German Savings Bank - New York, NY

Bank Information

Episode Type: Run Only
Bank Type: savings bank
Start Date: February 6, 1917
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 40cb29f9

Response Measures

Accommodated withdrawals

Description

Article (dated Feb 6, 1917) reports heavy withdrawals (~$750,000 paid out) by German depositors fearful funds would be attached if war with Germany occurred. Bank continued to pay depositors and did not suspend operations in the article.

Events (1)

1. February 6, 1917 Run

Cause: Rumor Or Misinformation
Cause Details: German depositors feared that in the event of war with Germany their funds would be attached by the government, prompting withdrawals.
Measures: Bank paid out requested withdrawals to depositors during business hours; officers noted some panicky requests were refused.
Newspaper Excerpt: At the close of business at 6 o'elock the officers of the German Savings bank, at Fourth avenue and Fourteenth street, estimated that $750,000 had been paid out.
Source: newspapers

Newspaper Articles (1)

1. February 6, 1917 The Brattleboro Daily Reformer Brattleboro, VT

Article from The Brattleboro Daily Reformer, February 6, 1917

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Article Text

SOME SAVINGS WITHDRAWN. Fears of the Ignorant Aliens Send Them to Seeking Money. NEW YORK, Feb. 6.-More than $1,000,000 was withdrawn yesterday from savings banks by depositors of foreign nationality. Most of it was paid out to German depositors who were fearful that in the event of war with Germany the funds of aliens would be attached by the government. At the close of business at 6 o'elock the officers of the German Savings bank, at Fourth avenue and Fourteenth street, estimated that $750,000 had been paid out. There was not the least hesitancy in paying the whole amount asked for to any depositer, whether it was $3 or $3,000, and every person inside the doors by 6 o'clock who wanted all or a part of his or her deposits got what was asked for. Smaller withdrawals were reported by three small savings banks having a foreign clientele, but two of the largest, the Germania, on the Bowery, and the Bowery Bank, both of which have many foreign depositors, reported no unusual demand for money. "It is incomprehensible,' said one bank cashier in trying to explain the withdrawals. "These people have no clear reason for drawing their money. Many of them looked at it curiously when it was paid, and then wanted to put it right back again. Some of it was taken back, but of course they all lost the first three months' interest of the year. The more panicky ones we refused. and then they felt worse than a before."