Brooklyn Savings Bank (New York, NY)

Episode Information

Episode UID
1036671013
Episode Type
Run Only
Bank Type
savings
Bank ID
103667 routing
Routing Number
1-0366
Start Date
May 16, 1884
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
e9c834c8bacca51c

Response Measures

None

Events (1)
1. May 16, 1884 Run
Cause
Local Banks
Cause Details
Panic and runs at other Brooklyn savings banks and related failures led depositors to withdraw
Measures
Paid out large withdrawals; officers/managers met demands and stated readiness to pay dollar for dollar
Newspaper Excerpt
At the Brooklyn Savings Bank from $125,000 to $150,000 was drawn out
Source
newspapers

Newspaper Articles (11)
1. May 16, 1884 New-York Tribune New York, NY
Article from New-York Tribune, May 16, 1884

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A LITTLE EXCITEMENT IN® BROOKLYN. Some excitement prevailed in the Brooklyn banks where timid depositors drew out their savings, losing interest for three or six months. There was no reason for fear, it was declared. in regard to any of the Brooklyn savings banks, but small crowds of depositors gathered at each. Probably the bank which suffered the most was the South Brooklyn Savings Institution, sometimes called the Atlantic Bank, at Clinton-st. and Atlantic -ave. The similarity of the name to that of the Atlantic State Bank led many persons to confound the two, and a large amount was withdrawn by the depositors. When the bank closed for the day many persons were unpaid. At the Brooklyn Savings Bank from $125,000 to $150,000 was drawn out, a sum largely in excess of what is usually drawn. There were also many deposits made. At the Dime Savings Bank, President Hunter said that about $80,000 was drawn out and $20,000 put in. The amount drawn out was about three times as much as usual. None of the large depositors in any of the dozen Brooklyn saving banks drew out their money. Mayor Low said that the city was never in better shape to meet an emergency. The situation was perfectly easy.

2. May 17, 1884 New-York Tribune New York, NY
Article from New-York Tribune, May 17, 1884

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LITTLE EXCITEMENT IN BROOKLYN. The Atlantic State Bank, near Fulton Ferry, Brooklyn, opened its doors yesterday morning, but payments were not resumed. President Puffer said that the examiners, who had finished their work, had gone with Cashier Denton to New-York to arrange matters with the Metropolitan Bank. While a large sum of money was on hand, enough was needed to meet all possible demands that might be made upon the bank before reopening. It was not proposed to resume business and then, if a "run" set in, to close the doors again. The bank would not attempt to resume to-day, but would wait until Monday. Mr. Puffer added that he had entire confidence in the bank's resumption, and that none of the large depositors seemed to be at all worried about the matter. There was no excitement at any of the Brooklyn savings banks, and only a small amount of money, compared with what was drawn out on Thursday, was taken away by depositors, At the Brooklyn Savings Bank many of those who took their money were Italian laborers. The bank will save a large sum in interest on the deposits withdrawn.

3. May 18, 1884 Wheeling Sunday Register Wheeling, WV
Article from Wheeling Sunday Register, May 18, 1884

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BRIEF TELEGRAMS. Domestic. Frost in Lancaster county, Pa., has damaged the tobacco crop. The rush of foreigners to buy American securities still continues. Commissioner Fink says that freight rates will probably continue low. A railroad accident near Chittenango, N Y., caused the death of one man. J. Stillman, a New York merchant assigned yesterday. Preferences, $18,000. Benner & Pinkney, shipping merchants, New York, assigned. Preferences, $20,000. A run on the Howard Dime Savings bank was promptly met by the officers of the institution. Frank McGuiniss, weigh master of the Missouri Pacific at St Louis, under arrest for swindling his road. The liabilities of Donel, Lawson & Simpson are placed at $3,000,000 by the assignee. Assets, $1,000,000. M. E. Sprague, of Chicago, jumped from a moving train with his twelve year old girl in his arms The father was killed. The Methodist general conference has deeided that it is inexpedient to take action on the subject of licensing women to preach. The national.convention of the Ancient Order of Hibernians in session at Cleveland, has adjourned to meet in two years at St. Paul, Minn. Ex-President Senev. vesterday conveyed to the Metropolitan bank property worth $215,000. The run on the Brooklyn Saving's Bank has ceased. Foreign. The Paris police are raiding the gambling hells Special detectives are guarding the Prince of Wales The dvers at Bradford, near Manchester, are on a strike. Lord St. Leonard, the English rapist wants to be tried by his peers. Large war steamers will be allowed to enter the St, Petersburg military harbor a certain distance. The French Ministry wants 75,000,000 franes for the Tonquin and Madagascar indemnity fund. The application for a new trial in the cases of the Mayor conspirators has not been acted upon. The Malagassy Government offers France 000,000 indemnity if France will re 11 ove all claims to Madagascar

