15691. Corbin Banking Company (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
March 28, 1907
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
24c47e6f

Response Measures

None

Description

The articles consistently report that the Corbin Banking Company assigned for the benefit of creditors on March 28, 1907. This is a voluntary assignment/closure (private bankers) due to inability to realize real estate quickly; there is no mention of a depositor run forcing suspension, nor of a government seizure. The assignment appears to be permanent (treated as closure).

Events (2)
1. March 28, 1907 Other
Newspaper Excerpt
Assigned for the benefit of creditors to George C. Austin; assignee named and creditors' meeting appointed to audit books and wind up affairs.
Source
newspapers
2. March 28, 1907 Suspension
Cause
Voluntary Liquidation
Cause Details
Company made an assignment for benefit of creditors because principal assets were real estate that could not be realized quickly to meet maturing obligations; members deemed it best to assign to protect creditors; described as a private bank assignment rather than government action.
Newspaper Excerpt
The Corbin Banking company today assigned for the benefit of creditors.
Source
newspapers

Newspaper Articles (13)
1. March 28, 1907 Albuquerque Evening Citizen Albuquerque, NM
Article from Albuquerque Evening Citizen, March 28, 1907

Click image to open full size in new tab

Article Text

FAILURES HAVE BEGUN IN WALL STREET CIRCLES Corbin Banking Comany Assigned Today For Benefit of Creditors. CLAIMED THAT ASSETTS IN EXCESS BY $1.000.000 New York, March 28.-The Corbin Banking company today assigned for the benefit of creditors, to George C. Austin. The two members of the company are George S. Edgell and Austin Corbin. At the office of the company it was stated that the assets exceeded liabiltiles by over $1,000,000. The principal assets consist of valuable real estate, which could not be sold. except at a sacrifice, in time to meet maturing obligations. Creditors will undoubtedly be paid in full. C were iloardlu ioardlu loa

2. March 28, 1907 The Roswell Daily Record Roswell, NM
Article from The Roswell Daily Record, March 28, 1907

Click image to open full size in new tab

Article Text

CORBIN BANKING COMPANY. ASSIGNS TO CREDITORS. New York, Mar, 28,-The Corbin Banking Company today assigned for the benefit of its creditors to George C. Austin, The two members of the company ate George S. Edgell and Austin Corlia. At the ofice of the company it is stated that the assets exceed the liabilities by over a million dollars. The principal assets consist of valuable real estate which could not be sold except at a sacrifice in time to meet the maturing obligations. The creditors undoubtedly will be paid in full.

3. March 28, 1907 Lewiston Evening Teller Lewiston, ID
Article from Lewiston Evening Teller, March 28, 1907

Click image to open full size in new tab

Article Text

CORBIN BANKING COMPANY FAILS Unable to Meet Obligations Without Sacrificing Its Real Estate NEW YORK, March 28.-The Corbin Banking company today assigned for the benefit of its creditors. The two members of the company are George S. Edgell and Austin Corbin. Mr. Edgell is president and Mr. Corbin vice president of the Manhattan Beach Hotel & Land company. According to a statement issued by the office, the assets of the company exceed the liabilities by over $1,000,000. The principal assets are real estate, which could not be sold, except at a sacrifice, in time to meet the maturing obligations of the company. It is stated the creditors will be paid in full.

4. March 28, 1907 The Laramie Republican Laramie, WY
Article from The Laramie Republican, March 28, 1907

Click image to open full size in new tab

Article Text

CORBIN COMPANY CLOSES ITS DOORS BANKING CONCERN OF NEW YORK MAKES ASSIGNMENT FOR BENEFIT OF CREDITORS. Assets Said to Exceed Liabilities by Over Million Dollars, Much of Their Value in Real Estate Which Cannot Be Realized Upon Without Loss in Time to Benefit. New York, March 28.-The Corbin Banking company today assigned, for the benefit of its creditors, to George C. Austin. Two members of the company are George S. Edgell and Austin Corbin,

