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Trust Company Failures and Institutional Change in New York, 1875–1925

Published online by Cambridge University Press:  07 August 2017

BRADLEY A. HANSEN
BRADLEY A. HANSEN*
Affiliation:
Bradley A. Hansen is Professor of Economics at the University of Mary Washington. He and Mary Eschelbach Hansen are currently working on a book, Bankrupt in America: A History of Consumers, Businesses, Their Creditors and the Law in the Twentieth Century (under contract with the University of Chicago Press). The author thanks Mary Eschelbach Hansen, participants at the 2016 Meeting of the Economic and Business History Society, and three anonymous referees for helpful comments. Department of Economics, University of Mary Washington, Fredericksburg, VA. 22401. E-mail: [email protected]
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Abstract

In the late nineteenth and early twentieth centuries, New York State trust companies were successful, grew quickly, and failed rarely. The few failures, however, played a leading role in shaping the rules that governed trust companies. Because trust company failures were consistently interpreted as isolated departures from the norm of conservative management, trust companies were able to continue to participate in the rule-making process. The institutions that evolved promoted financial stability by imposing the costs of failure on decision makers and discouraging risky behavior. These failures shed new light on the treatment of failure and the development of corporate governance and financial regulation in the United States

Type
Article
Information
Enterprise & Society , Volume 19 , Issue 2 , June 2018 , pp. 241 - 271
Copyright
Copyright © The Author 2017. Published by Cambridge University Press on behalf of the Business History Conference. All rights reserved. 

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References

Bibliography of Works Cited

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Barnett, George E. State Banks and Trust Companies Since the Passage of the National-Bank Act. Washington, DC: US Government Printing Office, 1911.Google Scholar
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Hansen, Mary Eschelbach. “Sources of Credit and the Extent of the Credit Market: A View from Bankruptcy Records, Mississippi, 1929–1936.” In Enterprising America: Businesses, Banks, and Credit Markets in Historical Perspective, edited by Collins, William J. and Margo, Robert A., 179–212. Chicago: University of Chicago Press, 2014.Google Scholar
Hansen, Mary Eschelbach, and Hansen, Bradley A.. “Religion, Social Capital and Business Bankruptcy in the United States, 1921–1932.” Business History 50, (November 2008): 714–727.CrossRefGoogle Scholar
Hickson, Charles R., and Turner, John D.. “Shareholder Liability Regimes in Nineteenth-Century English Banking: The Impact upon the Market for Shares.” European Review of Economic History 7, no. 1 (2003): 99–125.CrossRefGoogle Scholar
Hickson, Charles R., and Turner, John D.. “The Trading of Unlimited Liability Bank Shares in Nineteenth-Century Ireland: The Bagehot Hypothesis.” Journal of Economic History 63, no. 4 (2003): 931–958.CrossRefGoogle Scholar
Hilt, Eric. Wall Street’s First Corporate Governance Crisis: The Panic of 1826. NBER Working Paper No. 14892. Cambridge, MA: National Bureau of Economic Research, 2009.CrossRefGoogle Scholar
Hilt, Eric. “History of American Corporate Governance: Law, Institutions, and Politics.” Annual Review Financial Economics 6, no. 1 (2014): 1–21.CrossRefGoogle Scholar
