Dry Dock Bank - New York, NY

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: August 1, 1893
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: dca7f4dc

Response Measures

Accommodated withdrawals

Other: Banks posted statutory 30/60-day notice rules to deter withdrawals; payments mainly in gold for small immediate needs.

Description

Savings-bank panic August 1893 produced crowds and thirty/sixty-day notice rules; Dry Dock Bank experienced a brief run/scare but remained open and did not suspend. Measures included posting the time-withdrawal rule (30/60-day notices).

Events (2)

1. August 1, 1893 Run

Cause: Rumor Or Misinformation
Cause Details: General panic/foolish scare among less-informed depositors leading to crowds and inquiries; no adverse bank-specific information cited.
Measures: Bank participated in general enforcement of the time-rule (30/60-day notice) to check withdrawals; paid in gold when required.
Newspaper Excerpt: At the Dry Dock Bank ... everything was quiet. Business was going on in the usual way. The President of the Dry Dock Bank said: ...there isn't even the possibility that any of the banks will use half of the cash it has ready.
Source: newspapers

2. September 1, 1893 Other

Newspaper Excerpt: At the Dry Dock Bank 152 notices remained unwithdrawn: of these only seventeen were put in force.
Source: newspapers

Newspaper Articles (4)

1. August 1, 1893 The Jersey City News Jersey City, NJ

Article from The Jersey City News, August 1, 1893

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Article Text

DEPOSITORS CALMER. The Run on the New York Savings Banks Checked Today. NEW YORK, Aug. 1, 1893. - There was a marked decrease in the number of persons in the different savings banks this morning. The condition of affairs when the banks opened for bualness showed that the depositors had regained their confidence. The only depositors on hand were Italian and servant girls. who were scared by re ports they had heard. The only noticeable crowd was at the German Spar Bank at Fourteenth street and Fourth avenue. The depositers there were of the ignorant class. The line reached quite a distan ce on the sidewalk. At the Dry Dock Bauk. the Bowery Bank, the Greenwick Savings Bahk and several other banks where crowds gathered yesterday everything was quiet. Business was going on in the usual way. At the Green wich Savings Bank eightythree women and thirty-seven men End given notice yesterday that at the end of sixty days they would withdraw their entire account from the bank. A statement was given out this morning that 1$10,000 had been received yesterday from 114 depositors. Five hundred and thirty-two depositors withdrew $52,000. Or the $52,000 taken ont, $20,000 went to thirty depositors by check. It was not until each depositor showed that be really needed that he got what he wanted beyond the stipulated $100, President J. Harsen Rhoades said this morning: "From the accounts of July 31, 1892, we find that $28,000 was paid into the bank and $30,000 withdrawn; so you can see how it compares with yesterday. "The outlook is favorable. We shall have at least $10,000,000 in gold from abroad inside of ten days. It is already in (sight, All that the country needs is to have Congress meet and repeal the purchasing clause in the Sherman law at once and then go home. leaving everything else alone. The country needs rest and confidence will then be restored."

