14312. Nineteenth Ward Bank (New York, NY)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
January 9, 1911
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
e88265096d3d96b7

Response Measures

None

Description

Multiple contemporaneous articles (dated Jan 9–10, 1911) report a run / heavy withdrawals at the Nineteenth Ward Bank triggered by the collapse/closing of the Carnegie Trust Company and the Joseph G. Robin scandal. J.P. Morgan & Co. and other financiers provided backing and cash (displayed in the bank) and depositors were reassured; the bank remained open and payments were made. Classified as run_only because there is no mention of a suspension or permanent closure for this bank.

Events (1)
1. January 9, 1911 Run
Cause
Local Banks
Cause Details
Contagion from the failure/closing of the Carnegie Trust Company and affiliated Joseph G. Robin revelations; depositors fearful because of affiliation.
Measures
J.P. Morgan & Co. and other financiers guaranteed support; taxicabs delivered cash and gold to display over the counters; notices/postings of backing by Morgan and Equitable Trust; deposits paid promptly.
Newspaper Excerpt
There was some excitement in the savings department of the Nineteenth Ward Bank... where several hundred people were in line. J. P. Morgan has agreed to give whatever financial assistance is necessary to the Nineteenth Ward...
Source
newspapers

Newspaper Articles (16)
1. January 9, 1911 Santa Fe New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe New Mexican, January 9, 1911

Click image to open full size in new tab

Article Text

RUN ON HARLEM BANK Depositors Were Soon Reassured and Left Their Deposits FINANCIAL CONFERENCE HELZ It Has Re-Established Stability and Confidence In Money Center. New York, Jan. 9.-The financial horizon is decidedly cleared today as the result of conferences held last night to provide against any unsettling of the stability of the financial organizations allied with the Carnsgie Trust Company. One thing appeared to be plain, that the trouble of the Carnegie Company and its allies was an isolated condition and not indicative of any wídespread trouble in the financial world. There was a slight run on the Twelfth Ward Bank in Harlem this morning, but the depositors soon were reassured and many went away without withdrawing their deposits. Morgan Will Help Banks. New York, Jan. 9.-There was some excitement in the savings department of the Nineteenth Ward Bank, 57th street and Third avenue and at its branches on 86th and 72d streets where several hundred people were in line. No disorder occurred however. J. P. Morgan has agreed to give whatever financial assistance is necessary to the Nineteenth Ward and Twelfth Ward banks.

2. January 9, 1911 Perth Amboy Evening News Perth Amboy, NJ
Article from Perth Amboy Evening News, January 9, 1911

Click image to open full size in new tab

Article Text

MORGAN HELPS SAVE THE BANK Financiers Take Over Three Institutions. New York, Jan. 9.-After forty-eight hours of conference between representatives of all the big banking houses and the clearing house It was announced that J. P. Morgan & Co. have guaranteed the solvency of the Twelfth Ward bank and the Nineteenth Ward bank, that the Equitable Trust company has bought the Madison Trust company and that these three institutions have been shorn of their Carnegie Trust company connections. The announcement was made by formal statements. They make it clear that whatever danger had been cast on the three banks by the failure of the Carnegie Trust company had been removed. Work For Grand Jury, Perhaps. The Carnegie Trust company, which was closed Saturday by the state banking department, is now beyond hope of salvation. With respectable securities to offer it could have had on the very night before the superintendent of banking descended upon it at least $1,000,000, but these securities were not forthcoming. The deposits in the company had shrunk from $18,500,000 at the time of the company's greatest prosperity in 1909 to hardly more than $1,500,000 in individual deposits subject to check at the time of the failure. To meet this steady drain the company was forced to sacrifice what reliable securities it possessed. The banking department has called in District Attorney Whitman to look into the history of the concern and determine whether or not there was any criminal liability in its management. The district attorney is silent as to what steps he is taking in the matter. It is known, however, that he worked overnight on the trust company matter late into the morning and that he held many consultations about it at his home at the Hotel Iroquois. The outcome of this labor may very well be a matter for the consideration of the grand jury. Nearly Falled In 1907. It has developed that the company nearly went under in the panic days of 1907. The general impression that the influence of Andrew Carnegie was behind the company and the fact that the name of Leslie Shaw, who 80 recently had been secretary of the treasury, was with the concern were two things that saved the trust company at that time. Of course the big steel man asíde from his friendship for Charles M Schwab had no interest In the company. More than that, he was extremely adverse to the use of his name.

