United States Exchange Bank (New York, NY)

Episode Information

Episode UID
7854366691294
Episode Type
Suspension → Reopening
Bank Type
state
Bank ID
785436669 hash
Start Date
October 25, 1907
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
891764d8cd0aa8af

Response Measures

None

Events (2)
1. October 25, 1907 Suspension
Cause
Macro News
Cause Details
Closed due to closing of other banks and unusual demand for cash amid the 1907 financial panic; police protection requested and state examiner took charge.
Newspaper Excerpt
The United States Exchange Bank ... posted a notice before banking hours began, announcing its temporary suspension
Source
newspapers
2. November 25, 1907 Reopening
Newspaper Excerpt
The United States Exchange Bank ... which suspended October 25, reopened today. The bank's cash reserve has been greatly increased.
Source
newspapers

Newspaper Articles (17)
1. October 25, 1907 The Roswell Daily Record Roswell, NM
Article from The Roswell Daily Record, October 25, 1907

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New York, Oct. 25.-A much cooler tone was apparent in the business district this morning. The success of relief measures undertaken yesterday by J. P. Morgan, John D. Rockefeller and other prominent financiers together with the promptness with which the officials of the Trust Company of America met the run of depositors, gave great encouragement to bankers and business mea generally that no further trouble was to be feared. A pool of twenty-four million 'ollars made up by a pool headed by J. P. Morgan, which went into the stock market yesterday afternoon is believed to have given permanent relief to brokers in need of funds to carry stock bought and sold on margins for customers. In an address at a dinner last night Secretary Cortelyou referred to the financial situation:: "We are having a trying experience, but with all embarrassments I feel my faith in the general stability of business strengthened by the examples I have seen of high courage and splendid devotion to the public shown by many men of great influence in the commercial and and industrial affairs of this city. The weak places have been fortified, but what is better those of evil influences have been scourged from their positions, and the determination to carry this work forward will have a far reaching influence in restoring the public confidence." The announcement was made this morning that the United States Exchange Bank, a small institution in Harlem, would not open for business today. The bank has little more than $500,000 on deposit, and its suspension was evidently without effect on the general situation. There were lines of depositors waiting this morning at daylight in front of the Trust Company of America. The line was maintained all night and a woman declined to leave her place, even when the men behind her promised to restore the place to her in the morning. The International Trust Company, one of the small and inconspicuous companies, closed its doors at 10:40. This company had business connections with the Borough Bank of Brook lyn which suspended today. The Brooklyn Bank at Fulton and Clanton street did not open today. It has capital stock of $300,000 and owes about one million five hundred thousand dollars. The Borough Bank of Brooklyn, a state institution with capital of $200.000 and deposits of about three millions did not open for business today. Its business was not very large, and no prominent financiers were connected with it. One of its principal connections was the Kniekerbocker Trust company. The Lincoln Trust Company resumed payment to depositors today as usual. Big Failure at Providence. Providence, R. I., Oct. 25.-The Union Trust Company, on which there was a run yesterday, did not open for business today. At nine o'clock, the usual hour of opening, the following notice was posted: "This bank will not open today, owing to the stringency of the money market." There were several hundred people in line who wished to get their money According to the statement issued June 29th last, this bank had resources aggregating $28,238,335. The liabilities included besides $500,000 capital stock a surplus of $2,250,000 and deposits of $25,445,625. East Greenwich, R. I., Oct. 25.-The East Greenwich branch of the Union Trust Company of Providence, did not open this morning. A notice was posted saying the bank was closed for the protection of depositors. Central Falls, R. I., Oct. 25.-The Central Falls branch of the Union Trust Company closed today after a run started. It is the only bank in the city and the depositors are mainly

