16832. Pennsylvania Trust Company (Reading, PA)

Bank Information

Episode Type
Run Only
Bank Type
trust
Start Date
November 17, 1903
Location
Reading, Pennsylvania (40.336, -75.927)

Metadata

Model
gpt-5-mini
Short Digest
c4f8175b85e6442e

Response Measures

None

Description

Contemporary newspapers (Nov 17–20, 1903) report a run on the Pennsylvania Trust Company in Reading, PA. Depositors were promptly paid, the bank received cash support ($200,000) and published statements; the run subsided and there is no mention of suspension, receivership, or permanent closure.

Events (1)
1. November 17, 1903 Run
Cause
Rumor Or Misinformation
Cause Details
Run began for unexplained reasons; officers ascribe efforts to injure the institution's credit to malicious persons and report no known bank-specific insolvency.
Measures
Officers publicly reassured depositors, paid withdrawals promptly; company received $200,000 from Philadelphia, published financial statement, and Reading clearing house offered assistance.
Newspaper Excerpt
A run on the Pennsylvania Trust Company is in progress. ... George Brooke, president ... assuring it that there was no cause for alarm and that the company was able to pay every dollar deposited with it.
Source
newspapers

Newspaper Articles (10)
1. November 17, 1903 The Washington Times Washington, DC
Article from The Washington Times, November 17, 1903

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Article Text

PENNSYLVANIA TRUST CO. WEATHERS A STORM READING, Pa., Nov. 17.-A run on the Pennsylvania Trust Company is in progress. The company's office was crowded by anxious investors all morning, many being women with savings accounts, a specialty of which is made by the company. George Brooke, president of the company, made an address to the crowd assuring it that there was no cause for alarm and that the company was able to pay every dollar deposited with it. The run subsided later in the day. The company is believed to be in as sound condition as any in the State.

2. November 18, 1903 Evening Star Washington, DC
Article from Evening Star, November 18, 1903

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Article Text

Money Was Ready for Them. READING, Pa., November 18.-The run on the Pennsylvania Trust Company continued today, but there was a diminution in the number of withdrawals. Most of the callers were from the country districts, and all were promptly given their money. Several drove home with $1,000 to $2,000, and they were warned to look out for robbers.

3. November 18, 1903 The Times Dispatch Richmond, VA
Article from The Times Dispatch, November 18, 1903

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Article Text

RUN ON BANK WITHOUT EXPLANATION (By Associated Press.) READING, PA., Nov. 17.-A serious run was started to-day on the Pennsylvania Trust Company, the cause for which the company's officials say they cannot understand. There had been a number of withdrawals of deposits during the past few days, and when the bank opened to-day a long line of depositors pressed forward for their money. All were paid. as rapidly as possible. The officers ascribe to maliciou persons the efforts to injure the credit of the Institution. The run continued all day in spite of efforts of bank officers to reassure depositors, but it is thought the worst is over.

4. November 18, 1903 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, November 18, 1903

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Article Text

RUN CONTINUES. The Pressure Is Less Violent Than It Was Yesterday. Reading, Pa., Nov. 18.-The run on the Pennsylvania Trust company continued today but there was a diminution in the number of withdrawals. Most of the callers were from the country district and all were promptly paid their money. Several drove home with $1,000 to $2,000 and they were warned to look out for robbers. Many came to - withdraw their deposits, but when they saw the great piles of cash and the officials ready to accommodate them they left entirely satisfied. It is believed that by tomorrow the excitement among depositors will have entirely subsided.

5. November 19, 1903 The Barre Daily Times Barre, VT
Article from The Barre Daily Times, November 19, 1903

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Article Text

Reading Bank Run Continues. Reading, Pa., Nov. 19.-The run on the Pennsylvania Trust company continues, but there was a diminution in the number of withdrawals. Most of the callers were from the country districts, and all were promptly given their money. Several drove home with $1,000 to $2,000, and they were warned to look out for robbers. Many came to withdraw their deposits, but when they saw the great piles of cash and the officials ready to accommodate them they left entirely satisfied. It is believed that the excitement among depositors will have soon subsided.

