Bay Parkway National Bank of Brooklyn (New York, NY)

View Charter #13088 on SPMC View balance sheet

Episode Information

Episode UID
1308801575
Episode Type
Run Only
Bank Type
national
Bank ID
130880 national
Charter Number
13088
Start Date
March 30, 1931
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
ff1f282036117cf4

Response Measures

Accommodated withdrawals, Public signal of financial health, Capital injected

Events (3)
1. June 10, 1927 Chartered
Source
historical_nic
2. March 30, 1931 Run
Cause
Rumor Or Misinformation
Cause Details
False reports/rumors spread by Louis Abelson alleging troubles at nearby banks, which prompted deposit withdrawals.
Measures
President Charles G. Bond reassured depositors, officers convinced customers; armored truck delivered cash to pay withdrawals.
Newspaper Excerpt
there had been a small run on the Bay Parkway National bank ... The run was quickly ended by officers of the bank who convinced depositors that there was no danger of its closing.
Source
newspapers
3. May 28, 1931 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (10)
1. March 31, 1931 Daily News New York, NY
Article from Daily News, March 31, 1931

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Article Text

Suits May Delay Awards 2 Years By JOSEPH BERA. Litigation over the Rockaway beach boardwalk condemnation awards of nearly $12,000,000 may continue to drag on in the courts for at least two years. This was indicated yesterday when Leonard M. Wallstein, special assistant corporation counsel, frankly began laying the foundation for an appeal of the awards recently granted by Supreme Court Justice James A. Dunne of Brooklyn. Calls Figures Excessive. Appearing before Justice Dunne, Wallstein announced flatly that he not only regarded the award of Justice Dunne, but also some of the figures submitted by the city's own experts as excessive. Wallstein noted an exception for appeal purposes-when a motion to have these figures stricken out was denied. He later noted a second exception when Justice Dunne refused to admit hs which were offered as evidence to show that the damage claims of property owners for being deprived of ocean frontage by the boardwalk were without foundation. Total Nears $18,000,000. If the case is carried to the court of last resort it is improbable that a decision will be forthcoming within two years. To date, interest charges, fees and incidental charges have reached a total of nearly $6,000,000 in excess of the original $12,000,000 award. FALSE REPORTS START RUN ON BANK; NAB MAN Charged with spreading false reports regarding the financial stability of a bank, Louis Abelson, 35, was held in Bath Beach station last night for a hearing in Coney Island court today. Abelson was arrested after there had been a small run on the Bay Parkway National bank at 6614 Bay pkwy. The run was quickly ended by officers of the bank who convinced depositors that there was no danger of its closing.

2. March 31, 1931 Daily News New York, NY
Article from Daily News, March 31, 1931

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Article Text

Suits May Delay Awards 2 Years By JOSEPH BERA. Litigation over the Rockaway beach boardwalk condemnation awards of nearly $12,000,000 may continue to drag on in the courts for at least two years. This was indicated yesterday when Leonard M. Wallstein, special assistant corporation counsel, frankly began laying the foundation for an appeal of the awards recently granted by Supreme Court Justice James A. Dunne of Brooklyn. Calls Figures Excessive. Appearing before Justice Dunne, Wallstein announced flatly that he not only regarded the award of Justice Dunne, but also some of the figures submitted by the city's own experts as excessive. Wallstein noted an exception for appeal purposes when a motion to have these figures stricken out was denied. He later noted a secand exception when Justice Dunne refused to admit hotographs which were offered as evidence to show that the damage claims of property owners for being deprived of ocean frontage by the boardwalk were without foundation. Total Nears $18,000,000. If the case is carried to the court of last resort it is improbable that a decision will be forthcoming within two years. To date, interest charges, fees and incidental charges have reached a total of nearly $6,000,000 in excess of the original $12,000,000 award. FALSE REPORTS START RUN ON BANK; NAB MAN Charged with spreading false reports regarding the financial stability of a bank, Louis Abelson, 35, was held in Bath Beach station last night for a hearing in Coney Island court today. Abelson was arrested after there had been a small run on the Bay Parkway National bank at 6614 Bay pkwy. The run was quickly ended by officers of the bank who convinced depositors that there was no danger of its closing. Can't decide on what new movie to see? Let Irene Thirer help you. BLUE LAW VICTIM Rockville, March 30 (P).-A Seventh Day Adventist went to jail here tonight for five days rather than pay a $5 fine for driving nails on Sunday in contravention of a state law.

