37c469d4Full suspension, Books examined
Other: Receiver appointed; receiver later reported asset classifications and assessed stockholders; apparent bookkeeping errors investigated but bank remained in receivership.
Click image to open full size in new tab
FREDONIA, N. Y., BANK CLOSED. National Institution of That City Found Insolvent, Washington, June 19.-The Fredonia National bank, Fredonia, N. Y., to-day was closed by order of the comptroller of the currency on information received from the examiner that it was insolvent. J. Schofield has been appointed receiver. The capital stock of the bank is $100,000. Its sworn settlement of May 29, 1905, showed loans and discounts of $705,527 and surplus and profits of $50,471.
Click image to open full size in new tab
Fredonia Bank Fails. WASHINGTON, June 20.-The Frelonia National bank, Fredonia, N. Y., has been closed by order of the comptroller of the currency on information received from the examiner that it is insolvent. J. W. Schofield has been appointed receiver.
Click image to open full size in new tab
NATIONAL BANK IS INSOLVENT Comptroller of the Currency Closes a Financial Institution in Fredonia, N. Y. FIRM FAILS CHICAGO Error of Judgment in the Corn Pit Results in Applia Receiver for cation WASHINGTON, June 9.-The Fredonia National Bank of Fredonia, N. Y., was closed to-day by order of the Comptroller of the Currency on information received from the examiner that it is insolvent. J. W. Schofield has been appointed receiver. FREDONIA, June 19.-Ralph H. Hall, president of the Fredonia National Bank, met with the directors and cashier in the bank to-night. At the close of the meeting the following statement was given out: "Three months ago an unwarranted rumor got abroad that there was bad paper in the bank. This started heavy withdrawal of deposits, and $250,000 was taken out in the last three months. The bank was unable to realize on its securities immediately, so failure was inevitable." NEW YORK, June 19.-The directors of the suspended Merchants' Trust Company to-day voted to accept the offer of $850,000 made by a syndicate for the Hudson Valley Railway Company stock which is held by the trust company. An official statement, which was given out after to-day's meeting, says that it now remains only for the consent of the court to permit the sale to be made. It adds that in event of the sale being completed the $850,000 thus obtained, added to $300,000 in cash on hand, $500,000 in New York City bonds held by the company and $300,000 promised by certain of the officials to be advanced for the purpose, will enable the creditors to be paid off immediately. CHICAGO, June 19.-Fyfe, Manson & Co., a grain commission firm prominent on the Chicago Board of Trade, went into the hands of a receiver to-day. The application was made voluntarily by the firm, which is said to be involved to the extent of between $70,000 and $80,000. The failure is attributed to the fact that the firm has recently favored the "bear" side of the corn market. Quotations for corn have shown an upward tendency since the "bull" deal in corn for May delivery was successfully completed. AKRON, Ohio, June 19.-There is much excitement here over the continued big "run" to-day on the Second National Bank. One of the depositors saw the daughter of one of the officials of the bank withdraw her deposit and from this the rumor started that something was wrong. Five hundred thousand dollars has been withdrawn since Saturday afternoon. The officials are not trying to stop the "run," but are paying out as the depositors call for their money. The bank has a surplus of $40,000 and a capital of $350,000.
Click image to open full size in new tab
FREDONIA BANK CLOSED. Receiver Appointed Before the President Knew of Government's Action. WASHINGTON, June 19.-It was announced at the Treasury Department this afternoon that the Fredonia National Bank of Fredonia, N. Y., was closed to-day by order of the Comptroller of the Currency on information received from the examiner that it is insolvent. J. W. Schofield has been appointed receiver. JAMESTOWN, N. Y., June 19.-President Fred Green of the Fredonia National Bank and a few of his closest business associates were the only ones in Fredonia who knew of the action of the Government in closing the bank. As a matter of fact, Mr. Green himself had no intimation of the move until 8 o'clock this evening, when he was informed that a receiver had been appointed. The bank was generally regarded by the public as one of the soundest financial institutions in Chautauqua county, although the unpleasant advertising it has received from time to time has not tended to strengthen public confidence. When President Roosevelt was Governor charges were preferred against County Treasurer Thomas Hutson for malfeasance and misfeasance in office. Among other items in the specifications was the charge that Mr. Hutson had received a present of $50 from the bank, which was one of the depositories of the county funds. This charge the referee found was a fact and Gov. Roosevelt removed the Treasurer on that ground. The bank also held the note indorsed by Mrs. Warren B. Hooker. on which some of the money received by Frank B. Ball was paid. President Green is badly broken up. "I'm broken hearted." said he chokingly to THE SUN correspondent over the telephone. "What reasons do you assign?" was asked. "They say we are insolvent," was the reply. "I haven't thought so, and don't think so now. but after trouble comes you know how things go." Some who are reasonably familiar with the condition of the bank say they had known for some time that the institution was hard up.
