Union Dime Savings Bank (New York, NY)

Episode Information

Episode UID
1018770934
Episode Type
Run Only
Bank Type
savings
Bank ID
101877 routing
Routing Number
1-0187
Start Date
October 23, 1877
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
76671bb7f29a5f70

Response Measures

None

Description

The bank invoked a 60-day notice rule during the run but remained solvent and reorganized its board of trustees to restore confidence.

Events (2)

1. October 23, 1877 Run
Cause Details
The articles mention a run and the application of the sixty-day rule but do not specify a single discrete trigger, though they hint at dissatisfaction with certain trustees.
Measures
Applied the sixty-day notice rule for withdrawals and reorganized the Board of Trustees.
Newspaper Excerpt
THE RUN on the Union Dime Savings Bank has come to an end. ... $27,000 was paid out yesterday
Source
newspapers
2. December 19, 1877 Other
Newspaper Excerpt
Twenty-one trustees of the Union Dime Savings Bank resigned. ... reorganization of the Board necessary to restore confidence
Source
newspapers

Newspaper Articles (14)

Article from Daily Press and Dakotaian, October 24, 1877

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Article Text

THE SA VINGS BANKS. New York, Oct. 24.-The run on Union Dime savings bank continue; $27,000 was paid out yeaterday, and it in reported that unless the run is soon checked, the national banks will take measures to protect the savings institutions.


Article from The Rock Island Argus, October 24, 1877

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NEW YORK. KIE NEW YORK, Oct. 25.-The run on the Union Dime Savings bank continues. $27,000 was paid out yesterday. It is reported that unless the run is soon checked the national banks will take measures to protect savings institutions.


Article from Alexandria Gazette, October 24, 1877

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track, for the purpose of preventing the Pitts. burg and Lake Erie Railroad from crossing their line. The Lake Erie Road relaid their crossing, which was in turn torn up, again rolaid and last evening torn up for the third time by the Lawrence and New Castle Company. Further trouble is feared. There were eight new cases of yellow fever at Fernandina, Fla., Sunday, and eight Monday, with three deaths. There were five new cases yesterday. The fever hasseized upon the colored people and will sweep through the entire colored population there. Capt. Danburg, pilot, was among the dead Monday. The weather is quite 3001, but DO frost has been reported. The Manager of the Hannibal and St.Joseph Railroad denounces the appointment of a receiver for that road when it is not in default for a dollar. None of its obligations have been protested, and the company is in possession of a fund of three millions for the payment of its indebtedness, the improvement of the road bed and the laying of steel rails. The suit brought by Hallett Kilbourn against Speaker Randall and other officials of the House of Representatives, claiming one hundred and fifty thousand dollars damages for false imprisonment, has been appealed to the United States Supreme Court. At the Cabinet meeting yesterday the New York Custom House appointments wore agreed upon as follows: Theodore Roosevelt, Collector; Mr. Merritt, Surveyor; and Mr. Prince, Naval Officer. John W. Warren, a rich and "pious" man of Newton Highlands, Mass., has been arrested for setting fire to his house, with the intention of burning up his wife, who was confined to her bod by sickness. Woods' Museum and Theatre in Chicago Was All damaged by fire carly yesterday morning. the animals died from suffocation. The theatre was the first one built after the great fire, and has had a precarious existence. The elergy and lay delegates of West Virginia will assemble in Charlestown on the 5th of next December to organize the now diocese of that State. A European syndicate has proposed to loan Louisiana $12,950,000 with which to pay off her indebtedness, at par with interest to the date of retirement. An injunction issued against the New Orleans school board forbidding the establishment of separate schools for white and colored children has been dissolved. The Manchester Savings Bank of Pittsburg suspended yesterday. and the Union Dime Savings Bank, of New York, availed itself of the privilege of sixty days' notice. Hawkins, the colored man who outraged a little school girl in Baltimore county last sum. mer, will be hung on the 23d proximo. A colored woman named Mary Glasgow, a member of the Chaldean Society of Washington, has been arrested for murdering her baby. COLONEL ROBERT A. RICHARDSON, of Smyth county, has been nominated by a convention of bolters and soreheads which convened in Rockingham for Lieutenant Gov. ernor. By this untimely and uncalled-for act Colonel Richardson and his supporting bolters repudiate (as they scem specially organized to do the State debt) the conservative party and General Walker, its ohosen, honored, and worthy candidate, faitly nominated in a convention in which they were fully represented. Colonel Richardson. an appointed cinvasser by the great party he claims to be one of, now appears in the role of an opposition candidate, instead of urging the support of the regular nominees. Shame on such a man, shame on his party, and shame on the Southwest for the unenviable fame of having two independent candidates in the field in opposition to the regular nominees of 8 party to which they owe allegiance for their freedom from corruption, misrule, tyranny, and oppression. We had given Celonel Richardson credit for more patriotism and good judgment than to appear in such a role; can scarcely believe that he would accept office at the hands of any other than the democratic party in regular ways. In evitable defeat and chacrio emeito the indo