4. May 18, 1884 The Democratic Leader Cheyenne, WY
Article from The Democratic Leader, May 18, 1884

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The Run Over. NEW YORK, May 17.-The run on the Brooklyn Savings bank is at an end. Seney conveyed the Brooklyn mansion to the Metropolitan bank to-day for $175,000, and other property for $8,000.

5. May 18, 1884 Fort Worth Daily Gazette Fort Worth, TX
Article from Fort Worth Daily Gazette, May 18, 1884

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BROOKLYN. A RUN ON THE SAVINGS BANK. NEW YORK, May 17.-The run on the Brooklyn savings bank continues.

6. May 18, 1884 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, May 18, 1884

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NEW YORK FINANCES. All Quiet at Headquarters. London, 17.-There is a rush to buy American stocks. Bankers are cabling to New York, offering to ship gold on security of governments. The News says the American treasury, which is the ultimate upholder of the Ameriean reserve, is well supplied with cash. This ought to check the panic. All accounts show that millions of English money are being thrown into American stocks. During three days inconceivably large purchases were made through brokers. Capitalists bought great blocks of Ame. rican stocks, and ionumerable small investors made limited purchases. Other securities are somewhat der pressed, because SO many people are anxious to realize in order to exchange for American stocks. New York, 17-The morning passed quietly. Confidence seems to be restored; there is no trace of excitement. Affairs are progressing in & fair way towards speedy recov ery of values in stocks. The advance of the morning was well maintained, the movement being merely checked at intervals by the usual sales of small holders to secure a profit. The bank sta'ement makes a favorable showing, the excess above the legal requirements being over $3,000,000. The opinion of leading financiers is that a gradual improvement is certain; there is no danger of another backward step. The run on Howard Savings bank and the Dime Savings backs here continued. The managers are ready to pay dollar for dollar. The run on the Brooklyn savings bank has ended. Seney conveyed his Brooklyn mansion to the Metropolitan Bank tonday for $175,000, and other property for $8,000. J. Steelman, merchant. has assigned, preferences $18,000. Benner & Pinckney, hip m+rchan's, have assigned; pre'erences $20.000. Assignee Weems states that the liabilities of Donnell, Lawson & Simpson are $3,000,000. The assets exceed the liabilities $1,000,000. Philadelphia, 17.-Hotchkiss & Burnham say they have liquidated over $1,000,000 indebtadness. The firm resume soon. Other firms will make statements as soon as ready. Washington, 17.-The treasurylof the United States has forwarded $8,000,000 legal tenders to theassistant treasurer, New York, for use in case of necessity. Secretary Folger this afternoon received a telegram from the assistant treasurer at New York, saying called bonds had been redeemed today to the amount of $323,600.

7. May 19, 1884 The Daily Enterprise Livingston, MT
Article from The Daily Enterprise, May 19, 1884

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THE LATEST NEWS. At Water Valley, Miss.,a Mormon elder was washed down with a bucket of tar. Henry Mays & Co.. of Boston, dealers in canned fish, have failed; liabilities $115,000; available assets $55,000. The treasurer of the United States forwarded $8,000,000 legal tenders to the assistant treasurer at New York for use in case of necessity. A movement to secure the repeal of all internal revenue tax on tobacco has been started by the officers of the New England Tobacco Growers' association. The investigation into the cause of the collision near Duluth between the steamer May Martin and a sail boat in which several lives were lost, charges the blame on Capt. Bisloff of the steamer. The general conference of the Methodist Episcopal church is in session in Philadelphia. The committee on missions reported recommending that Dakota and Montana missions be made into an annual conference. All privates ol the Second Cavalry, now in Montana but soon to be sent to the Pacific, whose terms of enlistment expires before September next and who wish to remain in this department will be permited to do so, being exchanged into the First Cavalry. J. Steelman, merchant, and Benner & Pinckney and McCullough, Beecher & Co., shipping merchants. assigned in New York on Saturday. The Howard Savings bank and the Dime Savings bank in New York, and the Brooklyn Savings bank were experiencing heavy runs. The Northern Pacific has for some time past been engaged in furnishing their freight cars and freight locomotives with air brakes. There are now on hand about 1,000 cars provided with these brakes, a feature that cannot fail to prove valuable to the company and patrons. The St. Paul and Duluth ticket office at Duluth was burglarized Saturday night. The safe was blown open and between $500 and $600 taken and also some papers. It is not thought that any tickets were taken, but that can't be known until the auditor of the road makes an investigation. No clue to the burglars.

