13173. Brooklyn Savings Bank (Brooklyn, NY)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
July 29, 1893
Location
Brooklyn, New York (40.660, -73.951)

Metadata

Model
gpt-5-mini
Short Digest
48eb12db260fb2cc

Response Measures

None

Description

Multiple contemporary articles (July 29–31, 1893) report a slight run on the Brooklyn Savings Bank caused by the decision of savings-bank presidents to enforce the 30/60-day notice rule. The bank remained open, officers said it was in good condition, and depositors were paid (often in small amounts). No suspension or receivership is reported.

Events (1)
1. July 29, 1893 Run
Cause
Local Banks
Cause Details
Enforcement of the savings banks' 30/60-day notice rule by savings-bank presidents prompted depositors to attempt withdrawals, producing a slight run.
Measures
Paid depositors in full; limited payments of larger sums by enforcing notice; officers reassured public and paid small sums as needed.
Newspaper Excerpt
There was a slight run on the Brooklyn Savings bank today, caused by the action of the savings bank presidents. The cashier said that the bank was in good condition. The depositors were all paid in full.
Source
newspapers

Newspaper Articles (10)
1. July 30, 1893 The Wichita Daily Eagle Wichita, KS
Article from The Wichita Daily Eagle, July 30, 1893

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SCARED DEPOSITORS. TRENTON, N.J., July 29.-A run was commenced this morning on the Trenton Savings bank, which has a surplus of $268,000. All the banks are in excellent shape and it is thought that no suspension will occur. BROOKLYN, N. Y., July 29.-There was n slight run on the Brooklyn Savings bank today, caused by the action of the savings bank presidents. The cashier said that the bank was in good condition. The depositors were all paid in full. One bank has already put into operation the sixtyday rule, and it is likely that the other banks will follow suit.

2. July 30, 1893 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, July 30, 1893

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absurd to suppose that the people who are depositors in our banks buy securities in Wall street. They board the greater Dart of the cash, making it of no use to any one. We have of late been sending to down-town banks and trust companies every day or two for $50,000, $25,000 and $40,000. This made our drain eventually a drag on the whole money market. Our action, or rather our advised course, will thus put a stop in a measure to one hole in the community's cash resources." BROOKLYN, July 29.-There was to-day a run on the Brooklyn Savings Bank. The Dime Savings Bank of Brooklyn. and the South Brooklyn Savings Bank were both compelled to put into operation to-day the thirty and eixty-day rule. The Germania Savings Bank of Kings county announces that they will put the same rule into operation on Monday morning.

3. July 31, 1893 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, July 31, 1893

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DOLLARS AND CENTS. More Western Banks Have Closed Their Doors, AND MORE MILL WHEELS HAVE CEASED TO TURN. But It Is Believed That Bottom Has Been Touched-The Watch Makers Will Have a Rest-Nashua Shoe Shops Close -Signs of Returning Confidence in Business Circles. NASHUA, N. H., July 29.-The Williams belt factory shut down this morning. Work will be resumed Monday but with only one-third of the help. The cause is lack of orders. Moulton's shoe shop shutdown this morning on account of inability to make collections. In the two factories 400 hands are thrown out of work. HAMILTON, Ont., July 29.-The McNeil and Urban Safe and Lock Company, one of the largest concerns of its kind in the country, made an assignment yesterdao. Liabilities, $400,000; assets fully double that amount. CoVINGTON,Ky.,July 29.-The Farmers and Merchants' bank of this city closed yesterday, by reason of the present financial stringency, and inability to realize on its securities. Ex-United States Treasurer Nebeker is the president. LOUISVILLE, Ky., July 29.-The Pineville Banking Company at Pineville closed its doors Friday. It was considered the best bank in southeastern Kentucky. GRAND RAPIDS, Mich., July 29.-C. W. Chapin & Co.' private bank at Stanton, Montcalm county has suepended owing to the rush of depositors for their cash. Leather Company Assigns. MILWAUKEE, Wis., July 29.-The R. Suhm Leather Company, operating the Kinnicinnie tannery, assigned Friday to John J. Suhm, who gave bonds for $80,000. Run on a Brooklyn Bank. BROOKLYN, N. Y., July 29.-There is a slight run on the Brooklyn Savings Bank. About 100 peaple are in line. The run is caused by the action of the savings banks' presidents, Friday, requiring 30 days notice. The cashier says the bank is in good condition and all the depositors who demand their money will be paid in full. Discouraging Outlook for Watch Making WALTHAM, Mass., July 29.-Late intelligence regarding the situation in the watch making centres of the United States is far from the encouraging. All the American Waltham Watch Company's foremen have been instructed as to reducing their working forces. In some cases there will be a down of per cent. and in all 1500 be 50 thrown hands cut will out of work indefinitely. Of the hands who are retained a large number will have to look for reduced pay, 15 per cent. being cut off in some cases it is said. Letters received today from the Elgin factory report the situation even worse than in Waltham. Sixteen hundred watchmakers will be discharged there on August 1st and the pay roll of $120,000 a week will be reduced about one-half. There are 500,000 movements in stock there valued at half a million dollars. The concern is all right financially, having a surplus on hand of a million dollars of undivided profits. More Mills Shut Down. PITTSFIELD. Mass., July 29.-Hinsdale Bros. woolen manufacturers atHinsdale. will shut down tonight two of their three mills, throwing 150 hands out of employment. The largest order ever received by this firm was recently cancelled and the outlook is too discouraging to conat The third mill will tinue business five present. run days each week for the present, employing 100 hands. Mr. Hinsdale said this afternoon that he could not market the goods and was compelled to shut down. D.M. Collins & Co., who run a large knitting mill in this city, find business so slack that they will probably shut down their whole plant soon. New Jersey Savings Banks. NEWARK, N. J., July 29.-There was a slight run on the Howards' Savings Institution today. The officers says they have plenty of money to pay all demands TRENTON, N.J., July 29.-A run commenced this morning on the Trenton Savings Bank, and by noon about $30,000 was paid out. The bank has a surplus of $268,000. Steel Works Shut Down. BRADDOCK, Pa., July 29.-It is reported here that the Edgar Thomson steel works are to close indefinitely in all departments either during next week or the week following. Two of the furnaces were blown out Thursday, and another yesterday. This fact lends color to the report that the mill will suspend operations. The officials will neither confirm nor deny the rumors. Six furnaces are in blast, but 450 men have been laid off. Providence Mills Close. PROVIDENCE, July 29.-The Redman Manufacturing Company of Lafayette, engaged in the manufacture of Kentucky jeans, has decided to close all of mills part of during is reported August that and September. owners its It other mill in the town will soon follow suit. Western Publishing House Failed. PORTLAND, Ore., July 29.-Lewis & Dryden, the largest publishing house in

