Bank For Savings (New York, NY)

Episode Information

Episode Type
Run Only
Start Date
January 30, 1914
Location
New York, New York (40.714, -74.006)
Bank Type
state

Metadata

Events (1)

1. January 30, 1914 Run
Cause
Rumor Or Misinformation
Cause Details
Unfounded rumors circulated (rumor-monger, gossip of a servant) that the bank was in difficulty, triggering withdrawals.
Measures
Added extra tellers to speed payments; paid out large sums from vaults; Board decided not to invoke sixty-day withdrawal rule.
Newspaper Excerpt
President Trimble ... sorry that so many people should have been imposed upon by wild rumors. ... About $1,000,000 in round figures has been paid out by the bank since Tuesday, when the rush to withdraw began.
Source
newspapers

Newspaper Articles (11)

Article from The Evening World, January 30, 1914

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EXTRA TELLERS TO MEET THE UNUSUAL DEMAND. Three tellers, an addition of two to the regular force, have been set to work paying every one as fast as the line can move. In some instances depositors who came to withdraw experienced a change of heart when they saw the alacrity with which the bank was paying out and decided to let their money stand. President Trimble in an interview with an Evening World reporter said that he was not worrying in the least, but was sorry that so many people should have been imposed upon by wild rumors. One woman depositor had told him, he said, that the failure of the Siegel banks and the fact that the Bank for Savings was not under Federal control had alarmed her. The rumor-monger, who is supposed, either from malice or pure mischief, to have started the run on the bank will be traced and properly dealt with. Detectives are now looking for him. NOT WORRIED WITH LOAD OF CASH ON HAND. About $1,000,000 in round figures has been paid out by the bank since Tuesday, when the rush to withdraw began. The bank has been overwhelmed by offers of assistance, but with the enormous amount of cash in the vaults the officials are not worrying. The Board of Trustees met to-day before the bank opened and decided not to take any advantage of the sixty-day rule for withdrawing de-


Article from The Topeka State Journal, January 31, 1914

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Bank Run Is Abating. New York, Jan. 31.-The run on the Bank for Savings began to abate today after more than $2,000,000 had been withdrawn by anxious depositors. What started the run was still a mystery.


Article from The Salt Lake Tribune, February 1, 1914

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Run on Bank Abates. NEW YORK, Jan. 31.β€”The run on the Bank for Savings began to abate today after $2,000,000 had been withdrawn by anxious depositors. What started the run is a mystery.


Article from The Evening World, February 2, 1914

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CENCELESS SENSELESS RUN ENDED ON BANK FOR SAVINGS; RUSH TO RE-DEPOSIT Having bad Sunday to think It all over calmly, depositors of the Bank for Savings, at Twenty-second street and Madison avenue, were but little in evidence to-day when the bank opened its doors, and President Wal-


Article from Sequachee Valley News, February 5, 1914

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A run was made on the Bank for Savings in New York this week. For three days depositors raved around and withdrew $1,242,000. But strange to say the bank didn't bust. It bad only $11,000,000 assets in reserve.


Article from Ladysmith News-Budget, February 6, 1914

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The run on the New York Bank for Savings began to abate after more than $2,000,000 had been withdrawn by anxious depositors. What started the run Is still a mystery.


