15718. Dollar Savings Bank (New York, NY)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
October 23, 1907
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
b34066f1

Response Measures

Accommodated withdrawals

Description

Multiple newspaper reports from Oct 23–25, 1907 describe repeated runs (large crowds/lines) on the Dollar Savings Bank triggered by alarm from runs on nearby trust companies (Knickerbocker/Trust Company of America). The bank is repeatedly described as withstanding the withdrawals; no suspension, receivership or permanent closure of Dollar Savings Bank is reported in these articles.

Events (2)
1. October 23, 1907 Run
Cause
Local Banks
Cause Details
Alarm started by the run on the nearby Knickerbocker Trust Company's Bronx branch and Trust Company of America; proximity prompted depositors to storm Dollar Savings.
Measures
Police were called to control the crowd; directors declared the company would meet all demands.
Newspaper Excerpt
More than 1,500 persons, mostly Italians, stormed the doors of the Dollar Savings bank when that institution opened today.
Source
newspapers
2. October 25, 1907 Run
Cause
Local Banks
Cause Details
Continued contagion from runs on trust companies (Trust Company of America and others) caused repeated lines and renewed run activity at the Dollar Savings Bank.
Measures
Bank withstood withdrawals; reports note deposits exceeding withdrawals by Oct 25 and physicians/authorities/treasury support for banks generally. One article notes police called and bank stood the run all day.
Newspaper Excerpt
The runs on ... the Dollar Savings Bank continue, but are decreasing and deposits now exceed withdrawals.
Source
newspapers

Newspaper Articles (10)
1. October 23, 1907 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, October 23, 1907

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Article Text

BANKS STAND RUN. Cortelyou Puts in $10,000,000 in New York Institutions. New York, Oct. 23.-E. C. Benedict was today appointed receiver of the stock exchange firm of Mayer & Co., which made an assignment yesterday. More than 1,500 persons, mostly Italians, stormed the doors of the Dollar Savings bank when that institution opened today. Police were called to control the crowd. The Dollar Savings bank is near the Bronx branch of the Knickerbocker Trust company and the alarm was started by the run yesterday on the trust company's branch. At the Trust Company of America, a double line of depositors reached from the paying teller's window in serpentine fashion through the counting room out through the main door and down Wall street for over a block. There was no disorder. Investigation disclosed that the amounts called for were as a rule small, none of the large depositors withdrawing his funds. All the directors declared that the company would meet all demands. Investigation of a report that three was a run upon the Morton Trust company showed it untrue. Although no official statement was obtained, it was learned on very good authority that the amount of cash deposited with the New York banks by the treasury department today amounted to about $10,000,000. It is agreed by every one that the condition of the banks is most satisfactory; that there is no unusual pressure upon them; and that the same is true as to most of the trust companies. There is nothing like a run upon any financial institution in New York today except the Trust Compan-- of America, and the belief is growing that that institution stands a much better chance of getting through successfully than was feared last night. The Trust Company of America successfully withstood the run right up to the close of banking hours. The stock market was rather irregular in the final dealings, St. Paul being a weak feature. In general, however, the market leaders held well at prices considerably above the lowest of the day.

