15835. Fifth Avenue Trust Company (New York, NY)

Bank Information

Episode Type
Run Only
Bank Type
trust company
Start Date
October 23, 1907
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
ea3e23ac

Response Measures

Accommodated withdrawals

Description

Multiple articles from Oct 23–25, 1907 report heavy withdrawals / a small run on the Fifth Avenue Trust Company in New York during the Panic of 1907. The bank met demands, had plenty of cash, and did not suspend; thus this is classified as run_only. Cause attributed to the broader financial panic (Knickerbocker failure, market turmoil), not a specific misinformation event.

Events (1)
1. October 23, 1907 Run
Cause
Macro News
Cause Details
Run occurred during the wide Panic of 1907 (Knickerbocker Trust collapse and stock-market turmoil) — system-wide panic and loss of confidence drove withdrawals.
Measures
Paid depositors promptly; paying tellers met withdrawals; officials publicly reassured depositors that the company was solvent and had ample cash.
Newspaper Excerpt
There was a small run on the Fifth Avenue Trust Company... At 9 o'clock there were about fifty persons in line to draw their funds... By 11 o'clock... about one hundred and fifty... Shortly after noon conditions at the bank became almost normal.
Source
newspapers

Newspaper Articles (12)
1. October 23, 1907 Evening Journal Wilmington, DE
Article from Evening Journal, October 23, 1907

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MILLIONS FOR SHAKEN BANKS Financiers Using Every Effort to Avert a Panic in New York STOCK MARKET OPENED IN DEMORALIZATION NEW YORK, Oct. 23.-In brief the financial situation to-day was: Call money quoted up to ninety per cent. Run on Trust Company of America continuing with more depositors in line at 1.30 than can be paid before hour of closing arrives. Fifth Avenue Trust Company meeting heavy withdrawals with plenty of cash. Pittsburg stock exchange closed and thousands of shares of stocks sold here for Pittsburg account. Knickerbocker Trust Company in hands state banking department with prospect will be placed in hands receiver. Panicky conditions on stock ex change with kaleidioscopic changes in quotations. J. P. Morgan in personal command in street. Attorney-General and Acting Superintendent of Banks in conference and rumors rife of arrests and criminal prosecution of certain financiers likely to come. Secretary of the Treasury Cortelycu takes up headquarters in sub-treasury deposits government funds to save the day. National City Bank reported to have deposited eight million dollars in the North American Trust Company and to be giving valuable assi tance to bg brokerage firms. Clearing House gave assistance to banks that had debit balanee when settlement made to-day. Lendon stock exchange feverish and values crumbling. Delaware and Hudson sold off eleven points, but slump checked and conservative interests supporting Standard railway stock.

2. October 23, 1907 The Paducah Evening Sun Paducah, KY
Article from The Paducah Evening Sun, October 23, 1907

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WESTINGHOUSE WANTS RECEIVER RUN CONTINUES New York, Oct. 23.-Today's financial situation is: Call money 90 per cent; run continues on Trust Company of America. Fifth Avenue Trust company meeting heavy withdrawals; Pittsburg Stock exchange closed; Knickerbocker Trust company in state's hands, panicky conditions on stock exchange, Morgan in personal command, rumors of probable arrests of criminal prosecutions of certain financiers, Cortelyou in sub-treasury with government deposits to save day. Pittsburg, Oct. 23.-Counsel for the Westinghouse interests announced that application for receivers for the Westinghouse Electric. Manufacturing company, the Westinghouse Machine company and the Securities Investment company, will probably be made in federal court this afternoon. On the stock market today the Westinghouse stock fell from 83 to 41.

3. October 23, 1907 Palestine Daily Herald Palestine, TX
Article from Palestine Daily Herald, October 23, 1907

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CALL MONEY AT 90 A PANIC PREVAILS RUNS CONTINUE ON THE TRUST COMPANY OF AMERICAN AND FIFTH AVENUE TRUST COMPANY TODAY. Prosecutions Expected The Pittsburg Stock Exchange Is Closed, the Knickerbocker Company In Hands of the State, and a General Panic Is the Result. Special to the Herald. New York, Oct. 23.-Today's financial situation is one of panic. Call money is bid at 90 per cent. The run continues on the Trust Company of America and the Fifth Avenue Trust company. Heavy withdrawals are being met up to now. The Pittsburg stock exchange is closed, the Knickerbocker company is in the state's hands, and general panicky conditions prevail. Morgan has taken personal command of the situation. It is rumored on the street today that arrests and criminal prosecutions may follow for certain financiers. Cortelyou is in the sub-treasury, and with the government deposits is trying to save the day.

