15625. Citizens Savings Bank (New York, NY)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
November 19, 1890
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
9e2b01e8

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions

Description

Multiple contemporaneous newspaper reports (Nov 19–24, 1890) describe a multi-day run provoked by an unfounded rumor; the bank paid depositors promptly and never suspended—business returned to normal by Nov 24–25. Bank type not explicitly stated in articles.

Events (1)
1. November 19, 1890 Run
Cause
Rumor Or Misinformation
Cause Details
An unaccountable rumor circulated on the East Side that the bank was in trouble, prompting depositors (largely immigrants) to withdraw funds.
Measures
Bank officers paid depositors promptly (refused to invoke 90-day notice), drew $100,000 from City National Bank and Mercantile Trust Company, and used existing cash to meet demands; police kept order.
Newspaper Excerpt
For some unknown reason early in the day the report was circulated on the East Side of the city that the bank was in an unsound condition...all demands made upon the bank were quickly and promptly met.
Source
newspapers

Newspaper Articles (11)
1. November 20, 1890 Asheville Daily Citizen Asheville, NC
Article from Asheville Daily Citizen, November 20, 1890

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Article Text

A SMALL RUN ON A BANK. NEW YORK INSTITUTION BESIEGED. The London Stock Exchange a Prey to Rumors, but There is Nothing inthe Situation to Cause Uneasiness. NEW NORK. Nov. 20.-Arunwas begun yesterday on the Citizens' Savings bank here and was continued this morning. As early as 9 o'clock from 15,000 to 16.000 excited Poles gathered in the viciuity. Some of them had walked up and down in the neighborhood all night. Within the bank President Quintard and the cashier sat watching the prepars ations for the day, and the resident sai I: "We made about a thousand dol lars in interest money yesterday, lost by the trightened depositors. In all we paid out over $113,000 and took in about $16,000. Therun will probably continue to-day and to-morrow: but we expect all the money back next week." A dispatch from Philadelphia says the failure of Barker Bros. & Co., has just been announced on the stock exchange The announcement of the failure nao no effect in depressing the market here 11 New York. LONDON, Nov. 19-The stock exchange yesterday was the prey to rumors. none of which were founded on fact. There is nothing in the monetary situation to create uneasiness. The bank of England reserve will probably exceed 14,000,000 pounds and is expected to reach 16,000, 000 pounds a week later.

2. November 20, 1890 New-York Tribune New York, NY
Article from New-York Tribune, November 20, 1890

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Article Text

RUN ON THE CITIZENS' SAVINGS BANK. DEPOSITORS THROWN INTO A PANIC, BUT EVERY CALL IS PROMPTLY MET. The Citizens' Savings Bank, at Canal-st. and Bowery, was besieged yesterday afternoon by a howling, frantic crowd of depositors, all anxious to withdraw from that institution the amount of their savings. It numbered fully 1,000, equally divided between the two sexes and composed entirely of Russians, Poles, Austrians and a few Germans. For some unknown reason earl/ in the day the report was circulated on the East Side of the city that the bank was in an unsound condition. This news spread rapidly, and by 11 o'clock from all directions east of the Bowery came the depositors. They crowded into the bank building flourishing their bank-books, excitedly demanding the amounts to their credit. By 1 o'clock the crowd had assumed alarning proportions and it was feared that in their excitement they would demolish the bank furniture. Though all demands made upon the bank were quickly and promptly met, President Edward A. Quintard. fearing that a riot was imminent, sent to the Elizabeth-st. station, and Captain McCullagh, with a force of police, arrived and immediately brought the crowd under subjection. At 3 o'clock about 200 persons were in the bank receiving their money as rapidly as the tellers could make up the accounts. As soon as a depositor was paid the door was opened and the person passed out into the street. President Quintard said late in the afternoon that the bank was in a thoroughly sound condition, its surplus being something over $1,400,000. " Yesterday morning when the bank opened its doors for the business of the day it had," said Mr. Quintard, "on deposit the following sums, subject to bank checks at any moment":

3. November 20, 1890 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, November 20, 1890

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Article Text

Run on a Bank. NEW YORK, Nov. 19.-A rumor was started in some unaccountable manner today that the Citizens' Savings bank, at the Bowery and Canal street, was in trouble. This caused quite a run on the bank and the police had to be called in to keep the excited depositors in order. At the close of the day President Quintard said about $100,000 had been paid out. He said the bank was all right and could meet all demands. The books of the bank show a surplus of $1,400.

