16650. Twelfth Ward Bank (New York, NY)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
October 24, 1907
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
f36041d0

Response Measures

Capital injected, Full suspension, Books examined

Other: State bank examiner placed in charge; depositor agreement to leave funds for four months was used to secure reopening.

Description

The Twelfth Ward Bank (a state institution) experienced depositor withdrawals/run in the panic of October 1907, suspended payment on Oct 24, 1907 (state examiner placed in charge), and reopened in mid-November 1907 after capital/agreements and financing were arranged. Cause of the run appears to be local contagion from other uptown bank suspensions and the broader 1907 panic (classified as local_banks).

Events (3)
1. October 24, 1907 Run
Cause
Local Banks
Cause Details
Depositors withdrew funds after neighboring/up‑town banks (Hamilton Bank and others) suspended and general panic; runs on neighborhood savings institutions blocked streets.
Measures
Bank suspended payment; state bank examiner placed in charge; directors later solicited depositor agreements to leave portions of large deposits to enable reopening.
Newspaper Excerpt
Great excitement was caused here today by the suspension of the Twelfth Ward bank ... the streets in front of these bank buildings were blocked with a frenzied crowd.
Source
newspapers
2. October 24, 1907 Suspension
Cause
Local Banks
Cause Details
Unable to procure sufficient cash to meet heavy withdrawals precipitated by suspensions and runs at other local banks during the 1907 financial panic; state Banking Department placed an examiner in charge of the institution.
Newspaper Excerpt
This bank is compelled to suspend payment owing to inability to procure sufficient cash to meet current payments.
Source
newspapers
3. November 20, 1907 Reopening
Newspaper Excerpt
The Twelfth Ward bank ... was reopened today. More than $35,000 was deposited at the main office the first hour.
Source
newspapers

Newspaper Articles (21)
1. October 24, 1907 Evening Star Washington, DC
Article from Evening Star, October 24, 1907

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Takes Thirty Days' Grace. The Twelfth Ward Bank, the other state institution, is at 147 East 125th street It has two branches, one at 173 East 116th street and another at 1927 3d avenue, Its capital stock is $200,000. The New Amsterdam National Bank, which cleared for the Twelfth Ward Bank yesterday gave notice that it would not clear that bank hereafter. Bankers express the opinion that the Twelfth Ward Bank has been well managed and is in a perfectly solvent condition. It is thought that the state Banking department in closing the institution did so on account of a run upon the institution. At 10 o'clock this notice was posted on its doors: "This bank is compelled to suspend payment owing to inability to procure sufficient cash to meet current payments." Following the announcement of the suspension of the Hamilton Bank the Empire City Savings Bank. at 231 West 125th street, turned away depositors who wished to make withdrawals Under its by-laws the bank can claim ninety days before paying demands. Customers who wished to draw out money today were told that the bank would take advantage of only thirty days. The savings bank depends for its currency on the Hamilton Bank A meeting of the directors of the Empire City was held before banking hours, at which it was decided to take advantage of the clause in the bank's bylaws. Its deposits are estimated at $3,000,000.

2. October 24, 1907 The Richmond Palladium and Sun-Telegram Richmond, IN
Article from The Richmond Palladium and Sun-Telegram, October 24, 1907

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OTHER BANKS SUSPEND. New York, Oct. 24.-The Hamilton National bank suspended payments this morning. The bank is solvent but suspended payment until confidence is restored. The Empire City bank, next door, has taken advantage of the thirty-day clause in its charter and suspended payments for that period. The Twelfth Ward bank also suspended. The state banking department is in charge of that and the Hamilton bank.

