16586. State Bank (New York, NY)

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: January 11, 1905
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: bc5bc91c

Response Measures

Accommodated withdrawals, Public signal of financial health

Description

Multiple contemporary accounts (Jan 11–13, 1905) describe a large depositor panic/run on the State Bank at 376 Grand St., driven by a mistaken rumor (depositors putting money in were thought to be withdrawing). Bank paid out specie, drew bullion from Sub-Treasury, refused redeposits, and remained open; no suspension or receivership is reported.

Events (3)

1. January 11, 1905 Run

Cause: Rumor Or Misinformation
Cause Details: Crowd misinterpreted a large line of people putting money in (to get interest) as evidence depositors were withdrawing; rumor spread among East Side Jewish community triggering panic.
Measures: Paid out large amounts in specie (silver dollars), drew $400,000 from Sub-Treasury including truckloads of silver, added extra paying tellers, police protection, refused to accept redeposited funds until run subsided.
Newspaper Excerpt: There was a run on the State Bank, at No. 376 Grand-st., beginning at 1 o'clock yesterday afternoon ... about $25,000 had been taken out.
Source: newspapers

2. January 12, 1905 Run

Cause: Rumor Or Misinformation
Cause Details: Run resumed as crowds continued to misinterpret deposit activity; panic persisted with thousands gathering and police required to control mob.
Measures: Bank paid out specie (bags of silver), kept extended hours, accepted large incoming deposits, refused redeposits from those who withdrew.
Newspaper Excerpt: Throughout a freezing rain last night scores of depositors waited at the doors of the State bank on Grand street to head the line when the run on that bank was resumed today.
Source: newspapers

3. January 13, 1905 Run

Cause: Rumor Or Misinformation
Cause Details: By this date the run was winding down; officials reported paid out tens of thousands and received far more in deposits overall; bank remained sound.
Measures: Paid out specie, received offers of assistance (which it declined), reopened normal operations after run abated.
Newspaper Excerpt: When the State Bank ... closed its doors at the end of yesterday's business the 'run,' which began on Tuesday, ... was practically over.
Source: newspapers

Newspaper Articles (11)

1. January 11, 1905 The Sun New York, NY

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PROSPERITY STARTS BANK RUN POLICE CLUBS CLEAR SCARED HEBREWS OUT OF GRAND ST. They Saw a Crowd Depositing its Money at the State Bank and Imagined the Bank in Trouble-Thousends There After It Closed, Blocking Traffic. Because several hundreds of Hebrew depositors were seen going into the savings bank department of the State Bank in Grand street yesterday and coming out with their bankbooks a rumor started that the bank was in trouble and a run on it began, which ended after the bank had closed and the sweatshops had sent their workers home, in almost a riot. The fact that the crowd about the bank whose presence started the rumor had gone there to put money in in time to get interest on it for the present quarter, and not to take it out didn't matter at all to the scared depositors. After the bank closed the two lone cops sent there on special duty were swept off their feet. They telephoned for help to the Eldridge street station and Sergt. Sweeney had to rush thirty-five reserves there. It was neces: sary for the police to draw their clubs to clear the street. This was at 6 o'clock last night. Traffle on Grand street was paralyzed, and only with the greatest difficulty did the policemen clear space enough to permit the Grand street cars to pass. It was estimated by the police that at 9 o'clock last night there were 15,000 people around the bank. Sam Cohen, the janitor, tried hard to convince them that the bank was all right but the crowd seemed to consider him anything but their friend. He finally put up a sign in Yiddish in the front window notifying them that the bank had lots of money, was in no danger of going to smash and that any depositor could have his money by bringing his book to the bank this morning. Yet at I o'clock this morning there were still several hundred persons in front of the place. Deposits made in the bank on or before Jan. 10 draw interest as from Jan. 1. Yesterday being the last day of grace there was all day a steady stream of men and women, nearly all of them typical Russian Jews. going in and out of the bank to get their dep. sits in. A little after noon the crowd grew so large as to have the appearance of a run on the bank, and on that basis somebody started the rumor that this was what it was. A train of powder is asbestos compared with a rumor of this kind on the East Side concerning a bank in which any number of the people around have deposits. The rumor about the State Bank did not seam to spread in the ordinary way. It was like an explosion from spontaneous combustion spread through many blooks. The tenements were emptied and the streets filled with wild eyed Hebrews, all chattering and gesticulating and all headed for the State Bank The quiet crowd clready assembled there to make deposits did not at first know what the invasion meant. When the rumor about the bank being in trouble was touched off among the wouldbe depositors there was another explosion. The chattering, creaming and gesticulating increased tenfold. Two extra policemen were sent for, and they had their hands full buffeting back the waves of half crazed people who tried to force their way into the bank to get their money out. Those who bad come to deposit remained to withdraw. and it was the paying teller's turn to be busy. "We had something like this in the Spansh war." said Arnold Kohn. vice-president and manager of the bank, as he looked with an amused smile at the eagar upurned faces in the street at closing ime before the thing grew so serious. It was started by a rumor as absurd this. It WITH reported among the eonte around here that the Govern-

