17422. First National Bank (Conneaut, OH)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
3492
Charter Number
3492
Start Date
December 19, 1904
Location
Conneaut, Ohio (41.948, -80.554)

Metadata

Model
gpt-5-mini
Short Digest
204b6cf2

Response Measures

Full suspension, Books examined

Other: Receiver appointed and cashier made an assignment; subsequent assignment of assets and appointment of receiver indicate permanent closure/receivership.

Receivership Details

Depositor recovery rate
39.0%
Date receivership started
1904-12-20
Date receivership terminated
1909-09-30
OCC cause of failure
Fraud
Share of assets assessed as good
23.5%
Share of assets assessed as doubtful
59.6%
Share of assets assessed as worthless
16.9%

Description

Multiple contemporary dispatches (Dec 20, 1904) report a run that began after the Chadwick exposure, the bank closed and did not open Dec 20; National Bank Examiner L. L. Miller was appointed receiver. Subsequent reporting shows assignment of cashier's assets and fallout (company failure). No evidence the bank reopened.

Events (5)

1. April 27, 1886 Chartered
Source
historical_nic
2. December 19, 1904 Run
Cause
Rumor Or Misinformation
Cause Details
Depositors withdrew funds following unrest caused by the 'Chadwick' exposure; officials say the bank held no Chadwick paper but panic/unrest led to heavy withdrawals.
Newspaper Excerpt
Ever since the exposure of the Chadwick matter our depositors have been withdrawing their funds... On Saturday $50,000 was withdrawn. On Monday practically all the remaining cash on hand was taken out.
Source
newspapers
3. December 20, 1904 Receivership
Source
historical_nic
4. December 20, 1904 Receivership
Newspaper Excerpt
National Bank Examiner L. L. Miller has been appointed receiver for the First National Bank of Conneaut, Ohio.
Source
newspapers
5. December 20, 1904 Suspension
Cause
Rumor Or Misinformation
Cause Details
Suspension followed runs triggered by depositor unrest over the Chadwick exposures; officials asserted solvency but suspended operations and did not open Dec 20.
Newspaper Excerpt
The First National Bank of Conneaut, Ohio, closed its doors last night on account of a run which occurred yesterday... did not open their doors for business today. The suspension resulted from runs on both concerns during the past few days.
Source
newspapers

Newspaper Articles (18)

Article from Santa Fe New Mexican, December 20, 1904

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Article Text

TWO MORE OHIO BANKS SUSPEND Institutions Forced to Quit Business on Account of Run-Receiver Appointed. Washington, D. C., Dec. 20.-The Comptroller of Currency has been advised that the First National Bank of Conneaut, Ohio, closed its doors last night on account of a run which occurred yesterday, and National Bank Examiner Miller has been appointed receiver. Banks Are Solvent. Conneaut, Ohio, Dec. 20.-The First National Bank of Connaut and the Marine Bank of Connaut Harbor, did not open their doors for business today. The suspension resulted from runs on both concerns during the past few days. The officials claim theh concerns are entirely solvent and declare that business will be resumed again in a short time. Held No Chadwick Paper. Cashier Lilley, of the First National Bank made the following statement: "Ever since the exposure of the Chadwick matter our depositors have been withdrawing their funds. We do not hold any Chadwick paper, but there is a general feeling of unrest. The money has been taken out gradually but on Saturday $50,000 was withdrawn. On Monday practically all the remaining cash on hand was taken out."


Article from Evening Times-Republican, December 20, 1904

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Article Text

AN OHIO BANK CLOSED First National of Conneaut and Marine Bank of Conneaut Harbor Closed Their Doors Today on Account of Run-Claim to be Solvent. Conneaut, O., Dec. 20.-The First National bank of Conneaut and the Marine bank of Conneaut Harbor did not open their doors for business today. The suspension resulted from runs on both concerns during. the past few days. The officials claim that the concerns are entirely solvent and declare business will be resumed again in a short time. Cashier Lilley, of the First National bank, today said: "Ever since the exposure of the Chadwick matter our depositors have been withdrawing their funds. We do not hold any Chadwick papers, but there was a general feeling of unrest. Washington, Dec. 20.-The comptroller of the currency has been advised that the First National Bank of Conneaut, O., closed its doors last night on account of a run which occurred yesterday.


