15330. Bank For Savings (New York, NY)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
October 26, 1907
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
70e09306

Response Measures

Accommodated withdrawals, Partial suspension

Other: Banks jointly invoked the statutory 30/60-day notice clause to limit withdrawals across many savings banks; coordinated committee formation to support institutions noted in later articles.

Description

October 1907 runs affected many NYC savings banks during the Panic of 1907. The Bank For Savings experienced heavy withdrawals but continued to pay depositors (and later availed itself of the 30/60-day clause for large accounts). There is no indication the bank suspended or closed in these articles.

Events (1)
1. October 26, 1907 Run
Cause
Macro News
Cause Details
Part of the broader October 1907 money stringency/panic affecting multiple New York savings institutions; generalized loss of confidence and heavy withdrawals.
Measures
Paid depositors as rapidly as possible; bank later indicated it might enforce the legal notice (30/60-day clause) for large withdrawals.
Newspaper Excerpt
The run on the Bank for Savings, at 22d street and Fourth avenue, which began on Thursday, continued yesterday, and about $250,000 was withdrawn during the day.
Source
newspapers

Newspaper Articles (5)
1. October 26, 1907 New-York Tribune New York, NY
Article from New-York Tribune, October 26, 1907

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Article Text

SAVINGS BANKS 'ACT. Depositors Must Give Legal Notice Before Withdrawal. Following a run on several savings banks, the presidents of sixteen of the thirty-two savings institutions in this city met yesterday at the office of Andrew Mills, president of the Dry Dock Savings Institution, and decided to require all depositors to give the usual legal notice before withdrawing their deposits. This action was taken, it was explained, to prevent the withdrawal of large amounts from the savings banks in this time of acute money stringency. After the meeting Mr. Mills gave out the following statement: "At a meeting of savings bank officers, held to consider the present existing financial conditions, it was deemed wise to require the usual legal notice for the withdrawal of deposits. This action was taken in the conviction that it will best conserve the interests of all depositors." Mr. Mills added that all the savings banks in the city would be governed by the action of the meeting and that the rule would go into effect this morning. The banks represented at the meeting were the Bank for Savings, the Bowery, the Bronx, the Dry Dock, the East River, the Emigrant Industrial, the Excelsior, the German, the Irving, the Manhattan, Metropolitan, the New York, the North River, the Seamen's, the Union Dime and the Union Square. Among the savings banks which took advantage of this law yesterday were the Harlem Savings Bank, 124th street and Third avenue; the Union Dime Savings Bank, at 33d street and Broadway, and the Guardian Savings Bank, of Brooklyn. Runs had been started on these institutions, and although they had ample funds to meet all demands the officers decided that under present conditions it would be best to delay payment. Notice was given, however, that the time clause would be waived in the case of depositors requiring amounts up to $100 for current expenses. The run on the Bank for Savings, at 22d street and Fourth avenue, which began on Thursday, continued yesterday, and about $250,000 was withdrawn during the day. On Thursday $345,000 was withdrawn and $86,000 deposited. There were said to have been heavy deposits yesterday, but the amount was not made public. Walter Trimble, president of the bank, said: "This bank is absolutely sound. The run is the result of local conditions. We are paying off depositors as rapidly as possible, and will continue to do so until Christmas, or beyond, if necessary." Later in the day. after the meeting of the bank presidents already noted, Mr. Trimble stated that the bank might decide to enforce the notice required by law. William B. Aitken, president of the Bronx Savings Bank, said his institution would take

