13388. Elmira National Bank (Elmira, NY)

Bank Information

Episode Type
Suspension β†’ Closure
Bank Type
national
Bank ID
4105
Charter Number
4105
Start Date
May 23, 1893
Location
Elmira, New York (42.090, -76.808)

Metadata

Model
gpt-5-mini
Short Digest
247ec1dcab1e1cf6

Response Measures

None

Receivership Details

Depositor recovery rate
69.5%
Date receivership started
1893-05-26
Date receivership terminated
1912-04-30
OCC cause of failure
Fraud
Share of assets assessed as good
17.1%
Share of assets assessed as doubtful
41.0%
Share of assets assessed as worthless
41.9%

Description

The Elmira National Bank closed its doors on May 23, 1893 due to the failure/embarrassment of Colonel D. C. Robinson, directors applied to the Comptroller for a receiver, and a receiver (Charles Davis) was appointed. Articles describe insolvency and receivership; there is reporting in 1894–1895 about plans/conditions for resumption, but no clear documented reopening in these articles. The primary cause is bank-specific adverse information (large loans to Robinson). A run occurred on the separate Elmira Savings Bank (depositors drew small sums) after the national bank's suspension; that run is on a different institution and not used to classify the Elmira National episode.

Events (5)

1. August 30, 1889 Chartered
Source
historical_nic
2. May 23, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Large indebtedness/embarrassment of Col. D. C. Robinson (loans ~ $258,000); Mutual Life withdrew support leading directors to seek appointment of a receiver.
Newspaper Excerpt
The Elmira National Bank closed its doors this morning. The bank's failure is the result of the recent financial troubles of Col. D. C. Robinson.
Source
newspapers
3. May 26, 1893 Receivership
Source
historical_nic
4. May 26, 1893 Receivership
Newspaper Excerpt
Mr. Eckels named as receiver of the bank Charles Davis... the bank was put in the hands of a receiver by Controller Eckels.
Source
newspapers
5. July 6, 1894 Other
Newspaper Excerpt
The controller of the currency has indicated to those interested in the resumption of the Elmira (N.Y.) National Bank, which suspended about a year ago, the conditions upon which the bank could resume, namely, the payment of the indebtedness of the bank in full, the payment of the capital 'stock in full and the redemption of all outstanding receiver's certificates.
Source
newspapers

Newspaper Articles (24)

Article from Evening Star, May 23, 1893

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COL. ROBINSON'S FAILURE. He Couldn't Pay the Elmira National Bank, Which Had to Close Its Doors. ELMIRA, N. Y., May 23.-The Elmira National Bank closed its doors this morning. The bank's failure is the result of the recent financial troubles of Col. D. C. Robinson. The Mutual Life Insurance Company of New York agreed to advance $750,000 to Col. Robinson. The company, however, decided at 5 o'clock last night to render no further assistance to the colonel, and as he was a large creditor of the bank it was decided by the directors to apply to the controller of the currency for the appointment of a receiver. The bank examiners last week reported the bank perfectly solvent in case Col. Robinson paid his obligations; if not the depositors then would be paid in full, with a small loss to the stockholders. Jackson Richardson. president of the bank. savs that the depositors will positively be paid in full. The deposits in the bank amount to about $200,000.


Article from The Wichita Daily Eagle, May 24, 1893

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FAILURES. ELMIRA, N. Y., May 23.-The Elmira National bank closed its doors this morning. The bank's failure is the result of the recent financial troubles of Colonel D. C. Robinson. The depositors will be paid in full, with a small loss to the stockholders. NEW YORK, May 23.-An application was made today for a receiver for the Blakeslee & Williams company, in proceedings in voluntary dissolution. The firm has done a big business in fireworks. The stringency in the money market is given as the cause of the embarrassment. The liabilities are about $260,000, with assets of $70,000.


