National Savings Bank (Washington, DC)

Episode Information

Episode UID
6523311091014
Episode Type
Run โ†’ Suspension โ†’ Reopening
Bank Type
savings
Bank ID
652331109 hash
Start Date
June 2, 1884
Location
Washington, District of Columbia (38.895, -77.036)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ece0f60cd0019b3f

Response Measures

None

Events (3)

1. June 2, 1884 Run
Cause
Local Banks
Cause Details
Depositors, largely colored, withdrew after warning from recent bank failures/scandals in the area
Measures
Bank paid demands promptly and initially stated it would not invoke the thirty-day clause
Newspaper Excerpt
There was a run on the National Savings bank this morning. The bank is paying promptly
Source
newspapers
2. June 2, 1884 Suspension
Cause
Local Banks
Cause Details
Directors invoked the 30-day notice to allay depositor excitement caused by recent runs and regional bank failures
Newspaper Excerpt
At a meeting of the directors ... it was decided to pay claims of depositors only after the thirty days' notice.
Source
newspapers
3. June 3, 1884 Reopening
Newspaper Excerpt
The run on the National Savings Bank in Washington had entirely subsided yesterday.
Source
newspapers

Newspaper Articles (10)

Article from Press and Daily Dakotaian, June 2, 1884

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CAPITAL NOTES. ANOTHER BANK RUN. Washington, June 2-There was a run on the National Savings bank this morning. The bank is paying promptly and the officers say there is no intention of taking advantage of the thirty day clause. Nine-tenths of the people drawing out are colored. DEBT STATEMENT. The public debt statement shows a decrease in the public debt during May of $4,763,231.20. A decrease since June 30th 1883, of $71,823,714.88.


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.


Article from Memphis Daily Appeal, June 3, 1884

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THE PENN BANK. The Disgraceful Story of Its Failure as Told by Its Late President Riddle-The Bank Robbed by the Directors in on Speeulation-Great Excitement Caused by the Statement, Which is Denied by Those Implicated-Run on a Washington Savings Bank. W ASHINGTON, June 2.-A run is in progress on the National Savings Bank, where the run occurred Saturday. Nine-tenths of the persons drawing are colored people. They have taken warning from recent events, and have fortified themselves. The officers of the National Savings Bank are paying promptly, and say they have no intention of taking advantage of the thirty day clause, as they are in a condition is profit from the forfeiture of the account interest upon the deposits withdraw Middleton's statement is expented to be ready to-morrow. The Comptroller of the Currency appointed M. L.Bundy, of Newcastle, Ind, receiver of the Hot Springs National Bank.


Article from The Daily Cairo Bulletin, June 3, 1884

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They Pay and Say Nothing. WASHINGTON, D. C., June 2.-The run beginning on Saturday on the National Savings Bank continued thismorning. President Snyder says: We pay our indebtedness and say nothing." The bank is generally regarded sound.


Article from Evening Star, June 3, 1884

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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


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.


Article from The Salt Lake Herald, June 3, 1884

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Bank Run. Washington, 2-There is a run on the National Savings Bank this morning. Demands are being promptly met and officers say there is no intention of taking advantage of the 30-day clause. Nine-tenths.of the people drawing out are colored


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.


Article from Fort Worth Daily Gazette, June 4, 1884

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TELEGRAPHIC NOTES. Guaymas. Yellow fever has broken out at Five states have declared war on President Gonzales. of Mobile have The Electric Light company's works The Berlin papers are indignant over the London explosions. Members of both houses are anxiously watching the result at Chicago. New Orleans is pushing a system of quarantine for the coming season. Fifteen coal miners at Pittsburg have prices. struck against a reduction of The Texas delegation were visited at their quarters by the delegation from the Pacific coast. Some of the senators who have heretofore opposed Arthur are leaning towards him now. Fisk & Hatch have notified the New York stock exchange of their resumption of business. The Intransigenet calls the London explosion the result of six hundred homes of misery. Blaine has taken his family and gone to his retreat in Maine, where he will remain until nominated. Receivers have been appointed for the Reeding Railroad company at the suit of Henry C. Kelsey. Lieut -Col. Messener of the Tenth United States infantry, with 135 men, has gone to New Mexico. A heavy run was inaugurated on the National Savings bank at Washington, principally by colored depositors. The Union Republican club of Philadelphia, 112 strong, have gone to Chicago dressed in light grey uniform. The Republique Francaise condemns the United States for permitting the dynamyters to plan their outrages. The London Telegraph advises an appeal to the United States government against harboring dynamiters. The colored men failed to pledge themselves to support Arthur, but they said his administration was wise and conservative. John C. Enos, the absconding bank president who was arrested in New York, was discharged on account of a defective warrant. Representative Stewart introduced a bill authorizing the president to issue a proclamation carrying into effect the Mexican reciprocity treaty. The Colored Men's National association want the civil rights of all American citizens placed within the province of the national legislature. An official statement of the Penn bank has been issued denying the truth of the allegations contained in the statement of President Riddle, implicating the bank directors. The Island of Kishm near the mouth of the Persian gulf, has been visited by a severe shock of earthquake, which destroyed twelve villages and killed 200 people. Sheriff Bankton of Arkansas City, Ark., shot and killed a lawyer named Coates who had prosecuted him in a recent murder trial in Memphis. Bankton was also seriously wounded. It has been suggested at the Chicago convention to nominate Gen. Sherman, and when his name was put forward the band was to play "Marching thren Georgia would insure


Article from The True Northerner, June 12, 1884

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WASHINGTON. The colored people of Washington indulged in a run on the National Savings Bank. Payment was promptly made to depositors, and the bank officers stated that they would not take advantage of the thirtyday clause. The House Committee on Elections recommend that the various contestants and the members whose seats were contested, no matter what the result, be allowed sums varying from $8,500 to $1,000 each. Gen. O. E. Babcock, who was Gen. Grant's Private Secretary, Col. Levi P.