3. January 9, 1911 The Richmond Palladium and Sun-Telegram Richmond, IN
Article from The Richmond Palladium and Sun-Telegram, January 9, 1911

Click image to open full size in new tab

Article Text

By Prompt Action of the Napoleon of American Finance, Three N. Y. Institutions Were Saved. CRAZED DEPOSITORS PACIFIED BY SIGHT Within Hour After the Gold Had Arrived at Threatened Banks, Deposits Were Being Returned. (American News Service) New York, Jan. 9.-Runs were started on three banks today as aresult of the excitement caused by the revelation of the skyrocket financiering and the subsequent closing of the banking institutions with which Joseph G. Robin was connected. Today's runs were on the Madison Trust company, Twelfth Ward bank and Nineteenth Ward bank. A serious panic was averted by the tremendous financial support of J. P. Morgan and associates, who held an all night meeting and devised ways and means of preventing further bank failures in New York City. Fifty millions in cash had been provided for this purpose and truck loads of gold and currency were drawn up before thebanks affected today and within an hour's time the depositors who withdrew their money were putting it back in again. Cause of the Panic The operations of oJseph G. Robin fell across the Madison Trust company, the Twelfth Ward bank and the Nineteenth Ward bank because they were affiliated with the defunct Carnegie Trust company, of which Robin was one of the founders and a former director. This is the third time in four years that the tremendous resources of Morgan have been poured fourth to polster up weak financial institutions or prevent a great panic. In 1907 this Napcleonic financier lent his financial assistance to avert a crisis and draw America from the clutches of panic. When E. H. Harriman, the railroad wizard, died, he again came to the rescue and pledged his millions to avert a vast slump in railroad securi-ties. As a result of Mr. Morgan's latest action. which was taken shortly after midnight today, following a conference of many hours, his grasp upon the banks of New York City, America's financial stronghold, has been made all-powerful. The Equitable company and the Madison Trust company are two of the leading financial institutions of the city. The Equitable Trust company is a $35,000,000 concern backed by the e Equitable Life Assurance society ) which is owned by Mr. Morgan. The Madison Trust company, which t was formerly the Vanderbilt Trust 1 company, was the central institution in a train of banks across the city that figured in a proposed merger some time ago. I

4. January 9, 1911 The Marion Daily Mirror Marion, OH
Article from The Marion Daily Mirror, January 9, 1911

Click image to open full size in new tab

Article Text

TRUST COMPANY BEYOND RECALL Whitman May Probe Carnegie Concern. TROUBLE DEEP SEATED New Bankers Express Sympathy For Southerner Who Three Months Ago Took Charge of Institution That Nearly Went to Wall In Panic of 1907-J. P. Morgan & Company Come to Rescue of Three Banks Carnegie Objected to Use of Name New York, Jan. 9.-The Carnegie Trust company is now beyond the hope of salvation. With respectable securities to offer, it could have raised on the very night before the superintendent of banking descended upon it at least $1,000,000. but these were not forthcoming. The deposits in the company had shrunk from $18,500,000 at the time of its "greatest prosperity in 1909 to hardly more than $1,500,000 in individual deposits subject to check at the time of the failure. To meet this steady drain the company was forced to sacrifice what reliable securities it possessed. Sympathy for the man who came up from the south to take charge of the precarious affairs of the company three months ago is expressed on all sides. Bankers agreed that whatever blame there might be for the failure could not attach itslf to the new president of the Carnegie, Joseph T. Howell. On the other hand, it was learned that the banking department has called in District Attorney Whitman to look into the past history of the concern and determine whether or not there was any criminal liabil1ty in its management. The district attorney is silent as to what steps he was taking in the matter. It is known that he worked many hours on the trust company matter, and thats hey held many consultations about it at his home. The outcome of his labors may very well be a matter for the consideration of the grand jury. It developed that the company nearly went under in the panic of 1907, The general impression that the influence of Andrew Carnegie was behind the company and the fact that the name of Leslie Shaw, who had SO recently been secretary of the treasury, was with the concern, were two, things that sayed the trust company at that time. Of course the big steel man, aside from his friendship for Charles M. Schwab, had no interest in the company. More than that, he was extremely Nath erse to the use of his name Not only did he issue a statement to the effect that he did not de. sire his name to be connected with the trust company. but he sent his attorney to Albany to see if it were not possible to force the concern to take some other name. The response to this that the company was not calling itself the Andrew Carnegie Trust company, and that there was more than one man in the world named Carnegie. Word was sent out from a conference of bankers at the house of Paul D. Cravath that the three Van Norden institutions, the Madison Trust company, the Twelfth Ward bank and the Nineteenth Ward bank. were safe. "The banks are amply protected," ran the notice, "and everything has been arranged." Later it was announced that J. P. Morgan & Company have guaranteed the solvency of the Twelfth Ward bank and the Nineteenth Ward bank, tnat the Equitable Trust company has bought the Madison Trust company and that these

