Withdrawals and runs driven by the broader Panic of 1907 and runs on multiple New York banks/trusts.
Measures
Bank announced temporary suspension of payments; took part in suspension decisions with related institutions.
Newspaper Excerpt
Runs on Banks Continue, But They Are Prepared. ... The Brooklyn Bank, at Fulton and Clinton streets, ... announced their temporary suspension.
Source
newspapers
same day
2.October 25, 1907Suspension
Cause
Macro News
Cause Details
Temporary suspension of payments as part of the wider bank closings during the Panic of 1907; lack of ready cash amid runs.
Newspaper Excerpt
The Brooklyn Bank ... did not open for business today, and its suspension involved the Borough Bank of Brooklyn, in which Senator Reynolds is heavily interested, and the Brooklyn Bank, both of which suspended.
Source
newspapers
+22 days
3.November 16, 1907Receivership
Newspaper Excerpt
Temporary receivers were appointed today for six New York banks and trust companies which recently suspended payment. The banks are ... the Brooklyn Bank ... Application for the receivers was made by William F. Mackey for Attorney General Jackson.
Source
newspapers
+7 months
4.June 23, 1908Reopening
Newspaper Excerpt
The reopening of the Brooklyn bank ... which suspended with half a dozen others last fall, took place today.
Source
newspapers
Newspaper Articles (25)
1.October 25, 1907The Washington TimesWashington, DC
Click image to open full size in new tab
Article Text
Those That Suspended Today. The International Trust Company, of 206 Broadway. did not open for business today, and its suspension involved the Borough Bank of Brooklyn, in which Senator Reynolds is heavily interested, and the Brooklyn Bank, both of which suspended. In Manhattan, the United States Exchange Bank, at 23 and 25 West 125th street, did not open for business. Instead a notice was posted announcing a temporary suspension. Secretary of the Treasury Cortelyou was again at the subtreasury today. After several conferences with financiers, he said the situation had greatly improved.
2.October 25, 1907The Washington TimesWashington, DC
Click image to open full size in new tab
Article Text
Wall Street Financiers See End of the Flurry. Runs on Banks Continue, But They Are Prepared. Six, Day's Record The International Trust Company, 206 Broadway, Manhattan, announced its suspension until the restoration of public confidence. The Union Trust Company of Providence suspended payments. The Brooklyn Bank, at Fulton and Clinton streets, and the Borough Bank, on City Hall square, Brooklyn, announced their temporary suspension. United States Exchange Bank, West 125th street, today closed its doors temporarily. Crowds at the trust companies' doors were much smaller than yesterday. The Williamsburg Trust Company, Broadway and Kent avenue, Willlamsburg, Brooklyn, closed its doors at 1:15, being unable to cash a check for $10,000. Frank Jenkins is president. The bank had a capital of $700,000, liabilities of $9,676,484.
3.October 25, 1907The Evening WorldNew York, NY
Click image to open full size in new tab
Article Text
FIRST NATIONAL OF BROOKLYN AND SIX OTHER BANKS CLOSE
SITUATION AT A GLANCE.
Secretary Cortelyou said after the close of banking hours:
"The situation is good. This is the third day, and I see no setback of serious import. I shall probably remain in the city all day tomorrow, and if there is no critical development—which I see no sign of at this time and do not expect by any means—I shall return to Washington."
The First National Bank of Brooklyn, a Clearing-House institution; the Williamsburg Trust Company and the Jenkins Trust Company of Brooklyn, with numerous branches, suspended temporarily. The solvency of the institution has not been questioned.
President William A. Nash, of the Corn Exchange Bank, said:
"The outlook is decidedly better, and I think the crucial point has been passed. The failure of the smaller banks is not disturbing. They did not have much cash on hand and it was better for them to suspend than to stand a run. They are perfectly solvent and will be able to resume business when the present hysteria subsides."
The International Trust Company, of No. 206 Broadway; the Brooklyn Bank and the Borough Bank of Brooklyn failed to open their doors for business.
The Union Dime Savings Bank, Thirty-second street and Broadway, with deposits of over $27,000,000, has given notice that it will require thirty days' notice in writing of intent to withdraw. Other savings banks have adopted this course.
