14769. Bay Ridge Savings Bank (Bay Ridge, NY)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
August 16, 1929
Location
Bay Ridge, New York (40.634, -74.015)

Metadata

Model
gpt-5-mini
Short Digest
0a419843

Response Measures

Accommodated withdrawals, Public signal of financial health

Other: Bank used publicity (editorial distribution) to reassure depositors.

Description

Newspaper accounts (dated 1929-08-16) describe a run on Bay Ridge Savings Bank. Depositors withdrew funds but were calmed by a newspaper editorial and by visible arrivals of gold at the bank, after which many redeposited. There is no mention of suspension, receivership, or permanent closure.

Events (1)

1. August 16, 1929 Run
Cause
Local Banks
Cause Details
Panic/nervousness triggered by failures of a few other banks (article references 'two or three failed' banks), causing depositors to withdraw.
Measures
Published reassuring editorial distributed to depositors; bank received several truckloads of gold (showing liquidity), which prompted many depositors to redeposit.
Newspaper Excerpt
Depositors Calmed by Statement of Paul Block ... ordered Standard Union for distribution ... the 300 the outside the bank hundred long lines ... After reading editorial ...
Source
newspapers

Newspaper Articles (2)

Article from Times Union, August 16, 1929

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Article Text

DETECTIVES PUSH INQUIRY INTO CAUSE OF RUN ON BANK Banker Lauds Editorial In The Standard Union Depositors Calmed by Statement of Paul Block Officers of the Bay Ridge SavIngs Bank men of Bay Ridge to-day joined in expressing their appreciation of the editorial. signed by Paul Block, publisher of The Standard Union, that appeared in yesterday' issue of this paper. They were unanimous in the opinion that this torial very effective in quiet ing the steming the rush to withdraw funds Indebted to Mr Block for the editorial and have few copies The ordered Standard Union for distribution to day as think will effective,' Dr. Maurice Lewis, president of the said He added that as eral The Stand ard Union had been given to the depositors for money the effect of the editorial parent He and other officers the bank that number of persons had waiting line their left soon as they had the editorial The Rev. super intendent the Hos pital who had sought to reassure the depositors by speaking their tongues was equally certain that the number that their money attitude of Mr Block's edi had the atten and there is no doubt in my but that had great effect the people the stability of the bank. Dr. Pedersen editorial read as follows DEPOSITORS IN THE BA NEED NOT WORRY Bank depositors should not of all banks just because two or three failed Over ninety nine per cent. of all banks sound and we have the word of State ent Joseph A Broderick that the Bay Ridge Savings Bank is perfect create in tion That danger which any banks Savings Bank has appears to be that faith has arisen and is Publisher copies of The Stand editorial the the 300 the outsid the bank hundred long lines the waiting chance withdraw the money they had deposited After reading editorial fice number gave the and the stability The (Continued on Last Page)


Article from The Brooklyn Daily Times, August 16, 1929

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Article Text

CHANGE MINDS AFTER RUN ON BANK After they h d witnessed several truck loads of gold arrive at the bank, scores of depositors who had withdrawn their m from the Bay Ridge Savings Bank turned around and redeposited withdrawals.