14855. Dime Savings Bank (Brooklyn, NY)

Bank Information

Episode Type: Run Only
Bank Type: savings bank
Start Date: July 29, 1893
Location: Brooklyn, New York (40.660, -73.951)

Metadata

Model: gpt-5-mini
Short Digest: c2fc0548

Response Measures

Accommodated withdrawals

Description

Multiple contemporary newspaper reports (July 29–31, 1893) describe slight runs on the Dime Savings Bank of Brooklyn triggered by the savings banks' enforcement of 30/60-day withdrawal notices. The bank remained open, paid out small amounts to needy depositors, and officers publicly reassured depositors; there is no mention of suspension or closure.

Events (1)

1. July 29, 1893 Run

Cause Details: Enforcement of 30/60-day withdrawal notice (time-limit) by savings banks which alarmed depositors and produced crowds seeking withdrawals.
Measures: Bank invoked the thirty/sixty-day time-limit for large withdrawals; officers paid small necessary amounts and publicly reassured depositors.
Newspaper Excerpt: The Dime Savings Bank and the South Brooklyn Savings Bank both put into operation today the thirty and sixty day rule... There was a considerable crush of people when the doors of the Dime Savings Bank of Brooklyn were thrown open
Source: newspapers

Newspaper Articles (11)

1. July 29, 1893 Evening Star Washington, DC

Article from Evening Star, July 29, 1893

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IT CAUSED A RUN. Effect of the Decision of the New York Brooklyn Savings Bank Presidents. BROOKLYN, N. Y., July --There is . slight run on the Brooklyn Savings Bank. About 100 people are in line. The run 18 caused by the action of the savings hank presidents yesterday requiring thirty days notice. Cashier Flandreau said the bank was in good condition and all depositors who demand their money today will be paid in full. The Dime Savings Bank and the South Brooklyn Savings Bank both put into open. ation today the thirty and sixty day rule, The General Savings Bank of Kings county announces that they will put the same rule into operation on Monday morning, All of the savings banks of Kings county will probably do the same. Able to Stand Runs. TRENTON, N. J., July 29.-A run come menced this morning on the Trenton Savings Bank and by noon about $30,000 was paid out. The bank is one of the strongest in the state, having 8. clean surplus of $268,000. The money paid out this morning was in new silver dollars just received from the Philadelphia mint. All the Trenton banks are in excellent shape and no suspensions will occur. NEWARK. N. J., July 29.-There is . slight run today on the Howard Savings Institution of this city. A long double line of depositors has been passing in front of the paying teller's window all the morning. The officers of the bank say that they have plenty of money on hand to pay all demands. The Howard is the strongest savings bank in the city.

2. July 30, 1893 The Indianapolis Journal Indianapolis, IN

Article from The Indianapolis Journal, July 30, 1893

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absurd to suppose that the people who are depositors in our banks buy securities in Wall street. They board the greater Dart of the cash, making it of no use to any one. We have of late been sending to down-town banks and trust companies every day or two for $50,000, $25,000 and $40,000. This made our drain eventually a drag on the whole money market. Our action, or rather our advised course, will thus put a stop in a measure to one hole in the community's cash resources." BROOKLYN, July 29.-There was to-day a run on the Brooklyn Savings Bank. The Dime Savings Bank of Brooklyn. and the South Brooklyn Savings Bank were both compelled to put into operation to-day the thirty and eixty-day rule. The Germania Savings Bank of Kings county announces that they will put the same rule into operation on Monday morning.

