gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e6fe5b3e982c7ce3
Response Measures
None
Description
Events tied to the Tweed/'Ring' collapse; officers later arrested for misappropriation.
Events (4)
1.November 18, 1871Run
Cause
Bank Specific Adverse Info
Cause Details
Run triggered by rumored connection to the Guardian Savings Bank and collapse of Tweed's Ring; loss of confidence tied to alleged mismanagement/corruption.
Measures
Officers stated depositors would be paid after 30-60 days; officers raised funds and paid smaller depositors later.
Newspaper Excerpt
An extensive run on the Bowling Green Savings Bank to-day was caused by its rumored connection with the Guardian Savings Bank.
Source
newspapers
2.November 18, 1871Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension followed heavy withdrawals tied to alleged mismanagement and links to the Guardian/Tweed interests.
Newspaper Excerpt
There was a heavy run on the National and Bowling Green savings banks to-day, the latter...suspended payment at three o'clock in the afternoon, having exhausted its capital.
Source
newspapers
3.February 18, 1872Receivership
Newspaper Excerpt
The Bowling Green Savings Bank Adjudicated an Involuntary Bankrupt...the Court ordered an adjudication of bankruptcy against it by default.
Source
newspapers
4.April 24, 1872Other
Newspaper Excerpt
Receiver's sale of Office Furniture and Fixtures of the late Bowling Green Savings Bank ... By order of SHEPHERD F. KNAPP, Receiver.
Source
newspapers
Newspaper Articles (24)
1.November 19, 1871New Orleans RepublicanNew Orleans, LA
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NEW YORK. Brooklyn Election Returns in Court-Eu on the Bowling Green Savings BankGovernments Very Firm-Weekly Bank Statement. NEW YORK, November 18.-Judge Gilbert denied the application to compel the Brooklyn board of canvassers to reject the returns of certain districts in Brooklyn. An extensive run on the Bowling Green Savings Bank to-day was caused by its rumored connection with the Guardian Savings Bank. Evening.-The bank statement shows: Loans increased $1,500,000; specie increased over$2,250,000; legal tenders incr eased over $3,250,000; deposits increased nearly $5,000,000. Money easy at 5@6 per cent on call loans, with exceptions at 3@4' at the closing. Sterling exchange firm, 94694. Gold 111@1111. Governments very firm; Sixes of 1881, 117%; five-twenties of 1862, 111%; 1864, 111 1/2; 1865, new issues 11416; 1867, 114 % 1868, 115; ten-forties, 110. State bonds inactive; old Tennessees steady, 66 1/2, new heavy, 66; Virginias stead, old 59 1/s; new 67; North Carolinas firm. old 38% new 1914; South Carolinas, old 72, new weak, 27 1/2; Louisianas old 65, new 55; levee sixes 68, eights 75; Alabama eights 98, fives 65; Georgia sixes 80, sevens 86. Patrick Barry died yesterday from eating herrings brought from London on the steamship Devonter, which had become impregnated with arsenic, which was part of the cargo. The health authorities are investigating the case. The Catholics at Hunter's Point threatened violence against the public schools in the first ward of that place, on account of the Bible being read there. The police were yesterday detailed to protect the building. Notice has been given that the painters, bricklayers, housesmiths, stairbuilders and joiners' unions will withdraw from the Workingmen's Union, as the latter is being used mostly to advance the interests of politicians. There was a heavy run on the National and Bowling Green savings banks to-day, the latter of which Henry Smith, police commissioner, is president, suspended payment at three o'clock in the afternoon, having exhausted its capital, $60,000. Its officers claim that at the end of sixty days the bank will be able to meet all demands. The National Savings Bank is also reported to be unable to stand the pressure, and has closed its doors before the end of business hours. It is rumored there will be a run on other banks Monday. The Guardian Savings Bank, William M. Tweed, president, previously reported suepended, has its portals barred, and all entrance to the building is denied. Arrived: Steamer City of Brussels, City
2.November 19, 1871Nashville Union and AmericanNashville, TN
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Article Text
The run on the Bowling Green Savings Bank caused suspension at 2 o'clock this afternoon. The officers of the bank say that at the end of thirty days it will be able to meet all demands. It is reported there will be a run on other banks Monday. The National Savings Bank also suspended today, making three in all. There is considerable excitement about the Guardian Savings Bank to-day. The depositors were assembled in large numbers around the bank, though no demonstration was made. The friends of Tweed tried to pacify the crowd by saying it would resume Monday. Prominent Tammanyists have official connection with all three of the suspended banks, Tweed being President of the Guardian Bank, and Police Commissioner Henry Smith of the Bowling Green Bank.
