East River Bank - New York, NY

Bank Information

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

Metadata

Model: gpt-5-mini
Short Digest: b5719f8e

Response Measures

None

Other: Banks required thirty-day withdrawal notices (standard savings-bank rule); depositors later withdrew many notices asking to retain deposits.

Description

Newspapers describe a recent foolish panic among savings-bank depositors that prompted thirty-day notices; the notices expired with only a small fraction of withdrawals (East River Bank: $4,500 called for, $376 withdrawn). Bank remained open and only used the 30-day notice measure, so this is a run that did not lead to suspension or closure.

Events (1)

1. September 1, 1893 Run

Cause: Rumor Or Misinformation
Cause Details: A recent foolish panic among savings-bank depositors led customers to give thirty-day notices of withdrawal; few ultimately withdrew.
Measures: Bank required thirty-day notices of withdrawal (30-day notice rule) to stem immediate large withdrawals.
Newspaper Excerpt: At the East River Bank the notices called for $4.500; only $376 was drawn.
Source: newspapers

Newspaper Articles (2)

1. 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 Very Little Money Withdrawn from Savings Banks After Thirty Days' Reflection.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 At the Emigrants' Bank those notices remaining demanded the payment of $215,293: only $26,000 WAS withdrawn.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.

2. 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.