Article Text
NIAGARA BANK FAILS. Buffalo, N. Y. July 2 -The Niagara bank, a strong state institution, suspended this morning.
15008. Niagara Bank (Buffalo, NY)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- July 2, 1901
- Location
- Buffalo, New York (42.886, -78.878)
Metadata
- Model
- gpt-5-mini
- Short Digest
6bbe9084
Response Measures
None
Description
Niagara Bank (Buffalo, NY) was closed/suspended by the State Superintendent of Banks on July 2, 1901 after its connections with the failed City National Bank were revealed. No run on the Niagara is described; the superintendent closed it as insolvent. A receiver was considered but ultimately not appointed after the Bank of Buffalo agreed to assume/pay liabilities; the bank remained closed and was liquidated (no reopening).
Events (3)
1.
July 2, 1901
Suspension
- Cause
- Local Banks
- Cause Details
- Closed because of close connection / involvement with the failure of the City National Bank; superintendent found it insolvent and ordered closure.
- Newspaper Excerpt
- The Niagara bank, a strong state institution, suspended this morning.
- Source
- newspapers
2.
July 30, 1901
Other
- Newspaper Excerpt
- The Bank of Buffalo will liquidate the accounts of the Niagara Bank and save depositors and stockholders the expense of a receiver. The Bank of Buffalo is to pay depositors 80 per cent at once; remaining 20 per cent reserved until securities disposed of. Plan would be satisfactory to the State Banking Department. (Justice Kruse adjourned hearing.)
- Source
- newspapers
3.
August 15, 1901
Other
- Newspaper Excerpt
- Justice Kruse denied the application for a receiver for the Niagara bank. The Bank of Buffalo agrees to pay all the liabilities of the Niagara bank.
- Source
- newspapers
Newspaper Articles (17)
Click image to open full size in new tab
Click image to open full size in new tab
Article Text
BUFFALO BANK CLOSED ANOTHER FINANCIAL INSTITUTION IN TROUBLE THERE. Niagara Forced to Suspend by the Failure of the City National Yesterday. BUFFALO, July 2.-The Niagara Bank, a state institution, has closed its doors: The following notice has been posted on the doors: "I have closed and taken possession of this bank. F. D. KILBURN, "Superintendent of Banks." The Niagara Bank was organized September 15, 1891. It had a capital of $100,000. The officers are: President, P. H. Griffin; vice president, M. M. Darke; cashier, Wm. T. Hayes. The chairman of the clearing house committee, S. M. Clement, said this morning: "It should be distinctly understood that the closing of the Niagara Bank today has been brought about solely by reason of its close connection with the City National Bank, its president having been vice president of the City National Bank, and that no other bank here is any way affected. "At the meeting of the clearing house committee yesterday at the close of yesterday's business, the Niagara Bank was the only bank that applied for any assistance, and arrangements were made to give the assistance asked for, pending the report this morning by the banking department as to the solvency of the bank. "Mr. Kilburn, the superintendent of the banks, on his arrival in town this morning, became satisfied that the bank could not get through with the assistance asked for, and accordingly directed that the bank be closed in order to best protect all interested." The bank superintendent was seen in the Niagara Bank and asked why the bank was closed. He said: "I have closed this bank because I think It insolvent. The main reason for the failure is the failure of the City National Bank. This bank is involved in that to an extent not yet to be announced, but I do not deem it safe to permit this one to continue business any longer. As to whether this bank has been in trouble heretofore 1 have nothing to say.
