13688. Bowery Bank (New York, NY)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
August 1, 1893
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
ba432fc295028e50

Response Measures

None

Description

Newspaper accounts from Aug–Sep 1893 describe a depositor panic/run on New York savings banks, including the Bowery Bank. Banks issued thirty-day withdrawal notices but did not suspend; only a small fraction actually withdrew when notices expired. No suspension or closure is mentioned for the Bowery Bank, so classify as run_only. OCR corrected nothing significant; Bowery named as 'Bowery Bank' in texts.

Events (2)
1. August 1, 1893 Run
Cause
Rumor Or Misinformation
Cause Details
Panic among depositors and 'reports they had heard' led to crowds and heavy withdrawals during the August 1893 scare of New York savings banks; described as a 'foolish panic' and depositor nervousness.
Measures
Banks required thirty-day notices for withdrawal (depositors given 30-day notice to withdraw following the panic).
Newspaper Excerpt
At the Dry Dock Bank, the Bowery Bank ... where crowds gathered yesterday everything was quiet.
Source
newspapers
2. September 1, 1893 Other
Newspaper Excerpt
At the Bowery $33,208 was called for: only $2,300 was drawn. The thirty-day notices ... expired on Wednesday, and the bank Presidents report that less than ten per cent. of the persons who gave notice have availed themselves of the opportunity to withdraw their deposits. This was after depositors visited banks asking permission to withdraw their notices.
Source
newspapers

Newspaper Articles (3)
1. August 1, 1893 The Jersey City News Jersey City, NJ
Article from The Jersey City News, August 1, 1893

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Article Text

DEPOSITORS CALMER. The Run on the New York Savings Banks Checked Today. NEW YORK, Aug. 1, 1893. - There was a marked decrease in the number of persons in the different savings banks this morning. The condition of affairs when the banks opened for bualness showed that the depositors had regained their confidence. The only depositors on hand were Italian and servant girls. who were scared by re ports they had heard. The only noticeable crowd was at the German Spar Bank at Fourteenth street and Fourth avenue. The depositers there were of the ignorant class. The line reached quite a distan ce on the sidewalk. At the Dry Dock Bauk. the Bowery Bank, the Greenwick Savings Bahk and several other banks where crowds gathered yesterday everything was quiet. Business was going on in the usual way. At the Green wich Savings Bank eightythree women and thirty-seven men End given notice yesterday that at the end of sixty days they would withdraw their entire account from the bank. A statement was given out this morning that 1$10,000 had been received yesterday from 114 depositors. Five hundred and thirty-two depositors withdrew $52,000. Or the $52,000 taken ont, $20,000 went to thirty depositors by check. It was not until each depositor showed that be really needed that he got what he wanted beyond the stipulated $100, President J. Harsen Rhoades said this morning: "From the accounts of July 31, 1892, we find that $28,000 was paid into the bank and $30,000 withdrawn; so you can see how it compares with yesterday. "The outlook is favorable. We shall have at least $10,000,000 in gold from abroad inside of ten days. It is already in (sight, All that the country needs is to have Congress meet and repeal the purchasing clause in the Sherman law at once and then go home. leaving everything else alone. The country needs rest and confidence will then be restored."

2. September 1, 1893 The Sun New York, NY
Article from The Sun, September 1, 1893

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Article Text

END OF THE PEOPLE'S SCARE. Very Little Money Withdrawn from Savings Banks After Thirty Days' Reflection. The thirty-day notices of withdrawal required by the savings banks at the time of the foolish panic last month among savings bank depositors expired on Wednesday. and the bank Presidents report that less than ten per cent. of the persons who gave notice have availed themselves of the opportunity to withdraw their deposits. Since a week after the scare depositors who gave notice have been visiting the banks asking permission to withdraw their notices. The ten per cent. who have availed themselves of the opportunity to withdraw are ten per cent. of the number remaining and not ten per cent. of the original number. At the Emigrants' Bank those notices remaining demanded the payment of $215,293: only $26,000 WAS withdrawn. At the East River Bank the notices called for $4.500; only $376 was drawn. At the Bowery $33,208 was called for: only $2,300 was drawn. At the Dry Dock Bank 152 notices remained unwithdrawn: of these only seventeen were put in force.

3. September 4, 1893 Fort Worth Gazette Fort Worth, TX
Article from Fort Worth Gazette, September 4, 1893

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Article Text

Have More Sense Now. NEW YORK, Sept. 3.-The thirty-day notices of withdrawal required by the savings banks at the time of the foolish panic last month among bank depositors expired on Wednesday, and the bank presidents report that less than 10 per cent of the persons who gave notice have availed themselves of the opportunity to withdraw their deposits, Since a week after the scare depositors who gave notice have been visiting the banks, asking permission to withdraw their notices. The 10 per cent who have availed themselves of the opportunity to withdraw are 10 per cent of the number remaining and not 10 per cent of the original number. At the Emigrants' bank the notices remaining demanded the payment of $215,293; only $20,000 was withdrawn. At the East River bank the notices called for $4500; only $376 was drawn. At the Bowerv $33,208 was called for and only $2300 was drawn. At the Dry Dock bank 152 notices remained unwithdrawn. Of these only seventeen were put in force.