Citizens Savings Bank (New York, NY)

Episode Information

Episode UID
1018971091
Episode Type
Run Only
Bank Type
savings
Bank ID
101897 routing
Routing Number
1-0189
Start Date
November 19, 1890
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
51aa6db4beed1ce7

Response Measures

None

Events (1)
1. November 19, 1890 Run
Cause
Rumor Or Misinformation
Cause Details
Unfounded rumor/financial uncertainty circulated among depositors (notably Polish/Jewish community) causing mass withdrawals.
Measures
Paid depositors in gold and silver; directors decided not to invoke 90-day privilege and paid out as far as possible.
Newspaper Excerpt
The run has been causeless and senseless.
Source
newspapers

Newspaper Articles (11)
1. November 20, 1890 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, November 20, 1890

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Article Text

THE FINANCIAL UNCERTAINTY. It Leads to a Run on a New York Savings Bank. [[By telegraph to the Dispatch.] NEW YORK, November 19.-The uncertainty in financial circles has caused an unsettled feeling to possess the minds of those who have deposits in the banks of the city, particularly among the poorer people. The depositors in the Citizens' Savings Bank of the city of New York, at Howery and Canal streets, besieged its doors to-day from the opening hour till 6 o'clock, when the doors were closed with difficulty. All day long a crowd surrounded the bank and clamored for admission. The officials paid the demands of depositors with as much expedition as possible, but it was impossible to pass over money quickly enough to satisfy applicants who were laboring under the impression that the bank had failed. President Quintard at the close of the day said about $100,000 had been paid out, averaging about $75 to the depositor. Mr. Quintard said the bank was all right. He showed by the books that the bank had a surplus of 81,400,000. There was 81,360,000 subject to check at any time. The assets

2. November 20, 1890 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, November 20, 1890

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Run on Panks. NEWABK N. J., Nov. 20 -A bigger crowd than on the two-previous days shivered outside of the Howard Savings Bank this morning long before the bank opened. Hundreds of women surrounded the bank to withdraw money. Most of the withdrawals were by Poles, Italians and other foreigners. Many of the business men are making deposits as usual to allay the feeling of suspicion. President Frelinghuysen says that be has plenty of money to pay off depositors and if every depositor withdrew the bank would still have over $500,000 left. The business community is not worried by the run on the bank. NEW YORK, Nov. 20 -The run on the Citizens, Savings Bank was continued to-day. At9 o'clock there were at least from 15,000 to 16,000 excited Poles gathered in the vicinity. As yet the bank has not made use of its privilege of claiming 90 days, but it is likely to do E0 if the run continues for several days :0 come, No reason is known for the IUI,

3. November 21, 1890 New-York Tribune New York, NY
Article from New-York Tribune, November 21, 1890

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Article Text

The course of the officers of the Citizens' Savings Bank during the "run" made upon it for two days past has been eminently honorable and straightforward, and is calculated to restore confidence in the institution. The run has been causeless and senseless. No reason exists for doubting the entire stability of the bank, and the promptness with which all demands upon it have been met demonstrates its soundness. How the disquieting rumor started is not known, but the circulation of such a report among the class of people patronizing the Citizens' Bank comes near to being criminal. The question of the site for the World's Fair

4. November 21, 1890 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, November 21, 1890

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CAN EASILY PAY ALL. Continuation of the Run on the Citizen's Saving Bank. NEW YORK, Nov. 20.-The run on the Citizen's Savings bank, on the Bowery, which was begun yesterday, continued to-day. About 700 depositors were on hand, and under the supervision of a police squad filed into the bank in groups. The depositors who demanded their money were paid off as rapidly as possible. payments being made in gold and silver. Yesterday $100,000 was paid out, and $25,000 deposits were made. To-day $250,000 were on hand which would be sufficient to meet all demands. Up to noon to-day no deposits had been made. Usually the bank pays out about $25,000 a day and takes in about the same. The depositors could be paid at the rate of about $250,000 a day as the bank will remain open from 10 to 3, SO that all the waiting depositors cannot be paid off today. The amounts drawn out run between $50 and $200. If the run continues for several days the bank will probacly make use of the privilege of claiming ninety days. Most of the depositors are Polish Jews who are alarmed.