Click image to open full size in new tab
Article Text
Nero Dork Daily Tribune. WEDNESDAY, JULY 3, 1901. THE NEWS THIS MORNING. FOREIGN.-The presence of Canadian Ministers and other colonial officials in London, and their support of Mr. Chamberlain's policy, have Lagreatly strengthened the government. borers on a railroad in Ecuador attacked the Americans in charge of construction work: Corea has many were killed and wounded. requested Japan to close the Japanese postoffices and withdraw officials. Sir Henry Campbell-Bannerman admitted that the Liberal party is in straits; it is believed that he will resign the leadership, and there is talk of Lord RoseSarah Bernhardt bery as his successor. was entertained at the Vagabond Club, in London. Earl Russell was formally taken into custody by the House of Lords and was released on bail. Sir Thomas Lipton will not race Shamrock II against the Karlad, but a series of matches may be arranged between the latter boat and Shamrock I. Three preliminary heats were rowed in the races at Henley. A close lawn tennis match was played by Davis and Ward and the Doherty brothers for the English championship; rain caused the match to be postponed until to-day; it will be replayed. DOMESTIC.-The Cabinet held its last meeting before the departure of the President for Canton. Secretary Wilson predicts that in less than a year the United States, with be able to possessions, will produce everything its new it uses. Cornell won the 'varsity boat race at Poughkeepsie and lowered the world's record. Pennsylvania won the freshman race and Cornell the four-oared contest. Tendencies in Education" were discussed at the University Convocation in Albany. The Niagara Bank of Buffalo closed its doors, having been carried down by the failure of the City National Bank. The record of heat was again broken in Philadelphia, where 102.8 degrees was shown on the Government thermometer; at Baltimore the record was 103 degrees: in a Kansas town there Little new was a record of 104 degrees. developed in the steel strike situation, but there is a general belief that it will be soon called off: the sheet steel combination announced a cut in prices. CITY.-Stocks were dull and heavy. There were more than two hundred deaths from heat in the metropolitan district and many more prostrations. Some relief was afforded late in by a storm of rain the afternoon wind, and lightning, which did considerable damage in the suburbs. St. Agnes's Roman Catholic Church, Brooklyn, was destroyed by fire, having been struck by lightning in the storm of the early evening. A fire, thought to have been due to a lightning bolt, gutted a seven story unoccupied apartment house; the wind carried the sparks to other buildings setting fire to them, one, a landmark of old New-York, was destroyed. Jacob S. Rogers and the Rev. Dr. Newland Maynard died as the result of the excessive heat. Depositors in the Seventh National Bank retained counsel to bring proceedings to have President Thomas and Edwin Gould declared unsecured creditors. United States District Attorney Burnett assigned an assistant to aid Bank Examiner Raynor. The chief engineer of the Brooklyn Bridge Shea that the ported to Commissioner Brooklyn reHeights Railroad Company was running fewer trains on the bridge than the city did when it controlled the service, although traffic had greatly increased. THE WEATHER.-Forecast for to-day: Partly cloudy and warm. The temperature yesterday: Highest, 96 degrees; lowest, 83; average, 871/2.
Click image to open full size in new tab
Article Text
NEWS FACTS IN OUTLINE Carl Lowes was killed in an elevator accident at Chicago. The annual meeting of the Associated Bill Posters of the United States and Canada will begin in Buffalo Tuesday, July 9. Chicago's latest distinction is "the record" on the number of persons killed by one bolt of lightning-eleven. Allenhurst Inn, a fashionable hotel on the New Jersey coast, was destroyed by fire. A London firm has made for the Sultan of Turkey two cameras costing £3,000. Charles F. Albert, a noted violin maker, is dead at Philadelphia. The Niagara bank at Buffalo, an institution connected with the City National, is closed. Seven persons were hurt by a collision on the Pennsylvania near Newcastle, Pa. There will be a reunion of the Kappa Kappa Gamma fraternity in Buffalo on Monday, July 29. For running a water supply engine during the siege of Ladysmith the British government has given a medal to A. M. Blenn, a United States citizen. Kurds are reported killing Armenians again. Sam Mix, a waiter, and Ole Berg, a carpenter, were killed in the fire that destroyed the Pullman lodging house at Butte.