3.November 19, 1871The New York HeraldNew York, NY
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The Savings Banks Troubles. The suspension of the Guardian Savings Bank, which was controlled almost entirely by the capitalists of the "Ring," and of which William M. Tweed was President, is a natural result of the collapse of the "Ring" itself, and also goes to explain the run which commenced yesterday on the Bowling Green Savings Bank-an institution near of kin to the "Boss' own, and on the National Savings Institution, which has been luckless enough to have a Tweed (Jr.) among its directors. There is no need to feel any uncertainty in regard to the great majority of our savings institutions, for they are, as a rule, honestly controlled and are considered perfectly sound. The Guardian and Bowling Green are the only ones that have an acknowledged affinity with the "Ring" management, and they doubtless feel now that a good name 13 better than silver or gold. It is to be earnestly desired that the laboring men whose bread and meat depend upon the little sums they have deposited in these concerns may suffer no loss. Nothing that bas yet been proven against the "Ring" managers will go so far to render the lower classes indignant as to thus bring "Ring" rascality to bear directly on their own slim pockets. Better that every man of means in the directory of these banks sacrifice his whole fortune than that these worthy and needy depositors go unpaid.
4.November 20, 1871Evening StarWashington, DC
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The Bursting of the Ring Banks in New York. Tweed Puts in His Usual Piea of Innocence. NEW YORK, Nov. 20.-Wm. M. Tweed denies that he is connected with the Bowling Green Savings Bank. He admits being president of the Guardian Savings Bank, but has nothing to do with its management. He says its vice president has placed $300,000 worth of real estate at the command of the bank to enable it to meet its engagements. H. Smith, vice president, of the National Savings Bank, states that all demands will be promptly met to-day. NEW YORK, Nov. 23.-The Times says: "Edward Schell has been appointed by Judge Barnard as receiver of the National Savings Bank, who will take possession to-day. It is believed this bank, the Guardian and Bowling Green banks will meet all the claims of their depositors, but it doubtful if either resumes business again.
BOWLING GREEN BANK SUSPENDED. Therun on Bowling Green Savings Bank caused a suspension at 2 o'clock this afternoon. The officers of the bank say that at the end of sixty days it will be able to meet all demands. OTHER BANKS THREATENED TO-DAY. It is reported that there will be a run on other banks Monday. A THIRD SUSPENSION. The National Savings Bank also suspended to-day, making three in all. EXCITEMENT ABOUT TWEED'S BANK. There was considerable excitement about the Guardian Savings Bank to-day. The depositors were assembled in large numbers around the bank, though no demonstrations were made. The friends of Tweed tried to pacify the crowd by saying that the bank would resume on Monday. Prominent Tammanyites have had official connection with three of the suspended banks, Tweed being President of the Guardian Bank, and Police Commissioner Henry Smith, of Bowling Green, in the office. SMALL-POX. / Nine new cases of small-pox are reported to-day. This makes thirty-nine cases since Saturday last. QUARANTINE CHOLERA. The cholera at Quarantine is now supposed to have been subdued. No deaths have occurred since Thursday. The Humboldt, of the same line as the Franklin, expected to arrive on Tuesday. it is feared, will have a portion of the disease on board.
