2092. National Savings Bank (Washington, DC)

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: national
Start Date: June 2, 1884
Location: Washington, District of Columbia (38.895, -77.036)

Metadata

Model: gpt-5-mini
Short Digest: 2f83e9da

Response Measures

Accommodated withdrawals, Partial suspension

Other: Directors invoked statutory thirty-days' notice for withdrawals to allay excitement; bank continued operations and paid claims after notice period.

Description

Small run of mainly small depositors began June 2; bank paid demands initially but directors on June 3 required thirty days' notice to all withdrawals to allay excitement. Run subsided and normal business resumed. Cause attributed to local nervousness/rumors stemming from recent publications about Middleton & Co.; no receivership or permanent closure.

Events (3)

1. June 2, 1884 Run

Cause: Rumor Or Misinformation
Cause Details: A slight run of small depositors (many women and Black depositors) triggered by recent publications and general nervousness in the city (references to Middleton & Co. and 'recent events'); no specific insolvency allegation cited.
Measures: Paid all demands promptly at opening; officers reassured depositors and paid withdrawals without invoking 30-day notice initially.
Newspaper Excerpt: THE RUN OF SMALL DEPOSITORS, BEGUN ON SATURDAY, CONTINUED TO-DAY ... The savings bank continued during the morning to pay all demands
Source: newspapers

2. June 3, 1884 Suspension

Cause: Rumor Or Misinformation
Cause Details: Directors invoked the statutory thirty days' notice requirement to allay excitement among depositors and protect the bank after the run; action was precautionary rather than due to proven insolvency.
Newspaper Excerpt: At a meeting of the directors of the National Savings bank last evening it was decided to pay claims of depositors only after the thirty days' notice.
Source: newspapers

3. June 4, 1884 Other

Newspaper Excerpt: The run on the National Savings Bank in Washington had entirely subsided yesterday.
Source: newspapers

Newspaper Articles (10)

1. June 2, 1884 Evening Star Washington, DC

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What S. E. Middleton Says. HOPES FOR RESUMPTION. Mr. S. E. Middleton appeared at the bank to -day a little before noon and remained some time, signng some papers and consulting with Mr. Green. He showed the effects of recent illness and appeared somewhat distressed. "I thought I ought to come out to-day and show myself, If I did nothing more," he said, smiling rather wearlly, to a STAR reporter. expect to come down to-morrow and help Mr. Green prepare his statement. There are some things about which it is necessary for him to consult my partner and myself about. I hope things will turn out much better than the publications Saturday represented." Mr. Middleton said that he did not get out of his bed until four o'clock yesterday afternoon. He thought that he ought to come out and meet those who had claims upon him. Some gentlemen, including a prominent bank president, have suggested to the Messrs. Middleton that an arrangement might be made with the creditors by which the firm could continue business and have time to settle its indebtedness without sacrifice. "I have thought of doing that," said Mr. Middleton. "In a week or so when I get stronger I will see my friends and perhaps an arrangement can be made so that we can go on." Mrs. R. S. Gilliss, who was reported to have $40,000 with Middleton & Co., did not, it is stated, have $100 in the bank. Mr. Geo. Eminert, jr., who was reported to have deposited $5,000 in the bank not long before the suspension, stated to a STAR reporter that he had not deposited any money there. The National Savings Bank. THE RUN OF SMALL DEPOSITORS, BEGUN ON SATURDAY, CONTINUED TO-DAY-CHECKS PAID AS FAST AS PRESENTED-THE BANK ABLE TO MEET ALL DEMANDS. The slight run on the National Savings bank which commenced on Saturday was continued today. When the bank opened this morning there were about seventy-five depositors in line anxiously waiting to withdraw their different deposits. They were mainly of the working class, both white and colored, about one-half being women. The latter were, of course, nervous and excited, and impatiently awaited their turn at the paying teller's window. The amounts withdrawn were in nearly every instance comparatively trifing, and neither the bank officials nor those acquainted with the condition of the bank felt any uneasiness. Two policemen kept the crowd, which maintained about its original size, in line. Said one of the officials of the bank to a STAR reporter: "We have had quite a run on the bank this morning, as far as numbers go, but that whole line there does not represent ten thousand dollars. We paid out only about three thousand dollars the first hour this morning, and are perfectly prepared to continue paying, no matter how great the pressure becomes." There was quite a crowd collected on the corner, separate from the uneasy line, and a number of them were depositors, but they entertained no fears. Said one of them to THE STAR reporter: My all is in that bank, although not much; but I would like to have some more this morning to deposit. I'm not afraid of the bank weakening." A couple of elderly women, who had each a hundred dollars in the bank, eagerly stopped one of the bank's trustees on the pavement and asked them if they could get their money. The gentleman quietly reassured them and advised them to go home, and he personally would insure them against loss. President Snyder occasionally surveyed the crowd from the steps, and smiling and joking with some of those near him. Mr. M. G. Emery. one of the directors, was present, and spent his time reassuring some of the depositors, who took his word for the soundness of the institution and left. There were two or three old ladies in the line clutching their bank books in one hand and market baskets in another. A gentleman connected with the bank said to a STAR reporter that the bank was the gainer by this run, as the depositors who draw out their money now, lose the six months interest which falls due July 1st. The savings bank continued during the morning to pay all demands, preferring not to take advantage of the "thirty days notice" privilege which is allowed by law. The officers of the bank state that the institution has given a bond in the sum of $200,000, signed by all the incorporators, to secure depositors. The bank is chartered under the national banking laws and under the supervision of the controller of the currency, who states that it is in a perfectly Bound condition. Treasurer Wyman said to day that all the banks

