Second National Bank (Paterson, NJ)

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Episode Information

Episode UID
81001599
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
8100 national
Charter Number
810
Start Date
March 1, 1933*
Location
Paterson, New Jersey (40.917, -74.172)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
5596df440feeb479

Response Measures

None

Description

The bank was affected by the March 1933 federal banking holiday; earlier 1877 articles mention runs on 'both' savings banks in Paterson, which likely refers to the Paterson Savings Institution and the German Savings Bank, not this national bank.

Events (3)
1. February 17, 1865 Chartered
Source
historical_nic
2. March 1, 1933* Reopening
Newspaper Excerpt
The local house will of course take advantage of such legislation at that once, so Paterson and business may swing into line with industry the rest of the country.
Source
newspapers
3. March 6, 1933 Suspension
Cause
Government Action
Cause Details
National banking holiday declared by President Roosevelt.
Newspaper Excerpt
Until these become public and have been enacted into law, banks and the business world will less more or mark time, conducting their business best as they can under the strictions which have been ordered by the treasury department.
Source
newspapers

Newspaper Articles (10)
1. July 19, 1877 New-York Tribune New York, NY
Article from New-York Tribune, July 19, 1877

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Article Text

# THE NEWS THIS MORNING. FOREIGN.-The Hungarians evince alarm at the Russian successes. A general call to arms has been made in Montenegro. Raouf Pasha is awaiting for reinforcements before attacking the Russians who crossed the Balkans. DOMESTIC.-President Hayes has ordered Federal troops to Martinsburg, at the request of Gov. Matthews; the West Virginia militia acted discreditably, and there was no other resort for suppressing the riotous strikers. Mr. Baush declines the promotion at the Custom House. A new official Commission has been sent out to inspect the Custom Houses for a special purpose. The National Cotton Exchange met in Convention at Greenbrier, White Sulphur Springs. The Senate met at Saratoga and organized for the trial of Bank Superintendent Ellis. CITY AND SUBUBAN.-Ex-Gov. Tilden commented on the political situation just before he sailed for Europe. John McKeon was rebuked by the Surrogate for talking about political influence in connection with the Court. Opposition to the Trunk Line Apportionment schemes increases daily. C. O'B. Bryant circulated another batch of Tweed gossip. Govs. Kellogg and Packard have arrived in the city but declined to talk politics. Railway Mail Superintendents discussed postal questions at Lake Mahovoc. The competition at Creedmoor for places on the American Team was continued. The Manhattan Beach Railroad to Coney Island was opened. There was a run on Paterson Savings Banks. Hattie F., Bombast, Romney, and Derby won the Long Branch races. Gold, 10558, 10512, 10512. Gold value of the legal-tender dollar at the close, 94810 cents. Stocks dull and lower, closing weak. # THE WEATHER. TRIBUNE local observations indicate a continuance of warm and cloudy weather, with a chance of occasional rain, followed by cooler and clearing weather. Thermometer yesterday, 77°, 88°, 76°.

2. July 21, 1877 The Democratic Advocate Westminster, MD
Article from The Democratic Advocate, July 21, 1877

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Article Text

FINANCIAL DIFFICULTIES.-A panie in St. Louis caused a run upon the banks of that city, on Tuesday and Wednesday, but the excitement subsided, and depositors were returning their funds. The St. Louis panic caused a run upon the Chicago banks, also, but hopes were expressed that confidence would be restored. The banking house of E. R. West & Son, Des Moines, Iowa, suspended on Wednesday. There was a run on the Savings banks of Paterson, N. J. on Wednesday. A receiver has been appointed for the Paterson Fire Insurance Company.

3. July 21, 1877 The Democratic Advocate Westminster, MD
Article from The Democratic Advocate, July 21, 1877

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Article Text

FINANCIAL DIFFICULTIES.-A panic in St. Louis caused a run upon the banks of that city, on Tuesday and Wednesday, but the exeitement subsided, and depositors were returning their funds. The St. Louis panic caused a run upon the Chicago banks, also, but hopes were expressed that confidence would be restored. The banking house of E. R. West & Son, Des Moines, Iowa, suspended on Wednesday. There was a run on the Savings banks of Paterson, N. J. on Wednesday. A receiver has been appointed for the Paterson Fire Insurance Company.