2. October 25, 1907 Pine Bluff Daily Graphic Pine Bluff, AR
Article from Pine Bluff Daily Graphic, October 25, 1907

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WALL STREET EASY AGAIN Recent Financial Troubles Have Passed Over With Morgan and Rockefeller at the Helm Today NO FEARED PANIC Men Who Violated Trusts Will Be Obliterated From the Financial World-Reports From East Encouraging. Dispatches received at the Pine Bluff Board of Trade headquarters today are brighter and more encouraging in their reports of the recent financial troubles in the East. A rumor was received from New York to the effect that another trust company in Brooklyn, with liabilities of $9,000,000 had closed its doors. Another report from Providence, R. I., says that a run was being made on the Union Trust Company there. This bank has deposits in the sum of $45,000,000. The United States Exchange Bank at No. 23 West 125th street, New York, closed its doors this morning. It is a small bank and its failure is of little or no importance. The New York American in one of its issues today said: "The worst is over. The thing that a combination of powerful bankers banded themselves together last spring to do has been accomplished Great as has been the upheaval in the financial world, a greater disaster has been avoided. J. P. Morgan and J. D. Rockefeller at the helm and Wall street has begun to get its bearings. Many things have been exposed in the last few days, and these things have caused much excitement, but things of stupendous importance have been concealed for to have made them public would have been to precipitate actual panic. With a full knowledge of what has been done the statement is made here without reservation that the worst is over and that there is no necessity of further excitement. Money in the banks is safe, but some of the men who have violated trusts are not safe. A year from now many names now prominent on the roster of Wall street will be heard no more. since last January conservative Ever persons have warned the public to beware of the stock market and the leading bankers have showed the sincerity of their advices getting, out of it themselves. These persons now believe that a healthy tone will soon be apparent in the maket. There wil, of course, be more liquidation, for many persons have been injured beyond recovery and happy to say, some of the injured ones were marked for injury some months ago."

3. October 25, 1907 The Barre Daily Times Barre, VT
Article from The Barre Daily Times, October 25, 1907

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Concluded Financiers After Conference This Morning TWO MORE BANKS CLOSED But Efforts of J. P. Morgan, J. D. Rockefeller, Secretary Cortelyou Seem to Have Staved Off the Shock of Further Panic. New York, Oct. 25.-Two more banks failed to open this morning, they being the Brooklyn and the United States Exchange bank. No statement was given out. The prompt payment of depositors yesterday had no effect in les. sening the run early this morning at the Lincoln Trust Co., and the Trust Co. of America. Crowds were also waiting for the opening of other institutions, After a conference at the house of J. P. Morgan, lasting to 1 a. m. today the leading financiers expressed the opinion that the worse was over. During the afternoon when the stock market was convulsed by a veritable panic, with Union Pacific down to par, and call money lending at 100 per cent Morgan threw $25,000,000 into the mark. et to be loaned at 10 per cent. ImmeR diately stocks soared and the call money li ring was smashed, the members of it f being glad to get 10 per cent, where they b had been asking 100. It was the most dramatic incident in the recent history of the stock exchange. is John D. Rockefeller came to the relief of the depressed financial situation in a ti way that was significant and reassuring. The head of the Standard Oil corporato tion furnished ten millions of dollars, to be used by the Trust company of ve America in paying the demands of debe positors, and it was felt that this great in aid would turn the tide in favor of a in return to a healthy condition in finanfe cial circles.

4. October 25, 1907 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, October 25, 1907

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CALMER TONE Business Circles Encouraged By the Relief Measures of Big Financiers RETURN OF CONFIDENCE New York, Oct 25.-A much calmer tone was apparent in business circles this morning. The success of the relief measures undertaken yesterday by J. Pierpont Morgan, John D. Rockefeller and other prominent financiers, togother with the serenity with which the officials of the Trust Co of America met the run of depositors on that institution, gave great encouragement to bankers and business men generally that no further trouble was to be feared. The $25,000,000 made up by a pool headed by Mr Morgan, which was sent into the stock market yesterday afternoon, Is believed to have given permanent relief to the brokers who were in need of funds with which to carry the stocks bought and held on margins for their customers. Last night passed without any series of conferences of bankers with each other and with Secretary Cortelyou which were held until late hours on Tuesday and Wednesday nights, except for an informal meeting at Mr Morgan's house. Secretary Cortelyon attended the dinner of the graduates' club, of which he is vice-president, and made an address in which, after discussing at some length the objects of the club and its affairs, he made a brief reference to financial matters. The secretary said: "We are having a trying experience, but with all its embarrassments I find my faith in the general stability of business strengthened by the examples I have seen of high courage and splendid devotion to the public welfare shown by many men of great influence in the commercial and industrial life of this city. Weak places have been fortified, but, what is better, those of evil influence have been scourged from their positions and the determination to carry this work forward will have a far-reaching influence in restoring public confidence." Announcement was made this morning that the United States Exchange bank, a small institution located in the Harlem district, would not open for business to-day. The bank has only a little more than $500,000 on deposit, did an inconspicuous business, and the announcement that it would not open for buisness was entirely without effect.. There were lines of depositors waiting this morning in front of the Trust Co of America and at the banking office of the Lincoln Trust Co up town. Some of those in line at the Trust Co of America had been there all night At the head of the line

