15491. Beaver National Bank (New York, NY)

View Charter #8634 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
8634
Charter Number
8634
Start Date
January 15, 1908
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
89d9e508

Response Measures

None

Description

The Beaver National Bank (New York) opened in April 1907 and was placed in voluntary liquidation/quit business in January 1908 (announced Jan 3; liquidation dated Jan 15). Articles state deposits were paid in full. Coverage describes federal examiners forcing liquidation, but the bank went into voluntary liquidation and will go out of existence. No bank run is described in the articles.

Events (3)
1. April 6, 1907 Chartered
Source
historical_nic
2. January 14, 1908 Voluntary Liquidation
Source
historical_nic
3. January 15, 1908 Suspension
Cause
Voluntary Liquidation
Cause Details
Directors voted to liquidate the bank; Controller/examiners pressured the bank after finding gross mismanagement and excessive/irregular loans; bank entered voluntary liquidation and will go out of existence; depositors paid in full.
Newspaper Excerpt
the Beaver National bank ... went into voluntary liquidation on January 15.
Source
newspapers

Newspaper Articles (13)
1. April 14, 1907 New-York Tribune New York, NY
Article from New-York Tribune, April 14, 1907

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TOPICS OF THE STREET active FOREIGN TRADING.-Foreign houses factors In in the local market. ance. the London market buying on Tinto stronger tone. with a marked rally prices in ures in shares. these issues also being Paris. The money market at strong exchange capitals was quiet. An advance in the the foreign for rate sufficient to check gold Egyptian foreign that point had a favorable influence. withdrawals land will circles it is thought that the Bank In some count not make a further reduction of Eng. ered rate in the near future. while it be not improbable that considerable difficulty will is consid. experienced in preventing an advance. MARKET GOSSIP.-The bear party dence the of vigorous health, and in its shows ever last three days it has met with no operations ef worthy of the name. As a consequence opposition interest ing has been materially increased, the short houses operations of many substantial represent that believe the absence of public speculative general warrants lower prices, irrespective of the fact buying his conditions are sound. James R. that following are said to be bearish on the Keene and man Union shares while despite the dividend Harriin the and Southern Pacific there has been position last week the sale of shares that noted out of the market. though this selling have been represented than necessities compelling sales may have adverse investment sentiment on the rather erable man roads. Boston sold Amalgamated in Harri= active volume. Charles Head Co., however, considbuyers, and some stock went to were is parently from Standard Oil sources, where orders no evidence of bearishness on the market there for deed, the chances are No. 26 Broadway is Inthe long pull. An active floor trader bullish bull terday that while the bear account had increased,a said yes market needed something more than interest the upon which to depend, and that a short short account there was no indication of beyond port. Investment buying has dwindled to small sup. proportions. but this Is not surprising. as the reinvestment while of April disbursements has run its there is not in the public's hands much course, nels capital, owing to the activity of funds in idla of trade. Flower & Co. were heavy sellers chanAmerican Smelting, and Morison Brothers had large ders selling orders in Pennsylvania. Stop were caught in a number of issues on the decline. and the known weak long accounts were "gunned for" with considerable success. ment. ment being helped by an unfavorable bank the move Street sentiment favored the view of state active declines this week, barring the development further of an outside demand. COPPER MARKET CONDITIONS.-Several New York metal selling agencies are now 241/2 trolytic copper for June delivery on the selling basis elec- of cents. f. O. b., New York. The market. however, cies is practically at a standstill. The that have made the quotation of 241/2 cents se tle with the producers for which they sell on the basis of average prices reported by "The Engineer Metals S ing and Mining Journal." The United 2514 ing Company, which is maintaining the price cents, settles with its companies on the basis of actual sales. The selling agencies which have made the 243 cent quotation admit that they have but little copper for sale this side of July, that it is possible quotations may be shaded several cents, but say there is no occasion for any radical reduction in prices. A representative of one of the leading selling agencies says: Copper may go down to 24. 