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BUFFALO BANK WAS SHORT OF READY CASH Buffalo, N. Y., Dec. 5. -The German bank of which President Emery of the German American Bank is president, has closed its doors. Insufficient funds to meet a run was the reason given.
14991. German Bank (Buffalo, NY)
Bank Information
- Episode Type
- Run → Suspension → Closure
- Bank Type
- state
- Start Date
- December 1, 1904*
- Location
- Buffalo, New York (42.886, -78.878)
Metadata
- Model
- gpt-5-mini
- Short Digest
44dece5e
Response Measures
Accommodated withdrawals, Public signal of financial health, Full suspension, Books examined
Other: Later receivership and criminal charges against officers; reports of heavy withdrawals by large depositors and alleged warnings to some large depositors.
Description
Multiple contemporaneous articles report a run on the German Bank in Buffalo on Dec. 5, 1904; the State Superintendent closed the bank (placed it in charge of the state banking department) and a receiver (A. J. Wheeler) was later appointed and suits/receivership proceedings followed. Sequence: run → state-enforced suspension/closure → receivership (permanent closure). 'German Bank' appears to be a state-chartered bank (closed by State Superintendent).
Events (3)
1.
December 1, 1904*
Receivership
- Newspaper Excerpt
- A. J. Wheeler, receiver of the German Bank has brought action ...; Receiver Wheeler of the German bank of Buffalo authorized to accept the $650,000 offer ... the defunct German Bank came into possession ... and now the institution is in the hands of receivers (various later articles).
- Source
- newspapers
2.
December 5, 1904
Run
- Cause
- Rumor Or Misinformation
- Cause Details
- Run began at opening and grew as rumor spread; excited depositors gathered and withdrew funds rapidly (articles also note insufficient ready cash).
- Measures
- Officers placed at door to control crowd; Buffalo Clearing House Association announced it would stand by the related German-American Bank; many depositors were paid before close.
- Newspaper Excerpt
- A run on the German bank of Buffalo closed that institution today. The run began at the opening and the flood of excited depositors grew in volume as the rumor spread
- Source
- newspapers
3.
December 6, 1904
Suspension
- Cause
- Government Action
- Cause Details
- State Superintendent of Banking Kilburn closed/placed the bank in charge of the state banking department because it lacked sufficient funds to meet the run.
- Newspaper Excerpt
- The German bank of Buffalo was closed by State Superintendent of Banking Kilburn. This action was taken because of a run which began with the opening of the bank's doors
- Source
- newspapers
Newspaper Articles (22)
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RUN ON A BANK. German Bank of Buffalo Closes Its Doors. Buffalo. N. Y., Dec. 5.-The German bank of which President Emery of the German American is also prestdent closed its doors because of insufficient funds to meet a constantly increasing run. At the German American bank today there was no evidence, of a run.
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Buffalo Bank Closes. Buffalo, Dec. 5.-The German Bank, of which President Emery, of the German-American is also president, closed its doors this morning, owing to a run on the bank.
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ONE BANK CLOSED. Run Started Immediately on a Second. Buffalo, N. ¥., Dec. 5.-Superintendent of Banking Killewan today closed the German bank of this city. Immediately a run was started on the German-American, which was involved in a smiliar trouble several days last week. Richard Emory is president of both banks, which were about to be consolidated.
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BANK CLOSED DOWN. Run of Depositors Cause of Failure— Depositers Guaranteed. Buffalo, N. Y., Dec. 5.-A run on the German bank of Buffalo closed that institution today. The run began at the opening and the flood of excited depositors grew in volume as the rumor spread and excited depositors collected in front of the doors demanding information. So soon as the announcement was made that the bank had closed its doors the Buffalo Clearing House Association announced, after a meeting. that it would stand by the bank and meet all demands upon it. Later an announcement was made that President Emery and two of the directors of the German-American had resigned, and their places taken by three local men. These announcements had a cheering effect and several large deposits were returned to the bank. Small creditors, however, continued to withdraw, and at 3 o'clock nearly 100 were in line. All were paid. Superintendent Kilburn is of the opinion the bank will not resume.