3. July 30, 1893 The Sun New York, NY

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NO RUNS LIKELY IN KINGS COUNTY. A Few of the Savings Banks Adopting the Time Limit as 18 Precaution. The action of the representatives of the savings banks on Friday in deciding that each bank might avail itself of the privitege of putting the thirty and sixty days' time limit regarding the withdrawal of deposits in operation did not create much stir among the depositors in the Brooklyn banks. A few of the banks took advantage of the privilege. and some of the others will probably do so next week. All the banks are said to be solid financiaily. and there is no indication of any alarmingly panicky feeling among the depositors. A few minutes after the Dime Savings Bank opened its doors depositors began to come in in a steady stream. anxious to withdraw their deposits. After a consultation between President G. S. Hutchinson and the other officers of the bank it was announced that the time limit notice for amounts in excess of $100 would be enforced. Cashier Hunter said: "No person need be alarmed. This is more a matter of precaution than anything else. The bank is as good as it ever was." The order caused only irritation on the part of three or four depositors. and during the day about the same amount of money as usual was taken in. Almost the same condition of affairs existed at the South Brooklyn Savings Bank. where the sixty days' limit clause regarding the withdrawal of deposits was also enforced. The only grumbling was on the part of some depositors who wanted ready money to pay off pressing demands. Treasurer Anderson seld: "It is extremely unpleasant for the bank authorities to adopt this course, but it has become extremely diffleult to get money. and as a precautionary measure the banks must harbor their ready cash." At the Brooklyn Savings Bank, the Germania Savings Bank. the City Savings Bank. and the Brevoort Savings Bank money was being paid out as usual. and at each it was said that more money was taken in than was paid out. There was a slight run at the Brooklyn Bank in the morning. but it did not disturb the officers in the least. The sixty days' notice will go into effect at the East Brooklyn Savings Bank to-morrow. At the Williamsburgh Savings Bank. Driggs avenue and Broadway, severallhundred depositors withcrew their savings yesterday. The bank is one of the most solid institutions in the country. and has a surplus of more than $5,000,000. Gen. Meserole, the President of the bank. declined to say whether or not his Institution would takeladvantage of the thirty day and sixty day rule. Every depositor who comes here is being accommodated." was all that Gen. Meserole would say. The trustees of the Kings County Savings Bank. at Broadway and Bedford avenue, had an informal meeting yesterday morning. and afterward said that they had not yet received a communication from the Executive Committee of the Savings Banks of the State, and. therefore, could not speak on the subject. Cashier Bischoff of the German Savings Bank. Broadway and Boerum street. said the deposits during the last few days exceeded the withdrawals. and that his bank would pay no attention to the thirty or sixty day rule.

4. July 31, 1893 Deseret Evening News Salt Lake City, UT

Article from Deseret Evening News, July 31, 1893

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the banks claimed the privilege of using the time clause, sil, in comparatively few instances, was it applied. There uid not seem to be any run anywhere. In Brooklyn the effect was somewhat different and the notice caused several "runs" The greatest was on the Brooklyn Savings bank. When the doors opened this morning no enermous crowd was as waiting to draw money. Thrests we re made, but AB these were of no avail, the crowd went away in an ugly mood. There were also slight runs on South Brooklyn Havings institution and the Dime Savings bank.

5. August 1, 1893 The Helena Independent Helena, MT

Article from The Helena Independent, August 1, 1893

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TO PREVENT HOARDING. New York Savings Banks Require the Time Limit. NEW YORK, July 31.-This morning the savings banks of the eit% as a rule, began to take advantage of the sixty-day time classe, where largo amounts are concerned. to check the withdrawal of money for boarding or in senseless fright. but while nearly all the banks claimed the privilege of the time olanse, still in comparatively few instances was is applied. There did not seem to be any run anywhere. In Brooklyn the effect was somewhat different and the notice caused several rans. The greatest was on the Brooklyn Savings bank. When the doors opened this morning an enormous orowd were waiting to draw money. Threats were made. but as these were of no avail the crowd went away in an ugly mood. There were slight rune also on the South Brooklyn Savings institution and the Dime Savings bank. KANSAS CITY, July 31.-The Missouri National bank resumed business this morning, having fully recovered from the effects of the senseless panic which caused its suspension two weeks ago. CEDAR RAPIDS, Iows, July 81.-A. Daniels & Co., private bankers at Marion, have made an assignment. It is believed all will be paid in full and the bank be open in a few days. PORTLAND, Ore., July 81.-The First National bank of East Portland failed. Officers say the suspension is temporary. Resources, July 12, $325,000, deposits $160,000. AKRON, O., July 31.-The Akron Savings bank went into the hands of a receiver this morning. Capital $200,000, reserve $50,000, surplus $18,000. Will pay in full. THE DALLES, Ore., July 31.-The First National bank failed this morning, due to closing of the Commercial National bank of Portland. HORNELLSVILLE, N. Y., July 81.-N. M. Craneland, a private banker, failed this morning. Assets ar said to exceed liabilities. SPRINGFIELD, Mo., July 31.-The Springfield Savings bank failed this morning. Deposits $100,00. capital $25,000; will pay in full. PENDLETON, Ore.. July 31.-The Pendleton Savinge bank has temporarily suspended. Assets $250.000, liabilities $135,000. ASHLAND. Wis., July 1.-The First National bank failed this morning, owing to the steady drain on deposits.

