Cosmopolitan National Bank (Pittsburg, PA)

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Episode Information

Episode UID
621601305
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
62160 national
Charter Number
6216
Start Date
September 5, 1908
Location
Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
5dcc599498b04813

Response Measures

None

Receivership Details

Depositor recovery rate
95.9%
Date receivership started
1908-09-05
Date receivership terminated
1916-10-31
OCC cause of failure
Excessive lending
Share of assets assessed as good
40.4%
Share of assets assessed as doubtful
19.0%
Share of assets assessed as worthless
40.7%

Description

Closed by order of the Comptroller and receiver appointed; later reports indicate large deficiency.

Events (5)
1. April 21, 1902 Chartered
Source
historical_nic
2. September 5, 1908 Receivership
Source
historical_nic
3. September 5, 1908 Receivership
Newspaper Excerpt
The Comptroller of the Currency appointed Robert Lyons receiver.
Source
newspapers
4. September 5, 1908 Suspension
Cause
Government Action
Cause Details
Closed by order of the Comptroller of the Currency after an examination and refusal to approve certain loan securities; officials told bank was insolvent.
Newspaper Excerpt
The Cosmopolitan National bank suspended today. A notice posted on the doors read: Closed by order of the comptroller.
Source
newspapers
5. October 26, 1908 Other
Newspaper Excerpt
The Cosmopolitan National Bank of Pittsburg is in the hands of a receiver, one million dollars short.
Source
newspapers

Newspaper Articles (20)
1. September 5, 1908 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, September 5, 1908

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Pittsburg, Sept. 5.-The Cosmopen tan National bank suspended today. A notice posted on the doors read: "Closed by order of the comptroller. "JOHN L. CUNNINGHAM, "Examiner." While not a large institution, it is fair-sized one, and the suspension caused considerable excitement. A few moments after the notice was posted a large crowd collected in front of the bank. John McClurg president and D. J. Richardson ca. er. According to report Richardson said he knew of no reason why the bank should be closed, as the institution had from forty to forty-five per cent of reserves on hand. A report of the condition of the bank, made at the close of business July 15, shows resources and liabilities of $1,912,520; capital stock paid in, $500,000; surplus fund, $100,000; undivided profits, $55,582. The suspension followed an examination of the bank's books by Examiner Cunningham. Judge Oldham, of the legal department of the comptroller of the currency, arrived here today in connection with the trouble. Further than stating the bank is insolvent, neither Cunningham nor Oldham would make a statement. In the meana time the bank's officials are very indignant that the government cloned the bank. They allege it is in excellent financial shape and say the deposits at closing time yesterday aggregated $900,000. The available cash on head this morning, they say, was $830,838

2. September 5, 1908 The Daily Telegram Clarksburg, WV
Article from The Daily Telegram, September 5, 1908

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BANK SUSPENDS Causing Considerable Excitement As It is a FairSized One. PITTSBURG, Pa., Sept. 5-The Cosmopolitan national bank of this city suspended operations today by order of the comptroller of the currency. The institution is a fair-sized one. The suspension caused a considerable excitement. Just why the bank suspended was not made pliblic. The bank is capitalized at $500.000. Its last report showed its Itsources and liabilities to be $1,915.520.00.

3. September 5, 1908 The Daily Sentinel Grand Junction, CO
Article from The Daily Sentinel, September 5, 1908

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A PITTSBURG BANK CLOSES ITS DOORS [By Associated Press.] Pittsburg, Pa., Sept. 5.-The + Cosmopolitan National Bank, a fairly large institution, closed + its doors today by order of the of comptroller of the currency. + The suspension of the bank +caused considerable excitement + and large crowds collected in front of the closed doors. + Just why the bank is suspended has not been made pubof lic. According to reports, the cashier, D. J. Richardson, in a + telephone conversation with one + of the largest depositors, said % that he knew no reason why the bank should have been % + closed, as the institution had from 45 to 50 per cent in reserves on hand. * The last report of the condition of the bank showed resources and liabilities of $1,912,520. + The bank had deposits of of nearly $600,000. including + $100,000 of state money. The + state is protected by bonds.

