Dollar Savings Bank (New York, NY)

Episode Information

Episode UID
1041171294
Episode Type
Run Only
Bank Type
savings
Bank ID
104117 routing
Routing Number
1-0411
Start Date
October 23, 1907
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
c461b0578b2a005d

Response Measures

None

Description

Run was triggered by a mistaken report confusing the Knickerbocker branch with the Dollar Savings Bank.

Events (1)
1. October 23, 1907 Run
Cause
Rumor Or Misinformation
Cause Details
Alarm spread that the nearby Knickerbocker Trust branch (Bank of 148th street) had suspended; depositors mistakenly believed Dollar Savings could not pay.
Random Run
Yes
Random Run Snippet
Mistaken news that 'Bank of 148th street' had suspended; confusion corrected by staff showing cash.
Measures
Secretary placed large quantities of currency where crowd could see it; police called to control crowd.
Newspaper Excerpt
More than 1,500 persons, mostly Italians, stormed the doors of the Dollar Savings Bank when that Institution opened today.
Source
newspapers

Newspaper Articles (11)
1. October 23, 1907 The Richmond Palladium and Sun-Telegram Richmond, IN
Article from The Richmond Palladium and Sun-Telegram, October 23, 1907

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New York, Oct. 23.-The money panfe extended all over New York today and extended to other cities. The Knickerbocker Trust company is in the hands of the state banking department and lines of depositors at all branches of the institution were disappointed. Sensational runs were begun on the Trust company of North America, the Colonial Trust company the Star Savings bank and the Dollar Savings bank. The slump in the stock market ranged eleven points throughout. In Pittsburg the stock exchange was closed on request of the clearing house. London and Paris are affected by the panic.

2. October 23, 1907 Evening Star Washington, DC
Article from Evening Star, October 23, 1907

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STORM THE BANK DOORS. Another Wild Day in Wall Street Many Rumors. By Associated Press NEW YORK, October 23.-It was estimated that 200,000 shares of various stocks were sold here for Pittsburg account, including large amounts of Westinghouse Electric. A petition in bankruptcy was filed in the United States court today against the stock exchange firm of Mayer & Co., which made an assignment yesterday with liabilities of $6,000,000. E. C. Benedict was appointed receiver, with a bond of $100,000. More than 1,500 persons, mostly Italians, stormed the doors of the Dollar Savings Bank when that Institution opened today. Police were called to control the half-frenzied crowd. The Dollar Savings Bank is near the Bronx branch of the Knickerbocker Trust Company, and the alarm was started by the run yesterday on the trust company's branch. Morgan in Command. J. Pierpont Morgan has practically assumed command in financial circles in New York today. He is striving to bring order out of chaos, and see what can be done to protect the large interests that are now in jeopardy. Up to this time there has been no organization among the trust company officers, and Mr. Morgan and James Stillman of the National City Bank are earnestly engaged in an effort to bring about co-operation among these institutions. Wherever it is found that the management of any institution under suspicion has been sufficiently conservative to warrant rendering assistance, that assistance will be forthcoming. E. H. Harriman, H. B. Hollins, Thomas F, Ryan and President Oakleigh Thorne of the Trust Company of America and several other bankers were in conference at the office of J. P. Morgan & Co. at 11:30 a.m. Cannon's Statement. James G. Cannon, vice president of the Fourth National Bank and a member of the clearing house committee. appointed to examine the national banks which have been under criticism, announced today that the condition of the banks as shown at the clearing house was first class. Although a few of them might have to be assisted, he said that conditions were fast becoming normal. Several prominent bankers called on Secretary Cortelyou at the subtreasury to receive suggestions. A report was started that there was a run upon the Morton Trust Company, but an investigation shows it to be untrue. An Associated Press representative who has just come from there reports that three depositors were then in the trust company. A thorough examination of the trust company's finances made in the last twenty-four hours shows that it has over 70 per cent cash means. Secretary Cortelyou is in constant communication with Acting Secretary of the Treasury Edwards regarding the situation in New York, but Mr. Edwards declines to state what amount had been deposited today in the New York banks. It is understood, however, that the amount is quite large. Other severe losses in the industrial and miscellaneous stocks took place in New York Air Brake, Distillers' Securities, International Pump, National Lead, Republic Iron and Steel preferred, American Tobacco preferred and North American.

