15135. United States Exchange Bank (Harlem, NY)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
October 25, 1907
Location
Harlem, New York (40.808, -73.945)

Metadata

Model
gpt-5-mini
Short Digest
f7f9bf6a

Response Measures

None

Description

Multiple contemporary newspapers (Oct 25–26, 1907) report the United States Exchange Bank in Harlem did not open for business today / closed their doors amid the Panic of 1907. The reports present this as one of several small residential banks suspending because of a general money stringency (systemic panic), not because of a discrete run or bank-specific insolvency. There is no article text here saying the bank permanently failed; coverage frames the suspension as temporary and solvent, so I classify as suspension_reopening (suspension with no explicit run, expected to reopen).

Events (1)
1. October 25, 1907 Suspension
Cause
Macro News
Cause Details
Suspended payments / did not open due to the general money stringency and financial panic (Panic of 1907); part of a wave of small residential banks closing amid liquidity shortage and runs elsewhere in the system.
Newspaper Excerpt
Announcement was made this morning that the United States Exchange bank, located in Harlem, would not open for business today.
Source
newspapers

Newspaper Articles (10)
1. October 25, 1907 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, October 25, 1907

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me by the police. Bank of Brooklyn, capitalized at $200,000, with deposits of about $3,000,000, did not open for business today. The business is not very large and no prominent financiers are connected with it. Rhode Island Company Hit. East Greenwich, R. I., Oct. 25.-The East Greenwich branch of the Union Trust company of Providence did not open its doors this morning. Cornelius A. Sweetland was appointed receiver for the company. Providence Bank Suspends. Providence, R. I., Oct. 25.-Posted on the doors of the Union Trust company on which there was a run yesterday this morning was the following: "This bank will not open owing to the stringency of the money market." Crowd About Branch. Central Falls, R. I., Oct. 25.-The Central Falls branch of the Union Trust company of Providence closed its doors this morning. A large crowd is about the institution. Pittsburg Exchange Closed. Pittsburg, Oct. 25.-The stock exchange remained closed today. Pittsburg, Oct. 25.-A feeling of confidence has overspread the entire situation in Pittsburg. A talk with prominent bankers this morning elicited the information that "affairs were progressing in a normal condition and the banks were in good shape." Baltimore Feels Effect. Baltimore, Oct. 25.-The run on the savings department of the East Branch Home bank continued this morning. The bank has taken advantage of the 30 days notice provision. The depositors are nearly all foreigners of the more ignorant class. Calmer Tone Shown. New York, Oct. 25.-A much calme tone was apparent in business circles this morning. The success of relief ? measures undertaken yesterday by J. P. Morgan, John D. Rockefeller and other prominent financiers, together 1 with the serenity with which officials of the Trust Company of America met the run of depositors on that institu1 tion, gave great encouragement to the 1 bankers and business men generally a that no further trouble was to be feared. Hold But One Conference. Last night prised without any series S of conferences of bankers which were i, held Tuesday and Wednesday nights, r except for an informal affair at Mory gan's house. What transpired at that :meeting has not been learned. One Does Not Open. Announcement was made this mornS ing that the United States Exchange it bank. located in Harlem, would not Sopen for business today. The bank e has only a little more than half a milr lion on deposit, and did an inconspicuous business. There were lines of depositors waiting in front of the aTrust Company of America and Linal coln Trust company when those instiy. tutions openedo for business this morning. Some of those in line at the D., American building had been there all xnight. n. Woman Keeps Place. At the head of the line was a woman of who declined to leave her place eved ly when the man next to her promised It to restore it to her this morning She suffered considerably from the cold night. n1 The first advices from London toda In were encouraging, American stocks to there opening from 1 to 4 per cent he higher.

2. October 26, 1907 The Daily Morning Journal and Courier New Haven, CT
Article from The Daily Morning Journal and Courier, October 26, 1907

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MORGAN'S POOL AGAIN TURNS TIDE $15.000.000 Sent to Stock Exchange to Meet Demands For Immediate Necessities. NINE MORE BANKS CLOSE THEIR DOORS Believed to Be Solvent But Temporarily Suspend to Avoid Possible Runs. New York, Oct. 25.- -Another nerve-racking day has passed, but the financial institutions of New York have shown extraordinary power of resistance to the pressure put upon them. While it is true that séveral 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, that there is every reason to believe that these banks and trust companies are entirely solvent and their difficulties will prove to be only temporary. The institutions which closed their doors to-day, 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; Willamsburg Trust company, Brooklyn, $7,500,000; and the First National bank of Brooklyn, $3,500,000 The First National bank of Brooklyn, the Williamsburg Trust company and the International Trust company were allied institutions. None of these companies had any important business connections with the larger banks which are representative of the city's financial affairs. Favorable Features. On the other hand, a number of favorable features marked the day. The Trust Company of America and the t Lincoln Trust company, the two org ganizations which have suffered most f from runs, have been slowly paying out to their depositors and closed tog day with all demands having been S met. In the case of the Trust Comf pany of America the run has welly nigh spent its force, as the great bulk of the depositors have been paid off. r At the close of business there were a e good many in line at the Lincoln Trust n company, but there also was a marked il (Continued on Second Page Y

