South Brooklyn Savings Institution (New York, NY)

Episode Information

Episode UID
1035171123
Episode Type
Run Only
Bank Type
savings
Bank ID
103517 routing
Routing Number
1-0351
Start Date
July 31, 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
cf100fa6dbd9b95f

Response Measures

None

Description

Runs described as 'slight' tied to banks enforcing 30/60-day notice in late July 1893.

Events (1)
1. July 31, 1893 Run
Cause
Macro News
Cause Details
Banks enforced thirty/sixty-day notice amid widespread withdrawals and panic, provoking depositors to attempt immediate withdrawals.
Measures
Bank put into operation the thirty and sixty day rule (time clause) to restrict large withdrawals.
Newspaper Excerpt
There were slight runs on the South Brooklyn Savings institution
Source
newspapers

Newspaper Articles (11)
1. July 29, 1893 Evening Star Washington, DC
Article from Evening Star, July 29, 1893

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Article Text

IT CAUSED A RUN. Effect of the Decision of the New York Brooklyn Savings Bank Presidents. BROOKLYN, N. Y., July --There is . slight run on the Brooklyn Savings Bank. About 100 people are in line. The run 18 caused by the action of the savings hank presidents yesterday requiring thirty days notice. Cashier Flandreau said the bank was in good condition and all depositors who demand their money today will be paid in full. The Dime Savings Bank and the South Brooklyn Savings Bank both put into open. ation today the thirty and sixty day rule, The General Savings Bank of Kings county announces that they will put the same rule into operation on Monday morning, All of the savings banks of Kings county will probably do the same. Able to Stand Runs. TRENTON, N. J., July 29.-A run come menced this morning on the Trenton Savings Bank and by noon about $30,000 was paid out. The bank is one of the strongest in the state, having 8. clean surplus of $268,000. The money paid out this morning was in new silver dollars just received from the Philadelphia mint. All the Trenton banks are in excellent shape and no suspensions will occur. NEWARK. N. J., July 29.-There is . slight run today on the Howard Savings Institution of this city. A long double line of depositors has been passing in front of the paying teller's window all the morning. The officers of the bank say that they have plenty of money on hand to pay all demands. The Howard is the strongest savings bank in the city.

2. July 30, 1893 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, July 30, 1893

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Article Text

absurd to suppose that the people who are depositors in our banks buy securities in Wall street. They board the greater Dart of the cash, making it of no use to any one. We have of late been sending to down-town banks and trust companies every day or two for $50,000, $25,000 and $40,000. This made our drain eventually a drag on the whole money market. Our action, or rather our advised course, will thus put a stop in a measure to one hole in the community's cash resources." BROOKLYN, July 29.-There was to-day a run on the Brooklyn Savings Bank. The Dime Savings Bank of Brooklyn. and the South Brooklyn Savings Bank were both compelled to put into operation to-day the thirty and eixty-day rule. The Germania Savings Bank of Kings county announces that they will put the same rule into operation on Monday morning.

3. July 31, 1893 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, July 31, 1893

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Article Text

the banks claimed the privilege of using the time clause, sil, in comparatively few instances, was it applied. There uid not seem to be any run anywhere. In Brooklyn the effect was somewhat different and the notice caused several "runs" The greatest was on the Brooklyn Savings bank. When the doors opened this morning no enermous crowd was as waiting to draw money. Thrests we re made, but AB these were of no avail, the crowd went away in an ugly mood. There were also slight runs on South Brooklyn Havings institution and the Dime Savings bank.

4. August 1, 1893 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, August 1, 1893

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ACTION OF BANKS. Some Post the Sixty Days' Notice and Others Fail to Open Their Doors. FALL RIVER, Mase., July 31 morning the four savings banks of the city took advantage of their by-laws to prevent any further withdrawale of deposits. Hereafter until further notice is given deposit ors will not be allowed to withdraw large sums except after having given 30 or 60 days' notice. In some banks the amount is $50 and in others the amount is $100. This action was necessitated as a result of heavy withdrawals during the past two weeks, but more particularly during the past few days. It is said that last week the withdrawals were $100,000 in xcess of the deposits. BROOKLYN, N. Y., July 31.-The sixty days notice order of the Brooklyn banks, compelling depositors to give notice before they could withdraw their deposits, caused several runs on the savings banks to-day. The greatest run was on the Brooklyn Savings bank. When the doors of the bank opened at 10 o'clock this morning an enormous crowd was waiting to draw its money. When they entered the bank they found notices posted on the walls compelling depositors to give eixty days' notice before they could draw their money. Great indignation was caused by these notices. Threats were made, but as these were of no avail the crowd went away in an ugly mood. Slight runs were also made on the South Brooklyn Savings institution and on the Dime Savings bank. UPPER SANDUSKY, O., July 31.-The Wyandotte County bank went into the hands of 8 receiver this morning. The bank officials claim the assets are sufficient to pay depositors three times over. CEDAR RAPIDS, Ia., July 31.-A. Daniels & Co., private bankers at Marion, made an assignment to C. H. Kuriz. The property is valued at $200,000 for the: benefit of all their creditors. PORTLAND, Ore., July 31.-The First National bank of East Portland failed to open its doors this morning. The officers of the bank say the suspension is temporary. A statement published July 12 shows resources of $300,000 and deposits of $150,000. THE DALLES, July 31.-The First National bank closed its doors this morning. The suspension is due to the closing of the Commercial National bank of Portland. PENDLETON, Ore., July 31.-The Pendleton Savings bank has temporarily suspended, Assets, $250,000; liabilities, $135,000. WORCESTER, Mass., July 31.-The Worcester savings banks give notice to-night that beginning to-morrow they will, in common with the majority of the savings banks throughout the state, enforce the provisions of their by-laws which requires notice of withdrawal of amounts exceeding $50.

