County Trust Company (New York, NY)

Episode Information

Episode UID
1075771549
Episode Type
Run Only
Bank Type
trust
Bank ID
107577 routing
Routing Number
1-0757
Start Date
January 1, 1929*
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
01faea1e45ad4732

Response Measures

None

Events (1)
1. January 1, 1929* Run
Cause
Bank Specific Adverse Info
Cause Details
Public confidence shaken after suicide of president James Riordan led to threat of a run; syndicate bought stock to shore up confidence.
Measures
Syndicate (including Raskob and Alfred E. Smith and others) purchased large block of the bank's stock to support price and retain public confidence.
Newspaper Excerpt
organized syndicate ... to prevent run on the County Trust company of New York
Source
newspapers

Newspaper Articles (3)
1. November 9, 1933 Evening star Washington, DC
Article from Evening star, November 9, 1933

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Article Text

BARES OIL POOL PROFITS Says He Obtained $3,000,000 Without Putting Up Explains. Page.) syndicate formed to prevent stock the County Trust Co. from pressed after what described James Riordan, its president. Bought 3,794 Shares. The syndicate. Raskob said purchased total Raskob the syndicate was cluded November 1932, when the and Smith said statement New York last night that the syndicate was directors borrowed money simply to 'buy the trust Cutten said the Sinclair and and in addition from company and his varying 1,702,760 testified Harry wealthy oil operaSinclair appear his testimony was postponed until next on account illness. began his testimony today stories He statements that the still open and the obligation true. Raskob said, with story of the death Riordan. News the death was withheld until the next Raskob said, of the bank and others means to prevent run the bank said take the syndicate prevent the being depressed when the market Monday He the bank might cause the price 100 points reason, the formed the directors except 230 Raskob find out why did that.' Lists Pool Participants. Listing the and had Raskob Michael Meehan. he said, Other 500; Pulleyn, 100, and Peter Carey, 100. Later, Raskob the bank managereorganized Edward take the tion, Raskob on shares. the but never the stock, voice, Testifying Raskob "unfair" the that the syndicate operations. He added were particularly unfair Raskob stand for only was few minutes expresto the committee for hearing Cutten Tells of Deal. Cutten asked the pool in SinPecora stock. over the table, Cutten that ble that Sinclair others called him in August, and suggested shares the the purchase Sinclair Cutten the stock $30 share. said, offering trader he had replied and pointed out the price was high market price was then the handle to for less than $30 and refused was and the details. not the matter had been "Did he say directors? Pecora Cutten replied. Wiggin Listens Closely. listened closely to the tesChase Bank, timony from seats back Cutten. trader was settled The Hutton Co., acting Ruloff member of the Hutton witness Cutten then submitted statement attorney, Millard Tompkins New York. statement the Pecora. Sinclair, Cutten said, wanted raise ditional made plain he did Cutten said not want take large block. Others Took Balance. To replied that shares

2. November 9, 1933 Bradford Evening Star and The Bradford Daily Record Bradford, PA
Article from Bradford Evening Star and The Bradford Daily Record, November 9, 1933

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Article Text

RASKOB TELLS OF MART DEAL Former Democratic Nation al Chairman Explains How He and Smith Or ganized Syndicate to Prevent Run on N. Y. Bank. former Democratic national chairman, today told the Senate banking inquiry how he and Alfred E. Smith. former governor of New York, organized syndicate year ago to prevent run the County Trust company of New York Raskob said the syndicate traded only stock of the County Trust Co. He explained this step was taken to retain public confidence the bank following the suicide of James Riordan. then president of the bank, in 1929 Raskob voluntary witness. He said the syndicate purchased 3.79: shares of the bank's stock for total of $916,609.56 It sold 1,230 shares for Its net holdings were 2.564 shares, which cost the syndicate $649,013.03. Raskob revealed the syndicate had borrowed total of $511.549 from the Chase National Bank The money was borrowed at the Bankers Trust Co., but this institution immediately transferred the loan to the Chase National Bank He said he didn't learn of the transfer "until long afterwards. He added the loan had been repaid. Raskob said was dissolved and "the stock distributed among members of the syndicate.' Other members of the side Raskob and Michael Meehan, Kenny, Arthur Lehman, Vincent Astor, John Cavanaugh, John Pulleyn. Peter Carey, Ralph W. Long, P. F. Saylor. Kelly and Daniel J. Mooney.

3. November 10, 1933 Star Tribune Minneapolis, MN
Article from Star Tribune, November 10, 1933

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Article Text

MILLIONS FROM OIL POOL BARED No Investment Made in Deal Under Cutten, Senate Committee Told. millions in profits were made from oil stock pool in and 1929 by handful of operators led by Arthur W Cutten, without any investment on their part, was described Thursday before the senate bank Ferdinand its through documentary evidence and in questioning Cutten. developed group netted upward of 000 in handling nearly 000 of Consolidated Oil, which paid for out of receipts. It also was brought out that the New York Stock exchange now is making an investigation of the pool. Cutten, noted grain and stock ex change trader. managed the opera tions. in which Harry F. Sinclair, head of Consolidated Oil, also par- Sinclair Can't Appear. Sinclair was due appear. but 111 ness kept him at Kansas City. G. Stanford, his attorney, promised the committee the oil chieftain probably could appear Wednesday John J. Raskob, former chairman of the Democratic national commit in a voluntary and surprise said syndicate stock count in in which he and Alfred E. Smith took part was intended to support County Trust Co. shares after the suicide of James Rior. vent run on the Raskob said the syndicate chased 3,794 shares for 609. and out on 15, 1932 the stocks were and owed the Chase National bank He said was not intended for purposes. Sinclair Takes Lead. Cutten took the $30 share for the issue, which the company was making additional capital. issue was underwritten by sev. eral including Blair Co., Chase Securities corporation, the Shermar corporation. the Cutten Co. Ltd., Continental National Co., the Famoth corporation, the Traywin corporation and several individuals. A. M. Andrews, L. W. Hill and C. O. Kalman Cutten and his counsel. M F. that profits of this group aggregated with Sinclair's share from per amounting to Two Accounts Used. Pecora brought out there were and the other trading syn. The latter had profits of $418,383 Cutten that addition to shares from the oil the purchased at prices and sold together shares. Cutten went on into buying of the shares Consolidated Oil, tellPecora the profits made putting up to the for it by pool from the of had and was for share and for the of shares The said as he the 000 from the Chase National of Albert H. owned the participating Shercorporation, was president.