United States Exchange Bank (New York, NY)

Episode Information

Episode UID
7854366691294
Episode Type
Run → Suspension → Reopening
Bank Type
state
Bank ID
785436669 hash
Start Date
October 25, 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
8da9de33e9761aba

Response Measures

None

Description

State bank examiner took charge upon suspension per newspaper notice.

Events (3)
1. October 25, 1907 Run
Cause
Macro News
Cause Details
Heavy withdrawals amid the broader 1907 financial panic and closing of other banks, producing runs and crowds.
Measures
Posted notice of temporary closure; telephoned police for protection; requested police presence.
Newspaper Excerpt
A large crowd gathered in front of the bank, and the officers telephoned to police headquarters for protection, fearing a hostile demonstration.
Source
newspapers
2. October 25, 1907 Suspension
Cause
Government Action
Cause Details
State banking examiner took charge and the bank posted notice that it would remain closed temporarily following runs and inability to meet extraordinary demand for cash.
Newspaper Excerpt
Pursuant to the authority conferred on me by section 619 of the laws of 1892, I have taken charge of the United States Exchange Bank.
Source
newspapers
3. November 25, 1907 Reopening
Newspaper Excerpt
The United States Exchange Bank... which suspended October 25, reopened today. The bank's cash reserve has been greatly increased, and as the depositors have agreed not to withdraw their funds... withdrawals were only nominal.
Source
newspapers

Newspaper Articles (15)
1. October 25, 1907 The Washington Times Washington, DC
Article from The Washington Times, October 25, 1907

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Article Text

Wall Street Financiers See End of the Flurry. Runs on Banks Continue, But They Are Prepared. Six, Day's Record The International Trust Company, 206 Broadway, Manhattan, announced its suspension until the restoration of public confidence. The Union Trust Company of Providence suspended payments. The Brooklyn Bank, at Fulton and Clinton streets, and the Borough Bank, on City Hall square, Brooklyn, announced their temporary suspension. United States Exchange Bank, West 125th street, today closed its doors temporarily. Crowds at the trust companies' doors were much smaller than yesterday. The Williamsburg Trust Company, Broadway and Kent avenue, Willlamsburg, Brooklyn, closed its doors at 1:15, being unable to cash a check for $10,000. Frank Jenkins is president. The bank had a capital of $700,000, liabilities of $9,676,484.

2. October 25, 1907 The Richmond Palladium and Sun-Telegram Richmond, IN
Article from The Richmond Palladium and Sun-Telegram, October 25, 1907

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Article Text

New York, Oct. ...Two more banks were added to the lengthening list of financial institutions forced to close under the terrible financial pressure in the last three days. The United States Exchange bank, One Hundred and Twenty-fifth street, posted a notice announcing a temporary suspension. The police were called out to handle the crowds in front of the Borough bank of Brooklyn, which also printed a notice of suspension. Three banks that suspended yesterday remained closed today. These are the Hamilton, Twelfth Ward and Empire Savings. All are declared solvent and depositors will lose nothing. Notwithstanding Secretary Cortelyou, Morgan and Rockefeller poured one hundred and ten millions into the banks yesterday, the run continued today at the Trust Company of America, the Colonial Trust, the Lincoln Trust, and the Dollar Bank. Financiers are optimistic and declare every run will be met. Position of the clearing house banks is strong and the stock market strongly supported.

3. October 25, 1907 The Fairmont West Virginian Fairmont, WV
Article from The Fairmont West Virginian, October 25, 1907

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Article Text

MR. CORTEYOU, SAYS SITUATION IS IMPROVED Financial New York Convaiescent NEW YORK, Oct. 25.-The United States Exchange bank, capital hundred thousand, announced to-day that dt would not open. Police protection was requested. An officer of the bank said no statement would be made, BROOKLYN, N. Y., Oct. 25.-The Borough Bank of Brooklyn suspended payment this morning, failing to open 10 doors. No statement issued. PROVIDENCE, R. I. Oct. 25.-Notice was posted to-day on the door of the Union Trust Company, on which there was a run yesterday, announcing that the cannony had suspended payment for the present. The Union Trust Company's Individual dejiosits exceed twenty-five millions. Established in eighteen ninety. Paid insecution half million. BROOKEYN. N. Y.. Oct. 25.-The International Trust Company with two branches. Brooklyn bank and borough bank, of Brooklyn, closed its doors this morning, owing to inability to secure cash.

4. October 25, 1907 East Oregonian : E.O Pendleton, OR
Article from East Oregonian : E.O, October 25, 1907

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Article Text

New York, Oct. 25. - -Despite the strong close of yesterday, the troubled financiers of the east had to face the failure of three more banks this morning. Notices were posted on the doors of the United States Exchange Bank of New York, with capital stock of $100,000. that it would not open its doors today and the doors of the Borough Bank of Brooklyn held the same notice. In Providence the Union Trust company formally posted notice that payments would be temporarily suspended.