Article from Iron County News, February 7, 1914

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Forty-one persons aboard the Old Dominion liner Monroe perished when that vessel collided with the steamer Nantucket during a dense fog off Norfolk, Va. Ninety-nine person were rescued by the crew of the Nantucket. The final session of the convention of the United Mine Workers of America at Indianapolis, Ind., was marked by disorder. Duncan McDonald of Illinois declared that Samuel Gompers, president of the American Federation of Labor, was "gloriously drunk" at the Seattle convention of that organization. These remarks were interrupted by cries of "Liar," "Slanderer" and "Libelous" from Mr. Gompers. Yeggmen dynamited the vault of the bank of Lyerly at Lyerly, Ga., after engaging in a fusillade with citizens, and made a successful escape with $4,000. Elaborate receptions were held in honor of the party of 100 Nobles of the Mystic Shrine who have arrived at Manila from Seattle. A counterfeiters' den in the state prison at Joliet, Ill., was discovered. Five convicts who have been making counterfeit five-cent pieces in the machine shop were detected. The nickels were passed in the prison store. Millions of dollars of the resources of city financial institutions were offered to the Bank for Savings of New York when depositors began a run for which the bank's officers could not account except that it might have resulted from malicious rumors circulated by enemies. Frederick W. Vanderbilt's yacht Warrior was wrecked off the northwest coast of Colombia, between Savanilla and Santa Marta. Mr. and Mrs. Vanderbilt and their guests, the duke and duchess of Manchester, were taken off the yacht by the United Fruit steamer Almirante. After two days of conferences with political leaders Thomas Taggart, Indiana's member of the Democratic national committee, issued a formal statement that he would not be a candidate for the United States senate. Rev. G. E. Tidwell, pastor of a Baptist church at Macon, Ga., was killed at his home in East Macon when a pistol dropped from his pocket and exploded as he was leaning down to kiss his two-year-old baby good-by. The temperature at Pittsburgh January 29 reached 72 degrees. Sanford H. Ferree, aged seventy-nine, of Coraopolis, Civil war veteran, was overcome by the heat and died of exhaustion. More than 1,000 unemployed men and women in the Ghetto district of Chicago fought policemen, who, with revolvers drawn, sought to force them to leave mass meetings being held in the streets. Two I. W. W. men, alleged leaders in the rioting, were arrested. Policemen were fired upon by gunmen. The scout cruiser Birmingham was badly damaged by fire at Philadelphia. Fifteen hundred bluejackets fought heroically, and it was by their efforts that the entire reserve fleet was saved from destruction. Donald Patridge, aged eleven, was killed, another boy was fatally hurt and several other boys and two girls were injured when a "bob sled" crashed into a telephone pole at Honesdale, Pa. ### Mexican Revolt


Article from The Idaho Recorder, February 12, 1914

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# Bank Run Abates. New York. The run on the bank for savings began to abate Saturday, after $2,000,000. had been withdrawn by anxious depositors. What started


Article from Iowa State Bystander, January 29, 1915

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# TRAGEDIES CAUSED BY THE TONGUE. They had "heard rumors and became frightened." This was the only reason the panic-stricken depositors would give for their mad rush on the bank for savings in New York a few days ago. The silly gossip of a servant, it was thought, started the rumor that the bank was in difficulties. Although its president stated that the deposits were ninety-seven million dollars, nearly eleven millions of a surplus, and that the largest banks in New York had offered to come to the rescue with fifty million dollars if necessary, yet thousands of men and women crowded one another in their frantic haste to get their money out of one of the soundest institutions in the country! The whole fabric of the business world hangs upon confidence Our vast credit system depends absolutely upon it. Anything which throws the slightest suspicion upon it causes disaster. Nothing else is so sensitive as confidence. And there is noth-


Article from Northern Wisconsin Advertiser, January 29, 1915

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# TRAGEDIES CAUSED BY THE TONGUE. They had "heard rumors and became frightened." This was the only reason the panic-stricken depositors would give for their mad rush on the bank for savings in New York a few days ago. The silly gossip of a servant, it was thought, started the rumor that the bank was in difficulties. Although its president stated that the deposits were ninety-seven million dollars, nearly eleven millions of a surplus, and that the largest banks in New York had offered to come to the rescue with fifty million dollars if necessary, yet thousands of men and women crowded one another in their frantic haste to get their money out of one of the soundest institutions in the country! The whole fabric of the business world hangs upon confidence. Our vast credit system depends absolutely upon it. Anything which throws the slightest suspicion upon it causes disaster. Nothing else is so sensitive as confidence. And there is noth-


Article from Baxter Springs News, February 4, 1915

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Article Text

# TRAGEDIES CAUSED BY THE TONGUE. They had "heard rumors and became frightened." This was the only reason the panic-stricken depositors would give for their mad rush on the bank for savings in New York a few days ago. The silly gossip of a servant, it was thought, started the rumor that the bank was in difficulties. Although its president stated that the deposits were ninety-seven million dollars, nearly eleven millions of a surplus, and that the largest banks in New York had offered to come to the rescue with fifty million dollars if necessary, yet thousands of men and women crowded one another in their frantic haste to get their money out of one of the soundest institutions in the country! The whole fabric of the business world hangs upon confidence. Our vast credit system depends absolutely upon it. Anything which throws the slightest suspicion upon it causes disaster. Nothing else is so sensitive as confidence. And there is noth-