16666. Union Dime Savings Bank (New York, NY)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
savings bank
Start Date
October 25, 1907
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
697ead54

Response Measures

Partial suspension

Description

During the Panic of 1907 the Union Dime Savings Bank experienced runs (Oct 25, 1907) and invoked the 60-day notice rule (partial suspension of immediate withdrawals). On Nov 29, 1907 it announced it would pay depositors who had given notice, effectively lifting the delay. Cause is the broader 1907 financial panic (macro news) rather than a specific misinformation event.

Events (3)
1. October 25, 1907 Run
Cause
Macro News
Cause Details
Part of the wider Panic of 1907; runs on multiple savings banks and general money stringency in New York
Measures
Bank required sixty days' notice from depositors desiring to withdraw (invoked legal 60-day clause).
Newspaper Excerpt
Runs had been started on these institutions...Among the savings banks which took advantage of this law yesterday were...the Union Dime Savings Bank...Runs had been started on these institutions
Source
newspapers
2. October 25, 1907 Suspension
Cause
Macro News
Cause Details
To prevent large withdrawals during the acute money stringency and runs affecting several savings banks; bank invoked the legal 60-day notice requirement (partial suspension of immediate payments).
Newspaper Excerpt
The Union Dime Savings bank this afternoon posted a notice that it will require sixty days' notice from depositors desiring to withdraw.
Source
newspapers
3. November 29, 1907 Reopening
Newspaper Excerpt
The Union Dime Savings institution...announced to its depositors, who gave it the sixty days' notice...that it would pay them now. Other savings banks...are expected to follow its example without delay.
Source
newspapers

Newspaper Articles (8)
1. October 25, 1907 The Laramie Republican Laramie, WY
Article from The Laramie Republican, October 25, 1907

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GREAT FINANCIAL GENERAL USING EVERY EFFORT To RESTORE CONFIDENCE IN MONEY CRISIS. Assisted by John D. Rockefeller and Other Noted Men of New York, and Confidence Coming BackControlling Twenty-five MillionsSome Small Failures ReportedBrokers Receive Aid From a Pool New York, Oct. 25.-A much calmer tone was apparent in business circles this morning. The success of the relief measures undertaken yesterday by J. Pierpont Morgan, John D. Rockefeller and other prominent financiers, together with the serenity with which the officials of the Trust Company of America met the run of depositors, gave great encouragement to the bankers and business men generally that no further trouble was to be feared. Pool Helped the Brokers. The $25,000,000 made up by a pool headed by Morgan, which went into the stock market yesterday afternoon, is believed to have given permanent relief to the brokers in need of funds to carry the stock bought and sold on margins for customers. Cortelyou Optimistic. In an address last night at a dinner given by the Graduates' club, Secretary Cortelyou referred to the financial situation, saying: "We are having a trying experience, but with all its embarrassments I find my faith in the general stability of business strengthened by the examples I have seen of the high courage and splendid devotion to the public welfare shown by many men of great influence in the commercial and industrial life of this city. Evil Interests Scourged. "The weak places have been fortifled, but what is better, those of evil influence have been scourged from their positions, and the determination to carry this work forward will have a far reaching influence in restoring public confidence." Small Concern Suspends. The announcement was made this morning that the United States Exchange bank, a small institution in Harlem, would not open for business today. The bank has little more than $500,000 on deposit, and its suspension was entirely without effect. Depositors in Line. There were lines of depositors waiting this morning in front of the Trust Company of America and the Lincoln Trust company's up-town banking office. Woman in Line All Night. The line at the office of the Trust Company of America was maintained all night, and at the head was a woman who declined to leave her place, even when the men behind promised to restore it to her in the morning. International Trust Collapses. The International Trust company, one of the small and inconspicuous trust companies, closed its doors at 10:40. This company had business connection with the Borough bank of Brooklyn, which suspended today. Brooklyn Bank Quits. The Brooklyn bank at Fulton and Clinton streets did not open today. It has a capital stock of $300,000 and owes about $1,500,000. Will Require Long Notice. The Union Dime Savings bank this afternoon posted a notice that it will require sixty days' notice from depositors desiring to withdraw. It owes depositors $27,450,000. Small Brooklyn Failure. The Jenkins Trust company of Brooklyn, not an important institution, closed this afternoon, with deposits of $2,500,000. State Bank Suspends. The Borough bank of Brooklyn, a state institution, with a capital of $200,000 and deposits of about $3,000,000, did not open for business today. Its business was not very large and no prominent financiers are connected with it. Connected With Knickerbocker. One of its principal connections was the Knickerbocker Trust company, which suspended business Tuesday. Payments Resumed. The Lincoln Trust company resumed payment to deposits today, as usual.

