16015. International Trust Company (New York, NY)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: private
Start Date: October 25, 1907
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: d0841943

Response Measures

Full suspension, Books examined

Other: Temporary receivers appointed later; criminal investigations followed.

Description

International Trust Co. closed/suspended Oct 25, 1907 after heavy withdrawals and links to Borough Bank of Brooklyn. Temporary receivers were appointed Nov 16, 1907 and later investigations led toward permanent receivership/closure. No specific misinformation triggered the withdrawals; problem tied to runs and connections with other Brooklyn banks.

Events (3)

1. October 25, 1907 Run

Cause: Local Banks
Cause Details: Heavy withdrawals over two days and connections with the Borough Bank of Brooklyn which had suspended; inability to procure currency amid runs.
Measures: Closed doors and suspended payment; notice posted citing inability to procure currency and withdrawal amount.
Newspaper Excerpt: The International Trust company, one of the small and inconspicuous trust companies, closed its doors at 10:40. This company had a business connection with the Borough bank of Brooklyn, which suspended payment today.
Source: newspapers

2. October 25, 1907 Suspension

Cause: Local Banks
Cause Details: Suspension announced because of heavy recent withdrawals and inability to obtain currency; tied to failures/suspensions among related Brooklyn banks (Borough Bank).
Newspaper Excerpt: Owing to the amount of money withdrawn within the past two days and owing to inability to procure currency, this company is compelled for the benefit of its depositors to suspend payment until such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.
Source: newspapers

3. November 16, 1907 Receivership

Newspaper Excerpt: Temporary receivers were appointed today for six New York city banks and trust companies which recently suspended payments. They include ... the International Trust companies.
Source: newspapers

Newspaper Articles (20)

1. October 25, 1907 The Topeka State Journal Topeka, KS

Article from The Topeka State Journal, October 25, 1907

Click image to open full size in new tab

Article Text

Company of America had been there all night. At the head of the line was a woman who declined to leave her place even though the men next in line promised to restore it to her this morning. She suffered considerably from the cold night air and several of the men, touched by her plight, went to a nearby restaurant at 3 o'clock in the morning and got some bread and coffee for her. First advices from London today were very encouraging, American stocks there opening at prices from one to four points higher. Lincoln Trust Resumes. New York, Oct. 25.-The Lincoln Trust company resumed payment to its depositors as usual this morning. The stock market opened irregular. A sharp reaction followed the opening gains. The fall in prices did not extend far below last night's level, before a steadying tendency developed. The first prices recorded here while above the New York closing of last night, did not approach the high prices established in the London market before operations began here for stocks with an international market. For instance, St. Paul, which had risen 5% in London over the New York closing, opened here unchanged and then declined nearly two points. American Smelting started 2 5/8 higher here, Union Pacific 2, and Canadian Pacific and Baltimore & Ohio 1½ to 1 & 4. This showing was converted into losses running from a fraction to a point in some cases within a few minutes. Secretary Cortelyou was at the subtreasury today. The secretary said: "There is nothing to say on the situation now, except to reaffirm my former expressions of belief that matters are steadily improving." All the members the stock exchange made their daily settlements of accounts as usual today to the stock exchange clearing house. United States Steel shortly recovered its 1½ point decline. Other distinctively Morgan stocks showed indications of support and the market rallied and became quiet. Cash amounting to $4,300,000 was sent to the Trust Company of America this morning through the subtreasury. The International Trust company, one of the small and inconspicuous trust companies, closed its doors at 10:40. This company had a business connection with the Borough bank of Brooklyn, which suspended payment today. The Brooklyn bank, with a place of business at Fulton, and Clinton streets, Brooklyn, did not open for business today. This bank has a capital stock of $300,000 and owes its depositors about $1,500,000. Sharp Rally in London. London, Oct. 25.-American securities rallied sharply on the stock exchange this morning, owing to the optimistic reports=from New York following the active intervention of prominent financiers in the financial situation for the purpose of stopping the decline in prices. Quotations at the opening today were 2 to 4 points over parity and further advanced later on the shorts covering and the receipt of moderate buying orders from the continent. Union Pacific at noon showed a gain of 4%, Louisville & Nashville had risen 4 points and Atchison and Canadian Pacific showed an advance of 3% points above the New York equivalent. United States Steel was an exception to the general firmness and ruled half a point below parity. There were further fractional advances of Americans in the course of the afternoon until the receipt of the New York opening quotations which brought prices down. Union Pacific and Atchison leading. Fluctuations at a

2. October 25, 1907 Evening Star Washington, DC

Article from Evening Star, October 25, 1907

Click image to open full size in new tab

Article Text

Trust Company Trouble. The International Trust Company at 206 Broadway, this city, did not open for 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 a branch in this city. The banking corporation is a government depository for the Philippines insular bureau and financial agent in China for the government. The First National Bank of Williamsburg, Brooklyn, nas suspended payment. The bank was established 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.

