13776. Citizens Savings Bank (New York, NY)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
November 19, 1890
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
2dc9619b9446747f

Response Measures

None

Description

Multiple contemporary articles (Nov 19–23, 1890) describe a depositor run on the Citizens' Savings Bank (Bowery & Canal). The run was driven by an unfounded rumor; the bank paid out deposits, borrowed funds from correspondent banks and the Sub-Treasury, refused to invoke the 90-day notice rule, and remained open after the episode ended. No suspension, receivership, or permanent closure is reported.

Events (1)
1. November 19, 1890 Run
Cause
Rumor Or Misinformation
Cause Details
An unaccountable rumor circulated that the bank was in trouble, sparking panic among mostly poor immigrant depositors on the Bowery and Canal Street.
Measures
Officers paid depositors in gold and silver, drew $50,000 from City Bank, obtained deposits from Lincoln National and Bowery Bank, got $50,000 in new bills from the Sub-Treasury, and directors declined to invoke the 90-day notice rule; paid out funds rapidly over several days.
Newspaper Excerpt
In some unaccountable way today a rumor was started that the Citizens' Savings bank was in trouble... Soon the doors of the institution were besieged by crowds of excited people.
Source
newspapers

Newspaper Articles (11)
1. November 20, 1890 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, November 20, 1890

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Article Text

SCARED DEPOSITORS Make a Run on a New York City Savings Bank. NEW YORK, Nov. 19.-In some unaccountable way today a rumor was started that the Citizens' Savings bank was in trouble. The depositors are largely of the poorer classes of Hebrews, Poles and Germans, of the east side of the city. Soon the doors of the institution were besieged by crowds of excited people. They became so riotous that a squad of police had to be called. President Quintard this evening said about $10,000 had been paid out, and the bank was all right. He showed by the books that the bank had a surplus of $1,400,000.

2. November 21, 1890 New-York Tribune New York, NY
Article from New-York Tribune, November 21, 1890

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DEPOSITORS MAD WITH FEAR. CONTINUING THE RUN ON THE CITIZENS' SAVINGS BANK. POOR POLES AND ITALIANS TORTURING THEMSELVES NEEDLESSLY PAWNBROKERS REAPING A HARVEST BY DISCOUNTING DEPOSITS. The run on the Citizens' Savings Bank, at Canal-st. and the Bowery. continued all through yesterday. When the bank closed for the day 0,000 had been paid out to 245 people. This was in sums ranging from $5 to $3,000. A few depositors who wished to show their faith in the bank came forward with new deposits aggregating $5,000. The clerks were on hand at 9:15 yesterday morning. The bank steps and the street in front of the building were crowded at that hour. Many iniserable and panic-stricken creatures crowded the steps throughout the night holding their positions near the door in order to be the first attended to in the morning. Most of these were Italians and Polish Hebrews of the lowest classes. About half of them were women. At 9:30 a. m. Captain McCullagh came from the Elizabeth-st. station with thirty men and endeavored to subdue the crowd. Edward A. Quintard, president of the bank, said he would open the doors for business at once if the people could be formed in line and kept under control. It was a difficult undertaking to form them into line. The crowd in the street kept crushing its way toward the door, and for a long time refused to form into line. Captain McCullagh said it was the worst crowd he ever handled. At last the crowd was placed in some sort of order. The line extended from the bank door in the Bowery around into Canal-st., and down the latter street for a block and a half. The struggle to obtain good places in the line was terrific. The police had to be constantly on the watch to prevent burly fellows from pushing their way in between the women and children. Some of the women were so old that it seemed wonderful how they were able to live at all in the crush. When the bank opened its doors the people were admitted in batches of twenty-five. These twenty-five. always made a rush and struggled with each other for the first place at the paying teller's window. Great precaution had to be exercised to be certain that the person drawing the money was the real owner of the book. Many who tried to draw money on books belonging to their friends were turned away. Rumors were continually being circulated among the crowd that the bank had stopped payment altogether, and the effect of every such rumor was to make the multitude almost panfe-stricken. As the day wore on numerous attempts were made by people in the crowd to obtain admission to the bank by subterfuge. From the occurrences of Wednesday the bank people had expected a continuance of the run yesterday and had prepared to meet it. President Quintard drew $50,000 from the City Bank,with checks on the Farmers' Loan and Trust Company. He also drew deposits of $35,000 from the Lincoln National Bank, and $15,000 in gold and silver from the Bowery Bank. In addition to this the bank obtained $50,000 in new bills from the Sub-Treasury. There was, therefore, ample money on hand to meet all demands. During the day a number of persons owing money to the bank came forward and settled their accounts. The bank held a call note against Coffin & Stanton for $15,000, and the firm came forward and paid it without being called on to do SO. Jonas Well paid $525 which was not yet due as interest on a mortgage. The last batch of people was admitted to the bank at one minute to 3. It was half-past 4 before the last of the crowd inside was paid off. About thirty extra policemen came to the bank just before the closing hour, as it was feared that there would be trouble when the doors closed. The sidewalk in front of the bank was partially cleared, the police driving the people into the street. Many of those who failed to get into the bank took advantage of the offers numerous pawnbrokers and others in the neighborhood made, on signs displayed outside their shop windows, to cash accounts of the bank at from 80 to 95 cents on the dollar. These people reaped a harvest, as by holding the books until January 1 they will draw six months' interest, besides making the amount of the discount they demand far cashing the accounts. The crowd was pretty well scattered by 5 o'clock. It was cold, and many of them were hungry and halfclad. There is little doubt, however, that the run will continue to-day. President Quintard said: We do not know how the rumor about our financial instability started. The report is entirely groundless. At the time of the issuing of our last statement, on July 1, 1890, our assets exceeded our liabilities by $1.356,891 81. Our deposits amount to $12,400,000. We carry on a safe business, investing in none but first-class securities." The Citizens' Bank was started in 1860. This is the the came fourth run it has sustained. The third first was in in 1884. 1873,