5. March 28, 1907 The Washington Times Washington, DC
Article from The Washington Times, March 28, 1907

Click image to open full size in new tab

Article Text

PRIVATE BANK FAILS IN NEW YORK CITY NEW YORK, March 28.-An assignment was made by the Corbin Banking Company today. The company had formerly done a large business in buying up tax titles, but recently it has had few transactions and has been endeavoring to wind up its affairs. George C. Austin, the assignee, states that the assets will exceed the liabilities by about a $1,000,000 dollars, and that the suspension is only of a temporary character, and was brought about by the fact that the securities were of such a character that they can not be realized on at the present time.

6. March 28, 1907 The Daily Ardmoreite Ardmore, OK
Article from The Daily Ardmoreite, March 28, 1907

Click image to open full size in new tab

Article Text

BANKING COMPANY ASSIGN. Assets Exceed Liabilities Over One Million Dollars. By Associated Press. New York, March 28.-The Crobin Banking company today assigned for the benefit of its creditors, to George C. Austin. Two members of the company are George S. Edgell and Austin Corbin. Edgell is presiednt and Corbin vice president of the Manhattan Beach hotell and Land company. The company is a firm of private bankers. In a statement is is said the assets exceed the liabilities by over one million dollars. The principal assets consist of valuable real estate which could not be sold except at a sacrifice. The members deemed it best for the creditors therefore to assign. The creditors undoubtedly will be paid in full. The company was established by the late Austin Corbin, Sr., for many years in control of the Long Island railroad company.

7. March 29, 1907 The Pacific Commercial Advertiser Honolulu, HI
Article from The Pacific Commercial Advertiser, March 29, 1907

Click image to open full size in new tab

Article Text

KUROKI FOR JAMESTOWN. TOKIO, March 29.-General Kuroki will represent the Japanese army at the Jamestown Exposition. AFTERNOON CABLE REPORT. NEW YORK, March 28.-The Corbin Banking Company has assigned. NEW YORK, March 28.-The lunacy commission in the Thaw case, appoint. ed by Judge Fitzgerald, has begun the examination of Thaw. CHICAGO, March 28.-Forty-five thousand trainmen have rejected all advances at arbitration in the matter of their demand for an eight-hour day. MANILA, March 28.-Stevenson's warehouse, in which was stored 15,000 bales of hemp ready for shipment, was burned today. The damage is estimated to be $500,000. SAN FRANCISCO, March 28.-Louis Glass, vice president of the Pacific States Telephone Company, was arraigned today on indictments for bribing the members of the Board of Supervisors. ST. PAUL, March 28.-The Supreme Court has decided that the Great Northern Railroad has a right to issue $60,000,000 in stocks, which action was enjoined by action of the Attorney General. SAN FRANCISCO, March 28.-A. K. Detweiler has not been found. Thirteen indictments were, last Saturday, returned against Detweiler, a capitalist of Ohio, one of the incorporators of the Home Telephone Company, for bribing supervisors.