3. October 24, 1907 The News-Democrat Providence, RI
Article from The News-Democrat, October 24, 1907

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REASSURING DEVELOPMENTS. All the over-night developments in the financial situation were reassuring. The series of conferences last night, participated in by Secretary Cortelyou, J. Pierpont Morgan, John A. Stewart, James Stillman and other representative bankers and men of affairs, resulted in an agreement in the opinion that the banking situation is well in hand and that with the government deposits to be made by Secretary Cortelyou today there will not only be enough cash on hand but even more than might be needed to meet safely any emergency. The run on the Trust Company of America was continued this morning. As early as 6 o'clock a little knot of persons had gathered in front of the company's main banking house in Wall street and by 8 o'clock their number had been augmented until about 150 were in line. At the company's branch at Broadway and AnD street, formerly the Colonial Trust company, there were 50 or 75 persons in line at 8 o'clock. As is always the case in time of financial excitement, New York bankers and brokers were at their desks early this morning waiting for the London quotations on American stocks. MORE BANKS QUIT. At 9 o'clock this morning it was announced that the Hamilton bank which has its place of business in 125th street, had decided to suspend payment pending the complete restoration of public confidence. A notice posted on the doors of the bank this. morning announced that the bank was solvent but in justice to depositors payment had been suspended until public confidence in banking institutions was restored. E. R. Thomas, who was associated with F. Augustus Heinze and Charles W. Morse in several banks and financial ventures was formerly president of the Hamilton bank, but resigned after the break in United Copper stock which marker the beginning of the recent financial troubles in this city. Orlando, F. Thomas, a brother of E. R. Thomas, also recently resigned as a director and William M. Montgomery was elected president. The bank has a capital stock of $200,000 and deposits of about $7,000,000. The bank has four branches in New York city. The Hamilton bank is not one of the large institutions in the city. Its location in Harlem gave it quite a good neighborhood business, but it never was in any way a representative New York bank. The directors of the Trust Company of America went into session at 9:30 this morning. Those present were Oakleigh Thorne, W. K. Vanderbilt, Jr., John E. Bourne. W. A. Chesebrough, Marsden J. Perry and George R. Sheldon. The directors had been in session but a few minutes when Mr. Thorne, president of the company, left, the board room long enough to say to the crowd waiting to withdraw money, that the Trust Company of America was prepared to meet ati demands and was entirely solvent. Following the announcement of the suspension of the Hamilton bank came the news that the Twelfth Ward bank. Incated at 135th street and Lexington avenue, had suspended payment. The Twelfth Ward bank is a state institution, and a state bank examiner will be placed in charge of its affairs. According to

4. October 24, 1907 The Laramie Republican Laramie, WY
Article from The Laramie Republican, October 24, 1907

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BANKING SITUATION IS NOW WELL IN HAND SERIES OF CONFERENCES BE- feverish railies, Union Pacific jumping to 105 in a few minutes. TWEEN SECRETARY OF TREAS-: URY CORTELYOU AND LEADTwo Banks Suspend. New York, Oct. 24.-The Hamilton ING FINANCIAL MEN. bank, at West One Hundred and Twenty-fifth street, and the Twelfth Ward bank today suspended payments With Federal Deposits to Be Made by to depositors. The banks claim to be Secretary of Treasury, There Will solvent and propose to reopen when public confidence has been restored. Ba More Money on Hand Than To Close for Thirty Days. Might Be Needed Safely in Any The Empire City Savings bank also posted a notice of suspension for thirty Emergency — Two Small Banks days under the banking laws. Officers Suspend Payment. feared a run, they said, because of the suspension of the Hamilton and Twelfth Ward banks, which are in the New York, Oct. 24.-A series of consame neighborhood. ferences last night, participated in by Owes Three Millions. Secretary Cortelyou, J. Pierpont MorThe Empire City Savings bank owes its depositors about $3,000,000. The gan, John A. Stewart, James Stillman Hamilton bank was not a large instituand other representative bankers and tion, but had deposits of about $7,000,men of affairs, disclosed an agreement 000. in opinion that the banking situation Thomas Tenders Resignation. is well in hand, and that, with the gov. E. R. Thomas, who was associated with Heinze and Morse in several ernment deposits to be made by Secfinancial ventures, resigned as presiretary Cortelyou today, there will not dent after the break in United Copper, only be enough cash on hand, but and William R. Montgomery was electeven more than might be needed safeed president. ly in any emergency. No Other Failures Looked For. Will Deposit Large Sums. At the office of the state bank exEarly this morning Secretary Coraminers, no other suspensions were telyou said he had directed deposits expected. One examiner said the in this city of $25,000,000 and predicted three suburban banks which suspenda speedy return of confidence, which ed are perfectly solvent. the circumstances, he declared, war-