3. October 26, 1907 The Billings Gazette Billings, MT
Article from The Billings Gazette, October 26, 1907

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FINANCIAL CRISIS IN NEW YORK MONEY MARKET HAS ALMOST PASSED. MARKET IS STRONG Relief Measures Taken by Morgan, Rockefeller and Other Prominent Capitalists Encourages BankersReceivers for Knickerbocker Appointed-Additional Failures. (By Associated Press.) New York, Oct. 25.-Another nerve shocking week has passed, but the financial institutions of New York have shown extraordinary power of resistance to the pressure placed 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, the amount involved was not so great as to exert any marked in fluence on the general situation, as these banks were located in residential quarters and did not come in con tact with the larger financial institutions of the metropolis. Second, there is every reason to believe that the 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 edge securities in their vaults. Of course the cessation of business by these companies 'brought trouble to many people, but not so many as it might seem as the depositors for the most part are people of wealth who have suffered/ no great inconvenience Savings Banks Solvent. In the light of the commercial excitement, the savings banks thought it wise to put into effect the rule requiring from 30 to 60 days' notice for the withdrawal of deposits. This will prevent the withdrawal of money which otherwise would be put in safety deposit boxes. If the savings banks continued to make payments, they would be obliged to draw from the national banks, thereby causing additional strain on the situation. There was not the slightest hint that any of the savings banks were 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 nominal times. Institutions which closed their doors today with the sums due the depositors are: United States Exhange bank, HarIem, $600,00. International Trust Company, about $100,000. Borough Bank, Brooklyn, $4,000,000. The Brooklyn bank, $1,300,000. Williamsburg Trust Company, Brooklyn, $7,500,000. First National Bank, Brooklyn, $3, 600,000. Market Opened Strong. Prices generally on the stock market this morning were well sustained but weak spots developed. It was said that the only buyers in the market were bears who had shorts to cover or operators with cash in hand that freed them from the requirement of borrowing for marginal operations The considerable number of addiand trust which closed doors. tions institutions to banking their company most of them to check had liton market the The tle effect belief that the situation runs, generally was here in was the of run clearing fluence. New York in The the dwindling financial paramount centers the inon company of America branch was as its the Colonial Trust accepted and the subsiding of the greatest danger More Government Deposits. Further deposits of government funds were made in the banks. Prices rose rapidly in the latter part of the day and closed strong at the best was that loans had to It when the hoped by Monday be renewed next that the situation will be up that the relaxed cleared will be amply money and stringency favorable so far conditions established. It is evident that there has beer heavy shipments on balances to the excess of re estimated at interior, ceipts On being shipments $8,579,600 over sub-treasury operations, however deposits of funds the heavy in the New York government flected in a gain by the banks banks of are re $22. 705,000. All Demands Met. A much calmer tone was apparen in business circles this morning. The success of the relief measures take

4. October 26, 1907 The Times Dispatch Richmond, VA
Article from The Times Dispatch, October 26, 1907

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Another Nerve Racking Dayon Stock Exchange and Several Failures. SAVINGS BANKS HAD TO SUSPEND / Larger Institutions Withstand Runs Upon Them, and Clearing-House Certificates Will Be Issued To-Day, Permitting Bettlements Without Cash. NEW YORK, October 25.-Another nerve-racking day has passed, but the financial institutions of New York have shown extraordinary power of resistance to the pressure put upon them. While it .8 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 those banks were located In residential quarters and did not come into touch with the larger financial institutions of the metropolis; and second, that there is every reason to believe that these banks and trust companies are entirely solvent, and that their difficulties will prove to be only temporary, and due entirely to inability to secure ready cash on giltedge securities in their vaults. Notice In Required. In the light of the general excitement the savings banks thought it wise to put into effect the rule requiring thirty to sixty days' notice for the withdrawal of deposits, and this will prevent the withdrawal of money which would otherwise be put in safety deposit boxes. The savings banks, if they continued to make payments, would be obliged to withdraw funds from the national banks, thereby causing an additional strain on the general banking situation. There was not the slightest hint that any of the savings Institutions was in anything but the soundest condition, as it was pointed out that the savings banks of this State are so restricted by laws as to 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. Those Which Suspended. The institutions which closed their doors to-day 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. The First National Bank of Brooklyn, $3,500,000. The First National Bank of Brooklyn. the Williamsburg Trust Company and the International Trust Company were allied institutions. None of these companies had any important business connections with the larger banks, which are representative of the city's financial affairs. Many Favorable Features. On the other hand, a number of favorable features marked the day. The Trust Company of America and the Lincoln Trust Company, the, two organizations which have suffered most from runs, have been slowly paying out their depositors, and closed to-day with all demands having been met. In the case of the Trust Company of America the run has well-nigh spent its force, as the great bulk of the dopositors have been paid off. At the close of business there were a good many in line at the Lincoln Trust Company, but also there was a marked reduction in the number of anxious depositors. Had Plenty of Money.

