16386. Nineteenth Ward Bank (New York, NY)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
January 9, 1911
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
55160e3a

Response Measures

Accommodated withdrawals, Public signal of financial health, Capital injected

Description

Multiple papers report small runs / long lines at the Nineteenth Ward Bank on Jan 9, 1911 after the Carnegie Trust Company collapse and Robin scandal. J. P. Morgan and other financiers guaranteed support, cash was brought and displayed, and all presented checks were paid; the bank did not suspend and remained open.

Events (1)
1. January 9, 1911 Run
Cause
Local Banks
Cause Details
Runs were triggered by the collapse/closing of the Carnegie Trust Company and the Joseph Robin exposures, which undermined confidence in affiliated institutions.
Measures
J. P. Morgan & Co. and other big bankers guaranteed solvency; large amounts of cash were sent (displayed in the bank) and all presented checks were promptly paid.
Newspaper Excerpt
There was some excitement in the savings department of the Nineteenth Ward Bank, 57th street and Third avenue and at its branches ... where several hundred people were in line.
Source
newspapers

Newspaper Articles (15)
1. January 9, 1911 Santa Fe New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe New Mexican, January 9, 1911

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RUN ON HARLEM BANK Depositors Were Soon Reassured and Left Their Deposits FINANCIAL CONFERENCE HELZ It Has Re-Established Stability and Confidence In Money Center. New York, Jan. 9.-The financial horizon is decidedly cleared today as the result of conferences held last night to provide against any unsettling of the stability of the financial organizations allied with the Carnsgie Trust Company. One thing appeared to be plain, that the trouble of the Carnegie Company and its allies was an isolated condition and not indicative of any wídespread trouble in the financial world. There was a slight run on the Twelfth Ward Bank in Harlem this morning, but the depositors soon were reassured and many went away without withdrawing their deposits. Morgan Will Help Banks. New York, Jan. 9.-There was some excitement in the savings department of the Nineteenth Ward Bank, 57th street and Third avenue and at its branches on 86th and 72d streets where several hundred people were in line. No disorder occurred however. J. P. Morgan has agreed to give whatever financial assistance is necessary to the Nineteenth Ward and Twelfth Ward banks.

2. January 9, 1911 Perth Amboy Evening News Perth Amboy, NJ
Article from Perth Amboy Evening News, January 9, 1911

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MORGAN HELPS SAVE THE BANK Financiers Take Over Three Institutions. New York, Jan. 9.-After forty-eight hours of conference between representatives of all the big banking houses and the clearing house It was announced that J. P. Morgan & Co. have guaranteed the solvency of the Twelfth Ward bank and the Nineteenth Ward bank, that the Equitable Trust company has bought the Madison Trust company and that these three institutions have been shorn of their Carnegie Trust company connections. The announcement was made by formal statements. They make it clear that whatever danger had been cast on the three banks by the failure of the Carnegie Trust company had been removed. Work For Grand Jury, Perhaps. The Carnegie Trust company, which was closed Saturday by the state banking department, is now beyond hope of salvation. With respectable securities to offer it could have had on the very night before the superintendent of banking descended upon it at least $1,000,000, but these securities were not forthcoming. The deposits in the company had shrunk from $18,500,000 at the time of the company's greatest prosperity in 1909 to hardly more than $1,500,000 in individual deposits subject to check at the time of the failure. To meet this steady drain the company was forced to sacrifice what reliable securities it possessed. The banking department has called in District Attorney Whitman to look into the history of the concern and determine whether or not there was any criminal liability in its management. The district attorney is silent as to what steps he is taking in the matter. It is known, however, that he worked overnight on the trust company matter late into the morning and that he held many consultations about it at his home at the Hotel Iroquois. The outcome of this labor may very well be a matter for the consideration of the grand jury. Nearly Falled In 1907. It has developed that the company nearly went under in the panic days of 1907. The general impression that the influence of Andrew Carnegie was behind the company and the fact that the name of Leslie Shaw, who 80 recently had been secretary of the treasury, was with the concern were two things that saved the trust company at that time. Of course the big steel man asíde from his friendship for Charles M Schwab had no interest In the company. More than that, he was extremely adverse to the use of his name.