3. November 21, 1890 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, November 21, 1890

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That Citizens' Bank. NEW YORK, Nov. 21.-The run on the Citizens' Savings Bank continues in full force. The directors met this morning and decided not to take advantage of the 90-days'notice rule, but to pay the depositors as far as possible.

4. November 21, 1890 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, November 21, 1890

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CAN EASILY PAY ALL. Continuation of the Run on the Citizen's Saving Bank. NEW YORK, Nov. 20.-The run on the Citizen's Savings bank, on the Bowery, which was begun yesterday, continued to-day. About 700 depositors were on hand, and under the supervision of a police squad filed into the bank in groups. The depositors who demanded their money were paid off as rapidly as possible. payments being made in gold and silver. Yesterday $100,000 was paid out, and $25,000 deposits were made. To-day $250,000 were on hand which would be sufficient to meet all demands. Up to noon to-day no deposits had been made. Usually the bank pays out about $25,000 a day and takes in about the same. The depositors could be paid at the rate of about $250,000 a day as the bank will remain open from 10 to 3, SO that all the waiting depositors cannot be paid off today. The amounts drawn out run between $50 and $200. If the run continues for several days the bank will probacly make use of the privilege of claiming ninety days. Most of the depositors are Polish Jews who are alarmed.

5. November 22, 1890 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, November 22, 1890

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EMBARRASSED BANKS. Barker Bros. & Co.'s Failure Not so Bad as It Might Be. PHILADELPHIA, Nov. 21.-Barker Bros. & Co.'s banking-house was open this morning, although no business was done. No statement of the firm's condition has yet been made. The Investment company, of which Wharton Barker is one of the directors, is perfectly solvent, it is asserted. Wharton Barker has resigned his position as president of the Finance company of Pennsylvania. Vice-President Tower has been elected in his place. It is asserted by all concerned that the company is certainly solvent, and in addition, a syndicate has been formed for the purpose of advancing it any amount of money necessary to meet its outstanding liabilities. Runs on Savings Banks. NEW YORK, Nov. 21.-The run on the Citizens' Savings bank continued today in full force. The directors met this morning and decided not to take advantage of the ninety days' notice rule, but to pay depositors as far as possible. NEWARK, N. J., Nov. 21.-The run on the Howard Savings bank continued today, but was not as heavy as yesterday. The Barings Firm Reorganized. LONDON, Nov. 21.-It is officially announced that arrangements for continuing the business of the Barings have been concluded. A limited company

6. November 22, 1890 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, November 22, 1890

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A LONG BANK RUN. But the Institution Stands Firm-Depositors All to Be Paid. (By telegraph to the Dispatch.] NEW York, November 21.-The run on the Citizens Savings Bank, southwest corner Bowery and Canal street, started Wednesday, continued in full force to-day. President Edward A. Quintard and other members of the Finance Committee of the institution held a meeting at the bank this morning. There had been some talk among the panic-stricken depositors that the officers of the bank might avail themselves of the rule which reads: "No person shall have the right to withdraw any part of any amount that may be to his credit unless he has ninety days previously given personal notice to the bank of the amount he wishes to withdraw." To do away with any impression of this sort the Finance Committee held a session at the call of President Quintard and decided by unanimous vote to pay out to depositors their ,money just as fast as they could. The doors of the bank were thrown open at a quarter of 10 and at that time the line of anxious depositors reached several squares.

7. November 23, 1890 The Anaconda Standard Anaconda, MT
Article from The Anaconda Standard, November 23, 1890

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No Let Up Yet. NEW YORK, Nov. 22.-The run on the Citizens' Savings bank continued this morning. The bank officers say the run will be broken to-day. Payments already made amount to nearly $300,000.

8. November 23, 1890 Telegram-Herald Grand Rapids, MI
Article from Telegram-Herald, November 23, 1890

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still Meeting the Res. NEW YORK. Nov. 22 - The run on the Citizens Savings Bank here was continued with as much vigor as ever. The payments already made figure up nearly $300,000.

