Municipal Bank (New York, NY)

Episode Information

Episode UID
1039371498
Episode Type
Run Only
Bank Type
state
Bank ID
103937 routing
Routing Number
1-0393
Start Date
October 7, 1924
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
0a856579d181944e

Response Measures

None

Description

Articles cite both discovered account irregularities and rumors circulated by discharged employees as triggers.

Events (1)
1. October 7, 1924 Run
Cause
Rumor Or Misinformation
Cause Details
Discharged employees circulated rumors that a manager had absconded with funds after discovery of account irregularities.
Measures
Paid out large sums; armored cars delivered cash; local merchants redeposited funds; examination and backing from National Park Bank.
Newspaper Excerpt
Somebody ... passed the word ... that an official ... had skipped away with all the money.
Source
newspapers

Newspaper Articles (10)
1. October 7, 1924 Daily News New York, NY
Article from Daily News, October 7, 1924

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Article Text

BROOKLYN BANK RUSHED BY MOB, CRYING FOR CASH Somebody over in Borough park, Brooklyn, passed the word about yesterday that an official of the Borough park branch of the Municipal bank, 13th ave. and 46th st., had skipped away with all the money. Consequently, from 4 until 8 last evening that section ranked second to the Polo Grounds in the matter of a mob and noise. In those four hours some 5,000 wildly excited depositors stormed pell-mell, trying to get into the bank for their money. Police finally ordered the doors closed and shooed away those who couldn't get in. Before the run was over the bank had paid out $100,000, officials said. President Samuel Barnett declared that the trouble was due to the discovery of irregularities involving $40,000 in the accounts of a former manager of the bank, who was dismissed last week. Barnett insisted the bank was solvent.

2. October 8, 1924 Daily News New York, NY
Article from Daily News, October 8, 1924

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Article Text

RUN ON BANK LAID TO REVENGE PLOT OF FIRED CLERKS A good-natured crowd continued its run on the Borough park branch of the Municipal bank, 13th ave. and 46th st., Brooklyn, yesterday. It was more of a standstill than a run, with seventeen police under Deputy Inspector Michael Kelly keeping order. About $75,000 was withdrawn by a thousand depositors. Samuel Barnett, president of the Brownsville headquarters of the bank, issued a statement last night saying Brownsville merchants had deposited $168,000 as a vote of confidence. Officials made public a letter from State Banks Superintendent George V. McLaughlin, attesting to the sound condition of the bank. "The trouble was started by discharged employes," the letter read, "who circulated rumors against the institution. The bank is in excellent condition." The bank will open as usual today. Depositors who wish to withdraw their savings will be able to do so then, President Barnett said. (Other picture on page 1)

3. October 8, 1924 Daily News New York, NY
Article from Daily News, October 8, 1924

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Article Text

RUN ON BROOKLYN BANK LAID TO FIRED CLERKS' REVENGE PLOT Arrival of armored car with funds cheered by Borough Park depositors. A good-natured crowd continued its run on the Borough park branch of the Municipal bank, 13th ave. and 46th st., Brooklyn, yesterday. It was more of a standstill than a run, with seventeen police under Deputy Inspector Michael Kelly keeping order. About $75,000 was withdrawn by a thousand depositors. Samuel Barnett, president of the Brownsville headquarters of the bank, issued a statement last night saying Brownsville merchants had deposited $168,000 as a vote of confidence. Officials made public a letter from State Banks Superintendent George V. McLaughlin, attesting to the sound condition of the bank. "The trouble was started by discharged employes," the letter read, "who circulated rumors against the institution. The bank is in excellent condition." The bank will open as usual today. (Other pictures on page 1)

4. October 8, 1924 Daily News New York, NY
Article from Daily News, October 8, 1924

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Article Text

RUN ON BROOKLYN BANK LAID TO FIRED CLERKS' REVENGE PLOT Arrival of armored car with funds cheered by Borough Park depositors. A good-natured crowd continued its run on the Borough park branch of the Municipal bank, 13th ave. and 46th st., Brooklyn, yesterday. It was more of a standstill than a run, with seventeen police under Deputy Inspector Michael Kelly keeping order. About $75,000 was withdrawn by a thousand depositors. Samuel Barnett, president of the Brownsville headquarters of the bank, issued a statement last night saying Brownsville merchants had deposited $168,000 as a vote of confidence. Officials made public a letter from State Banks Superintendent George V. McLaughlin, attesting to the sound condition of the bank. "The trouble was started by discharged employes," the letter read, "who circulated rumors against the institution. The bank is in excellent condition." The bank will open as usual today.

