Sixpenny Savings Bank - New York, NY

Bank Information

Episode Type: Run Only
Bank Type: savings bank
Start Date: October 2, 1873
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: d801a1e0

Response Measures

Partial suspension

Description

Article (New-York Tribune, 1873-10-02) describes a recent run on multiple savings banks in New York. Sixpenny Savings Bank imposed a notice rule and met demands; there is no mention of suspension or closure. Classified as a run-only episode tied to a broader loss of confidence/systemic panic among savings banks.

Events (1)

1. October 2, 1873 Run

Cause: Macro News
Cause Details: Part of a broader loss of confidence and runs on multiple New York savings banks during the same week (systemic/local panic among savings banks).
Measures: Maintained rule requiring notice on withdrawals (30/60-day style notice); met demands of regular business customers.
Newspaper Excerpt: At the Sixpenny Savings Bank the rule requiring notice is still in force. Few demands are received, except from regular business men, and these are met. About 80 notices, representing $25,000, have been given.
Source: newspapers

Newspaper Articles (1)

1. October 2, 1873 New-York Tribune New York, NY

Article from New-York Tribune, October 2, 1873

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Article Text

THE SAVINGS BANKS STRENGTHENED. MONEY FLOWING BACK-THE DEPOSITORS REGRET THEIR FORMER FOLLY. The business of the up-town savings banks has steadily increased since the early part of last week. Their officers are considering how they may prevent a recurrence of a loss of confidence and the consequent run upon the banks. Some of them believe that a notice of one year should be required in place of thirty or sixty days. Again, this sudden demand for ready cash for deposits made might be obviated by the issue of certificates of deposit, which, once brought into use, might prove as easy of negotiation as other mercantile paper, and certainly as safe. This would free the banks from the necessity of sacrificing securities to meet demands. None of the officials anticipate any further excitement at present, but deem that, until some change is made in the banking laws, such scenos are liable to recur at any time. The custom of meeting all demands from depositors has been continued at the East River Savings Bank. During the week ending Saturday evening $53,000 was received on deposit, and considerable money was returned. Of the $150,000 paid out at the Emigrant Industrial Savings Bank on the Monday of the run, Mr. Donnelly, Assistant Controller, states that probably 60 per cent has been returned by the original depositors. He said that it was an amusing scene to see them come in and, with very sheepish looks, make excuses for having drawn out their deposits. The managers hope in the course of a week to take down the card requiring notice on the withdrawal of deposits. Confident that all excitement is at an end, the officers of the Citizens' Saving Bank have resumed the payment of all deposits, and the card requiring notice is withdrawn from sight. During the week past about $65,000 has been received in deposits-a very fair percentage of the total amount withdrawn during the first days of the excitement. At the Bowery Savings Bank the requiring of notice is also practically discontinued. Money is paid in any amount to those actually requiring it, and the rule of notice is only enforced in the case of those who still find cause for anxiety. At the Metropolitan Savings Bank the rule requiring notice of the withdrawa of deposits is still enforced to some extent, the officers using 'their discretion in the matter. T. W. Lillie, Secretary, says the stories of depositors to gain their money have proved an endless source of amusement. Notices have been received of the withdrawal of between $60,000 and $70,000. and Mr. Lillier argues that the persons should be compelled to take their money, as part return for the trouble occasioned the bank, and not permitted to withdraw the notices, as many are already doing. At the Manhattan Savings Bank business has resumed the ordinary routine. or the $240,000 withdrawn on Monday of last week, much has been returned. At the Sixpenny Savings Bank the rule requiring notice is still in force. Few demands are received, except from regular business men, and these are met. About 80 notices, representing $25,000, have been given. The German Savings Bank is meeting all demands, BIGH Dues