Click image to open full size in new tab
Article Text
ONE MORE BUFFALO BANK HAS SUSPENDED CLOSES ITS DOORS THIS MORNING. Was Closely Connected With the Defunct City National Bank-Capital Was $100,000-No Others Affected. I Buffalo, July 2.-The Niagara bank, a state institution, has closed its doors, and has been taken possession of by Superintendent of Banks Kilburn. The bank was organized in 1891 with a capital of $100,000. The closing was brought about solely by reason of its close connection with the City National bank, its president, P. H. Griffin, 1 having been vice-president of the City National. No other bank is affected. t
Click image to open full size in new tab
Article Text
SHEEDY'S FUNDS INVOLVED. Sporting Man's Money Tied Up in Broken Bank. According to a dispatch from Buffalo, N. Y., to the New York World of today Attorney General John C. Dayies arrived in Buffalo yesterday afternoon to consult with Superintendent Kilburn of the state banking department on the affairs of the Niagara Bank. He will receive a report from Superintendent Kilburn on the finances of the bank so that he may make application for the appointment of a receiver. Among those caught in the failure of the City National was Patrick F. Sheedy, the well-known sporting man, now living in Buffalo. Mr. Sheedy carried his account there, and a check which he made against it and sent to Chicago for $2,700 came back on the day the bank closed. William C. Warren will be the receiver. Wesley C. Dudley, whose guest Mr. Davies is while here, is a candidate. So is William L. Marcy. a son-in-law of Justice Childs of the supreme court. Samuel M. Clement, president of the Marine Bank and chairman of the clearing house committee, has been recommended to Controller Dawes as receiver of the City National Bank. Some of the business interests involved want Mr. Clement appointed in preference to a politician. -
Click image to open full size in new tab
Article Text
THE BUFFALO BANK FAILURES. Buffalo, July 6.-Attorney-Go neral John €. Davies and John E. Mason. Deputy Attorney-General, are here for the purpose of looking over the affairs of the Nlagara Bank. The Attorney-General round that the report of Superintendent Kilburn of the State Banking Department was not ready. According to the State Banking laws, no one except the Attorney-General, or one of his deputies. can make application for the appointment of a receiver for a State bank. Superintendent Kilburn said to-day that so far as he could see there was no reason why a receiver for the bank should not be appointed, and an application for the appointment of one will be made. His report will be ready soon. The appointment ultimately of a receiver for the City National as well as for the Niagara Bank is not unlikely.
Click image to open full size in new tab
Article Text
THE WEEK'S NEWS. WEDNESDAY, JULY 3. Cyclone sweeps a section of Boston, causing damage to scores of houses: man killed and several persons injured -Heat continues in New England; hunderstorms afford temporary relief. but do much damage-Police Officer Cody shot and killed by John L. Smith. a colored man, at Arlington, Mass Cape Cod canal projectors once more fail to get authority to make a big issue of stock and bonds-Five new cases of smallpox at Fall River, Mass-Hawaiians seeking the removal of Judge Humphreys-Indiana courts probing affidavits in insanity cases-Niagara bank of Buffalo. a state institution, fails-Two killed and two severely Butter, u] edd B &q pean can Sheet Steel company announces great reduction in prices for July; the trade mystified-Steamship Morro Castle runs from Havana to New York in 2 days,13 hours and 11 minutes, in 2 days, 13 hours and 11 minutes, breaking the record--Political situation in Cuba said to be excellent-New bureau of forestry in the department of agriculture-Settlers must take chances in drawing for places on Indian reservations-Sugar interests rally to defense of Gage's countervailing duties in Russian sugar-Gomez's visit to this country said to be in connection with Cuba's new government--------------ncense likely to be used at King Edward's coronation-Chilean dislike of the United States is fanned for political reasons--Successful experiment near Paris with a new system of wireless telegraphy-Kurd said to be plundering villages and to have murdered Armenians-French clerical order said to have taken a large part of the German loan of 1897. to vinr University of Pennsylvania easily wins its first trial heat in the Henley regatta; Lowing Rowing club crew beaten with ease: Englishmen astonished ease with which it was done-Heat still keeps up deadly work; 3 deaths in Boston. 