14504. Twelfth Ward Bank (New York, NY)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
October 24, 1907
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
e23d17e8e28da906

Response Measures

None

Description

Contemporary articles (Oct 24, 1907) report heavy withdrawals/runs and a notice posted that the bank suspend[ed] payment owing to inability to procure sufficient cash; the State banking department/examiner took charge. Reports indicate the bank was solvent but closed for lack of ready cash during the wider 1907 panic. Multiple articles announce reopening in mid-November (Nov 19–20, 1907). Cause attributed to the broader financial panic/runs (macro/systemic news) and local contagion from other Harlem bank failures.

Events (3)
1. October 24, 1907 Run
Cause
Macro News
Cause Details
Heavy withdrawals and panic-related runs during the 1907 financial crisis (contagion from other bank failures and runs in New York), producing lack of ready cash.
Measures
Bank posted notice of suspension; state banking department/examiner placed in charge; depositors asked to allow funds to remain; later solicited pledges to leave large deposits for months.
Newspaper Excerpt
It is thought that the state Banking department in closing the institution did so on account of a run upon the institution.
Source
newspapers
2. October 24, 1907 Suspension
Cause
Macro News
Cause Details
Suspension declared by bank due to inability to procure sufficient cash amid large withdrawals in the panic; state banking department took charge and posted notices of suspension.
Newspaper Excerpt
This bank is compelled to suspend payment owing to inability to procure sufficient cash to meet current payments.
Source
newspapers
3. November 20, 1907 Reopening
Newspaper Excerpt
Fortified by the promises of a large proportion of its depositors ... the Twelfth Ward bank ... reopened for business today.
Source
newspapers

Newspaper Articles (22)
1. October 24, 1907 Evening Star Washington, DC
Article from Evening Star, October 24, 1907

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Takes Thirty Days' Grace. The Twelfth Ward Bank, the other state institution, is at 147 East 125th street It has two branches, one at 173 East 116th street and another at 1927 3d avenue, Its capital stock is $200,000. The New Amsterdam National Bank, which cleared for the Twelfth Ward Bank yesterday gave notice that it would not clear that bank hereafter. Bankers express the opinion that the Twelfth Ward Bank has been well managed and is in a perfectly solvent condition. It is thought that the state Banking department in closing the institution did so on account of a run upon the institution. At 10 o'clock this notice was posted on its doors: "This bank is compelled to suspend payment owing to inability to procure sufficient cash to meet current payments." Following the announcement of the suspension of the Hamilton Bank the Empire City Savings Bank. at 231 West 125th street, turned away depositors who wished to make withdrawals Under its by-laws the bank can claim ninety days before paying demands. Customers who wished to draw out money today were told that the bank would take advantage of only thirty days. The savings bank depends for its currency on the Hamilton Bank A meeting of the directors of the Empire City was held before banking hours, at which it was decided to take advantage of the clause in the bank's bylaws. Its deposits are estimated at $3,000,000.

2. October 24, 1907 Santa Fe New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe New Mexican, October 24, 1907

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jumping to 105 in a few minutes. Three Small Banks Suspend. The Hamilton Bank of West 125th Street and the Twelfth Ward Bank today suspended payments to depositors. The banks claim to be solvent and propose to re-open when public confidence is restored. The Hamilton bank was not a large institution but had deposits of about seven millions. E. R. Thomas, who was associated with Heinze and Morse in several financial ventures, resigned as president after he became involved in copper and William R. Montgomery was elected president. The Empire City Savings Bank also posted a notice of suspension for thirty days under the banking laws. The officers feared a run, they said, because of the suspension of the Hamilton and Twelfth Ward banks which are in the same neighborhood. The bank owes depositors about three million dollars. Situation Unchanged at Pittsburg. Pittsburg, Pa., Oct. 24.-At a meeting today of the members of the Pitts. burg Stock Exchange, it was decide I not to re-open for business today. The suspension of the Iron City Trust Company last night and the ap. pointment of a receiver had no apparent effect upon the local situation. It is known the company is liquidating for the purpose of going out of business. A prominet financier said today he knew the trust company could pay $135 per share to stockholders. Run on Providence Bank. Providence, R. I., Oct. 24.-A run began on the Union Trust® Company about noon today and before the close of banking hours a large, number of depositors had been paid. Marsden G. Perry president of the Trust Company, is connected with the Trust Company of America of New York.

