15331. Bank For Savings (New York, NY)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
January 30, 1914
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
a5dedf62

Response Measures

Accommodated withdrawals, Public signal of financial health, Books examined

Description

Multiple contemporary accounts (Jan 30–Feb 1914) describe a groundless run on the Bank for Savings in New York driven by rumors. The bank paid out large sums ($780k–$2,000,000 reported), engaged extra tellers, summoned state examiners, and remained open with redeposits following; there is no mention of suspension or permanent closure.

Events (1)
1. January 30, 1914 Run
Cause
Rumor Or Misinformation
Cause Details
Groundless rumors and gossip (possibly started by a servant or by seeing long lines) that the bank was in difficulty; misinformation spread among depositors.
Measures
Added extra tellers, posted assurances, State Superintendent sent two examiners to check securities; board declined to invoke 60-day rule; detectives sought the rumormonger.
Newspaper Excerpt
SENSELESS RUN ON BANK FOR SAVINGS Thousand Depositors Withdraw $780,000 Without Knowing Why. ... started through false and foolish rumors about the bank's condition.
Source
newspapers

Newspaper Articles (11)
1. January 30, 1914 The Sun New York, NY
Article from The Sun, January 30, 1914

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Article Text

SENSELESS RUN ON BANK FOR SAVINGS Thousand Depositors Withdraw $780,000 Without Knowing Why. RESOURCES ARE AMPLE President Says All Who Wish Will Be Paid Without 60 Day Notice. A run on the Bank for Savings at Twenty-second street and Fourth avenue in which nearly 1,000 persons drew out $780,000 yesterday started through false and foolish rumors about the bank's condition. The Bank for Savings is one of the strongest institutions of its kind in the country and every depositor who wanted his money got it. Many of the bank's depositors are servant girls and chauffeurs of Scandinavian descent. and of the fifty or more questioned by THE SUN reporter not one knew anything about the financial condition of the bank or why they were drawing their savings. They were merely in line because others were there. At the request of Walter Trimble, president of the Bank for Savings, State Superintendent George C. Van Tuyl sent two examiners to check over the bank's securities yesterday. After they had finished Supt. Van Tuyl said: "The bank is in excellent condition and able to withstand a run of this kind for an indefinite length of time." Many stories were circulated as to how the run started, but none offered a wholly satisfactory explanation. One was that President Trimble had told his wife the bank was shaky and she had better withdraw her private savings. But President Trimble is unmarried. Another explanation was that some depositors had seen a long line of persons waiting to have their January Interest put on their books and had spread the rumor that there was a run. There were about 300 depositors in front of the bank when it opened yesterday morning and they kept coming all day. Several policemen kept the crowd in order while the bank clerks worked as rapidly as possible checking over the accounts, crediting the January interest and paying out the money. When 3 o'elock came, which is closing time, all the persons in line outside were admitted to the building. then the doors were closed. It was nearly 6 o'clock before the last depositor who applied yesterday was paid. The bank issued the following statement to its depositors: "There is no basis whatever for the false rumors which have been circulated during the last few days concerning the Bank for Savings. The investments of the bank are of the most conservative nature and are made in accordance with the requirements of the laws of the State of New York. "The statement of January 1, 1914, made to the Superintendent of Banks showed the investments to be: Manda

2. January 30, 1914 The Evening World New York, NY
Article from The Evening World, January 30, 1914

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EXTRA TELLERS TO MEET THE UNUSUAL DEMAND. Three tellers, an addition of two to the regular force, have been set to work paying every one as fast as the line can move. In some instances depositors who came to withdraw experienced a change of heart when they saw the alacrity with which the bank was paying out and decided to let their money stand. President Trimble in an interview with an Evening World reporter said that he was not worrying in the least, but was sorry that so many people should have been imposed upon by wild rumors. One woman depositor had told him, he said, that the failure of the Siegel banks and the fact that the Bank for Savings was not under Federal control had alarmed her. The rumor-monger, who is supposed, either from malice or pure mischief, to have started the run on the bank will be traced and properly dealt with. Detectives are now looking for him. NOT WORRIED WITH LOAD OF CASH ON HAND. About $1,000,000 in round figures has been paid out by the bank since Tuesday, when the rush to withdraw began. The bank has been overwhelmed by offers of assistance, but with the enormous amount of cash in the vaults the officials are not worrying. The Board of Trustees met to-day before the bank opened and decided not to take any advantage of the sixty-day rule for withdrawing de-