6. August 1, 1893 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, August 1, 1893

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NEW YORK SAVINGS BANKS. General Confidence in Them-Taking Precautionary Measures. NEW YORK, July 31.-With this morning the savings banks of this city, as a rule, began to take advantage of the sixty day time clause. That is, the bank officials made use of the prerogative in cases where large amounts were concerned, or where such action was deemed necessary to check the withdrawal of money for hoarding or in senseless fright. But while nearly all the banks claimed the privilege of using the time clause, still in comparatively few instances was it applied. A visit to the principal savings banks of this city this morning disclosed the fact that about the usual amount of business was being done, Perhaps a trifle more than the usual number of depositors were waiting their turns to draw money, but on the other hand, in most of the banks, there were corresponding lines of persons anxious to deposit money. The general impression seemed to be one of confidence in the banks. There did not seem to be anything like a "run" anywhere in this-city. In Brooklyn the effect was somewhat different and the notice caused several runs. The greatest was on the Brooklyn Savings Banks. When the doors of the bank opened a crowd was waiting to draw its money. Threats were made, but as these were of no avail the crowd went away in an ugly mood. Slight runs were also made on the South Brooklyn Savings Institution and on the Dime Savings Bank.

7. August 1, 1893 New-York Tribune New York, NY

Article from New-York Tribune, August 1, 1893

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A LITTLE EXCITEMENT IN BROOKLYN, SCENES ABOUT THE VARIOUS INSTITUTIONS-RE ASSURING WORDS OF THE OFFICERS. There was a little excitement among the depositors in several of the savings banks in Brooklyn over the enforcement of the time rule regarding the withdrawal of large sums. All save the smaller banks put up notices requiring from thirty to ninety days' notice to secure amounts over 850 or $100. Most of the banks paid out less sums than $50, but some would not pay over $10 unless exceptional need of the money was shown. Almost the only humorous incident of the day occurred at the South Brooklyn Savings Institution. There was a long line at the paying teller's window when a man in a nervous manner asked: Are you ready to pay me my money?' "That depends on how much you want," was the reply. "I want it all," he said. "if you haven't got it, and if 1 am sure you have got it, I don't want any." There was a laugh among the other depositors and he was assured that the bank had the money and he went away without it. The directors of the bank issued a notice to all depositors to quiet any alarm they might feel over the safety of their deposits. In It they said: There should not be any anxiety on your part concerning the safety of your deposits. Our report to the banking department of this State, rendered up to July 1. 1893, shows that our assets were $14,114,283 85 due depositors, $12,304,327 15; surplus, $1,809,956.70. You will therefore perceive that there was a reserve fund of over $1,000,000 to protect you against the possibility of loss. We are required by law to keep invested at least 90 per cent of our deposits and surplus in the very best class of securities that can be had, as a means of obtaining revenue from which to pay interest, and this income has enabled us to pay you each year 4 per cent on your deposits, and there is no reason why we should not continue to do so if they are not unduly discurbed. Finding. however, that some of our depositors were quietly withdrawing (their funds in much larger volume than heretofore- evidently the result of needless alarm-the trustees, with the desire of seeing that all are placed on an equal footing and as a precautionary measure have decided to require from depositors intending to withdraw their funds, the notice which is printed on the last page of each of your bank deposit books. The officers are authorized to pay from time to time to depositors whose necessities require such accommodation moderate amounts without requiring notice. There was at no time any large number of people at the South Brooklyn Bank. The depositors who showed their need of money got all they wanted. but those who evidently were seeking to get their money because of fears for 1ts safety went away empty handed. Only a few gave the requisite notice of withdrawal. At the Brooklyn Savings Bank the decision of Saturday not to require notice for the withdrawal of large amounts was reversed, and the rule was posted after President Morgan, who had returned from his vacation trip, conferred with his fellow directors. Money was paid out in small sums to all who sought it, but the number of those who made deposits was nearly as great as the number who drew out funds. There was a considerable crush of people when the doors of the Dime Savings Bank of Brooklyn were thrown open, and a long line of men and women stood in front of the window of the paying-teller. Ex-Mayor Hunter. long the treasurer of this bank, said that the scare was senseless and unreasonable, and the enforcement of the time rule would benefit the depositors and protect the banks until people recovered their confidence. There was more excitement about the WHillamsburg Savings Bank than anywhere else in the city, owing to the large number of depositors and the fact that many of them are ignorant foreigners. Nearly 500 men and women were outside the doors before the bank had opened, and all day there was a throng. No one was allowed to draw more than $10 or

