15534. Broadway Central (New York, NY)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
January 8, 1927
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
dd520098

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Capital injected, Books examined

Other: Bank was later purchased by Central Bank and Trust Company (merger/acquisition).

Description

A heavy withdrawal/run occurred Jan 8–9, 1927 after discovery of alleged embezzlement by three employees (~$100,000). The bank briefly locked its doors for the day because clerks were exhausted and imported cash from other banks; officials repeatedly stated the institution was solvent and losses were covered by bonds. Later reporting notes a purchase by Central Bank and Trust and indictments of employees, but there is no evidence here the bank suspended payments or entered receivership—operations resumed/normalised—so classify as run_only.

Events (1)

1. January 8, 1927 Run
Cause
Bank Specific Adverse Info
Cause Details
Run followed revelations that three employees allegedly embezzled about $100,000 in stock speculation losses; arrests and indictments reported.
Measures
Closed doors for the day citing exhausted clerks; imported about $1,000,000 in cash from other banks; officials assured depositors the bank was solvent and losses were covered by bonds.
Newspaper Excerpt
About 250 persons, remnant of the earlier crowd of 2,000 shouted disapproval as the doors were locked. Charles W. Heydt, vice president, told the depositors that the staff was tired and there was no use in paying out more, the bank being solvent.
Source
newspapers

Newspaper Articles (13)

Article from The Springfield Daily Republican, January 9, 1927

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Article Text

CLOSES AFTER Broadway Central Continues Until to Pay Depositors Clerks are Exhausted OF REPORTED Officials Assure Besieging Loss is Covered by Declared Solvent New York, Jan. milrun on the Broadway Cenbe tral whose coffers employes alleged to have embezzled lost in stock ended this when the bank closed doors because clerks were tired. The that the institution would the day Charles president the doors been sons, remnant the earlier crowd 2000 shouted disapproval the doors locked. had been nounced the bank remain open until but Heydt, from the chair, told the that the staff tired there paying more money the bank To meet the emergency caused by the bank in cash from banks. The officials that the bank had been harmed employes, as all losses were COVby bonds. three men arrested in connection with alleged Rebholz, Union City. George Cook assistand Anthony Glesat, specific the arraignment larceny but court that the total would be than $100,000.


Article from Democrat and Chronicle, January 9, 1927

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RUN BANKER OF 76 WEDS SERVANT ON BANK TIRES OF 43 IN HOME PAYING CLERKS Broadway Central Found Solvent in Spite of Employee Thefts York. Jan. the clated Central Bankemployees to embezzled $100,000 alleged lost in late the closed this its because the clerks tired. The announcement tion would close for the was Charles Beydt. after doors had been besieged the day by anxious positors. He made the announcement on About 250 per standing remnant of the earlier crowd of shouted disapproval the doors been nounced that the bank would remain open until but from the told the that the staff was tired and there was use no CONTINUED ON PAGE TWO Reporters Excluded from Mansion Imposing During Ceremony Port Chester. Jan. the AsPress) imposing manof Frank W. millionaire to was the to-day wedding of and Anna Marie Last the Anna Marie Hall. To-day she with her ployer assembly her fellow workers, the the gardener, et The wedding was performby rector St. Peter's Protestant Episcopal Church Neither the bride nor the groom are young. the banker, at 76, being one the oldest of the New York Stock Exchange. His bride, who has been his for the last four teen years. is 43, native of Bobemia. CONTINUED ON PAGE FOUR.


Article from The Philadelphia Inquirer, January 9, 1927

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MILLION DOLLAR TIRES BANK CLERKS Broadway Central, Robbed of $100,000, Tells Clamoring Depositors It Is Sound Hundreds Protest as Doors Close, Due to Fatigue of Overworked Staff NEW YORK Jan Central coffers three embezzled $100,000 in stock specwhen closed doors because clerks were The the tution would close was by Charles after had the day anx made the standing on chair About 250 remnant of the earlier crowd shouted disap: been that bank would o'clock but the told tired and the bank To meet the by the 000 The officials that the by its losses were The alleged are Harry George H. assistant cashier. Anthony The charge but the Court told that the total than State of the had made of during the day and the institution in satisfactory condi-


Article from Salt Lake Telegram, January 9, 1927

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ON CLERKS TIRED NEW Jan. Broadway Central whose coffers three employes alleged to have embezzled $100,000 lost stock this afternoon when the bank closed doors because clerks were tired. About persons. remnant of the earlier crowd the doors locked. Heydt, vice president, told the that staff was tired and there no in out more money, meet the emergency caused by the bank imported cash from other banks. officials that the has not been harmed the its employes, since losses were covered by bonds. The three arrested for the alleged were Harry Rebholz, cashier, of Union City, George H. assistant cashier, and Anthony vice president. The specific charge was larceny $10,000, but court was told that total would be more than $100.State bank examiners, officials of the had made the during the and the institution condition.


