Empire City Savings Bank (New York, NY)

Episode Information

Episode UID
2091915191294
Episode Type
Suspension โ†’ Reopening
Bank Type
savings
Bank ID
209191519 hash
Start Date
October 24, 1907
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d310291a67eca652

Response Measures

None

Events (2)

1. October 24, 1907 Suspension
Cause
Local Banks
Cause Details
Posted 30-day suspension fearing runs after neighboring Harlem banks (Hamilton and Twelfth Ward) suspended payments.
Newspaper Excerpt
This bank has suspended payment for thirty days on account of heavy withdrawals of deposits.
Source
newspapers
2. November 24, 1907 Reopening
Newspaper Excerpt
The thirty days expired yesterday, and those who expected a big run of depositors ... were disappointed. Few depositors withdrew; the Empire will continue to pay small amounts.
Source
newspapers

Newspaper Articles (21)

Article from Evening Star, October 24, 1907

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Takes Thirty Days' Grace. The Twelfth Ward Bank, the other state institution, is at 147 East 125th street It has two branches, one at 173 East 116th street and another at 1927 3d avenue, Its capital stock is $200,000. The New Amsterdam National Bank, which cleared for the Twelfth Ward Bank yesterday gave notice that it would not clear that bank hereafter. Bankers express the opinion that the Twelfth Ward Bank has been well managed and is in a perfectly solvent condition. It is thought that the state Banking department in closing the institution did so on account of a run upon the institution. At 10 o'clock this notice was posted on its doors: "This bank is compelled to suspend payment owing to inability to procure sufficient cash to meet current payments." Following the announcement of the suspension of the Hamilton Bank the Empire City Savings Bank. at 231 West 125th street, turned away depositors who wished to make withdrawals Under its by-laws the bank can claim ninety days before paying demands. Customers who wished to draw out money today were told that the bank would take advantage of only thirty days. The savings bank depends for its currency on the Hamilton Bank A meeting of the directors of the Empire City was held before banking hours, at which it was decided to take advantage of the clause in the bank's bylaws. Its deposits are estimated at $3,000,000.


Article from Santa Fe New Mexican, October 24, 1907

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jumping to 105 in a few minutes. Three Small Banks Suspend. The Hamilton Bank of West 125th Street and the Twelfth Ward Bank today suspended payments to depositors. The banks claim to be solvent and propose to re-open when public confidence is restored. The Hamilton bank was not a large institution but had deposits of about seven millions. E. R. Thomas, who was associated with Heinze and Morse in several financial ventures, resigned as president after he became involved in copper and William R. Montgomery was elected president. The Empire City Savings Bank also posted a notice of suspension for thirty days under the banking laws. The officers feared a run, they said, because of the suspension of the Hamilton and Twelfth Ward banks which are in the same neighborhood. The bank owes depositors about three million dollars. Situation Unchanged at Pittsburg. Pittsburg, Pa., Oct. 24.-At a meeting today of the members of the Pitts. burg Stock Exchange, it was decide I not to re-open for business today. The suspension of the Iron City Trust Company last night and the ap. pointment of a receiver had no apparent effect upon the local situation. It is known the company is liquidating for the purpose of going out of business. A prominet financier said today he knew the trust company could pay $135 per share to stockholders. Run on Providence Bank. Providence, R. I., Oct. 24.-A run began on the Union Trustยฎ Company about noon today and before the close of banking hours a large, number of depositors had been paid. Marsden G. Perry president of the Trust Company, is connected with the Trust Company of America of New York.


Article from Perth Amboy Evening News, October 24, 1907

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NEW YORK, Oct. 24:-The Twelfth Ward and the Hamilton, both Harlem banks, each capitalized at $200,000, the former having individual deposits of $3,000,000 and the latter $7,000,000, suspended payment this morning. The state banking department is now in charge of the institutions. The Hamilton bank posted a notice stating that it was entirely solvent and in justice to all depositors, It had suspended payments until confidence is restored. The result of these suspensions is that Harlem and the Bronx are in an uproar and timid depositors are flocking to various banks and withdrawing their funds. A brief summary of New York's aancial condition today is: Stock market opened buoyantly with advances from one to two and a half points. The run on the Trust Company of America continues. The clearing house committee is in session to consider the applications for aid. The Empire City Savings bank was the first to take advantage of the state law compelling depositors to give sixty days' notice before drawing their accounts. Secretary Cortelyou will today deposit $25,000,000 in the banks of the city and John D. Rockefeller will assist the money market by depositing cash in various banks. Word was received from Washington that President Roosevelt would go to any length to prevent a paic. J. P. Morgan hopes for the best. (Continued on page 2.)