Article from The Times, May 24, 1893

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ELMIRA NATIONAL BANK FAILS, Colonel D. C. Robinson Fails and Drags the Bank Down With Him. ELMIRA, N. Y., May 23.-Elmira National Bank closed its doors this morning. The bank's failure is the result of the recent financial troubles of Colonel D. C. Robinson. The Mutual Life Insurance Company of New York agreed to advance $750,000 to Colonel Robinson. The company, however, decided last night to render no further assistance to the Colonel, and as he was a large creditor of the bank it was decided by the directors to apply to the Comptroller of the Currency for the appointment of a receiver. The bank examiners last week reported the bank perfectly solvent in case Colonel Robinson paid his obligations, if not the depositors then would be paid in full, with a small loss to the stockholders. Jackson Richardson, president of the bank, says the depositors will positively be paid in full. The deposits in bank amount to about $200,000. An Iowa Bank Suspends. CRESTON, IA., May 23. The Exchange Bank at Tingleh has suspended, and the cashier, Robert Bennett, has left for parts unknown. Deposits were received up to the day of closing. Depositors are badly victimized, and if the cashier is caught he will meet a warm reception, as the excitement is intense.


Article from The Morning News, May 24, 1893

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AN ELMIRA BANK FAILS. Depositors Will Lose Nothing and Stockholders Very Little. Elmira, N. Y., May --The - Elmira National Bank closed its doors this morning. The bank's failure is the result of the recent financial troubles of Col. N. C. Robinson. The Mutual Life Insurance Company of New York agreed to advance $75,000 to Col. Robinson. The company, however, decided last night to render no further assistance to the colonel, and as he was a large creditor of the bank it was decided by the directors to apply to the controller of the currency for the appointment of a receiver. Bank examiners last week reported the bank perfectly solvent in case Col. Robinson paid his obligations. and if not depositors would be paid in full with a small loss to the stockholders. Jackson Richardson, president of the bank, says depositors will positively be paid in full. The deposits in the bank amount to about $200,000.


Article from The Daily Morning Astorian, May 24, 1893

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YESTERDAY'S FAILURES. Elmira, N. Y., May 23.-The Elmira National bank closed its doors this morning, as a result of the recent financial trouble of Colonel D. C. Robinson. Brunswick, Ga., May 23.-The wholesale grocery house of Mayer & Ullman has been placed in the hands of a temporary receiver. Liabilities, $280,000. Ullman suicided last week. Eau Claire, Wis., May 23.-An application has been made for a receiver for the National Electric Manufacturing Company, The assets are $560,000; liabilities, $400,000.


Article from The State Chronicle, May 24, 1893

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The Elmira National Closes Doors. By Southern Associated Press. ELMIRA, N. Y., May 23 -The Elmira National Bank closed its doors this morning. The bank's failure was the result of recent financial troubles of Col. D. C. Robinson. The Mutual Life Insurance Company of New York agreed to advance $750,000 to Colonel Robinson. The Company however decided last night to render no further assistance to the Colonel, and as he was a large creditor of the bank it was decided by the directors to apply to the Comptroller of the Currency for the appointment of a receiver Bank examiners last week reported the bank perfectly solvent in case Col. Robinson paid his obligations, if not the depositors then would be paid in full with small loss to stockholders. Jackson Richardson, President of the bank, says the depositors will positively be paid in full. Deposits in the bank amount to about $200,000.


Article from The Evening Herald, May 24, 1893

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Run on the Elmira Savings Bank. ELMIRA, N. Y., May 24.-The - suspension of the Elmira National bank has caused a big run to be made on the Elmira Savings bank. Hundreds of excited depositors crowded around the bank all day yesterday, but the bank kept right along business and the depositors will all be paid in full. All amounts under $100 have been paid on demand. The usual time allowed by law will be taken for all deposits over $100.


Article from New-York Tribune, May 24, 1893

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THE ELMIRA NATIONAL BANK CLOSED. ITS FAILURE SAID TO BE DUE TO COLONEL ROBINSON'S EMBARRASSMENT. Elmira, N. Y., May 23.-The Elmira National Bank closed its doors this morning The bank's failure is said to be the result of the recent financial troubles of Colonel D. C. Robinson. The Mutual Life Insurance Company of New-York agreed to advance $750,000 to Colonel Robinson, but decided that night to render no further assistance to him, and as he was 4 large creditor of the bank the directors concluded to apply to the Controller of the Currency for the appointment of a receiver. The bank examiner reported last week that the bank was perfectly solvent if Colonel Robinson paid his obligations; If not, the depositors would be paid in full with a small loss to the stockholders. Jackson Richardson, president of the National bank, says that the depositors will positively be paid In full. The deposits amount to about $200,000. The suspension of the Elmira National Bank caused a big run to be made on the Elmira Savings Bank. Hundreds of excited depositors crowded around the building all day, but the bank has kept on doing business, and the depositors will be paid in full. All amounts under $100 have been paid on demand. but the usual time allowed by law will be taken on all deposits over $100. Washington, May 23.-Controller Eckels received Information to-day that the Elmira National Bank, of Elmira, N. Y., had closed Its doors. He immediately ordered Bank Examiner Gatehell to proceed to Elmira and assume charge of the bank. The Controller has received no detailed information as to the failure.