3. March 31, 1931 Times Union Brooklyn, NY
Article from Times Union, March 31, 1931

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Article Text

Arrest Man Alleged to Have Started Run on Bank More than 300 depositors of the Bay Parkway National Bank, at Bay were lined up in front ofthe bank when opened to-day to withdraw their money following scare last night during which several hundred other depositors withdrew their savings. The crowd was even pleasant, and there was no sign of disorder although police reserves on duty to keep the sidewalks clear. ne man was arrested for spreading rumors about the bank. Shortly before the institution opened, Charles president the bank, went along the line and assured all that their money safe. He explained the bank was under Federal Reserve and peatedly reminded them there non danger of losing their money. "However," Mr. Bond said, you to draw out your accounts, have plenty of money to pay all of you TRUCK BRINGS MONEY As he spoke, an armored truck appeared the bank and several big bags of money were acrried in It was reported there was in the bags. "That," said Mr. Dond. "is only the first load. Trucks will continue bring us money all day so that of you every cent you have on you Louis Abelson, 2427 Sixtyfourth street, taken before Magistrate Blanchfield Coney Island court to-day charged with violating Section 303 of the Penal

4. March 31, 1931 Times Union Brooklyn, NY
Article from Times Union, March 31, 1931

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Article Text

Bay Parkway Bank Head Calms Anxious Depositors, Ready to Pay Accounts Arrest Man Alleged to Have Started Run on Bank More than 300 depositors of the Bay Parkway National Bank 6614 Bay parkway, were lined in front of the bank when eraned to-day to withdraw their money following scare last night during which several hundred other tiepositors withdrew their savings. The crowd was orderly, even pleasant, and there was no sign of disorder although police reserves were on duty to keep the sidewalks clear. One man was arrested for spreading rumors about the bank. Shortly before the institution opened, Charles G. Bond, president the bank, went along the line and assured all that their money was safe. He explained the bank was under Federal Reserve and repeatedly reminded them there was danger of losing their money. "However," Mr. Bond said, you want to draw out your accounts, we have plenty of money to pay all you." TRUCK BRINGS MONEY As spoke, an armored truck appeared the bank and several bags of money were carried was reported there was $200,001 the said Mr. Bond. only first load. Trucks will continue bring money all day so that of you can have every cent you on Louis Abelson, 2427 Sixtyfourth street, will taken before Coney land court to-day with the Penal Law which with spreading rumors about ALLEGED BANK WOULD FAIL Abelson arrested by PatrolBath staon the of Rudolph Richter, 1335 West street. According to Richter, he and Abelbecame front of the Parkway National Bank crowds were lining for their money last night Richter told that yesterday afternoon deposited the City Bank branch Eighteenth avenue and street. Then, according to Richter, Abelsaid that the National City Bank was going to and that he better take his money out of there, reported that the scare which line the Bay Bank that about merge with the National Bank. Mr Bond said to-day that negotiations for the merger under way.