8. May 21, 1884 The Semi-Weekly Miner Butte, MT
Article from The Semi-Weekly Miner, May 21, 1884

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The Financial Situation. NEW YORK, May 17.-Tue - morning passed quie ly. Confidence seems restored. There is no trace of excitement. Affairs are progressing in a fair way toward a speedy recovery of values in stocks. Tue advance this morning was well maintained, the movement being merely checked at intervals by the usual sale of small holders to secure profit. The bank statement is favorable, showing an excess above the legal requirements of over $3,000,000. Leading financiers say there is a gradual improvement and entertain no danger of another back ward step. The run on the Howard savings and Dime savings banks here continue. The managers are ready to statepay dollar for dollar Bank ment-loans decrease, $6,784,000; specie decrease, $2,527,0000; legal tenders decrease, $1,956,000; deposits decrease, $12,621,000, speculation unchanged; reser ve decrease, $1,328,000, The banks hold $3,127,000 in excess of the legal requirements. The run on the Brooklyn Savings Bank has ended. Seney conveyed his Brooklyn mansion to the Metropolitan bank today for $175,000 and other property for $8, ,000. J. Steelman. merchant, assigned ; preferences, $18,000. Bonner Pinckney, shipping merchant, assigned; preferences, $20,000. Assign-e Weems states the liabilities of Donnell, Lawson & Simpson are $3,000,000 The assets will exceed the liabilities $1,000,000.

9. May 21, 1884 The River Press Fort Benton, MT
Article from The River Press, May 21, 1884

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The Panic. NEW YORK, May 15.-According to a Tribune editorial the general feeling is that the worst is over. There is universal caution, and there is especially no evidence that this has been nor can be developed into anything more than a stock speculator's panic. NEW YORK, May 16.-Fisk & Hatch have posted a notice that coupons of Central Pacific bonds will be paid at the office of the railroad company. H. C. Hardy & Sons have suspended. All the contracts are provided for. Stocks were heavy and demoralized on the announcement of their failure, but afterwards recovered one-half and two and a quarter on some shares, but a few stocks were heavy. LONDON, May 17.-The rush to-day on American stocks is undiminished. The bankers are cabling New York offering a ship load of gold on security of goods. The News says the American treasury, which is the ultimate holder of the American reserve, is well supplied with cash, and this ought to check the panic. All acts show that millions of English money have been thrown into American stocks during the three days in consecutive purchases made through Brecker. Capitalists have to-night big blocks of American stocks, and innumerable investors have been making limited purchases. NEW YORK, May 17.-The run on the Brooklyn savings bank is ended. Seny has transferred his Brooklyn mansion to the Metropolitan bank to-day for $175,000 and other property for $80,000. Hotchkiss & Burnham have liquidated over $1,000,000 of their lindebtedness, and the firm will soon resume business. Other firms are making statements, which will shortly be made public. Bilnmer & Pinkey, merchants, have assigned; preferences $23,000. WASHINGTON, May 17.-The treasurer of the United States has forwarded $8,000000 legal tender to the assistant treasurer at New York to be used in case of necessity. Assignee Weems states that the liabilities of Donnell, Lawson & Simpson are $3,000,000, and that their assets will exceed their liabilities $1,000,000.