2. June 2, 1884 Evening Star Washington, DC

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in the city that could command money at the Treasury were getting it, so that they might have plenty of cash on hand. Riggs & Co. took $200,000 out of the Treasury this morning, and had several hundred thousand dollars on their counter. Treasurer Wyman, speaking of the run on the National Savings bank, said that the depositors were acting very foolishly, as the bank held the best securities, on which it could realize at any moment. A QUIET DAY AT OTHER UP-TOWN BANKS. The depositors in none of the other up-town banks, except the Savings bank, showed any uneasiness, and the business at the paying tellers' differ from that Mr. John Corson, of H. D. ally. windows did not conducted Cooke & Co.'s usubank, in speaking about the financial worry, said: had yesterday to come to a decision as to would draw out or not, decided to do SO would on whether that "People those they who and be we knew hand during the first banking hour this morning. We were prepared for them, but they didn't come." The same feeling was manifested at all of the banks. "We have had no run to-day," said Mr. C. Gloof Riggs & Co., "except on the deposit side of financial flurry is I think that the excitement rary, the ver, counter. and This only will tempo- all the die out within twenty-four hours. Not one of Washington banks is in the slightest danger, so far as I know. That bank across the way-the Savings bank-is as sound as a dollar, and the people who are now drawing out will be back with their deposits in a few days endeavoring to make terms with the bank to obtain five months' interest, which they will lose by drawing out now. The bank is really making a good thing out of this run. You will see everything all straightened out in a day or so, and confidence restored." MR. HENRY D. COOKE. "There was a pressure on all the banks this morning," said Mr. Henry D. Cooke to a STAR reporter, "but when the people found that they could get all their money, and more, it stopped. A bank that can pay ail its depositors and then have money enough left to buy up all its customers is not afraid of a run. This run on the Savings bank is folly. People get a sort of fever, and cannot be reasoned with. It will all die out in a day or two. All the banks, I suppose, will lose money, and that will be the only result. In a city like this, where the commercial interests are small, there is no reason for any panic." The national bank stocks, Mr. Cooke said, showed no decline in quotations. BATEMAN & CO. I have money enough here," said Mr. Beall, of Bateman & Co., this afternoon, "to pay off all the claims that could be presented against the bank. Things seem to be getting quiet now, and I think there will be no further trouble." DOWN TOWN BANKS SOLID. Mr. Samuel Norment, president of the Central National, was this morning in his usual pleasant said in to a question: in than mood, More money and coming reply being paid "Weare out. solid. The deposits show the confidence in this bank." Dr. D. B. Clarke, of the National Bank of the Republic, stated to-day that he saw no reason for any apprehension on the part of the National banks, and SO far as the indications are at his bank there is not the least sign of any want of confidence, but on the other hand there are new accounts being opened daily. Mr. H. C. Swain, the cashier of the Second National bank, said to a STAR reporter to-day: "Everything is very quiet here to-day. and I have no expectations of anything else." THE SITUATION. A prominent banker summed up the situation this afternoon as follows: "The uneasy feeling of Saturday extended over to-day, and there was a sharp demand for money this forenoon, which lasted up to noon and then ceased. The banks closed easy." A RUMOR ABOUT A BROKER'S FLIGHT CONTRADICTED. Rumors were afloat last night that Robert Bruce, who has a broker's office in Willard's hotel, had left town a la Levis, and the report was telegraphed to several papers. Mr. Bruce's bookkeeper stated to a STAR reporter this morning that such rumors were unfounded and nonsensical. "Mr. Bruce," he said, "has gone to Chicago on important business, and will return to Washington Thursday night at the latest."

