16024. Irving Savings Institution (New York, NY)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
June 14, 1893
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
efbc3068

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Public signal of financial health, Books examined

Description

A bookkeeping deficiency (~$70,800) caused by embezzlement/overdrafts by bank officers triggered a mild run beginning about June 14–15, 1893. The bank paid depositors in full, secured funds by drafts on correspondent banks, and the run ended by June 16–17. No suspension or receivership is reported.

Events (2)
1. June 14, 1893 Run
Cause
Bank Specific Adverse Info
Cause Details
State Bank Examiners discovered a deficiency of about $70,800 caused by overdrafts and alleged abstraction of funds by the president, secretary and paying teller.
Measures
Paid depositors in full from on-hand cash and by securing about $40,000 in small bills; used carefully distributed drafts on correspondent banks to obtain additional funds; clerks paid out cash and prepared statement of liabilities.
Newspaper Excerpt
Defalcations aggregating $70,800 were discovered in the Irving Savings Institution at 96 Warren street to-day.
Source
newspapers
2. June 16, 1893 Other
Newspaper Excerpt
The run on the Irving Savings Institute was opened at half past nine o'clock ... The run is believed to be entirely over ... During the two days' run on the bank $179,000 were withdrawn.
Source
newspapers

Newspaper Articles (13)
1. June 14, 1893 The Morning Call San Francisco, CA
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

2. June 14, 1893 Rock Island Daily Argus Rock Island, IL
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.

3. June 15, 1893 Grand Rapids Herald Grand Rapids, MI
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.

4. June 15, 1893 Evening Star Washington, DC
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.

5. June 15, 1893 The Jersey City News Jersey City, NJ
Article from The Jersey City News, June 15, 1893

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SOUND STEAMER SUNK. CITY ISLAND, June 15, 1893. - A sound steamer is sunk in Flushing Bay. No particulars. THE RUN ON THE IRVING BANK. NEW YORK, June 15, 1893. - The run on the Irving Savings Institution was renewed this morning when the doors of the bank. guarded by three policeman, were thrown open. Over a hundred and fifty depositors made a rush for the payiug teller's window. The bluecoats were obliged to use some force in forming a line. The majority were women. T he publication of the fact of the bank's solvency did not seem to restore confidence among the ont of town depositors. At 9:20 o'clock, Secretary Latimer followed by a bank detective, forced his way through the crowd, clutching an allegator skin bag tightly in his hands. It contained $40,000 in bills of low denominations. Over twenty accounts were closed in the first hour, and $15,000 withdrawn. None of the large depositors was present. Many of them assured Mr. Fancher. the Treasurer, that they would not withdraw their money.

6. June 15, 1893 The Sun New York, NY
Article from The Sun, June 15, 1893

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THE IRVING SAVINGS INSTITUTION. $86,000 Paid to Depositors—A New System of Bookkeeping. A mild sort of run was the result yesterday of the announcement that Bank Superintendent Preston had discovered a deficiency of $70,800 by his examination of the books of the Irving Savings In-

7. June 15, 1893 New-York Tribune New York, NY
Article from New-York Tribune, June 15, 1893

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THURSDAY, JUNE 15, 1893. # FOURTEEN PAGES. # THE NEWS THIS MORNING. Foreign. The House of Commons took up clause 4 of section 1 of the Home Rule bill; one amendment proposed by the Opposition was withdrawn and the other was rejected. Count Kalnoky, in a speech, eulogized the Triple Alliance and reaffirmed the kindly feeling of Russia for Austria. Prince Bismarck is in favor of increasing the defensive strength of the German Empire, but not in the way provided in the Army bill. The Servia ran down and sank the American ship A. McCallum on June 7; all except one of the ship's crew were rescued. There have been 155 deaths from cholera at Mecca since Friday. Domestic. The Infanta Eulalie left Chicago for Niagara Falls. The Baackes Wire Nail Company, of Cleveland, assigned; a number of small banks in the West were forced to suspend. Commencement exercises were held at Princeton, Vassar, Miami University and other institutions. The Borden murder trial went on at New-Bedford, evidence for the prosecution being continued. Ex-President Harrison was among the visitors at the World's Fair. Chief Justice Bingham, of the District Supreme Court, refused the mandamus asked for by Colonel Ainsworth, and declared the proceedings before the deputy coroner in the Ford's Theatre case illegal. City and Suburban. The Clearing House Committee is to ask the association for authority to issue certificates. There was a mild run on the Irving Savings Institution; depositors were paid in full, and further demands were provided for. The yacht Navahoe was reported to have been in collision with a New-Jersey pilotboat. New-York defeated Chicago at baseball, by 15 to 11; Brooklyn won from Cleveland by 4 to 2. Commencement exercises of Columbia were held. The body of a little girl who was probably murdered was found in a cellar. Rapid Transit Commissioners anxious to meet again. Winners at Morris Park-Sirocco, Reckon, St. Julien, Prince George, Don Alonzo, Old Dominion and Ellen. Stocks irregular, but not specially active; Atchison was extremely weak and the exceptional advances were in Louisville and Nashville and a few specialities. Money ruled at 6 per cent until late in the day when the rate advanced to 10 per cent. The Weather. Forecast for to-day: Increasing cloudiness and probably showers in the afternoon or evening. Temperature yesterday: Highest, 83; lowest, 66; average, 73 1-8.