Article from San Antonio Daily Light, May 24, 1893

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Brigg's case will be heard before the General Assembly and not returned to New York Presbytery for a rehearing. Elmira National bank, Elmira, N. Y., closes its doors; this caused a run on the Savings bank, but it paid all demands. New Braunfels lights its court house with electric lights, raises $175 for Cisco, and will build a new bridge over the Comal.


Article from The Austin Weekly Statesman, May 25, 1893

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Elmire National Bank Closed. ELMIRE, N. Y., May 23. - -The Elmire National bank closed its doors this morning. The bank's failure is the result of the recent financial troubles of Col. D. C. Robinson. Bank examiners last week reported the bank perfectly solvent in case Colonel Robinson paid his obligations, if not depositors would be paid in full, with a small loss to the stockholders. The suspension of the Elmira National bank caused a big run on the Elmira Savings bank, but the bank kept right along doing business and depositors were paid in fuli.


Article from The Salt Lake Herald, May 25, 1893

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Another Elmira, New York, Assignment. ELMIRA, N.Y., May 24.-Mayor D. C. Robinson made an assignment to the Elmira National bank, which closed its doors yesterday, as preferred creditor. Liabilities are unknown but it may reach $100,000. The run on the Elmira Savings bank is continued. All sums over $100 are being paid on demand. Colonel Robinson's indebtedness to the Elmira National bank is $258,000. Preferences outside of the bank aggregate $55,000. The assignment created great excitement, and the county clerk's office was besieged by & hundreds of people anxious to see the document.


Article from The Evening Herald, May 26, 1893

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Run on the Bank Over, ELMIRA, N. Y., May 26.-The run on the Elmira Savings Bank, which was started by the failure of the Elmira National Bank, has pretty nearly ceased. The total amount diawn out is about $8,000, in sums of not over $100. It is not known how large an amount the fifty and sixty days notices call for to be paid at the expiration of that time, but it is probable that confidence will be fully restored and the depositors will allow their money to remain


Article from Morning Journal and Courier, May 26, 1893

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Ugly Rumors A re A float. ELMIRA, May 25.-The run on the Elmira Savings bank which was started by the failure of the Elmira National bank has pretty nearly ceased. The total amount drawn out is about $8,000. Excitement over Mayor Robinson's assignment continues unabated, and many ugly rumors in regard to his transactions are afloat. Some place his liabilities at over $1,000,000.


Article from Waterbury Evening Democrat, May 26, 1893

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Run on the Bank Over. ELMIRA, N. Y., May 26.-The run on the Elmira Savings Bank, which was started by the failure of the Elmira National Bank, has . pretty nearly ceased. The total amount drawn out is about $8,000, in sums of not over $100. It is not known how large an amount the fifty and sixty days notices call for to be paid at the expiration of that time, but it is probable that confidence will be fully restored and the depositors will allow their money to remain.