23. or. possibly. 2316 cents a pound. and then, again. it down at all. Everybody is looking for may not but may be disappointed believe that lower prices, basis of cents for copper consumers would purchase enormously even to as great an extent as did when the Amalgamated interests cut the metal they cents after fictitious quotations at 17 cents. Con- to ditions, however, are different. There solutely no stocks and no legitimate reason drop quotations. Consumption is ahead of production, and there is just as much reason to maintain the price of copper at 25 cents as there was put the price there. There has been no change in trade conditions except the general knowledge that prices of the metal are abnormally high, and that some time they will have to come down." STEEL BILLETS AND BARS Steel billets are extremely scarce at Pittsburg. and are available only by shipment from other producing points Eastern steel is offered in Pittsburg. an unusual though by no means unprecedented occurrence, pointing at once to the scarcity In Pittsburg and an easier tone in billets in the East. Agricultural implement interests have abandoned their idea of obtaining concessions on steel bar contracts, as they usually have. and a number have placed contracts at the full price for the second half of this year. With a concession they would have bought to July next BEAVER NATIONAL BANK OPEN FOR BUSINESS. Beaver National Bank. at Beaver and Pearl streets, announces that it is open for business. The management states that it will make a special effort to foster and serve the mercantile interests of the community. and is prepared to grant every service consistent with the safe and sound administration of its affairs. George M Coffin is president of the bank: S. H. Vandergrift and T. P. Welsh vice-presidents, and J. D. Loughline assistant cashier The bank's depositaries are the National City Bank and the Empire Trust Company. RAILROAD GROSS EARNINGS.-The total gross earnings of twenty-nine roads for the first week of April amounted to $7,489,379. as compared with $6,588,533 in the corresponding period a year ago, an increase of $900,846. or 13.71 per cent. For the fourth week of March the total gross earnings of forty-one roads aggregated $14,765,658. as against $13,485,514 in the same week last year, an increase of $1,250,144. or 9.49 per cent. DIVIDENDS DECLARED-Dividends have been declared as follows: Grand Rapids & Indiana reg= ular semi-annual 1% per cent, payable on April 25: Dominion Natural Gas Company regular 2 per cent, payable on April 25: British Columbia Packs ers' Association 31/2 per cent on the preferred stock en account of back dividends, payable on May 30 Grand Trunk Railway of Canada semi-annual per cent on the guaranteed non-cumulative stock 23/2 per cent on the first preferred. 2% per cent on the second preferred. and an annual dividend of 3 per cent on the third preferred, payable on April 300 PIG IRON SCERTIFICATES.-pig Iron certificates at the New York Produce Exchange were quiet and unchanged. There were no sales. Prices for stand< ard foundry follow: Cash. $22.75 bid: April, $23.0 $24 50; May. $22.75 bid: June, $22.25 bid: July, $210 $21 75; August, $21@$21.5 September, $20 @$21 Oetober, $21 asked. MOVEMENT OF COTTON.-"The Financial Chronicle" reports the total receipts of cotton for the week ended April 12 at 113,585 bales, against 109,008 bales in the preceding week. making the total receipts since September 1, 1906, 9,084,066 bales against 6,856,598 bales for the same period of 1905-06 showing an increase since September 1. 1906 2,177,468 bales

2. January 3, 1908 The Waxahachie Daily Light Waxahachie, TX
Article from The Waxahachie Daily Light, January 3, 1908

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NATIONAL BANK QUITS. Action of Directors to Liquidate Will Be Ratified by Stockholders New York, Jan. 3.-A meeting of the stockholders of the Beaver National bank. Beaver and Pearl street will be held tomorrow to ratify the action of the directors in voting to liquidate, and the bank will go out of existence. Gaylord Wilshire, known as the "millionaire socialist" and the editor of a socialist magazine, has been acting president of the bank since George M. Coffin, the president, became ill of nervous prostration just before the financial panic began, and had to go to California. According to Mr. Wilshire, the directors found that it was hopeless to attempt to continue in business at a profit to the stockholders, and as there was enough money on hand to pay all the depositors and settle up the affairs of the bank in full, it was thought best to retire from business.