J. Pierpont Morgan and half a dozen bankers raised a pool of $10,000,000 late this afternoon which was loaned on call on the Stock Exchange to protect the market.
International banking houses have arranged to import between $10,000,000 and $15,000,000 in gold from Europe.
The Lincoln Trust Company, the Trust Company of America, the Colonial Trust Company and the Harlem Savings Bank safely weathered runs. The trust companies received substantial aid and the Harlem Savings Bank took advantage of the sixty-day clause.
Secretary of the Treasury Cortelyou placed about $8,000,000 in New York banks during the day, a total of $30,000,000 since last Friday.
Superintendent of Banks Clark Williams said that conditions have improved and will continue to improve if bank depositors are reasonable.
The stock market passed through a precarious, feverish day, closing in a skyrocket finish that sent the general range of prices away above yesterday's final quotations.
State Bank Examiner Leonard stated that the Lincoln Trust Company is in a solvent condition.
An officer of the Hanover National Bank suggested that Gov. Hughes proclaim special holidays enabling the banks to close next week to allow the arrival of gold from abroad. Gov. Hughes, over the long-distance telephone, said he had no power to order such holidays.
A shipment of $2,500,000 in small bills was received from the United States Treasury in Washington.
Ernst Thalman, Otto T. Bannard and Gen. Henry C. Ide were appointed temporary receivers of the Knickerbocker Trust Company.
Before the close of the stock market Halstead & Hodges and Van Emburgh & Atterbury, brokers, loaned on the floor of the Stock Exchange $10,000,000 of the syndicate money at 50 per cent.
The amount pledged by the Clearing House banks to the aid of the Stock Exchange will be between $12,000,000 and $15,000,000.
Williamsburg and Jenkins Concerns, Belonging to the Jenkins String of Banking Institutions, Temporarily Close Their Doors.
THERE WAS VERY LITTLE EXCITEMENT AT EITHER BANK
Borough and Brooklyn Banks and International Trust Company Had Been Forced to Suspend Earlier in the Day.
In rapid succession the Williamsburg Trust Company and its branch on Fulton street, Brooklyn, the Jenkins Trust Company and all its branches and the First National Bank of Brooklyn closed their doors this afternoon for lack of ready cash.
In each instance it was announced that the suspension was temporary and that all the institutions would reopen as soon as currency for carrying on business could be secured.
All the institutions that are affected belong in what is known as the Jenkins string of banking companies which enjoy the best of reputation. It is stated that they are absolutely solvent.
4.October 26, 1907Americus Times-RecorderAmericus, GA
Click image to open full size in new tab
Article Text
BELIEVED CRISIS HAS PASSED AT NEW YORK Though Three Large Banks Suspended Payment. NEW YORK, Oct. 25. -(Special)Two small Brooklyn financial institutions failed to open this morning, these being the International Trust Company and the Brooklyn Bank. The following banking institutions suspended payment today under the law permitting such a course: First National Bank of Brooklyn, capital $300,000, deposits $4,250,000; Williamsburg Trust Company, of Brooklyn, capital $700,000, deposits $7,500,000; Borough Bank, Brooklyn, capital $200,000, deposits $3,000,000. Notwithstanding the unfavorable incidents of the day, the general opinion among financiers is that the crisis has passed. At a conference this afternoon a pool of $10,000,000 was formed to take care of the money needs of the stock exchange. It is also understood that Morgan is ready to assist the exchange with $25,000,000 as on yesterday. Call money commanded 50 to 60 per cent today.
5.October 26, 1907The Washington HeraldWashington, DC
Click image to open full size in new tab
Article Text
Claimed to Be Solvent. Officers of the trust company and of the two subsidiary banks announced that all three of the institutions were solvent and that no receivership would be asked for any constituent part of the trust company. Because the International Trust Company was a new concern, and consequently had no clearing house, inability to meet large withdrawals that were sure to fall to-day and to-morrow forced the suspension of payment, they said. The failure of these Brooklyn banks to meet week-end payments on the wage accounts of many Brooklyn manufacturies and department stores will probably bring about the first direct pinch of hardship on the laboring people that has been felt during the last troublous week. Both the Brooklyn bank and the Borough bank carried money for these firms' payrolls, amounting to between $30,000 and $100,000 a week.