5. January 9, 1911 Newark Evening Star and Newark Advertiser Newark, NJ
Article from Newark Evening Star and Newark Advertiser, January 9, 1911

Click image to open full size in new tab

Article Text

MORGAN MILLIONS SAVE TWO BANKS FROM SURE RUIN Depositors in New York Institutions, Reassured by Solvency Guarantee, Make No Run. FILE CHARGES AGAINST CHAMBERLAIN HYDE New York City Officials Find City's Guarantee Filed Away in Private Safe. NEW YORK, Jan. 9.-Announcement that following two days' conferences J. Pierpont Morgan had pledged his millions to insure the solvency of the Twelfth and Nineteenth Ward banks and that the Equitable Trust Company had taken over the Madison Trust ComDany to defend the three menaced institutions from any stress due to the closing of the Robin banks and the Carnegie Trust Company, so quieted nervous depositors of the institution that there was not the slightest semblance of a run when the banks opened today. In addition the funds of nearly every great bank in New York city, the milMons of such great financiers and financial institutions as Kuhn, Loeb & Co., the Guggenheims, Henry Phipps, Halgarten & Co., and practically every big bank in the New York Clearing House Association, whose resources run into billions, were pledged to supply the funds necessary to ward off any run that might be started today. This transforms the institutions named from ordinary healthy banks into the most powerful, for the time being, in the world. At the Twelfth Ward Bank, having headquarters in Harlem, there was a group of perhaps fifty people in line early in the day. Some nervousness was manifested by some of the depositors, particularly foreigners who had not been appraised of the events of over-night, but banking officials took steps to allay this feeling. Many went away without carrying out their intention to withdraw funds. Assan indication of the general feelinvinancial quarters prices on the stock exchange showed fractional gains in amajority of stocks and the market was moderately active. Some of the leading stocks showed advances. A similar sentiment was shown from other financial centres. There was some excitement at the savings department of the Nineteenth 1 Ward Bank at Fifty-seventh street and Third avenue, where there were about 200 people in line when the bank 1 opened, and at the branch on East I Eighty-sixth street, where 400 depositore were in line. At the Seventy-second street branch there were about 100 o people in Line. The business departments of the main bank and the branches were a little to more active than usual on Monday 1 morning. the business people having accounts there being more confident than the patrons of the savings department. No Disorder at Banks. There was not the slightest disorder, however, at any of the branches. Inside the Eighty-sixth street branch the officers were on hand early and ( there was a large amount of cash in sight with which to pay off the timid depositors. This had a good effect, and many who had waited in line for some time, when they got inside the building went away without drawing out their savings. f Frank French, president of the Twelfth Ward Bank, was on hand early I and remained in the lobby of the institution interviewing those of the depositors who seemed nervous. Many a went away satisfied after Mr. French t had explained that the institution had assurance of all the financial aid h necessary by the powerful financial in d terests of the city. Among the depositors at the bank there were many prominent business men who came to make large deposits. There were also several other smaller sums deposited by people in the neighborhood. The conference of bankers at the home of Paul D. Cravath did not conclude until early this morning, and while it was in progress almost constant telephone communication was maintained with J. P. Morgan. a Five directors of the three banks ref tired, following the conference. Certain assets of the Nineteenth I Ward and Twelfth Ward banks have, 0 by direction of Banking Superintendent ( Cheney, been replaced by money, and J. P. Morgan agreed to give whatever a Anancial assistance was necessary. Action by Superintendent Cheney, J. P. Morgan and associate bankers has brought added stability to the banking situation, it was generally agreed today