3. January 3, 1908 Bluefield Evening Leader Bluefield, WV
Article from Bluefield Evening Leader, January 3, 1908

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BANK PAYS ALL DEPOSITORS IN FULL AND CLOSES ITS DOORS- EDITOR OF THE SOCIALIST MAGAZINE HAS BEEN ACTING PRESIDENT. of (New York, Jan. 3. A meeting the stockholders of the Beaver National Bank, Beaver and Pearl streets, will be held tomorrow to ratify the action of the directors in votin gto liquidate, and the bank will go out of existence Gaylord Wilshire, known as the "millionaire socialist" and the editor of a socialist magazine, has been acting president of the bank since George M. Coffin the president, became III of nervous prostration just before the financial panic began, and had to go to California. According to Mr. Wilshire, the directors found that it was hopeless to attempt to continue in business at a profit to the stockholders, and as there was enough money on hand to pay all the depositors and settle up the affairs of the bank in full it was thought best to retire from business.

4. January 3, 1908 Coeur D'alene Evening Press Coeur D'alene, ID
Article from Coeur D'alene Evening Press, January 3, 1908

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NATIONAL BANK QUITS Meeting Will be held to Ratify Action of Directors. NEW YORK, Jan. 3.-A meeting of the stockholders of the Beaver National bank, Beaver and Pearl streets, will be held tomorrow to ratify the action of the directors in voting to liquidate, and the bank will go out of existence. Gaylord Wilshire, known as the "millionaire socialist" and the editor of a socialist magazine, has been acting president of the bank since George M. Coffin, the president, became ill of nervous prostration just before the financial panic began, and had to go to California. According to Mr. Wilshire, the directors found it was hopeless to attempt to continue in business at a profit to the stockholders, and as there was enough money on hand to pay all the depositors and settle up the affairs of the bank in full, It was thought best to retire from business.

5. January 3, 1908 Pine Bluff Daily Graphic Pine Bluff, AR
Article from Pine Bluff Daily Graphic, January 3, 1908

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NATIONAL BANK QUITS BUSINESS New York, Jan. 3.-A meeting of the stockholders of the Beaver National Bank, Beaver and Pearl streets, will be held tomorrow to ratify the action of the directors in voting to liquidate, and the bank will go out of existence. Gaylord Wilshire, known as the "millionaire socialist," and the editor of a socialist magazine, has been acting president of the bank since George M. Coffin, the president, became ill of nervous prostration just before the financial panic began and had to go to California. According to Mr. Wilshire, the directors found that it was hopeless to attempt to continue in business at a profit to the stockholders, and as here was enough money on hand to pay all depositors and settle up the affairs of the bank in full, it was thought best to retire from business.

6. January 3, 1908 The Daily Ardmoreite Ardmore, OK
Article from The Daily Ardmoreite, January 3, 1908

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NATIONAL BANK SUITS. Beaver National of New York Closes Tomorrow. Ardmoreite Special. New York. Jan. 3.-A meeting of the stockholders of the Beaver National Bank, Beaver and Pearl streets. will be held tomorrow to ratify the action of the directors in voting to liquidate. and the bank will go out of existence. Gaylord Wilshire, known as the 'millionaire socialist" and the editor of a socialist magazine. has been acting president of the bank since Geo. M. Coffin, the president, became ill of nervous prostration just before the financial panic began, and had to go to California. According to Mr. Wilshire, the directors found that it was hopeless to attempt to continue in business at a profit to the stockholders, and as there was enough money on hand to pay all the depositors and settle up the affairs of the bank in full, it was thought best to retire from business.

