Irving Savings Institution (New York, NY)

Episode Information

Episode UID
1018071122
Episode Type
Run Only
Bank Type
savings
Bank ID
101807 routing
Routing Number
1-0180
Start Date
June 14, 1893
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
fcfca3aa1aa2adc4

Response Measures

None

Events (1)

1. June 14, 1893 Run
Cause
Bank Specific Adverse Info
Cause Details
Discovery of a $70,800 deficiency/defalcation by president, secretary, and paying teller (embezzlement/overdrafts).
Measures
Paid depositors promptly and in full; used large cash reserves and distributed drafts on correspondent banks to meet withdrawals.
Newspaper Excerpt
Defalcations aggregating $70,800 were discovered in the Irving Savings Institution at 96 Warren street to-day.
Source
newspapers

Newspaper Articles (12)

Article from The Morning Call, June 14, 1893

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TIME ALLOWANCE. The Detroit Savings Banks Were Readily Held Up. DETROIT, June 13.-Fourteen savings banks of this city, in view of the tendency among depositors to withdraw their money, have issued a circular saying they will hereafter require the notice provided for according to law. A run of extensive proportions began on the Omaha Savings Bank at the opening this morning, and all morning the bank was besieged by depositors. Senator Henderson and Vice-President Kimball of the Union Pacific, directors of the bank, made speeches to the crowd guaranteeing them their money. but the run continued. One or two runs began at the opening, but business men began to make heavy deposits, and the State Bank Examiner assured depositors that the banks were all in first-class condition, when the excitement 8000 subsided. NEW YORK, June 13. - It has been rumored on the street that the National Lead Company would not declare a dividend on common stock this quarter, but the officers say a dividend will be paid and it will probably be declared before the end of the week. The sales by the company for the month of May are reported to be the largest in its history. Defalcations aggregating $70,800 were discovered in the Irving Savings Institution at 96 Warren street to-day. The shortage was discovered by the State Bank Examiners, who are still at work on the books. The officers implicated are Clarence D. Heaton of Brooklyn, president, who has overdrawn his account $27,100, ex-Secretary W. H. Burton of this city and Paying Teller D. D. Tompkins. After the discovery of the defalcation the resignation of the three officers named were received and accepted, and the facts reported to the District Attorney. Counsel for the institution to-night gave out a statement saying that the deficiency was caused partly by the overdrafts of Clarence D. Heaton and William H. Buxton and the abstraction of funds by D. D. Tompkins. The $25,000 overdraft made by Buxton was at once made good by him by the payment of that much cash and about $1,200 was paid over by President Heaton. The bank is said to have a clear surplus of $675,000. MOBERLY, Mo., June 13.-The Exchange Bank of Moberly made an assignment today for the benefit of creditors. There is no statement yet, but it is believed that payment will be made in full. OMAHA, June 13.-The American National Bank was closed this morning by order of the Comptroller of the Currency. No statement of the American Bank has yet been made, but the Clearing-house has refused to assist it. It is understood its affairs are entangled with those of the MeGague Savings Bank, which closed yesterday afternoon. The Clearing-house, at a meeting last


Article from Rock Island Daily Argus, June 14, 1893

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MORE SAVINGS BANKS RUNS. Detroit Officials Put on the BrakesTrouble at Omaha. CHICAGO, June 14.- The savings bank run seems epidemic. At Detroit a run was threatened and the officers of all the banks met and agreed to require the time limit of all depositors. The run was started, but every depositor was required to give the legal notice, and confidence was partly restored. At Omaha there was a run on every savings bank in the city caused by the failure of the McCague bank and American National. McCague says he will pay every depositor. All the banks met the run with cash, and the run was greatly abated by night. The Nashville Savings company has made an assignment with liabilities of $282,000 and assets of $125,000. The Irving Savings institution at New York is short $70,000, due to the rascality of its president, secretary, and paying teller.


Article from Grand Rapids Herald, June 15, 1893

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Run on the Trying. NEW YORK, June 14. A run was started on the Irving savings institution this morning almost as soon as the doors of the place were opened. Treas urer Latimer said that the bank had in band a million dollars and could get that much more if necessary at a moment's notice. This is the bank in which was discovered a deficiency of $70,800. Three of the back's officials, the president, secretary and paying teller, are held responsible for the shortage.


Article from Evening Star, June 15, 1893

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SMALL DEPOSITORS ANXIOUS. They Are Willing to Surrender the Interest Due in Order to Get Their Money. NEW YORK, June 15.-The run on the Irving Savings Institution was renewed this morning when the doors were thrown open. Over a hundred and fifty depositors made a rush for the paying teller's window. The police were obliged to use some force in forming them into line, 60 impatient were they. The majority of them were women whose faces plainly showed their anxiety. The publication of the fact of the bank's solvency did not seem to restore confidence among the out of town depositors. None of the large depositors were present Many of them assured Mr. Fanchere 1 hat they would not withdraw their money.