2. January 11, 1905 New-York Tribune New York, NY

Article from New-York Tribune, January 11, 1905

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RUN ON THE STATE BANK. $25,000. WITHDRAWN, Police Called to Control Mob$1,000,000 in Vaults for To-day. There was a run on the State Bank, at No. 376 Grand-st., beginning at 1 o'clock yesterday afternoon and continuing until 3, when the bank closed, its regular hour for closing. Its president, O. L. Richard, who lives at No. 46 East Seventy-second-st., said last night that there had been a run and that about $25,000 had been taken out. "We had a run, and we expect it will continue for several days," he said. "This is not a new experience. We have had several such runs, and always cared for them without trouble. Our capital stock is $100,000. We have a surplus and undivided profits of $726,000. Our stock is quoted at 1,200. We recently paid a 50 per cent ennual dividend and had earned 244 per cent. We have 45 per cent quick assets. Thirty-four per cent is in cash and trust companies, and we can raise in an hour from this source over $3,500,000. We have $1,250,000 in Stock Exchange securities which can be sold in the morning, if necessary, for cash. Our deposits amount to $10,500,000." Mr. Richard said he did not know the cause of the run. He thought the crusade the American Banking Association was making against many small "banks" in the East Side which have robbed poor depositors of many thousands had caused people to suspect temporarily all banks. He said there was $1,000,000 in cash in the bank vaults for to-day. The State bank has a branch in Brownsville and another in upper Fifth-ave. As at all such runs, the crowd quickly grew, and by the time the bank closed there were several hundred in line waiting to get their money. They were greatly excited. It became necessary to call the police, and Sergeant Sweeney and fifteen men from the Delancey-st. station went over. They did the best they could to restore confidence. It was late at night before they got the mob even partly cleared away. As late as 11 o'clock it was estimated that there were five or six thousand depositors and others in Grand-st. near the bank.