3. October 23, 1907 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, October 23, 1907

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BANKS STAND RUN. Cortelyou Puts in $10,000,000 in New York Institutions. New York, Oct. 23.-E. C. Benedict was today appointed receiver of the stock exchange firm of Mayer & Co., which made an assignment yesterday. More than 1,500 persons, mostly Italians, stormed the doors of the Dollar Savings bank when that institution opened today. Police were called to control the crowd. The Dollar Savings bank is near the Bronx branch of the Knickerbocker Trust company and the alarm was started by the run yesterday on the trust company's branch. At the Trust Company of America, a double line of depositors reached from the paying teller's window in serpentine fashion through the counting room out through the main door and down Wall street for over a block. There was no disorder. Investigation disclosed that the amounts called for were as a rule small, none of the large depositors withdrawing his funds. All the directors declared that the company would meet all demands. Investigation of a report that three was a run upon the Morton Trust company showed it untrue. Although no official statement was obtained, it was learned on very good authority that the amount of cash deposited with the New York banks by the treasury department today amounted to about $10,000,000. It is agreed by every one that the condition of the banks is most satisfactory; that there is no unusual pressure upon them; and that the same is true as to most of the trust companies. There is nothing like a run upon any financial institution in New York today except the Trust Compan-- of America, and the belief is growing that that institution stands a much better chance of getting through successfully than was feared last night. The Trust Company of America successfully withstood the run right up to the close of banking hours. The stock market was rather irregular in the final dealings, St. Paul being a weak feature. In general, however, the market leaders held well at prices considerably above the lowest of the day.

4. October 23, 1907 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, October 23, 1907

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Knickerbocker Trust company. At the Colonial branch of the Trust company of America, in the St. Paul building on Broadway, more than a hundred persons were in line shortly before 10 o'clock waiting for the doors to open. The market opened at a decline from last night's prices. Southern Pacific sold at 68, a loss of 7/8, Great Northern at a loss of 1½, United States Steel at 22, a decline of 3/8, Baltimore & Ohio at 81, a loss of 7/8, Amalgamated Copper at 441/4, a decline of 1 1/4, Atchison at 76, a loss of 1%. Northern Pacific sold at 108, a loss of 4 points, Union Pacific opened at 110, a loss of 2½ and sold off immediately to 1071/2. from which it rallied to 108½. Westinghouse Electric sold down to 60 at a decline of 19% from last night. Italians Start a Run. New York, Oct. 23.-Hundreds of Italians, hearing that "The Bank of 148th street," had suspended payment started a run on the branch Dollar Savings bank which is located next door to the branch institution of the Knickerbocker Trust company in the Bronx. The Dollar Savings concern's difficulties lasted only until an interpreter could explain to the alarmed depositors that it was the Knickerbocker and not the Dollar Savings bank that was in trouble. When the Knickerbocker branch suspended payment the news flashed through the Italian section like prairie fire. The message was vague-only that the bank in 148th street could not pay depositors. Hundreds of Italians went to the bank but the quick witted secretary of the institution, seeing that a mistake had been made, ordered large quantities of currency to be placed where the clamoring crowd could see it. A sight of the money seemed to satisfy the Italians and the run on the bank ended and most of those who had withdrawn their savring there was something like a panic. Hits Race Track Men. New York, Oct. 23.-Many race track men were up in arms at Jamaica when the news was received that the

