14922. Cincinnati Trust Company (Cincinnati, OH)

Bank Information

Episode Type
Suspension β†’ Closure
Bank Type
trust
Start Date
January 31, 1912
Location
Cincinnati, Ohio (39.103, -84.515)

Metadata

Model
gpt-5-mini
Short Digest
59404f33a60bed93

Response Measures

None

Description

Articles (Jan–Feb 1912) describe suits by stockholders asking appointment of a receiver for the Cincinnati Trust Company and repeatedly state the trust company had been absorbed by the Provident Savings Bank and Trust Company (i.e., taken over/closed). No newspaper text describes a depositor run. Cause appears to be bank-specific adverse information (large loans/misapplication to Ford & Johnson and alleged fraud). Later (1913) indictments confirm the company was defunct. I therefore classify this episode as a suspension/closure (closure via takeover/receivership) driven by bank-specific problems.

Events (4)

1. January 31, 1912 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Stockholder suit alleges misapplication of funds and large loans (about $1,000,000) to the Ford & Johnson Company; asking appointment of receiver after absorption by Provident Savings Bank and Trust Co.
Newspaper Excerpt
Suit was filed here today by Harry Bush, a stockholder, asking for the appointment of a receiver for the Cincinnati Trust company, of which George B. Cox was president and which was recently absorbed by the Provident Savings Bank and Trust company.
Source
newspapers
2. February 3, 1912 Receivership
Newspaper Excerpt
Suits authorizing the appointment of a receiver for the trust company, which has been absorbed by the Provident Savings Bank and Trust Company, were filed in the State courts this week. (February 3, 1912 report.)
Source
newspapers
3. March 18, 1913 Receivership
Newspaper Excerpt
George B. Cox, former president of the defunct Cincinnati Trust Company ... sealed indictments returned ... misapplication of $115,000 of the bank's money ... loans to the Ford & Johnson Chair Company, now in the hands of receivers.
Source
newspapers
4. * Other
Newspaper Excerpt
The trust company was taken over by the Provident Savings Bank and Trust Company several months -ago. (reported May 2, 1912 and earlier mentions of 'absorbed')
Source
newspapers

Newspaper Articles (12)

Article from The Marion Daily Mirror, May 12, 1911

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Article Text

the C. D. & M. to the answer and cross petition of the Cincinnati Trust company, and Leffler, & Bland, were filed without authority, as also was the motion of the C. D. & M. for the appointment of a receiver, and it is again recited that the Marion county court does not have jurisdiction in the matter. Crissinger & Guthery, of Marion, ind Booth, Keating, Peters &1 Pomer


Article from El Paso Herald, January 31, 1912

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ASKS RECEIVER FOR TRUST COMPANY HEADED BY COX Cincinnati, Ohio, Jan. 31.Suit was filed here today by Harry Bush, a stockholder, asking for the appointment of a receiver for the Cincinnati Trust company, of which George B. Cox was president and which was recently absorbed by the Provident Savings Bank and Trust company.


Article from Newark Evening Star and Newark Advertiser, January 31, 1912

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Article Text

COX ACCUSED OF $1,000,000 FRAUD NOW G. 0. P. Leader and Officers of Cincinnati Trust Company Sued. CINCINNATI, O., Jan. 31.-Suit charging that Republican Boss George B. Cox and the directors and officers of the Cincinnati Trust Company fraudulently misplaced, misused and misapplied nearly a million dollars of the funds of the Cincinnati Trust Company, of which Cox was president, for their individual use and gain, and asking an accounting and a receiver for the assets, was filed today in Common Pleas Court.


Article from The Daytona Daily News, January 31, 1912

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Article Text

CHARGE $1,000,000 MISUSED ACCOUNTING NOW DEMANDED BY NEW SUIT IN CINCINNATI REPUBLICAN BOSS COX AND OFFICERS AND DIRECTORS OF TRUST COMPANY ARE NAMED IN THE SUIT. CINCINNATI, Jan. 31 - A suit changing Republican Boss Cox and the directors and officers of the Cincinnati Trust company with having fraudulently misplaced and misused nearly $1,000,000 of the funds of the company for individual gain, and asking that an accounting be demanded and a receiver be appointed, was filed in the common pleas court here today.