4. December 28, 1877 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, December 28, 1877

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Article Text

f Savings Banks News. PETERSON, N.J., December 27.-There I was a very slight run on both Savings Banks today. All the depositors paid promptly. 1 NEW YORK, December 27.-A receiver was today appointed for the People's Savings Bank. Liabilities $200,000; assets $157,000. BOSTON, December 27. - An official statement of 179 Savings Banks, in Massa. chusetts, for 1877, shown an aggregate of deposits of $244,596,614 against $243,340,642 of the previous year. CONDITION OF THE BOSS BANK. LONDON, December 27.-The bullion in the Bank of England decreased £60,000 in the past week. The proportion of the reserve to the liability is 461 per cent. The bullion gone into the bank on balance to-day is £65,000. The specie in the Bank of France decreased 6,700,000 francs in the past week. The weekly statement of the Imperial Bank of Germany shows a decrease in specie of 11,800,000 marks. A BOSTON SAVINGS BANK WEAKENING BOSTON, December 27.-The officers of the West Boston Savings Bank have availed themselves of the provision of the law requiring notice from depositors of the intended withdrawals. The ultimate solvency of the concern depends on the realizations from real estate, which has greatly depreciated in value.

5. December 28, 1877 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, December 28, 1877

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Article Text

Savings Banks Troubles. NEW YORK, December 27.-A receiver W&8 to-day appointed for the Peoples' Savings Bank; liabilities $200,000, assets $157,000. BOSTON, Dec. 27.-The - officers of the West Boston Savings Bank availed themselves of the provisions and by-laws, requiring notice from the depositors of intended withdrawal. The ultimate solvency depends on the realization from real estate, which greatly depreciated in value. PATERSON, N. J., December 27.There was is slight run on both the BAVings banks to-day. All the depositors were paid promptly.

6. December 28, 1877 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, December 28, 1877

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Article Text

MASSACHUSETTS. Special Disputch in The Chicago Tribune. BOSTON, Dec. 27.-The West Boston Savings Bank. which resumed business last April, after a suspension of over a year, was forced to close its doors again to-day, owing to the continued depression in business, the depreciation in real estate, which constitutes a large portion of the assets, and a heavy drain upon the deposits. The Trustees believe that with care and good management the depositors may expect to recuter full payment, but there seems to be no need of the bank any longer, and It will probably be wound up and the assets divided among depositors. During the present mouth there has been quite a run on the bank. Payments to depositors slace the 1st of December have amounted to nearly $100,000. The ultimate solvency of the bank depends on the value of the real estate owned by it, which amounts to $402,000, and mortgages of 81,072,000. The nominal surplus, as shown by the books, 1s over $110,000, to which is to be added $26,000 accumulated carnfugs not paid in. To the Western Associated Press. DOSTON, Dec. 27.-Official statements of 170 savings banks in Massachusetts, for 1877, show aggregate depositsof $344,596,014, against $243,340,613 the previous year. INDIANAPOLIS. Special Disputch to The Chicago Tribune. INDIANAPOLIS, Ind., Dec. 27.-The report of J. J. Bingham, Special Commissioner to examIne the savings banks of this city, was submitted the Auditor of State to-day. He found them in good condition, and an effort is*making to consolidate the two under one management. SPRINGFIELD, ILL. SPRINGFIELD. III., Dec. 27.-The announcement of the failure of Sims & Co., grain-deala era of this city, this morning, produced quite sensation in business circles. PATERSON, N. J. PATERSON, N. J., Dec. 37.-There was a very slight run on both savings banks to-day, all dopositors being paid promptly. SOUTHERN INDEBTEDNESS. MONTGOMERY, Ala., Dec. 27.-Gov. Houston bas forwarded to New York City the money to pay the interest on the State bonds due Jan. 1. The Mayor of this city has also forwarded the money to meet the interest, Jan. 1, on the city bonds Issued under the late adjustment of the city debt. Ivory In coral set, When 'twixt parties' lips you see, BOZODONT, 'Lis safe to bef, Beautifies the ivory. BUSINESS NOTICES. Use 48 Mrs. Winstow's Hoothing Syrup' for children while teething. It cures dysentery and diarrbora, wind colic, and regulates the bowels. CHILDREN'S CLOAKS.

