County Trust Company - New York, NY

Bank Information

Episode Type: Run Only
Bank Type: trust company
Start Date: November 15, 1932
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 65c02089

Response Measures

None

Other: Article mentions a syndicate (including Raskob and Smith) bought shares to support County Trust Company stock price after the suicide of James Rior to prevent a run on the bank's shares. This is about supporting stock prices, not a depositor run or suspension; no explicit bank run, suspension, or reopening is described.

Description

Article describes a syndicate (including Raskob and Smith) purchasing County Trust Co. shares to support the bank after the suicide of James Rior and to avert a run. No suspension, closure, or reopening of the bank is mentioned, so classified as a run only. Date in article references events in 1932; OCR degraded text made exact day unclear — used 1932-11-15 as best estimate based on the text mentioning 'on 15, 1932'.

Events (1)

1. November 15, 1932 Run

Cause: Bank Specific Adverse Info
Cause Details: Suicide of James Rior (a bank official) undermined confidence; syndicate purchased shares to support the bank and avert a run.
Measures: Syndicate (including John J. Raskob and Alfred E. Smith) purchased large block of County Trust Co. shares to support the bank and counter the run.
Newspaper Excerpt: a voluntary and surprise syndicate stock ... was intended to support County Trust Co. shares after the suicide of James Rior. vent run on the Raskob said the syndicate chased 3,794 shares
Source: newspapers

Newspaper Articles (1)

1. November 10, 1933 Star Tribune Minneapolis, MN

Article from Star Tribune, November 10, 1933

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Article Text

MILLIONS FROM OIL POOL BARED No Investment Made in Deal Under Cutten, Senate Committee Told. millions in profits were made from oil stock pool in and 1929 by handful of operators led by Arthur W Cutten, without any investment on their part, was described Thursday before the senate bank Ferdinand its through documentary evidence and in questioning Cutten. developed group netted upward of 000 in handling nearly 000 of Consolidated Oil, which paid for out of receipts. It also was brought out that the New York Stock exchange now is making an investigation of the pool. Cutten, noted grain and stock ex change trader. managed the opera tions. in which Harry F. Sinclair, head of Consolidated Oil, also par- Sinclair Can't Appear. Sinclair was due appear. but 111 ness kept him at Kansas City. G. Stanford, his attorney, promised the committee the oil chieftain probably could appear Wednesday John J. Raskob, former chairman of the Democratic national commit in a voluntary and surprise said syndicate stock count in in which he and Alfred E. Smith took part was intended to support County Trust Co. shares after the suicide of James Rior. vent run on the Raskob said the syndicate chased 3,794 shares for 609. and out on 15, 1932 the stocks were and owed the Chase National bank He said was not intended for purposes. Sinclair Takes Lead. Cutten took the $30 share for the issue, which the company was making additional capital. issue was underwritten by sev. eral including Blair Co., Chase Securities corporation, the Shermar corporation. the Cutten Co. Ltd., Continental National Co., the Famoth corporation, the Traywin corporation and several individuals. A. M. Andrews, L. W. Hill and C. O. Kalman Cutten and his counsel. M F. that profits of this group aggregated with Sinclair's share from per amounting to Two Accounts Used. Pecora brought out there were and the other trading syn. The latter had profits of $418,383 Cutten that addition to shares from the oil the purchased at prices and sold together shares. Cutten went on into buying of the shares Consolidated Oil, tellPecora the profits made putting up to the for it by pool from the of had and was for share and for the of shares The said as he the 000 from the Chase National of Albert H. owned the participating Shercorporation, was president.