Williamsburg Savings Bank (New York, NY)

Episode Information

Episode UID
1035471123
Episode Type
Run Only
Bank Type
savings
Bank ID
103547 routing
Routing Number
1-0354
Start Date
July 2, 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
fca50134ea24fa43

Response Measures

None

Events (3)
1. July 2, 1893 Run
Cause
Rumor Or Misinformation
Cause Details
A false rumor circulated about the bank's financial standing, later reported to have 'no foundation.'
Random Run
Yes
Random Run Snippet
false rumor about the bank's financial standing; had no foundation
Measures
President and officials reassured public; paid out normal semi-annual interest; preserved order with special policemen.
Newspaper Excerpt
a false rumor...because sixty or seventy depositors stood in a line...some people thought there was a run on the bank...the rumor had no foundation.
Source
newspapers
2. July 3, 1893 Run
Cause
Rumor Or Misinformation
Cause Details
Continuation/recurrence of the false rumor about the bank causing crowds and withdrawals.
Random Run
Yes
Random Run Snippet
false rumor touching the financial standing of the Williamsburg Savings Bank
Measures
Opened additional paying windows, placed full staff on duty, served depositors throughout day and evening.
Newspaper Excerpt
DEPOSITORS ALARMED. ...several hundred depositors crowded around the doors...made a rush to withdraw their money...Gen. Meserole said the bank's surplus of $5,000,000 was available at all times.
Source
newspapers
3. August 1, 1893 Run
Cause
Rumor Or Misinformation
Cause Details
Ongoing depositor alarm and crowding amid wider banking unrest in July-August, prompting large withdrawal attempts and precautionary limits.
Measures
Limited cash payouts (e.g., $10) for some depositors and general enforcement of thirty/sixty day notice by Brooklyn savings banks as a precaution.
Newspaper Excerpt
When the doors of the Williamsburgh Savings Bank...fully 500 depositors pushed their way into the building to withdraw their savings...told they could withdraw $10 but no larger amount.
Source
newspapers

Newspaper Articles (10)
1. July 2, 1893 The Sun New York, NY
Article from The Sun, July 2, 1893

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Article Text

A SCARE AT A SAVINGS BANK. A Crowd Gathers 118 Its, Doors in Conse. quence of a False Rumor. Because sixty or seventy depositors stood in a line on the sidewalk in front of the Williamsburgh Savings Bank. at Driggs avenue and Broadway. before 9 o'clock yesterday morning. waiting for the doors to open so that they could draw their semi-annual interest. some people thought there was a run on the bank. Many car lines pass the bank, and the rumor spread rapidly. By o'clock there were at least a thousand persons there. eager to draw out their money when the bank should open for the day. When the doors were opened the crowd made a rush for the paying teller's window. The special policemen employed in the bank had all they could do to preserva order. Finally the people were made to understand that the rumor had no foundation. and nearly all went away. About one hundred depositors drew their savings. and some of these returned later in the day to redeposit the money. Gen. J. V. Meserole. the President of the bank. arrived during the excitement. and assured all that the bank was in no financial trouble. To a reporter Mr. Meserole said: "The bank has a surplus of over $5,000,000. To-day three things contribute to make the scene unusual. It is the last day for depositing money that will draw interest for the next three months. and there is a rush to get the money in. It is dividend day. and persons come to draw their interest. Then people who want to go out of town over the Fourth of July come to us to draw money to pay expenses. It being a half holiday the attempt is made to do in two hours' work what on other days we would do in five hours. We have about 70,000 depositors, and R small percentage of them makes a big crowd."