4. July 31, 1893 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, July 31, 1893

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BROOKLYN, N. Y., July 29.-There is a slight run on the Brooklyn Savings Bank. About 100 people are in line. The run is caused by the action of the savings banks' presidents, Friday, requiring 30 days' notice. The cashier says the bank is in good condition and all the depositors who demand their money will be paid in full.

5. August 1, 1893 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, August 1, 1893

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ACTION OF BANKS. Some Post the Sixty Days' Notice and Others Fail to Open Their Doors. FALL RIVER, Mase., July 31 morning the four savings banks of the city took advantage of their by-laws to prevent any further withdrawale of deposits. Hereafter until further notice is given deposit ors will not be allowed to withdraw large sums except after having given 30 or 60 days' notice. In some banks the amount is $50 and in others the amount is $100. This action was necessitated as a result of heavy withdrawals during the past two weeks, but more particularly during the past few days. It is said that last week the withdrawals were $100,000 in xcess of the deposits. BROOKLYN, N. Y., July 31.-The sixty days notice order of the Brooklyn banks, compelling depositors to give notice before they could withdraw their deposits, caused several runs on the savings banks to-day. The greatest run was on the Brooklyn Savings bank. When the doors of the bank opened at 10 o'clock this morning an enormous crowd was waiting to draw its money. When they entered the bank they found notices posted on the walls compelling depositors to give eixty days' notice before they could draw their money. Great indignation was caused by these notices. Threats were made, but as these were of no avail the crowd went away in an ugly mood. Slight runs were also made on the South Brooklyn Savings institution and on the Dime Savings bank. UPPER SANDUSKY, O., July 31.-The Wyandotte County bank went into the hands of 8 receiver this morning. The bank officials claim the assets are sufficient to pay depositors three times over. CEDAR RAPIDS, Ia., July 31.-A. Daniels & Co., private bankers at Marion, made an assignment to C. H. Kuriz. The property is valued at $200,000 for the: benefit of all their creditors. PORTLAND, Ore., July 31.-The First National bank of East Portland failed to open its doors this morning. The officers of the bank say the suspension is temporary. A statement published July 12 shows resources of $300,000 and deposits of $150,000. THE DALLES, July 31.-The First National bank closed its doors this morning. The suspension is due to the closing of the Commercial National bank of Portland. PENDLETON, Ore., July 31.-The Pendleton Savings bank has temporarily suspended, Assets, $250,000; liabilities, $135,000. WORCESTER, Mass., July 31.-The Worcester savings banks give notice to-night that beginning to-morrow they will, in common with the majority of the savings banks throughout the state, enforce the provisions of their by-laws which requires notice of withdrawal of amounts exceeding $50.

