16954. Schenectady Savings Bank (Schenectady, NY)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
January 8, 1903
Location
Schenectady, New York (42.814, -73.940)

Metadata

Model
gpt-5-mini
Short Digest
446cc966

Response Measures

Accommodated withdrawals

Description

Multiple contemporary reports (Jan 8–9, 1903) describe a brief run driven by a misapprehension of the State Superintendent of Banks' report among foreign-speaking depositors. All demands were promptly met and the bank reopened next day; there is no evidence of a suspension or receivership.

Events (2)
1. January 8, 1903 Run
Cause
Rumor Or Misinformation
Cause Details
Foreign-speaking depositors misinterpreted/translated the state superintendent's report (criticism of trust companies), leading to fear and withdrawals; situation was explained and subsided.
Random Run
Yes
Random Run Snippet
Misunderstood state superintendent's report; fears later explained and corrected
Measures
Bank officers had prepared cash overnight and promptly paid depositors; additional funds brought from New York; staff explained report and withdrawals were largely redeposited.
Newspaper Excerpt
Because of a misapprehension regarding the recently issued report of the state superintendent of banks ... there was a run today on the Schenectady Savings bank ... The demonstration was confined almost entirely to foreign speaking persons.
Source
newspapers
2. January 9, 1903 Other
Newspaper Excerpt
The excitement caused by the run on the Schenectady Savings bank has subsided. The institution opened to-day quietly. About all the money withdrawn has been redeposited ... the bank is ahead the amount of the interest ... The statement of Superintendent Kilburn ... has done much to quiet a situation that is now universally admitted to have had no real cause in fact (New-York Tribune).
Source
newspapers

Newspaper Articles (10)
1. January 8, 1903 Albuquerque Daily Citizen Albuquerque, NM
Article from Albuquerque Daily Citizen, January 8, 1903

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Article Text

Scare Caused People to Withdraw Their Cash. PAY OF SANTA FE ENGINEERS Coal Scarcity is Severe in All the Northern Cities. DENIAL OF STANDARD OIL COMPANY Schnectady, N. Y., Jan. 8.-Because of a misapprehension regarding the recently issued report of the state superintendent of banks, Kilbourne, there was a run today on the Schnectady Savings bank, one of the oldest and most conservative institutions in the state. The demonstration was confined almost entirely to foreign speaking persons. When the report of the banking department appeared, it was translated by volunteer interpreters into the language spoken by the various foreigners working in this city. The criticism of trust companies and recommendations regarding legislation affecting them, produced effect on these people, as they did not understand the matter, and in a mysterious manner a fear gained ground that all was not well with the savings bank here, in which thousands of them deposit their savings. Scores of them withdrew their money from the bank yesterday and today when the doors opened there was a large crowd of excited foreigners who demanded their deposits. They were promptly paid, the bank officers, in anticipation of a run having prepar ed for 11 over night. At noon everyone had received what was demanded. The true situation was explained to the foreigners and gradually the run il decreased.

2. January 8, 1903 Santa Fe New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe New Mexican, January 8, 1903

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Article Text

MISUNDERSTOOD THE REPORT Foreigners at Schenectady Caused a Run on an Established Banking Institution. ALL WERE PROMPTLY PAID Failed to Comprehend a Discussion of Trust Companies by the State Superintendent of Banks. Schenectady, N. Y., Jan. 8.-Because 8 of a misapprehension regarding the recently issued report of State Superintendent of Banks Kilbourne, there was a run today on the Schenectady Savings Bank, one of the oldest and most conservative institutions in the state. The demonstration was confined almost entirely to foreign speaking persons. When the report of the banking department appeared, it was translated by volunteer interpreters into the language spoken by the various foreigners working in this city. The criticism of trust companies and recommendations regarding legislation affecting them, produced a bad effect upon these peoe ple, as they did not understand the matter, and in a mysterious manner, a fear gained ground that all was not well with the savings bank here in which thousands of them deposit their savings. Scores of them withdrew their money from the bank yesterday and today, when the doors of the institution were opened, there was a large crowd of excited foreigners who demanded their deposits. They were promptly paid, the bank officers in anticipation of a run, having prepared for it over night. At noon everyone had received what was demanded. The true situation was explained to the foreigners and gradually the run decreased.

3. January 8, 1903 Ottumwa Semi-Weekly Courier Ottumwa, IA
Article from Ottumwa Semi-Weekly Courier, January 8, 1903

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Article Text

Friend of St. Louis Exposition. Concord, N. H., Jan. 8.-Governor Bacheldor today was formally installed in office. In his inaugural address he advised an intelligent presentation of the state's advantages at the St. Louis exposition. START A RUN ON A BANK. Report of State Officers Starts Drain on Finances. Schenectady, N. Y., Jan. 8.-Because of a misapprehension regarding the recently issued report of the state superintendent of banks, there was a run today on the Schenectady Savings bank, one of the oldest and most conservative institutions in the state. The demonstration was confined almost exclusively to foreign speaking persons. At noon every one had received what was demanded. The true situation was explained to the foreigners and gradually the run decreased.

4. January 8, 1903 Waterbury Democrat Waterbury, CT
Article from Waterbury Democrat, January 8, 1903

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Article Text

RUN ON OLD BANKING HOUSE Schenectady Savings Bank Passing Out the Cash. Run Was Caused by a Wrong Construction Being Placed on Report of Bank Examiner Kilburn-The Bank Is One of the Oldest and Most Conservative in the State: Schenectady, N. Y., Jan 8.-Because of a misapprehension regarding the recent report of State Superintendent of Banks Kilburn, a run on the Schenectady Savings bank, one of the oldest and most conservative banking institutions in the state, is in progress. The demonstration is confined chiefly to foreigners. Criticism of trust companies and a recommendation regarding legislation affecting them, produced a bad effect on the foreigners because they did not understand the matter. Many people drew from the bank yesterday and a large amount of money was brought from New York last night in preparation for the run to-day.

