Peoples Savings Bank - Yonkers, NY

Bank Information

Episode Type: Suspension → Reopening
Bank Type: savings bank
Start Date: August 2, 1893
Location: Yonkers, New York (40.931, -73.899)

Metadata

Model: gpt-5-mini
Short Digest: 73cd6fbc

Response Measures

None

Description

Directors adopted the 30-day notice requirement for large withdrawals as a precaution (partial suspension of payments). Article explicitly states there was no run and confidence remains; bank continued operations.

Events (1)

1. August 2, 1893 Suspension

Cause: Local Banks
Cause Details: Following example of New-York City banks and People's Savings Bank which required notice; precautionary measure to prevent senseless withdrawals (partial suspension via 30-day notice).
Newspaper Excerpt: The directors of the Yonkers Savings Bank met last night and adopted a similar rule. The treasurer enforced the rule on Monday on his own responsibility and the directors last night indorsed his action. There has been nothing like the semblance of a run and the people generally have confidence in the banks.
Source: newspapers

Newspaper Articles (1)

1. August 2, 1893 New-York Tribune New York, NY

Article from New-York Tribune, August 2, 1893

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Article Text

NEWS FROM THE SUBURBS. WESTCHESTER COUNTY. YONKERS. The local savings banks have followed the example of the banks in New-York City and require notice from depositors before paying out any large amounts. The People's Savings Bank, by vote of its directors, requires thirty days' notice. This rule took effect on Monday. Its object is solely to prevent senseless withdrawal of deposits, and any depositors who can show real need of the money will be attended to. This bank received deposits of $1,700 on Monday. The directors of the Yonkers Savings Bank met last night and adopted a similar rule. The treasurer enforced the rule on Monday on his own responsibility and the directors last night indorsed his action. There has been nothing like the semblance of a run and the people generally have confidence in the banks. Joseph Willetts, sixteen years old, is locked up at Police Headquarters to await the result of a bullet wound received by Michael Prayor, another sixteen-year-old lad, on Monday night. The two boys, with another, were playing in an apple orchard, when Prayor received a bullet in the groin from a 22-calibre revolver. He was removed to St. Joseph's Hospital, where he is unconscious and not likely to recover. The colored Odd Fellows had a district convention in Teutonia Hall yesterday and there was a large attendance of delegates and visitors. There was a street parade in the afternoon and a reception in the evening. The arrangements were in charge of Hero Lodge, No. 1,520, G. U. O. of O. F.