9. November 25, 1890 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, November 25, 1890

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P The Ren Practically Over. New YORK. Nov. 23.-The run on the Cititen's Savings bank here. which lasted NEX days, is practically over.

10. November 25, 1890 New-York Tribune New York, NY
Article from New-York Tribune, November 25, 1890

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THE RUN ON THE CITIZENS' BANK OVER. The run on the Citizens' Savings Bank is over, and yesterday the regular course of business was pursued without interruption. In the four days that the run continued over $350,000 was drawn out by small depositors. These depositors lose the interest on their money for five months, and the bank is in that much money. The more frightened depositors who sold their deposit books for 75 per cent of the amount on deposit are now vowing vengeance against the unscrupulous brokers who bought them. Many of the people who drew out their money yesterday asked the bank to take It back again, but this the bank refused to do. Yesterday morning there were less than fifty people in the line when the bank opened at 9:30 o'clock, and they were all paid off in a few minutes: Police Captain McCullough ordered that the police detail be withdrawn, as there was no further necessity for their presence at the bank.

11. November 27, 1890 The Sun Morris, MN
Article from The Sun, November 27, 1890

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HERE AND THERE. Barker Bros., bankers and brokers of Philadelphia, fail for three millions. Wharton Barker is a member of the firm. The congressional judiciary committee to investigate charges against United States District Judge Boardman, has arrived at Shreveport, La. The purchase by the Rockefellers of 100,000 shares of Northern Pacific stock causes much speculative gossip. It is affirmed and promptly denied that Villard is to be ousted. The drillers in the various block coal mines in the vicinity of Brazil, Ind., are out on a strike for an "advance of from $1.871/2 to $2 per day. Rev. Oswald Birchall of London has for warded to Ottawa a request, backed by influential names, for the surrender of his brother's body to Mrs. Birchall. Gov. Steele of Oklahoma has returned the bills to the legislature without his signature or approval, locating the capital at Kingfisher. This leaves the capital at Guthrie. Judge Bookstaver, of the court of common pleas of New York, has granted a motion to appoint a receiver for O' Donovan Rossa's paper, the United Irish man. Owing to the lax management of the Minneapolis workhouse many prisoners have been escaping for some time past, the num. ber being estimated at 150. The will of the late Robert Ray Hamilton has been offered for probate in New York. The document makes no mention of Hamilton's wife. The bulk of the estate is left to the children. At Peoria, Ill., all the freight handlers, switchmen, engineers and firemen of the Peoria & Pekin Union, 230 men, have gone on a strike. The men wanted their pay Saturdaysinste of Mondays. The annual meeting of the Law and Order society will be held in Pittsburg. About 100 delegates, representing all the law and order organizations in the country, are expected to bein attendance. A remarkable surgical operation had just been performed in New York upon Judah Halprin. a Russian. It is thought it is the first of its kind ever performed in this country. The operation was the removal of the entire left arm, shoulder blade and collar bone and the muscles attached thereto. A short time ago a package of Louisiana lottery prize lists was seized at Winnipeg by custom authorities. The matter was reto Ottowa, and it is learned that the of customs has of and also minister ported the package ordered informed the the officers release that they had no authority to seize such packages A rumor was started in some unaccountable way that the Citizens' Savings bank, at the Bowery and Canal street, New York, was in trouble. This caused quite a run on the bank, and the police had to keep the excited depositors in order. At the close of the day President Quintard said that about $100,000 had been paid out. He said the bank was all right and could meet all demands. The books of the bank show a surplus of $1,400,000. The excitement at New Orleans over the Italian or rather anti-Italian issue growing out of the recent assassination of Chief of Police Hennessy is becoming more intensified, and it is feared that serious disturbances are yet in store. An Ital. ian Catholic priest who is also the editor of an Italian newspaper, has issued a call on the Italian government to place an Italian man-of-war in the Mississippi river for the protection of the Italian residents. Hon. John H. King of Chamberlain, D., railroad commissioner, said in an interview that the Indian scare "is so ridiculous as to be almost a fake," He says the Indians well know if they were to countenance an uprising they would forfeit all their rights under solemn treaties, compacts and agreements since 1868, and would lose all claims to lands on the united portion of the Sioux reservation and all the millions of dollars to be paid them under these treaties and under the last agreement made with Gen. Crook. The dreadful spotted fever, that made its appearance last March near Fountain Head, about fifteen miles from Gallatin, Tenn., killabout 90 per cent. of the victims, has reappeared. James Simpson. living in the affected section, lost threegrown sons, all in about two days. He has since moved within about three miles of Gallatin, and now his daughI ter has a genuine case. The young lady is about thirteen years old, and the doctors not know how to handle the disease. Spotted fever is an epidemic cerebro-spinal menengitis, and is adisease of the nineteenth century. The death rate is 80 per cent. Its $ average duration is about fourteen days, but death often occurs in a few hours.