gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f7ce1cdbe75ecd28
Response Measures
None
Receivership Details
Depositor recovery rate
92.2%
Date receivership started
1901-06-29
Date receivership terminated
1909-12-31
OCC cause of failure
Fraud
Share of assets assessed as good
70.9%
Share of assets assessed as doubtful
25.9%
Share of assets assessed as worthless
3.2%
Description
Closed by Comptroller and placed in receiver's hands for injudicious loans; receiver paid dividend later.
Events (4)
1.January 26, 1899Chartered
Source
historical_nic
2.June 29, 1901Receivership
Source
historical_nic
3.June 29, 1901Receivership
Newspaper Excerpt
The City National bank which was placed in the hands of a receiver on Saturday night by Comptroller of the Currency Dawes, did not open its doors this morning.
Source
newspapers
4.June 29, 1901Suspension
Cause
Government Action
Cause Details
Placed in the hands of a receiver by Comptroller of the Currency Dawes after examiners found injudicious loans.
Newspaper Excerpt
Mr. Dawes, Controller of the Currency, late to-night appointed E. J. Vaughan a temporary receiver of the City National Bank, of Buffalo.
Source
newspapers
Newspaper Articles (23)
1.June 30, 1901New-York TribuneNew York, NY
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BUFFALO BANK FORCED TO CLOSE. CITY NATIONAL PLACED IN RECEIVER'S HANDS -CAUSE OF FAILURE. Washington, June 29.-Mr. Dawes, Controller of the Currency, late to-night appointed E. J. Vaughan a temporary receiver of the City National Bank, of Buffalo. The following statement was made by Mr. Dawes to-night: A recent examination of the City National Bank, of Buffalo, N. Y., made by a special examiner, showed a serious condition of affairs existing in the bank. In order that this report might be thoroughly verified, the Controller on Friday sent A. D. Lynch, of his office, together with another examiner, to Buffalo, to make a careful re-examination of the condition of the bank. On Saturday Mr. Lynch telegraphed to the Controller that the former report was sustained in all particulars. The failure of the bank is due to injudicious loans. It is not thought that the loss to depositors will be large.
Big Bank Failure. Buffalo, N Y., July .-The City National bank which was placed in the hands of a receiver on Saturday night by Comptroller of the Currency Dawes, did not open this morning. L. D. Lynch, chief of the division of insolvent banks, and Special Bank Examiner Mason, took charge of the bank today pending the arrival of Mr. Vaughn, temporary receiver.
3.July 1, 1901Santa Fe New MexicanSanta Fe., Santa Fe, NM
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THE BANK FAILURE AT BUFFALO. The City National Bank Did Not Open Its Doors This Morning. Buffalo, N. Y., July 1.-The City National bank which was placed in the hands of a receiver on Saturday night by Comptroller of Currency Dawes, did not open this morning. I. D. Lynch, chief of the division of insolvent banks, and Special Bank Examiner W. A. Mason, took charge of the bank today pending the arrival of Mr. Vaughn, temporary receiver.
4.July 1, 1901Evening Times-RepublicanMarshalltown, IA
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The Buffalo Bank Failure. Buffalo, July 1.-The City National Bank which was placed in the hands of a receiver Saturday night by Comptroller Dawes, did not open its doors this morning. President Cornwell paid he probably would make a statement later in the day. Not more than fifty people were at the bank at its usual opening hour and a few minutes later these had left. Choate's Oratory Pictured by Hoar I heard Rufus Choate a great many times. I heard nearly all the speeches given in "Brown's Life;" and I heard him a great many times at the bar, both before juries and the full court. He is the only advocate I ever heard who had the imperial power which would subdue an unwilling and hostile jury. His power over them seemed like the fascination of a bird by a snake. Choate's method was pure persuasion He never appealed to a base motive nor tried to awake coarse prejudices or stormy passions. He indulged in no invective. His wit and sarcasm and ridicule amused the victim almost as much as It amused the bystander. He had the suaviloquentia which Cicero attributes to Cornelius. There was never a harsh note in his speech. He had a voice without any gruff or any shrill tones. It was like a sweet yet powerful flute. He never strained it or seemed to exert it to its fullest capacity. It do not know any other public speaker whose style resembled his in the least. Perhaps Jeremy Taylor was his model, if he had any model. The phraseology with which he clothed some commonplace or mean thought or fact, when he was compelled to use commonplace arguments, or to tell some common story, kept his auditors ever alert and expectant. An Irishman. who had killed his wife, threw away the axe with which Choate claimed the deed was done, when he heard somebody coming. This. in Choate's language. was "the sudden and frantic ejaculation of the axe!" Indeed his speech was a perpetual surprise. Whether you liked him or disliked him you gave him your ears. erect and intent. He used manuscript a great deal. even in speaking to juries When a trial was on. lasting days or weeks, he kept pen. ink and paper at hand in his bedroom. and would often get up in the middle of the night to write down thoughts that came to him as he lay in bed. He was always careful to keep warm. It was said he prepared off for a great jury argument by taking eight great coats and drinking eight cups of green tea.