Article from The Lake County Times, October 24, 1907

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END OF FINANCIAL TROUBLES SIGHTED Three More Small Banks in New York Close Their Doors. PANICKY FEELING SUBSIDES Clearing House to Give All Needed Assistance-Expected Knickerbocker Trust Will Resume. (Special to Lake County Times.) New York, Oct. 24.-The end of the depression in the values of stock which has been the cause of financial difficulties in New York, seems to be in sight at the present time. The big men of the financial world have come to the front, and such names at Morgan, Stillman and Rockefeller with illusions to their handling of the situatio in the future, had a quieting effect. Secretary Cortelyou will make deposits of $25,000,000. The following reports were received today: The Hamilton bank, a small bank at One Hundred and Twenty-fifth street, has suspended. Empire City Savings bank in West One Hundred and Twenty-fifth street, has closed, its doors. The Twelfth Ward bank has suspended and state examiner has been placed in charge. Comptroller Ridgely says National banks all over the country are in a healthy condition. The Trust company committee, under lead of Morgan, formed to take care of Trust companies. Bankers' clearing house will give all necessary assistance to Trust Company of America. Expected Knickerbocker Trust will be able to resume. Secretary Cortelyou says he will deposit up to $25,000,000 with banks in New work. Texas banks refuse to make further advances on warehouse holdings of cotton.. The Trust Company of America is continuing to pay off depositors who desire to withdraw their funds as rapidly as possible. It is understood one large insurance company has made a considerable deposit.


Article from Lewiston Evening Teller, October 24, 1907

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THREE BANKS SUSPEND TODAY NOTICES OF SUSPENSION SAY INSTITUTIONS ARE SOLVENT, BUT WILL AWAIT RESTORATION OF CONFIDENCE. NEW YORK, Oct. 24.-At 9 o'clock this morning it was announced that the Hamilton bank had decided to suspend payment pending a complete restoration of public confidence. The notice declared the bank was solvent. E. R. Thomas who is associated with Heinze and Morse in several banks and financial ventures, was president of the Hamilton bank, but resigned after the break in United States Copper stock. Orlando F. Thomas, brother of E. R. Thomas, recently resigned as director. William R. Montgomery was elected president. The Twelfth Ward bank also suspended payment today. It is a state institution, and the state bank examiner is to be placed in charge. According to a recent statement it owed its depositors $8,000,000. The Empire City Savings bank posted a notice of suspension for three days, but the officials declare it is financially solld. All three banks are in the same neighborhood and are not large institutions. The Empire City Savings bank, by a recent statement, owed its depositors $3,300,000.


