14025. Harlem Savings Bank (New York, NY)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
December 12, 1900
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
a5d1687ed279dcd9

Response Measures

None

Description

Multiple contemporaneous articles (Dec 12–14, 1900) report a depositor run on the Harlem Savings Bank in New York. Officials and the State Superintendent inspected the books and declared the bank sound; the bank continued to pay depositors and did not suspend operations. Accounts attribute the run to malicious gossip/rumors. No suspension or closure is reported.

Events (1)
1. December 12, 1900 Run
Cause
Rumor Or Misinformation
Cause Details
Articles attribute the withdrawals to malicious gossip or idle rumors; no insolvency or specific adverse facts found.
Measures
Bank remained open and paid depositors as they came; police kept order; State Superintendent examined books; bank declined to invoke notice-of-withdrawal privilege.
Newspaper Excerpt
The run on the Harlem Savings Bank, which started several days ago, continued today... The bank's officers say the institution is perfectly sound, and they are at a loss to explain the run.
Source
newspapers

Newspaper Articles (10)
1. December 12, 1900 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, December 12, 1900

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Article Text

Run on a Bank. New York, Dec. 12-The run on the Harlem Savings Baok, which started several days ago, continued today. A core of anxious depositors were before doors of the institution before they the opened this morning. At 10 o'clock 250 men ann women lined up before is window. All dethe paying teller ntly. Detectives mands were paid prom, ver who is are at work trying to disco. cause responsible for the rumors which ed the run. The bank's officers say the institution is perfectly sound, and they are at a loss to explain the run,

2. December 13, 1900 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, December 13, 1900

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RUN ON HARLEM BANK. Three Hundred and Fifty Depositors in Line. New York. Dec. 13.-The run on the Harlem Savings Bank continued today. Two hours before the time for the bank to open there were 350 depositors in line waiting for an opportunity to draw their money. President Tooker, of the bank, said today: "We will go right on paying just as fast as the depositors come and as fast as we can. We will pay just as long as the run continues."

3. December 13, 1900 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, December 13, 1900

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DEPOSITORS EXCITED. Run on the Harlem Savings Bank, New York. NEW YORK, Dec. 12.-The run on the Harlem Savings bank, One Hundred and Twenty-fourth street and Third avenue, was continued today. When the bank opened there were 250 men and women in line, waiting an opportunity to get into the bank to get their money. They were kept in check and all confusion was avoided by the police lines. At 1 o'clock this afternoon the bank was crowded with depositors desirous of drawing their accounts. It was evident that there were as many persons in the bank building as could be paid off up to closing hour, so the doors were closed. All who were in the bank building were paid off. State Superintendent of Banks Frank D. Kilburn arrived at the bank in the afternoon and made an examination of the bank's affairs. Shortly afterwards, he said: "The Harlem Savings bank is as sound as any bank in the state. `Its securities are of the very best." Superintendent Kilburn stated that the bank paid out $25,000 yesterday. He was not certain what amount had been paid out today, but estimated it at about $100,000.