Hudson, Peter James. “The National City Bank of New York and Haiti, 1909–1922.” Radical History Review, no. 115 (2013): 91–114.CrossRefGoogle Scholar
Jacobson, Margaret M., and Tallman, Ellis W.. “Liquidity Provision during the Crisis of 1914: Private and Public Sources.” Journal of Financial Stability 17, (2015): 22–34.CrossRefGoogle Scholar
King, Robert G., and Levine, Ross. “Finance and Growth: Schumpeter Might be Right.” Quarterly Journal of Economics 1993: 717–737.CrossRefGoogle Scholar
Kupiec, Paul H., and Ramirez, Carlos D.. “Bank Failures and the Cost of Systemic Risk: Evidence from 1900 to 1930.” Journal of Financial Intermediation 22, no. 3 (2013): 285–307.CrossRefGoogle Scholar
Lamoreaux, Naomi R. “Revisiting American Exceptionalism: Democracy and the Regulation of Corporate Governance.” In Enterprising America: Businesses, Banks, and Credit Markets in Historical Perspective, special issue, edited by Collins, J. and Margo, R. A., 324 (2015): 25–71.Google Scholar
Lamoreaux, Naomi R. “Scylla or Charybdis? Historical Reflections on Two Basic Problems of Corporate Governance.” Business History Review 83, no. 1 (2009): 9–34.CrossRefGoogle Scholar
Lamoreaux, Naomi R, and Rosenthal, Jean-Laurent. “Corporate Governance and the Plight of Minority Shareholders in the United States before the Great Depression.” In Corruption and Reform: Lessons from America’s Economic History, edited by Glaeser, Edward and Goldin, Claudia, 125–152. Chicago: University of Chicago Press, 2006.CrossRefGoogle Scholar
Lamoreaux, Naomi R, and Wallis, John Joseph. States, Not Nation: The Sources of Political and Economic Development in the Early United States. American Capitalism Working Paper No. 1. Baltimore, MD: Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise, 2015.Google Scholar
La Porta, Rafael, Lopez-de-Silanes, Florencio, Shleifer, Andrei, and Vishny, Robert W.. “Law and Finance.” Journal of Political Economy 106, no. 6 (1998): 1113–1154.CrossRefGoogle Scholar
La Porta, Rafael, Lopez-de-Silanes, Florencio, and Shleifer, Andrei. “The Economic Consequences of Legal Origins.” Journal of Economic Literature 46, no. 2 (2008): 285–332.CrossRefGoogle Scholar
Levitt, Albert. “The Trust Powers of National Banks.” University of Pennsylvania Law Review 77, no. 7 (May 1929): 835–861.CrossRefGoogle Scholar
Moen, Jon R., and Tallman, Ellis W.. “The Bank Panic of 1907: The Role of the Trust Companies.” Journal of Economic History 52 (September 1992): 611–630.CrossRefGoogle Scholar
Moen, Jon R., and Tallman, Ellis W.. “Clearinghouse Membership and Deposit Contraction during the Panic of 1907.” Journal of Economic History 60, (March 2000): 145–163.CrossRefGoogle Scholar
Musacchio, Aldo, and Turner, John D.. “Does the Law and Finance Hypothesis Pass the Test of History?” Business History 55, no. 4 (2013): 524–542.CrossRefGoogle Scholar
Neal, Larry. “Trust Companies and Financial Innovation, 1897–1914.” Business History Review 45, no. 1 (1971): 35–51.CrossRefGoogle Scholar
Ollerenshaw, Philip. “Innovation and Corporate Failure: Cyril Lord in U.K. Textiles, 1945–1968.” Enterprise and Society 7, no. 4 (December 2006): 777–811.CrossRefGoogle Scholar
O’Sullivan, Mary. “A Fine Failure: Relationship Lending, Moses Taylor, and the Joliet Iron & Steel Company, 1869–1888.” Business History Review 88, no. 4 (2014): 647–679.CrossRefGoogle Scholar
Ramirez, Carlos D., and Shively, Philip A.. “The Effect of Bank Failures on Economic Activity: Evidence from US States in the Early 20th Century.” Journal of Money, Credit and Banking 44, no. 2–3 (2012): 433–455.CrossRefGoogle Scholar