Article from The Fairmont West Virginian, October 24, 1907

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MARKET OPENED STRONGER BUT MORE BANKS FAILED NEW YORK, Oct. 24.-With the NEW YORK. Oct. 24.-The stock London market strong, a general adopened buoyantly with advance of vance of from one to three points refrom one to two and a half points. corded in the entire list, it Is anticiHarriman stocks were especially pated the market here will open strong In Initial quotations. stronger, although the big brokers are Bankers declare the Tewlfth ward taking no chances and are prepared to bank is in good shape. It is thought support the market. A line of dethe closing was a safeguard. The positors was before the doors of the Empire City Savings Bank was first The Trust Company of America long to take advantage of the State law before opening time. Officials declarcompelling depositors to give sixty they had plenty of money to meet days' notice before their accounts the demands. Associated Trust Comcould be withdrawn. This was on acpanies declared they would extend all count of the excitement following the needed aid. losing of other institutions. Its deA run is impending on the Lincoln positors are estimated at three milTrust Company. A crowd of deposilions five hundred thousand. It Is tors was waiting fore the doors to thought other savings banks will folopen. Officers of the concern anlow its example. nounce plenty of cash to meet the deThis notice has been posted on mands. Hamilton Bank door. This bank is abThe Twelfth Ward Bank and the solutely solvent. In justice to deposiHamilton Bank, both small, suspended tors It has suspended until public conthis morning. The State Banking Defidence Is restored. The run on the partment is in charge of both banks Trust Company of America continues The Twelfth Ward Bank had a paid up unchecked. Depositors are being paid capital stock of two hundred thousand, as fast as they come. Two hundred surplus and profits estimated at two thousand dollars was deposited at the hundred twenty one-thousand six hun sub-treasury for immediate transfer dred and eighty dollars. The Hamilto St. Louis. ton had a paid up capital of two hunThe First National bank loaned two dred sand, surplus and profits, million at fifty per cent. but there hundred and seventy. Individual dehas been no other supply. Many posits, seven million: discounts, four loans were called in all over the million six hundred sixty two thous street. A large selling was the liquiand nine hundred and forty. dation of loans, but there were also PITTSBURG, Pa. Oct. 24.-The renewed attacks by bear operators Stock Exchange to-day by unanimous that helped force prices down to lowvote of the board of directors was not est points reached SO far to-day, this reopened. No Official statements was noon report. Prices of many stocks made. One official stated it was hard late forenoon reached the lowest to tell when it would resume business points in years. which was taken to mean to wait till Judge Ward in the United States the New York storm subsides. Circuit Court here to-day appointed It was stated officially by Receiver E. M. Herr, T. H. Given and Chas. T. Hart Given for the Westhinghorse Burlingham receivers for the WestElectric and Manufacturing Company, inghouse Electric and Mrg. Co. for that the plants would positive posithe Southern district of New York. tively continue operations. A joint bond of twenty thousand dolThe Pittsburg financial situation is lars were required. They were ordeclared sound, no need of fear of idereid toi take charge of the property trouble as result of New York storm. and assets of the company here.


Article from The Seattle Star, October 24, 1907

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(By United Press.) NEW YORK, Oct. 24.-The Twelfth Ward and Hamilton banks, small institutions, suspended this morning. The state banking department is in charge. The Hamilton bank has six branches in Harlem and one in Williamsburg. The Mercantile National bank formerly cleared for the Hamilton, which has a paid up capital of $200,000 and individual deposits of $7,000,000. Its loans and discounts amount to $4.662,940. The Twelfth Ward bank has a paid up capital of $200,000, individual deposits of $3,000,000, and loans and discounts of $2,400,000. Bankers say that the Twelfth Ward bank is solvent. It is thought the state banking department closed the bank to safeguard Its depositors. The New Amsterdam National bank announced yesterday that It would no longer clear for the Twelfth Ward. Morgan Works-Not Talking. A notice on the Hamilton bank door says: "This bank is absolutely solvent. In justice to all depositors It suspended payments until public confidence is restored.' Harlem and the Bronx are in an uproar. Depositors are flocking to the various banks to draw their funds, and the run on the Trust Company of America continues. The line of depositors extends for blocks. They are being paid at the rate of one a minute. There is plenty of money on hand. J. Pierpont Morgan said at the opening of the Stock Exchange this morning: "The first two hours will tell the tale. We have done all we can. I hope for the best. This is the time for action, not talk." The Empire City Savings bank is the first bank to take advantage of the state law compelling depositors to give 60 days' notice before withdrawing their accounts. Its deposits amount to $3,500,000. Judge Ward in the district court today appointed E. M. Herr, T. H. Gisten and Charles Burlingham ancillary receivers for the Westinghouse companies for the Southern district of New York.


