The directors of the bank as well as of other New York banks were optimistic that the bank would reopen in a few weeks and members of the New York Clearing House Association offered to lend Bank of United States depositors 50% of their deposits. At the same time, the office of the New York State Bureau of Securities announced that they had been investigating charges that the Bank of United States had sold stock to depositors under a one-year guarantee against loss that they had not been honoring. The District Attorney's office undertook to examine the bank for possible crimes. Depositors thronged the bank branches but were turned away by mounted police. The Mayor of New York, Jimmy Walker, began legal action to recover $1.5 million which the city had in the bank. "The New York Times" reported that gross deposits in the bank had dropped from $212 million to $160 million between 17 October 1930 and 11 December 1930.