Eutaw Savings Bank - Baltimore, MD

Bank Information

Episode Type: Suspension → Reopening
Bank Type: savings bank
Start Date: September 26, 1873
Location: Baltimore, Maryland (39.290, -76.612)

Metadata

Model: gpt-5-mini
Short Digest: 3665960b

Response Measures

None

Description

Directors invoked the 30-day notice provision to require notice of withdrawals amid signs of a possible run; no actual run or closures reported and no receiver assigned. Article dated 1873-09-27 references action taken 'yesterday' (Sept 26, 1873).

Events (1)

1. September 26, 1873 Suspension

Cause: Rumor Or Misinformation
Cause Details: Directors acted because of evidence of a disposition to make a run (nervousness/rumors), prompting invocation of the 30-day notice rule to deter withdrawals.
Newspaper Excerpt: There having been some evidence of a disposition to make a run on the Eutaw Savings Bank of this city, the directors yesterday determined to avail of the provision allowing them to require thirty days' notice of depositors.
Source: newspapers

Newspaper Articles (1)

1. September 27, 1873 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, September 27, 1873

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Article Text

MONEY IN BALTIMORE.-[From the Baltimore Sun. ] 1 -The arrangement of the banks of Baltimore for procuring small note currency, in order that all demands in ordinary business and industrial branches may be met, has been carried very promptly into effect. As there was anxiety that the $200,000 of small greenbacks promised by United States Treasurer Spinner should be on hand without delay, a telegram was sent to Washington yesterday by Mr. Jas. O'Connor, president of the Central National Baok. and the reply came as follows: "WASHINGTON, September 26, 1873. - Jas. O'Connor, President Central National Bank: Notes will be sent to Assistant Treasurer today." With these, and the money in band, the banks of Baltimore will have $285,000 of small notes, so that the currency here will be ample to pay off the mechanics and other laborers, and for all other legitimate purposes. It is learned, also, that the Secretary of the Treasury has by letter, dated September 25, 1873, authorized a handsome increase of deposits at this point, with the government depositories, the Central National Bank and the First National Bank of Baltimore. All such deposits, as is known, are secured by United States gold bonds to the United States Treasury. It is the evident desire of the Secretary to give every legal and proper facility towards restoring public confidence. The $285,000 of small notes received from Washington are apportioned in equal quantities to each bank that belongs to the Baltimore Clearing House Association. There having been some evidence of a disposition to make a run on the Eutaw Savings Bank of this city, the directors yesterday determined to avail of the provision allowing them to require thirty days' notice of depesitors. No one, however, gave the notice, indicating that there was DO pressing necessity felt for withdrawals.