Dry Dock Savings Institution

Bank Information

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

Metadata

Model: gpt-5-mini
Short Digest: 99faa7f1

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Partial suspension

Other: Banks (Clearing House Loan Committee) issued clearing house certificates and gold shipments mentioned to ease market.

Description

Multiple contemporaneous newspaper accounts (July 30–Aug 1, 1893) describe heavy withdrawals and crowds at Dry Dock Savings; banks adopted/enforced 30/60-day withdrawal rules but Dry Dock remained operating and paid many depositors. This appears to be a run tied to broader financial panic/regulatory actions (not a suspension or closure).

Events (1)

1. July 31, 1893 Run

Cause: Macro News
Cause Details: Broad financial distress and widespread distrust among depositors related to bank regulations and the 1893 financial turmoil; heavy withdrawals citywide rather than bank-specific scandal.
Measures: Directors decided to enforce the 30- and 60-day withdrawal rule (time clause); paid sums up to set limits and paid ordinary drafts.
Newspaper Excerpt: At the Dry Dock Savings Bank, 500; ... At noon yesterday several hundred depositors were waiting at the doors of the Dry Dock Savings Bank, ... it was decided to enforce the thirty and sixty days rule.
Source: newspapers

Newspaper Articles (3)

1. July 30, 1893 The Sun New York, NY

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Article Text

and nu SZUJABS ey enjorce eye sjunooou MOJ " 1110 per ice had not been discussed. the officer 1. The withdrawals were too unimportant the Dry Dock Savings Bank. 343 Bowery e was the usual heavy Saturday draft hty-six people were in the bank at 12:30 ock. after the doors had closed. President n Tiebout said: Up to this morning the osits came in as usual. The draft was e heavier to-day. but not much. I was not 10 meeting yesterday. We have not taken antage of the thirty and sixty days' limit committee of the bank will meet on Monand we will then decide what to do. We paying all that come. and are receiving dets as well. We have not paid out over 000 to-day. Some of the money that has 1 withdrawn has gone into Wall street for rains. but distrust is largely responsible he drafts. I think the action taken yesay was premature. esident Bissinger of the German Savings k at the corner of Fourth avenue and teenth street said: We always have paid demand and we are doing so now. There indoubtedly heavy drafts being made now. t does not bother us. In regard to the ting yesterday see Mr. Rhoades." shier awrence of the Institution for the ngs of Mercantile Clerks said: This has n. light Saturday for us. We paid all dede at once. amounting only to about $13.We will abide by the action of the other s." sident George C. Waldo of the Excelsior -ue 07 peou ou DAWY OM :ping NUMB HMU . the time rule here. I deprecate the actaken vesterday. If the other banks adopt ale we will. too. Perhaps it is made necesnow by the newspaper notice of it. We had A very light draft to-day. Only $8.personed. SUM 000't$ AMM uno pind SUA sident Turner of the Franklin Savings : said: We took advantage to-day of the -'OAS enoque cases. MOJ R up alna out 114 though OM SW Tisodop олош ,10 s vere going to do the same. The draft u SUM 11 '000'91$ редэха 100 PIP A Saturday business. 1 cannot say that action taken yesterday Was prema#! servence think SI mour I IIV scaree. and I imagine they did it to ve the banks where the savings banks their money deposited. The banks have taken this action to protect the depositors selves. The cause of all this withdraw4 fright. Some money. of course. is taken or speculation. but most of it is drawn on secure securites v jo que . American Savings Bank, the West Side gs Bank. and the North River Savings paid all accounts on demand. People reted with the banks said that at the ing of the representatives of the various gs banks on Monday a plan of action I be laid down which would be observed , I. Harlem Savings Bank opened yesterday crowded house and began paving all 8 SI there SB received another 9.1 on Saturday In a short time it became nt that most of the persons wanted to short B rette 'pun peposits. that II" iltation between the President and the tary. it was decided to put the sixty days' e into effect. L. Homer Hart. the Secrerepreter was " 04 plus hile the sixty days' notice will be gen* adopted in all the savings banks. there e R. discretionary power with the officials. up $2.000 puy 044 B ink might want $100. In such a case the night he suspended. This sixty days' no, a safeguard both to the depositors and anks. The savings banks are perfectly Moj B up JOAO MOTH IIIM sills 118 pun i the Dollar Savings Bank. 2771 Third 1e. there were fewer drafts than usual. rgest being $100. e have not yet adopted the 60-days rule." . O. Kern. the secretary. There will be ting of the trustees on Thursday. and it robably be considered then. if not before. ave n very large surplus. iness went on as usual at the Twelfth Savings Bank. 217 West 125th street. r 'I'. Timpson. the secretary. said that the vs' notice had not been put in force. but bly would be adopted. hose depositors who get scared and want hdraw all their money we do not want." d. "I believe all the savings banks in sociation will obey the recommendation

2. July 31, 1893 Evening Journal Wilmington, DE

Article from Evening Journal, July 31, 1893

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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,

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

Article from New-York Tribune, August 1, 1893

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$53,200, and that 275 had deposited $25,834.12. Much of the last-named amount came in in gold. Some poor women who had got their $50 each before noon returned in the afternoon and put it back again. A crowd of excited Polish Hebrews eddied around the Citizen's Savings Bank, at No. 58 Bowery yesterday, and made life miserable for several bluecoats who were keeping order. "More grocery stores were bought to-day," said Edward A. Quintard, president of the bank. "than 1 believe existed. Every second Hebrew who drew money or gave notice of withdrawal intended to buy a grocery store, pay a mortgage, or was going to get married. We are enforcing the time clause, and we pay all sums up to $100, except in cases where we are sure that the money is necessary to carry out a contract. We have paid out to-day about $25,000. about double our usual amount." At noon yesterday several hundred depositors were waiting at the doors of the Dry Dock Savings Bank, at Third-ave. and Third-st. The rapidity with which small accounts were closed served to allay fear in some cases, and there were thirteen new accounts opened in one half an hour. The rule for the bank in the morning was to pay depositors in full, but later a meeting of the directors was held and it was decided to enforce the thirty and sixty days rule. Many depositors who drew their money on Saturday reopened accounts yesterday. Up to the time of closing at the Manhattan Savings Institution. at Broadway and Bleecker-st., no action was taken regarding the time clause. Every depositor was paid in full on demand. This served to reassure some of the depositors, who came back shortly to redeposit their money. At no time during the day was there a long line at the paying-teller's window. Where special necessity was shown. the Union Dime Savings Bank. at Broadway and Thirtysecond-st., relaxed its sixty-day notice rule and paid depositors in full. Few depositors gave notice, but took $100, and were satisfied. At the Institution for the Savings of Merchants' Clerks, in Union Square, about $4,000 was withdrawn. Large depositors, unless obligations were to be met by them. were asked to give sixty days' notice of withdrawal, but few of them did so.