15128. Empire City Savings Bank (Harlem, NY)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
October 24, 1907
Location
Harlem, New York (40.808, -73.945)

Metadata

Model
gpt-5-mini
Short Digest
29d4256b

Response Measures

Partial suspension

Other: Bank invoked statutory notice-of-withdrawal clause (30/60/90) to limit immediate payouts; later paid those depositors who gave notice.

Description

Multiple contemporary articles (Oct 24–Nov 22, 1907) report depositors assembling and withdrawals at Empire City Savings Bank on Oct 24, the bank invoking the 30-day notice clause (suspension/temporary protection) and later (Nov 22) announcing payment to depositors who gave notice — consistent with a run leading to a suspension under the 30-day rule and subsequent resumption/settlement. Cause attributed to contagion from trouble at nearby Harlem banks and the general 1907 panic.

Events (3)
1. October 24, 1907 Run
Cause
Local Banks
Cause Details
Run pressure came amid closings/trouble of other Harlem banks (Hamilton, Twelfth Ward) and general 1907 panic contagion in neighborhood.
Measures
Invoked the 30-day (state) notice provision to delay withdrawals; posted notices to depositors.
Newspaper Excerpt
Depositors Lined Up at Three O'clock This Morning PREPARATORY FOR A RUN ... The depositors began assembling ... The Empire City Savings bank this law morning took advantage of a state requiring depositors to give sixty days before withdrawing their account.
Source
newspapers
2. October 24, 1907 Suspension
Cause
Local Banks
Cause Details
Suspension (invoking statutory notice period) in response to deposit withdrawals and neighborhood bank failures/rumors during the October 1907 panic.
Newspaper Excerpt
The Empire City Savings bank ... took advantage of a state requiring depositors to give sixty days before withdrawing their account.
Source
newspapers
3. November 22, 1907 Reopening
Newspaper Excerpt
Announcement was made today by Isaac A. Hopper, president of the Empire City Savings Bank in Harlem ... that all depositors who gave notice on October 24, will be paid tomorrow. He expects the demands will equal $100,000 and says ample funds are on hand to meet withdrawals.
Source
newspapers

Newspaper Articles (13)
1. October 24, 1907 The Barre Daily Times Barre, VT
Article from The Barre Daily Times, October 24, 1907

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Depositors Lined Up at Three O'clock This Morning PREPARATORY FOR A RUN Two More New York Banks Suspended Today and a Third Get a Run-Others Are Seeking Protection Under the Law -Wall Street Opened Well Today. New York, Oct. 24.-Two more banks, the Twelfth and the Hamilton, both of which are small institutions, suspended this morning, and the fear of depositors in the banks under suspicion appears unallayed. The depositors began assembling before the doors of the Trust Company of America at 3 o'clock this morning, and a run is on again today, with the institution still paying all who seek to withdraw their money. Another big run is in progress at the Lincoln Trust company, where police reserves are keep ing the crowd in order. The Empire City Savings bank this law morning took advantage of a state requiring depositors to give sixty days before withdrawing their account. excitegrace was done because of the This in Harlem, following the Hamilton closing ment the Twelfth Ward and notices of Both these have posted soltheir depositors of Other savings banks vency. assuring banks. Empire. their expect to follow the example of the spite of the consternation among Wall In depositors, the situation on bouy. bank is reassuring. Stocks opened to one street with an advance of one stocks and antly, a half points. The Harriman were especially o'clock strong. this morning, J. PierAt Morgan 12:20 and James Stillman, presi- made pont of the National City bank, of the dent call upon Secretary Manhattan Treasury a hurried Cortelyou at the hotel. Banks Aiding Besieged Institution of the Other Vanderlip, vice president following Frank City bank, made the The National official statement this been morning: met. situation has to the aid "The companies will come America. The trust Trust company of appointed of the by the committee have examination into the trust companies of Amerto found look that the Trust Company to warrant pro ica has sufficient assets the committee, and tective action action has by been agreed upon." Secretary such Vanderlip said that funds in the Mr. will place ample any emerCortelyou banks to meet CorNew York also said that Secretary later. gency. telyou would He make a statement Cortelyou's Promise of $25,000,000. this morning Secretary After a conference Cortelyou early gave out the fol lowing "I have statement: said to on a me number today of that gentle condi- any men to the public be made found here that depositors statement tions who called frankness, should regarding banks might with and the utmost others interested reliance in might the be b realize placed upon that it. entire Those that familiar the situation of with the was cirfacts have known largely because rumors and the for the eplation made serious of anxiety unfounded of many who only unreasoning thought safely moment. through such excite- a day "To pass of most unnecessary the best evidence as this, one been, is the part ment as it has and support on the diffiWherever of of those strength who of have e-establishingweekness, undertaken public confi- and has been and able men E cult dence. task in but there a comparatively is treasury are ren- few instances, in behalf I believe I may say I can do, dering department it aid, strong and what that of the possible and it I my duty in to the do largest necessary way to afford conwhatever may of the city the relief. If the shall do co-operation, the press be and upon if will public real its reflect institutions, strength tinue on its part of our will a fast banking return of warrants. the confithere will which be this condition treasury's position to lo in I he~extent have of $25,000,000." dence, "As evidence directed of deposits the in this city