Article from The Evening Statesman, October 24, 1907

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BANKS CLOSE IN NEW YORK Two More Big Institutions said to Have Failed NEW YORK. Oct. 24.-Two more banks failed today; the Twelfth Ward and Hamilton banks, both smaller institutions than those hitherto involved. The state banking department is in charge. The Hamilton bank had six branches in Harlem and one in Wiliiams burgh; the Mercantile National formerly cleared for the Hamilton. The Hamilton had deposits amounting to $7,000,000. The Twelft Ward had deposits amounting to $3,000,000. Bankers state that the Twelfth Ward bank is solvent but that it closed its doors to safeguardo all its depositors. The Hamilton bank has a notice on its door which states, 'This bank is absolutely solvent. In justice to all depositors it suspended payments until public confidence is restored." Harlem and Bronx are in an uproar. Depositors are flocking to the various banks to draw funds and a run on the American Trust company continues. Morgan said this morning: "The first two hours will tell the tale; We have done all we can. I hope for the best. It is time for action, not talk." The Empire City Savings bank is the first institution to take advantage of the new state law which compels depositors to give sixty days' notice of the intention to withdraw the deposits. Its deposits"amount to $3.500,000. Morgan to the Rescue. In the loaning section of the exchange today there were scenes of excitement when heavy loans at high rates were called for. The National Copper bank loaned $500,000 at 50 percent; the First National bank $2,000.000 at 50 per cent and a syndicate of banks loaned $3,000,000. Drawn out from his retirement, J. P. Morgan has won the greates: financial triumph of his career. Commanding the market at a psychological moment and bringing with him the mighty power of Rockefeller and Cortelyou, he has averted a great disaster and panic which might have retarded the growth of the country for a decade. It is estimated that $200,000,000 has been withdrawn from the banks the last two weeks. Rockefeller continues to loan today at six per cent. Normal conditions are looked for before the close of the week.


Article from Pine Bluff Daily Graphic, October 24, 1907

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ROCKEFELLER THERE NO WILL BE PANIC Many bulletins telling of the wild has assumed charge of the embarrassstate of affairs in New York and esed institutions. They merely suspended payment and the Banking Departpecially on Wall street, were receivment took hold immediately. ed at the headquarters of the Pine It is rumored in New York that Bluff Board of Trade today. The sitWannamaker and Company has gone uation in the national metropolis is into the hands of a receiver. Big alarming. but at a late hour this af- runs were made on several trust ternoon John D. Rockefeller appeared companies and various minor banks at the office of the Union Trust Com- in New York during the day, but the pany, according to a dispatch, and ad- excitement is subsiding this afternoon vanced $10,000,000 for the Union when call money dropped to twenty Trust Company of America. Almost per cent, compared with a close of instantly after this announcement was seventy per cent yesterday. made call money, which had adThe directors of the defunct Knickvanced to 100 per cent, dropped to erbocker Trust bank, which recently twenty per cent and the various ficlosed, are meeting today and it is benanciers are breathing easier this aflieved that the company will resume ternoon. The crisis, according to business tomorrow, if not sooner. late information from New York, has The First National bank today loanRockefeller is believed to passed. ed $2,500,000 at fifty per cent have saved the day. Cotton is weak on the boards beIn Nevada, to avoid a panic in financause of the bad reports from Wall street. cial circles, the governor has declared a three days holiday and all Well posted financiers declare that banks in the State are closed. there will be no panic and that men The Empire City Savings Bank and of means, together with the United the Twelfth Ward Banks went to the States government, have successfully wall this morning and the State piloted the grave situation to a more favorable point. Banking Department of New York


Article from Alexandria Gazette, October 24, 1907

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Today's Telegraphic News. Excitement in the Market. New York, Oct. 24 - Wh the London market strongand a general advance of from 1 to 3 points recorded In the entire list, it was anticipated that the market here would open stronger, although the big brokers are taking no chances and are prepared, as on yesterday, to support the market. The run on the Trust Company of America will continue today, but the officials claim they have money enough in the value to ensure the payment of all claims made. The line of depositors formed very early today at the main office of the company and its two branches and had increased 80 that it encroached upon the street. Associated trust companies declare they will extend all needed aid to the concern. A run is impending on the Lincoln Trust at 208 Fifth avenue. At 9:30 a crowd of depositors had gathered in front of the doors aud had been forced to form a line by the police reserves who had been summoned. The officers of the concern announce they will open the doors as usual at 10 o'clock and are prepared to meet all demands. New York, Oct, 24.-The Twelfth Ward Bank and the Hamilton Bank, both small institutions, suspended this morning. The Twelf h Ward has a paid up capital of $200,000. The surplus and profits are estimated at $221 680. There are due to banks $165,590; individual deposits $3,000,000 and loans and discounts about $2,400.000 The Hamilton Bank has a paid up capital of $200,000; surplus and profi 8 of $282,270; individual deposits of $7,000,000; loans and discounts $4,662,840. A notice has been posted on the door stating that the bank is solvent. New York, Oct. 24.-The Empire City Savings Bank at 231 W. 125:h street is the first to take advantage of the State law, compelling depositors to give sixty days' notice before their accounts can be withdrawn. Two hundred thousand dollars was deposited at the sub-treasury today for immediate transfer to St. Louis. All interest in the stock exchange is centered in the loan crowd. The First National Bank loaned $2,000,000 at 50 per cent. but there has since been no other reply. Many loans bave been called in all over the street and the collateral sold because of inability of borrowers to respond to these calls. A large part of the selling was this liquidation of loars, but there was also renewed attacks by bear operators that helped force prices down to the lowest level reached 80 far today. The prices of many stocks in the late forenoon reached the lowest point touched in years. The declines 80 far were not sensational, but were disastrous because they continued the downward movement already so long in progress.