5. April 1, 1931 Daily News New York, NY
Article from Daily News, April 1, 1931

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Article Text

Bklyn. Sec.-7 DAILY NEWS, WEDNESDAY, APRIL 1, 1931 Bay Parkway and Lafayette National Banks Merge Announcement of the merger of the Bay Parkway National bank, 66th st. and Bay pkwy., Brooklyn, and the Lafayette National bank was announced yesterday by Charles G. Bond, president of the former institution. Several depositors had started a series of withdrawals, which were heavier than usual, at the Bay pkwy. institution, Monday and yesterday. Many were reassured by Bond, who went along the line yesterday and pointed out that the institution was under the federal reserve system. He told them there was no cause for fear. A young man charged with violation of section 303 of the penal code, which makes it a misdemeanor for any one to spread false reports calculated to shake the confidence of depositors in banking institutions, was arrested Monday at the Bay pkwy. bank. He was accused of saying there was a run on a nearby bank and that withdrawals at the Bay Parkway institution were "nothing." The accused, Louis Abelson, 35, of 2467 64th st., Brooklyn, pleaded not guilty yesterday in Coney Island court, and was held for a hearing April 8. The defendant was accused by Rudolph Richter of 1335 West 7th st., who said he found no signs fices, a branch of the National City bank. Bond, in a statement late yesterday, said the merger of the Bay pkwy. institution with the Lafayette National bank "becomes effective at the close of business Tuesday, March 31, 1931." He expressed pleasure at the arrangement and added that "the economy of administration which will be effected by this arrangement, coupled with the other advantages of association with so flourishing an institution as the Lafayette National bank, will be beneficial to stockholders and will greatly increase the advantages to the depositors of the Bay Parkway

6. April 1, 1931 Daily News New York, NY
Article from Daily News, April 1, 1931

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Article Text

Bay Parkway and Lafayette National Banks Merge Announcement of the merger of the Bay Parkway National bank, 66th st. and Bay pkwy., Brooklyn, and the Lafayette National bank was announced yesterday by Charles G. Bond, president of the former institution. Several depositors had started a series of withdrawals, which were heavier than usual, at the Bay pkwy. institution, Monday and yesterday. Many were reassured by Bond, who went along the line yesterday and pointed out that the institution was under the federal reserve system. He told them there was no cause for fear. A young man charged with violation of section 303 of the penal code, which makes it a misdemeanor for any one to spread false reports calculated to shake the confidence of depositors in banking institutions, was arrested Monday at the Bay pkwy. bank. He was accused of saying there was a run on a nearby bank and that withdrawals at the Bay Parkway institution were "nothing." The accused, Louis Abelson, 35, of 2467 64th st., Brooklyn, pleaded not guilty yesterday in Coney Island court, and was held for a hearing April 8. The defendant was accused by Rudolph Richter of 1335 West 7th st., who said he found no signs of a run at the other banking of- fices, a branch of the National City bank. Bond, in a statement late yesterday, said the merger of the Bay pkwy. institution with the Lafayette National bank "becomes effective at the close of business Tuesday, March 31, 1931." He expressed pleasure at the arrangement and added that "the economy of administration which will be effected by this arrangement, coupled with the other advantages of association with so flourishing an institution as the Lafayette National bank, will be beneficial to stockholders and will greatly increase the advantages to the depositors of the Bay Parkway National bank."

7. April 1, 1931 Daily News New York, NY
Article from Daily News, April 1, 1931

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Article Text

Announcement of the merger of the Bay Parkway National bank, 66th st. and Bay pkwy., Brooklyn, and the Lafayette National bank was announced yesterday by Charles G. Bond, president of the former institution. Several depositors had started a series of withdrawals, which were heavier than usual, at the Bay pkwy. institution, Monday and yesterday. Many were reassured by Bond, who went along the line yesterday and pointed out that the institution was under the federal reserve system. He told them there was no cause for fear. A young man charged with viola- tion of section 303 of the penal code, which makes it a misdemeanor for any one to spread false reports calculated to shake the confidence of depositors in banking institutions, was arrested Monday at the Bay pkwy. bank. He was accused of saying there was a run on a nearby bank and that withdrawals at the Bay Parkway institution were "nothing." The accused, Louis Abelson, 35, of 2467 64th st., Brooklyn, pleaded not guilty yesterday in Coney Island court, and was held for a hearing April 8. Bond, in a statement late yester- day, said the merger of the Bay pkwy. institution with the Lafayette National bank "becomes effective at the close of business Tuesday, March 31, 1931." He expressed pleasure at the arrangement and added that "the economy of administration which will be effected by this arrangement, coupled with the other advantages of association with SO flourishing an institution as the Lafayette National bank, will be beneficial to stockholders and will greatly increase the advantages to the depositors of the Bay Parkway National bank."

