13298. Fidelity Trust Company (Buffalo, NY)

Bank Information

Episode Type
Run Only
Bank Type
trust
Start Date
October 14, 1901
Location
Buffalo, New York (42.886, -78.878)

Metadata

Model
gpt-5-mini
Short Digest
35b4430b1a2956af

Response Measures

None

Description

Multiple contemporary newspaper reports (Oct 14-15, 1901) describe an anxious run by primarily small depositors on Fidelity Trust Company of Buffalo. The bank met all demands, received cash assistance/offers from other local banks, installed extra paying tellers, and continued to pay depositors. No suspension, receivership, or permanent closure is reported in these articles.

Events (1)
1. October 14, 1901 Run
Cause
Rumor Or Misinformation
Cause Details
Rumors (unconfirmed) that large sums due the bank from Pan-American contractors would not be forthcoming prompted small depositors to withdraw funds.
Measures
Installed extra paying tellers, kept windows open late; accepted large cash deposits/offers from local banks (Erie County Savings Bank $250,000, Marine Bank $100,000); drew $500,000 from New York; paid checks promptly.
Newspaper Excerpt
There is a run on the Fidelity Trust Company of Buffalo, N. Y., today. The bank is meeting all demands and its officials declare it safe.
Source
newspapers

Newspaper Articles (11)
1. October 14, 1901 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, October 14, 1901

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TELEGRAPHIC BREVITIES. E. A. Cudahy, of Omaha, Neb., this morning formaliy withdrew the $25,000 reward offered by him for the capture and conviction of the kidnapper of his son, to secure the voluntary surrender of Pat Crowe Mrs. Elizabeth Duane Gillepsie, a greatgranddaughter of Benjamin Franklin and for many years a prominent figure in Philadelphis social circles, died yesterday in that city in her 81st year. An Antwerp dispatch announces that King Leopold of Belgium has declared it his intention to soon visit the United States. The King is 66 years old. Edwin E. Longnecker died in a hospital in Philadelphia yesterday with & broken neck received during a football game last Tuesday. There is a run on the Fidelity Trust Company of Buffalo, N. Y., today. The bank is meeting all demands and its officials declare it safe. The body of little Walter Mechlin who disappeared from his home st Middletown, O., October 2nd, was found yesterday in Dake's Creek. State President Riley, of the Ancient Order of Hibernians, yesterday afternoon visited Alexandria Division, No 1, of that order. The court of special sessions in New York this morning sentenced John Most, the anarchist, to one year in the city prison.

2. October 14, 1901 The Evening World New York, NY
Article from The Evening World, October 14, 1901

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TRUST COMPANY MEETS A RUN. FIDELITY OF BUFFALO DENIES LOAN STORY. Depositors Hear Bank Cannot Collect Claims Against Fair Contractors. BUFFALO, Oct. 14.-A run was started on the Fidelity Trust Company, a State banking Institution. today. 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 PanAmerican contractors to-morrow would not be forthcoming. Later, President Forman addressed those in line, saying: "There is no reason for your anxiety. my good friends," said he. "We have nearly $3,000,000 in cash here, and about as much more obtainable immediately on demand loans. The bank is well able to pay every cent one deposit." There was a small run on the Fidelity 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 a conference with President Forman this afternoon, said: "This bank has plenty of money, but you can be assured that every bank in the city. individually, will stand by it If It is necessary."

