15535. Broadway Central Bank (New York, NY)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: January 8, 1927
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 54a8fff3

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Public signal of financial health, Capital injected, Full suspension, Books examined

Other: Bank was sold/taken over by Central Mercantile Bank & Trust (purchase/merger to protect depositors).

Description

Contemporary accounts report a run beginning Jan. 8, 1927 after discovery/arrest of three officials for embezzlement (figures reported $300k–$400k stolen). Bank paid out >$1,000,000 (imported cash, piled bills in windows) but closed doors when clerks were 'tired.' Institution was sold/taken over by Central Mercantile / Central Bank & Trust to protect depositors and did not continue independently — therefore run led to suspension and effective permanent closure/takeover.

Events (2)

1. January 8, 1927 Run

Cause: Bank Specific Adverse Info
Cause Details: Run triggered by discovery/arrest of three bank officials accused of embezzling between $300,000 and $400,000 (reports vary); publicity of thefts prompted mass withdrawals.
Measures: Imported $1,000,000 (and other large sums) from other banks and paid depositors presenting withdrawal slips; displayed large piles of cash/assets in windows to reassure customers.
Newspaper Excerpt: A million-dollar run on the Broadway Central Bank ... ended late this afternoon when the bank closed its doors because the clerks were tired.
Source: newspapers

2. January 11, 1927 Suspension

Cause: Bank Specific Adverse Info
Cause Details: After continued withdrawals following embezzlement revelations, officials sold the institution to Central Mercantile / Central Bank & Trust to protect depositors; original bank ceased independent operations (takeover).
Newspaper Excerpt: announcement that the institution had been purchased by the Central Mercantile Bank and Trust company lessened the line of depositors before the bank.
Source: newspapers

Newspaper Articles (21)

1. January 9, 1927 The Goldsboro News Goldsboro, NC

Article from The Goldsboro News, January 9, 1927

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MILLION DOLLAR Officers Declare New York Institution is in Safe Condition NEW YORK, Jan. mil. convince the people of the countrylion dollar run on the Broadway Cen side of the damage do as I've worktral Bank, from whose coffers three ed to recruit them to my forces enemployees are alleged to have em gaged in destroying community probezzled $100,000 lost in stock specu- So said Mail Order Catalog lation ended late this afternoon when read over sucker-list of some the banks closed their doors be- housands of Wayne County farmers cause the clerks were tired. and Goldsboro citizens who have har About 250 persons remnant of the him in and aided carlier crowd of 2,000 shouted dis. his campaign for years. And approval as the doors were locked ontinued: Chas Heydt, told the depositors barning me, not have that the staff was and there killed the idea represent. My kind was no use in paying out more legion. Millions of me scatmoney as the bank solvent. over the country- many healTo meet the emergency caused by by leeches fattening the gullithe run the bank imported $1,000,00* bility and the thoughtlessness of the in cash from other banks. The offi thousands who seek to save penntes dals maintained that the bank has at the expense of community welfare. not been harmed by the So long as your people receive me employees since all losses wer and my kind into their homes and gulled by the pretty things covered by bonds.

2. January 9, 1927 Evening Star Washington, DC

Article from Evening Star, January 9, 1927

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BROADWAY BANK CLOSES TO END RUN Clerks Too Tired to Continue When $1,000,000 Is Withdrawn After Arrests. By the Associated Press. NEW YORK, January 8-A million-dollar run on the Broadway Central Bank-from whose coffers three employes are alleged to have embez zled $100,000 lost in stock, speculation-ended late this afternoon. when the bank closed its doors because the clerks were tired. About 250 persons. a remnant of the earlier crowd of 2,000. shouted disap proval 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 money, as the bank was solvent. To meet the emergency caused by the "run" the bank imported $1,000.000 in cash from other banks. The officials maintained that the bank has not been harmed by the defalcations of its employes, since all losses were covered by bonds. The three men arrested for the al leged enfbezzlement were Harry Rebholz, cashier, of Union City, N. J.: George H. Cook, assistant cashier. and Anthony Giesat, a vice president. The specific charge at the arraign ment was larceny of $10,000. but the court was told that the total would be more than $100,000. State bank examiners, officials of the bank said, had made examinations of the books during the day and pronounced the institution in a satis. factory condition.