3. January 9, 1911 Evening Journal Wilmington, DE
Article from Evening Journal, January 9, 1911

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WILL GUARD AGAINST PANIC New York Bankers Will Meet All Demands That May be Made on Them FOLLOWING FAILURE OF CARNEGIE INSTITUTION By United Press Leased Special Wire. NEW YORK, Jan. 9.-That the allied banking institutions of the country are prepared to prevent any disturbance of present conditions was made plain today, by the presence in the clearing house of a number of the leading captains of finance. They were on hand to take care of any runs that might develop in any New York city bank, and had available almost unlimited cash to meet demands. Through the night officials of the big banks were on duty and when the business day opened, there was an exhibition of immediate resources in every institution which might have unusual demands made upon it, such as has not been displayed since the gloomy days of 1907. "There is nothing the matter with 1" the business world and the public must be made to understand it at e once," is the word that came from J. P. Morgan and the command 01 n the "king" was literally obeyed. Over night, Morgan had clarified the t situation. By his order the Madison Trust Company, formerly the Van y Norden Trust Company was taken t over by the Equitable Trust Company. This is a $35,000,000 concern, backed e n by the Equitable Insurance Company of which Morgan is now controlling owner. y Morgan also personally assumed r responsibility for all of the obligations of the Nineteenth Ward and the p 3Twelfth Ward banks and their o branches and it was by his direction e that securities held by these two concerns which were not of a sort which e could be sold readily on the open rt market were replaced by actual cash. if Morgan and Company, Kuhn, Loeb is & Co ; the Guggenheims; Standard to Oil: Henry Phipps; Halgarten & Co., er and every big bank allied with the h. New York Clearing House stand tohe gether. he Do Protect All Banks. es The string over southern and westhe ern banks affected through the closin ing on Saturday of the Carnegie eTrust Company are also to be taken sh care of so that there will be no finanad cial disturbance in those sections. All yof their outstanding drafts will be en cashed by a coterie of banks here he while their paper will be discounted gh .0 provide them with such cash as hey may need pending the clearing ill ip of the Carnegie Trust's affairs. re At 9.30 this morning a line of about st one hundred persons had formed outze ide of the Ninetenth Ward bank. d Many of them were women and all were there to draw out the money dthey had on deposit. It was said ly that all checks presented would be in promptly paid. ny

4. January 9, 1911 Newark Evening Star and Newark Advertiser Newark, NJ
Article from Newark Evening Star and Newark Advertiser, January 9, 1911