Article from The Brooklyn Daily Times, January 9, 1927

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RUN UPON BANK FOLLOWS ARRESTS 2,000 Throng Broadway Cen tral: $1,000,000 Rushed From Federal Reserve. of It depositors 000 take of rush


Article from The Selma Times-Journal, January 9, 1927

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BANK CLOSES WHEN CLERKS GET TIRED SHOVING OUT CASH NEW Jan. million dollar the Broadway Central whose coffers, alleged to have embezzled $100,000 lost stock late today when the bank closed its doors because the clerks To meet the emergency caused "run" bank imported cash from banks. The the alleged embezzlement Harry cashier, Union City, Beorge Cook, assistant cashier, president. specific charge the 000 the told that total $100,000. examiners, officials the Institution in


Article from Portland Press Herald, January 9, 1927

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Thefts To Million Dollar Run On A Bank Doors Closed Because New York Clerks Are Exhausted New York, Jan. 8. million dollar run on the Broadway Central whose coffers three employers alleged to have embezzled $100,000 stock speculationended late this afternoon when the bank closed its doors because the clerks tired. The announcement that the institution would close for the day was made by Charles W. Heydt, vice president after the doors had been besieged throughout day by anxious depositors. He made About 250 remnant earlier crowd of 2,000 shouted disapproval as the doors were locked. had been announced the bank would remain open until Heydt, the chair, told there money the bank solvent To meet the emergency caused by the "run" the bank imported $1,000 000 in cash from other banks. The officials maintained bank been harmed by the defalcations its all The three men arrested con. nection the alleged ment were Harry Rebholz, cashier, Union City, George H. Cook assistant Anthony Glevice president. The charge told that the total would be more than State bank examiners, officials of the bank said. had examinations the during the day and the institution in sat. isfactory


Article from The Portsmouth Star, January 9, 1927

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Banks Thefts THEFTSNEW YORK Jan. million dollar the Broadway Central whose coffers three alleged have embezzled lost stock spelate this afternoon when the bank closed its doors because clerks About 250 of the earlier 2.000 shouted disapproval the doors lockCharles president told the that the staff tired and there no use more money as the bank solvent. To meet the emergncy caused by run the bank imported from other banks The officials maintained bank has harbed by the defalcations its employes since covered by bonds The three arrested for the allegedd embezzlement Harry Rebholz cashier of Union City George H. Cook assistant cashier Anthony Glesat vice president. The charge the arraignlarceny but told that the total would more than


Article from Atlantic City Sunday Press the Sunday Gazette, January 9, 1927

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Bank Survives $1,000,000Run Locks Doors, But Only Because Clerks Are Tired, Says Vice President (By Associated Press) NEW YORK. million- and the Broadway Central dollar run on coffers three ployers alleged embezzled $100,000 lost in stock this afternoon when the ended bank closed doors because clerks The that the instituwould the Charles vice-president besieged the the bank, anxious depositors. He made day by standing chair. the 250 remnant of the About persons, earlier of the doors that the bank the chair, told the deposthe tired that no paying out more the bank solvent. by meet the bank The that the bank has been harmed defalcation not as all losses were bonds. arrested in connecthe alleged tion Rebholz. Union George H. Cook. assistant and Anthony The specific charge larceny $10,000. but court was told that State officials the during the day and pronounced the institution in isfactory


Article from Atlantic City Sunday Press the Sunday Gazette, January 9, 1927

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Bank Survives $1,000,000Run Locks Doors, But Only Because Clerks Tired, Says Vice President (By Associated Press) NEW milliondollar run the Broadway Central whose coffers three ployers alleged to have embezzled $100,000 in stock speculationended late this afternoon when the closed its doors because tired. The that the instituCharles Heydt. vice-president the bank, throughout the day by anxious depositors. He standing 250 of the About of 2000. shouted disearlier were locked. that the bank Heydt. the told the deposthe staff was tired and itors that was no use in paying out more was solvent. by To meet emergency the the bank The that the bank has not been by the defalcation employes, as all losses by bonds. The men arrested in contrection the alleged Harry Union H. Cook. assistant and Anthony Giesat, vice-president. specific charge the was lareeny but court told the would more bank officials the bank made tions the the day and pronounced the institution in satisfactory condition.


Article from The Daily Nonpareil, January 9, 1927

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"RUN" ON BANK FAILS Institution Closes Only When Clerks Become Tired. (By The Associated Press.) NEW YORK, Jan. milrun on the Broadway Central whose coffers three employes are alleged to have embezzled $100,000 stock speculation-ended late this afternoon when the bank closed doors because the clerks tired. About 250 persons, remnant of the carlier crowd of 2,000 shouted disapproval doors locked. Charles W. Heydt, vice president, told the that the staff was tired and there no use in out more money as the bank was solvent.


Article from The Buffalo News, January 12, 1927

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RUN ON BANK STOPPED WITH THREE INDICTED NEW YORK Three former employes Broadway Central two alleged the indicted for The purchase bank by Central Bank and Trust company allayed the fears of deposi extent business has returned practically to normal Three indicted Anthony former vice Harry Rebholz Union former cashier: and George former They probably be arraigned Thursday for pleading They spécifically charged with theft of $10,000. but the district office has announced that the will total more than was taken speculate in the stock market and was lost


Article from The Tulsa Tribune, January 22, 1927

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Smith Fights to Keep Out Evidence Jan. Five the state of Illinois and fts Frank Smith. their fight before the senate mittee today the senate from finally ousting Smith The action the committee admission the evidence Smith campaign penditure last summer by the Reed election Investigating The and Smith attorneys this and the committee granted them in which to present arguments. PENNEQUINE TO PRISON Must Serve Five Years for Slaying Avant. Jan. criminal court of appeals toaffirmed officers. The sentence Homer Pennequine, marshal Osage county village was affirmed by the court. and Ben Avant quarreled moved Avant's horse from hitching post and moved the horse further down the evidence tended show that Pennequine and subsequent The Coffey, found guilty of ter by the district court of Carter county, affirmed. GRIEF CAUSES DEATH Sensational Run Bank Funds Aged President NEW YORK. Jan. death Frank president of the Broadway Central was today grief run on the bank: sensational account the amount of the thefts three blamed by bank officials for the run that tinued for about two weeks During run more than million dollars deposits withdrawn. The ability of the bank to meet its obligations never was seriously questioned.