6.November 2, 1907The Garland GlobeGarland, UT
Click image to open full size in new tab
Article Text
NEW YORK'S BLACK FRIDAY. Several Trust Companies and One National Bank Suspend. New York.-Friday was another nerve-wrecking day, 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 these banks were located in residential quarters and did not come into touch with the larger financial institutions of the metropolis; and, second, there is every reason to believe that these banks and trust companies are entirely solvent, and their difficulties will prove to be only temporary. The institutions which closed their doors on Friday, with the sums due depositors, were: The United States Exchange bank, Harlem, $600,000; International Trust company, about $100,000; the Borough Bank of Brooklyn, $4,000,000; the Brooklyn bank, $1,300,000; Williamsburg Trust company, Brooklyn, $7,500,000, and the First National bank of Brooklyn, $3,600,000.
7.November 16, 1907Evening StarWashington, DC
Click image to open full size in new tab
Article Text
Temporary Receivers for Banks. KINGSTON. N. Y., November 16.-Temporary receivers were appointed today for six New York banks and trust companies which recently suspended payment. The banks are the Hamilton of 125th street, New York; the Brooklyn Bank and the Borough Bank of Brooklyn, and the trust companies, the Williamsburg and Jenkins of Brooklyn and the International of New York. Application for the receivers was made by William F. Mackey for Attorney General Jackson.
RECEIVERS ARE APPOINTED Action Taken Against Defunct Banks and Trust Companies. Kingston, N. Y., Nov. 18.-Temporary receivers have been appointed for six New York city banks and trust companies which recently suspended payment. The banks are the Hamilton of New York, the Brooklyn bank and the Borough bank of Brooklyn and the trust companies are the Williamsburg and Jenkins of Brooklyn and the International of New York. Application for the receivers was made by William F. Mackey for Attorney General Jackson.
9.November 21, 1907Reporter and FarmerWebster, SD
Click image to open full size in new tab
Article Text
RECEIVERS ARE APPOINTED Action Taken Against Defunct Banks and Trust Companies. Kingston, N. Y., Nov. 16.-Temporary receivers have been appointed for six New York city banks and trust companies which recently suspended payment. The banks are the Hamilton of New York, the Brooklyn bank and the Borough bank of Brooklyn and the trust companies are the Williamsburg and Jenkins of Brookly and the International of New Yo Application for the receivers made by William F. Mackey to ney General Jackson.
10.November 22, 1907Little Falls HeraldLittle Falls, MN
Click image to open full size in new tab
Article Text
RECEIVERS ARE APPOINTED Action Taken Against Defunct Banks and Trust Companies. Kingston, N. Y., Nov. 16.-Temporary receivers have been appointed for six New York city banks and trust companies which recently suspended payment. The banks are the Hamilton of New York, the Brooklyn bank and the Borough bank of Brooklyn and the trust companies are the Williamsburg and Jenkins of Brooklyn and the International of New York. Application for the receivers was made by William F. Mackey for Attorney General Jackson.
11.November 30, 1907The Seattle StarSeattle, WA
Click image to open full size in new tab
Article Text
DECLARES BANK WAS ORGANIZED ON WIND (By United Press.) NEW YORK, Nov. 30.-Attorney General Jackson declared today that the International Trust company, which is Involved in the suspension of the Brooklyn and Borough banks, was "organized on wind." He added that if Temporary Receiver Brown's information is correct there was gross falsification of the Brooklyn and Borough banks' records and manipulation of their securities to give the International an apparent $1,000,000 surplus, as required by law. The transaction, declares Jackson, constitutes a proper matter for the grand jury,
12.December 8, 1907The SunNew York, NY
Click image to open full size in new tab
Article Text
# LIGHT ON MAXWELL'S SUICIDE.
Feared He'd Have to Incriminate a Friend
-Borough Bank Profits.
Mrs. Howard Maxwell, widow of the former president of the Borough Bank, has told Coroner Brewer of Brooklyn and a jury all the circumstances which immediately preceded Mr. Maxwell's suicide on the day after he was released from Raymond street jail.