2. October 25, 1907 Evening Star Washington, DC
Article from Evening Star, October 25, 1907

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Burly Financier Stems the Wild Market Panic. ROCKEFELLER ALSO HELPS Over $100,000,000 Thrown Into th Stock Maelstrom. SUPPORT PROVED EFFECTIVI Usurious Rate on Call Money Drop ped 90 Per Cent Inside of a Few Minutes. NEW YORK. October 25 The remova of abnormal and all but unprecedente conditions in the money market was th principal accomplishment yesterday 0 those bankers who are exerting utmos endeavors to restore financial condition to a sane and normal basts. The stock market was on the Verg of a panic when Morgan, responding L a piteous appeal. sent $25,000,000 to the ex change and turned the tide John D. Rockefeller distributed. $10, 000,000 through the Union Trust Com pany. Secretary Cortelyou deposited a Jarg part of $25,000,000 in New York banks. Nine millions more was drawn from th Trust Company of America, but it ha no difficulty. as possibly as much was de posited. The millions poured into the market re duced the rate at the close to 10 pe cent. The Hamilton, the Twelfth Ward and the Empire City Savings Bank, thre small banks in Harlem, suspended. Directors of the Knickerbocker ar working out a scheme to avoid Hquidation by forming a syndicate to guarantee pay ment in full to depositors. There was a run on the Lincoln Trus Company. which has no difficulty in meet Ing all demands. A petition was filed in the federal cour in Birmingham, Ala., asking that the Southern Steel Company, capitalized a $25,000,000. be declared bankrupt. A Napoleonic Coup. By far the most notable, even dramatte episode of the day was the emptying of millions of money into the stock ex change through a pool headed by J. P Morgan and other financiers, in order to avert a ruthless selling out of stocks hele by brokers, which was threatened be cause of their inability to obtain renewal of loans on which these stocks had beer carried. A remarkable condition brough about this extreme stringency in money which had gradually forced the interes ate up to an almost unprecedented figure Certain large interests of great financia resources had been charging what wa In effect, If not legally, usurious rate of interest on call loans. One institution that had been engaged in this practice was Itself a member of the clearing house and was severely criticised by other bankers for its action. on the groun that this added an unnecessary compli cation and strain to the money situation As a result of the criticlsm this Institu tion withdrew its support and declined t offer money on call on the stock exchange The effect of this was to run the rate to money yesterday up to 100 per cent, an when that figure W.IS quoted an extremel: sharp decline resulted in the stock mar ket, Union Pacific, a 10 per cent stock selling down to par. Notwithstanding the high rate for cal money that might have been obtained the National City Bank, John D. Rocke feller personally and other prominen money interests sent funds to the stock exchange to be lent at the normal rate of 6 per cent. These sums, however, were not sufficient to meet the demand. and for a time there was great confusion and hurried selling of stocks on the exchange Cheers for Morgan. At the time that excitement was at it height the announcement was made tha a pool had been formed, with J. P. Mor