3. October 24, 1907 The Evening Statesman Walla Walla, WA
Article from The Evening Statesman, October 24, 1907

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BANKS CLOSE IN NEW YORK Two More Big Institutions said to Have Failed NEW YORK. Oct. 24.-Two more banks failed today; the Twelfth Ward and Hamilton banks, both smaller institutions than those hitherto involved. The state banking department is in charge. The Hamilton bank had six branches in Harlem and one in Wiliiams burgh; the Mercantile National formerly cleared for the Hamilton. The Hamilton had deposits amounting to $7,000,000. The Twelft Ward had deposits amounting to $3,000,000. Bankers state that the Twelfth Ward bank is solvent but that it closed its doors to safeguardo all its depositors. The Hamilton bank has a notice on its door which states, 'This bank is absolutely solvent. In justice to all depositors it suspended payments until public confidence is restored." Harlem and Bronx are in an uproar. Depositors are flocking to the various banks to draw funds and a run on the American Trust company continues. Morgan said this morning: "The first two hours will tell the tale; We have done all we can. I hope for the best. It is time for action, not talk." The Empire City Savings bank is the first institution to take advantage of the new state law which compels depositors to give sixty days' notice of the intention to withdraw the deposits. Its deposits"amount to $3.500,000. Morgan to the Rescue. In the loaning section of the exchange today there were scenes of excitement when heavy loans at high rates were called for. The National Copper bank loaned $500,000 at 50 percent; the First National bank $2,000.000 at 50 per cent and a syndicate of banks loaned $3,000,000. Drawn out from his retirement, J. P. Morgan has won the greates: financial triumph of his career. Commanding the market at a psychological moment and bringing with him the mighty power of Rockefeller and Cortelyou, he has averted a great disaster and panic which might have retarded the growth of the country for a decade. It is estimated that $200,000,000 has been withdrawn from the banks the last two weeks. Rockefeller continues to loan today at six per cent. Normal conditions are looked for before the close of the week.

4. October 24, 1907 The News-Democrat Providence, RI
Article from The News-Democrat, October 24, 1907

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REASSURING DEVELOPMENTS. All the over-night developments in the financial situation were reassuring. The series of conferences last night, participated in by Secretary Cortelyou, J. Pierpont Morgan, John A. Stewart, James Stillman and other representative bankers and men of affairs, resulted in an agreement in the opinion that the banking situation is well in hand and that with the government deposits to be made by Secretary Cortelyou today there will not only be enough cash on hand but even more than might be needed to meet safely any emergency. The run on the Trust Company of America was continued this morning. As early as 6 o'clock a little knot of persons had gathered in front of the company's main banking house in Wall street and by 8 o'clock their number had been augmented until about 150 were in line. At the company's branch at Broadway and AnD street, formerly the Colonial Trust company, there were 50 or 75 persons in line at 8 o'clock. As is always the case in time of financial excitement, New York bankers and brokers were at their desks early this morning waiting for the London quotations on American stocks. MORE BANKS QUIT. At 9 o'clock this morning it was announced that the Hamilton bank which has its place of business in 125th street, had decided to suspend payment pending the complete restoration of public confidence. A notice posted on the doors of the bank this. morning announced that the bank was solvent but in justice to depositors payment had been suspended until public confidence in banking institutions was restored. E. R. Thomas, who was associated with F. Augustus Heinze and Charles W. Morse in several banks and financial ventures was formerly president of the Hamilton bank, but resigned after the break in United Copper stock which marker the beginning of the recent financial troubles in this city. Orlando, F. Thomas, a brother of E. R. Thomas, also recently resigned as a director and William M. Montgomery was elected president. The bank has a capital stock of $200,000 and deposits of about $7,000,000. The bank has four branches in New York city. The Hamilton bank is not one of the large institutions in the city. Its location in Harlem gave it quite a good neighborhood business, but it never was in any way a representative New York bank. The directors of the Trust Company of America went into session at 9:30 this morning. Those present were Oakleigh Thorne, W. K. Vanderbilt, Jr., John E. Bourne. W. A. Chesebrough, Marsden J. Perry and George R. Sheldon. The directors had been in session but a few minutes when Mr. Thorne, president of the company, left, the board room long enough to say to the crowd waiting to withdraw money, that the Trust Company of America was prepared to meet ati demands and was entirely solvent. Following the announcement of the suspension of the Hamilton bank came the news that the Twelfth Ward bank. Incated at 135th street and Lexington avenue, had suspended payment. The Twelfth Ward bank is a state institution, and a state bank examiner will be placed in charge of its affairs. According to

5. October 24, 1907 The Laramie Republican Laramie, WY
Article from The Laramie Republican, October 24, 1907

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BANKING SITUATION IS NOW WELL IN HAND SERIES OF CONFERENCES BE- feverish railies, Union Pacific jumping to 105 in a few minutes. TWEEN SECRETARY OF TREAS-: URY CORTELYOU AND LEADTwo Banks Suspend. New York, Oct. 24.-The Hamilton ING FINANCIAL MEN. bank, at West One Hundred and Twenty-fifth street, and the Twelfth Ward bank today suspended payments With Federal Deposits to Be Made by to depositors. The banks claim to be Secretary of Treasury, There Will solvent and propose to reopen when public confidence has been restored. Ba More Money on Hand Than To Close for Thirty Days. Might Be Needed Safely in Any The Empire City Savings bank also posted a notice of suspension for thirty Emergency — Two Small Banks days under the banking laws. Officers Suspend Payment. feared a run, they said, because of the suspension of the Hamilton and Twelfth Ward banks, which are in the New York, Oct. 24.-A series of consame neighborhood. ferences last night, participated in by Owes Three Millions. Secretary Cortelyou, J. Pierpont MorThe Empire City Savings bank owes its depositors about $3,000,000. The gan, John A. Stewart, James Stillman Hamilton bank was not a large instituand other representative bankers and tion, but had deposits of about $7,000,men of affairs, disclosed an agreement 000. in opinion that the banking situation Thomas Tenders Resignation. is well in hand, and that, with the gov. E. R. Thomas, who was associated with Heinze and Morse in several ernment deposits to be made by Secfinancial ventures, resigned as presiretary Cortelyou today, there will not dent after the break in United Copper, only be enough cash on hand, but and William R. Montgomery was electeven more than might be needed safeed president. ly in any emergency. No Other Failures Looked For. Will Deposit Large Sums. At the office of the state bank exEarly this morning Secretary Coraminers, no other suspensions were telyou said he had directed deposits expected. One examiner said the in this city of $25,000,000 and predicted three suburban banks which suspenda speedy return of confidence, which ed are perfectly solvent. the circumstances, he declared, war-

