21279. City Bank (Sherman, TX)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 18, 1897
Location
Sherman, Texas (33.636, -96.609)

Metadata

Model
gpt-5-mini
Short Digest
497adb43

Response Measures

None

Description

City Bank of Sherman failed to open on Oct 18, 1897 and directors made a general assignment (voluntary). A petition for a receiver was filed by a stockholder; the bank remained in assignee hands and court later declined to appoint a receiver, indicating the bank did not resume operations. No run is described in the articles. Assets are reported larger than liabilities; closure was via assignment rather than regulatory seizure.

Events (2)

1. October 18, 1897 Receivership
Newspaper Excerpt
A petition for a receiver has been filed by E. C. McLean, a stockholder.
Source
newspapers
2. October 18, 1897 Suspension
Cause
Voluntary Liquidation
Cause Details
Directors closed the bank and made a general assignment; assignee named to settle affairs rather than having a receiver appointed.
Newspaper Excerpt
The City Bank of Sherman failed to open its doors this morning. ... This bank is closed by order of directors. ... decided to make an assignment.
Source
newspapers

Newspaper Articles (11)

Article from The Topeka State Journal, October 19, 1897

Click image to open full size in new tab

Article Text

A SHERMAN BANK FAILS. City Bank Closes and Makes an Assignment. Houston, Texas, Oct. 19.-The City Bank of Sherman failed to open its doors this morning and after a meeting the directors decided to make an asCashier Hall says the signment. bank has assets of four to one of liabilities. He says the bank's indebtedness is $60,000 and assets $200,000. A petition for a receiver has been filed by E. C. McLean, a stockholder. Pearl Stone and Son, of Buffalo, Leon county, filed a deed of trust to protect preferred creditors. Preferred claims are for $65,000, total liabilities about $100,000. Assets larger than the total liabilities.


Article from The Saint Paul Globe, October 19, 1897

Click image to open full size in new tab

Article Text

BANK DOORS CLOSED. A Texas Financial Institution Is in Difficulties. HOUSTON, Tex., Oct. 18.-The City bank, of Sherman, failed to open its doors this morning. Cashier Hall says the bank has assets of four to one of liabilities. He says the bank's indebtedness is $30,000 and assets, $200,000. A petition for a receiver has been filed by E. C. McLean, a stockholder. Pearl-


Article from The Morning News, October 19, 1897

Click image to open full size in new tab

Article Text

FAILURES IN TEXAS. City Bank of Sherman Makes an Assignment. Houston, Tex., Oct. 18.-The City Bank of Sherman failed to open its doors this morning, and after a meeting of the directors decided to make an assignment. Cashier Hall says the bank has assets of 4 to 1 of liabilities. He says the bank's indebtedness is $60,000, and assets $200,000. A petition for a receiver has been filed by E. C. McLean, a stockholder. Pearl Stone & Son of Buffalo, Leon county, filed a deed of trust to protect preferred creditors. Preferences are for $65,000, and total liablities are about $100,000. Assets are larger than the total liabilities. A. Lowenstein of Dallas and Clebourne to-day filed a deed of trust at both places. Preferences, $27,768.


Article from The Houston Daily Post, October 19, 1897

Click image to open full size in new tab

Article Text

TY BANK OF SHERMAN. the Doors and Made a General Assignment. OSITORS WILL BE PAID IN FULL. # lications for Receiver and Settlement Were Made by Stockholders. erman, Texas, October 18.-The City of Sherman did not open its doors for Ineas this morning, but posted the folng: "This bank is closed by order of directors. Assets ample to pay depositin full." directors held a meeting this mornat 2 o'clock and decided to make an sament. A general assignment was we up and filed at 5:30 a. m., and ed Judge J. A. Wolfe as assignee. hier H. L. Hall said the bank has tically been in liquidation for more a year. "We preferred making asment to having a recoiver appointed, action was desired by some of the kholders and which would entail heavy t expenses on depositors. The bank ample means to pay 100 cents on the r to all depositors. In fact, for dollar the bank owes it has $4 worth Liabilities will approximate $60,50 per cent of which is represented by on hand. We have about $150,000 in receivable and about $50,000 in real ta" C. McLean, a stockholder, has filed ication for a receiver to be appointed this bank. Another application has filed by stockholders through their meys to effect a settlement. These will come up before the district tonight. night the cases went over until tomorduring which time the assignment is in statu quo.


Article from The Times, October 19, 1897

Click image to open full size in new tab

Article Text

Receiver for a Bank. HOUSTON, TEX., Oct. 18.-The City Bank of Sherman failed to open its doors this morning, and after a meeting the directors decided to make an assignment. Cashier Hall says the bank has assets of four to one of liabilities. He says the bank's indebtedness is $60,000 and assets $200,000. A petition for a receiver had been filed by E. C. McLean, a stockholder. Pearl Stone & Son, of Buffalo, Leon county, filed a deed of trust to protect preferred creditors. Preferences are for $65,000; total liabilities, about $100,000. Assets larger than the total liabilities. A. Lowenstein, of Dallas and Clebourne, to-day filed a deed of trust at both places. Preferences, $27.768.


