Dollar Savings Bank (Bronx, NY)

Episode Information

Episode UID
4920492591294
Episode Type
Run Only
Bank Type
savings
Bank ID
492049259 hash
Start Date
October 23, 1907
Location
Bronx, New York (40.850, -73.866)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d51a2d7a6b6e3d90

Response Measures

None

Events (1)
1. October 23, 1907 Run
Cause
Rumor Or Misinformation
Cause Details
Depositors confused the Dollar Savings Bank with the adjacent Knickerbocker Trust branch that had suspended, triggering withdrawals.
Random Run
Yes
Random Run Snippet
mistaken belief Dollar bank had failed; corrected by interpreter/display of cash
Measures
Opened early and paid depositors; displayed large quantities of currency and paid out to calm crowd.
Newspaper Excerpt
Italians... started a run on the Dollar Savings bank in the Bronx.
Source
newspapers

Newspaper Articles (10)
1. October 23, 1907 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, October 23, 1907

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Article Text

Waiting in Line. New York, Oct 23.-At the Colonial branch of the Trust Company of Amberica. in the St Paul building on Broadway. more than a hundred persons were in line shortly before 10 o'clock for the doors to open. Secretary of the Treasury Cortelyou arrived at the sub-treasury at 9:40 a. m. to-day and announced that he would make his headquarters there for the day. Italian depositors who yesterday started a run on the Dollar Savings bank in the Bronx. were waiting at the doors of that institution to the number of 100 before the bank opened for business to-day. The Dollar Savings bank is nearby the Bronx branch of the Knickerbocker Trust company and the Italians became alarmed by the run on the trust company's branch. The crowd in front of the main office of the Trust Company of America grew rapidly. At 9:30 it numbered more than 300 persons.

2. October 24, 1907 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, October 24, 1907

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the company as last reported were in excess of $70,000,000. Several millions withdrawn today but funds to satisfy every claim were said to be at hand. This was the only run of imporlance today, and this fact was an encouraging feature. The depositors in the Dollar Savings Bank in the Bronx, of which borough President John Hafien is the head, became uneasy over he general situation and many clamorfor their money. These depositors vere chiefly foreigners who had confused the Knickerbocker Trust Co's: Bronx branch with their own instituion. The run, for which there was absolutely no excuse, ended at once. when explanations were made This flurry over, things looked still better, as the minfor ned element among depositors was regarded as hard to control in times of excitement. The Clearing House report was also lawerable today. Apparently the national banks have passed the crisis and those which have required assistince gave evidence today of being able help themselves. James G. Cannon, rice president of the Fourth National Bank and a member of the Clearing House committee appointed to examthe national banks that have been under criticism. announced today that condition of the banks as shown at Clearing House was first-class. Almough a few of them might have to assisted further, he said that conlitions were tast becoming normal. The action of the Knickerbocke Trust Co., which suspended yesterday, re-open today did not exercise such adverse influence on the general situation as might have been expected and the early action of Acting Superintendent of Banks Skinner in taking possession of the institution on the adof the attorney general gave rise a feeling of relief. as it was felt that the state officials would make the most out of the situation. It is said to a question whether the institution will ever re-open, at least under the present management. Another favorable development tolay was a sort of tacit uderstanding between the banks and the members of the Stock Exchange to aid each othbanks by loaning money at somehing like normal rates, and the tradby preventing the bottom dropping of prices on the exchange. Though cail money ruled nominally at 70 per

3. October 24, 1907 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, October 24, 1907

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Article Text

feature. The depositors in the Dollar Savings bank in the Bronx, of which Borough President John Haffen is the head, became uneasy over the general and many under situation money today clamored impression for their that their deposits were in jeopardy. These depositors were chiefly foreigners who had confused the situation yesterday of the run on the Knickerbocker Trust company's Bronx branch with their own institution. Officials of the latter institution explained matters and the run, for which there was absolutely no excuse, ended at once. This flurry over things looked still better as the uninformed element among depositors was regarded as hard to control in times of general excitment. The clearing house report was also favorable today. Apparently the national banks have passed the crisis and those which have required assistance gave evidence today of being able to take care of themselves. Another favorable development today was a sort of tacit understanding between the banks and the members of the stock exchange to aid each other's banks by loaning money at something like normal rates, and the traders by preventing the bottom dropping out of prices on the exchange. Though call money ruled nominally at 70 per cent today, and the fnal/accommodation was se90 cent, of the recured day several at per biggest throughout banks the newed loans at 6 per cent, and millions out at half have been that were might let the squeezed interest from rate desperate borrowers. Then, too, minor influences, making for confidence, were at work. Taken as a whole therefore, the day passed much better than had been expected and the promise for tomorrow is for a quiet and better day all around. Review of Accounts. The conferences at the office of J. P. Morgan and Company made a thorough review of the accounts of the Trust Company of America. The company's securities were brought over in wagon loads. carefully scrutinized and it is understood found so satisfactory that the Trust com-, pany will receive assistance should it be needed tomorrow. At the conference, or rather a series of conferences, were present not only all the presidents of the Trust companies concerned, particularly the Trust Company of America. but many other financiers who are interested in the situation in general. Among them were J. P. Morgan. E. H. Harriman, Thomas F. Ryan, H. C. Frick, Paul Morton. George F. Baker, Hamilton Fish. Assistant United States Treasurer, Judge E. Gary (CONTINUED ON PAGE 2.)