Article from Las Vegas Daily Optic, December 20, 1904

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Article Text

Ohio Banks Close Doors WASHINGTON, Dec. 20.-The comptroller of the currency has been advised that the First National ba of Conneaut, Ohio. closed its doors last night on account of a run which occurred yesterday, and I tional Bank Examiner Miller has been appointed receiver. Two Suspend. CONNEAUT, Ohio, Dec. 20.-TI First National bank of Conneaut, and the Marine bank of Conneaut Harbor did not open their doors for business today. The suspensions resulted from runs on both concerns during the few days past. Officials claim the concerns are entirely colvent and declare that business will be lesumed again in a short time, Statement Issued. CONNEAUT, Ohio, Dec. 20.-Cashfer Lilley of the First National bank, which closed its doors here today, made the following statement: "Ever since the exposure of the Chadwick matter our depositors have been withdrawing their funds. We do not hold any Chadwick paper, but there Is a general feeling of unrest. The money has been taken out gradually, but on Saturday $50,000 V withdrawn. On Monday practically all the remaining cash on hand was taken out."


Article from The Roswell Daily Record, December 20, 1904

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Article Text

BANK FAILURE. Closed its Doors on Account of a Run Which Occurred Yesterday. Washington, D. C., Dec. 20.-The Comptroller of the Currency has been advised that the First National Bank of Conneaut, Ohio, closed its doors last night on account of a run which occurred yesterday. National Bank Examiner Miller has been appointed receiver. Conneaut, O., Dec. 20.-The First National Bank of Conneaut and the Marine Bank of Conneaut Harbor did not open their doors for business today. The suspension resulted from rns on both concerns during the past few days. The officials claim the concerns are entirely solvent and de clare that business will be resumed again in a short time. Cashier Lilley of the First National Bank made the following statement: "Ever since the exposure of the Chad wick operations our depositors have been withdrawing their funds. We do not hold any Chadwick paper, but there is a general feeling of unrest. The money has been taken out gradually, but on Sunday $50,000 was with drawn. On Monday practically all the remaining cash on hand was taken out."


Article from Waterbury Evening Democrat, December 20, 1904

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Article Text

BANK CLOSES. Run-LiabiliCaused By ties and Resources are Equal. Washington, Dec. 20-The comptroll ler of the currency has been advised that the First National bank, Con neaut, O., closed its doors last night on account of a run which occurred yesterday, and National Bank Examiner L. L. Miller has been appointed receiver. The following is a statement of the resources and liabilities of the bank as shown by its report of condition to the comptroller, dated November 10. 1904: Resuorces: Loans and discounts $225,211; overdrafts, $3,470; United States bonds, $12,500; bonds, securities, etc, $21,109; real estate owned, $9,567; due from banks, $11,554; cash and cash items, $17,136; total $300,549. Liabilities: Capital $50,000; surplus and undivided profits, $10,407; circula tion. $12,500; due to banks, $6:355; deposits, $212,286; notes and bills dis counted, $9,000; total $300,549.


Article from Evening Star, December 20, 1904

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Article Text

Latest Report of Condition. The controller of the currency has been advised that the First National Bank, Conneaut, Ohio, closed its doors last night on account of a run which occurred yesterday, and National Bank Examiner L. L. Miller has been appointed receiver. The following is a statement of the resources and liabilities of the bank as shown by its last report of conditions to the controller, dated November 10. 1904: Resources-Loans and discounts, $225,211; overdrafts, $3,470; United States bonds. $12,500; bonds, securities, etc., $21,109; real estate owned, $9,567; due from banks, $11;554: cash and cash items, $17,136. Total, $300,549. Liabilities-Capital $50,000; surplus and undivided profits, $10,407: circulation, $12,500; due to banks, $6,355; deposits, $212.288; notes and bills rediscounted, $9,000. Total, $300,549.


