The Forest Republican. [volume] (Tionesta, Pa.) 1869-1952, 1911-01-11
RUN ON BANKS CEASE
East Side DepOsitors Return
Money after Withdrawing 1t.

Twelfth Ward and Nineteenth Ware
Banks Scenes of Great Activity Ir
the Morning, but as the News Of
Morgan's Company Backing tn;
Banks Spread the Line of Withdraw
ing Depositors Diminished to Moth
ing.
New York, Jan. 10.-The trouble H.
banks of this city, which broke out or
the failure of the Carnegie Trust com
pany Saturday morning subsided yes
terday as quickly as 1t started. The
trouble was confined entirely to the
Madison Trust company and the
Twelfth and Nineteenth Ward banks.
Runs on these banks continued il
the morning, hut gradually subsidized as
the day progressed. Every depositoi
who wanted bis money was paio
promptly.
Small depcsitors from the East Side
who don't read the papers and who die
not understand that ]. P. Morgan q
Co., was backing the Twelfth War6
bank and the Nineteenth Ward bani
and that the Equitable Trust company
has bought the Madison Trust compa
ny were on hand early to draw oui
their savings but there was plenty OF
cash to meet all demands and very
naturally when the people found they
could get their money. many did moi
want it and with enc exception the
line of waiting depositors dwindle6
away by lunch time and considerable
number of persons who withdrew
money in the morning came back ir
the afternoon to deposit the same
sums again.
Biggest Run on 1th Ward Bank.
The biggest run on the interest de
partment of the Nineteenth Ward
Lank's main office at Third avenue and
81 Street When the bank opened the
line of waiting depositors covered
several blocks. Those who wanted
their money got it as fast as the tellers
could handle the books. Upstairs IL
the commercial part of the bank thing.
were quiet and there was nearly as
much business done in taking In mon
ey as in paying it out.
The Nineteenths branches at 152 Fif
ty-fourth street, $50 East 72nd stree
and 140 East seth street had less
trouble than the main bank. President
Bradley Martin, Jr., figured that the
days Withdrawals from the bank an6
branches were less than million an6
more than half the amount deposited.
He said that there had been sons
large deposits. The bank had $500, |
600 in currency on hand when itI
opened for business and little after
10 o'clock taxi cab with S250,000 or
board came UP from the Fifth Avenue
bank.
President Frank B. French of the
Twelfth Ward bank was on hand ear
ly at the banks main office at 14Il
East l25th street The line at the
Twelfth Ward bank was never Ions
enough to extend out into the street
and it dwindled almost to nothing af
ter A. S. Nichols, president of the
Harlem Board OF Trade, came in and
made a speech to the uneasy deposit |
crs reminding them of the powerfui
interests that had come to the aid Of
the bank and advising them not tc
draw out money unless they needed 1t
At the Twelfth Wards branch at Third
avenue and Sixth street a large mum
her of small deposits were drawn out
Trust Company Did Normal Business,
The Madison Trust company at its
main Office, Fifth avenue and 60tt
street, did business in the usual way
and the line of depositors was always |
longer than that made up of those who
wished to draw out their money. I'll
was said that less than 100000 was
withdrawn.
The Madison Rowery branch pai6 |
out money to a considerable number OF
small depositors, but there was none
in line after 12 O'clock.
In all OF the banks and their branch
es notices of the backing promised tC
the banks by J. P. Morgan & Co.
were posted
1t was apparent at most of the
branches that the day had seen the
end of the run although it is probable
that there will lie some Withdrawals
today.
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