13858. East River Savings Institution (New York, NY)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
October 15, 1857
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
02fdf4820f932218

Response Measures

None

Description

Articles (NY Herald, 1857-10-15) list the East River Savings Institution among many banks during the Panic of 1857. A contemporaneous item describes a run on the (East) River Savings Bank as not serious, with officers invoking withdrawal-by-notice by-law and stationing policemen. No suspension, receivership, or permanent closure is mentioned.

Events (1)
1. October 15, 1857 Run
Cause
Macro News
Cause Details
Run occurred in context of the Panic of 1857 and widespread banking alarm in New York; listed among many institutions facing pressure.
Measures
Enforced notice-withdrawal by-law (delayed payments), produced statement of condition; police stationed at the bank.
Newspaper Excerpt
KAST RIVER SAVINGS BANK. There has been a run on this bank, but not serious The officers have informed all who called that the required notice would be required before withdrawing their funds. There were four policemen stationed at the bank, but their services were not required.
Source
newspapers

Newspaper Articles (2)
1. October 15, 1857 The New York Herald New York, NY
Article from The New York Herald, October 15, 1857

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Article Text

the Supreme the same points. Judge for The the Judge papers for the Mr. of New THE INSTITUTIONS. RUN MODE Yesterday institutions carnot they ted their States redeem with stock banks gold, cannot what they the Secretary may present, teracted per amounts under have, from The of any phase resolution very creatiably continue crisis order of officers banking street adilations:for Bank Savings, East River davings Institution. Bowery Savings Institution Merchants' Irving Clerks' Savings Institution. Emigrants' Savings Institution. South Brooklyn Brocklyn Institution. Institution Savings Institution. Marinera' Manhatian Savings Institution. Mechanica' Savings Institution. Dry Don't Savings and Traders' Institution. Savings Breadway Savings Institution. Greeswich Savings Institution. Willismsburg Seamon's Institution. JOHN After First-The only paid which State Second or depositors The EUN Verday, male. coaling charged they The assets published on $7,849,189 statement their and of surplus of bage to door turn. The cashier, newspapers of spectful who be probably to positors, the In morning excitement. for the hour approached at four grew larger 1,000 about

2. October 15, 1857 The New York Herald New York, NY
Article from The New York Herald, October 15, 1857

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Article Text

BIXPENNY SAVINGS BANK Is not affected by the panic, according to the statement of its officers. On Monday they paid out $600. The other days for drawing money are Thursdays and Saturdays. MECHANICS' AND TRADERS' SAVINGS BANK Has met all its depositors' claims, and can well afford to do'so, as they have a strong reserve of specie. In realy to our question if they did not expect a run, one of the officers said, "Let them come, we're ready." EMIGRANT SAVINGS BANK. A slight run still continues, but not of sufficient consequence to alarm either the officers or the public. BROADWAY SAVINGS BANK. The Broadway Savings Bank experienced a slight run They fell back on the following by-law:Drafts may be made personally or by the order of the depesitor, if his or her name be written in the signature book; or by letter of attorney, duly authenticated. But no person shall have theright to demand any part of his or her principal or interest without producing the original pasebook and then only on the third Monday in each and every month, upon giving previous notice of one week to the secretary or accountant; but the attending committee may allow the same to be paid during any regular hours of bu. siness. By this no money can be drawn until the third Monday in December. They paid no money out yesterday. KAST RIVER SAVINGS BANK. There has been a run on this bank, but not serious The officers have informed all who called that the required notice would be required before withdrawing their funds. There were four polloemen stationed at the bank, but their services were not required. The cashier farnishes the following statement of the condition of the bank to Oct. 1, 1807:-