3. June 2, 1884 Lancaster Daily Intelligencer Lancaster, PA

Article from Lancaster Daily Intelligencer, June 2, 1884

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The Debt Statement. WASHINGTON, D. C., June 2.-The debt statement shows a decrease during May of $4,763,241. There was a run on the National savings bank this morning. The bank paid all demands without exacting their privilege of thirty days notice.

4. June 3, 1884 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, June 3, 1884

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FINANCIAL. Banks Fortifying Themselves. WASHINGTON, June 2.-Banks and bankers in this city have taken warning by recent events and have fortified themselves so as to be ready to meet any demands which may be made upon them by frightened depositors. This morning there was a run on the National Savings Bank, but the officers of the bank say that they are able to meet all demands made on them, and will not take advantage of the bank's priviieges to require 30 days' notice as provided by law. Although some depositors have been withdrawing today from other b. nks, nothing approaching importance of a run is shown at any except at the one indicated above. It is expected that a statement of the condition of affairs of Middleton & Co. will be given to the public tomorrow. Matters in Wall Street. WALL STREET, June 2.-Fisk & Hatch have just notified the Stock Exchange of their resumption of business. Grant & Ward's Failure. NEW YORK, June 2.-The Supreme Court today appointed John T. Wilson receiver of Booth's theatre property in the suit of John H. Morris against Grant & Ward, Wm. S. Warren, Oliver Ames, Qakes Ames, the Equitable Life Assurance Society and others for a partition of that property. The receiver is required to give bonds in the sum of $60,000. The order naming the receiver direc 8 him to take possession of the premises, collect rents, etc., and also to borrow money, if necessary, to pay the interest upon the mortgages held by the Equitable Life Assurance Society and Oliver and Oakes Ames, and to complete any untinished work upon the buildings. Judge Donohue has signed an order discontinuing the action against Oliver Ames, Oakes Ames, Julian T. Davis. George C. Holt, Otis Bros. & Co., Ferdinand Ward and Ella C. Ward.

5. June 3, 1884 Wheeling Register Wheeling, WV

Article from Wheeling Register, June 3, 1884

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BRIEF TELEGRAMS. Domestic. The Cleveland and Pittsburg railroad bridge over Beaver river burned yesterday. Caught from a locomotive spark. A run on the National Savings Bank, Washington, is in progress. No trouble anticipated. St. Louis has a new two-cent morning Republican paper. J. Thompson and Frank Healsey drowned in Saginaw bay yesterday. The Senate has passed a bill appropriating $25,000 to aid the Cincinnati Exposition. A receiver for the Reading road has been appointed. Public Debt Statement: Decrease for May $47,732,412. Cash in Treasury $389,368.637.49; cash balance available $147,817,660.33. Fifteen hundred coal miners in the third pool, Pittsburg, struck yesterday The survey on the Chicago, Parkersburg & Morfol was commenced at Parkersburg yesterday. Edward Tegan, reporter on the St. Louis Republican suicided yesterday by taking rough on rats. Drunk. The rolling mill of the Reading Iron Works resumed yesterday. The Southern delegates were solid for Hoar for tempoary chairman of the convention. West Virginia voted for Clayton for temporary chairman. Foreign. The Republique, newspaper, Paris, condemns the United States for allowing dynamiters to form their plans in this country. Berlin newspapers are indignant over the London explosion and counsel reprisal. The fall of Berber is denied. The London Telegraph urges an appeal to the United States agaiust harboring dynamiters.