Article from Evening Journal, October 24, 1907

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MORGAN AVERTS MONEY PANIC Believed That the financiers Have Restored Confidence in New York TWO BANKS CLOSE AND STOCKS TUMBLE By THE JOURNAL'S Special Wire. NEW YORK, Oct. 21-Two state banks in possession of the State Banking Ex aminer. a sweeping FGR cont nuing on the Trust Company of Ame.ica and miner rung on other trust companies and ings banks, one of which compelled to insist on thirty to sixty day notice fore withdrawals can be made. the market feverish but and the money market under sure summarizes to-day local financial world. Morgan hasprobably won the important battle of his financial Assisted by John D. Rockefel Standard Oil millions, by Secretary the Treasury Cortelyoh and the ceg in of federal government he restoring confidence to such the results that unless some unforeseen stock exchange and firms will back to normal the end of the week The loaning or the stock exchange was to-day the storm centre, There was urgent mand for money and the rate for call funds ranged from fifty to one hundred The National copper bank $800,000 nity per cent: the First National $2,000,000 at a similar figure. and syndicate of local bankers paid out three millions figures which covered the fluctuations While going on John D. Rocke feller's personal agents Were loaning at per cent., as was all of the Standard OII banks. The National City loaned $4,500,000 this rate. Scarelty of money. however at compelled many to sacrifice stock holdings with the result that prices covered wide range and fluctuated from high low alternately. The new State superIntendent of banks took charge to-day and all State banks are to be thoroughly examined and compelled to adopt more conger varive methods. The Knickerbocker matter is still unchanged. Huge Sums Withdrawn The directors met to-day and It was announced that they were trying to range for loans in the West which would enable them to resume soon The officials of the Hamliton and Twelfth Ward Banks, which closed today. also Insist they will resume next week, when the excitement has quieted down. solvent Both are said to be absolutely Deputy Superintendent of Banks Skinner estimates there have beer withdrawn from the local banks during the past week or two more than safe $200,000,000. Most of this is now in deposit vaults. While the Trust Company of America will have paid out exceeding five lions before it closes for the day o'clock. It has also taken in in deposits much more than one million dollars The officials declare the backbone the run has been broken and another of da ywill see Its end Two Banks Suspended The Twelfth Ward Bank and the Hamilton Bank, both small institutions suspended this morning The State Banking Department took charge of both banks. The Hamilton Bank has Its main office at 215 West 125th street, with many branches The Twelfth Ward Bank has a paid up capital of $300,000. The Hamilton Bank has a paid up capital of $200,000; surplus and profits of $282,270; individual deposits of $7.000,000. This notice has been posted on the doors of the Hamilton Bank: "This bank is absolutely solvent. In justice to all depositors it has suspended payments until public contidence been restored. Timid Depositors Alarmed. Harlem and the Bronx is in an up. roar. Timid depositors are flocking the various banks there with pass books in their hands and drawing out their funds The closing of the Hamllton and Twelfth Ward Banks is severe blow to the business men, who have running accounts in the institutions. The run on the Trust Comapny of America continues unchecked and the line of waiting depositors extends for blocks. They are being paid off rate of one a minute and Treasurer Fonda says he has plenty of money on hand. The clearing house committee is In session prepared to consider applications for aid. President James Still. man. of the National City Bank, present. Must Give Notice The Empire City Savings Bank at 231 West 125th street, is the first to take advantage of the State law com. pelling depositors to give sixty days notice before their accounts can b withdrawn. This is done because of the excite. ment in Harlem and the Bronx following the close of the Twelfth Ward and Hamliton banks. Other savings banks are expected to take similar tion once. Decline in Stocks All interest in the stock exchange is centered in the loan crowd. The First National Bank loaned $2,000.00 er cent... but there has been no other suly. Many loans have been called all over the street and the collateral sold because of Inability of borrowers to resend to these calls A large part of the selling was this liquidation of loans, but there was also renewed attacks by bear operaors that helped force prices down to the lowest level reached so far to-day The prices of many stocks in the late forenoon reached the lowest point touched in years The declines were disastrour because they continued the downward movement already 80 long in progress The market had opened strong Hear the real facts from Maine