7. January 3, 1908 The Daily Sentinel Grand Junction, CO
Article from The Daily Sentinel, January 3, 1908

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THE BANK WILL QUIT BUSINESS (Special to The Sentinel.) New York, Jan. 3.-A meeting of the stockholders of the Beaver National Bank, Beaver and Pearl streets will be held tomorrow to ratify the action of the directors in voting to liquidate, and the bank 11 go out of existence. Gaylord Wilshire, known as the "millionaire socialist" and the editor of a socialist magazine, has been acting president of the bank since George M. Coffin, the president, became ill of nervous prostration just before the financial panic began. and had to go to California. According to Mr. Wilshire, the directors found that it was hopeless to attempt to continue in business at a. profit to the stockholders, and as there was enough money on hand to pay all the depositors and settle up the affairs of the bank in full, it was thought best to retire from business.

8. January 4, 1908 The Fairmont West Virginian Fairmont, WV
Article from The Fairmont West Virginian, January 4, 1908

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National Bank Quits. NEW YORK. Jan. 3.-A meeting of the stockholders of the Beaver National Bank, Beaver and Pearl streets, will be held to-morrow to ratify the action of the directors in voting to liquidate, and the bank will go out of existence. Gaylord Wilshire, known as the "millionaire socialist" and the editor of a socialist magazine, has been acting president of the bank since George M. Coffin, the president, became ill of nervous prostration just before the financiall panic began. and had to go to California. According to Mr. Wilshire, the directors found that it was hopeless to attemp to continue in business at a profit to the stockholders, and as theer was enough money on hand to pay all the depositors and settle up the affairs of the bank in full, it was thought best to retire from business.

9. January 6, 1908 Semi-Weekly Herald Durango, CO
Article from Semi-Weekly Herald, January 6, 1908

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wrecked sailors, believed to be the of a crew bark only the Norwegian survivors Germanic, of sixteen were of brought here today by the steamer Hothan Newton. They were picked up in mid-ocean on December 17 in terfrom eight vessel had abandays rible after condition their exposure, been doned. Another boat which contained eight men has not been found. The captain of the bank who remained on board until all men found places in the small boats, went down with his ship. Shanghai, Jan. 3.-Wu Ting Fang, recently reappointed to the post of Chinese minister to the United States, will sail early this morning, taking with him a number of young Chinese students. St. Petersburg, Jan. 3.-Niaeteen conspirators, charged with plotting to kill the dowager empress, mother of the czar, weer arrested here. They had made all the arrangements to slay her with a bomb. Secret police are suppressing details. For some time the dowager has suffered from a mania that some one was going to assassinate her, and not many months ago she was officially declared insane by the czar's personal physician. Columbus, O., Jan. 3-Victory perched upon the banners of Secretary Taft's political army when the Ohio Republican state central committee by vote of 14 to 7. which never varied in the battle of amendments which raged all the afternoon, ordered the state convention held at Columbus on March 3 and 4, six weeks earlier than usual and directed that delegates to this convention be selected by direct vote of primaries throughout the state on February 11. Bay City, Mich., Jan. 3.-Prominent officers of the Salvation army from various parts of the country are assembling here today for the congress and meetings to be held here during the next four days. The feature of the gathering will be the dedication of the new Salvation Army barracks in this city. Telluride, Jan. 3-John dehring held up the National club this morning about 7 o'clock and got away with the roulette dealer's bank roll. Gehring, who had been gambling all night and lost his wad, concluded that it would be a good time to replenish his cash supply, as there was no one in the room at the time but hilmself and the dealer. After obtaining the money he stepped out the back way and went to his home in the west part of the city. Here he left his gun. telling his wife that he had done something desperate, and headed westward. Officers are after him and it is likely he will be apprehended soon. New Yrk, Jan. 3.-A meeting of the stockholders of the Beaver National bank, Beaver and Pearl streets, will be held tomorrow to ratify the action of the directors in voting to liquidate, and the bank will go out of existence. Gaylord Wilshire, known as the "millionaire socialist" and the editor of a socialist magazine, has been acting president of the bank since George M. Coffin, the president, became ill of nervous prostration just before the financial panic began, and had to go to California. According to Mr. Wilshire, the directors found that it was hopeless to attempt to continue in business at a profit to the stockholders, and as there was enough money on hand to pay all the depositors and settle up the affairs of the bank in full, it was thought best to retire from business. Salt Lake City, Utah, Jan. 3.-Advices from Ely, Nev., state that probably ten days more will be required before the rescuers reach Brown, McDonald and Bailey, the three miners who have been imprisoned since December 1 in the Alpha shaft of the Giroux mine at Ely. It is likely that the men will have been six weeks in their tomb-like prison before they can be freed. They are able to talk with their rescuers over the mine telephone and declare that they are very well satisfied with their quarters and that there is no particular hurry about getting them out. Water and food is sent down to the men through a six. foot pipe, and they have considerable room for exercise. Air is constantly forced in to them. To while away the time the men occasionally hold vocal concerts, singing over the telephone