Article from Alexandria Gazette, December 20, 1904

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Article Text

Bank Closed, Conneaut, Ohio., Dec. 20.-The First National Bank here and the Marine Bank at Conneaut Harbor have closed their doors. A long line of depositors were at the former bank this morning at the time for opening. The directors, after an all night session, announced that the bank would not open. They say business will be resumed in one week Cashier O. C. Lillie made a statement this morning, in which he said there had been a run on the bank ever since the exposure of the Chadwick affair. National Bank Examiner L L. Miller has been appointed receiver. The resources and liabilities of the bank as shown by its last report of condition to the Comptroller, dated Nov. 10, were $300,549,37.


Article from The Minneapolis Journal, December 20, 1904

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Article Text

TWO OHIO BANKS SHUT BY CHADWICK SCARE Conneaut, Ohio, Dec. 20.-The First National Bank of Conneaut and the Marine Bank of Conneaut Harbor did not open their doors for business today. The suspension resulted from runs on both concerns. Officials declare the concerns are entirely solvent and that business will be resumed in a short time. The two banks are closely affiliated. Cashier Lilley made the following statement today: "Ever since the exposure of the Chadwick matter, our depositors have been withdrawing their funds. We do not hold any Chadwick paper, but there was a general feeling of unrest. The money has been taken out gradually, but on Saturday $50,000 was withdrawn. On Monday practically all the remaining cash on hand was taken out."


Article from The Guthrie Daily Leader, December 20, 1904

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Article Text

TWO BANKS CLOSED [By Associated Press.] Conneaut, Onio, Dec 20-The First National bank of Conneaut and the Marine bank of Conneaut Harbor did not open their doors today. The suspensions resulted from runs of the past few days


Article from The Washington Times, December 20, 1904

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Article Text

Chadwick Affair Causes Two Banks to Close Up Unjustified Suspicion Leads Depositors to Withdraw Funds-Marine Bank at Conneaut Succumbs With Parent Institution. CONNEAUT, Ohio, Dec. 20.-The First and this made closing necessary, although the affairs are in excellent conNational Bank here and the Marine dition, according to Cashier W. W. Bank at Conneaut Harbor have closed Grant. their doors. A long line of depositors were at the C. M. Traver is president of the naformer bank this morning at the time tional bank and prominent citizens are for opening. The directors, after an in the directorate. The capitalization is all-night session, announced that the $50,000, and that of the Marine Bank is $25,000. bank would not open. They say busiA dispatch from Cleveland says Mrs. ness will be resumed in one week. Chadwick is willing to appear before Cashier O. C.' Lillie made a statement Justice Remington today if the doctors this morning. say she is able. She says she is feeling much better. "Ever since the exposure of the ChadShe will be asked to tell about the wick matter," he said, "our depositors jewels and valuables she is reported to have been withdrawing their funds. We have. do not hold any Chadwick paper, but there was a general feeling of unrest. Comptroller of the Currency has been The money has Jeen taken out gradadvised that the First National Bank of ually, but on Saturday $50,000 was withConneaut, Ohio, closed its doors last drawn. On Monday practically all the night, on account of a run which ocremaining cash on hand was taken." curred yesterday. National Bank ExOne Branch of Other. aminer L. L. Miller has been appointed receiver. Lillie is the president of the Marine The resources and liabilities of the Bank, which is an outgrowth of the bank as shown by its last report of conFirst National. Much of its available dition to the Comptroller, dated November 10. were $300,549.37. funds are in the First National Bank