2. July 4, 1893 The Sun New York, NY
Article from The Sun, July 4, 1893

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Article Text

DEPOSITORS ALARMED. But the Willlamsburgh Savings Bank Meets the Run, and Is Ready for Another. The false rumortouching the financialstanding of the Williamsburgh Savings Rank circulated on Faturday. and which caused about one hundred depositors to withdraw their savings. was followed iy another run on the bank yesterdar. everal hundred depositors crowded around the doors. and. when the bank was opened. made a rush to withdraw their money. They were m stly Hebrews and Germans. women pr-dominating an before noon all of them were served. After that time the business of the bank went on as usual until 3 P. M., when the ank closed until 4 o'clock. a d reopened until 7 P.M. when it closed for the day. I order to provide for the rush which was expected. six wi dows were opened instead ( Las r. and the entire force of officials and clerks was pl ced on du y. Gen. Meserole. the President of the bank. said last evening that th. bank's surplus of -5,000,000, was vailabl at all times. "As a matte of fact." he added. 0.8 money was withdrawn on S. ur ay than on the simi ar days. July 1. of the two preceding years. Ju y 1891. there being 401,000 withdrawn. and on July 1. 1892. $430,000 was withdrawn. while on Sat rday only $256,000 was taken out. We do not anticipate any further rush, but if it comes we are prepared for it."

3. July 4, 1893 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, July 4, 1893

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CONDENSED TELEGRAMS. Johnson, the famous California outlaw, died in jail at Fresno yesterday. General Warner denies the story that there has been a secret conference of the free silver congressmen. Edward McCarthy jumped from the Brooklyn bridge last night and sustained fatal injuries. Ho wanted to emulate the example of Steve Brodie. A run on the Carbonato and American banks at Leadville, Col., was instituted yesterday. The bank meets all demands, and depositors are being paid in full. Fifteen hundred miners at Long Run, Dillonvale and Laurelton mines on the Wheeling & Lake Erio are out on strike because of the discharge of the check weighman. A dispatch from Hong Kong reports another fanatical outbreak against mis. sionaries in China. The dispatch says that a mob of natives attacked two Swedish missionaries at Macheng and killed them. The militia were withdrawn from Tonawanda, N. Y., yesterday atternoon. The situation has become such that deputy sheriffs can take the place of the soldiers in guarding the property of tho lumbermon. There wns a slight run on the Will. iamsburg (N. Y,) Savings Bank yesterday morning. Nearly n thousand porsons crowded to got into the bank as it opened and at noon hundreds of anxlous inquiries were made. The bank is in no danger.

4. July 4, 1893 The Times Richmond, VA
Article from The Times, July 4, 1893

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THE SOUTH'S GOOD RECORD. She Withstands the Financial Crisis Better Than Any Other Section. CHATTANOOGA July 3.-An analysis of the statistics of business failures in the United States for the first six months of this year by the Tradesman discloses the fact that the Southern States have withstood the financial crisis better than any other section of the country. The Tradesman's figures show that while the total number of failures in the United States were 16 2-5 per cent. greater for the first half of 1893 than for the corresponding period of 1892, in the Southern States the increase was only 1 3-4 per cent. The assets of embarrassed firms in the same period for the whole of the United States increased 260 per cent, whereas in the South the increase was only 100. Liabilities for the whole country Increased 200 per cent. over the same period of last year, and for the South the increase was 100 per cent. More Bank Failures. ALBUQUERQUE, N. M., July 3.-The Albuquerque National Bank suspended this morning GOLDEN, COL., July 3.-The McPherson County Bank this morning made an assignement for the benefit of its creditors. No statement as to assets and liabilities has so far been made public. GOLDEN, COL., July -The Jefferson County Bank, in this city, made an assignment this morning. The total liabilities of the bank are placed at $76,538, while the assets are $111,380. Run on a Savings Bank. BROOKLYN, N. Y., July 3.-There was a slight run on the Williamsburg Savings Bank at 10 o'clock this morning. Nearly 1,000 persons crowded to get into the bank as it opened, and until noon hundreds of anxious inquiries were made. In most cases the inquirers went away satisfied. The proportion of those withdrawing their deposits was five to one of those depositing.

5. July 4, 1893 The Morning News Savannah, GA
Article from The Morning News, July 4, 1893

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A Run on a Savings Bank. Brooklyn, N. Y., July 3.-There was a slight run on the Williamsburg Savings bank at 10 o'clock this morning. Nearly 1000 persons crowded to get into the bank as it opened and until noon, hundreds of anxious inquiries were made. In most cases the inquirers went away satisfied. The proportion of those withdrawing their ing. deposits was five to one of those deposit-