6.November 20, 1871The Daily DispatchRichmond, VA
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Affairs In New York. NEW YORK, November 18.-There was a run on the Nationaland the Bowling Green Savings Banksto-day. The latter, of which Henry Smith, the police commissioner, is president, suspended payment at 2 o'clock P. M., having exhausted its capital of $50,000. Its officers claim that at the end of sixty days the bank will be able to meet all demands. The National Savings Bank is also reported to be unable to stand the pressure and to have closed its doors before the end of business hours. There will be a run on other banks on Monday. The Guardian Savings Bank, previously reported suspended, has its portals barred, and all entrance to the building is denied. Notice has been given that the painters, bricklayers, house-smiths, stair-builders and joiners unions will withdraw from the Workingmen's Union, as the latter is being used mostly to advance the interest of politicians. Judge Gilbert has denied the application to compel the Brooklyn board of canvassers to reject the returns of certain districts in Brooklyn.
THE SUSPENDED SAVINGS BANKS. NEW YORK, November 20. Hon. Edward Schell has been appointed recelver of the National Savings Bank. It is believed that the Guardian and Bowling Green Savings Bank will be enabled ultimately to pay in full.
8.November 23, 1871New-York TribuneNew York, NY
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THE SUSPENDED SAVINGS BANKS A STATEMENT FROM HENRY SMITH. Henry Smith, President of the Bowling Green Savings Bank, states that all the depositors in that institution and in all others over which he presides will be paid 111 full, and, so far from owing that bauk money, it has special deposits of his to a considerable amount that his official duties in the local government were such that he could not take an active part in the management. He did not know of any misappropriation of the funds. but, test there might have been, he caused the Secretary, Reeves H. Sclunes, who possessed a large amount of property, to transfer deeds and contracts for estate to the amount of $196,000 to the bath 11 trust for the depositors. The and other are now milking up the the real state of affairs. His with regard to the safety of Savings Institution on he because knew Broad be whereas, at the Bowisubstantial character be could no: speak specula He 81 Jo Hammad the has of on advice to 11, and a positions for He
ON Saturday last three savings banks suspended in New York. They were the "Gurrdians Savings Bank," the "Bowling Green Savings Bank," and the "National Savings Bank." Prominent Tammany politicians were connected with each of the banks. There had also been a heavy run on the Yorkville Savings Bank, and it was thought it would have to succumb. It is claimed that they will all, in time, be able to meet their liabilities.
There is much feeling in the Roman Catholic circles in New York city owing to a rumor that over $90,000 belonging to the Catholic Foundling Institution were deposited in the Bowling Green Savings Bank, which suspended.
11.January 4, 1872New-York TribuneNew York, NY
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THE BOWLING-GREEN SAVINGS BANK DEPOSITORS. The officers of the Bowling Green Savings Bank have raised money, and are now engaged in pay. ing off all the depositors whose total deposits are not over $11. THE RUN ON THE THIRD AVENUE SAVINGS BANK. A large crowd of depositors gathered at the Third Avenue Savings Bank, yesterday, before the hour of opening. A number of policement were present to preserve order, but they found little to do after the first rush. Payments were promptly made, the amount disbursed since Tuesday morning being nearly $600,000. Most of the drafts, yesterday, were on the smaller accounts. All depositors waited their turns with exemplary quietude and patience. The officers of the bank manifest no uneasiness, and express great confidence in their ability to withstand the run. The bank was closed at the usual hour of 3. and reopened for the transaction of business from 6 to 8 p. m.
vanced to 43/6 to-day-t highest point attained for some time past. Lake Shore directors to-day declared a dividend of 4 per cent, payable February 1st-the transfer books to close January th. It is stated that there will be no dividend on St. Paul common. A run was commericed on the Third avenue savings bank this morning. The bank officers say that the bank is able to make all necessary payments The drain lasted all dav. Three hundred thousand dollars have thus far been paid out, and there is half a million dollars cash still on hand, while a million in securities can be converted inside of one day. Another savings bank offered to advance the Third Avenue a quarter of a million, but the offer was declined. Thus far about $15,000 have been paid to the small depositors of the Bowling Green savings bank.