8. March 30, 1907 New-York Tribune New York, NY
Article from New-York Tribune, March 30, 1907

Click image to open full size in new tab

Article Text

TO AUDIT CORBIN BOOKS. Creditors Appoint Firm to Do So, with Assignee's Consent. With the consent of the assignee, creditors of the Corbin Banking Company, which assigned on Friday, appointed the auditing firm of Barron, Wade, Guthrie & Co. to examine the company's books. The creditors made the appointment at their meeting yesterday. and the auditing firm has begun work already on the books. At the meeting, it is understood, George C. Austin, the assignee assured the creditors, as well as the counsel for the petitioners, that the company would have $200,000 in cash by this morning. $60,000 of this being at present deposited in various banks in this country and about $134,000 being at present in banks abroad. Frank L. Crocker, counsel for the petitioners and others, said he would do nothing immediately on the question of asking for a receivership for the company. The creditors adjourned their meeting until Thursday. It was reported that the company had received an offer of $3,250,000 for its Manhattan Beach property. "The creditors are satisfled with the condition of affairs." said Mr. Austin, who added, regarding the stock ticker in Austin Corbin's private office, that Mr. Corbin "never speculated." Regarding the company's reported purchase from two firms of bankers in this country of a £60,000 sterling demand draft, payable in London on the same day, but only a few hours before the company assigned. representatives of various banking firms in this city said that there was nothing unusual in such transactions. It is said that two well known banks, one an Asiatic, the other a Canadian, sold "cable transfers," aggregating £60,000, payable in London at the National Bank of Scotland to the credit of the Corbin Banking Company, the company receiving the money on Wednesday, the company's check in payment not reaching the offices here of the "selling" banking firm's representatives until after 3 p. m., too late to deposit the check. On Thursday. at the opening of the banking day, the Corbin company assigned, the assignment having been executed. It is believed. on Wednesday afternoon or evening. No creditor, however, or banking firm involved in any way in this transaction could be found yesterday who would say that there was even a suspicion of fraud in this transaction.

9. March 30, 1907 Seward Weekly Gateway Seward, AK
Article from Seward Weekly Gateway, March 30, 1907

Click image to open full size in new tab

Article Text

"Silent" Smith Dead. Tokio, March 28-James Henry Smith, the New York millionaire known as "Silent" Smith, died here today before the end of his honeymoon. He was married in New York less than a month ago and immediately started on a tour of the world. Hill Can Issue $60,000,000 Bonds St. Paul, March 28 - The state supreme court today decided in favor of the Hill roads the action brought to prevent them from issuing $60,000,000 in additional stocks and bonds. New York Bank Fails New York, March 28-The Corbin Banking Company suspended today. Its assets exceed its liabilities by $1,000,000 and it expects to pay out. Bellingham Supplants Tacoma Tacoma, March 28-Tacoma was dropped from the Northwest Pacitic base ball league today and Bellingham substituted. Tacoma was unable to raise the necessary money to maintain a team. Progress'in Hermann Trial Washington, D. C., March 29-The prosecution concluded the introduction of testimony in the trial of Binger Hermann, former commissioner of the general land office, on the charge of conspiracy to defraud the government, today. The defense will begin next Monday. High Water at Stockton. Stockton, Marca 29-High water prevails here again and people in the lowlands have been driven from home. Much suffering has ensued in consequence. Alaska Differential Abolished Portland, March 29-The differential on Alaska freight from this city to Alaska by way of Puget sound was abolished today by the Northern Pacific.

10. April 4, 1907 The Plymouth Tribune Plymouth, IN
Article from The Plymouth Tribune, April 4, 1907

Click image to open full size in new tab

Article Text

New York Bank Closed. The Corbin Banking Company of New York has assigned to George C. Austin for the benefit of creditors. The two members of the company are George S. Edgell and Austin Corbin. Mr. Edgell is president and Mr. Corbin vice president of the Manhattan Beach Hotel and Land Company.

11. April 4, 1907 The Bamberg Herald Bamberg, SC
Article from The Bamberg Herald, April 4, 1907

Click image to open full size in new tab

Article Text

BANK FORCED TO CLOSE. Corbin Company at New York Makes an Assignment. The Corbin Banking company on at New York assigned Thursday for the benefit of creditors to George C. Austin. Two members of the company are George S. Edgell and Aus tin Corbin. Mr. Edgell is president, and Mr. Corbin vice president of the Manhattan Beach Hotel and Land company. Mr. Austin said that a rough estimate placed the liabilities at $1,700,000 and the assets at $3,000, 000.