5. October 26, 1907 The Marion Daily Mirror Marion, OH
Article from The Marion Daily Mirror, October 26, 1907

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CLEARING HOUSE. TRIES TO STEM TIDE OF FINANCIAL DISASTER BY ISSUING CERTIFICATES. AN ACTION SELDOM .TAKEN. Six Banks and Trust Companies in Brooklyn and Vicinity Suspended Payment Friday-Savings Banks Enforce 60-Day Rule. New York. Oct. 26.-Friday was another nerve racking day, but the financial institutions of New York showed extraordinary power of resistance to the pressure put upon them. While several minor Institutions were 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 in touch with the larger financial institutions of the metropolis; second, that there is every reason to believe that these banks and trust companies are entirely solvent and their difficulties will prove to beconly temporary and due entirely to inability to secure ready cash. In the light of the general excitement the savings banks put into effect the rule requiring 30 to GO days' notice for the withdrawal of deposits, and this will prevent the withdrawal of money which would otherwise be put in safety deposit boxes, The savings banks, if they continued to make. payments, would be obliged to withdraw funds from the national banks, thereby causing an additional strain on the general banking situation. /There was not the slightest hint that any of the savings institutions was, in anything but the soundest condition. The institutions which closed their doers Friday, with the sums due denositors, were: The United States Exhange bank. Hariem, $600,000. International Trust Co., about $100,100. $ The Borough bank. of Brooklyn, $4,00.000. The Brooklyn bank. $2,300,000. Wflliamsburg Trust Co., Brooklyn, $7,500,000. The First National Bank of Brooklyn, $3,500,000. The First National Bank of Brookyn, the Williamsburg Trust Co. and he International Trust Co. were allied Institutions. None of these companies had any important business connecions with the larger banks. On the other hand a number of avorable features marked the day. The Trust Company of America and the Lincoln Trust Co., the two organications which have suffered most from runs, closed the day with all demands having been met. The most favorable incident of the day was that the stock exchange was provided with funds ample to meet its immediate necessities by a money pool headed by J. P. Morgan, which bott 000 to the exchange

6. October 26, 1907 The Cairo Bulletin Cairo, IL
Article from The Cairo Bulletin, October 26, 1907

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New York, Oct. 25.-Another nerve racking day has passed but the financial institutions of New York have shown an extraordinary power of resistance to the 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; firstthat the amount involved was not so great as to exert any marked influ ence on the general situation, as these banks were located in resident ial quarters and did not come into touch with the larger financial insti tutions of he city: and second, there is every reason to believe that these banks and trust companies are solvent. and their difficulties will prove only temporary and due entirely to the inability to secure ready cash on gilt edge securities in their vaults. The institutions which closed their doors today with 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, Brook lyn, $7,500,000. The First National Bank of Brooklyn, $3,600,000. The First National Bank of Breok lyn, Williamburg Trust Company and International Trust Company were allied instituions. None of these companics had any important business connections with the larger banks which are representative of the city's financial affairs. On the other hand a number of favorable features marked the day. The Trust Company of America and Lincoln Trust Company, organizations which have suffered most from the runs, have been slowly paying out to their depositors and closed today with all demands having been met. In the case of the Trust Company of America the run has well nigh spent itself as the great bulk of depositors have been paid off. At the close of business there were a good many in line at the Lincoln Trust

7. October 26, 1907 The Ocala Evening Star Ocala, FL
Article from The Ocala Evening Star, October 26, 1907

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We Have Just Received a Lot of Italian Hand-Painted China OCALA MUSIC CO. THE RECEDING WAVES by the Union Trust Company, on which a run was made, that it had the Financial Storm Wreck a Few suspended payment temporarily. C. S. Sweetland was appointed receiver. Small Institutions. The institution has individual deposits New York, Oct. 26.-Notwithstandexceeding $25,000,000. the opinion of leading financiers, Runs on the Lincoln Trust Co. and the worst of the financial flurry the Trust Company of North Amerover, four bank suspensions OCica and other local institutions conrred yesterday. tinued, but the worst is over. The Pittsburg stock exchange is The United States Exchange Bank, still closed. Harlem institution, did not open for