3. October 25, 1907 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, October 25, 1907

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Conservatism Saves The Country From A Financial Catastrophe Great Money Kings Push PITTSBURG Back Clouds. SITUATION OVER HUNDRED MILLIONS LOANED TO THE BANKS Bankers Say Troubles Are Disappearing. Ruthless Selling Out of Stocks Prevented by Morgan. Pittsburg, Pa Oct. 24-Late today, Walter D. Updegraf, secretary to George Westinghouse, was appointed Millions of Money Were Emptied on receiver for the Nernet Lamp Company, the fourth Westinghouse concern emthe Stock Exchange to be barrassed by the severe money market stringency. His bond was placed at Lonned at a Small Rate $50,000. The petition was filed by the Cooper of Interest-Trouble Youatt Electric Company, of New York, and states that the Nernst Lamp ComOver. pany owes them $2,000 for material. The funded debt of the company is placed at $1,400,000 covered by bonds that are due in 1922. The petition states that all the stock of the Nernet Lamp CORTELYOU AND Company is owned by the WestingWILLIAMS SATISFIED. house Machine Company. The position 1 New York, Oct. 25.-At was taken that the appointment of reo'clock this morning Clark Wilceivers for the four Westinghouse comliams, the newly-appointed State panies placed all of them on R better Superintendent of Banks, made footing: the failure of the Iron City public the following statement: Trust Company had no bad effects and "So far as I have been able to the millions of dollars deposited by the learn during the short time in government caused a feeling of confiwhich I have had to examine into dence. the situation, I find all the banks The Pittsburg stock exchange reunder my supervision in this city mained closed all day, and will probto be solvent: and it will be only ably not resume transactions until next because of rash and unreasonable Monday. demands upon the part of deA meeting of the Pittsburg Clearing positors that will further endanHouse Association was held and anger the situation." nouncement was made following the At midnight, Secretary Corteladjournment that two banks had reyou said: quested aid. Prominent bankers stated "The situation has improved so tonight that the situation here is well much that I shall make no state in hand and that the trouble was rapment idly disappearing. ST. PETERSBURG SURPRISED AT WESTINGHOUSE TROUBLE. New York, Oct., 24.-As a result of St. Petersburg, Oct. -The anthe day's developments in the finannouncement of the appointing of reclal world, there is every indication ceivers in Pittsburg for two of the that the crisis in the banking and trust Westinghouse Companies, came as a company situation, has been safely surprise here, where the Westingpassed. The Trust Company of Amerhouse people have extensive interests, ica, all through the day's banking especialy to Walter Cary, Director and hours, paid out money to depositors as General Manager of the Westinghouse rapidly as possible and closed today Lamp Company, who arrived here towith all the demands having been day fro mthe United States to investimade. A very favorable feature of the gate the affairs of the Russian branch, situation respecting this company was which, although having an independent that it was able to make its payments corporate existence, is largely capitalwith very little assistance, and another ized from America. was that the company received over The company, the first business of its counters in the morning hours in which here was making airbrake equipordinary deposits more than $1,000,000. ment for the Russian railroads, later The crowd assembled at the combranched out and secured a largo conpany's banking office throughout the tract for the electrification of the street day was smaller than It was yesterday railroad system of St. Petersburg and and the sums withdrawn were not so recently purchased a big factory at large as those taken out on WednesMoscow for the construction of elecday. At the close of the day's busitrical equipments. Rumors have for ness, Mr. Oakleigh Thorne, president some time been current that the comof the company, said that there was pany would lose money on Its St. Petabundant cash in the vaults to meet ersburg Street Railroad contract, a.g. the situation and that he had no apgregating $5,000,000, particularly on acprehensions whatever regarding the count of penalties, said to amount to Institution for the future. amount to $500,000, imposed for conIt was the general impression in struction delays, but the officials of the financial circles that this company havcompany today denied this and said the Ing withstood a two days run with so fines would aggregate less than five little trouble, was undoubtedly in good per cent of the total amount of the condition to continue its business and contract and that they anticipated that that the company and its affairs were most of them would be remitted on the not considered as a factor any longer final settlement. In the general situation. As the Trust The company has received from fifty Company of America had been the cenand sixty per cent of the contract price ter of interest in the financial storm, and the balance is payable on compleIt was accepted that the ability it had tion of the contract, which is claimed thus shown to weather the storm was that it has enough cash in sight to clear indication that the financial sky finish the work. had cleared and that a period of fair weather was now well in sight. A dispatch received here today from General Manager Smith stated that the Three Episodes. home company was entirely solvent The day was marked by three noteworthy episodes, first, and earliest in and that the receiverships were due the day, came the announcement of to the Inability to extend loans during trouble in three minor State banks in the stringency of the money market. Harlem-the Hamilton Bank, the Prices on theBourse today were slightTwelfth Ward Bank and the Empire ly affected by the American financial City Savings Bank. Those banks troubles, but their connection with transacted only a neighborhood busifinancial houses here is too remote to ness and their suspension of payment cause great apprehension. was absoltuely without significance as bearing on the general situation. The A Change of Plans. Empire Savings was controlled by a Paris. officials of the