5. October 25, 1907 The Washington Times Washington, DC
Article from The Washington Times, October 25, 1907

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strongest hands in the financial world. Interests that have stood aside for many months watching the decline are now busy buying bargains. They do net hesitate to say that these stocks will be for sale should the market advance, because the purchasers are taking aboard an abnormal volume ot securities. But the fact that they are willing to take up this load even temporarily is reassuring. The banks of importance are finding themselves supplied with an abundance of cash. It will be no calamity in the Wall Street view if a few hundred small banks disappear from the horizon permanently, and the big people are shaning things so that depositors even in these smáll banks will get all of their money back. Standard Advanced. No particular stock distinguished itself today, but the standard issues were used to influence sentiment and they advanced from 1 to 3 points. Wheat was also advanced about 3 cents a bushel, and cotton was permitted to sink lower. Money was furnished freely and the responsible bankers said they looked for no further panic just now on that account. The United States Exchange Bank, Nos. 23 and 25 West 125th street, posted a notice before banking hours began, announcing its temporary suspension, A large crowd gathered in front of the bank, and the officers telephoned to police headquarters for protection, fearing a hostile demonstration. The Borough Bank, of Brooklyn, also printed a notice of suspension. The notice posted at the United States Exchange Bank was as follows: "NOTICE. "In consequence of the closing of other banks and the unusual demand for cash, we have decided to remain closed to-day. The bank is perfectly solvent, but these are extraordinary times, and we have to resort to extraordinary measures to protect ourselves and our depositors. "JAMES J. O'SHAUGHNESSEY, "Cashier." Nearly $1,000,000 Deposits. The United States Exchange Bank is capitalized at $100,000 and has a surplus and profits of $37,170. Individual deposits amount to $880,970. The Mercantile National Bank and the Bowling Green Trust Company, in this city, and the New York State National Bank of Albany are its principal correspondents. The president of the bank is John J. Gibbons. At the regular hour for opening this notice was pasted on one of the windows of the bank: "Pursuant to the authority conferred on me by section 619 of the laws of 1892, I have taken charge of the United States Exchange Bank. "CLARK WILLIAMSON, "State Bank Examiner. "A. P. Campbell, examiner in charge." Borough Bank Closes. The last report of the Borough Bank of Brooklyn, which also posted a notice of temporary suspension, gave It a capital of $200,000, with a surplus of $60,000. The loans were given at $2,650,000, with deposits of $3,250,000. The undivided profits were $85,000. Another Brooklyn Bank Closed. The third was the Brooklyn Bank, with a branch at 601 Fulton street, Brooklyn. Both Brooklyn banks are controlled by the International Trust Company of New York, which also holds the majority of stock of several other Brooklyn institutions. No statement has yet been given out in regard to the Brooklyn Bank, but an official of the Borough Bank announced that the public would be informed as to the details. The three banks which suspended yesterday remained closed today. They are the Hamilton, the Twelfth Ward, and the Empire Savings. All are declared to be perfectly solvent, and there is no probability of ultimate loss on depositors.