Article from New-York Tribune, May 27, 1893

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ELMIRA NATIONAL BANK CLOSED. DEPUTY-COLLECTOR CHARLES DAVIS MADE RECEIVER-MAYOR ROBINSON'S OPERATIONS. Elmira, May 26 (Special).-The city of E'mira suffered another misfortune to-day. but one which had been expected. The Elmira National Bank was put in the hands of a receiver by Controller Eckels. Following. as It does, the assignment of Mayor Robinson this failure is regarded as most. unfortanate. Mr. Eckels named as receiver of the bank Charles Davis, of Binghamton, former Deputy Collector in the New-York Custom House. Mr. Davis belonzs to wing of the Democratic party in the Anti-Snapper a State. The appointment being palpably this political one the creditors of the bank are dissatisfied with It. It is evident that the bank has been badly managed. Its loans to Mayor Robinson amounted to $258,000. Bank Examiner Gatehell telegraphed to Mr. Eckels that as a result of his examination he was of the opinion that the bank was hopelessly Insolvent. The Mutual Life Insurance Company of New-York to-day took possession of the Elmira Municipal Company, which owns the gasworks, the electric streetear lines, the waterworks, the electric light plant and other property in this city, worth about $2,000,000. This is the company which Mayor Robinson organized, and of which he was president until a few days ago. The Mutual Life holds the bonds of the company and a controlling interest in its stock. having loaned a large amount of money to Mayor Robinson upon these securities. The insurance company declined to make other loans to support Mayor Robinson's real-estate specialations. Mr. Robinson was deposed from the office of president at a secret meeting of the directors of the Municipal Improvement Company in New-York City a few days ago, and Howard Townsend, a junior member of the firm of Davies, Short & Townsend, the Mutual Life Insurance Company's legal representatives, was elected as his successor. Mr. Townsend, however, has now resigned, and Renben Leland, of New-York, has been elected president in his place. At the same meeting George E. Spencer, of New-York, of the law firm Short & Townsend, was elected secretary of C. H. Baldwin. Mr. was rein of Davies, place Baldwin tained as an officer, however, being elected treasurer of the company. An officer of the Mutual Life said to-day: "There is no reason for wondering why the Mutual Life withdrew its support from Colonel Robinson. It found his property encumbered, and while. perhaps. worth all It is mortgaged for, it is what in financial parlance a 'slow asset.' when hard times is out known too much. as and Colonel overtchk Rbinson him spread he found himself unprepared for them. The Mutual Life. I may say, is amply secured for all the advances made. 1 em of the opinion that, with careful management of his interests, Colonel Robinson will have substantial balance to his credit when final settle. a ment is made. If the large amount of real estate in Elmira which he holds is sold under foreclosure, the outlook for his creditors is doubtful-that is, for the full amount of their claims. If this property is nursed It will improve in value." Mayor Robinson made a similar statement. "I belleve that I have assets safficient to pay all my creditors, but they are not quick assets. They cannot be converted into cash in a moment. Give me time, and all my creditors will be satisfied and r shall be left something. I received a large fortune from my father and I do not 'believe it is all gone." Mr. Robinson informed a friend to-day that he had turned over to the Mutual Life Insurance Company securities worth $1,500,000. The run on the Elmira Savings Bank stopped to-day.


Article from The Abbeville Press and Banner, June 14, 1893

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THE NEWS EPITOMIZED. Eastern and Middle States. THE gala ball and reception to the Infanta Eulalia and her husband, the Infante Don Antonio. arranged by the Circulo Colon Cervantes, was held in the Madison Square Garden Assembly Rooms. New York City, and was attended by a brilliant company. Ex-DEPUTY COLLECTOR CHARLES Davis. of Binghamton. was appointed receiver of the Elmira (N. Y.) National Bank. THE Sunday-school children of Brooklyn, N. Y., had their annual parade. Sixty-five thousand, representing 200 schools, were reviewed by Governor Flower. BERNHARD GUETERBOCK. city editor of the Staats Zeitung. was mysteriously killed by a pistol shot at his home in New York City. PRINCESS EULALIA attended mass in St. Patrick's Cathedral, New York City, in the morning, took a drive in Central Park in the afternoon, and went to a reception given in her honor by the Catholic Club in the evening. PURCELL THOMAS, aeronaut. while making an umbrella descent from the top of the parade house, at Buffalo, N. Y., lost control of the parachute and was precipitated upon the ground below, 3 distance of flity feet. His skull was fractured and he died with in an hour. Thomas's wife and four children witnessed the fatal leap. RHODE ISLAND'S Legislature met at Newport, but the Democrats having unseated a Republican member of the house the Republican Senate refused to join in grand committee. There was no election of State offlcers. Governor Brown threatened to prorogue the Legislature and continue in office. MRS. MARIE NEVINS-BLAINE, the divorced wife of James G. Blaine, was married to Dr. William Tillinghast Bull by the Rev. Dr. Roderick Terry, at New York City CARBIE VOGT, fourteen years old, comsuicide jumping into the Passaic in N. J. anRiver, mitted Newark, by She had been noying a neighbor by having goods sent to her to be paid for on delivery. When she was discovered she was afraid to face what she considered the disgrace and killed herself. FALL RIVER, Mass.. wasthrown into a state of intense excitement, due to the discovery of an atrocious murder, rivalling in many respects those of Mr. and Mrs. Borden. The victim was Miss Bertha Manchester, aged twenty-two years. She was left alone on the farm by her father and brother who went to town. When they returned they found the girl lying dead on the kitchen floor.