5. October 25, 1907 The Washington Times Washington, DC
Article from The Washington Times, October 25, 1907

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Article Text

strongest hands in the financial world. Interests that have stood aside for many months watching the decline are now busy buying bargains. They do net hesitate to say that these stocks will be for sale should the market advance, because the purchasers are taking aboard an abnormal volume ot securities. But the fact that they are willing to take up this load even temporarily is reassuring. The banks of importance are finding themselves supplied with an abundance of cash. It will be no calamity in the Wall Street view if a few hundred small banks disappear from the horizon permanently, and the big people are shaning things so that depositors even in these smáll banks will get all of their money back. Standard Advanced. No particular stock distinguished itself today, but the standard issues were used to influence sentiment and they advanced from 1 to 3 points. Wheat was also advanced about 3 cents a bushel, and cotton was permitted to sink lower. Money was furnished freely and the responsible bankers said they looked for no further panic just now on that account. The United States Exchange Bank, Nos. 23 and 25 West 125th street, posted a notice before banking hours began, announcing its temporary suspension, A large crowd gathered in front of the bank, and the officers telephoned to police headquarters for protection, fearing a hostile demonstration. The Borough Bank, of Brooklyn, also printed a notice of suspension. The notice posted at the United States Exchange Bank was as follows: "NOTICE. "In consequence of the closing of other banks and the unusual demand for cash, we have decided to remain closed to-day. The bank is perfectly solvent, but these are extraordinary times, and we have to resort to extraordinary measures to protect ourselves and our depositors. "JAMES J. O'SHAUGHNESSEY, "Cashier." Nearly $1,000,000 Deposits. The United States Exchange Bank is capitalized at $100,000 and has a surplus and profits of $37,170. Individual deposits amount to $880,970. The Mercantile National Bank and the Bowling Green Trust Company, in this city, and the New York State National Bank of Albany are its principal correspondents. The president of the bank is John J. Gibbons. At the regular hour for opening this notice was pasted on one of the windows of the bank: "Pursuant to the authority conferred on me by section 619 of the laws of 1892, I have taken charge of the United States Exchange Bank. "CLARK WILLIAMSON, "State Bank Examiner. "A. P. Campbell, examiner in charge." Borough Bank Closes. The last report of the Borough Bank of Brooklyn, which also posted a notice of temporary suspension, gave It a capital of $200,000, with a surplus of $60,000. The loans were given at $2,650,000, with deposits of $3,250,000. The undivided profits were $85,000. Another Brooklyn Bank Closed. The third was the Brooklyn Bank, with a branch at 601 Fulton street, Brooklyn. Both Brooklyn banks are controlled by the International Trust Company of New York, which also holds the majority of stock of several other Brooklyn institutions. No statement has yet been given out in regard to the Brooklyn Bank, but an official of the Borough Bank announced that the public would be informed as to the details. The three banks which suspended yesterday remained closed today. They are the Hamilton, the Twelfth Ward, and the Empire Savings. All are declared to be perfectly solvent, and there is no probability of ultimate loss on depositors.

6. October 26, 1907 The Pacific Commercial Advertiser Honolulu, HI
Article from The Pacific Commercial Advertiser, October 26, 1907

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Article Text

General Tone of Financial Reports Is Improving--Indians in NorthWest on the Warpath--France May Have Another Dreyfus Case. (Associated Press Cablegrams.) NEW YORK, October 26.-The savings banks are enforcing the clause in their agreement with all depositors requiring a sixty days notice of the withdrawal of funds. This has prevented much money being withdrawn now from the banks and further embarrassing them in the present situation. It is probable that the banks will issue clearing house certificates to the extent of fifty million dollars. MORE FAILURES REPORTED. NEW YORK, October 25.-The United States Exchange Bank, the First National of Brooklyn and the International Trust Company have suspended. Losses are comparatively small. The market is firmer. A pool of ten millions has been formed to aid in the Stock Exchange. PROVIDENCE, R. I., October 25.-The Union Trust Company, with branches in East Greenwich and Central Falls, has suspended.

7. November 25, 1907 The Evening Star and Newark Advertiser Newark, NJ
Article from The Evening Star and Newark Advertiser, November 25, 1907

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Article Text

STATE BANK REOPENS. United States Exchange, of New York, Closed October 25. NEW YORK, Nov. 25.-The United States Exchange Bank, at 125th street and Fifth avenue, a State institution, which suspended October 25, reopened todoy. The bank's cash reserve has been greatly increased. and as the depositors have agreed not to withdraw their funds, except to meet the needs of ordinary business. the directors fear no further trouble. Several large deposits were made today and withdrawals were only nominal. .