6. October 25, 1907 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, October 25, 1907

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More Banks Close. Brooklyn, N. Y., Oct. 24.-The Inter: national Trust Company with two branches, the Brooklyn Bank and the Borough Bank of Brooklyn, closed its doors this morning owing to the inability to secure cash. The capital of the bank is given as $300,000; its deposits are $3,500,000 and its surplus is $135,400. The liabilities of the bank are stated as $2,789,000; capital is $300,000; the deposits smount to $2,220,000; the surplus is given as $160,000 and $1,410,000 is out on loan. There is little excitement in connection with these suspensions. New York, Oct, 24 -The United States Exchange Bank, at 23 west 125th street, announced this morning that it would not open today. Police protection was requested. An officer of the bank was asked if the suspension was temporary and replied: "No information to give out." Providence, R. L., Oct. 25.-A notice was posted today on the doors of the Union Trust Company, on which a run was made yesterday, announcing that the company has suspended payment to depositors temporarily. The Union Trust Company's individual deposits exceed $25,000,000. The paid up capital is halfa million. C. S. Wetland has been appointed a receiver for the Union Trust Company. Brooklyn, N. Y., Oct. 25.-The Williamburg Trust Company, Broadway and Kent avenue, Williamsburg, closed its doors at 1:15, being unable to cash a cbeck for $10,000. Frank Jenkins is president. The bank had a capital of $700,000. Liabilities, $9,676,484. Brooklyn, N. Y., Oct. 25.-The First National Bank, on Kent avenue and Broadway, Williamsburg, suspended payment at 1:30 this afternoon.

7. October 26, 1907 Daily Press Newport News, VA
Article from Daily Press, October 26, 1907

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# THREE SMALL BANKS # CLOSE THEIR DOORS New York Capitalists Say They Have No Bearing on Situation and Conditions Are Better. # YESTERDAY A NERVE-RACKING DAY Savings Banks Compel Depositors to Give Thirty or Sixty Days Notice of Withdrawal of Accounts-Plenty of Money on the Stock Exchange- Clearing House Certificates. (By Associated Press.) NEW YORK, Oct. 25.-Another nerve racking day has passed but the financial institutions of New York have shown extraordinary power of resistance to the pressure put upon them. While it is true that several minor institutions have been forced to close their doors, yet two things should be said about them-first, that the amount involved was not so great as to exert any marked influence on the general situation as those banks were located in residential quarters and did not come into touch with the larger financial institutions of the metropolis, and second-that there are several rea- sons to believe that these banks and trust companies are entirely solvent and their difficulties will prove to be only temporary and due entirely to in- ability to secure ready cash on gilt- edged securities in their vaults. In the light of the general excite- ment, the savings banks thought it wise to put into effect the rule re quiring thirty to sixty days notice for the withdrawal of deposits and this will prevent the withdrawal of money which would otherwise be put in safety deposit boxes. The savings banks, if they continued to make pay- ments, would be obliged to withdraw funds from the National banks, there- by causing an additional strain on the general banking situation. There was not the slightest hint that any of the savings institutions was in anything but in the soundest condition as it was pointed out that the savings banks of this state are so restricted by law in investing their money that there can be no question that all of the securities in their possession are of good value and readily salable in normal times. The institutions which closed their doors today with the sums due de- positors, were: the United States Ex- change Bank, Harlem, $6,600,000. In- ternational Trust Company, Brooklyn, $7,500,000. The First National Bank of Brooklyn, $3,500,000. The First National Bank of Brook- lyn the Williamsburg Trust Company and the International Trust Company, were allied institutions. None of these companies had important con- nections with the larger banks, which are representative of the city's finan- cial affairs. On the other hand, a number of fa- vorable features marked the day. The Trust Company of American and the Lincoln Trust Company, the two or- ganizations which have suffered most from runs, have been slowly paying out their deposits and closed today with all demands having been met. In the case of the Trust Company of America, the run has well nigh spent its force as the bulk of the depositors have been paid off. At the close of business there were a good many in line at the Lincoln Trust Company, but also there was a marked reduction in the number of anxious depositors. Plenty of Money for Stock Exchange. The most favorable incident of the day was that the Stock Exchange was provided with funds ample to meet its immediate necessities by a money pool headed by J. Pierpont Morgan, which sent about $15,000,000 to the Exchange during the afternoon. As all the loans made today hold over until Monday, the Stock Exchange situation will not be affected in the problems that bankers may be called upon to solve tomorrow. A very encouraging feature of the afternoon's developments was a sign- ed statement by Clark Williams, the newly appointed state superintendent of banking, affirming the solvency of the local institutions. A further encouraging development of the afternoon, the good effect of which can scarcely be over estimated, was the decision arrived at, unofficial- ly, to issue clearing house certificates, probably tomorrow. There will be a full meeting of the clearing houses a- ssociation tomorrow morning at 11 o'clock for the purpose of taking of- ficial action for the issuance of these certificates. The immediate effect of this will be to enable the banks to settle the bal- ances between themselves with these certificates, and thereby release large sums of currency for the regular needs of business. Clearing House Certificates. The decision to issue clearing house

