14986. Fidelity Trust Company (Buffalo, NY)

Bank Information

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

Metadata

Model: gpt-5-mini
Short Digest: a553bd97

Response Measures

Accommodated withdrawals, Capital injected

Description

Multiple contemporaneous newspaper accounts (Oct 14–15, 1901) report a run by mainly small depositors driven by unfounded rumors. The bank remained open and paid withdrawals; no suspension or receivership is reported. Bank accepted cash assistance from local banks (Erie County Savings, Marine Bank) and installed extra paying tellers. A later Jan 1902 item about Fidelity and the Pan-American exposition is separate and relates to litigation, not a suspension.

Events (1)

1. October 14, 1901 Run

Cause: Rumor Or Misinformation
Cause Details: Unfounded rumors that large sums due from Pan-American contractors would not be forthcoming; reporters and bankers called the rumor groundless.
Measures: Installed extra paying tellers and kept windows open until 4 p.m.; accepted cash assistance from Erie County Savings Bank ($250,000) and the Marine Bank ($100,000); declined clearing house assistance.
Newspaper Excerpt: A run on the Fidelity Trust Company, a state banking institution, began today... Prominent bankers and business men say the rumor which caused the run is groundless.
Source: newspapers

Newspaper Articles (11)

1. October 15, 1901 The Savannah Morning News Savannah, GA

Article from The Savannah Morning News, October 15, 1901

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Article Text

RUN ON A BUFFALO BANK. The Institution Is Strong and Promptly Meets All Comers. Buffalo, N. Y., Oct. 14.-A run on the Fidelity Trust Company, a state banking institution, began to-day. A long line of anxious depositors stood for hours waiting to withdraw their money. Extra paying tellers were installed and their windows were kept open until 4 o'clock. Prominent bankers and business men say the rumor that caused the run is groundless. and that only small depositors are withdrawing their accounts. Several large deposits were made during the day by business houses, and large sums of money were sent to the Fidelity Company's office by local banks. At the close of business to-day President Forman stated that the withdrawals exceeded the deposits by only $50,000. The Fidelity Trust Company is not a member of the Clearing House Association, but an official offer was made President Forman by the Clearing House to-day to assist. President Forman declined to accept, saying that the bank needed no assistance. The statement of the Fidelity Company issued on Oct. 1, was as follows: Resources-Cash on hand and in banks, $2,725,646.93; demand loans, $2.774.286.58; bonds and mortgages, $1,617,654.48; other bonds, $2,795,148.10; real estate (new bank lot), $261,102.88. Liabilities-Capital stock, $500,000; deposits, $9,073,005.14; surplus, net earnings, $600,833.83.

2. October 15, 1901 The Saint Paul Globe Saint Paul, MN

Article from The Saint Paul Globe, October 15, 1901

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DEPOSITORS SCARED RUN ON FIDELITY TRUST COMPANY, A STATE BANK AT BUFFALO, N. Y. MONEY PROMPTLY PAID OUT Other Banks Come to the Assistance of the Institution With Cash and Offers of More. BUFFALO, Oct. 14.-A run on the Fidelity Trust company, a state banking institution, began today. A long line of anxious depositors stood for hours waiting to withdraw their money. Extra paying tellers were installed and their windows were kept open until 4 o'clock. Prominent bankers and business men say that the rumor which caused the run is groundless and that only small depositors are withdrawing their accounts. Several large deposits were made during the day by business houses and large sums of money were sent to the Fidelity company's offices by local banks. The Erie County Savings bank voluntarily turned over $250,000 in cash to the Fidelity Trust company. The Marine bank also sent in $100,000. The money was accepted but not as a loan. New York drafts were sent to the two institutions for the cash. At the close of business today President Forman stated that the withdrawals exceeded the deposits by only $50,000. The Fidelity Trust company is not a member of the clearing house association, but an official offer of assistance was made to President Forman by the clearing house today. President Forman declined to accept, saying the bank needed no assistance. The statement of the Fidelity company issued Oct. 1, was as follows: Resources: Cash on hand and in banks, $2,725,646; demand loans. $2,774,286; bonds and mortgages, $1,617,654; other bonds, $2,795,148; real estate (new bank lot), $261,102. Liabilities: Capital stock, $500,000; deposits. $9,073,500; surplus, net earning, $600,833.