Rhoads, C. Brewster. “Personal Liability of Directors for Corporate Mismanagement.” University of Pennsylvania Law Review and American Law Register 65, no. 2 (December 1916): 128–144.CrossRefGoogle Scholar
Richardson, Gary, and Van Horn, Patrick. “Intensified Regulatory Scrutiny and Bank Distress in New York City during the Great Depression.” Journal of Economic History 69, no. 2 (2009): 446–465.CrossRefGoogle Scholar
Sammis, L. Walter. “The Relation of Trust Companies to Industrial Combinations, as Illustrated by the United States Shipbuilding Company.” ANNALS of the American Academy of Political and Social Science 24, (1904): 241–270.CrossRefGoogle Scholar
Temin, Peter. “Government Actions in Times of Crisis: Lessons from the History of Drug Regulation.” Journal of Social History 18, no. 3 (1985): 433–438.CrossRefGoogle Scholar
Van Rooij, Arjan. “Sisyphus in Business: Success, Failure and the Different Types of Failure.” Business History 57, no. 2 (2015): 203–223.CrossRefGoogle Scholar
Wheelock, David C. “Regulation, Market Structure and the Bank Failures of the Great Depression.” Federal Reserve Bank of St. Louis Review 77, (1995): 27–38.Google Scholar
White, Eugene N. “To Establish a More Effective Supervision of Banking.” In The Origins, History, and Future of the Federal Reserve: A Return to Jekyll Island, edited by Bordo, Michael and Roberds, William, 7–54. Cambridge: Cambridge University Press, 2013.CrossRefGoogle Scholar
Weible, Christopher M., Sabatier, Paul A., and McQueen, Kelly. “Themes and Variations: Taking Stock of the Advocacy Coalition Framework.” Policy Studies Journal 37, no. 1 (2009): 121–140.CrossRefGoogle Scholar
Bankers’ MagazineGoogle Scholar
Commercial and Financial ChronicleGoogle Scholar
Fort Covington SunGoogle Scholar
The Independent,Google Scholar
The New York Evening WorldGoogle Scholar
The New York TimesGoogle Scholar
The Sun (New York)Google Scholar
New York State, Annual Report of the Superintendent of Banks for the Year …. Albany, NY: J. B. Lyon Co., various years.Google Scholar
New York State, Annual Report of the Superintendent of Banks Relative to Savings Banks, Trust Companies, Safe Deposit Companies and Miscellaneous Corporations. Albany, NY: J. B. Lyon Co., various years.Google Scholar
New York (State), General Banking Law of the State of New York. Albany: J. B. Lyons, 1892.Google Scholar
New York (State), Report of the Special Commission on Banks. Albany, NY: J. B. Lyon Co., state printers, 1907.Google Scholar
New York (State), Supreme Court, Appellate Division-Third Department, Kavanaugh v. Satterlee and Gould, Case on Appeal, Vol. III, Plaintiff’s Exhibit No. 108, 2000. Saratoga Springs, NY: Saratogian Book and Job Print, 1910.Google Scholar
New York (State). Senate Document No. 41, March 9, 1883, Report of Sub-Committee Appointed to Investigate Receiverships. Documents of the Senate of the State of New York, One Hundred and Sixth Session, Vol. III. Albany, NY: Weed, Parsons and Company, 1883.Google Scholar
New York (State). Calhoun v. Commonwealth Trust Co. Court of Appeals of the State of New York, Case on Appeal, 1913.Google Scholar
New York (State). New York Court of Appeals: Records and Briefs 223 NY 103 Kavanaugh v. Gould, 1915.Google Scholar
National Archives Kansas City, MissouriGoogle Scholar
Pierpont Morgan Library Archives, New York, NYGoogle Scholar
Davids et al. v. Bauer 140 N.Y.S. 55 (1913).Google Scholar
Gregory v. Binghamton Trust Co. 154 N.Y.S. 376 (1915).Google Scholar
Hanna v. Lyon 179 N.Y. 107, 110 (1904).Google Scholar
Hun v. Cary 82 N.Y. 65 (1880).Google Scholar
Kavanaugh v. Commonwealth Trust Company, 64 Misc. 303 (1906).CrossRefGoogle Scholar