3. January 12, 1905 New-York Tribune New York, NY

Article from New-York Tribune, January 12, 1905

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AT STATE BANK/RUN. OVER $80,000 PAID OUT. Deposits Exceed Payments Police Charge Frenzied Crowd. Panic stricken, and like a flock of sheep foltheir leader, the motles throng of 378 delowing in the State Bank, Nos. 376 and positors continued the run on that institution time Grand-st from 9 a. m. to For a inyesterday forenoon the excitement became so in the that a serious riot sprevented only by tense quick action of the police. the of the most anxious had remained in the to Some all night waiting for the bank doors street when they did open for admission, more open, and struggled three than hundred half were women. By 11 a frenzied mob, and of persons whom become o'clock Captain the crowd Tighe had to send for reinforcements. Reserves came The had the Eldridge and Fifth st. stations. from jammed itself against & brass railing the basement in crowd that surrounded had break. front Twenty of the The railing threatened to and some plain clothes men with their clubs just in to the bank. policemen mob time charged avert accident. After this the sidewalk was roped an off and the people kept in line. The blocks on side of the bank were patrolled. became evident that the run was continue all day, and for each When to it perhaps likely several days. two of the bank officials were sent Wall Street, one with a $50,000 gold certifito and the other with one for $25,000. They brought cate back two truckloads of silver dollars. depositor is told that he or she must take Every all his or her money out or none at all, they must accept silver dollars. These and weigh so much that several were unable to away the amounts due them. carry Cohen, of No. 227 Broome-st., one of Becky women to draw her money, received the first in a bag. Each $1,000 of silver weighs $1,085 pounds. When she found the money it fifty-five heavy she begged the cashier to take was so and keep it. but he refused. Up to 3:40 which p. back women were allowed in the line cashm. formed only on the sidewalk and ended at the ier's window in the basement. soon became the rule for a woman who reIt over $200 to take off her skirt, or petti- a celved and make a bag of it. One woman cut into coat. from her waist and made a bag of it, sleeve she poured several hundred dollars. which While some $60,000 was paid out yesterday $400,000 was deposited in the same time. bank officials said they would allow none The old depositors to put back their money, the and of the were paying in specie, so they could tell old depositors when they came back. Roundsmen Blunt and Robinson and Detective crowd were injured in the crush. The of the jammed Kenny them against the railing in front was bank. The six-inch coping of granite out about two inches by the pulling away of of pulled the railing, and the railing was bent out shape. is the sixth run that this bank has weathered. This The "runs" have occurred from all of causes. The first was started by a fight sorts in front of the bank, excited Hebrews thinking that the crowd was storming the bank. The second was caused by a man who had an epileptic fit at the bank and fell into the areathird started from a fire. The fourth occurred in the Spanish war, when there was talk that the Spanish fleet would bombard NewYork and foot the banks. The fifth was in one of the Bryan campaigns. A Nebraska State bank had 2 run. Some of the papers used "Neb." and the Hebrews thought it meant "neblesh," which means poor. A handbill was distributed among the crowd, printed in Yiddish, stating that the bank would pay out money day and night. and that there was nothing to be feared. This seemed to have a good effect, as the crowd thinned out afterward. After the last of the depositors, just before 5 o'clock had been paid. the crowd melted away. With the coming of the men and women from of work at 6 o'clock and after, there was none the congestion or attempts at disorder feared by a Inspector Titus. By 7 o'clock there was not person standing about the bank, and the police guard had been reduced to two men. President O. L. Richard said he was confident the run was about over. Five hundred and eighty-seven accounts had been closed, aggregating $80,763. The depositors, he said, by withdrawing their funds lost the 2 1/2 per cent interest, which would have been paid to-day. The senseless scare had not interfered with deposits made by active depositors. Vice-President Kohn showed a check for $23,750 from Harry Fischel, which was the first deposit received yesterday. He said that up to noon over $20,000 had been deposited, the usual amount and the "scare" money was therefore below the of running business, deposits. At the Brownsville branch of the State Bank, Pitkin and Stone aves. Brooklyn. a number of small depositors withdrew their accounts on account of the stories from Manhattan, and there run was some excitement, but nothing approaching a

4. January 12, 1905 The Roswell Daily Record Roswell, NM

Article from The Roswell Daily Record, January 12, 1905

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The Celebrated Selz Shoes, a full line at Gits' New Store. RUN ON NEW YORK BANK. Rush of Depositors to Put Money in Mistaken for People Wanting Their Money. New York, Jan. 12.Throughout a freezing rain last night scores of depositors waited at the doors of the State bank on Grand street to head the line when the run on that bank was resumed today. For two days the frenzied Hebrews from the East side have been engaged in a rush for their money for no other apparent reason than that they saw a rush of depositors to put money in the bank and mistook them for people wanting their money. Cashier A. L. Vorhis said today that the bank had ample funds to meet every demand for money, no matter how long the rush might last.

5. January 12, 1905 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, January 12, 1905

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Run on a Bank. New York, Jan. 12.-A score of policemen surrounded the State Bank, at No. 376 Grand street in the heart of the east side Ghetto, when that institution opeued for business this morning. This is the bank which was surrounded by a mob of its Jewish depositors yesterday who got into a panie and started a run because of the arrest of a small private banker, in that part of the town for fraud. The police today had the crowd well in control so that the scenes of disorder witnessed yesterday, were not re-enacted. The officers of the bank say they will pay as long as there is a demand.