6. October 24, 1907 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, October 24, 1907

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Today's Telegraphic News. Excitement in the Market. New York, Oct. 24 - Wh the London market strongand a general advance of from 1 to 3 points recorded In the entire list, it was anticipated that the market here would open stronger, although the big brokers are taking no chances and are prepared, as on yesterday, to support the market. The run on the Trust Company of America will continue today, but the officials claim they have money enough in the value to ensure the payment of all claims made. The line of depositors formed very early today at the main office of the company and its two branches and had increased 80 that it encroached upon the street. Associated trust companies declare they will extend all needed aid to the concern. A run is impending on the Lincoln Trust at 208 Fifth avenue. At 9:30 a crowd of depositors had gathered in front of the doors aud had been forced to form a line by the police reserves who had been summoned. The officers of the concern announce they will open the doors as usual at 10 o'clock and are prepared to meet all demands. New York, Oct, 24.-The Twelfth Ward Bank and the Hamilton Bank, both small institutions, suspended this morning. The Twelf h Ward has a paid up capital of $200,000. The surplus and profits are estimated at $221 680. There are due to banks $165,590; individual deposits $3,000,000 and loans and discounts about $2,400.000 The Hamilton Bank has a paid up capital of $200,000; surplus and profi 8 of $282,270; individual deposits of $7,000,000; loans and discounts $4,662,840. A notice has been posted on the door stating that the bank is solvent. New York, Oct. 24.-The Empire City Savings Bank at 231 W. 125:h street is the first to take advantage of the State law, compelling depositors to give sixty days' notice before their accounts can be withdrawn. Two hundred thousand dollars was deposited at the sub-treasury today for immediate transfer to St. Louis. All interest in the stock exchange is centered in the loan crowd. The First National Bank loaned $2,000,000 at 50 per cent. but there has since been no other reply. Many loans bave been called in all over the street and the collateral sold because of inability of borrowers to respond to these calls. A large part of the selling was this liquidation of loars, but there was also renewed attacks by bear operators that helped force prices down to the lowest level reached 80 far today. The prices of many stocks in the late forenoon reached the lowest point touched in years. The declines 80 far were not sensational, but were disastrous because they continued the downward movement already so long in progress.

7. October 24, 1907 Palestine Daily Herald Palestine, TX
Article from Palestine Daily Herald, October 24, 1907

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Two Other Banks Suspended Today. Special to the Herald. New York, Oct. 24.-The Twelfth Ward Bank and the Hamilton Bank, both small institutions, suspended payments today, and closed up. The state is now in charge of two banks. The bankers say the Twelfth Ward Bank is solvent. The Empire City Savings Bank took advantage of the sixty days' notice from its depositors. The Hamilton Bank announces that it is solvent, but will remain closed until confidence is restored. The run on the Trust Company of America continues. J. P. Morgan said today: "The first two hours will tell the tale. We have done all we can do for the best interests." Secretary Cortelyou has released twenty-five million dollars from the sub-treasury, and John D. Rockefeller announces his intention to use his private reserve toward restoring confidence.

8. October 25, 1907 The Washington Herald Washington, DC
Article from The Washington Herald, October 25, 1907

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HAMILTON BANK IS CLOSED After Paying Out $2,500,000 Directors Decide on Suspension. Selling of Securities at Present Prices Too Great a Sacrifice, Says President Montgomery. New York, Oct. 24.-The disassociating of Edward R. Thomas and the Hamilton Bank, accomplished last Sunday, came too late to save that institution from a run that compelled the officers to close its doors to-day. Heroic endeavors had been made to get cash to meet the run in the last few days, these resulting in the selling of some securities at a tremendous sacrifice. The suspension of the bank, which has five branches in Harlem and the Bronx, may be only temporary. Not only did the officers insist that it was perfectly solvent to-day, but the State banking department, which took charge, also made such a statement. Albert C. Judson, the State bank examiner, who took charge of the Hamilton Bank and the Twelfth Ward Bank, which also suspended payment for the same reason as the Hamilton, declared after an examination at both institutions: "The Hamilton and the Twelfth Ward banks suspended for lack of ready cash. The institutions are perfectly solvent." William R. Montgomery, who succeeded E. R. Thomas as president after Mr. Thomas' elimination from the affairs of the bank had been accomplished last Sunday, made this statement regarding the suspension of the bank: "The Hamilton Bank has paid out $2.500,000 cash in three days. The bank is abundantly solvent, but heavy demands have been made, and it has decided to close temporarily for the protection of all of its depositors. "To attempt to realize further on the securities held by the bank in the present state of public apprehension would only have impelled a wanton sacrifice and would not be doing justice to its depositors and stockholders. The fact that the bank stood such a tremendous strain only indicates its soundness, and when calmness and good sense prevail again the bank will be able to resume business. All depositors ultimately will be paid in full, and the bank's surplus should leave the stock intact."

