Bank of Europe Trust Company (New York, NY)

Episode Information

Episode Type
Run → Suspension → Closure
Start Date
August 27, 1931
Location
New York, New York (40.714, -74.006)
Bank Type
trust
Routing Number
1-0245
Alt. names
Bank of Europe

Metadata

Episode ID
Bank ID
City ID
360975772
Model
gpt-5-mini
Short Digest

Notes

State Banking Department took the bank over for liquidation the day after a depositors' run.

Events (3)
1. August 27, 1931 Run
Cause
Rumor Or Misinformation
Cause Details
False rumors, aided by prior closing of the American Union Bank, prompted heavy withdrawals.
Measures
Vice President Aloys Achec publicly assured depositors the bank was solvent and said it would open next morning with ample funds.
Newspaper Excerpt
Several thousand depositors of the Bank of Europe Trust Company ... stormed the bank last night and at 9 P. M., when the bank closed...
Source
newspapers
2. August 28, 1931 Suspension
Cause
Government Action
Cause Details
State Superintendent took the bank over because depreciation of investment securities so impaired capital that it was deemed unsafe to continue.
Newspaper Excerpt
The Bank of Europe Trust Company and its subsidiary ... were taken over today by the State Banking Department.
Source
newspapers
3. August 28, 1931 Receivership
Newspaper Excerpt
The bank ... were taken over today by the State Banking Department. The bank and its subsidiary are to be liquidated at once.
Source
newspapers

Newspaper Articles (11)
1. August 28, 1931 The Washington Times Washington, DC
Article from The Washington Times, August 28, 1931

Click image to open full size in new tab

Article Text

N. Y. BANK OWES $9,500, 000; CLOSES Shrinkage of Securities Hits Trust Co.; Toledo Run Ends Two Michigan Institutions NEW YORK, Aug. 28 (I.N.S.). The Bank of Europe Trust Company and its subsidiary, the Bank of Europe Safe Deposit Company, were taken over today by the State Banking Department. The bank has deposit liabilities of approximately $9,500,000. In announcing that the bank had been taken over, State Superintendent of Banking Joseph A. Broderick said the action was due to "depreciation in the value of its investment securities which so impaired the capital structure that it is deemed unsafe and inexpedient to permit this institution to continue in business." The bank and its subsidiary are to be liquidated at once, Broderick added. He said he hopes to be able to pay the first dividend to depositors and other creditors within 90 days. MONROE, Mich., Aug. 28 (I.N.S.).-Two of this city's three banks failed to open their doors today as the result of wholesale withdrawals by depositors. The runs were started last week when four Toledo (Ohio) banks were closed. The banks shut down are the Dansard State Bank and the Monroe Savings Bank. The third bank here, the First National of Monroe, opened its doors as usual. Officials of the two closed banks declared that the depositors would suffer no loss.

2. August 28, 1931 Daily News New York, NY

Article Text

FALSE ALARM! HUNDREDS START RUN ON BANK

Several thousand depositors of the Bank of Europe Trust Company at First Ave. and 74th St. stormed the bank last night and at 9 P. M., when the bank closed, it required twenty policemen to maintain order. Then Aloys Achec, Vice President of the institution, assured depositors the bank was solvent, was a member of the Federal Reserve System and would open for business at 9 o'clock this morning with ample funds to meet all requirements. Achec said more than 400 depositors had withdrawn their money. He said he believed false rumors, combined with the closing of the American Union Bank, at First Ave. and 81st St., three weeks ago, caused the run.

3. August 28, 1931 Daily News New York, NY

Article Text

FALSE ALARM! HUNDREDS START RUN ON BANK

Several thousand depositors of the Bank of Europe Trust Company at First Ave. and 74th St. stormed the bank last night and at 9 P. M., when the bank closed, it required twenty policemen to maintain order. Then Aloys Achec, Vice President of the institution, assured depositors the bank was solvent, was a member of the Federal Reserve System and would open for business at 9 o'clock this morning with ample funds to meet all requirements. Achec said more than 400 depositors had withdrawn their money. He said he believed false rumors, combined with the closing of the American Union Bank, at First Ave. and 81st St., three weeks ago, caused the run.