Article from The New York Herald, October 24, 1877

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THERE WAS A HEAVY RUN on the Union Dime Savings Bank yesterday, when the sixty-day rule was finally applied. The official statement of its condition and interviews with its officials elsewhere printed will materially aid in enabling those interested to get at the exact situation.


Article from New-York Tribune, October 25, 1877

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The Union Dime Savings Bank stands the run bravely, and without any sign of fear. Seeing that Mr. Best, the examiner, continues to repeat his assurances of the solvency of the bank, the depositors will perhaps be cured of their fright in a day or two more.


Article from The Wheeling Daily Intelligencer, October 26, 1877

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Run on a Savings Bank. NEW YORK, October 25.-The run on the Union Dime Savings Bank continues. Improved arrangements enable one hundred and twenty.five depositors to be paid each hour. The Bank Examiner says that the bank is entirely solvent. The heavy depositors do not withdraw their funds.


Article from The Wheeling Daily Register, October 26, 1877

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Union Savings Bank. NEW YORK, October 25 -The run on the Union Dime Savings Bank continues. The improved arrangement 008. bles 125 depositors to be paid each hour. The Bank Examiner says the bank is ehtirely solvent if the heavy depositors do not withdraw their funds.


Article from The New York Herald, October 27, 1877

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THE RUN on the Union Dime Savings Bank has come to an end. The bank officers decline to make any statement in regard to its condition until the official report has been made.


Article from The New Orleans Daily Democrat, October 28, 1877

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The Union Dime Savings Bank. NEW YORK, Oct. 27.-The run on the Union Dime Savings Bank has come to an end. The bank officers decline to make any statement in regard to the condition of the bank until the office report is made out.


Article from Bozeman Avant Courier, November 1, 1877

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Savings Bank Solvent. NEW YORK, October 25.-The run on the Union Dime Savings Bank continues. Improved arrangements enable 125 depositors to be paid each hour. The bank examiners say the institution is entirely solvent.


Article from The Emporia News, November 9, 1877

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The Union Dime Savings Bank of New York has stood the run, which appers to have stopped, The deposits wereso large that if 125 average depositors were paid each hour for six hours each business day the money on hand would last six months.


Article from New-York Tribune, December 1, 1877

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NEW TRUSTEES FOR THE UNION DIME. The return of confidence in the solvency of the Union Dime Savings Bank was shown yesterday by the number of accounts reopened with the institution. Many sixty-day notices, given during the run, were recalled. Steps have been taken toward the reorganization of the Board of Trustees, in compliance with the recommendation of Bank Superintendent Lamb. That the Board has been too large is generally conceded. It is stated that hereafter the Board will consist of twentyone members, instead of thirty-four. The two members who, it has been asserted, were the causes of the bank's troubles, will probably be left out of the new Board. Twelve of those now on the Board will be retained. The nine new ones to be appointed will be selected from some of the best known and most trust worthy business men of the city, with some of whom the matter is now being discussed.