12. January 2, 1908 The Greenville Journal Greenville, OH
Article from The Greenville Journal, January 2, 1908

Click image to open full size in new tab

Article Text

FINANCIAL to Jan. 21-Merchants' and Farmers' bank of Fairmont, Minn., suspended. Feb. 2-F. D. Gilman, former president suspended Home bank of Goodland, Ind., found guiltv of embezzlement. 4-First National bank of Scotland, S. D., close by bank examiner. 8-F. D. Gilman, Indiana banker. sentenced to term of one to three years in state prison. 25-Disappearance of $173,000 from subtreasury at Chicago made public. Mar. 14-Virtual panic in Wall street; Secretary Cortelyou relieved the situation. 19-Citizens' State bank of Firth, Neb., closed by state. 28-Corbin Banking company of New York, assigned; assets, $3,000,000; liabilities, $1,700,000. Apr. 2-Maj. H. W. Salmon of Warsaw, Mo., convicted of illegal banking, sentenced three years in penitentiary. 11-Bank of Conception, at Clyde, Mo., ordered closed. 19-Ex-Judge Smith of Chicago, found guilty of conspiring to defraud stockholders and depositors of Bank of America, of which he was president; penalty, imprisonment and $1,000 fine. Jul. 1-Citizens' bank of Eureka Springs, Ark., suspended. 2-First National bank of Hicksville, O., closed by comptroller of currency. 5-Fort Dallas National bank of Miami, Fla., closed. 20--Farmers' National bank of Boyertown, Pa., ordered closed. Aug. 3-People's State bank of Brownstown, Ind., closed by state authorities. it-Receivers appointed for Pope Mfg. Co., of Hartford, Conn.: failure ascribed to stringency of money market. Sep. -Watson & Co., members of New York stock and produce exchanges and of Chicago board of trade, failed. Oct. 9-Union bank of Richland, and Bowman bank of Kalamazoo, Mich., both private institutions, closed doors. 10-H. D. Reynolds' bank of Valdez, Alaska, closed doors. 15-First National bank of Dresden, O., failed. 16-Collapse of Heinze corner in copper caused violent slump in stocks in New York; firm of Otto Heinze & Co., suspended from stock exchange. 19-New York clearing house committee declared that the Heinze, Morse and Thomas interests had been eliminated from banking organizations of New York. 22-Knickerbocker Trust Co., New York's second largest financial institution, forced to suspend; great slump in securities; call money at 70 per cent. 23-Secretary of treasury ordered deposit of $25,000,000 of government funds in New York banks Four Westinghouse companies at Pittsburg and one trust company forced into hands of receivers because of financial stringency State Bank and Trust Co., of Carson, Nevada, failed. 24-Three minor banks in New York forced to close Southern Steel Co., of Birmingham, Ala., filed involuntary petition in bankruptcy. 25-Six more minor banking institutions in New York closed doors. Union Trust Co., of Providence, R. I., suspended. 26-Banks in New York and Chicago, and many other cities adopted clearing house loan certificate system to prevent draining of supplies of currency and made withdrawal of savings deposits subject to legal notice. 30-California Safe Deposit & Trust Co. bank, at San Francisco, closed Financial conditions in New York practically normal again. Nov. 4-Three small banks in Kansas closed United States Steel corporation secured controlling interest in Tennessee Coal & Iron Co. 6-Receiver appointed for Arnold Print works of North Adams, Mass., one of largest textile concerns in country. 12-Merchants' National bank of Portland, Ore., California bank of Oakland, Cal., and Farmers' & Merchants' bank of Sapulpa, I. T., suspended. 18-Secretary of Treasury Cortelyou ordered issue of $50,000,000 of Panama bonds and $100,000,000 certificates of in'debtedness as means of relieving financial situation City National bank of Frederick, Okla., failed. 27-American Silk Co. capital stock, $11,000,000, which operated mills in several cities, placed in hands of receiver. Dec. 2-Chelsea Savings abnk of Chelsea, Mich., owned by State Treasurer Glazier, closed. 5-National Bank of Commerce, one of largest financial institutions of Kansas City, suspended. 6-Fort Pitt National bank of Pittsburg, closed. 17-Jewelers' National bank at North Attleboro, Mass., in hands of receiver.