4. August 28, 1931 Daily News New York, NY

Article Text

FALSE ALARM! HUNDREDS START RUN ON BANK

Several thousand depositors of the Bank of Europe Trust Company at First Ave. and 74th St. stormed the bank last night and at 9 P. M., when the bank closed, it required twenty policemen to maintain order. Then Aloys Achec, Vice President of the institution, assured depositors the bank was solvent, was a member of the Federal Reserve System and would open for business at 9 o'clock this morning with ample funds to meet all requirements. Achec said more than 400 depositors had withdrawn their money. He said he believed false rumors, combined with the closing of the American Union Bank, at First Ave. and 81st St., three weeks ago, caused the run.

5. August 28, 1931 Daily News New York, NY

Article Text

FALSE ALARM! HUNDREDS START RUN ON BANK

Several thousand depositors of the Bank of Europe Trust Company at First Ave. and 74th St. stormed the bank last night and at 9 P. M., when the bank closed, it required twenty policemen to maintain order. Then Aloys Achec, Vice President of the institution, assured depositors the bank was solvent, was a member of the Federal Reserve System and would open for business at 9 o'clock this morning with ample funds to meet all requirements. Achec said more than 400 depositors had withdrawn their money. He said he believed false rumors, combined with the closing of the American Union Bank, at First Ave. and 81st St., three weeks ago, caused the run.

6. August 28, 1931 Daily News New York, NY

Article Text

FALSE ALARM! HUNDREDS START RUN ON BANK

Several thousand depositors of the Bank of Europe Trust Company at First Ave. and 74th St. stormed the bank last night and at 9 P. M., when the bank closed, it required twenty policemen to maintain order. Then Aloys Achec, Vice President of the institution, assured depositors the bank was solvent, was a member of the Federal Reserve System and would open for business at 9 o'clock this morning with ample funds to meet all requirements. Achec said more than 400 depositors had withdrawn their money. He said he believed false rumors, combined with the closing of the American Union Bank, at First Ave. and 81st St., three weeks ago, caused the run.

7. August 28, 1931 Daily News New York, NY

Article Text

FALSE ALARM! HUNDREDS START RUN ON BANK

Several thousand depositors of the Bank of Europe Trust Company at First Ave. and 74th St. stormed the bank last night and at 9 P. M., when the bank closed, it required twenty policemen to maintain order. Then Aloys Achec, Vice President of the institution, assured depositors the bank was solvent, was a member of the Federal Reserve System and would open for business at 9 o'clock this morning with ample funds to meet all requirements. Achec said more than 400 depositors had withdrawn their money. He said he believed false rumors, combined with the closing of the American Union Bank, at First Ave. and 81st St., three weeks ago, caused the run.

8. August 29, 1931 The Washington Herald Washington, DC

Article Text

Bank Closed; Protected Deposits NEW YORK. Aug. Following steady which. times, proportions run the bank. State Joseph Broderick today closed the Bank Europe Trust Company. At the same time the partment took over the Bank of Europe Safe Deposit Company, subsidiary the bank. The statement of the bank. June showed deposits This total had been reduced withdrawals about The bulk of deposits were in so-called "thrift counts." statement, the banking department said that shrinkage the value of asests had impaired capital the bank. however, that the positors are fully protected.

9. June 17, 1935 The Tribune Scranton, PA

Article Text

Shower Which Drove Crowd to Seek Shelter in Branch of Bank of Europe Started Run

An unexpected rainstorm back in 1931 was instrumental in wrecking the assets of Michael Bosak and his associates; closing his banking houses; throwing him into bankruptcy and deluging him with a flood of criminal and civil litigation.

Millionaire nine times over, banking tycoon and industrial leader, Bosak's reverses, which eventually reduced him to the status of a defendant in Criminal Court, started with a few raindrops which sent New York pedestrians hurrying to shelter.

10. June 17, 1935 The Tribune Scranton, PA

Article Text

Story Behind Bosak Crash

The story behind the Bosak crash which affected thousands of local bank depositors, was related over the weekend by one of the former banker's close confidants, coincident with a jurist's verdict in the local court acquitting him and his nephew Edward A. Bosak, of criminally violating the state's banking laws.

Early in 1931 Michael Bosak was a majority stockholder in the Bank of Europe, New York City. But a few weeks before the banking crisis of that year reached its zenith a syndicate of New York bankers offered him $3,000,000 for his holdings. He declined the offer.

