Mutual Savings Bank (New York, NY)

Episode Information

Episode UID
6037897290912
Episode Type
Suspension โ†’ Closure
Bank Type
savings
Bank ID
603789729 hash
Start Date
December 1, 1875
Location
New York, New York (40.714, -74.006)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
0103b875ea036f5b

Response Measures

None

Description

The bank was already suspended by December 1875 and subsequently entered receivership; while other local banks faced runs, the text does not explicitly state this bank suffered a run prior to its suspension.

Events (2)

1. December 1, 1875 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Deficiency in assets requiring trustees to attempt to make it good.
Newspaper Excerpt
Affairs were in statu quo yesterday. The trustees are exerting every effort to make good the deficiency and so resume business.
Source
newspapers
2. May 8, 1876 Receivership
Newspaper Excerpt
The receiver of the Mutual Savings Bank, William T. Eldridge, filed yesterday in the County Clerk's office an order of Judge Donohue, authorizing him to sell Long Island City bonds.
Source
newspapers

Newspaper Articles (2)

Article from The New York Herald, December 2, 1875

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Article Text

THE BANK SCARE. END OF THE RUN ON THE SAVINGS BANKS-CONFIDENCE RESTORED. The feeling manifested yesterday throughout the city by depositors in the different savings banks was unmistakably one of greater confidence. In fact, it appears from the investigations made by the HERALD reporter that the excitement of the past few days has almost entirely subsided. That depositors generally are to be congratulated on this result no one can doubt for, as has already been pointed out in the HERALD, the banks raided on have available assets sufficient to meet all liabilities, and the people who have drawn their money from these institutions have simply lost so much interest for six months on their deposits. The really weak banks have been left untouched, much to the surprise of all who know what a really sound bank congists of in the matter of assets. These will, however, it is confidently asserted, be taken in hand by the Bank Department and put into the hands of receivers forthwith. Mr. Ellis is expected in New York to-day, and his action is anxiously looked for. THE NORTH RIVER SAVINGS BANK was to a certain extent raided on early in the morning, but as the day advanced the number of depositors grew small by degrees and beautifully less, until by two o'clock in the afternoon there were but some five or six depositors present seeking to withdraw their balances. The amounts deposited exceeded the withdrawals. THE FRANKLIN SAVINGS BANK was similarly affected, and the run of the past two days was practically at an end by noon yesterday. Many who had previously withdrawn their savings returned in the afternoon and reopened their accounts. THE MERCHANTS AND TRADERS' SAVINGS BANK, although visited in the early hours by quite a number of depositors, was at the closing of business hours almost deserted. The President, as well as the other officers, assert their ability to meet all demands, and say that the scare of the last two days was simply a suicidal policy on the part of the depositors, who by withdrawing their deposits at the present time lose their six months' interest which is an actual gain to the bank. The securities of the bank consist of State, city and county bonds, which can be realized upon at a moment's notice at a profit on their original cost. The real estate held by the bank, it has been ascertained, is fully worth the value set upon it, and from the inquiries made at other banks there appears to exist no reason for the late run, which, however, may now be considered at an end in view of the restored confidence that prevails. THE THIRD AVENUE BANK. It was said by the Committee of Thirteen, appointed by a certain number of the depositors, that a Mr. Tate, of No. 229 Broadway, had been appointed receiver, in place of Mr. Carman, by Judge Westbrook. THE MUTUAL SAVINGS BANK. Affairs were in statu que yesterday. The trus tees are exerting every effort to make good the do ficiency and so resume business. This will probably be done during the next six days.


Article from The New York Herald, May 9, 1876

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Article Text

MUNICIPAL NOTES. Chamberlain Tappan makes the following statement for the past week:-Balance April 29, $2,518,130 90; receipts, $3,530,390 39; payments, $4, 138, 785 88; bal. ance May 6. $1,949,884 41. The Bureau of Permits has received $1,045 during the past week. The receiver of the Mutual Savings Bank, William T. Eldridge, filed yesterday in the County Clerk's office an order of Judge Donohue, authorizing him to sell Long Island City bonds, This sale, it is understood, will enable the receiver to pay a dividend to depositors of twenty-five per cent.