Manhattan Trust Company

Bank Information

Episode Type: Run Only
Bank Type: trust company
Start Date: September 19, 1873
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 2816d0a8

Response Measures

Accommodated withdrawals

Description

Newspapers report heavy withdrawals and the Manhattan Trust Company remaining open later than usual and paying out; no suspension or closure mentioned. The run appears driven by the broader Wall Street panic following Jay Cooke & Co. and stock declines (macro/systemic news).

Events (1)

1. September 19, 1873 Run

Cause: Macro News
Cause Details: Withdrawals occurred in the context of the Wall Street panic and failures (Jay Cooke & Co., stock declines) causing heavy public demand for cash.
Measures: Stayed open later than usual and paid out until 4 o'clock; kept extra teller service to certify checks.
Newspaper Excerpt: Union NEW paid out until 4 Manhattan Trust Company later than usual. The one hour open till the same hour to certify Bank the Union was Trust bank Company's officers are checks.
Source: newspapers

Newspaper Articles (1)

1. September 20, 1873 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, September 20, 1873

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Article Text

TERMS OF ADVERTISING: CASH-INVARIABLY IN ADVANCE. One square, one insertion One square, two insertions. One square, three insertions square, six insertions. Que One square, twelve insertions 10.00 One square, one month 15 00 One square, two months 25 00 One square, three months movement now making to get the the Secre- relief the the Treasury to come to will be tary of millions should fail there with ten suspension of banks and others. a A general meeting of bank presidents is now being held The at police the clearing-house. prevent any person but memto enter the Stock Exchange. the bers Randolph & Co., bankers William of E. D. Central railroad, and suspenPennsylvania H. Connor have announced their io ). Clearing-Hou has*appointed forming a com- a The of five for the purpose of mittee relieve the present difficulties. plan to P. M.-A better feeling prevails. has 2 o' Union Telegraph stock Western 72. The run on the vanced Clock to There Union is more Trust ad- or Company is around subsiding. every paying-teller's desk. has less crowd B. Alley, whose suspension known in George been announced, is widely with fast horses. He his suspension is connection already ter. He says caused raised Vander- by Dex- the decline in stocks, especially and general bilt stocks. His liabilities are not large, be Greenleaf, expects to Norris resume soon. & Co. is an old and wealthy stock Calhoun. firm. of the Fourth Na. to fear tional President Bink, says We have NO reason anything." Tappan, of the Gallatia bank- NaPresident Bank, says he believes the better storm. tional institutions will weather the ing Carlton, of the Union Trust solSecretary says the company is perfectly It is reported Company, will meet all demands. $700,000 on vent and that the company had deposit Fahnestock, last night. of Jay Cooke & Co., the firm said Mr. this afternoon that in an all liabilities. interview to pay Mr. the Garland, London hoped of the firm, said another have a large surplus house of all debts, unless payment will member there securities. is after a great the the in the value of their is that shrinking rumor on the street to-morGovernment The latest will come to the rescue buying $5,000,000 bonds. all row by grain and provision markets are State The by the Wall-street panic. bank share# unsettled railroad bonds and city while the and been practically neglected, continued on an have in railroad stocks the princidealings scale. This afternoon Mail, enormous transactions have been in Union. Pacific Rock pal Hudson. Western Central and Wabash, St. Paul, Northwestern, Island, and Erie. Outside purchasers on the Lake Shore, numbers market for this the market aided continue declining in straightening in considerable investments, which after- is noon. Treasurer Hillhouse says to avert it Assistant of the national banks undoubtedly further in the power disaster, and they will do so. M. The Evening Post offer is informed to buy 3:15 P. Richardson will ive-twenties to that Secretary ten millions of banks from five to This will throw into the The morrow. legal-tender balance in the notes Treasury for a large With is currency. nearly the panic all com- thus checked, a posed of legal-tenders. calm with low rates for money will soon follow. folJacob Little & Co. have failed. 19.-The PHILADELPHIA, September are announced: H. H. lowing suspensions Bayard, J. H. Yerkes. except John Lloyd, Douglass, Gilbough & Co. Alla small Gilbough. September 19.-Jay Cooke, paid over Me LONDON, Co., of this city, have the their counter Culloch & all day notwithstanding run the house. on YORK, September 19.-The o'clock-- Union NEW paid out until 4 Manhattan Trust Company later than usual. The one hour open till the same hour to certify Bank the Union was Trust bank Company's officers are checks. of the opiuion ExProminent the worst of the crash is the over. Stock that The volume is largely of business over that in much of greater. yesterday, change fluctuations were followed while the announcements of failures exciteA8 the in quick succession the blocks of other and heavy ment thrown overboard stocks of the prices they each became were wilder, brought. apparently the situaregardless Express to-night sums up on the The The day closes with whole things tion as follows fewer killed and wounded considered. than might No trust be company expected, has all All suspended the great ; no railway bank a corporations has refused payment. are apparently as firm as rock." following firms have suspended Whitte- in adThe those already reported: Seaver & Co. , dition to Anderson and Smith, Secremore WASHINGTON, & September 19.-The hour to-night Treasury at a late at tary of the the Assistant Treasurer bonds on telegraphed New York to to purchase ten millions of Saturday. September 19.-The and feeling that PHILADELPHIA, the worst has passed, for here is that will witness a decided change that to-morrow It is authoritatively disturbed. stated the better. State or city funds are was waited neither Grant is in town, and influential upon General to-day by prominent and gentlemen. 10 Weather Probabilities.