8. October 26, 1907 Bismarck Daily Tribune Bismarck, ND
Article from Bismarck Daily Tribune, October 26, 1907

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epublican convention pledged to vote for Kansas the nomination of Secretary believes the president Taft. exactly when what he said three years meant he remarked that under no age cumstances didate would he again be a cir for that office. This canstatement of Senator Long of was the sas, day on leaving the White House Kanafter an interview with Presi- todent Roosevelt. requiring withdrawals 30 to 60 days notice will of deposits, and for prevent the withdrawal of this ey that would otherwise be monsafety banks, deposit boxes. The put in of they continue to make savings funds ments, would be obliged to withdraw payin the national banks, thereby causing an additional strain on the general banking situation. There was not the slightest that was any of the savings institutions hint in anything but the soundest that condition, and it was pointed the savings banks of this out are ing so restricted by laws in invest- state their money that there can be question that all securities in no possession able are good and readily their salin normal times. The institutions that closed doors today with the sums due their depositors were: United States Exchange bank. lem, about $600,000; International Trust Har. $600,000; Borough Bank Co. Brooklyn $4,000,000; Brooklyn of $2,300,000; Williamsburg Trust bank, Brooklyn, tional $7,500,000; and First Na- Co. bank of Brooklyn, $3,500,000. The First National bank of Brooklyn, Williamsburg Trust Co, and ternational Trust Co., were allied Institutions. had None of these in. tion any important business companies with the larger banks that connecaffairs. representatives of the city's financial are On the other hand, a number The favorable features marked the of Trust Company of America day. Lincoln that Trust Co., the organizations and have have suffered most from ed been slowly paying out and runs, closbeen today with all demands having met. The Trust Company America run has well nigh spent of force, as the great bulk of the its positors have been paid off. At declose of business there were a the many in line at the Lincoln Trust good Co., but also there was a marked depositors. duction in the number of anxious reThe most favorable incident of day was that the stock exchange the its provided with funds ample to was immediate necessities by the meet ey pool headed by J. Pierpont Morg- monan, the which sent about $15,000,000 exchange during the afternoon. to The stock market had held relatively firm all day, but when the pool money was offered in the loan er of there was an immediate upturn corn prices and the market closed strong at the best prices of the day. As all loans made today hold until Monday, the stock exchange over situation will not be a factor in the problem that the bankers may be called upon to solve tomorrow. An encouraging feature of the ternoon developments was a signed af statement by Clark Williams, the newly of appointed state superintendent banking, affirming the solvency of local institutions There was the usual crop of alarm ist reports afloat during the one to the effect that a large day

9. October 26, 1907 The Pacific Commercial Advertiser Honolulu, HI
Article from The Pacific Commercial Advertiser, October 26, 1907

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General Tone of Financial Reports Is Improving--Indians in NorthWest on the Warpath--France May Have Another Dreyfus Case. (Associated Press Cablegrams.) NEW YORK, October 26.-The savings banks are enforcing the clause in their agreement with all depositors requiring a sixty days notice of the withdrawal of funds. This has prevented much money being withdrawn now from the banks and further embarrassing them in the present situation. It is probable that the banks will issue clearing house certificates to the extent of fifty million dollars. MORE FAILURES REPORTED. NEW YORK, October 25.-The United States Exchange Bank, the First National of Brooklyn and the International Trust Company have suspended. Losses are comparatively small. The market is firmer. A pool of ten millions has been formed to aid in the Stock Exchange. PROVIDENCE, R. I., October 25.-The Union Trust Company, with branches in East Greenwich and Central Falls, has suspended.