5. October 24, 1907 Daily Press Newport News, VA
Article from Daily Press, October 24, 1907

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MORE CONFIDENCE IN SITUATION IN NE Company of Ameri Sentiment for the Better Set in all day run as it S the face of enormo officials of the ban readiness to settle Late Yesterday Afternoon and on demand. For a few minu It's Now Belleved There ular hour of clo continued to pay main office in W Will Be No Panic. Broadway branch a presented. Then that the institution usual at 10:30 o'cio ing prepared for a ONLY ONE RUN OF IMPORTANCE marked was the st that many who with in the day again Money Commanded Seventy Per Cent. fore the doors we The total resourc Interest and There Was Not an Ov. as last reported $70,000,000. erabundance of It Even at These Several millions but funds to satisf High Figures-Pittsburg Stock Exsaid to be at hand Change Temporarily Closes Because Only One Run of Westinghouse Trouble. This was the only today and this fact ing feature. The Dollar Savings ban which Borough Pre NEW YORK, Oct. 24 - The Is the head, becan crisis in New York financial general situation circles was safely passed last their money under night. After prolonged confertheir deposits were ences at J. P. Morgan's office an depositors were chi organization of the presidents id confused the r of the New York trust compan. the Knickerbocker les was effected not different in Bronx branch, with principle from the Clearing tion. Officials of tl House Association. It was in explained matters the nature of a protective comwhich there was ab bination. ended at once. Thi All of the leading admittedly looked still better conservative trust companies element among dep participated. ed as hard to cont An even more important anexcitement. The nouncement was made early port was also favor this morning. The Secretary of ently the National the Treasury, having satisfied the crisis and those himself as to the condition of assistance gave evi the New York banks, authorizing able to take ca ed the statement that he had Another favorabl directed that government deposday was a sort of 1 its be placed in the banks of the between the banks city to the extent of $25,000,000 of the Stock Exch today. other's banks by These two measures are and something like nor mitted the adequacy for all the traders by preventing needs of the banking and trust ping out of prices corporations of New York in Though call mone the present emergency. at 70 per cent. thre several of the bigg loans at six per cent let out at half the (By Associated Press.) might have been NEW YORK, Oct. 23-There was a perate borrowers. sharp turn in sentiment in the finanfluences, making fo ial quarter late today which renewed at work. Taken as confidence in local banking Instituthe day passed mue ions taking the place of the pan cky been expected and feeeling that has threatened solvent morrow is for a qu rouses and demoralized the Stock Exall around. change for the past few days. ToFifteen bank exa light these financiers whose opinions here today and the are most highly esteemed by the pubwere said to be fa ic expressed the conviction that the nouncement from I vorst was over and Get out of the the appointment by présent chaos a condition more Staof Clarke Williams de than has for some time existed state superintenden vas rapidly shaping itself. celved with favor Many of the banking men who have timely net by the g abored almost day and night recently Acting Superinter hat the integrity of New York finanbeen filling in sine cial institutions might be maintained, nation of Superinte this evening were satisfied that susPittsburg Exchan Dected houses whose credt was found PITTSBURG, PA worthy of support had been fortified ry in local financia against incipient runs or other conthe embarrassment ingencies. Serious minded men who of the Westinghou inve met the storm in sober mood quickly halted eft their affairs smiling and chatting action of the Pittsb and wearing a general bearing that Association and th spoke volumes and that they were ac. Exchange. customed to such news of the street in Tonight the Wes the affairs of the big men. and Manufacturin Why Feeling Was Changed. Westinghouse Macl Several factors contributed to thi the Security Inves change of feeling. First and foremost holding company fo vas the determination reached today interests is in the man of great influence in the finappointed by Judg incial world and whose probity is unUnited States Circ questioned to restore confidence, inA fourth concern sure safety and prevent panic. ConCompany will be pieuous among these were J. Pierceivers in the mc pont Morgan and James Stillman, The Pittsburg president of the National City bank. which

6. October 24, 1907 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, October 24, 1907

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in New York Wednesday. He is striving to bring order out of chaos and see what can be done to protect the large interests that are now in jeopardy. Up to this time there has been no organization among the trust companyofficers and Mr. Morgan and James Stillman of the National City Bank are earnestly engaged in an effort to bring about co-operation among these institutions. There will be very careful scrutiny of the reserves of each of these institutions, and if it is found that the management of any institution under suspicion has been sufflciently conservative to warrant assistance, that assistance will be forthcoming. More than 1500 persons, mostly Italians, stormed the doors of the Dollar Savings Bank when the bank opened. Police were called to control the half-frenzied crowd. Fifteen bank examiners sent out Wednesday morning throughout the city reported at 11 o'clock that there had been nothing in the nature of a run on any financial institution except the Trust Co. of America and that conditions at all other banks and trust companies were normal. Forced liquidation at heavy sacrifice in individual stocks caused renewed confusion. Westinghouse Electric, which is a specialty of the Pittsburg Stock Exchange, dropped 197, and General Electric fell 6½ to par. N. Y. Air Brake declined 15. Reading then fell 234. but the general list did not fall lower than the opening. Business was not on a large scale but the tone was very feverish. When it became known that a number of prominent banking houses were lending money on call at the Stock Exchange at 6 per cent. the market became quieter and a substantial recovery ensued. Sev. eral stocks rose at last night's level Oi above. There were sales of some inactive stocks at wide declines. William K. Vanderbilt. Jr., conferred with Pres. Thorne of the Trust Co. of America Wednesday. Mr. Vanderbilt said: "I see nothing to be alarmed about it this situation." Examiners from J. Pierpont Morgan & Co. and the Clearing House were going over the accounts of the trust company On their examination will depend what further aid will be extended Wednesday. As the morning advanced the crowd be fore the banking companies' doors grew SO great that the police were needed to maintain order. A petition in bankruptey was filed in the United States court Wednesday against the Stock Euch