6. November 19, 1903 The Sauk Centre Herald Sauk Centre, MN
Article from The Sauk Centre Herald, November 19, 1903

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Article Text

RUN ON A BANK. Depositors of Reading, Pa., Institution Become Frightened and Withdraw Their Savings. Reading, Pa., Nov. 18.-For some unexplained cause a run was started Tuesday on the Pennsylvania Trust company, especially in its savings department. A continuous line of depositors pressed forward and were rapidly paid off. The drain on the bank's funds began a few days ago. President Brooke, of Birdsboro, arrived shortly before noon and he and several directors endeavored to restore confidence among the depositors by assuring them that the institution was in a sound financial condition and that the directors were fully responsible for the safety of the depositors' money. In addition to the funds on hand, the company received $200,000 Tuesday from Philadelphia. The officers ascribe the efforts to break the credit of the institution to malicious persons. The withdrawal of deposits, which subsided toward noon, was renewed later. With the view of allaying the fears of depositors the company Monday published a statement which covers a period of nine years. During that time the assets have increased from $896.859 to $2,782,281; the deposits from $376,355 to $1,770,851, and the capital, surplus and undivided profits from $332,655 to $521,460.

7. November 19, 1903 The Daily Pioneer Bemidji, MN
Article from The Daily Pioneer, November 19, 1903

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Article Text

Money Promptly Paid Out. Reading, Pa., Nov. 19.-The run on the Pennsylvania Trust company continued during the day, but there was a diminution in the number of withdrawals. All were promptly paid their money. Many came to withdraw their deposits, but when they saw the great piles of cash and the officials ready to accommodate them they left satisfied.

8. November 20, 1903 The Forrest City Times Forrest City, AR
Article from The Forrest City Times, November 20, 1903

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Article Text

JUST LIKE ST. LOUIS. An Unaccouutable Run Cu the PennSylvania Trust Co., at Reading, Pa. Reading, Pa., Nov. 18.-For some unexplained cause a run was started, Tuesday, on the Pennsylvania Trust Co., especially in its savings department. A continuous line of depositors pressed forward, and were rapidly paid off. President Brooke and several directors endeavored to restore confidence among the depositors by assuring then that the institution was in a sound financial condition. In addition to the funds on hand, the company received $200,0000 from Philadelphia. The officers ascribe the efforts to break the credit of the institution to malicious persons.

9. November 20, 1903 Perrysburg Journal Perrysburg, OH
Article from Perrysburg Journal, November 20, 1903

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Article Text

A Run on a Bank. Reading, Pa., Nov. 18.-A serious run was started yesterday on the Pennsylvania Trust Co., the cause for which the company's officials say they cannot understand. Every facility was offered by the bank officials for the quick payment of the clamoring depositors and all were paid as rapidly as possible. All were assured that the bank was perfectly solvent.

10. November 20, 1903 Milford Chronicle Milford, DE
Article from Milford Chronicle, November 20, 1903

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Article Text

RUN ON READING BANK Depositors of Pennsylvania Trust Company Clamor For Their Money. Reading, Pa., Nov. 18.-For some unexplained cause a run was started on the Pennsylvania Trust company, especially in its savings department. Depositors were paid off at the rate of one a minute and a continuous line of people pressed forward for their money. The drain on its funds began a few days ago. George Brooke, the president. and several directors delivered addresses to the frightered depositors, assuring them that the institution was in the soundest condition and that the directors were fully responsible for the safety of their money. In addition to the funds on hand, the company received a shipment of $200,000 additional. The officers ascribe the efforts to break the credit of the institution to malicious persons. In order to allay the impending run the company published a statement which covers a period of nine years. During that time the assets have increased from $89,858.90 to $2,782,281. 32, the deposits from $376,355.53 to $1,770,851. 86, and the capital, surplus and undivided profits from $332,655.43 to $521,460.67, an i rease in the lat. ter of $198,805.24. The Reading Clearing House, composed of all the city's monied institu. tions, met and decided to extend the Pennsylvania Trust company all financial assistance needed.