Mrs. Maxwell said that on the morning of the day of his death Mr. Maxwell was called to the telephone and remained talking with some one for about twenty minutes. After the conversation he seemed to be dazed.
Finally Mrs. Maxwell got out of him that he had been talking with a person who said he was his friend and who pretended to be talking from the office of Isaac Oeland, Mr. Maxwell's counsel. This person had told him that there would be further indictments against him, that he was likely to be rearrested and that he ought to look out for himself.
Inquiries made after Mr. Maxwell had killed himself, according to Mrs. Maxwell, disclosed the fact that the message did not come from Mr. Oeland's office. In Mrs. Maxwell's opinion it was evidently the work of some enemy who wanted to harass her husband.
But what seemed to worry Mr. Maxwell most was that he would be obliged to give testimony that would implicate his friends. "My God," he said to his wife, soon after he had received the message, "I don't care so much about myself, but I'll have to testify and I'll have to tell things that will implicate a dear friend of mine, a married man with grown children."
Mrs. Maxwell said also that persons who had seemed to Maxwell to be his friends had promised at the time of his arrest to get bail for him quickly. If this had not been promised the family, according to Mrs. Maxwell, would have made arrangements which would have resulted in his being liberated on bail much sooner than he was.
Charles M. Stafford, counsel for the Brooklyn Bank depositors, took exception yesterday to the report that has been made to the depositors committee on the bank's affairs by the receiver.
"The receiver's report," Mr. Stafford said, "is wildly erroneous. We have made an investigation and find that there is every chance in the world that the depositors will be paid dollar for dollar, providing there is not too much hullabaloo and subsequent fat fees for up-State receivers and counsel."
13.December 9, 1907New-York TribuneNew York, NY
Click image to open full size in new tab
Article Text
INDICTMENTS THIS WEEK. Brooklyn Bank Inquiry May Show Results To-day. Two separate sets of indictments have been prepared by the Kings County grand jury as a result of its investigation of closed Brooklyn banking institutions last week. One of the sets will be handed down to-day. it is thought, and it was said yesterday that some of the men already indicted are those against whom some of the new indictments are drawn. The first set of indictments was prepared as a result of the investigation of the affairs of the Williamsburg Trust Company. of which Frank Jenkins, already under indictment, is the deposed president. The secend set was prepared as a result of the preliminary investigation of the Brooklyn Bank and conjointly with it of the International Trust Company. Brooklyn branch. of which William Gow. already facing five indictments, was the organizer The grand jury this week will prosecute a searching and thorough investigation of the last named institutions. It was only a few weeks before the International Trust Company closed its doors that it was announced the Brooklvn Bank had been merged with it. As a result of the failure of the International Trust Company, the appointment of receivers and of counsel for the depositors and the directors as well. and their investigations of the affairs of the two banks, a poculiar situation has arisen. The depositors are opposing the merger. They assert that it was never legally consummated, and they have announced their intention to fight any twelfth hour attempt to make the merger legal. On the other hand. the directors of the two institutions express themselves as favorable to the merger. although acknowledging that it may not have been legally brought about. They will use every effort to make it legal. The transactions of the Brooklyn Bank and the International Trust Company are interesting the grand jury, and will be carefully looked into by that body. These are The alleged "shaving of collateral." The transfer of $254,000 of stocks and bonds of the Borough Bank to the International Trust Company. which deposited said stocks and bonds with the First National Bank of Manhattan to secure 2 loan of $150,000 from that institution. From information obtained from the District Attorney's office it would appear that good collateral was put up to secure certain loans made by the Brooklyn Bank and that later. through the alleged connivance of certain persons in the bank. this collateral was removed and replaced by poorer collatteral, the "good" collateral being used, presumably. as security for more loans from other sources. This is the transaction referred to as "shaving collateral." S. S. Menken. of counsel for the Brooklyn Bank and the International Trust Company, has been working with directors of both institutions to prepare a plan to make the merger legal. It is understood that the so called merger was never really legal, because notice of the proposed merger was not published in two newspapers in Brooklyn and Manhattan at least two weeks before the stockholders voted on the question of the merger. as required by law. and