3. January 9, 1927 Daily News New York, NY

Article from Daily News, January 9, 1927

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20 POLICE KEEP ORDER IN CROWD STORMING BANK (Continued from page 3, col. 5) this transaction are settled by the courts, the fund will be held and the bondholders must wait to find out whether they will get it, or whether it will go into the general assets. Cloyd La Porte, of Root, Clark, Howland & Ballantine, counsel for the bondholders' committee, told the bondholders that, in about fifty issues involving buildings where interest had been defaulted, foreclosure proceedings might be necessary. With thirty law firms untangling affairs of G. L. Miller & Co. startling disclosures loom. Follow developments in the Pink and other editions of THE NEWS tomorrow. $300,000 Defalcation Starts Run On Bank Alarmed by the defalcation of three officials of the Broadway Central bank, at Broadway and 97th st., who are-charged with taking in the old of $300,000 of the bank's funds, hundreds of positors yesterday stormed the institution. Early in the day it was reported the bank would remain open until late at night. But the doors closed at 4:45 p. m. Fourteen patrolmen, under Capt. Archie McNeel of the West 100th st. station, and six plainclothes men stayed on duty at the building, keeping the crowd in order. More than $800,000 in cash was brought up from the Federal Reserve to stem the run, and every depositor presenting a withdrawal slip was promptly paid. Harry Gorham, adjuster of the National Surety company, said the defalcation was covered by a heavy blanket bond, and that the bank will not lose a penny. He said the defalcation figure will not pass $300,000. The three accused officials are Anthony Ziesat, 36, vice president and note teller, of 11-12 198th st., Hollis, L. I.; Harry Repholz, 37, cashier, of 48 Hudson ave., Union City, N. J., and George Cook, 29, assistant cashier, of Baldwin, L. I. Yesterday the three were arraigned before Magistrate Earl Smith in West Side court. The men were held without bail for a further hearing next Tuesday. (Other picture on page 1)

4. January 9, 1927 Daily News New York, NY

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20 POLICE KEEP ORDER IN CROWD STORMING BANK (Continued from page 3, col. 4) whether it will go into the general assets. Cloyd La Porte, of Root, Clark, Howland & Ballantine, counsel for the bondholders' committee, told the bondholders that, in about fifty issues involving buildings where, interest had been defaulted, foreclosure proceedings might be necessary. With thirty law firms stangling affairs of G. L. Miller & Co. startling disclosures loom. Follow developments in the Pink and other editions of THE NEWS tomorrow. $300,000 Defalcation Starts Run On Bank Alarmed by the defalcation of three officials of the Broadway Central bank, at Broadway and 97th st., who are charged with taking in the 0 od of $300,000 of the bank's funds, hundreds of positors yesterday stormed the institution. Early in the day it was reported the bank would remain open until late at night. But the doors closed at 4:45 p. m. Fourteen patrolmen, under Capt. Archie McNeel of the West 100th st. station, and six plainclothes men stayed on duty at the building, keeping the crowd in order. More than $800,000 in cash was brought up from the Federal Reserve to stem the run, and every depositor presenting a withdrawal slip was promptly paid. In all, more than $1,000,000 was paid out. Harry Gorham, adjuster of the National Surety company, said the defalcation was covered by a heavy blanket bond, and that the bank will not lose a penny. He said the defalcation figure will not pass $300,000. The three accused officials are Anthony Ziesat, 36, vice president and note teller, of 11-12 198th st., Hollis, L. I.; Harry Repholz, 37, cashier, of 48 Hudson ave., Union City, N. J., and George Cook, 29, assistant cashier, of Baldwin, L. I. Yesterday the three were arraigned before Magistrate Earl Smith in West Side court. The men were held without bail for a further hearing next Tuesday. (Other picture on page 1) "Stage Tragedies- On and on." by Burns 15, second seetion.

