15904. German Savings Bank (New York, NY)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
August 4, 1914
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
a643c941

Response Measures

None

Description

Multiple contemporaneous articles report a run (over 1,000 depositors) on the German Savings Bank in early August 1914 triggered by a rumor the bank would assist Germany. The bank limited withdrawals via the agreed 60-day/30/60 rule (allowing $100 immediately). No suspension, receivership, or permanent closure is mentioned; reports describe the bank operating under withdrawal restrictions, so classified as run_only.

Events (1)
1. August 4, 1914 Run
Cause
Rumor Or Misinformation
Cause Details
Rumor spread that the bank purposed to assist Germany in the European war crisis by advancing funds, prompting heavy withdrawals.
Measures
Bank and savings banks enforced 60-day/30/60 withdrawal notice; immediate withdrawals limited to $100.
Newspaper Excerpt
More than 1,000 depositors gathered today at the German Savings Bank, one of the largest in the city, forming a line; four abreast, for a block and a half. Each was allowed to withdraw only $100, and those who sought more funds were required to file the sixty-day notices agreed upon by all savings banks in the state.
Source
newspapers

Newspaper Articles (6)
1. August 4, 1914 Evening Star Washington, DC
Article from Evening Star, August 4, 1914

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Article Text

FINANCIAL HORIZON IS NOW ALL CLEAR New York Settles Down to Further Calm and Quiet. WHOLE U. S. IS SERENE, VIEW OF THE LEADERS Brokers Make Deliveries of Stock, Although Not Obliged to Do So. NEW YORK. August 4.-Conditions in the financial district settled down to further calm and quiet today. Measures taken yesterday to safeguard the general situation, including the issuance of clearing house certificates and the receipt of emergency currency from Washington for distribution among local banks, were found to be increasingly effective. Some $45,000,000 is now available and more is expected in the course of the week. The National City Bank today took out $10,000,000 of this and applied for an additional $5,000,000. Leading financial interests expressed the opinion that the situation so far as It affects the principal financial centers of this country was under control. At the clearing house the banks of the association were conducting their businëss as usual, with the sole difference that all debts were being settled with certificates. Stock Exchange Ruling. A special committee of five members of the stock exchange appointed to consider questions connected with the closing of the exchange announced that the resolution of the governing committee suspending deliveries until further notice did not mean that settlement should not be made by mutual consent whenever feasible. Brokers made deliveries of stock whereever possible, although the ruling of the governors freed them from that obligation. Incipient runs on private banks on the East Side were quickly checked by the enforcement of the thirty-day withdrawal notice. One such institution was closed by the state banking department. This was the fourth private bank to be taken over by the state since the announcement of the European war crisis. Sixty-Day Clause Enforced. More than 1,000 depositors gathered today at the German Savings Bank, one of the iargest in the city, forming a line; four abreast, for a block and a half. Each was allowed to withdraw only $100, and those who sought more funds were required to file the sixty-day notices agreed upon by all savings banks in the state. Most of the depositors of the bank are Germans and Slavs. The run was started. it was said, by the spreading of a rumor that the bank purposed to assist Germany in the present crisis by advancing funds.

2. August 4, 1914 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, August 4, 1914

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Article Text

ADDS A BILLION Amendment to Banking Law Expanding the Currency. Emergency Money Is Being Distributed From Washington. Washington, Aug. 4.-Amendments to the bank law extending issues of currency to 125, per cent of capital and surplus of banks and trust companies in the federal reserve system, were finally passed in the house today. More than a billion dollars will be available for additional circulation. The senate promptly agreed to the amendments, which then went to the White House for President Wilson's signature. Run on a Bank. New York, Aug. 4.-More than 1,000 depositors gathered today at the German Savings bank, one of the largest in the city, forming a line, four abreast, for a block and a half. Each was allowed to withdraw only $100 and those who sought more funds was requested to sill he sixty day notice agreed upon by all savings banks in the state. Most of the depositors of the bank are Germans and Slavs. The run was started, it was said, by the spreadinggg of a rumor that the bank purposed to assist Germany in the present crisis by advancing funds. Incipient runs on private banks on the East side were quickly checked by the enfocement of the thirty day withdrawal notice. One such institution was closed by the state banking department. This was the fourth private bank to be taken over by the state since the announcement of the European war crisis.

