East River Bank (New York, NY)

Episode Information

Episode UID
2493798591124
Episode Type
Run Only
Bank Type
state
Bank ID
249379859 hash
Start Date
August 1, 1893*
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
3734a5083be269a2

Response Measures

None

Events (1)
1. August 1, 1893* Run
Cause
Rumor Or Misinformation
Cause Details
A short-lived depositor panic/scare in the prior month led to thirty-day notices of withdrawal; described as a 'foolish panic' suggesting rumors rather than insolvency.
Measures
Banks required thirty-day notices of withdrawal from savings depositors; many depositors later rescinded notices.
Newspaper Excerpt
At the East River Bank the notices called for $4.500; only $376 was drawn.
Source
newspapers

Newspaper Articles (2)
1. September 1, 1893 The Sun New York, NY
Article from The Sun, September 1, 1893

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Article Text

END OF THE PEOPLE'S SCARE. Very Little Money Withdrawn from Savings Banks After Thirty Days' Reflection. The thirty-day notices of withdrawal required by the savings banks at the time of the foolish panic last month among savings bank depositors expired on Wednesday. and the bank Presidents report that less than ten per cent. of the persons who gave notice have availed themselves of the opportunity to withdraw their deposits. Since a week after the scare depositors who gave notice have been visiting the banks asking permission to withdraw their notices. The ten per cent. who have availed themselves of the opportunity to withdraw are ten per cent. of the number remaining and not ten per cent. of the original number. At the Emigrants' Bank those notices remaining demanded the payment of $215,293: only $26,000 WAS withdrawn. At the East River Bank the notices called for $4.500; only $376 was drawn. At the Bowery $33,208 was called for: only $2,300 was drawn. At the Dry Dock Bank 152 notices remained unwithdrawn: of these only seventeen were put in force.

2. September 4, 1893 Fort Worth Gazette Fort Worth, TX
Article from Fort Worth Gazette, September 4, 1893

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Article Text

Have More Sense Now. NEW YORK, Sept. 3.-The thirty-day notices of withdrawal required by the savings banks at the time of the foolish panic last month among bank depositors expired on Wednesday, and the bank presidents report that less than 10 per cent of the persons who gave notice have availed themselves of the opportunity to withdraw their deposits, Since a week after the scare depositors who gave notice have been visiting the banks, asking permission to withdraw their notices. The 10 per cent who have availed themselves of the opportunity to withdraw are 10 per cent of the number remaining and not 10 per cent of the original number. At the Emigrants' bank the notices remaining demanded the payment of $215,293; only $20,000 was withdrawn. At the East River bank the notices called for $4500; only $376 was drawn. At the Bowerv $33,208 was called for and only $2300 was drawn. At the Dry Dock bank 152 notices remained unwithdrawn. Of these only seventeen were put in force.