5. January 9, 1927 The Montgomery Advertiser Montgomery, AL

Article from The Montgomery Advertiser, January 9, 1927

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BANK CLERKS TIRE PAYING OUT FUNDS Tellers Grow Weary and Close Doors of Institution: Cash Supply Adequate NEW YORK, Jan. mildollar run on the Broadway Central bank-from coffers three are alleged to have embezzled $100.000 lost in stock ed late this when the bank closed its doors the clerks were tired. About 250 persons, remnant of the earlier 2,000, shouted disapproval as the doors were locked. Chas. W. Heydt, vice-presIdent, told the depositors that the staff tired there was use in paying out more money as the bank was To meet the caused by the "run" the bank Imported $1,000.000 in cash from other banks. The officials maintained that the bank has not been harmed by the defalcations ered by bonds. The three arrested for the alleged were Harry hols, cashier. of Union City, George H. Cook, assistant cashier, and Anthony Glesat. vice-president. The specific charge at the arraignment was larceny $10,000 but the told that total would than State bank officials of had made of the books during the day and pronounced the Institution in satsifactory condition.

6. January 9, 1927 The Knoxville Journal Knoxville, TN

Article from The Knoxville Journal, January 9, 1927

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Bank Pays Out Funds Until Clerks Tire; Still Sound NEW YORK. Jan. 8 (AP) million dollar run on the Broadway Central bank- from whose coffers thre ployers are alleged to have embersied $100,000 lost ni stock speculation -ended late this after non when the bank closed its doors because the clerks were tired. About 250 persons, remnant of the earlier crowd of 6,000 shouted disapproval as the doors were lock ed. Charles W. Heydt vice president told the despositors that the staff was tired and there was no use in paying out more money as the bank was solvent. To meet the emergency caused by the the bank imported 1,000,000 in cash from other banks. The officials maintained that the bank had not been harmed by the of its employes. since all losses were novered by bonds.

7. January 9, 1927 Evening star Washington, DC

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BROADWAY BANK CLOSES TO END RUN Clerks Too Tired to Continue When $1,000,000 Is Withdrawn After Arrests. By the Press lion-dollar run on the Broadway Cen tral Bank whose coffers three employes are alleged to have embez zled $100,000 lost in stock, specula tion-ended late this afternoon. when the bank closed its doors because the clerks were tired. About 250 persons remmant of the earlier of 2,000 shouted disap proval 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 money as the bank was solvent To meet the emergency caused by the "run" the bank imported $1,000 in cash from other banks The officials maintained that the bank has not been harmed by the defalcations of its employes, since all losses were covered by bonds The three men arrested for the al leged enfbezzlement were Harry Reb holz. cashier. of Union City, George Cook assistant cashier and Anthony Giesat, vice president The specific charge at the arraign ment was larceny of $10,000. but the court was told that the total would be more than $100,000 State bank examiners. officials of the bank said, had made examinations of the books during the day and pro nounced the Institution in satis factory condition.

8. January 9, 1927 The Wichita Eagle Wichita, KS

Article from The Wichita Eagle, January 9, 1927

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MILLION DOLLAR RUN Broadway Bank Withstands Big Drain Following Scare NEW YORK, Jan. 8.-(P)-A million dollar run on the Broadway Central bank-from whose coffers three em ployes are alleged to have embezzled $100,000 lost in stock speculationended late this afternoon when the bank closed its doors because the clerks were tired. About persons. remnant of the earlier crowd of 2,000 shouted disap proval as the doors were locked Charles W Heydt, vice president, told the depositors that the staff was tired and there no' use in paying out money, as the bank was To meet the emergency caused by the "run," the bank imported $1,000. 000 in cash from other banks. RATE HEARING ENDS The Interstate Commerce commis sion hearing at Kansas City, in which the Santa Fe. Missouri Pacific and Rock Island railroads petitioned for an Increase in the freight rate on wheat shipments to Wichita which are to be sent on to gulf ports over another road, was concluded Saturday. accord ing to word received from C. B. Rader secretary of the Wichita board of trade. Mr. Rader and number other men representing grain inter ests here attended the hearing in order to protest against allowance of the increase John Vesecky. presi dent of the Southwest Wheat Growers association. took the stand Saturday testifying to the advantages of the proportional rates of the Orient and Midland Valley, railroads. with which the rate sought is intended to com pete. Representatives of Wichita and Kansas City shippers also testified. McRAE IN COMMAND NEW YORK, Jan 8.-(P)-Major General James H. McRae. war time commander of the New Jersey division today assumed com mand of the corps with headquarters at Governor's Island He succeeds Major General Charles Summerall, now chief of staff of the army. Tin is extensively employed in the solution form in the weighting of silk and artificial

