Franklin National Bank (New York, NY)

View Charter #4855 on SPMC View balance sheet

Episode Information

Episode UID
485501196
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
48550 national
Charter Number
4855
Start Date
August 1, 1899
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f858c9d07d3f6f85

Response Measures

None

Events (5)
1. March 1, 1893 Chartered
Source
historical_nic
2. August 1, 1899 Suspension
Cause
Voluntary Liquidation
Cause Details
Stockholders decided the bank would retire from the field and the institution ceased doing business and entered voluntary liquidation.
Newspaper Excerpt
the Franklin National Bank, at Dey and Greenwich sts., yesterday afternoon ceased doing business and went into voluntary liquidation.
Source
newspapers
3. August 1, 1899 Voluntary Liquidation
Source
historical_nic
4. December 19, 1899 Other
Newspaper Excerpt
A temporary receiver was asked for this afternoon to take charge of the Franklin National bank until after a meeting of the stock holders to be held a few weeks hence.
Source
newspapers
5. December 22, 1899 Receivership
Newspaper Excerpt
Judge Lacombe of the United States Circuit Court has appointed Charles R. Shaw, ... temporary receiver of the Franklin National Bank, now in liquidation.
Source
newspapers

Newspaper Articles (11)
1. August 1, 1899 New-York Tribune New York, NY
Article from New-York Tribune, August 1, 1899

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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 9, 1899 New-York Tribune New York, NY
Article from New-York Tribune, December 9, 1899

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Article Text

CHARGES AGAINST OFFICERS. PETITION ASKING FOR A RECEIVER FOR THE FRANKLIN NATIONAL BANK ALLEGES THAT THEY ARE TRYING TO FAVOR THEMSELVES AS DEBTORS. There is a lively war going on between the officers and directors of the Franklin National Bank on the one hand and the Liquidating Committee on the other. Twice within the last few weeks Judge Lacombe, of the United States Circuit Court, has been asked to settle the differences which arose in the efforts to wind up the bank's affairs. He first ruled that the Liquidating Committee did not supersede President James and the other officers and that the latter could close up the institution. Next It was asserted that the Liquidating Committee while in possession of the bank had changed the combination on the vaults and would not turn over the books or papers. Judge Lacombe demanded that the combination of the strong box be surrendered to President James, and this was reluctantly done. In the course of these proceedings It was alleged that the Liquidating Committee had secured possession of about $40,000 which they refused to surrender. Action on this matter is still pending before the court. Yesterday the Franklin National Bank matter came up before Judge Lacombe in the form of a petition for the appointment of a receiver. This application is made by C. H. Taintor and others, who represent that they hold 325 shares of the bank's stock. Taintor's bill of complaint charges that the Liquidating Committee and the officers and directors of the bank are at war among themselves and that a state of affairs has resulted which makes a receivership imperative If the stockholders are to be protected. The complaining stockholders in the petition now before Judge Lacombe charge that on January 1. 1899, the defendants Charles F. James, William James, Theodore P. Hoffman, Washington L. Jacques and George West gave to the bank their notes for $3,000 each to make up an impairment of $15,000 in the capital required by the Controller of the Currency as a condition of allowing the bank to continue business. The petitioners further allege that on the following February 1 the makers of the notes voted to return them to themselves, and that in the whole transaction no money was paid into the bank's treasury. The petition continues: The individual defendants have conspired and are conspiring together to secure control of the liquidation for the purpose of avoiding payment on the notes of $3,000 each made by the five named defendants to enable the defendants to get large sums from the funds of the bank for themselves under the guise of salaries, that are not and cannot be earned, and to enable them to pay large sums to counsel from the funds of the bank, against the interest of your crators and the other shareholders, and to enable them to favor the mselves and their friends as debtors of the bank, especially in regard to the Anglo-American Oyster Company loan, said loan of $5,100 to the defendant Charles F. James, and said loan of more than $10,000 to said Ellis H. Roberts, all to the great detriment and loss of your orators and other shareholders of the bank. In addition to the appointment of a receiver the petition asks for "a writ of injunction, perpetually enjoining and restraining the defendants from assuming or attempting to assume any authority over the affairs of the bank." When the motion to show cause why the appointment of the receiver petitioned for came up before Judge Lacombe counsel for President James and his associates stated that as the copy of the petition had only been served on him the previous evening he had not had time to prepare an answer to the serious allegations which It contained. He asked for reasonable time to frame his answer, and as there was no objection from the other side the arguments on the motions for the appointment of a receiver and the issuance of a perpetual injunction against the defendants were put off for one week.

3. December 16, 1899 New-York Tribune New York, NY
Article from New-York Tribune, December 16, 1899

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Article Text

FRANKLIN NATIONAL BANK FIGHT. JUDGE LACOMBE DEFERS DECISION ON THE MOTION TO APPOINT A RECEIVER. Arguments were heard by Judge Lacombe yesterday afternoon in the United States Circuit Court on the motion made in behalf of C. H. Taintor and other stockholders for the appointment of a receiver for the Franklin National Bank and an injunction restraining President Charles F. James, the officers and directors and the members of the Liquidating Committee from interfering with its affairs. William R. Hamilton: who appeared for Taintor and the others, holders of eight hundred shares of stock, gave a history of the Franklin National Bank from its formation under President Ellis H. Roberts to its collapse recently under President James. He said that the original cash capital of the institution was $200,000. with a surplus of $50,000, but now both Its capital and surplus, save about $40,000 in the possession of the Liquidating Committee. He said also that there were claims and securities of $100,000 which it would take considerable litigation to find, if they could be recovered on or turned into cash. Next Mr. Hamilton told of the transaction in January in which President James and eight other officers and directors of the bank gave their notes for $3,000 each to make up an impairment of $27,000, and on these notes, accepted by the National Bank Examiner and the Controller of the Currency, the institution was allowed to continue business. "These notes were voted back to their makers in February," said Mr. Hamilton. "and now. whichever side of the two factions wins in the legal contest pending. neither side will be competent, honest or faithful enough to prosecute in the interest of the stockholders I represent for these notes, because both contestants-the president and bank officers on one side and the Liquidating Committee on the other-are mixed up in the secret note making business." The lawyer urged upon the Court the appointment of a receiver who would be under no obligations to any of the three factions and who would be able to wind up the bank's affairs. President James and the officers of the bank were represented in the proceedings by David Gerber, who raised the question of the jurisdiction of the Circuit Court. Closing his argument, Mr. Gerber announced that on next Friday he would move to have the members of the Liquidating Committee punished for contempt of court for not surrendering the $40,000 which they collected while temporarily in charge of the institution under Judge Lacombe's order. The lawyers will file briefs before Judge Lacombe gives his decision.

4. December 16, 1899 The Sun New York, NY
Article from The Sun, December 16, 1899

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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.

5. December 19, 1899 Daily Camera Boulder, CO
Article from Daily Camera, December 19, 1899

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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.

6. December 19, 1899 El Paso Daily Herald El Paso, TX
Article from El Paso Daily Herald, December 19, 1899

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Article Text

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-

7. December 19, 1899 The Seattle Star Seattle, WA
Article from The Seattle Star, December 19, 1899

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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.

8. December 22, 1899 The Sun New York, NY
Article from The Sun, December 22, 1899

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# 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, 1900 Evening Star Washington, DC
Article from Evening Star, January 26, 1900

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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, 1900 The Daily Ardmoreite Ardmore, OK
Article from The Daily Ardmoreite, January 29, 1900

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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, 1900 The Daily Morning Journal and Courier New Haven, CT
Article from The Daily Morning Journal and Courier, February 7, 1900

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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.