10. May 21, 1884 Morris Tribune Morris, MN
Article from Morris Tribune, May 21, 1884

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frequently heard of as a lecturer on religious subjects at the Macaulay Cremorne mission. Fisk has just returned from a tour in Europe. The immediate result of the failure on the stock exchange was a decline of 1 to 5 points. The weakness of the government bond market was explained the a reago an porter by suspension who called of there this two firm, hours although for explanation of the decline was informed there was no rational eause for it. The suspension was not announced untll a few minutes before 3 o'clock, the closing hour of the exchange, but the effect was instantaneous and depressing. On the announcement of the failure a rush of operators was made for the office of the collapsed firm, and anxious inquiries were made by brokers as to how the firm stood. Fisk was seen by a reporter, but refused to say anything. The doors were closed, and the crowd outside increased. The suspension was SO unexpected that the street is again excited. Brokers are rushing around wildly, d the situation again assumes a troubled aspect. The stocks were firm from the afternoon until just before the close of business, when the suspension of Fisk & Hatch was announced. Prices broke ftom 1 to 5, and the market closed weak and panicky, although some shares showed evidences of strong support. The situation is looked upon as extremely critical, and many prophecies are made that to-morrow may see a repetition of the scenes of yesterday. There was a run on the South Brooklyn Savings bank. The depositors are mostly poor and ignorant people, who were misled -as the bank is on Atlantic avenue-into supposing that it was the Atlantic bank which suspended Wednesday. The demands were promptly met. Father Francioti, of St. Peter,s Catholic church, to which most of the depositors belong, went to the bank and addressed the crowd, begging them to go home and not lose six months' interest by drawing out their money. He said he would personally vouch for the soundness of the bank. His remarks, however, were not heeded by the excited crowd. Up to the closing of business $125,000 had been paid out. The cashier says there is a surplus of $700,000, and all appli cants will be paid in full. The Brooklyn Savings bank was also run upon, and paid out about $150,000. The officers count this a gain of $6,000 in interest. Nearly all the other savings banks in Brooklyn sustained slight runs. An officer of the Metropolitan bank told a reporter that $185,000 was paid out during the day. The deposits amounted to $664,000 and checks for $454,000 were certified.

11. May 23, 1884 The New North-West Deer Lodge, MT
Article from The New North-West, May 23, 1884

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THE FINANCIAL SQUEEZE. List of Bankers That Were Thrown Down. NEW YORK, May 14.-The following failures of Banks are announced: Nelson Robinson & Co., Goff & Randall, Metropolitan National Bank, J. C. Williams, Hatch & Foote, Donnell, Lawson & Simpson, Hotchkiss and Burnham, Atlantic States National Bank. A. M. Bogart & Co., Bankers, have suspended. J. C. Williams, Broker, says he will announce his suspension later in the day. NEW YORK, May 17.-The morning passed quietly. Confidence seems restored. There is no trace of excitement. Affairs are progressing in a fair way toward a speedy recovery of values in stocks. The advance this morning was well maintained, the movement being merely checked at intervals by the usual sale of small holders to secure profit. The bank statement is favorable showing an excess above the legal requirements of over $3,000,000. Leading financiers say there is a gradual improvement and entertain no danger of another backward step. The run on the Howard Savings and Dime Savings Banks here continue. The managers are ready to pay dollar for dollar. Bank statement-loans decrease, $6,784,000; specie decrease, $2,527,000; legal tenders decrease, $1,956,000; deposits decrease, $12,621,000; speculation unchanged; reserve decrease, $1,328,000. The Banks hold $3,127,000 in excess of the legal requirements. The run on the Brooklyn Savings Bank has ended. Seney conveyed his Brooklyn mansion to the Metropolitan Bank to day for $175,000, and other property for $8,000. J. Steelman, merchant, assigned; preferences, $18,000. Bonuer Pinckney, shipping merchant, assigned ; preferences, $20,000. Assignee Weems states the liabilities of Donnell, Lawson & Simpson are $3,000,000. The assets will exceed the liabilities one million. LONDON, May 17.-The rush to-day on American stocks is undiminished. The bankers are cabling New York, offering a ship-load of gold on security of Governments. NEW YORK, May 18.-McCullough & Beecher, who made an assignment to day, are shipping merchants. Beecher is a nephew of Henry Ward Beecher. The firm was at one time agents of the United States & Brazil mail steamship line. Its assets are $300,000 and liabilities between $250,000 and $300,000. The suspension was caused by the currency of Brazil having been heavily depreciated, and the decline in coffee for the last three months. NEW YORK. May 19.-M. Morton, dealer in china, failed for $25,000. Wall Street is quiet. No statement of suspended firms. The run on the other savings banks ceased to-day. W. B. Scott & Co., brokers, suspended to-day. ERIE, PA., May 19.-The Erie County Savings Bank, of this city, suspended this morning. Capital $150,000, liabilities $300,000. It is said the president has been dabbling in oil. He has left the city. PETERSBURG, VA., May 19.-In consequence of heavy runs, as well as on other banks, the Planters' and Mechanics' Bank has temporarily suspended.