5. August 1, 1893 The Helena Independent Helena, MT
Article from The Helena Independent, August 1, 1893

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Article Text

TO PREVENT HOARDING. New York Savings Banks Require the Time Limit. NEW YORK, July 31.-This morning the savings banks of the eit% as a rule, began to take advantage of the sixty-day time classe, where largo amounts are concerned. to check the withdrawal of money for boarding or in senseless fright. but while nearly all the banks claimed the privilege of the time olanse, still in comparatively few instances was is applied. There did not seem to be any run anywhere. In Brooklyn the effect was somewhat different and the notice caused several rans. The greatest was on the Brooklyn Savings bank. When the doors opened this morning an enormous orowd were waiting to draw money. Threats were made. but as these were of no avail the crowd went away in an ugly mood. There were slight rune also on the South Brooklyn Savings institution and the Dime Savings bank. KANSAS CITY, July 31.-The Missouri National bank resumed business this morning, having fully recovered from the effects of the senseless panic which caused its suspension two weeks ago. CEDAR RAPIDS, Iows, July 81.-A. Daniels & Co., private bankers at Marion, have made an assignment. It is believed all will be paid in full and the bank be open in a few days. PORTLAND, Ore., July 81.-The First National bank of East Portland failed. Officers say the suspension is temporary. Resources, July 12, $325,000, deposits $160,000. AKRON, O., July 31.-The Akron Savings bank went into the hands of a receiver this morning. Capital $200,000, reserve $50,000, surplus $18,000. Will pay in full. THE DALLES, Ore., July 31.-The First National bank failed this morning, due to closing of the Commercial National bank of Portland. HORNELLSVILLE, N. Y., July 81.-N. M. Craneland, a private banker, failed this morning. Assets ar said to exceed liabilities. SPRINGFIELD, Mo., July 31.-The Springfield Savings bank failed this morning. Deposits $100,00. capital $25,000; will pay in full. PENDLETON, Ore.. July 31.-The Pendleton Savinge bank has temporarily suspended. Assets $250.000, liabilities $135,000. ASHLAND. Wis., July 1.-The First National bank failed this morning, owing to the steady drain on deposits.

6. August 1, 1893 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, August 1, 1893

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NEW YORK SAVINGS BANKS. General Confidence in Them-Taking Precautionary Measures. NEW YORK, July 31.-With this morning the savings banks of this city, as a rule, began to take advantage of the sixty day time clause. That is, the bank officials made use of the prerogative in cases where large amounts were concerned, or where such action was deemed necessary to check the withdrawal of money for hoarding or in senseless fright. But while nearly all the banks claimed the privilege of using the time clause, still in comparatively few instances was it applied. A visit to the principal savings banks of this city this morning disclosed the fact that about the usual amount of business was being done, Perhaps a trifle more than the usual number of depositors were waiting their turns to draw money, but on the other hand, in most of the banks, there were corresponding lines of persons anxious to deposit money. The general impression seemed to be one of confidence in the banks. There did not seem to be anything like a "run" anywhere in this-city. In Brooklyn the effect was somewhat different and the notice caused several runs. The greatest was on the Brooklyn Savings Banks. When the doors of the bank opened a crowd was waiting to draw its money. Threats were made, but as these were of no avail the crowd went away in an ugly mood. Slight runs were also made on the South Brooklyn Savings Institution and on the Dime Savings Bank.

7. August 1, 1893 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, August 1, 1893

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SAVINGS BANK IN NEW YORK. New York, July 31.-This morning the savings bank of this city as a rule began to take advantage of the 60 Γ sy time clause. There did not seem to be any run anywhere. In Brooklyn the effect was somewhat different, and the notice caused several "uns. The greatest was on the Brooklyn Savings bank. A slight run was also made on the South Brooklyn Savings institution, and the Dime Savings bank.