9. October 25, 1907 The Bemidji Daily Pioneer Bemidji, MN
Article from The Bemidji Daily Pioneer, October 25, 1907

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ALL WORK TOGETHER Great Generals of Finance Trying to Restore Confidence. MONEY IN URGENT DEMAND Bcarcity of Funds to Carry Margined Stocks Results In Heavy Selling and Precipitate Declines in the Price of Securities. New York, Oct. 25.-With all the great generals of finance and the secretary of the United States treasury acting in accord to restore public confidence in the banking and trust company situation in this city sentiment took on a much more cheerful tone in Wall street and distinct improvement was visible in all quarters of the financial district. The day opened with optimistic statements from officials of the Trust Company of America and up to 2 o'clock in the afternoon that institution was paying all checks presented as rapidly as possible. A welcome feature of the company's affairs was that large deposits amounting to considerably more than $1,000,000 were made during the morning hours. John D. Rockefeller deposited $10,000,000 with one of the city's oldest trust companies to be used in extending aid to such trust companies as might require it. The failure of three small up town banks had some ill effect on the general situation. Albert C. Judson, a state bank examiner, announced that the Hamilton bank, the Twelfth Ward bank and the Empire City Savings bank, all of which suspended payment, had been found to be entirely solvent. Mr. Judson said: "All three institutions are perfectly solvent. The Hamilton and the Twelfth Ward banks suspended for lack of ready cash. The Empire City Savings bank took advantage of the thirty-day clause allowed to savings banks." The stock market opened buoyant under the improved tone. In the later dealings weakness developed, due to the fact that brokerage houses were reducing their lines of stock carried on margins on account of the tightness in the money market. Call money was still in urgent demand. It opened at 50 per cent and advanced to 100 per cent. Union Pacific Sells at Par. The stock market turned very weak shortly after 2 o'clock, Union Pacific selling down to par, a decline of 8½. Reading sold down 8 points, Northern Pacific declined 9, St. Paul 6 and Southern Pacific 41/8. There was no news to account for the decline except the scarcity of money supplies and the advance in the money rate to 100 per cent. It was announced on the stock exchange that a pool had been formed which would supply the brokers with all the money required to close their operations. There were violent, feverish rallies in the stock market following the decline, Union Pacific rising in a few minutes to 105 and Reading to 75. Prices jumped a full point in some cases between sales. Northern Pacific rallied 43/4 and Amalgamated Copper also rose 31/4 from the lowest. At 2:25, following the announcement of a pool organized to satisfy money requirements on the stock exchange, call money was lending at 10 per cent. The amount of the pool loans made in the stock exchange was about $25,000,000. There was an unusual scene at the stock exchange at the closing hour. When the brokers realized that it was 3 o'clock and that the trying day had been passed without serious difficulty they gathered in the center of the big exchange and gave three cheers for J. P. Morgan, whose action in forming the money pool that came to the relief of the market at 2:15 had turned the tide at the moment when prices were ebbing away with alarming rapidity.

10. October 25, 1907 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, October 25, 1907

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CRISIS IS AVERTED. Morgan, John D. and Uncle Sam Raise $110,000,000 Relief. HARLEM BANKS CLOSE DOORS $27,000,000 Sent Into New York Stock Exchange and Other Great Sums Distributed Clear Financial Air-Outlook Is Satisfactory, Says Cortelyou. New York. Oct. 25.-Equipped with a relief fund amounting to $60,000,000 in actual cash and with an additional $50,000,000 available J. Pierpont Morgan, co-operating with the Washington administration and John D. Rockefeller, succeeded 'in preventing the collapse of any financial institutions in this city. Had it not been for his appreciation of the situation and his promptness there would undoubtedly have resulted a most serious panic on the stock exchange. For a few tense moments the indications strongly pointed to the of on complete collapse values the exchange. That such a calamity was averted was solely due to the decisive action of Mr. Morgan and his associates who were in command of the financial situation. Three Banks Suspend Payment. Yet there was not a single failure of any financial or business institution. Runs inspired by senseless fear and rumors were on irresponsible started the Lincoln Trust company, the Harlem bank, the Savings Empire Savings bank, the Dollar bank and the Fifth Avenue Trust company. The Empire Savings bank, the Twelfth Ward bank and the Hamilton bank suspended payment for the time being and are in charge of the state department of banks. The Lincoln Trust company and the Harlem bank weathered the storm successfully, and the indications are that they will continue to meet every demand made upon their resources. No better illustration of the feeling of nervous apprehension among depositors in financial institutions could be afforded than the run on the Harlem Savings bank, one of the strongest institutions in the city. There was absolutely no justification for suspicion as the bank's to solvency beyond the anxiety existing among persons having bank accounts as a result of the suspension of the Knickerbocker Trust company and other recent financial scandals. Mr. Morgan and his associates had carefully planned to protect the banks as was and trust companies, shown by the success of the Trust Company of America in withstanding the second day's attack made on its resources by its That was depositors. institution the storm center of the financial disturbance outside of the stock exchange. It met every demand with at prompt payment. and the close the of business President Thorne and other officers of the company were confident that they would get through all right. Trust Company Took In a Million. The run on the trust company continued all day, but toward the close of it the number of persons who demanded their money were not as many as had been expected. The most hopeful feature of the run was that while only $4,000,000 was paid out as against $9,000,000 on the previous day deposits aggregating nearly $1,000,000 were taken in by the receiving tellers.