8. June 16, 1893 Wheeling Register Wheeling, WV
Article from Wheeling Register, June 16, 1893

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CONCERNING BUSINESS AND FINANCE. NEW YORK, June 15.-About 150 depositors waited the opening of Irving Savings Institution this morning. Secretary Latimer pushed through the line with a bag containing $40,000 in small bills which were heaped up besides stacks of big bills and the payments began. Fifteen thousand dollars were withdrawn the first hour. The heavy depositors are not touching their money. ARKANSAS City, June 15.-The - First National bank of this city, one of the oldest and generally believed to one of the strongest financial institutions in the Southwest, failed to open its doors this morning. The deposits are reported to be $600,000. WESTON, O., June 15.-The Exchange Banking Company, of this place, has closed its doors. The bank had a run and was unable to get help. The directors have notified depositors that they will probably receive dollar for dollar. NEW YORK, June 15.-G. Cottier & Son, dealers in diamonds, at 171 Broadway, today assigned to Samule Greenbaum without preferences. Liabilities it is said exceed $100,000. The assets will at least equal the liabilities. The failure it is said was caused by poor business and heavy losses caused by recent failures. ST. LOUIS, June 15.-S. Bonham, banker, Fairfield, Ills., has failed.

9. June 16, 1893 The Jersey City News Jersey City, NJ
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.

10. June 17, 1893 New-York Tribune New York, NY
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.

11. June 17, 1893 Wheeling Register Wheeling, WV
Article from Wheeling Register, June 17, 1893

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CONCERNING BUSINESS AND FINANCE. BOSTON, Mass., June 16.-Winkley, Dresser & Co., the Milk street stationers, assigned to-day to Francis Doane, a well-known stationer. The liabilities are $150,000, and the assets are somewhere in that neighborhood. The cause of the failure is tight money. BUFFALO, N. Y., June - The Genessee Oil Works, limited, have made a general assignment. The liabilities of the company are about $300,000. The cause of the assignment was the inability to meet several large notes when they became due, or to have them extended. Among the preferences are the First National Bank of Minersville, Pa., two notes for $5,000 and $4,000; the Hazleton Banking and Trust Company, of Paterson, Pa., $29,000. Washington, D. C., June 16.-Comptroller Eckels to-day appointed Robert M. Ditty receiver of the Citizens National Bank of Hillsboro, Ohio. NEW YORK, June 16.-The run on the Irving Savings institution ceased yesterday afternoon. During the three days which the run on the bank continued, $194,000 was withdrawn. The withdrawals were made chiefly by small depositors, and no effect has been felt by the bank which has had about $700,000 in reserve funds.

12. June 17, 1893 The Times Richmond, VA
Article from The Times, June 17, 1893

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Telegraphic Brevities. BUFFALO, N. Y., June 16.-The Genessee Oil Works (limited) have made an assignment. Liabilities, $300,000. NEW YORK, June 16.-The run on the Irving Savings Institution is over. The bank paid out $179,000. PITTSBURG, PA., June 16.-The Amalgamated Asociation decided to hold the next annual meeting at Cleveland, O., on the third Tuesday of May, 1894. SCRANTON, PA., June 16.-The town of Dandaff suffered a loss of $150,000 from fire to-day. The buildings burned were the best in town. HARRISBURG, PA., June 16. The High Spire Distillery, one of the largest In the State, was burned to-night, and with It at least 5,000 barrels of whisky, entailing a loss of $200,000. BOSTON, June 16, Winkley, Dresser the Co., the Milk-street stationers, assigned to-day to Francia Donne, a well-known stationer. The liabilities are $150,000, and the assets somewhere in the name neighborhood. The cause of the failure is tight money. PENSACOLA, FLA., June 16.-The British ship Lumbermen's Lassies, which had cleared and was waiting to proceed to sea, has been libelled by J. T. Wirting, a timber merchant. The libellant claims damages of about seven thousand dollars for breach of contract. MINNEAPOLIS, MINN., June 16.-J. R. Harris, of the Lubricating Company, was killed by two burglars, who had been discovered by him in his parlor, on Fifteenth avenue, S. E., at 2 o'clock this morning. He tried to seize them, and was shot twice, dying at 8 o'clock this morning PITTSBURG, June 16.-The Duquesne Tool Works Company has failed. Executions are against them aggregating $850.000. The failure was caused by general depression in business. The works have one of the most complete pipe plants in the country. It has been in operation five years, and covers twenty acres of ground at Duquesne, ten miles above Pittsburg, on the Monongahela river.