6. July 4, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, July 4, 1893

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BUSINESS REVERSES. Many Banks Unable to Withstand the Pressure. ALBUQUERQUE, N. M., July 3.-The following notice was posted on the door of the Albuquerque National Bank this morning: "The Albuquerque National Bank is compelled temporarily to suspend business. This is brought about by the unusual demands of depositors since the suspension of California banks about ten days ago, and the absolute impossibility during the present business depression to call in our loans. It is confidently hoped that we can soon resume business and that every creditor will be paid in full, as the assets greatly exceed the liabilities. "JOHN A. LEE, Vice-President." The suspension will cause no loss to depositors, as the bank has a surplus of $40,000. The other local banks are exceptionally strong and have a large cash reserve. Full confidence is expressed by citizens in their soundness and no runs whatever are being made. The liabilities of the Albuquerque National are $275,000 and the assets $420,000. The New Mexico Savings Bank and Trust Company also closed to-day. Its officers say the depositors will be paid in full. LEADVILLE, Colo., July 3.-A run was made on the California, Carbondale and American banks to-day, but all the demands of depositors were promptly met, and at the closing hour the run had ceased. The American National Bank closed its doors this morning, but the directors say the depositors will be paid in full. The bank's statement shows resources amounting to $3,536,134 and liabilities of $342,625. GOLDEN, Colo., July 3.-The Jefferson County Bank failed this morning. There is DO statement of assets or liabilities. The total liabilities are $76,538 and the assets $111,380. The officers are confident that every cent will be paid. CINCINNATI, Ohio, July 3.-Freiberg Bros.. liquor-dealers, have failed; liabilities, $200,000; assets, same. BROOKLYN, July 3.-There was a run on the Williamsburg Savings Bank this morning. Nearly 1000 persons crowded into the bank as it opened, and until noon anxious inquiries were made. The proportion. of those with drawing deposits was as five to one of those depositing. General A. V. Meserole, president of the bank. said: "We paid out $230,000 on Saturday and took in $140,000. mostly from the depositors. We are doing business fast, and are prepared for a run, should it come." CHICAGO, July 3.-A. G. Postlethwalte filed a bill to-day for a receiver for the Illinois Fuel Company of Sangamon County, which confessed judgment some days ago for $70,000. The complainant is holder of the company's stock. He claims that the officers put all his investment in the company and have mismanaged its affairs. He claims the company owes him $42,000 money loaned. WINNIPEG, July 3.-The Commercial

7. July 4, 1893 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, July 4, 1893

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PREPARED FOR THE (RUN. Brooklyn, N. Y., July 3.-There was a slight run on the Williamsburg Savings bank this morning. Nearly 1,000 people crowded into the bank as it opened, and until noon anxious inquiries were made. The proportion of those withdrawing deposits was as five to one of those depositing. The president of the bank said: "We paid out $230,000 on Saturday, and took in $140,000, mostly from new depositors. We were doing business fast and were prefor a run, should it come."

8. July 8, 1893 Mineral Point Tribune Mineral Point, WI
Article from Mineral Point Tribune, July 8, 1893

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NEWS AFTERMATH. The Brazilian cabinet has resigned. Gov. Altigeld's mother is dead in Mansfield, Ohio. Edward McOarthy, aged 22, a bartender, jumped from the Brooklyn bridge and will die The Albuquerque National bank has closed its doors. Its liabilities are $175,000 and assets $425,000. The New Mexico Savings Bank and Trust company also closed but depositors will be paid in full. The American National bank at Leadville has closed. Its resources are $536,134 and liabilities $342,625. The Williamsburg Savings bank of Brooklyn enjoyed a harmless run. Two Swedish missionaries, named Wickholm and Johannsen, were killed by the Chinese. Fire cansed $150,000 loss in the dry goods store of Fish, Joseph & Co. The clerks got out after a violent scramble. The store is located in Chicago.