3. January 31, 1914 New-York Tribune New York, NY
Article from New-York Tribune, January 31, 1914

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PICKPOCKETS BUSY AT RUN ON BANK Two Women Robbed of About $1,000 Savings in Surging Crowds. DAY'S WITHDRAWALS EXCEED $1,000,000 Van Tuyl's Notice That Their Money Was Safe Fails to Impress Frightened Ones. Pickpockets and hold-up men, real izing that more than $1,000,000 in cash was being carried into 22d street by the frightened depositors, seized their opportunity yesterday when the un founded rumors about the Bank for Savings, at Fourth avenue and 22d street, continued to cause a run on that institution. Despite the strongest statements that the saving bank was abso lutely safe, even more persons withdrew their accounts than on the preceding day. At least two women, both aged and in moderate circumstances, were robbed of tHeir savings as they passed through the crowds around the bank That more cases of a similar nature did not take place was due to the unusual safeguards taken by the bank and the police. A long line of depositors, mostly servants and others of humble position, were waiting for the bank's doors to open, when the tellers resumed their work of paying out deposits ranging from $25 to $2,500. It was soon seen that the rush had not diminished. and police reserves under Inspector Gillen came to keep order When it was seen that the assurances of the bank officials and of Superintendent Van Tuyl were of no avail a notice was posted to the effect that the doors would be open until 6 o'clock in the evening to pay those who wished. Additional tellers were in place, and several special deputy sheriffs and watchmen surrounded the crowd to keep away the "dips." Woman Robbed of Savings. Before the police could drive away the more adventurous pickpockets the two women were robbed of savings of about $1,000. After that detectives forced every depositor entering the bank to show a passbook. 'It is soft picking for the pickpockets and hold-up men." said a headquarters detective. "All they have to do is to watch some old woman come out of the bank with money, follow her until she is alone somewhere, and then take It away from her." Observation at the window of the paying tellers disproved any idea that the $97,000,000 of deposits was made up mostly of small amounts. Men and women, whose appearance would indicate poverty, if not destitution, drew amounts of from $500 to $2,500, while there were few withdrawals of less than $100. The average deposit is about $600. and with the two thousand men and women estimated to have been in the line during the day, the bank officials believed more than $1,000,000 had been drawn out. The bank had $5.000,000 in the vaults in cash at the beginning of the day, but just how much was taken out could not be told until the books were checked over If the scenes in the bank had not meant the loss of thousands of dollars in interest to the depositors, their comments on the run would have been amusing. One, who smiled sheepishly 'as he tucked $200 in his pocket. said "Of course, I knew all the time it was foolish to take the money out, but now that I have it I am doubly sure." Some Deposit Money. One woman, who held a passbook on another bank, was indignant because she was not paid the amount of her deposit there. Not all of the se in the line came to draw out money Several more courageous came to deposit money, or have their interest figured. Some, on receiving at the door little cards bearing Superintendent Van Tuyl's assurance of safety, dropped out of line and left their money in the bank. While nothing definite could be learned of the origin of the rumors, it was still thought that some ignorant person, seeing the usual long Monday night line of depositors, told her acquaintances a nin had started. The trustees of the bank decided yesterday to engage private detectives to try to trace the rumormonger. Vincent Astof was an interested spectative from the steps of the thetees" mean Ent Was said that he Walter Trimble, president of the bank, any amount Deceasary to handle the run, but was told no assistance was necessary. Nicholas Biddle amo James J. Livingston, trusters of the bank, went along the serpentine lines of de. positors and tried to calm their fears. Superintendent Van Tuyl early in the

4. January 31, 1914 Evening Journal Wilmington, DE
Article from Evening Journal, January 31, 1914

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UNNECESSARY RUN ON BANK ENDS By The United Press. NEW YORK, Jan. 31.-For the fourth day the run on the Bank for Savings, started by a groundless rumor continued. A continuous line of depositors waiting to withdraw their savings when the powerful institution with deposits of $97,000,000 opened for business. Extra tellers paid every person promptly. Realizing that upwards of $1,000,000 is being withdrawn from the bank, pickpockets hve flocked to the scene. Two aged women are known to have been robbed of their savings of $1,000 as they passed through the crowd. Officials of the institution assured other banks which have offered millions that their aid will not be needed. By noon the run had practically stopped. Many of those in line, it developed were depositors whose confidence had been restored and were bringing back their savings to be redeposited. Those who drew out their funds lost their interest. More accounts were reopened today than were withdrawn.

5. February 2, 1914 The Evening World New York, NY
Article from The Evening World, February 2, 1914

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CENCELESS SENSELESS RUN ENDED ON BANK FOR SAVINGS; RUSH TO RE-DEPOSIT Having bad Sunday to think It all over calmly, depositors of the Bank for Savings, at Twenty-second street and Madison avenue, were but little in evidence to-day when the bank opened its doors, and President Wal-

6. February 5, 1914 The Yale Expositor Yale, MI
Article from The Yale Expositor, February 5, 1914

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Millions of dollars of the resources of city financial institutions were offered to the Bank for Savings of New York when depositors began a run for which the bank's officers could not account except that it might have resulted from malicious rumors circulated by enemies.