8. August 1, 1893 Wheeling Register Wheeling, WV

Article from Wheeling Register, August 1, 1893

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KATE GANNETT WELLS. CONCERNING BUSINESS AND FINANCE. CHICAGO, July 81.-A special from Denver, Col., says that Attorney General Engloy has rendered an opinion to the effect that it is within the power of the Legislature to enact appropriate legislation for the establishment of a statutory depository of silver bullion and the issuance of certificates thereon, assignable to delivery and receivable by the State in the payment of State taxes. WASHINGTON, July 31.-Acting Mint Director Preston characterizes as & wild heresy the proposition of State Attorney General Engley, of Colorado, to establish State bullion depository to issue certificates against silver bullion. The scheme is not violative of the United States statutes, it is said, but it is regarded at the treasury as a temporary make-shift and impracticable. NEW YORK, July 31.-With this morning the savings banks, as & rule, began to take advantage of the sixty day time clause. That is, the bank officials made use of the prerogative in cases where large amounts were concerned, or where such action was deemed necessary to check the withdrawal of money for hoarding or in senseless fright. But while nearly all the banks claimed the privilege of using the time clause, still in comparatively few instances was it applied. A visit to the principal savings banks of this city this morning disclosed the fact that about the usual amount of business was being done. Perhaps & trifte more than the average number of depositors were waiting their turns to draw money, but on the other hand, in most of the banks there were corresponding lines of persons anxious to deposit money. The general impression seemed to be one of confidence in the banks. There did not seem to be anything like a "run" anywhere in this city. In Brooklyn the effect was somewhat different, and the notice caused several runs. The greatest was on the Brooklyn Savings Bank. When the doors of the bank opened a crowd was waiting to draw its money. Threats were made, but as these were of no avail the crowd went away in an ugly mood. Slight runs were also made on the South Brooklyn Savings Institution, and on the Dime Savings Bank. AKRON, O., July 31.-The Akron Savings bank did not open this morning for business. William Buchtel, President of the bank, has been appointed receiver. The capital stock is $200,000, with a reserve fund of $50,000 and undivided profits of $18,000. The bank will pay dollar for dollar. Cause of suspension, inability to realize on securities. HORNELLSVILLE, N. Y., July 31.-The private balking house of N. M. Crane & Company closed its doors this morning. The suspension is attributed to the general stringency prevailing in business circles, and the value of the assets are stated to equal the liabilities, but cannot be realized on at present. MILWAUKEE, WIS., July 31.-A special from Ashland, Wis., savs the First National Bank of Ashland, Wis., failed to open its doors this morning. There has been a steady draw on the banks deposits for & month past. Its resoerces according to the statement filed July 15, were $396,. 488. D. R. Ellis is President and ex-Governor Sam S. Fifield Vice President. The other banks are experiencing runs in consequence of the First National failure. CHICAGO, July 31.-As a result of the big drop in the price of September wheat on the Board of Trade to-day the firm of Lyon & Hurlburt notified its customers to protect themselves. The firm is understood to have been carrying 800,000 bushels of wheat on which there was a loss of some $70,000, but was short about 600,000 bushels of corn on which there was a profit of $20,000, leaving a net loss of $50,000. The firm promises to pay in full as soon as it can realize on collaterals. The senior member of the firm, J. B. Lyon, is one of the oldest and best known members of the Board of Trade and at one time made a great stir by running a corner in corn.