11. October 26, 1907 The White Pine News Ely, NV
Article from The White Pine News, October 26, 1907

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ROCKEFELLER COMES TO SAVE SITUATION DEPOSITS TEN MILLIONS TO TIDE BANKERS OVER STORM PERIOD IN MONEY CENTER. J. PIERPONT MORGAN IS ALSO ACTIVE Kings of Finance Act Promptly and Prevent Crash of Institutions. NEW YORK, Oct. 25. With all the generals of finance and the of the in accord to in the secretary ury great acting United restore States public treas- trust on a much more street company ment confidence took Wall situation banking in this yesterday, city, and cheerful senti- and was all of the distinct tone quarters in improvement financial visible district. in The from of America, statements Company day opened officials with and of that optimistic the Trust instiA welcome affairs was tution sented. company's rapidly paid today all feature checks to of consid- that that prelarge deposits, amounting erably more than a million dollars, were made during the morning hours. John D. "Comes Through." John D. Rockefeller deposited with one oldest trust $10,000,000 companies, to of trust be the used city's in extending aid to such companies as might require it. The failure of three small uptown banks had small effect on the general situation. The stock market opened buoyant under n ter weakness to that the the dealings the fact improved brokerage tone. developed, the houses due latwere reducing their lines of stock carried on margins on account of the tightness in the money market. Call money was still in urgent demand. It was announced on the stock exchange at 2:20 that a pool had been formed which would supply the brokers with all the money required to close their operations tonight. Stocks Rally Feverishly. There were violent, feverish rallies in the stock market following the decline, Union Pacific rising in a few a minutes to 105. Prices jumped full point in some cases between sales. Northern Pacific rallied 4 3/4 Amalgamated Copper also rose 31/4 from the lowest. At 2:45 o'clock following the announcement that a pool had been raised, call money was lending at 10 per cent. The pool loans made amounted to about $25,000,000. $100,000,000 Contributed. The aggregate amount of money which had been contributed to weather the storm and restore confidence assumes the really colossal proportions. Roughly estimated, it inwhich Secretary in banks, Cortelyou cludes $25,000,000 $25,000,000 deposited which the New the York $10,- Morgan to which with the comand deposited 000,000 pany, pool brought finally John another Union the D. ffoor: Rockefeller Trust it is feller to which, stood ready understood, advance conditions-in Mr. $50,000,- to Rocke- meet any further stress of all considerably in excess of $100,000,000. There was an unusual scene at the stock exchange at the closing hour. The day having passed without in the center exgathered serious trying difficulty, of the the brokers big J. and gave Morgan, the pool came to the change forming Pierpont money three whose market cheers that action at for 2:15 in turned when were moment the o'clock relief had of prices the time lebbing at the with alarming rapidity. Suspended Banks Solvent. Albert C. Judson, a state bank examiner, announced this afternoon that the Hamilton bank, the Twelfth and the all of had ings Ward payment bank, bank today, which Empire been found suspended City said: to Sav- be entirely solvent. Mr. and Ward bank for 'The suspended Hamilton Judson lack Twelfth of ready cash. The Empire City Savings bank took advantage of thirty days allowed savings banks. 500 were coln About Trust to company depositors of the waiting today. Lininstitution a leading a director, chant Louis when Stern, and the arrived, dry opened goods follow- mera of cabs meswith heavy of which was ed currency, sengers by string loads carried carrying gold into and Mr. the bank in view of the depositors. Stern said the company would pay every depositor who wanted his money.

