National City Bank (New York, NY)

View Charter #1461 on SPMC View balance sheet

Episode Information

Episode Type
Suspension → Closure
Start Date
July 5, 1935
Location
New York, New York (40.714, -74.006)
Bank Type
national
Charter Number
1461

Metadata

Episode ID
Bank ID
City ID
360975772
Model
gpt-5-mini
Short Digest

Notes

Articles identify a receiver for the insolvent bank, indicating closure and receivership.

Events (3)
1. July 17, 1865 Chartered
Source
historical_nic
2. July 5, 1935 Receivership
Newspaper Excerpt
Edward D. Loughman, as receiver for the insolvent National City Bank, has been given permission to settle a claim
Source
newspapers
3. December 18, 1935 Other
Newspaper Excerpt
Edward D. Loughman, receiver for the insolvent National City Bank, for summary judgment in his suit against Augustus S. Wittnebel
Source
newspapers

Newspaper Articles (2)
1. July 5, 1935 The Standard-Star New Rochelle, NY

Article Text

PERMISSION GIVEN TO SETTLE CLAIM Bank Receiver Allowed by Court to Take Offer for Return of Bonds Edward D. Loughman, as receiver for the insolvent National City Bank, has been given permission to settle a claim held by the bank, in an order by Federal Judge Henry W. Goddard in the United States District Court, New York City. The bank holds two notes made by Sol Sosnowitz. On one $27,500 is due, and on the other $3,628.42, with interest on each. Mr. Loughman, through his attorneys, Dunlap, Otto and McGovern, stated he has been informed Mr. Sosnowitz is insolvent. The latter has offered to pay $2,000 in cash and to release his claim against 166 2-3 shares of stock of the Solwil Realty Corporation, and 25 shares of stock of the Kings Ridge Golf Club, Inc., which were pledged as collateral, on condition Mr. Loughman return him two bonds of the golf club with a total face value of $12,500. Mr. Loughman stated his opinion the bonds have no present or potential value and pointed out the Comptroller of the Currency has approved of the settlement.

2. December 18, 1935 The Standard-Star New Rochelle, NY

Article Text

WITTNEBEL LEVY RULING DELAYED Judge Inclined to Agree With Bank Receiver on Assessment Decision was reserved yesterday by Federal Judge Francis G. Caffey in the United States District Court, New York, on a motion of Edward D. Loughman, receiver for the insolvent National City Bank, for summary judgment in his suit against Augustus S. Wittnebel, 40 Brewster Terrace, for $18,700 assessment on 935 shares of the bank's stock. Former Mayor Walter G. C. Otto, attorney for Mr. Loughman, argued the action of the Comptroller of the Currency in declaring an assessment against stockholders of an insolvent bank is necessary is absolutely conclusive and cannot be attacked collaterally. He said his motion is to strike out Mr. Wittnebel's answer as sham and not raising a triable issue. Cites Separate Defense He also called attention to a separate defense presented in the answer which the defendant declares that an assessment would not be necessary had the receiver acted quickly against officers and directors of the bank, who are alleged by Mr. Wittnebel to have used bank funds to finance private enterprises. Judge Caffey said he is inclined to agree with Mr. Otto's argument but reserved decision to consider the points raised by former United States Attorney Charles H. Tuttle, attorney for Mr. Wittnebel. Mr. Tuttle in his argument called attention to the recent decision of (Turn to Page 15, Please)