17260. Metropolitan National Bank (Cincinnati, OH)

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: national
Bank ID: 2542
Charter Number: 2542
Start Date: February 4, 1888
Location: Cincinnati, Ohio (39.103, -84.515)

Metadata

Model: gpt-5-mini
Short Digest: 007c7b6c

Response Measures

Borrowed from banks or large institutions, Full suspension, Books examined

Other: Receiver later paid depositors in full and turned the bank back to stockholders; arrests of officers and criminal charges followed.

Receivership Details

Depositor recovery rate: 100.0%
Date receivership started: 1888-02-10
Date receivership terminated: 1888-06-27
OCC cause of failure: Losses
Share of assets assessed as good: 64.6%
Share of assets assessed as doubtful: 30.5%
Share of assets assessed as worthless: 4.9%

Description

Contemporary reports describe rumors and a short run (Feb 4), followed by formal suspension/involvement of the Comptroller/Government (Feb 6-7) with arrests of officers, appointment of a receiver, and eventual turnover of the bank by the receiver back to stockholders/directors (May 24). Underlying cause was bank-specific: deficient legal reserve and bad/insufficiently collateralized loans plus officers' speculative loans. No evidence of a discrete false-misinformation prank, so the run is not classified as a 'random' misinformation run.

Events (7)

1. July 12, 1881 Chartered

Source: historical_nic

2. February 4, 1888 Run

Cause: Bank Specific Adverse Info
Cause Details: Rumors and reports that the bank was short of its legal reserve (about $150,000) and that officers made unsafe loans; stock price fell sharply, spurring withdrawals.
Measures: Associated banks agreed to rediscount Metropolitan paper up to $200,000; $100,000 furnished that day; loans from other banks ($25,000 each from eight banks) were offered to meet demands.
Newspaper Excerpt: Saturday morning a run was inaugurated on the bank, but was of short duration.
Source: newspapers

3. February 6, 1888 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Directors resolved to suspend after deposits ran heavily and withdrawals outstripped immediate resources; examiner had found deficient reserve and unsafe loans by officers (notably VP DeCamp).
Newspaper Excerpt: The Metropolitan National Bank directors passed a resolution to-night to suspend payments. The bank is now in the hands of the Government.
Source: newspapers

4. February 7, 1888 Receivership

Newspaper Excerpt: The affairs of the bank were at once turned over to Government Examiner Sanders. The next step will be the appointment of a receiver. The comptroller of the currency has appointed James McConville, of Steubenville, to be receiver of the Metropolitan National bank of Cincinnati (reported Feb. 16).
Source: newspapers

5. February 10, 1888 Receivership

Source: historical_nic

6. April 16, 1888 Other

Newspaper Excerpt: Receiver McConville ... has received the checks upon the assistant United States treasurer to pay all claims of depositors ... Claims are paid in full with interest from the date of the bank's suspension.
Source: newspapers

7. May 24, 1888 Other

Newspaper Excerpt: Receiver McConville made his report and turned the bank over to the directors and stockholders. ... Good assets, $415,000; doubtful assets, $576,000; ... (stockholders' meeting reported May 24).
Source: newspapers

Newspaper Articles (22)

1. June 22, 1887 The Waco Daily Examiner Waco, TX

Article from The Waco Daily Examiner, June 22, 1887

Click image to open full size in new tab

Article Text

agreeupon such a plan and were uns willing to take the risk of A RUN FOLLOWING the interference of the government. The outcome, however, was the anpointment of Mr. J. 11. Decamp. vice president of the Metropolitan National bank. receiver, and he was placed in charge of the banks affairs. Itis BOW stated that the Clearing house for the past few davs has shown su unusal drain on this banks resources. Besides this many banks have kept its checks out of the Clearing house AS A FAVOR. There are numerous rumors afloat concerning the cause of the action of the bank examiner. Vice President Harper, who has borne a heavy strain for the past week is much distressed this morning. He cells himself & ruined man, and 18 in shigh state of excitement. A conservative director says its his opinion depositors will get their money in full. THE IMMEDIATE RESULT. CINCINNATI, June 21.-E. L. Harper made an individual assignment to E. Zimmerman this afternoon and his firm, Harper & Co., dealers in iron and coal also assigned to Zimmerman. The failures is the direct result of the losing of the Fidelty bank. The assets are $2,000,000. The liabilities are not given. THE GOVERNMENT'S FINGER. WASHINGTON, The comptroller of currercy today received a telegram from Mr. Powell, the regular bank examiner for the western district of Ohio, saying that he had taken charge of the Fidelity National bank of Circinnati, Ohio, AS an insorvent institution. No particulars are given but it was subsequently 88certained that the liabilities of the bank, exclusive of capital stock, are about $5,500,000; individual deposits are about $2,000,000.

2. February 5, 1888 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, February 5, 1888

Click image to open full size in new tab

Article Text

As Solvent as Any. CINCINNATI, February 4.-For severa¹ days past rumors have been afloat concerning the condition of the Metropolitan National Bank, and finally assumed such a serious aspect that the stock of the bank sold awav down. The Commercial Gazetts to-morrow will say: The bank examiner, after a thorough investigation, found that the Metropolitan had not its legal reserve ou hand by about $150,000. This being brought to the notice of the associated banks, 7 n agreement was arrived at to rediscount Metropolitan papers to the extent of $200,000, if nscessary. The bank has been carrying considerable of its directors' paper, but this is said to be giltedged. Saturday morning a run was inaugurated on the bank, but was of short duration. In the afternoon vicepresident Decamp resigned. It is assumed, at request of the Comptroller of the Currency that no further charges at present are anticipated. It is thought the bank is amply secured now, and President Means, in an interview, says the Metropolitan Bank is as solvent as any institution in the city.