12. October 29, 1907 The News-Democrat Providence, RI
Article from The News-Democrat, October 29, 1907

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New York, Oct. 29.-Great assistance in relieving the financial stringency is expected to result from the large engagements of gold for import made yesterday and from the further large imports which it is believed will be made within the next few weeks, The movement of American crops to Europea markets, together with the revival of a demand for copper abroad, will give the United States large credits with foreign bankers, and these can be availed of in bringing in gold, it is confidently believed, to the fullest extent that may be necessary. It was announced today that several of the banks, which were compelled to suspend last week, have about perfected their plans to reopen for business. President Montgomery of the Hamilton bank, a Harlem institution, which closed last week, said today: "This bank will resume business in a few days, not later than Monday next in any event. I understand also that the Twelfth Ward bank will resume in a few days." The runs on the Trust Company of America and the Lincoln Trust company continued today, but in diminished volume. The American securities in London held firm. The only noteworthy weak feature in London was Canadian Pacific, which declined 23/4. Amalgamated Copper advanced 7/8, Anaconda 1%, Atchison 5, St. Paul 1½, Illinois Central 11/2 and Northern Pacific 1½. Union Pacific was unchanged. United States Steel common was 3/8 lower and United States Steel preferred 1/4 higher. Business at the New York clearing house was quieter today than at any time since the financial disturbance began. Aside from the daily session of the loan committee to examine collateral offered by banks to meet their balances there was practically nothing for the active members to do. The stock market became quite weak in the course of the first hour owing to the unsettling influence of the 5½ point break in Canadian Pacific, in which there was evidence of forced liquidation. The copper stocks formed a point of resistance, Amalgamated Copper rising 1½, Anaconda 2, Granby Mining 5, and American Smelting preferred a point. Northern Pacific, Pacific Mail and Wisconsin Central preferred also rose 2, and Reading over a point. New York Central weakened sharply to 3½ below last night. Pennsylvania fell 1½, Brooklyn Transit 1%, and St. Paul and Union Pacific a point or more. The closing out of loans at the Stock Exchange threw renewed offering of stocks on the market where there was no adequate demand to meet the supply caused prices to crumble away at heavy sacrifices for the sellers. Canadian Pacific's decline reached 9 points, Pennsylvania nearly 5, Union Pacific 4%, St. Paul

13. October 30, 1907 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, October 30, 1907

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LARGE IMPORTS Of Gold From Europe Are Expected to Help Financial Situation. New York, Oct. 29.-Great assistance in relieving the financial stringency is expected to result from the large engagements of gold for import made yesterday and from the further large imports which it is believed will De made within the next few weeks. The movement of American crops to E:1ropean markets. together with the revival of a demand for copper abroad will give the United States large credits with foreign bankers, and these can be availed of in bringing in gold. it is confidently beleved to the fullest extent that may be necessary. It was announced today that several of the banks. which were compelled to suspend last week. have about perfected their plans to re-open for business. President Montgomery of the Hamilton Bank, a Harlem institution. which closed last week. said today. "This bank will resume business in a few days. not later than Monday next in any event. I understand also that the Twelfth Ward Bank will resume in a few days"

14. November 4, 1907 Santa Fe New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe New Mexican, November 4, 1907

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TALK OF EXTRA SESSION CONGRESS To Provide Needed Currency Re forms IS DIVIDED OPINION Leading Financiers Hold Conference With President Results Unknown. New York, Nov. 4.--Leading financiers of New York today hold opposing views regarding the suggestion that President Roosevelt should call an extra session of Congress at once in order to provide for needed currenreform. Half a dozen members of prominent in 'the oppose it. Representatives, cy Congress, The House finan- of who oppose a special session, favor currency ciers generally session reform, is time but hold that the regular Leslie M. Shaw, former sec of the United States enough. retary immediate treasury is one of those who favor those prominently opsuch a movement are H. action. posing Among and E. Henry Harriman, James Stillman W. Clews. Trust Companies Still Doing Business. The Trust Company of America and the Lincoln Trust Company on which heavy runs were made last week, for business at the usual hour Only a small opened this morning. when the number comof people were in line panies opened for business. The opening of both institutions brought about the a distinct feeling of relief and was and of conferences Saturday at the home of result yesterday J. the P. open- Mor At the Stock Exchange by gan. ing showed early declines, followed off a rally, and then a general falling of prices. Situation Well Under Control. The general financial situation was today but the banks and felt trust still tense companies confident control. that conditions were well under of the Bank of England's rate to 6 per cent, was discount The raising not of unexpected. The engagements in London now total over of which about 000,000. gold $10,000,000 $7,200,000 $30.- will arrive Wednesday and Friday. Crops are short in European bal the first half year showed a trade in favor of the thus creating a United ance of States, $189,000,000 difficult situa- for tion which would make it to withhold its gold even by discount rates. It was high Europe announced been al today that arrangements had made by which the Twelfth closed its ready Ward bank.which doors again sev- for eral days ago, will re-open 11th business on Monday, November Financers Confer With Roosevelt. Washington, Nov. 4.-E. H. Garry, chairman of the United States steel corporation and Henry Phipps, were in with President Roosevelt an hour today, more consultation than the by confer- Secreence being participated in tary of State Elihu Root While no de tails of the meeting were obtainable, to it is understood the meeting related the financial situation. Later, the statement was given out at the White House, that the confer ence dealt solely with the financial sit uation. Aside from that, nothing further could be learned except that the President contemplates making no statement at the present time. Labor Unions Stand By Chicago Banks. Chicago, Nov. 4.-By almost unanimthe Chicago La voted its and ous bor yesterday vote Federation confidence which of that of the Trades' Unions, it represents in the stability of the Chicago banks and their ability to cope with the present financial difficulty same vote the rebecome a party to to fused By the to Federation efforts two embarrass the local banks. Only votes were cast in opposition. Bank of England Advances Discount Rate to Six Per Cent. London, Nov. 4.-The persistent de from America for gold, despite increased of England and mands the of the recently Bank discount in face trans- rate of continued raise in the cable caused the Bank to raise its rate the this fer rate, morning announcement of England from 5 1/2 to 6 per cent. The of the rise occasioned somewhat of a flurry locally. It is considered, howev the in local financial circles to be natural er outcome of the unfavorable bank statement. Since last the United States New Thursday York has drawn sub from the Bank of sums, already stantial daily England aggregating and Egypt has also recomits gold. here now menced cial $57,000,000 circles withdrawing incline suffice to Finan- and be lieve that six per cent will

