gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f1985f8e5e4a584f
Response Measures
None
Description
Suspension explicitly linked to inability to procure cash after neighborhood runs; later reopened with Van Norden support.
Events (3)
1.October 24, 1907Run
Cause
Local Banks
Cause Details
Run/nervousness triggered by suspensions and runs at neighboring Harlem banks (e.g., Hamilton Bank) leading to heavy withdrawals and inability to raise cash.
Measures
Customers were told bank would take advantage of thirty days' clause; bank posted notice suspending payment; state bank examiner placed in charge.
Newspaper Excerpt
it is thought that the state Banking department in closing the institution did so on account of a run upon the institution.
Source
newspapers
2.October 24, 1907Suspension
Cause
Local Banks
Cause Details
Suspension due to inability to procure sufficient cash to meet withdrawals following neighborhood disturbances and runs.
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, 1907Reopening
Newspaper Excerpt
The Twelfth Ward bank ... re-opened for business today. More than $35,000 was deposited at the main office the first hour.
Source
newspapers
Newspaper Articles (21)
1.October 24, 1907Evening StarWashington, DC
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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, 1907The Evening Star and Newark AdvertiserNewark, NJ
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them, the supply being maintained by heavy shipments of currency from the treasury at Washington. It was announced early this afternoon that John D. Rockefeller had deposited $10,000,000 with the Union Trust Company, one of the city's oldest and strongest trust companies, the money to be used by that company in aiding the trust company situation generally. The suspension of the Hamilton Bank was announced at 9 o'clock this morning. Its place of business is in 125th street, near Eighth avenue. The explanation is given that pending the complete restoration of public confidence the officers had concluded to close in justice to all concerned. Following the announcement of the suspension of the Hamilton Bank came the news that the Twelfth Ward Bank, located at 125th street and Lexington avenue, had suspended payment. The Twelfth Ward Bank is a State institution, and a State bank examiner has been placed in charge of its affairs. According to a recent statement the institution owed depositors about $3,000,000. The Empire City Savings Bank, located at 231 West 125th street, posted a notice this morning announcing its suspension for 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. The run on the Dollar Savings Bank, in the Bronx, which began Tuesday, continued today. Nearly 300 depositors waiting for an opportunity to withdraw their savings were lined up outside the building when daylight came. Many of them, a majority of whom were women, had stood all night in the line. A large percentage of this bank's depositors are foreigners. The stock market's expression at the outset to the feeling of satisfaction over the measures announced over night to end the financial crisis attracted attention at once. Active buying orders were numerous and a buoyant upshoot of prices resulted. The opening pace proved too rapid to be maintained, however, and there was some reaction, but the activity immediately diminished at the lower prices. Westinghouse Electric rose 10 and American Tobacco preferred 48/4. There were advances of 23/4 to 1% in market leaders, but in a few stocks f the pressure of liquidation still made itself felt, Sault Sainte Marie running off 4½, Southern Pacific preferred 21/3, S Interborough-Metropolitan preferred S and Sugar 1½, and Missouri Pacific S and Toledo, St. Louis and Western a t point. a All the overnight developments are S declared to be reassuring. The series of conferences last night, participated n in by Secretary Cortelyou, J. Pierpont d Morgan, John A. Stewart, James Stillr man and other representative bankers and men of affairs, disclosed an agreet ment in the opinion that the situation is well in hand and that with the $25,000,000 government deposits to be made V by Secretary Cortelyou today there S will not only be enough cash on hand, but even more than might be needed h to meet safely any emergency.
