Bleecker Street Savings Bank

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: July 31, 1893
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: b781a068

Response Measures

Accommodated withdrawals

Description

Multiple contemporaneous articles (July 31–Aug 3, 1893) describe heavy withdrawals at Bleecker Street Savings Bank, police keeping order, and the bank paying depositors in full during normal hours. There is no mention of a suspension, receivership, or permanent closure. The run is part of a broader wave of withdrawals affecting many New York savings banks during the 1893 financial disturbance, so cause is classified as macro_news (systemic panic/financial disturbance).

Events (3)

1. July 31, 1893 Run

Cause: Macro News
Cause Details: Part of a citywide wave of heavy withdrawals and concern over bank withdrawal rules and the 1893 financial disturbance; generalized panic/excitement rather than a specific bank scandal.
Measures: Police called to preserve order; bank paid depositors in full and did not enforce the time-notice clause during initial days; directors considered adopting time notice rule later.
Newspaper Excerpt: At the Bleecker Street Savings Bank, 400. At the latter institution the crowd was so chaotic and disorderly that the police were sent for.
Source: newspapers

2. August 1, 1893 Run

Cause: Macro News
Cause Details: Continued withdrawals driven by public alarm over bank conditions in the city; depositors sought to withdraw funds though bank had ample cash and reserves.
Measures: Maintained regular hours; paid out full amounts to depositors; used policemen and sidewalk crowd control (granite blocks) to keep order.
Newspaper Excerpt: The Bleecker Street Savings Bank opened at 10 o'clock and closed at 2, the regular business hours of the bank. The officers of the bank did not take advantage of the time notice clause, but paid every depositor in full who came along.
Source: newspapers

3. August 3, 1893 Run

Cause: Macro News
Cause Details: Ongoing series of withdrawals since July 1 tied to wider financial unease; bank sold no bonds and reported substantial cash holdings.
Measures: Sold no bonds; continued to pay depositors; relied on cash holdings and correspondent/trust relationships as described.
Newspaper Excerpt: William G. White, the controller of the Bleecker Street Savings Bank, said: '...On Tuesday $40,000 were withdrawn against $9,000 placed on deposit. To-day there was $26,000 withdrawn against $10,000 of deposits.'
Source: newspapers

Newspaper Articles (3)

1. July 31, 1893 Evening Journal Wilmington, DE

Article from Evening Journal, July 31, 1893

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Article Text

A RUSH OF DEPOSITORS Chaotic Crowds Congregate About the Banks AND OLAMOR FOR DEPOSITED CASH New York All Astir Over the Bank Regulations Which Went Into Effect This Morning-Police Had to Be Called Upon Early This Afternoon-Business Disturbances of To-day. NEW YORK, July 31. In many of the savings banks notices was pasted to day to the effect the bank of withdrawal rule adopted by the savings banks last|week was in effect. One or two banks made the limit of withdrawal 100 requiring the legal notice for withdrawal of greater sums. The action of the banks has not caused what might be called 8 panie, but there were heavy withdrawals at most of the savings banks and doubtless the check on depositors will go into effect generally to-morrow. At the Seaman's Savings Bank there were 250 people demanding their money; at the Dry Dock Savings Bank, 500; at the Bowery Savings Bank, 200; at the the Union Dime Savings oBank, 150; at German Savings Bank, 300; at the Bleecker Street Savings Bank, 400. At the latter institution the crowd was so e haotic and disorderly that the police were sent for. The police formed the crowd in line and each depositor drew out all his book called for. The legal notice was not asked for by the bank, but the directors will probably order the rule enforced after to-day Bankers are of the opinion that if the rule is not enforced to-morrow a senseless run will result and millions of dollars taken out of circuit. All the banks are sound and their money is well invested but to force the instant payment of the immense sums deposited would wreck many of them. In Brooklyn, Williamsburgh and in several cities throughout the state heavy withdrawal deposits are reported. Several Brooklyn banks compelled depositors to give the legal notice but the rules have not gone into effect generally. The crowds at the savings banks increased toward noon and 'at that hour most of the savings institutions posted the rule governing withdrawals. Money at noon on the stock exchange was 48 per cent. and the Clearing House Loan Committee issued a million dollars worth of clearing house certificates with a promise of a million more before the day ended to ease the market. Nearly half a million of gold came from Havanna to-day and half a million was started from London to New York,