4. December 13, 1900 New-York Tribune New York, NY
Article from New-York Tribune, December 13, 1900

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BANK MAY PROFIT BY RUN FRIGHTENED DEPOSITORS LEAVE THE HARLEM SAVINGS NEAR INTEREST TIME-INSTITUTION PRONOUNCED SAFE The run on the Harlem Savings Bank, at Onehundred-and-twenty-fourth-et. and Third-ave., which began quietly several days ago, increased much yesterday that $150,000 was drawn out between 10 a. m. and p. m., and several policemen had to be detailed to keep the crowd of anxious depositors in order. This crowd numhered between seven hundred and eight hundred in the afternoon. and blocked the sidewalk in front of the building most of the day. At the close of banking hours there were several scores of persons in the building who had not been able to reach the paying tellers, but they all got their money before they were turned out. Malicious gossip or idle rumor seems to have started this run, and those who have been influenced to draw out their deposits now are losing their interest since last July. The bank pays 4 per cent on sums up to $500, and 31/2 on sums over that up to $3,000. The institution is saving a lot of money by this run, so that if it was started by an enemy his guile has only benefited and not hurt the bank. MR. KILBURN THINKS THE BANK SAFE. The State Superintendent of Banking, Mr. Kilburn, visited the bank yesterday afternoon, and after inquiring into affairs, issued the following statement: The Harlem Savings Bank was examined on 16 last, and was found to have at that time May resources amounting to $10,490,514 43, with liabilities amounting to $9,692,684.73 and surplus of $797,829 70. The income of the a bank over and above interest. paid and credited to depositors for the year previous was $82,754.66. Among the resources of the bank there were bonds and mortgages amounting to $4,392,861 40. and State, municipal and railroad bonds amounting to $4,696,400. The balance of the resources was made up of cash and the bank building. The bank, as stated by the president, owns no real estate except its bank and building and I consider it one of the safest soundest savings banks in the State. There certainly is nothing in the condition of the bank to warrant a depositor in withdrawing this his funds, and a depositor withdrawing at time will lose his interest from July 1 last. Charles B. Tooker, the president of the bank, at the same time made the following statement: This bank was organized in 1863, and it never has had a run upon it until this time, except in 1893. when there was a general financial depression. I cannot account for the run upon the institution. There certainly is nothing in the becondition of the bank which warrants it. cause the bank was never in better condition than it is to-day. The assets of the bank on November 30 amounted to $10,731,077.30 including bonds and mortgages on real estate, with at least twice the amount loaned thereon; $5,315,611 40 on bonds State, municipal, county. town and village amounting to $4,338,294. and cash $786,579.04 of The bank does not own a dollar's worth real estate except its banking house, and has not owned any for five years. The bank has not been obliged to foreclose a mortgage within several years, it never began more than twenty-five foreclosures in its existence, and we have with never lost a dollar upon a real estate loan, exception of about $500 of interest on one loan. the This shows the conservative and safe ad- enministration which the bank has always joyed. The bank according to President Tooker, will have about $700,000 on hand this morning to meet to-day's run, and has no intention as yet of resorting to its privilege of compelling depositors to give sixty days' notice of their intention to withdraw. ATTEMPTS TO DISCOUNT DEPOSITS. Circulating among the crowd outside the doors yesterday were several shrewd looking men tryto buy up deposits from the anxious ones banks at ing the dollar. Several other with offered 90 cents to on aid the Hariem Savings Bank but the offers were courteously declined loans, as not needed Not a few deposits were offered yesterday, but the bank officials were too busy paying out money to have time for taking money the in. They asked depositors 10 wait until run had subsided a little. The run on this bank in 1893 did no harm, but advertised the stability of the institution. rather Nevertheless, President Tooker says that if he discover the originators of these alarming rumors can he will prosecute them. The recent failof David M. Williams, a big drygoods merchant ure of Harlem, who was a trustee of the bank, may have furnished a basis for the rumor mongers to work on.

5. December 13, 1900 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, December 13, 1900

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Article Text

RUN ON A BANK. Depositors in Harlem Savings Institution Uneasy. New York, Dec. 13.-The run on the Harlem Savings bank was continued today. At 8 o'clock, two hours before the time for the bank to open for business, there were 350 depositors in line awaiting for an opportunity to draw their money. The crowd was kept in order by a police squad. President Charles B. Tooker of the bank said today: "We will go right on paying just as fast as our force will permit until 3 o'clock this afternoon, the closing hour for the day. We will pay again tomorrow and as long as the run continues." When the bank opened yesterday there were 250 men and women in line waiting an opportunity to get into the bank and get their money. They were kept in check and all confusion was avoided by the police lines. At 1 o'clock in the afternoon the bank was crowded with depositors desirous of withdrawing their accounts. It was evident that there were as many persons in the building as could be paid up to the closing time, so the doors were closed. All who were in the building were paid off. State Superintendent of Banks Frank K. Killbourn arrived at the bank in the afternoon and made an examination of the bank's affairs. Shortly afterward he said: "The Harlem Savings bank is as sound as any bank in the state. Its securities are of the very best." Superintendent Killbourn estimated that the bank paid out $125,000 since the run began.