3.October 24, 1907Santa Fe New MexicanSanta Fe., Santa Fe, NM
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jumping to 105 in a few minutes. Three Small Banks Suspend. The Hamilton Bank of West 125th Street and the Twelfth Ward Bank today suspended payments to depositors. The banks claim to be solvent and propose to re-open when public confidence is restored. The Hamilton bank was not a large institution but had deposits of about seven millions. E. R. Thomas, who was associated with Heinze and Morse in several financial ventures, resigned as president after he became involved in copper and William R. Montgomery was elected president. The Empire City Savings Bank also posted a notice of suspension for thirty days under the banking laws. The officers feared a run, they said, because of the suspension of the Hamilton and Twelfth Ward banks which are in the same neighborhood. The bank owes depositors about three million dollars. Situation Unchanged at Pittsburg. Pittsburg, Pa., Oct. 24.-At a meeting today of the members of the Pitts. burg Stock Exchange, it was decide I not to re-open for business today. The suspension of the Iron City Trust Company last night and the ap. pointment of a receiver had no apparent effect upon the local situation. It is known the company is liquidating for the purpose of going out of business. A prominet financier said today he knew the trust company could pay $135 per share to stockholders. Run on Providence Bank. Providence, R. I., Oct. 24.-A run began on the Union Trust® Company about noon today and before the close of banking hours a large, number of depositors had been paid. Marsden G. Perry president of the Trust Company, is connected with the Trust Company of America of New York.
4.October 24, 1907The Topeka State JournalTopeka, KS
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Mr. Morgan's pronounced part in staying the panic, and the calming statements by John D. Rockefeller, President Stillman of the National City bank and Vice President Frank A. Vanderlip of the same institution—these things, it is considered, can not fail to help what is in some respects the most acute money crisis New York city has seen since the Grant-Ward failure in 1884. Governor Hughes' prompt appointment of a new superintendent of banks in the person of Clark Williams, a prominent banker here, to fill an office suddenly vacated this week, and the steps taken to have the Knickerbocker Trust company resume business are other satisfactory signs. As is always the case in time of financial excitement, New York bankers and brokers were at their desks early this morning awaiting the London quotations on American stocks. Three Banks Close. The Hamilton bank in West One Hundred and Twenty-fifth street, suspended payment to depositors today. A notice was posted on the doors of the bank this morning, announcing that the bank was solvent, but in justice to depositors payment had been suspended until public confidence in banking institutions was restored. The Twelfth Ward bank suspended payment to depositors. A state bank examiner will be placed in charge. 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 Empire City Savings bank, located at 231 West One Hundred and Twenty-fifth street, posted a notice this morning announcing suspension for 30 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 30 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. Will Wait for Confidence. 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. Augustus 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. 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. At 9:30 there were about 1,500 persons in line in front of the Trust Company of America's main office in Wall street waiting for the opening of business. At 10 o'clock prices on the London exchange showed considerable strength among American securities. Union Pacific was up 2%, Baltimore & Ohio 23, Atchison 2½, Southern Pacific 2, Amalgamated Copper 1, United States Steel and Erie 3/8.
5.October 25, 1907Los Angeles HeraldLos Angeles, CA
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000,000. 4 e J. P. Morgan headeu s ers whose operations reduced the + of call money on Wall street from 100 e per cent, the highest point it has yet : touched, to 10 per cent. e + At the conclusion of the day's activi+ ties the brokers of the exchange gave + three cheers for Morgan and his assoclates. , Three comparatively small banks, all , situated in Harlem and doing princi+ y pally a neighborhood business, sus+ pended payment under the thirty days' clause. State officials declare they are solvent. : Governor Sparks of Nevada pro+ , claimed a five days' holiday for banks. ) It is announced that all obligations will be met Tuesday by every institution. , George Wingfield and Senator Nixon , , place fortunes at banks' disposal. , A special train from San Francisco s took to Goldfield $500,000 in gold for s the John S. Cook bank. + The San Francisco stock exchange + 1 keeps, open to demonstrate its faith in , Nevada stocks. although the Tonopah , exchange has closed for a week. e The opinions of bankers throughout e the country are optimistic. i By Associated Press. : e NEW YORK, Oct. 24.-As a result of e today's developments in the financial e world there is every indication that the s crisis in the banking and trust situa: tion has been safely passed. i e The Trust Company of America all e through the day. during banking hours paid out money to depositors as rapidly as possible and closed the day with all demands having been met. The company received over its counters in the morning hours in ordinary deposits more than $1,000,000. It was announced early this afternoon that John D. Rockefeller had deposited $10,000,000 with the Union Trust company, one of the city's oldest / and strongest trust companies, the money to be used in aiding the trust companies situation generally, The day was marked by these noteworthy episodes: First, and earlier in the day came the announcement of trouble in three minor state banks in Harlem, the Hamilton bank, the Twelfth Ward bank and the Empire City Savings bank. These banks transacted only a neighborhood business, and their suspension of payment was absolutely without significance as bearing on the general situation. The bank examiner, Judson, declared this afternoon that all three were solvent and that their depositors would lose nothing. The second episode was a run begun e upon the Lincoln Trust company. At I the close of the day the company's of$ ficials announced they were fully able 1 to meet all obligations. 1 By far the most notable, even dra, matic, episode of the day was the 1 emptying of money into the stock exchange through a pool headed by J. P. Morgan and other financiers in order to 1 avert a ruthless selling out of stocks. The effect of the money stringency 7 was to run the rate for money up to 3 100 per cent, and when that figure was quoted an extremely sharp decline ree sulted in the stock market. Union Pa$ cific, a 10 per cent stock, sold down to e par. At the time the excitement was at its 1 highest the announcement was made that a pool had been formed with J. 1 P. Morgan at its head to come to the e (Continued on Page Two.>
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.
