State Bank - Brooklyn, NY

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: October 26, 1907
Location: Brooklyn, New York (40.660, -73.951)

Metadata

Model: gpt-5-mini
Short Digest: 15ea577a

Response Measures

Accommodated withdrawals, Public signal of financial health

Description

Article (The Evening World, 1907-10-26) describes a crowd and many depositors seeking funds after an automobile carrying $1,500,000 for the State Bank of Brooklyn broke down and 'blew up.' The bank paid out demands and had plenty of cash on hand; it did not suspend. The event is best classified as a run-only incident (heavy withdrawals handled without suspension).

Events (1)

1. October 26, 1907 Run

Cause Details: Automobile breakdown/explosion revealing large bundles of cash and creating a crowd and heavy withdrawal activity; not described as false rumor or bank insolvency.
Measures: Bank dispatched a powerful auto from Brooklyn to retrieve and deliver the cash to branches; paid out depositors' demands up to closing.
Newspaper Excerpt: The breaking down of the big red touring automobile loaded with $1,500,000 ... The bank paid off every claim up to the hour of closing. ... Manager Roth said: We had plenty of cash on hand and the bank is In fine shape.
Source: newspapers

Newspaper Articles (1)

1. October 26, 1907 The Evening World New York, NY

Article from The Evening World, October 26, 1907

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Article Text

$1,500,000 IN CASH ABOARD AUTO BLOWS UP Explosion Took Place at Grand Street Ferry and Big Crowd Gathered. GOING TO BROOKLYN. Police Reserves and Fire Boat Employees Rushed to Protect the Treasure. The breaking down of the big red touring automobile loaded with $1,500,000 drew such a crowd around the entrance to the Grand street ferry at 11 clock this morning that-police reserves had to be called out from the Delancey street station to keep back the mob and protect the money In the automobile were Harold Richands, son of rPesident Richards, of the a State aBnk of Brooklyn. and chauffeur. Over the top of the doors to the machine the edges of bales of greenbacks could be seen, and when the front part of the car blew up packages or money were scattered all over the rear seat. a few failing to the ground. The machine was going to the bank, where scores of depositors were in line waiting for their money. The bank paid off every claim up to the hour of closing. and. as 1: happened, the funds being hurried that way were not needed. The sight of the greenbacks scattered about the wrecked machine started a rush of hundreds to the spot, and when Mr. Richards announced that the machine carried $1,500,000 the four policemen on duty at the ferry rushed in to protect the treasure. A fire boat was also moored nearby. and the firemen aided in the protection. Every minute the crowd grew larger, as the chauffeur hammered away at the broken machine A call was Lucn sent in to the Delancey street station for additional help, and a squad of policemen came runmilk the spot. In the mean time the State Bank of Brooklyn had been phoned for help and Manager Roth sent a powerful auto from the Brooklyn side. Into the substitute auto the packages of money were placed and the start for the bank was made under pressure. The money was intended for distribution among the three branches in Brooklyn and each of these was reached before 12 o'clock. the closing hour. The bulk of the meney was Intended for the Brownrtille branch and every dollar of the precious cargo was safely delivered. Manager Roth said that the delay by the break down of the auto caused some inconvenience. but did not prevent the paying out of All presented Ha said: "We had plenty of cash on hand and the bank is In fine shape. We have no fear that our depositors will