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MORGAN MILLIONS SAVE TWO BANKS FROM SURE RUIN Depositors in New York Institutions, Reassured by Solvency Guarantee, Make No Run. FILE CHARGES AGAINST CHAMBERLAIN HYDE New York City Officials Find City's Guarantee Filed Away in Private Safe. NEW YORK, Jan. 9.-Announcement that following two days' conferences J. Pierpont Morgan had pledged his millions to insure the solvency of the Twelfth and Nineteenth Ward banks and that the Equitable Trust Company had taken over the Madison Trust ComDany to defend the three menaced institutions from any stress due to the closing of the Robin banks and the Carnegie Trust Company, so quieted nervous depositors of the institution that there was not the slightest semblance of a run when the banks opened today. In addition the funds of nearly every great bank in New York city, the milMons of such great financiers and financial institutions as Kuhn, Loeb & Co., the Guggenheims, Henry Phipps, Halgarten & Co., and practically every big bank in the New York Clearing House Association, whose resources run into billions, were pledged to supply the funds necessary to ward off any run that might be started today. This transforms the institutions named from ordinary healthy banks into the most powerful, for the time being, in the world. At the Twelfth Ward Bank, having headquarters in Harlem, there was a group of perhaps fifty people in line early in the day. Some nervousness was manifested by some of the depositors, particularly foreigners who had not been appraised of the events of over-night, but banking officials took steps to allay this feeling. Many went away without carrying out their intention to withdraw funds. Assan indication of the general feelinvinancial quarters prices on the stock exchange showed fractional gains in amajority of stocks and the market was moderately active. Some of the leading stocks showed advances. A similar sentiment was shown from other financial centres. There was some excitement at the savings department of the Nineteenth 1 Ward Bank at Fifty-seventh street and Third avenue, where there were about 200 people in line when the bank 1 opened, and at the branch on East I Eighty-sixth street, where 400 depositore were in line. At the Seventy-second street branch there were about 100 o people in Line. The business departments of the main bank and the branches were a little to more active than usual on Monday 1 morning. the business people having accounts there being more confident than the patrons of the savings department. No Disorder at Banks. There was not the slightest disorder, however, at any of the branches. Inside the Eighty-sixth street branch the officers were on hand early and ( there was a large amount of cash in sight with which to pay off the timid depositors. This had a good effect, and many who had waited in line for some time, when they got inside the building went away without drawing out their savings. f Frank French, president of the Twelfth Ward Bank, was on hand early I and remained in the lobby of the institution interviewing those of the depositors who seemed nervous. Many a went away satisfied after Mr. French t had explained that the institution had assurance of all the financial aid h necessary by the powerful financial in d terests of the city. Among the depositors at the bank there were many prominent business men who came to make large deposits. There were also several other smaller sums deposited by people in the neighborhood. The conference of bankers at the home of Paul D. Cravath did not conclude until early this morning, and while it was in progress almost constant telephone communication was maintained with J. P. Morgan. a Five directors of the three banks ref tired, following the conference. Certain assets of the Nineteenth I Ward and Twelfth Ward banks have, 0 by direction of Banking Superintendent ( Cheney, been replaced by money, and J. P. Morgan agreed to give whatever a Anancial assistance was necessary. Action by Superintendent Cheney, J. P. Morgan and associate bankers has brought added stability to the banking situation, it was generally agreed today

5. January 9, 1911 The Barre Daily Times Barre, VT
Article from The Barre Daily Times, January 9, 1911

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To Allay Fears of Nineteenth Ward Bank Depositors A SMALL RUN ON TO-DAY Big Morgan Financiers Are Coming to the Aid of the Weaker Banks in New York, to Prevent the Crippling of Them. New York, Jan. 9.-The Nineteenth Ward bank. which formerly had close affiliation with the Carnegie Trust company, whose doors were closed Saturday by State Superintendent of Banks Cheney, was re-opened this morning when a taxicab landed a load of cash. Three men carried in a bag tin box the bills and gold which was sent from the Fifth Avenue bank. This was done in fall view of three hundred depositors who were lined up waiting to withdraw their savings. The cash was then displayed along the counters of the bank and many, reassured by the sight, departed without cashing their checks. All those who did present their checks were paid quickly. President Martin of the bank stated to-day that the bank "will pay all depositors wanting their money." He added: "The present run is of slight consequence. These withdrawers are of accounts. The run will probably not last the day out." The support of several small banks by big institutions is the result of the decision by the Morgan big financiers last night. Several big bankers were present in the clearinghouse this morning to aid any bank which needed support.