8. August 1, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, August 1, 1893

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RUN ON A SAVINGS BANKS. Brooklyn Banks Suffer from the Senseless Fright. NEW YORK, July morning the savings banks of this city, as a rule, began to take advantage of the sixty day time clause, where large amounts are concerned, or to check the withdrawal of money for hoarding or in senseless fright, but while nearly all banks claimed the privilege of using the time clause still in comparitively few instances was it applied. There did not seem to be any run anywhere. In Brooklyn the effect was somewhat different, and the notice caused several "runs," the greatest of which was on the Brooklyn Savings bank. When the doors opened this morning an enormous crowd was waiting to draw their money. Threats were made but as these were of no avail, the crowd went away in an ugly mood. Slight runs were also made on South Brooklyn Savings institution and the Dime Savings bank. The withdrawal of deposits at many of the city savings banks were quite heavy and the presidents pointed to the lines waiting at the windows as proof of the wisdom of the action in enforcing the sixty-day clause as advised on Monday, because while it brought depositors there, the notice prevented excited runs, which would have followed unconcerted action.

9. August 2, 1893 The Indiana State Sentinel Indianapolis, IN
Article from The Indiana State Sentinel, August 2, 1893

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NEW YORK, July 31.-With 1 this morning the savings banks of this city, as a rule, began to take advantage of the sixty-day time clause, that Is the bank officials made use of the prerogative in cases where large amounts were concerned or where such action was deemed necessary to check the withdrawal of money. But while nearly all the banks claimed the privilege of using the time clause, still, in comparatively few instances was it used. A visit to the principal savings banks of this city this morning disclosed the fact that about the usual amount of business was being done, perhaps a trifle more than the average number of deposItors were waiting their turns to draw' money. But on the other hand in most of the banks there were corresponding lines of persons anxious to deposit money. The general impression seemed to be one of confidence in the banks. There did not seem to be anything like a run anywhere in this city. In Brooklyn the effect was somewhat different and the notice caused several runs. The greatest was on the Brooklyn savings bank. When the doors of the bank opened at 10 this morning an enormous crowd was waiting to draw its money. Threats were made, but as these were of no avail the crowd went away in an ugly mood. Slight runs were also made on the South Brooklyn savings institution and on the Dime savings. Call money was offered at 1/3 per cent. per diem and legal interest, but there was very little to be had at that rate until today, when a decline to 6 per cent. per annum took place. There is no time money nor is there anything doing in mercantile paper to speak of. There was a big demand at the subtreasury for transfer of silver dollars

10. August 3, 1893 Audubon County Republican Audubon, IA
Article from Audubon County Republican, August 3, 1893

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MNON ON JMH POSITORS IN NEW AVINGS BANKS MUST WAIT reats Made When the Disappoin Fage-Workers Find the Banks The da 9419 10 orant Depositors" Whoare Clamori TEW YORK, Aug. 2.--The withdrav am Jo Savu 18 deposits ings banks yesterday te heavy, and the preside nted to the lines waiting at idows as proof of the wisdom of ion advised on Monday, ile it brought the depositors 1 notice prevented excited ich would have followed ted action. It showed also the banks will have to take e of the legal allowance under proviston. notice slass & n Brooklyn the effect was at different, and the notice eral "runs." The greatest was " "rueq s.Sujaus Brookly : doors of the bank opened at lock in the morning an enorme wd was waiting to draw its reats were made, but as these no avail, the erowd went away in ly mood. Slight runs и ere also the South Brooklyn savings ion and on the Dime savings . Harsen Rhoades chairman of entive committee of the sru I the state of New York, t he knew that all the nks were in good condition as to h reserve. and that he thought re currency would be drawn : deposit banks for a long time. tinued: I. Harsen Rhoades, chairman of e tive committee of the nks of the sta'e of New York, t he knew that all the nks were in good condition as to h reserved, and that he thought re currency would be drawn : deposit banks for a long time. tinued: 'You see that the drain we en experiencing for the last two ree weeks is still in force. ws how timely and expedient r decision. Early in June 1 t the savings banks were in idition and would probably soon le to return their large Idings But from that time on thdrawals increased slowly, y, from day to day. But they steady and gained such volume e whole aspect of things inged The start was not d it took its rise among the more ligent depositors of large at accounts for the gradual ter of the growth of the disqui ey read the papers and become ou 7ⁿg 0.0 11 p si there any indication of a panie ling. To-day the line is the have had and you see how erybody is. There are more

11. August 8, 1893 The Atlanta Constitution Atlanta, GA
Article from The Atlanta Constitution, August 8, 1893

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THE SIXTY DAYS' NOTICE. New York Banks Take Advantage of It Several Small Runs. New York, July 31.-With this morning the savings banks of this city, as a rule, began to take advantage of the sixty days' time clause. that is. the bank officials made use of the prerogative where large amounts were concerned or where such action was deemed necessary to check the withdrawal of money for hoarding or in senseless fright. But, while nearly all the banks claimed the priv. ilege of using the time clause, still. in comparatively few instances. was it applied. In Brooklyn the effect was somewhat different and the notice caused several runs. The greatest was on the Brooklyn Savings bank. When the doors of the bank were opened at 10 o'clock this morning an enormous crowd was waiting to draw its money. Threats were made, but as these were of no avail the crowd went away in an ugly mood. Slight runs were also made on the South Brooklyn Savings institution and on the Dime Savings bank.