City Savings Bank (New York, NY)

Episode Information

Episode UID
1036871294
Episode Type
Suspension → Reopening
Bank Type
savings
Bank ID
103687 routing
Routing Number
1-0368
Start Date
October 24, 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
a968e74f4a0edf6f

Response Measures

None

Events (1)
1. October 24, 1907 Suspension
Cause
Local Banks
Cause Details
Voluntarily suspended for 30 days under state law citing fear of a run following suspensions of nearby Harlem banks (Hamilton and Twelfth Ward).
Newspaper Excerpt
The City Savings bank, West One Hundred and Twenty-ninth street, posted a notice this morning announcing suspension for 30 days under the banking laws.
Source
newspapers

Newspaper Articles (2)
1. October 24, 1907 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, October 24, 1907

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Article Text

TWO SMALL BANKS IN HARLEM CLOSE DOORS. New York, Oct. 24.-At 9 o'clock this morning it was announced that the Hamilton bank, which has its place of business in One Hundred and Twenty-fifth street, had decided to suspend payment pending the complete restoration of public confidence. A notice posted on the bank's doors declared it was solvent, but suspended payment in justine to its depositors, until confidence in banks is restored. E. R. Thomas, who was associated with F. A. Heinze and Charles W. Morse in several banks and financial ventures, was president of the Hamilton bank but resigned after the break in United Copper stock which marked the beginning of the recent financial troubles in this city. Orlando F. Thomas, brother of E. R. Thomas, brother of E. R. Thomas, also recently resigned as a. director, and Wm. R. Montgomery was elected president. The bank has a capital stock of $200,000 and deposits of about $7,000,000. R has four branches in this city. The Hamilton bank is not one of the large institutions in the city, Its locaNon In Harlem gave it quite a good meighborhood business, but it never was way a representative New Torkbank The Twelfth Ward bank also suspended payment to depositors today. It is a state institution and a state bank examiner will be placed in charge of Its affairs. According to a recent statement the institution owed depositors about $3,000,000. The City Savings bank, West One Hundred and Twenty-nethethe street, posted a notice this morning announcing suspension for 30 days under the banking laws. The officials of the bank declare that the institution is financially solid, but that they desire to avail themselves of the 30 days notice of withdrawal under the state law, because they fearN a. run owing to the suspension of payment by the Hamilton and Twelfth in the same neighborhood. City Savings bank. aca recent statement, owed its depositors is & a Its

2. October 25, 1907 The Coeur D'alene Press Coeur D'alene, ID
Article from The Coeur D'alene Press, October 25, 1907

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Article Text

MONEY FOR NEW YORK stocks they were holding for their New York, Oct. 2.5-As a result customers. of todays dvelopments in the finanThe effect of the relief measures cial world, there is every indication was instantaneous, and the rate for that the crisis in the banking trust call money dropped from 100 per company situation has been safely cent to 10 per cent. When the stock exchange closed every one was getpassed. The Trust Company of ting all the money they wanted. America, all through the day's bankThe aggregate amount of money ing hours, paid out money to dewhich had been contributed to positors as rapidly as possible, and weather the storm and restore confidence assumes really colossal proclosed the day with all demands met. portions in all considerably in exThe company received over its cess of $1,000,000. couners in the morning hours in orThis morning Clark Williams, the dinary deposits more than $1,000,newly appointed state supreintend000. ent of banks, made public the folThey day was marked by these lowing statement: noteworthy episodes: First, and "So far as I have been able to early in the day, came the announcelearn during the short time which I ment of trouble in three minor state have had to examine into the situabanks in Harlem, the Hamilton tion I feel that all of the banks under Bank, the Twelfth Ward Bank, the my supervision in this city are solCity Savings bank. These banks vent, and it will be only because of transacted only a neighborhood busirash and unreasonable demands on ness, and their suspension of paythe part of the depositors that will ment was absoutely without sig further endanger the situation.' nifleance as bearing on the general insituation. State Bank Examiner Judson declared this afternoon that all three were solvent, and that their depositors would lose nothing. The second episode was a run begun upon the Lincoln Trust company. At the close of the day the company's officials announced that they were fully able to meet all obligations. By far the most notable event and most dramatic episode of the day was the emptying of money into the stock exchange through a pool headed by J. P. Morgan and "other financiers, in order to avert a ruthless selling out of stocks. The effect of the money stringency was to run the rate for money up to 100 per cent, and when that figure was quoted an extremely sharp de cline resulted in the stock market. Union Pacific a 10 per cent stock, sold down to par. At the time the excitement was at its height the announcement was WU TING FANG. made that a pool had been formed The shrewd and clever Celestial dipwith J. P. Morgan at its head, to lomat who has been appointed Chinese come to the rescue of the brokers. for minister to the United States, a post it was necessary to provide funds at in which he previously served for six once in order that they might carry years,