Panic at the National Penny Bank, East London
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Panic at the National Penny Bank, East London
Police were required to keep control as panic sent thousands of depositors to the Stepney Branch of the National Penny Bank in the Commercial Road, East London, where the banks cashiers were paying out up to 11 oclock at night. Many banks closed beyond the August Bank Holiday after the proclamation of war in 1914 to prevent money panic.
1914
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Media ID 7248177
© Mary Evans Picture Library 2015 - https://copyrighthub.org/s0/hub1/creation/maryevans/MaryEvansPictureID/10573773
Bank Banks Commercial Control Finance Financial Money Panic Penny Proclamation Stepney Depositors
EDITORS COMMENTS
August 1914: A Sea of Humanity at the National Penny Bank in Stepney, East London Amidst the tumultuous backdrop of war's declaration, the tranquility of East London's Commercial Road was shattered as thousands of anxious depositors descended upon the Stepney Branch of the National Penny Bank. The proclamation of war on August 4, 1914, had sent waves of fear and uncertainty across the nation, leading to a mass exodus of people seeking to withdraw their savings before the banks closed indefinitely. The photograph captures a chaotic scene as the pavement outside the bank is packed with a sea of humanity, reaching out to the few cashiers still working inside. The crowd's expressions mirror their desperation and urgency, as they cling to their meager bundles of cash. The police, in an attempt to maintain order, stand guard at the entrance, their stern faces a stark contrast to the frenzied energy of the crowd. The National Penny Bank, like many others, had announced its closure after the war was declared to prevent a potential money panic. However, the bank's management had made an exception, allowing depositors to withdraw their savings up until 11 pm that night. This temporary reprieve did little to quell the panic, as the photograph attests. The image serves as a poignant reminder of the human reaction to uncertainty and fear during times of war, and the lengths people will go to secure their financial future.
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