Fidelity Trust Company (Buffalo, NY)

Episode Information

Episode Type
Run Only
Start Date
October 15, 1901
Location
Buffalo, New York (42.886, -78.878)
Bank Type
trust
Routing Number
10-0021

Metadata

Events (1)

1. October 15, 1901 Run
Cause
Rumor Or Misinformation
Cause Details
Unfounded rumors (including that large sums due from Pan-American contractors/exposition funds would not be forthcoming) triggered withdrawals.
Measures
Bank paid out verified accounts promptly; other banks loaned liquidity assistance.
Newspaper Excerpt
RUN ON THE BANK. Buffalo, Oct. 15-The run on the Fidelity Trust company, which started yesterday without apparent reason, continued today and over 200 are in line withdrawing deposits.
Source
newspapers

Newspaper Articles (11)

Article from Daily Camera, October 15, 1901

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Article Text

RUN ON THE BANK

Buffalo, Oct. 15-The run OR the Fi delity Trust company, which started yes terday without apparent reason, con tinued today and over 200 are in line withdrawing deposits. The affairs of the bank are in good shape and other banks are loaning it money. All accounts are being paid off at once.


Article from The Providence News, October 15, 1901

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RUN ON TRUST COMPANY

Buffalo, Oct. 15.-The run on the FidelIty Trust Co., continued this morning. When the doors were opened there were probably 200 people in line . They were given their money as fast as their accounts could be verified.


Article from Waterbury Democrat, October 15, 1901

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THE RUN CONTINUES

Buffalo, Oct 15.-The run on the Fidelity Trust company continued this morning. When the doors were opened there were probably 200 people is line. They were given their money as fast as their accounts could be verified.


Article from The Sun, October 15, 1901

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Run on a Buffalo Bank

Buffalo, Oct. 14.-A run was started on the Fidelity Trust company, a state banking institution, principally, it was said. by small depositors. At noon the run continued, but all checks were being promptly paid. President George F. Foreman said that the company "was never in a better condition than right now. We will pay dollar for dollar." Among other bankers confidence was expressed in the ability of the Fidelity to pay. The run was said to be due to rumors, which cannot be confirmed. that large sums due the bank from Pan-American contractors would not be forthcoming.


Article from The Topeka State Journal, October 15, 1901

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All Got Their Money

Buffalo, N. Y., Oct. 15.-The run on the Fidelity Trust company which started vesterday continued this morning. When the doors were opened there were probably 200 people in line. They were given their money as fast as their accounts could be verified.


Article from The Washington Times, October 15, 1901

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Article Text

On rumors of bank troubles in Buffalo, the hammering of the market was resumed. The facts developed that there was a small run on the Fidelity and Trust Company Bank. The bank was solvent, and the run merely grew out of some unfavorable rumors. Stocks rallied when later advices proved that fears were groundless.


Article from Americus Times-Recorder, October 16, 1901

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Article Text

Run on Fidelity Trust Company

BUFFALO, Opt. 15.-The run on the Fidelity Trust company continued this morning. When the doors were opened there were probably 200 people in line. They were given their money as fast as their accounts could be verified.


Article from Herald and News, October 17, 1901

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Exposition Bank Shaky

A run on the Fidelity Trust company of Buffalo took place the first of the week, but it was soon over. It was caused by the connection the bank had with Exposition funds. The Exposition will be a losing venture for those who invested.


Article from River Falls Journal, October 17, 1901

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Run on Buffalo Bank

Buffalo, N. Y., Oct. 15.-A run was started on the Fidelity Trust company, a state banking institution, principally, it was said, by small depositors. The run was said to be due to rumors, which cannot be confirmed, that large sums due the bank from Pan-American contractors would not be fortheoming.


Article from Hutchinson Gazette, October 24, 1901

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THE LATEST NEWS III BRIEF

On February 24 Cuba will elect its own government. Negroes are not allowed to live in Hoboken. New Jersey. Denver authorities have given prizefighting in that city its last knock out blow. There are 185 horse and domkey meat butcher shops in Vienna, the capital city of Austria. Fort Worth has raised the bonas asked by both Armour and Swift to build packing houses there. The total population of the United States as shown by the census of 1900 is 76,303,387 exclusive of Alaska. John D. Rockefeller Jr., is to build a club house for the use of the Bible class taught by him in New York city. The convention of the Episcopal church finally agreed to create the missionary district of Salina, Kansas. The percentage of foreign persons in the United States in 1900 is 13.7 per cent. In 1890 the percentage was 14.8. President Lorenzo D. Snow. of the Mormon church, left 31 heirs; 2 wives, 13 sons, 13 daughters, and 3 grandehildreh. Edward S. Stokes who killed Jim Fisk years ago, is a decrepit old manat 60, living in pain and semi-conseiousness. Australia has proportionately more churches than any other country, having 6,013, or 210 to every 10,000 people. Russia has 55 to the same number. Most American travelers in Ireland now visit Derock, county Antrim, to see the house in which James McKinley, the ancestor of President McKinley, was born. A run by small depositors on the Fidelity Trust company of Buffalo was met by the assistance of the banks of the city to such an extent as to cause the Fidelity company to stop it as they had enough. Two Italians with pistols and daggers, were arrested in the corridor of the presidential palace at Rio Janeiro. It is believed that they are anarchists and were seeking a chance to kill the president. Two advertisements in a Montreal paper: "S14 a month is offered for a Protestant house servant, no washing or ironing," and "$15 a month is offered for a teacher in a Protestant school, who can bring a first class elementary diploma." The census report shows that of the a total population 51.2 are males; slightly larger poroportion of females than ten years ago. The increase of the total population since 1890 is 21 per cent.


Article from The Chanute Times, January 17, 1902

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Pan-American is Bankrupt

Buffalo, Jan. 10.-It having been found impossible to unite the creditors of the Pan-American exposition to bring about the best possible results from the remaining assets of the exposition company, the Fidelity Trust company entered a summons and complaint before the supreme court asking that a receiver be appointed. Of the issue of $2,500,000 in first mortgage bonds $150,000 is still unpaid. The wrecking privilege is held up by claims and judgments.