4. September 5, 1908 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, September 5, 1908

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ANOTHERWRECKED Cosmopolitan National Bank of Pittsburg Closed by Controller. CAUSES SOME EXCITEMENT Officers Claim It Is Perfectly Solvent -Has Capital Paid In of Half a Million. Pittsburg, Sept. 5.-The Cosmopolitan National bank suspended today. A notice posted on the doors reads: "Closed by order of the comptroller, John E. Cunningham, examiner." While not a large institution, it is a fair sized one, and the suspension caused considerable excitement. A few moments after the notice was posted a large crowd collected in front of the bank. John McClurg is president, and D. J. Richardson cashier. Says Reserve is Ample. According to report Richardson said he knew no reason why the bank should be closed, as the institution had from 40 to 45 per cent of a reserve on hand.) The report of the condition of the bank made at the close of business July 15 shows resources and liabilities of $1,912,520. Capital Half Million. The capital stock paid in is $500,000, surplus fund $100,000, and undivided profits $55,582.

5. September 5, 1908 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, September 5, 1908

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Bank Suspends. Pittsburg, Pa., Sept. 5.-The Cosmopolitan|National Bank of Pittsburg closed its doors today by order of the Comptroller of the Currency who appointed Robert Lyons receiver. He is already acting 88 receiver of the Allegheny National Bank The resources and liabilities on July 15 was $1,912,520. The federal officials in charge of the closed bank refuse to throw any light on the reasons leading to the step further than to declare the institution has been found to be insolvent. The bank officers are indignant, declaring that the step is a highhanded outing and ulterly uncalled for. The deposits aggregate in round figure $700,000 and there $100,000 each of government and state funds each covered by bond.

6. September 6, 1908 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, September 6, 1908

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TWO BANKS CLOSED PITTSBURG FINANCIAL INSTITUTIONS IN TROUBLE. Closing of Cosmopolitan National Was Brought Forth By Refusal of Bank Examiner to Approve Loan Securities. Pittsburg. Pa., Sept. 5. -Two financelal institutions, the Cosmopolitan National Bank and the Mount Washington Savings and Trust Company, were closed here today by orders from the Federal and State banking authorities. While the Cosmopolitan Bank was a fair sized institution. the Trust Company was a small concern and there was little or no excitement when the failures became known. The order closing the Cosmopolitan Bank was brought forth by the refusal, it Is said, of Bank Examiner John B. Cunningham to approve some of the papers and other securities of the bank for loans aggregating, it is said, over $1,000,000. However, the officials of the bank say all the paper and other collateral held by the Cosmopolitan is collectable and that the bank is solvent. Further than to state that the bank is insolvent, neither Examiner Cunningham. nor Judge Oldham, of the legal department, of the Comptroller of the Currency, who arrived here from Washington early today, would commit themselves. According to the bank's last statement, its liabilities were $1,861,830.96. The bank's officials seemied to be very indignant that the government should close the institution and Cashier D. J. Richardson stated that none of them had any Intimation that the bank was in trouble until Examiner Cunningham closed the doors. He declares that the available cash on hand was nearly fifty per cent of the total deposits. Included in the deposits are Federal and State deposits of $100,000, each secured by bonds. Robert Lyons. who is the receiver for the Allegheny National Bank, which recently failed here, was appointed receiver of the Cosmopolitan. The reason for the closing of the Mount Washington Savings and Trust Company has not yet been developed. It is believed, however, that trouble of the Cosmopolitan was the cause. The vice president of the trust company is a member of the board of directors of the national bank. The capital stock of the trust. company 13. $125,000. Its deposits were $60,000 with loans and discounts of $141,000 and assets said to aggregate $200,000. State Bank Examiner James M. Cover said the institution was closed by Banking Commissioner Burkey bécause of apparent irregularities. While he knew little of the condition of the bank, he believed it would be possible to adjust the irregularities in order that the doors could be opened for business next Tuesday.