4. October 25, 1907 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, October 25, 1907

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Foured $100,000,000 Into the Maw of Public Credit By Bankers POOL FINANCIAL MORGAN'S COMES TO THE RESCUE Prompt Action During Day's Session of the Stock Market Stops the Slump and Conditions Are Now Considered Safe. New York, October 24.-As a result of the day's developments in the finan cial world there is every indication that the crisis in the banking and trust company situation had been safely passed. The Trust Company of America. all through the day's banking hours, paid out money to depositors as rapidly as possible and closed today with all demands having been met. A very favorable feature of the situation respecting this company was that it was able to make its payments with very little assistance, and another was that the company received over its counters in the money hours in ordinary deposits more than $1,000,000. The crowd assembled at the company's banking office throughout the day was smaller than it was yesterday and the sums withdrawn were not so large as those taken out on Wednesday. At the close of the day's business, Oakleigh Thorne president of the company, said that there was abundant cash in the vaults to meet the situation and that he had no apprehensions whatever regarding the institution for the future. It was the general impression in financial circles that this company having with stood a two days' run with so little trouble was undoubtedly in good condition to continue its business and that the company and its affairs were not considered as a factor any longer in the general situation. As the Trust Company of America had been the center of interest in the financial storm it was accepted that the ability it had thus shown to weather the storm was a clear indication that the financial sky had cleared and that a period of fair weather was now well in sight Three Great Episodes. The day was marked by three noteworthy episode first, and earliest in of the day came the ouncement trouble in three minor state banks in Harlem -the Hamilton bank the Twelfth bank and the Empire City Savings bank. Those banks trans acted only neighborhood business and their suspension of payment was absolutely without significance as bearing on the general situation The Empire Savings was controlled by Tammany Hall politician and its business operations were confined to small area. Although these banks were obliged to close because of lack of ready cash State Bank Examiner Judson stated that all three were solvent and that their depositors would lose a nothing The second episode was run inaugurated against the Lincoln Trust company The run against this company was steady throughout the day, but the sums withdrawn were not large It is an uptown institution with R great many women depositors and carried mainly personal household aecounts. The run, however, was with out importance to the city' 's banking interests as whole At the close of the day the company's officials announced that they were fully able to meet all obligations. Millions Poured Out. By far the most notable. even drama. tic, episode of the day was the emptying of millions of money into the stock exchange through pool headed by J P to Morgan and other financiers in order avert a selling out of stocks held by brokers which was threatened because of their inability to obtain renewals of loans on which these stocks had been carried. Certain large interests of great financial resources had been charging recently what was in effect, if not illegally, usurious rates of interest on call loans. One institution that had been engaged in this practice was itself a member of the clearing house, and was severely ceriticised by other bankers for its action. on the ground that this added an unnecessary complication and strain to the money situation. As result of the criticism this institution withdrew its support and declined to offer money on call on the stock exchange. The effect of this was to run the rate for money to 100 per cent, and when that figure was quoted in an extremely sharp decline resulted the stock market Union Pacific, a 10 per cent stock. ran down to par. Notwithstanding the high rate for call money that might have been obtained. the National City bank, John D. Rockefeller personally, and other prominent moneyed interests sent funds the stock exchange to be lent at the normal rate of 6 per cent. These sums, however, were not sufficient to meet the demand and for time there was great confusion and hurried selling of stocks on the exchange. Pool of Bankers. at At the time that excitement was its height the announcement was made that pool had been formed, with J. Pierpont Morgan at its head, to come to the rescue of the brokers. for it was necessary to provide funds at once in order that they might carry the stocks they were holding for their customers The Morgan pool brought sum of money amounting to about $25,000,000 into the local corner of the exchange, where was quickly distributed in such lots as would be most effective in rendering support. The effort of the relief measure was Instantaneous and the rate on call money dropped from 100 per cent to 10 per cent. Stocks advanced more rapidly than they had declined and it was only a few minutes until Union Pacific the market leader, was selling at 105. Other stocks were similarly affected and the rally was complete. Seldom, if ever, had the veterans of finance seen great situation saved so quickly and so effectively by such a Napoleonic strike When the stock exchange closed every one was getting all the money he wanted The close was marked by a memorable (CONTINUED ON PAGE 2.)

5. October 25, 1907 Hattiesburg Daily News Hattiesburg, MS
Article from Hattiesburg Daily News, October 25, 1907

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Associated Press. New York, October 24.-AS the result of today's developments in the nancial world there is every indication that the crisis has been fully passed. The Trust Company of America withstood a continual run all day, paying all checks as fast as they were presented. The company was able to make its payments with very little assistance, as it received in ordinary deposits more than a million dollars. At the close of the day the officers announced that there was abundant cash on hand to cope with the situation. Three noteworthy episodes marked the day. The first was the announcement of trouble with three minor state banks in Harlem-the Hamilton Bank, the Twelfth Ward Bank and the Empire City Savings Bank. These banks transacted only a local business and their suspension was absolutely without significance. The Empire Bank is controlled by Tammany Hall politicians. The state banking department announces that all three of these banks are solvent and that depositors will lose nothing. 0 The second episode was a run on the Lincoln Trust Company, which lasted all day. This is an up-town in stitution largely patronized by wo men and is of small importance. At the close of the day the company's officers announced that they needed

6. October 25, 1907 The Marion Daily Mirror Marion, OH
Article from The Marion Daily Mirror, October 25, 1907

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J.P. MORGAN'S POOL AVERTS A PANIC COMES TO RESCUE OF STOCK EX. CHANGE MEMBERS. LENDS MILLIONS OF MONEY. Crisis in the New, York Financial Situ. ation Is Believed to be Passed, in Spite of the Failure of Three Small Banks. New York, Oct. 25.-As a result of Thursday's developments in the financial world there is every indication that the crisis in the banking and trust company situation has been safely passed. The Trust Company of America all through the day paid out money to depositors and closed the day with all demands having been met. The day was marked by noteworthy episodes. First came the announcement of trouble in three minor state banks in Harlem-the Hamilton bank, the Twelfth Ward bank and the Empire City Savings bank. These banks transacted only a neighborhood business and their suspension of payment was absolutely without significance as bearing on the general situation. The Empire City Savings bank was controlled by a Tammany Hall politician and its business operations were confined to a small area. Although these banks were obliged to close because of lack of ready cash, State Bank Examiner Judson declared that all three are solvent and that their depositors will lose nothing. By far the most notable episode of the day was the emptying of millions of money into the stock exchange through a pool headed by J. P. Morgan and other financiers, in order to avert a ruthless selling out of stocks held by brokers which was threatened because of their inability to obtain renewals of loans on which these stocks had been carried. A remarkable condition brought about this extreme stringency in money. which had gradually forced the interest rate up to an almost unprecedented figure. Certain large interests with great financial resources had been charging usurious rates of interest on call loans. One institution that had been engaged in this practice was a member of the clearing house and was severely criticized by other bankers for its action. As a result of the criticism this institution withdrew its support and declined to offer money on call on the