-Senator George F. Hoar in July Scribner's. SHORT TELEGRAMS Pastors at St. Louis and Decatur. Ills., announce that they will appear in the pulpit wearing shirt waists. Unknown blackmailers, failing to extort $10,000 from Charles D. Barney, of Philadelphia, sent his daughter an infernal machine. Frank G. Logan, a prominent member of the Chicago Board of Trade, has retired from active business. Mrs. Nancy B. Irving startled the economic convention at Detroit by announcing that drunkenness is necessary. Comptroller Dawes has closed the City National bank, of Buffalo, owing to injudicious loans. General Maximo Gomez has arrived in New York, but refuses to give a hint as to the purpose of his visit. John Benson and Hjeimer Herbert were suffocated at Legrand, Minn.. being burled in a ditch which they were digging. Joseph Erb, aged 36, employed by the National Biscuit company at Watertown. Wis.. was caught in an elevator and killed. Arline Kightlinger, aged 7, was killed, and Willie Barnes and Annie Costeal perhaps fatally injured by lightning near Farmington, O. The dismembered body of Mrs. A. T. Taylor, of Cleveland, was found on the rallroad track there.
5.July 1, 1901Alexandria GazetteAlexandria, VA
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prevented the rapid recoverv that was expected and no one but his nurse and attending physician is permitted to see him. More than four tons of war revenue stamps were turned into the Treasury Department this morning for redemption. They had come from all parts of the country, consisting chiefly of the unsold surplus in the hands of various revenue collectors. These collectors in all large cities containing internal reve. nue offices this morning began the work of redeeming stamps held by the general public. Treasury warrants are given to the full value of the stamps turned in. The shirt waist is having a hard struggle for popularity among the letter carriers on the Capital force. After making a heroic fight to wear the garment many of the postmen are now calling it hard names. The kind adopted by the local carriers is neither a shirt nor a coat, they say; it has all the objectionable features of each with none of the good ones. They say, too, that it is really no cooler than the regulation summer coat and, what is worse, many of the men who are fathers of grown up families are charged with being "frivolous" in wearing the shirt waist and are smarting under the criticism. It is doubtful that the fifty men who bought and began to wear the shirt waists will keep them in use. The shirt waist that the Washington carriers adopted looks like a shirt in front and like a coat behind. In the rear it is worn outside the trousers and in the front is belted inside. Comptroller of the Currency Dawes, said this morning that no action would be taken against the officials of the 7th National Bank of New York, unless Receiver Raynor discovers evidence of criminalty. Mr. Dawes has placed the entire matter in the hands of Mr. Raynor. The latter will be supported by Mr. Dawes in any action he may deem it necessary or advisable to take. The president and cashier of the Buffalo City National Bank called upon comptroller Dawes yesterday in regard to resuming business. Mr. Dawes stated that he would permit resumption when shown satisfactory assurances that the creditors will be protected in their rights. T. J. Pusey, who was the Pullman conductor in charge of the President's train when the latter went West, was today appointed an usher at the White House to succeed Harry Aitcheson who has been an examiner in the Pension bureau. Mr. Pusey has been in the Pullman service many years, his latest run being between Washington and Boston. A dispatch from Secretary of State Hay states that he will visit Washington Wednesday to attend to some private business and will return to Newbury, N. H., immediately thereafter.
6.July 1, 1901Deseret Evening NewsSalt Lake City, UT
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Buffalo Bank Doors Not Opened. Buffalo, N. Y., July 1.-The City National bank, which was placed in the hands of a receiver Saturday night by Comptroller of the Currency Dawes did not open its doors this morning. L. L. Lynch, chief of the division of insolvent banks, and Special Bank Examiner W. A. Mason took charge of the bank today pending the arrival of Mr. Vaughn, the temporary receiver.