because no application was made to a justice of the Supreme Court, as is also required by law. In talking of the merger Mr. Menken said: "According to the plan, the International Trust Company was to buy the assets of the Brooklyn Bank, including $1,300,000 of the depositors' money and $300,000 capital stock. It was to take over the accounts of the depositors. It should have set to pay the stockholders. but money paid to the over not aside done. $300,000 The Borough this Bank, was $500,000. was principally depositors' money. All that is necessary is to legalize the merger. Then if we get back what the Borough Bank owes US we will have $900,000 over and above all liabilities. The International Trust Company is not hampered by any bad loans. Gow has paid his $25,000 is all realizable, and have promised to loan. of both The institutions collateral directors advance money to put the plan through. W. R. Jones, jr., deposed president of the Oriental, has two small loans." It was learned yesterday that of the depositors' Sparks. chairman Frederick committee W. of twenty-five of the Borough Bank, had given Howformer president of the to the purchase of four ard help Maxwell. finance bank. hundred a note lots at Holliswood, Queens County. Both of these men were members of a syndicate formed to speculate in these lots, and each had a sixth interest in the speculation. Mr. Sparks made out a note in favor of the Borough Bank, and this note Mr. Maxwell discounted. Mr. Maxwell in his confession to the directors told them the note was good and would be paid when it fell due. Title to the lots was taken in Mr. Sparks's name and he signed a declaration of trust acknowledging that each member of the syndicate had a sixth interest in the property, Subsequently he transferred his Interest either to Mr. Maxwell or Mr. Doolittle, Mr. Gow's secretary. for at any rate Maxwell and Doolittle conveyed a third interest in the property to the bank. and this, by appraisal, will net the bank $20. 000 or $25.000 over and above the mortgage liens that are on the property, which amount to about $50,000 at least. The District Attorney's office is still receiving daily reports of the physical condition of W. R. Jones. jr., and as soon as he is well enough to testify he will appear before the grand jury. The depositors' committee of twenty-five of the Borough Bank met at the Assembly, Brooklyn, last night and discussed the report of the experts who have been examining the books of the bank during the last week. Plans were arranged for a mass meeting to-morrow night of depositors at the Columbia Theatre. THE mann arean
14.February 9, 1908New-York TribuneNew York, NY
Click image to open full size in new tab
Article Text
ATTORNEY GENERAL VEXES RECEIVER Charles M. Higgins, one of the receivers for the Brooklyn Bank, in an open letter addressed to Attotrney General Jackson, declares that Mr. Jackson has made certain false statements regarding his connections with the Brooklyn Bank. and demands a public retraction from the Attorney General. He further intimates that If it is net forthcoming he will start legal proceedings. The statements to walch Mr. Higgins takes exception were given out in an interview by the Attorney General, among them being the declara. tion that "Higgins is not representative of Brooklyn Bank depositors." In replying, Mr. Higgins calls attention to the open meeting of depositors in Historical Hall which indorsed him as receiver, and further denies all of the Attorney Generally statements in which he is criticised.
15.May 13, 1908The Star and Newark AdvertiserNewark, NJ
Click image to open full size in new tab
Article Text
BROOKLYN BANK TO REOPEN. NEW YORK, May 13.-Steps taken today, it is believed, will insure the speedy reopening of the Brooklyn Bank, which closed in the early days of last fall's monetary panic, owing depositors approximately $1,800,000.
16.May 23, 1908New-York TribuneNew York, NY
Click image to open full size in new tab
Article Text
S. S. MENKEN MUST SHOW CAUSE. Fight to Permit Meeting of Brooklyn Bank and International Trust Boards. S. Stanwood Menken, promoter of a plan for reopening the Brooklyn Bank and the International Trust Company, was directed yesterday to show why an order should not be issued to show cause why the directors of the two institutions should not be permitted to meet. The object is to give the two boards an opportunity to vote the adoption of the proposed plan. Before the plan can be adopted every stockholder of the International Trust Company and every minority stockholder of the Brooklyn Bank must agree to it. The stockholders of the trust company have already signed agreements, and up to last night all the minority stockholders of the Brooklyn Bank with the exception of stockholders owning or controlling 150 shares had also agreed to it. Mr. Menken expects to get the consents of these shares either to-day or the first part of next week. Unless this is done the plan may fall through, es one of the two receivers for the Brooklyn Bank has expressed himself as being against the proposed plan and the other, while indorsing it, has limited the time in which its advocates must consummate it.