2. October 27, 1907 New-York Tribune New York, NY
Article from New-York Tribune, October 27, 1907

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Article Text

MANHATTAN RUNS ABATE. Nearly All Demands Are Paid and Excitement Is Subsiding. With the exception of runs 8n the Broadway Trust Company and the Northern Bank of New York, yesterday morning, the latter attended by disorder at the close. and the continued but decreased run on the Lincoln Trust Company, the bank situation was much improved and there were no further suspensions reported in Manhattan The situation in Harlem and The Bronx showed improvement also. The reflex of the restored confidence in Wall Street was apparent in the reduced crowds at the Harlem Savings Bank and the Dollar Savings Bank in The Bronx, where there have been runs. The run on the Northern Bank at Broadway and 4th street, resulted in the arrest of two depositors who refused to leave the bank when It closed at 12 o'clock, as allowed by law. When Henry Dimse. president of the bank, closed the doors, he said: "This bank is solvent. but we cannot pay off any more to-day A line of four hundred depositors extended at that hour from the paying teller's window to the street. Henry A. Belden, the cashier. came out and asked the depositors to leave the building When some of them refused Mr. Dimse telephoned for the police. but the depositors were stubborn and the police had no easy work in dispersing them. Eventually all of them left except the two men who were atrested. The Northern Bank has a capitalization of $300,000 and surplus and undivided profits of $239,099 The run on the Broadway Trust Company, at No. 756 Broadway, not far from the Northern Bank began at the opening of business An hour after the doors were opened the line contained three hundred and fity patrons. As the line grew Frederick G. Lee. vice-president, announced that the company would honor for the day only demands that were needed for payrolls. 'We are solvent, but we must have time," he said. Many of those waiting were there to draw money to pay off employes of nearby factories. and the money was sent to them in the afternoon. M. M Belding, jr., president of the company, said that $2,400,000 had been paid out in the week. He added "Up this minute we have paid off every demand. The Broadway Trust Company is capitalized at $700,000 and has deposits of $4,057,444. More than two-thirds of the deposits have been withdrawn, Mr. Belding said. The Harlem Savings Bank continued paying all small accounts, having availed itself the day before of the sixty-day clause on accounts of more than $100. The closing of the doors at the usual hour left about one hundred depositors in line. The readiness with which the Dollar Savings Bank in The Bronx has met all demands since the run began on Wednesday had its good effect, and while not altogether checked the demand was much diminished. Men and women had remained all night in the line in front of the bank, and some of the latter were nearly exhausted. The bank did not close at noon at usual on yesterday. but remained open until 3 o'clock, up to which time one thousand accounts had been closed, representing half of the $600,000 cash on hand. The excitement of a few days ago in Wall street, caused by the run on the Trust Company of America, was altogether absent yesterday. The all night crowd was much smaller and the paying out went on with reasonable rapidity. The company received $500,000 in deposits. Oakleigh Thorne, president of the company, said: "The institution occupies a stronger position at the end of this day than it did before. Colonel Heman Dowd. the vice-president, said: "The number of withdrawals were fewer to-day than we expected, and the deposits greater than we expected.' The situation at the Colonial branch of the Trust Company of America was much the same as at the main office. At both the main office and the Colonial branch the payments were made up to the usual Saturday closing hour. There were two hundred in line when the Lincoln Trust Company closed its day's business Louis Stern, one of the directors, said the Institution would meet every demand. Some of those in line when the bank closed were still there last night, apparently with the intention of remaining until Monday. When the Empire City Savings Bank, at No. 231 West 125th street, opened its doors there were four women and one man ready to hand in their passbooks for withdrawals. The Hamilton Bank remains closed. as do the United States Exchange Bank and the Twelfth Ward Bank, all in 125th street. There was a small run on the Bank for Savings, at Fourth avenue and 22d street, but it was not as heavy as on the two previous days. The bank has demanded sixty days' notice of withdrawal for large accounts. At 1 o'clock this morning there were forty-five persons waiting outside the Lincoln Trust Company, in Fifth avenue. They had numbers to show their places in line, and for the most part walked to and fro to keep warm, for the night was cold and raw. Some of them said they had received promises of $20 apiece to wait for the opening of the trust company. Outside the Trust Company of America, in Wall street, were twelve men, with numbers in their hats, waiting for the opening of banking hours tomorrow. Some had blankets to keep out the cold. The Colonial branch of the Trust Company of America was deserted