9. January 10, 1927 The Houston Post Houston, TX

Article from The Houston Post, January 10, 1927

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Bank Doors Shut As Clerks Tire Run In $1,000,000 NEW YORK, Jan. the Broadway coffers Central alleged have three $100,000 Saturday bank closed its doors when clerks tired." 250 persons, remnant About earlier crowd 2000, the locked. disapproval president, Charles told the that the staff tired paying as the bank was money caused by To meet the emergency the the officials the harmed defalcations since all losses were employes, bonds. men for the The three cashier of Union George assistant cashier, Giesat, presiand The specific charge raignment $10,000, but that the total officials of the had examinathe books during the day and tions the isfactory condition.

10. January 10, 1927 Kirksville Daily Express and Kirksville Daily News Kirksville, MO

Article from Kirksville Daily Express and Kirksville Daily News, January 10, 1927

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TODAY'S MARKET Produce Market # St. Louis, Jan. 10. Eggs: First country candled 38 cents. Butter Creamery extras 49 cents; standards 47 cents; firsts 38 cents: seconds 36 cents. Poultry Hens 19 @ 23 1-2 cents; turkeys 33 @ 39 cents; spring chickens 28 cents: ducks 23 @ 25 cents; geese 15 @ 17 cents; cocks 15 cents. East St. Louis, Jan. 10. Hog receipts 19,500. Market 10 to 15 low- 250-350 lbs. $11.65 to $11.90 200-250 lbs. 11.75 to 12.05 160-200 lbs. 11.75 to 12.15 130-160 lbs. to 12.15 90-130 lbs. 11.00 to 11.55 Packing SOWS to 10.90 Cattle receipts 6500. Market slow. Beef steers $ 7.75 to 9.00 Light yr. and heifers 6.00 to 8.00 Beef cows 5.00 to 6.00 Cutters 3.60 to 4.60 Vealers 14.75 to 15.00 Heavy calves 6.50 to 8.00 Stockers and feeders 7.00 to 8.00 Sheep receipts 1,000. Maket stea- Top fat lambs $.12.75 Bulk fat lambs $12.25 to 12.50 Bulk cull lambs $8.50 Bulk fat ewes to $6.00 KIRKSVILLE PRODUCE MARKET Prices Furnished by F. M. Stamper Company Eggs No. Hens No. Springs Leghorns Leghorns Staggs Old roosters No. Turkeys No. Turkeys No. ducks No. geese Hides Packing butter Cream 30c 21c 18c 17c 15c 14c Clerks Tired. So Bank Closes New York Jan A million dollar run on the Broadway Central Bank. from whose coffers three employes are alleged to have embezzled $100,000 lost in stock speculation. closed its doors because the clerks were tired About 250 persons, a remnant of