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GERMAN BANK CLOSED. State Department Official Took Action Because of Run. BUFFALO, Dec. 6. - The German bank of Buffalo was closed by State Superintendent of Banking Kilburn. This action was taken because of a run which began with the opening of the bank's doors and continued to grow in volume as the day advanced. A large crowd of excited depositors gathered in front of the German bank seeking information. Officers were placed at the door, and no one was allowed to enter. All this excitement had the inevitable result of sending nervous depositors hurrying to the German-American bank, which is located on the opposite side of Main street, a short distance to the south, and within a few minutes the counting room was thronged with men and women, and the run which began last week was-renewed. The German bank was placed in charge of George S. Leonard of the state banking department. Superintendent Kilburn is of the opinion that the German bank will not resume business.
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BUFF. ALO BANK CLOSES DOORS BUFFALO, N. Y., Dec. 5.-The German Bank of Buffalo was closed to-day by State Superintendent of Banking Kilburn because of a "run," which began with the opening of the doors and continued to grow in volume as the day advanced. A big crowd of excited depositors gathered in front of the German Bank, seeking information. Officers were placed at the door and no one was allowed to enter. All this excitement had the inevitable result of sending nervous depositors hurying to the German-American Bank, a kindred institution. Soon after the announcement was made that the German Bank had closed, the Buffalo Clearing-house Association issued a statement that it would stand by the German-American Bank and meet all demands made upon it. It was also announced that President Emery and two of the directers of the German-American Bank had resigned and that their piaces had been taken by three wealthy Buffalo men. These two announcements had a reassuring effect and several large deposits, which had been withdrawn, were replaced in the bank. Small depositors, however, continued to draw out their money and at 3 o'clock nearly 100 persons were in line before the cashier's window. All of them were paid before the bank closed for the day. Superintendent Kilburn is of the opinion that the German Bank will not resume business. In regard to the bank's assets. he said: "A great deal of the money is out on what might be designated as slow loans. The deposits amount to between $5,000,000 and $6,000,000. About $3,000,000 of that sum represents business that should have been done with a savings bank, rather than a discount bank, it being the accounts of small depositors."
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BUFFALO BANK CLOSES. German Bank Is Unable to Withstand Run-German-American Is Solvent. Buffalo, N. Y., Dec. 5.-The German bank, of which President Emery of the German-American is president, has closed its doors. A notice posted on the door gives as the reason for closing: "Insufficient funds to meet a constantly increasing run." At the German-American bank today there were no evidences of a run.
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out in the top after holes had two been baggage cut d at engine, safely 3.and with mail axes. cars The passed the the track, bridge but the e and remained of the on train was derailed. to remainder relief train which returned went late the too The wreck injured g scene of bringing the many Pacific of hospital the and night, Missouri The wreck y s other to the hospitals of this miles city. west of where Deadoccurred near of y mans wreck in the Curse, fourteen Warrensturg, history last October lives. Mish the worst Pacific happened their souri thirty persons lost it that orders supposition crew at Centerd were given Water It view to broken c when The slow the up train at has rail Works there. bridge time account of a was behind seems on that order the not train heeded. running When the at 1 and passenger train was this bridge speed and which heavy high this struck rail turned it d struck and a projected the broken from the crash ground. and There three were was a diner and a o tremenduous sleeper embank- A ment. d (oaches, hurled down a the twenty was foot terrible. into The scene near by was turned relief nntil hospital country house the medical and e train arrived. 7 on Ludlow, S Los Angeles, Dec. about 5-At 3:30 o'clock Fe at west bound morning, was a knock train this the Santa had left, after express there the car. Messen- at a door of the that it was Roberts crew. the thought train He then ger of the did so he the door. with a was struck to the member opened when on he sunk the As head he floor. the man six He shooter however, and got up, Before he could get up him again. deliberately shot by again he was bullet passing robber, The robber then took a soon breast. hit the safe securing through his keys few the his dollars and opened the cash and a draft and other the for to Dagget hundred $5,000, got in valuables. railroad not When bethe train into the car, agent tried to to arouse ge the messenger, right. be- He ing able all was not called the conductor saw at then door. They lieving opened that the been and looted. both a glance men that the car found had in his cot at The messenger the was car where he had one end before of losing consciousness. and a surcrawled suffering was intense After His called to give relief. physician pronounced geon a hasty was examination Mr. Roberts' the the wounds physician as Roberts informed which he fatal. intervals the manner in made as at attacked. He was had as possible under to and was cumstances comfortable been brought the