5. October 24, 1907 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, October 24, 1907

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Today's Telegraphic News. Excitement in the Market. New York, Oct. 24 - Wh the London market strongand a general advance of from 1 to 3 points recorded In the entire list, it was anticipated that the market here would open stronger, although the big brokers are taking no chances and are prepared, as on yesterday, to support the market. The run on the Trust Company of America will continue today, but the officials claim they have money enough in the value to ensure the payment of all claims made. The line of depositors formed very early today at the main office of the company and its two branches and had increased 80 that it encroached upon the street. Associated trust companies declare they will extend all needed aid to the concern. A run is impending on the Lincoln Trust at 208 Fifth avenue. At 9:30 a crowd of depositors had gathered in front of the doors aud had been forced to form a line by the police reserves who had been summoned. The officers of the concern announce they will open the doors as usual at 10 o'clock and are prepared to meet all demands. New York, Oct, 24.-The Twelfth Ward Bank and the Hamilton Bank, both small institutions, suspended this morning. The Twelf h Ward has a paid up capital of $200,000. The surplus and profits are estimated at $221 680. There are due to banks $165,590; individual deposits $3,000,000 and loans and discounts about $2,400.000 The Hamilton Bank has a paid up capital of $200,000; surplus and profi 8 of $282,270; individual deposits of $7,000,000; loans and discounts $4,662,840. A notice has been posted on the door stating that the bank is solvent. New York, Oct. 24.-The Empire City Savings Bank at 231 W. 125:h street is the first to take advantage of the State law, compelling depositors to give sixty days' notice before their accounts can be withdrawn. Two hundred thousand dollars was deposited at the sub-treasury today for immediate transfer to St. Louis. All interest in the stock exchange is centered in the loan crowd. The First National Bank loaned $2,000,000 at 50 per cent. but there has since been no other reply. Many loans bave been called in all over the street and the collateral sold because of inability of borrowers to respond to these calls. A large part of the selling was this liquidation of loars, but there was also renewed attacks by bear operators that helped force prices down to the lowest level reached 80 far today. The prices of many stocks in the late forenoon reached the lowest point touched in years. The declines 80 far were not sensational, but were disastrous because they continued the downward movement already so long in progress.

6. October 25, 1907 The Nome Daily Gold Digger Nome, AK
Article from The Nome Daily Gold Digger, October 25, 1907

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(Special to the Gold Digger.) By the United Press. NEW YORK, Oct. 25.-Great excite. ment was caused here today by the suspension of the Twelfth Ward bank and the Hamilton bank, both small savings institutions; where the mechanic, laborer, newsboy and smaller class of shop keepers - made their deposits. The news of the suspension spread like wildfire and by noon time the streets in front of these bank buildings were blocked with a frenzied crowd. Many old men and women wept silently and wrung theirhandshopelessly as they gazed at the stock-jobbing

7. October 25, 1907 The Coeur D'alene Press Coeur D'alene, ID
Article from The Coeur D'alene Press, October 25, 1907

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MONEY FOR NEW YORK stocks they were holding for their New York, Oct. 2.5-As a result customers. of todays dvelopments in the finanThe effect of the relief measures cial world, there is every indication was instantaneous, and the rate for that the crisis in the banking trust call money dropped from 100 per company situation has been safely cent to 10 per cent. When the stock exchange closed every one was getpassed. The Trust Company of ting all the money they wanted. America, all through the day's bankThe aggregate amount of money ing hours, paid out money to dewhich had been contributed to positors as rapidly as possible, and weather the storm and restore confidence assumes really colossal proclosed the day with all demands met. portions in all considerably in exThe company received over its cess of $1,000,000. couners in the morning hours in orThis morning Clark Williams, the dinary deposits more than $1,000,newly appointed state supreintend000. ent of banks, made public the folThey day was marked by these lowing statement: noteworthy episodes: First, and "So far as I have been able to early in the day, came the announcelearn during the short time which I ment of trouble in three minor state have had to examine into the situabanks in Harlem, the Hamilton tion I feel that all of the banks under Bank, the Twelfth Ward Bank, the my supervision in this city are solCity Savings bank. These banks vent, and it will be only because of transacted only a neighborhood busirash and unreasonable demands on ness, and their suspension of paythe part of the depositors that will ment was absoutely without sig further endanger the situation.' nifleance as bearing on the general insituation. State Bank Examiner Judson declared this afternoon that all three were solvent, and that their depositors would lose nothing. The second episode was a run begun upon the Lincoln Trust company. At the close of the day the company's officials announced that they were fully able to meet all obligations. By far the most notable event and most dramatic episode of the day was the emptying of money into the stock exchange through a pool headed by J. P. Morgan and "other financiers, in order to avert a ruthless selling out of stocks. The effect of the money stringency was to run the rate for money up to 100 per cent, and when that figure was quoted an extremely sharp de cline resulted in the stock market. Union Pacific a 10 per cent stock, sold down to par. At the time the excitement was at its height the announcement was WU TING FANG. made that a pool had been formed The shrewd and clever Celestial dipwith J. P. Morgan at its head, to lomat who has been appointed Chinese come to the rescue of the brokers. for minister to the United States, a post it was necessary to provide funds at in which he previously served for six once in order that they might carry years,

