gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
246b12a1deb61196
Response Measures
None
Description
Bank entered voluntary liquidation in July/August 1899 and a temporary receiver was appointed in December 1899.
Events (5)
1.March 1, 1893Chartered
Source
historical_nic
2.July 31, 1899Suspension
Cause
Voluntary Liquidation
Cause Details
Stockholders decided bank should retire from the field; ceased doing business and went into voluntary liquidation.
Newspaper Excerpt
In accordance with the recent decision of its stockholders, the Franklin National Bank... yesterday afternoon ceased doing business and went into voluntary liquidation.
Source
newspapers
3.August 1, 1899Voluntary Liquidation
Source
historical_nic
4.December 19, 1899Other
Newspaper Excerpt
A temporary receiver has been appointed to take charge of the Franklin National bank until the annual meeting, which takes place in a few weeks.
Source
newspapers
5.December 19, 1899Receivership
Newspaper Excerpt
A temporary receiver has been appointed to take charge of the Franklin National bank until the annual meeting.
Source
newspapers
Newspaper Articles (11)
1.August 1, 1899New-York TribuneNew York, NY
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Article Text
FRANKLIN BANK QUITS. THE INSTITUTION GOES INTO VOLUNTARY LIQUIDATION. In accordance with the recent decision of its stockholders, the Franklin National Bank, at Dey and Greenwich sts., yesterday afternoon ceased doing business and went into voluntary liquidation. The affairs of the institution are to be wound up under the supervision of a committee consisting of President Charles F. James, Philip Carpenter and William James, representing the directors, and Henry Hall and F. C. Kohler, acting for the stockholders, and President James and Cashier Van de Venter are to have direct charge of the liquidating. There is a good deal of paper outstanding, and in arranging for the payment of these obligations a fair amount of time will be allowed the debtors. Some of the outstanding loans, made before Colonel James became president, may have to be compromised, It is understood. A good many of the bank's accounts have already been removed to neighboring institutions, and the remaining customers have been asked to withdraw their deposits. There are more banks in the neighborhood than the business there can profitably support, and this fact is the chief reason why the Franklin National has determined to retire from the field, although there are reports that It may be reorganized In a few months, resuming business with a largely increased capital.
2.December 16, 1899The SunNew York, NY
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Article Text
FRANKLIN BANK FIGHT IN COURT. Decision Reserved in the Motion for a Receivership. The three cornered fight between the officers, and directors, the Liquidating Committee of and the non-office-holding stockholders in the Franklin National Bank advanced another step yesterday before Judge Lacombe in the United States Circuit Court, where a motion by Attorney W. H. Hamilton for the appointment of a receiver was argued. David Gerber. counsel for the officers and directors, opposed the motion. Philip attorney for the Liquidating Committee, was in court, but declined to enter the discussion because papers had not been served on him. Mr. Hamilton advocated a receiver on the ground that under the management of Ellis H. Roberts, the former president, and of the present officers and directors of the bank. a capital of $200,000 had been dissipated in a little more than six years. He declared that there was no man among the warring officers and directors on the one side or in the Liquidating Committee on the other, who was sufficiently "faithful, competent or honest" to prosecute the payment of bills payable to the bank. which. he said, amounted to $70,000 or $80,000, and that the holders of more than 800 out of 2,000 shares of the bank's stock. whom he represented. had no interest in the outcome of the quarrel between the LiquidatingCommittee. and the officers and directors. The bank's only salvation. he maintained. lay in the appointment of any receiver the Court might name. Attorney Gerber declared that the United States courts had no jurisdiction in the case because all parties were residents of this State and because the bank was not insolvent. He declared that a. dividend of 10 per cent. had been declared. but that the stockholders had prevented the payment of this dividend. Mr. Gerber demanded tha, the injunction be vacated. The whole matter. he said. was a dispute within the bank. A meeting of the stockholders was due on Dec. 29, when they could make what charges they desired. as the present officers and directors would not be candidates for e-election under any circumstances. Judge Lacombe reserved his decision.
3.December 19, 1899Daily CameraBoulder, CO
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Article Text
RECEIVER APPOINTED. Franklin National Bank of New York is in Troubie. New York, Dec, 19-A temporary re ceiver was asked for this atternoon to take charge of the Franklin National bank until after a meeting of the stock holders to be held a few weeks hence.
ON WALL STREET Confidence Restored And Values Show Decided Gains NEW YORK, Dec. 19.- - A better feeling developed at the opening of the stock exchange today. The action of the clearing house banks and the prospect of help by the government tended to restore con fidence and values generally showed decided gains when first prices were made. The gains ranged from fractions to five per cent and over. The first loan of money today was $100,000 at 30 per cent, bnt objection was made to it being officially recognized as a quotation, the claim being advanced that the rate was made in the interest of some loaners, who wish to bring about a high renewal of rate. Banks have discontinued to offer money freely and a large supply is expected soon. The failure of Dilloway & Starr in Boston is not regarded by large houses here as being of great importance. Members of the clearing house committee met and decided to subscribe another $10,000,000 for loaning purposes in the stock market. RECEIVER APPOINTED. NEW YORK, Dec. 19.-A temporary receiver has been appointed to take charge of the Franklin National bank until the annual meeting, which takes place in a few weeks. BARGAIN DAY. NEW YORK, Dec. 19.-This is bargain day on the stock market. The finest giltedged stocks are going this after-
5.December 19, 1899The Seattle StarSeattle, WA
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Article Text
But New York Bankers Stayed the Panicky Spirit. PUTTING UP $10,000,000 MORE. A Rally Was in Progress This Afternoon and Stock Indications Were Hopeful Several More Failures. NEW YORK. Dec. 19-The action of the clearing house banks and the prospect of help by the government, tended to restore confidence today. and values showed decided gains when the first prices were made. Gains ranged from fractions to 5 per cent. and over. After a few minutes of trading. a reaction net in, and part of the early gain was lost. The market showed a disposition to wobble. but also revealed evidence of good support, and this helped to mustain prices. Despite the reports current of financial difficulty in some houses, no failures were announced here this morning. All seem to have weathered the storm temporarily, at least. Members of the clearing house committee met at 11 o'clock this morning. and decided to subscribe another $10,000,000 for loaning purposes on the stock market. A temporary receiver has been appointed to take charge of Franklin National Bank until the annual meeting. which occurs within a few weeks. The stock market throughout this afternoon displayed an improved tone. Confidence in gradually returning. and the feeling is general that market will continue to improve. The closing prices were about the best of the day. BOSTON. Dec. 19.-Billoway & Starr, bankers and brokers, have assigned. LOND N, Dec. 19-The Northern & London Bank, Limited, a. small concern with $2,000,000 capital, has suspended payment. It is expected that there will be 1 squeeze, with several failures on the London Exchange upon the next settling day. BERLIN, Dec. 19.-Owing to the financial stringency here. the bank-rate has been raised to 6 per cent.