7. October 24, 1907 Daily Press Newport News, VA
Article from Daily Press, October 24, 1907

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MORE CONFIDENCE IN THE SITUATION IN NEW YORK (Continued from Page 1.) which made an assignment yesterday with liabilities of $6,000,000. E. C. Benedict was appointed receiver with It bond of $100,000. More than 1,500 persons, mostly Italians, stormed the doors of the Dolla: Savings Bank when the institution opened today. Police were called to control the frenzied crowd. The Dollar Savings Bank is near the Bronx branch of the Knickerbockor Trust Company and the run was started by the Fun yesterday on the trust company's branch. Norfolk Banks all Sound . NORFOLK, VA., Oct. 23.-The slump in securities and high money market while It has made the local money market tight, has had no other effect. The local financial institutions are not affected by any or the failures. The local bankers believe that the worst of the present flurry has passed. Failure in Reno. RENO, NEV., Oct. 23.-The State Bank and Trust Company with headquarters at Carson and branches at Goldfield, Tonapain, Manhattan and Blair, closed its doors this morning. The state bank examiner is in charge. The difficulty was due to inability to realize on stocks placed as security for a $400,000 loan made the Sullivan Trust Company last year. T.B. Hickey. president of the bank is one o fthe wealthiest men in the state and the bank assets are thougght to exceed Habilities. No fear is entertained that depositors will lose a cent. Hickey is now in San Francisco. A statement issued by the company this afternoon assigns labor troubles and drain on deposits as the reasons for the suspension, and declares that depositors will be paid dollar for dollar. Not Felt in Richmond. RICHMOND. VA., Oct. 23.-The panic in Wall Street has not affected the banks in Richmond, nor is the situation In financial circles alarming. While the losses have been quite seveze, there have been no failures and no embarrassment among the brokers is anticipated. A long distance telephone message received by one of the largest banking concers this afternoon. from Mr. J. P. Morgan in New York, gave assurance of better conditions there tomorrow.

8. October 25, 1907 The Fairmont West Virginian Fairmont, WV
Article from The Fairmont West Virginian, October 25, 1907

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NEW YORK, Oct. 25. - Financial New York is convalescent, but still shaky on its pins. It will be many days before the stock exchange and business are normal. It is confidently asserted that the worst is over. Advices from Baltimore say the run on the Eastern Branch House bank continues, but all demands are being met. Here rans continue on the Trust Company of America, Lincoln Trust Company, Fifth Avenue Trust Com pany, Harlem Savings Bank and Dollar Savings Bank, but deposits now exceed withdrawals, so the end is in sight. Cortelyou said to the United Press to-day: "Am very hopeful that the trouble is past and regard the situation much improved. I will in the meantime render any possible service during the day. Suspension of small banks is not an unfavorable sign."