Article from New-York Tribune, December 20, 1877

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FOREIGN.- - The Servians have occupied Fort Mramor, near Nisch. There have been dissensions in the British Cabinet: Lord Beaconsfield favors a hostile policy toward Russia, but is reIt is understood strained by his colleagues. that Germany has replied discourteously to a British invitation to act in concert on the Eastern question. DOMESTIC.-The first of the Government ships with American exhibits will sail for Paris February 1. Argument was begun before Attorney-General Devens. yesterday, in regard to the differences between the Kansas Pacific and Union Pacific RailThe Administration does not apprehend roads. war with Mexico: the mob at Elizario released Anthe Texan rangers after disarming them. nie E. P. Sever, of Boston, made public bequests The Rev. Charles F. amounting to $195,000. Hanmer, of the New-York Conference of the Methodist Episcopal Church, has been suspended. The Cosmopolitan Savings and Exchange Bank, of San Francisco, has suspended. CITY AND SUBURBAN.-Tammany Hall fears that the Mayor'saction against the Police Commissioners was intended to aid a new anti-Tammany moveMore facts about worthless assets of the ment. National Trust Company are made public. The District-Attorney and Recorder Hackett denied A seDr. Crosby's charges yesterday. vere oath was required of applicants for hotel The Board of Education defended licenses. itself against the charges of the CommissionCornelius J. Vanderbilt ers of Accounts. Twenty-one testified about his own life. trustees of the Union Dime Savings Bank Postmaster-General Key inspected resigned. The body of James the New-York Post Office. McNichol was found, bearing evidence of foul play. Another important railroad conference is to be held in this city to-day. Gold 10278, 103, 1027g. Gold value of the legal-tender dollar at the close. 97210 cents. Stocks dull and lower, closing firm at a partial recovery. THE WEATHFR.-TRIBUNE local observations indicate a continuance of warm, cloudy, and at times rainy weather. Thermometer yesterday, 409, 48ยฐ 45o.