11. January 11, 1927 The News-Enterprise Elizabethtown, KY

Article from The News-Enterprise, January 11, 1927

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The Latest News. Doris Duke, 15, is worth $53,451,069. 3,000 were rendered homeless by a fire in Manila. Clemency acts of Governor Ferguson number 3,101. Incomplete show 280,Col Nelson 75, former mayor is Four persons death in gang died in Lita Chaplin yesterday sued for divorce. Fall is being kept by the use of stimulants. in is planned Third and Broadway, Louisville. Congressman Wingo, of Arkansas, yesto collapsed in the Capitol Rev. J. Frank Norris, murder, began yesterday at Austin. play with Giants two years at Two engineers killed in a train wreek near WinstonGasoline sales Kentucky during November 1,461,873 gallons less than in Gov. Paulen as Governor of Kansas yesterday on the day father Five men escaped jait Somerset after beating the turnkey into unRadio formalVictor Donahey inauguratthe of Maryland, yesterday Democrats to nominate a yesterday sent a special message to Congress, defending his Nicaruaguan policy The third fire on Main Street in Louisville, in several weeks Trday circi damage of $40,000. A League has been organized to preserve the court-house, the oldest in the State. Joyce Hawley, notorious after Earl Carroll's bathtub party, is missing from ner parents home. About seventy-five persons, mostly children, lost their lives in a theatre fire at Montreal Sunday. Jack Coleman, 27, son of State Commissioner of Agriculture Cleil Coleman, died at his home 10 Harrodsburg. One man was killed when two sections of a New York Central train crashed in a fog near Syracuse. Judge A. M. J. Cochran went to Washington to oppose the creation of a new federal district in Kentucky. Two fishermen were rescued after they lived for two days and three nights on an ice floe in Lake Superior. John Robert White was appointed County Judge of Barren county to succeed the late Judge G. M. Bohannon, Frank W. Savin, 73, wealthy New York broker, married the woman who had been his housekeeper for 14 years. Three employees, embezzling $100,000 from the Broadway Central Bank, of New York, caused a $1,000,000 run on the bank. Mrs. Lawrence Lewis, niece of Mrs. Henry Flagler, III., and heiress to $60,000,000, was married to Hugh R. Lewis, in New York. After officiating at 645 hangings, Ignace Ghabin, hangman for the late Czar, was hanged at Moscow for the "death of many innocent political prisoners." Mrs. Henry Everett, of Chicago, her husband held captive in the next room, withstood torture for three hours before revealing to bandits the hiding place of $10,000 worth of her jewels.

12. January 11, 1927 The Roanoke Times Roanoke, VA

Article from The Roanoke Times, January 11, 1927

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Broaway President Piles in Show Window INSTITUTION SOLVENT Scramble for Cash Started By Arrest of Officials for Embezzlement SAM LOVE United News Staff Correspondent New million dolin piled up like waste paper in the show window of Broadway Monday afternoon convince army of depositors that the solvent. unparalleled display of ready money caused the the grow like saucers but did stop the depositors stood firm. The unique gesture stop run Broadway Central Bank began Saturday officials been for zlement dol. lars did not The for ready cash contin- Scene Grew Oddity. The Word along the line six herded by police cash plain sight. spread They wanted Police. fearful bandits the display foolhardy piece of bravado the crowds line from from the Croesuswindow display. Stanley president of the Central Trust table beside the He his and Another was alongside if needed, he told the Mitchell declared that the Broadperfectly despite run been purchase over the by the resources excess $50,000,000 Long Line Held The held firm. Most women. Many had the cold the like Stadium opening day Entersmall selling hot Mitchell continued his speech, while

13. January 12, 1927 The South Bend Tribune South Bend, IN

Article from The South Bend Tribune, January 12, 1927

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RUN ON BANK Depositors Outnumber Those Who Withdraw Funds. REPEAL SEEMS IMPROBABLE IN NEW YORK, Jan. run of STATE LEGISLATURE. the Broadway Central bank which began last Saturday when three officers were arrested for thefts totaling Representatives From Thirteenth $100,000, and which resulted withDistrict Divided in Opinions drawals of about $1,600,000, has ended. Proposed Action. Only seven persons appeared at the bank Tuesday withdraw funds, while 25 new or old customers made Indianapolis Bureau, The South Bend deposits. The bank was taken over Monday INDIANAPOLIS, Jan. by the Central Mercantile Bank of the absent voters' law, which was Trust company, which has assets of advocated bill introduced in the approximately $50,000,000.