10. January 16, 1908 Semi-Weekly Herald Durango, CO
Article from Semi-Weekly Herald, January 16, 1908

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NEW YORK BANKS TO RETIRE. New York, Jan. 15.-The elimination of the Heinzes and Morses from various banks with which they were associated when the recent panic in Wall street began and announcement that the Beaver National bank, with which Gaylord Whilshire, the eminent socialist, was connected, will retire from business were features at the annual meeting of the banks. The Mercantile election was postponed until February 11, but changes with men in the directorate is expected confirmed at a stockholders meeting to give Edwin Gould control of the bank.

11. February 13, 1908 The Washington Herald Washington, DC
Article from The Washington Herald, February 13, 1908

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the Currency, has been moved to reply to published statements credited to George M. Coffin, formerly a deputy comptroller, and recently president of the short-lived Beaver National Bank, of New York. Coffin charged that sections 5200 and 5208 of the Revised Statutes of the United States are daily violated by every large national bank, and made the statement that stock gambling can be suppressed, or at least 80 per cent of it obliterated, by a strict enforcement of the law. The two sections forbid excessive loans and overcertification. Ridgely devotes himself first to the alleged eminence of his critic, and goes on to relate that Coffin appeared as a star witness for the defense in the trial of John R. Walsh in connection with the failure of the Walsh banks in Chicago, and stated on oath that the practices of which Walsh had been guilty were commonly indulged in by other bankers, and-that when he (Coffin) was in the office of the Comptroller of the Currency there was no special criticism of such methods. Things Different Now, Ridgely says: Whatever may have been the facts in regard to the enforcement of the provisions against excessive loans at the time when Mr. Coffin was deputy comptroller of the currency, and in & large degree TO sponsible for its enforcement or nonenforcement, since the passage of amendment to this act on June 22, 1906, a most vigorous and determined effort has been made by me, as Comptroller of the Currency, to enforce this section of the bank act. In regard to the violations of section 5208, pro1 hibiting the overcertification of checks, Mr. Coffin' statements are false or based on wrong information. Several times before the receipt of Mr. Coffin's let. ter. and since have investigated this matter through the national bank examiners and during several personal visits to New York. I find it is not true, as Mr. Coffin states, that these violations exist nearly every day from the beginning of bust ess un til its close in a form readily accessible to the bank examiners. Mr. Ridgely adds that as the enforcement of the law does not, as a matter of fact, stop stock gambling, Coffin's main proposition is evidently wrong. He says also that If the law were not now enforced, to enforce it as a new proposition would not materially affect stock gambling. Ridgely Sizes Up Coffin. "Told Roosevelt How to Check Stock Gambling," is the title of an article appearing in a New York newspaper which gives copies of certain correspondence between the Comptroller of the Currency and George M. Coffin, formerly a Deputy Comptroller of the Currency, and more recently president of the Beaver National Bank of New York. In the article referred to, Mr. Coffin is described as follows: Mr Coffin is probably the best informed banker on Federal banking laws in the city He served twelve years in the office of the comptroller at Washington as chief of the division of issue and as chief of the reports division. which gave him super vision of United States bank examiners, and as dep uty comptroller In 1898 he became vice president of the Phoenix National Bank in this city, and in March. 