14860. East Brooklyn Savings Bank (Brooklyn, NY)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
September 10, 1907
Location
Brooklyn, New York (40.660, -73.951)

Metadata

Model
gpt-5-mini
Short Digest
4d12e1e6

Response Measures

Accommodated withdrawals

Description

Multiple short runs occurred in September 1907 driven by rumors (Black Hand scare and news of a small local Italian bank failure). Bank paid depositors and used police to clear crowds; there is no mention of suspension or permanent closure in the articles.

Events (2)
1. September 10, 1907 Run
Cause
Rumor Or Misinformation
Cause Details
Rumors spread by Black Hand criminals and scare stories (including an Italian paper report and talk that a small banker had 'skipped out') caused Italian depositors to withdraw funds.
Measures
Bank investigated rumors, honored withdrawal demands; police/nightsticks used to control crowds and clear bank at night.
Newspaper Excerpt
the run on the East Brooklyn Savings Bank ... had been going on since yesterday afternoon ... 400 depositors have drawn out $30,000.
Source
newspapers
2. September 20, 1907 Run
Cause
Local Banks
Cause Details
News of the failure/closing of a small local Italian bank spread through the community and precipitated a panic and rush on the savings bank.
Measures
Paid out deposits to those reachable; telephoned police for reserves who cleared and closed the bank temporarily for safety.
Newspaper Excerpt
News of the failure of a small bank in the neighborhood caused a run last night on the East Brooklyn Savings bank ... The bank honored the demands of all who could be reached up to closing time ... police were obliged literally to hurl out the people inside the bank in order to get the doors closed.
Source
newspapers

Newspaper Articles (5)
1. September 10, 1907 The Evening World New York, NY
Article from The Evening World, September 10, 1907

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Article Text

Criminals Circulate False Stories Against an East Prooklyn Institution. TRY TO ROB DEPOSITORS One of Gang Keeps Watch in Bank to See Who Draws Out Money. That Black Hand criminals spread rumors which started the run on the East Brooklyn Savings Bank at Myrtls and Franklin avenues in order to rob depositors who drew out their savings was to-day reported to officials of the bank. The run, which had been going on since vesterday afternoon, was mostlv by Italians, although the persistence of the scare had drawn in other nationalities. An Evening World reporter learned from Mrs. Penney. a newsdealer. at No. 200 Myrtle avenue, that she was told by Italians of the origin of the run. Their stories were that the Black Hand bandits spread rumors that the bank was about to close and then waited to see the Italians draw out their savings One Italian reported having seen two men who have been surpected of Black Hand deals engaged in watching the crowd at the bank. One suspect was Inside watching to see who drew out deposits, while his confederate outside trailed the depositors as they left the bank and noted their hiding places. The run which was adjourned with nightsticks at 10 o'clock last night was taken up promptly to-day, and 400 depositors have drawn out $30,000. When Mrs. Penney's story of the Black Hand watchers and the plot was told to Treasurer Barnes he said "I have heard unusual rumors today, but this is the most startling. I have been with the bank during fortyone of its forty-six years and have been through four runs on it. We have Investigated two alleged reasons for the run. One was that a small Italian banker skipped out with the funds, and the word went out that the other bankers would do the same. "We learned on Investigation that this banker skipped out six months ago. The other story. we understand. WILL printed In an Italian paper to the effect that Italian banks would have to Dut up $15,000 security with the State Comptroller or quit, and that this would close most banks" At a late hour there were sixty-six people standing in line

2. September 11, 1907 Evening Star Washington, DC
Article from Evening Star, September 11, 1907

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Article Text

DEPOSITORS' SCARE. Alarmed by Rumor They Make Run on Savings Bank. NEW YORK, September 11.-The run on the East Brooklyn Savings Bank at Franklin and Myrtle avenues, which was started Monday evening by some of the Italian depositors, who got scared by the idle rumor of a failure, was resumed at the opening of the bank yesterday morning. The scared depositors began to arrive at 6 o'clock, and three hours later when the door opened a couple of hundred, for the most part Italians whose deposits ranged from $5 to $500, were in line. The rapid paying off of the deposits and the assurance of the officials and the policemen on duty at the bank that there was no cause whatever for apprehension of losing their money caused quick breaks in the line, and within two hours the run was at an end. Altogether about $25,000 in deposits had been taken out by the scare. The bank is one of the most substantial in Brooklyn, having 15,000 depositors and resources amounting to $6,000,000.

