German Savings Bank - New York, NY

Bank Information

Episode Type: Run Only
Bank Type: savings bank
Start Date: July 30, 1893
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 7c5af07b

Response Measures

Accommodated withdrawals

Description

Multiple contemporaneous articles (Jul 30–Aug 3, 1893) describe heavy withdrawals and crowds at the German Savings Bank but no suspension, receivership, or permanent closure. Officials emphasize the bank paid on demand and had large cash reserves; some banks posted the 30/60/90 time rule for larger withdrawals as a precaution. Cause is taken as broad financial/nervousness related to systemic news rather than a discrete misinformation event.

Events (1)

1. July 30, 1893 Run

Cause: Macro News
Cause Details: Widespread nervousness and regulatory/time-rule actions among savings banks amid broader financial disturbances (runs at many savings banks); general distrust and contagion rather than a single bank-specific scandal or discrete hoax.
Measures: Continued to pay on demand; large cash reserves cited. The sixty-days/30/90 time-rule was posted or discussed for limiting larger withdrawals as a precaution.
Newspaper Excerpt: The bank that had the most trouble was the German Savings bank at Fourth avenue and Fourteenth street... Notice of sixty days was required for withdrawals of more than $100.
Source: newspapers

Newspaper Articles (5)

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

Click image to open full size in new tab

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 Some of the money that has 1 withdrawn has gone into Wall street for rains.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

Click image to open full size in new tab

Article Text

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 Rock Island Daily Argus Rock Island, IL

Article from Rock Island Daily Argus, August 1, 1893

Click image to open full size in new tab

Article Text

TIME RULE POSTED New York Has Trouble With Savings Despositors. NO PANIC, BUT MUCH NERVOUSNESS Crowds of People at Nearly All the Savings Banks Wanting Their Money, the Majority Being Women and of Foreign Nationality-Germans Give One Concern Much Trouble, and Poles and Russians Worry Anotber-Officials Confident. N YORK, Aug. 1.-At all of the savings banks here an unusual number of nervous depositors wanted their money. More than three-quarters of these were women. At the East Side banks, where the depositors were mostly foreigners, the run was heaviest. There was no alarm among the savings banks officials, who declared that they were more than able to meet with their cash balances the demands that may be made upon them. They expect that the excitement among the ignorant depositors will soon subside. Still where it was evident that a panic might be started, or that the depositors were themselves panic struck, the time rule was enforced. Few Large Depositors Give Notice. The most encouraging sign was that very few large depositors gave notice that they would withdraw their deposits in thirty or sixty days. So far as is known all the savings banks in the city except two or three put the time clause into effect before the day closed, and the others probably will do SO today. There were strange scenes around the banks during the day. At the Emigrant Industrial savings bank in Chambers street there was a crowd of from 200 to 400 depositors all day. The great majority of them were poor women, and a very large percentage of the men were Italians. t Germans Were Very Anxious. The bank that had the most trouble was T the German Savings bank at Fourth avenue and Fourteenth street. There were S hundreds of women and many men around I o its doors all day. Notice of sixty days was required for withdrawals of more r than $100. The bank was kept open until r 8p. m., as is customary on Monday, but i not one-half of the depositors who wanted money could get it owing to rush. The time rule was in force at the Dime Savings on ( Broadway and Thirty-second streets, at S the Franklin on Eighth avenue, the Irving I and the East River. Poles and Russians Didn't Understand. S A Jewish paper printed a statement that I the "Neb." state bank had failed, meanr ing the Nebraska State bank. This r caused a run on the state bank at 378 Grand street, which was kept up all day. t The Polish and Russian Jews, who are the 1 depositors in the Grand Street State bank, i did not know what "Neb." meant. They a came to the conclusion that it was a typon graphical error and that the bank referred to was their bank, and when it was opened t there was a rush of depositors to draw out f their money. It was impossible to reast sure them, SO the officers simply paid out every account that was called for and preh pared to stand a run. S Brooklyn Adopts the Time Rule. All the savings banks in Brooklyn h adopted the ninety, sixty and thirty day rule for the withdrawal of deposits. The C Dime of Brooklyn, the Brooklyn, the A South Erooklyn, the Williamsburg, the Kings County, the German and the Germania Savings banks posted ninety day notices. The other banks are about evenly divided on the sixty and thirty day rules. B