6. January 10, 1911 The Evening World New York, NY
Article from The Evening World, January 10, 1911

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Didn't Risk a Cent and His Equitable Trust Absorbs Madison Institution. GOLD IS UNTOUCHED. Big Packages Sent to Avert Run Are Not Even Opened. In saving the Madison Trust Comany, the Nineteenth Ward Bank and be Twelfth Ward Bank from going the wall by the mere lending of his name to these institutions Mr. Morgan has added about $20,000,000 to the ten billions of dollars he already has under his control, and at the same time obtained possession virtually of the Madison Trust Company. It was learned to-day that the house of Morgan did not put up so much as a cent, because after the publication yesterday that Morgan had come to the rescue of the banks and trust company the Institutions threatened were able to meet the demands made on them from their own resources. Although money was sent to all the banks to be on hand in case it was needed, the big packages of gold and currency were not even opened. Bound to Avert Panic. Business men. and the public generally interpreted Morgan's intervention to mean that powerful financial interests had determined there should be no repetition of the monetary panic of 1907, and that any bank which might be in trouble would be supported. That, practically, is the situation, it is said, and although stockholders may have to pay dearly, the depositors will be protected. In addition to being willing to drive a good bargain the Morgan interests, it is asserted, do not desire any finanetal disturbance at this time, causing, as it would, the securities held by the various banks to be thrown on the stock market and reducing the prices there they have been so anxious to maintain. The Carnegie Trust Company synd:cate paid $315 a share for the Van Norden holdings in the Madison Trust Company. Mr. Morgan has agreed to take them over, it is understood at book. or liquidation value, which it is estimated will be about $184 a share. Got a Bargain Rate. According to Wall street information, the Mndison Trust Company was virtually forced into the Morgan arms. It was said that the Morgan interests for a long time had been determined to eliminate the Carnegie Trust Company and obtain control of the Madison, the majority of the stock of which was held by,a syndicate of Carnegie directors. In support of this a remark said to have been made by Joseph T. Howell. President of the Carnegie Company, was quoted. According to this Mr. Howell had said that the sudden closing of his company by the State Banking Department had been an outrage. Whether or not Mr. Howell made this remark, the sentiment attributed 10 him was held by many of his directors. "The company is absolutely solvent and will pay dollar for dollar," said former Judge Keener, one of its directors. Forced to Go to Morgan? "How, then, do you explain the action of the State Banking Department: he was asked. "That is for them say," he replied, with a shrug. To continue the Wall street story the Nineteenth and Twelfth Ward banks were forced by the State Banking Department to go to the Morgans for aid. The Nineteeuth Ward, it was said, had about 35 per cent. of its deposits in actual cash, and about $1,500,000 in commercial paper 50 good that it could have been sold anywhere. The State Banking Department, it was asserted. declined to give the management time to sell this and informed the bank that it would take possession on Monday morning if the institution had not by that time obtained the support of strong banking

7. January 10, 1911 The Ocala Evening Star Ocala, FL
Article from The Ocala Evening Star, January 10, 1911

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PREVENTED FINANCIAL PANIC Runs on New York Banks Headed Off by Morgan and His Financial Associates New York. Jan. 10.-Runs were made on three banks in New York yesterday as an aftermath of the skyrocket financial methods of Joseph Robin but the prompt payment of depositors of the Twelfth Ward and Nineteenth Ward banks and the Madison Trust Company averted any sign of a panic. All of the banks were supported by J Pierpont Morgan and his financial associates. As soon as this became known the runs ended and nearly all redeposited their money.

8. January 10, 1911 The Pensacola Journal Pensacola, FL
Article from The Pensacola Journal, January 10, 1911

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By Associated Press. New York, Jan. 9.-Aside from work of reorganization of the affected institutions, which will necessarily extend ever the week, the New york banking situation is normal. Timid depositors are reassured and the stock market optimistic, while Joseph Robin, who the caused the flurry, is still in Tombs. With powerful interests behind the Twelfth and Nineteenth ward the banks, with the absorption of Madison Trust Company by the Equitable Trust Company, these institutions, whose integrity was questioned because of their affiliations with the Carneigie Trust Company, weathered the day with such aggressiveness that there were no runs, and almost normal deposits. Dr. Loiuse Robinovitch, sister of Robin, entered the Tombs today, being indicted for perjury, and was remanded in default of three thousand dollars bail. She had sworn that she and her brother Edward were the only heirs at law of Joseph. When she made an effort to have him committed to an asylum an investigation disclosed an aged couple who prosecution contends are the parents. The indictment.is based on this discovery. Dr. Robino vitch denies her guilt. CONFERENCE OF BANKERS. The conference of bankers at the home of Paul D. Cravath did not conclude until early this morning and while it was in progres almost constant communication was maintained with J. P. Morgan. Five directors of three banks retired following the conference. Certain assets of the Nineteenth and Twelfth ward banks have, by direction of Superintendent Cheney, been replaced by money and J. P. Morgan agreed to give whatever financial assistance was necessary. Little excitement was manifested those wishing to withdraw their by deposits from the trust company's branches and allied banks. The line at the Twelfth ward bank included only about fifty persons, a majority of them foreigners and many of these went away when told of the developments over night. There was some excitement at the savings bank department of the Ninth ward bank at 57th street at Third avenue, where there were about two hundred persons in line, when the bank opened and atthe branch on East Eighty-sixth street, where four hundred depositors were in line. At the Seventy-second street branch there in were about one hundred people line. There was not the slightest disorder, however, at any of the branches. At the main bank was quiet, depositors there dispalying consideably more confidence than those of the savings departments. As an indication of the general feeling in financial quarters, prices on the stock exchange showed fractional gains in a majority of stocks, and the market was moderately active. Some of the leading stocks showed advances. A similar statement was shown from other financial institutions. The guarantee signed by the Carnegie Trust Company directors for the $650,000 which the city had on deposit with that institution was found today in the private safe of City Chamberlain Hyde. Mr. Hyde has been absent from the city for several weeks and the subpoena servers of the legislative investigating committee could not locate him. Charges against Chamberlain Hyde and a request for his removal from office were filed today with Mayor Gaynor by a citizen.