Article from Palestine Daily Herald, October 24, 1907

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Two Other Banks Suspended Today. Special to the Herald. New York, Oct. 24.-The Twelfth Ward Bank and the Hamilton Bank, both small institutions, suspended payments today, and closed up. The state is now in charge of two banks. The bankers say the Twelfth Ward Bank is solvent. The Empire City Savings Bank took advantage of the sixty days' notice from its depositors. The Hamilton Bank announces that it is solvent, but will remain closed until confidence is restored. The run on the Trust Company of America continues. J. P. Morgan said today: "The first two hours will tell the tale. We have done all we can do for the best interests." Secretary Cortelyou has released twenty-five million dollars from the sub-treasury, and John D. Rockefeller announces his intention to use his private reserve toward restoring confidence.


Article from The Washington Herald, October 25, 1907

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DEMANDS THIRTY DAYS' TIME. Empire City Savings Bank Takes Advantage of Its Legal Rights. New York, Oct. 24.-The first savings bank in the city to take advantage of the law and require its depositors who reached the bank to-day with their pass books to give notice of withdrawals, was the Empire City Savings Bank, at 231 West 125th street. Depositors who reached the bank to-day found this notice on the door: "This bank has suspended payment for thirty days on account of heavy withdrawals of deposits." This notice was posted up at the direction of President Isaac A. Hopper, who decided that it was the wisest thing to do under the circumstances. A good many got the impression at first that the bank had closed its doors. On the contrary, those who hurried to the bank from all over Harlem found the doors open, with Mr. Hopper standing outside, telling depositors just what to do if they wanted to withdraw their money at the end of the thirty days. What they had to do was to get in line with their bank books, and upon reaching the window of the paying teller have them stamped with the date. This also is required by the law when a bank gives such a notice. Mr. Hopper also explained that those who got their books stamped would lose interest from October 1, even if at the end of thirty days they decided not to take out their money.


Article from The Bemidji Daily Pioneer, October 25, 1907

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FOLLOW THE HAMILTON. Two Other New York Banks Close Their Doors. New York, Oct. 25.-Following the announcement of the suspension of the Hamilton bank came the news that the Twelfth Ward bank, located at One Hundred and Twenty-fifth street and Lexington avenue, had suspended payment. The Twelfth Ward bank is a state institution and a state bank examiner will be placed in charge of its affairs. According to a recent statement the institution owed depositors about $3,000,000. The Empire City Savings bank, lo cated at 231 West One Hundred and Twenty-fifth street, has posted a no tice announcing their suspension foi thirty days under the banking laws The officials of the bank declare that the institution is entirely solvent, but that they decided to avail themselves of the thirty days' notice of withdrawal under the state law because they feared a run owing to the suspension of payment by the Hamilton and Twelfth Ward banks in the same neighborhood. The Empire City Savings bank, according to a recent statement, owed its depositors about $3,300,000.