7.July 2, 1901The Evening TimesWashington, DC
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A BANK RUMOR IN BUFFALO. Another Institution May Replace the City National. BUFFALO, July 2.-Local financiers are much interested in a rumor that is being circulated sub rosa to the effect that Buffalo will have another national bank to replace the City National Bank, if the latter is forced out of existence. The rumor, it is believed, derives its source from enquiries made a short time ago by the president or a Tonawanda national bank, who wished to know at that time if there was room for another national bank in Buffalo, He conducted his enquiries secretly and the ^facts leaked out about ten days ago at a meeting of business men which was called for another purpose. Nothing definite regarding the rumor can be learned except that such enquiries were made and that assurances were given by some local capitalists that another national bank in Buffalo would receive good support. All efforts of the officials connected with the City National Bany, of this city, are being confined to securing sufficient funds to pay off depositors in full. It is impossible to obtain definite information regarding the loans of the bank to which the Comptroller of the Currency objected, but it is understood that they involve several hundred thousand dollars. and equal at least all of the surplus and undivided profits of $229,000 and a large portion of the capital stock of $300,000. it is said. The temporary receiver, E. J. Vaughn, is now working on a preliminary report to be made to Comptroller Dawes. It will show a statement of assets and liabilities at their nominal value, and will be ready in about a week. It will require about three weeks more to 00 duce a statement showing the actual value of the assets and liabilities.
8.July 2, 1901The Kalispell BeeKalispell, MT
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MORE BANK FAILURES. By Associated Press: Buffalo, N. Y., July 2.-The Niagara bank, a state institution has suspended. Superintendent Kilbourne said: "I have closed the bank because I think it insolvent. The main reason of its failure is the failure of the City National bank.
9.July 2, 1901Ottumwa Semi-Weekly CourierOttumwa, IA
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CIVIL LAW IS DEAD LETTER IN CAPE COLONY BUFFALO BANK DOES NOT OPEN ITS DOOR A Correspondent Says the Issue Is of the Gravest Moment. WAS CLOSSED BY COMPTROLLER DAWES SATURDAY NIGHT. THE CRISIS IS IMMINENT Not More Than Fifty People at Bank at Usual Hour and These left in a Few Minutes. Alleges That Liberty is Dead and That the Liberal Party Should Intervene and Summon a Great Popular Con Buffalo, July 1.-The City National bank which was placed in the hands of ference-Method is Illegal. a receiver Saturday night by Comptrol1er Dawes, did not open its doors this morning. President Cornwell said he London, July 1.-The Daily News would probably make a statement latpublishes an article by its parliamen er in the day. Not more than fifty tary correspondent on the political sitpeople were at the bank at the usual opening hour, and a few minutes later uation in Cape Colony. In view of the these had left. prorogation of the Cape parliament,
10.July 2, 1901Wheeling RegisterWheeling, WV
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BANK DID NOT OPEN. City National Bank of Buffalo in the Hands of the Treasury Department. BUFFALO, N. Y., July 1.-The City National bank, which was placed in the hands of a receiver on Saturday night by Comptroller of the Currency Dawes, did not open its doors this morning. M. D. Lynch, chief of the division of insolvent banks, and Special Bank Examiner W. A. Mason took charge of the bank to-day, pending the arrival of Mr. Vaughan, the temporary receiver. Not more than fifty people were at the bank at 10 o'clock, the usual opener most ing hour, and a few minutes of these had left.
11.July 2, 1901The Savannah Morning NewsSavannah, GA
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DID NOT OPEN ITS DOORS. Buffalo's City National Bank in Hands of Government. Buffalo, N. Y., July 1.-The City National Bank, which was placed in the hands of a receiver on Saturday night by Controller of the Currency Dawes, did not open its doors this morning. M. D. Laych, chief of the division of insolvent banks, and Special Bank Examiner W. A. Mason took charge of the bank to-day pending the arrival of Mr. Vaughn, the temporary receiver. Not more than fifty people were at the bank at 10 o'clock, the usual opening hour, and a few minutes later most of Address had left.
12.July 2, 1901Evening JournalWilmington, DE
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Seventh National May Resume. Washington, July 2.-Comptroller of the Currency Dawes said yesterday that if any action would be taken against the officials of the Seventh National Bank of New York, it would be by Receiver Rynor, in whose nands he has placed the entire matter. The latter will be supported by Mr. Dawes in any action he may deem it necescessary or advisable to take. The president and the cashier of the Buffalo City National Bank called upon Comptroller Dawes yesterday in regard to resuming business. Mr. Dawes stated that he would permit resumption when given satisfactory assurances that the creditors will be protected in their rights.