7. October 25, 1907 New-York Tribune New York, NY
Article from New-York Tribune, October 25, 1907

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BANKS CLOSE. HARLEM ALL DECLARED SOLVENT. State Examiners Find the Three Institutions Sound. banks in Harlem-- the Hamilton Twelfth Bank, Three Savings Bank and busiEmpire all in 125th street, Bank- City suspended the Judson, Ward yesterday. although Albert C. three a ness examiner, announced that all state bank were perfectly solvent. The Hamilinstitutions Twelfth Ward banks closed for lack Bank of ton and cash, while the Empire City Savings ready advantage of the thirty days clause. took on the Dollar Savings Bank, in The The run which began on Wednesday, continued at Bronx and a similar scene was enacted yesterday. Harlem Savings Bank, 124th street with- and the avenue Both of these institutions until Third the strain, and paid their depositors stood closing hour, when the announcement was made the that they would be ready again this mornto continue liquidating all accounts. ing Bank made the arnouncement the morning that it had susearly The in Hamilton decided in to finanpend payment until public confidence institutions had been restored. were also given of its B. Assurances clal completely solvency. charge R. Shears, state bank examiner, took of bank William R. Montgomery, who succeeded the E. R. Thomas as president of the bank less than a week ago, when seen later in the day at his home in The Bronx said: "During the three days' run we have paid out $2,500,000. The bank is absolutely solvent, and to all demands. I have found no call a meeting of the the well cause able to pay directors, and action I took in ordering a suspension was entirely of my own volition I was simply taking precaution. We will open up again as soon as the bank examiner is ready." The bank has six branches in Harlem and Bronx, which were closed also. The postnotices on the doors of the and its dependencies of crowds of depositors and lishment ing The of idlers, attracted main but all estab- large them were dispersed without much trouble by the police. There had been considerable withdrawals bank on Wednesday. demands yesterday the felt throughout the city by from even unrest larger the because and, bank fearing of deit was deemed advisable to suspend The officials would it it was said, to raise a payment. positors, have large found enough of ready cash on the impossible, amount collaterals fast they held by the bank to pay all demands as as came The Hamilton Bank is not one of the large banking institutions of the city, nor has it ever been regarded as a representative New York bank, although it carried many good accounts for Harlem business concerns. statement of August 22 shows the status as bank's The bank financial follows: Loans companies, and discounts, $5,366,737; due from trust banks, bankers and brokers, $1,016,515; mortgages owned, $92,000; stocks and bonds, $132,027: specie, $334,460; legal tender notes and $155.- national bank notes, $196,225: cash items, $7.994: other assets, $44,554; total resources, 572,672. The capital is $200,000 and the surplus date fund $200,000. Its deposits on that amounted to $6,971,814. The Hamilton Bank clears through the Mercantile National Bank. Its directors and offiMartin D. Fink. of the Dimock & Fink wholesale plumbers: Company, cers are William vice-presi- A. Martin, real estate: Frederick D. Ives, & W. Kinsman. jr., of F. W. William L. Ward, Co., dent: druggists; F. Bolt Kinsman of Russell, Works: Burdsall & Ward and the National Co., Adolph Riesenberg. of H. C. F. Koch & drygoods; Herman Aaron, Parker & Aaron; George E. Brown. of Duff & Brown, real estate; William R. Montgomery, president; J. C. Joy, cashier The Hamilton Bank is a state depositary, and the state has now $100,000 on deposit there the State Treasurer Julius M Hauser went to West 125th street police station in an automobile about 5 o'clock last evening and requested Acting Captain Maher to accompany him to the Hamilton Bank. He showed a check for $100,000 which was for the withdrawal of the state's funds Acting Captain Maher did not know Mr Hauser, and some time was lost while the State Treasurer telephoned to State Controller Glynn, identified him to the satisfaction of the police who captain The two thereupon hurried to the bank. where Mr. Hauser presented the check. Payment was refused by the president. William R. Montgomery The Empire Savings Bank, of which Isaac A. is Hopper, the Tammany politician. is president, Ham only three or four doors away from the fitors Bank, and the closing of the latter largely influenced the savings institution in availing to itself of the thirty days' clause. According recent statement. the bank owed its depositors about $3,300,000. The intention of the directors all early in the morning it was said. was to pay the demands that might be made, and after a meeting of the directors before the opening hour messenger was sent to the Hamilton Bank with to get some of the saving bank's funds there which to meet the withdrawals. When the mes. senger returned with the news of the neighbor- susing institution's closing it was decided to pend Throughout the day a long line of depositors, teller's extended from the bank street. All of them mostly window women. to the served thirty notice days of withdrawal of their accounts in Mr Hopper said that the bank was entirely He solvent and that nobody would lose a dollar. said that under present conditions, however, there was difficulty in getting money. The directorate of the Empire Savings Bank follows Isaac A Hopper. president: Brad- them ley L Eaton. vice-president, both of and trustees Arthur T. Timpson. secretary, Arthur S Van Winkle, assistant secretary. jus- The remaining trustees are Charles W. Dayton, tice of the Supreme Court: George W. Thompson, retired merchant: William Moores, John for- H Lbos Benjamin G. Mitchell, John Weaver. Railroad: mer treasurer of the Third Avenue Arthur E Wood John B. Johnson, rea! Watson estate: E H. Hamilton, W. T. Koch, Jabez C. and Frederick W. Dresser The Bankers' Directory for July, 1907, gives Savthe following figures for the Empire City deings Bank: Surplus and profits, $70,800; posits, $2,518,800. Against this are on hand to the amount stocks, etc., $339,620. shown of $3,217,190; bonds, cash Denegitors and exchanges, Twelfth Ward Bank found