2. August 1, 1893 The Sun New York, NY

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Article Text

PLENTY OF MONEY ON HAND. SAVINGS BANKS FIND THAT THERE'S HONK ION SCHRE General Enforcement of the Time Rule Ex. cept Where Money Was Actually Needed -The Poorest People Flocked to Their Banks, Which Are the Richest, and Drew the Limit-Plenty Who Came to Deposit, Not to Draw-Payments Chiefly In Gold. At second and third hand. in their clubs. churches. and other meeting places. in the gossip of the Sunday holiday. the less-informed classes of savings bank depositors had heard that something or other was up at the savings banks where their money was, and they took their bank books early yesterday morning and went around to see about it. What was up. as the newspaper readers knew. was that the banks proposed to check any ate tempt at a run by posting the sixty-day notice rule. The rule was applied whenever circumisou U 91 1I # ериш standed tive discourager of runs. and it did its work. Only one of the larger savings banks failed to post the rule. That was the Bank for Savings in Bleecker street. There had been no meeting of the trustees. and as President Trimble had plenty of cash he did not act. It is possible that a notice will be nosted there to-day. Several of the banks with deposits of less than ten millions did not post notices because the demand on them for money was notso great. Their depositors are.as a rule. of a class that is not ignorantly frightened. In New York city, with one exception. the biggest savings banks are those resorted to by the poorest people. These banks of the poor are the Bleecker Street. the Bowery. the Citizens'. the Emigrant Industrial. and the German. They have more of the and -steins than any others, and they naturally drew a crowd yesterday. At the German bank. at the corner of Fourteenth street and Fourth avenue. two hundred people were pushing and mauling each other for places nearest the door before the door opened. There was just as big a crowd at the Bleecker Street Bank. At the Bowery. the Citizens'. and the Emigrants the crowd was smaller. but was just as noisy. Of course, when the doors of those banks were opened line up places the 103 07 usns PIIM B SUM there for the paying tellers' windows. In a dozen places on the walls of the Emigrants' bank the following notice was posted: As provided by Chapter XVII. article 8, of the laws, -us our 10 notice sawp require IIIM queq #141 euo suins IIV JO pepues no фриш eq IIIM ROOM have ;unome 1841 01 B1 prud eq IIIM 001$ Suppesere uns ou puw "puetned each calendar month until further notice. The half-dozen watchmen who assisted in forming the crowd in line pointed out these notices. Some of those in the crowd who didn't want $50, put their books in their pockets and went home. Not more than one in a hundred left notice that be wanted his money when the time was up. A great many wailed. because they were born wallers. Up to 2 o'clock the Citizens' bank had recelved only thirty notices of withdrawal. The notice there was that sums under $100 would a thirty that pue рившер uo plud 0q would be required for the withdrawal of larger accounts. The notice at the Bowery bank permitted the withdrawal of sums under $300 on demand and required sixty days' notice on larger amounts. The crowd at these banks remained until 4 o'clock. It did not increase. and depositors got their money at the rate of about four a minute. At the Bleecker Street Bank and the German Bank the crowd extended out into the street all day. Competitors for place jostled each other 80 much that policemen were called W.JO.A eqf орвш pun Sujuend euror "up of paying slow. and they probably didn't average more than one in three minutes. The German Bank required sixty days' notice on '001$ JOAO suins The banks paid mostly in gold. with a little silver, small currency being scarce. The offiup perjun personsible baueq the 10 IIB 10 $100 saying that as a run the flurry was a complete failure. The President of the Dry Dock Bank said: eye "OM7 10 Aup B up 10A0 eq sterly IIIA 9I.. signs are that it is breaking already. There isn't even the possibility that any of the banks will use half of the cash it has ready.' President Trimble of the Bleecker Street Bank said: All the banks are in an excellent condition and can stand this sort of thing a long while. The notice demanded by some of the banks operates for the protection of the foolish depositor. and he needs it. People who object to this notice should remember that it is not possible for the banks to take money and invest it in order to make interest for them, and then to realize on the inand 91 seuon rection s quemous B qu Asstriet into savings banks to be saved and to earn more money The savings bank depositor must have his money locked up just as the business man has who invests his money. There is this difference. that the money of the savings bank depositor is absolutely safe. Thelaw fixes the nature of the investment." At the several banks where notice of withdrawal was required exceptions were madein show could OUM deposites 10 este the -ind offects AUB JOJ Aeuour our popeou they they " bardship V osiepun pinom pus 'esod did not get it. In two instances THE SUN repue 009'1$ another up pred $2.000 MUS Jersod our 1021 OUM ueur 140 $1.200 another up money brought with them the proof that it was required for immediate use. They were paid -sodep SUM Aeuou 10 [vep quest V check 4q "яморијм 10 108 euo 38 Aup our pepp while the timid were crushing each other at up 000'91$ recorded rusq euo new other the deposits before noon. On an average nearly products Aupuom JO sunows Jensn the was received The Greenwich Savings Bank. Sixth avenue and Sixteenth street, put up the sixty day notice. and most of the depositors who had come TEAM The AQUOU there no Map 01 em 18 line the affernoon the uI notice BUILD pus 1098 pus 1 MOLD MODUIM Pupied when the bank closed there were hardly more wodn there puno; eq 01 OJW than # up epiood any afternoon. President J. Harsen Rhoades said to a reporter: ply We for are depositors the want to enforcing purpose of the withdraw looking their it sixty-day up. rule money sim- Where where OM 1 10 001$ no aver 01 THAT SUSM Zeqz new 1 them 01 11 9A12 discritton uno esn 9M sums

3. September 1, 1893 The Sun New York, NY

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Article Text

END OF THE PEOPLE'S SCARE. Very Little Money Withdrawn from Savings Banks After Thirty Days' Reflection. The thirty-day notices of withdrawal required by the savings banks at the time of the foolish panic last month among savings bank depositors expired on Wednesday. and the bank Presidents report that less than ten per cent. of the persons who gave notice have availed themselves of the opportunity to withdraw their deposits. Since a week after the scare depositors who gave notice have been visiting the banks asking permission to withdraw their notices. The ten per cent. who have availed themselves of the opportunity to withdraw are ten per cent. of the number remaining and not ten per cent. of the original number. At the Emigrants' Bank those notices remaining demanded the payment of $215,293: only $26,000 WAS withdrawn. At the East River Bank the notices called for $4.500; only $376 was drawn. At the Bowery $33,208 was called for: only $2,300 was drawn. At the Dry Dock Bank 152 notices remained unwithdrawn: of these only seventeen were put in force.

4. September 4, 1893 Fort Worth Gazette Fort Worth, TX

Article from Fort Worth Gazette, September 4, 1893

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Article Text

Have More Sense Now. NEW YORK, Sept. 3.-The thirty-day notices of withdrawal required by the savings banks at the time of the foolish panic last month among bank depositors expired on Wednesday, and the bank presidents report that less than 10 per cent of the persons who gave notice have availed themselves of the opportunity to withdraw their deposits, Since a week after the scare depositors who gave notice have been visiting the banks, asking permission to withdraw their notices. The 10 per cent who have availed themselves of the opportunity to withdraw are 10 per cent of the number remaining and not 10 per cent of the original number. At the Emigrants' bank the notices remaining demanded the payment of $215,293; only $20,000 was withdrawn. At the East River bank the notices called for $4500; only $376 was drawn. At the Bowerv $33,208 was called for and only $2300 was drawn. At the Dry Dock bank 152 notices remained unwithdrawn. Of these only seventeen were put in force.