9. October 26, 1907 Evening Star Washington, DC
Article from Evening Star, October 26, 1907

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NOW UNLI Worst of the New York Bank Run Has Subsided. , WITHDRAWALS DECREASE Some Belated But Timid Ones Still Stand in Line. SAVINGS BANK *PRECAUTIONS Criticism of the Managers Is Tempered With Commendation-Restoring Confidence. Special Dispatch to The Star. NEW YORK October 26 With the marked abatement yesterday in the runs on the trust companies, which have been paying out money to timid depositors since Wednesday morning. the officers of the concerns looked today for a continued diminution that would bring the request for withdrawals down to the normal Of course there were the usual though smaller. crowds awaiting the opening of the doors this morning and the same crowds assurance was given that all demands would be paid. At the offices of the Trust Company of America. where only $2,000,000 wa paid out yesterday, as compared with $12,000,000 on Wed esday and $9,000.000 on Thursday, the officers were confident that the flurry, so far as the run was concerned, was about over. The reformation of the line at the company's offices at 37 Wall street began less than two hours after the close of business yesterday. The first man took his stand in front 0° the door at 4:45 and at 6 o'clock he had nineteen to keep him company. Two young women, numb rs 22 and 24 in the line, went on picket duty at 10 o'clock last night. At the Colonial branch of the trust company. as on Thursday night, the number of all-night vigilants was much smaller than at the company's headquarters. Five stuck it out from last evening and two of these spent the night in the corridor within the revolving doors. Both were said to be bankers' representatives. At 6:20 o'clock this morning there were only fifteen in line. At the Lincoln Trust Company's 5th avenue entrance there were several of those who failed to get admitted when the doors swung shut yesterday afternoon who remained in their places all through the afternoon. being joined late in the evening by a few more, while this mornIng at sunrise the line was considerably lengthened "Deposit Brokers." At the Dollar Savings Bank, 147th street and 3d avenue, where a run started several days ago. a line of some length formed early this morning Several men who called themselves "brokers" went down the line offering to take over the accounts of any anxious ones at 90 cents on the dollar, spot cash. but they found few takers At the Harlem Savings Bank, where the officers announced yesterday that they would take advantage of a thirty days notice, "as a protection to the depositors, there were only a few persons collected Following the suspension of some small Brooklyn banks because of the lack of ready cash in the present financial situation. there were depositors at the doors of some of the trust companies and banks there this morning prepared to withdraw their accounts One line formed outside the Union branch of the Mechanics' and Traders' Pank in the Temple Bar building. This bank has ten branches distributed throughout the borough. The line began to form outside the bank at 8:30 o'clock. when between thirty and thirty-five persons took their places before the doors. Another line formed outside the Nassau Trust Company's building at Fulton street and Red Hook lane As early as 7:45 o'clock there were a few persons in front of the doors. The depositors also gathered outside the Brooklyn Savings Bank, at Pierepont and Clinton streets the second largest bank in Brooklyn, There was a rush of depositors to that bank yesterday afternoon. and this morning at o'clock ther were between fifteen and twenty persons outside its door. The executive committee of the clearing house association this morning issued a call for meeting of the full association to be held at 12 o'clock to decide whether or not to issue clearing house certificates James T. Woodward. chairman of the clearing house committee, said that the situation today depended largely upon developments among the Brooklvn banks. Soon after arriving at the subtreasury this morning Secretary Cortelyou had a conference with George W. Perkins of J. P. Morgan & Co. Mr. Perkins subsequently said "The atmosphere is fast clearing up. as any one can see. Mr. Perkins was asked if he thought this would be the last day of the financial difficulty He replied: "I think it is. James Stillman this morning after the conference at the clearing house. said: "The situation has been saved by the of the heroie Treasury action Secretary of the who has been so ab.y assisted by the whole-hearted co-operation of Mr. Morgan.

10. October 30, 1907 New-York Tribune New York, NY
Article from New-York Tribune, October 30, 1907

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HARLEM BANKS MAY SOON REOPEN. The announcement was made yesterday that the Harlem banks that suspended last week would open in a few days. Attorney General Jackson said that he would give them every opportunity to resume business and would take no steps against them If their condition justifled their resumption. William Montgomery, president of the Hamilton Bank, in 125th street, speaking for that institution, said that it would reopen not later than next Monday, The same was said of the Twelfth Ward Bank. The run on the Harlem Savings Bank was ended yesterday. Many patrons returned to deposit the money they drew out last week. The conditions at the Empire City Savings Bank also were normal. There was none of the unusual activity of the last few days at the Dollar Savings Bank, in The Bronx. The run on the Broadway Trust Company had also abated.

11. November 1, 1907 Greene County Herald Leakesville, MS
Article from Greene County Herald, November 1, 1907

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Cortelyou Helps. Secretary Cortelyou deposits $25,Q00,000 in New York banks. Hamilton bank, with deposits of $7,000,000, suspends payment, claiming solvency. Twelfth Ward bank, with deposits of $3,000,000, suspends payment. Empire City Savings bank, with deposits of $2,300,000, suspends for 30 days, under banking laws. Run continues on Tust Company of America. Run continues on Dollar Savings bank. Pittsburg receives $5,000,000 from government to aid in meeting payrolls, if necessary. Pittsburg exchange- remains closed.