14915. South Brooklyn Savings Institution (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: 91ef2dfc

Response Measures

Accommodated withdrawals

Description

Multiple contemporary papers (Jul 29–31, 1893) report slight runs on South Brooklyn Savings Institution after savings banks in Brooklyn put the 30/60-day withdrawal rule into effect. The bank remained open and paid depositors; no suspension or receivership is reported. I classify this as run_only. 'State' chosen because this is a savings institution (no 'National' or 'Trust' in name).

Events (3)

1. July 29, 1893 Run

Cause Details: Enforcement of the 30/60-day withdrawal (time-limit) rule by Brooklyn savings banks provoked depositors to attempt withdrawals.
Measures: Bank invoked thirty- and sixty-day notice rule (time-limit) for withdrawals; continued to pay depositors in many cases.
Newspaper Excerpt: The Dime Savings Bank and the South Brooklyn Savings Bank both put into operation today the thirty and sixty day rule ... There is . slight run on the Brooklyn Savings Bank.
Source: newspapers

2. July 30, 1893 Run

Cause Details: Continuation of the time-limit enforcement prompted more depositors to line up and attempt withdrawals.
Measures: Enforcement of 30/60-day notice clause to restrict large immediate withdrawals.
Newspaper Excerpt: The Dime Savings Bank of Brooklyn and the South Brooklyn Savings Bank were both compelled to put into operation to-day the thirty and sixty-day rule.
Source: newspapers

3. July 31, 1893 Run

Cause Details: Public reaction (anger/indignation) to posted notices requiring 60 days' notice for large withdrawals produced crowds and attempted runs.
Measures: Bank posted notices enforcing sixty-day notice; continued operations and did not suspend.
Newspaper Excerpt: Slight runs were also made on the South Brooklyn Savings institution and on the Dime Savings bank.
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 Morning Journal and Courier New Haven, CT

Article from Morning Journal and Courier, August 1, 1893

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ACTION OF BANKS. Some Post the Sixty Days' Notice and Others Fail to Open Their Doors. FALL RIVER, Mase., July 31 morning the four savings banks of the city took advantage of their by-laws to prevent any further withdrawale of deposits. Hereafter until further notice is given deposit ors will not be allowed to withdraw large sums except after having given 30 or 60 days' notice. In some banks the amount is $50 and in others the amount is $100. This action was necessitated as a result of heavy withdrawals during the past two weeks, but more particularly during the past few days. It is said that last week the withdrawals were $100,000 in xcess of the deposits. BROOKLYN, N. Y., July 31.-The sixty days notice order of the Brooklyn banks, compelling depositors to give notice before they could withdraw their deposits, caused several runs on the savings banks to-day. The greatest run was on the Brooklyn Savings bank. When the doors of the bank opened at 10 o'clock this morning an enormous crowd was waiting to draw its money. When they entered the bank they found notices posted on the walls compelling depositors to give eixty days' notice before they could draw their money. Great indignation was caused by these notices. 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. UPPER SANDUSKY, O., July 31.-The Wyandotte County bank went into the hands of 8 receiver this morning. The bank officials claim the assets are sufficient to pay depositors three times over. CEDAR RAPIDS, Ia., July 31.-A. Daniels & Co., private bankers at Marion, made an assignment to C. H. Kuriz. The property is valued at $200,000 for the: benefit of all their creditors. PORTLAND, Ore., July 31.-The First National bank of East Portland failed to open its doors this morning. The officers of the bank say the suspension is temporary. A statement published July 12 shows resources of $300,000 and deposits of $150,000. THE DALLES, July 31.-The First National bank closed its doors this morning. The suspension is due to the closing of the Commercial National bank of Portland. PENDLETON, Ore., July 31.-The Pendleton Savings bank has temporarily suspended, Assets, $250,000; liabilities, $135,000. WORCESTER, Mass., July 31.-The Worcester savings banks give notice to-night that beginning to-morrow they will, in common with the majority of the savings banks throughout the state, enforce the provisions of their by-laws which requires notice of withdrawal of amounts exceeding $50.