7.October 25, 1907The Salt Lake HeraldSalt Lake City, UT
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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.
8.October 26, 1907The White Pine NewsEly, NV
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ROCKEFELLER COMES TO SAVE SITUATION DEPOSITS TEN MILLIONS TO TIDE BANKERS OVER STORM PERIOD IN MONEY CENTER. J. PIERPONT MORGAN IS ALSO ACTIVE Kings of Finance Act Promptly and Prevent Crash of Institutions. NEW YORK, Oct. 25. With all the generals of finance and the of the in accord to in the secretary ury great acting United restore States public treas- trust on a much more street company ment confidence took Wall situation banking in this yesterday, city, and cheerful senti- and was all of the distinct tone quarters in improvement financial visible district. in The from of America, statements Company day opened officials with and of that optimistic the Trust instiA welcome affairs was tution sented. company's rapidly paid today all feature checks to of consid- that that prelarge deposits, amounting erably more than a million dollars, were made during the morning hours. John D. "Comes Through." John D. Rockefeller deposited with one oldest trust $10,000,000 companies, to of trust be the used city's in extending aid to such companies as might require it. The failure of three small uptown banks had small effect on the general situation. The stock market opened buoyant under n ter weakness to that the the dealings the fact improved brokerage tone. developed, the houses due latwere 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 was announced on the stock exchange at 2:20 that a pool had been formed which would supply the brokers with all the money required to close their operations tonight. Stocks Rally Feverishly. There were violent, feverish rallies in the stock market following the decline, Union Pacific rising in a few a minutes to 105. Prices jumped full point in some cases between sales. Northern Pacific rallied 4 3/4 Amalgamated Copper also rose 31/4 from the lowest. At 2:45 o'clock following the announcement that a pool had been raised, call money was lending at 10 per cent. The pool loans made amounted to about $25,000,000. $100,000,000 Contributed. The aggregate amount of money which had been contributed to weather the storm and restore confidence assumes the really colossal proportions. Roughly estimated, it inwhich Secretary in banks, Cortelyou cludes $25,000,000 $25,000,000 deposited which the New the York $10,- Morgan to which with the comand deposited 000,000 pany, pool brought finally John another Union the D. ffoor: Rockefeller Trust it is feller to which, stood ready understood, advance conditions-in Mr. $50,000,- to Rocke- meet any further stress of all considerably in excess of $100,000,000. There was an unusual scene at the stock exchange at the closing hour. The day having passed without in the center exgathered serious trying difficulty, of the the brokers big J. and gave Morgan, the pool came to the change forming Pierpont money three whose market cheers that action at for 2:15 in turned when were moment the o'clock relief had of prices the time lebbing at the with alarming rapidity. Suspended Banks Solvent. Albert C. Judson, a state bank examiner, announced this afternoon that the Hamilton bank, the Twelfth and the all of had ings Ward payment bank, bank today, which Empire been found suspended City said: to Sav- be entirely solvent. Mr. and Ward bank for 'The suspended Hamilton Judson lack Twelfth of ready cash. The Empire City Savings bank took advantage of thirty days allowed savings banks. 500 were coln About Trust to company depositors of the waiting today. Lininstitution a leading a director, chant Louis when Stern, and the arrived, dry opened goods follow- mera of cabs meswith heavy of which was ed currency, sengers by string loads carried carrying gold into and Mr. the bank in view of the depositors. Stern said the company would pay every depositor who wanted his money.