Article from The Morning Call, June 16, 1893

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MANY GO DOWN. Eastern Banks and Mercantile Concerns Yield to Pressure. NEW YORK, June 15.-C. Cottier & Son, diamond-dealers, assigned to-day. The liabilities exceed $100,000. The cause is poor business and heavy losses by recent failures. The assets are equal to the liabilities. The run on the Irving Savings Institution was stopped this afternoon. All the depositors were paid promptly and in full. ARKANSAS CITY, Kans., June 15. - The First National Bank of this city, one of tho oldest, and generally believed to be the strongest financial institution in the Southwest, failed to open its doors this morning. The deposits are reported to be $600,000. ANDERSON, Ind., June 15.-The Farm-


Article from The Seattle Post-Intelligencer, June 16, 1893

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RUNS ON BANKS ENDED. The Omaha Savings and Irvings savings, of New York, Stand Solid. OMAHA, June 15.-The run on the Omaha banks is practically over, the Omaha Savings bank, which caught it the hardest, having passed through a two days' siege apparently without inconvenience, and today there was no indication at any of the banks of the strain of the past fortyeight hours. NEW YORK, June 15.-A run on the Irv. ing Savings institution, which started yesterday, continued until this afternoon, and all the depositors were paid promptly and in full. The run eased off this afternoon, and is believed to be ended.


Article from The Jersey City News, June 16, 1893

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IRVING BANK RUN ENDS. NEW YORK, June 16, 1893. - The Irving Savings Institute was opened at half past nine o'clock this morning and at that hour there were but a dozen persons waising to withdraw their deposits. The run is believed to be entirely over, and the bank has a large amount of cash on band in redeposits. During the two days's run on the bank $179,000 were withdrawn. The institute secured this money by carefully distributed drafts on banks with which they hod accounts. Now that the run is over the whole forca of clerks wili go to work to find the exact condition of the bank's affairs.


Article from The Salt Lake Herald, June 16, 1893

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A Second Run on a Bank. NEW YORK, June 15.-A run on the Irving Savings institution was started his afternoon. All depositors were paid promptly and in full. The run eased off later in the afternoon and it is believed to be ended.


Article from The Daily Deadwood Pioneer-Times, June 16, 1893

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Secretary Latimer and His Bag. NEW YORK, June 15.β€”The run on the Irving Savings institution was resumed this morning. As soon as the doors were thrown open, two hundred depositors made a rush for the paying teller's window. At 9:20 Secretary Latimer, followed by a body-guard in the person of bank detectives, forced his way through the crowd, clutching an alligator skin bag containing $40,000 in small bills. Over twenty accounts were closed in the first hour, during which time $15,000 was withdrawn. None of the large depositors were present, and many of them have assured the bank that they will not draw their money.


Article from New-York Tribune, June 17, 1893

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CONFIDENCE RESTORED AMONG DEPOSITORS. The run on the Irving Savings Institution is practically ended. There was a comparatively small number of depositors who wished to draw their money at the bank yesterday. The patrons of the bank seemed to be gradually regaining confidence in Its ability to meet demands on it. About $15,000 was drawn yesterday, against $180,000 In the two previous days. Between $3,000 and $4,000 was de posited yesterday. One man who had drawn his account of $2,500 on Thursday came to the bank yesterday and redeposited the entire amount. The representatives of the State Banking Department are at work preparing a statement of the liabilities, which will be made public in a few days. District-Attorney Nicoll would say nothing vesterday as to the prosecution of the three officers of the bank.


Article from The Sun, June 17, 1893

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End or the Irving Savings Bank Run. The run on the Irving Savings Institution at 98 Warren street ended yesterday. Several shamefaced depositors who drew their money out on Thursday opened new accounts with the bank yesterday. I


Article from St. Paul Daily Globe, June 17, 1893

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CRIPPLED FINANCIALLY. Run on the Irving Savings Institution Has Ceased. NEW YORK, June 16.-The run on the Irving institution ceased vesterday afternoon, since which time there has been no demand by depositors for the withdrawal of their deposits. During the three days which the run continued $394,000 was withdrawn. The withdrawals were made chiefly by small depositors, and no effect has been felt by the bank. which had about $700,000 in reserve funds. BOSTON, June 16.-Hon. Moody Merritt, the missing business man and trustee, was today formally declared to be an insolvent debtor. Os WEGO, June 16.-Angell, Matthewson & Co. filed at Oswego this evening a deed of assignment of all their property. The liabilities are $100,000; assets not yet known. BROWNWOOD, Tex,, June 16.-The -