13.July 3, 1901New-York TribuneNew York, NY
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NIAGARA BANK GOES DOWN. INSOLVENCY CAUSED BY FAILURE OF BUFFALO CITY NATIONAL. Buffalo, July 2.-The Niagara Bank, a State institution, closed its doors to-day, the following notice being posted on the doors: I have closed and taken possession of this bank. F. D. KILBURN, Superintendent of Banks. The Niagara Bank was organized on September 15, 1891. It had a capital of $100,000. The officers are: President, P. H Griffin; vice-president, M. M. Drake: cashier, William T. Hayes; assistant cashier, Edwin T. Voltz: directors, P. H. Griffin, M. M. Drake. John Esser, Maurice B. Patch, Charles O. Rano, T. Gullford Smith, Peter C. Doyle, W. T. Hayes, W. P. King and Michael J. Healy. The chairman of the clearing house committee, S. M. Clement. said: It should be distinctly understood that the closing of the Niagara Bank to-day has been brought about solely by reason of its close connection with the City National Bank. its president having been vice-president of the City National Bank, and that no other bank here is in any way affected. At the meeting of the clearing house committee yesterday the Niagara Bank was the only one that applied for any assistance. Frederick D. Kilburn, the Superintendent of Banks, on his arrival in town this morning became satisfied that the bank could not get through with the assistance asked for, and accordingly directed that the bank be closed in order to protect all interested. Mr. Kilburn said: I have closed this bank because I think it insolvent. The main reason for the suspension is the failure of the City National Bank. This bank is involved in that to an extent not yet to be announced. but I do not deem it safe to permit this one to continue business any longer. As to whether this bank has been in trouble heretofore I have nothing to say. There is no defalcation. The bank was interested the same as was the City Bank. That is all. I am confident that there is no trouble with any of the other banks. Considerable excitement resulted from the posting of the notice. A crowd gathered as the clerks left the bank and went downstairs. To them the closing of the institution was quite as much of a surprise as it was to the persons who, having business with the bank. stopped and gaped as they beheld the placard. The Commercial" says: Superintendent Kilburn of the State Banking Department found among other things, that the bank was carrying the paper of concerns in which its president. P. H. Griffin, was interested to the extent of $160,000. That fact might not have been considered in any way fatal to the solvency of the institution If the City National Bank had not failed. The City National Bank, according to a statement made this morning. had loaned different concerns in which P. H. Griffin was interested to the extent of $400,000. The failure of the City National under the burden of paper which the Controller of the Currency believed represented Injudicious loans, taken in connection with the fact that one of its heaviest stockholders had borrowed from the Niagara Bank nearly twice the amount of the capital stock of the latter institution, leaving it with its surplus entirely wiped out. convinced Superintendent Kilburn that the Niagara Bank should be closed. The collapse of the Niagara Bank will have a serious effect upon the efforts of the City National Bank to bring about a rediscounting of the objectionable car which it carries. After the feverish pulse of the local financial world has settled back to its normal condition it is believed the City Bank will be able to complete arrangements by which its depositors can be paid by the bank, and not by the agents of the government. The National City Bank is the local correspondent of the Niagara Bank. of Buffalo. The Buffalo institution is said to have a small credit balance here. McIntyre & Marshall, Stock Exchange brokers of this city, have issued this notice: "Our Buffalo correspondent states that it Is confidently believed there that there will be no more bank failures or financial troubles in that city. The Niagara Bank was closely related to the City National, which failed on Monday. and it is thought that the latter's trouble precipitated the suspension of the Niagara Bank this morning.