Article from Evening Star, December 21, 1904

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Conneaut Bank Official Assigned. CONNEAUT, Ohio, December 21.-0. C. Lillie, cashier of the closed First National Bank of this city and president and owner of the Marine Savings Bank, at Conneaut Harbor, which is also closed, has made an assignment. It was stated yesterday that both banks would be able to open within a week or ten days, but the assignment of Mr. Lillie puts a new aspect upon the whole affair. No statement of Mr. Lillie's assets or liabilities is given out. W. W. Grant, cashier of the Marine Savings Bank, and Archibald Fraser, assistant cashier, have been named as assignees to take charge of the financial affairs of O. C. Lillie, the president of the Marine Savings Bank and cashier of the First National Bank, which closed yesterday. Their joint bond in the sum of $30,000 was executed today. Mr. Grant stated today that Mr. Lillie's assignment would in no way affect or injure the prospect of the Marine Savings Bank, which, he says, is really solvent, and which will be able to pay dollar for dollar. Bank Inspector L. L. Miller has arrived here and taken charge of the affairs of the First National Bank as receiver.


Article from The Salt Lake Herald, December 21, 1904

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OHIO BANKS SUSPEND Since the Chadwick Exposure Depositors Generally Feel Insecure. Conneaut, O., Dec. 20.-The First National bank of Conneaut and the Marine bank of Conneaut harbor did not open their doors for business today. The suspensions resulted from runs on both concerns during the past few days. Officials claim the concerns are entirely insolvent and declare that business will be resumed again in a short time. The two banks are closely affiliated. O. €. Lilley, the cashier of the First National bank. being the president of the Marine bank of Conneaut harbor. Cashier Lilley made the following statement on behalf of the First National bank: "Ever since the exposure of the Chadwick matter our depositors have been withdrawing their funds. We do not hold any Chadwick paper. but there was a general feeling of unrest. The money has been taken out gradually. but on Saturday $500,000 was withdrawn. On Monday practically all the remaining cash on hand was taken out. Washington, Dec. 20.-The last report of the condition of the First National bank of the comptroller, dated Nov. 10, 1904. shows: Liabilities and resources, $350,549; deposits, $212,286; capital, $50,000.


Article from The Daily Morning Journal and Courier, December 21, 1904

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TWO OHIO BANKS CLOSE. RUNS CAUSED ON ACCOUNT OF CHADWICK EXPOSURES. Institutions in Conneaut Affected-DeDeclared to be Solvent and to Hold No Chadwick Paper. Conneaut, O., Dec. 20.-The First Na. tional bank of Conneaut, and the Marine bank of Conneaut harbor, did not open their doors for business to-day. The suspension resulted from runs on both concerns during the last few days. Officials claim that the concerns are entirely solvent, and assert that business will be resumed again in a short time. The two banks are closely affiliated, O. C. Lilley, the cashier of the First National, being the president of the Marine bank of Conneaut harbor. Cashier Lilley made the following statement to-day on behalf of the First National bank: "Ever since the exposure of the Chadwick matter, our depositors have been withdrawing their funds. We do not hold any Chadwick paper, but there was a general feeling of unrest. The money has been taken out gradually, but on Saturday $50,000 was withdrawn. On Monday practically all the remaining cash on hand was taken."


Article from Evening Star, December 22, 1904

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PIANO COMPANY FAILS. Sequel to Bank Failure Through Chadwick Deals. CONNEAUT, Ohio, December 22-The C. M. Traver Piano Company made an assignment today. The assets and liabilities have not yet been made public. The failure resulted from the closing of the First National Bank, C. M. Traver being president of both the bank and the piano company. President Traver and Cashier O. C. Lillie have turned over all their property to the receiver for the bank.


Article from Evening Times-Republican, December 22, 1904

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TRAVER PIANO COMPANY FAILS. Closing of Bank of Which Traver Was President Was the Cause. Conneaut, Ohio, Dec. 22.-The C. M. Traver Piano Co., assigned today. The failure resulted from closing the First National Bank, C. M. Traver being president of both the bank and Piano Co.


