gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
3a571f5c72117986
Response Measures
None
Events (2)
1.January 22, 1904Receivership
Newspaper Excerpt
The insolvency court has appointed the Cleveland Trust company as receiver.
Source
newspapers
2.January 22, 1904Suspension
Cause
Bank Specific Adverse Info
Cause Details
Large defalcation/embezzlement by cashier George A. Rose (~$170,000–$187,000) forced directors to close the bank.
Newspaper Excerpt
The Produce Exchange Banking company closed its doors today. The insolvency court has appointed the Cleveland Trust company as receiver.
Source
newspapers
Newspaper Articles (16)
1.January 22, 1904Rock Island ArgusRock Island, IL
Click image to open full size in new tab
Article Text
Defalcation of $170, 000 Too Much for Bank AT CLEVELAND OHIO Doors are Closed and a Receiver is Appointed. Cleveland. Jan. 22.-The Produce Exchange Banking company closed its doors today. The insolvency court has appointed the Cleveland Trust company as receiver. The assets and liabilities are $1,500,000. Rumors are in circulation that the failure of the bank was caused by a heavy defalcation. It is said an arrest will follow shortly. Statement Given Out. Attorney Andrew Squire, on behalf of the bank. made the following statement this afternoon "There is a defalcation of $170,000, which is more than the paid in capital and surplus combined."
BANK SUSPENDS Cleveland Financial Institution Closes It Doors-Liabilities $1,500,000. Cleveland, Jan. 22.-The Produce Ex change Banking company closed its door to-day. The insolvency court has ap pointed the Cleveland Trust company a receivers. The assets and liabilities 0 the bank are each placed at $1,500,000.
3.January 22, 1904Evening StarWashington, DC
Click image to open full size in new tab
Article Text
CLEVELAND BANK SUSPENDS. Assets and Liabilities Each Placed at $1,500,000. CLEVELAND. January 22.-The Produce Exchange Banking Company. corner Broadway and Central avenue, closed its doors today. The insolvency court has appointed the Cleveland Trust Company as receivers. The assets and llabilities of the bank are each placed at $1,500,000.
4.January 22, 1904The Providence NewsProvidence, RI
Click image to open full size in new tab
Article Text
BANK CLOSES ITS DOORS. Cleveland, O., Jan. 22-The Produce Exchange bank, corner of Broadway and Central avenue, closed Its doors today. The insolvency court has appointed the Cleveland Trust company receiver. The assets and liabilities of the bank are placed at $1,500,000 each.
CLEVELAND BANK FAILS. George A. Rose, Cashier, Defaulter to the Extent of $170,000. CLEVELAND, O., Jan. 23.-The Produce Exchange Banking company, on Broadway and Central avenue, has closed its doors. The insolvency court has appointed the Cleveland Trust company receiver. The assets and liabilities of the bank are each placed at $1,500,000. Attorney Andrew Squire, in behalf of the bank, made the following statement: "George A. Rose, cashier of the bank, is a defaulter to the extent of $170,000." It is said that Rose is now under guard at his home and will be taken before the grand jury today. According to statements of other bank officials, he will plead guilty to the charge of embezzlement.