3. September 11, 1907 The Washington Times Washington, DC
Article from The Washington Times, September 11, 1907

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Article Text

BLACK HAND ACCOUNTABLE FOR BANK RUN Police Believe Society Spies Followed Depositors Who Drew Out Money. NEW YORK, Sept. 11.-Accepting as worthy of investigation at least, the popular belief that Monday's and Tuesday's runs on the East Brooklyn Savings Bank were engineered by the "Black Hand," as a means of learning against whom the organization can most profitably wage a wholesale campaign, the police are planning a general round up of all suspicious characters in the New York and Brooklyn colonies. Depositors in the bank say they believe members of the Black Hand watched at the tellers' window as money was withdrawn, noted the sums paid out, signaled to confederates in the streets, after which the owners of the money would be followed home and their addresses noted. It is believed that at least 100 depositors who drew amounts of from $1,000 to $2,000 were shadowed thus and the police think there will be a flood of Black Hand notes in a few days demanding money.

4. September 11, 1907 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, September 11, 1907

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Article Text

After Suspicious Characters, New York, Sept. 11.-Accepting as worthy of investigation at least, the popular belief that Monday's and Tuesday's runs on the East Brooklyn Savings Bank were engineered by the Black Hand as a means of learning against whom the organization can most profitably wage a wholesale campaign, the police are planning a general round up of all suspicious characters in the New York and Brooklyn colonies. Depositors in the bank say they believe members of the Black Hand watched at the teller's window as money was withdrawn, noted the sums paid out, signalled to confederates in the streets, after which the owners of the money would be folfowed home and their addresses noted. It is believed that at least one hundred depositors who drew amounts of from $1,000 to $2,000 were shadowed thus, and the police think there will be a flood of Black Hand notes in a few days demanding money.

5. September 21, 1907 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, September 21, 1907

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Article Text

POLICE CLUBS STOP RUN ON A NEW YORK BANK Reserves Battle Fiercely to Clear Misled Hundreds of Depositors from Building-Panic-Stricken, Many Are Pitched Out NEW YORK, Sept. 20.-News of the failure of a small bank in the neighborhood caused a run last night on the East Brooklyn Savings bank at Myrtle and Franklin avenues, Brooklyn. The East Brooklyn Savings bank has been established forty-six years, and is rated as absolutely sound. Its depositors number many of the merchants of that vicinity. When a small Italian bank, which has a saloon attach/ment, closed its doors late in the afternoon, the word went through the colony that all banks were failing. Officers of the East Brooklyn bank, 1gnorant of the reason for the gathering of depositors, were astonished when they opened the dors for the usual Monday night's business, from 7 to 9 o'clock. An angry mob stormed the doors. There was no time to block or even to regulate the tide as it rushed into the building. The place was filled with a clamoring, gesticulating crowd, all flourishing account books and striving to reach the paying tellers' windows at once. The bank officials telephoned the Flushing avenue police station and reserves were sent, but the police could make little impression on the Italians save to clear a passage to the bank door. The bank honored the demands of all who could be reached up to closing time, but even the sight of their countrymen emerging with greenbacks did not reassure the excited Italians outside. At 9 o'clock the police were obliged literally to hurl out the people inside the bank in order to get the doors closed. The women wept and raved and the men uttered threats. It was half an hour before the police, with their night-sticks, could drive the mob from the street in front of the bank.