3. October 15, 1901 The Age-Herald Birmingham, AL

Article from The Age-Herald, October 15, 1901

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Article Text

RUN ON A BANK. Fidelity Trust Company of Buffalo Has Deposits Withdrawn. Buffalo, October 14.-A run on the Fidelity Trust Company, a state banking institution, began today. A long line of anxious depositors stood for hours waiting to withdraw their money. Extra paying tellers were installed and their windows were kept open until 4 o'clock. Prominent bankers and business men say that the rumor which caused the run is groundless and that only small depositors are withdrawing their accounts. Several large deposits were made during the day by business houses and large sums of money were sent to the Fidelity Company's offices by local banks. The Erie County Savings Bank voluntarily turned over $250,000 in cash to the Fidelity Trust Co. The Maine Bank also sent in $100,000. The money was accepted but not as a loan. New York drafts were sent to the two institutions for the cash. At the close of business today President Forman stated that the withdrawals exceeded the deposits by only $50,000. The statement of the Fidelity Company issued on October 4, shows recources $2,725,648.

4. October 15, 1901 The Sun Wilmington, DE

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Article Text

Run on a Buffalo Bank. Buffalo, Oct. 14.-A run was started on the Fidelity Trust company, a state banking institution, principally, it was said. by small depositors. At noon the run continued, but all checks were being promptly paid. President George F. Foreman said that the company "was never in a better condition than right now. We will pay dollar for dollar." Among other bankers confidence was expressed in the ability of the Fidelity to pay. The run was said to be due to rumors, which cannot be confirmed. that large sums due the bank from Pan-American contractors would not be forthcoming.

5. October 15, 1901 The St. Louis Republic Saint Louis, MO

Article from The St. Louis Republic, October 15, 1901

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Article Text

RUN ON BUFFALO BANK. Depositors Found Plenty of Money Ready for Them. Buffalo, N. Y., Oct. 14.-A run on the Fidelity Trust Company, a State banking institution, began to-day. A long line of anxious depositors stood for hours waiting to withdraw their money. Extra paying tellers were installed, and their windows were kept open until 4 o'clock. Prominent bankers and business men say that the rumor which caused the run is groundless, and that only small depositors are withdrawing their accounts. Several large deposits were made by business houses and large sums of money were sent to the Fidelity company's offices by local banks. The Erie County Savings Bank voluntarily turned over $250,000 in cash to the Fidelity company. The Marine Bank also sent in $100,000. The money was accepted, but not as a loan. New York drafts were sent to the two institutions for the cash. At the close of business to-day President Forman stated that the withdrawals exceeded the deposits by only $50,000. The statement of the Fidelity company, issued on October 1, was as follows: Resources-Cash on hand and in banks, $2,725,646,98; demand loans, $2,774,286.58; bonds and mortgages, $1,617,654.48; other bonds, $2,795,148.10; real estate (new bank lot), $261,102.88. Liabilities-Capital stock, $500,000; deposits, $9,073,500.14; surplus, net earnings, $600,633.83.

6. October 15, 1901 The Washington Times Washington, DC

Article from The Washington Times, October 15, 1901

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Article Text

On rumors of bank troubles in Buffalo, the hammering of the market was resumed. The facts developed that there was a small run on the Fidelity and Trust Company Bank. The bank was solvent, and the run merely grew out of some unfavorable rumors. Stocks rallied when later advices proved that fears were groundless.

