21678. Savings Bank (Norfolk, VA)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
savings bank
Start Date
November 21, 1888
Location
Norfolk, Virginia (36.847, -76.285)

Metadata

Model
gpt-5-mini
Short Digest
72d6d7d2

Response Measures

None

Description

The articles report a run triggered by circulated reports about the bank's credit, leading the Savings Bank of Norfolk to suspend on Nov 21, 1888. No reopening or receivership is mentioned in the provided articles, so I classify this as a suspension that appears permanent (suspension_closure). Assets and liabilities are reported in the second article. 'Reports... affecting its credit produced a run' is interpreted as rumor/misinformation rather than documented insolvency.

Events (2)

1. November 21, 1888 Run
Cause
Rumor Or Misinformation
Cause Details
Reports recently circulated affecting the bank's credit produced a run by depositors.
Measures
Directors reviewed cashier's account and stated they hoped depositors would lose little if anything; public announcement of suspension.
Newspaper Excerpt
The reason assigned for the failure by the directors is that reports recently circuiated affecting its credit produced & run on the bank.
Source
newspapers
2. November 21, 1888 Suspension
Cause
Rumor Or Misinformation
Cause Details
Directors said circulated reports affecting its credit produced a run that led to suspension; assets $279,639; liabilities $321,704.
Newspaper Excerpt
The Savings Bank of this city suspended this morning.
Source
newspapers

Newspaper Articles (2)

Article from New-York Tribune, November 22, 1888

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Article Text

TEN PAGES. THE NEWS THIS MORNING. Foreign.-The Judges of the Parnell Commission fined Edward Harrington, M. P., ยฃ500 for contempt of court. The story of a woman in Whitechapel, who said she had been attacked by a man in her lodgings, caused great excitement: The Parnellthe police discredit the story. ites are dissatisfied with the attitude of the Liboral leaders toward the Ashbourne Extension bill; they want more vigorous hostility shown the measure. Many callers at Windsor Castle congratulated Empress Frederick upon her birthPolly Bredin, who married Frederick day. Barber, the Niagara Falls suicide, was arraigned in court in Toronto on a charge of bigamy. Domestic.-General Harrison decided to appoint There E. W. Holford his private secretary. were three new cases of yellow fever and two deaths at Jacksonville. Charles T. Parsons, of Northampton, Mass., was arrested at Holyoke for chaining to his wagon a Polish laborer who worked for him. Democrats are still trying to count out enough Republicans to secure a majority in the next House. The Home The Savings Bank of Norfolk suspended. General Assembly of the Knights of Labor agreed to have an investigation by committee of the The National headquarters in Philadelphia. Episcopal Church Congress in Buffalo discussed the relations of colleges to the church. City and Suburban.-Benjamin S. Church, chief engineer of the Aqueduct, resigned; his resignation was accepted and Alphonse Fteley appointed to succeed him; other important changes made by the Commissioners. The baseball delegates in convention admitted Cleveland, Ohio, to the League in Detroit's place. City Chamberlain Ivins testified in the suit brought against him by Mrs. Stone to recover $2,000, said to have been A contest over obtained by false pretences. Successful Christopher Meyer's will begun. amateur athletic games at Madison Square Garden. Dr. Sands was buried at Woodlawn Cemetery. Mayor Hewitt sent in the names of the new The Fraternal ConSchool Commissioners. Stocks depressed gress completed its labors. by renewal of gold exports and ** washed" transactions, closing at the lowest figures. The Weather.-Indications for to-day: Fair and slightly warmer. Temperature yesterday . Highest, 33 degrees; lowest, 24; average, 29.


Article from Fort Worth Weekly Gazette, November 23, 1888

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Article Text

the Falls, NORFOLK, VA, Nav: 21 -The Savings Bank of this city suspended this morning. The reason assigned for the failure by the directors is that reports recently circuiated affecting its credit produced & run on the bank. The directors stated this morning that from the cashier's account made last night the board of directors hoped the depositora would lose little if anything. The bank 1018 founded upon the ruios of the old Freedman's Savings Bank here and had Among its depositors S number of colored people. The New York correspondents were the Mercuants' Exchange National and the Continental banks. The failure has caused DO alarm in banking and bus1ness circles. Assets, $279,639; liabili Lier, $321,704.