3. October 25, 1907 The Washington Times Washington, DC

Article from The Washington Times, October 25, 1907

Click image to open full size in new tab

Article Text

Those That Suspended Today. The International Trust Company, of 206 Broadway. did not open for business today, and its suspension involved the Borough Bank of Brooklyn, in which Senator Reynolds is heavily interested, and the Brooklyn Bank, both of which suspended. In Manhattan, the United States Exchange Bank, at 23 and 25 West 125th street, did not open for business. Instead a notice was posted announcing a temporary suspension. Secretary of the Treasury Cortelyou was again at the subtreasury today. After several conferences with financiers, he said the situation had greatly improved.

4. October 25, 1907 The Washington Times Washington, DC

Click image to open full size in new tab

Article Text

Wall Street Financiers See End of the Flurry. Runs on Banks Continue, But They Are Prepared. Six, Day's Record The International Trust Company, 206 Broadway, Manhattan, announced its suspension until the restoration of public confidence. The Union Trust Company of Providence suspended payments. The Brooklyn Bank, at Fulton and Clinton streets, and the Borough Bank, on City Hall square, Brooklyn, announced their temporary suspension. United States Exchange Bank, West 125th street, today closed its doors temporarily. Crowds at the trust companies' doors were much smaller than yesterday. The Williamsburg Trust Company, Broadway and Kent avenue, Willlamsburg, Brooklyn, closed its doors at 1:15, being unable to cash a check for $10,000. Frank Jenkins is president. The bank had a capital of $700,000, liabilities of $9,676,484.

5. October 25, 1907 Rock Island Argus Rock Island, IL

Article from Rock Island Argus, October 25, 1907

Click image to open full size in new tab

Article Text

SMALL BANKS FAILING Trouble Extends Beyond New York---Stocks Gather Some Strength. New York, Oct. 25.-A fund of $10,000,000 or more was formed at a conference held at the clearing house this to care the afternoon of the take of money needs stock exchange, and it was over the situation would confidently tide believed this complete- action ly SO far as the stock exchange was concerned. Carry Till Monday. over until Trust of All Monday. loans made The today will Company carry America and Lincoln Trust without diffihad withstood depositors company culty up to 2:15 this afternoon and officials of the companies expressed themselves as confident of the result. Several Close Doors. Several financial institutions closed their doors today, but this action was without effect in larger circles. It was believed the institutions were solvent to obtain them to and cash that had only caused inability suspend ready payment, and it was hoped the suspension would be only temporary. Great Demand for Fund. New York, Oct. 25.-Bankers organized to support the stock exchange houses had about for that $15,000,000 p. to use purpose. Up to 2:45 m. $12. 000,000 had been loaned at about 50 per cent. The stock market became quite strong after these effective relief measures and prices were generally at the highest point of the day. Still Pouring Currency In. New York, Oct. i.-The secretary of to in a Another cial the treasury assistance is continuing large way. give finansmall bills is to York from large rushed supply New of Washington, being A statement issued by the sub-treasurer the local $28,707,000 today shows banks gained from the sub-treasury This in part of the large during the the week. deposits represents government funds made with New York banks, Cash Through Sub-Treasury. New York, Oct. -Cash amounting to was sent to the $4,400,000 of America this Trust Company morning through the subtreasury. The International Trust company, a small and inconspieuous trust concern closed its doors at 10:40. This company had business connections with the Borough Bank of Brooklyn. Another Squeezed. The Brooklyn bank. at Fulton and did not for bank a Clinton business streets, today. Brooklyn, The has open capital of $300,000 and owes deposit ors a million and a half. Stocks Advance at Opening. New York, Oct. 25.-Opening prices of stocks showed many wide advance but in international issues they fell far short, as a result of the London parity established before the local stock mar ket opened. Morgan Renews Loans. New York, Oct. 25.-The large loans made by J. Pierpont Morgan & Co. an. their associates to stock brokers yes terday when the brokers were demoral ized were renewed today at 20 per cent. Brooklyn National Goes. New York, Oct. 25.-The First Na tional bank of Brooklyn, with a capita of $300,000. suspended payment today It owes depositors $4,200,000. The failure of Gregory, Gulick & Co. members of the Consolidated Stock ex change, was announced this afternoon The failure is unimportant. The Williams Trust company o Brooklyn, capital $300,000. temporarily closed its doors this afternoon. owes depositors $7,500,000. Resume Payment to Depositors. New York, Oct. 25.-The Trust Com pany of America and the Lincol t as Ta Trust their depositors company resumed usual today. payment stock exchange made their daily se tlements of accounts as usual to th clearing house. morn Secretary "There Cortelyou is nothing said today this ing, to caus me to change my former expression of belief that matters are steadily in proving." Brooklyn Institution Closes. New York, Oct. 25.-The "Borough

