16508. Savings Bank (New York, NY)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
December 15, 1854
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
4d95a913

Response Measures

Accommodated withdrawals

Description

Contemporary reports (Dec 15, 1854 and Jan 5, 1855) describe ongoing heavy withdrawals from the Savings Bank in New York. No suspension, closure, or reopening is mentioned. The articles suggest withdrawals were driven by depositors' necessities rather than reported insolvency or specific rumors.

Events (2)

1. December 15, 1854 Run
Cause Details
Large cash withdrawals by depositors; described as driven by depositors' needs rather than fear of insolvency.
Newspaper Excerpt
Considerabie of a run on the Savings Bank of this city continues to be made. $120,000 were paid out yesterday.
Source
newspapers
2. January 5, 1855 Run
Cause Details
Continued heavy withdrawals attributed to the necessities of poorer depositors rather than specific rumors or bank-specific scandal.
Newspaper Excerpt
The run on the Savings Banks continues. For two days past, crowds of the poorer classes thronged the doors of the institution on Chambers street...
Source
newspapers

Newspaper Articles (2)

Article from Evening Star, December 16, 1854

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Article Text

Doubtful Bank, &e. New YORK, Dec. 15.-Rumors adverse to the Farmers' and Citizens' Bank of Williamsburg were current here this afternoon. Considerabie of a run on the Savings Bank of this city continues to be made. $120,000 were paid out yesterday.


Article from The Daily Minnesota Pioneer, January 16, 1855

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Article Text

NEW YORK, Jan. 5. The run on the Savings Banks continues. For two days past, crowds of the poorer classes thronged the doors of the institution on Chambers street, and the Knickerbocker on Eighth Avenue. The call for deposits is prompted, probably, more by the necessities of the depositors than by their fears for the safety of the banks. The steamer George Law sailed for Aspinwall today, with a full complement of California mails and passengers. By the arrival of the barque Alva from Maracaibe, we learn that Roland Dubs, Esq., U.S. Consul at that place, died on the 10th of December. William C. Potter, a broker, who was arrested a few days ago, charged with obtaining by false pretences bonds of the Lafayette Mining Company to the amount of $5,000, has been honorably discharged. William R. Taylor and George B. Fellows, who were arrested, charged with defrauding Booth & Edgar, sugar refiners, of $10,000, were discharged on account of the non-appearance of prosecution. The Washington correspondent of the Courier & Enquirer says that Col. Kinney has returned to that eity. One thousand volunteers have been enrolled for the Mosquito expedition, and the 20th of February is fixed for their departure. Mayor Wood's determination to effect a reform in the administration of the municipal affairs, is creating much excitement. The complaint book has already received a large number of entries, and there is a marked improvement of the police within the last few days.