5. January 9, 1903 Waterbury Democrat Waterbury, CT
Article from Waterbury Democrat, January 9, 1903

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Article Text

EXCITEMENT OVER. Schenectady, N. Y., Jan 9.-The excitement caused by the run on the Schenectady Savings bank has subsided. The institution opened to-day quietly. An official said that about all the money withdrawn has been redeposited and that, therefore, instead of having lost anything by the run the bank is ahead the amount of the interest which would have accrued to those of the depositors who became panic-stricken and drew out their money.

6. January 9, 1903 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, January 9, 1903

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Article Text

START RUN ON SAVINGS BANK Depositors Misunderstand Language Used by Bank Superintendent of New York. SCHENECTADY, N. Y., Jan. 8.-Because of a misapprehension regarding the recently issued report of State Superintendent of Banks Kilburn, there was a run today on the Schenectady Savings bank, one of the oldest and most conservative institutions in the state. The demonstration was confined almost entirely to foreign speaking persons. When the report of the banking department appeared it was translated by volunteer interpreters into the language spoken by the various foreigners working in this city. The criticisms of trust companies and recommendations regarding legislation affecting them produced a bad effect upon these people, as they did not understand the matter, and in a mysterious manner a fear gained ground that all was not well with the savings bank here, in which the thousands deposit their savings. Posses of them withdrew their money from the bank and today when the doore of the institution were opened there' was a large crowd of excited foreigners who demanded the deposits. They were promptly paid, the bank officers, in anticipation of a run, having prepared for it over night. At noon every one had received what was demanded. The true situation was explained to the foreigners and gradually the run decreased.

7. January 10, 1903 New-York Tribune New York, NY
Article from New-York Tribune, January 10, 1903

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Article Text

RUN ON SCHENECTADY BANK ENDS. Schenectady, N. Y.,-Jan. 9. - -The excitement caused by the run on the Schenectady Savings Bank has subsided, and the institution opened this morning as usual. It is stated by an official of the bank that about all the money withdrawn has been redeposited, and that, therefore, instead of having lost anything through the occurrence, the bank is ahead the amount of the interest which would have accrued to those of the depositors who became panicstricken at what they feared was the weakness of the institution. There was a run on the same bank, semewhat similar in its cause, several years ago, but it was stemmed by prompt ac tion on the part of local business men. who showed their confidence in the institution. The statement of Superintendent Kilburn, that the bank in queation is one of the most conservative and substantial in the State, has done much to quiet a situation that is now universally admitted to have had no real cause in fact

8. January 10, 1903 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, January 10, 1903

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Article Text

Schenectady Bank Run Is Over. Schenectady. N. Y., Jan. 9.-The excitement caused by the run on the Schenectady Savings Bank has subsided. The institution opened, today, quietly. An official said that about all the money withdrawn had been re-deposited and that, therefore, instead of having lost anything by the "run" the bank is ahead the amount of the interest which would have accrued to those of the depositors who became panic-stricken and drew out their money.

9. January 14, 1903 The Forest Republican Tionesta, PA
Article from The Forest Republican, January 14, 1903

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Article Text

Saturday. An ice bridge has formed in the gorge below Niagara Falls. People at South Bend, Ind., are said to be buying beans at $1.50 a bushe and burning them for fuel, as coal cannot be had. The excitement caused by the run on the Schenectady Savings bank has subsided, and about all the money withdrawn has been redeposited. President Roosevelt's appointment of a negro to be collector of the port of Charleston, S. C., was vigorously criticised by Southern newspapers. Le Roy suffered a fire loss of $75,000 Friday morning. The blaze was caused by a gas explosion in the rooms of the Oatka hose company. The post. office and Lampson House block were burned.

10. January 16, 1903 The Olneyville Times Providence, RI
Article from The Olneyville Times, January 16, 1903

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Article Text

DOMESTIC. Colonel Myron T. Herrick ancounced his candidacy for Governor of Ohio. Three men forced David Church, a grocer at Birmingham, Ala., to open his safe, and after taking $69, tied him in bed, set fire to the house and nearly burned Church to death. The Grand Jury at Cleveland, Ohio, was ordered to investigate a reported combine of coal dealers that keeps up the price of soft coal. In a fight between citizens and robbers at Eagle, Wis., one robber was killed and another captured, while two escaped. Three farmers were found dead in a snow drift near Dumont, Minn. John Matthews and Charles Bradfield, carpenters, were killed by an explosion at the gas plant at Mapleton Iowa, Minneapolis produced 16,329,805 barrels of flour in the year just closed. 407,905 barrels in excess of the product af 1901. A misunuerstanding on the part of foreigners of the bank statement caused a run on the Schenectady (N. Y.) Savings Bank. All demands were promptly met. It was announced that all litigation on the Rogers will had ended, and that between $5,000,000 and $6,000,000 would soon go to the Metropolitan Museum of Art at New York City. Topsy. an elephant which had killed four men. was killed at Coney Island, New York City, by a shock of 6600 volts of electricity, having previously swallowed 460 grains of cyanide of potassium. George P. Sullivan, the plumber Mayor of Derby, Conn., was inaugurated. He said he had chosen the late Colonel Waring as his model. Among Massachusetts Mayors who took office is Charles L. Coulter, Socialist, of Brockton. For killing his wife in a fit of jealousy. J. C. Lowe, a schcolteacher, was found guilty of second degree murder at Topeka, Kan. Thirteen children in and around Norfolk, Va., died and seven others were injured by the premature explosion of toy pistols.