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Rank Doors Closed. Buffalo, N. Y, July 1.-The - City National bank did not open its doors today. It is ordered in the hands of a receiver by Comptroller Dawes. A statement is expected during the day.
City National Bank (Buffalo, NY)
Episode Information
- Episode UID
517401219- Episode Type
- Suspension → Closure
- Bank Type
- national
- Bank ID
-
51740national - Charter Number
- 5174
- Start Date
- July 1, 1901
- Location
- Buffalo, New York (42.886, -78.878)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
9a0ad8ee53ef0498
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%
Events (4)
1.
January 26, 1899
Chartered
- Source
- historical_nic
2.
June 29, 1901
Receivership
- Source
- historical_nic
3.
July 1, 1901
Receivership
- Newspaper Excerpt
- Comptroller of the Currency Dawes has appointed a temporary receiver for the City National bank of Buffalo, N. Y.
- Source
- newspapers
4.
July 1, 1901
Suspension
- Cause
- Government Action
- Cause Details
- Comptroller of the Currency Dawes appointed a temporary receiver and ordered the bank closed.
- Newspaper Excerpt
- did not open its doors today. It is ordered in the hands of a receiver by Comptroller Dawes.
- Source
- newspapers
Newspaper Articles (22)
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BUFFALO BANK REMAINS CLOSED. 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. No statement was made and no excitement prevails.
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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.
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Buffalo Bank Closed. Washington, July 1.-Comptroller of the Currency Dawes has appointed a temporary receiver for the City National bank of Buffalo, N. Y.
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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.
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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,
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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.
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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.
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Washington, July 1.-Comptroller of the Currency Dawes appointed a temporary receiver for the City National bank of Buffalo.
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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."
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Buffalo Bank In Difficulty. Washington, June 29.-Comptroller of the Currency Dawes late tonight appointed a temporary receiver for the City National bank of Buffalo, N. Y.
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THURSDAY, JULY 1, 1901. The comptroller of the currency has placed the city National bank of Buffalo in the hands of a receiver. It is said to have made injudicious loans. The depositors may not lose much.
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Liabilities Are Large. Buffalo, N. Y., July 1.-The City national bank closed its doors with liabilities of $3,802,003. Injudicious loans caused the suspension.
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Liabilities Are Large. Buffalo, N. Y., July 1.-The City national bank closed its doors with liabilities of $3,802,003. Injudicious loans caused the suspension.
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Liabilities Are Large, Buffalo, N. Y., July 1. -The City national bank closed its doors with liabilities of $3,802,003. Injudicious loans caused the suspension.
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Liabilities Are Large. Buffalo, N. Y., July 1.-The City national bank closed its doors with liabilities of $3,802,003. Injudicious loans caused the suspension.
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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.
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ASKS FOR A 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. The liabilities are not given, but President Schauroth says the company is perfeetly solvent, and if the assets are not slaughtered the creditors will be paid in full.
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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.
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| A receiver has been appointed for the City National Bank of Buffalo, N. Y.
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Buffalo Shoe Company Fails. As a result, it is said, of the failure of the City National Bank, the Schauroth Shoe Company of Buffalo, N. Y., has applied for the appointment of a receiver. President Schauroth says the company is perfectly solveni.
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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. President Schauroth says the company is perfectly solvent.