1907, president of the Beaver National Bank. III health compelled him to resign that position in July, four months later. Mr. Ridgely comments: The statement of Mr. Coffin's services as an offi cial of the Treasury Department and as a bank offi cer in New York is true. Mr. Coffin has not been connected with the comptroller's office since I have been in that position, and have no personal knowledge of his services there. The traditions of the office, however, do not seem to indicate that he was considered an efficient officer By his own sworn testimony in the Walsh trial, at Chicago, he admits the looseness of the methods em ployed in the division of which he was chief. Coffin's History as a Banker. While vice president of the Phoenix National Bank, Mr. Coffin was never considered an important factor in its management. He has certainly made no record there which entitled him to be ranked as an authority on bank methods or management. On April 6, 1907. he started the Beaver National Bank, of which he was the first president. Soon after the organization of the bank, however, it was learned that some of his associates were a mere gang of promoters, some of whom were only inter ested in getting a promoter's commission of $5 per share for placing the stock, and others took stock and became directors for the purpose of using their positions to loan themselves money, and to give themselves credit in selling stocks throughout the country The first examination of the Beaver National Bank after its being chartered was made in June, 1907. It was then found that this bank had made alreads two very large excessive loans; that the directors had loaned themselves a large part of the assets of the bank that part of the stock of this bank was issued as fully paid, and the balance only partly paid, very irregular and unbusiness-l procedure which resulted in some people making loans on partly paid stock. thinking it was fully paid. Although a severe letter of criticism was written the bank as a result of this examination. it was found upon the next examination, which was made at a shorter time than usual. that the condition was even worse, one director having placed in the bank nearly $100,000 of paper, such as no other bank in New York City would have accepted. Gross Mismanagement. , The examiner reported that the bank had been grossly mismanaged from the start, and that the directors who had charge of affairs had not had suf ficient banking experience to conduct its manage ment, particularly during the crisis, and the di rectors of the bank were found to be liable, either directly or indirectly, for about two-thirds of the loans. As a result of this examination this office insisted that a bank examiner or accountant be put in charge of the bank and its books. and that its loans be collected and the bank liquidated, stating that unless prompt action for voluntary liquidation was taken, it would be necessary for the office to place the association in the hands of a receiver. As a result of this the bank is now in voluntary liqui dation. Fortunately it was discovered and taken in time to avoid a loss of more than part of the cap ital. so that the creditors of the bank will doubtless be paid in full and the shareholders save something This is the banking career of Mr. Coffin, who as sumes to pose as an authority on banking questions, and criticises the conduct of the office of the comptroller of the currency and accuses the leading bankers of New York as daily committing crimes and misdemeanors. Reviewing Coffin's testimony at the Walsh trial, and then showing the result of periodic examinations of New York banks in regard to excessive loans, Mr Ridgely continues: From the above statement it will be seen that violations of section 5200. in regard to excessive loans, have been practically eliminated from New York banking On August 22 there were but three excessive loans, in two banks, in the whole city of New York, out of the thousands of loans made. If it had not been for the unusual conditions existing during the panic these would doubtless have all been eliminated be fore the December call. Overcertification Rare. In regard to the violation of section 5208, prohibiting the overcertification of checks, Mr. Coffin's statements are equally false. or based on wrong informa tion. Several times before the receipt of Mr. Cof fin's letters, and since, have investigated this matter through the national bank examiners and during several personal visits New York.