6. October 25, 1907 The Laramie Republican Laramie, WY

Article from The Laramie Republican, October 25, 1907

Click image to open full size in new tab

Article Text

GREAT FINANCIAL GENERAL USING EVERY EFFORT To RESTORE CONFIDENCE IN MONEY CRISIS. Assisted by John D. Rockefeller and Other Noted Men of New York, and Confidence Coming BackControlling Twenty-five MillionsSome Small Failures ReportedBrokers Receive Aid From a Pool New York, Oct. 25.-A much calmer tone was apparent in business circles this morning. The success of the relief measures undertaken yesterday by J. Pierpont Morgan, John D. Rockefeller and other prominent financiers, together with the serenity with which the officials of the Trust Company of America met the run of depositors, gave great encouragement to the bankers and business men generally that no further trouble was to be feared. Pool Helped the Brokers. The $25,000,000 made up by a pool headed by Morgan, which went into the stock market yesterday afternoon, is believed to have given permanent relief to the brokers in need of funds to carry the stock bought and sold on margins for customers. Cortelyou Optimistic. In an address last night at a dinner given by the Graduates' club, Secretary Cortelyou referred to the financial situation, saying: "We are having a trying experience, but with all its embarrassments I find my faith in the general stability of business strengthened by the examples I have seen of the high courage and splendid devotion to the public welfare shown by many men of great influence in the commercial and industrial life of this city. Evil Interests Scourged. "The weak places have been fortifled, but what is better, those of evil influence have been scourged from their positions, and the determination to carry this work forward will have a far reaching influence in restoring public confidence." Small Concern Suspends. The announcement was made this morning that the United States Exchange bank, a small institution in Harlem, would not open for business today. The bank has little more than $500,000 on deposit, and its suspension was entirely without effect. Depositors in Line. There were lines of depositors waiting this morning in front of the Trust Company of America and the Lincoln Trust company's up-town banking office. Woman in Line All Night. The line at the office of the Trust Company of America was maintained all night, and at the head was a woman who declined to leave her place, even when the men behind promised to restore it to her in the morning. International Trust Collapses. The International Trust company, one of the small and inconspicuous trust companies, closed its doors at 10:40. This company had business connection with the Borough bank of Brooklyn, which suspended today. Brooklyn Bank Quits. The Brooklyn bank at Fulton and Clinton streets did not open today. It has a capital stock of $300,000 and owes about $1,500,000. Will Require Long Notice. The Union Dime Savings bank this afternoon posted a notice that it will require sixty days' notice from depositors desiring to withdraw. It owes depositors $27,450,000. Small Brooklyn Failure. The Jenkins Trust company of Brooklyn, not an important institution, closed this afternoon, with deposits of $2,500,000. State Bank Suspends. The Borough bank of Brooklyn, a state institution, with a capital of $200,000 and deposits of about $3,000,000, did not open for business today. Its business was not very large and no prominent financiers are connected with it. Connected With Knickerbocker. One of its principal connections was the Knickerbocker Trust company, which suspended business Tuesday. Payments Resumed. The Lincoln Trust company resumed payment to deposits today, as usual.

7. October 26, 1907 Daily Press Newport News, VA

Article from Daily Press, October 26, 1907

Click image to open full size in new tab

Article Text

# THREE SMALL BANKS # CLOSE THEIR DOORS New York Capitalists Say They Have No Bearing on Situation and Conditions Are Better. # YESTERDAY A NERVE-RACKING DAY Savings Banks Compel Depositors to Give Thirty or Sixty Days Notice of Withdrawal of Accounts-Plenty of Money on the Stock Exchange- Clearing House Certificates. (By Associated Press.) NEW YORK, Oct. 25.-Another nerve racking day has passed but the financial institutions of New York have shown extraordinary power of resistance to the pressure put upon them. While it is true that several minor institutions have been forced to close their doors, yet two things should be said about them-first, that the amount involved was not so great as to exert any marked influence on the general situation as those banks were located in residential quarters and did not come into touch with the larger financial institutions of the metropolis, and second-that there are several rea- sons to believe that these banks and trust companies are entirely solvent and their difficulties will prove to be only temporary and due entirely to in- ability to secure ready cash on gilt- edged securities in their vaults. In the light of the general excite- ment, the savings banks thought it wise to put into effect the rule re quiring thirty to sixty days notice for the withdrawal of deposits and this will prevent the withdrawal of money which would otherwise be put in safety deposit boxes. The savings banks, if they continued to make pay- ments, would be obliged to withdraw funds from the National banks, there- by causing an additional strain on the general banking situation. There was not the slightest hint that any of the savings institutions was in anything but in the soundest condition as it was pointed out that the savings banks of this state are so restricted by law in investing their money that there can be no question that all of the securities in their possession are of good value and readily salable in normal times. The institutions which closed their doors today with the sums due de- positors, were: the United States Ex- change Bank, Harlem, $6,600,000. In- ternational Trust Company, Brooklyn, $7,500,000. The First National Bank of Brooklyn, $3,500,000. The First National Bank of Brook- lyn the Williamsburg Trust Company and the International Trust Company, were allied institutions. None of these companies had important con- nections with the larger banks, which are representative of the city's finan- cial affairs. On the other hand, a number of fa- vorable features marked the day. The Trust Company of American and the Lincoln Trust Company, the two or- ganizations which have suffered most from runs, have been slowly paying out their deposits and closed today with all demands having been met. In the case of the Trust Company of America, the run has well nigh spent its force as the bulk of the depositors have been paid off. At the close of business there were a good many in line at the Lincoln Trust Company, but also there was a marked reduction in the number of anxious depositors. Plenty of Money for Stock Exchange. The most favorable incident of the day was that the Stock Exchange was provided with funds ample to meet its immediate necessities by a money pool headed by J. Pierpont Morgan, which sent about $15,000,000 to the Exchange during the afternoon. As all the loans made today hold over until Monday, the Stock Exchange situation will not be affected in the problems that bankers may be called upon to solve tomorrow. A very encouraging feature of the afternoon's developments was a sign- ed statement by Clark Williams, the newly appointed state superintendent of banking, affirming the solvency of the local institutions. A further encouraging development of the afternoon, the good effect of which can scarcely be over estimated, was the decision arrived at, unofficial- ly, to issue clearing house certificates, probably tomorrow. There will be a full meeting of the clearing houses a- ssociation tomorrow morning at 11 o'clock for the purpose of taking of- ficial action for the issuance of these certificates. The immediate effect of this will be to enable the banks to settle the bal- ances between themselves with these certificates, and thereby release large sums of currency for the regular needs of business. Clearing House Certificates. The decision to issue clearing house