3. August 5, 1914 New-York Tribune New York, NY
Article from New-York Tribune, August 5, 1914

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Article Text

CASH POURS INTO POSTAL SAVINGS Former Record of $31,000 in City Jumps in One Day to $80,000. Postal savings banks are feeling the effect of the war in Europe more than any other financial institutions, according to figures computed in the last few days showing the excess of deposits over normal business. Until Saturday $31,000 had been the high mark for one day's deposits in the forty branches here. On that day they reached $80,000. More than $16,000 was turned away because of the limitation of deposits to $100 a month and the $500 limit on individual accounts. Monday's total, only partially comnuted yesterday, showed an increase of nearly $30,000 over Saturday. Only $3,000 was drawn out on Saturday. Most of this money has come from banks, particularly the private institutions largely patronized by foreigners. In addition to these amounts thousands of dollars that have not been banked at all have been intrusted to the government, according to one of the receiving tellers in a postal branch yesterday. The German Savings Bank, which had a run on Monday, gave a woman depositor a check for $1,700 on the First National Bank. She tried to get the government to take care of it for her. As no trust deposits are accepted by the postal banks she carried her check away with her. On Saturday a Hungarian offered $10,000 in gold and other currency. The foreign money order department at the postoffice has been doing a rushing business lately. Orders from Washington have limited to $100 the amount which may be transmitted to one individual. Manhattan and The Bronx certified $147,000 on Saturday for payment abroad. Brooklyn reports the same unusual increase in postal bank business. A total of $23,000 was deposited there on Saturday and $17,000 came in yesterday.