6. January 12, 1905 The Sun New York, NY

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to Carry Loads of Bullion Away Fron the State Bank. in Grand Street-On Takes Her Waist Off and Makes Money Sack of the Sleeve-Old Mer Kiss Polfeemen's Hands to Ge Through the Cordon-Stout Iron Rall ing Bent in the Rushes-Only $65,000 Paid Out and More Than $400,000 Paid In by the Unafraid-The Rut WIII Keep Up To-day. but the With drawers Mayn't Put Their Cash Back The storm which gathered about the State Bank in Grand street on Tuesday afternoon burst with full fury upon that institution yesterday morning When the bank threw open its doors at 9 o'clock. RI hour earlier than the usual time. more than A thousand excited depositors were gathered in front of it, and all day long there was a fight to prevent the bank trance from being rushed. When the bank opened twenty-five policemen were around it ready to deal with strenuous conditions. but it was not until three had been hurt by being squeezed against the area railing, that the police got the mob in hand. Sergt. Kenney of the Delancey street station was so badly hurt that he had to be relieved from duty for the day. In the mad rush on the bank there was a narrow escape from a more serious accident. The iron railing against which the three policemen were squeezed gave way at one end and the stone curbing in which it was set was warped several inches out of plumb Had the rail wholly given way the policemen and thirty or forty men and women would have been piled in a heap in the area below The bank officials had realized what they had to face and were prepared for it. They had drawn $400.000 from the Sub- Treasury, $75,000 of which was in silver dollars. They had an extra force of paying tellers with stacks of bags of silver piled around them and all payments up to $500 were made in these ponderous coins. Above $500 the payments were about two thirds in silver and one-third in one dollar bills Payments continued for an hour after the bank doors were closed to fresh relays of panic-stricken depositors and about 009'1$ 01 98 more sums u! 000 99$ was put out. Something like a ton and a balf in silver went over the bank counters CASH INCOMING AND OUTGOING. The bank would not let those who withdrew their accounts redeposit them. "Take your money go away and don't come back gain." was what the institution's line of action meant translated into words. and it was rigidly adhered to not vithstanding the tearful reaties of many who. having seen and touched their savings were content and wanted to put them back in the bank's safe keeping Meantime the bank was doing a roaring business on the incoming side of the account. The first deposit was made by Harry Fishel. The amount was $23,750. In a few minutes there came another deposit of more than $6,000. Thus the swelling tide of income kept up until at the close of business $440,000 had been deposited as against about $65,000 withdrawn. In addition there came by telephone and letter offers of assistance from, all told, more than fifty banks and individuals in the city Among the specific offers of cash was one of $1,000,000 from the Citizens' National Bank, another of $300,000 from a Brooklyn bank and others by the dozens "for any amount needed But the State Bank needed no help. It sent down its $10,000 yellow-back bills to he Sub-Treasury and brought back in exchange bags of silver by the truckload for depositors The bags were dumped into the steadily grinding hopper in the basement where the run was being met and then ground out into the grists for which the bankbooks called. "It's only a question of physical endurance on the part of our tellers. said Manager Arnold Kohn, "we did think of getting a force from our Brownsville branch and keeping up the payments until 9 o'clock in the evening But that is unnecessary. We will open an hour earlier and keep open an hour later to-morrow and till the run ends. 1 suppose, though, that this rush will keep up into next week. and its effects will probably be felt fortwo or three weeks We've had five runs in all and we know these volatile East Side people horoughly HOW SUCH BUNS ARE BRED. aue 10 ou no ind aseq M. kind." said President Oscar L. Richard. *Our experience is that it is worse than useless Tell hese people anything and it only arouses their isuspicion the more. The only thing that talks to them is money "The most trifling cause is sufficient to start a run here In 1895 a man fell in an epileptic fit on the front stoop. Of course A crowd gathered The sight of the crowd sprung the idea in somebody's mind that the bank was in trouble. and in no time we had A run on our hands It kept up for days. "In 1893 a Yiddish newspaper that circulates here printed one day the headline: Neh. State Bank Fails," and below it an account of the failure of the Nebraska Viddish