3. February 5, 1888 The Indianapolis Journal Indianapolis, IN

Article from The Indianapolis Journal, February 5, 1888

Click image to open full size in new tab

Article Text

A BANK IN TROUBLE. Cincinnati's Metropolitan National Pulls Safely Through by the Aid of Friends. CINCINNATI, O., Feb. 4.-The CommercialGazette will say to-morrow: "For ten days past Third streethas been alive with rumors reflecting upon the condition of the Metropolitan National Bank and upon its management, with the effect of forcing the market price of the stock from 124 down to 79. At last these stories have assumed such serious aspects that the following authorized statement regarding the bank and its condition is furnished: Ten days ago Bank Examiner Sanders, of Louisville, completed a very thorough investigation into the affairs of the Metropolitan, and found that the bank had not its legal reserve on hand by some $150,000. This being brought to the notice of the associated banks, an agreement was arrived at on Tuesday last, to rediscount the paper of the Metropolitan to the extent of $200,000, if need be. Of this sum, $100,000 has already been furnished, and in the opinion of President Means not more than $50,000 additional will be required. "The bank has been carrying considerable of its directors' paper, and all of it is said to be gilt edged, to use a phrase current in banking circles. Yesterday morning something of a run was insugurated, but it was of short duration. the deposits of the afternoon being almost up to the average. In the afternoon Vice-president John R. Decamp resigned, It is assumed, at the request of the Comptroller. No further changes are anticipated, at present, in the management of the institution." Hon. Wm. Means, president of the Metropolitan, in conversation with a reporter, furnished information substantially as above given, and added that his bank had not one dollar of Weber-Stichtenoth paper, as has been asserted, nor was it carrying any of its directors' paper that was not amply secured. All of the paper discounted by the institution was fully up to the standard of that discounted by any other bank in the city. Beyond this, Mr. Means declined to speak, only saying he was sorry any such rumors had arisen, for he knew the Metropolitan to be as solvent as any banking institution in the city.

4. February 7, 1888 New-York Tribune New York, NY

Article from New-York Tribune, February 7, 1888

Click image to open full size in new tab

Article Text

NOT ABLE TO STAND THE RUN. THE METROPOLITAN NATION AL BANK OF CINCINNATI IN THE HANDS OF THE GOVERNMENT. CINCINNATI, Feb. 6. - -The Metrovelitan National Bank directors passed a resolution to-night to suspend payments. The bank is now in the hands of the Government. Vice-President J. R. De Camp has been arrested. There was more than the usual demand on the bank all day, but at the clearing bense it was only $10,000 behind. The directors held another session at 3 o'clock. Eight of the other banks sent it $25,000 each. Other offers were declimed. DeCamp, the retiring vice-president, had been speculating in Finlay and other real estate. At Teledo to-day two mortgages on Toledo acre property were filed, $10,000 each by John R. DeCamp and by DeCamp & Means, to the Merchants' National Bank of Cineinnati. The directors elected Lewis Krohn vice-president.

5. February 7, 1888 Wheeling Register Wheeling, WV

Article from Wheeling Register, February 7, 1888

Click image to open full size in new tab

Article Text

METROPOLITAN BANK Suspends Payment-DeCamp Resigns and Is Arrested. CINCINNATI, February 6.-The Metropolitan Bank directors held a session this morning at 10 o'clock. Pending the meeting the payment of checks was suspended, and a long line of depositors gathered, reaching from the payer's desk to the street. In a very few minutes, however, the payment of checks began. The directors are still in session, and what is transacted is not not yet known, except Vice President DeCamp's resignation has been accepted, and Louis Krohn has been chosen in his place. Bank Examiner Sanders is at the bank, but says he is too busy to say anything for the benefit of the public. The directors took no other action than to elect Mr. Khrom Vice-President, in place of Mr. DeCamp. President Means, referring to the stoppape of payment, says there was no order for it, and no reason for it, and he did not know there was any suspension. He supposes the story must have arisen from accidental delay at the payer's desk, as no order for suspension was given. 10 P. M. -The Metropolitan National Bank directors passed a resolution after 8 o'clock to-night to suspend. The bank is now in the hands of the government. Vice President J. C. De Camp bas been arrested. It is said that Mr. De Camp has been speculating extensively in Findlay and other "boom" places. The affairs of the bank were at once turned over to the Government Bank Examiner Sanders. The next movement will be the appointment of a receiver.