Article from The Mitchell Capital, December 23, 1904

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TWO OHIO BANKS FORCED TO CLOSE Depositors Had Been Withdrawing Cash Since Chadwick Revelations. IT MADE PEOPLE NERVOUS Officials Say the Concerns Had No Chadwick Paper and Are Perfectly Solvent and Will Soon Resume Business. Conneaut, O., Dec. 22.-The First National bank of Conneaut and the Marine bank of Conneaut Harbor did not open their doors for business today. The suspension resulted from runs on both concerns during the past few days, The officials claim the concerns are entirely solvent and declare that business will be resumed again in a short time. Cashier Lilley of the First National bank said today: "Ever since the exposure of the Chadwick matter our depositors have been withdrawing their funds. We do not hold any Chadwick paper, but there was a general feeling or unrest." Washington, Dec. 22 - The comptroller of the currency has been advised that the First National bank of Conneaut. Displosed its doors last night on account of a run which occurred yesterday.


Article from The L'anse Sentinel, December 31, 1904

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паад DELL aSranug ' TAT from Bright's disease and heart trouble for some time. George L. Shoup, former United States senator from Idaho, died at his home in Boise, Idaho, in his sixty-eighth year. Mrs. William Gladden shot and killed her husband at their home at Requa gulch, south of Cripple Creek, Col. She ays that he abused and beat her. Receipts of the Britt-Nelson glove contest amounted to $26,900. of which Britt received $8.877 and Nelson $5,918. The postmaster general removed more mail carriers for interference politics and legislation. Republican leaders conferred on the proposed railway rate bill and assured President Roosevelt congress will during the present session. All traffic in London was tied up and Christmas shoppers inconvenienced by a dense fog. The Illinois state board of equalization made a cut of $2,000,000 the in assessed valuation of all property in the state. After a lingering illness of three years due to infirmities of old age, Rt. Rev. Richard Phelan, bishop of Pittsburg diocese, of the Roman Catholic church, died at Pittsburg, Pa., aged 76 years. Two trainmen were killed and one was badly scalded in a collision between freight trains on the Rochester & Pitts burg road, near West Falls, N. Y. The John Thompson & Son agricultural machine works and gasoline engine factory at Beloit, Wis., was stroyed by fire, causing a loss of $100,000 The official report shows that during the world's fair at St. Louis the total admissions were 19,694,855. of these 12,804,616 were paid. The free admissions amounted to 6,890,239. Seven were killed in the disaster Minneapolis, Minn., when the wall of the Peck building crushed the Crocker hotel. Senator Fairbanks has decided to forward his resignation to the governor of Indiana January 9. the date of the meeting of the legislature, to take effect March 4, next, when he will be inaugurated vice president. Four men were killed and their bodies terribly mangled as the result of a boiler explosion at the sawmill of B. F. Redline near Rohrsburg, Pa. James P. Eagle died at Little Rock, Ark., after an illness of three weeks. He was governor of Arkansas from 1889 to 1893 A disastrous storm which suddenly burst on the northern coast of Portugal has caused great loss of life. From ports already received 37 persons have perished. President Roosevelt has accepted invitation to deliver an address at the Lincoln day dinner to be given by the Republican club, of New York, on the 13th of next February. The Minnesota board of pardons has granted a pardon to Col. Ames, brother of former Mayor Ames, of Minneapolis, nd who was Mayor Ames' chief of police. He was convicted of graft in connection with the Ames administration. The First national bank, of Conneaut, O., and the Marine bank, of Conneaut Harbor, have suspended. The suspension resulted from runs on both concerns owing to the panic caused by the Chadwick affair. The protestants in the Smoot inquiry rested their case. The hearing was postponed until January 10, when the deense will present evidence. Many Europeans flocking to America how are paupers and unfit for citizenship, according to Mr. Sargent, commissioner of immigration. Frederick Hall White, a Harvard footall player. has taken possession of a ortune of $3,000,000 inherited from his nother. The government has adopted a standrd showing the chemical requirements n foods and liquors, and this is to be ised in prosecutions. Judge Wilkinson. at Brookhaven, Miss., sentenced one whitecap for life nd five to 50 years each. He proposes


