Tuesday, November 2, 2010

Bank Run


Bank week would not be complete without a picture of a good old fashioned bank run. The picture above was taken in 1933 in New York. My Dad was born in 1920, and he never forgot the bank runs of the 1930's, and he used to say you never wanted to be late to a bank run, that he panicked first panicked best. I think he never really trusted banks after the bank failures of the 1930's.

7 comments:

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  2. We had a run on one of the S&Ls in Baltimore about 20 years ago. The line of people waiting to get into the building stretched half-way around the block. It reminded me of the photo in LIFE magazine of people waiting to be airlifted from Saigon during the last days of that war.

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  3. My grand parents (long deceased now) lost their life savings during the bank failures in the 30s. They never trusted banks again and put their money into real estate, 20 dollar gold pieces, and cash in a safe in the basement floor. They wanted to either be able to see their money or have some tangible thing like a building or gold coin to look at. FDR forced the
    Emergency Banking Act of 1933, granting him the power to put a stop to the export and
    hoarding of gold or silver and allowing the Secretary of the Treasury to seize all gold owned by
    the American People. When Roosevelt asked for the gold back - they became even more suspicious of banks and the government and bought another safe to keep their 20 dollar gold pieces in! They were so suspicious of banks for the rest of their lives that they never had a checking account and dealt only in cash!

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  4. Here's my smartass comment for the day: There's a whole lotta standing around for a so-called "run."

    Thank you very much.

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  5. Sort of reminds me of that famous scene in "It's A Wonderful Life."

    Everyone get out and vote today!!

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  6. We have two banks here in downtown Tucson that sit kitty-corner to each other. A friend of ours who works for the phone company relates that there is a tunnel, running under the street, that connects them. At one time there was also a small stove. During the bank runs the bankers would warm the money in the stove, run the cash back and forth to each bank and tell folks they had plenty of money and it was hot off the press.

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  7. Interesting that it's the Bowery Savings Bank which survives to this day. They musta done something to inspire confidence before they re-opened. Ormaybe they were just shut because of FDR's Bank Holiday. Those of us from the NYC area will remember Joe DiMaggio doing commercials for the Bowery iin the 1980s. Jim Smith

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