3. November 21, 1907 New-York Tribune New York, NY
Article from New-York Tribune, November 21, 1907

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Article Text

SAVINGS BANKS UNITE. MEETING OF PRESIDENTS. Committees Named to Draw Up a Plan of Union. A meeting of the presidents of all the largest savings banks in New York and Brooklyn was held yesterday at the Aldine Club, No. 111 Fifth avenue, to take steps to formulate a plan whereby all the savings institutions of the state may stand together in times of stress just as the other banks and trust companies do. By thus concentrating the enormous resources of the savings banks of the state, whose total deposits amount to more than a billion dollars, it is figured that the position of each individual institution will be greatly strengthened To draft a plan by which this desired end may be brought about it was voted to appoint three committees-one for Manhattan and The Bronx. one for Brooklyn, and the third for the rest of the state. These committees will report at another meeting of the presidents in the near future. The committee for Manhattan and The Bronx has Andrew Mills, president of the Dry Dock Savings Institution, as chairman. Its other members are Thomas M. Mulry, president of the Emigrant Industrial Savings Bank, and Walter Trimble, president of the Bank for Savings of the City of New York. Jeremiah V. Meserole, president of the Williamsburg Savings Bank, is chairman of the Brooklyn committee, the other members of which are Charles A. Schleren, president of the Germania Savings Bank of Kings County, and William J. Coombs, president of the South Brooklyn Savings Institution. The committee which is to represent the rest of the state has not yet been appointed. Among the heads of savings banks and inst!tutions who attended the meeting were William H. S. Wood. president of the Bowery Savings Bank: Walter Trimble, Andrew Mills, Thomas M. Mulry, Dick S. Ramsay, president of the East River Savings Institution: William Felsinger, president of the New York Savings Bank: Jeremiah V. Meserole, president of the Williamsburg Savings Bank: Samuel D. Styles, president of the North River Savings Bank: William J. Coombs. Charles A. Schieren, William Bayard Van Rensselaer, president of the Albany Savings Bank and president of the New York State Bankers' Association, and Charles E. Sprague, president of the Union Dime Savings Institution. After the meeting the president of a large East Side savings institution said: "Conditions among the savings banks in New York and Brooklyn are steadlly improving. and we are taking the present action simply as a precautionary measure in case of future emergency. The operation of the thirty and sixty day clauses has been most encouraging, and depositors who gave notice of withdrawal in the scare times two weeks ago are coming into the savings banks every day and cancelling these notices. Of course, a great many people have been thrown out of emplopment and will have to draw money out of the savings banks to live on, but we are prepared to meet the demands of this class. Deposits have been inusually heavy of late. which shows that the majority of depositors have got over the recent fright." The committees which were appointed yesterday will meet in the near future and draft a plan of consolidation, which will then be submitted to the savings banks for action.

4. December 23, 1907 The News-Democrat Providence, RI
Article from The News-Democrat, December 23, 1907

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say this I mean not only my institution, but every other savings bank in the city. "Several of the savings banks put into effect a 30-day clause which they have, and this was met nearly a month ago. The amount withdrawn was little more than the normal amount taken out at this season of the year. I can safely say that a large proportion of those who gave notice of this sort to the savings banks are very sorry now. In the Emigrant Industrial we have about $40,000,000 invested in securities and $54,000,000 in real estate mortgages. We have preserved them all intact. # DEPOSITS OF $50,000 A DAY. "At this time of the year the amount of withdrawals is always very large. There are the usual demands made on individuals by the holiday season, and just at present many of our depositors are anxious to make investments in securities, which are in the market at prices actually below their real value. But our average of deposits last week was between $40,000 and $50,000 each day, and the percentage of deposits over withdrawals was high for the week. I have reason to believe that the same general condition prevails in all the other savings banks." President Mulry was asked about the work of a committee of savings bank presidents, appointed more than a month ago to take care of any of the weaker members of the State Savings Bank association who might need financial help. This committee consists of Andrew Mills, president of the Dry Dock Savings bank; Richard Trimble of the Bank for Savings, and President Muiry. "Our committee has done nothing," answered Mr. Mulry, "there has been nothing for us to do." "When the annual reports of the savings bank come out the first week in January people are going to be greatly surprised. The reports will show a substantial basis for what we all know is the fact that this money flurry was uncalled for and baseless."

5. December 27, 1907 The Washington Herald Washington, DC
Article from The Washington Herald, December 27, 1907

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SIXTY-DAY CLAUSE IGNORED Few Savings Bank Depositors Take Advantage of Their Privilege. Deposits Exceed Withdrawals in New York Institutions and Bankers Are Elated. New York, Dec. 26.-Much confidence was restored in savings bank circles today when but few persons appeared at the expiration of the sixty-day clause, which the banks had taken advantage of to fortify themselves. Bank officials tonight expressed themselves as being highly elated over the situation. A fact that made them more comfortable was that in nearly every case the deposits were more than the withdrawals by a good margin. Several others announced a large number of new accounts opened. A typical illustration of the situation to-day was at the Immigrant Industrial Bank, 114 depositors having served notice, which would have taken an aggregate of $115,000 to satisfy. The day was well along before anybody showed up for his money, and then they came few and far between. only nine applying. Ten thousand dollars was drawn by those who served nótice, and this was thought very gratifying. About the same amount was taken out at the Bank for Savings a little less than 7 per cent of what had been applied for. The Bowery Savings Bank's increase in deposits Tuesday was $30,000; to-day it was approximately $50,000. President James Quinlan, of the Greenwich Savings Bank, said that most of the depositors' notices, which aggregated close to $375,000 under the sixty-day notice, had been revoked, and that persons desiring their money were coming in slowly. It was pointed out by a bank official to-day that the withdrawals, in view of Christmas shopping times, were insignificant. It is expected after the first of the year that there may be withdrawals, because there are always persons who need money for investments, but this, it is predicted, will amount to less than 5 per cent. It was predicted by experienced bankers that not many persons, after thinking it over and watching the turn of the financial flurry, would want to take their money out of the savings banks when the time came. This was justified by reports from the various banks to-day.