6. February 7, 1888 Omaha Daily Bee Omaha, NE

Article from Omaha Daily Bee, February 7, 1888

Click image to open full size in new tab

Article Text

THE METROPOLITAN'S TROUBLE. The Directors Meet and Accept VicePresident Camp's Resignation. CINCINNATI, Feb. 6.-The Metropolitan bank directors held a session this morning at 10 o'clock. Pending the meeting the payment of checks was suspended, and a long line of depositors gathered. In a few minutes, however, the payment of checks was resumed. The directors are still in session and what has been transacted is not yet known, except that Vice President De Camp's resignation has been accepted and Louis Krohn has been chosen in his place. Bank Examiner Sanders is at the bank, but says he IS too busy to say anything for the benefit of the public. President Means, referring to the stoppage of payments, says there was no order for it and that he did not know there was any suspension. He supposes the story must have arisen from some accidental delay at the payers' desk, as no order for suspension was given. There was more than the usual demand upon the Metropolitan bank all day, but at the closing hours it was only $10,000 behind. While bankers agree that the Metropolitan is solvent, the recognized fact is that it could not meet every possible demand during the day, so eight of the banks loaned $25.000 each. Other offers were declined. The objection made to Decamp, the retiring vice-president, was that he had been speculating too much in real estate. Later-The Metropolitan National bank directors passed resolutions to-night to suspend. The bank is now in the hands of the government. Vice-President J. R. Decamp has been arrested. At the close of business to day the directors felt confident of pulling through safely. The united banks had given them $200,000 during the day and voted $50,000 more to help them to-morrow. This evening, however, while the directors were in session, a United States deputy marshal stepped in and arrested the late vice president, J. R. DeCamp. The charges against him were certifying to false state ments of the December condition of the bank. This attracted the attention of the united banks and they at once withdrew the proposition to furnish $50,000, and said they would not help the Metropolitan any more. The directors immediately resolved to suspend and go into liquidation. The affairs of the bank were at once turned over to Government Examiner Sanders. # The next step will be the appointment of a receiver. The trouble is traced to the increase of stock from $500,000 to $1,000,000, the issue being to holders of stock at 20 per cent premium, which was utilized as a surplus fund. A large part of this increase was paid for in notes. The placing of stock in various banks gave rise to suspicion, and to sustain its market status the directors were compelled to buy in considerable quantities. The tight money market at the close of the year forced the bank to carry a load that was too heavy and the other troubles grow out of reports as to the speculation of some of the officers. It is said that other arrests will be made.

7. February 7, 1888 Rock Island Daily Argus Rock Island, IL

Article from Rock Island Daily Argus, February 7, 1888

Click image to open full size in new tab

Article Text

ANOTHER CINCINNATI BANK Forced to Suspend Because An Official Was Reckless. CINCINNATI, O., Feb. 7.-There has been trouble in the Metropolitan National bank of this city for some days. Last week Bank Examiner Sanders found that the reserve was much short of what it should be and so reported, the amount of deficit being about $350,000. This was caused by the carelessless of the vice president, John R. DeCamp, who permitted loans to be made on insufficient security. An attempt was made Monday to continue business, but the rush of depositors to draw their funds was too great and business had to be suspended. Later DeCamp was arrested on a charge of misapplication of funds and certifying to false statements. He was bound over in $20,000 bail. Earlier in the day he had been relieved of the bank office. It is believed the bank can pay all its liabilities.

8. February 9, 1888 The Indianapolis Journal Indianapolis, IN

Article from The Indianapolis Journal, February 9, 1888

Click image to open full size in new tab

Article Text

NATIONAL BANKING. The failure of the Metropolitan National Bank in Cincinnati is complete. It is not as bad a failure as that of the Fidelity, and does not present the same criminal features, but it is very bad and will probably wreck reputations as well as fortunes. Mr. William Means, president of the now defunct concern, was elected Mayor of the city in 1881 on the "reform" ticket, has been prominently connected with large local enterprises and was highly esteemed. He was president of the Duckworth Democratic Club, and an ardent supporter of the Queen City Club, an organization of much higher grade. These connections show his local standing. Vice-president De Camp was a good second to the highly esteemed president. Both men have stood above suspicion. Even now they have not lost the respect of the community, and universal sympathy is expressed for them, but they have wrecked the bank. And they have done it in the usual way-by a gross violation of the legitimate principles of banking involving, of course, violation of the national-bank law. Morally, the wreck of the Metropolitan does not present as bad a case as that of the Fidelity, but in respect of violating the principles of banking and the bank law, they are about on a par. Harper gutted the Fidelity to carry on his big wheat deal, while the officers of the Metropolitan swamped it by loaning money to themselves and the directors for real estate speculations. In both cases it was outside speculation that wrecked the bank. It generally works that way. Banking is not speculating. Cautious depositors will always do well to withdraw their money from a bank whose officers engage in any outside operations. The national-bank law contains very stringent provisions on this subject, in regard to making loans to directors, etc. These provisions are wise and should be strictly enforced. No doubt they are often violated without discovery, but never without risk. Most of the bank failures that occur are caused by outside speculations of the officers and large, unsecured loans to directors, one or both. The officers of the Metropolitan are surprised by the failure. Of course they are. Men who speculate with other people's money do not expect to lose, and it is always a painful surprise to them to discover that they have. It is often a still more painful surprise to depositors. But the national-bank law prohibits all such operations, and prescribes a penalty for its violation. The depositors in the Metropolitan will not lose anything, but if the government insists on a rigid enforcement of the law, it will take some very fine work to keep the able officers of the bank out of its clutches. It is not intended to say that they have been guilty of any intentional fraud or criminal misappropriation of funds, but of a plain violation of legitimate banking principles, and at least a technical violation of a very stringent law.

