Fidelity Trust Company (Buffalo, NY)

Episode Information

Episode UID
10002171222
Episode Type
Run Only
Bank Type
trust
Bank ID
1000217 routing
Routing Number
10-0021
Start Date
October 14, 1901
Location
Buffalo, New York (42.886, -78.878)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
4ce12bde769687cd

Response Measures

None

Events (1)
1. October 14, 1901 Run
Cause
Rumor Or Misinformation
Cause Details
Unfounded rumors (reports that large sums due from Pan-American contractors would not be forthcoming) triggered withdrawals.
Measures
Installed extra paying tellers; other local banks made large deposits and Erie County Savings Bank and Marine Bank sent cash to assist.
Newspaper Excerpt
A run on the Fidelity Trust Company, a state banking institution, began today; the rumor which caused the run is groundless.
Source
newspapers

Newspaper Articles (11)
1. October 15, 1901 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, October 15, 1901

Click image to open full size in new tab

Article Text

RUN ON A BUFFALO BANK GROUNDLESS RUMOR CONCERNING THE FIDALITY TRUST COMPANY. Deposits Within $50,300 of Withdrawals-Deposits of the Institution on Oct. 1 Were $9,073,593. BUFFALO, N. Y., Oct. 14.-A run on the Fidelity Trust Company, a state banking institution, began to-day. A long line of anxious depositors stood for hours waiting to withdraw their money. Extra paying tellers were installed, and their wisdows were kept open until 4 o'clock. Prominent bankers and business men say that the rumor which caused the run is groundless, and that only small depositors are withdrawing their accounts. . Several large deposits were made during the day by business houses and large sums of money were sent to the Fidelity Company's offices by local banks. The Erie County Savings Bank voluntarily turned over $250,000 in cash to the Fidelity Trust Company. The Marine Bank also sent in $100,000. The money was accepted, but not as a loan. New York drafts were sent to the two institutions for the cash. At the close of business to-day President Forman stated that the withdrawals exceeded the deposits by only $50,000. The Fidelity Trust Company is not a member of the Clearing House Association, but an official offer of assistance was made to President Forman by the clearing house to-day. President Forman declined to accept saying the bank needed no assistance. The statement of the Fidelity Company issued on Oct. 1 was as follows: Resources-Cash on hand and in banks, $2,725,646; demand loans, $2,774,286; bonds and mortgages, $1,617,654; other bonds, $2,795,148; real estate (new bank lot), $261,102. Liabilities-Capital stock, $500,000; deposits, net was a run on the There $9,073,500; surplus, small earnings, Fidelity $600,833. company's exposition bank this morning also. There, however, as at the downtown bank, the demands were met and deposits were made which more than offset the disbursements. James C. Dunn, of the clearing house, after conference with President Forman, this afternoon said: The bank has plenty of money and you can be assurred that every bank in the city, individually, will stand by it if necessary."

2. October 15, 1901 Arizona Republican Phoenix, AZ
Article from Arizona Republican, October 15, 1901

Click image to open full size in new tab

Article Text

A BUFFALO BANK Subjected to a Run by a Groundless Scare. Buffalo, Oct. 14.-A run on the Fidelity Trust company, a state banking institution began today. A long line of anxious depositors stood for hours waiting to withdraw their money. Extra paying tellers were installed and their windows were kept open until 4 o'clock. Prominent bankers and business men say the rumor which caused the run is groundless; that only small depositors are withdrawing their accounts. Several large deposits were made during the day by business houses of large sums of money sent to the Fidelity company's offices by local banks.

3. October 15, 1901 The Providence News Providence, RI
Article from The Providence News, October 15, 1901

Click image to open full size in new tab

Article Text

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.

4. October 15, 1901 Evening Journal Wilmington, DE
Article from Evening Journal, October 15, 1901

Click image to open full size in new tab

Article Text

RUN ON BUFFALO BANK Other Banks Help Out Institution With Large Deposits. Buffalo, N. Y., Oct. 15.-A run on the Fidelity Trust company, a state banking institution, began yesterday. A long line of anxious depositors stood for hours waiting to withdraw their money. Extra paying tellers were installed and their windows were kept open until 4 o'clock. Prominent bankers and business men say that the rumor that caused the run is groundless, and that only small depositors are withdrawing their accounts. Several large deposits were made during the day by business houses, and large sums of money were sent to the Fidelity company's offices by local banks.