2. October 24, 1907 Daily Press Newport News, VA
Article from Daily Press, October 24, 1907

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Article Text

MORE CONFIDENCE IN THE SITUATION IN NEW YORK (Continued from Page 1.) which made an assignment yesterday with liabilities of $6,000,000. E. C. Benedict was appointed receiver with It bond of $100,000. More than 1,500 persons, mostly Italians, stormed the doors of the Dolla: Savings Bank when the institution opened today. Police were called to control the frenzied crowd. The Dollar Savings Bank is near the Bronx branch of the Knickerbockor Trust Company and the run was started by the Fun yesterday on the trust company's branch. Norfolk Banks all Sound . NORFOLK, VA., Oct. 23.-The slump in securities and high money market while It has made the local money market tight, has had no other effect. The local financial institutions are not affected by any or the failures. The local bankers believe that the worst of the present flurry has passed. Failure in Reno. RENO, NEV., Oct. 23.-The State Bank and Trust Company with headquarters at Carson and branches at Goldfield, Tonapain, Manhattan and Blair, closed its doors this morning. The state bank examiner is in charge. The difficulty was due to inability to realize on stocks placed as security for a $400,000 loan made the Sullivan Trust Company last year. T.B. Hickey. president of the bank is one o fthe wealthiest men in the state and the bank assets are thougght to exceed Habilities. No fear is entertained that depositors will lose a cent. Hickey is now in San Francisco. A statement issued by the company this afternoon assigns labor troubles and drain on deposits as the reasons for the suspension, and declares that depositors will be paid dollar for dollar. Not Felt in Richmond. RICHMOND. VA., Oct. 23.-The panic in Wall Street has not affected the banks in Richmond, nor is the situation In financial circles alarming. While the losses have been quite seveze, there have been no failures and no embarrassment among the brokers is anticipated. A long distance telephone message received by one of the largest banking concers this afternoon. from Mr. J. P. Morgan in New York, gave assurance of better conditions there tomorrow.

3. October 24, 1907 The Times Dispatch Richmond, VA
Article from The Times Dispatch, October 24, 1907

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Article Text

DOLLAR SAVINGS BANK Mob of 1,500 Itallans and Others Clamorous for Their Deposits. NEW YORK, October 23.-A petition in bankruptcy was filed in the United States Court to-day against the Stock Exchange firm of Mayer & Co., which made an assignment yesterday with liabilities of $6,000,000. E. C. Benedict was appointed receiver with a bond of $100,000. 1. More than 1,500 persons, mostly Italians, stormed the doors of the Dollar Savings Bank when that institution opened to-day. Police were called to control the half frenzied crowd. The Dollar Savings Bank I near the Bronx branch of the Knickerbocker Trust Company, and the alarm was started by the run yesterday on the Trust Company's branch.

4. October 24, 1907 New-York Tribune New York, NY
Article from New-York Tribune, October 24, 1907

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Article Text

THE NEWS HIS MORNING. FOREIGN-The Shah of Persia has dismissed his Cabinet, and joint action by Russia and Great Britain for the restoration of order is exThe general British market for pected. stocks was little affected by the fall in American securities and a similar tone prevailed in Berlin: The prices fluctuated widely in Paris Hamburg-American steamer Borussia listed and foundered while coaling at Lisbon: the passengers were saved: three of the crew are missing. Secretary Taft left Manila on a trip of inA spection of the defences at Subig Bay. wireless message from the Marconi station at Glace Bay was sent to Clifden and a reply was received in five minutes for both dispatches; Mr. Marconi says the Glace Bay station is transmitting about 3,000 words a day to Ireland. Princess Louise, eldest daughter of King Leopold, has succeeded in postponing for a month the sale of the jewels of her mother. the late Queen Marie Henriette The trial of Maximilien Harden for libel in the suit brought by General Count Kuno von Moltke began at Berlin. DOMESTIC-President Roosevelt returned to Washington from his trip to the South. Receivers for three Westinghouse concerns were appointed in Pittsburg and similar action on a fourth is expected to-day. but otherwise the city's financial situation is declared to be absolutely sound: Secretary Cortelyou promised to help by making large deposits of United States The refunds in government depositories maining seven balloons in the Bennett Cup contest landed: from unofficial measurements the German balloon Pommern was declared winner. "The Corporation. Its Construction and Regulation." was the subject discussed at the second day of the National Civic Federation's convention in Chicago, with Isaac N. Seligman, Judge Peter S. Grosscup and Samuel Gompers President as the principal speakers. Ahearn of the Borough of Manhattan took the stand in his own defence at the hearing of charges against him before Governor Hughes at Albany. The convention called by the Chamber of Commerce of Syracuse to consider the agricultural situation in this state opened in that city: Secretary Wilson made the principal address. The State Bank and Trust Company and the Neye & Orens Bank, located at Reno, Nev., and with branches throughout Nevada, closed their doors. The Mohonk conference to discuss questions regarding dependent people opened at Lake Mohonk, N. Y.; Dr. Andrew S. Draper, State Commissioner of Education, presided and made an address. The Norfolk & Southern Railway stockholders at a meeting in Norfolk, Va., approved a mortgage bond issue of $2,500,000 for the purchase of rolling stock and other improvements. The body of a woman who had been missing since last Friday near Norwich, N. Y., was found in the woods; her son is under arrest. CITY.-Stocks were fairly steady. Howard's Landing, a summer settlement in Jamaica Bay, was burned. A receiver was appointed for the stock brokerage firm of Mayer & Co. Mayor McClellan decided that the city budget for 1908 must be cut about $8,000.000. The Public Service Commission began preparations for a probe of the express companies. The Dollar Savings Bank, of which President Haffen of The Bronx is head. withstood a run of small depositors lasting all day. It became known that the Knickerbocker Trust Company owed the city $250,000. In a quarrel over the storing of an automobile a man was fatally shot. The pay of telegraphers who did not strike was advanced. THE WEATHER-Indications for to-day: Fair and colder. The temperature yesterday: Highest, 60 degrees; lowest, 42.