4. November 21, 1890 Evening Star Washington, DC
Article from Evening Star, November 21, 1890

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Article Text

EVERY APPLICANT PAID. Citizens' Savings Bank Officers of New York Did Not Claim Their Privileges. New YORK. Nov. 21.-The run on the Citizens' Savings Bank. at the southwest corner of the Bowery and Canal street, which was started on Wednesday. was continued in full force today. President Edward A. Quintard and the other members ot the committee on finance of the institution held a meeting at the bank this morning at 9:30 o'clock. There had been some talk among the panie-stricken depositors that the officers of the bank might avail themselves of the rule which reads: "No person shall have the right to withdraw any part of the amount that may be to his credit, unless he has ninety days previously given personal notice to the bank of the amount be wishes to withdraw." To do away with any impression of this sort the finance committee held a session at the call of President Quintard and decided by a unanimous vote to pay out to the depositors their money just as fast as they could. The doors of the bank were thrown open at 9:45. and at that time the line of anxious depositors reached several squares, When the doors of the bank were opened at 10 o'clock the crowd made a rush and forty or fifty got in and were paid off. Quite a number wanted to leave a dollar or two on deposit, but the receiving teller would not allow any lower amount than $10 or 815 to remain. The bank started in with $160,000 left over from yesterday and in the course of the morning President Quintard drew $100,000 more from the City National Bank and the Mercantile Trust Company in order to be fully prepared in all emergencies. Speculators buying up depositors' books continued doing a thriving business this morning at a rate of from 93 to 95 cents on the dollar. One speculator told a reporter that yesterday he had bought up $3,200 worth of claims at 95 cents on the dollar and €700 worth this morning. The bank officiais say that while they deprecate the machinations of the speculators they have no legal means of stopping them.

5. November 21, 1890 Telegram-Herald Grand Rapids, MI
Article from Telegram-Herald, November 21, 1890

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Article Text

SCARED DEPOSITORS. They Make Things Lively ad Savings Banks in Sew York and Newark, X J. New York, Nov. 20.-In some unaocountable way Wednesday & rumor was started that the Citizens' Savings Bank was in trouble. The bank's depositors are largely composed of the poorer classes of Hobrews, Polacks and Germans of the east side of the city, and soon the doors of the institution were besieged with crowds of excited people anxious to draw DUE their deposits before the anticipated collapse. The crowd swelled to a thousand or more, and though each 000 received his money became so riotous that a squad of police bad to be called to preserve order. President Quintard at the close of the day said about $100,000 had been paid out Mr. Quintard said the bank was all right He showed by the books the bank had a surplus of $1,400,000. There were $1,300,000 subjest to check at any time. Assets amounted to $18,419,84L About $12,000,000 were due depositors. NEW YORK, Nov. 30-The run which was begun Wednesday on the Citizens' Saving Bank here continues As early as 9 o'clock there were from 1,500 to 1,600 excited Poles gathered in the vicinity. In fact a number of the unfortunate people who have fears that they have lost all their hard earnings paraded up and down the neighborhood all night As yet the bank has not made use of its privilege of claiming ninety days, but is is likely to do so if the run continues for several days to come. No reason is known for the run. NEWARK, N. J., Nov. 20.-Depositors in the Howard Savings Institution became alarmed over recent financial crashes and made a run on the institution Wednesday. Between $50,000 and $100,000 was withdrawn, but the president says the bank is able to pay in full and still have $1,000,000 left. NEWARK, N. J., Nov. 20.-A bigger crowd than on the two previous days shivered outside of the Howard Savings Bank long before the bank opened. Hundreds of women surrounded the bank to withdraw money. Most of the withdrawals were by Poles, Italians and other foreigners. There were nine women to every man. Many business men are making deposits as usual to allay the feeling of suspicion.

6. November 22, 1890 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, November 22, 1890

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Article Text

Runs On the Banks Continue. Nr YORK, Nov. 21.-The run on the Citizens Savings bank continues in full force, The directors met this morning and decided not to take advantage of the ninety days' notice rule, but to pay depositors as far as possible. NEWARK, N. J., Nov. 21.-The run on the Howard Savings bank continues, but is not so heavy as yesterday. PHILADELPHIA, Nov. 21.-Barker Bros. & Co.'s banking house was open this morning, although no business was done. No statement of the firm's condition has yet been made. The investment company, of which Wharton Barker is one of the directors, is perfectly solvent.

