13856. East River Bank (New York, NY)

Bank Information

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

Metadata

Model
gpt-5-mini
Short Digest
51cd5bf8cc23cd0d

Response Measures

None

Description

Articles (Sept 1893) describe a recent scare/panic that led depositors to give thirty-day notices but very few actually withdrew funds. No suspension or closure is mentioned; banks merely required 30-day notices and many depositors rescinded. Cause appears to be a depositor panic/rumor rather than bank insolvency.

Events (1)
1. September 1, 1893 Run
Cause
Rumor Or Misinformation
Cause Details
A recent depositor scare or panic led many to give thirty-day notices to withdraw, but most rescinded; only a small fraction actually withdrew.
Measures
Banks required thirty-day notices of withdrawal; many depositors later rescinded notices.
Newspaper Excerpt
At the East River Bank the notices called for $4.500; only $376 was drawn.
Source
newspapers

Newspaper Articles (2)
1. 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 Very Little Money Withdrawn from Savings Banks After Thirty Days' Reflection.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 At the Emigrants' Bank those notices remaining demanded the payment of $215,293: only $26,000 WAS withdrawn.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.

2. 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.