9. February 10, 1888 The Kenosha Telegraph Kenosha, WI

Article from The Kenosha Telegraph, February 10, 1888

Click image to open full size in new tab

Article Text

HELD RESPONSIBLE. President Mean, of the Broken Metro. politan National Bank of Cincinnati, Arrested on a harge of Misappropria ing Funds of the Institution. CINCINNATI, Feb. 8.-Yesterday President Means, of the suspended Metropolitan National Bank, was arrested on a charge of breaking the law in allowing loans to be made to bank officers. There is much sympathy for Mr. Means His position po itically and socially is in his favor. He has ever been a publicspirited citizen and has devoted his energies freely and energetically to the public service. He has held many offices of honor. He has been president of the Duckworth Democratic Club, and more recently was president of the Ohio Democratic Club. He was one of the founders and has always been an ardent supporter of the Queen City Club, a highgrade social club. As mayor of Cincinnati he showed wisdom, and by his contact with the masses in that capacity endeared himself to them. In fact he is almost universally popular. President Means was charged with misappropriating.$224,000 of the bank's funds by loans to himself. He was arraigned before United States Commissioner Dorger and his bond placed at $20,000. Henry Hanna, May Fecheimer, C. M. Holloway and P.E. Roach signed the bond, after which Mr. Means was released. It is believed Cashier C. W. Edward and Directors E. N. Roth and George K. Duckworth of the Metropolitan Bank will be arrested. Bank Examiner Sanders has possession of the bank, which has only about $10,000 in coin in the vault. The bank officials claim about $700,000 assets. President Means says that about 85 cents on the dollar will be paid. He says suspension would not have occurred but for sensational reports of an unreliable afternoon paper. The bank did not open yesterday morning, a placard announcing that the bank is in the hands of the Comptroller of the Currency, acting through Mr. Sanders, the United States National Bank Examiner. All connected with the bank say this would not have happened if the Government had not caused the arrest of the ex-vice-president. The true inwardness of the failure shows as rotten a condition of affairs in the management of the Metropolitan as that characterizing the Fidelity. Months ago, at the time Bank Examiner Powell closed the Fidelity, he was ordered to examine into the affairs of the Metropolitan. He did so, making a hurried examination and pronounced it all right. The cashier states that there remains about $500,000 of the $1,500,000 deposit account. It is thought depositors will be paid in full, while stockholders will be subjected to an assessessment of 10 to 15 per cent. on the par value of their holdings. It is developed that among the directors there was a ring composed of President Means, Vice-President Decamp, and Directors Gerke, Duckworth and Roth. This quartette has invested in all sorts of wildcat schemes, and had loaned the money of the depositors to each other in an extraordinary manner, without any security being given. The amount thus loaned in these investments alone will exceed $600,000. A dispatch from Washington says the Comptroller of the Currency is now considering the question of appointing a receiver to wind up the affairs of the Metropolitan National; that several names have already been suggested to him in that connection, and that an appointment will probably le made in a few days.

10. February 11, 1888 Martinsburg Independent Martinsburg, WV

Article from Martinsburg Independent, February 11, 1888

Click image to open full size in new tab

Article Text

History of the Bank. CINCINNATI, Feb. 7. - The Metropolitan National bank was the outgrowth of the old private banking house of J. F. Larkin & Company. It was organized on January 15, 1881. J. F. Larkin was elected president and J. R. De Camp vice president. The capital stock was $500,000, and the bank was located in a modest apartment on the south side of Third street between Walnut and Vine streets. It is said the bank did a large business until the capital stock was increased. In February, 1882, Hon. William Means was elected president to succeed Larkin. A number of changes also took place in the directory. Of the original board of directors only two, E. N. Roth and J. R. De Camp, were in the bank at the time of the suspension. In July, 1886, the Metropolitan branched out into its new and elegant quarters in the United bank building, at Third and Walnut streets. No bank in the country has more handsome or convenient apartments. The building is very imposing from the outside, while within the work is of the finest description. The interior is of mahogany, while the wood work carving is very artistic. The bank fixtures are of the costliest and most modern patterns, and all the offices are admirably arranged. The vaults of the bank are the best in the west, both as to construction, safety and appearance. The lower vault is burglar-proof, and both vaults can withstand fire or attack of any kind. Both vaults are secured by Yale time-locks, and the bolt works are of the most massive character.