8. October 26, 1907 The Times Dispatch Richmond, VA

Article from The Times Dispatch, October 26, 1907

Click image to open full size in new tab

Article Text

Another Nerve Racking Dayon Stock Exchange and Several Failures. SAVINGS BANKS HAD TO SUSPEND / Larger Institutions Withstand Runs Upon Them, and Clearing-House Certificates Will Be Issued To-Day, Permitting Bettlements Without Cash. NEW YORK, October 25.-Another nerve-racking day has passed, but the financial institutions of New York have shown extraordinary power of resistance to the pressure put upon them. While it .8 true that several minor institutions have been forced to close their doors. yet two things should be said about them: first, that the amount involved was not so great as to exert any marked influence on the general situation, as those banks were located In residential quarters and did not come into touch with the larger financial institutions of the metropolis; and second, that there is every reason to believe that these banks and trust companies are entirely solvent, and that their difficulties will prove to be only temporary, and due entirely to inability to secure ready cash on giltedge securities in their vaults. Notice In Required. In the light of the general excitement the savings banks thought it wise to put into effect the rule requiring thirty to sixty days' notice for the withdrawal of deposits, and this will prevent the withdrawal of money which would otherwise be put in safety deposit boxes. The savings banks, if they continued to make payments, would be obliged to withdraw funds from the national banks, thereby causing an additional strain on the general banking situation. There was not the slightest hint that any of the savings Institutions was in anything but the soundest condition, as it was pointed out that the savings banks of this State are so restricted by laws as to investing their money that there can be no question that all of the securities in their possession are of good value and readily salable in normal times. Those Which Suspended. The institutions which closed their doors to-day with the sums due depositors. were: The United States Exchange Bank, Harlem, $600,000. International Trust Company, about $100,000. The Borough Bank of Brooklyn, $4,000,000. The Brooklyn Bank, $2,300,000. Williamsburg Trust Company, Brooklyn, $7,500,000. The First National Bank of Brooklyn, $3,500,000. The First National Bank of Brooklyn. the Williamsburg Trust Company and the International Trust Company were allied institutions. None of these companies had any important business connections with the larger banks, which are representative of the city's financial affairs. Many Favorable Features. On the other hand, a number of favorable features marked the day. The Trust Company of America and the Lincoln Trust Company, the, two organizations which have suffered most from runs, have been slowly paying out their depositors, and closed to-day with all demands having been met. In the case of the Trust Company of America the run has well-nigh spent its force, as the great bulk of the dopositors have been paid off. At the close of business there were a good many in line at the Lincoln Trust Company, but also there was a marked reduction in the number of anxious depositors. Had Plenty of Money.

9. October 26, 1907 The Bemidji Daily Pioneer Bemidji, MN

Article from The Bemidji Daily Pioneer, October 26, 1907

Click image to open full size in new tab

Article Text

Small Trust Company Fails. New York, Oct. 26.-The International Trust company, one of the small and inconspicuous trust companies, closed its doors at 10:40 a. m. This trust company had a business connection with the Borough bank of Brook. lyn, which suspended payment.