6.January 23, 1904The Times DispatchRichmond, VA
Click image to open full size in new tab
Article Text
BANK FORCED TO CLOSE UP An Official Defaulted for Large Amount and Voluntarily Confesses. UNDER GUARD AT HIS HOME Directors Try to Make Up Defiiciency, But Find Burden Too Heavy. (By Associated Press.) CLEVELAND, O., Jan. 22.-The Produce Exchange Banking Company, corner. Broadway and Central Avenue, closed its doors to-day. The Insolvency Court has appointed the Cleveland Trust Company as receivers. The assets and liabilities of the bank are each placed at $1,500,000. Attorney Andrew Squire, on behalf of the bank, made the following statement: "There is a defalcation of $170,000, which is more than the paid in capital and surplus combined. The original capital was $200,000, but only $50 per share was paid in. The depositors will be protected fully. The stockholders will have to pay $100,000 more on their capital stock and $200,000 in stockholders' liability. "The directors worked all day trying to make up the deficiency, but the burden was too heavy and they decided to close the bank. "The defaulting official has been speculating in Chicago grain. Ho covered his peculations by manipulation of the bank's loan accounts. Ho voluntarily confessed yesterday.' It is announced that branches of the Produce Exchange Bank at Deflance, Hudson and Bodford, Ohio, will be closed at once au a result of the fallure. An official of the bank is now under guard at his home. He will be taken before the grand jury to-morrow morning and will, according to statements of other bank officials, to-night, plead guilty to the charge of embezzlement. An indictment will be brought against him and the case hurried to trial. There is a great deal of uneasiness among the depositors, many of whom are small merchants, Italians and other nationalities, whowsell fruit and vegetables from door to door and deposited their money in the Produce Exchange Bank. The irregularity has been going on for eight years, it Is said to-night,
7.January 23, 1904The News & ObserverRaleigh, NC
Click image to open full size in new tab
Article Text
Gilt-Edged Thief. (By the Associated Press.) Cleveland, Ohio, Jan. 22.-The Produce Exchange Banking Company , corner Broadway and Central avenue, closed its deors today. The insolvency court has appointed the Cleveland Trust Company as receivers. The assets and liabilities of the bank are each placed at 31,500,000. Attorney Andrew Squire, on behalf of the bank, made the following statement: "There is a defalcation of $170,000 which is more than the paid in capital and surplus combined. The original capital was $200,000 but only $50 per share was paid in. The depositors will be protected fully The stockholders will have to pay $100,-
Bank Becomes Insolvent Cleveland, O., Jan. 22.-The Produce Exchange Banking company, corner Broadway and Central avenue, closed its doors today. The insolvency court has appointed the Cleveland Trust company as receivers. The assets and liabilities of the bank are each placed at $1,500,000.
9.January 23, 1904The Salt Lake HeraldSalt Lake City, UT
Click image to open full size in new tab
Article Text
0ml0 BANK WRECKED Trusted Official Tries His Luck at Stock Gambling With the Usual Result. Cleveland, O., Jan, 22.-The Produce Exchange Banking company, corner Broadway and Central avenue, closed its doors today. The insolvency court has appointed the Cleveland Trust company as receivers. The assets and liabilities of the bank are each placed at $1,500,000. Attorney Andrew Squire, on behalf of the bank, made the following statement this afternoon: "There has been a defalcation to the extent of $170,000. The defalcation is more than the paid-in capital and surplus combined. The original capital was $200,000. but only $50 per share was paid in. The depositors will be protected fully. The stockholders will have to pay in $100,000 more on their capital stock and $200,000 in stockholders' liability. "The directors worked all day trying to make up the deficiency, but the burden was too heavy and they decided to close the bank. "For many years the defaulting official has been speculating in Chicago grain. . He covered his peculations by manipulating the bank's loan account. \He voluntarily confessed yesterday. He will be taken into custody this afternoon. The directors know where he is." It is announced that the branches of the Produce Exchange bank at Defiance, Hudson and Bedford, O., will be closed at once as a result of the failure. An official of the bank is now under guard at his home. He will be taken before the grand jury tomorrow morning, and will, according to statements of other bank officials tonight, plead guilty to the charge of embezzlement. An indictment will be brought against him and the case hurried to trial. There is a great deal of uneasiness among the depositors, many of whom are small merchants, Italians and other nation alities, who sell fruit and vegetables from door to door, and who deposited their money in the Produce Exchange bank. It is said the irregularity has been going on for eight years.
Rose Is In Prison. CLEVELAND, O., Jan. 26.-Cashier George A. Rose, who is under arrest charged with embezzling $187,000 from the Produce Exchange bank, which has closed its doors, is locked up in the county jail awaiting developments in the examination of the bank's affairs by the officials of the Cleveland Trust company, which has been appointed receiver for the failed bank. One of the principal objects in examining the books will be to learn if Rose cannot be charged with a more serious offense than embezzlement, the maximum penalty for which in Ohio is but ten years' imprisonment,
Rose Is In Prison. CLEVELAND, O., Jan. 26.-Cashier George A. Rose, who is under arrest charged with embezzling $187,000 from the Produce Exchange bank, which has closed its doors, is locked up in the county jail awaiting developments in the examination of the bank's affairs by the officials of the Cleveland Trust company, which has been appointed receiver for the failed bank. One of the principal objects in examining the books will be to learn if Rose cannot be onarged with a more serious offense than embezzlement, the maximum penalty for which in Ohio is but ten years' imprisonment.