13.January 22, 1872Evening StarWashington, DC
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The Run on the New York Savings Banks. NEW YORK, Jan. 22.-There is a large crow4 in Nassau street, composed of depositors in the Market Savings Bank. Cries of "Swindlers," "Robbers," "Highwaymen," are frequent, but no overt acts are committed. Excitement is visible on all countenances. No one is admitted to the bank but the receiver and officers of the broken institution. The general impression is that the statement will show unparalleled knavery. The retrenchment committee have decided to stay here another week. The run on the Third-avenue Savings Bank ceased to-day. A depositor to-day petitioned that the Bowling Green Savings Bank be declared bankrupt.
14.February 5, 1872New-York TribuneNew York, NY
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BANK DEPOSITORS' GRIEVANCES. About 1,300 depositors have signed the petition protesting against placing the Market Savings Bank in bankruptcy. Mrs. 8. F. Mackey's petition to have the bank thrown into bankruptcy came up before Judge Blatchford on Saturday. Counsel for the bank stated that he had arranged with counsel for the petitioner for an adjournment for one week. Two new petitions of a similar nature were presented and pronounced imperfect in form. James H. Montfort of Green Vale, Long Island, called upon a member of the Depositors' Investigating Committee on Saturday, and stated that several days before the failure of the bank. Mr. Van Name told a mutual acquaintance of the critical state of the bank. and said that he had withdrawn his account. In addition to this, Mr. Montfort affirms that Mr. Van Name advised several persons residing in Green Vale to withdraw their deposits, and told the teller to inform his friends in Green Vale so that they might withdraw their money in time. Mr. Montfort states that 15 persons withdrew their deposits some four days before the collapse, others on the day previous, and two. he affirms, were quietly admitted into the bank the day of the failure, when it was closed to the public, and received the amount of their deposits in full. The President, Mr. Van Name, denies the charges. A meeting of the depositors of the bank will take place to-day, in the First Dis trict Court. Mr. Worth, the receiver, is expected to be present and to address the audience on the condition of the bank. The run upon the Third Avenue Savings Bank was very light on Saturday. the number of people about the building and the amount of money withdrawn being much smaller than on any day since the run began. Many of the depositors drew out portions of their accounts, and others withdrew their interest only. In reference to the petition in bankruptey, filed against the bank on Friday. the officers are confident that it will not be granted. They characterize the proceeding as entirely malicious, and done at the instigation of the party of disappointed politicians who wanted to control this bank, and, failing in which, they have used every dishondrable means to effect its ruin. The Eighth National and Stuvvesant Banks' depositors meet to-day.1 to consider the condition of their banks, the prospects for the payment of dividends, and the prevention of bankruptcy proceedings. Judge Blatchford heard the motion of Aaron May, on Saturday, to have the Bowling Green Savings Bank placed in involuntary bankruptcy. Counsel for the bank said that a judgment had been obtained in the State Court against the bank, dissolving the bank before service in the bankruptcy proceedings had been made upon the Secretary of the bank. The Court held that the service was defective, as, there being no bank. there could be no Secretary, and an adjournment was had to give the petitioner time to make service by publication.
15.February 14, 1872The Daily State JournalRichmond, Alexandria, VA
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FROM NEW YORK -New York, Feb. 13.-The officers of the Bowling Green Savings bank have been arrested on the charge of misappropriation of the funds of the institution. The vicepresident of the bank has been bailed in $50,000. The Morrisiana Hotel, at Morrisiana, has been burned, the inmates narrowly escaping with their lives. The Methodist preachers here favor a longer term of ministration. The subject will be brought before the General Conference. The French residents have subscribed four thousand dollars during the week to aid in the payment of the German war debt. The receiver for the Sturtevant Savings bank reports enough assets to cover the liabilities. The jury in the Stokes trial was completed to-day, and the court adjourned to to-morrow.
