Bank of the United States

Bank Information

Episode Type: Run Only
Bank Type: private
Start Date: July 2, 1913
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: b68dcce2

Response Measures

Accommodated withdrawals

Other: This was a deposit rush (people clamoring to open accounts), not a withdrawal run.

Description

Article describes a heavy rush of depositors trying to open accounts (a run for the new bank), not withdrawals or suspension. No suspension, reopening, or receivership mentioned.

Events (1)

1. July 2, 1913 Run

Cause Details: Extraordinary public demand to open accounts at a newly opened bank (rush to deposit), not driven by rumors or bank distress.
Measures: Every window was a receiving window and thirty-five special clerks worked to open accounts; guards at the door.
Newspaper Excerpt: In a run not on a bank but for a bank East Siders trampled one another yesterday to deposit money in the new Bank of the United States
Source: newspapers

Newspaper Articles (1)

1. July 2, 1913 The Sun New York, NY

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Article Text

BESIEGED BY DEPOSITORS. East Siders Fight to Put Money in Joneph Marcus's New Bank. In a run not on a bank but for a bank East Siders trampled one another yesterday to deposit money in the. new Bank of the United States at 81 and 83 Delancey street, of which Joseph S. Marcus."for twenty-five years a tailor and later the founder and president of the Public Bank of New York. is the head. The sidewalks and street were thronged and would-be depositors who brandished bills and coins fought for a chance to get past the guards at the door. Every window was a receiving window and thirty-five special clerks worked to open accounts. "I have seen runs." said Manager W. F. H. Koelsch. "but this is the worst!" Handbags or leather wallets were handed out as souvenirs with the books. A $300,000 marble building is shortly to be erected on the site of the present temporary quarters. Mr. Marcus was born in 1862 at Memel, Germany. He came to New York in 1879 and for twenty-five years was in the clothing business. People gave him small sums to keep for them and in that way his attention was turned to private banking. In 1906 he became president of the Public Bank of New York. His home is at 315 Riverside Drive.