Article from The Southern Sentinel, January 19, 1905

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seq wisen? Jun state $1 = Anthony J. Drexel's fine steam yacht, paying $650,000. The Wade Park bank, of Cleveland, O., pus of Refunides HI which jo treasurer, together with two branches, has been taken over by the Cleveland Trust company, which will conduct the business of the three institutions. W. C. Matthews, the negro football and baseball player, has been elected one of Harvard's senior class day officers. James R. Garfield, commissioner of corporations, in his first annual report, made to President Roosevelt, recommends compulsory regulation of corporations under a federal license or franchise. Admiral Sir Frasmus Ommanney, the "father of the British navy," died at Portsmouth, England, after a lengthy illness. He was the last survivor of the battle of Navarino, fought in 1827, which resulted in the destruction of the Turkfreeth us! George L. Shoup, former United States senator from Idaho, died at his home in Boise, Idaho, in his sixty-eighth year. The Metropolitan clubhouse, the home of the most fashionable club in Washington, was gutted by fire, involving an estimated loss of from $60,000 to $100,000. Mrs. William Gladden shot and killed her husband at their home at Requa gulch, south of Cripple Creek, Col. She says that he abused and beat her. The bodies of John C. Kenyon, William Lillyblade and William Emmermon have been taken from the Crocker hotel ruins in Minneapolis, Minn. Receipts of the Britt-Nelson glove contest amounted to $26,900, of which Britt received $8,877 and Nelson $5,918. The postmaster general removed two more mail carriers for interference in politics and legislation. Republican leaders conferred on the proposed railway rate bill and assured President Roosevelt congress will act during the present session. pus dn the SEM иорпот up traff IIV Christmas shoppers inconvenienced by a dense fog. The Illinois state board of equalization made a cut of $2,000,000 the in assessed valuation of all property in the state. City Clerk Edward M. Schuengel, of Milwaukee, Wis., aged 47 years, died suddenly. Mr. Schuengel had been suffering from Bright's disease and heart trouble for some time. After a lingering illness of three years, due to infirmities of old age, Rt. Rev. Richard Phelan, bishop of Pittsburg diocese, of the Roman Catholic church, died at Pittsburg, Pa., aged 76 years. The official report shows that during the world's fair at St. Louis the total admissions were 19,694,855, of these 12,804,616 were paid. The free admissions amounted to 6,890,239. Two trainmen were killed and one was badly scalded in a collision between freight trains on the Rochester & Pittsburg road, near West Falls, N. Y. The John Thompson & Son agricultural machine works and gasoline engine factory at Beloit, Wis., was destroyed by fire, causing a loss of $100,000. Seven were killed in the disaster at Minneapolis, Minn., when the wall of the Peck building crushed the Crocker hotel. Senator Fairbanks has decided to forward his resignation to the governor o Indiana January 9, the date of the meeting of the legislature, to take effect March 4, next, when he will be inaugurated vice president. Four men were killed and their bodies terribly mangled as the result of boiler explosion at the sawmill of B. F. Redline near Rohrsburg, Pa. James P. Eagle died at Little Rock. Ark., after an illness of three weeks. He was governor of Arkansas from 1889 to 1893. A disastrous storm which suddenly burst on the northern coast of Portugal has caused great less of life. From reports already received 37 persons have perished. President Roosevelt has accepted an invitation to deliver an address at the Lincoln day dinner to be given by the Republican club, of New York, on the February ixan jo 1334 The Minnesota board of pardons has granted a pardon to Col. Ames, brother of former Mayor Ames, of Minneapolis, and who was Mayor Ames' chief of police. concertion up graft JO contricted SUM H with the Ames administration. The First national bank, of Conneaut. O., and the Marine bank, of Conneaut Harbor, have suspended. The suspen sion resulted from runs on both concerns owing to the panie caused by the Chadwick affair. The protestants in the Smoot inquiry rested their case. The hearing was post. poned until January 10, when the defense will present evidence. Many Europeans flocking to America now are paupers and unfit for citizenship, according to Mr. Sargent, commissioner of immigration. Frederick Hall White, a Harvard football player. has taken possession of a fortune of $3,000,000 inherited from his mother. The government has adopted a stand.