the name this cirtoday. A negro giving at Barstow city was arrested that he of Williams the police believe the today and something material about to Los knows He will be taken belief robbery. tonight, and there him is a as the Angeles Roberts can identify in the that Two big posses are over. robber. looking the country and it is field today Fe offer a reward likeThe Santa that Wells Fargo will a well believed offer a reward. Roberts 18 much wise and very known is expressed for at considerable sympathy also messenger, fee'ing robbery, him. There and all is adjacent to this and points direct evidence is given, will capture if any is made, summary justice follow. Angeles, Dec. 5-The municipal today. Los was held in this city is generally candidates. Owen M. P. The republican election result favorable over McA1eer, been to republican, was elected has the democrat, who plurSnyder, for six years. McAleer's thousand. mayor is from three to four also elect the nine wards. ality The six republicans is of councilmen The demo- and in elected two councilmen chosen in crats Houghton, independent, was elect the a auditor, the sixth. clerk The and republicans is attorney. very colse. The A t fight for treasurer made against the su t bitter fight was of streets, Werding, defeat and S perintendent in his overwhelming The o resulted six to eight thousand. not e results by from on city amendments were partisan n determined tonight. A chosen. non school board is probably is r Buffalo, N. Y., Dec. The German by t of Buffalo was closed today Kila State bank Superintendent of Banking began because of a run which and d with burn, the opening of the doors the day advanced hig crowd of continued to grow in volume excited as
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Bank Closes Doors. Buffalo, N. Y., Dec. 6.-The German bank, of which President Emery of the German American is also president, has closed its doors. A notice posted on the door gives as the reason for closing: "Insufficient funds to meet a constantly increasing run."
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CASTORIA. Bears the The Kind You Have Always Bought Signature of ChartH.Thitchers The German Bank, of Buffalo, N. Y., closed its doors on account of being uhable to meet a constantly increasing run.
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Thursday. Russian ships in Port Arthur are being daily shelled in the harbor by Japanese guns on 203 Meter hill, inflicting great damage. All the recess appointments, several hundred in number, including the four new cabinet officers, are sent to the senate bp President Roosevelt. Caleb Powers, under sentence of death for killing Governor Goebel of Kentucky, has been granted a new trial, his fourth, by the higher courts. Mrs. Cassie L. Chadwick changes hotels in New York. Andrew Carnegie offers to aid the officers in clearing up the mystery of the notes bearing his name, but none calls on him. Three officers of the suspended German bank in Buffalo were arrested on the charge of grand larceny preferred by E. M. Block, who claims to have bought of them a New York draft on Monday when, he says, the bank had no funds in New York.
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BAD BUSINESS. The German bank of Buffalo, N. which had a capital stock of $100, 000 and deposits to the amount of $6 000,000 came into possession of certain Ohio traction railroad speculators and promoters, who purchased a majority of the bank's stock, and then loaded It up with their own unmarkable wares Of course they used the deposits in the bank to further 17 schemes, and now the institution is in the hands of receivers and 8 depositors are out in the cold whist Ting for their Christmas cheer Frenzied financial operators do not appear to be confined to Oberlin, Ohio, or to Mrs. Chadwick If matters go on at this rate possibly the government will have to take control of all savings banks.
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APPLEYARD ABSENT FROM BOSTON OFFICE Boston, Jan. 12.-Arthur E. Appleyard of this city, against whom charges have been made in connection with the failure of the German bank at Buffalo, N. Y., has not been in his office here for more than three days. It was stated by employes of Mr. Appleyard that they had no knowledge whatever as to where he had gone. The charges against Mr. Appleyard. who is best known as a promoter of electric railways in various parts of the country, have been made by a representative of the attorney general's department of the state of New York by means of filing an affidavit charging conspiracy to defraud the bank and asking that If no crime be proved warrants be issued for Appleyard and others. Several weeks ago several trolley roads in the state of Ohio, of which Appleyard was the principal owner, were placed in the hands of receivers. It was these railways which Appleyard offered as security for heavy loans made to him by the Buffalo bank.
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TO RECOVER $762,869. Suit Brought in Behalf of German Bank of Buffalo, N. Y. Buffaio, N. Y., Jan. 12.-Albert J. Wheeler, receiver of the German Bank has brought action against Eugene Gorger. former president of the defunct institution: Arthur E. Appleyard. Richard Emory and other directors and former directors of the bank. to recover the sum of $762,869.50 for wrongful misappropriation of funds of the mstitution and for disregard of their duties as directors. It is further alleged that Mr. Gorger and Applevard entered into an agreement whereby the control of the bank was to pass from the former to the latter and that men should be put in charge of the bank whom Mr. Appleyard should select and that Emory was insolvent when he became president of the bank.