7. October 16, 1901 The Daily Sentinel Grand Junction, CO

Article from The Daily Sentinel, October 16, 1901

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Groundless Run on Buffalo Bank. Buffalo, N. Y., Oct. 15.-A run on the Fidelity Trust company, a state bank. ing institution, began yesterday. A long line of anxious depositors stood for hours waiting to withdraw their money. Extra paying tellere were installed and their windows were kept open until 4 o'clock. Prominent bankers and business men say that the rumor which caused the run is groundless, and that only small depositors are withdrawing their accounts. Several large deposits were made during the day by busineea houses and large sums of money were sent to the Fidelity company's offices by local banks. The Erie County Savings bank voluntarily turned over $250,000 in cash to the Fidelity company. The Marine bank also sent in $100,000. The money was accepted. b t not as a loan. New York drafts were sent to the two institutions for the cash At the close of business yeaterday President Foreman stated that the withdravals exceeded the deposite by only $50,000 The Fidelity Trust company is not a member of the clearing house association, but an official offer of assistance was made to President Foreman by the clearing house yesterday. President Foreman declined to accept, saying the bank needed no assistance.

8. October 17, 1901 Ottumwa Semi-Weekly Courier Ottumwa, IA

Article from Ottumwa Semi-Weekly Courier, October 17, 1901

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Frightened Depositors Withdrawing Funds From Buffalo Financial House. RUN CONTINUES TODAY Money Being Paid Out as Fast as Accounts Can Be Verified-Rumor of Bank's Insolvency Said to Be Untrue-Funds Are ample. Buffalo, Oct. 15.-The run on the Fidelity Trust company continued this morning. Depositors are being given their money as fast as their accounts are verified. Extra Paying Tellers Installed. The run began yesterday. A long line of anxious depositors stood for hours waiting to withdraw their money. Extra paying tellers were installed and their windows were kept open until 4 o'clock. Come to the Rescue. Prominent bankers and business men say that the rumor which caused the run is groundless and that only small despositors are withdrawing their accounts. Several large deposits were made during the day by business houses and large sums of money were sent to the Fidelity company's office by local banks. Erie County Savings bank voluntarily turned over $250,000 in cash to the Fidelity Trust company. The Marine bank also sent in $100,000. The money was accepted, but not as a loan. New York drafts were sent to the two institutions for the cash. At the close of business President Forman stated that the withdrawals exceeded the deposits by only $50,000.

9. October 24, 1901 Hutchinson Gazette Hutchinson, KS

Article from Hutchinson Gazette, October 24, 1901

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THE LATEST NEWS III BRIEF. On February 24 Cuba will elect its own government. Negroes are not allowed to live in Hoboken. New Jersey. Denver authorities have given prizefighting in that city its last knock out blow. There are 185 horse and domkey meat butcher shops in Vienna, the capital city of Austria. Fort Worth has raised the bonas asked by both Armour and Swift to build packing houses there. The total population of the United States as shown by the census of 1900 is 76,303,387 exclusive of Alaska. John D. Rockefeller Jr., is to build a club house for the use of the Bible class taught by him in New York city. The convention of the Episcopal church finally agreed to create the missionary district of Salina, Kansas. The percentage of foreign persons in the United States in 1900 is 13.7 per cent. In 1890 the percentage was 14.8. President Lorenzo D. Snow. of the Mormon church, left 31 heirs; 2 wives, 13 sons, 13 daughters, and 3 grandehildreh. Edward S. Stokes who killed Jim Fisk years ago, is a decrepit old manat 60, living in pain and semi-conseiousness. Australia has proportionately more churches than any other country, having 6,013, or 210 to every 10,000 people. Russia has 55 to the same number. Most American travelers in Ireland now visit Derock, county Antrim, to see the house in which James McKinley, the ancestor of President McKinley, was born. A run by small depositors on the Fidelity Trust company of Buffalo was met by the assistance of the banks of the city to such an extent as to cause the Fidelity company to stop it as they had enough. Two Italians with pistols and daggers, were arrested in the corridor of the presidential palace at Rio Janeiro. It is believed that they are anarchists and were seeking a chance to kill the president. Two advertisements in a Montreal paper: "S14 a month is offered for a Protestant house servant, no washing or ironing," and "$15 a month is offered for a teacher in a Protestant school, who can bring a first class elementary diploma." The census report shows that of the a total population 51.2 are males; slightly larger poroportion of females than ten years ago. The increase of the total population since 1890 is 21 per cent.

