Brooklyn Savings Bank - Brooklyn, NY

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: savings bank
Start Date: December 18, 1931
Location: Brooklyn, New York (40.660, -73.951)

Metadata

Model: gpt-5-mini
Short Digest: 061b298d

Response Measures

Partial suspension, Books examined

Other: Board required 90-day notice for withdrawals above $100; state examiners involved with Danielson Trust takeover.

Description

Article (Dec 18, 1931) reports that after the Danielson Trust Company's closure depositors crowded Brooklyn Savings Bank and withdrawals were limited by placing a $100 immediate limit and requiring 90-day notices for larger amounts (invoking the 90-day rule). The piece describes a run and a partial suspension (30/60/90-type restriction). No later reopening or permanent closure is reported in the provided articles, so outcome is uncertain.

Events (2)

1. December 18, 1931 Run

Cause: Local Banks
Cause Details: Closure/suspension of the Danielson Trust Company (interlocking directorate) triggered depositor panic and withdrawals at Brooklyn Savings Bank.
Measures: Immediate $100 withdrawal limit and requirement of 90-day notice for amounts greater than $100 (invoked 90-day rule).
Newspaper Excerpt: Within hour after the announcement of the bank's suspension was started Brooklyn Savings bank ... depositors crowd the Brooklyn Savings bank withdraw their funds. officials assured them the bank was sound
Source: newspapers

2. December 18, 1931 Suspension

Cause: Local Banks
Cause Details: Board imposed withdrawal limits/90-day notice after runs prompted by Danielson Trust Company's closure and impaired securities; partial suspension of payments (30/60/90-type restriction).
Newspaper Excerpt: depositors were required to 90-day notice for of amounts greater than that. depositors crowd the Brooklyn Savings bank withdraw their funds.
Source: newspapers

Newspaper Articles (1)

1. December 18, 1931 The Journal Meriden, CT

Article from The Journal, December 18, 1931

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Article Text

CLOSED Not Accounts Savings Affected; Commercial Tied Up Funds STARTS BANK RUN Blame Difficulties On Value of Securities Conn., Dec. 18. The Danielson Trust company, assets impaired by the depreciation securities, remained closed today by order of the board of Arthur and trust funds savings accounts segregated and would not bank's difficulties. fected by accounts, however, Commercial $750,000 will teling although Atwood they will eventpressed paid in request of the board At the reached examiners from State Bank came the Danielson today take over the institution's Withdrawals Limited. Within hour after the anan nouncement of the bank's suspenwas started Brooklyn Savings bank. which controlled an interlocking rectorate the other Immediately limit $100 placed immediate and depositors were required to 90-day notice for of amounts greater than that. depositors crowd the Brooklyn Savings bank withdraw their funds. officials sured them the was sound and all would met eventually The bank has and surplus of sets $5,000,000 $600,000 issued by bank officials today said: "Owing the depression in all securities which has not been nation wide, but world securities held by the Danielson Trust company depreciated such extent that the board directors have voted to close the company Assets of $3,103,000 Atwood said the steady decline the value securities for weeks past had largely impaired the bank's surplus, that prices rose levels of last October difficullies could be cleared up. Indica-