6. January 9, 1911 The Barre Daily Times Barre, VT
Article from The Barre Daily Times, January 9, 1911

Click image to open full size in new tab

Article Text

To Allay Fears of Nineteenth Ward Bank Depositors A SMALL RUN ON TO-DAY Big Morgan Financiers Are Coming to the Aid of the Weaker Banks in New York, to Prevent the Crippling of Them. New York, Jan. 9.-The Nineteenth Ward bank. which formerly had close affiliation with the Carnegie Trust company, whose doors were closed Saturday by State Superintendent of Banks Cheney, was re-opened this morning when a taxicab landed a load of cash. Three men carried in a bag tin box the bills and gold which was sent from the Fifth Avenue bank. This was done in fall view of three hundred depositors who were lined up waiting to withdraw their savings. The cash was then displayed along the counters of the bank and many, reassured by the sight, departed without cashing their checks. All those who did present their checks were paid quickly. President Martin of the bank stated to-day that the bank "will pay all depositors wanting their money." He added: "The present run is of slight consequence. These withdrawers are of accounts. The run will probably not last the day out." The support of several small banks by big institutions is the result of the decision by the Morgan big financiers last night. Several big bankers were present in the clearinghouse this morning to aid any bank which needed support.

7. January 9, 1911 New-York Tribune New York, NY
Article from New-York Tribune, January 9, 1911

Click image to open full size in new tab

Article Text

street and the third at No. 242 East 86th street With the exception it the main office of the Madison Trust Company. which is the old Van Norden Trust Company, on all the banks and their branches are althe East Side and the officers had was ready had an intimation of withdraw- what to be expected by the heavy closing als on Saturday, as soon as the became of the Carnegie Trust Company the known through the section in which banks are situated. Run To-day Seemed Certain. It was seen that the institutions would this rave to be prepared to take care morning of a run calling for the greater only of the money on deposit. Not of part this the case. but the insistence was Mr. Cheney on cash being substituted loans for many of the securities held for were \made the directors see that they they faced by a situation with which could not cope without outside help. After being in session all Saturday that afternoon and until a late hour 1 night they came together again at then o'clock yesterday afternoon, and asked turned to Mr. Cravath and find some one to help at once began to him they Mr. Cravath to them send after- out. for bankers whose influence was to ward the exerted to bring Mr. Morgan the rescue. With the bankers there came also a stream of clerks and messengers bring- time ing books and securities. By the the Sunday afternoon session broke might up. 7 o'clock, that the conferrees seat a bite to eat. a large part of the had curities get of the three institutions brought down to Mr. Cravath's dinner house. been and while the bankers had R corps of clerks was busy tabulating and arranging them. With the advent of the bankers and the appearance of the securities Mr. Cravath had begun to become hopeful, a and late in the afternoon he made brief statement to the newspaper men. "This is the r. -t important conference to the financial world," said Mr. Cravath. "that has been held since the famous conference at Mr. Morgan's house the night before the 1907 panic." Says Carnegie Trust Has Gone. 'We are here trying to save nine banks from closing and the train of disaster that would follow in the wake of such a happening," Mr. Cravath continued. "But do not think that we represent the Carnegie Trust Company. We have nothing to do with that concern. It has gone. We are trying to prevent more failures from coming. We are here to save the Madison Trust Company, the Nineteenth Ward Bank and the Twelfth Ward Bank. If no cog slips we will have the cash in those companies' 'vaults to-morrow morning to pay every depositor and the loans and liabilities of each will be so safeguarded that there will be no possible fear of any further trouble coming out of the condition that has arisen through the Carnegle Company's failure." When Mr. Cravath referred to nine banks he included the branches of the three institutions concerned. He did not mean that six other concerns were affected But even the work that had already been done by Mr. Cravath and his assoiates was not enough to satisfy Mr. Morgan. and when the conference met again at 8 o'clock last night another stream of clerks began to come on foot and in automobiles with more packages of securities and books under their arms Mr. Morgan's representatives, Henry P. Davidson and William H. Porter. were then on the ground. and the argument was in progress for the rearrangement of the boards of directors for the three Institutions The securities had been proved satis. factory at last and the final arrangements made for the cash to protect the depositors and the merger of the MadlFor and Equitable trust companies, before the unwilling consent of the directors to sell out their holdings was wrung from them When this last step was taken and the price agreed upon, Mr. with his Cheney appeared welcome of all an. the nouncement that the doors would be open for business with no fear any institutions this morning, that depositor would fail to get his money.