6. August 1, 1893 The Helena Independent Helena, MT
Article from The Helena Independent, August 1, 1893

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TO PREVENT HOARDING. New York Savings Banks Require the Time Limit. NEW YORK, July 31.-This morning the savings banks of the eit% as a rule, began to take advantage of the sixty-day time classe, where largo amounts are concerned. to check the withdrawal of money for boarding or in senseless fright. but while nearly all the banks claimed the privilege of the time olanse, still in comparatively few instances was is applied. There did not seem to be any run anywhere. In Brooklyn the effect was somewhat different and the notice caused several rans. The greatest was on the Brooklyn Savings bank. When the doors opened this morning an enormous orowd were waiting to draw money. Threats were made. but as these were of no avail the crowd went away in an ugly mood. There were slight rune also on the South Brooklyn Savings institution and the Dime Savings bank. KANSAS CITY, July 31.-The Missouri National bank resumed business this morning, having fully recovered from the effects of the senseless panic which caused its suspension two weeks ago. CEDAR RAPIDS, Iows, July 81.-A. Daniels & Co., private bankers at Marion, have made an assignment. It is believed all will be paid in full and the bank be open in a few days. PORTLAND, Ore., July 81.-The First National bank of East Portland failed. Officers say the suspension is temporary. Resources, July 12, $325,000, deposits $160,000. AKRON, O., July 31.-The Akron Savings bank went into the hands of a receiver this morning. Capital $200,000, reserve $50,000, surplus $18,000. Will pay in full. THE DALLES, Ore., July 31.-The First National bank failed this morning, due to closing of the Commercial National bank of Portland. HORNELLSVILLE, N. Y., July 81.-N. M. Craneland, a private banker, failed this morning. Assets ar said to exceed liabilities. SPRINGFIELD, Mo., July 31.-The Springfield Savings bank failed this morning. Deposits $100,00. capital $25,000; will pay in full. PENDLETON, Ore.. July 31.-The Pendleton Savinge bank has temporarily suspended. Assets $250.000, liabilities $135,000. ASHLAND. Wis., July 1.-The First National bank failed this morning, owing to the steady drain on deposits.

7. August 1, 1893 New-York Tribune New York, NY
Article from New-York Tribune, August 1, 1893

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A LITTLE EXCITEMENT IN BROOKLYN, SCENES ABOUT THE VARIOUS INSTITUTIONS-RE ASSURING WORDS OF THE OFFICERS. There was a little excitement among the depositors in several of the savings banks in Brooklyn over the enforcement of the time rule regarding the withdrawal of large sums. All save the smaller banks put up notices requiring from thirty to ninety days' notice to secure amounts over 850 or $100. Most of the banks paid out less sums than $50, but some would not pay over $10 unless exceptional need of the money was shown. Almost the only humorous incident of the day occurred at the South Brooklyn Savings Institution. There was a long line at the paying teller's window when a man in a nervous manner asked: Are you ready to pay me my money?' "That depends on how much you want," was the reply. "I want it all," he said. "if you haven't got it, and if 1 am sure you have got it, I don't want any." There was a laugh among the other depositors and he was assured that the bank had the money and he went away without it. The directors of the bank issued a notice to all depositors to quiet any alarm they might feel over the safety of their deposits. In It they said: There should not be any anxiety on your part concerning the safety of your deposits. Our report to the banking department of this State, rendered up to July 1. 1893, shows that our assets were $14,114,283 85 due depositors, $12,304,327 15; surplus, $1,809,956.70. You will therefore perceive that there was a reserve fund of over $1,000,000 to protect you against the possibility of loss. We are required by law to keep invested at least 90 per cent of our deposits and surplus in the very best class of securities that can be had, as a means of obtaining revenue from which to pay interest, and this income has enabled us to pay you each year 4 per cent on your deposits, and there is no reason why we should not continue to do so if they are not unduly discurbed. Finding. however, that some of our depositors were quietly withdrawing (their funds in much larger volume than heretofore- evidently the result of needless alarm-the trustees, with the desire of seeing that all are placed on an equal footing and as a precautionary measure have decided to require from depositors intending to withdraw their funds, the notice which is printed on the last page of each of your bank deposit books. The officers are authorized to pay from time to time to depositors whose necessities require such accommodation moderate amounts without requiring notice. There was at no time any large number of people at the South Brooklyn Bank. The depositors who showed their need of money got all they wanted. but those who evidently were seeking to get their money because of fears for 1ts safety went away empty handed. Only a few gave the requisite notice of withdrawal. At the Brooklyn Savings Bank the decision of Saturday not to require notice for the withdrawal of large amounts was reversed, and the rule was posted after President Morgan, who had returned from his vacation trip, conferred with his fellow directors. Money was paid out in small sums to all who sought it, but the number of those who made deposits was nearly as great as the number who drew out funds. There was a considerable crush of people when the doors of the Dime Savings Bank of Brooklyn were thrown open, and a long line of men and women stood in front of the window of the paying-teller. Ex-Mayor Hunter. long the treasurer of this bank, said that the scare was senseless and unreasonable, and the enforcement of the time rule would benefit the depositors and protect the banks until people recovered their confidence. There was more excitement about the WHillamsburg Savings Bank than anywhere else in the city, owing to the large number of depositors and the fact that many of them are ignorant foreigners. Nearly 500 men and women were outside the doors before the bank had opened, and all day there was a throng. No one was allowed to draw more than $10 or