7. December 29, 1877 The Dallas Weekly Herald Dallas, TX
Article from The Dallas Weekly Herald, December 29, 1877

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Article Text

A Boston Saving Bank Hedging Against a Kno. BOSTON, December 27.-The officers of the Boston Savings Bank availed themselves of the provisions requiring notice from depositors. Payments to depositors during the present month nearly $100,000. The ultimate solvency of the bank depends upon the Value of real estate owned by the bank. A Paule Nipped in the Bud PATTERSON, N. J., December 27.There was a slight run on both the local savings banks to-day. Depositors were promptly paid. And still Another Added to the Long List. NEW YORK, December 27.-A receiver has been appointed to wind up the affairs of the People's Savings bank of this city. The Failure of Netter A Co. is a Sheck to Wall Street. NEW YORK, December 26.-Netter & Co., stock brokers and bankers of Exchange Place, announced to the Stock Exchange their inability to meet contracts. Neither Mr. Gabriel or Mr. Netter, who comprise the firm, were at their office in Exchange Place this morning. The Poet says: "There are rumors afloat respecting the failure which we refrain from printing until they are proved to be established facts. If they are not true they do gross injustice to the firm, and we cannot beHave that they are true." The firm, supposed to be wealthy, did a large business in lending money and gold loans It also sold pute and calls, straddles and other speculative privileges in stocks and gold. After the failure was appoudeed, the office of the firm was thronged with persons who held these speculative privileges, also with those who had torrowed money on time inquiring of their collaterals. The Post paya: "No failure has occurred in Well street for many that bas caused more coth-

8. January 4, 1878 Vicksburg Weekly Herald Vicksburg, MS
Article from Vicksburg Weekly Herald, January 4, 1878

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Article Text

Trouble Among the Savings Banks. New YORK, Dec. 27 - A Receiver has been appointed to wind up the affairs of the People's Savings Bank of this city. PATERSON, N. J., Dec. 27.-There was a slight run on both local Savings Banks to-day. The depositors were prompils paid. NEW YORK, Dec. 27.-The officers of the Boston Savings Bank availed themselves of the provision requiring notice from depositors. Payments to depositors during the present month amount to nearly $100,000. The ultimate solvency of the Bank depends upon the value of the real estate owned by it.

9. January 12, 1878 The Sun New York, NY
Article from The Sun, January 12, 1878

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Article Text

Several leading business men of Paterson. upon the above showing. purchased additional stock believing, as they say, that the stock was a good investment. The report of the receiver, James Jackson, cashier of the Second National Bank of Paterson, is now on file in the clerk's office of the New Jersey Court of Chancery at Trenton. Mortgages. real estate, bonds, and furniture, amounting to $172,480.05, are estimated by the receiver to be worth $136,040.90. Among the bonds and mortgages. the report says, are several worthless ones. A check of Samuel Smith, for $4,500, is estimated as worthless, as is also a mortgage on a farm of ninety-six acres

10. March 9, 1933 The Morning Call Paterson, NJ
Article from The Morning Call, March 9, 1933

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Article Text

President Promises Relief for Tomorrow. All that can be said to be new about the national banking situation is that there will be issue of clearing house certificates or scrip, and that new currency to the amount of or more is to be issued by the United States and issued treasury to the banks of the in much the country same way in which scrip would rave been issued, the banks receivtheir allotment in accordance with the amount of gold, government bonds or other security they put collateral. This plan, while meeting the situation adequately as scrip would have done, is improvement over the latter, for will be acceptable for anything all over the nation, the issuing of scrip, even on plan, would have caused great deal confusion, and scrip issued by local clearing houses would have resulted in great deal trouble and handicapped business tremendously. The whole nation, now, and for that matter the whole world, is anxiously awaiting the recommendations which President Roosevelt will make to congress today for to meet the troubled financial situation. Until these become public and have been enacted into law, banks and the business world will less more or mark time, conducting their business best as they can under the strictions which have been ordered by the treasury department. It believed that President Roosevelt's recommendations congress on the banking situation today will largely with temporary remedies for the present situation. In other words they will be aimed at getting business going again, with plenty of liquid funds available, rather than present cure for our financial and banking problems which can then be given proper study and solutions evolved in an orderly manner. In the meantime the banks to the Paterson Clearing House association belonging time, prepared to take any action toward meeting payroll needs and the necessities of business that will be permissable pending the action of The congress. situation has been changing rapidly that decisions reached after careful considerations are nullified practically before they are announced. Shortly before midnight last night dent Roosevelt declared that he had been in conference with members of congress and could assure the that people would congress immediately pass legislation which would enable the resumption of business at once. The local house will of course take advantage of such legislation at that once, so Paterson and business may swing into line with industry the rest of the country.