4. October 23, 1907 The Seattle Star Seattle, WA
Article from The Seattle Star, October 23, 1907

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Financier Is Working With the Secretary of the Treasury in Effort to Tide Over Present Flurry in Financial Circles. debit balances this morning and (By United Press.) that the clearing house committee had authorized the taking over of NEW YORK. Oct. gathered 23.-Hundreds around these balances if necessary. Call money was quoted this morning at 90. tranches $ depositors of were the the main Knickerbocker office hours and The officials of the Fifth Avenue company this morning. for opening, Trust company held a meeting this afternoon. There were heavy withdrawals from this concern this before Trust just they the were usual it doomed time was officially would to not disap- an- be morning, but there was plenty of nomeed business The state cash on hand to meet all demands. resumed this morning. taken department has Morgan in Control. banking of the bank. Some of the J. Pierpont Morgan is in personal control in the "street," and is wielding his tremendous financial power 1 ed out to state bankto prevent further disasters. The officials of the Rumors are in circulation to the department and conference the attorney this effect that arrests and criminal general Ing wear into a of seeking prosecutions of certain bankers morning on the question will be one result of the panic. a receiver. The National City bank is reportFinanciers at Work. ed to have deposited $8,000,000 I. Pierpont Morgan and other fl. with the North American Trust sanciers were at their offices as company, and that It is assisting big early as seven o'clock this mornbrokerage firms. If taking steps to prevent a panie. It is admitted that a great panic À - of large proportions started on the Stock Exchange has been the office of the Trust Company averted by the action of Secretary # of America when the doors opened of the Treasury Cortelyou, J. P. - morning, followed closely by Morgan and the Standard Oil com- on its branches. pany, all of whom are said to have Secretary of the Treasurer Corcome to the relief of shaky finanblood was at the sub treasury cial concerns. early. ready to unload money to The action of the Pittsburg Exare the clearing house banks. It change In remaining closed today generally admitted that all deis regarded as a great coup here, waits on the clearing house. Coras it undoubtedly averted a panic wyou will remain at the sub-treasand saved the financiers of that n all day. city. To aid in averting a panic President Thorne of the Trust they unloaded securities in Wall (mplay of America says his bank street. di givet all demands for funds or Morgan sent heavy buying orders certificates. There are $11,000,000 into the market, keeping everything the main and branch offices, with on the list from being demoralized. texasits of persons at the winCortelyou strengthened the situain withdrawing their savings. tion by ordering government funds The the stock market opened deposited in banks recommended by immilization at once set In. the clearing house. Burbers Pacific quickly lost four wints and Delaware and Hudson

5. October 24, 1907 New-York Tribune New York, NY
Article from New-York Tribune, October 24, 1907

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FIFTH AVENUE TRUST CO. SCARE. Few Depositors Become Frightened and Draw Out Funds. There was e small run on the Fifth Avenue Trust Company, Fifth avenue and 43d street, yesterday morning. The officials at the bank laughed at the Idea of any serious run on the company. At 9 o'clock there were about fifty persons in line to draw their funds. They were paid off rapidly as soon as the paying teller's window was opened. By 11 o'clock in the morning the number tiline had Increased to about one hunrded and filly. The majority were women. Shortly after noon conditions at the bank became almost normal, and only about the usual number of persons were on hand to withdraw their accounts Assistant Secretary W. Meachan said: "The company is absolutely solvent. We have all the money we need. There is absolutely no apprehension on the part of the trust company. We can meet all demands. The deposits this morning exceeded those of any of the last ten days. This shows that the public has not lost confidence."