People v. Merchant’s Trust Company, 116 N.Y. App. Div. 41 (1906).Google Scholar
Richards v. Schwab 101 Misc. 128 (N.Y. Misc. 1917).Google Scholar
Spering’s Appeal 71 Pa. 11 (1872).CrossRefGoogle Scholar
Balleisen, Edward. Navigating Failure: Bankruptcy and Commercial Society in Antebellum America. Chapel Hill: University of North Carolina Press, 2001.Google Scholar
Barnett, George E. State Banks and Trust Companies Since the Passage of the National-Bank Act. Washington, DC: US Government Printing Office, 1911.Google Scholar
Berle, Adolf A., and Means, Gardiner C.. The Modern Corporation and Private Property. New York: Macmillan, 1932.Google Scholar
Brewer, H. Peers. The Emergence of the Trust Company in New York City, 1870–1900. New York: Garland, 1986.Google Scholar
Bruner, Robert F., and Carr, Sean. The Panic of 1907: Lessons Learned from the Market’s Perfect Storm. Hoboken, NJ: Wiley, 2007.Google Scholar
Chernow, Ron. The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance. New York: Simon and Schuster, 1990.Google Scholar
Calomiris, Charles W., and Haber, Stephen H.. Fragile by Design: The Political Origins of Banking Crises and Scarce Credit. Princeton, NJ: Princeton University Press, 2014.Google Scholar
Coleman, Peter J. Debtors and Creditors in America: Insolvency, Imprisonment for Debt, and Bankruptcy, 1607–1900. Madison: State Historical Society of Wisconsin, 1974.Google Scholar
Haeger, John D. The Investment Frontier: New York Businessmen and the Economic Development of the Old Northwest. Albany: State University of New York Press, 1981.Google Scholar
Hansen, Bradley A. Institutions, Entrepreneurs, and American Economic History: How the Farmers’ Loan and Trust Company Shaped the Laws of Business, 1822–1929. New York: Palgrave Macmillan, 2009.CrossRefGoogle Scholar
Herrick, Clay. Trust Companies: Their Organization, Growth and Management. New York: Bankers Publishing Company, 1909.Google Scholar
Higgs, Robert. Crisis and Leviathan: Critical Episodes in the Growth of American Government. New York: Oxford University Press, 1987.Google Scholar
Markham, Jerry W. A Financial History of the United States, vol. II. Armonk, NY: M. E. Sharpe, 2002.Google Scholar
Mc Culley, Richard T. Banks and Politics during the Progressive Era: The Origins of the Federal Reserve System, 1897–1913. New York: Garland, 1992.Google Scholar
Murphy, Sharon Ann. Investing in Life: Insurance in Antebellum America. Baltimore, MD: Johns Hopkins University Press, 2010.CrossRefGoogle Scholar
Perine, Edward T. B. The Story of the Trust Companies. New York: GP Putnam’s Sons, 1916.Google Scholar
Sandage, Scott A. Born Losers: A History of Failure in America. Cambridge, MA: Harvard University, 2005.CrossRefGoogle Scholar
Scranton, Philip, and Fridenson, Patrick. Reimagining Business History. Baltimore, MD: Johns Hopkins University Press, 2013.CrossRefGoogle Scholar
Skeel, David. Debt’s Dominion: A History of Bankruptcy Law in America. Princeton, NJ: Princeton University Press, 2001.CrossRefGoogle Scholar
Sprague, O. M. W. History of Crises Under the National Banking System. Washington, DC: Government Printing Office, 1910.Google Scholar
Strouse, Jean. Morgan: American Financier. New York: Random House, 1999.Google Scholar
White, G. T. A History of the Massachusetts Hospital Life Insurance Company. Cambridge, MA: Harvard University Press, 1955.CrossRefGoogle Scholar
Wicker, Elmus. Banking Panics of the Gilded Age. Cambridge: Cambridge University Press, 2000.CrossRefGoogle Scholar