15. November 4, 1907 Evening Star Washington, DC
Article from Evening Star, November 4, 1907

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FINANCIERS FEEL CONFIDENT. New York Situation Tense, But Conditions Well Under Control. NEW YORK, November 4.-At the stock exchange the opening showed early declines, followed by a rally, and then a running off of prices. The general financial situation was still tense this morning, but the downtown banks and trust companies felt confident that conditions were well under control. The raising of the Bank of England discount rate to 6 per cent at a special meeting of the board of governors today was not unexpected by those familiar with conditions in Europe, although it was hoped in some quarters that this action of the governors would not be taken until the regular meeting Thursday. The fact that $2,000,000 in gold was purchased in the open market in London during the morning for export to America probably hastened the action of the bank. This brings the total gold engagement up above $30,000,000, of which about $7,200,000 will arrive Wednesday and $10,000,000 Friday. This will go at once into bank reserve, where the engagements have been made by banks, and will be deposited in the banks where the engagements have been made by exchange houses and gold brokers. While there is considerable pressure for capital in Europe it is felt that this country has the advantage in the state of the trade balance. Crops are short in Europe and it is absolutely essential to obtain American wheat and cotton at any reasonable price. These prices are much higher than in 1893, when cotton was at 8 cents against about 11 cents at the present time and wheat was 70 cents against the present price of $1.07, while American steel rails are selling at the record price of $30 per ton. These forces, with the fact that the first half of the year showed an excess of 2 points of $189,000,000, as compared with a balance the other way in 1893 of $68,000.000 create a situation where it will be difficult for the European banks to hold their gold, even by high discount rates. Reports from Buffalo and other points indicate that the blockade in the movement of the crops is being broken and that many hundreds of carloads soon will be on shipboard in New York, against which bills can be drawn on European money markets. It was announced today that arrangements have been made by which it may be possible for the Twelfth Ward Bank, which closed its doors several days ago, to reopen next Monday. Many depositors went to the bank today, at the request of the officials, who asked them to sign an agreement to the effect that on all big deposits in the bank that 75 or 100 per cent of the amount would be left on deposit for a period of four months.

16. November 19, 1907 The Evening Star and Newark Advertiser Newark, NJ
Article from The Evening Star and Newark Advertiser, November 19, 1907

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TWELFTH WARD BANK WILL REOPEN One of First Fruits of Roosevelt Financial Relief Measures. NEW YORK, Nov. 19.-As evidence of the marked improvement in the financial situation in this city came the announcement that the Twelfth Ward Bank, one of the institutions which suspended payment during the early days of the crisis, will reopen for business tomorrow. The announcement was made in the form of a brief notice posted on the door of the bank. News of the promised reopening of the institution spread quickly throughout the Harlem district, where the bank is located, and within an hour a good sized crowd had gathered in the vicinity of the building. Several persons requested permission to make deposits at once but they were informed that it would be necessary for them to await the formal reopening of the institution tomorrow. The local sub-treasury today received its first official advices from Washington regarding the government's issue of $100,000,000 of treasury certificates. Subscriptions for nominal amounts were tuken, but nothing was known of a $25,000,000 syndicate said to have been formed to take up a portion of the issue. No deposit is required with/subscriptions to the treasury certificates, and banks and brokerage houses in the financial district announced their willinguess to forward bids without exacting any commission. Proposals for the new Panama Canal bonds will have to be forwarded direct to Washington, as the various sub-treasuries are not authorized to accept them.

17. November 19, 1907 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, November 19, 1907

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N. Y. TWELFTH WARD BANK REOPENS TOMORROW New York, Nov. 19.-The Twelfth Ward bank, one 0 fthe institutions which suspended payment during the early days of the financial crisis, will re-open tomorrow. The premium on currency which has been maintained at about 3 per cent since the hoarding of money began a few weeks ago has begun to diminish. Loans of currency were made today at rates ranging as low as 1½ per cent. Bankers reported that the premium in a number of interior cities was either much reduced or had disappeared. The action was attributed chiefly to the arrangement for issuing treasury certificates and canal bonds.

18. November 20, 1907 The News-Democrat Providence, RI
Article from The News-Democrat, November 20, 1907

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Bank Reopens New York, Nov. 20.-Fortified by the promises of a large proportion of its depositors to allow their deposits to remain in the bank for several months, the Twelfth Ward bank, a state institution, which closed during the runs recently, reopened for business today. This is the first of the closed banks to reopen. A line of depositors assuming in proportions somewhat like that of the rush to withdraw formerly, was lined up at the teller's window this morning, but each was bringing money to redeposit.