Click image to open full size in new tab
Fredonia, N. Y., Bank Closed. The Fredonia National Bank, Fredonia, N. Y., has been closed by order of the contreller of the currency, on information received from the examiner that it is Insolvent. J. W. Schofield has been appointed receiver. The following is a statement of its resources and liabilities, as shown by its sworn report for May 20, 1903: Resources-Loans and discounts, $705,527; overdrafts, $7,239; United States bonds, $50,000; bonds, securities, etc., $64,400; bank-
Click image to open full size in new tab
Bank Closed. Washington, June 20.-The Fredonia National bank of Fredonia, N. Y., has been closed by the comptroller of the currency on information received from the examiner that it is Insolvent. J. W. Schofield has been appointed receiver. RASERALI
Click image to open full size in new tab
FORESTVILLE BANK MAY PROVE TO BE SOLVENT DUNKIRK, N. Y., June 22.-C. W. Harmons, of the State banking department, has arrived in Forestville, and begun an examination of the State Bank, which suspended. The opinion prevails that it is solvent and will be permitted to reopen. The excitement over the closing of the Fredonia National Bank is subsiding.
Click image to open full size in new tab
MISCELLANEOUS. Beldame was crowned queen of the American turf when she won the twenty-second Suburban handicap recently at Sheepshead Bay. Ex-Police Captain James Wilson, of Allegheny, recently convicted of extortion, has been again found guilty on a similar charge. Misses Hallie, Fanny and Annie Booth, daughters of Dr. Grant Booth, have been drowned while bathing in the Ohio river near Crecilius, Ky. Four goods depots belonging to the army commisariat and a mineral water factory were destroyed by fire at Moscow Through the explosion of a cask of oil at the plant of the National Tube Co. at McKeesport, Pa., four men were fatally burned. President Roosevelt has appointed a committee of five to report to him on improved methods of doing the public business in the various departments Mrs. Paul Klass killed her four small children and committed suicide at her home near Kieler, Wis. She used a large butcher knife, cutting each of the children's throats. A check for $75,000 is said to have been given by Charles H. Thaw, of New York, to Frances Rush, formerly a chorus girl, who received a divorce from Thaw in Chicago. Grand Duke Alexis, the high admiral, who is an uncle of the emperor, and Admiral Avellan, head of the Russian admiralty department, have resigned. A band of Macedonian insurgents, 80 strong, was completely exterminated by Turkish troops near Palanka, Turkey, June 13, after seven hours' fighting. The Turks lost nine killed. Princess Margaret, of Connaught, eldest daughter of the Duke of Connaught, was married at Windsor, Eng., to Prince Gustavus Adolphus, eldest son of Crown Prince Gustavus of Sweden. Rev. Dr. William H. Locke, former pastor of the Methodist church attended by the late President McKinley in Canton, O., died at the home of his son in Brooklyn, N. Y., as the result of a stroke of apoplexy. Jacob Hart, who lost both legs and an arm in a railroad accident and who acquired the idea that in consequence his wife no longer cared for him, shot her dead and fatally wounded himself in Chicago. At Reading, Pa., Samuel Greason, colored, has been acquitted of the murder of John Edwards. Mrs. Kate Edwards, wife of the murdered man, whose testimony convicted Gleason ver three years ago, completely exerated him. At G-and Rapids, Mich., William M. Graham, a prominent and wealthy attorney who came there three years ago from West Superior, Wis., shot and killed himself. Two colored men, Arthur Bell, of Wheeling, and Louis Tuck, of Parkersburg, W. Va., while swimming in the Ohio river at Wheeling were attacked by cramps and drowned before aid could reach them. The Fredonia national bank, Fre. donia, N. Y., has been closed by order of the comptroller of the currency, on information received from the examiner that it is insolvent. J. W. Schofield has been appointed receiver.
Click image to open full size in new tab
Bank Closed. Washington, June 20.-The Fredonia national bank, Fredonia, N. Y., was closed Monday by order of the comptroller of the currency on information received from the examiner that it is insolvent. J. W. Schofield has been appointed receiver.