11. February 15, 1888 The True Northerner Paw Paw, MI

Article from The True Northerner, February 15, 1888

Click image to open full size in new tab

Article Text

THE WESTERN STATES. Two MEN were killed and four injured by the burst of a boiler at Barnesville, Ohio. THE Metropolitan National Bank of Cincinnati is a dead concern, and President Means has been arrested. A Cincinnati special says: The developments show that the bank has been in a very bad condition for some time. It was expected that there would be a run on the other banks of the city, but it was unusually quiet in business circles, the failure of the Metropolitan having been looked for a week ago. A sensation was caused by the arrest of William Means, President of the bank. It was known last night that his arrest was contemplated. Mr. Means understanding there was a warrant out for him, appeared at District Attorney Burnet's office shortly after noon and voluntarily gave himself up. It is understood that he is charged with signing the statement of Dec. 10, 1887, sent to the Controller, purporting to be a true statement of the condition of the affairs of the bank. Means is also charged with the misappropriation of $234,288 of the funds of the bank by loans to himself between Jan. 1. 1887, and Feb. 5, 1868. DAKOTA is getting very sensitive about her blizzard reputation. The Yankton Board of Trade is out in a circular reciting the history of the fearful storm of Jan. 12, and claiming that not over two hundred lives were lost in an area of 150,000 square miles, while not more than fifty head of live stock perished. FIRE in Cle Veland damaged J. L. Hudson's clothing store $75,000; insurance, $150,000. As A cable-car train at Kansas City was rounding the top of a steep grade the bar connecting the grip-lever with the cable broke and the cars dashed down the incline and collided with another train at the bottom. The cars were wrecked, three persons being fatally hurt and seven others badly injured. A FAMILY of five personsi Toledo are seriously and perhaps fatally ill of trichinosis from eating diseased pork. A DUBUQUE (Iowa) special says: "Judges Couch, Ney, and Linehan filed decisions in the Circuit Court, Thursday, granting permanent injunction against the proprietors of the five principal saloons in Dubuque. These are the first permanent injunctions granted in Dubuque County, notwithstanding there have been over two hundred cases pending for nearly four years. All of the Judges took the ground that the defendants, having in their answers admitted the sale of wine and beer, and the evidence having shown that they sold whisky. it was clearly the duty of the court, under the decisions of the Supreme Court of Iowa and of the United States, to grant the injunctions. Three of the defendants filed a supersedeas bond and notice of appeal to the Supreme Court. It is not likely that the saloons of the defendants will be closed until their cases are passed upon by the Supreme Court." HART was hanged for murder at Helena, Mout., on Friday. He was born in St. John, N. B., in 1863. Petitions had been presented to the Governor for clemency, but no active effort was made to save the murderer. Hart said that he had made a discovery for prolonging human life, and wanted to live to demonstrate its value. One of the ingredients, he said, was ashes, wh ch he had been eating for four months. MR. PINCKNEY, of Toledo, a well-shoo'er, and Harry Johnson, a workman, were literally blown to pieces by an explosion of nitroglycerine at Bellevue, Ohio.

12. February 16, 1888 The Philipsburg Mail Philipsburg, MT

Article from The Philipsburg Mail, February 16, 1888

Click image to open full size in new tab

Article Text

NEWS. Late Doings Throughout the World. The Latest Happenings in Both Continents in a Condensed Form. Items Taken From the Latest Telegraphic Reports on Subjects of Interest. Severe fighting is reported at Kassala between the Dervishes and Abyssinians. A fire in the heart of Ironton, O., destroyed property valued at over $80,000; insurance $48,000. John L. Sullivan has accepted the offer of Jack Knifton to stand before him for £200 for six rounds. George Miller, catcher, has signed with the Pittsburg club a contract for same salary as Carroll receives, said to be $2,800. Several tons of powder exploded at the Dupont Powder Works, Penn., last week. Four men were killed and many wounded. The House has passed the senate bill authorizing the appointment of Andrew D. White as regent of the Smithsonian Institute. An Arctic owl was captured near Fish Point, Maine, a few days ago and measured about siz feet from tip tip. These are rare birds. The London Post denies the truth of the rumor that negotiations are being made with England to join the FranccRuscian alliance. The Mexican government has granted a subsidy of 31,000 FORM trip to a line of steamers between New York, New Or lears and Yera Cruz The pope has received the vicar-general of the archdioccse of Boston, who brought to his holiness the Peter's pence offering of that archdiocese. The comptroller of the currency has appointed Jamee McConville, of Stubenville, to be receiver of the Metropolitan National bank of Cincinnati. Governor Larrabee, of Iowa. has apsointed A. Howatt, of Clinton. to be district judge, to fill the vacancy caused by the death of Judge Leffingwell. T. D. Sullivan, member of parliament, recently released from an Irish prison, visited Northampton yesterday. He received an enthusiastic reception. At the London wool sales last Friday bidding was very animated, the competition between home and foreign buyers was keen. American buyers did little. The patchwork quilt presented to Jenny Lind by the children of the United States was buried with her remains, in accordance with her oft-expressed desire. The reichstag committee on the antisocialist bill has decided to favor prolonging for two years the operation of the existing law, rejecting the government's amendments. The building of the Ramona Indian girls school. at Santa Fe. N. M., commemorating Helen Hunt Jackson, will cost $30,000, being arranged so as to accommodate 150 pupils. The British bark Glenavon is lost. She eailed from Asteria, Oregon, August 27th, for Liverpool and was spoken October 28th off Falkland Islands by the ship Scottish Wizard. The jury in the suit of Howard Henkel of Cineinnati, against Mrs. Jeanette M. Thurber, for $12,000, for money advanced to Manager Locke, of the American Opera company, have disagreed. Among the cabin passengers on the steamer City of Chicago which sailed yesterday was Mrs. Folsom, mother of Mrs. Cleveland, who went from Washington yesterday and saw her mother off. s The French printers at Quebec are on a strike for nine hours per day and higher wages. They are backed by the t Knights of Labor. Some of the French papers have suspended publication. Between one and two million farmers t in the United States are affected by the decision of the United States supreme court that the drive well patents are illegal on account of the priority of use. In the primary schools of Stockton Cal., the boys in the two lower classes are obliged to learn needlework just the same as the little girls, 80 that hereafter 1 they can make small repairs for themselves. I Prince Lobanoff. the Russian ambassab dor at Vienna. in conversation with FOTV eral diplomats on the Belgarian question M declared that Russia was firmly resolved p neither to initiate steps for another seti tlement by diplomatic means nor to dist cuss the schemes of other powers, if at t ariance with her own policy.