19. November 22, 1907 The Washburn Leader Washburn, ND
Article from The Washburn Leader, November 22, 1907

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Suspended Bank to Resume. New York, Nov. 20.-As evidence of the marked improvement in the financial situation in this city came the announcement that the Twelfth Ward bank, one of the institutions which suspended payment during the early days of the crisis, will reopen for business at once. The announcement was made in the form of a brief notice posted on the door of the bank.

20. November 22, 1907 Milford Chronicle Milford, DE
Article from Milford Chronicle, November 22, 1907

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New York Bank Reopens. New York, Nov. 20.-As evidence of the marked improvement in the financial situation in this city, the Twelfth Ward bank, one of the institutions which suspended payment during the early days of the crisis, reopened for business. Subscriptions to the $100,000,000 United States 3 per cent. certificates began pouring into the sub-treasury. Proposals for the Panama bond issue were offered at the sub-treasury, but bidders were advised to send direct to Washington. The subscriptions will be sent direct to the treasury departmont at Washington for allotment.

21. November 28, 1907 The Spanish Fork Press Spanish Fork, UT
Article from The Spanish Fork Press, November 28, 1907

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NEWS SUMMAR The Trans-Mississippi congress meet in San Francisco next year Speaker Joseph Cannon was railroad wreck at Bismarck, Ills., week, but escaped injury. President Castro of Venezuela in ill health at Los Teques, is again confined much of the time bed. The Switchmen's union has the demand on the west for an drawn railroads increase hour. of amounting to six cents an were killed and a buil to atoms when an explos at the E. I. blown Two men Dumors Pow plant near company's occurred Williams, Pinole, Cal. Miss Louisa a young has confessed that she gress, 2-months-old babe from a her train two miles west of Cucamon Cal. strike of the St. Louis The has been officially called workers the joint executive board by Independent Boot and Shoe Work union. Famine conditions are threaten Vesternorrland and Vesterbat the of Lapland, where delug the crops. districts rains have had disastrous effects S. King, president of of Homer House association Clearing says that the local situation Francisco, is gradually returning healthy condition. Governor George I. Sheldon declares that he will braska influence toward securing his publican national convention for sas City next year. Twelfth Ward bank, of of the York, The one institutions during the payment has suspended days of the financial crisis, opened for business. men were killed, seriously one fatal Five and a number boiler injured the explosion of a Rop jured by mill at the John L. lumber a planing mils, Gelmerton, Va. children were cremated Five parents and two other their seriously burned when the Pleasa were Thomas W. Zuver, near fire. of Pa., was destroyed by ville, wiped out the balance of Russia to Japan, arising week, the handing the indebtedness war, last over to the Russian embas bassy a check for $24,302,200. of Chancellor Japan Stout has rendered of revoking the license do busine cision Standard Oil company to discrimination Tennessee. Illegal company. in was alleged against the has The Alabama legislature sale or to prohibit the in a bill or possession of liquors the Georg away prohibits exactly what will become It law allows. The act fective Jan. 1, 1909. situatio over the financial wealthy Worry Oscar Nelson, a to comm caused man of Rockford, illuminating Ills. ness suicide by inhaling prominent was formerly a Duluth. ture He manufacturer at of Walter Wellman, leader expedition the Record-Herald polar first attem cago who is returning from his by balloon, reach the north pole last week to rived in New York Majestic. Cherbourg on the steamer has decide court of appeals last The the act passed at the provide that the New York legislature cast of recount of the votes York for a election in New unconstitu in mayoralty November, 1905, is tional. Over 1,000 delegates were on the prese Muskogee, Oklahoma, former at David R. Francis, the when of Missouri, called the Tran ernor anual meeting of congress, Mississippi teenth Commercial ultima order. "Free love will be the if the fate of the United States, is continued system of divorce voiced ent was the prophecy in Chicag This Twentieth Century club Deland last the week by Mrs. Margaret Boston. Before leaving Windsor Wilhelm, castle Higheliff castle, Kaiser than stated, left no less a sum among the to be divided as tips his previous at the castle. On it was trip vants to Windsor, in 1898, $2,500 A dispatch was left. received British from Santlas steams says that the England Hazel Chili, Branch, bound to full cargo, Antofogasta, with a the straits totally wrecked in said regard been Magellan. Nothing was the fate of the crew. ing Montague Newton and Joseph who Fisher, the two Americans charged convicted in London, defraud, han to cheat months conspiracy been twenty and labor sentenced to and to prisonment at hard respectively. imprisonment months' In consequence of cigars the cancellation from Ne U of large orders for other cites,

22. February 6, 1908 New-York Tribune New York, NY
Article from New-York Tribune, February 6, 1908

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VAN NORDEN IN TWELFTH WARD BANK. At a meeting of the directors of the Twelfth Ward Bank yesterday Warner M. Van Norden, president of the Van Norden Trust Company, was elected a member of the board. Mr. Van Norden advanced the bank $600,000 with which to pay depositors after the October crisis, and it was due to this that its early resumption was made possible. Mr. Van Norden said yesterday that the bank had repaid him all the money he had advanced, and that, in addition. it had a substantial reserve above legal requirements. It was the first institution to reopen after the panic.