8. October 25, 1907 The Daily Banner Cambridge, MD
Article from The Daily Banner, October 25, 1907

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OUTLOOK IS BETTER New York Bankers Think Crisis Has Been Passed. TRUST CO. STANDS DRAIN Morgan Pool Loaned $25,000,000 on Stock Exchange to Avert Panic. Over $100,000,000 Was Needed to Weather Storm. New York. Oct. 25.-As a result of developments in the financial world, there is every indication that the crisis in the banking and trust company situation has been safely passed. The Trust Company of America paid out money to depositors as rapidly as possible and met all demands. A very favorable feature of the situation respecting this company was that it was able to make its payments with very little assistance, and another was that the company received over its counters in ordinary deposits more than $1,000,000. It was the general impression in financial circles that this company, having withstood a two days' run with SO little trouble, was undoubtedly in good condition to continue its business. and, in fact, that company and its affairs were not considered as a factor any longer in the general situation. As the Trust Company of America had been the centre of the recent financial storm it was accepted that the ability it had thus shown to weather the storm was a clear indication that the financial sky had cleared and that a period of fair weather was now well in sight. There was trouble in three minor banks in Harlem-the Hamilton bank, the Twelfth Ward bank and the Empire City Savings bank. State Bank Examiner Judson declared that all three were solvent, and that their depositors would lose nothing. By far the most notable, even dramatic, episode of the day was the emptying of millions of money into the Stock Exchange through a pool headed by J. P. Morgan and other financiers in order to avert a ruthless selling out of stocks held by brokers which was threatened because of their inability to obtain renewals of loans on which these stocks had been carried. At the time the excitement was at its height the announcement was made that a pool had been formed, with J. P. Morgan at its head. to come to the rescue of the brokers for whom it was necessary to provide funds at once in order that they might carry the stocks they were holding for their customers. The Morgan pool brought a sum of money amounting to about $25,000,000 into the loan corner of the exchange. where it was quickly distributed in such lots as would be most effective in rendering support. The aggregate amount of money which had been contributed in order to weather the storm and restore confidence assumes truly colossal proportions. Roughly estimated, it includes $25,000,000 which Secretary Cortelyou, deposited in the New York banks, $25,000,000 which the Morgan pool brought to the floor, $10,000,000 which John D. Rockefeller deposited with the Union Trust company as a means of stemming the tide at the Trust Company of America. and finally another $50,000,000 which it is understood Mr. Rockefeller stood ready to advance to meet any further stress of conditions -in all considerably in excess of $100,000,000,