4. October 24, 1907 The Laramie Republican Laramie, WY
Article from The Laramie Republican, October 24, 1907

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Deposits Exceed Withdrawals. New York, Oct. 24.-In the first half hour of the business of the Trust Company of America, more money was deposited than was withdrawn. The deposits to 10:30 amounted to more than $900,000. At 10:45 J. P. Morgan, in reply to a question as to the situation, said: "It is all right." Stillman Concurs. James Stillman, president of the National City bank, the largest bank in the United States, who was with Morgan, concurred, saying that the situation was satisfactory. Cortelyou Satisfied. Secretary Cortelyou at 11 o'clock said: "Things look pretty good now. I will remain here some time longer, how long I cannot say. I would have had to be in New York tonight, any way. The rumor that we are short of small bills is unfounded; we have $10,000,000 in small denominations." Suspensions Without Effect. The suspension of payment of three relatively small banking institutions in the outlaying Harlem districts were without any effect whatever on the general financial situation down town. The Empire City Savings bank is a comparatively small organization. State Examiner in Charge. The Twelfth Ward bank is a state institution, and the state bank examiner will have charge of its affairs. Its last statement showed that it owed depositors $3,000,000. Run Continues on Dollar Bank. The run on the Dollar Savings bank in Bronx, which began Tuesday, continued. A large percentage of its depositors are foreigners. Stock Market Stronger. The stock market opened strong and higher. Active buying orders were in the market, but the opening pace proved too rapid. There was a reaction and activity was diminished. Call Money at Fifty. The general level of prices fell below last night. Call money opened at 50 per cent.

5. October 24, 1907 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, October 24, 1907

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Italians Start al Han. New York, Oct. 23.-Hundreds of Italians hearing that "the Bank of 148th Street" had suspended payment, started a run on the branch Dollar Savings Bank which is located next door to the branch institution of the Knickerbocker Trust Company in the Bronx. The Dollar Savings concern's difficule ties lasted only until an interpreter could explain to the alarmed depositors that it was the Knickerbocker and not the Dollar Bank that was in trouble. When the Knickerbooker branch suspended payment the news flashed through the Italian section like a prairie fire. The message was vague-only that the bank in 148th Street could not pay depositors. Hundreds of Italians went to the bank but the quick-witted secretary of the institution, seeing that a mistake was being made, ordered large quantities of currency to be placed where the clamoring crowd could see it. A sight of the money seemed to satisfy the Italians, and the run ended.

6. October 24, 1907 The Caucasian Shreveport, LA
Article from The Caucasian, October 24, 1907

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ITALIANS START RUN. Hundreds of Them Gather In Front of Financial Institution. New York, Oct. 24.-Hundreds of Italians, nearing that the bank at One Hundred and Forty-eighth street had suspended payment started a run on the branch of the Dollar Savings bank here, which is locaed next door to the branch of the institution of the Knickerbocker Trust company in the Bronx. The Dollar Savings bank dif. ficulties lasted only until an inter preter could explain to the alarmed depositors that it was the Knicker bocker and not the Dollar bank that was in trouble.

7. October 24, 1907 New-York Tribune New York, NY
Article from New-York Tribune, October 24, 1907

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RUN ON HAFFEN'S BANK. Savings Withdrawn-Stood Next to Knickerbocker's Bronx Branch. A run, caused solely, according to its trustees, by its position next to The Bronx branch of the Knickerbocker Trust Company, began early yesterday morning on the Dollar Savings Bank of New York, at Third avenue and 148th street. It is said a rumor that "the bank at 148th street and Third avenue" had failed spread through the Little Italy section of The Bronx on Tuesday night. and long before banking hours yesterday morning a mob of Italians, Poles, Scandinavians and Germans had gathered in front of the Dollar Savings Bank. To relieve the fears of the small depositors the bank's doors were opened fifteen minutes before the regular time. and the paying off began at once. John Haffen, the president, declared to all inquirers: "The Dollar Savings Bank is perfectly sound and we are prepared to meet all demands. We have ample capital, and entertain no fear at all." President Haffen had ordered all clerks to be on hand at 7 o'clock, evidently to anticipate a run. As