8. April 1, 1931 Daily News New York, NY
Article from Daily News, April 1, 1931

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Article Text

Bay Parkway and Lafayette National Banks Merge Announcement of the merger of the Bay Parkway National bank, 66th st. and Bay pkwy., Brooklyn, and the Lafayette National bank was announced yesterday by Charles G. Bond, president of the former institution. Several depositors had started a series of withdrawals, which were heavier than usual, at the Bay pkwy. institution, Monday and yesterday. Many were reassured by Bond, who went along the line yesterday and pointed out that the institution was under the federal reserve system. He told them there was no cause for fear. A young man charged with viola- tion of section 303 of the penal code, which makes it a misdemeanor for any one to spread false reports calculated to shake the confidence of depositors in banking institutions, was arrested Monday at the Bay pkwy. bank. He was accused of saying there was a run on a nearby bank and that withdrawals at the Bay Parkway institution were "nothing." The accused, Louis Abelson, 35, of 2467 64th st., Brooklyn, pleaded not guilty yesterday in Coney Island court, and was held for a hearing April 8. Bond, in a statement late yester- day, said the merger of the Bay pkwy. institution with the Lafayette National bank "becomes effective at the close of business Tuesday, March 31, 1931." He expressed pleasure at the arrangement and added that "the economy of administration which will be effected by this arrangement, coupled with the other advantages of association with so flourishing an institution as the Lafayette National bank, will be beneficial to stockholders and will greatly increase the advantages to the depositors of the Bay Parkway National bank."

9. April 1, 1931 Daily News New York, NY
Article from Daily News, April 1, 1931

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Article Text

Bklyn. Sec.-7 DAILY NEWS, WEDNESDAY, APRIL 1, 1931 Bay Parkway and Lafayette National Banks Merge Announcement of the merger of the Bay Parkway National bank, 66th st. and Bay pkwy., Brooklyn, and the Lafayette National bank was announced yesterday by Charles G. Bond, president of the former institution. Several depositors had started a series of withdrawals, which were heavier than usual, at the Bay pkwy. institution, Monday and yesterday. Many were reassured by Bond, who went along the line yesterday and pointed out that the institution was under the federal reserve system. He told them there was no cause for fear. A young man charged with viola- tion of section 803 of the penal code, which makes it a misdemeanor for any one to spread false reports calculated to shake the confidence of depositors in banking institutions, was arrested Monday at the Bay pkwy. bank. He was accused of saying there was a run on a nearby bank and that withdrawals at the Bay Parkway institution were "nothing. The accused, Louis Abelson, 35, of 2467 64th st., Brooklyn, pleaded not guilty yesterday in Coney Island court, and was held for a hearing April 8. Bond, in a statement late yester- day, said the merger of the Bay pkwy. institution with the Lafayette National bank "becomes effective at the close of business Tuesday, March 31, 1931." He expressed pleasure at the arrangement and added that "the economy of administration which will be effected by this arrangement, coupled with the other advantages of association with so flourishing an institution as the Lafayette National bank, will be beneficial to stockholders and will greatly increase the advantages to the depositors of the Bay Parkway National bank."

10. April 8, 1931 The Brooklyn Daily Times Brooklyn, NY
Article from The Brooklyn Daily Times, April 8, 1931

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RUMOR SPREADER SUSPECT CLEARED A charge of violation of Section 303 of the Penal Code was dismissed today against Louis Abelson. of 2467 64th st., when he was arraigned before Magistrate Hughes in Coney Island Court. Section 303 makes it misdemeanor for any person to circulate a rumor calculated to cause run on bank or otherwise disturb public confidence in banking It was charged that on March 30, during period of heavy withdrawals by depositors at the Bay Parkway National Bank, 6614 Bay pkwy., Abelson remarked to Adolph Richter, of 1335 West Seventh st., that there "a lot of excitement" at the branch of the National City Bank at 64th st. and Abelson, in his own defense. denied allegation. Richter bit confused as to what. if anything Abelson had said and Magistrate Hughes dismissed the complaint.