9. January 10, 1911 The Cairo Bulletin Cairo, IL
Article from The Cairo Bulletin, January 10, 1911

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SITUATION IS AGAIN NORMAL GOOD WORK ACCOMPLISHED IN BANKING SITUATION IN NEW YORK CITY. DEPOSITORS REASSURED Stock Market is Optimistic, and Joseph G. Robin, the Indicted Banker, Remains in the Tombs Prison. New York, Jan. 9.-Aside from progressive work of reorganization and reconstruction in affected institu tions, which will necessary extend over the first few weeks of the new year, the banking situation is normal tonight. Timid depositors are reassured, the stock market is optimistic and Joseph G. Robin, whose operations caused the flurry, remains in the Tombs. With powerful interests behind the Tweltf Ward Bank and the Nineteen th Ward Bank and with the absorp ilon of the Madison Trust Company by the Equity Trust Company, two institutions whose integrity had been questioned because of alleged affiliations with the Caruegle Trust Company, closed as the result of Robin's operations, weathered today, not only successfully, but with suggestiveness that there were no runs and almost normal deposits. Last night's consultation between financiers had laid a strong ground work which proved adequate to avert any serious complications. Another member of the Robin family entered the Tomos today. Dr. Louise Robinovitch, sister of Robin was indicted for perjury and remanded in default of $3,000 bail. She had sworn in an effort to have Robin conmitted to an asylum and his estate taken over by a committee, that she and her brother, Edward, known as Edward Robinson, were his only heirs at law. But Investigation dis closed an aged couple which the prosecution contends are the parents of Robin On this discovery the indictment is based. After Dr. Robinovitch has been indicted she was arraigned in the court of general sessions where she entered a plea of not guilty. Chas. Hyde, the city chamberlain, who was sought as a witness by the legislative graft committee and who is now sought by the city off!cials to look after the city's interests in view of funds deposited in some of the banks involved in the trouble, was still missing tonight. Controller Pendergast sent a spec ial message to the mayor today ask ing for a meeting of the banking commission to consider the matter. In the course of the day Andrew Carnegie issued a statement denying any connection with the Carnegie Trust Company, and reissuing a letter published in 1906 objecting to the use of his name.

10. January 10, 1911 New-York Tribune New York, NY
Article from New-York Tribune, January 10, 1911

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by the passage of the control of the Madison Trust Company and the Nineteenth and Twelfth Ward banks to the Morgan interests. Without that aid it was believed that the three institutions would have been unable to withstand the run on them yesterday and probably would have been forced to suspend. In fact, Mr. Cheney was ready to close all three banks. Such an outcome, it was said, might have frightened depositors in other institutions in reality perfectly sound and have made difficulty in meeting withdrawals in cash that would have precipStated a very serious situation. Last Weak Spot Gone, Says Banker. One banker who played an important part in the conference that brought about the settlement of the difficulty said yesterday: "The action which has been taken places the Nineteenth Ward Bank, the Twelfth Ward Bank and the Madison Trust Company on an absolutely sound footing It also cleans up the last weak spot that existed in the local banking situation. The methods employed by the Carnegie Trust Company had for a long time been & source of danger, and the public at large is to be congratulated on the closing of the chapter of that sort of banking in New York. "It should be distinctly understood by the public that the conservative banking interests in this city are glad to welcome others into the same field. provided they are going to conduct a conservative, legitimate business. They will not, however, tolerate the use of questionable methods or unsound banking practices. The city is now well rid of institutions of that sort. and the public is entitled to know the stand that the conservative and influential banking interests have taken in this matter. "The plan for solving the problems presented by the failure of the Carnegie Trust Company on Saturday was evolved by Paul D. Cravath, who is entitled to a large part of the credit for bringing about a settlement of the troubles. Mr. Cravath took up the work

