Provident Institution For Savings

Bank Information

Episode Type: Run Only
Bank Type: savings bank
Start Date: October 28, 1907
Location: Jersey City, New Jersey (40.728, -74.078)

Metadata

Model: gpt-5-mini
Short Digest: 453fb1b5

Response Measures

Accommodated withdrawals, Public signal of financial health

Description

Single discrete run in late October 1907 precipitated by nervousness over runs on New York banks. Bank paid every applicant in full and did not suspend; community priest intervened to calm depositors.

Events (1)

1. October 28, 1907 Run

Cause: Local Banks
Cause Details: Depositors (largely Polish immigrants) became uneasy because of stories of runs on banks in New York City.
Measures: Officials paid every applicant in full; Rev. B. Kwiatkowski publicly reassured depositors (deposited $725 and showed his bankbook); clerks later issued money orders for remittances.
Newspaper Excerpt: The run started Monday and $97,000 was drawn out by scared foreigners. Every applicant was paid in full.
Source: newspapers

Newspaper Articles (1)

1. October 30, 1907 Evening Star Washington, DC

Article from Evening Star, October 30, 1907

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Article Text

PRIEST STEMS BANK RUN. Jersey City Poles Were Drawing Out Their Savings. NEW YORK, October 30.-The Rev. B. Kwiatkowski, priest of St. Anthony's Roman Catholic Church, 6th and Monmouth streets, Jersey City, materially aided in stemming a run on the Provident Institution for Savings, at 239 Washington street, in that city, yesterday, by walking down the line of frightened depositors, nearly all of whom were Poles, and telling them that they would act very foolishly if they drew their savings from the bank. He further convinced his fellow country men and women of his faith in the stability of the institution by depositing $725 and passing his bankbook around for all to see the entry. Scores of foreigners dropped out of the line as the priest left the bank. The run started Monday and $97,000 was drawn out by scared foreigners. Every applicant was paid in full and the clerks in the post office were kept busy later issuing money orders for the old country. The bank officials were unable to account for the run other than on the theory that the Poles had become uneasy over stories of runs on banks in New York city.