Article from The Topeka State Journal, January 31, 1912

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Article Text

GEORGE B. COX SUED. By Stockholder of Concern of Which He Was President. Cincinnati, Jan. 31.-Suit was filed here today by Harry Busch, a stockholder, asking for the appointment of a receiver for the Cincinnati Trust company, of which George B. Cox was president and which was recently absorbed by the Provident Savings bank and Trust company. The suit was directed at the Cincinnati Trust company, at George B. Cox as president, Nat S. Keith, secretary; F. R. Williams, treasurer, and at several of the directors. It was alleged in the petition that the officers and directors knowingly, wrongfully and fraudulently misplaced and misused teh funds of the property fro their own purpose." Busch also charged that they underwrote and subscribed an amount for the Ford Jonhson company believed to be aggregated $1,000,000 and knowing at the time hat the Ford Johnson company was insolvent.


Article from Evening Times-Republican, February 1, 1912

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Article Text

OHIO BANKS IN TROUBLE. Cox, of Cincinnati, Defendant in Trust Company Stockholders' Suit. Cincinnati, O., Feb. 1.-Suit was filed here by Harry Busch, a stockholder, asking for the appointment of a receiver for the Cincinnati Trust Company, of which George B. Cox was president and which recently was absorbed by the Provident Savings Bank and Trust Company. Busch also asked that the liquidating trustees of the Cincinnati Trust Company be compelled to pay $1,000,000 for division among the stockholders of the bank. Experts reported to the stockholders last week that the loans of the concern to one corporation, the Ford & Johnson Company, amounted to more than $1,000,000. The suit was directed at the Cincinnatti Trust Company, George B. Cox, as president; Nat S. Keith, secretary; F. R. Williams, treasurer, and several directors. It was alleged that the officers and directors "knowingly, wrongfully and fraudulently misplaced and misused the funds of the property for their own purposes."


Article from New-York Tribune, February 1, 1912

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THE NEWS THIS MORNING. CONGRESS.-A bill creating a children's bureau in the Department of Commerce and Labor was passed by the Senate. The House transacted no business. FOREIGN.-The abdication of the Manchu dynasty was reported, but not Rear Admiral Murdock, confirmed. S. N., received two members of the revolutionary Cabinet on board his flagA detachment of ship at Nanking. Japanese troops arrived at Moukden, ostensibly to protect Japanese residents there. The garrison at Juarez revolted against the Madero government. Secretary Knox was severely criticised in Berlin for his attitude regarding tariff reprisals on Germany and his policy regarding the conclusion of an arbitration treaty with that country. A Berlin dispatch said it was practically decided that a German squadron would be sent to America this The German Crown Prince year. and the Crown Princess left Berlin for Switzerland in search of health. DOMESTIC.-President Taft ended his trip through Ohio with a speech at Akron, and started for Washington, where he is due this afternoon. The will of Simon D. Paddock was filed at Syracuse, disposing of $1,500,000; onethird of the income goes to a brother who faced death in a New Jersey poorCardinal O'Conneil returned house. to Boston and was greeted by one hundred thousand persons, despite a heavy Henry S. Dewey, forsnowstorm. merly a municipal judge in Boston, whose unusual decisions attracted much attention, was held for examination as to his sanity. In a petition for a receiver, officers of the Cincinnati Trust Company, including George 3. Cox, president, were accused of wrongfully misusing the funds of the bank. More textile workers returned to work in the Lawrence, Mass., mills, and the augmented force of militia kept order. William Lee was sentenced to life imprisonment at Evansville, Ind., for the murder of his father. mother and brother James Boyd, former last August. partner of Sir Thomas Lipton in the tea business, once reputed a multimillionare. died at Trinidad and was buried by A violent charitable association. earthquake was reported at Valdez, Alaska: the shock was felt throughout a large section of the United States. The United Mine Workers of Indianapolis condemned Federal Judge Anderson for releasing Detective Burns on the charge of kidnapping in connection with the arrest of J. J. McNamara, and asked Congress to investigate his action, with the view of removing him. DisCITY.-Stocks were weak. trict Attorney Whitman praised Judge Foster for disposing of nine homicide cases in January, thereby cleaning up the calendar in Part V of General Sessions. It was brought out at a conference on the Interborough's informal subway offer that the company must modify some of its terms if its proposition was to be accepted by the city. Mayor Gaynor addressed the girl graduates of the public school in Rivington street, advising them to try to be good James McDermott housewives. was convicted of manslaughter in having stabbed Charles Muldoon, despite the testimony of the prisoner's sister that she slew the customs inspector. District Attorney Whitman said the butter inquiry would be developed, probably, into a general investigation of food prices. THE WEATHER.-Indications for today: Generally fair. The temperature yesterday: Highest, 33 degrees; lowest, 28.