11. January 10, 1911 Evening Journal Wilmington, DE
Article from Evening Journal, January 10, 1911

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been after it ever since it was reorganized from the old Van Norden Trust Company. How He Will Pay For Them. To pay for the three institutions it is expected Morgan will increase the stock of the Equitable Trust Company and exchange it for the outstanding shares of three companies, making the actual cost to Morgan personally only about what the engravers' bill will be who furnishes the new stock. The $20,000,000 of assets of the three concerns which were in danger will add materially to the attractiveness of the Equitable Trust Company's balance sheets hereafter, in the opinion of financial experts, who have watched the present situation. Normal conditions prevailed at all of the banks today, the slight run on the Nineteenth and Twelfth Ward Banks and the Madison Trust Company, which prevailed yesterday not being renewed. It was stated by State Superintendent of Banks Cheney today that the affairs of the Carnegie Trust Company will be liquidated at once and no attempt will be made to put the institution in shape to continue business.

12. January 10, 1911 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, January 10, 1911

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BANK SITUATION IN NEW YORK IS BETTER Financiers Come to Rescue of Carnegie Trust ROBIN IS NOW IN PRISON Another Dramatic Scene Is Enacted in Court When Members of Robin's Family Meet Face to Face New York, January 9.-Aside from progressive work of reorganization and reconstruction in affected institutions which will necessarily extend over the week, New York's banking situation is normal tonight; timid depositors are reassured, the stock market is optimistic and Joseph G. Robin, whose operations caused the flurry, is still in the Tombs. With powerful financial interests behind the Twelfth Ward bank and the Nineteenth Ward bank and with absorption of the Madison Trust company by the Equitable Trust company, these three institutions whose integrity had been questioned because of affiliations, direct or indirect with the Carnegie Trust company, which was closed as a result of Robin's operations, weathered the day not only successfully but with such aggressiveness that there were no runs and almost normal deposits. Some uneasy depositors were out early to get their money but last night's consultation between financiers had laid a strong groundwork which proved adequate to avert any serious complications. Another member of the Robin family entered the Tombs today. Dr. Louise Robinovitch, sister of Robin, was indicted for perjury and remanded in default of $3000 bail. She had sworn, in an effort to have Robin committed to an asylum and his estate taken over by a committee, that she and her brother Edward, known as Edward Robinson, were his only heirs at law. But investigation disclosed an aged couple which the prosecution contends are the parents. On this discovery the indictment is based. There was enacted, as the grand jury filed forthwith the indictment against Dr. Robinovitch, a scene similar in dramatic aspect to the recent repudiation of the old pair by Robin. Both old persons had been witnesses before the jury as had the alleged son, Edward Robinson. When they met face to face, in the court room, the elderly woman attempted to throw her arms around Robinson's neck, but he drew back and repulsed her. "Is that your father and mother?" Robinson was-asked. "I am not sure," replied Robinson. "I know these people and have known them for a number of years. We caine to this country with them, and as a youngster I always thought that they were my parents. But of late something has happened which leads my brother and myself to the belief that they are not our parents. We have the evidence which proves it." "Have you seen them lately?" was the next question put to Robinson. "Yes, I have seen them about once a month for many years. My brother and myself looked after their wants. That is all I can say.' After Dr. Robinovitch had been indicted she was arraigned and entered a plea of not guilty. Justice Page in the supreme court today appointed Maurice Deiches, a lawyer, receiver for the property of the Aetna Indemnity company in the state of New York with a bond of $50,000. The company collapsed after the Robin exposures and a court in Hartford appointed Theodore McDonald receiver for its property in Connecticut. The company is a Connecticut corporation with a capital stock of $350,000.