Birkland, Thomas A. “Focusing Events, Mobilization, and Agenda Setting.” Journal of Public Policy 18, no. 1 (1998): 53–74.CrossRefGoogle Scholar
Bodenhorn, Howard. Double Liability at Early American Banks. NBER Working Paper No. 21494. Cambridge, MA: National Bureau of Economic Research, 2015.CrossRefGoogle Scholar
Fridenson, Patrick. “Business Failure and the Agenda of Business History.” Enterprise and Society 5, no. 4 (December 2004): 562–582.CrossRefGoogle Scholar
Frydman, Carola, Hilt, Eric, and Zhou, Lily Y.. “Economic Effects of Runs on Early ‘Shadow Banks’: Trust Companies and the Impact of the Panic of 1907.” Journal of Political Economy 123, no. 4 (2015): 902–940.CrossRefGoogle Scholar
Goodman, Paul. “The Emergence of Homestead Exemption in the United States: Accommodation and Resistance to the Market Revolution, 1840–1880.” Journal of American History 80, no. 2 (1993): 470–498.CrossRefGoogle Scholar
Grossman, Richard S. “The Macroeconomic Consequences of Bank Failures under the National Banking System.” Explorations in Economic History 30, no. 3 (1993): 294–320.CrossRefGoogle Scholar
Grossman, Richard S. “Fear and Greed: The Evolution of Double Liability in American Banking, 1865–1930.” Explorations in Economic History 44, no. 1 (2007): 59–80.CrossRefGoogle Scholar
Hansen, Bradley A. “Commercial Associations and the Creation of a National Economy: The Demand for Federal Bankruptcy Law.” Business History Review 72 (Spring 1998): 86–113.CrossRefGoogle Scholar
Hansen, Bradley A. “The People’s Welfare and the Origins of Corporate Reorganization: The Wabash Receivership Reconsidered.” Business History Review 74, (Autumn 2000): 377–405.CrossRefGoogle Scholar
Hansen, Bradley A. “A Failure of Regulation? Reinterpreting the Panic of 1907.” Business History Review 88, (Autumn 2014): 545–569.CrossRefGoogle Scholar
Hansen, Bradley A., and Hansen, Mary Eschelbach. “The Role of Path Dependence in the Development of US Bankruptcy law, 1880–1938.” Journal of Institutional Economics 3, no. 2 (2007): 203–225.CrossRefGoogle Scholar
Hansen, Mary Eschelbach. “Sources of Credit and the Extent of the Credit Market: A View from Bankruptcy Records, Mississippi, 1929–1936.” In Enterprising America: Businesses, Banks, and Credit Markets in Historical Perspective, edited by Collins, William J. and Margo, Robert A., 179–212. Chicago: University of Chicago Press, 2014.Google Scholar
Hansen, Mary Eschelbach, and Hansen, Bradley A.. “Religion, Social Capital and Business Bankruptcy in the United States, 1921–1932.” Business History 50, (November 2008): 714–727.CrossRefGoogle Scholar
Hickson, Charles R., and Turner, John D.. “Shareholder Liability Regimes in Nineteenth-Century English Banking: The Impact upon the Market for Shares.” European Review of Economic History 7, no. 1 (2003): 99–125.CrossRefGoogle Scholar
Hickson, Charles R., and Turner, John D.. “The Trading of Unlimited Liability Bank Shares in Nineteenth-Century Ireland: The Bagehot Hypothesis.” Journal of Economic History 63, no. 4 (2003): 931–958.CrossRefGoogle Scholar
Hilt, Eric. Wall Street’s First Corporate Governance Crisis: The Panic of 1826. NBER Working Paper No. 14892. Cambridge, MA: National Bureau of Economic Research, 2009.CrossRefGoogle Scholar
Hilt, Eric. “History of American Corporate Governance: Law, Institutions, and Politics.” Annual Review Financial Economics 6, no. 1 (2014): 1–21.CrossRefGoogle Scholar
Hudson, Peter James. “The National City Bank of New York and Haiti, 1909–1922.” Radical History Review, no. 115 (2013): 91–114.CrossRefGoogle Scholar
Jacobson, Margaret M., and Tallman, Ellis W.. “Liquidity Provision during the Crisis of 1914: Private and Public Sources.” Journal of Financial Stability 17, (2015): 22–34.CrossRefGoogle Scholar