7. September 6, 1908 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, September 6, 1908

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PITTSBURG BANKS FALL BY WAYSIDE One National and One State Institution Closed by Official Orders. DEPOSITORS LEFT TO MOURN THEIR MONEY FEDERAL AND STATE FUNDS IN THE NATIONAL BANK WAS UNDER GUARANTY Pittsburg, Pa., Sept. 5.-The Cosmopolitan National bank of this city suspended operations today. A notice posted on the doors reads: "Closed by the order of the comptroller. (Signed) "JOHN B. CUNNINGHAM, "Examiner in Charge." While not a large institution, it is a fair-sized one, and the suspension caused considerable excitement. A few moments after the notice was posted on the doors a large crowd collected in front of the bank. Officials "Surprised." John McClurg is president of the bank and D. J. Richardson is cashier. According to a report this morning, Mr. Richardson, in a telephone conversation with one of the largest depositors, said he knew of no reason why the bank should be closed, as the institution had from 40 to 45 per cent reserves on hand. The report of the condition of the bank made at the close of business July 15, 1908, shows the resources and liabilities are $1,912,520.38; capital stock paid in, $500,000; surplus fund $100,000, and undivided profits $55,582. The Mount Washington Savings & Trust company of this city was closed today by the Pennsylvania commissioner of banking. Worthless Securities. The order closing the Cosmopolitan bank was brought forth by the refusal, it is said, of Bank Examiner John B. Cunningham to approve some of the paper and other securities of the bank for loans, aggregating, it is said, over $1,000,000. The officials of the bank deny that worthless or insufficient securities have been accepted for loans. They say all the paper and other collateral held by the Cosmopolitan is collectible and that the bank is solvent. Further than to state that the bank is insolvent, neither Examiner Cunningham nor Judge Oldham of the legal department would commit themselves. According to the bank's last statement its liabilities were $1,261,830.96. The bank's officials seemed to be indignant that the government should close the institution. The cashier declared that the available cash on hand was nearly 50 per cent of the total deposits. Included in the deposits are federal and state deposits of $100,000 each, secured by bond. Lyons Made Receiver. Robert Lyons, who is the receiver of the Allegheny National bank which recently failed here, was appointed receiver of the Cosmopolitan. The vice president of the Mount Washington Savings & Trust company is also a director of the Cosmopolitan National bank. The capital stock of the trust company is $125,000. Its deposits were $60,000, with loans and discounts of $141,000, and assets said to aggregate $200,000. State Bank Examiner James M. Cover said the trust company was closed because of apparent irregularities.

8. September 6, 1908 The Pensacola Journal Pensacola, FL
Article from The Pensacola Journal, September 6, 1908

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LIABILITIES ARE $1,861,830.96 Cosmopolitan National Bank is Said to Have Had Over One Million Dollars Worth of Loans on Paper That Authorities Wouldn't Approve. By Associated Press. Pittsburg, Sept. 5.-Two financial institutions, the Cosmopolitan National Bank, and Mount Washington Savings and Trust Company, were closed here today by orders from the federal and state authorities. While the Cosmopolitan was a fairsized institution, the trust company was a small concern and there was little or no excitement when the failures became known. The order closing the Cosmopolitan bank was brought forth by a refusal it is said, of Brank Examiner John B. Cunningham, to approve some of the paper and other securities of the bank for loans aggregating, it is alleged, over $1,000,000. However, the officials of the bank deny that worthless or insufficient, securities have been accepted for loans. According to the bank's last statement its liabilities were $1,861,830.96. Robert Lyons, who is receiver for the Allegheny National bank, which recently failed, was appointed receiver for the Cosmopolitan. The reason for closing the Mount Washington Savings and Trust Company have not yet developed. It is believed, however, that the trouble of the Cosmopolitan was the cause. The vice president of the trust company is a director of the national bank.

9. September 6, 1908 The Washington Herald Washington, DC
Article from The Washington Herald, September 6, 1908

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BANK EXAMINER AT FAULT Condition Caused Pittsburg Bank Sensation. Two Big Banks Close on His Order, but Are Solvent, and Will Be Reopened, Pittsburg, Sept. 5.-Two bank sensations startled Pittsburg to-day. The Cosmopolitan National Bank was closed and the Mount Washington Savings and Trust Company had notices posted on its doors for fifteen minutes, which were taken down, and the examiner went away without any explanation of his action. The directors of the trust company will begin criminal prosecutions against James M. Cover, the State banking examiner. for the latter action. He closed the bank about 11 o'clock. and after holding a telephone conversation with the State department in Harrisburg, tore down the notices. The bank held more than 50 per cent of its deposits in reserve at the time After the closing of the Cosmopolitan National Bank serious charges were made against the bank examiner. John B. Cunningham, who made an examination of the bank. It is alleged by F. A. Kitzmiller, vice president. and Charles A. Muelhbronner, a director, that Examiner Cunningham was intoxicated when he closed the bank, and did not know what he was doing. Mr. Kitzmiller said he would make an affidavit and prove it by witnesses that Cunningham was under the influence of liquor when he entered the bank and posted the notice. The officials say the bank is perfectly solvent and that this will be proved. Robert Lyons was appointed receiver and took charge. He was joined by F. F. Oldham, attorney for the Comptroller of the Currency. Vice President Kitzmiller, in the absence of John McClurg, the president, said: "I can only account for the closing of the bank by the fact that Cunningham was drunk and had been drunk for some time. His condition was known to everyone. Every time he visited the bank he was under the influence of liquor. Cunnigham had every appearance of being under the influence of liquor." Mr. Kitzmiller's remarks were added to by others who witnessed the closing of the bank. Receiver Lyons. when asked as to the truth of the report that Examiner Cunningham was intoxicated when he closed the bank, said: "It is unfortunate that that became public."