13. February 17, 1888 Alma Record Alma, MI

Article from Alma Record, February 17, 1888

Click image to open full size in new tab

Article Text

The failure of the Metropolitan National bank of Cincinnati, has led to considerable agitation of the subject by pub ic men in Washington. A prominent member of the house says "that enough care is not exercised in the selection of the men whose duty it is to examine and report upon the conditio n of the national tanks of the country. If these men were competent it does not seem possible that they would fail to discover the crooked condition of the banks. In the case of the Metropolitan bank the books show gross violation of the banking laws in the matter of loans advanced to officers of the bank and others. It is my of inion that something should be done by con gress in the way of curing the abuses which have grown up under our pres. ent national banking laws or else failures or consequent ru'n to the hundreds of innocent depositors will be more frequent in the future than they have been in the past."

14. February 19, 1888 Wichita Eagle Wichita, KS

Article from Wichita Eagle, February 19, 1888

Click image to open full size in new tab

Article Text

METROPOLITAN AFFAIRS. CINCINNATE, O., Feb. 18.-Mr. Sa nders government bank examiner, has at last broken silence upon the situation at the Metropolitan National bank. He says, in effect, that the bank was ruined by its own policy of making loans upon insufficient collateral. and he certifies the statement made some time ago in the dispatches, that even if the arrest of Vice- President DeCamp had not been made the bank would have been compelled to suspend, because the telegraphic orders received the day before the suspension were more than enough to have swallowed up Tall the money that could have been obtained from the banks of Cincinnati. The examiner savs that President Means has paid all his indebtedness which was personal, but there is a large claim against him as trustee for money loaned to a syndicate engaged in different enterprises. This has not been settled. Mr. Sanders

15. February 19, 1888 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, February 19, 1888

Click image to open full size in new tab

Article Text

THE SILENCE BROKEN. Examiner Sanders Says the Metropolitan Bank Was Ruined by Its Own Policy. CINCINNATI, Feb. 18.-Mr. Sanders, government bank examiner, has at last broken silence upon the situation at the Metropolitan National bank. He says, in effect, that the bank was ruined by its own policy of making loans upon insufficient collateral, and he verifies the statement made some time ago in these dispatches, that even if the arrest of Vice President Decamp had not been made the bank would have been compelled to suspend because the telegrapic orders received the day before the suspension were more than enough to have swallowed up all the money that could have been obtained from the banks of Cincinnati. The Examiner says that President Means has paid all his indebtedness which was personal, but there is still a large loan against him as trustee for money loaned to a syndicate engaged in different enterprises. This has not been settled. Mr. Sanders does not consent to make a statement of the bank's condition, but does say that the best paper of the bank was given to the Cincinnati banks for the loan made just before the suspension and that, therefore, it cannot now be told how much may be realized for the stockholders. George Gerke has taken up a portion of his paper. E. Nichol is understood to be making arrangements to meet all his indebtedness promptly. All this money is deposited by the receiver in the subtreasury.

16. February 19, 1888 The Indianapolis Journal Indianapolis, IN

Article from The Indianapolis Journal, February 19, 1888

Click image to open full size in new tab

Article Text

The Wrecking of the Metropolitan Bank. CINCINNATI, Feb. 18.-Mr. Sanders, government bank examiner, has at last broken silence upon the situation at the Metropolitan National Bank. He says, in effect, that the bank was ruined by its own policy of making loans upon insufficient collateral, and he verifies the statement made some time ago in these dispatches, that even if the arrest of Vice-president DeCamp had not been made the bank would have been compelled to suspend, because the telegraphic orders received the day before the suspension were more than enough to have swallowed up all the money that could have been obtained from the banks of Cincinnati. The examiner says that President Means has paid all his indebtedness which was personal, but there is still a large claim against him as trustee for money loaned to a syndicate engaged in different enterprises. This has not been settled. Mr. Sanders does not consent to make a statement of the bank's condition, but does say that the best paper of the bank was given to the Cincinnati banks for the loan made just before the suspension, and that therefore it cannot now be told how much may be realized for the stockholders. Mr. George Gerke has taken up a portion of his paper. and Mr. E. N. Roth is understood to be making arrangements to meet all his indebtedness promptly. All this money is deposited by the receiver in the sub-treasury.

17. February 19, 1888 New-York Tribune New York, NY

Article from New-York Tribune, February 19, 1888

Click image to open full size in new tab

Article Text

BAD LOANS BY THEMETROPOLITAN BANK. CINCINNATI. Feb. 18.-Mr. Sanders, Government Bank Examiner, says that the Metropolitan National Bank was ruined by Its policy of making loans upon insufficient collateral, and he verifies the statement made some time ago in these dispatches that even If the arrest of De Camp had not been made the bank would have been compelled to suspend, because the telegraphic orders received the day before the suspension were more than enough to have swallowed up all the money that could have been obtained from the banks of Cincinnati. The examiner says that President Means has paid all his indebtedness which was pers nal. but there is still a large claim against him as trustee for money lent to a syndicate engaged in different enterprises. This has not been settled. Mr. Sanders does not consent to make a statement of the bank's condition, but says that the best paper of the bank was given to the Cincinnati banks for the loan made just before the suspension. and that, therefore, it cannot be told how much may be realIzed for the stockholders. George Gerke has taken up a p rtton of his paper. F. N. Roth is understood to be making arrangements to meet all his Indebtedness promptly. All this money is deposited by the receiver In the Sub-Treasury.