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

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and numbered nearly 300 persons At the Fifth Avenue Trust Company morning things were very quiet. the There this was no line of depositors and aclittle annoyance to that institution. cording to one of its officers, seemed to be at an end. Exchange Bank Closes. The United States Exchange Bank. located at 23 West 125th street, did not open for business today. Officials of the institution stated that the decision to remain closed was simply a precautionary when measure. They declined to state The institution would be opened concern the has a paid up capital of estimated $100,000. and its ind vidual deposits are 1905. at $880 000. It was established in Its president is John state J. institution Gibbons. and beThe bank is chain a of financial concerns longs to a C. W Morse. the "ice king. who controlled was involved by in the Heinze copper failure The bank was recently started. It has of a capital of $100,000 and a surplus $25,000. stat ment posted in the bank win- J. dow, The signed by the cashier. follows: James closing O'Shaughnessy read as of the "Notice-In consequence demands of other banks and decided the unusual to remain closed The for cash we have bank is perfectly solfor today. but these are rdinary times, vent, have to resort to extraordinary and measures and we to protect both ourselves our depositors. state superintendent of banks, his The new Williams, this morning posted first Clark notice on the United States Exchange Bank. It read as follows: "Pursuant to the authority conferred 1892 on of chapter 689 of the laws of taken me by of New York. I have States charge the state of the affairs of the United Exchange virtue Bank.' of this notice, Examiner A. T. In as the superIntendent's deputy, took Campbell, charge of the bank this morning. United States Exchange Bank is The member of the Clearing House Assonot ciation. It clears through the Mercantile National. Anticipates a Run. The Borough Bank, at 20 Court street, Brooklyn. failed to open its doors when this time came to resume business the morning. A notice to the effect that the institution would close its doors temporarily was given out about 9 o'clock, the and quickly the news spread among bank's It was depositors. said that the bank was closed temporarily because of a wish to avert in 1902, a The institution was founded run. its president is Howard Maxwell; vice and president, W. E. Horley, and cashier, A. The D. bank Campbell. had a paid-up capital of $200,000, with a surplus and undivided profits $149,950. Due to other banks, $55,700; of individual deposits, $2,949,800; loans and discounts. $2,656,000. Bonds, stocks, etc., $23,800. Due from other banks, $308,830. Cash and exchanges, $349,600. The bank's principal correspondents are the Oriental Bank and the Knickerbocker and Guardian Trust companies The run on the Harlem Savings Bank continued today. The doors were opened at 10 o'clock. and the depositors promptly were paid off at the rate of one a minute. Trust Company Trouble. The International Trust Company at 206 for Broadway, this city, did not open business this morning. This notice was posted on the door: "Owing to the amount of money withdrawn within the past two days and owing to inability to procure currency, this company is compelled for the benefit of its depositors to suspend payment until such time as matters shall readjust themselves and confidence has been restored. (Signed) J. F. BOUKER Secretary." The above institution has no connection whatever with the International Banking Corporation, whose main office is in New York, and which has branch in this city. The banking corporation is a government depository for the Philippines insular bureau and financial agent in China for the rnment. The First National Bank of Williamsburg, Brooklyn, nas suspended payment. The bank was stablished in 1852. The capital is $300,000 and the deposits are estimated at $4,200,000. The bank is a member of the New York city clearing house. Fatal $10,000 Check. The Williamsburg Trust Company, Broadway and Kent avenue, Brooklyn, closed its doors at 1:15 o'clock this afternoon, being unable to cash a check for $10,000 The bank has a capital of $700, 000. The liabilities are estimated at $9,676,484. Failed to Open Its Doors. Speelal Dispatch to The Star. PROVIDENCE, R. I., October i-Following the closing of the Union Trust Company this morning runs began on five additional banks, including the Old Providence Institution for Savings, the High Street Bank, the Mechanics" National Bank, the National Exchange Bank and the Industrial Trust Company. The Providence Institution for Savings is one of the oldest savings banks in the state, and is considered one of the most substantial, with millions of dollars of quick h assets. The run on it was precipitated by g women. Throughout the afternoon all the instid tutions in question continued to get the h run with promptness. At the Industrial n Trust Company the depositors were paid t in gold, of which it had $8,000,000 in reserve. o The runs continued at all the banks named and grew in proportions up to the d day's closing hour. The officers of all the d institutions claimed to be confident of meeting all demands, and said the banks were absolutely solvent. t The Union Trust Company, on which there was a run yesterday, did not open for business today at 9 o'clock, the usual hour. d As early as 6 o'clock this morning det, positors began to form a line outside the g entrance to the bank, and half an hour before the opening time there were more (Continued on Second Page.)