8. January 10, 1911 The Sun New York, NY
Article from The Sun, January 10, 1911

Click image to open full size in new tab

Article Text

of depositors was always longer than the other line. It was said that less than $100,000 was withdrawn. At the main office and the branch at Grand street and the Bowery signs were posted which read "The Equitable Trust Company of New York will pay the depositors of the Madison Trusi Company in full. The Madison's Bowerv branch paid off a considerable number of small depositors but there was no line after 12 o'clock. In all of the banks and their branches notices of the backing promised to the banks by J. P. Morgan and Co., were posted and the Nineteenth Ward and its branches filled its windows with pages from the morning and afternoon papers bearing the same story 11 was apparent at most of the branches that the day had seen the end of the run. Those who had money in the Nineteenth Ward's Seventysecond street branch had a chance to get it last night if they wanted it. as the branch was open from 7 to 9 P. M as it always is on Monday nights. Some of the money withdrawn from the banks went into the stocking unsafe deposit. but a good deal was deposited in other banks One uptown savings bank president said that the deposits in his bank for the day were the heaviest in many months

9. January 10, 1911 The Sun New York, NY
Article from The Sun, January 10, 1911

Click image to open full size in new tab

Article Text

INSIST ON Small Depositors Enjoy Themselves at Banks That Don't care a Bit. once bank officers had a chance to For thr psychology of a "run" without study of the shivery feelings that usually associate any themselves with that phenom- East Small depositors from the Side enon. who don't read the newspapers didn't that are printed in English and who were understand that J. P. Morgan & Co. the backing the Twelfth Ward Bank and the Nineteenth Ward Bank and that Equitable Trust Company has bought on Madison Trust Company were hand the early to draw out their savings deThere was plenty of cash to meet all mands and very naturally when the people found they could get their money many the want it. With one exception didn't lines of waiting depositors dwindled by lunch time and a considerable away number of persons who had withdrawn the in the morning came back allowed in afternoon money to see if they would be to deposit it again. The biggest run was on the interest Ward department of the Nineteenth and Bank's main office at Third avenue Fifty-seventh street. The bank opened of 8 o'clock. At that time the line the at waiting depositors reached along Most side street nearly to Second avenue. and those in line were of foreign birth Those of large percentage were women. who a wanted their/money got it as fast as the tellers could handle the books. Upstairs in the commercial part there of bank things were quiet and in the nearly as much business done A taking was in money as in paying it out. make number of people who wanted to deposits with the interest department telephoned that they had gone away was seeing that the bank's force busy. after but would be glad to make deposits if messengers were sent for the money. East The Nineteenth's branches at 152 Thirty-fourth street, 180 East Seventysecond street and 240 East Eighty-sixth main had less trouble than the Jr. street bank. President Bradley Martin. from figured that the day's withdrawals than bank and its branches were less the million and more than half a million. a were some large deposits. The There bank had $1,500,000 in currency on hand little when it opened for business and a after 10 o'clock a taxicab with $250,000 Fifth board came uptown from the on Avenue Bank This was largely a play reassure the foreign element among to depositors. who seemed to fool much iron the better when the contents of the big which had been carried into the bank box spread out on the counters. wanted Many of were the Russian women in the line their money in Frank gold. B. French of the President Ward Bank said late in the afternoon from half Twelfth that he had been kept busy the declining mer of his Twelfth Ward offers chants the of assistance acquaintance. Bank into was the The street never line at enough to extend out nothing after long it dwindled to almost Harlem and S. Nichols. president of the speech A. of Trade came 1.1 and made a Twelfth Board the uneasy depositors A1 the and to at Third avenue Ward's branch a large number of small Sixth street. were drawn out but abroad many were At deposits when the facts got were the put back East 116th street branch there few withdrawale. Madison Trust Company did usiness The in the usual way and the line

