Manhattan Savings Institution (New York, NY)

Episode Information

Episode UID
7825352191124
Episode Type
Run Only
Bank Type
savings
Bank ID
782535219 hash
Start Date
August 1, 1893
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
704bb62900113779

Response Measures

None

Events (1)
1. August 1, 1893 Run
Cause
Macro News
Cause Details
Part of a broader series of withdrawals from New York savings banks amid the financial disturbances of summer 1893 (city‑wide savings‑bank run/panic).
Measures
Paid every depositor in full on demand; did not enforce the thirty/sixty day rule.
Newspaper Excerpt
Up to the time of closing at the Manhattan Savings Institution, at Broadway and Bleecker-st., no action was taken regarding the time clause. Every depositor was paid in full on demand.
Source
newspapers

Newspaper Articles (4)
1. August 1, 1893 New-York Tribune New York, NY
Article from New-York Tribune, August 1, 1893

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Article Text

$53,200, and that 275 had deposited $25,834.12. Much of the last-named amount came in in gold. Some poor women who had got their $50 each before noon returned in the afternoon and put it back again. A crowd of excited Polish Hebrews eddied around the Citizen's Savings Bank, at No. 58 Bowery yesterday, and made life miserable for several bluecoats who were keeping order. "More grocery stores were bought to-day," said Edward A. Quintard, president of the bank. "than 1 believe existed. Every second Hebrew who drew money or gave notice of withdrawal intended to buy a grocery store, pay a mortgage, or was going to get married. We are enforcing the time clause, and we pay all sums up to $100, except in cases where we are sure that the money is necessary to carry out a contract. We have paid out to-day about $25,000. about double our usual amount." At noon yesterday several hundred depositors were waiting at the doors of the Dry Dock Savings Bank, at Third-ave. and Third-st. The rapidity with which small accounts were closed served to allay fear in some cases, and there were thirteen new accounts opened in one half an hour. The rule for the bank in the morning was to pay depositors in full, but later a meeting of the directors was held and it was decided to enforce the thirty and sixty days rule. Many depositors who drew their money on Saturday reopened accounts yesterday. Up to the time of closing at the Manhattan Savings Institution. at Broadway and Bleecker-st., no action was taken regarding the time clause. Every depositor was paid in full on demand. This served to reassure some of the depositors, who came back shortly to redeposit their money. At no time during the day was there a long line at the paying-teller's window. Where special necessity was shown. the Union Dime Savings Bank. at Broadway and Thirtysecond-st., relaxed its sixty-day notice rule and paid depositors in full. Few depositors gave notice, but took $100, and were satisfied. At the Institution for the Savings of Merchants' Clerks, in Union Square, about $4,000 was withdrawn. Large depositors, unless obligations were to be met by them. were asked to give sixty days' notice of withdrawal, but few of them did so.

2. August 2, 1893 New-York Tribune New York, NY
Article from New-York Tribune, August 2, 1893

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Article Text

Italians and Hebrews, who evidently did not seem to know much about English, but who walted patiently in line and took their $50 as contentedly as If that was all they wanted. These people did not give any notice of the withdrawal of the balance. " Were there any deposits " Mr. Trimble was asked. "Quite a number," he answered, and I am sure there would be many more only for the difficulty and bother of pushing through the crowds. We had placed in our keeping to-day $7,000." J. Horace Rhoades, president of the Greenwich Savings Bank, said that as far as his bank was concerned, the run was over-"i if It ever could be called a run," he added. "There was no one time here today when I counted more than fifteen men and ten women." Did you have any depositors Of course we did," answered Mr. Rhoades, cheerily; "ninety-five of them who handed in $6,600, and we had eleven who took out $30,000." "Were any large sums paid out ?" "Yes, we paid some sums of over $1,000 each. Of the $30,000 withdrawn, $7,000 was taken by twentyone persons, and they were all paid by check. There were a couple of genuine European trips to be made and we furnished these people, whom we knew to be telling the truth, with all they wanted for this purpose." At the Bowery Savings Bank, the Emigrant, the Dry Dock, the Manhattan Savings Institution, and the other banks of the same class, the general condition of things was about the same as at the ones written about.