6. December 14, 1900 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, December 14, 1900

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TELEGRAPHIC BREVITIES. Cairo, Ill.-Bishop Charles R. Hale's condition is worse. He is growing weaker. Springfield, Ill.-Judge Charles E. Fuller, former state senator, is a candidate for United States senator. New York-The board of health discovered seven new cases of smallpox near Sixty-ninth street and West End avenue. Columbus. O.-George-Considine, indicted for robbing the postoffice of Zanesville, O., in 1896, was convicted by a jury in the United States court. St. Joseph-Rev. Father Linnenkimp, pastor of the Church of the Immacula'e Conception. In this city, has had canferred upon him the title of monsignor. Cincinnati-The building, foundry and machinery of the Lane & Bodley works, at John and Water streets, were burned, the total loss being from $200,000 to $250,000. Philadelphia-Negotiations are in progress for the chartering of five tramp steamships which will carry from th S port 11,100 tons of steel rails to Norway. Boerne, Tex.-A sani atium for the trea'. ment of consumptives by a new liquid air method has just been opened here by the Southern Pacific Raiiroad company. Washington-The American Institute of Architects began its thirty-fourth annual convention. About seventv-five we e present; including President Roberts Peabody and Secretary Brown. Chicago-Resolutions of sympaihy for Presidents Kruger and Steyn and for the South African republic were unanimously adcpted by the Holland Society. of Chicago. Embossed copies will be sent to Presidents Kruger and Steyn. New York-The run on the Harlem Savings bank was continued. At 8 o'clock, two hours before the time for the bank to open for business, there were 30 depositors in line to draw their money. Zanesville, O.-Four masked men, discovered in the act of dynamiting the vaults of John Doerschuck's private bank, drove off all who attempted to interfere and got away with between $3,000 and $1,000. Pittsburg. Pa.-The 3,000 employes of the Jones & Laughiin Tron & Steel plants have been notified that the individual wage contracts made two years ago will be renewed for the ensuing year wi h no reduction in pay. Akron, O. The Ohio State Grange, Patrons of Husbandry, adopted resolutions condemning the ship subsidy bill, demanding the passage of the Grout oleomargarine and favoring the extension of the rural free delivery of mails. Jackson, Miss.-The Mississippi Capitol commission let the contract for the new state house to Messrs. Wells & Wells, of Chicago, for $831,000. The contractors agree to commence work Jan. 1, and complete it within twenty-eight months. Gettysburg. Pa.-The woman's relief corps of Iowa have arranged to erect a monument here in honor of Jenn 0 Wade, the only woman killed during the battle of Gettysburg. The monument will be erected in the spring and will be dedicated on July 3, 1901. New York-The first anual meeting of the Roentgen society of the United States opened in the Grand Central palace. Besides the members of New York, about 200 delegates were present from other states, New York-The twentieth annual meeting of the National Civil Service Reform league began in this city. Springfield, III-Three more arrests wcre made today on the Vandalia counterfeiting case. Mrs. Elizabeth Walden was bound over at Effingham and gave bond. She said she had disposed of silver certificates which had been given her by her husband, John Walden. The bills had been raised from $1 to $10. James White, a boy, Joe Walden and Miss Emma Benning are in jail here.