10. January 10, 1911 The Cairo Bulletin Cairo, IL
Article from The Cairo Bulletin, January 10, 1911

Click image to open full size in new tab

Article Text

SITUATION IS AGAIN NORMAL GOOD WORK ACCOMPLISHED IN BANKING SITUATION IN NEW YORK CITY. DEPOSITORS REASSURED Stock Market is Optimistic, and Joseph G. Robin, the Indicted Banker, Remains in the Tombs Prison. New York, Jan. 9.-Aside from progressive work of reorganization and reconstruction in affected institu tions, which will necessary extend over the first few weeks of the new year, the banking situation is normal tonight. Timid depositors are reassured, the stock market is optimistic and Joseph G. Robin, whose operations caused the flurry, remains in the Tombs. With powerful interests behind the Tweltf Ward Bank and the Nineteen th Ward Bank and with the absorp ilon of the Madison Trust Company by the Equity Trust Company, two institutions whose integrity had been questioned because of alleged affiliations with the Caruegle Trust Company, closed as the result of Robin's operations, weathered today, not only successfully, but with suggestiveness that there were no runs and almost normal deposits. Last night's consultation between financiers had laid a strong ground work which proved adequate to avert any serious complications. Another member of the Robin family entered the Tomos today. Dr. Louise Robinovitch, sister of Robin was indicted for perjury and remanded in default of $3,000 bail. She had sworn in an effort to have Robin conmitted to an asylum and his estate taken over by a committee, that she and her brother, Edward, known as Edward Robinson, were his only heirs at law. But Investigation dis closed an aged couple which the prosecution contends are the parents of Robin On this discovery the indictment is based. After Dr. Robinovitch has been indicted she was arraigned in the court of general sessions where she entered a plea of not guilty. Chas. Hyde, the city chamberlain, who was sought as a witness by the legislative graft committee and who is now sought by the city off!cials to look after the city's interests in view of funds deposited in some of the banks involved in the trouble, was still missing tonight. Controller Pendergast sent a spec ial message to the mayor today ask ing for a meeting of the banking commission to consider the matter. In the course of the day Andrew Carnegie issued a statement denying any connection with the Carnegie Trust Company, and reissuing a letter published in 1906 objecting to the use of his name.

11. January 10, 1911 The Daytona Daily News Daytona Beach, FL
Article from The Daytona Daily News, January 10, 1911

Click image to open full size in new tab

Article Text

SMOUTHFUALI DI GOBBLED UP FORCED 17 DROWN WITH MS TRYST C HOUSE OF MORGAN DID NOT IN STORM PEND A CENT, BUT LENT NAME TO AVERT ON COAST. CIAL CRASH. NEW YORK, Jan. 10 BARGES ARE TORN LOOSE Pierpont Morgan was hailed yester day as the savior of three New York banks, sober reflection by flAND DRIVEN ON BIG BAR. nancial leaders since then has Leeds them to renew the appelation of THE THREE BARGES IN TOW OF TUC nancial Buccaneer." It was revealed today that if the ENROUTE FROM PHILADELCarnegie Trust Company End been PHIA ARE BLOWN AWAY FROM given 24 hours longer time it would have been able to continue been THE VESSEL. It is declared that Morgan marine lated so closely as to force the PROVINCETOWN, Mass., Jan. 10 ger of the $20,000,000 Madison Treat -A total of 17 men were drowned company with his $35,000,000 Bedk today when three barges, the Corable Trust company. win, the Breverton and the Pine According to reports in financial Forest, in tow of the tug Lykens circles current today Morgan found from Philadelphia, were swept away, the hands of his opponents and DINO from the vessel in the storm. tically bagged three banks inso The barges were driven on the ing, the three being the Madino Peaked Hill bar and all were Trust company and the Twelth wrecked. Nineteenth Ward banks. It is believed an agreement h been reached that the NO SENATOR YET NAMED company will not be reorganized It is averred today that the home BY TENNESSEE REGULARS. of Morgan did not expend a cant but merely lent its name to the financial crashes. The month INDEPENDENTS AND REPUBLIsent by Morgan & Company to the CANS HAVE CANDIDATES BUT banks in question was not needed and was returned, much of it unper DEMOCRATS REFUSE TO NOMIened. NATE ONE. The three banks opened at the usual hour this morning and expectNASVHILLE, Tenn., Jan. 10-The enced a light run, which was SOOK regular democrats refused to nomiended. nate a candidate United States