17.June 13, 1908New-York TribuneNew York, NY
Click image to open full size in new tab
Article Text
BROOKLYN BANK MAY OPEN JULY 1. International Trust Company Depositors To Be Paid in Full. Unless present plans miscarry the Brooklyn Bank, which is at present in the hands of receivers, will open for business on or about July 1, and at the same time the depositors of the suspended International Trust Company, at No. 209 Broadway, which is closely allied with the Brooklyn Bank, will be paid in full by the latter institution. At a special meeting of the stockholders of the trust company yesterday a plan was approved by which all its assets will be turned over to the Brooklyn Bank as part of the reorganization scheme of the latter institution. These assets, it is understood, amount to some $750,000. S. Stanwood Menken, of the firm of Philbin, Beekman & Menken, who has worked out the plan of reorganization for the Brooklyn Bank and the liquidation of the International Trust Company, said: The stockholders of the International Trust Company are given an option to purchase stock in the Brooklyn Bank at par in two years. The plan is favorably considered by the stockholders of the Brooklyn Bank, and all save ten of its shares have been voted in approval of the scheme, and these. it is believed, can be obtained. The Brooklyn Bank stockholders and directors, late this afternoon, after a meeting unanimously approved the scheme. The Brooklyn Trust Company has been made a depository of the shares which, in furtherance of the plan, must be deposited. A loan of $600,000 to the Brooklyn Bank has been arranged. Where this is to be got or from 'hom I am not at liberty to say. Thus, with the funds there, cash and bonds salable on the Stock Exchange which are equal to cash, there will be in sight $1,725,000, against joint liabilities over assets of $1,775,000. This plan is, however, subject to the approval of the court and the banking department.
18.June 17, 1908The SunNew York, NY
Click image to open full size in new tab
Article Text
BROOKLYN BANK TO REOPEN. Resumption Plan Approved by Superintendent of Banks and the Supreme Court. Supreme Court Justice Betts at Kingston yesterday approved the plan which previously had been sanctioned by the stockholders of the Brooklyn Bank and the International Trust Company for the liquidation of the trust company and the reopening of the bank. The motion granted by the Court provides for the resumption on June 13. In order to provide ready cash the Metropolitan Trust Company has agreed to make a loan of $600,000. secured by assets of twice the value belonging to the Brooklyn Bank. S. S. Menken, counsel to the depositors, said last night that the trust company would pay its depositors, but would not resume business. With the proposed agreements submitted to the Court yesterday was a letter from Clark Williams, Superintendent of Banks, which said: Mr. Menken advises me that a conservative management will be secured which will be satisfactory to this department. In my judgment the Brooklyn Bank can safely resume business on the conditions outlined above, provided the transfer of the assets of the International Trust Company to the Brooklyn Bank may be legally and promptly accomplished. The Court allowed Goodwin Brown, receiver for the International, $18,000; Mr. Brown's counsel, Austin & McLaughlin, $17,000; Bruyn Hasbrouck, as receiver for the bank, $23,000; C. M. Higgins, as coreceiver, $19,000; former Deputy Attorney-General Charles A. Dolson, counsel to Hasbrouck & Higgins, $4,000, and J. Edward Swanstrom and ex-Surrogate Church, as additional counsel, $10,000 each.
