Fulton Savings Bank - Brooklyn, NY

Bank Information

Episode Type: Run Only
Bank Type: savings bank
Start Date: September 23, 1873
Location: Brooklyn, New York (40.660, -73.951)

Metadata

Model: gpt-5-mini
Short Digest: e27289a5

Response Measures

Accommodated withdrawals

Description

Article (published 1873-09-24) reports heavy small withdrawals from Fulton Savings during the financial panic; bank paid out large sums but did not suspend or close. Cause attributed to the broader financial panic/market fright rather than bank-specific failure or false rumor.

Events (1)

1. September 23, 1873 Run

Cause: Macro News
Cause Details: Withdrawals occurred during the broader 1873 financial panic/financial fright in Wall Street, prompting small depositors to withdraw funds.
Measures: Paid out over $100,000 in small amounts to depositors.
Newspaper Excerpt: With the exception of the Fulton and South Brooklyn savings institutions, there was no run on the banks of Brooklyn yesterday. Those who drew their money were small depositors. ... The Fulton paid out over one hundred thousand dollars in small amounts.
Source: newspapers

Newspaper Articles (1)

1. September 24, 1873 Elizabeth Daily Monitor Elizabeth, NJ

Article from Elizabeth Daily Monitor, September 24, 1873

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Article Text

TNE FINANCIAL FRIGHT. Yesterday opened more hopefully in Wall street than any previous day of the crisis. Fewer brokers were visible in the streets from nine to ten a. m. than usual on ordinary occasions, and those who arrived early wore cheerful countenances, as though they felt sure a day of relief was at hand. The governing committee of the stock exchange went into session to determine the propriety of suspending stock transactions another day. During their deliberations a little knot of brokers collected around the door of the exchange. A little pressure was brought to bear to have the board opened for business, but the majority advised further suspension. At ten o'clock Secretary White stepped to the door and said. "There will be no business done here to-day." 'That is right" was the general comment as the brokers returned to their offices. By this time Broad street began to be lively. Street transactions were to be the order of the day, and four or five "open exchanges" were formed at several places in the street. A new buying element was formed. A considerable part of the gathering multitude was composed of country merchants who had come to take advantage of panic prices. A new field was opened to the shrewd men of finance. Stocks were sold without the usual noise. Brokers' clerks threading the crowd constantly, fastened upon the out-of-town speculators and born them off to private offices where stocks were sold at one or two per cent. over market prices-always for cash. Still sellers were largely in excess of buyers, and thousands of shares were offered where tents were disposed of. The only failure announced was that of Henry Clews & Co. With the exception of the Fulton and South Brooklyn savings institutions, there was no run on the banks of Brooklyn yesterday. Those who drew their money were small depositors. Some of them before leaving the banks redeposited their funds. These banks are among the strongest in the city. The Fulton paid out over one hundred thousand dollars in small amounts. CHICAGO, Sept. 23.-A report gained circulation here to-day that there were rumors in New York of the failure of several heavy grain dealers in this city. There is not the slightest foundation for the report, as there have been neither failures nor rumors of any here.