2. October 26, 1907 New-York Tribune New York, NY
Article from New-York Tribune, October 26, 1907

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SAVINGS BANKS 'ACT. Depositors Must Give Legal Notice Before Withdrawal. Following a run on several savings banks, the presidents of sixteen of the thirty-two savings institutions in this city met yesterday at the office of Andrew Mills, president of the Dry Dock Savings Institution, and decided to require all depositors to give the usual legal notice before withdrawing their deposits. This action was taken, it was explained, to prevent the withdrawal of large amounts from the savings banks in this time of acute money stringency. After the meeting Mr. Mills gave out the following statement: "At a meeting of savings bank officers, held to consider the present existing financial conditions, it was deemed wise to require the usual legal notice for the withdrawal of deposits. This action was taken in the conviction that it will best conserve the interests of all depositors." Mr. Mills added that all the savings banks in the city would be governed by the action of the meeting and that the rule would go into effect this morning. The banks represented at the meeting were the Bank for Savings, the Bowery, the Bronx, the Dry Dock, the East River, the Emigrant Industrial, the Excelsior, the German, the Irving, the Manhattan, Metropolitan, the New York, the North River, the Seamen's, the Union Dime and the Union Square. Among the savings banks which took advantage of this law yesterday were the Harlem Savings Bank, 124th street and Third avenue; the Union Dime Savings Bank, at 33d street and Broadway, and the Guardian Savings Bank, of Brooklyn. Runs had been started on these institutions, and although they had ample funds to meet all demands the officers decided that under present conditions it would be best to delay payment. Notice was given, however, that the time clause would be waived in the case of depositors requiring amounts up to $100 for current expenses. The run on the Bank for Savings, at 22d street and Fourth avenue, which began on Thursday, continued yesterday, and about $250,000 was withdrawn during the day. On Thursday $345,000 was withdrawn and $86,000 deposited. There were said to have been heavy deposits yesterday, but the amount was not made public. Walter Trimble, president of the bank, said: "This bank is absolutely sound. The run is the result of local conditions. We are paying off depositors as rapidly as possible, and will continue to do so until Christmas, or beyond, if necessary." Later in the day. after the meeting of the bank presidents already noted, Mr. Trimble stated that the bank might decide to enforce the notice required by law. William B. Aitken, president of the Bronx Savings Bank, said his institution would take