8. October 25, 1907 The Bemidji Daily Pioneer Bemidji, MN
Article from The Bemidji Daily Pioneer, October 25, 1907

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ALL WORK TOGETHER Great Generals of Finance Trying to Restore Confidence. MONEY IN URGENT DEMAND Bcarcity of Funds to Carry Margined Stocks Results In Heavy Selling and Precipitate Declines in the Price of Securities. New York, Oct. 25.-With all the great generals of finance and the secretary of the United States treasury acting in accord to restore public confidence in the banking and trust company situation in this city sentiment took on a much more cheerful tone in Wall street and distinct improvement was visible in all quarters of the financial district. The day opened with optimistic statements from officials of the Trust Company of America and up to 2 o'clock in the afternoon that institution was paying all checks presented as rapidly as possible. A welcome feature of the company's affairs was that large deposits amounting to considerably more than $1,000,000 were made during the morning hours. John D. Rockefeller deposited $10,000,000 with one of the city's oldest trust companies to be used in extending aid to such trust companies as might require it. The failure of three small up town banks had some ill effect on the general situation. Albert C. Judson, a state bank examiner, announced that the Hamilton bank, the Twelfth Ward bank and the Empire City Savings bank, all of which suspended payment, had been found to be entirely solvent. Mr. Judson said: "All three institutions are perfectly solvent. The Hamilton and the Twelfth Ward banks suspended for lack of ready cash. The Empire City Savings bank took advantage of the thirty-day clause allowed to savings banks." The stock market opened buoyant under the improved tone. In the later dealings weakness developed, due to the fact that brokerage houses were reducing their lines of stock carried on margins on account of the tightness in the money market. Call money was still in urgent demand. It opened at 50 per cent and advanced to 100 per cent. Union Pacific Sells at Par. The stock market turned very weak shortly after 2 o'clock, Union Pacific selling down to par, a decline of 8½. Reading sold down 8 points, Northern Pacific declined 9, St. Paul 6 and Southern Pacific 41/8. There was no news to account for the decline except the scarcity of money supplies and the advance in the money rate to 100 per cent. It was announced on the stock exchange that a pool had been formed which would supply the brokers with all the money required to close their operations. There were violent, feverish rallies in the stock market following the decline, Union Pacific rising in a few minutes to 105 and Reading to 75. Prices jumped a full point in some cases between sales. Northern Pacific rallied 43/4 and Amalgamated Copper also rose 31/4 from the lowest. At 2:25, following the announcement of a pool organized to satisfy money requirements on the stock exchange, call money was lending at 10 per cent. The amount of the pool loans made in the stock exchange was about $25,000,000. There was an unusual scene at the stock exchange at the closing hour. When the brokers realized that it was 3 o'clock and that the trying day had been passed without serious difficulty they gathered in the center of the big exchange and gave three cheers for J. P. Morgan, whose action in forming the money pool that came to the relief of the market at 2:15 had turned the tide at the moment when prices were ebbing away with alarming rapidity.

9. October 25, 1907 The Bemidji Daily Pioneer Bemidji, MN
Article from The Bemidji Daily Pioneer, October 25, 1907

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FOLLOW THE HAMILTON. Two Other New York Banks Close Their Doors. New York, Oct. 25.-Following the announcement of the suspension of the Hamilton bank came the news that the Twelfth Ward bank, located at One Hundred and Twenty-fifth street and Lexington avenue, had suspended payment. The Twelfth Ward bank is a state institution and a state bank examiner will be placed in charge of its affairs. According to a recent statement the institution owed depositors about $3,000,000. The Empire City Savings bank, lo cated at 231 West One Hundred and Twenty-fifth street, has posted a no tice announcing their suspension foi thirty days under the banking laws The officials of the bank declare that the institution is entirely solvent, but that they decided to avail themselves of the thirty days' notice of withdrawal under the state law because they feared a run owing to the suspension of payment by the Hamilton and Twelfth Ward banks in the same neighborhood. The Empire City Savings bank, according to a recent statement, owed its depositors about $3,300,000.

10. October 25, 1907 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, October 25, 1907

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CLOSED STATE BANKS. Suspension Has No Bearing Upon the General Financial Situation. New York, Oct. 24.-At 9 o'clock this morning it was announced that the Hamilton bank, which has its place of business in One Hundred and Twenty-fifth street, had decided to suspend payment pending the complete restoration of public confidence. A notice posted on the bank's doors declared it was solvent, but suspended payment in justice to its depositors, until confidence in banks is restored. E. R. Thomas, who was associated with F. A. Heinze and Charles W. Morse in several banks and financial ventures, was president of the Hamilton bank, but resigned after the break in United Copper stock, which marked the beginning of the recent financial troubles in this city. Deposits of $7,000,000. Orlando F. Thomas, brother of E. R. Thomas, also recently resigned as a director, and William R. Montgomery, was elected president. The bank has a capital stock of $200,000 and deposits of about $7,000,000. It has four branches in this city. The Hamilton bank is not one of the large institutions in the city. Its location in Harlem gave it quite a good neighborhood business, but it never was in any way a representative New York bank. The Twelfth ward bank also suspended payment to depositors today. It is a state institution and a state bank examiner will be placed in charge of its affairs. According to a recent statement the institution owed depositors about $3,000,000. Suspended for Thirty Days. The Empire City Savings bank, located at 231 West One Hundred and Twentyfifth street, posted a notice this morning announcing suspension for thirty days under the banking laws. The officials of the bank declare that the institution is financially solid, but that they desire to avail themselves of the thirty days' notice of withdrawal under the state law, because they feared a run owing to the suspension of payment by the Hamilton and Twelfth Ward banks in the same neighborhood. The Empire City Savings bank, according to a recent statement, owed its depositors about $3,300,000. It is a comparatively minor organization, Its suspension is without bearing on the general financial situation in New York.