10. October 26, 1907 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, October 26, 1907

Click image to open full size in new tab

Article Text

wracking day has passed, but the financial institutions of New York have shown extraordinary power of resistance to the pressure put upon them. While it is true that several minor institutions have been forced to close their doors, yet two things should be said about them. First, that the amount involved was not so great as to exert any marked influence on the general situation, as these banks were located in residential quarters and did not come into touch with the larger financial institutions of the metropolis; and, second, there is every reason to believe that these banks and trust companies are entirely solvent, and their difficulties will prove to be only temporary, and are due entirely to inability to secure ready cash on the gilt-edged securities in their vaults. Of course, the cessation of these companies caused trouble to many people, but not so great as It might seem, as the depositors are for the most part located in the well-to-do quarter of the city, many of whom are people of wealth, who have suffered no great inconvenience. Savings Banks Invoke Law. In the light of the commercial excitement, the savings banks thought It wise to put into effect the rule requiring thirty to sixty days' notice for the withdrawal of deposits. This will prevent the withdrawal of money which would otherwise be put in safety deposit boxes. The savings banks, if they continued to make payments, would be obliged to withdraw funds from national banks, thereby causing an additional strain on the general banking situation. There was not the slightest hint that any of the savings institutions was in anything but the soundest condition, and it was pointed out that the savings banks of this state are so restricted by law in investing their money that there can be no question that all of the securities in their possession are of good value and readily salable in normal times. Closed Institutions. The institutions which closed their doors today, with the sums due depositors, were: The United States Exchange bank, Harlem, $600,000; International Trust company, about $100,000; the Borough Bank of Brooklyn, $4,000,000; the Brooklyn bank, $1,300,000; Williamsburg Trust company, Brooklyn, $7,500,000, and the First National bank of Brooklyn, $3,600,000. The First National bank of Brooklyn, the Williamsburg Trust company and the International Trust company were allied institutions. None of these companies had any important business connections with the larger banks which are representative of the city's financial affairs. Favorable Features. On the other hand, a number of favorable features marked the day. The Trust Company of America and the Lincoln Trust company, the organizations which have suffered most from runs, have been slowly paying out to their depositors and closed today with all demands having been met. In the case of the Trust Company of America, the run was well nigh spent, as the great bulk of depositors have been paid off. At the close of business there were a good many in line at the Lincoln Trust company, but also there was a marked reduction in the number of anxious depositors. Wall Street Supplied. The most favorable incident of the day was that the stock exchange was provided with funds ample to meet its immediate necessities by a money pool, headed by J. P. Morgan, which sent about $15,000,000 to the exchange during the afternoon. The stock market had held relatively firm all day, but when the pool of money was offered in the loan corner, there was an immediate upturn of prices and the market closed strong at the best prices of the day. As all of the loans made hold over until Monday, the stock exchange situation will not be a factor in the problems that the bankers may be called upon to solve tomorrow. Solvency Affirmed. A very encouraging feature of the afternoon's deyelopment was a signed statement by Clark Williams, the newly appointed state superintendent of banking, affirming the solvency of the local institutions.

11. November 16, 1907 The News-Democrat Providence, RI

Article from The News-Democrat, November 16, 1907

Click image to open full size in new tab

Article Text

TEMPORARY RECEIVERS FOR SIX BANKS Kingston, N. Y., Nov. 16.-Temporary receivers were appointed today for six New York city banks and trust companies which recently suspended payments. They include the Hamilton. Brooklyn and Borough banks and the Williamsburg, Jenkins and International Trust companies. Application for the receivers was made by William F. Mat for Attorney General Jackson.