9. August 1, 1893 The Sun New York, NY

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BROOKLYN BANKS PAID TO THE NEEDY Williamsburgh Bank Couldn't Help an Italian Whose Mortgage IN Due To-day. All the Brooklyn and Williamsburgh savings banks. with the exception of the Brooklyn City and the Brevoort. which do a comparatively small business. have notified their depositors that they must give the specified time notice of their intention to withdraw sums of over $100. There was an unusually large number of depositors on hand yesterday morning when the banks opened. and in some cases the services of policemen were required to preserve order among them. Many persons. who were urgently in need of money to meet pressing demands. made special appeals to the officers and in most of these cases the money was paid out. There was a great crush at the Dime Savings Bank. the women being the most elamorous for their money. The reassuring announcement of Treasurer John W. Hunter. however. had a quieting effect. For several hours after the opening of the Brooklyn Savings Bank there were about three times as many women AS men in the surrounding crowd of depositors who wanted to draw out their money. Among the women were some who came to deposit money. When this was observed one of the other women whispered to her neighbor: It is a put-up job. The money is given to these women to deposit in order to make it appear that the bank is all right." This passed along the line. and. absurd as the suggestion was, a great many believed it. When the doors of the Williamsburgh Savings Bank. at Broadway and Driggs avenue. Williamaburgh. were opened yesterday morning. fully 500 depositors pushed their way into the building to withdraw their savings. Those depositors who were in need of money were told that they could withdraw $10. but no larger amount. The news that no more than $10 could be obtained at the bank spread rapidly. and within an hour there were at least a thousand people inside and outside the institution clamoring for their money. A weeping Italian begged Gen. A. V. Meserole. the President of the bank. to let him have his money. He said that the mortgage on his house was due to-day. and unless he paid it the mortgage would be foreclosed. Gen. Meserole told the depositor that he couldn't help him. Another man had arranged to go to Europe to-morrow and wanted $275. There was a small run on the Kings County Savings Bank at Broadway and Bedford nvenue and the Dime Savings Bank of Williamsburgh at Wythe avenue and Broadway.

10. August 1, 1893 The Daily Morning Astorian Astoria, OR

Article from The Daily Morning Astorian, August 1, 1893

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SAVINGS BANK IN NEW YORK. New York, July 31.-This morning the savings bank of this city as a rule began to take advantage of the 60 àsy time clause. There did not seem to be any run anywhere. In Brooklyn the effect was somewhat different, and the notice caused several "uns. The greatest was on the Brooklyn Savings bank. A slight run was also made on the South Brooklyn Savings institution, and the Dime Savings bank.

11. August 8, 1893 The Atlanta Constitution Atlanta, GA

Article from The Atlanta Constitution, August 8, 1893

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THE SIXTY DAYS' NOTICE. New York Banks Take Advantage of It Several Small Runs. New York, July 31.-With this morning the savings banks of this city, as a rule, began to take advantage of the sixty days' time clause. that is. the bank officials made use of the prerogative where large amounts were concerned or where such action was deemed necessary to check the withdrawal of money for hoarding or in senseless fright. But, while nearly all the banks claimed the priv. ilege of using the time clause, still. in comparatively few instances. was it applied. In Brooklyn the effect was somewhat different and the notice caused several runs. The greatest was on the Brooklyn Savings bank. When the doors of the bank were opened at 10 o'clock this morning an enormous crowd was waiting to draw its money. Threats were made, but as these were of no avail the crowd went away in an ugly mood. Slight runs were also made on the South Brooklyn Savings institution and on the Dime Savings bank.