8. November 25, 1907 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, November 25, 1907

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Article Text

New York Bank Reopens. New York, Nov. 25.-The United States Exchange bank, a state institution, which suspended October 25, reopened today. A number of large deposits were made today, and withdrawals were only nominal.

9. November 26, 1907 Evening Star Washington, DC
Article from Evening Star, November 26, 1907

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IN THE LABOR WORLD EVIDENCES OF INDUSTRIAL REVIVAL IN THE COUNTRY. BUFFALO, N. Y., November 26.-The Show steam pump works has ordered its forces back on full time. Elgood C. Lufkin, general manager of the plant, said that the whole industrial and financial situation has so greatly improved during the last week that the company has been obliged to restore the full schedule of working hours to keep up with its*orders. About 1,000 men are concerned. The working time was cut during the financial flurry. TROY, N. Y., November 26.-The outlook for a busy year in the knit goods industry in Cohoes, one of the largest centers of that work in the country, is becoming brighter daily. It is expected that all the mills in that city will be running in full by January 1. The Victor mill will resume night work within a week or so. Night operations had been suspended at the plant for some time past. The mill has received a large order which will keep the plant running for some time to com The Yale Textile Cmopany has instaled new machinery in its mill and increased its production. Orders are coming in and the prospects for a steady business are excellent. The Tivoli mills, the Cascade mills, the Hope mill, and most of the other mills are running steadily. ST. JOHNSBURY. Vt., November 26.The E. & T. Fairbanks Scale Company, employing 1,300 men, which went on a five-hour schedule two weeks ago, started yesterday on an eight-hour basis. NEW YORK, November 26.-The United States Exchange Bank at 125th street and 5th avenue, a state institution which suspended October. 25, reopened yesterday. The bank's cash reserve has been greatly increased, and as the depositors have agreed not to withdraw their funds except to meet the needs of ordinary business the directors fear no further trouble. A number of large deposits were made today and withdrawals were only nominal. NEW YORK, November 26.-There is no truth in the report that the Westinghouse Electric and Manufacturing Company's plants will close down entirely on December 1. according to a statement made by President George Westinghouse. "In line with other industrial corporations," said he, "the Westinghouse company has been retrenching, but so far this curtailment does not much exceed 25 per cent. The Westinghouse Electric and Manufacturing Company continues to do a very large business, shipments for the East Pittsburg works in October aggregating $2,940,000. October was an unusually large month, and it is not expected that the November shipments will show up anywhere near as well. However, it is believed they will reach, and possibly exceed, $2,000,000.

10. November 26, 1907 The Marion Daily Mirror Marion, OH
Article from The Marion Daily Mirror, November 26, 1907

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BITS OF NEWS. The United States exchange bank at New York City, a state institution which suspended October 25, has reopened. The E. & T. Fairbanks Scale Co., of St. Johnsbury, Vt., employing 1,300 men, which went on a five-hour schedule two weeks ago, has started on an eight-hour basis. Mount Vesuvius, after two months of inactivity, is emitting clouds of dense smoke, accompanied by considerable roaring from three fissures around the old crater. Alarm is felt by the people of surrounding towns.

11. November 26, 1907 New-York Tribune New York, NY
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.

12. November 26, 1907 Evening Journal Wilmington, DE
Article from Evening Journal, November 26, 1907

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BROKER GIVES CHEERFUL VIEW Recovery From the Effects of the Flurry Will be Slow But Sure By THE JOURNAL'S Special Wire. NEW YORK, Nov. 26.-One of the leading traders on the stock exchange today showed a paste board slip on which he had written a list of "bull points" which he said ought to cheer everybody up. Theye were: 1-Currency premium fallen from 4 to 3-4 per cent. and banks expected to cash all checks freely by the end of the week. 2.-United States Exchange Bank which shut in the panic reopened yesterday and like to reopened Twelfth Ward and Terminal banks had more deposits than withdrawals. 3.-Union Pacific has put back 6,000 men recently discharged, an example of re-employment which will be largely followed as soon as currency "loosens up." "New England," he said. "never had a panic in cities like Syracuse and Toledo never felt it either. The present black belts are at present between Pittsburg and the Mississippi and west of the Rockies, but conditions in these belts are a belated echo of New York affairs of two weeks ago. As soon as New York sets a good example of resumption the west will follow suit. Recovery will be sure but slow. There won't be a stock boom until loans are easy again. Speculation is still at a discount, but chances for sound investments were never better." Commission houses report very little real stock in circulation. They say some people must have been following Tom Lawson's advice, buying it outright and locking it up in boxes.

