14683. Albany Savings Bank (Albany, NY)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
September 28, 1857
Location
Albany, New York (42.653, -73.756)

Metadata

Model
gpt-5-mini
Short Digest
0357adbc

Response Measures

Accommodated withdrawals

Description

Small withdrawals by savings depositors on Sept 28-29, 1857. Bank remained open (extended hours), no suspension or closure; funds were returned and run subsided quickly. Cause appears to be depositor nervousness/rumors rather than bank insolvency; no discrete misinformation event described.

Events (1)

1. September 28, 1857 Run
Cause
Rumor Or Misinformation
Cause Details
Small depositors withdrew balances amid local nervousness/curiosity; no evidence of bank-specific insolvency or correspondent failure; run subsided and gold was returned next day.
Measures
Posted notice extending hours (open until 5 p.m.) to accommodate depositors; remained open and paid withdrawals.
Newspaper Excerpt
During the day quite a number of small depositors withdrew their balances from the Albany Savings Bank... A notice was posted on the doors that the Bank would be kept open until 5 o'clock each day for the accommodation of depositors until further notice.
Source
newspapers

Newspaper Articles (3)

Article from New-York Daily Tribune, September 29, 1857

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Article Text

THE SAVINGS BANKS OF ALBANY. ALBANY, Monday, Sept. 28, 1857. There is a slight run upon the Savings depertants of the Albany Banks by the small depositors morning, but we have not a single instance of with. drawal of balances, except in the Savings depart ments, or of pressure of specie by bill holders. the Banks seem all quiet and confident here. ALBANY, Monday, Sept. 28-6P. N. During the day quite a number of small depositors withdrew their balances from the Albany Savingo Bank, and a large number of persons gathered about the building, having no business there, bet attracted by idle curiosity. The amount paid out was not large, and during the day several deposits were made, simply as an expression of public confidence in the Bank, swelling the aggregate deposite above these of any former day within two weeks. A notice was posted on the doors that the Bank would he kept open until 5 o'clock each day for the 8000 modation of depositors until further notice. Before that hour to-day the excitement begaa to cool down, and the Bank did not close its doors until no further checks were presented. There was no apparent pressure in any other depend ment of business, and no call on any one of the Beale for specie during the day, except in the cases of the Savings depositors.


Article from The New York Herald, September 30, 1857

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Article Text

THE ALBANY SAVINGS BANKS. ALBANY, Sept. 29, 1857. The run on the savings banks subsided .his morning as saddenly as It commenced yesterday. The gold drawn out from the Albany Savings Bank yesterday afternoon is being returned to the same institu tion this morning.


Article from New-York Daily Tribune, September 30, 1857

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Article Text

THE ALBANY SAVINGS BANKS. ALBANY, Tuesday, Sept. 29, 1857. The run on the Savings Banks subsided this morning, as suddenly as it commenced yesterday. The gold drawn out from the Albany Savings Bank yesterday afternoon, is being returned to the same institution this morning.