King, Robert G., and Levine, Ross. “Finance and Growth: Schumpeter Might be Right.” Quarterly Journal of Economics 1993: 717–737.CrossRefGoogle Scholar
Kupiec, Paul H., and Ramirez, Carlos D.. “Bank Failures and the Cost of Systemic Risk: Evidence from 1900 to 1930.” Journal of Financial Intermediation 22, no. 3 (2013): 285–307.CrossRefGoogle Scholar
Lamoreaux, Naomi R. “Revisiting American Exceptionalism: Democracy and the Regulation of Corporate Governance.” In Enterprising America: Businesses, Banks, and Credit Markets in Historical Perspective, special issue, edited by Collins, J. and Margo, R. A., 324 (2015): 25–71.Google Scholar
Lamoreaux, Naomi R. “Scylla or Charybdis? Historical Reflections on Two Basic Problems of Corporate Governance.” Business History Review 83, no. 1 (2009): 9–34.CrossRefGoogle Scholar
Lamoreaux, Naomi R, and Rosenthal, Jean-Laurent. “Corporate Governance and the Plight of Minority Shareholders in the United States before the Great Depression.” In Corruption and Reform: Lessons from America’s Economic History, edited by Glaeser, Edward and Goldin, Claudia, 125–152. Chicago: University of Chicago Press, 2006.CrossRefGoogle Scholar
Lamoreaux, Naomi R, and Wallis, John Joseph. States, Not Nation: The Sources of Political and Economic Development in the Early United States. American Capitalism Working Paper No. 1. Baltimore, MD: Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise, 2015.Google Scholar
La Porta, Rafael, Lopez-de-Silanes, Florencio, Shleifer, Andrei, and Vishny, Robert W.. “Law and Finance.” Journal of Political Economy 106, no. 6 (1998): 1113–1154.CrossRefGoogle Scholar
La Porta, Rafael, Lopez-de-Silanes, Florencio, and Shleifer, Andrei. “The Economic Consequences of Legal Origins.” Journal of Economic Literature 46, no. 2 (2008): 285–332.CrossRefGoogle Scholar
Levitt, Albert. “The Trust Powers of National Banks.” University of Pennsylvania Law Review 77, no. 7 (May 1929): 835–861.CrossRefGoogle Scholar
Moen, Jon R., and Tallman, Ellis W.. “The Bank Panic of 1907: The Role of the Trust Companies.” Journal of Economic History 52 (September 1992): 611–630.CrossRefGoogle Scholar
Moen, Jon R., and Tallman, Ellis W.. “Clearinghouse Membership and Deposit Contraction during the Panic of 1907.” Journal of Economic History 60, (March 2000): 145–163.CrossRefGoogle Scholar
Musacchio, Aldo, and Turner, John D.. “Does the Law and Finance Hypothesis Pass the Test of History?” Business History 55, no. 4 (2013): 524–542.CrossRefGoogle Scholar
Neal, Larry. “Trust Companies and Financial Innovation, 1897–1914.” Business History Review 45, no. 1 (1971): 35–51.CrossRefGoogle Scholar
Ollerenshaw, Philip. “Innovation and Corporate Failure: Cyril Lord in U.K. Textiles, 1945–1968.” Enterprise and Society 7, no. 4 (December 2006): 777–811.CrossRefGoogle Scholar
O’Sullivan, Mary. “A Fine Failure: Relationship Lending, Moses Taylor, and the Joliet Iron & Steel Company, 1869–1888.” Business History Review 88, no. 4 (2014): 647–679.CrossRefGoogle Scholar
Ramirez, Carlos D., and Shively, Philip A.. “The Effect of Bank Failures on Economic Activity: Evidence from US States in the Early 20th Century.” Journal of Money, Credit and Banking 44, no. 2–3 (2012): 433–455.CrossRefGoogle Scholar
Rhoads, C. Brewster. “Personal Liability of Directors for Corporate Mismanagement.” University of Pennsylvania Law Review and American Law Register 65, no. 2 (December 1916): 128–144.CrossRefGoogle Scholar