3. August 3, 1893 New-York Tribune New York, NY
Article from New-York Tribune, August 3, 1893

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SAVINGS BANK DEPOSITORS ARE CALM. AT THE GREENWICH MORE MONEY WAS TAKEN IN THAN WAS PAID OUT. The soundness of the savings banks in New-York City was never better demonstrated than by the manner 10 which they went th:ough the recent run made on them. E. A. Quintard, the president of that bank, said to a reporter: "The run is practically over. Our deposits for to-day were $4,000 against $12,000 withdrawn. On Monday $40,000 was drawn and $25,000 on Tuesday. The total amount drawn since July 1 is $500,000." Edward Wood, the president of the Bowery SavIngs Bank, said: The sum of $144,000 was withdrawn on Monday against $12,000 deposited. On Tuesday $28,000 was withdrawn and $14,000 was deposited. The figures for to-day are about the same." William G. White, the controller of the Bleecker Street Savings Bank, said: "We have sold no bonds and there is no reason why we should. On Tuesday $40,000 were withdrawn against $9,000 placed on deposit. To-day there was $26,000 withdrawn against $10,000 of deposits." Joseph Bird, the vice-president of the Manhattan davings Institution, said : "On Monday $99,000 was withdrawn against $5,000 in deposits. On Tuesday $15,000 was drawn against $5,000 deposited. and today $10,000 was withdrawn against $6,000 deposited. Some of the people who withdrew their deposits on Monday have redeposited them to-day." Some of the elderly women who have had accounts at this institution many years have been solicitous on account of the present financial difficulties. One came to the bank with $115 and said she thought it a shame that people should get so "skeary" about such things and It was about time that the depositors came forward and showed their confidence. Believing that the bank was in need of money, she desired to show her confidence in the institution by depositing extra money now. T. F. Amthor, the treasurer of the German Savings Bank, said: "We have $3,000,000 in actual cash in our vaults. On Monday $45,000 was withdrawn, on Tuesday $33,800. and to-day $27,000. It is not at all unusual for us to pay out $200,000 in one day when there is not the slightest suggestion of a run or a panic." J. Harsen Rhoades, the president of the Greenwich Savings Bank. said: "On Monday $52,000 was withdrawn against $10,000 deposited. On Tuesday $30,000 was withdrawn against $6,600 in deposits, and to-day only $8,000 has been withdrawn while $9,000 has been deposited."

4. October 14, 1893 Evening Star Washington, DC
Article from Evening Star, October 14, 1893

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Article Text

stroyed or defaced," &c. The owner of the destroyed or defaced bond is to surrender the remains of the bond and file a penal bond with the treasurer in double the amount of the destroyed or defaced bond and the interest on it with two good securities. For a registered bond, to be issued in duplicate, the owner of the original has only to file a bond in the amount of the original and interest. These penal bonds are perpetual, as are all bonds made to the United States. Every officer of the treasury who is under bond today can be held under that bond fifty years hence if any shortage can be traced to his administration. His securities are never released. It is not easy to get together bondsmen for half a million dollars, and it has happened not infrequently that the owners of bonds that have been destroyed have gone to Congress for relief. When a duplicate bond is issued it is always registered. The largest amount ever issued by the government in duplicate bonds was $1,600,000. These were issued under special act of Congress of December 19, 1878, to the Manhattan Savings Institution of New York. They were registered bonds which were stolen from the bank in the robbery made famous by Inspector Byrnes' book, "The Great Bank Robbery." The robbers of the Manhattan got eight bonds of $50,000 each, and 120 bonds of $10,000 each. All of these bonds were on the books of the register of the treasury as the property of the Manhattan Savings Institution. That institution went into the hands of a receiver as a result of "the great bank robbery," and as it was next to impossible to give a bond for $1,000,000, and absolutely impossible to prove that the missing bonds had been destroyed, the bank had to come to Congress. Congress directed the Secretary of the Treasury to issue duplicates of the bonds "upon evidence clear and satisfactory to him being furnished that they have not been assigned, but are still the property of said institution;" and on the further condition that a number of them be held in trust by the Secretary of the Treasury until such time as would secure the United States from loss. # Issuing New Government Bonds. The business of issuing a new set of bonds is a matter of some moment to the officials of the Treasury Department, because it involves a great deal of labor in the bureau of engraving and printing, in the register's office and in the treasurer's office. It takes some time for the bureau of engraving and printing to get out an issue of bonds. The engraving is a slow process. Then the paper must be prepared. The issue of renewal bonds of 1891 was printed on paper ten years old which was lying in the vaults of the bureau. It had to be taken out and wet down, and it was not ready for use for ten days. Bonds go through the presses three times. First the tint is printed on the face of them. Then the form on the front is printed in black, and then the form on the back is printed, also in black. These bonds were printed from plates wich were made in 1876. The bond issue of 1891 was a reissue of the bonds of 1876; so the bonds were printed alike. It is astonishing how little wear there is on the tempered steel plates from which bonds are printed. But this is not more remarkable than the process of freshening the plate which has been worn a little. If a bond-plate looks at all dull under the microscope, it is put in the transfer press and the cylinders with which the design was cut into it are rolled over it again. Anyone who has seen the fine hair lines in the engraving on a bank note or a greenback will appreciate the marvelous accuracy of a machine which can be adjusted so that the original cylinder, passing over the engraved plate seven or eight years after the original engraving, will cut again into the same lines and simply deepen the impression. The variation of a thousandth part of an inch in the adjustment of the cylinder would blur the plate and ruin it. The cost of transferring from the cylinders alone is about $50 a plate, and that feature of the preparation of a bond issue would cost the government fully $3,000. The cost of engraving and printing would bring the expense of issuing a new series of bonds up to about $15,000. The registered bond is about fourteen inches long by six inches wide. The old coupon bond was eighteen by twenty-four inches. This was the size of the 4 per cent bond which was to run thirty years with interest payable every three months, and which bore 120 coupons. In the issue of coupon bonds the signature of the register of the treasury is engraved on the coupons. It would be impossible for the register to sign 120 coupons on each bond. In some of the heavy issues of bonds the signature in the body of the bond has been engraved. But all of the registered bonds are signed by the register or his deputy. When these bonds are issued the initials of the clerk who entered, and the initials of the clerk who recorded each bond are written in the corner of it so that if there is any mistake it can be traced very quickly.