6.December 19, 1899Alexandria GazetteAlexandria, VA
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Article Text
More Failures. Boston, Dec. 19-The firm of Dilloway & Starr, bankers and brokers, assigned today. This firm was the largest holder of U. 8. mining stocks for Messrs. Clark & Coolidge and carried, it is understood. 29 000 shares margined to only about $20 while other large houses were margined to a lower point. New York, Dec 19.-A temporary receiver has been appointed to take charge of the Franklin National Bank antil the annual meeting which wiil occur in a few weeks. The bank has been in course of liquidation for some time.
7.December 22, 1899The Stark County DemocratCanton, OH
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Article Text
BOSTON FAILURE. Bankers and Brokers In the Hub City Forced to Go to the Wall. [News-Democrat Leased Wire Service.] Boston, Dec. 19.-Bellaway & Storr, Bankers and brokers. have assigned. ANOTHER FAILURE. New York, Dec. 19.-Better feeling in the stock market today although things are topsy-turvey. A temporary receiver has been appointed for the Franklin National bank. There have been no other failures. Values today showed general gains. The Boston failure not considered important.
8.December 22, 1899The SunNew York, NY
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Article Text
# JOTTINGS ABOUT TOWN.
The Albany Evening Line steamers Drew and Dean Richmond, have discontined their trips for the season.
The Citizens' Line steamers Saratoga and City of Troy, have discontinued their trips to Troy for the season.
The White Star liner Teutonic brought 2,100 bags of mail from Europe upon her arrival here yesterday morning, a record-breaking number.
Judge Lacombe of the United States Circuit Court has appointed Charles R. Shaw, a dry goods merchant of 326 Broadway, temporary receiver of the Franklin National Bank, now in liquidation.
Judge Brown of the United States District Court has revoked the suspension of thirty days which he imposed upon David Calmar, a lawyer, who objected too strenuously to the discharge of a bankrupt on Dec. 15.
Antonio De Navarro, who married Mary Anderson, was among the passengers on the Teutonic, which arrived yesterday from Liverpool. His wife did not accompany him. He intends to spend two weeks with his father, José De Navarro, and will combine business with the pleasure of a holiday visit.
9.January 26, 1900Evening StarWashington, DC
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Article Text
VIN MARIANI Mariani Wine-World Famous Tonic Recommended throughout the world by the Medical Profession, and during thirty-five years pronounced the most reliable, effective and agreeable tonic and stimulant. Prevents Grip. All Druggists. Refuse Substitutes. chusetts avenue. Mr. Roberts and his wife were recently made defendants in a suitat-law, filed several days ago by Chas. R. Shaw, receiver of the Franklin National Bank of New York, to recover $10,425. The consideration named in the bill of sale is $1,046.
10.January 29, 1900The Daily ArdmoreiteArdmore, OK
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Article Text
Sued Treasurer Roberts. Washington, Jan. 28.-Ellis H. Roberts, treasurer of the United States, and Elizabeth M. Roberts, his wife, have filed in the office of recorder of deeds a bill of sale of their personal property now contained in their Washington residence to Edward D. Morris of Columbus, O. The consideration named is $1,049. In the transaction are included parlor, bedroom and dining room, furniture, various pictures and books and even Mrs. Roberts's jewlery. Mr. Roberts and his wife have been sued in the District of Columbia supreme court by Charles B. Shaw, receiver of the Franklin National bank of New York, who seeks to recover from Mr. Roberts and his wife $10,425 on two promissory notes executed by Mrs. Roberts in favor of the treasurer and by him indorsed to the Franklin National bank. The note, it is said, was not paid. Coughs and colds come uninvited, but you can easily get rid of them with a few doses of Ballard's Horehound Syrup. Price 25 and 50 cents at W. B. Frame's.
11.February 7, 1900The Daily Morning Journal and CourierNew Haven, CT
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Article Text
SUIT AGAINST U. S. TREASURER. Brought by Receiver Shaw of Franklin National Bank, New York. New York, Feb. 6.-Ellis H. Roberts, treasurer of the United States, has been sued by Receiver Shaw of the Franklin National bank to recover on two protested notes aggregating more than $10,000. The suit is an outcome of private business transactions and hae nothing to do with the funds of the government. Affidavits in the United States circuit court allege that after it had. been decided to place the Franklin National bank in liquidation Charles F. James, acting as president, extended for Mr. Roberts for six months the time of payment of two notes in violation of the rules of the bank; that on the maturity of the notes they were protested for non-payment, and that they are etill unpaid.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
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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.
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