12. January 10, 1911 New-York Tribune New York, NY
Article from New-York Tribune, January 10, 1911

Click image to open full size in new tab

Article Text

THE NEWS THIS MORNING. CONGRESS.-Senate: The fight over the retention of his seat by Senator LoriSenator Beveridge presentreport and mer ing a opened. minority Senator Illinois Gore making a speeche against his by colleague. House: A ruling Speaker Cannon was upheld by a vote of 222 to 53. FOREIGN.-At the inquest in London into the deaths of the two men burned to death in the Sidney street battle, the identity of only one was positively esA strong movement has in Liverpool. tablished been started there. England, against Mormon activity Avalanches of extraordinary extent are reported from the Alps. particularly in the province of Cuneo. Italy. Friends of the thirty-two Camorrists, who are in prison in Viterbo, Italy, awaiting trial for murder, tried to cominunicate with them by characteristic whistles It is said that the Emir of Bokhara, who died on January 5, was a victim of bubonic plague. DOMESTIC.A number of diplomatic and other appointments were announced Taft at and American The by President Canadian Washington reciprocity commissioners held their second session The reargument of suit against was Tobacco the in Washington dissolution corporations the begun American before the United States Supreme Court at Washington The Standard Oil Company paid $23,766 in fines into the federal courts at Buffalo: this was said to be the first fines ever collected by the government under the anti-rebate law. According to an Albany dispatch Governor Dix has been investigating legislative expenses and found that it costs on an average $1,800 to get a bill through A dispatch the General Assembly from Ribany stated that Attorney Genoral Carmody had revoked the designation of Arthur C. Train as special deputy to prosecute the Queens County alleged graft cases and would take charge of the suits himself Judson Harmon was inaugurated Governor of Ohio for the second time: extreme simplicity and the absence of the usual message marked A jury the cerémony at Columbus to try Mrs. Laura Farnsworth Scheack on charges of poisoning her husband a wealthy pork packed was completed at Wheeling W Va. CITY.-Stocks closed heavy after early strength The measures taken on Sunday night served to check embryo runs on the three institutions generally subject to the Carnegie influences regarded Trust Company as and met. no runs of serious character had to be It was learned that the cost of the control of the Madison Trust Company and the Twelfth and Nineteenth Ward The banks was about $2,450,000 United States Circuit Court of Appeals, reversing the decision of the lower court. held that there had been no infringement of the Selden automobile patent Rabinowitch indicted for perin attempting to secure a jury Dr. Louise commisNon for her brother. Joseph G. Robin. committed to the Tombs in default Charges of was bail. filed against with City the Chamberlain Hyde were Mayor by a lawyer who asked for his removal from office. THE WEATHER-Indications for today: Fair The temperature yesterday: Highest 42 degrees: lowest. 28.

13. January 10, 1911 Evening Journal Wilmington, DE
Article from Evening Journal, January 10, 1911

Click image to open full size in new tab

Article Text

been after it ever since it was reorganized from the old Van Norden Trust Company. How He Will Pay For Them. To pay for the three institutions it is expected Morgan will increase the stock of the Equitable Trust Company and exchange it for the outstanding shares of three companies, making the actual cost to Morgan personally only about what the engravers' bill will be who furnishes the new stock. The $20,000,000 of assets of the three concerns which were in danger will add materially to the attractiveness of the Equitable Trust Company's balance sheets hereafter, in the opinion of financial experts, who have watched the present situation. Normal conditions prevailed at all of the banks today, the slight run on the Nineteenth and Twelfth Ward Banks and the Madison Trust Company, which prevailed yesterday not being renewed. It was stated by State Superintendent of Banks Cheney today that the affairs of the Carnegie Trust Company will be liquidated at once and no attempt will be made to put the institution in shape to continue business.

14. January 10, 1911 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, January 10, 1911

Click image to open full size in new tab

Article Text

BANK SITUATION IN NEW YORK IS BETTER Financiers Come to Rescue of Carnegie Trust ROBIN IS NOW IN PRISON Another Dramatic Scene Is Enacted in Court When Members of Robin's Family Meet Face to Face New York, January 9.-Aside from progressive work of reorganization and reconstruction in affected institutions which will necessarily extend over the week, New York's banking situation is normal tonight; timid depositors are reassured, the stock market is optimistic and Joseph G. Robin, whose operations caused the flurry, is still in the Tombs. With powerful financial interests behind the Twelfth Ward bank and the Nineteenth Ward bank and with absorption of the Madison Trust company by the Equitable Trust company, these three institutions whose integrity had been questioned because of affiliations, direct or indirect with the Carnegie Trust company, which was closed as a result of Robin's operations, weathered the day not only successfully but with such aggressiveness that there were no runs and almost normal deposits. Some uneasy depositors were out early to get their money but last night's consultation between financiers had laid a strong groundwork which proved adequate to avert any serious complications. Another member of the Robin family entered the Tombs today. Dr. Louise Robinovitch, sister of Robin, was indicted for perjury and remanded in default of $3000 bail. She had sworn, in an effort to have Robin committed to an asylum and his estate taken over by a committee, that she and her brother Edward, known as Edward Robinson, were his only heirs at law. But investigation disclosed an aged couple which the prosecution contends are the parents. On this discovery the indictment is based. There was enacted, as the grand jury filed forthwith the indictment against Dr. Robinovitch, a scene similar in dramatic aspect to the recent repudiation of the old pair by Robin. Both old persons had been witnesses before the jury as had the alleged son, Edward Robinson. When they met face to face, in the court room, the elderly woman attempted to throw her arms around Robinson's neck, but he drew back and repulsed her. "Is that your father and mother?" Robinson was-asked. "I am not sure," replied Robinson. "I know these people and have known them for a number of years. We caine to this country with them, and as a youngster I always thought that they were my parents. But of late something has happened which leads my brother and myself to the belief that they are not our parents. We have the evidence which proves it." "Have you seen them lately?" was the next question put to Robinson. "Yes, I have seen them about once a month for many years. My brother and myself looked after their wants. That is all I can say.' After Dr. Robinovitch had been indicted she was arraigned and entered a plea of not guilty. Justice Page in the supreme court today appointed Maurice Deiches, a lawyer, receiver for the property of the Aetna Indemnity company in the state of New York with a bond of $50,000. The company collapsed after the Robin exposures and a court in Hartford appointed Theodore McDonald receiver for its property in Connecticut. The company is a Connecticut corporation with a capital stock of $350,000.