3. October 15, 1901 The St. Louis Republic Saint Louis, MO
Article from The St. Louis Republic, October 15, 1901

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GENERAL DOMESTIC. The first snow of the season in Kansas fell Sunday night in the western part of the State. Killing frost has ruined much forage not yet harvested. Judge Advocate Lemly finished the presentation of the Navy Department's tesUmony against Admiral Schley yesterday and the defense began its case. Johann Most, the anarchist, was convicted yesterday of having written a seditious article on the occasion of the assassination of President McKinley and was sentenced to one year in the Penitentiary. Burglars, in attempting to blow open a safe in a mill at Bluffton, O., with dynamite. set fire to the building and caused its complete destruction. Former Governor John S. Pillsbury of Minnesota is lying dangerously ill at his home in Minneapolis. Senor Don Joaquin Walker Martinez, the new Minister of Chile to the United States, arrived at New York yesterday. Anxious depositors started a run on the Fidelity Trust Company at Buffalo, N. Y. The institution met all demands promptly. The jury for the trial of Caleb Powers, charged with complicity in the murder of former Governor Goebel of Kentucky, was secured yesterday. The Christian Missionary Society, in session at Minneapolis. blamed Mark Twain for the falling off in the subscriptions for missionary purposes in the past year. Milwaukee millionaire who started for St. Louis over ten days ago, cannot be located and foul play is feared. Edward A. Cudahy formally withdraws his offer of $25,000 for the arrest and conviction of the abductors of his son. The Omaha City Council may do likewise. Grand Lodge, Knights of Pythias of IIlinois, will convene to-day in the hall of Representatives at the State Capitol, Springfield. Commission of Missourians at Vicksburg. Miss., locating officially the position of Missouri troops during the siege and at the battle of Vicksburg. Former St. Louisan, supposed to have perished in ocean steamer wreck, turns up alive in Montana. Dallas, Tex., outbids competitors in the way of inducements toward securing the 10cation there of a State Masonic home. Illinois Federation of Women's Clubs will meet in Decatur on Wednesday and remain in session several days. Evangelical Lutherans, in general council at Lima, O., deny the report that the Scandinavian members of the church are deserting to the Protestant Episcopal Church. Twenty-six persons will be allowed to witress the electrocution of Assassin Czolgosz. Governor General Wood has fixed February 24. 1902, as the date for the first general election in Cuba. Indictments have been returned at Havana against a number of persons implicated in the Cuban postal frauds. A Fort Worth. Tex., merchant assigns with several creditors in St. Louis. Board in charge of the Drainage Canal will petition for permission to increase the flow of water. A Carthage, Mo., man is stricken by paralysis as he is riding on a bicycle and dies.

4. October 15, 1901 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, October 15, 1901

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DEPOSITORS SCARED RUN ON FIDELITY TRUST COMPANY, A STATE BANK AT BUFFALO, N. Y. MONEY PROMPTLY PAID OUT Other Banks Come to the Assistance of the Institution With Cash and Offers of More. 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 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 today 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 today. President Forman declined to accept, saying the bank needed no assistance. The statement of the Fidelity company issued 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. $9,073,500; surplus, net earning, $600,833.

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

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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.

6. October 15, 1901 The Evening World New York, NY
Article from The Evening World, October 15, 1901

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FIDELITY RUN CONTINUED. Trust Company of Buffalo Meets Demands of All Depositors. BUFFALO, Oct. 15.-The run on the Fidelity Trust Company continued today. 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, Speaking of the situation to-day President Forman said: "I see the same class of depositors is here to-day which was here yesterday. It's all right. We are ready to pay every one. Our only regret is that our facilities are so limited that we cannot pay them all in fifteen minutes. We have all the currency we can handle and have this morning received $500,000 more from New York"

7. October 15, 1901 The St. Louis Republic Saint Louis, MO
Article from The St. Louis Republic, October 15, 1901

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RUN ON BUFFALO BANK. Depositors Found Plenty of Money Ready for Them. 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 windows 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 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 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 statement of the Fidelity company, issued on October 1, was as follows: Resources-Cash on hand and in banks, $2,725,646,98; demand loans, $2,774,286.58; bonds and mortgages, $1,617,654.48; other bonds, $2,795,148.10; real estate (new bank lot), $261,102.88. Liabilities-Capital stock, $500,000; deposits, $9,073,500.14; surplus, net earnings, $600,633.83.

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

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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.

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

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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

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# 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

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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.