14.July 4, 1901The Daily Morning Journal and CourierNew Haven, CT
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BUFFALO BANK MAY RESUME. Statement of Counsel-Condition of the Niagara Bank. Buffalo, July 3.-William H. Hotchkiss, counsel for the City National bank, said to-day: "Acting on the instructions of the comptroller of the currency, we are formulating plans which, in my judgment, will render the appointment of a permanent receiver for the City National bank unnecessary and will bring order out of chaos in a very short time." A meeting of the directors of the City National bank was held to-day at which the plan of Mr. Hotchkiss referred to above was considered, but inasmuch as it must be approved by the comptroller of the currency, Mr. Hotchkiss declined to give any details. He believed the bank will pay 100 cents on the dollar and that the stockholders will realize something. State Bank Examiner Loond this afternoon gave out a statement showing the condition of the suspended Niagara bank on July 1. The liabilities are placed at $1,004,163, among the principal items being: Deposits, $661,872; due to banks, $154,225; capital stock, $100,000. The resources include such items as: Loans and discounts, $702,408; due from banks, $99,871; stocks and bonds, $82,762; cash and exchange, $63,581. At the close of banking hours to-day Mr. Clement of the Marine bank and chairman of the clearing house committee, issued the following statement: "The return from to-day's clearings having been very satisfactory, showing that the business between the banks has returned to its normal condition. Reports from the two up-town banks, the Union and the Metropolitan, show there has been practically no run upon them to date, but that on the contrary, the deposits have exceeded the withdrawals. It may fairly be said that the trouble is all over."
15.July 4, 1901Fisherman & FarmerElizabeth City, Edenton, NC
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Bank Remains Closed. Buffalo, Special.-The City National Bank, which was placed in the hands of a receiver on Saturday by Comptroller of the Currency Dawes, did not opens its doors Monday morning. M.D. Lynch, chief of the division of insolvent banks, and Special Bank Examiner W. A. Mason tock charge of the bank pending the arrival of Mr. Haughton, the temporarry received. Not more than 50 people were at the bank at 10 o'clock, the usual opening hour, and a few minutes later most of these had left.
16.July 9, 1901The Evening TimesWashington, DC
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THE WRECKED BUFFALO BANK. City National to Have an Opportun. ity to Liquidate. BUFFALO, July 9-A telegram which is considered cheering by the depositors in the wrecked City National Bank was received late yesterday afternoon by John R. Boag, the cashier, from William H. Hotchkiss, the attorney, who is in Washington in the bank's interests. The telegram follows: "Had very satisfactory interview with Comptroller Dawes this morning He desires to give us an opportunity to liquidate in full and will not appoint a permanent receiver for some months."
17.July 12, 1901Evening Times-RepublicanMarshalltown, IA
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Receiver Asked For. Buffalo. July 12.-As a result, It is said, of the failure of the City National Bank the Schauroth Shoe Company applied for the appointment of a receiver. President Schauroth said the company was perfectly solvent.
18.July 12, 1901Deseret Evening NewsSalt Lake City, UT
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Shoe Company Wants Receiver. Buffalo, N. Y., July 12.-As a result, it is said, of the failure of the City National bank, the Schauroth Shoe company has applied for the appointment of a receiver. Liabilities are not given but President Schauroth says the company is perfectly solvent and if the assets are not slaughtered, the creditors will be paid in full.
19.July 12, 1901The Topeka State JournalTopeka, KS
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Shoe Company Fails. Buffalo, N. Y., July 12.-As a result, it is said, of the failure of the City National bank the Schauroth Shoe company has applied for the appointment of a receiver. The liabilities are not given, but President Schauroth says the company is perfectly solvent and if the assets are not slaughtered the creditors will b paid in full.
20.July 13, 1901Wheeling RegisterWheeling, WV
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RECEIVER ASKED FOR. Shoe Company in Trouble Because of Bank Failure. BUFFALO, N. Y., July 12.-As a result, it is said. of the failure of the City National Bank. the Schauroth Shoe Company has applied for a receiver. The liabilities are not given, but President Schauroth says the company is perfectly solvent, and if the assets are not slaughtered, the creditors will be paid in full.
21.July 13, 1901The Salt Lake HeraldSalt Lake City, UT
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Says Creditors Will be Paid. Buffado, N. Y., July 12.-As a result, it is said, of the failure of the City National bank, the Schauroth Shoe company has applied for the appointment of a receiver. Liabilities are not given, but President Schauroth says the company is perfectly solvent and if the assets are not slaughtered, the creditors will be paid in full.