12 in New England. many prostrations; 206 victims in New York Dwight Davis and Holeomb Ward beaten by Dorothy brothers for all England championship-While leading the Constitution the Columbia has to withdraw from race on account of accident -General Gomez calls on President McKinley: General Fitzhugh Lee calls on General Gomez at his hotel: credits him with the liberty of Cuba-Directors of the Seventh National bank of New York city decide to pay depositors in full, and take up the Marquand Co. loan of $1,600,000-Steel combine makes peace proposal to the Amalgamated association, and conference is arranged-Strike on the Maine Central ended and men return to work-Captain Brown of the tug Gertrude saves three women belonging in Providence from drowning-New Haven citizens protest to trolley road officials against employing Yale students as motormen -Sidney Smith of Cambridge. Mass. claims title to 160 acres of fine dential land in Chicago-Sturges' bank of Mansfield, O., closes its doors Case of Smith, the slayer of Policeman Cody of Arlington, Mass., continued July 11, on a charge of murder. IS wine Great celebration of the Fourth Porto Rico; assembly adopts free trade resolution-Rev. William H. O'Connell formally installed as bishop of diocese of Maine-Tornado strikes Grand Island. Neb., with disastrous results— A. B. Gunn of Buffalo Y. M. C.A., wins all-around championship of the A. U--Franchi Luco, a peddler, fatally assaulted by four hoodlums at Boston -Anti-imperialists issue an address urging further consideration by people of the colonial problem-Shell of the Bradford crew broke in halves in regatta at Boston-Mrs. Amelia Carr instantly killed by shotgun being knocked overaby her nephew-New Northern hotel at Millinocket, Me., stroyed by fire; occupants had row escape from death-Death of Pro fessor Fiske, historian and lecturerGold amounting to $30,000 missing from "I '9 uug penter killed by a rocket at Medford
Click image to open full size in new tab
Article Text
EASTERN. Charles F. Albert, a noted violin. maker, is dead at Philadelphia. The President has appointed Fred Greiner postmaster at Buffalo, N. Y. In Buffalo, N. Y., the Niagara Bank, a State institution, has closed its doors, Tornado hit Sing Sing and did much damage, causing a panic in the peniten. tiary. Attorney General Philander C. Knox has bought a home in Washington at a cost of $118,000. The six-story building in Baltimore occupied by A. Hoem & Co., lithographers, was damaged by fire. The four upper stories were gutted, causing a loss of $150,000. Col. D. R. Paige, of Akron, Ohio, died at his apartments in the Hotel Brunswick, New York City, of a complication of diseases. He had been an invalid for many months. The beautiful Allenhurst inn at Asbury Park, N. J., went up in flames before the 160 guests of the house had fairly got seated at the dinner table. The loss is about $175,000. Ten boys were caught like rats in a trap in a tunnel leading to the old Keeling mine, owned by the Pittsburg Coal Company. Two boys were killed and
Click image to open full size in new tab
Article Text
Otherwise. A society to be known as the Independent Order of Men Who Refuse to Pay the Other Fellow's Street Car Fare is to be organized at Topeka. Four baby lions were born in Marinette, Wis., to the lioness Queenie, with the Bostock-Ferari animal show, opening a week's street fair engagement there. It is announced that Andrew Carnegie has decided to give Detroit, Mich., $750,000 with which to assist in building a new central library and creating four branch libraries. Gov. Gen. Wood, who has been suffering from malarial fever, is improving. His physicians report the fever diminishing. Gov. Wood has not been at his office for several days past. Carpenters, painters, tinsmiths, electricians and plumbers of Easton, Pa., have quit work in sympathy with the bricklayers and plasterers who went on strike May 1 for shorter hours with no reduction of pay. The official trial of the torpedo boat Biddle was held at Bath, Me. The contract speed was twenty-eight knots, and it was unofficially stated that sno averaged twenty-eight and six-tenths knots during a two hours' speed run. The striking, shop hands of the Reading railway, at Reading have ratified the agreement between Chairman Boscher and President Baer, and it was decided to return to work July 5. Over 1,200 men were present at the meeting. The Niagara bank, a state institution tion, of Buffalo, has closed its doors. The main reason for the failure is the failure of the City National.