Article from The Houston Daily Post, October 20, 1897

Click image to open full size in new tab

Article Text

In Favor of the Receiver. Sherman, Texas, October 19.-A meeting of the stockholders and depositors of the City bank of Sherman was called for this afternoon, at which about 50 per cent of the stockholders and 60 per cent of the depositors were present. At the meeting the prevailing sentiment was for the retention of the assignee and for settling up the affairs of the concern in that way. At this hour (10 p. m.) the cases against the City bank of Sherman, praying for the deposing of Assignee J. A. L. Wolfe and the appointment of a receiver, is in progress, with no prospect of a decision being reached tonight.


Article from The United Opinion, October 22, 1897

Click image to open full size in new tab

Article Text

lawyer named Clark, lately an inmate O soldiers' home at Togus, Me., threw him self in front of an engine because he could not control the drinking habitCanvass of New York voters by The World shows a lead in preferences for the Tammany candidate for mayor of 40 per cent-Great Britain's cabinet decides to maintain the gold standard— Mrs. Langtry's husband is dead-General Booth of the Salvation Army is conducting a campaign in Germany-New York Republicans propose to fight the Seth Low petition on the ground that it bears fraudulent names—-Ezekiel Keefe to was bored death by a bull at Emden, Me-Benjamin Rich, member of football team, was killed during a game at Bellwood, Pa-Wellsboro, Pa., farmer, after winning $260 from bunco operators, drove them off at the point of a gunMail carrier at Charlottesville, Va., has received a check for $10,000 from a wealthy student at the University of Virginia-Nathaniel Mosely, slightly insane, killed G. H. Spencer near Great Barrington, Mass., in a quarrel over the murderer's mother-W. J. Bryan has given Ewing college at Berton, O., a sum of money for a scholarship because his mother was connected with the institution-Meeting to protest against New Orleans board of health on account of its management of yellow fever was a flasco—Lizzie Fleming, a domestic, mentally unbalanced, fractured the skulls of A. C. Dixon and wife at Stamford, Conn., and slightly wounded their daughter with an ax, during a sudden attack of murderous mania-Investigation showed that the falling of the dome in the theater at Cincinnati was due to a rotten framework that had been covered by ornamental plastering-Oklahoma has 300,000 population. TUESDAY, OCT. 19. Scaffold holding 10 men gave way at Watessing, N. J., and the occupants dropped upon electric machinery in motion, only three being seriously hurt -Decomposed body of M. J. Scanlan, Boston liquor dealer, was found in a grove at Murray River, N. S-Insurance on destroyed property at Windsor, N. S., is estimated to approximate $582,000, less than a third of the actual loss sustained by the conflagration-A timber firm near Austin, Pa., lost $200,000 by forest fires—Dr. Bessey, a leading physician of Toronto, was arrested on a charge of causing a widow's death by abortion-A child died after drinking carbolic acid at Fitchburg, Mass., and two other little ones were badly burned while playing with matches— Five members of the Labe family at Waterville, Me., and a visitor were made ill by canned salmon, two of the eaters being in a critical condition-A thousand rifles and 500,000 cartridges were seized on a schooner near Panama, the munitions being designed for use in a revolution at Nicaragua-It is proposed to build a tunnel under the East river to connect Brooklyn and Jersey City-The City bank of Sherman, Tex., has assigned. with liabilities of $50,000 and assets of $200,000-Yale college is to be sued by the town of New Haven for a large amount of taxes-Lord Salisbury is not to resign the British premiership, it is stated officially-The grave of a colored man named Bennett was opened at Millburn, N. J., and upper part of the body carried away-George Clark was held up by highwaymen and robbed of $17 Woburn, Mass-The worsted operatives in Rhode Island are to have their wages advanced-F. E. Argerer, bookkeeper for the Lilly Brackett company, is accused of taking $900 of the corporation's money-Arthur Bourassa of Fall River, Mass., 18 years old, was drowned by the capsizing of a boat-Two alleged incendiaries were lynched at Somerville, Ga-It is reported in Washington that Thomas F. Bayard will become the eastern representative of London capitalists at a salary equal to that of the president of the United States. WEDNESDAY, OCT. 20. Woman's suffrage was defeated in New Jersey by a majority of 10,059, while the voters approved of the antigambling act-Factory of the Bethel (Conn.) Hat Forming company, valued