11. October 29, 1907 Evening Star Washington, DC
Article from Evening Star, October 29, 1907

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resume business in a few days-not later than Monday next in any event. I understand also that the Twelfth Ward Bank will resume in a few days." The runs on the Trust Company of America and the Lincoln Trust Company continued today, but in diminished volume. The subtreasury today transferred for banks $140,000 in currency to San Francisco and $90,000 New Orleans The first loan of money on call on the stock exchange today was made at 50 per cent.

12. October 29, 1907 New-York Tribune New York, NY
Article from New-York Tribune, October 29, 1907

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UPTOWN BANKS QUIET. Runs Practically Over - Closed Places to Open Soon. Everywhere, uptown and in Harlem. yesterday the bank situation was so decidedly improved that the lines outside some of the institutions attracted little attention. The banks opened and closed at the usual hours and paid all waiting depositors. The lines were longer than ordinarily, but they hardlly constituted "a run." There was an absolute absence of excitement. At the Lincoln Trust Company, in Fifth avenue, around which has centred most of the interest uptown in the last week, there were waiting about sixty persons at the opening hour, most of whom had been there through the wet night before. Most of them were messengers, holding places. Each bore a number, and when the company opened its doors took his place in line accordingly. No. 1 was A. Y. Cornell, who would not say whom he represented. He drew out $75,000. it was said. Payments were made more rapidly than heretofore. Mr. Phillips said at the close of the day that he was much encouraged by the improvement in the conditions. He believed the excitement about over. At a late hour last night fifty-flve persons were in line at the Lincoln Trust Company, where they were holding an all night vigil waiting for the opening this morning. Most of them were equipped with raincoats or blankets and all were doing their best to keep out of the way of the rain that was pelting down. As many as were able grouped under the big portico in front while those who were crowded out of this shelter held an "overflow" meeting under the entrance to the Cafe Martin, which is next door. There were only thirty-five in line at the branch of the Lincoln Trust Company at Broadway and Lispenard street. The crowd at the Broadway Trust Company was much emailer than on Saturday, there being not more than seventy-five in line yesterday morning. The depositors obtained their money at once on presentation of their checks. At the end of the day there were only six left In the line. Charles H. Hyde, one of the directors of the company, said that it would continue to meet all demands. The excitement that prevailed at the Northern Bank on Saturday was entirely lacking yesterday. There were about sixty depositors there at the pening. and all were promptly paid. The Harlem Savings Bank, which has been the crux of the Harlem situation, presented an encouraging improvement. About one hundred depositors were there to draw small amounts yesterday morning. None drew more than $100. while among the forty who came to deposit money was one who put in $800. All appearances of a run were gone by noon. The officials of the Hamilton Bank. United States Exchange Bank and Twelfth Ward Bank, all in 125th street and which are in the hands of bank examiners, hope to resume business in a few days. The run on the Dollar Savings Bank, in The Bronx. had spent its force last week, and yesterday the line never numbered over sixty persons.

