Equitable Trust Company (New York, NY)

Episode Information

Episode UID
1012371345
Episode Type
Suspension → Reopening
Bank Type
trust
Bank ID
101237 routing
Routing Number
1-0123
Start Date
January 9, 1912
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
306d9168e0539fd9

Response Measures

None

Events (1)
1. January 9, 1912 Suspension
Cause
Local Shock
Cause Details
Large fire destroyed the Equitable Life building housing the Equitable Trust Company, halting banking and brokerage business for the day.
Newspaper Excerpt
the fire upset the financial machinery of Wall street and business was practically suspended throughout the day.
Source
newspapers

Newspaper Articles (4)
1. January 10, 1912 The Brunswick News Brunswick, GA
Article from The Brunswick News, January 10, 1912

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Article Text

3 LIVES ALSO LOST IN BLAZE SIX-STORY MARBLE BUILDING OF INSURANCE COMPANY WAS BURNED. Millions of Dollars in Cash and Securities Locked in Vaults of Two Trust Companies Occupying Offices in the Building-Business Suspended. New York, Jan. 9.-Flames today destroyed the great granite and marble nine-story building of the Equitable Life Assurance Society, at 120 Broadway, the home of the Mercantile Trust company, the Equitable Trust company, the banking house of Kountze Bros., the Mercantile Safe Deposit company, and the Harriman lines. Three men lost their lives by leaping from the roof and the property loss is estimated at about $6,000,00. Millions of dollars in cash and securities are locked in the vaults of the Assurance Society, and the banking and trust companies, but are not believed to be affected by the flames, William Giblin, president of the Mercantile Safe Deposit company, was imprisoned with three other employes in he vaults, and was rescued after the firemen had sawed through several two-inch steel bars. One man is believed to have lost his life in the vault, Deputy Fire Chief Walsh was rescued from the building after being imprisoned in the burning structure for nearly two hours. The fire was in the heart of the financial district and the flames were fought mainly from the tops of towering skyscrapers. Business was brought almost to a complete standstill among banking and brokerage houses, where employees could not reach the scene of their daily activities. Financial firms stopped business to care for the firemen. Most of the records of the Equitable Life Assurance Society were kept in the branch offices of the society in the Hazen building, several blocks fom the main offices. Four men known to be dead, five hurt, several persons missing, including Battalion Chief Walsh. Conservative damage estimates this afternoon place the loss at $10,000,000, while others say it will run as high as $15,000,000. The giant safety deposit vaults in the building last night contained securities aggregating over a quarter-billion dollars value. The vaults are believed to be intact. Because of the fire many big banks did not exercise their loan calling prerogatives today.

2. January 17, 1912 Manchester Democrat Manchester, IA
Article from Manchester Democrat, January 17, 1912

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Article Text

LANDMARK IN RUINS FIRE DESTROYS EQUITABLE LIFE BUILDING AT NEW YORK-SIX LIVES ARE LOST. FIFTEEN PERSONS ARE HURT Wall Street Suspends BusinessBanker in Vault Sawed Out-Battalion Chief a Victim-$300,000,000 Securities Menaced. New York.-Fire destroyed the magnificent marble and granite building of the Equitable Life Assurance society, one of the first skyscrapers to be erected in New York and one of the city's most important financial centers. Six men lost their lives and a dozen of others were injured. The property loss will reach $6,000,000. The structure covered an entire block in lower Broadway. Valuable records, including the biography of E. H. Harriman, and two priceless libraries which cannot be replaced, went up in flames. The fate of hundreds of millions of dollars' worth of securities, stored in safe deposit vaults, is in question, although it was believed that fireproof construction saved them from damage. Fought in the heart of the financial district, the fire upset the financial machinery of Wall street and business was practically suspended throughout the day. Among the injured is William J. Giblin, president of the Mercantile Safe Deposit company, whose rescue from the basement vaults, where he was imprisoned, after two hours' work by firemen, was one of the most sensational episodes of the fire. He had gone into a vault to save securities and accidentally locked himself in with an employe who accompanied him. Their cries were heard by the firemen, who had to saw through the steel bars of a door leading to the street before they could rescue the imprisoned men. One man in another vault of the Mercantile Safe Deposit company, believed to be a watchman, could be seen from the street with his legs pinned down by a mass of debris, but could not be rescued because heavy steel doors barred the way of the firemen. Through the smashed windows of the door he was given the last rites by Chaplain McGean of the fire department, just as he was swallowed from view by the dense smoke. The great structure, which, besides containing the main offices of the Equitable Life Assurance society, was the home of the Mercantile Trust company, the Equitable Trust company, the banking house of Kountze Brothers. August Belmont & Co., the Harriman railroad lines, the Mercantile Safe Deposit company, the Lawyers' club and many of the city's most prominent law firms, is completely burned out. Besides involving heavy financial loss and serious disturbance to large business interests, the fire was one of the most spectacular ever witnessed in the far downtown section. Its progress was replete with harrowing incidents, narrow escapes and brave rescues.

