In December, 1931,
New York’s Bank of the United States
collapsed
Deposits totaled over $200,000,000
in October, 1931,
and depositors totaled 400,000 –
making it the largest bank
in the country
The New York Times
later referred to the collapse
as the first domino of the Depression
The bank had expanded through mergers
from five branches in 1925
to 62 branches throughout New York City
in 1930
Rumors of the bank’s shaky finances
caused 2500 depositors
at a single branch in the Bronx
to withdraw $2,000,000
on December 10
The commotion
attracted a crowd of 20,000;
long lines formed
at other branches
On December 11, the New York State
Superintendent of Banking
closed the institution
It never reopened