German Savings Bank (New York, NY)

Episode Information

Episode UID
5198763091406
Episode Type
Run Only
Bank Type
savings
Bank ID
519876309 hash
Start Date
February 6, 1917
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
0c71b781a00d6895

Response Measures

None

Events (1)

1. February 6, 1917 Run
Cause
Rumor Or Misinformation
Cause Details
German depositors feared their funds would be attached by the government if war with Germany occurred; fearful withdrawals followed.
Measures
Bank paid out requested withdrawals to depositors, refused some of the more panicky ones; no suspension mentioned.
Newspaper Excerpt
More than $1,000,000 was withdrawn yesterday from savings banks by depositors of foreign nationality... At the close of business at 6 o'clock the officers of the German Savings bank... estimated that $750,000 had been paid out.
Source
newspapers

Newspaper Articles (2)

Article from The Brattleboro Daily Reformer, February 6, 1917

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Article Text

SOME SAVINGS WITHDRAWN. Fears of the Ignorant Aliens Send Them to Seeking Money. NEW YORK, Feb. 6.-More than $1,000,000 was withdrawn yesterday from savings banks by depositors of foreign nationality. Most of it was paid out to German depositors who were fearful that in the event of war with Germany the funds of aliens would be attached by the government. At the close of business at 6 o'elock the officers of the German Savings bank, at Fourth avenue and Fourteenth street, estimated that $750,000 had been paid out. There was not the least hesitancy in paying the whole amount asked for to any depositer, whether it was $3 or $3,000, and every person inside the doors by 6 o'clock who wanted all or a part of his or her deposits got what was asked for. Smaller withdrawals were reported by three small savings banks having a foreign clientele, but two of the largest, the Germania, on the Bowery, and the Bowery Bank, both of which have many foreign depositors, reported no unusual demand for money. "It is incomprehensible,' said one bank cashier in trying to explain the withdrawals. "These people have no clear reason for drawing their money. Many of them looked at it curiously when it was paid, and then wanted to put it right back again. Some of it was taken back, but of course they all lost the first three months' interest of the year. The more panicky ones we refused. and then they felt worse than a before."


Article from The Brooklyn Daily Times, November 15, 1927

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Article Text

H. Steinkamp, Philip A. Benson. Stephen Baker, George W. Wickersham. F. Henshaw Frederick K. Kobbe, Frank Kinney, J. N. Babcock and H Wilson. Charles president of the Bank Brooklyn and chairman Group V., Brook Savings Banks, illustrated the point by that in when the bank was known as the German Savings Bank there the bank. It through the forced of securties two days that the bank pulled through The he said. savings banks to Invest all but the reserve present the banks called upon to invest great disadvanand business conditions the bonds of approved rail roads not presiden of the New Savings Bank Asthe positor State $800 duty for in the of the According to Philp the State Savings $ available by State that amount of this