3. October 26, 1907 The Weekly Iberian New Iberia, LA
Article from The Weekly Iberian, October 26, 1907

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ACTION IS TAKEN IN ORDER TO ALLOW A RESTORATION OF CONFIDENCE ON TRUST COMPANY OF AMERICA CONTINUED YESTERDAY-DEVELOPMENTS COME RAPIDLY IN FINANCIAL SITUATION BANKS ARE SMALL SOLVENT MANY UNCLE SAM. J. PIERPONT MORGAN AND JOHN D. ROCKEFELLER ( TOGETHER WITH MANY WALL STREET FINANCIERS, HAVE CONFIDENCE IN THE SITUATION. t New York, Oct. The Trust t Company of America opened for busi$ BOUDREAU'S LETTER ness as usual this morning. The line of depositors awaiting to with$ TO BROUSSARD draw money was much smaller than il yesterday. i The United States Bank, at 23d. Below we print a letter from Mr. t 25th and West 125th streets, has Joseph Boudreau to Congressman a Broussard, which has caused the posted a notice of temporary suspension. canceling of an address by the latter The Brooklyn Bank, located at to-day at Derouen. Fulton and Clinton streets, with a It will be recalled by our readers C branch at 601 Fulton street, that that about three weeks ago the Sanc 2 ders peeople were invited to attend Borough, closed its doors this mornre ing. The institution has a paid up the wedding festivities of a young couple which took place in the hall capital of $300,000, and its depositbe are estimated at $2,116,430. at Derouen, over which Mr. Boudde All the members of the New reau maintains supervision. The le York Stock Exchange made the daily Lieutenant Governor and several n settlements of accounts as usual togentlemen from New Iberia attended, g and made short addresses. The ocday to the Stock Exchange Clearing House. casion was referred to in some of the g: The Lincoln Trust Company rebl public prints as a Sanders rally, and th sumed payment to its depositors as to this allusion. many of the good W usual this morning. people who are identified with the br The International Trust Company Wilkinson faction, objected.: To one of the small and inconspicuous even things up, however, Mr. Brousst trust companies, closed its doors at to sard was invited to speak at the en same hall when practically the same10:40 this morning. do people would be in attendance as beA conference of prominent finanio fore-the crowd being about half, clers at the clearing house has adWilkinson and Sandersites. journed. James Stillman, president The letter bears the earmarks of of the National City Bank, said that inconsistency or cowardice-one or the conference had arranged to throw both. If political speaking was indulged in before to satisfy the San$10,000,000 into the stock exchange ders element, why not let the other of money market. faction hav a hearing. If the Sandre The Guardian Trust Company anders people are afraid to hear the of nounced its suspense this afternoon ar truth spoken-well, then, say so, and at its main office. Third avenue and be done with it. mc There is little doubt that Mr. 526 street, Brooklyn. The trust an Broussard will acquiesce in an invitacompany's money was tied up in the tion at some ffuture date to address in Borough Bank, and when that instidis these people, and when he doestation closed to-day, it could not do well-well-"just stand from unup budness. wi der." co Here is the letter: Berman Metz, comptroller, is me Derouen, La., Oct. 25, 1907. provident of the trust company has Hon. R. F. Brousard, New Iberia, above mentioned; William A. Maxfor Louisiana. well, secretary, and ex-Sheriff Wm. My Dear Friend:- had invited J. Buttline is one of the directors. Ibe you to attend the wedding ball to be ber It was reported this afternoon that given at my hall on to-morrow effi (Saturday) night, and to make a Secretary Cortelyou had deposited ma speech, as was done when Mr. Sanabout $8,000,000 in New York banks the ders was here recently. Since then. to-day, in addition to deposits which Cle Mr. Simonet Miguez, one of the ele that previously made. young men in honor of whom the The Jenkins Trust Company, of marriage ball is being given, who is a good friend of mine and of yours, Brooklyn, closed its doors this aftertells me, as he told you. the other noon. Its total of deposits is To day, that most of his friends $2,500,000. will not attend this ball if there is did The Union Dime Savings Bank, at any political speaking. As a favor to tio 32d street and Broadway, this afterhim and to me, I wish you would Jan soon posted a notice that it will repostpone the speaking until the 17th ati quire sixty days' notice from deposiof November, when I will have races par tors desiring to withdraw. It has and a ball. I shall be very glad $27,450,000 due to depositors. then to have you come here and The WHliamsburg Trust Company, speak. Broadway and ent avenue, WilliamsYour friend, I JOSEPH BOUDREAU. burg. closed its doors at 1:15 p. m., for to-day, being unable to cash a check ic for $10,000. Californians Want Dewey. Cou

4. October 27, 1907 The Greenville Times Greenville, MS
Article from The Greenville Times, October 27, 1907

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BANKS NOW ASK LONG NOTICE BEFORE DEPOSITORS CAN WITHDRAW MONEY EXCHANGES ARE NOW SAFE Pool of Ten Million Dollars Formed to Tide Them Over-Commercial Houses Safe-Jenkins' Trust Co., of Brooklyn, Fails New York, Oct. 25.-Union Dime Savings Bank at Thirty-second street and Broadway, this afternoon posted a notice that it will require sixty days' notice from all depositors desiring to withdraw. It has $27,450,000 due to depositors. Jenkins Trust Company, of Brooklyn, not an important institution, closed its doors this afternoon. Its total of deposits is about $3,500,000. Representatives of the largest banks of this city agreed at a meeting today to require from thirty to sixty days' notice of depositors de. siring to withdraw their accounts. The Trust Company of America, and the Lincoln Trust Company successfully withstood all demands of depositors throughout the day and closed at 3 o'clock, the usual hour. A pool off $10,000,000 or more was formed at a conference held at the clearing house this afternoon to take care of the money needs of the stock exchanges. It was confidently thought that this section would tide over the situation so completely SQ far as the stock exchange is concerned. All loans made today will be carried until Monday. First open loan of money on call was made about 12:20 in lots of $50,000 to $100,000 at 50 per cent. Among rumors afloat in New York there have been many affecting a number of leading commercial houses. These rumors have evidently been started for the purpose of affecting the stock market. A man high in authority in the firm of John Wannamaker makes the following statement: "The rumbors that have been in circulation regarding this firm recently are without foundation. Affairs of the firm were never in better shape than they are now and the business of the New York store was never better."