19.June 20, 1908New-York TribuneNew York, NY
Click image to open full size in new tab
Article Text
TO HEAD BROOKLYN BANK D. O. Underhill Chosen New President-Resumption Monday. D. O. Underhill, formerly an assistant cashier of the Fourth National Bank, will be the new president of the reorganized Brooklyn Bank when it reopens Monday. Nelson G. Ayres, formerly the first vice-president of the defunct Oriental Bank, has been chosen as the first vicepresident. Mr. Underhill succeeds Henry E. Hutchinson, president of the Brooklyn Bank when it closed its doors in the panic last fall after its supposed merging with the International Trust Company. Under the terms of the plan whereby the Brooklyn Bank is enabled to reopen and stands ready to pay both its depositors and those of the International Trust Company in full on demand, all of the directors of the International Trust Company have tendered their resignations. The former directors of the Brooklyn Bank will hand in theirs not later than this afternoon, and a new board will be elected. Ludwig Nissen, a former vice-president of the Oriental Bank, will be on the new board. The receivers, Bruyn Hasbrouck and Charles M. Higgins, will turn over the assets of the bank to-day and on Monday to its officials. Mr. Hasbrouck said yesterday that the bank would open for business at noon on Monday. Charles M. Stafford, counsel for the stockholders' committee of the Brooklyn Bank, and also for Charles M. Higgins, has rendered a bill for $14,000 for his services. When Justice Betts approved the plan for resumption he made no allowance for Mr. Stafford. The Brooklyn Bank will for the time be administered by an advisory board, consisting of General Brayton Ives, president of the Metropolitan Trust Company; J. G. Cannon, vicepresident of the Fourth National Bank, and Erskine Hewitt.
BROOKLYN BANK REOPENS. New Officers and Advisory Committee in Charge. New Yrk, June 23.-The reopening of the Brooklyn bank, one of the oldest institutions in that borough, which suspended with half a dozen others last fall, took place today. Opening under a policy of payment in full on demanr, and with an allowance of interest on all deposite during the term of suspension, the event today was a popular one, and attended by old friends of the institution, who wished the bank prosperity under its new management. The bank's exterior and interior were hung with flags and bunting.
21.July 2, 1908Lewiston Evening TellerLewiston, ID
Click image to open full size in new tab
Article Text
BANKS REGAIN THEIR STANDING INSTITUTIONS THAT CLOSED DOORS IN PANIC ARE PAYING OBLIGATIONS IN FULL UNDER TERMS OF REORGANIZATION. NEW YORK, July 2.-Eight months after the passing of the financial troubles of last fall, the depositors of the dozen banks and trust companies which closed their doors have received their money, at least in part, or in the case of a few which have not reopened or have gone into liquidation, are about to receive it. The Hamilton bank, which was one of the first institutions in which the attorney general's department intervened to reopen, has already anticipated all of its deferred payments, which, under the original plan, were to have extended into November. The Knickerbocker Trust company, which was one of the largest of the suspended institutions that reopened, like most of the others, under a deferred payment plan, anticipated the first two deferred payments on June 1, paying then 10 per cent, of which one-half, under the original plan, would not have been paid until September. The Oriental bank, which was one of the four to close its doors in February, paid its depositors on the full preliminary to liquidation. One of the other three which then suspended. the receiver of the National Bank of -North America has paid depositors 50 per -cent in dividends, and the receiver of the New Amsterdam National has paid 25 per cent. The Mechanics' and Traders' depositors have practically agreed to s deferred payment plan, which will be put in force when the percentage of assenting depositors is brought up to 90. Of the Brooklyn banks which elosed, the Jenkins Trust company, reorganized under the name of the Lafayette Trust company, has anticipated payments; the Borough 'hank and the Homa bank have reopened, and the Brooklyn bank and the International Trust company have reorganized.
22.July 2, 1908Lewiston Evening TellerLewiston, ID
Click image to open full size in new tab
Article Text
BANKS REGAIN THEIR STANDING NEW YORK, July 2.-Eight months after the passing of the financial troubles of last fall, the depositors of the dozen banks and trust companies which closed their doors have received their money, at least in part, or in the case of a few which have not reopened or have gone into liquidation, are about to receive it. The Hamilton bank, which was one of the first institutions in which the attorney general's department Intervened to reopen, has already anticipated all of its deferred payments, which, under the original plan, were to have extended into November. The Knickerbocker Trust company, which was one of the largest of the suspended institutions that reopened, like most of the others, under in deferred payment plan, anticipated the first two deferred payments oh June 1, paying then 10 per cent, of which one-half, under the original plan, would not have been paid until September. The Oriental bank, which was one of the four to close its doors in February, paid its de-: positors on the full preliminary to liquidation. One of the other three which then suspended, the receiver of the National Bank of North America has paid depositors 50 per cent in dividends, and the receiver to: the New Amsterdam National has paid 25 per cent: The Mechanics' and Traders' depositors have practically agreed to R. deferred payment plan, which will be put in force when the percentage of assenting depositors is brought up to 90. Of the Brooklyn banks which closed. the Jenkins Trust company, reorganized under the name of the T.afavette Trust company. has anticinated payments: the Borough bank and the Home bank have reonened. and the Brooklyn bank and the International Trust company have reorganized.