8. October 24, 1907 Bryan Morning Eagle Bryan, TX
Article from Bryan Morning Eagle, October 24, 1907

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ITALIANS START RUN. Hundreds of Them Gather In Front of Financial Institution. New York, Oct. 23.-Hundreds of Italians, nearing that the bank at One Hundred and Forty-eighth street had suspended payment started a run on the branch of the Dollar Savings bank here, which is locaed next door to the branch of the institution of the Knickerbocker Trust company in the Bronx. The Dollar Savings bank difficulties lasted only until an interpreter could explain to the alarmed depositors that It was the Knicker bocker and not the Dollar bank that was in trouble.

9. October 24, 1907 The Daily Morning Journal and Courier New Haven, CT
Article from The Daily Morning Journal and Courier, October 24, 1907

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CORTELYOU DEPOSITS $25,000,000 (Continued from First Page.) Many of the banking men who had labored day and night recently that the integrity of New York's financial institutions might be maintained, went home early this evening, satisfied that suspected houses which had been found worthy of support had been fortified against incipient runs or other contingencies. Serious minded men who have met the storm in sober mood left their offices smiling and chatting and with a general bearing that spoke volumes to those who are accustomer to read the news of The Street in the faces of its big men. Several factors contributed to this change of feeling. Foremost was the determination reached to-day by men of great influence in the financial world to restore confidence and prevent panic. Conspicuous among these were J. Pierpont Morgan and James Stillmar. president of the National City bank. Throughout the day there were confereneces at the offices of J. P. Morgan & company, and while guarded statements only of what was done at thes$ gatherings were given out during the business hours, the fact that such men were conferring, linked with their known personal standing and financial resources, did much to allay fear for the future. News of these conferences quickly ran through the financial district; allayed the feans of the extremely nervous, and certainly aided the stock market, where this influence brought about a recovery of prices toward the close of a day during which new low levels had been reached. Next in point of influence was the presence at the sub-treasury of Secretary of the Treasury Cortelyou, who not only gave the moral influence of a representative of the government, but during the course of the day caused to be deposited with New York banks a large sum, said to be $10,000,000. Mr. Cortelyou received many callers, and all who conferred with him subsequently appeared to have been reassured. The total resources of the company as last reported were in excess of $70,000,000. Several millions were withdrawn to-day, but funds to satisfy every claim were said to be at hand. S This was the only run of importance to-day, and this fact was an encouraging feature. The depositors of the Dollar Savings bank in the Bronx, of which Borough President John Haffen is the head, became uneasy over the general situation and many clamored for their money. These depositors were chiefly foreigners who had confused the Knickerbocker Trust company's Bronx branch with their own institution.

10. November 10, 1907 The Washington Herald Washington, DC
Article from The Washington Herald, November 10, 1907

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PROPINQUITY STARTS A RUN. Mistake of Caption Writer Also Gives Harlem Bank Trouble. One of the runs of the period that has just gone into history. that on the Dollar Savings Bank, in The Bronx, had a haphazard start. Its banking house was next to the Bronx branch of the Knickerbocker Trust. When that closed its doors the rum spread that the savings bank was in trouble. Propinquity, in this case, says the New York Tribune, caused the Dollar Bank people no end of trouble for five days, but they weathered the storm nobly. This run, with the aid of a careless caption writer on a morning newspaper, caused a vigorous run on the Harlem Savings Bank, one of the oldest and stanchest institutions above One Hundredth street. The newspaper, in describing a photograph of a run on the Dollar Bank, in The Bronx, said that depositors were raiding a Harlem savings bank. That was enough for the foreign born element among the depositors, and they swooped down for their savings. Foreign-born depositors predominate at both these banks, and the runs became lines of all nations. They were more picturesque than those of the trust company depositors. They jabbered their troubles to the housetops. The women cried or laughed altérnately in a money fear hysteria. One and all besought policemen and reporters to slip them into the bank ahead of the rest. Many of this foreign crowd were so excited that they would accept nothing but gold in return for their much fingered passbooks. Some even went SO far as to test each piece by biting it. The sad part of it is that all who withdrew lost four months' interest, and for no reason in the world, for at no time were the savings banks in danger. The overnight runners who kept a long vigil in front of the Lincoln, the Colonial, and the Trust Company of America several nights had various ways of passing the time. Some brought campstools, and all laid in a supply of provisions. A drenching ran came down on them to add to their woe. But almost simultáneous with the storm there drifted into view of the line a vender of second-hand umbrellas. The bank runnérs bought him out,