5. October 29, 1907 Twice-A-Week Plain Dealer Cresco, IA
Article from Twice-A-Week Plain Dealer, October 29, 1907

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draw their accounts Friday. The bank owes depositors about $2,500,000. Another Trust Company Fails. The Jenkins Trust company of Brooklyn, not an important institution, closed its doors Friday afternoon. Its total deposits was about $2,500,000. Dime Savings Bank Closed. The Union Dime Savings bank at Thirty-second street and Broadway, Friday afternoon posted a notice that it will require 60 days' notice from depositors desiring to withdraw. It has $27,450,000 due to depositors. Receivers for Knickerbocker. Upon application of State's Attorney General Jackson temporary receivers were appointed Friday for the Knickerbocker Trust company, which closed its doors on Tuesday after a run by its depositors. The receivers are Otto T. Bannard, Ernest Thalmann and Gen. Henry C. Ide, all of New York city. Receivers for Knitting Mills. Philadelphia, Oct. 26.-The Pennsylvania Knitting Mills, of Reading, Pa., manufacturers of hosiery, a Heinze company, affiliation, against whom a petition in bankruptcy was filed Thursday had receivers appointed for it Friday by Judge McPherson in the United States district court. The receivers are Jacob Bauer and George W. Chapin, both of this city. The cause of the concern's embarrasment is laid to the present unsettled financial situation and by attachments secured by creditors in the New York court. The liabilities are placed at about $600,000 and the assets at $2100000 Bank at Providence Suspends. Providence, R. I., Oct. 26.-Cornelius A. Sweetland was appointed temporary receiver of the Union Trust company of Providence by the Superior court, following the run on the bank Thursday. The officers of the company expected to open Friday but subsequent consultations brought a decision that in view of the tight money market the interests of the depositors would be conserved by closing. The Union Trust company was organized in 1894 with a capital of $500,000. It conducts several branches in this state. According to the statement issued on June 29 last the bank had resources aggregating $28,238,335. Its liabilities included beside the capital stock a surplus of $2,250,000, undivided profits of $22,709 and deposits of $25,465,626. J. Edward Studley is president of the institution and Marsden J. Perry is first vice president. New England Trust Closes. Providence, R. I., Oct. 26.-The New England Trust company of this city, posted a notice Friday requiring 90 days' notice of withdrawal of deposits. Gen. Charles A. Wilson, counsel for the bank, is authority for the statement that the action was taken to prevent a threatened run on the company. Savings Bank Closes. Baltimore, Md., Oct. 26.-The run on the east branch of the Home bank continued Friday morning and shortly before noon the depositors who were in line waiting to secure their money were notified that the bank would take advantage of a charter provision which permits the institution to demand 60 days' notice of a depositor's intention V to withdraw his or her account. member of the firm of Bernstein, Cohen & Co., owners of the bank, admitted that the run had been of much larger proportions than had been reported. He said that it had begun on Monday, and that a total of savings deposits of $200,000 or thereabouts, approximately $150,000 had been withdrawn. Only the east branch of the bank is affected, and this only in its savings department. Close at East Greenwish. East Greenwich, R. I., Oct. 26.-The East Greenwich branch of the Union Trust company of Providence did not open its doors Friday morning. A notice was posted stating that the branch was being kept closed for the protection of depositors. Branch Bank Also Closes. Central Falls, R. I., Oct. 26.-The Central Falls branch of the Union Trust company of Providence opened its doors Friday morning, but closed them again at 9:20. There was a large crowd about the institution. mainly mill