7. December 14, 1900 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, December 14, 1900

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TELEGRAPHIC BREVITIES DOMESTIC NEWS FROM ALL QUARTERS TRIMMED TO BARE FACTS. Minor Crimes and Accidents, Court Rulings, Sporting Notes and Happenings in General. Bishop Charles R. Hale, of Cairo, Ill., who was improving on Wednesday, is worse, and last evening was growing very weak. The case of Rosslyn Ferrell, who killed Express Messenger Lane, will be considered by the Ohio Board of Pardons on Jan. 10. The run on the Harlem Savings Bank, New York, was continued yesterday. The bank was kept open until 3 o'clock p. m., and will be open again to-day. The bank is solvent. Wheat is growing so rank in the Arkansas valley wheat belt, embracing territory that produced over 40,000,000 bushels last year, that the farmers are advertising to take stock free for the purpose of eating it down. Lieutenant Commander E. W. Wert. of the second battalion, Ohio Naval Reserves, has been suspended from his command for failure to forwad to the Ohio adjutant general's office his quarterly report, due Sept. 30. A sanitarium for the treatment of consumptives by a new liquid air method has just been opened at Borne, Tex., by the Southern Pacific Railroad Company. The treatment used is the discovery of a Texas physician. The Ohio State Grange, Patrons of Husbandry, yesterday adopted resolutions condemning the ship subsidy bill, demanding the passage of the Grout oleomargarine bill and favoring the extension of rural free delivery of mail. The first regular meeting of the Roentgen Society of the United States opened yesterday in the Grand Central Palace, New York. Besides the members in New York, about two hundred delegates were present from other States. Noble T., a racehorse with a record of 2:10, was burned yesterday in a fire that destroyed the livery barn of Lockridge, Houchins & Suggett at Fulton, Mo. Noble T. was owned by S. H. Traeger, of Peoria, and was valued at $7,500. The American Institute of Architects began its thirty-fourth annual convention in Washington, D. C., yesterday. About seventy-five members are present, including the president, Mr. Robert S. Peabody, and the secretary, Mr. Glenn Brown. The Rev. Dr. Bernard M. Skulick, rector of St. Hyacinth Polish Catholic Church of La Salle, Ill., has been honored by Pope Leo with the Order of the Holy Cross. Rev. Skulick is the first Catholic priest in this country to receive this distinction. James Considine, indicted for robbing the postoffice at Granville, O., in 1896, was convicted, yesterday, by a jury in the United States Court, at Columbus, O. Considine's home is in Detroit, and he is a brother of the well-known sporting man of that name. A report was printed at New York, yesterday. to the effect that Queen Liliuokalani, of Hawaii, was ill of typhoid fever at the Presbyterian Hospital in that city. The officials of the hospital said the report was untrue, so far as that institution was concerned. Resolutions of sympathy for Presidents Kruger and Steyn and the South African republics were unanimously adopted by the Holland Society of Chicago at a meeting held yesterday at the Union League Club. Embossed copies will be sent to Presidents Kruger and Steyn. Thomas Woodruff, alias Homer L. Sarvis, released from the Western Pennsylvania penitentiary yesterday after serving four years for burglary. was immediately arrested on a charge of killing, in 1894, Frank L. Henderson, a jeweler of Newburg, N. Y., during an attempted robbery F. Marion Crowfard, the author, will sall from New York, for Italy, Saturday. He came to America recently especially to witness the dramatization of one of his novels. He will return in February with Mrs. Crawford, who has been absent from the United States for sixteen years. Winston Spencer Churchill, M. P., war correspondent, gave a lecture on the South African war, at New York, Wednesday evening. He was introduced by Mark

8. December 14, 1900 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, December 14, 1900

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Bank Run Is Waning. New York, Dec. 14.-The run on the Harlem Savings bank was continued this morning. but fewer people were in line. There were about 200 persons in front of the building at 10 o'clock when the doors were opened.

