Manufacturers Trust Company

Bank Information

Episode Type: Run Only
Bank Type: trust company
Start Date: December 1, 1930*
Location: Brooklyn, New York (40.660, -73.951)

Metadata

Model: gpt-5-mini
Short Digest: c0248bea

Response Measures

None

Description

Article (Jan 5, 1931) describes withdrawals/run on Manufacturers Trust branches in Brooklyn following the closing of the Bank of United States. The bank withstood the drain, joined the Clearing House and stabilized; there is no mention of a suspension or closure in the article.

Events (1)

1. December 1, 1930* Run

Cause: Local Banks
Cause Details: Withdrawals occurred in the wake of the closing of the Bank of United States; panic ran to some branches including Manufacturers Trust.
Measures: Affiliated with the Clearing House (joined clearing house) to stabilize public confidence.
Newspaper Excerpt: the withdrawals to which the Manufacturers Trust subjected few weeks age directly after closing of the Bank of United States... The Manufacturers, however, able to withstand the drain and on day the Bank United States closed became affiliated with the Clearing House, step that had stabilizing effect and restored the public's confidence.
Source: newspapers

Newspaper Articles (1)

1. January 5, 1931 Brooklyn Eagle Brooklyn, NY

Article from Brooklyn Eagle, January 5, 1931

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Article Text

Gets Control Morgan Group Trust From Jonases Continued from Page use Manufacturers Trust as which far larger and greater institution will built up," the said. Neverthe belie persisted today in Wall Street circles that ultimately involving be Trust Company branches the city and of branches are Brooklyn Announcement of the deal made jointly by Gibson Nathan While Mr. would not say what portion of the Goldman Corporation's interest in the bank he his have acquired, stated group corporation retain part its holdings. The corporation originally held percent will be, by all odds, the "My group largest stockholders in the Mr. Gibson said. He added the group's was made the future, developing the still greater institu- Jonas Brothers Stay The Jonas brothers will continue active in the the forchairman of the latter director. Harold Richwill remain as of finance and Henry Von who has been president since will chairman the board. No other changes in the personnel at present contemplated, Price Not Revealed While the number of shares the Gibson and price were formally disclosed. it' was reported financial circles that the group had bought about 30 percent of the 1,100,000 Trust outstanding, or approximately 330,000 shares. On Saturday's bid price this amount stock had value Mr. Gibson said that the number of shares acquired and the price paid might be disclosed in the next few weeks. stated also that he expected soon to announce the names his associates in the deal. few of these together with others not directly connected with the would be added to the directorate. Made public with the announcement of the deal was statement of the bank's condition of Jan. In are reflected the withdrawals to which the Manufacturers Trust subjected few weeks age directly after closing of the Bank of United States. Before this closing transaction had been un: way looking toward merger of Manufacturers' Trust, Public No. tional Bank Trust Company International Trust and Bank United The dropped and run began on the Bank United States thereafter, which extended to some of the branches Enters Clearing House The Manufacturers, however, able to withstand the drain and on day the Bank United States closed became affiliated with the Clearing House, step that had stabilizing effect and restored the public's confidence. The Jan. condition statement lists total of as compared with on 24, 1930; deposits as compared surplus and individed profits of compared capital amounted to as before.