6. June 3, 1884 Sacramento Daily Record-Union Sacramento, CA

Article from Sacramento Daily Record-Union, June 3, 1884

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THIS MORNING'S NEWS. In New York yesterday Government bonds were quoted at 1203/4 for 4s of 1907, 1115/8 for 41/28 ; sterling, $4 84@4 86; 100% for 3s; silver bars, 110½ Silver in Lendon, 507/gd consols, 101 7-16d ; 5 per cent. United States bonds, extended, 105; 4s, 1233/4: 41/28, 113% In San Francisco Mexican dollars are quoted at 89@89½ cents. Mining stocks were in fair demand at San Francisco yesterday, but values were generally weak. In a shooting affair at South Vallejo, yesterday morning, three men were wounded. Fisk & Hatch, the suspended New York brokers, have resumed. There was a run yesterday on the National Savings Bank at Washington. The Postoffice in Red Bluff was destroyed by fire yesterday morning, together with the contents. Yellow fever has again broken out in Guaymas, Mex. Five Mexican States have declared war against President Gonzales, on account of the stamp tax. During the month of May the public debt was decreased $4,763,241 20. Edward Tegan, of the Republicans staff, suicided in St. Louis yesterday Brevet Major-General Henry W. Benham, U.S. A., died in New York yesterday. About 300 Mormon immigrants arrived in Utah yesterday. In Upper Squaw Creek valley, Idaho, Fred. Hoffman was shot and killed by A. G. Mason. A stage which left Helena. Montana, for Salt Lake, May 30th, was robbed by highwaymen. R. A. Goodenough, inventor of the Goodenough horseshoe, died in San Francisco Sunday night. A town election was held in Martinez yesterday. The San Francisco Produce Exchange moved into their new quarters on California street yesterday. The work of removing the landslide on the Southern Pacific was completed last night, after nine days of hard work. Isaac Foster died suddenly at Astoria, Or., yesterday, of paralytic apoplexy. The State election in Oregon occurred yesterday. During May 16,000 tons of coal was shipped from Tacoma. Bismarck opposes the pardon of Kerazriski, convicted of treason. Michael L. Levy, formerly a San Francisco merchant, committed suicide Sunday near Scranton, Pa. The Delaware peach crop will be larger this season than for nine years. The Republican National Convention assembles in Chicago at noon to-day.

7. June 3, 1884 Evening Star Washington, DC

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The National Savings Bank. THE EXCITEMENT AMONG DEPOSITORS ALLAYEDTHIRTY DAYS' NOTICE REQUIRED TO WITHDRAW DEPOSITS. At a meeting of the directors of the National Savings bank last evening it was decided to pay claims of depositors only after the thirty days' notice. The formal order, which was drawn up in accordance with the notice, stated: "This order is made with a view to allay unnecessary excitement on the part of numerous depositors, as well as for their own better protection, and with the utmost confidence that no creditor is in the least danger of losing a dollar of his claim." There was a line of depositors at the bank this morning, many of whom were not aware that the thirty days' notice was to be required. Some filed their notice and some went away satisfied. President Snyder, in speaking to a STAR reporter, said: "This has had a most reassuring effect on the crowd. and in half an hour they will all have dispersed, a great many without filing their notice. They are satisfied that their money is safe, and that the course we have taken is simply to allay the excitement and bring their better judgment to bear." "Did many claim their money?" asked the reporter. "Well, there were quite a number, but they were light depositors, and the whole amounts claimed would not aggregate over $3,000." "By making a claim, the payment would be made after the 1st of July. Would a depositor lose his six months' interest in that case?" "Certainly," was the reply. "Making a claim today affects the interest just the same as if he had withdrawn his deposit. No. sir; I look for no more excitement or worry," added Mr. Snyder. "We are sound, and the people know it." The Georgetown Law Commencement. YOUNG LAWYERS WHO RECEIVED THEIR DEGREES LAST NIGHT. The commencement of the law department of the Georgetown University, held at the National Theater last evening, was largely attended. Archbishop Gibbons, Senator Jones, Representatives Springer, Dibble and Clements, Judge Hagner, and other distinguished gentlemen, including members of the faculty, occupied seats on the platform. Rev. Jas. A. Doonan, president of the University, conferred the degrees, and Senator Vance, of North Carolina, addressed the graduates. The graduates were:Thomas H. B. Fitnam, Charles J. Hedrick, James H. Scaggs, Henry W. Sohon and Hamilton S. Wallace, District of Columbia; Thomas B. Hardin, jr., and Harvey E. Knight, Kentucky; Wm. H. Lamar, jr., and James L. Pugh, Jr., Alabama. Wm. B. Broe, Pennsylvania; Andrew N. Canfield, Iowa: J. Paul Chew, Missouri; George O'Doherty, California; Ashley M. Gould, Massachusetts; John C. Horgan, Minnesota; Wm. L. McLaughlin. Dakota; Thomas McSheehy, Indiana; Martin Slough, Ohio: P. Xavier Smith, Virginia; A. Clarke Wright, Georgia. The post graduates who received the degree of master-of-laws were: Wm. H. De Lacey and Chas. Sims, District of Columbia; Auras S. Crossfield and Matthew Gering, Dakota; Paul Neuhaus and Martin Slough, Ohio: Charles W. Russell, West Virginia; Lyndon A. Smith, Vermont; David C. Westenhaver, West Virginia. Mr. Richard T. Merrick presented the prize for best standing in junior class to Isaac S. Wheaton: for best essay to D. C. Westenhaver; for best standing in senior class to C. J. Hedrick, and for best essay to H. W. Sohon. The second prize in the senior class was divided between Thos. H. Fitnam and James T. Scaggs. CAPTURED BY A CASH GIRL-Yesterday afternoon, while one little colored girl was looking at some fans in the Palais Royal, her two companions were stealing fans and pocketbooks. They were detected by a little cash girl named Fridley, who held one of them until the arrival of the police, when they were all arrested. They gave their names as Catherine and Lucy Payne and Rose Lee Taylor. Judge Snell to-day fined them each $5 or 30 days in jail. MARRIAGE LICENSES.-Marrlage licenses have been issued by the clerk of the court to Samuel C. Wise and Margaret C. Knott; Wm. Brent and Mary Jackson; Charles F. Salb, of New York city, and Maria A. Burke; Thomas V. Hammond and Bertha Hopkins; Horace E. Timberlake and Virginia Florence Shelton, both of Richmond, Va.: Thomas L. Rogers, of Fredericksburg, Va., and Rosa L. Brown, of Stafford county, Va.; Charles Washington and Louisa Adams; George J. Carlisle, of Clark county, Va., and Carrie Crump; Matthew Cady and Honora McGraw; Ignatius G. Glorious and Ellenora Hines; Howard T. Bailey and Millie Minors; H. B. Mathiot and Effie V. Davis; F. G. Marean and Corrina L. Helm; Wm. Parker and Henrietta Brown; Henry Alfonzo Jackson and Mary E. Jordan. THE attention of purchasers of real estate is called to the assignee's sale at auction of two three-story frame houses and a lot on the east side

