Newburg Savings Bank (Newburg, NY)

Episode Information

Episode UID
50017570999
Episode Type
Run Only
Bank Type
state
Bank ID
5001757 routing
Routing Number
50-0175
Start Date
March 24, 1883
Location
Newburg, New York (42.693, -78.120)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
3e89561d79daa2d5

Response Measures

None

Description

Several articles use the alternate spelling Newburgh; same institution.

Events (1)
1. March 24, 1883 Run
Cause
Rumor Or Misinformation
Cause Details
A baseless rumor or scare (origin unknown) triggered depositors to withdraw funds.
Measures
Bank paid depositors promptly; maintained large cash balances and correspondent funds to meet demands.
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

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 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.

3. 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.

4. 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.

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

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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.

6. March 27, 1883 The Daily Cairo Bulletin Cairo, IL
Article from The Daily Cairo Bulletin, March 27, 1883

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Article Text

Run on a Bank. NEWBURGH, N. Y., March 26. - -The run on the Newburgh Savings Bank recommenced this morning. The bank was amply supplied with ready cash and depositors were promptly paid. About $25,000 were paid out. It is supposed the scare originated from disclosures of 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 Sacramento Daily Record-Union Sacramento, CA
Article from Sacramento Daily Record-Union, March 27, 1883

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THIS MORNING'S NEWS, In New York Government bonds are quoted at 120 for 4s of 1907; 112g for 418; 1031 for 816; starling, 84 1032 for 3s; silver bars, 109]. Silver in London, 503d; consols, 102 3-16d; 5 per cent. United States bonds, extended, 1061; 4s, 122 419, 116}. In San Franclaco Mexican dollars are quoted at B71@88 cents. Mining stocks were in fair demand at San Francisco yesterday morning, but prices were weak. Even Yellow Jacket was let go at $2.60, but at the close only $2 was bid. Albion was sold at 10c. Consolidated Virginia dropped to 45c, and California sold freely at 5c. Warren Zumerwalt was probably fatally injured by a fall at Jacinto, Colusa county. Booker, British Consul at San Francisco, was the recipient of an elegant testimonial yesterday. Twenty six bodies of drowned miners were taken from the Diamond mine at Braidwood, III., yesterday. The health of Emperor William and Queen Vie. toria continues to improve. Thirty seven Indian children passed St. Louis Sunday, en route to school at Wabash, Ind. Henry Williams killed George Kennedy in Marion county, Missouri. Secretary Folger is better. Lieutenant-Colonel Franklin Harwood, of the U. S. Engineer Corps, was found dead in Boston yeater The American Mining Exchange at New York is to close May 1st. The run on the Newburg. (N.Y.) Savings Bank continues. The Tennessee Legislature has passed a bill allowing pools to be sold on races. The social event of the season in New York took place last night at the residence of William H. Vanderbilt. Dukes, who killed Colonel Nutt after ruining his daughter, has been invited to change his place of residence by citizens of Uniontown, Pa. The name of "Number One" is now said to be Tyner, who was a member of the London volunteer corps. F.N. Randolph, a pioneer citizen, committed suicide yesterday in Sutter Creek, Amador county. All the flags on the Government buildings in Washington were at half-mast yesterday, in respect to the memory of the late Postmaster-General. Ex-President Diaz and party arrived in Washington yesterday. The trial of six members of the Armagh Assassination Society began in Belfast, Ireland, yesterday. The first execution of a woman in New England will take place Friday at Windsor, Mass., that of Mrs. Meaker. A painting which cost $25,000 was accidentally ruined in Cincinnati Saturday. George Horn and Wm. Gibbons have been arrested at Polk, O., for the murder of a man named Williams. The Milwaukee cigarmakers have decided to strike on the 1st of May, Seth Green, the well known fish culturist, is seriously ill in Rochester, N.Y. Chicago footpads have ceased to attack men at night, and devote their attention to ladies in daylight. John C. P. Colling, one of the Cummings murderers, was sentenced in Nevada City yesterday to be hanged May 11th. A heavy enow-storm prevailed in Virginia yesterday. The steamer Arabic arrived at San Francisco yesterday from China and Japan. Two convicts escaped from the Neveda State Prison Saturday night, but were both recaptured. It was reported in Washington last night that the Grand Jury had indicted ex Senator Kellogg, of Louisiana, and Thomas J. Brady, in connection with the star route business. The Chicago City Council appropriates $4,540,000 for expenses during the current year. The funeral of the late Postmaster-General Howe will take place to-morrow. At Racine, Wis, yesterday, a boy fired a rifle at his brother and sister, killing one and fatally wounding the other.