13. November 4, 1907 Evening Star Washington, DC
Article from Evening Star, November 4, 1907

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FINANCIERS FEEL CONFIDENT. New York Situation Tense, But Conditions Well Under Control. NEW YORK, November 4.-At the stock exchange the opening showed early declines, followed by a rally, and then a running off of prices. The general financial situation was still tense this morning, but the downtown banks and trust companies felt confident that conditions were well under control. The raising of the Bank of England discount rate to 6 per cent at a special meeting of the board of governors today was not unexpected by those familiar with conditions in Europe, although it was hoped in some quarters that this action of the governors would not be taken until the regular meeting Thursday. The fact that $2,000,000 in gold was purchased in the open market in London during the morning for export to America probably hastened the action of the bank. This brings the total gold engagement up above $30,000,000, of which about $7,200,000 will arrive Wednesday and $10,000,000 Friday. This will go at once into bank reserve, where the engagements have been made by banks, and will be deposited in the banks where the engagements have been made by exchange houses and gold brokers. While there is considerable pressure for capital in Europe it is felt that this country has the advantage in the state of the trade balance. Crops are short in Europe and it is absolutely essential to obtain American wheat and cotton at any reasonable price. These prices are much higher than in 1893, when cotton was at 8 cents against about 11 cents at the present time and wheat was 70 cents against the present price of $1.07, while American steel rails are selling at the record price of $30 per ton. These forces, with the fact that the first half of the year showed an excess of 2 points of $189,000,000, as compared with a balance the other way in 1893 of $68,000.000 create a situation where it will be difficult for the European banks to hold their gold, even by high discount rates. Reports from Buffalo and other points indicate that the blockade in the movement of the crops is being broken and that many hundreds of carloads soon will be on shipboard in New York, against which bills can be drawn on European money markets. It was announced today that arrangements have been made by which it may be possible for the Twelfth Ward Bank, which closed its doors several days ago, to reopen next Monday. Many depositors went to the bank today, at the request of the officials, who asked them to sign an agreement to the effect that on all big deposits in the bank that 75 or 100 per cent of the amount would be left on deposit for a period of four months.

14. November 16, 1907 New-York Tribune New York, NY
Article from New-York Tribune, November 16, 1907

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ONE BANK TO REOPEN. Twelfth Ward Resumes TuesdayVan Nordens in Control. The Twelfth Ward Bank, at 125th street and Lexington avenue, which suspended on October 24. will resume business next Tuesday with $1,000,000 in cash and credit to enable its continuance. This cheering announcement was made last night at a crowded meeting of the bank's depositors in the directors' room of the institution. The money. It was further announced, will be advanced by Warner M. Van Norden, president of the Van Norden Trust Company, and his son, Warner Van Norden. The senior Van Norden, It was learned. who already owned stock in the Twelfth Ward Bank, had purchased enough additional shares to give him the controlling interest in the bank. The meeting last night was called for to obtain additional signatures of depositors to an agreement to leave part of their deposits in the bank for four months. The signatures of the necessary 75 per cent of the depositors are now assured, and on Monday the bank officials will make announcement of the plan to reopen. The fourteen directors of the institution signed a waiver for the full 100 per cent of their deposits, and a number of depositors did likewise. Others agreed to leave 50 or 75 per cent for the stipulated period. The depositors were made to understand that unless the required percentage was obtained, and the bank was thus permitted to resume, It meant a receivership and the paying out long deferred-perhaps a year or two. Mark S. Smith, examiner of the State Banking Department, who has been in charge of the bank since it closed. has made a report to the Superintendent of Banks on the Twelfth Ward Bank, in which he says: The suspension was occasioned by the inability of the bank to procure the necessary cash to meet the demands of its customers, and not because it was insolvent. The general character of the loans is very sattsfactory. From the total of the bills discounted I have deducted $3.540 as an estimate of the paper considered uncollectible or of doubtful character. I found no loans in excess. and most of the larger ones are amply secured. The general character of the management of the bank and the efficiency of its officers and employes are of a high order. The board of directors hold regular meetings at least once in two weeks, and pay close attention to the management. The management has and deserves the affectionate confidence of its depositors. I believe the bank to be entirely solvent. The bank has written to each of its five thousand depositors that when it again opens it will continue to do business as formerly, as the difficulty now passed was caused by the inability of the institution to realize immediately on securities without sacrifice to the depositors. The deposits of the bank when it closed amounted to $2,200,000. a surplus of $210,000. Mr. Van Norden, it is said, held stock to the par value of $97.500 of the bank's $200,000 capital stock when he bought twenty-five additional shares, which gave him control. It was said, further. that the investment was a personal affair with Mr. Van Norden, and did not concern the Van Norden Trust Company. Mr. Van Norden is not A director of the bank. and no change in the management is contemplated for the present.

15. November 19, 1907 Lewiston Evening Teller Lewiston, ID
Article from Lewiston Evening Teller, November 19, 1907

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SUSPENDED BANK OPENSTOMORROW NEW Nov. YORK, 19.-The Twelfth Ward bank, which suspended payment in the early days of the financial crisis, will reopen tomorrow. The premium on currency which began a few weeks ago is gradually diminishing. Loans today were made as low as 1 1/2 per cent.

16. November 20, 1907 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, November 20, 1907

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SUSPENDED BANK REOPENS. New York Institution Receives $35,000 During First Hour. New York, Nov. 20.-The Twelfth Ward bank, which was suspended during the financial crisis, was reopened today. More than $35,000 was deposited at the main office the first hour. The resumption is regarded by bankers as showing returning confidence.

