of soft black hair about a quarter of an inch long, but nowhere close enough to hide the color of the skin, which is of a dark olive shade. This is claimed by some as a convincing proof of a hairy tribe that have been heard of from time to time in farther India.