Article from The Superior Times, August 5, 1893

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at Hornellsville, N.Y. have fatied. \ RECEIVER has been appointed for the Philadelphia Packing and Provision Company ATTORNEY GENERAL OLNEY was vis itor at Gray Gables, the President's summer cottage. WILLIE SHULTZ, aged 12 and Charles Bauer, aged 14. were drowned near Burlington, la. EIGHTY-THREE Maesachusetts banks decided to require the thirty day notice savings depositors. JUDGE HIGH F THOMPSON died at his home in Van Buren, Ark., from heat prostration and overwork. THE Eagle machine works at Indi anapolis passed into the hands of a receiver. The debts are $100,000. RETURN from school elections in Kan sas show an increase of nearly 100 per cent. in the vote cast by women NINE horses and a barn were de stroved by fire at LaPorte, Ind., entail loss of $40,000 to James Bunton. OFFICER JAMES A. ARVEY was shot and killed at Syracuse, N.Y by George A. Barnes, whom he was trying to an rest. DANIEL DALY was at San Francisco found guilty of manslaughter for hav ing shot and killed John J. Lawton May 7. F.A. LORING & leather dealers at Boston, have made an assignment The firm was considered strong in the trade M. J. MORIARITY, a large furniture dealer at Cleveland, O. has failed. His assets are about 850,000; liabilities not known. INFORMER FLECK, who was kidnaped in the interest of violators of the pro hibitory law regained his home at Pembina, N. D AGANG of Kuklux attempted to whip Lafavette Grimes at Dunlap, Tenn Grimes' sons fired into the crowd and three men were wounded SECRETARYCARLISLE declines to order the withholding of the demand for tax on whisky in bond. in accordance with the petition of many distillers. THE section of the Gearv law provid ing for imprisonment at hard labor has been declared unconstitutional by Federal Judge Ross, at Los Angeles For a few cents Joe Donnelly and Bill McKinney, of Thompson, Mo., beat Samuel Turner to death \ PITTSBURG bank building which was being remodeled fell at the noon hour and one workman was killed A PACIFIC EXPRESS wagon was held up the streets of Wichita, Kas. by three negroes and robbed of $7,500 COMMANDER WHITING, of the Alliance and Miss Etta Ah Fong, of Honolulu be will WHILE bathing in Rock River, near Rock Island. ill.. II Bafordand Miss Fannie Sudlow were drowned THE Chinese six companies will ask rehearing before the United States sn preme court of the Geary law case. THE courts have knocked out the No braska maximum rate law as practically confiscating all railroads in the state Suit for $1,900,000 for violation of contract has been brought by the Wiggins Ferry Company against the Alton road A.G. MORGAN Lexington, Kv., made disbursing clerk of the bureau of engraving and printing at $2,000 per year. SEXATOR HILL delivered an address on Personal Liberty' at the pienic of the Hon-Growers Association at Rome Y. FORRTEEN persons have been arrested charged with the murder of S.P. Brad shaw at Kingston, III. It was a white capontrage. The British warship Triumph sailed from Malta for Portsmouth on Saturday dis with 300 survivors of the Victoria aster on board. MATE GREENLEAF of the ship Crape murdered a sailor on the vovage from Hong Kong to Boston. He avoided the Boston officers Ixattempting to release his impound ed cows near Louisville, Edwin Graham shot Marshal A.J. Blunt and was in turn killed by the officer. MONTREAL'S mayor refuses to take part reception to officers of an Italian warship because in the government isunder the ban of the Vatican. Gov. WAITE. of Colorado, and Reporter Gaston had a hand to hand fight in Denver, the Governor attempting eject Gaston from the excentiveoffice SUIT is brought at St. Paul by the Metropolitan Trust Company mortgage of New York to foreclose $3,220,000 PΓ‘citic on the Wisconsin, Minnesota & road. A STORY is told in connection with the failure of the Elmira National Bank. Elmira, N.Y After the failure.th 111 notes aggregating $31,000 turned among the assets They were by three bank clerks without means and are worthless Gov FISHBACK of Arkansas, is sert onsly ill THE New York mills at Saco will shut down for five weeks New ORLEANS-Chicago round trip rates have been cut to $12. FIVE persons committed suicide at New York on July 28. MINNESOTA Catholics gave a reception at St. Paul to Mgr. Satolli Den STATE TROOPS are under arms at over and sleep in the armory Bank THE Chamberlain National Chamberlain, S.P., has failed. Tue rail rate from New York $10. to cago, first class has been eut to TREMONT and Suffolk mills at time Lowe Mass., will be operated on half THE Union Bank of Portland, has suspended. It is small concern. GEN. J. 11. WALLACE, the well-known aged Union soldier, died atOttawa, III., years FOUR cases of cholera and thre deaths are reported at Naples in twenty ur hours. REPRESENTATIV Lynch is the first in Wisconsin congressman to arrive Washington. J. B. KILBRETH has been made lector and W. Y. Bunn appraiser at New York City the Catholic FIRE swept over N.J., damaging man terv at Paterson, costly monuments FULLY 200 people were made hom less by the flood at Pueble, Col. The reaches $250,000. loss Union Indurated Fiber burned ComTHE works at Lockport pany' $80,000 to $100,000. Loss. issouri authorities will