7. January 12, 1905 The Topeka State Journal Topeka, KS

Article from The Topeka State Journal, January 12, 1905

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PAID THEM IN SILVER. Bank Revenges Itself on Depositors Who Started a Run. New York, Jan. 12.-Three policemen and two Hebrew women were injured in a run on the State bank, in Grand street, in the heart of the business section of the East side. The run was attended by some sensational incidents. The 5,000 persons crowded about the bank became so insistent that they broke down an iron railing around a light well in front of the building, and it was only by desperate clubbing on the part of the police that the excited and unruly mob was prevented from forcing many of its number into the well. The policemen and women were hurt at that point. The emergency police detail of the Delancy Street station was finally called out, and policemen were stationed at intervals of five or six feet for two blocks on each side of the bank. The cause of the run was as extraordinary as the frenzied character of the run itself. Tuesday there was a rush of depositors to get their money into the bank in time to begin to draw interest at once, and the long line of waiting depositors convinced the excitable Hebrews that something was wrong with the institution. Five hundred persons waited in front of the building all night, and their number quickly swelled to 5,000 when the bank opened, though not all of that number were depositors. The bank, which has deposits of $10.500,000 and a cash reserve of $4,000,000, and which, Cashier A. I. Voorhs said, earned 244 per cent profits last year, sent down street for money early, anu $250,000 was brought by the wagon load, largely in specie. At the sight of the money, those waiting became more im-

8. January 13, 1905 New-York Tribune New York, NY

Article from New-York Tribune, January 13, 1905

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ARREST AT STATE BANK. Man Charged with Attacking Its Reputation. When the State Bank. at No. 376 Grand-st., closed its doors at the end of yesterday's business the "run," which began on Tuesday, the sixth the bank had withstood, was practically over. President O. 1.. Richards said the run had been shorter than those that had preceded it, one of which extended over a period of about two weeks, in which time some $400,000 had been paid out. Less than half of that amount has been drawn this time, he said, and considerable interest has been saved for the bank, which would have been paid out yesterday and today on all the deposits. Beyond the extra work for the clerks, the bank has not been inconvenienced in the least, he said. Joseph Gross, who said he was a law student at No. 203 Broadway, got himself into trouble by advising a depositor, so it was charged, to draw out her money because the bank was no good. He accompanied two women to the bank, and when they drew out $900 in silver declared the coin was not legal tender, and was $10 short besides. According to the bank officers he then threatened to go aniong the Jews and make the biggest run on the bank it had ever seen. Gross was locked up on three charges-disorderly conduct, threatening to publish a libel against the bank and attempting to incite riot. He was held for further examination until to-day, and released on bail of $1,000. The money in dispute was counted before witnesses, and was found to be correct. This was the first arrest since the run began. At 9 o'clock the doors were opened. The women were admitted, the men being kept back. About four hundred persons waited in the rain. At 10 b'clock a double truck backed up to the curb. In it were fifty sacks from the Sub-Treasury, each containing $1,000 in silver dollars. Arnold Kohn, vice-president of the bank, said $76,000 was paid out on Wednesday, and about $46,000 yesterday. He said one of the reasons the bank paid in silver was to discourage pickpockets, who would, it was hoped, find silver dollars unhandy to steal,

