19472. Pennsylvania Trust Company (Reading, PA)

Bank Information

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

Metadata

Model
gpt-5-mini
Short Digest
a7afe5f7

Response Measures

Accommodated withdrawals

Description

Series of contemporaneous newspaper reports (Nov 17–19, 1903) describe a run on the savings department of the Pennsylvania Trust Company in Reading. Bank paid depositors promptly, received $200,000 from Philadelphia and clearing-house assistance; no suspension, receivership, or permanent closure is reported.

Events (1)
1. November 17, 1903 Run
Cause
Rumor Or Misinformation
Cause Details
Officials ascribe the run to malicious persons/efforts to injure the institution's credit; no concrete adverse facts reported about solvency.
Measures
Paid depositors promptly (kept open extra hour), received $200,000 from Philadelphia and clearing-house assistance; posted statements of solvency and financials.
Newspaper Excerpt
For some unexplained cause a run was started today on the Pennsylvania Trust company, especially in its savings department. A continuous line of depositors pressed forward and were rapidly paid off.
Source
newspapers

Newspaper Articles (10)
1. November 17, 1903 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, November 17, 1903

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Article Text

RUN ON TRUST COMPANY Long Line of Depositors Demanding Their Money. Reading, Pa., Nov. 17.-For some unexplained cause a run was started today on the Pennsylvania Trust company, especially in its savings department. A continuous line of depositors pressed forward and were rapidly paid off. President Brooke and several directors endeavored to restoreconfidence among the depositors by assuring them that the institution was in a sound financial condition. In addition to the funds on hand, the company received $200,000 today from Philadelphia. The officers ascribe the efforts to break the credit of the institution to malicious persons. With the view of allaying 'the fears of depositors the company yesterday published a statement which covers a period of nine years. During that time the assets have increased from $896,896 to $2,782,241, the deposits from $376,355 to $1,770,851 and the capital, surplus and undivided profits from $332,655 to $21,460.

2. November 17, 1903 The Butte Inter Mountain Butte, MT
Article from The Butte Inter Mountain, November 17, 1903

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Article Text

RUN ON A READING BANK Enemies of Institution Said to Have Started a Panic. Reading, Pa., Nov. 17.-For some unexplained cause a run was started today on the Pennsylvania Trust company, especially in the savings department. A continuous line of depositors pressed forward and were rapidly paid off. President Brooks and several directors endeavored to restore confidence among the depositors by assuring them that the institution was in a sound financial condition. In addition to the funds on hand the company received $200,000 today from Philadelphia. The officers ascribe the efforts to break the credit of the institution to malicious persons.

3. November 17, 1903 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, November 17, 1903

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Article Text

RUN ON A BANK. Pennsylvania Trust Company Experiences a Run Today. some Reading, Pa., Nov. 17.-For unexplained cause a run was started today on the Penesylvania Trust Company, especially in its savings department. All depositors were paid off promptly. The bank officials state the Institution is in sound financial condition. and will be able to meet all demands.

4. November 17, 1903 The Evening Statesman Walla Walla, WA
Article from The Evening Statesman, November 17, 1903

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Article Text

Run on a Trust Company. READING, Pa., Nov. 17.-A run is in progress today on the Pennsylvania Trust Company.

5. November 18, 1903 The Savannah Morning News Savannah, GA
Article from The Savannah Morning News, November 18, 1903

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Article Text

MADE A RUN ON A BANK. Its Officers Were at a Loss to Account for It. 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 malicious persons the efforts to injure the credit of the institution. The run was continued all day, in spite of the bank officers' efforts to reassure depositors, but it is thought the worst is over. Notices were posted that the bank was solvent and there was no cause for alarm on the part of any depositor. The company's deposits are $1,770,861, capital, surplus and undivided profits, $521,460. The Reading clearing house will extend assistance.

6. November 18, 1903 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, November 18, 1903

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Article Text

Malice Starts a Bank Run. READING, Pa., Nov. 17.-A serious run was started today on the Pennsylvania Trust company, the cause for which the company's officials say they cannot understand. The bank paid all demands promptly. The officers ascribe to malicious persons the efforts to injure the credit of the institution.

7. November 18, 1903 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, November 18, 1903

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Article Text

NO CAUSE IS KNOWN. Serious Run on Pennsylvania Trust Company at Reading. READING, Pa, Nov. 18.-A serious run was started yesterday on the Pennsylvania Trust company, the cause of 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 a long line of deposItors pressed forward for their money. This was especially noticeable of depositors in the savings department of the bank. 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 and had ampl funds to meet any demands. To further emphasize this claim the bank was kept open until 4 o'clock, one hour beyond the customary closing time. It was the general opinion that the worst of the run was over. The bank officials, however, say they will continue today and at all times to promptly return the money of all dissatisfied depositors. About $100,000 has been paid out. The officers ascribe the run to malicious persons. To allay the fears of depositors the company has published a statement which covers a period of nine years. During that time, the statement said, the assets have increased from $896,858 to $2,782,281, the deposits from $376,855 to $1,770,851 and the capital surplus and undivided profits from $332,655 to $521,460. Late in the day the Reading clearing house met and decided to extend the Pennsylvania Trust company all financial assistance it needed.

8. 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.

9. November 19, 1903 The Sun New York, NY
Article from The Sun, November 19, 1903

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Article Text

Reading Bank Run Over. READING, Pa., Nov. 18 - By - noon to-day the run on the savings department of the Pennsylvania Trust Company had spent its strength and at 2 o'clock there were no more depositors asking for their money.

10. November 19, 1903 Bismarck Daily Tribune Bismarck, ND
Article from Bismarck Daily Tribune, 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.