8. 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.

9. March 27, 1883 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, March 27, 1883

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Miscelaneous. Boston, 26.- Major Harwood, who was found dead at Young's hotel to-day, was stationed at Presidio, in San Francisco, in 1863, and afterwards in Arizona. Halifax, 25-Newfoundlands' exhibit in the London international fisheries exe hibtion forwarded to-night contained BOVenty-nine cases. Nashville, Tenn., 25.-A bill has passed the legislature allowing pools sold on races, but confining the privilege to the blood horse mesociation and fairs. New Port, R. I., 25.-At Charning church, were Easter services and the unveiling of the memorial window placed in the church by relatives and descendants of Willism Ellery Channing. Newburg, N. Y : 25 - -The run on the Newburg Baving bank recommenced this morning. The bank was amply supplied with ready cash and depositors were paid. About $25,000 was paid out this morning.

10. March 28, 1883 The Stark County Democrat Canton, OH
Article from The Stark County Democrat, March 28, 1883

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night, taking with him, it is estimated, from $60,000 to $100,000 of the firm's money, leaving their accounts bare and no funds to meet maturing obligations. On Thursday he drew nearly $12,000, intended to meet their pay rolls at West Newton, Markleton and their coke works in Westmoreland county. This he took with him. On Friday and Saturday his brother, Shephard B. Markle, was here and after investigating as far as it was possible in the short time the affairs of the firm, and consulting counsel as well as personal friends, it was deemed advisable to make an assignment for the benefit of their creditors. The mills and the coke works will be kept in operation. Notice has been posted that all the employes will be paid in full next Friday. It is thought C.C. Markle does not intend to return. He has a wife and two children, who will be comfortable. as Mrs. Markle has considerable personal property. A MASSILLON FAILURE. MASSILLON, March 27.-C. N. Oberlin, President of the City Council, this moining made an assignment for the benefit of his creditors to F. L. Baldwin, a lawyer of this city. It was & great surprise to business circles, as he has generally been considered solid, financially, and has been a dealer in groceries, etc., here for about forty years. His assets are contained in a business building, valued at $10,000; a dwelling house at $4,000; his stock of groceries about $2000, and his elegant brick residence on East Main street, estimated at $20,000. As far as the assignee knows the liabilities are $8,500 in mortgages on his properties, and borrowed money to the amount of $10,000, in sums from $25 to $500, and for merchandise $1,500. OTHER FAILURES. 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. The supposed 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. PITTSBURGH, March 26.-Great excitement was occasioned at the Exchange this morning over thefailure of Samuel B. Thompson to meet his contracts, and the subsequent selling out of 50,000 barrels of his oil by President Cochran. Thompson was treasurer of the Exchange, and one of the heaviest and most reliable dealers on the flour. MONTREAL, March 26.-C. C. Showden & Co., an old hardware firm here, suspended, through thefembarrassment ofia Winnipeg firm that is a large creditor of theirs. The liabilities are not yet ascertained, but it is thought they are not large. QUEBEC, March 26.-Gibb, Laird & Co., wholesale grocers, have failed. Liabilities, $100,000; assets, nominally, $8,000. James G. Ross and the Union and Quebec banksare the principal creditors. The former is fully secured. BOSTON, March 26.-Suspension has been announced of the well known wool house of Harrington & Simonds. Liabilities $75,000. It is understood that the firm will settle and not resume business. TRENTON, N.J., March 26. Seven hundred men have agreed to resume work at the rolling mill of the New Jersey Steel & Iron Company at reduced wages. Six furnaces were started to-day. MONTHEAL, March 26.-Snowdon & Co., retail boot and shoe dealers, have suspended. Snowdon & Co.'s liabilities approximately stand $100,000. They expect to pay in full on time. CANAL DOVER, 0., March 26.-J.L. Edwards, proprietor of the rolling mill here, has assigned to Charles Harger. Assets and liabilities not made known.