Business & Finance: Open & Shut

"The bank is closed! The bank is closed!'' screamed an excited woman in Brooklyn last week. She was correct. East New York Savings Bank had shut that Saturday at noon instead of late afternoon as before. Unfortunately the woman did not read the formal posted notices. She kept on screaming. Extra tellers, $8,000,000 in cash, and support of other banks enabled East New York Savings to meet the resultant run easily. Withdrawals came to about $3,500,000 against deposits of $67,416,000. Not so happy has been the winter's tale of banking in other...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!