5. October 15, 1901 The Sun Wilmington, DE
Article from The Sun, October 15, 1901

Click image to open full size in new tab

Article Text

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.

6. October 15, 1901 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, October 15, 1901

Click image to open full size in new tab

Article Text

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.

7. October 15, 1901 The Worcester Spy Worcester, MA
Article from The Worcester Spy, October 15, 1901

Click image to open full size in new tab

Article Text

Hundreds of Anxious Depositors Stood for Hours Waiting to Withdraw Deposits From Fidelity Trust Company's Vaults BUSINESS MEN HAVE CONFIDENCE IN BANK Deposit Large Sums During Day and Other Buffalo and New York Banks Do the Same So Withdrawals Exceeded Deposits by Only $50,000 Buffalo, N. Y., Oct. 14.-A run on the Fidelity Trust Company, a state banking institution, began today. A long line of anxious depositors stood for hours waiting to withdraw their money. Extra paying tellers were installed and their windows were kept open until 4 o'clock in order to accommodate the depositors. Prominent bankers say the rumor which caused the run is groundless. Several large deposits were made during the day by business houses, whose confidence in the stability of the bank is unshaken. The Erie County Savings Bank voluntarily turned over $250,000 in cash to the Fidelity Company. The Marine Bank sent in $100,000. The money was accepted, but not as a loan. President Foreman informed the two banks that the Fidelity Company needed no assistance. New York drafts for $250,000 and $100,000 were at once sent to the two institutions for their cash. At the close of business today President Foreman stated that the withdrawals exceeded the deposits by only $50,000. Frequently a day's business shows this balance, so there was nothing unusual in today's transactions except in the number of people who were accommodated.

8. October 15, 1901 The Washington Times Washington, DC
Article from The Washington Times, October 15, 1901

Click image to open full size in new tab

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.

9. October 24, 1901 Hutchinson Gazette Hutchinson, KS
Article from Hutchinson Gazette, October 24, 1901

Click image to open full size in new tab

Article Text

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.

10. October 25, 1901 The Chanute Times Chanute, KS
Article from The Chanute Times, October 25, 1901

Click image to open full size in new tab

Article Text

# THE LATEST NEWS IN BRIEF. On February 24 Cuba will elect its own government. Negroes are not allowed to live in Hoboken, New Jersey. Denver authorities have given prize-fighting 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 bonus 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 grandchildren. Edward S. Stokes who killed Jim Fisk years ago, is a decrepit old man at 60, living in pain and semi-consciousness. 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: "$14 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 total population 51.2 are males; a slightly larger poroportion of females than ten years ago. The increase of the total population since 1890 is 21 per cent. President Roosevelt told G. A. R. Commander Torrance, that he would not depose Pension Commissioner Evans in the absence of proof of the unfairness charged against him, but that he would have a complete investigation made by experts during the next six months. H. E. Cooper, territorial secretary and acting governor of Hawaii, is in Washington. He reports an urgent demand for laborers in Hawaii, owing to the fact that the Japanese and Chinese have left that territory in large numbers. Suit is to be brought against the estate of Senator John Sherman for taxes for 5 years on personal property which has never been returned for taxation. The property thus held back from taxation amounts to nearly a million and a half dollars. Everybody in Holland, the women especially, all over the kingdom, exhibit an absorbing interest in the prospective heir to the Dutch crown. The meeting of the live stock men in St. Louis was business with a big B. The delegates represented 76 National Breeders' associations. The live stock interests of the country, as a result of this meeting, will undertake to raise $500,000 to be offered in prizes in the live stock department, and will ask the Exposition managers to make it a million.

11. January 17, 1902 The Chanute Times Chanute, KS
Article from The Chanute Times, January 17, 1902

Click image to open full size in new tab

Article Text

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.