12. February 14, 1908 New-York Tribune New York, NY
Article from New-York Tribune, February 14, 1908

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BEAVER BANK SURPRISE RIDGELY'S DISCLOSURES Institution Forced Out of Business by Federal Authorities. Some revelations concerning the management of the Beaver National Bank, which went into voluntary liquidation on January 15. were unearthed yesterday as an aftermath of the wordy warfare which William B. Ridgely, Controller the Currency, and George M. Coffin. former of have been president of the bank, carrying on. Among the disclosures was one loan of $10,000 made to a Syrian, named Sabra, who afterward left the country without taking the trouble to back the was pay loan. interesting which unsecured loan of Even more was a $20,000 made to the Bull's Head Oil Company and indorsed by Richard M. Montgomery, a real estate operator. When this loan came due the company refused to pay it on the ground that the rate of interest was usurious. When suit was brought to collect the money the company charged that it had been obliged to pay a commission of $2,000 to an officer of the bank to get the loan. and that this constituted usury. The suit is still pending. The Beaver National Bank was organized in April of last year with a capital stock of $200,000 and a surplus of $100,000. Its deposits never passed the half-million mark, and, when it was announced that the management had decided to place the bank in voluntary liquidation last month, the general opinion in Wall Street was that it had started business at a poor time and had simply decided to suspend for lack of patronage It was not known that the bank had been forced out of business by the federal banking authorities until Controller Ridgely, in answering the charges made by Mr. Coffin. laid bare the history of the institution It transpiree that at the start of the panic last October the local national bank examiners found the Beaver National in decidedly had condition and under orders from Washington practically assume charge of the bank. It was only by prompt action that the suspension of the institution was avoided at a time when such a happening might have had a most direful effect on the whole New York banking situation. A director of the bank said last night that President Coffin had made some ill advised loans. but excused ms action on the ground that he was more of a Cigosetical than a practical banker. The representative of the Controller who examined the bank less than six months after it began business reported that "the bank had been grossly mismanaged from the start and that the directors who had charge of affairs had not had sufficient banking experience to conduct its management, and were liable, either directly or indirectly, for about two-thirds of the loans." Gorham & Vogel, of No. 60 Wall street, were counsel for the bank at its organization, and received, according to a director, $10,000 as a fee. Some of the stockholders complained that this was exorbitant. In the original list of directors appeared the name of Martin W. Littleton, but he resigned before the bank started business. CH Middlebrook, who is treasurer and a director of the Sterling Debenture Corporation, which has promoted many schemes, including the "telepost," took Mr. Littleton's place on the board. The other directors were Frank Bornn, George M. Coffin, John B. Fassett, Thomas A. Hay, George Mercer, jr., Thomas E. Murphy. Augustus K. Sloan, S.H. Vandergrift, Earl Vogel and T.P. Welch. The stock was originally subscribed for at $155 a share, including the $5 fee on each share which went to Gorman & Vogel for legal services. By the time the bank went into voluntary liquidation last month the deposits had shrunk to $250,000. The depositors all received dollar for dollar. but the stockholders, it is understood. will not be nearly so lucky. Sabra, the Syrian, who got $10,000 of the bank's money, is reported to have obtained conelderable money from other local banks and never to have paid any of it back. -No bank officers came forward yesterday, however, and owned up to having had dealings with the wily Oriental

13. March 29, 1908 New-York Tribune New York, NY
Article from New-York Tribune, March 29, 1908

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NEW CHATHAM BANK OFFICER. Charles H. Imhoff Elected Vice-President-Formerly in Lincoln, Neb. Charles H. Imhoff has been elected vice-president of the Chatham National Bank, which position has heretofore been unfilled. He is also a director in the St. Joseph & Grand Island Railway Company. Mr. Imhoff. who comes from the West. was for many years a banker at Lincoln, Neb. He was formerly a vice-president of the Mnth National Bank of this city until it was absorbed by the Citizens' Central National Bank. He was for several years manager of the bond department of Harriman & Co. when that firm carried on an extensive bond business. Mr. Imhoff has recently been acting as special agent of the Controller of the Currency in connection with the liquidation of the Beaver National Bank and the New Amsterdam National Bank. Last fall he went to the Pacific Coast to make a special examination of the California Safe Deposit and Trust Company. His examination revealed such bad conditions that the company was forced to suspend and several of the officers are at present under indictment.