13. January 2, 1908 New-York Tribune New York, NY
Article from New-York Tribune, January 2, 1908

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Institution. suspension. branches. Knickerbocker Trust Company, New York 3 October 22 October 24 6 Hamilton Bank of New York City Twelfth Ward Bank of the City of New York 2 October 24 United States Exchange Bank, New York October 25 Borough Bank Brooklyn 2 October 25 The Brooklyn Bank in the City of New York 1 October 25 International Trust Company, New York October 25 5 October 25 Jenkins Trust Company. Brooklyn Williamsburg Trust Company. Brooklyn 2 October 25 October 25 Terminal Bank, Brooklyn

14. April 28, 1908 New-York Tribune New York, NY
Article from New-York Tribune, April 28, 1908

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TOPICS OF THE STREET. FOREIGN TRADING.-Foreign houses sold about 15,000 shares on balance in this market. buying little stock Union Pacific, United States Steel common and Southern Pacific figured largely in the selling. American stocks in London were dull and inclined to be heavy. but were steady in the curb trading. The general market was inactive and rather depressed. Consols declined 3-16, to 86½. PEOPLE'S GAS BONDS SOLD.-N. W. Harris & Co. have purchased an additional $1,000,000 of refunding mertgage : per cent bonds from the People's Gas Light and Coke Company of Chicago. This additional purchase brings the total amount of bonds outstanding up to $12.400,000. The proceeds from the present Issue will be used to provide for improvements, extensions and betterments, including the company's new office building. ASKED TO DEPOSIT THEIR NOTES.-Speyer & Co. notify holders of 5 per cent notes of the Underground Electric Railways Company of London. Limited, who have not yet deposited their holdings, to obtain copies of the plan and readjustment agreement and to deposit their notes with the Guaranty Trust Company of New York, on or before May 6. Copies of the plan and readjustment agreement may be obtained at the office of the Guaranty Trust Company or at the office of Speyer & Cc. APPLICATION TO LIST--Application has been made to the Stock Exchange to list $4,000,000 additional general mortgage 1 per cent bonds, due 1995. of the Atchison, Topeka & Santa Fe Rallway Compary, and $89,000 additional first mortgage 5 per cent bonds, due 1939, of the Wabash Railroad Company. SMALL BANK TO LIQUIDATE.-The United States Exchange Bank, in West 125th street, has given notice to the State Superintendent of Banks of Its intention to go into liquidation. Lack of business is assigned as the reason for the action.

15. October 29, 1910 New-York Tribune New York, NY
Article from New-York Tribune, October 29, 1910

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BUSINESS TROUBLES. The following petitions in bankruptcy were filed in the United States District Court yesterday: Adolph Muller, No. 240 East 204th street, voluntary; liabilities, $1,185; no assets. There are only two creditors-William Wirtz & Co., $263, and Anthony Schenkelberg, $921. Julius Johnson, No. 3810 Broadway, voluntary: liabilities, $3,012; no assets. The United States Exchange Bank, formerly of West 125th street but now in liquidation, is the only creditor. -Louis N. Adler, No. 105 East 116th street, voluntary; liabilities, $117,987. of which $106,000 are secured claims, $11,087 unsecured Claims and $900 accommodation paper; no assets. Lincoln Sivins. trading as Lincoln Sivins & Co., manufacturers of ladies' waists and costumes. No. 78 Fifth avenue, involuntary. by the following creditors: S. J. Billig, $842; Austin McNeal, $200, and A. V. Happ. $150. The liabilities are said to be about $20,000. Judge Holt has appointed Leonard Bronner receiver and fixed his bond at $5,000. Simon Sovensky and Samuel Arnowitz, trading under the firm style* of S. Sovensky & Co., manufacturers of cloaks and Nults at No. 63 East 8th street, involuntary, by the following creditors: P. Kaplan. $250; the Star Thread Company, $259. and Arthur Abraham, $6. Judge Holt has appoint 4 Francis H. Griffin receiver and fixed his bond at $2,500. The Perfection Waist Company, No. 78 West Houston street, has filed schedules in bankruptcy, with liabilities of $10,998. of which $10,607 are unsecured claims, and no assets. Louis Knerll, dealer in furs. No. 47 East 12th street. has filed schedules in bankruptey, with liabilities of $51,450. of which $13,413 are secured claims and $27,837 unsecured claims and $10,200 notes and bills, and assets of $28,396. Judge Holt has appointed Walter Cook. Jr., receiver for Adam A. Moskiewitz, formerly a druggist at No. 423 Grand street and No. 1390 Third avenue, and fixed his bond at $500.