8. June 3, 1884 The Indianapolis Journal Indianapolis, IN

Article from The Indianapolis Journal, June 3, 1884

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MINOR MENTION. A Run on the National Savings Bank, Which Is Paying Promptly. WASHINGTON. June 2.-A run is in progress on the National Savings Bank, where a slight run occurred on Saturday. Nine-tenths of the persons drawing are colored people. The banks here have taken warning from recent events, and have fortified themselves. An officer of the National. Savings Bank says they are paying promptly. and that they have no intention of taking advantage of the thirty-day clause, as they are in condition to profit from the forfeiture of the accrued interest upon deposits withdrawn.

9. June 3, 1884 The Dallas Daily Herald Dallas, TX

Article from The Dallas Daily Herald, June 3, 1884

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THE CRISIS AT THE CAPITAL. WASHINGTON June 2.-[Press.]-A run is in progress on the National Sevings bank, where 11. slight run occurred Saturday. Nine-tenths of the persons drawing are colored neople. The banks here have taken warning from recent events. and have fortified themselves. Officers of the National Savings back are paying promptly, and say they have no intention of taking advantage of the thirty day clause, as they are in a condition to profit from the forfeiture of acer ei interests upon deposits withdrawn. Middleton's statement is. expected to be ready to-mor W. The comptroller of the currency has appointed M. L. Bandy. of New Castle, Indians, receiver of the Hot Springs National bank.

10. June 4, 1884 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, June 4, 1884

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HOUSE. Mr. Hewitt, of New York, from the Committee on Ways and Means, reported a bill to refund duties on goods on shipboard when the tariff act of 1883 went into effect, which was referred to the Committee of the Whole. Mr. Lacey of Michigan, from the Committee on Coinage, Weights and Measures, reported a bill to prohibit the issue of Treasury notes of a less denomination than $5; ; and to provide for the issue of $1, $2 and $5 silver certificates, which was placed on the calender. NEWS OF THE DAY. The run on the National Savings Bank in Washington had entirely subsided yesterday. The wife of Gen. Sprigg Carroll, in Washington, has obtained a divorce and alimony on the ground of adultery. The Prince of Wales now "rises at six o'clock in the morning, retires at ten at night, and drinks little or nothing." Emperor William has appointed Crown Prince Frederick William president, and Bismarck vice-president of the new Council of State. In the case of the negro Frank Langston, on trial in Washington for the murder of James Spencer, a verdict of not guilty was returned yesterday. Ferdinand Ward, accompanied by a deputy sheriff, visited Delmonico's in New York Monday and dined. He was away from jail SO long that it was reported that he had escaped. Mr. Blaine reached his home, in Augusta, Me., last night. His route through New England was a perfect ovation, and his neighbors tendered him a public reception, which he declined.