5. November 22, 1890 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, November 22, 1890

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EMBARRASSED BANKS. Barker Bros. & Co.'s Failure Not so Bad as It Might Be. PHILADELPHIA, Nov. 21.-Barker Bros. & Co.'s banking-house was open this morning, although no business was done. No statement of the firm's condition has yet been made. The Investment company, of which Wharton Barker is one of the directors, is perfectly solvent, it is asserted. Wharton Barker has resigned his position as president of the Finance company of Pennsylvania. Vice-President Tower has been elected in his place. It is asserted by all concerned that the company is certainly solvent, and in addition, a syndicate has been formed for the purpose of advancing it any amount of money necessary to meet its outstanding liabilities. Runs on Savings Banks. NEW YORK, Nov. 21.-The run on the Citizens' Savings bank continued today in full force. The directors met this morning and decided not to take advantage of the ninety days' notice rule, but to pay depositors as far as possible. NEWARK, N. J., Nov. 21.-The run on the Howard Savings bank continued today, but was not as heavy as yesterday. The Barings Firm Reorganized. LONDON, Nov. 21.-It is officially announced that arrangements for continuing the business of the Barings have been concluded. A limited company

6. November 23, 1890 Wheeling Sunday Register Wheeling, WV
Article from Wheeling Sunday Register, November 23, 1890

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Run on Citizens Savings Bank. NEW YORK, November 00 - -The run on the Citizens Savings Bank was continued this morning. This, the bank people say, was caused by the fact that they close at noon. Work was begun before ten o'clock, but the long line of depositors seemed to increase all the while instead of diminish. The bank officials say that the heart of the run will be broken to-day. The payments already made figure up nearly $300,000.

7. November 23, 1890 Telegram-Herald Grand Rapids, MI
Article from Telegram-Herald, November 23, 1890

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still Meeting the Res. NEW YORK. Nov. 22 - The run on the Citizens Savings Bank here was continued with as much vigor as ever. The payments already made figure up nearly $300,000.

8. November 25, 1890 New-York Tribune New York, NY
Article from New-York Tribune, November 25, 1890

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THE RUN ON THE CITIZENS' BANK OVER. The run on the Citizens' Savings Bank is over, and yesterday the regular course of business was pursued without interruption. In the four days that the run continued over $350,000 was drawn out by small depositors. These depositors lose the interest on their money for five months, and the bank is in that much money. The more frightened depositors who sold their deposit books for 75 per cent of the amount on deposit are now vowing vengeance against the unscrupulous brokers who bought them. Many of the people who drew out their money yesterday asked the bank to take It back again, but this the bank refused to do. Yesterday morning there were less than fifty people in the line when the bank opened at 9:30 o'clock, and they were all paid off in a few minutes: Police Captain McCullough ordered that the police detail be withdrawn, as there was no further necessity for their presence at the bank.

9. November 28, 1890 Shenandoah Herald Woodstock, VA
Article from Shenandoah Herald, November 28, 1890

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THE NEWS EPITOMIZED. Eastern and Middle States. THE Boston (Mass.) Clearing House voted to issue certificates to banks that needed help. FRANKLIN H. BASCOM, a prominent citizen of Montpelier, Vt., committed suicide. He was a druggist and real estate dealer and high in Masonic circles. GREGORY, BALLOU & Co., and Randall & Wierum, brokers, in New York City, made assignments. THREE men were killed and eight seriously injured by a boiler explosion at Mertztown, Penn. JOHN Davis and Henry Issinger were killed and six others seriously injured by a runaway freight car near Lock Haven, Penn. A HIGH wind biew down the 125 foot chimney of the Dutchers Temple Company at Hopedale, Mass., killing Watchman Gaskell. THE 122d annual dinuer of the Chamber of Commerce, at Delmonico's, in New York City, was the occasion for a brilliant gathering. Speeches were made by Chauncey M. Depew, President Eliot, of Harvard; Carl Schurz, Grover Cleveland and George William Curtis. CHARLES H. EASTON, for five years past a trusted employe of the wealthy tobacco house of John H. T. Mayo, of New York City, is a forger and a fugitive from justice. He carried away $40,000. P. W. GALLAUDET & Co. and William F. Owens, Wall street brokers, in New York City, have failed, the former with liabilities of $900,000. THE dead bodies of A. L. Pierce and Miss Lou Woodword were found by a hunter in the woods a couple of miles west of Waverly, N. Y. Each had a bullet through the head. Pierce was a married man, and a few months ego eloped with the girl. They then declared that if they could not live together they would die together. FRANCIS HIGGINS has been selected by Judge O'Brien, of the Supreme Court, as receiver to wind up the affairs of the North River Bank in New York City. SIX children have died in quick succession at Pittsburg, Penn., from diphtheria. They attended the Twenty-seventh Ward school. There are great fears of an epidemic, as many others are ill of the same disease. GENERAL E. BURD GRUBB, the new United States Minister to Spain, sailed from New York City for Madrid, accompanied by his mother and his daughter, Miss E.V.R. Grubb. THERE was a run on the Citizens' Savings Bank in New York City, caused by its customers, most of whom were Polish Hebrews, becoming alarmed at the general financial uncertainty. The excited depositors formed a line extending ten blocks from the bank, and some waited all night to draw their money next morning. The institution endured the run successfully. REAR ADMIRAL OLIVER S. GLISSON, United States Navy, retired, died a few days ago at his residence in Philadelphia, Penn., He was born in Ohio in 1809, was appointed midshipman from Indiana in 1626, and served actively in the navy until 1871, when be was retired.

