East River Bank - New York, NY

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: May 17, 1884
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 3cbbe648

Response Measures

Accommodated withdrawals

Description

Article (New-York Tribune, 1884-05-17) reports an increased number of depositors calling to draw money at the Greenwich Bank but explicitly says there was no excitement and the bank met withdrawals promptly. The run appears driven by the recent close of the Newark Bank (i.e., contagion from other local banks).

Events (1)

1. May 17, 1884 Run

Cause: Local Banks
Cause Details: Increased withdrawals were influenced by the close of the Newark Bank and runs on other banks; depositors came to draw funds out of precaution.
Measures: Bank met depositors and paid out funds as they appeared; reassured depositors with evidences of solvency.
Newspaper Excerpt: the Greenwich Bank* in Sixth-ave., all had a larger number of persons call upon them to draw money than they do in ordinary times; but there was no excitement at either of them.
Source: newspapers

Newspaper Articles (1)

1. May 17, 1884 New-York Tribune New York, NY

Article from New-York Tribune, May 17, 1884

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Article Text

BOWERY SAVINGS BANK, January 1, 1884. Assets. $150,000 Banking House and Lot Par value. Stock, viz.: 21,143,000 00 United States 422,000 00 State of New York 135,000 00 Ohio 534,000 Connecticut 10,000 00 Rhode Island 389,600 00 Maine 177,600 00 New Hampshire 21,000 00 Kansas 450,000 00 Missouri, 10,000 00 Michigan 233,000 00 Indiana 757,000 00 Massachusetts 50,000 00 Maryland 3,834,500 00 City of New-York 1,775,000 00 Brooklyn 125,000 00 Poughkeepsie 432,000 00 County of Kings 9,103,778 Bonds and Mortgages 1,783,950 00 Loans on Stock (U. S. Bonds as collateral) 674,312 17 Deposit in Banks and Trust Companies 756,475 11 Cash in Vaults $42,970.215 28 40,222,969 The Liabilities to Depositors $2,747,245 73 Surplus OTHER BANKS DECLARE THEIR SOLVENCY. The East River Bank in Chamber-st., the Union Dime Savings Bank and the Greenwich Bank* in Sixth-ave., all had a larger number of persons call upon them to draw money than they do in ordinary times; but there was no excitement at either of them. Everything flowed along in its customary channel, as though Wall-st. wasnot. The close of the Newark Bank had considerable influence in increasing the number of people who stood in line at the Seaman's Bank in Wall-st., but they were met with their money as fast as they appeared and President Macy smiled benignly upon them from his private office. The Citizen's, the Emigrant Industral, the German, the Franklin and the smaller savings banks have really been affected less than their great competitors. There have been runs on them all; but the depositors have been met by so many evidences of solvency that they have been reassured and in many instances have gone away from the bank forgetting all about the resolutions which took them there.