Manufacturers Trust Company (New York, NY)

Episode Information

Episode UID
2358989191551
Episode Type
Run Only
Bank Type
trust
Bank ID
235898919 hash
Start Date
March 5, 1929
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
1a0e59c62d5fec92

Response Measures

None

Events (1)
1. March 5, 1929 Run
Cause
Rumor Or Misinformation
Cause Details
An Italian newspaper article inferred the bank would take over the defunct City Trust Company, causing depositor alarm; the bank later issued a corrective statement and withdrew the offer.
Random Run
Yes
Random Run Snippet
Italian newspaper inferred bank would take over bankrupt City Trust; mistaken
Measures
Requested and received currency from the Federal Reserve (armored cars); reserves sent from Bergen St. station; told depositors they could withdraw when bank reopened at 9 a.m. next day.
Newspaper Excerpt
In the mistaken idea that their bank was about to take over a bankrupt institution, excited depositors yesterday staged a run on the Montauk branch of the Manufacturers' Trust company...
Source
newspapers

Newspaper Articles (4)
1. March 6, 1929 Daily News New York, NY
Article from Daily News, March 6, 1929

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Article Text

ERROR CAUSES ALL-DAY RUN ON BIG BANK IN BROOKLYN In the mistaken idea that their bank was about to take over a bankrupt institution, excited depositors yesterday staged a run on the Montauk branch of the Manufacturers' Trust company, at 5th ave. and Union st., Brooklyn. The run began at 11 a. m. and still was going strong when the bank closed at 3 o'clock, its usual hour. During the excitement it was found necessary to speed more turrency from the Federal Reserve system in armored cars. Police learned through interpreters that the run was caused by an article published in an Italian newspaper which inferred that the Manufacturers' Trust company, which has forty branches in four boroughs, contemplated purchasing the business of the defunct City Trust company of Brooklyn. Reserves from the Bergen st. station were sent to the bank. At closing time depositors were told they could withdraw money when the bank opens at 9 a. m. today. The Manufacturers' Trust company issued a statement saying it had offered to buy leases, furniture, fixtures, vaults and safes in the two Brooklyn offices of the City Trust company. The offer was withdrawn. Listen in every Friday evening from 7:15 to 7:30 Eastern Standard Time over Station WJZ for interesting talks on the preservation of health by eminent authorities through broadcasting facilities provided by E. R. Squibb & Sons.

2. March 6, 1929 Daily News New York, NY
Article from Daily News, March 6, 1929

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Article Text

ERROR CAUSES ALL-DAY RUN ON BIG BANK IN BROOKLYN In the mistaken idea that their bank was about to take over a bankrupt institution, excited depositors yesterday staged a run on the Montauk branch of the Manufacturers' Trust company, at 5th ave. and Union st., Brooklyn. The run began at 11 a. m. and still was going strong when the bank closed at 3 o'elock, its usual hour. During the excitement it was found necessary to speed more currency from the Federal Reserve system in armored cars. Police learned through interpreters that the run was caused by an article published in an Italian newspaper which inferred that the Manufacturers' Trust company, which has forty branches, in four boroughs, contemplated purchasing the business of the defunct City Trust company of Brooklyn. Reserves from the Bergen st. station were sent to the bank. At closing time depositors were told they could withdraw money when the bank opens at 9 a. m. today. The Manufacturers' Trust company issued a statement saying it had offered to buy leases, furniture, fixtures, vaults and safes in the two Brooklyn offices of the City Trust company. The offer was withdrawn. Listen in every Friday evening from 7:15 to 7:30 Eastern Standard Time over Station WJZ for interesting talks on the preservation of health by eminent authorities through broadcasting facilities provided by E. R. Squibb & Sons.

3. March 6, 1929 Daily News New York, NY
Article from Daily News, March 6, 1929

Click image to open full size in new tab

Article Text

ERROR CAUSES ALL-DAY RUN ON BIG BANK IN BROOKLYN In the mistaken idea that their bank was about to take over a bankrupt institution, excited depositors yesterday staged a run on the Montauk branch of the Manufacturers' Trust company, at 5th ave. and Union st., Brooklyn. The run began at 11 a. m. and still was going strong when the bank closed at 3 o'clock, its usual hour. During the excitement it was found necessary to speed more currency from the Federal Reserve system in armored cars. Police learned through interpreters that the run was caused by an article published in an Italian newspaper which inferred that the Manufacturers' Trust company. which has forty branches in four boroughs, contemplated purchasing the business of the defunct City Trust company of Brooklyn. Reserves from the Bergen st. station were sent to the bank. At closing time depositors were told they could withdraw money when the bank opens at 9 a. m. today. The Manufacturers' Trust company issued a statement saying it had offered to buy leases, furniture, fixtures, vaults and safes in the two Brooklyn offices of the City Trust company. The offer was withdrawn.

4. March 6, 1929 Daily News New York, NY
Article from Daily News, March 6, 1929

Click image to open full size in new tab

Article Text

ERROR CAUSES ALL-DAY RUN ON BIG BANK IN BROOKLYN In the mistaken idea that their bank was about to take over a bankrupt institution, excited depositors yesterday staged a run on the Montauk branch of the Manufacturers' Trust company, at 5th ave. and Union st., Brooklyn. The run began at 11 a. m. and still was going strong when the bank closed at 3 o'clock, its usual hour. During the excitement it was found necessary to speed more currency from the Federal Reserve system in armored cars. Police learned through interpreters that the run was caused by an article published in an Italian newspaper which inferred that the Manufacturers' Trust company, which has forty branches in four boroughs, contemplated purchasing the business of the defunct City Trust company of Brooklyn. Reserves from the Bergen st. station were sent to the bank. At closing time depositors were told they could withdraw money when the bank opens at 9 a. m. today. The Manufacturers' Trust company issued a statement saying it had offered to buy leases, furniture, fixtures, vaults and safes in the two Brooklyn offices of the City Trust company. The offer was withdrawn.