The Bank of Europe, like many other metropolitan banks, operated several branches and it was the custom of the bank to keep branches open after regular banking hours when large business and industrial firms paid their employes. The workers were convenienced by this plan

11. January 31, 1936 Telegraf Baltimore, MD
Article from Telegraf, January 31, 1936

Click image to open full size in new tab

Article Text

- Akcionáři zavřené Bank of Europe Trust Company V New Yorku musí zaplatiti, čím jsou podle zákona povinnováni, aby mohla býti provedena likvidace banky a vkladatelé aby dostali aspoñ to, co bude možno. Bank of Europe Trust Company, která měla své místnosti V české čtvrti new-yorské na 1. ave. a 74. ul., byla zorganisována na popud delegace Z Pra hy, která dlela návštěvou V Americe se sokolskou výpravou roku 1909. Byla též ve spojení S bankou Bohemia V Praze, která už také dávno neobchoduje. Předsedou byl Tomáš Čapek a V ředitelské radě zasedal také zesnulý kazatel Rev. Vincent Písek. Svého času její mohovitost byla kolem $20,000,000. Když byla banka před čtyřmi lety zavřena, bylo oznámeno, že také známý slovenský bankéř Michael Bosák Z Pennsylvanie, který sám měl několik bank, vypůjčil si Z ní skoro na milion, neboť byl též podílníkem a jeho syn Michael J. Bosák Jr. zasedal V ředitelstvu. - Reorganisace Sokola Slávského potvrzena. Federální distriktní soudce Wilkerson povolil reorganisaci na základe bankrotního zákona. Pět ředitelů bude vésti novou korporaci. Jak známo, podala korporace Sokola Slávského 1. června minulého roku u federálního soudu petici o reorganisaci na základě článku 77-B federálního bankrotního zákona. Budova byla zatížena markyčem V obnosu $500,000, vystaveným Sokolem Slávským 7. července r. 1925. Když tento mar kyč 7. července 1930 vypršel, stávalo dalších pohledávek V obnosu $400,000 V podobě dru hého markyče a různých not a aby mohlo být docíleno prodloužení markyče, byla utvoře na korporace, V níž majitelé druhého markyče převzali pre ferenční akcie V obnosu $270,000, držitelé not přijali obyčejné akcie třídy A V obnosu $130,000 a Sokol Slávský obdržel za svůj podíl majetku akcie B V ceně $100,000, avšak tyto akcie se neměly podíleti na výtěžku budovy, dokud by markyč a proferenční akcie a akcie třída A nebyly vyplaceny. Pak byl první markyč prodloužen na dalších pět roků, totiž 7. července roku 1935. V říjnu roku 1933 byla na jeden bond vydána foreklosovací žaloba a aby se předešlo receivrovství, Frank Mayer jako důvěrník prvního markyce převzal budovu jménem majitelů prvního markyče a Z toho důvodu odepřel soud ustanoviti receivera. Od té doby byl Mayer V držení budovy jako důvěrník a zůstal V této funkci i po zadání bankrotní petice. Když V červnu roku 1935 bylo zřejmo, že nebude možno dostáti požadavkům markyče, zahájila korporace budovy u federálního soudu žádost o povolení reorganisace. - Z Victoria, Texas, se sděluje, že největšího vepře V okolí Victorie vychoval a zabil známý krajan Karel Šmejkal. Byl to vepr pravý obr. Vážil živé váhy 775 liber. Měl 45 galonů čistého sádla, dal 155 liber klobásů a 105 liber kostí a masa. Pouze hlava toho velikána vážila 65 liber. Každý kdo vepře spatřil, pravil, že takového obra ještě neviděl. Mnozí se na něj přišli podívati a radili krajanu, aby vepře dal na výstavu. Krajan Šmejkal po rodinné poradě vepře zabil a S přáteli si na něm pochutnal. Krajan Šmejkal je ještě poměrně mladý farmář, ale V pěstování vepřového dobytka docílil znamenitých výsledků. Radí chovatelům vepřů, aby nešetřili kornu a mlékem, chtě jí-li míti tlusté vepře. - V Abbott. Texas, krajan Jiří Pavlas, majitel řeznického obchodu se otrávil Bvl 22