9. October 26, 1907 The Free Lance Fredericksburg, VA
Article from The Free Lance, October 26, 1907

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DUTLOOK IS BETTER New York Bankers Think Crisis Has Been Passed. TRUST CO. STANDS DRAIN Morgan Pool Loaned $25,000,000 on Stock Exchange to Avert Panic. Over $100,000,000 Was Needed to Weather Storm. New York, Oct. 25.-As a result of developments in the financial world, there is every indication that the crisis in the banking and trust company situation has been safely passed. The Trust Company of America paid out money to depositors as rapidly as possible and met all demands. A very favorable feature of the situation respecting this company was that it was able to make its payments with very little assistance, and another was that the company received over its counters in ordinary deposits more than $1,000,000. It was the general impression in financial circles that this company, having withstood a two days' run with SO little trouble, was undoubt. edly in good condition to continue its business, and, in fact, that company and its affairs were not considered as a factor any longer in the general situation. As the Trust Company of America had been the centre of the recent financial storm it was accepted that the ability it had thus shown to weather the storm was a clear indieation that the financial sky had cleared and that a period of fair weather was now well in sight. There was trouble in three minor banks in Harlem-the Hamilton bank, the Twelfth Ward bank and the Empire City Savings bank. State Bank Examiner Judson declared that all three were solvent, and that their depositors would lose nothing. By far the most notable, even dramatic, episode of the day was the emptying of millions of money into the Stock Exchange through a pool headed by J. P. Morgan and other financiers in order to avert a ruthless selling out of stocks held by brokers which was threatened because of their inability to obtain renewals of loans on which these stocks had been carried. At the time the excitement was at its height the announcement was made that a pool had been formed. with J. P. Morgan at its head, to come to the rescue of the brokers for whom It was necessary to provide funds at once in order that they might carry the stocks they were holding for their customers. The Morgan pool brought a sum of money amounting to about $25,000,000 into the loan corner of the exchange, where it was quickly distributed in such lots as would be most effective in rendering support. The aggregate amount of money which had been contributed in order to weather the storm and restore confidence assumes truly colossal proportions. Roughly estimated, It includes $25,000,000 which Secretary Cortelyou deposited in the New York banks, $25,000,000 which the Morgan pool brought to the floor, $10,000,000 which John D. Rockefeller deposited with the Union Trust company as a means of stemming the tide at the Trust Company of America, and finally another $50,000,000 which it is understood Mr. Rockefeller stood ready to advance to meet any further stress of conditions -in all considerably in excess of $100,000,000.

10. October 29, 1907 The Herald and News Newberry, SC
Article from The Herald and News, October 29, 1907

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WALL STREET SAFELY TIDES MONEY i ANIC THREE MINOR BANKS CLOSE IN HARLEM. J. Pierpont Morgan and Other Financiers Give Aid-John D. Lends Money at Normal Rate. New York, Oct. 24.-As a result of to-lay's developments in the financial wer .1 U.ere is every indication that the crisis in the banking and trust company situation has been safely passed. The Trust Company of America all through the day's banking hours paid out money to depositors as rapidly as possible, and closed the day with all demands having been met. A very favorable feature of the situation respecting this company was that it was able to make its payments with very little assistance and another was that the company received over its counter in the morning hours in ordinary deposits more than $1,000.00. It was the general impression in financial circies that this company having withstood a two days' run with little trouble was undoubtedly in good condition 1.. continue its business and in fact that company and its affairs were not considered as a factor any longer in the general situation. As the Trust Company of America had been the center of the recent financial storm it was accepted that the ability it had thus shown to weather the storm was a clear indication that the financial sky had cleared and that a period of fair weather was now well in sight. Three Noteworthy Episodes. The day was marked by three noteworthy episodes. First and earliest in the day came the announcement of troub'e in three minor state banks in Harlom, the Hamilton bank, the Twelfth Ward bank and the Empire City Savings bank. These banks transacted only a neighborhood business and their suspension of payment was absolutely without significance bearing on the general situation. State Bank Examiner Judson, however, declared this afternoon that all three were solvent and that their depositors would lose nothing. The second episode was a run inaugurated against the Lincoln Trust company. The run against this company was steady throughout the day, but the sums withdrawn were not large. At the close of the day the company's officials announced that they were fully able to meet all obligations. Millions Emptied in Market. By far the most notable, even dramatic, episode of the day was the emptying of millions of money into the stock exchange through a pool headed by J. P. Morgan and other financiers in order to avert a ruthless selling out of stocks held by brokers which was threatened because of their inability to obtain renewals of loans on which these stocks had been carried. A remarkable condition brought about this extreme stringeney in money which had gradually forced the rate up to an almost unprecedented figure. Certain large interest that great financial resources had been charging recently