17. November 21, 1907 Cameron County Press Emporium, PA
Article from Cameron County Press, November 21, 1907

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Big Improvement in Money Situation. NEW YORK, Nov. 19-As evidence of the marked improvement in the financial situation in this city came the announcement to-day that the Twelfth Ward Bank, one of the institutions which suspended payment during the early days of the crisis, will re-open for business to-morrow. The announcement was made in the form of a brief notice posted on the door of the bank. The local sub-treasury to-day received its first official advice from Washington regarding the government's issue of $100,000,000 of Treasury certificates. Subscriptions for nominal amounts were taken, but nothing was known of the $25,000,000 syndicate said to have been formed to take up a portion of the issue. No deposit is required with subscriptions to the Treasury certificates and banks and brokerage houses in the financial district announced their willingness to forward bids without exactng any commission. Proposals for the new Panama Canal bonds will have to be forwarded direct to Washington, as the various sub-treasuries are not authorized to ac. cept them.

18. November 28, 1907 The Spanish Fork Press Spanish Fork, UT
Article from The Spanish Fork Press, November 28, 1907

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NEWS SUMMAR The Trans-Mississippi congress meet in San Francisco next year Speaker Joseph Cannon was railroad wreck at Bismarck, Ills., week, but escaped injury. President Castro of Venezuela in ill health at Los Teques, is again confined much of the time bed. The Switchmen's union has the demand on the west for an drawn railroads increase hour. of amounting to six cents an were killed and a buil to atoms when an explos at the E. I. blown Two men Dumors Pow plant near company's occurred Williams, Pinole, Cal. Miss Louisa a young has confessed that she gress, 2-months-old babe from a her train two miles west of Cucamon Cal. strike of the St. Louis The has been officially called workers the joint executive board by Independent Boot and Shoe Work union. Famine conditions are threaten Vesternorrland and Vesterbat the of Lapland, where delug the crops. districts rains have had disastrous effects S. King, president of of Homer House association Clearing says that the local situation Francisco, is gradually returning healthy condition. Governor George I. Sheldon declares that he will braska influence toward securing his publican national convention for sas City next year. Twelfth Ward bank, of of the York, The one institutions during the payment has suspended days of the financial crisis, opened for business. men were killed, seriously one fatal Five and a number boiler injured the explosion of a Rop jured by mill at the John L. lumber a planing mils, Gelmerton, Va. children were cremated Five parents and two other their seriously burned when the Pleasa were Thomas W. Zuver, near fire. of Pa., was destroyed by ville, wiped out the balance of Russia to Japan, arising week, the handing the indebtedness war, last over to the Russian embas bassy a check for $24,302,200. of Chancellor Japan Stout has rendered of revoking the license do busine cision Standard Oil company to discrimination Tennessee. Illegal company. in was alleged against the has The Alabama legislature sale or to prohibit the in a bill or possession of liquors the Georg away prohibits exactly what will become It law allows. The act fective Jan. 1, 1909. situatio over the financial wealthy Worry Oscar Nelson, a to comm caused man of Rockford, illuminating Ills. ness suicide by inhaling prominent was formerly a Duluth. ture He manufacturer at of Walter Wellman, leader expedition the Record-Herald polar first attem cago who is returning from his by balloon, reach the north pole last week to rived in New York Majestic. Cherbourg on the steamer has decide court of appeals last The the act passed at the provide that the New York legislature cast of recount of the votes York for a election in New unconstitu in mayoralty November, 1905, is tional. Over 1,000 delegates were on the prese Muskogee, Oklahoma, former at David R. Francis, the when of Missouri, called the Tran ernor anual meeting of congress, Mississippi teenth Commercial ultima order. "Free love will be the if the fate of the United States, is continued system of divorce voiced ent was the prophecy in Chicag This Twentieth Century club Deland last the week by Mrs. Margaret Boston. Before leaving Windsor Wilhelm, castle Higheliff castle, Kaiser than stated, left no less a sum among the to be divided as tips his previous at the castle. On it was trip vants to Windsor, in 1898, $2,500 A dispatch was left. received British from Santlas steams says that the England Hazel Chili, Branch, bound to full cargo, Antofogasta, with a the straits totally wrecked in said regard been Magellan. Nothing was the fate of the crew. ing Montague Newton and Joseph who Fisher, the two Americans charged convicted in London, defraud, han to cheat months conspiracy been twenty and labor sentenced to and to prisonment at hard respectively. imprisonment months' In consequence of cigars the cancellation from Ne U of large orders for other cites,

19. November 29, 1907 Greene County Herald Leakesville, MS
Article from Greene County Herald, November 29, 1907

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As evidence of the marked improvement 'in the financial situation in New York City, came the announcement that the Twelfth Ward bank, one of the institutions which suspended payment during the early days of the crisis, will reopen for business.