14. January 22, 1927 The Daily Worker New York, Chicago, NY

Article from The Daily Worker, January 22, 1927

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Million Dollars In Bank Window Fails to Satisfy Customers NEW YORK, Jan, 20. - Display of what was claimed to be a million dollars in $1,000 bills in the windows to show that the bank was solvent, failed to stop a run on the Broadway Central Bank here. Neither did the announcement that the institution had been purchased by the Central Mercantile Bank and Trust company lessen the line of depositors before the bank. The banks resources were reported as being $45,914,876.

15. January 22, 1927 New Britain Herald New Britain, CT

Article from New Britain Herald, January 22, 1927

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Bank President Grieves To Death at Run on Bank New York, Jan, 22 (AP) - Grief over a run on the Broadway Central bank, of which he was president, is believed by friends to have caused the death of Frank Wllliams, 51 years old. The run occurred two weeks agai after the arrest of three trusted employes of the bank. It continued for two days during which more than a million dollars were withdrawn in deposits. The run ended when officials sold the institution to the Mercantile Bank and Trust company to protect the depositors. The closing of the bank was a severe blow to Mr. Williams, who founded the institution with group of associates, in 1914.

16. January 22, 1927 Daily News New York, NY

Article from Daily News, January 22, 1927

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GRIEF KILLS FOUNDER OF BANK IN RUN Nephew's Dishonesty Last Straw for Frank Williams By EDWARD DOHERTY. Frank Williams, banker, died at his home, 995 5th ave., early yesterday morning. Death was due to apoplexy, and to grief. Frank Williams, a few weeks ago, was one of the happiest men in the world. He was president of the Broadway Central bank at 97th st. and Broadway; he was rich, in good health, he had thousands of friends; he was respected, even venerated. Within 48 hours he was the unhappiest man in the world. He learned that his bank had been looted of close to half a million dollars. The public learned it too and started a run on the bank. Over a million and a half of dollars was paid out to depositors, and there was plenty of more money to pay out-the assets of the bank, over $8,000,000, were displayed in the bank windows, but the run continued. And the bank was sold. Blow That Killed. Frank Williams could have borne all that with a smile. But three of his employes had been arrested, charged with looting the bank. And one of the three was his nephew, George H. Cook. That was the blow he could not survive. Frank Williams's brother Fred talked about him yesterday-talked with a little surprise in his voice, as if he couldn't exactly believe yet that Frank was dead. "My brother," he said, "was 62 on Jan. 12-the bitterest birthday of his life. He was born in Pierrepont Manor, Jefferson county, N. Y. He was the oldest of a family of nine. He ran away from home when he was 10, and got a job, and paid for his own board and schooling. Everybody Liked Him. "In 1885 he came to New York and started in the hay business. He was one of the largest factors in that business for thirty years. Everybody knew him. Everybody liked him. He had friends all over the country. "About twenty years ago he became interested in the Chelsea Exchange bank's branch at 97th st. and Broadway, becoming a director in it. In 1914 he and some of his associates bought this branch and formed the Broadway Central. They had a hard time for the first year. At the end of that year they had but $250,000 in deposits. When the Central Mercantile bought it the bank had $8,500,000 on deposit. "My brother worked hard to build up that bank. Frank started George Cook in there as errand boy, watched over him, guided him, advised him. He loved the boy, and trusted him. Member of Many Clubs. "Well, one morning Frank learned that the bank must- sold to saye the depositors. And he learned that his nephew had been accused as a thief. It was too much." Frank Williams was married twice. His first wife was a Miss Currie, his second was the widow of Max Anderson, who built the Hippodrome and Luna park. She survives him. He is also survived by his brother, Fred, and four sisters, one of them the mother of Cook, who lives at 33 New York ave., Baldwin, L. I. He was one of the oldest members of the New York Athletic club and the National Republican club, and a member of many other civic and fraternal organizations. Funeral services will be held Monday afternoon at 2 o'clock in Campbell's funeral chapel. Burial at Woodlawn. an hour along Park ave., Oct. 25. He didn't show up in court. Then it was discovered that Abelman was wanted in Brooklyn for speeding Aug. 29 and July 26, and hadn't shown up there. He was also wanted in the Bronx. "Such popularity must be deserved," quoth the court, as he sent him to jail. The widow scores one on Andy. Read The Gumps on page 12 today.