12. November 17, 1907 Evening Star Washington, DC

Article from Evening Star, November 17, 1907

Click image to open full size in new tab

Article Text

Receivers Named in New York and Brooklyn. PROSECUTIONS TO FOLLOW Some of the Officials Are Criminally Liable. ONE PRESIDENT GOT $557,000 Small Institutions at Other Points That Are Also in Trouble-Will Be Civil Suits. NEW YORK, November 16.-In receivers securtoday the appointment of compaing three banks and three trust which for in New York and Brooklyn Atrecently nies suspended payment State in General Jackson declared that the the torney Borough Bank of Brooklyn and in has Jenkins Trust Company evidence of been found of illegal overloans and the both civil and criminal liability In of the Borough Bank, Mr. Jackson case stated there is evidence also of overdrafts. forged paper and other criminal transactions, all of which will be presented to the grand jury. In the Jenkins deTrust Company the attorney general the clares the records show overloans to president. John G. Jenkins, jr., aggregating $557,000. The applications for receivers were made to Justice Betts of the supreme court at Kingston, N. Y., and were based affidavits of Clark Williams, superintendent upon of banking The court appointed the following temporary receivers: Williamsburg Trust Company, Frank L. of Buffalo: bond, $300,000. Hamilton Bapst Frank White of New York; bond, Bank. $200,000. Borough Bank of Brooklyn, Isaac Henry A. Powe11 of Brooklyn and bond, Cox of Ellenville, Ulster county: N. each Jenkins Trust Company. $200,$100,000 John Mulhall of New York: bond, Brooklyn Bank, Bruyn Hasbrouck Interna000. New Platz; bond, $130,000. of of tional Trust Company. Goodwin Brown Yonkers; bond, $100,000 of the Bapst Some is managing Men. director of the He Mr. American Bank of Buffalo. affairs German charge of winding up the White of had Pan-American exposition. Mr. under the first deputy attorney general attorney was Jackson. Mr. Powell is an Mr. Cox Mr. residing in Brooklyn. at-law former member of Congress, and Bank is is a president of the First National estate now Mr. Mulhall is a real of with offices in New dealer. is a merchant and was Ellenville. Mr. brick Brown York. manu- Mr. Hasbrouck Paltz. and facturer at New under Gov. Cleveland, pardon clerk was appointed on-the served state for lunacy subsequently commission, where he fifteen years. on October 25 and 26 that depart- SuperIt was Williams of the banking general intendent reported to the attorney Wilment he had taken possession of Hamilton the that Trust Company. the Jenkins Hamsburg the Borough Bank, the International Bank, and the unsafe and that it was to for those and Trust Trust inexpedient Company Company institutions attorney doing business. Both the Williams continue and Superintenden officers general to co-operate with the in an sought directors of the closed banks and put them on their feet again. Thursday Superintendent the the attorney general effort informed Again to to that Williams mentioned were unable secure banks additional capital and that of be placed in the the they necessary should delay. hands receivers without further Mr. Statement Jackson said From today Brooklyn. that he will still to co-operate in the banks now to rehabilitate continue all in efforts inves- the hands of temporary receivers. The tigation thus far has been confined to the Borough Bank of Brooklyn and the Jenkins Trust Company. Attorneys for the Brooklyn bank which issued a statement this afternoon, in they declared that the Brooklyn bank and the International Trust Company the have assets $800,000 in excess of amount owed depositors: that they exI pect soon to complete arrangements with depositors to accept certificates of deposit that in part payment of their claims, and they hope to avert a permanent receivership. Idaho Bank Suspends. POINT. Idaho, November 16.The State Bank, payment $15,000. SAND Traders' suspended capitalized temporarily at Inability to realize on secured loans is given as of The bank of yesterday. suspension. deposits the amount $60,000 cause have to $125,000. all of which the officials pledged themselves to make good. Run on Buffalo Bank. Special Dispatch to The Star. N. Y., November run BUFFALO, 16.-A yesterday that started in a small way assumed fairly large proporthis and is now tions afternoon morning in The progress bank on the Buffalo Savings Bank. of $2,658,317. It is one the and strongest the The run was started by decity. has a biggest surplus of banks Polish in positors.

13. November 18, 1907 The Bennington Evening Banner Bennington, VT

Article from The Bennington Evening Banner, November 18, 1907

Click image to open full size in new tab

Article Text

Receivers For Six New York Banks. KINGSTON, N. Y., Nov. 18.-Temporary receivers were appointed for six New York city banks and trust companies which recently suspended payment. They include the Hamilton, Brooklyn and Borough banks and the Williamsburg, Jenkins and International Trust companies. Application for the receivers was made by William F. Mackey for Attorney General Jackson.

14. December 1, 1907 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, December 1, 1907

Click image to open full size in new tab

Article Text

TRUST COMPANY FRAUD CERTAIN Attorney General Jackson of New York Makes Public Report of Temporary Receivers WORK FOR THE GRAND JURY WILLIAM GOW THE CENTER OF ATTACK. New York, Nov. 30.-Attorney General Jackson made public today the report of the temporary receivers of the Williamsburg Trust company of Brooklyn, and the International Trust company of New York, both of which recently suspended. The matter will be taken before the grand jury of Kings county. The president of the Williamsburg Trust company was Frank Jenkins, who with his brothers, John G. Jenkins, jr., and Fred J. Jenkins, held a controlling interest in the Jenkins Trust company, now suspended. The International Trust company was closely allied with the Borough bank of Brooklyn, the late Howard Maxwell, who

15. December 11, 1907 Bluefield Evening Leader Bluefield, WV

Article from Bluefield Evening Leader, December 11, 1907

Click image to open full size in new tab

Article Text

TO BEGIN BANK HEARINGS / New York, Dec. 11.-Arguments on the orders to show cause why the temporary receiverships of six banking institutions of New York city, which succumbed during the recent panic, should not be made permanent, will be heard before Supreme Court Justice Betts. at Kingston, begining tomorrow. The cases of the International Trust company, the Borough Bank of Brooklyn and the Brooklyn Bank will be heard tomorrow. The Hamilton bank case will be considered on Friday and the affairs of the Williamsburg Trust company and the Jenkins Trust company will be investigated on Saturday On the latter date, the motion to appoint permanent receivers for the Knickerbrocker Trust company will also come up for hearing before Supreme Court Justice Clark. Edward M. Sheppard will represent the depositors of the Borough bank at the hearing and will urge that the institution is solvent and should be allowed to reopen. The plan announced by the depositors for a reorganization is to pay 10 per cent in cash, 15 per cent in four months, 20 per cent in eight months 25 per cent in twelve months and 30 per cent in sixteen months. It is alleged by representatives of the state that the bank is hopelessly Insolvent and that its funde have been managed in a criminal manner. The examination made by 'he receivers showed that, out of *3 3.186 863, bills discounted made hem feel obliged to deduct on acount of paper regarded as forged Actitious or of doubtful value, $1.382 842; that the realized value of the total amount is $1,804,021 of the $482,596 of loans made on demand, $78 584 had been deducte on account of worthless paper, such as collateral held in gold and silver mining stock, oil paintings, etc.; of the sums due from banks. given as $188,003. $158,104 had been deducted on account of offsets and recelverships; of the $148,000 credited to stocks and bonds, but one bond