5. October 25, 1907 Evening Journal Wilmington, DE
Article from Evening Journal, October 25, 1907

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Article Text

ANOTHER BIG TRUST BANK SUSPENDED But Financial Sky is Clearing and the Worst Thought to be Over CORTELYOU VERY HOPEFUL By THE JOURNAL'S Special Wire. NEW YORK, Oct. 25-Financial New York is convalescent, but still decidedly shaky on its pins despite the positive assurance of chief Physician, J .P. Morgan and Surgeon Cortelyou. It will be many days before the stock exchange and the many banking institutions are again on a normal basis, and in the meanwhile the suspension of many small concerns can hardly be averted. But still the sky is clearing and it can be consistently asserted the worst is over. The herdes blow of the day was the suspension of Providence Trust Company with individual deposits exceeding $25,000,000. This followed o.run started yesterday, and according to President Studley thea ction was necessary to protect depositors. C.C. Sweetland was appointed receiver and at once qualified. At nine o'clock there was posted on the doors of the United States Exchange Bank, a small institution, at 23 West 125th street, a notice that it would not open to-day. President John Gibbons stated its deposits aggregate $880,000, and it paid up capital is $100,000. He said all depositors would be paid in full. Run on Baltimore From Baltimore comes word that the run on the Eastern branch of the Home Bank continues, but all demands are being met. Here in New York the runs on the Trust Company of America, the Lincoln Trust Company, the Fifth Avenue Trust Company, the Harlem Savings Bank and the Dollar Savings Bank n continue, but are decreasing and deposits now exceed withdrawals and the end is in sight. Secretary of the Treasury Cortelyou said to the United Press at the subTreasury to-day: "I am very hopeful that an trouble is past and regard the situation as much improved. I will continue to render whatever assistance may be advisable during the day. The banks are still feeling the need of small bills and I have ordered more sent from Washington. "The suspension of small banks is not an unfavorable sign. It will permit the banking interests to concentrate their support on the central situation." The monetary situation kept the stock market feverish throughout the day. There was no visible attempt to corner the money market. s In the Stock Market. The improved feeling in the late trading yesterday was continued for a while e this morning. During the first hour's trad. ing there was gains on many stocks at the start ranging 1 to 2 points over yesterday's closing. following by selling and moderate net losses were recorded. The market was at no time demoralized and sentiment prevailed that the market had passed through its worst phase. Arbitrage brokers taking in all between 5,000 and r 10,000 shares. Government bonds unchanged: other bonds-lower

6. October 25, 1907 The Richmond Palladium and Sun-Telegram Richmond, IN
Article from The Richmond Palladium and Sun-Telegram, October 25, 1907

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Article Text

New York, Oct. ...Two more banks were added to the lengthening list of financial institutions forced to close under the terrible financial pressure in the last three days. The United States Exchange bank, One Hundred and Twenty-fifth street, posted a notice announcing a temporary suspension. The police were called out to handle the crowds in front of the Borough bank of Brooklyn, which also printed a notice of suspension. Three banks that suspended yesterday remained closed today. These are the Hamilton, Twelfth Ward and Empire Savings. All are declared solvent and depositors will lose nothing. Notwithstanding Secretary Cortelyou, Morgan and Rockefeller poured one hundred and ten millions into the banks yesterday, the run continued today at the Trust Company of America, the Colonial Trust, the Lincoln Trust, and the Dollar Bank. Financiers are optimistic and declare every run will be met. Position of the clearing house banks is strong and the stock market strongly supported.

