Article Text
Runs on Banks, NEW YORK, July 19.-A run on the Paterson (N. J.) Savings Bank yesterday also caused a run upon the Passaic County Savings Institution in Paterson.
Paterson Savings Institution (Paterson, NJ)
Episode Information
- Episode UID
55005770931- Episode Type
- Run Only
- Bank Type
- savings
- Bank ID
-
5500577routing - Routing Number
55-0057- Start Date
- July 18, 1877
- Location
- Paterson, New Jersey (40.917, -74.172)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
7f6f8394f8d2b6a0
Response Measures
None
Events (1)
1.
July 18, 1877
Run
- Cause
- Bank Specific Adverse Info
- Cause Details
- Run triggered by failures/impairment of the Paterson Fire Insurance Company and related local institution failures leading to loss of confidence.
- Measures
- Police were deployed to control crowds during the run.
- Newspaper Excerpt
- RUN ON PATERSON BANKS. PATERSON, N. J., July 18, 1877. There was a run on the Paterson savings banks to-day caused by the recent failures. Forty thousand dollars were drawn from the Paterson Savings Bank and $3,000 from the Passaic County Savings Bank.
- Source
- newspapers
Newspaper Articles (10)
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Article Text
Run on the Banks at Paterson N. J. NEW YORK, July 19.-There was a run on the Patterson, N. J., Savings bank yesterday, which also caused a run upon the Passaic county Savings institution in Patterson.
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Article Text
Disregard of Business Principles Which Caused the Failure of the Paterson Company. LOSSES OF STOCKHOLDERS. Impairment of the Royal Canadian and How It Is To Be Repaired. GUARDIAN MUTUAL LIFE. [BY TELEGRAPH TO THE HERALD.] PATERSON, N. J., July 18, 1877. The Paterson Fire Insurance Company in 1876 ap. peared to many as mismanaged, its risks being of a slop-bucket kind. The Secretary was recommended to the company by Mr. Home, ot the Continental Company. He took all hazards and they did not average. "A director cannot go into voluminous details," said one director, "and the business must rely on its agents." A broker savs, however, that in this case nobody knew anything but the Secretary, and he knew nothing. James Jackson, the appointed receiver, is a financier who will untangle the difficulty. it appears to be the sentiment here that the President should have known about the affairf. Some time ago he had $10,000 of the stock. He is President of the First National Bank and connected with the Paterson Savings Bank, which is a sort of tender to 11, and which had a large run on It yesterday, policemen being necessary to control the crowd. The savings bank, however, is safe. The losers by of the insurance company involve the holders stock of most of the moueyed institutions in the town, and though some of them said last evening that the questions of the HERALD reporter were those of a fool they subsequently acknowledged that If they had asked themselves the same questions six months ago they would have fared better. STOCKHOLDERS' LOSSES. Shaw, Hincheliffe & Penrose, brewers, lose $15,000; Mr. Caburo, a Spaniard, $10,000; Mr. Crosby, the grocer, $6,000; Mr. McNab, $10,000; John Dunlap, silk dealer. $12,000; David Henry, builder, $5,000; Mr. Vandyck. dry goods, $10,000; Daniel Milter. $5,000; James Jackson, cashier of the Second National Bank, $6,000; John Swinburne, cashier of the First National Bank, $5,000. FINANCIAL IG ORANCE. Much of this is now probably cats and dogs. The truth is that a mau who made his money in dry goods was put as a figurehead in local institutions, and he relieu on specialists who knew even less than he did 10 general finance. Paterson is financially weak, and the secret is that men who made money last in special businesses were ignorant when it came 10 broad, geueral financial principles.
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Article Text
RUN ON PATERSON BANKS. PATERSON, N. J., July 18, 1877. Tuere was a run on the Paterson savings banks to. day caused by the recent failures. Forty thousand dollars were drawn from the Paterson Savings Bank and $3,000 from the Passaic County Savings Bank.
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PATERSON. N. J. PATERSON, N. J., July 15.-James Jackson has been appointed Receiver of the Paterson Fire-Insurance Company. The available assets are $100,000; liabilities, $200,000. Among the agents short in their accounts is Dr. Batterlee, usent of the Middle Department of the State. There was a heavy run today on the l'aterson Savings Bank.
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THE RUN ON SAVINGS BANKS. The run on the Paterson Savings In stitution, at Paterson, N. J., continued yesterday, and $37,000 was withdrawn from it, mostly by small depositors. In the afternoon the excitement was subsiding. There was no run on the Passa1c County Savings Bank yesterday. Investigation shows that the capital of the Paterson Fire Insurance Company was impaired $30,000 last December, when the sworn statement of its ficers asserted that the company had a reinsurance fund of $167,000 and a surplus of $17,000. There is talk of bringing the matter before the Grand Jury. The run on the Savings Banks in Chicago was renewed yesterday, and was liveliest on the State Savings Bank. It was checked speedily by the posting of notices in all the Savings institutions, declaring that the thirty days' rule would be enforced. The general opinion is, that the excitement will subside in a few days.