16.February 14, 1872The Daily DispatchRichmond, VA
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New York Items. NEW YORK, February 13.-The officers of the Bowling Green Savings Bank have been arrested on the charge of misappropriation of the funds of the institution. The Morrisiana Hotel, at Morrisiana, has been burned, the inmates narrowly escaping with their lives. The Methodist preachers here favor a longer term of ministration. The subject will be brought before the general conference. The jury in the Stokes trial was completed to-day, and the court adjourned until to-morrow. O'Baldwin has accepted the Mace challenge. The French residents have subscribed four thousand dollars during the week to aid in the payment of the German war debt. The receiver of the Sturtevant Savings Bank reports enough assets to cover the liabilities. The vice-president of the Bowling Green Savings Bank has been bailed in $50,000.
LATEST BY TELEGRAPH. FOREIGN NEWS BY THE CABLE. o Miscellaneous and Washington News. 1332 HOME NEWS. GOVERNOR OF FLORIDA IMPEACHED Anneying Delay of the Japanese Embassy -New York Bank Officers Arrested, &c. TALLAHASSEE, Feb. 13.-The resolution impeaching Governor Reed passed the House. Lieutenant-Governor Day assumes the Governorship. FRANKFORT, Feb. 13.-A swindler pretend ing to be a nephew of General Lee was escorted from town. SALT LAKE, Feb. 13.-The Mormon ticket was elected. Women and children voted. The Japanese embassy will be obliged to return to San Francisco and take steamer via Panama There is no prospect of raising the snow blockade in, perhaps, a month. The Postoffice Department is proposing for stage service around the blockade for sixty days. NEW YORK, Feb. B.-The officers of the Bowling Green Savings Bank have been arrested on the charge of misappropriating the funds of the institution. The Morrisiana Hotel is burned. The inmates narrowly escaped. The Methodist preachers favor a longer term of ministration. The subject will be brought before the General Conference. O'Baldwin accepts Mace's challange. The French residents subscribed $4,000 during the week to aid in paying the German war debt. Eleven jurors have been secured in the Stokes trial. The Receiver of the Steutevant Saving= Bank reports enough assets to cover the liabilities. The Vice President of the Bowling Green Savings Bank was bailed in $50,000. ST. LOUIS, Feb. 13.-The officers of the penitentiary have been indicted for flogging a negro convict. CINCINNATI, Feb. 13,-The Governor of Kentucky has signed the Southern Railroad bill. COLUMBIA, S. C., Feb. 13.-The House of Representatives to-day, by a vote of 70 to 9, adopted a resolution demanding the resignation of Sawyers and Robertson, on account of their opposition to Summer's civil rights amendments to the Amnesty bill. RICHMOND, Feb. 13.-The report of special committee on the State debt failed to pass in the House. A prolonged session is probably necessary to settle the question. C. W. White, deputy postmaster at Barnsville, was arrested for robbing the mails. R2UHMOND, Feb. 18.-Colonel John W. Jenkins, a prominent Republican, was arrested today by the Sergeant-at-Arms of the House under a resolution charging him with contempt in refusing to answer questions before the Committee of Investigation into the alleged bribery and corruption in the passage of the funding bill at the last session. Jenkins had testified that himself and General Bradley T. Johnson had been employed professionally, to lobby the bill through the House, but refused to tell who employed them or what amount of fees had been paid them. Jenkins is now in custody and will be arraigned before the bar of the House to-inorrow. A bill was introduced in the House repealing that section of the Funding bill which makes coupons receivable for taxes, and was rushed to engrossment, by 96 ayes to 18 nays.
18.February 18, 1872The New York HeraldNew York, NY
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UNITED STATES DISTRICT COURT-IN BANKRUPTCY.
The Bowling Green Savings Bank Adjudicated an Involuntary Bankrupt.
Before Judge Blatchford.
Yesterday was the return day of the order to show cause why the Bowling Green Savings Bank should not be adjudicated an involuntary bankrupt on the petition of Aaron May, a depositor. Proof was offered of the publication of the order.
