Harlem Savings Bank - New York, NY

Bank Information

Episode Type: Run Only
Bank Type: savings bank
Start Date: August 1, 1893
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: aefa3a40

Response Measures

Accommodated withdrawals

Description

Articles from Jul 30–Aug 1, 1893 describe a crowd at Harlem Savings Bank with drafts exceeding deposits by $18,000 but the bank paid depositors and remained open. No suspension or receivership is mentioned. Cause appears to be general nervousness/rumors circulating among depositors (panic among poorer/foreign depositors), not a specific corrected misinformation event about this bank.

Events (1)

1. August 1, 1893 Run

Cause: Rumor Or Misinformation
Cause Details: General nervousness and circulating rumors among poorer/foreign depositors during the 1893 banking scare; press mentions misprint about a Nebraska bank that sparked runs elsewhere, and heavy withdrawals at Harlem (drafts exceeded deposits by $18,000).
Measures: Paid depositors who presented a good reason; accommodated withdrawals; did not suspend payments.
Newspaper Excerpt: The Harlem Savings bank had a crowd, but the drafts exceeded the deposits for the day to the amount of only $18,000. Everybody was accommodated with all the money he wanted if he could show a good reason for withdrawing it.
Source: newspapers

Newspaper Articles (2)

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 Some of the money that has 1 withdrawn has gone into Wall street for rains.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. August 1, 1893 Waterbury Evening Democrat Waterbury, CT

Article from Waterbury Evening Democrat, August 1, 1893

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Article Text

SILLY RUNS ON BANKS. New York Savings Institutions Crowded With Depositors. WOMEN WANTED THEIR MONEY. People With Small Sums Got Scared and Hastened to the Bank to Get Their Savings-Foreigners Were Hard to Reason With Did Not Like to Take Gold. NEW YORK, Aug. 1.-At all of the banks here an unusual number of nervous depositors want their money. More than :hree-quarters of these are women. At the east side banks, where the depositors are mostly foreigners, the run is heaviest There is no alarm among the savings banks officials over the situation. They all declare that they are more than able to meet with their cash balances the demands that will now be made upon them. They expect that the excitement among the igaorant depositors will subside by the end S of the week at least. r This confidence on their part is warranted by the actions of depositors at the banks. At many of the banks the amount of money paid in did much to offset what f was drawn out. At one of the largest a banks the amount deposited was almost S one-half as large as the amount drawn out. S So far as is known, all the savings banks is in the city except two or three put the time clause into effect before the day closed. is There were strange scenes around the a banks during the day. At the Emigrant n Industrial Savings bank, in Chambers d 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 d percentage of them were Italians. The bank had not availed itself strictly of the r time clause, but they paid the small depositors in full. il They Objected to Gold. c At this bank, as at all the others, the officers had clerks out among the depositors an explaining to them the foolishness of their t fright, and these emissaries induced scores of those ho had come to get their money to go away without it. All those who insisted on drawing as much as they could h were paid half in greenbacks and half in n gold. It was a somewhat remarkable fact that nearly all objected to the gold and at asked that it be exchanged for the paper n money. ne At the Franklin Savings bank on Eighth le avenue the crowd of depositors vhowanted 10 to withdraw their money was very large. The time clause had there been posted. ne President Archibald Turner said that he thought the excitement would all be over in three or four days, as it was confined ce only to the poorer and more ignorant de positors. he The Broadway Savings institution. the ne Irving Savings institution and the East nt River bank had only about 12 time notices served upon them and no great rush of people at any time during the day. The Harlem Savings bank had a crowd, but er the drafts exceeded the deposits for the od day to the amount of only $18,000. Everybody was accommodated with all the money he wanted if he could show a good reason for withdrawing it. on How a Run Started. There was printed in a Jewish paper on Saturday morning that the "Neb. State bank." meaning the Nebraska State bank. Iso had closed its doors. This caused a senseless run on the State bank at 378 Grand se street, which was kept up all day. The Polish and Russian Jews, who are the depositors in the Grand street State ns bank, did not know what "Neb." meant. ill They came to the conclusion that it was a typographical error and that the bank reap ferred to was their bank, and when it was he opened there was a rush of depositors to ed draw out their money. It was impossible of to reassure them, so the officers simply repaid out every account that was called for and prepared to stand a run. nd About all of the Brooklyn savings banks insisted on the rule requiring notice of the nd withdrawal of deposits, but only in case of ag, demands for over $100, and smaller sums ng were paid out freely. There were crowds before the window in of nearly all the banks when they opened rs' for business, but there was no evidence of he panic. There were complaints heard of the enforcement of the 30 day notice rule. but n't there was very little excitement, and the isspecial policemen who were detailed at the banks had nothing to do but to keep peofor ple in line. Furniture Dealer Gives Up. mCLEVELAND. Aug. 1.- H. J. Moriarty rill furniture dealer, made an assignment. P. the M. Spencer was made assignee and roughly a estimated the liabilities at $20,000. bA Springfield Bank Assigns. SPRINGFIELD. Ills., Aug. 1.-The Spring ou field Savings bank, with a capital of $25, res 000 and deposits of about $100,000, made at ayassignment. he Leather Firm Suspends. ou, BOSTON, Aug. 1.-F. A. Loring & Co. the leather dealers, of 132 Lincoln street, with mR tannery at Woburn, have made an as signment. ng A Providence Bank Wants Time. do PROVIDENCE, Aug. 1.-The Merchants to Savings bank called for 90 days' notice or deposits to