7. November 22, 1890 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, November 22, 1890

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Article Text

CONDENSED DESPATCHES The Pith of the News Taken From the Current Events of the Day. The run on the Howard Savings Bank at Newark, N. J., is beginning to die out. The great Harvard-Yale football match will be played at Springfield, Mass., Saturday. The run on the Citizens Savings Bank at New York, which started Wednesday continued in full force Fribay, and money is being paid to depositors as fast as they demand it. Edward Sebald early Thursday morning shot his wife fatally at Charlotte, Mich., then shot himself through his head, dying instantly. Faithlessness of Mrs. Sebald was the cause of the tragedy. The tragedy has caused much excitement and the names of several prominent men are connected with the affair. The papers in the contest in Nebraska, begun by the Independents to test the legality of the election of James E. Boyd, democrat, as governor, T.J. Majors, republican, as lieutenant-governor and several other officials, have been prepared and will be served immediately. The contest will be tried by the Legislature and the Speaker will preside. In the Superior Criminal Court at East Cambridge, Mass., James H. Berry, of Melrose, was sentenced to seven years' imprisonment at the State Prison and two years of solitary confinement, and Frank A. Miller, of Wakefield, was sentenced to the Concord reformatory for lareeny and breaking and entering freight cars on the Boston & Maine railroad. Just as a freight train on the Meriden, Waterbury & Connecticut River road had crossed the Southington road trestle Friday morning, the brake beam of one of the coal care dropped to the track and eight cars that followed were derailed, two of them tumbling down the forty-foot embankment and dragging with them James McDermott and William Hart, brakemen. McDermott was fatally injured; Hart, seriously. During the last presidential campaign an engagement between Mary Shull and Dehart Lehman. of Lima, Ohio. was broken. Miss Shull was a strong democrat, and never lost an opportunity to cheer for Cleveland when Lehman was around. He is a republican and became so greatly incensed that he broke the engagement. Miss Shull then brought suit for damages and Friday the circuit court awarded her $1000 It is stated that an alliance has been formed between the interests represented by Geo. C. Magoun of Kidder, Peabody & Co., Jay Gould, C. P. Huntington and the Standard Oil party, by which all railroads owned or controlled by them individually or jointly will be operated together practically under Gould's direction. This alliance includes the Southern Pacific, Missouri Pacific, Northern Pacific, Atchison, Wabash, Kansas & Texas, Texas Pacific and many other roads. Six members of the New York branch of the Irish Land League have issued an address criticising the methods and motives of Mesors. Dilion and O'Brien. The address charges that they fear to have the Irish Land League here, to which they would have to account for money subscribed by Irish-Americans and that they have endeavored to stay the raising of money to prepare for the impending famine in Ireland through fear that it would interfere with their own purposes.

8. November 23, 1890 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, November 23, 1890

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NEW YORK'S BANK RUN. It Continues But is "Broken-Hearted" Now, They Say. [By telegraph to the Dispatch.) NEW YORK, November 22.-The run on the Citizens Savings Bank here continued this morning with as much vigor as ever. This, the bank people say, is caused by the fact that they close at noon. Work was begun before 10 o'clock, but the long line of depositors seemed to increase all the while instead of diminishing. The bank officials say the heart of the run will be broken today. The payments already made figure up nearly $300,000.

9. November 23, 1890 The Morning News Savannah, GA
Article from The Morning News, November 23, 1890

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New York's Bank President. NEW YORK, Nov. 22.-The run on the Citizens' Savings Bank here continued this morning with as much vigor as ever. This, the bank people say, was caused by the fact that they close at noon on Saturday. Work began before 10 o'clock, but the long line of depositors seemed to increase all the while instead of diminishing. The payments already made figure up $300,000. NEWARK'S RUN ABOUT OVER. NEWARK, N. J., Nov, 23.-The run on the Howard savings bank was considerably abated this morning, confidence being restored. Many depositors are returning their money.

10. November 25, 1890 New-York Tribune New York, NY
Article from New-York Tribune, November 25, 1890

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THE RUN ON THE CITIZENS' BANK OVER. The run on the Citizens' Savings Bank is over, and yesterday the regular course of business was pursued without interruption. In the four days that the run continued over $350,000 was drawn out by small depositors. These depositors lose the interest on their money for five months, and the bank is in that much money. The more frightened depositors who sold their deposit books for 75 per cent of the amount on deposit are now vowing vengeance against the unscrupulous brokers who bought them. Many of the people who drew out their money yesterday asked the bank to take It back again, but this the bank refused to do. Yesterday morning there were less than fifty people in the line when the bank opened at 9:30 o'clock, and they were all paid off in a few minutes: Police Captain McCullough ordered that the police detail be withdrawn, as there was no further necessity for their presence at the bank.

11. November 26, 1890 Watertown Republican Watertown, WI
Article from Watertown Republican, November 26, 1890

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STOOD A SIX DAYS' RUN. The Citizens' Bank of New York Outrides the Panic. NEW YORK, Nov. 24.-The run on the Citizens' Savings Bank here, which lasted six days, is practically over. The services of the police are no longer necessary, and this morning there were only about fifty depositors who called for their money. Some of the first depositors who drew out their money, the amounts of which were very small, wanted to re-deposit, but the bank officials declined to have anything more to do with them on the ground that they were among those who inaugurated the trouble