Mr. Devlin appeared on behalf of the Receiver of the Bank, Mr. Shepherd Knapp, and objected to the jurisdiction of the Court for the reason that the bank had been dissolved before the filing of the petition and the service of the papers; that, therefore, there was no bank to adjudicate bankrupt; and that the State Court had obtained control of the matter by the appointment of a receiver. Counsel argued that so far as the bank was concerned in these proceedings before the Court, it was a dead institution, and could not be adjudicated bankrupt, or called upon to answer or show cause.
Judge Blatchford said these points had been already passed upon. He had repeatedly held that there was no force in them as against the Bankruptcy law.
The bank was then called, and there being no appearance on its behalf,
The Court ordered an adjudication of bankruptcy against it by default.
Voluntary Petitions in Bankruptcy.
Moses Sternheimer, William D. Woods, Simon Openneim, David G. Hackney.
Adjudications in Involuntary Cases.
Charles D. Matthews, John W. Decker, The Virgil Price Manufacturing Company, William A., Parker, Chancellor H. Brooks, Theodore F. Pier, Kieran Mack, Hugh Commiskey, Francis Commiskey, James M. Adams, James M. White, Charles E. White, Stephen O. Whitmore, The Market, John D. Clark, George S. Clark, Thomas Wheen, Victor Girandy, A. Warner Platt, Henry Altenbrand, Louis Altenbrand.
Discharges.
Edward B. Buckley, Francis F. Cecil, Edwin H. Weed, George Kerr.
19.April 23, 1872The New York HeraldNew York, NY
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ENJ. P. FAIRCHILD, AUCTIONEER. B Receiver's sale of Office Furniture and Fixtures of the late Bowling Green Savings Bank, On WEDNESDAY, April 24, 1872, at 10 A. M., at 33 Broadway, consisting of Desks, Counters, large Iron Safes, Partitions, Gas Fixtures, revolving and other Chairs, Tables, Clocks, Spittoons, Carpets, Matting, &c., &c. By order of SHEPHERD F. KNAPP, Receiver.
20.December 5, 1877The New York HeraldNew York, NY
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s LONG TIME TO WAIT. To THE EDITOR OF THE HERALD:In 1871 the Bowing Green Savings Bank failed. Shepherd Knapp was appointed receiver. Is it not very strange that he has not settled up its affairs before ,his? Seven years is a long time for depositors to wait. A DEPOSITOR.
21.January 28, 1878The New York HeraldNew York, NY
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THE BOWLING GREEN SAVINGS BANK. To THE EDITOR OF THE HERALD:Can you inform a number of the depositors of the broken Bowling Green Savings Bank why the receiver, with $40,000 or $50,000 in his hands, does not declare a dividend? A small one would help in these bard times. DEPOSITORS.
22.April 13, 1878The New York HeraldNew York, NY
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THE BOWLING GREEN SAVINGS BANK. To THE EDITOR OF THE HERALD:Can you inform a depositor of the broken Bowling Green Savings Bank 11 the receiver will make another dividend ? He has received about $50,000 since July, 1873. 11 10 about time be did something, or must the depositors apply to the courts LO compel him to act ? DEPOSITOR.
23.February 18, 1879The New York HeraldNew York, NY
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WILL HE EVER SETTLE? To THE EDITOR OF THE HERALD:Will the receiver of the Bowling Green Savings Bank ever settle up its affairs ? He has had eight years to do it in, having been appointed in 1871. CENTRE STREET.
24.January 5, 1882New-York TribuneNew York, NY
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REAL ESTATE. New-YORK, Wednesday, Jan. 4. 1882. The following sale was made under the direction of the Receiver of the Bowling Green Savings Bank, at the Exchange Salesroom to-day : By Richard V. Harnett. 12 lots on 3d-ave. se cor of Webster-ave, Newton, Long Island, lots together in size; 306.11x92 6; C $300 E Smith
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