15. January 12, 1911 The Dillon Herald Dillon, SC
Article from The Dillon Herald, January 12, 1911

Click image to open full size in new tab

Article Text

MORGAN A BUCCANEER. Hailed 24 Hours Ago As Saviour of Three Banks-Now Charged That He Wrecked Them Deliberately. New York, Jan. 10.-While J. P. Morgan was hailed 24 hours ago as the saviour of three New York banks, sober reflection on the part of various financial leaders not in the Morgan camp to-day led them to renew his appellation of "financial buccaneer." Following revelations that if the Carnegie Trust Company had been given 24 hours longer it would have been able to continue its financial operations, Wall street dealers declare that Morgan had manipulated cleverly to force a merger of the $20,000,000 Madison Trust Company with his $35,000,000 Equitable Trust Company. According to a report current in the financial district Mr. Morgan had forced the hands of his opponcuts and practically bagged three new banks in so doing; the three being the Madison Trust, the Twelfth and Nineteenth ward banks. The Madison Trust Company is now Morgan's but how far his ascendency goes over the other two institutions has not been made public. It is understood, however, that he torced an agreement to the effect that the Carnegie Trust Company shall not be re-organized. The assertion is made that the house of Morgan did not expend a cent but merely lent its name to avert financial crashes that might have had a national bad effect. The money sent by J. P. Morgan & Co. to the banks in question was not needed and was returned. Much of it war not opened. The Madison Trust Company and the Twelfth ward and Nineteenth ward banks opened their doors at the usual hour to-day. There was a slight run on the savings department of the Nineteenth ward institution. About 50 persons, most of them women, were waiting to make withdrawals when the savings department was opened. They were paid promptly. I In the check department of the Nineteenth ward bank there were more persons waiting to make deposits than withdrawals. , Superintendent of Banks Cheney said to-day that the financial situ: ation had cleared up entirely and added: "I give you my word that not another bank or trust company under the jurisdiction of our department is under the least suspicion." Just before 11 o'clock to-day $1,000.000 in bills, packed in three suit cases, arrived at the Nineteenth ward bank, from the offices of J. P. Morgan & Co. The money was taken there by three men, who rode in a taxicab. President Bradley Martain, Jr., of the bank, said the money really was not needed by the institution, but had been there as a precautionary measure. There was no run on the check department of the bank during the morning. AAA

16. January 12, 1911 The Guthrie Daily Leader Guthrie, OK
Article from The Guthrie Daily Leader, January 12, 1911

Click image to open full size in new tab

Article Text

GOTHAM BANKS SAVED Powerful Financial Interests Come to Aid of Affected Institutions (By Leased Wire) New York, Jan. 11.-Aside from progressive work of reorganization and reconstruction in affected institutions which will necessarily extend over the week, New York's banking situation is normal tonight, timid depositors are reassured. the stock market is optimistic and Joseph G. Robir. whose operations caused the flurry. remains in the Tombs. With powerful financial interests behind the Twelfth Ward Bank and the Ninteenth Ward bank and with the absorption of the Madison Trust company by the Equitable Trust comjary. these institutions whose integrity had been questioned because of alleged affiliations with the Carnegie Trust company, closed as a result of Robin's operations, weathered the day not only successfully, but with such aggressiveness that there were no runs and almost normal deposits. Last uight's consultation between financiers had laid a strong groundwork, not proved adoguate to avert any serious complications.