Article from Macon Beacon, October 23, 1897

Click image to open full size in new tab

Article Text

CONDENSED TELEGRAMS. THE Lexington Hotel Building Com. pany of Chicago, Ill., made an assignment on the 18th. Assets are $1,076,000 and liabilities $690,794. THE City Bank of Sherman, Texas, failed to open its doors on the 18th, and after a meeting of the directors decided to make an assignmet. THE treasury statement on the 18th shows: Available cash balance, $210,428,378; gold reserve, $150,806,678. THE coal strike in the Pomeroy Bend (Ohio) was settled on the 18th at $2.12 per 100 bushels. CHARLES A. DANA, editor of the New York Sun, died at his home in Glencove, Long Island, on the 17th. THE Fall River (Mass.) cloth market took another tumble on the 16th and reached the lowest point in the history of the market, a small sale being made at 23c. THE feat of replacing an iron bridge span 242 feet long,25 feet wide and 30 feet in depth with one of the same dimensions of steel was accomplished at Philadelphia, Pa., on the 17th, in two minutes and thirty-two seconds. In this space of time nearly 1,700 tons of iron and steel were a distance of twenty-five feet. HISTORIC Windsor, one of the most beautiful towns in Nova Scotia, was devastated by fire on the 17th. The loss is estimated at $3,000,000. A MAN named Cole killed a constable at Wilmot, Ark., and a mob is reported to have killed Cole. DURRANT, the alleged San Francisco murderer, is said to be breaking down. NAT LEE, a prominent business man, city recorder and book-keeper for the Mellroy Banking Comgany, of Fayetteville, Ark. committed suicide on the 15th. DOUGLAS BOLTE, a negro leader, was lynched at a small settlement on Bayou Barataria, La., on the 15th. His offense was running a quarantine gantlet. THE city of Durham, N. C., was visited on the 15th by the most destructive fire in its history. Seven four-story wooden prize houses, filled with tobacco, and eight dwellings were destroyed. The total loss is $250,000, with $200,000 insurance. THE Pullman Car Company paid out $2,800,000 in dividends last year. THE Cuban insurgents give no sign of acceding to the autonomy proposition submitted by Sagasta and his associates.


Article from The Houston Daily Post, October 24, 1897

Click image to open full size in new tab

Article Text

CITY BANK AFFAIRS. CASE STILL IN THE GRAYSON COUNTY DISTRICT COURT. Each Side Is Endeavoring to Establish the Fact That the Other Is Wholly Responsible. Sherman, Texas, October 22.-The fight over the settlement of the affairs of the defunct City Bank of Sherman is still being waged in the district court, and with it increases the interest of the general pub11c. There has already been considerable testimony of a sensational character produced, and more is expected to follow. All testimony so far tended toward bringing to light the inner workings of the bank. The side contending for the appointment of a receiver are endeavoring to saddle the responsibility of bad debts and loans made on inadequate security on the bank officials. On the other hand, those favoring the retention of the assignee are trying to establish the fact that the demise of the bank was caused by culpable negligence and gross lack of supervision on the part of those now asking for a receiver. Strong points are being scored by both sides, and the affair is made more entertaining by an occasional spirited "dab" passed between the attorneys: The court today appointed as an expert committee to investigate the affairs of the bank C. E. Craycroft of Sherman, Professor T. Lahoche of Sherman and W. G. McGinnin of Denison, all of whom are expert accountants, Messrs. Craycroft and McGinnis for many years having been in the banking business. and Professor Lahache is acknowledged to be one of North Texas' shrewdest accountants. This committee will at once take up their work of investigation and prepare a report for the court.


Article from The Houston Daily Post, November 5, 1897

Click image to open full size in new tab

Article Text

BUSINESS MATTERS. Arguing Sherman Hank Case. Sherman, Texas, November 3.-Somewhat more than three weeks ago the City Bank of Sherman closed its doors under a general assignment, naming Judge J. A. L. Wolfe as assignee, who immediately qualified and took charge of its affairs. Since the date of the assignment an application for a receiver for the defunct bank has been before the district court, and only last evening was the examination of witnesses completed. The examination of some of the witnesses tended toward bringing out an occasional sensation. In every instance it was the endeavor of applicants to develop facts showing that the bank came to its downfall through sheer mismanagement and bad judgment. On the other hand the bank's attorneys tried to break down the plaintiff's testimony or rebut it with testimony showing that the bank was compelled to close its doors on account of certain heavy debtors and that these debtors were the Instigators of the perition for a receiver. Tonight at 7 o'clock the attorneys for the receivership opened the argument. E. C. McClean made the opening speech. If the arguments are as elaborate as the examinations were lengthy and critical the case may drag along for several days without a decision.


Article from The Houston Daily Post, November 30, 1897

Click image to open full size in new tab

Article Text

CITY BANK CASE. I Decision of Judge Blins, Refusing to Appoint a Receiver. Sherman, Texas, November 39.-Today Judge John A. Bliss rendered his decision in the City back assignee receivership case, refusing to appoint a receiver for the bank. The declaion is quite a lengthy instrument and covers completely every detail of the case, which consumed a period