Article from Evening Star, July 6, 1894

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The Elmira National Bank. The controller of the currency has indicated to those interested in the resumption of the Elmira (N.Y.) National Bank, which suspended about a year ago, the conditions upon which the bank could resume, namely, the payment of the indebtedness of the bank in full, the payment of the capital 'stock in full and the redemption of all outstanding receiver's certificates. The receiver, examiner and Mr. Robinson, who is at the head of the reorganization scheme, are in conference, and it is expected that the conditions will be complied with.


Article from Evening Star, September 14, 1894

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The Elmira National Bank. The controller of the currency has indicated to those interested in the resumption of the Elmira (N.Y.) National Bank, which suspended about a year ago, the conditions upon which the bank could resume, namely, the payment of the indebtedness of the bank in full, the payment of the capital 'stock in full and the redemption of all outstanding receiver's certificates. The receiver, examiner and Mr. Robinson, who is at the head of the reorganization scheme, are in conference, and it is expected that the conditions will be complied with.


Article from The Evening World, September 14, 1894

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# GOOD NEWS FOR ELMIRA. The Municipal Improvement Co. Will Soon Be on Its Feet. It is stated that the readjustment of affairs of the Elmira Municipal Improve-ment Company will soon be completed. The receiver is to be discharged and will be succeeded by Col. D. C. Robin-son, ex-Mayor of Elmira, who will be made President. Col. Robinson's personal solvency will be terminated with the aid of the Mutual Life Insurance Company, which will receive a bond for $1,000,000, indorsed by leading capitalists. The Elmira National Bank will also be enabled to resume business, $200,000 having been raised for its relief. It is said that the only need which the Elmira Municipal Improvement Company has for money is to make final payments on its electric power house, which cost $250,000.


Article from The Evening World, September 14, 1894

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GOOD NEWS FOR ELMIRA. The Municipal Improvement Co. Will Soon Be on Its Feet. It is stated that the readjustment of affairs of the Elmira Municipal Improvement Company will soon be completed. The receiver is to be discharged and will be succeeded by Col. D. C. Robinson, ex-Mayor of Elmira, who will be made President. Col. Robinson's personal solvency will be terminated with the aid of the Mutual Life Insurance Company, which will receive a bond for $1,000,000, indorsed by leading capitalists. The Elmira National Bank will also be enabled to resume business, $200,000 having been raised for its relief. It is said that the only need which the Elmira Municipal Improvement Company has for money is to make final payments on its electric power house, which cost $250,000.