7. October 25, 1907 The Fairmont West Virginian Fairmont, WV
Article from The Fairmont West Virginian, October 25, 1907

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Article Text

NEW YORK, Oct. 25. - Financial New York is convalescent, but still shaky on its pins. It will be many days before the stock exchange and business are normal. It is confidently asserted that the worst is over. Advices from Baltimore say the run on the Eastern Branch House bank continues, but all demands are being met. Here rans continue on the Trust Company of America, Lincoln Trust Company, Fifth Avenue Trust Com pany, Harlem Savings Bank and Dollar Savings Bank, but deposits now exceed withdrawals, so the end is in sight. Cortelyou said to the United Press to-day: "Am very hopeful that the trouble is past and regard the situation much improved. I will in the meantime render any possible service during the day. Suspension of small banks is not an unfavorable sign."

8. October 25, 1907 The Seattle Star Seattle, WA
Article from The Seattle Star, October 25, 1907

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(By United Press.) Avenue Trust, Harlem Savings and the Dollar Savings banks continue, NEW YORK, Oct. 25.-Financial but are decreasing. New York la convalescent, but still The Williamsburg Trust company, of Williamsburg, Brooklyn, closed ever, shaky, that and The It is sky confidently is clearing, asserted howits doors this afternoon, being unthe worst is over. It will able to cash a $10,000 check. Frank many stock days, though, before the be Jenkins is president of the bank, which has a capital of $700,000, and liabilities of $9,676,484. the to The a normal market hardest basis. and blow banks of today are back was The following receivers were appointed for the Knie erbecker the company, suspension of Providence, of the Union R. 1., Trust and Trust company today: Otto Bannard, president of the New York Trust company; Ernest Thalman Ized posits The the the deand Henry C. no. million at $200,000. Almost capitalGregory, Guifck & Co. menbers by deposit- half a of The Consolulated Stock file change, failed this afternoon. the Trust The Jenkins Trust company sawLincoln Trust, Company Mith this aftersoon. The Justi. pended

9. October 25, 1907 East Oregonian : E.O Pendleton, OR
Article from East Oregonian : E.O, October 25, 1907

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Article Text

New York, Oct. 25.-Financial New York is convalescent but shaky. The hardest blow today was the suspension of the Union Trust of Providence and failure of the Brooklyn banks. The runs on the Trust Company of America, Fifth Avenue Trust, the Harlem Savings and 'Dollar Savings continue, but are decreasing steadily as confidence is restored. Run on Union Trust Co. A run developed on the Union Trust company bank late yesterday afternoon but it was thought that the company had sufficient funds to stand the emergency. All of these banks are believed to be solvent and able to pay dollar for dollar.

10. October 25, 1907 The Washington Times Washington, DC
Article from The Washington Times, October 25, 1907

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Dollar Bank Run Renewed; One Casualty NEW YORK, Oct. 25.-Arthur C. Simpson, fifty years old, had stood in the line of depositors making the run on the Dollar Savings Bank, at 142d street and Third avenue, SO long that today he collapsed. It was believed that he had been in line since daybreak yesterday and that he had had no nourishment. R. R. Frey, of the Lincoln Hospital, was called, gave the man brandy and took him to the hospital, where it was said he would recover. He was suffering from almost complete physical exhaustion. The run on the Dollar Bank set in with renewed vigor today, there being more than 400° persons in line by daybreak and the line was much longer than that by the time the bank was due to open its doors. Many of the depositors were women who had been in the line a good part of yesterday and all of last night, The small boys of the neighborhood were reaping a harvest today. The morning was bitter cold and some of the enterprising youngsters had their mothers and sisters help them make up sandwiches and prepare cans of ceffee at home. Then they marched away and tackled the long line that wound it way from the doors of the bank half way around the block. The boys found ready customers for their sandwiches and more especially for their pot of coffee. They sold a cup of coffee and sandwich for 20 cents, and