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By Wire and Cable. Governor Peabody began his contest against Governor Adams for the governorship of Colorado. Two Democrats were expelled from the State Senate. The receiver charges irregularities involving $662,869 in the wrecked German Bank of Buffalo, of which Richard Emory, of Baltimore, was president. Four persons were burned to death in a freight wreck at Piggot, Ark. Ex-Gov. Morgan G. Bulkeley was nominated by Connecticut Republicans for Senator to succeed Joseph R. Hawley. The steamer Indus was stranded near Fire Island on her way from Havana to New York. F. R. Pierson, of Tarrytown, N. Y., has paid a florist $20,600 for a new variety derived from the Lawson pink. The American Medical Association complimented Havana on its sanitary plants and adjourned.
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FOREIGN. The Standard Rope and Twine Company, of New York City, unable to meet the interest on its bonds, went in the hands of receivers. Five horses were burned in a stubborn fire at Thirteenth avenue and Thirtieth street, New York City. 1 Warrants for four officials of the insolvent German Bank at Buffulo, N. Y., were issued, based on charges of larceny and failure to perform duty. Philadelphia police arrested "Flossie" Murphy, who, they charge, is "the woman with the erutch," leader of a band of safe burglars. Mrs. William Wilkins entered a church at Rahway, N. J., while a funeral service was in progress, snatched her daughter from a mourner and drove away. She has sued her husband for a separation. The report of the Superintendent of Public, Works, given out at Albany, N. Y., showed that the last season was a comparatively poor one as regards tonnage on the State canals. The tenth annual report of the New York State Commissioner of Prisons was made public at Albany. Two amendments to the indeterminate sentence and parole law were recommended. Poland joined Finland and the rest of the Russian empire began rising, and strikes and conflicts continued to spread over the interior. In M. Rouvier's statement of policy before the French Chamber the discussion of the income tax was placed ahead of that on the separation of Church and State. Governor Davis, of the Panama Canal zone, reported that only three deaths have occurred from yellow fever in Panama since the United States took charge, and that the whole town is being fumigated. The Sultan of Morocco, a special cable dispatch said, has summoned two of the principal men of each town to a conference on the proposals of France. Prince Gurielly, a police official, was shot and killed by an unknown man at Batoum. A blizzard helped materially to maintain order in Moscow. German authors and artists are signing a petition to the Czar to spare Gorky's life. A number of Herero chiefs have surrendered, and it was believed that the end of the revolution was near, but Germany continued to send troops to South Africa. From Wonson a special cable dispatch announced that the Russians on the east coast of Korea were retiring north. M. Rouvier has completed the formation of a new French Cabinet. Finland can have all the guns it wants when the time comes for revolt against Russia, it was reported. These arms were partly procured in England. Arms will also be supplied to Poland. China's reply to Russia's charges of a violation of neutrality was presented to Secretary Hay. It is a general denial. Counter charges against Russia are set up. The strikers, who numbered nearly 220,000, were simply awaiting the influence of public opinion on the coal mine proprietors and the efforts of the German Government to assist in the settlement. The revolution spread to Moseow Odessa and other important eities in Russia. . Grand Duke Vladmiir, of Russia. or dered 500 machine guns from a Ger man factory Three Austrian Army corps moving to the Galieian frontier gave ground for the theory that half a dozen Russian provinces may be "pacified" into Austrian territory.