9. December 15, 1900 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, December 15, 1900

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NEWS OF THE WEEK. Items of Interest Condensed For the Busy Reader. TELEGRAPHIC SUMMARY. Charles A. Towne, appointed to succeed the late Senator Davis, of Minnesota, takes his seat in the senate. The question of the constitutionality of the Blaine extradition treaty between Great Britain and the United States is to be brought before the supreme court, an opinion from which will be regarded as setting the modé of procedure in international arbitration cases. The Futurity of 1903 to be run at Sheepshead Bay will be the richest turf prize offered, the value of the race reaching $75,000. James Parker, innocent of the crime charged against him, has been released from the penitentiary at Philadelphia after serving seven years of a 13-year sentence. In a gale on Lake Erie the barge Foster sinks and the crew of eight is drowned. Mrs. Mary McLean, mother of John R. McLean of the Cincinnati Enquirer, Mrs. Geo. Dewey and Mrs. Ludlow, wife of Admiral Ludlow, dies in Washington of heart trouble Five little cockleshells, led by the gunboat Annapolis, comprising the mosquito fleet, will go to the Philippines to do patrol duty in shallow waters. The habeas corpus case of Oberlin Carter has been dismissed by Judge Hook and Carter is remanded to the penitentiary to serve his sentence of five years. Bishop Littlejohn of Rhode Island is forced to cancel appointments for the next six months because of ill health. Owing to the influence of Frank Platt, con of Thomas Plátt, New York's claims against Armour & Co., for $1,700,000, for the illegal sale of oleomargarine, are to be abandoned. G. H. Hammond Co.'s claim for $500,000 will also be dropped. Gov. J. W. C. Beckham was inaugurated governor of Kentucky to fill the three years remaining of the term for which Wm. Goebel and Wm. Taylor contested last year. An explosion of gas in a. Union Pacific railway tunnel near Aspen, Wyo,. kills four men. The ship subsidy bill is taken up by the senate and arouses widespread onposition but is strongly urged by Senator Hanna, who delivers a speech favoring it. The Standard Off company gets possession of the Pacific Coast Oil company with all its interests and valuable properties in California. The exercises commemorating the removal of the national capital from Philadelphia to Washington are held with elaborate ceremonies in the latter city. DeWet, with his forces, succeeds in eluding Gen. Knox, who has been following the Boer commander night and day. DeWet's skillful tactics force the admiration of the British army. The defense in the Sells divorce suit begins its testimony. The expense of the case will reach $25,000. Joekey Tod Sloan, in being refused a license by the English Jockey club, has had other clubs closed to him and he will probably race no more. Negotiations among the powers in the Chinese settlement come to an end, all agreeing to the conditions as outlined by Count von Bulow. Gen. Botha issues a proclamation declaring CE Transvaal government will not surrender. VicePresident Schalkburger, who is in charge, will continue the struggle indefinitely. The depositors in the Harlem Savings bank of New York commence an uncailed for run on the institution and $125,000 a day is paid out. The securities of the bank are of the best. The jury in the Morrison murder trial after being out four days, find it impossible to reach an agreement and is discharged by Judge Shinn. They stood three for conviction and nine for acquittal. The case will now go over to the spring term of court. A cloud burst in San Francisco causes loss of life and much damage to property. For a time the city was entirely cut off from communication with all points outside. One man holds up the Illinois Central fast mail just out of New Orleans. His booty was a few registered letters of trifling value. In Texas two bandits make a good haul from a train on the Cotton Belt near Texarkana. The postal clerk was badly injured and the mail pouches stolen. In severe fighting in the Transvaal the British force under Gen.Clement is com. pelled .to retire after having five officers killed. The British garrison at Komatipoort is in a serious situation, being threatened by a large command of Boers. A warship has been asked for by a returned missionary, to be sent to the New Hebrides where the heathen natives are arising against American missionaries and converts. Congresman Hitt of Illinois makes formal announcement of his candidacy for United States senate.

10. December 21, 1900 The Honolulu Republican Honolulu, HI
Article from The Honolulu Republican, December 21, 1900

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CONDENSED TELEGRAMS 00 Andrew Carnegie is reported as favoring the Isthmian canal. There has been a heavy run on the Harlam Savings Bank at New York City. The Legislative Assembly of Victoria has passed a woman's suffrage bill. Roland Reed, the actor, is still in a precarious condition in the New York hospital. A membership in the New York Stock Exchange was sold Dec. 12 for $47,500 to John M. McCullagh. August Belmont's condition Dec. 12 was somewhat improved, although he is still very III with typhoid fever Seattle is, in the near future, to have a new gas company, according to plans which are very well vaterialised The Sultan sent a quantity of cigarettes recently to the crew of the United States battle-ship Kentucky, now at Smyrna. The late Sir Arthur Arthur Sullivan left an estate of about £50,000, nearly all of which goes to his nephew, H. Sullivan. The dock laborers at Callao, Peru. have gone on strike, and all work has been stopped. As yet there has been no breach of the peace. There are more than forty cases of smallpox in St. George's Hospital, Kansas City. Only one death from the disease has occurred. A committee of rich Dunkards has purchased the town cite of Sunnyside, in the irrigated section of Yakima county, Wash., for a colony. Dr. Joseph Parker, minister of the City Temple, New York, has under-