SAVINGS BANK OPENS
On July 3, 1819: The first savings bank, the Bank for Savings in the City of New York, opened its doors at Park Avenue. The idea of a savings bank was borrowed from Europe in hopes that the lower classes would learn how to save rather than spend their money. Ironically, the establishment came at the same time as the Panic of 1819, the first major financial crisis in the peacetime United States.
WONDERFUL TOWN CLOSES
On July 3, 1954: The Broadway musical Wonderful Town closed on Broadway after 559 performances. With lyrics by Betty Comden and Adolph Green, and music by Leonard Bernstein, the musical chronicled the lives of new-in-town sisters trying make lives for themselves while dealing with the eccentricities of their neighbors on Christopher Street. The musical won five Tony awards, including Best Musical, and inspired a 2003 Broadway revival.