Article from The Evening World, September 14, 1894

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# GOOD NEWS FOR ELMIRA. The Municipal Improvement Co. Will Soon Be on Its Feet. It is stated that the readjustment of affairs of the Elmira Municipal Improve-ment Company will soon be completed. The receiver is to be discharged and will be succeeded by Col. D. C. Robin-son, ex-Mayor of Elmira, who will be made President. Col. Robinson's personal solvency will be terminated with the aid of the Mutual Life Insurance Company, which will receive a bond for $1,000,000, indorsed by leading capitalists. The Elmira National Bank will also be enabled to resume business, $200,000 having been raised for its relief. It is said that the only need which the Elmira Municipal Improvement Company has for money is to make final payments on its electric power house, which cost $250,000.


Article from New-York Tribune, September 15, 1894

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12mo. $1.50. Sold by all booksellers, or sent, postpaid, by CHARLES SCRIBNER'S SONS, 153-157 Fifth Avenue, New-York. GETTING ELMIRA TROUBLES IN SHAPE. THE PLAN VIRTUALLY ARRANGED FOR RESUSCITATING THE MUNICIPAL IMPROVEMENT COMPANY AND THE ELMIRA NATIONAL BANK. It is understood that arrangements are about completed for the restoration to solvency of the affairs of Colonel D. C. Robinson, ex-Mayor of Elmira, and the consequent resuscitation of the Elmira Municipal Improvement Company and the Elmira National Bank. The negotiations referred to in yesterday's Tribune have been successfully concluded, and only detail mattens remain to be adjusted. It is said by well-Informed persons that Colonel Robinson has arranged to give the Mutual Life Insurance Company a bond for $1,000,000, guaranteed by certain eapitalists, whose names are withheld, which will put him upon his feet. The reorganization of the Municipal Improvement Company will follow as a matter of course. The company is considered to be virtually solvent, but its affairs were so mixed up with the personal affairs of Colonel Robinson that his embarrassment caused its suspension. The company only owes some final payments on its electric carhouse, which cost some $260,000. and it can arrange its debts 80 as to be relieved of the present receivership. Upon the discharge of the receiver Colonel Robinson will resume control of the management as president. The arrangement contemplates the resuscitation of the Elmira National Bank. It will receive $200,000 to make good its impairment of capital, which is now already in hand, contributed by persons identified with the institution.


Article from The Indianapolis Journal, March 6, 1895

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# AN IMPORTANT CASE. It Involves the Validity of State Laws as to Preferential Claims. WASHINGTON, March 5.--The Supreme Court of the United States to-day heard ar- guments in the case of Chas. Davis, plaintiff in error, vs. the Elmira Savings Bank. The case involves the question as to whether the claims of savings banks shall have preference over other claims on national banks which have failed and involve large interests. It appears that at the time this case was in the Court of Appeals, in May last, there was more than $18,000,000 of sav- ings bank deposits in national banks in New York alone. Nearly all the States have laws giving various preferences in the ad- ministration of the assets of the insolvent banks. There are in the charge of the Controller of the Currency the assets of more than one hundred national banks in process of administration. Suits have been brought in other States on such preferential statutes, and more are threatened. The moneys realized from the assets of these failed national banks are in the treasury awaiting distribution by the Controller to the creditors of the different banks, and the United States is a creditor. The decision in the present case will, when made, deter- mine what shall be done in all similar cases with such moneys, and will not only affect the savings banks, but the depositors of the failed national banks as well. There is apparently a conflict between the State law of New York and the congressional statute bearing on the question, as there is between the national law and laws of the various States. The Supreme Court of New York and the Court of Appeals of that State have both held, in the case now before the Supreme Court of the United States, that the State law was valid, and that the savings banks was entitled to a prefer- ence in the settlement of the affairs of the Elmira National Bank, in which the funds of the Elmira Savings Bank were deposited, and of which Davis, the plaintiff in error, is receiver. The argument in the cases involving the constitutionality of the income-tax law will be heard in the United States Supreme Court to-morrow. There are three such cases on the court docket, namely, those. of J. G. Moore for an injunction against the collector of internal revenue; of Charles Pollock vs. The Farmers' Loan Company et al., and of Louis Hyde vs. The Trust Company, all of which have been ad- vanced and passed together. Attorney-gen- eral Olney has announced his intention to represent the government personally.