9.October 26, 1907Seward Weekly GatewaySeward, AK
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Two Small Banks Suspend New York, Oct. 25 --- The Twelfth Ward bank and the Hamilton bank, both small, suspended today. It is announced that Secretary Cortelyou and J. P. Morgan will take steps to prevent further panic in the money world.
10.November 1, 1907The Lee County JournalLeesburg, GA
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Napoleon of Finance Gets Friends Together and Quells Tempest. MILLIONS FURNISHED Mighty Stream of Coin of the Realm Poured Into Coffers of Banks Routs Impending Panic and Ruin. A New York special says: As a result of Thursday's developments in the financial world there is every indication that the crisis in the banking and trust company situation has been safely passed. The Trust Company of America all through the day's bankIng hours, paid out money to depositors as rapidly as possible and closed with all demands having been met. A very favorable feature of the situation respecting this company was that it was able to make its payments with very little assistance and another was that company received over its counters in the morning hours in ordinary deposits more than $1,000,000. Mr. Oakleigh Thorne, president of the company, said that there was abundant cash in the vaults to meet the situation and that he had no apprehensions whatever regarding the institution for the future. As the Trust Company of America had been the center of interest in the financial storm, it was accepted that the ability it had thus shown to weather the storm was clear indication that the financial sky had cleared and tha a period of fair weather was now well in sight. The day was marked by three noteworthy episodes; first, and earliest in the day came the announcement of trouble in three minor state banks in Harlem - the Hamilton Bank, the Twelfth Ward Bank and the Empire City Savings Bank. These banks transacted only a neighborhood business, and their suspension of payment was absolutely without significance as bearing on the general situation. State Bank Examiner Judson stated that all three were solvent and that their dedepositors would lose nothing. The second episode was a ran inaugurated against the Lincoln Trust company. The run against this company was steady throughout the day, but the sums withdrawn were not large. It is an up-town institution with a great шапу women depositors and carried, mainly, personal household accounts. The run, however, was without importance to the city's banking interests as a whole. At the close of the day, the company's officials annoùnced that they were fully able to meet all obligations. By far the most notable, even dramatic, episode of the day was the emptying of millions of money into the stock exchange through a pool headed by J. P. Morgan and other financiers, in order to avert a ruthless selling of stocks held by brokers. At the time that excitement was at its height the announcement was made that a pool had been formed, with J. ierpont Morgan, at its head, to come to the rescue of the brokers, for it was necessary to provide funds at once in order that they might carry the stock they were holding for their customers. The effect of the relief measure was instantaneous and the rate on call money declined from 100 per cent to 10 per cent. Stock advanced more rair idly than they declined. Seldom, if over, had the veterans of finance seen a great situation saved so quickly and SQ effectively by such a Napoleonic stroke. When the stock exchange closed, every one was getting all the money he wanted. The close was marked by a memorable scene, in which the brokers gathered around the principal trading posts and gave cheers for J. P. Morgan and the members of the pool which had saved the day. The aggregate amount of money which had been contributed in to weather the storm and restore confidence assumed truly colossal proportions. Roughly estimated $25,000,000 which Secretary Cortelyou deposited in the New York banks, $25,000,000 which the Morgan pool brought to the floor, $10,000,000 which John D. Rockefeller deposited with the Union Trust company as a means of stemming the tide of the Trust Bank of America, and finally another $50,000,000 which, it is understood, Mr. Rockefeller stood ready to advance, to meet any further stress of conditions-in all considera. bly in excess of $100,000,000.
11.November 4, 1907Evening StarWashington, DC
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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.
12.November 16, 1907New-York TribuneNew York, NY
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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.