4. August 5, 1914 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, August 5, 1914

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Article Text

LATE WAR BULLETINS ondon. August 4.-In the event of tions imposed by the withdrawal of liners as a result of the war. Should Great Britain will take over all all the big British. German and French ships now building in England for ships be tied up. at least one transatlantic mail a week would bei assured ign powers, including two Turkish by American steamers Ships flying adnaughts which are about comthe Italian, Dutch, Norwegian or Swedish flags also would be available. The ed. Work is being pushed on all international money order service beish vessels in the hands of builders tween the United States and Belgium repairers. today was suspended at Belgium's re quest. Igiers. August 4.-According to an fficial report a French fleet has The Hague, August The army paraded past the palace today. Queen tured two German cruisers, the GoeWilhelmina reviewed the troops from and Breslau. balcony. aris, August 4.-A Havas dispatch London. August -Servian mobiliza tion has been completed, according to n Alglers says it is reported that Nish dispatch to the Exchange Telench warships have sunk the Gergraph company. a cruiser Panther. The Servian government has prohib ited the sending of press dispatches, aris, August 4.-A German detachwhich is taken as a prelude to the Servian invasion of Bosnia. t today entered the village of neville, in the department of MeurNew York, August The steamship Frederick VIII. sailing August 12 to et Moselle, A parish priest was Copenhagen and Scandinavian ports, ed. will accept passengers only subjects of Norway, Sweden and Denmark and russels. August 4.-News has American citizens. ched here that the Germans are lling Liege and Namur, Montreal, August 4.-The steamer Victorian of the Allen line sailed from here ondon. August 4.-A special issue of today for England with numbers of British and French army and navy reservLondon Gazette this evening proists. ms a sort of martial law in the tish Isles. Toronto, August 4.-Orders were received from Ottawa tonight to detail suf Washington, August 4.-The Senate ficient troops to guarantee the Welland mittee favorably reported the bill canal and locks. bring foreign ships under American New York, August 4.-Fifty litres of istry. It will be passed. tetanus serum for use in gunshot wounds among Austrian soldiers are being obokio, August 4.-The Japanese fortained from horses at the city's labora11 office today issued a statement tory at Otisville, N. Y., to fill a rush t If war extends to the far east, and order received today by the city health gland is involved in it, Japan may authorities from the Vienna serum institute. The serum is expected to be ready ertheless find It necessary to parby Saturday. pate in fulfillment of the Angloanese alliance. London, August Twenty-three steamers are being held at Gibraltar and the ondon. August 4.-Vice Admiral Sir Cunard liner, Ivernia, now due there, n Jellico today assumed supreme also will be detained. Sailing of the mand of the British home fleets White Star stcamer O. eanic from Southh the acting rank of admiral. ampton, August 12. has been canceled New York, August -John C. Porte, ondon, August 4.-Turkey has inBritish navy ileutenant. chosen to pilot med Great Britain that the forces of the Wanamaker flying toat Araerica in Ottoman empire are being mobilan attempted transatlance flight, today 1. The mobilization, Turkeys says, booked passage on the Lusitania, due to 1 precautionary measure and Turkey sail at midnight Lieutenant Porte is a I remain absolutely neutral. British reservist. The Aero Club of America tonight announced Glenn H. Curtiss Washington, August 4.-Secretary would pilot the America if a flight were attempted. Adoo today instructed the customs lector at Portland, Me., to wrive New York, August 4.-More than 1000 ulations and allow both passengers depositors gathered today at the Ger1 freight to be landed at Bar Harbor man Savings bank. Each was allowed m the steamer Kronprinzessin Ceto withdraw only $100 and those who le. sought more were required to file the 60-day notice, agreed upon by all sav ings banks in the state. ordeaux. France, August 4.-Two man steamers in this port have been zed. Newcastle England, August 4 -Some co-operative stores here have closed owing to the abnormal demand for food ondon. August 4.-The British adalty officially announces that the More orders for provisions were received ernment bas taken over the two than could be filled. In the poorer dis. tleships-one completed and the othtricts people already are suffering nearly completed-ordered in EugGeneva, Switzerland, August -Amerid by Turkey, and two destroyers ered by Chile. The battleships have cans stranded here who telegraphed to their homes two days ago have received n named the Erin and Agincourt, no replies presumably because telegraph Boston, August 4.-The Cunard liner lines in France and Germany are in the anoenia detained here because of the hands of the military. Hotel keepers are crediting Americans ropean crisis will sail for Liverpool ight or early tomorrow. She will freely. ry only a few passengers. No aliens 1 be allowed in the second or third Chicago, August -Condemnation of HN cabins. the European powers engaged in war and a demand that the United States act as Brussels, August 4.-The chamber tomediator are contained in a proclamaappropriated $40,000,000 for detion issued today by the national commitse. tee of the socialist party. The statement also calls on foreignborn working men in the United States Kansas City, Aust The European r probably will prevent this year's whose home governments are at war, to ernational balloon race for the Benhold joint meetings for the purpose of t trophy planned to start from here "emphasizing the fraternity of working ober 6. The Kansas City Aero club people, irrespective of color, creed, race ight telegraphed the Aero Club of and nationality. erica recommending the race be stponed. New York, August 4.-A conference to 'ifteen leading balloonists of Europlan for the care of thousands ol reservists in countries and America had enpouring into this city will be held tomored the race. row between federal immigration officials, the state board of charities and the city New York. August 4.-It will be an. department of charities. er month before the Aero Club of Those of the reservists whose funds are erica will decide definitely whether limited have been cared for by various call off this year's international balimmigrant homes, which are not expected n race, Alan R. Hawley, president to be able to meet the situation much the club, announced today. longer, unassisted. eattle, August -The British steamBerne, Switzerland, August -Pleasant Titan, which was to have sailed from A. Stovall, American minister and Amerittle for Liverpool via the orient can consuls throughout Switzerland, are horrow with a million dollar cargo doing all in their power to aid American been ordered to remain here tourists. Trains for Italy are running irregularly. ortland, Ore., August R. It is difficult to estimate the number ry of the British bark Howth reof Americans in the country, but it prob ed orders today to remain at this ably exceeds 10,000. t until further orders. The Howth ded with lumber was to sail for St. John's N. F., August 4 The govgland tomorrow. ernor of the French Island of Miqualon has been notified to take no further an Francisco. August -Wireless steps to mobilize the reservists there, or ices received here today from the the fishermen on the Grand Banks. This erican flagship California report announcement was made here today by t the German cruiser Leipsig still the French consul. 3 at Mazatlan last night. Brussels, August 4.--It is reported okio, August 4.-The Japanese here that following a demand by the iser Chiyoda at Kure has been or Germans for the surrender of the city ed to proceed hurriedly to south in of Liege an engagement ensued na waters. which the Germans were repulsed All Germans have been expelled from ondon, August 4.-The HamburgLiege and Namur. erican liner Belgia, from Boston July for Hamburg, arrived off the English Rome. August 4.-Three decrees of st today. The captain said he was the government have been published, rt of coal, but it is supposed he feared the first authorizing savings banks to would be captured by French cruisers e entered the English channel. russels. August Queen Elizabeth Princess Marie left Brussels today Antwerp.