13. June 22, 1893 Freeland Tribune Freeland, PA
Article from Freeland Tribune, June 22, 1893

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# NEWS OF THE WEEK. Thursday, June 15. The Borden murder trial went on at New Bedford, evidence for the prosecution being continued—Ex-President Harrison was among the visitors at the World's fair—Chief Justice Bingham of the district supreme court refused the mandamus asked for by Colonel Ainsworth and declared the proceedings before the deputy coroner in the Ford's theater case illegal—In an accident at the World's fair one man was killed and several persons badly injured—The firemen in the Havemeyer sugar refinery in Williamsburg, N. Y., have struck for an 8-hour working day. There are 2,800 men employed in the refinery, and only 102 of them have gone out—The Brooklyn police are investigating the mysterious death of little Katie Schilt—The Infanta Eulalie arrived at Niagara Falls—The Baackes Wire Nail company of Cleveland assigned. A number of small banks in the west were forced to suspend—Commencement exercises were held at Princeton, Vassar, Miami university and other institutions—The New York clearing house committee is to ask the association for authority to issue certificates—There was a mild run on the Irving Savings institution, New York. Depositors were paid in full, and further demands were provided for—The yacht Navahoe was reported to have been in collision with a New Jersey pilotboat—The house of commons took up clause 4 of section 1 of the home rule bill. One amendment proposed by the opposition was withdrawn, and the other was rejected—Count Kalnoky in a speech eulogized the triple alliance and reaffirmed the kindly feeling of Russia for Austria. Friday, June 16. The prosecution rested and the defense began in the trial of Lizzie Borden at New Bedford. Mr. Jennings made the opening speech for the prisoner—Wealthy and aged Eliphalet Stratton of Brooklyn has been arrested on a charge of starving his invalid young wife—It is alleged that E. M. Field's insanity is shammed and that he is practically free—Royal Phelps Carroll's new yacht, the Navahoe, was disabled by collision with a pilotboat—Several persons were killed, and considerable damage to property was done by lightning in the west—The heirs of Jay Gould will contest in court the payment of $250,000 inheritance tax in addition to the $500,000 already paid—The Rev. Charles B. McKenna, a priest of St. Ann's Roman Catholic church, New York, was drowned with his cousin in the Hudson river—The New York Clearing House association authorized the issue of certificates—Ex-Minister Charles Emory Smith addressed the Republican county committee at New York—The elections in Germany show a remarkable increase in the strength of the Socialists—James Henry and George W. Carter, escaped from Sing Sing prison during the last 10 days, have not been recaptured, and the prison officials have no clew to their whereabouts—The French court of cassation set aside the sentences of the Panama defendants. MM. Eiffel and Fontane were set at liberty Charles de Lesseps must serve out a concurrent sentence for bribery—The official bulletin says President Carnot's condition is slightly improved. It is believed in Paris that his illness is serious—Sir Richard Webster continued his argument before the Behring sea court—The heavy fog caused several mishaps among the shipping in New York waters. The steamer Monmouth was badly damaged by collision with the steamer Kara, and the ferryboat F. J. James and the steamboat City of Richmond were sunk on rocks—Judge Ingraham of New York authorized a lawyer to represent Mme. Philipina Milhau in a suit brought against her by her son, Edward L. Milhau, who alleges that he is insane. Saturday, June 17. The taking of testimony in the Borden murder trial was finished, and the court adjourned till Monday. Emma Borden gave strong evidence in her sister's favor—Bunker Hill day is being celebrated in New England with unusual ceremonies—Harvard authorities decided upon new requirements for admission to the law school—The militia was ordered to be in readiness to repress a threatened outbreak among the striking lumber shovers at Tonawanda, N. Y.—The Infanta Eulalie arrived in New York again and went to the house of J. M. Ceballos, which has been placed at her disposal—Chicago was chosen as the place for the national headquarters of the Republican National league—The congress of the American Sons of the Revolution met in Chicago—A reception was tendered to ex-President Harrison in the Ohio building at the World's fair—Joseph Jefferson was taken ill on the Pilgrim and is now in Fall River. It is thought to be only indigestion—The Socialists have made enormous gains in Germany—Gladstonians have lost a seat in the house of commons—Baron Alphonse de Rothschild, head of the great Paris banking house, has been obliged to have one of his eyes removed—Serious apprehensions concerning President Carnot's condition are entertained in Paris—District Attorney Nicoll of New York wrote to Superintendent Andrews of the state hospital for the insane in Buffalo to see if Edward M. Field is sane again—Captain Magnus Andersen of the Viking ship arrived in New York from Newport—In view of the gravity of the financial situation President Cleveland, it is said on the authority of a friend, will call an extra session of congress before Sept. 1—The house of commons passed a resolution favoring the settlement of International disputes by arbitration. Ambassador Bayard listened to the debate. Monday, June 19. There were many murders committed in different parts of the country—A tramp steamship is expected at New York with 800 contract laborers on board—The lawyers on both sides in the Borden case were busy preparing for the submission of their cases to the jury—It was said that the pope's letter on the American school question indorses the position taken by Mgr. Satolli—The Rev. W. W. Page preached to the Seventh regiment in the state camp at Peekskill—An unknown man committed suicide by jumping from the Brooklyn bridge—News was received that the Rev. Dr. Thwing was not