9. January 13, 1905 The Bourbon News Paris, KY

Article from The Bourbon News, January 13, 1905

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Five Thousand Frenzied Persons Crowded Around State Bank Building, New York. MOB WAS EXCITED AND UNRULY, Depositors Became So Insistant That That They Broke Down an Iron Railing Around a Light-Well. Desperate Clubbing By the Police Prevented Many People From Being Crowded Into the Hole-Officers and Women Hurt. New York, Jan. 12.-Three police men and two Hebrew women were injured in a run on the State bank in Grant street, in the heart of the business section of the east side. The run was attended by some sensational incidents. The 5,000 persons crowded about the bank became SO insistent that they broke down an iron railing around a light well in front of the building and it was only by desperate clubbing on the part of the police that the excited and unruly mob was prevented from forcing many of its members into the well. The policemen and women were hurt at that point. The emergency police detail was finally called out and policemen were stationed at intervals of five or six feet for two blocks on either side of the bank. The cause of the run was as extraordinary as the frenzied character of the run itself. The day before there was a rush of depositors to get their money into the bank in time to begin to draw interest at once and the long line of waiting depositors convinced the excitable Hebrews that something was wrong with the institution. Five hundred persons waited in front of the building all night and their number quickly swelled to 5,000 when the bank opened in the morning, though not all of that number were depositors. The Bank Has Ample Funds. The bank, which has deposits of $10,500,000 and a cash reserve of $4,000,000, and which, Cashier A. I. Voorhis said, earned 244 per cent. profits last year, sent down street for money early in the morning and $250,000 was brought by the wagon load, largely in specie. At the sight of money those waiting became only more impatient to get it. The bank officials paid depositors off as fast as the operation could be conducted. In all, the bank paid out $55,000 and received in deposits $440,000. Remarkable scenes attended the paying off within the bank. The officers paid off in two-thirds specie and one-third bills, and some of the depositors were fairly overwhelmed by the amount of currency thrust upon them when they passed in their books. Immediately upon getting their money into their hands and becoming convinced that the bank was able to pay them, the frantic Hebrews becam: equally anxious to get their money into the bank again, and several of them created scenes when the officers refused to accept it. Depositors Paid in Specie. The depositors were paid in spęcie to prevent a re-deposit, as this was the sixth run the bank has experienced from equally trivial causes. One of the aged depositors received 60 pounds of silver and staggered under the load when he carried it away. Women swept their accumulated savings into shawls, aprons and their outer skirts held in the form of aprons and got through the crowd as best they could. Payment of depositors was made up to 6 o'clock at night. Officers of the bank declare it is absolutely sound and can secure $4,000,000 at an hour's notice. It received many offers of help and declined most of them. Of the five previous runs on this bank, one was started by a fire, another by a fight, a third by a rumor in the Bryan campaign that silver dollars were to be cut in half, a fourth by the Spanish-American war and a fifth by the failure of a bank in Nebraska. There was also a run on a branch of the State bank in Brook-

10. January 15, 1905 The Times Dispatch Richmond, VA

Article from The Times Dispatch, January 15, 1905

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# COL. BRANCH AN ATHLETE # AS WELL AS FINANCIER Colonel James R. Branch, of the American Bankers' Association, smiled softly at the intimation that the run on the State Bank was due in part to the activity of the association in enforcing the banking laws against sundry questionable money collecting enterprises on the East Side. He could not see the connection, yet the colonel is a man who can see around a corner with the best of them. Since his hand has been at the lever the association has done yeoman's service in the monetary world. All the detective agencies in town are feared less than this well organized concern by the "crooks" and "shovers of the queer," whose infernal ingenuity makes paying tellers prematurely gray. The percentage of successful fraud at the expense of banking institutions falls annually under the strict espionage of the association and its relentless pursuit of offenders. There is nothing in the visage of Colonel Branch, however, that suggests the implacable sleuth he is known to be. He seems the incarnation of the spirit of forgiveness. His countenance radiates benignty. The beholder is reminded of the "reflected sunshine" of the latest importations in wall paper. Children cry for him, and beggars approach him confidently. It is understood that his perennial sweetness of temper is due to his daily use of the gymnasium of the New York Athletic Club. Gloves, foils, dumb-bells, the swimming tank or the wrestling mat - it is all the same to Colonel Branch. Not even his famous scrap with "Dick" Sheldon, when, in a moment of indiscretion, he threw his best limb out of joint, could prevent him from mastering all the points of American jiu-jitsu. Grave, too, he is, as well as gentle, and there are occasions when the only Southron in town who can match his aspect of wisdom is the wisest looking man since Brougham, General Roger A. Pryor.-New York Commercial,

11. January 20, 1905 Iron County Record Cedar City, UT

Article from Iron County Record, January 20, 1905

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FRANTIC TO GET THEIR MONEY. Remarkable Run on a Bank in Which Several People Are Hurt. Three policemen and two Hebrew women were injured in a run on the State Bank in Grand street, in the heart of the business section of the east side of New York, on Wednesday. The run was attended by some sensational incidents. The 5,000 persons crowded about the bank became so insistent that they broke down an iron railing around a light well in front of the building, and it was only by a desperate clubbing on the part of the police that the excited and unruly mob was prevented from forcing many of its numbers into the well. The policemen and women were hurt at that point. The emergency police detail of the Delancey street station was finally called out, and policemen were stationed, at intervals of five or six feet for two blocks on each side of the bank. Payment of depositors was made up to 6 o'clock at night. Officers of the bank declare it is absolutely sound and can pay $4,000,000 at an hour's notice and that they received many offers of help and declined most of them.