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

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stringing around the corner of William street into Exchange place. Welldressed women formed a noticeable feature of this line, while messengers from other banks turned up their coat collars along with the other depositors. The doors were opened promptly at 10 o'clock and the paying off was resumed as briskly as it had gone on for the two preceding days. Only a baker's dozen waited at the Colonial branch office, at Broadway and Ann street at 6.30 o'clock. but seven of the number had been there since midnight. The Pacific Bank man, the first one to take his place, arrived at 8 o'clock last night. By 8 o'clock this morning the string had lengthened out to sixty. There was only one woman, and the sprinkling of messenger boys was plentiful. The doors were opened promptly at 10 o'clock, and the paying off process was resumed. The run on the Lincoln Trust Company was continued again today. At 11 o'clock last night a line began forming in front of the Fifth avenue entrance to the company's offices. and by midnight it was so long as to block up the entrance to the Cafe Martin. A half dozen policemen were stationed at the point all night long to maintain order among the impatient crowd. which. by daybreak. stretched around 26th street as far- as Broadway and numbered nearly 300 persons. At the Fifth Avenue Trust Company this morning things were very quiet. There was no line of depositors and the little annoyance to that institution, according to one of its officers, seemed to be at an end.

8. October 25, 1907 Evening Journal Wilmington, DE
Article from Evening Journal, October 25, 1907

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ANOTHER BIG TRUST BANK SUSPENDED But Financial Sky is Clearing and the Worst Thought to be Over CORTELYOU VERY HOPEFUL By THE JOURNAL'S Special Wire. NEW YORK, Oct. 25-Financial New York is convalescent, but still decidedly shaky on its pins despite the positive assurance of chief Physician, J .P. Morgan and Surgeon Cortelyou. It will be many days before the stock exchange and the many banking institutions are again on a normal basis, and in the meanwhile the suspension of many small concerns can hardly be averted. But still the sky is clearing and it can be consistently asserted the worst is over. The herdes blow of the day was the suspension of Providence Trust Company with individual deposits exceeding $25,000,000. This followed o.run started yesterday, and according to President Studley thea ction was necessary to protect depositors. C.C. Sweetland was appointed receiver and at once qualified. At nine o'clock there was posted on the doors of the United States Exchange Bank, a small institution, at 23 West 125th street, a notice that it would not open to-day. President John Gibbons stated its deposits aggregate $880,000, and it paid up capital is $100,000. He said all depositors would be paid in full. Run on Baltimore From Baltimore comes word that the run on the Eastern branch of the Home Bank continues, but all demands are being met. Here in New York the runs on the Trust Company of America, the Lincoln Trust Company, the Fifth Avenue Trust Company, the Harlem Savings Bank and the Dollar Savings Bank n continue, but are decreasing and deposits now exceed withdrawals and the end is in sight. Secretary of the Treasury Cortelyou said to the United Press at the subTreasury to-day: "I am very hopeful that an trouble is past and regard the situation as much improved. I will continue to render whatever assistance may be advisable during the day. The banks are still feeling the need of small bills and I have ordered more sent from Washington. "The suspension of small banks is not an unfavorable sign. It will permit the banking interests to concentrate their support on the central situation." The monetary situation kept the stock market feverish throughout the day. There was no visible attempt to corner the money market. s In the Stock Market. The improved feeling in the late trading yesterday was continued for a while e this morning. During the first hour's trad. ing there was gains on many stocks at the start ranging 1 to 2 points over yesterday's closing. following by selling and moderate net losses were recorded. The market was at no time demoralized and sentiment prevailed that the market had passed through its worst phase. Arbitrage brokers taking in all between 5,000 and r 10,000 shares. Government bonds unchanged: other bonds-lower

9. October 25, 1907 The Fairmont West Virginian Fairmont, WV
Article from The Fairmont West Virginian, October 25, 1907

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NEW YORK, Oct. 25. - Financial New York is convalescent, but still shaky on its pins. It will be many days before the stock exchange and business are normal. It is confidently asserted that the worst is over. Advices from Baltimore say the run on the Eastern Branch House bank continues, but all demands are being met. Here rans continue on the Trust Company of America, Lincoln Trust Company, Fifth Avenue Trust Com pany, Harlem Savings Bank and Dollar Savings Bank, but deposits now exceed withdrawals, so the end is in sight. Cortelyou said to the United Press to-day: "Am very hopeful that the trouble is past and regard the situation much improved. I will in the meantime render any possible service during the day. Suspension of small banks is not an unfavorable sign."