10. November 17, 1907 New-York Tribune New York, NY
Article from New-York Tribune, November 17, 1907

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the two institutions showed a surplus of upward of $800,000 over the amount owing to depositors. The statement they issued told also of plans practically perfected for putting $750,000 in cash at the command of the allied institutions and for the presentation of a plan by which the depositors would agree to accept cash on account and the balance in the form of certificates of deposit bearing interest. The counsel for the two institutions regard the plan as feasible, and under it they could successfully resume business, it is said. They hope to prove this to the court on November 30, when the temporary receivership orders are returnable. The plan is to pay 10 per cent on demand, 20 per cent in three months, 20 per cent in six months and the remaining 50 per cent in twelve months. Clark Williams went to New Haven yesterday to see the Yale-Princeton football game, and it was said at his home that he would not return to the city until this afternoon. Announcement was made yesterday at the State Treasurer's office in Albany that the state had received $235,000 and interest from the surety companies which were on the bonds of four of the banks which closed their doors in the recent financial troubles in New York City. The banks and amount of money on deposit are: Borough Bank of Brooklyn, $125,000; Williamsburg Trust Company of Brooklyn, $75,000; National Bank of Brooklyn, $25,000, and the United States Exchange Bank of New York, $10,000. John G. Jenkins, jr., the ex-president of the Jenkins Trust Company, is a son of John G. Jenkins, president of the First National Bank of Brooklyn, and a brother of Frank Jenkins, expresident of the Williamsburg Trust Company. The First National Bank of Brooklyn is also under suspension. All the employes of the Williamsburg Trust Company were laid off yesterday and the only person at the company's offices was a special policeman. This was taken by the depositors to mean that the court was soon to take charge of the institution.

11. November 25, 1907 The Evening Star and Newark Advertiser Newark, NJ
Article from The Evening Star and Newark Advertiser, November 25, 1907

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STATE BANK REOPENS. United States Exchange, of New York, Closed October 25. NEW YORK, Nov. 25.-The United States Exchange Bank, at 125th street and Fifth avenue, a State institution, which suspended October 25, reopened todoy. The bank's cash reserve has been greatly increased. and as the depositors have agreed not to withdraw their funds, except to meet the needs of ordinary business. the directors fear no further trouble. Several large deposits were made today and withdrawals were only nominal. .

12. November 25, 1907 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, November 25, 1907

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New York Bank Reopens. New York, Nov. 25.-The United States Exchange bank, a state institution, which suspended October 25, reopened today. A number of large deposits were made today, and withdrawals were only nominal.

13. November 26, 1907 Evening Star Washington, DC
Article from Evening Star, November 26, 1907

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IN THE LABOR WORLD EVIDENCES OF INDUSTRIAL REVIVAL IN THE COUNTRY. BUFFALO, N. Y., November 26.-The Show steam pump works has ordered its forces back on full time. Elgood C. Lufkin, general manager of the plant, said that the whole industrial and financial situation has so greatly improved during the last week that the company has been obliged to restore the full schedule of working hours to keep up with its*orders. About 1,000 men are concerned. The working time was cut during the financial flurry. TROY, N. Y., November 26.-The outlook for a busy year in the knit goods industry in Cohoes, one of the largest centers of that work in the country, is becoming brighter daily. It is expected that all the mills in that city will be running in full by January 1. The Victor mill will resume night work within a week or so. Night operations had been suspended at the plant for some time past. The mill has received a large order which will keep the plant running for some time to com The Yale Textile Cmopany has instaled new machinery in its mill and increased its production. Orders are coming in and the prospects for a steady business are excellent. The Tivoli mills, the Cascade mills, the Hope mill, and most of the other mills are running steadily. ST. JOHNSBURY. Vt., November 26.The E. & T. Fairbanks Scale Company, employing 1,300 men, which went on a five-hour schedule two weeks ago, started yesterday on an eight-hour basis. NEW YORK, November 26.-The United States Exchange Bank at 125th street and 5th avenue, a state institution which suspended October. 25, reopened yesterday. The bank's cash reserve has been greatly increased, and as the depositors have agreed not to withdraw their funds except to meet the needs of ordinary business the directors fear no further trouble. A number of large deposits were made today and withdrawals were only nominal. NEW YORK, November 26.-There is no truth in the report that the Westinghouse Electric and Manufacturing Company's plants will close down entirely on December 1. according to a statement made by President George Westinghouse. "In line with other industrial corporations," said he, "the Westinghouse company has been retrenching, but so far this curtailment does not much exceed 25 per cent. The Westinghouse Electric and Manufacturing Company continues to do a very large business, shipments for the East Pittsburg works in October aggregating $2,940,000. October was an unusually large month, and it is not expected that the November shipments will show up anywhere near as well. However, it is believed they will reach, and possibly exceed, $2,000,000.