8. October 26, 1907 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, October 26, 1907

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wracking day has passed, but the financial institutions of New York have shown extraordinary power of resistance to the 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 are due entirely to inability to secure ready cash on the gilt-edged securities in their vaults. Of course, the cessation of these companies caused trouble to many people, but not so great as It might seem, as the depositors are for the most part located in the well-to-do quarter of the city, many of whom are people of wealth, who have suffered no great inconvenience. Savings Banks Invoke Law. In the light of the commercial excitement, the savings banks thought It wise to put into effect the rule requiring thirty to sixty days' notice for the withdrawal of deposits. This will prevent the withdrawal of money which would otherwise be put in safety deposit boxes. The savings banks, if they continued to make payments, would be obliged to withdraw funds from national banks, thereby causing an additional strain on the general banking situation. 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. Closed Institutions. The institutions which closed their doors today, 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, $1,300,000; Williamsburg Trust company, Brooklyn, $7,500,000, and the First National bank of Brooklyn, $3,600,000. The First National bank of Brooklyn, the Williamsburg Trust company and the International Trust company were allied institutions. None of these companies had any important business connections with the larger banks which are representative of the city's financial affairs. Favorable Features. On the other hand, a number of favorable features marked the day. The Trust Company of America and the Lincoln Trust company, the organizations which have suffered most from runs, have been slowly paying out to their depositors and closed today with all demands having been met. In the case of the Trust Company of America, the run was well nigh spent, as the great bulk of depositors have been paid off. At the close of business there were a good many in line at the Lincoln Trust company, but also there was a marked reduction in the number of anxious depositors. Wall Street Supplied. The most favorable incident of the day was that the stock exchange was provided with funds ample to meet its immediate necessities by a money pool, headed by J. P. 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 of 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 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 tomorrow. Solvency Affirmed. A very encouraging feature of the afternoon's deyelopment was a signed statement by Clark Williams, the newly appointed state superintendent of banking, affirming the solvency of the local institutions.

9. October 31, 1907 The Caucasian Raleigh, Goldsboro, Clinton, NC
Article from The Caucasian, October 31, 1907

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New York, Special Another nerveracking day bas passed but the financial institutions of New York have shown extraordinary power of resistance to the pressure pu: 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, that there is every reason to believe that these banks and trust companies are entirely solvent and their di culties will prove to be only temporary and due entirely to inability to secure ready cash on the gilt-edge securities in their vaults. Withdrawal Rule Enforced. In the light of the general excitement the savings banks thought it wise to pat into effect the rule requiring thirty to sixty days' notice for the withdrawal of deposits, and this will prevent the withdrawal of which put in money safety deposit would boxes. otherwise The savings be would be to payments. banks, if they continued obliged to make withdraw funds from the national banks, thereby causing additional strain on the general banking institution There was not the least doubt but that the institutions were in anything but was out that the pointed the soundest condition savings and it banks of this State are so restricted by law in investing their money that there can be no question that all of the in are securities their possession salable in of good value and readily normal times. The institutions which closed their doors with the sums due depositors, were: The Banks Affected. 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. The First National Bank of Brooklyn, $3,500,000. The First National Bank of Brooklyn, the Williamsburg Trust Company and the International Trust Company were allied institutions. None of these companies had any important busiwith ness connections the larger banks which are representatives of the city's financial affairs. Favorable Features. On the other hand a number of fa. vorable features marked the day. The of orTrust Lineoln Company Trust Company, America suffered the and two the ganizations which have most from runs, have been slowly paying out to their depositors and closed with all demands having been met. In the case of the Trust Company of America the run has well nigh spent its force as the great bulk of the depositors have been paid off. At the close of business there were a good line at the Lineoln Trust but also there 738 a many Company in marked reduction in the number of anxions depositors. The most favorable incident of the was that the was with to day provided funds stock ample exchange meet its immediate necessities by a money pool headed by J. Pierpont Morgan, which sent about $15,000,000 to the exchange during the after. noon. As all of the loans made hold over until Monday, the stock exchange situation will not be a factor in the problems that the bankers me be called upon to solve. A very courseing feature of the afternoon developments was a signed statement b. Clark Williams, the newly pointed State superintendent banking, affirming the solvency the local institutions. e News Notes.

10. November 2, 1907 The Garland Globe Garland, UT
Article from The Garland Globe, November 2, 1907

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NEW YORK'S BLACK FRIDAY. Several Trust Companies and One National Bank Suspend. New York.-Friday was another nerve-wrecking day, but the financial institutions of New York have shown extraordinary power of resistance to the 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. The institutions which closed their doors on 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, $1,300,000; Williamsburg Trust company, Brooklyn, $7,500,000, and the First National bank of Brooklyn, $3,600,000.