Click image to open full size in new tab
FREDONIA BANK FAILURE. Receiver Says Seeming False Entries In Books Were Nothing More Than Errors. BUFFALO, July 3.-United States Attorney Brown received word here this morning from Receiver Schofield of the Fredonia National Bank that the seeming false entries upon the books of the bank, whereby it appeared that Cashier Frederick Green had abstracted funds of the bank, did not appear now to be anything more than errors in bookkeeping. Green was arrested a short time ago on the charge of falsifying the books of the bank. He is out on $10,000 bail. In view of Mr. Schofield's statement. it is very likely that the charges against Green will be dropped.
Click image to open full size in new tab
FREDONIA BANK FAILURE. Receiver Says Seeming False Entries In Books Were Nothing More Than Errors. BUFFALO, July 3.-United States Attorney Brown received word here this morning from Receiver Schofield of the Fredonia National Bank that the seeming false entries upon the books of the bank, whereby it appeared that Cashier Frederick Green had abstracted funds of the bank, did not appear now to be anything more than errors in bookkeeping. Green was arrested a short time ago on the charge of falsifying the books of the bank. He is out on $10,000 bail. In view of Mr. Schofleld's statement, it is very likely that the charges against Green will be dropped.
Click image to open full size in new tab
FREDONIA'S BROKEN BANK. The Receiver Says the Good Assets Amount to $374,821-Liabilities. 8893,884. WASHINGTON, July 15.-The Comptroller of the Currency issued the following state ment this morning: "The Comptroller of the Currency has received the first report of J. W. Schofield. receiver of the Fredonia National Bank of Fredonia, N. Y., which was closed on June 19, 1005. The receiver classifies the assets of the bank as follows: Good. $374821.93; doubtful, $257,603.95; worthless. $358,881.55. Total, $991,307.43. "The liabilities are as follows: Individual deposits, $188,436.77; certificates of deposit, $359,132.71; due to national banks, $34,172.35; rediscounted paper. $178,014.60; bills payable, $60,000; other liabilities, $76,127.97. Total, $895,884.40. "This report shows an assessment of 100 per cent. on the stockholders to be neces* sary, which will amount to $100,000. Assuming that 50 per cent. will be realized from this source, which is the average amount collected from assessments. this will increase the good assets about $50,000."
Click image to open full size in new tab
BIG ASSESSMENT ON STOCKHOLDERS. Fredonia (N. Y.) National Bank's Assets Show Small Value. Washington, July 15.-The first report of J. W. Schofield. receiver of the Fredonia National Bank, of Fredonia, N. Y., which closed on June 19 last, was received by the Controller of the Currency to-day. It shows that only a little less than onethird of the assets are good, with nearly like amounts classified as doubtful and worthless. The Controller has made public the following statement. based on Receiver Schofield's report, which classifies the assets of the bank as follows: Good. $374,821; doubtful, $257,603; worthless, $358,881. Total. $991.305. The liabilities of the bank are as follows: Individual deposits, $188,436: certificates of deposit, $359,132; due to national banks, $34,172; rediscounted paper, $178,014; bills payable, $60,000; other liabilities, $76,127. Total, $895,881. This report shows an assessment of 100 per cent on the stockholders to be necessary. which will amount to $100,000. Assuming that 50 per cent will be realized from this source, which is the average amount collected from assessments, this will increase the good assets about $50,000.
Click image to open full size in new tab
Suits Against Justice Hooker to Recover on Notes in Fredonia Bank. BUFFALO, April 14.-Supreme Court Justice Warren B. Hooker is the defendant in five law suits brought in the United States District Court by Christopher L. Williams, as receiver of the Fredonia National Bank, to recover in the aggregate about $25,000. The actions are brought to recover on notes made or indorsed by Justice Hooker and now held by the bank.
Click image to open full size in new tab
JUSTICE HOOKER SUED BY RECEIVER. [By Telegraph to The Tribune. Buffalo, April 14.-Christopher L. Williams, as receiver of the wrecked Fredonfa National Bank. has begun five actions against Justice Warren B. Hooker, of Fredonia, now sitting in Brooklyn, to recover over $25,000. Justice Hooker, according to the allegations, owes about that amount to Mr. Williams as receiver of the bank. The justice's debts are alleged to have been contracted upon his own notes, or as an indorser upon notes of others.
Click image to open full size in new tab
Suit Against Justice Hooker. BUFFALO, April 16. - In actions brought by Christopher L. Williams, as receiver for the Fredonia National bank, Justice Warren B. Hooker is made defendant. He is charged with an Indebtedness to the institution of $25,000.