3. January 18, 1912 The Citizen Berea, KY
Article from The Citizen, January 18, 1912

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Article Text

LANDMARK IN RUINS FIRE DESTROYS EQUITABLE LIFE BUILDING AT NEW YORK-SIX LIVES ARE LOST. FIFTEEN PERSONS ARE HURT Wall Street Suspends BusinessBanker in Vault Sawed Out-Battalion Chief a Victim-$300,000,000 Securities Menaced. New York-Fire destroyed the mag. nificent marble and granite building of the Equitable Life Assurance society. one of the first skyscrapers to be erected in New York and one of the city's most important financial centers. Six men lost their lives and a dozen of others were injured. The property loss will reach $6,000,000. The structure covered an entire block in lower Broadway. Valuable records. including the blog. raphy of E. H. Harriman. and two priceless libraries which cannot be replaced, went up in flames. The fate of hundreds of millions of dollars' worth of securities, stored in safe deposit vaults, is in question. although It was believed that fireproof construction saved them from damage. Fought in the heart of the financial district. the fire upset the financial machinery of Wall street and business was practically suspended throughout the day. Among the injured is William J. Giblin, president of the Mercantile Safe Deposit company. whose rescue from the basement vaults. where he was imprisoned. after two hours' work by firemen. was one of the most sensational episodes of the fire. The great structure. which. besides containing the main offices of the Equitable Life Assurance society. was the home of the Mercantile Trust company. the Equitable Trust company. the banking house of Kountze Brothers August Belmont & Co., the Harriman railroad lines, the Mercantile Safe De posit company. the Lawyers' club and many of the city's most prominent law firms. is completely burned out. Besides involving heavy financial loss and serious disturbance to large business interests, the fire was one of the most spectaeular ever wit. nessed in the far downtown section Its progress was replete with harrowing incidents. narrow escapes and brave rescues.

4. January 19, 1912 The Hawaiian Star Honolulu, HI
Article from The Hawaiian Star, January 19, 1912

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Article Text

administered. After a brief rest Mr. Giblin said: Trapped By a Spring Lock. "I was sitting up last night with my wife, who has been very ill, when an employe of the hotel informed me that the Equitable building was on fire. When I arrived at the building there were no flames, but plenty of smoke. I hurried into one of the vaults to get some valuable papers, followed by one of the night watchmen. The vault has a spring lock and I left my keys outside. "When the man and I started to leave the door swung shut and we were both prisoners. The smoke was awful. We shouted, but it seemed we were doomed. The other man was alive up to half an hour ago, but just before I was carried out he fainted and I think he must be dead." Mr. Giblin was taken to the Hudson street hospital. He was very weak, but in no immediate danger. The offices of the Harriman lines, which were in the building, were being moved to 165 Broadway. Everything had been moved save the papers in the legal department. Many valuable records, including the autobiography of E. H. Harriman, were there, and it was believed that these and other valuable records were destroyed. Business Halted by Fire. Banking and brokerage business was halted for a time by the fire and the governors of the Stock Exchange met to determine what action should be taken with respect to deliveries of securities purchased yesterday. The decision reached was that transfers may be suspended for a day by mutual consent. The clearing-house in the Chase National Bank was closed and temporary quarters were opened at the chamber of commerce. Depositors and bank customers of the burned-out trust companies, as well as those of financial institutions located in the neighborhood of burned buildings, were unable to reach their banks, being held back by the police lines. An officer of the Equitable Life Assurance Society said that the society had duplicates of every record which were stored in a building several blocks away from the burned structure. The fire, he said, would not affect the company's business with its policy-holders throughout the country. Vaults Are Intact. Officials of the Mercantile Safe Deposit Company said the vaults were intact, and not a cent would be last. President Lovett, of the Harriman lines, said that, as all of the Union and Southern Pacific securities held in the treasury were kept outside the city, the monetary loss to the railroads would be small. Mr. Lovett said that the extent of inconvenience suffered because of the loss of records will, of course, depend on whether the vaults on the third and fourth floors have been destroyed. The records referred to include those of the comptroller's department, the treasurer's office and the transfer department. President Day of the Equitable called a meeting of the executive committee at the company's new building in Greenwich street to consider the matter of securing temporary quarters. Of the 1300 clerks employed by the society, about 600 were in the main building, while the others were engaged at work in the Greenwich street building. The offices of the Equitable Trust Company luckily escaped the flames, but were damaged by water, as were the offices of August Belmont