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

Click image to open full size in new tab

Article Text

one in 100 has turned up at the banks scare" in his or her eye. and not one in has withdrawn his or her money. At three of the banks was there a crowd. were the Emigrant Industrial in Chamstreet. the Bank for Savings in Bleecker and the German bank at Fourth avenue Fourteenth street. At the Emigrant bank esident McMahon said: The run. if it can be dignified by calling it 18 over. There is n pretty fair crowd DOW. but not all of them are after money. of them want their interest. which is due, and a good many of them are desitors. A crowd the size of the one we have may continue for several days. but It is significant. There is not a particle of danthat this bank or any other bank will run of cash. or that any depositor in need of will suffer for the want of it." President Quintard of the Citizens' Savings and President Wood of the Bowery Bank said the flurry had ended. The German vings Bank has a small banking room. That he reason whv the crowd there stretched out the street on Monday and again yesterAll told not more than $30,000 was out of the bank yesterday. and half as was deposited. Not more than fifteen were at the Greenwich Savings Bank one time. while at the Union Dime Bank room was absolutely empty when the recalled. 'here was about half as big H crowd as on uday at the Bleocker street bank. In the the officers posted a notice that no hdrawals exceeding $50 could be made beOct. 16. Oct. 16 1s one of the four days the by-laws specify as pay days. Persons deposit in the bank sign an agreement to effect that they will not ask for money exon these four days The run on the State Bank at 378 Grand is practically over. The depositors have been convinced that the Nebraska State is not the State Bank in Grand street. hadn't reasoned it out, but they have convinced by the arrival of cab loads of dollars destined for their pockets. They want silver dollars. he head man or adviser of some east side had an idea early yesterday and set a press at work turning out blank conwhich he proceeded to fill up for his How many he sold is a question. but Presidents of the big savings banks are pared to swear that his presses must have red hot running to supply the demand. every man who wanted to raise the limit the banks yesterday brought a contract him. These papers were all the same. the word contract printed on the outside inch long. There were contracts to purgroceries. to purchase lots. horses. cows. houses. saloons. butcher shops. dry stores. rubber goods stores. restauhotels. bath houses. millinery stores. nishing goods. clothing. fancy goods, sportgoods. and every other kind of stores. summer cottages. and what not. Every called for the payment of anywhere $75 to $1,000, according to the size of the deposit of the holder. and all these paywere to be made on Aug. 1 at noon. a dozen or so of these devices may have the bearers to draw out all their from the savings banks for "actual but by the time that many had been upon. and the line of waiters still nbered forty or fifty. the bank Presidents tired. and wondered if the whole town had tracted to sell itself. After that contracts go. Most of them were in one hand-

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

Article from New-York Tribune, August 3, 1893

Click image to open full size in new tab

Article Text

SAVINGS BANK DEPOSITORS ARE CALM. AT THE GREENWICH MORE MONEY WAS TAKEN IN THAN WAS PAID OUT. The soundness of the savings banks in New-York City was never better demonstrated than by the manner 10 which they went th:ough the recent run made on them. E. A. Quintard, the president of that bank, said to a reporter: "The run is practically over. Our deposits for to-day were $4,000 against $12,000 withdrawn. On Monday $40,000 was drawn and $25,000 on Tuesday. The total amount drawn since July 1 is $500,000." Edward Wood, the president of the Bowery SavIngs Bank, said: The sum of $144,000 was withdrawn on Monday against $12,000 deposited. On Tuesday $28,000 was withdrawn and $14,000 was deposited. The figures for to-day are about the same." William G. White, the controller of the Bleecker Street Savings Bank, said: "We have sold no bonds and there is no reason why we should. On Tuesday $40,000 were withdrawn against $9,000 placed on deposit. To-day there was $26,000 withdrawn against $10,000 of deposits." Joseph Bird, the vice-president of the Manhattan davings Institution, said : "On Monday $99,000 was withdrawn against $5,000 in deposits. On Tuesday $15,000 was drawn against $5,000 deposited. and today $10,000 was withdrawn against $6,000 deposited. Some of the people who withdrew their deposits on Monday have redeposited them to-day." Some of the elderly women who have had accounts at this institution many years have been solicitous on account of the present financial difficulties. One came to the bank with $115 and said she thought it a shame that people should get so "skeary" about such things and It was about time that the depositors came forward and showed their confidence. Believing that the bank was in need of money, she desired to show her confidence in the institution by depositing extra money now. T. F. Amthor, the treasurer of the German Savings Bank, said: "We have $3,000,000 in actual cash in our vaults. On Monday $45,000 was withdrawn, on Tuesday $33,800. and to-day $27,000. It is not at all unusual for us to pay out $200,000 in one day when there is not the slightest suggestion of a run or a panic." J. Harsen Rhoades, the president of the Greenwich Savings Bank. said: "On Monday $52,000 was withdrawn against $10,000 deposited. On Tuesday $30,000 was withdrawn against $6,600 in deposits, and to-day only $8,000 has been withdrawn while $9,000 has been deposited."