16. December 12, 1907 The Fairmont West Virginian Fairmont, WV

Article from The Fairmont West Virginian, December 12, 1907

Click image to open full size in new tab

Article Text

IN NEW YORK Cause of Panic To Be Sought NEW YORK, Dec. 11.-Arguments on the orders to show cause, why the temporary receiverships of six bankinb institutions of New York City, which succumbed during the recent panic, should not be made permanent, will be heard before Supreme Court Justice Botts at Kingston, beginning to-morrow. The cases of the International Trust Company, the Borough Bank of Brooklyn and the Brooklyn bank will be heard to-morrow. The Hamilton bank case will be considered on Friday, and the affairs of the Willlamsburg Trust Company and the Jenkins Trust Company will be Investigated on Saturday. On the latter date, the motion to appoint permanent receivers for the Knickerbocker Trust Company will also come up for hearing before Supreme Court Justice Clark. Edward M. Shepard will represent the depositors of the Borough bank at the hearing and will urge that the Institution is solvent and should be be allowed to re-open. The plan announced by the depositors for a re-organization Is to pay 10 per cent. in cash, 15 per cent. in four months, 20 per cent. in eight months, 25 per cent. in twelve months and 30 per cent. in sixteen months. It is allleged by representatives of the State that the bank is hopelessly Insolvent and that Its funds have been managed in a criminal manner. The examination made by the receivers showed that, out of $3,186,863. bills discounted. more then feel obliged to deduct on account of paper regarded as forged, fictitious or of doubtful value. $1,382,842; that the realized value of the total amount is $1,804,021; of the $482,596 of loans made on demand, $78,584 had been deducted on account of worthless paper, such as collateral t held in gold and silver mining stock, e oil paintings, etc.; of the sums due I PO from banks, given as $188,003. $158,I 104 had been deducted on account of offsets and receiverships; of the $148,M 000 credited to stocks and bonds, but I one bond of $1,000 was on file with the State banking department. It is al1 leged by the receivers that the total 1 deficiency of the bank is $1,500,000. Ex-Judge Alton B. Parker is chief counsel for the Hamilton bank, and will urge that that institution was forced to suspend business only because the bank through which it cleared could no longer serve in that capacity. Judge Parker declares that the 18,000 depositors are anxious for the bank to re-open its doors, and that he is prepared to show that there was nothing of a fraudulent nature con-nected with the management of this bank. The attorney general's office will make a hard fight aaginst the accepte ance of the plan of re-organization sug1 gested by the Williamsburg and Jenkins Trust Companies. In regard to the Williamsburg institution, Deputy Attorney General Mackey alleges that it had "loans credited to clerks and t roustabouts on security of a cat-andt dog nature," and that "the directors and their friends grabbed their money just before the bank closed." One of

17. December 12, 1907 The Brunswick News Brunswick, GA

Article from The Brunswick News, December 12, 1907

Click image to open full size in new tab

Article Text

BANK HEARINGS TO BEGIN TODAY ARGUMENTS TO DE MADE RELA TIVE TO NAMING RECEIVERS PERMANENT / New York, Dec. Arguments on the orders to show cause why the temporary receiverships of six bank ing Institutions of New York City, which succumbed during the recent panie, should not be made permanent will be heard before Supreme Court Justice Betts, at Kingston, beginning tomorrow, The cases of the International Trub Company, the Box ough Bank C Broolyn and the Brook lyn Bank will be heard tomorrow. The Hamilton Bank case will be considered on Friday, and the affairs of the Williamsburg Trust Company and the Jenkins Trust Company will be investigated on Saturday. On the latter date. the motion to appoint permanent receivers for the Knickerbocker Trust Company will also come up for hearing before the supreme court Justice Clark. Edward M. Shepard will represent the depositors of the Borough Bank at the hearing and will urge that the institution is solvent and should be allowe to be reopen. The plan announced by the depositrs for a reorganization is to pay 10 per cent in cash. 15 per cent in four months, 20 per cent in eight months, 25 per cent in twelve months and 30 in sixteen months.