Article from New-York Tribune, October 26, 1907

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HARLEM BANKS SUSPEND. Runs Continue on Other North Side Institutions. The development yesterday in the Harlem bank situation was the suspension of the United States Exchange Bank, a small institution, at Nos. 23 and 25 West 125th street. The bank is within a few blocks of the Hamilton Bank, the Empire City Savings Bank and the Twelfth Ward Bank, the three Harlem banks that suspended payment on Thursday, all of which are in 125th street. The explanation for the closing of the United States Bank was contained in the following notice, posted on the door early in the morning: In consequence of the closing of other banks and the unusual demand for cash, we have decided to remain closed to-day. This bank is perfectly solvent. These are extraordinary times, and we must use extraordinary measures to protect ourselves and our depositors. Later in the day A. T. Campbell, State Bank Examiner, took charge and began an examination of the bank's collateral securities. The last report of the institution filed with the State Banking Department, in August, showed its status as follows: Capital, $100,000; net profits, $37,500; assets, $781,600, divided as follows: Loans, $649,000; stocks and bonds, $14,000; real estate, $12,300; due from banks, $2,200; due from reserve agents, $50,500; exchanges for Clearing House, $3,200; species, $3,200; legal tender, $17,900; overdrafts, $1,300. The liabilities were: Due banks, $5,900; other depositors, $626,000; preferred de-


Article from New-York Tribune, October 27, 1907

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MANHATTAN RUNS ABATE. Nearly All Demands Are Paid and Excitement Is Subsiding. With the exception of runs 8n the Broadway Trust Company and the Northern Bank of New York, yesterday morning, the latter attended by disorder at the close. and the continued but decreased run on the Lincoln Trust Company, the bank situation was much improved and there were no further suspensions reported in Manhattan The situation in Harlem and The Bronx showed improvement also. The reflex of the restored confidence in Wall Street was apparent in the reduced crowds at the Harlem Savings Bank and the Dollar Savings Bank in The Bronx, where there have been runs. The run on the Northern Bank at Broadway and 4th street, resulted in the arrest of two depositors who refused to leave the bank when It closed at 12 o'clock, as allowed by law. When Henry Dimse. president of the bank, closed the doors, he said: "This bank is solvent. but we cannot pay off any more to-day A line of four hundred depositors extended at that hour from the paying teller's window to the street. Henry A. Belden, the cashier. came out and asked the depositors to leave the building When some of them refused Mr. Dimse telephoned for the police. but the depositors were stubborn and the police had no easy work in dispersing them. Eventually all of them left except the two men who were atrested. The Northern Bank has a capitalization of $300,000 and surplus and undivided profits of $239,099 The run on the Broadway Trust Company, at No. 756 Broadway, not far from the Northern Bank began at the opening of business An hour after the doors were opened the line contained three hundred and fity patrons. As the line grew Frederick G. Lee. vice-president, announced that the company would honor for the day only demands that were needed for payrolls. 'We are solvent, but we must have time," he said. Many of those waiting were there to draw money to pay off employes of nearby factories. and the money was sent to them in the afternoon. M. M Belding, jr., president of the company, said that $2,400,000 had been paid out in the week. He added "Up this minute we have paid off every demand. The Broadway Trust Company is capitalized at $700,000 and has deposits of $4,057,444. More than two-thirds of the deposits have been withdrawn, Mr. Belding said. The Harlem Savings Bank continued paying all small accounts, having availed itself the day before of the sixty-day clause on accounts of more than $100. The closing of the doors at the usual hour left about one hundred depositors in line. The readiness with which the Dollar Savings Bank in The Bronx has met all demands since the run began on Wednesday had its good effect, and while not altogether checked the demand was much diminished. Men and women had remained all night in the line in front of the bank, and some of the latter were nearly exhausted. The bank did not close at noon at usual on yesterday. but remained open until 3 o'clock, up to which time one thousand accounts had been closed, representing half of the $600,000 cash on hand. The excitement of a few days ago in Wall street, caused by the run on the Trust Company of America, was altogether absent yesterday. The all night crowd was much smaller and the paying out went on with reasonable rapidity. The company received $500,000 in deposits. Oakleigh Thorne, president of the company, said: "The institution occupies a stronger position at the end of this day than it did before. Colonel Heman Dowd. the vice-president, said: "The number of withdrawals were fewer to-day than we expected, and the deposits greater than we expected.' The situation at the Colonial branch of the Trust Company of America was much the same as at the main office. At both the main office and the Colonial branch the payments were made up to the usual Saturday closing hour. There were two hundred in line when the Lincoln Trust Company closed its day's business Louis Stern, one of the directors, said the Institution would meet every demand. Some of those in line when the bank closed were still there last night, apparently with the intention of remaining until Monday. When the Empire City Savings Bank, at No. 231 West 125th street, opened its doors there were four women and one man ready to hand in their passbooks for withdrawals. The Hamilton Bank remains closed. as do the United States Exchange Bank and the Twelfth Ward Bank, all in 125th street. There was a small run on the Bank for Savings, at Fourth avenue and 22d street, but it was not as heavy as on the two previous days. The bank has demanded sixty days' notice of withdrawal for large accounts. At 1 o'clock this morning there were forty-five persons waiting outside the Lincoln Trust Company, in Fifth avenue. They had numbers to show their places in line, and for the most part walked to and fro to keep warm, for the night was cold and raw. Some of them said they had received promises of $20 apiece to wait for the opening of the trust company. Outside the Trust Company of America, in Wall street, were twelve men, with numbers in their hats, waiting for the opening of banking hours tomorrow. Some had blankets to keep out the cold. The Colonial branch of the Trust Company of America was deserted