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pany. of New York City, unable to meet the interest on its bonds, went in the hands of receivers. Five horses were burned in a stubborn fire at Thirteenth avenue and Thirtieth street, New York City, Warrants for four officials of the insolvent German Bank at Buffalo, N. Y., were issued. based on charges of larceny and failure to perform duty. Philadelphia police arrested "Flossie" Murphy, who, they charge. is "the woman with the erutch," leader of a band of safe burgiars. Mrs. William Wilkins entered a church at Rahway, N. J., while a funeral service was in progress, snatched her daughter from a mourner and drove away. She has sued her husband for a separation. The report of the Superintendent of Public Works, given out at Albany, N. Y., showed that the last season was a comparatively poor one as regards tonpage on the State canals. The tenth annual report of the New York State Commissioner of Prisons was made public at Albany. Two amendments to the indeterminate sentence and parole law were recommended. Poland joined Finland and the rest of the Russian empire began rising. and strikes and conflicts continued to spread over the interior. In M. Ronvier's statement of policy before the French Chamber the discussion of the income tax was placed ahead of that on the separation of Church and State. Governor Davis, of the Panama Ca. nal zone, reported that only three deaths have occurred from yellow fever in Panama since the United States took charge. and that the whole town is being fumigated. The Suitan of Morocco. a special cable dispatch said. has summoned two of the principal men of each town to a conference on the proposals of France. Prince Gurielly, a police official, was shot and killed by an unknown man at Batoum. A blizzard helped materially to maintain order in Moscow. German authors and artists are signing a petition to the Czar to spare Gorky's life. A number of Herero chiefs have surrendered. and it was believed that the end of the revolution was near but Germany continued to send troops to South Africa. From Wonson a special cable dishe Russians on patch announced that the east coast of Korea were retiring north. M. Rouvier has completed the forma. tion of a new French Cabinet. Finland can have all the guns It wants when the time comes for revolt against Russia, it was reported. These arms were partly procured in England. Arms will also be supplied to Poland China's reply to Russia's charges of a violation of neutrality was presented to Secretary Hay. It is a general de nial. Counter charges against Russia are set up. The strikers, who numbered nearly 220,000, were simply awaiting the in fluence of public opinion on the coal mine proprietors and the efforts of the German Government to assist in the settlement. The revolution spread to Moscow dessa and other important cities in Russia. Grand Duke Vladimir. of Russia. or dered 500 machine guns from a Ger man factory Three Austrian Army corps moving to the Galician frontier gave ground for the theory that half a dozen Rus sian provinces may be "pacified" into
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HEAVY RUN MADE. Books of Defunct German Bank Show Heavy Checking. Buffalo. August 15.-The books of the defunct German Bank just produced by court order for the inspection of the creditors organization show large amounts were withdrawn by a few depositors on the Saturday preceding the closing of the bank on Monday, December 5. the day of the failure. On Saturday, December 3, the following was withdrawn: H. G. Falke, $25,000; Freehold Savings and Loan Association, $15,000. On Monday morning previous to the closing the following withdrawals were made: J. Neff, $33,432: Nina Levin, $29,600; H. C. Curtis, $6,000. Mr. Neff was formerly auditor of Erie County. It has been charged that several of the largest depositors were warned that the bank was to be closed.
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Short News Notes. Horatio Ray Miller of New York died in London of pneumonia. The directory of the Cleveland Electric railway have raised the wages of more than 2.000 motormen and conductors 1 cent an hour. Justice Konefick of Buffalo authorized Receiver Wheeler of the German bank of Buffalo to accept the $650,000 offer of the Misets Realization Company of Chicago or the bank's assets now in his hands. The face value of the assets is $2,100,000.
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APPLEYARD SAYS HE GOT. THE BEST OF GANG" Buffalo, N. Y., June 14.-Arthur E. Appleyard arrived in Buffalo this morning. Asked if he was going to pay the $40,000 today to the receiver of the German bank, Mr. Appleyard replied: "I'll have to refer you to my attorney, Mr. Wililams. He will do all the talking about that." "Did you get cleaned out in your stock deals in Philadelphia?" "I don't know whether I am or not. It is too sóon to tell where I stand. I got the best of the gang two days ago on a rapid transit deal so they laid for me in United Gas. I may break even."
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MALICE, SAYS LAWYER. Buffalo Attorney for Receiver Wheeler Accuses Jackson. Buffalo, Sept. 24.-Edward E. Coatsworth, of the law firm of Coatsworth, Disbold & Kraft, attorneys for A. J. Wheeler, receiver of the German Bank, has issued a statement relative to the application of Attorney General Jackson for the removal of Mr. Wheeler from the receivership of the bank. an accounting by the receiver and the removal of the law firm as attorneys for the receiver. This action is to be argued in the Supreme Court on next Tuesday. Mr. Coatsworth's statement is, in part. as follows: The ostensible basis for the removal of Receiver Wheeler is that my firm. who are acting as his attorneys, have expressed grave doubts as to the ultimate success of the civil actions now pending against Georger to recover damages founded on the sale of the control of the bank by Georger, and upon bad loans made by Georger while president of the bank. So far as this application relates to the receiver I have nothing to say. Inasmuch, however, as the application asks for the removal of my firm as attorneys for the receiver I think it is but proper that I should say personal malice of the Attorney General toward me is the real animus of this attack on his part. If it becomes necessary I shall spread upon the records of the court facts in my possession relating to the Attorney General which will furnish a reasonable solution of his use of his official authority to vent his personal malice.