Click image to open full size in new tab
Article Text
Court Summons Bank President. Buffalo, July 21.-P. 11. Griffin. president of the definet Niagara bank. has been served with an order directing him to appear next Wednesday before Justice Kruse, sitting in special term of the supreme court in this city, and show cause why a receiver for the bank should not be appointed. The order was secured by Attorney General Davies,
Click image to open full size in new tab
Article Text
To Apply for Receiver for Niagara Bank. ALBANY. July 23.-Deputy Attorney-General Mason left for Buffalo to-day, taking with him the report of State Superintendent of Banking Kilburn on the condition of the Niagara Bank of Buffalo, He will make application at n special term of the Supreme Court to be held in that city to-morrow for the appointment of a receiver for the bank.
Click image to open full size in new tab
Article Text
The Niagara Bank Case. Buffalo, July 25.-Justice Kruse in special term has granted the request of the attorney for the Niagara bank for a postponement until Tuesday next of the arguments on the order to show cause why a receiver should not be appointed for the bank. In the meantime it is said a settlement of its affairs may be effected without the appointment of a receiver.
Click image to open full size in new tab
Article Text
NIAGARA BANK SETTLEMENT. Plan to Save the Expense of a Receiver Will Be Tried. BUFFALO, N. Y., July 30.-Justice Kruse of the Supreme Court to-day adjourned the hearing on the application for a receiver for the defunct Niagara Bank to Aug. 14. This action was taken on the understanding that a plan is being arranged whereby the Bank of Buffalo will liquidate the accounts of the Niagara Bank and save depositors and stockholders the expense of a receiver. The plan of the Bank of Buffalo is to pay depositors 80 per cent. of their deposits at once. The remaining 20 per cent. is to be reserved until all the securities of the Niagara Bank can be disposed of, when it is to be apportioned. It is asserted that this plan will go through if the consents of the depositors can be secured. The arrangement would be satisfactory to the State Banking Department.
Click image to open full size in new tab
Article Text
BUFFALO BANK TO CLOSE. Going Out of Business but will Pay Every Dollar Due. Buffalo, N. Y., Aug. 11.-It was officially anounced to-day that the Metropolitan bank of this city will go out of business and that beginning to-morrow morning all its accounts will be turned over to the German bank for liquidation. Charles Groben, president of the institution, said this evening that there was no cause for alarm on the part of depositors as every dollar due them will be paid without delay. He said there was a heavy clearing house run on the bank just after the announcement that the National and Niagara banks had suspended. "We are not going to suspend," said Mr. Groben to-night, "and I wish that understood. The Metropolitan bank is goin gout of business with the approval of the state and it will pay every dollar that is due."
Click image to open full size in new tab
Article Text
Bank Denied & Receiver. Buffalo, N. Y., Aug. 16.-In accordance with an agreement entered into by the officers of the Bank of Buffalo and the Niagara bank. which was closed recently by the state banking department, Justice Kruz, in the supreme court, denied the application of Deputy State Attorney General John E. Mason for a receiver for the Niagara bank. The Bank of Buffalo agrees to pay all the liabilities of the Ntagara bank.
Click image to open full size in new tab
Article Text
No Receiver for Niagara Bank. Buffalo, Aug. 15.-In accordance with an agreement entered into by the of ficers of the Bank of Buffalo and the Niagara bank which was closed recently by the state banking department, Justice Kruz, in the supreme court denied the application of Deputy State Attorney General John E. Mason for a receiver for the Niagara bank. The Bank of Buffalo agrees to pay all the liabilities of the Niagara bank.