5. October 9, 1924 The Washington Daily News Washington, DC
Article from The Washington Daily News, October 9, 1924

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Article Text

RUN ON BANK BROOKLYN — Hundreds of depositors, fearing the Municipal Bank of Brooklyn was going under, have clamored at the doors for two days. Yesterday armored cars drove up with cash and the crowd, reassured, went away.

6. October 9, 1924 The Brooklyn Daily Times Brooklyn, NY
Article from The Brooklyn Daily Times, October 9, 1924

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Article Text

Many Re-deposit as Run On Boro Bank Ends The run on the Borough Park branch of the Municipal Bank at Thirteenth avenue and Forty-sixth street, which has been on for the last three days, practically ended at noon today. When the bank opened this morning there were about 150 persons in line. Due to the holiday of Yom Kippur yesterday, these persons waited until today to transact their business. About $90,000 was withdrawn yesterday, and about $180,000 was deposited today, according to bank officials. Many of the depositors who withdrew their funds when the run started on the bank Monday are re-depositing their funds today. Business is being resumed as usual. There is no crowd awaiting to withdraw their funds.

7. October 9, 1924 Brooklyn Eagle Brooklyn, NY
Article from Brooklyn Eagle, October 9, 1924

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Article Text

RUN ON BANK ENDS; $450,000 PAID OUT, CONTROLLER SAYS Boro Park Institution, With $11,000,000 Assets, Again Functioning Normally. The run on the Boro Park Branch of the Municipal Bank, 13th ave. and 56th st., practically ended today when a line of 60 depositors withdrew their funds. In all, $450,000 was withdrawn from the bank, according to Controller James C. Hazle. Yesterday $90,000 was paid out, the former customers carrying away their money mostly in $1 bills. Today the National Surety Company sent a check to the bank covering the shortage laid to Victor Schwarz, former manager. The bank, with assets amounting to $11,000,000, is again functioning normally.

8. October 9, 1924 Brooklyn Eagle Brooklyn, NY
Article from Brooklyn Eagle, October 9, 1924

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Article Text

RUN ON BANK ENDS; $450,000 PAID OUT, CONTROLLER SAYS Boro Park Institution, With $11,000,000 Assets, Again Functioning Normally. The run on the Boro Park Branch of the Municipal Bank, 13th ave. and 56th st., practically ended today when a line of 60 depositors withdrew their funds. In all, $450,000 was withdrawn from the bank, according to Controller James C. Hazle. Yesterday $90,000 was paid out, the former customers carrying away their money mostly in $1 bills. Today the National Surety Company sent a check to the bank covering the shortage laid to Victor Schwarz, former manager. The bank, with assets amounting to $11,000,000, is again functioning normally. Asked if the Municipal Bank officials would prosecute, President Barnett today said that he and the other officials of the bank would positively prosecute to the fullest extent.

9. October 9, 1924 The Buffalo News Buffalo, NY
Article from The Buffalo News, October 9, 1924

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Article Text

ARRIVAL OF $300,000 ENDS RUN ON BROOKLYN BANK New York Bureau, Buffalo Evening News. NEW YORK, Oct. 9.—The run on the Borough Park branch of the Municipal bank, Brooklyn, ended Wednesday when the line of persons waiting to withdraw their deposits learned that every dollar was being returned and that an Adams Express company armored car had just driven up with $300,000. Confidence having been restored the line quickly disappeared. The run started Tuesday after reports were spread that an employe had been discharged because of discrepancies in his accounts. An examination into the bank's finances was made by John Fulton, president of the National Park bank in Manhattan, repository for the Municipal bank. Mr. Fulton expressed his complete satisfaction with the financial condition and informed the manager he could call on the National Park bank "for $5,000,000, or more, if that was needed."

10. November 16, 1924 Arizona Daily Star Tucson, AZ
Article from Arizona Daily Star, November 16, 1924

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Article Text

PILE OF CASH AVERTS RUN ON NEW YORK BANK Manager Puts Money in Sight of Panic-Stricken Customers LONDON, Nov. 15.—An English residents retain confidence in their branch of the municipal bank. It was open for business as usual, but Manager Hyman reported no withdrawals. The answer is that Manager Hyman advertised. The branch is at Pitkin and Stone avenues, possibly the busiest corner of Brooklyn's ghetto. As worshipers left the synagogues and strolled along Pitkin avenues, their eyes met one of the wealthiest displays Brownsville ever witnessed. Heaped high in the windows of the branch bank were tens of thousands of dollars. Bills of every denomination, running as high as $1,000 were heaped in careless profusion. It was Manager Hyman's way of informing the bank's clientele that the institution was ready for any eventuality. There were a few residents of the neighborhood who started for the bank apparently to withdraw their deposits, but these, when they saw the display of wealth, smiled and turned away. According to Comptroller Hazen, of the Municipal bank, the run, which started when a report was spread that a manager of the