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Immigrants, Savers, and Runners: The Emigrant Industrial Savings Bank in the 1850s

Author

Listed:
  • Cormac Ó. Gráda

    (University College Dublin)

Abstract

The records of a New York savings bank founded by Irish immigrants in 1850 are used to shed light on immigrant savings patterns and the early history of savings banks. The analysis of the occupations and addresses of individual account holders reveals a very broad cross-section of the New York Irish and some representation - about ten per cent in the 1850s - of other nationalities. Accounts tended to be held for relatively short intervals, and the numbers of deposits and withdrawals small. Most account holders used the bank for current account rather than nestegg purposes. The final section of the paper contains a preliminary analysis of account-holder behaviour during the panic of 1854.

Suggested Citation

  • Cormac Ó. Gráda, 1997. "Immigrants, Savers, and Runners: The Emigrant Industrial Savings Bank in the 1850s," Discussion Papers 97-24, University of Copenhagen. Department of Economics.
    • Handle: RePEc:kud:kuiedp:9724
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    Keywords

    migration; banking; panics; economic history;
    All these keywords.

    JEL classification:

    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • G1 - Financial Economics - - General Financial Markets
    • N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations

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