Article from The New York Herald, December 21, 1877

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BANKING TROUBLES. The Union Dime Board of Trustees Reorganized. NATIONAL TRUST AFFAIRS. A Statement of Their Condition To Be Speedily Furnished. The following statement relative to the reorganizadon of the Union Dime Savings Institution was furaished yesterday afternoon from the office of Bank Superintendent H. L. LambThe Bank Superintendent informed the trustees of the Union Dime Savings Institution on the 21st of No. vember that he deemed the reorganization of the Board necessary to restore contidence in the depositors and in the mind of the public; that Le leared the report of the solvency of the institution would not alone be sufficient to put the bank in its old position in respect to credit. This suggestion was not at once favorably received by the Board, and a committee was appointed to conter with the Superintendent upon the subject. After consultation Mr. Lamb adhered to his views and proposed that commission should be formed of several trustees of the savings bank and the examiner and Feveral officers of savings banks in the city. His proposal was accepted, and the SuperIntendent named the gentlemen to compose such commission. After discussion this conference agreed that the interests of the institution would be promoted by reorganization. AD adjourned meeting of the Board of Trustees was then helu and the following resolution was adopted RESOLUTION OFFERED BY MR. DUTCHER AND SECONDED BY MR. FLOYD JONES. Resolved. That each member of the present Board tender his resignation and each member present cast his ballot. on which shall be written the names of twelve members who. in his judgment, should remain to take action upon the and fill vacancies, said ballots to be placed unopened in the hands of the Superintendent, who is requested to designate the members to remain and act upon the resignations. The trustees then present signed the following copy of the resignation tendered to the Board:To THE BOARD OF TRUSTEES OF THE UNION DIME SAVINGS The INSTITUTION: undersigned. desiring the success and future pros perity or this institution, hereby each and for himself tenders his resignation AS trustee, and pledges himself to do all in his power to aid the institution whether he remains or N.J. retires: Haines, William S. Whitlock, Maltby G. Lane, G. S. Chapin, Thomas Floyd Jones, John Creighton, Silas 15. Dutcher, Aaron Close, Wiltiam F. Hemmingway, Joseph H. Orvis. John Mack, B. Darling. J. H. V. Arnold, Willam Wake. Richard M. Nichois, F.G. Green. James Bevgridge. Edward as. Poor. John H. Johnston, W. Livingston. Charles A. Colby. Joseph Smith, E. Galloran. Joseph Kenworthy, Frederick Jacobson, J. Maedonough, E. M. Van Tassell. C. E. Brush, William G. Ross, W. S. Miller, F. Bonman. The Bank Superintendent, acting under the direction and request contained in the above resolution, named welve trustees to remain and complete the reorganization of the Board. Delay in action was compeliod by the provisions of law. which declare that vacancies shall be filled ata regular meeting of the Board 01 Trustees. At that meeting, on Wednesday, the resignations of many trustees were accepted and a lew gentlemen were chosen to fill the vacancies. An adjourned meeting will be held next week, when other gentlemen, widely and lavorably known for business capacity and faithiulness to all duties which they assume, will be chosen as trustees. There IS harmony of spirit among the trustees and a decided purpose to reduce expenses to the lowest figure practicable and put all real estate assets of the institution in shape to produce income as early as possible. The following gentlemen were chosen new trustees:-H. K. Thurber, of H. K. & F. B. Thurber & Co. Joseph F. Knapp, of Major & Knapp; John W. Britton, of Brewster & Co. Thomas L. James, Postmaster; R. N. Hazard, of Caswell, Hazard & Co.; William A. Cole, President of the Produce Exchange. The following trustees are retained:-Richard M. Nichols, retired merchant; Edward E. Poor, of Denny, Poor & Co.; Aifred B. Darling, of Darling, Griswold & Co., Fifth Avenue Hotel; Aaron Close, merchant, Fulton and Greenwich street; John Creighton, merchant, No. 173 Sixth avenue; Silas B. Dutcher, Ap praiser's office; William S. Fogg, merchant, No. 171 Chatham street; William T. Hemmenway, retired merchunt; James Beveridge, retired merchant; FrederICK Jacobson, of Swift, Sackett & Co., No. 59 Worth street; Chnton E. Brush, merchant, No. 37 Walker street; J. H. Johnston, jeweller, No. 150 Bowery; William G. Ross, merchant. No. 64 Walker street. The income for the six months ending December 31, less expenses, IS $205,000; interest due depositors, about $162,000; surplus Income from July to January, $43,000. Several friends of the bank say that there 18 reason to be thankful that it stands on the very soundest basis, else 11 would ere now nave been in the hands of the "bank wreckers," who have already possessed themselves of several corporations which might have been saved to the public. These parties point to the fact that government officials, and guasi officials, are nominated to receiverships created by their own exertions, without giving the sharebolders or trustees a chance of consulting their comIS mon interests as to who should be receiver. It shought in many influential quarters that the attention of Governor Robinson should be promptly called to this condition of affairs. THE CLINTON SAVINGS BANK. Mr. Edward L. Parris, receiver of the Clinton SavIngs Bank, makes the following statement:-He took possession on the 29th of last August and received assets to the nominal amount of $64,830 11. or this amount but $241 89 was in cash, the rest being in real estate; 117 shares ratiroad stock, which was last sold for thirty cents on the dollar; fifty shares in the National Trust Company and personal notes of the trustees. Mr. Parris has realized out of the assets the sum of $20,967 59, and IS now ready to declare a dividend of twenty five per cent. The claims of the 1,252 de. positors who have credits against the defunct bank amount to $68,972 88. The receiver is apprehensive that the assets remaining with him will produce but listle money from which to declare an additional dividend. THE NATIONAL TRUST COMPANY. Mr. Best islaboring diligently in preparing a statement of the aflairs of the National Trust Company, and hopes to have it finished this week. Meantime be said that the officers of the company bad disposed of $586,500 in United States bonds, pending the exam. Ination which he was making, before entered as receiver. Mr. Best also acknowledged that a member of the Board of Trustees (up to four months ago) withdrew a deposit of $170,000 just before the run began. Mr. Best, however, would not give that gentleman's name. It 18 claimed that the unsound state of the company was shown last year by an examining committee of the trustees and that their report was kept back by the Executive Committee. This can hardly be true, for it appears that on December 4, 1876, Examiners George W. Reid and Henry L. Lamb gave the institution It the credit of having $39,062 24 surplus. appears that in contravention of the company's charter forbidding loans to the trustees the Walkill Valley Railroad bonds were taken as collateral security from Robert H. Berdell; the $22,000 Watertown prop. triy, " morigage for $50,000 on mill at Silver Lake, N. J., and $20,000 stock of the Davis Sewing Machine Company were all accepted from trustees, and have run on the books for more than three years. BANK NOTES. Mr. Richard M. Bent, receiver of the New Amsterdam Savings Bank, of this city, has, in the case of the people against that bank, received an order of Court to seil at auction the premises at the corner of the Bowery and Rivington street, together with the