8. August 1, 1893 The Herald Los Angeles, CA
Article from The Herald, August 1, 1893

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PANIC - STRICKEN DEPOSITORS. The Bank Run Craze Getting Near Wall Street. New York Savings Banks Enforcing the Sixty-Day Rule. Runs on Savings Institutions in Brook. lyn-Heavy Issues of Clearing House Vertificates-General Financial Depression. By the Associated Press. NEW YORK, July 31.-The withdrawal of deposits today at many of the city savings banks was quite heavy and the presidents pointed to the lines waiting at the windows as a proof of the wisdom of the action in enforcing the 60-day clause, advised on Monday, because while it brought the depositors there, the notice prevented excited runs which would have followed unconcerted action. This morning the saving banks of this city, as a rule, began to take advantage of the 60-day time clause, where large amounts are concerned, or to check the withdrawal of money for hoarding or in senseless fright, but while nearly all the banks claimed the privilege of using the time clause, still in comparatively few instances was it applied. There did not seem to be any run anwhere. BANK RUNS IN BROOKLYN. In Brooklyn the effect was somewhat different and the notice caused several runs. It was greatest on the Brooklyn Savings bank. When the doors opened this morning an enormous crowd was waiting to draw money. Threats were made, but as these did not avail, the crowd went away in an ugly mood. Slight rune were also madeon the South Brooklyn Savings institution and its Dime Savings bank. CLEARING HOUSE CERTIFICATES. The issue of clearing house loan certificates has been heavy the last few days, most of them being taken out, it is thought for use in facilitating gold imports. The total outstanding issue of certificates has now reached $27,975,000, the largest amount ever put in circulation, beating the records of 1873 and 1890. The loan committee of the clearing house this morning issued $255,000 additional loan certificates, bringing the amount outstanding up to $28,000,000. It is understood the certificates taken out today will be used to provide for further importation of gold. The subtreasury is $602,365 creditor at the clearing house. SILVER AND GOLD MOVEMENTS. There was a big demand at the subtreasury today for transfers of silver dollars to western points, principally Chicago. Up to noon $15,000 had been applied for. Advices from Chicago say the First National bank of that city has ordered half a million gold in London and two other banks emaller amounts. but an subsequently Sterling exchange weakened, opened owing steady, to increase in the supply of bills of all kinds. Posted rates were $4.81@4.831/2. Bankers are still figuring on gold imports. They generally agree that the receipts will be larger within the next 30 days or so.

9. August 1, 1893 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, August 1, 1893

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SAVINGS BANK IN NEW YORK. New York, July 31.-This morning the savings bank of this city as a rule began to take advantage of the 60 àsy time clause. There did not seem to be any run anywhere. In Brooklyn the effect was somewhat different, and the notice caused several "uns. The greatest was on the Brooklyn Savings bank. A slight run was also made on the South Brooklyn Savings institution, and the Dime Savings bank.

10. August 2, 1893 The Indiana State Sentinel Indianapolis, IN
Article from The Indiana State Sentinel, August 2, 1893

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NEW YORK, July 31.-With 1 this morning the savings banks of this city, as a rule, began to take advantage of the sixty-day time clause, that Is the bank officials made use of the prerogative in cases where large amounts were concerned or where such action was deemed necessary to check the withdrawal of money. But while nearly all the banks claimed the privilege of using the time clause, still, in comparatively few instances was it used. A visit to the principal savings banks of this city this morning disclosed the fact that about the usual amount of business was being done, perhaps a trifle more than the average number of deposItors were waiting their turns to draw' money. But on the other hand in most of the banks there were corresponding lines of persons anxious to deposit money. The general impression seemed to be one of confidence in the banks. There did not seem to be anything like a run anywhere in this city. In Brooklyn the effect was somewhat different and the notice caused several runs. The greatest was on the Brooklyn savings bank. When the doors of the bank opened at 10 this morning an enormous crowd was waiting to draw its money. Threats were made, but as these were of no avail the crowd went away in an ugly mood. Slight runs were also made on the South Brooklyn savings institution and on the Dime savings. Call money was offered at 1/3 per cent. per diem and legal interest, but there was very little to be had at that rate until today, when a decline to 6 per cent. per annum took place. There is no time money nor is there anything doing in mercantile paper to speak of. There was a big demand at the subtreasury for transfer of silver dollars