17. January 22, 1927 The Chico Enterprise Chico, CA

Article from The Chico Enterprise, January 22, 1927

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Grief Fatal To Bank President NEW YORK. 7:35 A. The death of Frank Williams, president of the Broadway Central bank was generally ascribed today to grief over run on the bank.

18. January 23, 1927 The Daily Oklahoman Oklahoma City, OK

Article from The Daily Oklahoman, January 23, 1927

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Banker's Death Due To Grief Over Run NEW Jan. Frank Williams, president of the Broadway Central bank, was gen. erally ascribed Saturday to grief over run on the bank. sensational newspaper of the amount the thefts of three were blamed by bank ficials for the run that continued two days about weeks ago. DurIng the run more than of deposits were withdrawn. The run ended when the officials sold the institution the Mercantile Bank Trust company

19. January 24, 1927 The Jersey Journal Jersey City, NJ

Article from The Jersey Journal, January 24, 1927

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CHEERS FOR BROWNING AT TRIAL Invalid Woman Rescued As Fire Sweeps House 3 BANK OFFICIALS ADMIT THEFTS TOTAL STOLEN WAS $400,000; BANKERS STATE New York. Jan Three former officials of the Broadway Central Bank. who took money from the institution to bet on horse races and caused a run on the bank which only ended when it was sold to another bank. pleaded guilty today The former officials are Harry B. Rebholz, 948 Hudson Avenue, Union City, N. J., cashier: Anthony Ziesat, vice president. and George H. Cook. assistant They all pleaded guilty to first degree grand lareeny with which they were accused in an indictment charging. 14 they had stolen $4,000. Officials of the bank informed the court that the money stolen would amount to $400,000 or more when an audit of the books is completed. Sentence was deferred until Feb. 18. The Court was asked by the District Attorney's office to order the prisoners to help bank officials in straightening out the financial tangle they created by their thefts. which was said were made so that the men might speculate stocks After the three men arrested and had told police of stealing so that they might speculate in stocks. in doing which they lost the money they had stolen. hundreds of depositors stormed the Broadway Central Bank demanding their money Officials addressed the crowd. saying that all the loss was by bonds, but the could not be halted The bank kept open and on the first day of the run .000,000 withdrawn. On the next day additional funds were brought in from other banks and $2,000,000 in bills was piled in window of the bank in futile effort to give the withdrawing depositors conAdence in the stability of the Institution Withdrawals that day amounted to about $700,000 The next day it was announced that the bank had been with the Central Bank & Trust Company, and the excitement subsided and deposits began to replace withdrawals Frank Williams president of the Broadway Central until it was taken over by the other bank. died a few days later

20. January 24, 1927 The Lewiston Daily Sun Lewiston, ME

Article from The Lewiston Daily Sun, January 24, 1927

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RUN ON BANK BELIEVED TO HAVE KILLED PRES. York, run the Broadway Central Bank, which president, friends have the death of Frank Williams, old. run two weeks ago after trusted ployes bank. continued two during which more than million dollars withdrawn posits. The run ended when officials the the Trust Co., protect the The closing of bank vere founded with group of associates in

21. January 25, 1927 The Brooklyn Daily Times Brooklyn, NY

Article from The Brooklyn Daily Times, January 25, 1927

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SENTENCE BANKERS FEB. 18 Three Broadway Central Officials Enter Guilty Pleas. The three former officials of the Broadway Central Bank, whose thefts from the institution's Tunds caused run on the bank and its sale, will be sentenced February 18 to from one to ten years in prison on their pleas of guilty to first degree grand which were entered yesterday in General Sessions. Although the are charged with stealing taken was than $100,000. originally mated,' according to bank officials The embezzling bankers are: Anthony Ziesat. president, 198th Hollis: George New York ave., and Harry B. Rebols. a cashier, of Union City,