Eastchester Savings Bank - East Chester, NY

Bank Information

Episode Type: Run Only
Bank Type: savings bank
Start Date: January 13, 1903
Location: East Chester, New York (41.355, -74.277)

Metadata

Model: gpt-5-mini
Short Digest: bb7b5b5c

Response Measures

None

Other: Depositors (described as small, many ignorant Italians) confused this bank with another under examination, triggering withdrawals.

Description

Article (1903-01-17) reports a run caused by depositors confusing Eastchester Savings Bank with the Bank of Mount Vernon after news of an examination of the latter. No suspension or closure is mentioned.

Events (1)

1. January 13, 1903 Run

Cause: Rumor Or Misinformation
Cause Details: Small depositors (many immigrant Italians) confused Eastchester Savings Bank with the Bank of Mount Vernon; publicity about an examination of Mount Vernon sparked withdrawals.
Random Run: Yes
Random Run Snippet: Depositors got Eastchester mixed up with Bank of Mount Vernon; confusion caused run
Newspaper Excerpt: The small depositors of the Savings Bank seemed to have got an Idea that this would affect them... This action added to the anxiety of the Savings bank depositors who still had the banks confused and the run was the result.
Source: newspapers

Newspaper Articles (1)

1. January 17, 1903 The Montgomery Advertiser Montgomery, AL

Article from The Montgomery Advertiser, January 17, 1903

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Article Text

small depositors, many of them ignorant Italians, who seem to have got the East Chester Savings Bank mixed up with the Bank of Mount Vernon, which is a State bank. When a new management took charge of the Bank of Mount Vernon recently the announcement was made that 2 per cent would be pair on deposits. The small depositors of the Savings Bank seemed to have got an Idea that this would affect them. Then on Tuesday last, Justice Gaynor of the Supreme Court, on the application of James L. Reynolds, granted an order for the Bank of Mount Vernon to show cause why a referee should not be appointed to examine the bank's affairs, which Mr. Reynolds alleges have been mismanaged. This action added to the anxiety of the Savings bank depositors who still had the banks confused and the run was the result.