7. February 7, 1914 Iron County News Hurley, WI
Article from Iron County News, February 7, 1914

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Forty-one persons aboard the Old Dominion liner Monroe perished when that vessel collided with the steamer Nantucket during a dense fog off Norfolk, Va. Ninety-nine person were rescued by the crew of the Nantucket. The final session of the convention of the United Mine Workers of America at Indianapolis, Ind., was marked by disorder. Duncan McDonald of Illinois declared that Samuel Gompers, president of the American Federation of Labor, was "gloriously drunk" at the Seattle convention of that organization. These remarks were interrupted by cries of "Liar," "Slanderer" and "Libelous" from Mr. Gompers. Yeggmen dynamited the vault of the bank of Lyerly at Lyerly, Ga., after engaging in a fusillade with citizens, and made a successful escape with $4,000. Elaborate receptions were held in honor of the party of 100 Nobles of the Mystic Shrine who have arrived at Manila from Seattle. A counterfeiters' den in the state prison at Joliet, Ill., was discovered. Five convicts who have been making counterfeit five-cent pieces in the machine shop were detected. The nickels were passed in the prison store. Millions of dollars of the resources of city financial institutions were offered to the Bank for Savings of New York when depositors began a run for which the bank's officers could not account except that it might have resulted from malicious rumors circulated by enemies. Frederick W. Vanderbilt's yacht Warrior was wrecked off the northwest coast of Colombia, between Savanilla and Santa Marta. Mr. and Mrs. Vanderbilt and their guests, the duke and duchess of Manchester, were taken off the yacht by the United Fruit steamer Almirante. After two days of conferences with political leaders Thomas Taggart, Indiana's member of the Democratic national committee, issued a formal statement that he would not be a candidate for the United States senate. Rev. G. E. Tidwell, pastor of a Baptist church at Macon, Ga., was killed at his home in East Macon when a pistol dropped from his pocket and exploded as he was leaning down to kiss his two-year-old baby good-by. The temperature at Pittsburgh January 29 reached 72 degrees. Sanford H. Ferree, aged seventy-nine, of Coraopolis, Civil war veteran, was overcome by the heat and died of exhaustion. More than 1,000 unemployed men and women in the Ghetto district of Chicago fought policemen, who, with revolvers drawn, sought to force them to leave mass meetings being held in the streets. Two I. W. W. men, alleged leaders in the rioting, were arrested. Policemen were fired upon by gunmen. The scout cruiser Birmingham was badly damaged by fire at Philadelphia. Fifteen hundred bluejackets fought heroically, and it was by their efforts that the entire reserve fleet was saved from destruction. Donald Patridge, aged eleven, was killed, another boy was fatally hurt and several other boys and two girls were injured when a "bob sled" crashed into a telephone pole at Honesdale, Pa. ### Mexican Revolt

8. February 12, 1914 The Idaho Recorder Salmon, ID
Article from The Idaho Recorder, February 12, 1914

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# Bank Run Abates. New York. The run on the bank for savings began to abate Saturday, after $2,000,000. had been withdrawn by anxious depositors. What started

9. January 29, 1915 Iowa State Bystander Des Moines, IA
Article from Iowa State Bystander, January 29, 1915

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# TRAGEDIES CAUSED BY THE TONGUE. They had "heard rumors and became frightened." This was the only reason the panic-stricken depositors would give for their mad rush on the bank for savings in New York a few days ago. The silly gossip of a servant, it was thought, started the rumor that the bank was in difficulties. Although its president stated that the deposits were ninety-seven million dollars, nearly eleven millions of a surplus, and that the largest banks in New York had offered to come to the rescue with fifty million dollars if necessary, yet thousands of men and women crowded one another in their frantic haste to get their money out of one of the soundest institutions in the country! The whole fabric of the business world hangs upon confidence Our vast credit system depends absolutely upon it. Anything which throws the slightest suspicion upon it causes disaster. Nothing else is so sensitive as confidence. And there is noth-

10. January 29, 1915 Northern Wisconsin Advertiser Wabeno, WI
Article from Northern Wisconsin Advertiser, January 29, 1915

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# TRAGEDIES CAUSED BY THE TONGUE. They had "heard rumors and became frightened." This was the only reason the panic-stricken depositors would give for their mad rush on the bank for savings in New York a few days ago. The silly gossip of a servant, it was thought, started the rumor that the bank was in difficulties. Although its president stated that the deposits were ninety-seven million dollars, nearly eleven millions of a surplus, and that the largest banks in New York had offered to come to the rescue with fifty million dollars if necessary, yet thousands of men and women crowded one another in their frantic haste to get their money out of one of the soundest institutions in the country! The whole fabric of the business world hangs upon confidence. Our vast credit system depends absolutely upon it. Anything which throws the slightest suspicion upon it causes disaster. Nothing else is so sensitive as confidence. And there is noth-

11. February 4, 1915 Baxter Springs News Baxter Springs, KS
Article from Baxter Springs News, February 4, 1915

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# TRAGEDIES CAUSED BY THE TONGUE. They had "heard rumors and became frightened." This was the only reason the panic-stricken depositors would give for their mad rush on the bank for savings in New York a few days ago. The silly gossip of a servant, it was thought, started the rumor that the bank was in difficulties. Although its president stated that the deposits were ninety-seven million dollars, nearly eleven millions of a surplus, and that the largest banks in New York had offered to come to the rescue with fifty million dollars if necessary, yet thousands of men and women crowded one another in their frantic haste to get their money out of one of the soundest institutions in the country! The whole fabric of the business world hangs upon confidence. Our vast credit system depends absolutely upon it. Anything which throws the slightest suspicion upon it causes disaster. Nothing else is so sensitive as confidence. And there is noth-