12.January 29, 1904The Penn's Grove RecordPenns Grove, NJ
Click image to open full size in new tab
Article Text
Cleveland Bank Fails. The Produce Exchange Banking Company, of Cleveland, Ohio, has closed its doors. The insolvency Court has appointed the Cleveland Trust Company receiver. The assets and liabilities of the bank are each placed at $1,500,000.
13.January 29, 1904The Rice Belt JournalWelsh, LA
Click image to open full size in new tab
Article Text
Ohio Bank Closed. Cleveland, Ohio.-The Produce Exchange Banking Company, corner of Broadway and Central avenue, has closed its doors. The insolvency court has appointed the Cleveland Trust Company as receivers. The assets and liabilities are placed at $1,500,000 each.
14.February 3, 1904Evening StarWashington, DC
Click image to open full size in new tab
Article Text
ROSE GETS TEN YEARS. Cashier of Cleveland Bank, Who Embezzled $187,000. CLEVELAND, February 3.-George A. Rose, late cashier of the Produce Exchange Bank, who recently confessed to embezzling $187,000 of the bank's funds, was today sentenced to serve ten years in the-penitentlary by Judge Dissette in criminal court. The sentence was the extreme limit of punishment that could be inflicted under the nio laws for the offense. With good behavior Rose can reduce his imprisonment to six years and four months. When brought into court today Rose was pale and greatly emaciated. Asked If he had anything to say before sentence was pronounced, the prisoner replied: "I am truly sorry for what I have done and am willing to take my punishment." As a result of Rose's peculations the Produce Exchange Bank, of which he was cashier, was thrown into the hands of a receiver and the doors closed. Rose confessed that he had been using the bank's money for eight years in speculation.
15.February 4, 1904New-York TribuneNew York, NY
Click image to open full size in new tab
Article Text
BANK CASHIER GETS TEN YEARS. Cleveland, Feb. 3.-George A. Rose. ex-cashier of the Produce Exchange Bank, who recently confessed to embezzling $187,000 of the bank's funds, was sentenced to-day by Judge Dissette in the Criminal Court to serve ten years in the penitentlary. The sentence was the extreme limit for the offence. With good behavior Rose can reduce his imprisonment to six years and four months. As a result of Rose's speculations, the Produce Exchange Bank was thrown into the hands of a receiver and the doors closed. Rose confessed that he had been using the bank's money for eight years in speculation.
Business Failures Jan. 14-Auburn (Ind.) Farmers' bank. 16-Mt. Ayr (la.) Citizens' bank; $450,000. 22-Cleveland (0.) Produce Exchange bank and branches at Belford, Hudson and Defiance. 23-Elkhart (Ind.) Nat. bank. 30-New York, A. B. Baxter & Co., cotton brokers; $2,000,000. Feb. 2-New Orleans, Kirby Lumber Co. and Houston Oil Co. Clarksburg (W. Va.) Traders' Nat. bank. 9-McGruder (Tex.) Citizens' Nat. bank. 10-New York Equitable Nat. bank Bank of Dunn, N. C. 11-Syracuse (N. Y.) Exchange Nat. bank; $500,000. 15-Pella (Ia.) Savings bank. 28-Opelika (Ala.) bank; $150,000 Tanton (Mass.) bank; $600,000. Mar. 2-Le Sueur (Minn.) bank; $95,000. 11-Garden Grove and Coin (Ia.) banks. 18-Daniel Sully, New York cotton king; $17,000,000. 21-Lonaconing (Md.) Savings bank. 22-Riverside (Cal.) bank....E. O. Miller, banker, Providence, Ia National bank of Holdenville, Ind. T., suspends operaHons. B1-Union Trust, Boston; $1,600,000. Federal Trust, Cleveland; $1,000,000. Apr. 4-Capital Nat. bank, Guthrie, Okla.; $1,033,000.... W. B. Mack, New York.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