10. October 25, 1901 The Chanute Times Chanute, KS

Article from The Chanute Times, October 25, 1901

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# THE LATEST NEWS IN BRIEF. On February 24 Cuba will elect its own government. Negroes are not allowed to live in Hoboken, New Jersey. Denver authorities have given prize-fighting in that city its last knock out blow. There are 185 horse and domkey meat butcher shops in Vienna, the capital city of Austria. Fort Worth has raised the bonus asked by both Armour and Swift to build packing houses there. The total population of the United States as shown by the census of 1900 is 76,303,387, exclusive of Alaska. John D. Rockefeller Jr., is to build a club house for the use of the Bible class taught by him in New York city. The convention of the Episcopal church finally agreed to create the missionary district of Salina, Kansas. The percentage of foreign persons in the United States in 1900 is 13.7 per cent. In 1890 the percentage was 14.8. President Lorenzo D, Snow, of the Mormon church, left 31 heirs; 2 wives, 13 sons, 13 daughters, and 3 grandchildren. Edward S. Stokes who killed Jim Fisk years ago, is a decrepit old man at 60, living in pain and semi-consciousness. Australia has proportionately more Churches than any other country, having 6,013, or 210 to every 10,000 people. Russia has 55 to the same number. Most American travelers in Ireland now visit Derock, county Antrim, to see the house in which James McKinley, the ancestor of President McKinley, was born. A run by small depositors on the Fidelity Trust company of Buffalo was met by the assistance of the banks of the city to such an extent as to cause the Fidelity company to stop it as they had enough. Two Italians with pistols and daggers, were arrested in the corridor of the presidential palace at Rio Janeiro. It is believed that they are anarchists and were seeking a chance to kill the president. Two advertisements in a Montreal paper: "$14 a month is offered for a Protestant house servant, no washing or ironing," and "$15 a month is offered for a teacher in a Protestant school, who can bring a first class elementary diploma." The census report shows that of the total population 51.2 are males; a slightly larger poroportion of females than ten years ago. The increase of the total population since 1890 is 21 per cent. President Roosevelt told G. A. R. Commander Torrance, that he would not depose Pension Commissioner Evans in the absence of proof of the unfairness charged against him, but that he would have a complete investigation made by experts during the next six months. H. E. Cooper, territorial secretary and acting governor of Hawaii, is in Washington. He reports an urgent demand for laborers in Hawaii, owing to the fact that the Japanese and Chinese have left that territory in large numbers. Suit is to be brought against the estate of Senator John Sherman for taxes for 5 years on personal property which has never been returned for taxation. The property thus held back from taxation amounts to nearly a million and a half dollars. Everybody in Holland, the women especially, all over the kingdom, exhibit an absorbing interest in the prospective heir to the Dutch crown. The meeting of the live stock men in St. Louis was business with a big B. The delegates represented 76 National Breeders' associations. The live stock interests of the country, as a result of this meeting, will undertake to raise $500,000 to be offered in prizes in the live stock department, and will ask the Exposition managers to make it a million.

11. January 17, 1902 The Chanute Times Chanute, KS

Article from The Chanute Times, January 17, 1902

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Pan-American is Bankrupt. Buffalo, Jan. 10.-It having been found impossible to unite the creditors of the Pan-American exposition to bring about the best possible results from the remaining assets of the exposition company, the Fidelity Trust company entered a summons and complaint before the supreme court asking that a receiver be appointed. Of the issue of $2,500,000 in first mortgage bonds $150,000 is still unpaid. The wrecking privilege is held up by claims and judgments.