Article from The Times Dispatch, February 4, 1912

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DIRECTORS ACCUSED Said to Have Received "Considerations" From Borrowers. (Special to The Times-Dispatch.1 Cincinnati, Ohio, February 3.-Certain directors of the Cincinnati Trust Company, of which George B. Cox was the head, are charged with having recelved "considerations" from borrowers, in a suit filed to-day in the United States District Court by Attorney Harvey Myers, u stockholder. The sult charged that doubtful loans were made under this arrangement, and that the consideration was not placed among the assets. The court was asked to order the return to the assets of a note for $852,000 signed by all but two of the directors which had been removed from the assets where it was placed to cover loans made to the Ford & Johnson Co. The sult also asked an accounting for $1,048,000, said to have been loaned the Ford & Johnson Co. Suits authorizing the appointment of a receiver for the trust company, which has been absorbed by the Provident Savings Bank and Trust Company, were filed in the State courts this week.


Article from The Birmingham Age-Herald, February 4, 1912

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CLAIM DIRECTORS GOT "CONSIDERATION Cincinnati, February 3.-Certain directors of the Cincinnati Trust company, of which G. B. Cox was the head, are charged with having receive ronsiderations" from borrowers in a suit filed today in federal court by Harvey Myers, a stockholder. The suit charged that doubtful loans were made under this arrangement and that the "consideration" was not placed among the assets. The suit asks an accounting for $1,048,000; said to have been loaned. Suits asking the appointment of a receiver for the trust company, which has been absorbed by the Provident Savings Bank and Trust company, were filed in the state courts this week.


Article from Vernon County Censor, February 7, 1912

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ASK RECEIVER FOR cox BANK. 00/2010 31979 5 Stockholder 001 Charges $1,000,000 398 901020 is Misapplied to Cincinnati Firm. Cincinnati-Harry Busch a stocks holder in the Cincinnati Trust com any of which George B. Cox was president before It was absorbed COOLD by the Provident Savings bank and Trust company. has filed snit asking forothe appointment of a receiver for the Cincinnati Institution. The suit was directed not only at the Cincin nati Trust company, but at Cox as president; Nat S. Keith as secretary F. R. Williams as treasurer, and at several directors Busch also asked that the liquidat. ing trustees of the Cincinnati Trust company be :compelled tespay $1,000,000 for divisiΓ³n among the stockholddrs of the bank. It was charged that the officers un derwrote: and subscribedoan amount for: the Flord & Johnston company be< lieved to have aggregated $1,000,000. knowing at the time that the Ford & Johnston company WAA


Article from New-York Tribune, May 3, 1912

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EX-BANK HEAD ACCUSED E. F. Galbreath Arrested for Misapplication of Funds. Cincinnati, May 2.-E. F. Galbreath, expresident of the Second National Bank, of this city, was arrested here to-day by a United States marshal on the charge of misapplication of $33,000 of the funds of the bank. The bank was recently discovered to be in an embarrassed condition, and is now being operated by members of the Cincinnati Clearing House Association, with a new set of officers in control. Galbreath was taken before United States Commissioner Adler. He pleaded not guilty and waived examination. Bond was fixed at $15,000. The arrest of Galbreath came as a development of the investigation of the Second National Bank by R. W. Goodhart, a federal bank examiner, several weeks ago. Goodhart found that the entire surplus of the institution was gone, and that the capital stock would be eaten up in protecting depositors. According to financiers familiar with the affairs of the Second National Bank, one of the chief causes of its troubles was the loaning of a sum, said to be nearly $600,000, on stock of the Ford-Johnson Company, a furniture and chair making concern, which had contracts for convict labor at many state penitentiaries. This security, it is said, deteriorated, particularly after the company was thrown into the hands of a receiver. Just prior to the Clearing House taking charge of the Second National the bank was compelled to charge off the amount of the loan from its surplus. Then other paper was rejected and directors were called on to take up other loans held by the bank. The Ford-Johnson paper also figured in the embarrassment of the Cincinnati Trust Company, of which George B. Cox was president. The trust company was taken over by the Provident Savings Bank and Trust Company several months -ago.


Article from Newark Evening Star and Newark Advertiser, March 18, 1913

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CINCINNATI JURY INDICTS G. B. COX True Bills Found Against Him and Other Officers of Defunct Trust Company. CINCINNATI, O., March 18.George B. Cox, former president of the defunct Cincinnati Trust Company: two former officers of the company and eight members of the board of directors, were named in the sealed indictments returned by the Hamilton county grand jury yester day. The envelopes containing the indictments were opened by Judge Cosgrove today. One bill of nine counts charges the "misapplication of $115,000 of the bank's money" through alleged illegal loans to the Ford & Johnson Chair Company, now in the hands of receivers