Richardson, Gary, and Van Horn, Patrick. “Intensified Regulatory Scrutiny and Bank Distress in New York City during the Great Depression.” Journal of Economic History 69, no. 2 (2009): 446–465.CrossRefGoogle Scholar
Sammis, L. Walter. “The Relation of Trust Companies to Industrial Combinations, as Illustrated by the United States Shipbuilding Company.” ANNALS of the American Academy of Political and Social Science 24, (1904): 241–270.CrossRefGoogle Scholar
Temin, Peter. “Government Actions in Times of Crisis: Lessons from the History of Drug Regulation.” Journal of Social History 18, no. 3 (1985): 433–438.CrossRefGoogle Scholar
Van Rooij, Arjan. “Sisyphus in Business: Success, Failure and the Different Types of Failure.” Business History 57, no. 2 (2015): 203–223.CrossRefGoogle Scholar
Wheelock, David C. “Regulation, Market Structure and the Bank Failures of the Great Depression.” Federal Reserve Bank of St. Louis Review 77, (1995): 27–38.Google Scholar
White, Eugene N. “To Establish a More Effective Supervision of Banking.” In The Origins, History, and Future of the Federal Reserve: A Return to Jekyll Island, edited by Bordo, Michael and Roberds, William, 7–54. Cambridge: Cambridge University Press, 2013.CrossRefGoogle Scholar
Weible, Christopher M., Sabatier, Paul A., and McQueen, Kelly. “Themes and Variations: Taking Stock of the Advocacy Coalition Framework.” Policy Studies Journal 37, no. 1 (2009): 121–140.CrossRefGoogle Scholar
Bankers’ MagazineGoogle Scholar
Commercial and Financial ChronicleGoogle Scholar
Fort Covington SunGoogle Scholar
The Independent,Google Scholar
The New York Evening WorldGoogle Scholar
The New York TimesGoogle Scholar
The Sun (New York)Google Scholar
New York State, Annual Report of the Superintendent of Banks for the Year …. Albany, NY: J. B. Lyon Co., various years.Google Scholar
New York State, Annual Report of the Superintendent of Banks Relative to Savings Banks, Trust Companies, Safe Deposit Companies and Miscellaneous Corporations. Albany, NY: J. B. Lyon Co., various years.Google Scholar
New York (State), General Banking Law of the State of New York. Albany: J. B. Lyons, 1892.Google Scholar
New York (State), Report of the Special Commission on Banks. Albany, NY: J. B. Lyon Co., state printers, 1907.Google Scholar
New York (State), Supreme Court, Appellate Division-Third Department, Kavanaugh v. Satterlee and Gould, Case on Appeal, Vol. III, Plaintiff’s Exhibit No. 108, 2000. Saratoga Springs, NY: Saratogian Book and Job Print, 1910.Google Scholar
New York (State). Senate Document No. 41, March 9, 1883, Report of Sub-Committee Appointed to Investigate Receiverships. Documents of the Senate of the State of New York, One Hundred and Sixth Session, Vol. III. Albany, NY: Weed, Parsons and Company, 1883.Google Scholar
New York (State). Calhoun v. Commonwealth Trust Co. Court of Appeals of the State of New York, Case on Appeal, 1913.Google Scholar
New York (State). New York Court of Appeals: Records and Briefs 223 NY 103 Kavanaugh v. Gould, 1915.Google Scholar
National Archives Kansas City, MissouriGoogle Scholar
Pierpont Morgan Library Archives, New York, NYGoogle Scholar
Davids et al. v. Bauer 140 N.Y.S. 55 (1913).Google Scholar
Gregory v. Binghamton Trust Co. 154 N.Y.S. 376 (1915).Google Scholar
Hanna v. Lyon 179 N.Y. 107, 110 (1904).Google Scholar
Hun v. Cary 82 N.Y. 65 (1880).Google Scholar
Kavanaugh v. Commonwealth Trust Company, 64 Misc. 303 (1906).CrossRefGoogle Scholar
People v. Merchant’s Trust Company, 116 N.Y. App. Div. 41 (1906).Google Scholar
Richards v. Schwab 101 Misc. 128 (N.Y. Misc. 1917).Google Scholar
Spering’s Appeal 71 Pa. 11 (1872).CrossRefGoogle Scholar