13. January 12, 1911 The Dillon Herald Dillon, SC
Article from The Dillon Herald, January 12, 1911

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MORGAN A BUCCANEER. Hailed 24 Hours Ago As Saviour of Three Banks-Now Charged That He Wrecked Them Deliberately. New York, Jan. 10.-While J. P. Morgan was hailed 24 hours ago as the saviour of three New York banks, sober reflection on the part of various financial leaders not in the Morgan camp to-day led them to renew his appellation of "financial buccaneer." Following revelations that if the Carnegie Trust Company had been given 24 hours longer it would have been able to continue its financial operations, Wall street dealers declare that Morgan had manipulated cleverly to force a merger of the $20,000,000 Madison Trust Company with his $35,000,000 Equitable Trust Company. According to a report current in the financial district Mr. Morgan had forced the hands of his opponcuts and practically bagged three new banks in so doing; the three being the Madison Trust, the Twelfth and Nineteenth ward banks. The Madison Trust Company is now Morgan's but how far his ascendency goes over the other two institutions has not been made public. It is understood, however, that he torced an agreement to the effect that the Carnegie Trust Company shall not be re-organized. The assertion is made that the house of Morgan did not expend a cent but merely lent its name to avert financial crashes that might have had a national bad effect. The money sent by J. P. Morgan & Co. to the banks in question was not needed and was returned. Much of it war not opened. The Madison Trust Company and the Twelfth ward and Nineteenth ward banks opened their doors at the usual hour to-day. There was a slight run on the savings department of the Nineteenth ward institution. About 50 persons, most of them women, were waiting to make withdrawals when the savings department was opened. They were paid promptly. I In the check department of the Nineteenth ward bank there were more persons waiting to make deposits than withdrawals. , Superintendent of Banks Cheney said to-day that the financial situ: ation had cleared up entirely and added: "I give you my word that not another bank or trust company under the jurisdiction of our department is under the least suspicion." Just before 11 o'clock to-day $1,000.000 in bills, packed in three suit cases, arrived at the Nineteenth ward bank, from the offices of J. P. Morgan & Co. The money was taken there by three men, who rode in a taxicab. President Bradley Martain, Jr., of the bank, said the money really was not needed by the institution, but had been there as a precautionary measure. There was no run on the check department of the bank during the morning. AAA

14. January 12, 1911 The Guthrie Daily Leader Guthrie, OK
Article from The Guthrie Daily Leader, January 12, 1911

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GOTHAM BANKS SAVED Powerful Financial Interests Come to Aid of Affected Institutions (By Leased Wire) New York, Jan. 11.-Aside from progressive work of reorganization and reconstruction in affected institutions which will necessarily extend over the week, New York's banking situation is normal tonight, timid depositors are reassured. the stock market is optimistic and Joseph G. Robir. whose operations caused the flurry. remains in the Tombs. With powerful financial interests behind the Twelfth Ward Bank and the Ninteenth Ward bank and with the absorption of the Madison Trust company by the Equitable Trust comjary. these institutions whose integrity had been questioned because of alleged affiliations with the Carnegie Trust company, closed as a result of Robin's operations, weathered the day not only successfully, but with such aggressiveness that there were no runs and almost normal deposits. Last uight's consultation between financiers had laid a strong groundwork, not proved adoguate to avert any serious complications.

15. January 13, 1911 Watertown Leader Watertown, WI
Article from Watertown Leader, January 13, 1911

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SUPPORT HALTS BANK TROUBLES Quick Action by Big Interests Prevents Possible Runs. New York.-Owing to the quick and strong support given by J. P. Morgan & Co., Kuhn, Loeb & Co. and other powerful banking interests to a situation that for a short time was delicate, the city of New York was saved from bank runs that might have led to general excitement and temporary financial derangement. When it became known that the interests named had organized themselves into a committee of defense against the probable bad effects of the failure of the Carnegie Trust Co., the apprehended runs on the Madison Trust Co. and its subsidiaries, the Twelfth Ward bank and the Nineteenth Ward bank, with several branches scattered through the city and all affiliated with the unfortunate Carnegie Trust Co. were virtually averted. Although there were steady withdrawals from these banks and their several branches all day, at no time was there a panicky feeling.