14. November 26, 1907 The Marion Daily Mirror Marion, OH
Article from The Marion Daily Mirror, November 26, 1907

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BITS OF NEWS. The United States exchange bank at New York City, a state institution which suspended October 25, has reopened. The E. & T. Fairbanks Scale Co., of St. Johnsbury, Vt., employing 1,300 men, which went on a five-hour schedule two weeks ago, has started on an eight-hour basis. Mount Vesuvius, after two months of inactivity, is emitting clouds of dense smoke, accompanied by considerable roaring from three fissures around the old crater. Alarm is felt by the people of surrounding towns.

15. November 26, 1907 New-York Tribune New York, NY
Article from New-York Tribune, November 26, 1907

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U. S. EXCHANGE BANK REOPENS. The United States Exchange Bank, 125th street and Fifth avenue, which suspended payment on October 25, resumed yesterday morning. One of the officials said that business was going on about as it had been before the suspension of payment. The reopening of the bank was made with the approval of the State Banking Department. At the Empire City Savings Bank, in 125th street, which began paying depositors on account of thirty day notices of withdrawal last Saturday, there were few withdrawals, it was said, and many deposits.

16. November 26, 1907 Evening Journal Wilmington, DE
Article from Evening Journal, November 26, 1907

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BROKER GIVES CHEERFUL VIEW Recovery From the Effects of the Flurry Will be Slow But Sure By THE JOURNAL'S Special Wire. NEW YORK, Nov. 26.-One of the leading traders on the stock exchange today showed a paste board slip on which he had written a list of "bull points" which he said ought to cheer everybody up. Theye were: 1-Currency premium fallen from 4 to 3-4 per cent. and banks expected to cash all checks freely by the end of the week. 2.-United States Exchange Bank which shut in the panic reopened yesterday and like to reopened Twelfth Ward and Terminal banks had more deposits than withdrawals. 3.-Union Pacific has put back 6,000 men recently discharged, an example of re-employment which will be largely followed as soon as currency "loosens up." "New England," he said. "never had a panic in cities like Syracuse and Toledo never felt it either. The present black belts are at present between Pittsburg and the Mississippi and west of the Rockies, but conditions in these belts are a belated echo of New York affairs of two weeks ago. As soon as New York sets a good example of resumption the west will follow suit. Recovery will be sure but slow. There won't be a stock boom until loans are easy again. Speculation is still at a discount, but chances for sound investments were never better." Commission houses report very little real stock in circulation. They say some people must have been following Tom Lawson's advice, buying it outright and locking it up in boxes.

17. April 28, 1908 New-York Tribune New York, NY
Article from New-York Tribune, April 28, 1908

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TOPICS OF THE STREET. FOREIGN TRADING.-Foreign houses sold about 15,000 shares on balance in this market. buying little stock Union Pacific, United States Steel common and Southern Pacific figured largely in the selling. American stocks in London were dull and inclined to be heavy. but were steady in the curb trading. The general market was inactive and rather depressed. Consols declined 3-16, to 86½. PEOPLE'S GAS BONDS SOLD.-N. W. Harris & Co. have purchased an additional $1,000,000 of refunding mertgage : per cent bonds from the People's Gas Light and Coke Company of Chicago. This additional purchase brings the total amount of bonds outstanding up to $12.400,000. The proceeds from the present Issue will be used to provide for improvements, extensions and betterments, including the company's new office building. ASKED TO DEPOSIT THEIR NOTES.-Speyer & Co. notify holders of 5 per cent notes of the Underground Electric Railways Company of London. Limited, who have not yet deposited their holdings, to obtain copies of the plan and readjustment agreement and to deposit their notes with the Guaranty Trust Company of New York, on or before May 6. Copies of the plan and readjustment agreement may be obtained at the office of the Guaranty Trust Company or at the office of Speyer & Cc. APPLICATION TO LIST--Application has been made to the Stock Exchange to list $4,000,000 additional general mortgage 1 per cent bonds, due 1995. of the Atchison, Topeka & Santa Fe Rallway Compary, and $89,000 additional first mortgage 5 per cent bonds, due 1939, of the Wabash Railroad Company. SMALL BANK TO LIQUIDATE.-The United States Exchange Bank, in West 125th street, has given notice to the State Superintendent of Banks of Its intention to go into liquidation. Lack of business is assigned as the reason for the action.