22.August 8, 1901Alexandria GazetteAlexandria, VA
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FROM WASHINGTON. [Correspandence of the Alexandria Gasette.] Washington, August 8. Admiral Remey, now commanding the Asiatic station, is to be ordered home to attend the Schley court of inquiry. Admiral Remey was stationed at Key West during the campaign and will tell the court about orders issued to Schley when the latter called there with his shine. During Admiral Remey's absence from the Asiatic station Admiral Rodgers will probably take his place. The new order-providing for the examination of candidates for admission to the Naval Academy will be applied on August 13, when 60 boys are to appear before oivil service commission boards, instead of at Annapolis before a board of naval officers, as bas been the practice heretofore. These exami. nations are to be held in the leading cities, and are placed under the civil service to relieve candidates of the travel expense should they be rejected. On September 2 an examination will be held at the Naval Academy for other candidates, and on September 16 the alternates to the principals will be examined. Over 120 candidates will ap pear at the three examinations, and the next class is expected to be the largest ever entering the Naval Academy. Senator Deboe, of Kentucky, has succeeded in having Mrs. Gertrude Saunders, a widow with two children, ousted from a $60 & month postoffice at New Castle and has had appointed his candidate for that position, Dr. J. P. Gray, a well-to-do dentist. The widow's husband was a republican, but he is dead, and the votes of live men are needed for Mr. Deboe, who wishes to succeed himself in the Senate, but he will not. Still he is there for two years longer and his "pull" on the ad. ministration enabled him to remove the widow from office. The State department today received a dispatch from J. Edward Simmons, of New York, president of the Panama Railroad, saying that he apprehended trouble along the line of railroad and suggesting that the government should send & warship not only to Colon but to Panama at the Pacific extremity in order to protect American interests. The question of sendinga warship to Panama will be taken under consideration by the State department, but it said that until more details are learned regarding the situation on the Isthmus no action is likely. It is probable that the arrival of the Machias at Colon and a report from her commander as to the conditions of affairs will be awaited before any request is made by the State department for a vessel to go to Panama. At present there is no warship available for this duty on the Pacific coast. Although neither the State nor the Navy department believe the situation in the Isthmus is yet serious, an order will probably be sent today, if it has not already gone, to Rear Admiral Casey, commanding the Pacific station, to have one of bis vessels steam southward 80 as to be in easy reach of the Isthmus if the trouble there should become aggravated. Receiver Vaughn of the City National Bank of Buffilo was in conference with Comptroller of the Currency Dawes today and submittted to him a report which, although it does not make clear the exact amount of the loss, shows that the capital, undivided sur plus and profits are all lost and that there will be some loss to depositors. On recommendation of the receiver the comptroller approved the payment of a 45 per cent. dividend to creditors, to be made within thirty days. The total liabilities of the bank at the time of the failure are placed at $3,884,649.91 The State Department is still in ignorance of any suspension of the negotiations at Pekin due to the refusal of Great Britain to sign the proto col, which was reported some days ago It is believed that if such action has been taken by the British representative, Mr. Rockhill would have 80 informed the Department before this. Comptroller Dawes, candidate for the U. 8. Senate from Illinois, has his mascot. His name is Adam Beckley and he is colored. He first began to take care of Beckley, and Beckley of him, back in 1896 when republican head quarters were located at Chicago. Beckley developed into a ward man and when Dawes was fighting the Illinois machine at the State convention, Beckley Was a delegate. Dawes got him a job in the Chicago post office and he still holds it. His last letter to Dawes was received today. "I don't know whether you did right in resigning your position,' says the mascot, "but I am willing to trust that to your wisdom. I know we are going to have a stiff fight Some of the politicians are just out for the stuff and I would advise you not to send any more $50 checks here until you have seen me." Dawes will take bis advice on the $50 check business. His last check was to assist in building an Afro-American church. Two of the six stenographere ap. pointed to places in the Pailippines by the civil service commission, have declined to accept. They are Charles S, Lambert, of Covington, Ky., and Miss Florence Lynch of R.
23.August 12, 1901New-York TribuneNew York, NY
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BUFFALO BANK TO CLOSE UP. WILL PAY ALL ITS LIABILITIES AND GO OUT OF BUSINESS Buffalo, Aug. 11.-It was officially announced today that the Metropolitan Bank of this city will go out of business and that, beginning to-morrow morning, all its accounts will be turned over to the German Bank for liquidattion. Charles Groben, president of the institution, said this evening that there was no cause for alarm on the part of depositors, as every dollar due them will be paid without delay. He said there was a heavy clearing house run on the bank just after the announcement that the City National and Niagara banks had suspended. "We have sustained some heavy losses," said Mr. Groben. "but the Institution is financially sound. The day of small banks has passed. We are not making money as successfully as we desired. and simply decided to go out of business. We are not going to suspend. and I wish that understood. The Metropolitan Bank is going out of business with the approval of the State, and it will pay every dollar that is due."
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.