20. December 5, 1907 The Idaho Recorder Salmon, ID
Article from The Idaho Recorder, December 5, 1907

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NEWS summary The Trans-Mississippi congress will meet in San Francisco next year. Speaker Joseph Cannon was in a railroad wreck at Bismarck, Ills., last week, but escaped injury. President Castro of Venezuela is again in ill health at Los Teques, and is confined much of the time to his bed. The Switchmen's union has with drawn the demand on the western railroads for an increase of wages amounting to six cents an hour. Two men were killed and a building blown to atoms when an explosion occurred at the E. I. Dumors Powder company's plant near Pinole, Cal. Miss Louisa Williams, a young negress, has confessed that she threw her 2-months-oid babe from a Santa Fe train two miles west of Cucamonga, Cal. The strike of the St. Louis shoe workers has been officially called off by the joint executive board of the Independen Boot and Shoe Workers union. Famine conditions are threatening the Vesternorrland and Vesterbatten districts of Lapland, where deluging rains have had disastrous effects on the crops. Homer S. King, president of the Clearing House association of San Francisco, says that the local financial situation is gradually returning to a healthy condition. Governor George I. Sheldon of Ne braska declares that he will use all of his influence toward securing the Re publican national convention for Kan sas City next year. The Twelfth Ward bank, of New York, one of the institutions which suspended payment during the early days of the financial crisis, has re opened for business. Five men were killed, one. fatally injured and a number seriously in jured by the explosion of a boiler in a planing mill at the John L. Rope lumber mils, Gelmerton, Va. Five children were cremated and their parents and two other women were seriously burned when the home of Thomas W. Zuver, near Pleasant ville, Pa., was destroyed by fire. Russia wiped out the balance of her indebtedness to Japan, arising fron the war, last week, the Russian em bassy handing over to the embassy of Japan a check for $24,302,200. Chancellor Stout has rendered a de cision revoking the license of the Standard Oil company to do business in Tennessee. Illegal discrimination was alleged against the company. The Alabama legislature has passe a bill to prohibit the sale or givin away or possession of liquors in clubs It prohibits exactly what the Georgi law allows. The act will become et fective Jan. 1, 1909. e Worry over the financial situation caused Oscar Nelson, a wealthy busi ness man of Rockford, Ills. to commi suicide by inhaling illuminating gas He was formerly a prominent furn ture manufacturer at Duluth.. Walter Wellman, leader of the Chi cago Record-Herald polar expedition who is returning from his first attemp to reach the north pole by balloon, a rived in New York last week from Cherbourg on the steamer Majestic. S The court of appeals has decide that the act passed at the last sessio of the New York legislature providin 1 for a recount of the votes cast at th y mayoralty election in New York City e in November, 1905, is unconstiti S tional. n Over 1,000 delegates were presen e at Muskogee, Oklahoma, on the 19th 11 when David R. Francis, former go d ernor of Missouri, called the eigh e teenth anual meeting of the Trans d Mississippi order. Commercial congress, t d e "Free love will be the ultimat d. fate of the United States, if the pres d ent system of divorce is continued. This was the prophecy voiced befor the Twentieth Century club in Chicag Boston. last week by Mrs. Margaret Deland o e of Before leaving Windsor castle fo t Higheliff castle, Kaiser Wilhelm, It Sstated, left no less a sum than $10,00 S to be divided as tips among the se n vants at the castle. On his previou y trip to Windsor, in 1898, it was sai e $2,500 was left. rA dispatch received from Santiag e 10 Chili, says that the British steame Hazel Branch, bound to England fro 1, e Antofogasta, with a full cargo, ha n been totally wrecked in the straits e Magellan. Nothing was said regar ing the fate of the crew. Montague Newton and Joseph 1 Fisher the

21. February 6, 1908 New-York Tribune New York, NY
Article from New-York Tribune, February 6, 1908

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VAN NORDEN IN TWELFTH WARD BANK. At a meeting of the directors of the Twelfth Ward Bank yesterday Warner M. Van Norden, president of the Van Norden Trust Company, was elected a member of the board. Mr. Van Norden advanced the bank $600,000 with which to pay depositors after the October crisis, and it was due to this that its early resumption was made possible. Mr. Van Norden said yesterday that the bank had repaid him all the money he had advanced, and that, in addition. it had a substantial reserve above legal requirements. It was the first institution to reopen after the panic.