Garfield National Bank - New York, NY

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 2598
Charter Number: 2598
Start Date: November 6, 1905
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 0386debc

Response Measures

None

Description

Article (New-York Tribune, 1905-11-07) reports very large withdrawals from Garfield National Bank ($300,000 in morning and $230,000 later) but does not state any suspension, closure, or reopening. Withdrawals appear connected to political actors/concerns (mention of Charles W. Morse and DA interest), suggesting bank-specific adverse developments rather than a rumor-driven run. Date for the run is taken as the day before publication (1905-11-06) because the article says funds were drawn yesterday.

Events (2)

1. December 14, 1881 Chartered

Source: historical_nic

2. November 6, 1905 Run

Cause: Bank Specific Adverse Info
Cause Details: Very large withdrawals tied to political figures/affair (mention of Charles W. Morse and DA Jerome investigating use of funds); suggests bank-specific adverse information or politically-motivated large cashing out.
Newspaper Excerpt: Another thing which Mr. Jerome intends to run down if possible is the use to which some $500,000 drawn yesterday from the Garfield National Bank will be put... According to a story in political circles, $300,000 was drawn from that bank in the morning. Late in the afternoon $230,000 more was drawn out, most of that, it was said, in $5 and $1 bills.
Source: newspapers

Newspaper Articles (1)

1. November 7, 1905 New-York Tribune New York, NY

Article from New-York Tribune, November 7, 1905

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Article Text

WILL GO TO GRAND JURY. Jerome's Term Long Enough to Insure Prosecution of Case. "Whatever the result of this election is, I shall be District Attorney for a couple of months yet, and that will be long enough to turn this affair over to the grand jury," declared District Attorney Jerome last night, in telling of the discovery of the plates for the misleading circulars. "There is little doubt that this affair constitutes forgery under the Penal Code, and we'll see the thing through. "I have the name of the man who ordered this job of the printers. He told them he was one Baldwin. Maybe he was 'John Doe.' I think we'll find out just who he was, though." Another thing which Mr. Jerome intends to run down if possible is the use to which some $500,000 drawn yesterday from the Garfield National Bank will be put. This bank has among its directors Charles W. Morse, the "Ice King," bosom friend of ex-Mayor Van Wyck and other Tammany Hall men, himself a warm Tammany supporter. According to a story in political circles, $300,000 was drawn from that bank in the morning. Late in the afternoon $230,000 more was drawn out, most of that, it was said, in $5 and $1 bills. "I was at Mr. Garvan's house for dinner," said the District Attorney in telling of his discovery of the photographic plates and his efforts to run down the people who ordered them, "when I got a telephone message to come right down to headquarters, as very important business had transpired. I came down, and found here a man with these plates. He gave me all the information at his command, which amounted to the facts that the Martin B. Brown Company, not doing that kind of work themselves, contracted with him to make these plates, from which they would do the printing. "Right here I want to say that the legal effect of such instructions is much in doubt, It's quite possible that a ballot double crossed according to these instructions would not be invalid as to the Republican vote. but would be invalid as a vote for me. I have taken the advice of two eminent lawyers on the subject, who hold that there is much doubt as to whether the ballots would be invalid. Instructions have been issued that if such double crossed ballots are voted they shall be marked for identification and held, pending a decision as to their validity. 'Well, this order came to my informant from the Brown people for these plates. He looked the thing over, saw what it meant, and he was an honest man and wouldn't stand for it. He told me. "I went 'hotfoot' down to Martin Brown's. Nobody was around. I waited and waited, and, although the managers and everybody else had been expected back, nobody showed up. I did some telephoning, and finally I got one of the firm's representatives on the wire. I told him that no matter whether I was re-elected or not I should hold office for a coupie of months yet-long enough to take this up with the grand jury. Then he yielded a little information. "I said I supposed his firm had been deceived. having taken the order in good faith, supposing it to come from my supporters. He assured me, with tears in his voice. that his firm had been deceived. The people never would have taken the order if they had suspected it in the least, he said. They thought it came from the Jerome nominators, although the man who ordered the circulars said that they were to be held at Brown's subject to his orders-not to be sent to my headquarters or anywhere else. I told him that this in all probability was forgery under the Penal Code, and that a thorough investigation would be made of the whole case. "I have the name of the man who ordered these plates. He called himself Baldwin. It's only fair to the Brown people to say that this man told my informant not to charge these plates to the Brown people, but they would be paid for all right. A performance like this shows the absolute desperation to which the people are reduced who would resort to it." Mr. When the Brown people found that Jerome's informant did not intend to execute the order for the plates, an order was sent to another large firm for similar plates. This firm flatly refused to make them. Mr. Jerome refused to say who his informant was, but it was said by others that he was F. A. Ringler, who owns a large stereotyping plant in Barclay-st. Mr. Ringler is a strong Citizens Union man. Orders were issued by the Tammany Hall law committee last night at Tammany Hall that the election officers should consider as void any Jerome ballot double crossed after the fashion provided for by the false instructions.