13. January 9, 1908 The Mena Weekly Star Mena, AR
Article from The Mena Weekly Star, January 9, 1908

Click image to open full size in new tab

Article Text

FINANCIAL Jan. 21-Merchants' and Farmers' bank of Fairmont, Minn., suspended. Feb. 2-F. D. Gilman, former president suspended Home bank of Goodland, Ind., found guilty of embezzlement. -F. D. Gilman, Indiana banker, sentenced to term of one to three years in state prison. -Disappearance of $173,000 from subtreasury at Chicago made public. Mar. Virtual panic in Wall street; Secretary Cortelyou relieved the situation. 19-Citizens State bank of Firth, Neb., closed by state. 28-Corbin Banking company of New York, assigned; assets, $3,000,000; liabilities, $1,700,000. Apr. 2-Maj. H. W. Salmon of Warsaw, Mo., convicted of illegal banking, sentenced three years in penitentiary. 11-Bank of Conception, at Clyde, Mo., ordered closed. 19-Ex-Judge Smith of Chicago, found guilty of conspiring to defraud stockholders and depositors of Bank of America, of which he was president; penalty, imprisonment and $1,000 fine. Jul. -Citizens' bank of Eureka Springs, Ark., suspended. 5-Fort Dallas National bank of Miami, Fla., closed. 20-Farmers' National bank of Boyertown, Pa., ordered closed. Aug. 3-People's State bank of Brownstown, Ind., closed by state authorities. 14-Receivers appointed for Pope Mfg. Co., of Hartford, Conn.: failure ascribed to stringency of money market. Sep. -Watson & Co., members of New York stock and produce exchanges and of Chicago board of trade, failed. Oct. Union bank of Richland, and Bowman bank of Kalamazoo, Mich., both private institutions, closed doors. 16-Collapse of Heinze corner in copper caused violent slump in stocks in New York; firm of Otto Heinze & Co., suspended from stock exchange. New York clearing house committee declared that the Heinze, Morse and Thomas interests had been eliminated from banking organizations of New York. 22-Knickerbocker Trust Co., New York's second largest financial institution, forced to suspend; great slump in securities: call money at 70 per cent. 23-Secretary of treasury ordered deposit of $25,000,000 of government funds in New York banks Four Westinghouse companies at Pittsburg and one trust company forced into hands of receivers because of financial stringency State Bank and Trust Co., of Carson, Nevada, failed. 24-Three minor banks in New York forced to close Southern Steel Co., of Birmingham, Ala., filed involuntary Detition in bankruptcy 25 Six more minor banking Institutions in New York closed doors Union Trust Co., of Providence, R. I., suspended. 36-Banks in New York and Chicago, and many other cities adopted clearing house loan certificate system to prevent draining of supplies of currency and made withdrawal of savings deposits subject to legal notice. 30-California Safe Deposit & Trust Co. bank, at San Francisco, closed Financial conditions in New York practically normal again. Nov. 4-Three small banks in Kansas closed United States Steel corporation secured controlling interest in Tennessee Coal & Iron Co. e-Receiver appointed for Arnold Print works of North Adams, Mass. one of largest textile concerns in country. 12-Merchants National bank of Portland, Ore., California bank of Oakland, Cal., and Farmers' & Merchants' bank of Sapulpa, I. T., 18- of Treasury dered Secretary suspended. Cortelyou orissue of $50,000,000 of Panama bonds and $100,000,000 certificates of indebtedness as means of relieving finanetal situation City National bank of Frederick, Okla. failed. 27-American Silk Co. capital stock, $11,000,000, which operated mills in several cities, placed in hands of receiver. Dec. 2 Chelsea Savings abnk of Chelsea, Mich., owned by State Treasurer Glazier, closed. 5-National Bank of Commerce, one of largest financial institutions of Kansas City, suspended. 6-Fort Pitt National bank of Pittsburg. closed. 17-Jewelers National bank at North Attleboro, Mass., in hands of receiver.