18. March 27, 1888 Springfield Daily Republic Springfield, OH

Article from Springfield Daily Republic, March 27, 1888

Click image to open full size in new tab

Article Text

OHIO NEWS. Items of Interest Gathered From Bus eye Towns. CINCINNATI, March 27.-About one-naff of the claims of the depositors of the suspended Metripolitan National Bank have now been proved, and the other half will be, it is assumed, proved soon. It is stated that there will be no partial dividends declared by the receiver, but that the claims of the depositors will be paid in full. The receiver by April 15 will have enough money on hand to pay all depositors in full.

19. April 17, 1888 The Memphis Appeal Memphis, TN

Article from The Memphis Appeal, April 17, 1888

Click image to open full size in new tab

Article Text

The Metropolitan Bank O. 16. CINCINNATI, O., April 16.-Receiver McConyille, of the Metropolitan National bank, has received the checks upon the assistant United States treasurer to pay all claims of depositors of the Metropolitan National bank whose claims were proved before April 5. Claims are paid in full with interest from the date of the bank's suspension. Each claimant receives a check for the amount of his claim. There are about 400 of these checks, aggregating $330,190. The largest is for $50,000, the smallest for 8 cents. This latter was a balance due on a deposit made by a guardian.

20. May 30, 1888 Watertown Republican Watertown, WI

Article from Watertown Republican, May 30, 1888

Click image to open full size in new tab

Article Text

A Cincinnati Bank Reorganized. The stockholders of the Metropolitan National Bank, of Cincinnati, which, by order of the comptroller of the treasury. has been in the hands of a receiver for several months, met on the 24th. Receiver McConville made his report and turned the bank over to the directors and stockholders. Of the latter forty were represented in person or by proxy. The receiver reported: Good assets, $415,000; doubtful assets, $576,000; worth-

21. December 31, 1888 Evening Capital Annapolis, MD

Article from Evening Capital, December 31, 1888

Click image to open full size in new tab

Article Text

PRICE ONE CENT sea: lost ia Thirteen killed at Flaverhill bridge over the Merrimac on Boston and Maine railroad. 12 Blizzard in the northwest Immense damage done: many frozen to death 17. E C. Walthall re-elected senator from Mississippi. 18. Norwegian bark Freidas sunk in collision with British steamer Toronto off Ireland; 13 drowned. Court Clerk Irion, of Birmingham, Ala., defaulted in $20,000. 19. Hatfield-McCoy row. 22. Fourteen burned to death at Tower, Mipn. 23. Charles O'Brien, cashier, and Elmer E. Morse, bookkeeper, Albany First National bank, defaulted in $200,000. 21. Colliery explosion at Wellington, B. C.:25 killed. 25. United States Senator Wilson, of Iowa, reelected. 25, 25 Great storm on the Atlantic coast. 27. Deficit of $350,000 alleged in the accounts of the late government of Manitoba. FEBRUARY. 1. Twenty two drowned in wreck of the British bark Absacom near mouth of the Columbia river. 5. White Cap outbreak in Indiana 7. Failure of the Metropolitan National bank, Cincinnati, President Means, Cashier Harper and others artested. 8. Murder of Amos J Snell, Chicago. (Tascott case). Henry Reece, cashier Continental hotel, Philadelphia, defaulter in $60,000. 11. James Albert won six-day go-as-you-please walking match New York, breaking world's record. 17 Two Americ . ships ordered to Tangiers, Morrocco, to Lettle row between the sultan and the United States consul. 19 Tornado a Mt. Vernon, Ills. 21 killed. of 2b Twenty-five killed by explosion of boiler steamer in the United States of Colombia. 29. Mackay and Flood quarrel over losses in wheat and dissolve partnership 27. Forty lost by explosion of a ferryboat at Val. lejo, Cal MARCH. 1. International railway connecting Mexican Central with Southern Pacific opened for business. 8. Discovery of graveyard insurance scheme, Charleston, S. C. 4. Erastus J. Jones, ex treasurer of Dauphin county, Pa., defaulter in $61,000. 11. 12,13. Famous blizzard along the Atlantic coast. Great damage done, railroads blocked, many frozen to death, many shipwrecks. 16. Gen. Adam Badeau brought suit against Mrs. Grant for compensation for assistance in preparing Gen. Grant's Memoirs. Settled late in the year. 17. 19 killed on Savannah, Florida and Western railroad, near Blakshear, Ga. 18. Confession by a member of the Missouri Bald Knobbers. 20. State Treasurer Tate, Ky defaulter in $250,000. 22. Blizzard in the northwest. 25. Tornado destroys town of Ninnescab, Kan. 27 Terrible floods in Germany and Hungary: floods in many parts of the United States: many lives lost and much damage done. President Close and Cashier White of the State National bank of Raleigh, N. C., defaulted in $73,000. 29. 30 miners killed by explosion at Rich Hill, Mo. Capt. Pau! Boyton adrift all day in the ice of Lake Michigan. APRIL. 1. Diss Debar Marsh spiritualistic sensation, New York, in full blast. Secretary Bayard expressed dissatisfaction with the conduct of Germany in Samoa. 5. Twelve killed in railroad accident at Newhamp ton, Ohio. 6. Gen George Crook nominated for major general in place of Gen. Terry. Col. John R. Brooks made brigadier general in Crook's place. 13. Failure of the American exchange in London; Henry F. Gillig general manager; liabilities, $4,000,000. 18. Eighteen burned to death at Celaya, Mex., by the burning of a stand for spectators of a bull fight. Senator Stanford's racing stables burned at Palo Alto, Cal. 23. Thos. Tunstall of Mobile, Ala., made United States consul to San Salvador. 24. John H. Murphy, confidential clerk of Dr. Daniel Gray of Holmesburg, Pa., defaulted in $27,000. 27. Gen. Joseph E. Johnston admitted to contributory membership by Gen. E. D. Baker Post, G. A.R. 29 Ship Smyrna sunk in collision with steamer Moto off Isle of Wight. Thirteen drowned. MAY. 1. Assistant Cashier De Baun, of the Park Na tional bank, New York, defaulted in $95,000. 2. Ten thousand dollars stolen from registered letters near Harrisburg, Pa. 3. Fifteen banks failed in Buenos Ayres. 6. Cloud burst near Maize, Kan., causing flood which swept the house and entire family to a watery death. Explosion of a carload of dynamite at Locust Gap, Pa. Eight killed. 12. Train robbery at Aguazarca, A. T. 13. High water along the Missouri and Red rivers. Several lives lost. 18. Methodist general conference created an order of deaconess for charitable work. 22. Rev. John H. Vincent and Rev. James M. Fitzgerald made bishops by the general Methodist conference. 23. Rev. J.C. Joyce made bishop by the general Methodist conference. Randall L. Gibson elected senator from Louisiana. 24. Dr. John T. Newman and Rev. Dr. Goodsell made bishops by the general Methodist conference. Corner stone of the now Roman Catholic university laid at Washington. 25. Rev. J. M. Thoburn elected bishop of India by the general Methodist conference. Exciting discussion of the negro question at the general assembly of the Preshyterian church in Philadelphia. 26. The southern assembly of the Presbyterian church decided against Dr. Woodrow and his evolution theory. 23 Destructive storms throughout the United States. Enormous losses. 29. General assembly of the southern Presby terian church decided against organic union. 30. E. D. White elected senator from Louisiana. JUNE. 3. White Cap outrages in Indiana. 4. Gen. William B. Francklyn named commissioner of the United States to the Paris exposition; Somerville B. Tuck, assistant commissioner. Eighteen killed in a railroad accident near Tampico, Mexico. Eleven burned to death at Rockdale, Tex. 6. E. L. Lichtenstein, Wilmington, Del., defaulted in $33,250. 8. Steam yacht Gleam run down in the Patapace river by steamer Joppa; M. T. Harrison Garrett, of Baltimore, drowned. Rev. Dr. Layton Coleman made Protestant bishop of Delaware 16. Train robbery at Muscogee, L T. 17. Train robbery near Junction City, M.T. 18. Mme. and Gen. Diss Debar sentenced to the penitentiary for six months. 22. Disastrous floods in Mexico. Many hundreds drowned. 21. Holbrook, A. T. nearly destroyed by fire.