Article from New-York Tribune, October 30, 1907

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HARLEM BANKS MAY SOON REOPEN. The announcement was made yesterday that the Harlem banks that suspended last week would open in a few days. Attorney General Jackson said that he would give them every opportunity to resume business and would take no steps against them If their condition justifled their resumption. William Montgomery, president of the Hamilton Bank, in 125th street, speaking for that institution, said that it would reopen not later than next Monday, The same was said of the Twelfth Ward Bank. The run on the Harlem Savings Bank was ended yesterday. Many patrons returned to deposit the money they drew out last week. The conditions at the Empire City Savings Bank also were normal. There was none of the unusual activity of the last few days at the Dollar Savings Bank, in The Bronx. The run on the Broadway Trust Company had also abated.


Article from The Kemper Herald, October 31, 1907

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Cortelyou Helps. Secretary Cortelyou deposits $25,000,000 in New York banks. Hamilton bank, with deposits cf $7,000,000, suspends payment, claiming solvency. Twelfth Ward bank, with deposits of $3,000,000, suspends payment. Empire City Savings bank, with deposits of $2,300,000, suspends for 30 days, under banking laws. Run continues on Tust Company of America. Run continues on Dollar Savings bank. Pittsburg receives $5,000,000 from government to aid in meeting payrolls, if necessary. Pittsburg exchange*remains closed.


Article from Greene County Herald, November 1, 1907

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Cortelyou Helps. Secretary Cortelyou deposits $25,Q00,000 in New York banks. Hamilton bank, with deposits of $7,000,000, suspends payment, claiming solvency. Twelfth Ward bank, with deposits of $3,000,000, suspends payment. Empire City Savings bank, with deposits of $2,300,000, suspends for 30 days, under banking laws. Run continues on Tust Company of America. Run continues on Dollar Savings bank. Pittsburg receives $5,000,000 from government to aid in meeting payrolls, if necessary. Pittsburg exchange- remains closed.


Article from New-York Tribune, November 24, 1907

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THIRTY-DAY NOTICE UP, AND NO RUN. Few Depositors Withdraw Money from Empire City Savings Bank. When the financial scare began the Empire City Savings Bank was one of the first to inform its depositors that it would require thirty days' notice for withdrawals of deposits of large amounts or of closing of accounts. The thirty days expired yesterday, and those who expected a big run of depositors who had given notice were disappointed. There was one depositor on hand when the paying teller's window was opened, and they came in ones and twos after that. All payments were made in gold. Many of the depositors asked for paper money, but they were refused. None of the depositors seemed to be worried. The Empire, it was announced, would continue to pay small amounts, but President Hopper said the bank in the next few weeks would take advantage of the sixty-day clause.


Article from New-York Tribune, November 26, 1907

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U. S. EXCHANGE BANK REOPENS. The United States Exchange Bank, 125th street and Fifth avenue, which suspended payment on October 25, resumed yesterday morning. One of the officials said that business was going on about as it had been before the suspension of payment. The reopening of the bank was made with the approval of the State Banking Department. At the Empire City Savings Bank, in 125th street, which began paying depositors on account of thirty day notices of withdrawal last Saturday, there were few withdrawals, it was said, and many deposits.