6. November 21, 1907 New-York Tribune New York, NY
Article from New-York Tribune, November 21, 1907

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SAVINGS BANKS UNITE. MEETING OF PRESIDENTS. Committees Named to Draw Up a Plan of Union. A meeting of the presidents of all the largest savings banks in New York and Brooklyn was held yesterday at the Aldine Club, No. 111 Fifth avenue, to take steps to formulate a plan whereby all the savings institutions of the state may stand together in times of stress just as the other banks and trust companies do. By thus concentrating the enormous resources of the savings banks of the state, whose total deposits amount to more than a billion dollars, it is figured that the position of each individual institution will be greatly strengthened To draft a plan by which this desired end may be brought about it was voted to appoint three committees-one for Manhattan and The Bronx. one for Brooklyn, and the third for the rest of the state. These committees will report at another meeting of the presidents in the near future. The committee for Manhattan and The Bronx has Andrew Mills, president of the Dry Dock Savings Institution, as chairman. Its other members are Thomas M. Mulry, president of the Emigrant Industrial Savings Bank, and Walter Trimble, president of the Bank for Savings of the City of New York. Jeremiah V. Meserole, president of the Williamsburg Savings Bank, is chairman of the Brooklyn committee, the other members of which are Charles A. Schleren, president of the Germania Savings Bank of Kings County, and William J. Coombs, president of the South Brooklyn Savings Institution. The committee which is to represent the rest of the state has not yet been appointed. Among the heads of savings banks and inst!tutions who attended the meeting were William H. S. Wood. president of the Bowery Savings Bank: Walter Trimble, Andrew Mills, Thomas M. Mulry, Dick S. Ramsay, president of the East River Savings Institution: William Felsinger, president of the New York Savings Bank: Jeremiah V. Meserole, president of the Williamsburg Savings Bank: Samuel D. Styles, president of the North River Savings Bank: William J. Coombs. Charles A. Schieren, William Bayard Van Rensselaer, president of the Albany Savings Bank and president of the New York State Bankers' Association, and Charles E. Sprague, president of the Union Dime Savings Institution. After the meeting the president of a large East Side savings institution said: "Conditions among the savings banks in New York and Brooklyn are steadlly improving. and we are taking the present action simply as a precautionary measure in case of future emergency. The operation of the thirty and sixty day clauses has been most encouraging, and depositors who gave notice of withdrawal in the scare times two weeks ago are coming into the savings banks every day and cancelling these notices. Of course, a great many people have been thrown out of emplopment and will have to draw money out of the savings banks to live on, but we are prepared to meet the demands of this class. Deposits have been inusually heavy of late. which shows that the majority of depositors have got over the recent fright." The committees which were appointed yesterday will meet in the near future and draft a plan of consolidation, which will then be submitted to the savings banks for action.

7. November 28, 1907 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, November 28, 1907

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Things Are Looking Brighter. Whatever dark clouds have been upon the financial horizon of late are fast disappearing. From New York and the other great cities come reports of returning confidence. The panic fears are dying out. The banks are no longer in constant terror of a "run" by frenzied and unreasoning depositors. Men who drew out their deposits because they thought the banks were unsound are recovering their sanity and putting their money back in the banks. Chicago announces that it is ready to resume normal banking conditions as soon as New York does so. The Twelfth Ward Bank, a State concern, in New York, has reopened. The heads of the great savings banks there report uniformly that money is coming back. The timid depositors who gave notice of withdrawal of funds have recovered from their fright and are revoking their notices. One bank got 6,000 notices of revocation in one day's mail. The Union Dime Savings Bank had received notices of withdrawal which would have taken out $300,000; the revocations are coming in so fast now that the president thinks that hardly $100,000 will be demanded. This recovery of common sense is a good indication that the financial flurry will soon pass by. Whatever its causes-over-speculation, too great an extension of credit, fear of restrictive measures on the part of the great corporate interests or too much water in the stocks-it has been a Wall street storm, a rich man's panic. Every material condition of the country argues prosperity. Business generally is in good shape-or was until things broke loose in New York. Money was never more plentiful, if it will come out of hiding; the per capita circulation is greater now than ever. There is no good reason for prolonged panic. There is no reason to fear hard times. Business simply waits the assurance that the frightened depositor will not contract the currency by withdrawing his money from use, and that the banks-also somewhat panic-stricken-will resume normal methods. In other words, just as soon as business can know that it can get money to go on with it will go.

8. November 29, 1907 Evening Star Washington, DC
Article from Evening Star, November 29, 1907

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MONEY PREMIUM VANISHES. Savings Bank Takes Off the SixtyDay Limit. Special Dispatch to The Star. NEW YORK, November 29.-The Union Dime Savings institution of this city has been first to show that the monetary stringency is definitely over. Today it announced to its depositors, who gave it the sixty days' notice of withdrawal demanded on October 25, that it would pay them now. Other savings banks in the city are expected to follow its example without delay and, if this happens, by next week the premium on currency will be only a memory. Already it has dropped to a point where it no longer attracts hoarders, and brokers in Wall street say that the money no longer diverted to sales for premium is again seeking investment in the stock market. The banks, too, claim a fair share. as deposits. It is evidend from reports from many sources that the money withdrawn a fortnight ago in the banking panic is returning to its old channels of usefulness.