18. December 12, 1907 The Fairmont West Virginian Fairmont, WV

Click image to open full size in new tab

Article Text

IN NEW YORK Cause of Panic To Be Sought NEW YORK, Dec. 11.-Arguments on the orders to show cause why the temporary receiverships of six bank. inb institutions of New York City, which succumbed during the recent panic, should not be made permanent, will be heard before Supreme Court Justice Botts at Kingston, beginning to-morrow. The cases of the International Trust Company, the Borough Bank of Brooklyn and the Brooklyn bank will be heard to-morrow. The Hamilton bank case will be considered on Friday, and the affairs of the WilTiamsburg Trust Company and the Jenkins Trust Company will be investigated on Saturday. On the latter date, the motion to appoint permanent recelvers for the Knickerbocker Trust Company will also come up for hearing before Supreme Court Justice Clark. Edward M. Shepard will represent the depositors of the Borough bank at the hearing and will urge that the Institution Is solvent and should be be allowed to re-open. The plan announced by the depositors for a re-organization is to pay 10 per cent. In cash, 15 per cent. in four months, 20 per cent. in eight months, 25 per cent. in twelve months and 30 per cent. in sixteen months. It Is allleged by representatives of the State that the bank is hopelessly Insolvent and that its funds have been managed in a criminal manner. The examination made by the receivers showed that, out of $3,186,863, bills discounted. more then feel obliged to deduct on account of paper regarded as forgeil, fictitious or of doubtful value, $1,382,842: that the realized value of the total amount is $1,804,021; of the $482,596 of loans made on demand, $78,584 had been deducted on account of worthless paper, such as collateral held in gold and silver mining stock, oil paintings, etc.; of the sums due from banks, given as $188,003. $158,104 had been deducted on account of offsets and receiverships; of the $148,000 credited to stocks and bonds, but one bond of $1,000 was on file with the State banking department. It is aldeged by the receivers that the total deficiency of the bank is $1,500,000. Ex-Judge Alton B. Parker is chief (counsel for the Hamilton bank. and will urge that that institution was forced to suspend business only because the bank through which It cleared could no longer serve In that capacity. Judge Parker declares that the 18,000 depositors are anxious for the bank to re-open its doors. and that 'he is prepared to show that there was nothing of a fraudulent nature connected with the management of this bank. The attorney general's office will make a hard fight aaginst the acceptance of the plan of re-organization sug-

19. December 13, 1907 Evening Star Washington, DC

Article from Evening Star, December 13, 1907

Click image to open full size in new tab

Article Text

J CKSON'S PLAINT TO JEROME. Crimes in Two Banks and Insurance Company. NEW YORK. December 13.-Attorney General Jackson sent to District Attorney Jerome yesterday three communications in which he announced that the investigations into the condition of the Hamilton Bank. the International Trust Company and the Excelsior Fire Insurance Company showed violations of the penal code. He suggested the necessity for action on the part of the district attorney. He incloses the report of Frank White, temporary receiver of the Hamilton Bank, and savs that it "sets forth certain overdrafts made by William R. Montgomery, the vice president and a director of said bank at the time thereof. Said transactions appear to constitute a violation of the penal code." Of the Excelsior Fire Insurance Company he says: "Your attention is called to the fact that by papers, proceedings and documents now on file in the office of the superintendent of insurance of this state the crime of perjury and perhaps other criminal offenses appear to have been committed in the organization of the Excelsior Fire Insurance Company of New York and that some at least of these offenses were committed within the county of New York in or about the month of August last." Of the International Trust Company Attorney General Jackson wrote: "There is in the possession of the state banking department and of Mr. Goodwin Brown, the temporary receiver. evidence which in my judgment should be submitted to the grand jury of this county, indicating, as it does. acts of a criminal nature on the part of an officer or officers of the said company in connection with its organization and management." It is understood that now that complaint has been made to him the district attorney will start the usual inquiry. It is not his intention to take these cases before the special January grand jury unless the evidence is in shape.

20. March 4, 1908 New-York Tribune New York, NY

Article from New-York Tribune, March 4, 1908

Click image to open full size in new tab

Article Text

REFERS TO FORMER INDICTMENTS Mr. Jackson continued his attack upon Mr. Menken by saying that the depositors of the Oriental should not forget "that this is the same Menken who protested so loudly when I applied for receivers for the Brooklyn Bank and the International Trust Company. His protests then were followed by indictments." He said he saw no reason why this should be an exception. and he deemed it his duty to proceed upon the assumption that the affairs of the Oriental should be the subject of careful grand jury investigation. In ending his criticism of Mr. Menken, Mr. Jackson said: "I am informed that this man Menken has been haranguing public meetings of depositors and insinuating bad faith on my part, although privately he has been sending to me expressions of his great admiration and regard." The $200,000 bonus for the Metropolitan Trust Company was to be paid as follows: $50,000 down and $150,000 in three payments of $50,000 each at the expiration respectively of six, twelve and eighteen months thereafter. The ninth clause of the agreement provides "that as most of the assets of the bank are notes and bills receivable, some of which it may be necessary to renew from time to time, the trust company may, by and with the consent of the liquidating committee, renew or accept payment on account of any bill, draft or note held by the bank, or