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 The Herald Los Angeles, CA

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PANIC - STRICKEN DEPOSITORS. The Bank Run Craze Getting Near Wall Street. New York Savings Banks Enforcing the Sixty-Day Rule. Runs on Savings Institutions in Brook. lyn-Heavy Issues of Clearing House Vertificates-General Financial Depression. By the Associated Press. NEW YORK, July 31.-The withdrawal of deposits today at many of the city savings banks was quite heavy and the presidents pointed to the lines waiting at the windows as a proof of the wisdom of the action in enforcing the 60-day clause, advised on Monday, because while it brought the depositors there, the notice prevented excited runs which would have followed unconcerted action. This morning the saving banks of this city, as a rule, began to take advantage of the 60-day time clause, where large amounts are concerned, or 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. There did not seem to be any run anwhere. BANK RUNS IN BROOKLYN. In Brooklyn the effect was somewhat different and the notice caused several runs. It was greatest on the Brooklyn Savings bank. When the doors opened this morning an enormous crowd was waiting to draw money. Threats were made, but as these did not avail, the crowd went away in an ugly mood. Slight rune were also madeon the South Brooklyn Savings institution and its Dime Savings bank. CLEARING HOUSE CERTIFICATES. The issue of clearing house loan certificates has been heavy the last few days, most of them being taken out, it is thought for use in facilitating gold imports. The total outstanding issue of certificates has now reached $27,975,000, the largest amount ever put in circulation, beating the records of 1873 and 1890. The loan committee of the clearing house this morning issued $255,000 additional loan certificates, bringing the amount outstanding up to $28,000,000. It is understood the certificates taken out today will be used to provide for further importation of gold. The subtreasury is $602,365 creditor at the clearing house. SILVER AND GOLD MOVEMENTS. There was a big demand at the subtreasury today for transfers of silver dollars to western points, principally Chicago. Up to noon $15,000 had been applied for. Advices from Chicago say the First National bank of that city has ordered half a million gold in London and two other banks emaller amounts. but an subsequently Sterling exchange weakened, opened owing steady, to increase in the supply of bills of all kinds. Posted rates were $4.81@4.831/2. Bankers are still figuring on gold imports. They generally agree that the receipts will be larger within the next 30 days or so.

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 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.

10. August 2, 1893 The Indiana State Sentinel Indianapolis, IN

Article from The Indiana State Sentinel, August 2, 1893

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NEW YORK, July 31.-With 1 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. But while nearly all the banks claimed the privilege of using the time clause, still, in comparatively few instances was it used. 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 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 at 10 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. Call money was offered at 1/3 per cent. per diem and legal interest, but there was very little to be had at that rate until today, when a decline to 6 per cent. per annum took place. There is no time money nor is there anything doing in mercantile paper to speak of. There was a big demand at the subtreasury for transfer of silver dollars

11. August 3, 1893 Audubon County Republican Audubon, IA

Article from Audubon County Republican, August 3, 1893

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MNON ON JMH POSITORS IN NEW AVINGS BANKS MUST WAIT reats Made When the Disappoin Fage-Workers Find the Banks The da 9419 10 orant Depositors" Whoare Clamori TEW YORK, Aug. 2.--The withdrav am Jo Savu 18 deposits ings banks yesterday te heavy, and the preside nted to the lines waiting at idows as proof of the wisdom of ion advised on Monday, ile it brought the depositors 1 notice prevented excited ich would have followed ted action. It showed also the banks will have to take e of the legal allowance under proviston. notice slass & n Brooklyn the effect was at different, and the notice eral "runs." The greatest was " "rueq s.Sujaus Brookly : doors of the bank opened at lock in the morning an enorme wd was waiting to draw its reats were made, but as these no avail, the erowd went away in ly mood. Slight runs и ere also the South Brooklyn savings ion and on the Dime savings . Harsen Rhoades chairman of entive committee of the sru I the state of New York, t he knew that all the nks were in good condition as to h reserve. and that he thought re currency would be drawn : deposit banks for a long time. tinued: I. Harsen Rhoades, chairman of e tive committee of the nks of the sta'e of New York, t he knew that all the nks were in good condition as to h reserved, and that he thought re currency would be drawn : deposit banks for a long time. tinued: 'You see that the drain we en experiencing for the last two ree weeks is still in force. ws how timely and expedient r decision. Early in June 1 t the savings banks were in idition and would probably soon le to return their large Idings But from that time on thdrawals increased slowly, y, from day to day. But they steady and gained such volume e whole aspect of things inged The start was not d it took its rise among the more ligent depositors of large at accounts for the gradual ter of the growth of the disqui ey read the papers and become ou 7ⁿg 0.0 11 p si there any indication of a panie ling. To-day the line is the have had and you see how erybody is. There are more