23.July 3, 1908The Julesburg Grit-AdvocateJulesburg, Big Springs, CO
Click image to open full size in new tab
Article Text
Splendid Recovery of Banks Forced to Close by Panic 1 New York. June 30.-Eight months t after the passing of the financial troubles of last fall, the depositors of the dozen bank and trust companies which closed their doors have received their money at least in part, or in the case of the few which have not yet reopened or have gone into liquidation are about to receive it. The Hamilton bank, which was one of the first of the institutions in which the attorney general's department intervened to reopen, has already anticipated all of its deferred payments, which under the orginal plan were to have extended into November. The Knickerbocker Trust company, e which was the largest of the suspended institutions and reopened like 1 most of the others under a deferred payment plan, anticipated the first two deferred payments on June 1, paying then 10 per cent, of which one-half, under the orginal plan, would not have been paid until September. The Oriental bank, which was one of the four to close its doors in February, paid its depositors in full preliminary to liquidation. Of the other three which then suspended, the receiver of the National Bank of North America has paid depositors 50 per 1 dent in dividends and the receiver of the New Amsterdam National has paid 25 per cent. The Mechanics and Traders depositors have practically agreed to a de1 ferred payment plan, which will be put in force when the percentage of assenting depositors is brought up to 90. Of the Brooklyn banks which closed, the Jenkins Trust company, reorganized under the name of the Lafayette Trust company, has anticipated payments; The Borough bank and the Home bank have reopened, and the Brooklyn bank and the International Trust company have reorganized.
24.December 31, 1908New-York TribuneNew York, NY
Click image to open full size in new tab
Article Text
FEW EXCISE CONVICTIONS. Witness Tells Kings County Investigators of Magistrates' Courts. Magistrates of Kings and Queens counties will be called to testify before Governor Hughes's special commission for the investigation of the lower courts, because of testimony placed before that body in Brooklyn yesterday. William K. Van Mater, counsel for the state's excise commission in those counties, under a cross-fire of questions from ex-Attorney General Julius M. Mayer, who conducted the examination, said that conditions in the Magistrates' Courts and the Court of Special Sessions made convictions for excise violations a rarity, resulting in a big unlicensed liquor trade in Brooklyn and the subarbs of Queens. An affidavit by ex-Receiver Hasbrouck reviewed his work. his disagreements with Mr. Higgins. and took credit for originating the plan under which the Brooklyn Bank has resumed business. For the bank. Morton G. Rogue. of Philbin, Beekman and Menkin. said the bank took no position in the matter, but would accept any money returned. Mr. Stafford, in reply. said he alone was entitled to credit for the resumption plan. and deprecated the harsh language used during the hearing. Everybody thereupon deprecated the strong language used and advised the court to impose censure, but none of the statements made was withdrawn. Justice Betts extended the bank's time to examine the receivers' accounts until January 9. and reserved decision on Mr. Higgins's application.
25.May 20, 1911New-York TribuneNew York, NY
Click image to open full size in new tab
Article Text
BANK RECEIVERS LOSE Fees of Hasbrouck, Swanstrom and Church Stay Reduced. Albany, May 19.-The Court of Appeals to-day dismissed the appeal of the Brooklyn Bank receivers from the decision of the Appellate Division, reducing the fees of Bruyn Hasbrouck, as receiver, from $23,000, as fixed by the special term, to $16,000, and that of J. Edward Swanstrom and James C. Church, as counsel, from $22,000 to $14,000. Charles M. Higgins, also a receiver, had his fees reduced from $19,000 to $12,000, less $4,000, which he voluntarily returned. Both Church and Swanstrom are dead.
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.