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RUN ON THE PATERSON SAVINGS BANK. PATERSON, N. J., July 19, 1877. The run on the Paterson Savings Institution continued to-day. Thirty-seven thousand dollars were withdrawn, mostly by small depositors. The excitement is subsiding. There was no run on the Passaic County Savings Bank to-day.
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The trial of William Henry Keatts for the killing of George W, Little at Mount Airy, in Pittsylvania county, last April, was concluded Thursday, resulting in a verdict of two years in the penitentiary. This was his second trial. He was sentenced for four years the first time. Almost the entire business portion of Owensboro', Ky., was destroyed by fire Wednesday night. A Mr. McJobnson and his family were nearly suffocated in their house before being rescued. Loss about $50,000. The match and shoe-blacking factory of Swift & Courtney, at Philadelphia, was partially destroyed by fire Thursday night. Loss about $40,000. The run on the Paterson (N. J.) Savings Bank was continued Thursday, and $37,000 was drawn out. The excitement is subsiding. The capital of the Paterson (N. J.) Fire-Insurance Company was. impaired $50,000 last December, when the sworn statement of the officers said the company had a reinsurance fund of $167,000, and a surplus of $17,000. There is talk of a grand jury investigation into the matter. The police made 2 descent on two houses in Montreal, Canada, early Thursday morning, and arrested three men charged with the shooting and serious wounding of William Elliott on Monday evening after the funeral of Hackett, the murdered Orangeman: Rev. Mr. McLeod, of the Presbyterian Church, is the clergyman who went forward when Hackett was shot, but was prevented by the mob from performing any ministerial service. Dr. Edward Ransom, a native of Gloucester county, Va., died at his home in Tyrell county, N.O., on the 14th. He was a Republican, and had held a number of prominent public positions. Right Rev. James Gibbons, Bishop of Richmond, Va.. is visiting Bishop Healey, in Portland, Me.
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Article Text
THE RUN on the Paterson (N. J.) Savings Bank was continued yesterday, and 837,000 was drawn out. The excitement is subsiding. The capital of the Paterson (N. J.) Fire Insurance Company was impaired 850,000 last December, when the sworn statement of the officers said the company had a re-insurance fund of $167,000 and a surplus of $17,000. There is talk of a grand jury investigation into the matter.
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News Items by Telegraph and Otherwise. -The railroad strike is subsiding. -The Turks are pulling back before the Russians. -The situation in the last is very discouraging to the Ottoman. -Road agents continue to plunder stage coaches in the Black Hills. -The Northern Indians; in Montana, continue to threaten the settlements. -The run upon upon the Savings Banks, of Chicago, has shown no signs of abating. -The Canadian anthorities have notified Sitting Bull that he must leave the country. -Turkish commanders in Bulgaria are accused of betraying their country to the enemy. -The hostile Chief Joseph pretended to sue for peace in order to get time to continue his retreat. -Governor Hartranft, of Pennaylvania, with a party of excursionists is on a trip to the mountains. -The White citizens of the Northwest, complain that all their troubles are brought about by Indian Agents. -The run on the Paterson, (N.J.) Savings Bank yesterday also called a run upon Passaic County Savings Institute in Paterson. -The house of David Graves at Brandywine Springs, Del., was robbed Friday night of $11,000 in United States bonds, $100 in cash and valuable jewelry. -The textile manufacturers of America held a slimey attended meeting in Chicago yesterday. They passed resolutions and did business of interest to the trade. -At a meeting of the Board of Managers of the Produce Exchange in New York Friday, it was decided to withdraw from the National Board of Trade and not send a delegation to its meeting. -J. P. Wehrheim, of the firm of Wehrheim & Bros., 111 Frederick Avenue, of Baltimore was instantly killed by the explosion of a gas machine, which, with a lighted candle, he was examining for a leak. -Henry M. Hoyt, Chairman of the Republican State Committe of Pennsylvania, has issued an order postponing the Republican State Convention, called to meet at Harrisburg, August 39, until September 5th. -The shoe manufactory and dwelling house of T. A. Coolidge, West Marlboro, was burned Friday night. Loss on buildings and stock $100,000. Insurance $75,000 Over two hundred hands are thrown out of employment. -The Montgomery County Republicans met in convention at Dayton. Ohio, yesterday, and elected delegates to the State Convention at Cleveland, August 1. They adopted a resolution endorsing the pacification policy of President Hayes and in favor of the silver dollar. --A San Francisco dispatch says a fire Friday night destroyed several thousand feet of the snow sheds on the Central Pacific railroad, near Emigrant Gap and Dutch Flat, delaying trains and stopping telegraphic communication for some hours.