5. August 12, 1914 Vernon County Censor Viroqua, WI
Article from Vernon County Censor, August 12, 1914

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MONEY MEASURE PROVES WINNER Both Houses Pass Billion Dollar Compromise Bill. CURRENCY LAW IS DISCUSSED Secretary McAdoo Favors International Clearing House to Insure Disposition of Crops in Foreign Markets. Washington, Aug. 6.-Amendments to the bank law extending issues of currency to 125 per cent of capital and surplus of banks and trust companies in the federal reserve system, were finally passed in the house on Tuesday. More than a billion dollars will be available for additional circulation. The senate promptly agreed to the amendments, which then went to the White House for President Wilson's signature. A special meeting of the cabinet was being held at the White House while congress discussed the currency law. Secretary McAdoo brought up the subject of an international clearing house association, in which the United States and European nations should hold membership as one method by which this country might insure the disposition of its wheat and cotton crops in foreign markets. With the banks of the country fortified with millions of additional currency, officials feel that the immediate problem is how to take care of the crops. The establishment of an international association and the resumption of trade, it was pointed out, would not only result in the sale of American crops, but would tend to bring back much of the gold recently exported. The senate bill to authorize the secretary of the navy to establish naval lines to carry mail, passengers and freight to South America and Europe was up for passage in the house. Details of the plan, the object of which is the development of American trade with South America, are to be worked out by the navy department after the bill has been signed by the president. Secretary Daniels already has informed Chairman Tillman of the senate naval affairs committee that five fast cruisers, two fast scout cruisers, two transports, two Panama railroad steamers and five colliers are available for South American and European service. New York, Aug. 6.-Conditions in the financial district settled down to further calm on Tuesday. Measures taken to safeguard the general situation, including the issuance of clearing house certificates and the receipt of emergency currency from Washington for distribution among local banks, were found to be increasingly effective. Distribution of the emergency currency was resumed at the subtreasury. Some $45,000,000 is now available and more is expected in the course of the week. The National City. bank on Tuesday took out $10,000,000 of this and applied for an additional $5,000,000. More than one thousand depositors gathered at the German Savings bank, one of the largest in the city, forming a line, four abreast, for a block and a half. Each was allowed to withdraw only $100 and those who sought more funds were required to file the 60-day notice agreed upon by all savings banks in the state.

6. August 13, 1914 Wood County Reporter Wisconsin Rapids, WI
Article from Wood County Reporter, August 13, 1914

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Article Text

MONEY MEASURE PROVES WINNER Both Houses Pass Billion Dollar Compromise Bill. CURRENCY LAW IS DISCUSSED Secretary McAdoo Favors Internation al Clearing House to Insure Disposition of Crops in For eign Markets. Washington, Aug. 6.-Amendments to the bank law extending issues of currency to 125 per cent of capital and surplus of banks and trust companies in the federal reserve system, were finally passed in the house on Tuesday. More than a billion dollars will be available for additional circulation. The senate promptly agreed to the amendments, which then went to the White House for President Wilson's signature. A special meeting of the cabinet was being held at the White House while congress discussed the currency law. Secretary McAdoo brought up the subject of an international clearing house association, in which the United States and European nations should hold membership as one method by which this country might insure the disposition of its wheat and cotton crops in foreign markets. With the banks of the country fortified with millions of additional currency, officials feel that the immediate problem is how to take care of the crops. The establishment of an international association and the resumption of trade, it was pointed out, would not only result in the sale of American crops, but would tend to bring back much of the gold recently exported. The senate bill to authorize the secretary of the navy to establish naval lines to carry mail, passengers and freight to South America and Europe was up for passage in the house. Details of the plan, the object of which is the development of American trade with South America, are to be worked out by the navy department after the bill has been signed by the president. Secretary Daniels already has informed Chairman Tillman of the senate naval affairs committee that five fast cruisers, two fast scout cruisers, two transports, two Panama railroad steamers and five colliers are available for South American and European service. New York, Aug. 6.-Conditions in the financial district settled down to further calm on Tuesday. Measures taken to safeguard the general situation, including the issuance of clearing house certificates and the receipt of emergency currency from Washington for distribution among local banks. were found to be increasingly effective. Distribution of the emergency currency was resumed at the subtreasury. Some $45,000,000 is now available and more is expected in the course of the week. The National City bank on Tuesday took out $10,000,000 of this and applied for an additional $5,000,000. More than one thousand depositors gathered at the German Savings bank, one of the largest in the city, forming a line, four abreast, for a block and a half. Each was allowed to withdraw only $100 and those who sought more funds were required to file the 60-day notice agreed upon by all savings banks in the state.