13.November 19, 1907The Topeka State JournalTopeka, KS
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BANK TO RESUME. One of New York's Suspended Institutions Will Reopen. New York, Nov. 19.-The Twelfth Ward bank, one of the institutions which suspended payment during the early days of the financial crisis will on reopen tomorrow. The premium currency which has been maintained at about 3 per cent since the hoarding of money began a few weeks ago has begun to diminish. Loans of currency were made today at rates ranging as low as 11/2 per cent. Bankers reported that the premium in a number of interior cities was much reduced or had disappeared. The action was attributed chiefly to the arrangement for issuing treasury certificates and canal bonds.
14.November 19, 1907Rock Island ArgusRock Island, IL
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Syndicate Not Heard From. The local subtreasury today received its first official advices from Washington regarding the government's issue of $100,000,000 in 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. Bank Will Reopen. New York, Nov. 19.-As an evidence of the improvement in the financial situation the announcement was made today that the Twelfth Ward bank, which suspended during the early days of the crisis, will reopen tomorrow.
Bank to Resume Tomorrow. New York, Nov. 19.-The Twelfth Ward bank, one of the institutions which suspended payment during the early days of the financial crisis, will reopen tomorrow. The-premium on currency, which has been maintained at about 3 per cent since the hoarding of money began a few weeks ago, has begun to diminish.
16.November 20, 1907Evening Times-RepublicanMarshalltown, IA
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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, 1907The Montgomery AdvertiserMontgomery, AL
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TWELFTH WARD BANK REOPENS ITS DOORS Heavy Deposits Are Made During the Day. New York, Nov. 20-Fortified by the promises of a large proportion of its depositors to allow their deposits to remain in the bank for several months, the Twelfth Ward Bank, a State institution which closed during the runs of a few weeks ago, re-opened for business today. This is the first of the closed banks to re-open and its resumption is regarded by bankers as showing strengthening confidence. More than $35,000 was deposited at the main office in 125th Street within the first hour, and large amounts also were depostied at the two branches of the bank. It was stated that the bank has on hand $2,100,000 of the deposits made before the run began.
18.November 22, 1907The Ely MinerEly, MN
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Bank Reopens. New York, Nov. 20.-As evidence of the marked improvement in the financial situation in this city comes the announcement that the Twelfth Ward bank one of the old institutions which suspended payment during the early days of the crisis, will re-open for business to-day.
19.November 28, 1907Daily Kennebec JournalAugusta, ME
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Things Are Looking Brighter. Whatever dark clouds have been upon the financial horizon of late are fast disappearing. From New York and the other great cities come reports of returning confidence. The panic fears are dying out. The banks are no longer in constant terror of a "run" by frenzied and unreasoning depositors. Men who drew out their deposits because they thought the banks were unsound are recovering their sanity and putting their money back in the banks. Chicago announces that it is ready to resume normal banking conditions as soon as New York does so. The Twelfth Ward Bank, a State concern, in New York, has reopened. The heads of the great savings banks there report uniformly that money is coming back. The timid depositors who gave notice of withdrawal of funds have recovered from their fright and are revoking their notices. One bank got 6,000 notices of revocation in one day's mail. The Union Dime Savings Bank had received notices of withdrawal which would have taken out $300,000; the revocations are coming in so fast now that the president thinks that hardly $100,000 will be demanded. This recovery of common sense is a good indication that the financial flurry will soon pass by. Whatever its causes-over-speculation, too great an extension of credit, fear of restrictive measures on the part of the great corporate interests or too much water in the stocks-it has been a Wall street storm, a rich man's panic. Every material condition of the country argues prosperity. Business generally is in good shape-or was until things broke loose in New York. Money was never more plentiful, if it will come out of hiding; the per capita circulation is greater now than ever. There is no good reason for prolonged panic. There is no reason to fear hard times. Business simply waits the assurance that the frightened depositor will not contract the currency by withdrawing his money from use, and that the banks-also somewhat panic-stricken-will resume normal methods. In other words, just as soon as business can know that it can get money to go on with it will go.
20.November 29, 1907Greene County HeraldLeakesville, MS
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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.
21.February 6, 1908New-York TribuneNew York, NY
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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.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