10. November 28, 1890 The Pioneer Express Pembina, ND
Article from The Pioneer Express, November 28, 1890

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HERE AND THERE. Barker Bros., bankers and brokers of Philadelphia, fail for three millions. Wharton Barker is a member of the firm. The congressional judiciary committee to investigate charges against United States District Judge Boardman, has arrived at Shreveport, La. The purchase by the Rockefellers of 100, 000 shares of Northern Pacific stock causes much speculative gossip. It is affirmed and promptly denied that Villard is to be ousted. The drillers in the various block coal mines in the vicinity of Brazil, Ind., are out on a strike for an "advance of from $1.871/2 to $2 per day. Rev. Oswald Birchall of London has for warded to Ottawa a request, backed by in fluential names, for the surrender of his brother's body to Mrs. Birchall. Gov. Steele of Oklahoma has returned the bills to the legislature without his bignature or approval, locating the capital at King fisher. This leaves the capital at Guthrie. Judge Bookstaver, of the court of common pleas of New York, has granted a motion to appoint a receiver for D'onovan Rossa's paper, the United Irish ma Owing to the lax management of the Minneapolis workhouse many prisoners have been escaping for some time past, the num ber being estimated ut 150: The will of the late Robert Ray Hamilton has been offered for probate in New York. The document makes no mention of Hamil ton's wife. The bulk of the estate is left to the children. At Peorin, III., all the freight handlers, switchmen, engineers and firemen of the Peoria & Pekin Union, 230 men, have gone on a strike. The men wanted their pay Sat ardaysinstead of Mondays. The annual meeting of the Law and Order society will be held in Pitteburg. About 100 delegates, representing all the law and order organizations in the country, are expected to bein attendance. A remarkable surgical operation had just been performed in New York upon Judah Halprin. a Russian. It is thought it is the first of its kind ever performed in this country. The operation was the removal of the eutire left arm, shoulder blade and collar bone and the muscles attached thereto. A short time ago n package of Louisiana lottery prize lists was seized at Winnipeg by custom authorities. The matter was reported to Ottowa, and it is learned that the minister of customs has ordered the release of the package and also informed the officers that they had no authority to seize such packages A rumor was started in some unaccountable way that the Citizens Savings bank, at the Bowery and Canal street, New York, was in trouble. This caused quite 11 run on the bank, and the police had to keep the excited depositors in order. At the close of the day President Quintard said that about $100, 000 had been paid out. He said the bank was all right and could meet all demands. The books of the bank show a surplus of $1,400,000. The excitement at New Orleans over the Italian or rather anti-Italian issue growing out of the recent assassination of Chief of Police Hennessy is becoming more intensified, and it is feared that serious disturbances are yet in store. An Italian Catholic priest who is also the editor Italian newspape), has issued a call on the Italian government to place an Italian man-of-war in the Mississippi river for the protection of the Italian residents. Hon. John II. King of Chamberlain, S. D., railroad commissioner, said in an interview that the Indian scare 'is 80 ridiculous as to be almost a fake," He says the Indians well know if they were to countenance an upris. ing they would forfeit all their rights under solemn treaties, compacts and agreements since 1868, and would lose all claims to lands on the united portion of the Sioux res. ervation and all the millions of dollars to be paid them under these treaties and under the last agreement made with Gen. Crook. The dreadful spotted fever. that made it appearance last March near Fountain Head, about fifteen miles from Gallatin, Tenn., kill about 90 per cent. of the victims, has reap. peared. James Simpson. living in the affectsection, lost threegrown sons, all in about two days. He has since moved within about three miles of Gallatin, and now his daughter has a genuine case. The young lady is about thirteen years old, and the doctors do not know how to handle the disease. Spotted fever is an epidemic cerebro-spinal menengitis, and is a disease of the nineteenth century. The death rate is 80 per cent. Its average duration is about fourteen days but death o.ten occurs in a few hours.

11. December 11, 1890 The Philipsburg Mail Philipsburg, MT
Article from The Philipsburg Mail, December 11, 1890

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Fourth Day of the Run. 4.4-The - run on the NEW YORK, Citizens Savings bank continued, but it is evident that it is fast approaching an end. There are less depositors in line and the excitement has almost wholly subsided. The bank has over $100,000 on hand to meet the demands of the depositors. It is now believed the run is practically over.