22. June 28, 1890 Baxter Springs News Baxter Springs, KS

Article from Baxter Springs News, June 28, 1890

Click image to open full size in new tab

Article Text

THE WEST. THE Park National Bank, of Chicago, has suspended. JOSIAH POTTS and Elizabeth Potts, man and wife, were both hanged together at Elko, Nev., for the murder of Miles Fawcett in January, 1888. Both died protesting their innocence. AN awful tornado visited Illinois on the afternoon of the 20th. In the vicinity of Earlville twenty-five lives were lost. Four were killed at the village of Sublette, south of Dixon. At Cornell much damage wasdone and four persons were fatally injured. THE golden jubilee of St. Navier's Jesuit College at Cincinnati closed on the 22d. At mass all the officiating clergy were graduates of this college. In the evening Archbishop Elder, assisted by visiting priests and bishops, celebrated pontificial mass. THE National Farmers' Alliance and Industrial Union will hold its next annual meeting in St. Louis in December. THE employes in the Union Pacific machine shops along the line from Pocotelo, Idaho, to Portland, Ore., have struck on account of a reduction in their wages. THE town marshal of Haughville, near Indianapolis, Ind., was recently fatally wounded by a turbulent negro. THE indictments against J. M. Means and J. R. De Camp, former officers of the Metropolitan National Bank, of Cincinnati, have been nolled in the United States Court upon motion of the United States district attorney. This ends all criminal proceedings against them growing out of the bank failure. MILLIE ALLMET, aged sixteen, was burned to death near Jeffersonville, Ind., while lighting a fire with coal oil. IT is stated on apparently good authority that thecensus returns show a population for Minneapolis of 210,000 and for St. Paul of 159,000 in round figures. THE entire business part of Cerrillos, N. M., fifty miles north of Albuquerque, was destroyed by fire. Loss, $100,000. FOREST fires are raging near Ward, in Boulder County, Col. Immense damage to forest and ranchmen has been done. The fire is beyond control and several mining properties are threatened with destruction. THE workmen in the stone quarries at Joliet, Ill., have renewed their strike. Four of them were arrested for refusing to disperse when ordered to do so by the sheriff. THE Bank of Hartford, Wis., has suspended. DES MOINES. Iowa, claims a population of 53,000; Dubuque, 40,000; Sioux City, 35,000; Cedar Rapids, 28,600; Davenport and Burlington, 30,000 each, and Marshalltown, 10,000. DETROIT is estimated at 197,000. MILWAUKEE'S population is 235,000. CLEVELAND, o., has 248,000 people. INDIANAPOLIS computes its population at 125,000. Two small boys were drowned in St. Louis bay, West Superior, Wis., while playing recently. THERE were six cases of sunstroke in Chicago on the 24th.