9. July 30, 1893 The Sun New York, NY
Article from The Sun, July 30, 1893

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NO RUNS LIKELY IN KINGS COUNTY. A Few of the Savings Banks Adopting the Time Limit as 18 Precaution. The action of the representatives of the savings banks on Friday in deciding that each bank might avail itself of the privitege of putting the thirty and sixty days' time limit regarding the withdrawal of deposits in operation did not create much stir among the depositors in the Brooklyn banks. A few of the banks took advantage of the privilege. and some of the others will probably do so next week. All the banks are said to be solid financiaily. and there is no indication of any alarmingly panicky feeling among the depositors. A few minutes after the Dime Savings Bank opened its doors depositors began to come in in a steady stream. anxious to withdraw their deposits. After a consultation between President G. S. Hutchinson and the other officers of the bank it was announced that the time limit notice for amounts in excess of $100 would be enforced. Cashier Hunter said: "No person need be alarmed. This is more a matter of precaution than anything else. The bank is as good as it ever was." The order caused only irritation on the part of three or four depositors. and during the day about the same amount of money as usual was taken in. Almost the same condition of affairs existed at the South Brooklyn Savings Bank. where the sixty days' limit clause regarding the withdrawal of deposits was also enforced. The only grumbling was on the part of some depositors who wanted ready money to pay off pressing demands. Treasurer Anderson seld: "It is extremely unpleasant for the bank authorities to adopt this course, but it has become extremely diffleult to get money. and as a precautionary measure the banks must harbor their ready cash." At the Brooklyn Savings Bank, the Germania Savings Bank. the City Savings Bank. and the Brevoort Savings Bank money was being paid out as usual. and at each it was said that more money was taken in than was paid out. There was a slight run at the Brooklyn Bank in the morning. but it did not disturb the officers in the least. The sixty days' notice will go into effect at the East Brooklyn Savings Bank to-morrow. At the Williamsburgh Savings Bank. Driggs avenue and Broadway, severallhundred depositors withcrew their savings yesterday. The bank is one of the most solid institutions in the country. and has a surplus of more than $5,000,000. Gen. Meserole, the President of the bank. declined to say whether or not his Institution would takeladvantage of the thirty day and sixty day rule. Every depositor who comes here is being accommodated." was all that Gen. Meserole would say. The trustees of the Kings County Savings Bank. at Broadway and Bedford avenue, had an informal meeting yesterday morning. and afterward said that they had not yet received a communication from the Executive Committee of the Savings Banks of the State, and. therefore, could not speak on the subject. Cashier Bischoff of the German Savings Bank. Broadway and Boerum street. said the deposits during the last few days exceeded the withdrawals. and that his bank would pay no attention to the thirty or sixty day rule.

10. August 1, 1893 The Sun New York, NY
Article from The Sun, August 1, 1893

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BROOKLYN BANKS PAID TO THE NEEDY Williamsburgh Bank Couldn't Help an Italian Whose Mortgage IN Due To-day. All the Brooklyn and Williamsburgh savings banks. with the exception of the Brooklyn City and the Brevoort. which do a comparatively small business. have notified their depositors that they must give the specified time notice of their intention to withdraw sums of over $100. There was an unusually large number of depositors on hand yesterday morning when the banks opened. and in some cases the services of policemen were required to preserve order among them. Many persons. who were urgently in need of money to meet pressing demands. made special appeals to the officers and in most of these cases the money was paid out. There was a great crush at the Dime Savings Bank. the women being the most elamorous for their money. The reassuring announcement of Treasurer John W. Hunter. however. had a quieting effect. For several hours after the opening of the Brooklyn Savings Bank there were about three times as many women AS men in the surrounding crowd of depositors who wanted to draw out their money. Among the women were some who came to deposit money. When this was observed one of the other women whispered to her neighbor: It is a put-up job. The money is given to these women to deposit in order to make it appear that the bank is all right." This passed along the line. and. absurd as the suggestion was, a great many believed it. When the doors of the Williamsburgh Savings Bank. at Broadway and Driggs avenue. Williamaburgh. were opened yesterday morning. fully 500 depositors pushed their way into the building to withdraw their savings. Those depositors who were in need of money were told that they could withdraw $10. but no larger amount. The news that no more than $10 could be obtained at the bank spread rapidly. and within an hour there were at least a thousand people inside and outside the institution clamoring for their money. A weeping Italian begged Gen. A. V. Meserole. the President of the bank. to let him have his money. He said that the mortgage on his house was due to-day. and unless he paid it the mortgage would be foreclosed. Gen. Meserole told the depositor that he couldn't help him. Another man had arranged to go to Europe to-morrow and wanted $275. There was a small run on the Kings County Savings Bank at Broadway and Bedford nvenue and the Dime Savings Bank of Williamsburgh at Wythe avenue and Broadway.