11. October 31, 1907 The News-Herald Hillsboro, OH
Article from The News-Herald, October 31, 1907

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SIX MINOR BANKS IN NEW YORK CLOSE GENERAL FINANCIAL SITUATION QUITE ENCOURAGING NEVERTHELESS. All Probably Solvent-Savings Concerns Certainly Are Sound-Stock Exchange Provided with Ample Funds for the Present. New York, Oct. 26.-Friday was another nerve-racking day, but the financial institutions of New York showed extraordinary power of resistance to pressure put upon them. While it is true that several minor institutions have been, forced to close their doors, yet. two things should be said about them-first, that the amount involved was not so great as to exert any marked influence on the general situation, as these banks were located in residential quarters and did not come into touch with the larger financial institutions of the metropolis, and second, there is every reason to believe that these banks and trust companies are entirely solvent, and their difficulties will prove to be only temporary and due entirely to inability to secure ready cash on the gilt-edged securities in their vaults. Six More Concerns Close. The institutions which closed their doors Friday, with the sums due depositors, were: The United States Exchange bank, Harlem, $600,000; International Trust company, about $100,000; the Borough Bank of Brooklyn, $4,000,000; the Brooklyn bank, $2,300,000% Williamsburg Trust company, Brooklyn, $7,500,000, and the First Na. tion Bank of Brooklyn, $3,500,000. in the light of the general excitement the savings banks, thought it: we to puc into the rule requir.ng 30 to 60 days' notice for the withurawal of deposits. There was not the slightest hint. that any of the savings institutions was, in anything but the soundest condition, and it was pointed out that the savings banks of this state are so restricted by law in investing their money that there can be no question that all of the securities in their possession are of good value and readily salable in normal times. Stock Exchange Supplied with Funds. The most favorable incident of the day was that the stock exchange was provided with funds ample to meet its immediate necessities by the money pool headed by J. Pierpont Morgan, which sent about $15,000,000 to the exchange during the afternoon. The stock market had held relatively firm all day. but when the pool money was offered in the loan corner there was an immediate upturn of prices and the market closed strong at the best prices of the day. As all of the loans made Friday hold over until Monday the stock exchange situation will not be a factor in the problems that the bankers may be called upon to solve Saturday. Trust Company Meets Demands. New York, Oct. 25.-As a. result of Thursday's developments in the financial world there is every indication that the crisis in the banking and trust company situation has been safe: ly: passed. The Trust Company of America all through the day's banking hours paid out money to depositors as rapidly as possible and closed with all demands having been met. A very favorable feature of the sitwation respecting this company was that it was able to make its payments with very Httle assistance, and an other was that the company received over its counters in the morning hours in ordinary deposits, more than $1,000,000. Three Small Banks Suspend. The day was marked by three noteworthy episodes, First and earliest in the day came the announcement of trouble in three minor state banks in Harlem - the Hamilton bank, the Twelfth Ward bank and the Empire . City Savings bank. These banks transacted only a neighhorhood busi ness and their suspension of payment was absolutely without significance as bearing on the general situation. The second episode was a run in augurated against the Lincoln Trust company. At the close of the day the company's officials announced that they were fully able to meet all abli gations. Plenty of Money for Brokers. By far the most notable, even dra matic, episode of the day was the emptying of about $25,000,000 into the stock exchange through a pool head ed by J. P. Morgan and other finan ciers, in order to avert a ruthless sell ing out of stocks held by

12. October 31, 1907 Cameron County Press Emporium, PA
Article from Cameron County Press, October 31, 1907

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MORGAN PREVENTS A PANIC FORMS A POOL AND LENDS MILLIONS IN WALL STREET. Worst of the Financial Crisis in New York City Is Believed to be Over -Three Small Banks Fail. New York City-As a result of Thursday's developments in the financial world there is every indication that the crisis in the banking and trust company situation has been safely passed. The Trust Company of America all through the day paid out money to depositors and closed the day with all demands having been met. The day was marked by noteworthy episodes. First came the announcement of trouble in three minor state banks in Harlem-the Hamilton bank, the Twelfth Ward bank and the Empire City Savings bank. These banks transacted only a neighborhood business and their suspension of payment was absolutely without significance as bearing on the general situation. By far the most notable episode of the day was the emptying of millions of money into the stock exchange through a pool headed by J. P. Morgan and other financiers, in order to avert a ruthless selling out of stocks held by brokers which was threatened because of their inability to obtain renewals of loans on which these stocks had been carried. A remarkable condition brought about this extreme stringency in money, which had gradually forced the interest rate up to an almost unprecedented figure. Certain large interests with great financial resources had been charging usurious rates of interest on call loans. One institution that had been engaged in this practice was a member of the clearing house and was severely criticized by other bankers for its action. As a result of the criticism this institution withdrew its support and declined to offer money on call on the stock exchange. The effect of this was to run the rate for money up to 100 per cent. and when that figure was quoted an extremely sharp decline resulted in the stock market, Union Pacific, a 10 per cent. stock, selling down to par. Notwithstanding the high rate for call money that might have been obtained, the National City bank, John D. Rockefeller and other prominent moneyed interests sent funds to the stock exchange to be lent at 6 per cent. These sums, however, were not sufficient to meet the demand. At the time that excitement was at its height announcement was made that a pool had been formed, with J. P. Morgan at its head, to come to the rescue of the brokers for whom it was necessary to provide funds at once, in order that they might carry the stocks they were holding for their customers. The Morgan pool brought $25,000,000 into the loan corner of the exchange, where it was quickly distributed. The effect of this relief measure was instantareous and the rate on call money dropped from 100 to 10 per cent. Stocks advanced more rapidly than they had declined.

13. November 22, 1907 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, November 22, 1907

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Bank to Pay All Demands. New York, Nov. 22.-Announcement was made today by Isaac A. Hopper, president of the Empire City Savings Bank in Harlem, which took advantage of the thirty days' notice provision of the law to avoid a run, that all depositors who gave notice on October 24, will be paid tomorrow. He expects the demands will equal $100,000 and says ample funds are on hand to meet withdrawals.