Manufacturers Trust Company

Bank Information

Episode Type: Run Only
Bank Type: trust company
Start Date: March 5, 1929
Location: Brooklyn, New York (40.660, -73.951)

Metadata

Model: gpt-5-mini
Short Digest: 28d01c53

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Public signal of financial health

Description

A single-day run at the Montauk branch triggered by a mistaken Italian newspaper article. Bank remained open (told depositors they could withdraw when it opened next morning); reserves and armored cars were brought from the Federal Reserve. Date inferred from newspaper: article dated 1929-03-06 says the run occurred 'yesterday' (1929-03-05).

Events (1)

1. March 5, 1929 Run

Cause: Rumor Or Misinformation
Cause Details: An article in an Italian newspaper inferred the bank was going to take over the defunct City Trust company, prompting depositors to think the bank was failing; the bank issued a clarifying statement and withdrew the offer.
Random Run: Yes
Random Run Snippet: Article in Italian paper inferred bank would take over bankrupt institution; mistaken
Measures: Requested and received reserves/armored cars from the Federal Reserve; reserves sent from Bergen St. station; depositors told they could withdraw when bank opened at 9 a.m. next day.
Newspaper Excerpt: In the mistaken idea that their bank was about to take over a bankrupt institution, excited depositors yesterday staged a run on the Montauk branch of the Manufacturers' Trust company...
Source: newspapers

Newspaper Articles (4)

1. March 6, 1929 Daily News New York, NY

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Article Text

ERROR CAUSES ALL-DAY RUN ON BIG BANK IN BROOKLYN In the mistaken idea that their bank was about to take over a bankrupt institution, excited depositors yesterday staged a run on the Montauk branch of the Manufacturers' Trust company, at 5th ave. and Union st., Brooklyn. The run began at 11 a. m. and still was going strong when the bank closed at 3 o'clock, its usual hour. During the excitement it was found necessary to speed more turrency from the Federal Reserve system in armored cars. Police learned through interpreters that the run was caused by an article published in an Italian newspaper which inferred that the Manufacturers' Trust company, which has forty branches in four boroughs, contemplated purchasing the business of the defunct City Trust company of Brooklyn. Reserves from the Bergen st. station were sent to the bank. At closing time depositors were told they could withdraw money when the bank opens at 9 a. m. today. The Manufacturers' Trust company issued a statement saying it had offered to buy leases, furniture, fixtures, vaults and safes in the two Brooklyn offices of the City Trust company. The offer was withdrawn. Listen in every Friday evening from 7:15 to 7:30 Eastern Standard Time over Station WJZ for interesting talks on the preservation of health by eminent authorities through broadcasting facilities provided by E. R. Squibb & Sons.

2. March 6, 1929 Daily News New York, NY

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Article Text

ERROR CAUSES ALL-DAY RUN ON BIG BANK IN BROOKLYN In the mistaken idea that their bank was about to take over a bankrupt institution, excited depositors yesterday staged a run on the Montauk branch of the Manufacturers' Trust company, at 5th ave. and Union st., Brooklyn. The run began at 11 a. m. and still was going strong when the bank closed at 3 o'elock, its usual hour. During the excitement it was found necessary to speed more currency from the Federal Reserve system in armored cars. Police learned through interpreters that the run was caused by an article published in an Italian newspaper which inferred that the Manufacturers' Trust company, which has forty branches, in four boroughs, contemplated purchasing the business of the defunct City Trust company of Brooklyn. Reserves from the Bergen st. station were sent to the bank. At closing time depositors were told they could withdraw money when the bank opens at 9 a. m. today. The Manufacturers' Trust company issued a statement saying it had offered to buy leases, furniture, fixtures, vaults and safes in the two Brooklyn offices of the City Trust company. The offer was withdrawn. Listen in every Friday evening from 7:15 to 7:30 Eastern Standard Time over Station WJZ for interesting talks on the preservation of health by eminent authorities through broadcasting facilities provided by E. R. Squibb & Sons.

3. March 6, 1929 Daily News New York, NY

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Article Text

ERROR CAUSES ALL-DAY RUN ON BIG BANK IN BROOKLYN In the mistaken idea that their bank was about to take over a bankrupt institution, excited depositors yesterday staged a run on the Montauk branch of the Manufacturers' Trust company, at 5th ave. and Union st., Brooklyn. The run began at 11 a. m. and still was going strong when the bank closed at 3 o'clock, its usual hour. During the excitement it was found necessary to speed more currency from the Federal Reserve system in armored cars. Police learned through interpreters that the run was caused by an article published in an Italian newspaper which inferred that the Manufacturers' Trust company. which has forty branches in four boroughs, contemplated purchasing the business of the defunct City Trust company of Brooklyn. Reserves from the Bergen st. station were sent to the bank. At closing time depositors were told they could withdraw money when the bank opens at 9 a. m. today. The Manufacturers' Trust company issued a statement saying it had offered to buy leases, furniture, fixtures, vaults and safes in the two Brooklyn offices of the City Trust company. The offer was withdrawn.

4. March 6, 1929 Daily News New York, NY

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Article Text

ERROR CAUSES ALL-DAY RUN ON BIG BANK IN BROOKLYN In the mistaken idea that their bank was about to take over a bankrupt institution, excited depositors yesterday staged a run on the Montauk branch of the Manufacturers' Trust company, at 5th ave. and Union st., Brooklyn. The run began at 11 a. m. and still was going strong when the bank closed at 3 o'clock, its usual hour. During the excitement it was found necessary to speed more currency from the Federal Reserve system in armored cars. Police learned through interpreters that the run was caused by an article published in an Italian newspaper which inferred that the Manufacturers' Trust company, which has forty branches in four boroughs, contemplated purchasing the business of the defunct City Trust company of Brooklyn. Reserves from the Bergen st. station were sent to the bank. At closing time depositors were told they could withdraw money when the bank opens at 9 a. m. today. The Manufacturers' Trust company issued a statement saying it had offered to buy leases, furniture, fixtures, vaults and safes in the two Brooklyn offices of the City Trust company. The offer was withdrawn.