2. August 1, 1893 New-York Tribune New York, NY

Article from New-York Tribune, August 1, 1893

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Article Text

said, "the Fair will be open for some months yet.' Just hand that man there your book." The woman hesitated. "Maybe my money is safe, sir?" "I have said that your money is safe, but please yourself." The woman looked at Mr. Rhoades and evidently had confidence in his words, for she put her book back in her pocket and said aloud: "I think I'll leave it," and went home. These are some of the instances where people were reassured. Others asked no questions but came and wanted to get out all they had, and when they found that they could not succeed, they took their $100 and went away. In some cases they came back and wanted to put it in again. "How long is this likely to last?" the reporter asked. "I am sure," Mr. Rhoades replied, "that it will be over in a few days. Many people have come to give notice," he went on, "that they might want $5 interest in thirty days. We did not have as many people here to-day as on the third Monday of the month for the withdrawal of interest. I see no present necessity for calling the officers of the banks together again. We have 54,000 depositors, and the largest number of people who have been here at one time to-day is 125. The deposits amount to $25,500,000. The excitement among our depositors has reached only the ignorant people. I do not believe in keeping open beyond the usual hour. I believe it will tend to allay the excitement to go on now and transact our business during the same hours as we do at ordinary times. The $10,000 that we received to-day came from 115 depositors. We paid out to about 430 persons. We had $400,000 cash in our vaults on July 1, and $900,000 in banks and trust companies. Our theory is to put money away in solid institutions, and then give the people the benefit of our investments." The Bleecker Street Savings Bank opened at 10 o'clock and closed at 2, the regular business hours of the bank. The officers of the bank did not take advantage of the time notice clause, but paid every depositor in full who came along. Policemen were on hand to preserve order and keep the people in line, and were helped greatly by huge piles of granite blocks which were heaped up on the sidewalk, and which left a passage wide enough for only two persons to go through at one time. It was stated that the bank has gained about $15,000 on the interest of the money of the 700 depositors who drew out in all about $150,000. President Trimble told the reporter that the trustees would meet to consider the advisability of adopting the time notice rule. Many Italians have savings in this bank, and one of them who came to draw $190, having got his money, went around to the other side to deposit it again. "Why did you take out your money?" demanded the cashier. "Because I wanted to see if you had any money," said he: "I was told you had no money." "Well, now you see we had your money all right," said the cashier, smiling, "and I think now that you have it you had better keep it and go away." The largest demand was made on the German American Savings Bank, at Fourteenth-st. and

3. August 3, 1893 New-York Tribune New York, NY

Article from New-York Tribune, August 3, 1893

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Article Text

SAVINGS BANK DEPOSITORS ARE CALM. AT THE GREENWICH MORE MONEY WAS TAKEN IN THAN WAS PAID OUT. The soundness of the savings banks in New-York City was never better demonstrated than by the manner 10 which they went th:ough the recent run made on them. E. A. Quintard, the president of that bank, said to a reporter: "The run is practically over. Our deposits for to-day were $4,000 against $12,000 withdrawn. On Monday $40,000 was drawn and $25,000 on Tuesday. The total amount drawn since July 1 is $500,000." Edward Wood, the president of the Bowery SavIngs Bank, said: The sum of $144,000 was withdrawn on Monday against $12,000 deposited. On Tuesday $28,000 was withdrawn and $14,000 was deposited. The figures for to-day are about the same." William G. White, the controller of the Bleecker Street Savings Bank, said: "We have sold no bonds and there is no reason why we should. On Tuesday $40,000 were withdrawn against $9,000 placed on deposit. To-day there was $26,000 withdrawn against $10,000 of deposits." Joseph Bird, the vice-president of the Manhattan davings Institution, said : "On Monday $99,000 was withdrawn against $5,000 in deposits. On Tuesday $15,000 was drawn against $5,000 deposited. and today $10,000 was withdrawn against $6,000 deposited. Some of the people who withdrew their deposits on Monday have redeposited them to-day." Some of the elderly women who have had accounts at this institution many years have been solicitous on account of the present financial difficulties. One came to the bank with $115 and said she thought it a shame that people should get so "skeary" about such things and It was about time that the depositors came forward and showed their confidence. Believing that the bank was in need of money, she desired to show her confidence in the institution by depositing extra money now. T. F. Amthor, the treasurer of the German Savings Bank, said: "We have $3,000,000 in actual cash in our vaults. On Monday $45,000 was withdrawn, on Tuesday $33,800. and to-day $27,000. It is not at all unusual for us to pay out $200,000 in one day when there is not the slightest suggestion of a run or a panic." J. Harsen Rhoades, the president of the Greenwich Savings Bank. said: "On Monday $52,000 was withdrawn against $10,000 deposited. On Tuesday $30,000 was withdrawn against $6,600 in deposits, and to-day only $8,000 has been withdrawn while $9,000 has been deposited."