10. October 25, 1907 The Evening Statesman Walla Walla, WA
Article from The Evening Statesman, October 25, 1907

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NEW YORK IS CONVALESCENT Confidence is Being Restor ed but Runs Continue NEW YORK, Oct. 25.-Financial New York is convalescent but shaky. The hardest blow today was the suspension of the Union Trust company of Providence and the failure of the Brooklyn banks. The runs on the Trust Company of America and the Fifth Avenue Trust Co., continue but are decreasing steadily as confidence is restored. A run developed on the Union Trust company's bank late yesterday afternoon but it was thought that the company had sufficient funds to stand the emergency. All of these banks are believed to be solvent and able to pay dollar for dollar.

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

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Sands, Isaac N. Seligman. Louts Stern. Samuel D. Styles, Frank Tilford, Archibald Turner and Henry R. Wilson. The officers are: Frank Tilford. prestdent: Owen Ward, second vice-president, William Darrow, jr., third vice-president; Irving €. Gaylord, fourth vice-president; Frederick Phillips. secretary: Robert C. Lewis, treasurer; Edward €. Wilson, assistant treasurer; Joseph Z. Bray, assistant secretary; Charles B. Collins, cashier: George James Bayles, trust officer. The company's capital is $1,000,000. its deposits $19,570,771, and its surplus $837,200. A rumor got into circulation that there was a run on the Fifth Avenue Trust Company. with offices at Fifth avenue and 43d street, but Cecil D. Landale, the second vice-president, denied the truth of the report. He said that at one time there were as many as forty persons in the bank withdrawing money, but scoffed at the idea of a run. He said the company was of great strength and had ample funds on hand to satisfy all depositors who wanted money, without even applying to outside institutions. At the Lincoln National Bank, in East 42d street, there were a few withdrawals, but Charles Elliott Warren, the cashier, said the number of depositors who were asking for funds was so small as to signify nothing. He added that the bank had opened seventy accounts in the last two days, which scarcely betokened a lack of confidence. At an early hour this morning sixteen men were in line in front of the building, stamping and chaffing each other to keep awake and warm until the beginning of business. There was no disorder and the line was attracting no outside attention.

12. October 25, 1907 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, October 25, 1907

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CRISIS IS AVERTED. Morgan, John D. and Uncle Sam Raise $110,000,000 Relief. HARLEM BANKS CLOSE DOORS $27,000,000 Sent Into New York Stock Exchange and Other Great Sums Distributed Clear Financial Air-Outlook Is Satisfactory, Says Cortelyou. New York. Oct. 25.-Equipped with a relief fund amounting to $60,000,000 in actual cash and with an additional $50,000,000 available J. Pierpont Morgan, co-operating with the Washington administration and John D. Rockefeller, succeeded 'in preventing the collapse of any financial institutions in this city. Had it not been for his appreciation of the situation and his promptness there would undoubtedly have resulted a most serious panic on the stock exchange. For a few tense moments the indications strongly pointed to the of on complete collapse values the exchange. That such a calamity was averted was solely due to the decisive action of Mr. Morgan and his associates who were in command of the financial situation. Three Banks Suspend Payment. Yet there was not a single failure of any financial or business institution. Runs inspired by senseless fear and rumors were on irresponsible started the Lincoln Trust company, the Harlem bank, the Savings Empire Savings bank, the Dollar bank and the Fifth Avenue Trust company. The Empire Savings bank, the Twelfth Ward bank and the Hamilton bank suspended payment for the time being and are in charge of the state department of banks. The Lincoln Trust company and the Harlem bank weathered the storm successfully, and the indications are that they will continue to meet every demand made upon their resources. No better illustration of the feeling of nervous apprehension among depositors in financial institutions could be afforded than the run on the Harlem Savings bank, one of the strongest institutions in the city. There was absolutely no justification for suspicion as the bank's to solvency beyond the anxiety existing among persons having bank accounts as a result of the suspension of the Knickerbocker Trust company and other recent financial scandals. Mr. Morgan and his associates had carefully planned to protect the banks as was and trust companies, shown by the success of the Trust Company of America in withstanding the second day's attack made on its resources by its That was depositors. institution the storm center of the financial disturbance outside of the stock exchange. It met every demand with at prompt payment. and the close the of business President Thorne and other officers of the company were confident that they would get through all right. Trust Company Took In a Million. The run on the trust company continued all day, but toward the close of it the number of persons who demanded their money were not as many as had been expected. The most hopeful feature of the run was that while only $4,000,000 was paid out as against $9,000,000 on the previous day deposits aggregating nearly $1,000,000 were taken in by the receiving tellers.