10. September 7, 1908 The Detroit Times Detroit, MI
Article from The Detroit Times, September 7, 1908

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PITTSBURG BANK CLOSED BY COMPTROLLER PITTSBURG, Sept. 5.-The Cosmopolitan National bank, Sixth and Liberty-aves., was closed this morning at 8 o'clock, by order of the comptroller of the currency. Robert Lyons, receiver of the Alleghency National bank, was appointed receiver of the Cosmopolitan bank. Federal officials, in charge of the closed bank. refuse absolutely to throw any light on the reasons leading to the step. further than to declare positively that the institution has been found to be insolvent.

11. September 7, 1908 New-York Tribune New York, NY
Article from New-York Tribune, September 7, 1908

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BANKERS INDIGNANT MOSMOPOLITANTO APPEAL Trust Company Will Reopen-Examiner Says He Was Not Drunk. [By Telegraph to The Tribune.) Sept. 6.-Officials of the Cosmopolitan yesterday by National Pittsburg. Bank, Controller which of was the closed Currency of the on recomB. Cunninga meeting would the an appeal for made ender mendation be beld him be announced of first to Bank the of to-night the Controller Examiner week, that at of John the which Currency to open as it is emission the bank. they declare A. of bank, glivent. E Kitzmiller, vice-president the Examiner in the reterated Conningham closing to-night institution. had overstepped of his the statement most his that authority To-day thirty-one prominent bankers were seen one stated that heard no at the Coshe of had Pittsburg reports and of each trouble they mopolitan Bank previous to the closing. This, is as usually know trouble was on for as is usually when claimed, calied most aid exists. unusual, bank prior is to None in the trouble. bankers closing, of the. Bankers banks when a genare over declare during banks erally the that case indignant discriminated the last few against months the closing by Pittsburg the and bank have been examiners. Regarding the rumors that he was under the of liquor when he closed the bank, Exseen, sent aminer influence Cunningham, who refused to be "I geny was Comword: The Mount Washington emphatically Savings that I and Trust drunk." a state was yespany, Examiner institution, J. M. which Cover, closed terday by according to statements issued by its officers to-night, will open for business as usual Tuesday morning, to-morrow being a legal holiday. The notice closing the bank was posted shortly before noon on Saturday, and remained up only 8 short time. but as banks close on Saturday afternoons DO further business was done yesterday. George M. Gordon, secretary and treasurer of the trust company. in a statement issued to-night says Examiner Cover called at the bank about 10 effect of Bank have on company, was ado'clock the would closing yesterday the the morning Cosmopolitan trust and asked National and what ised that while the Cosmopolitan was a reserve repository, the balance with it at present was only $4,000, and the closing would have no maarial effect. "About 11:30 o'clock he called again," the statement continues, "saying that he had instructions from Commissioner Berkey to close up: he put a notice on the door and drew down the blinds. He alled Mr. Berkey by telephone, and after a lengthy conversation with him ordered the sign taken down. He remained for a few minutes, and my presence told different persons that a misake had been made, and that we would be open usual on Tuesday morning. "He also authorized me to tell inquirers the same. He made no explanation to the crowd which milected after the notice was posted. "Our reserve funds at present are very much above legal requirements, and while I do not know what the action of the board will be I see no reason why business cannot be resumed as usual, unless we have suffered irreparable injury from the posting of the notice and the spreading of the rumor. Within the last ten days our bank was examined by State Bank Examiner White, who reported to us that we were in better condition than ever before." A. L. Richmond, jr., a director of the Cosmopolitan. is vice-president of the trust company.

12. September 7, 1908 Evening Star Washington, DC
Article from Evening Star, September 7, 1908

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"I WAS NOT DRUNK' Bank Examiner Cunningham Denies Financiers' Charges. CONCERN CLOSED MAY SUE Pittsburg Bankers Declare Cosmopolitan Appears Solvent. CASHIER DECLARES IT SOUND Chief of Insolvency Division of Treasury, Judge F. F. Oldham, May Make Investigation. PITTSBURG. September 7.-Indignation over the mysterious closing of the Cosmopolitan National Bank of Pittsburg Saturday. and over the attempt to close the Mount Washington Savings and Trust Company. is expressed by thirty-one of the leading bankers of Pittsburg. who say they had no knowledge of anything wrong at the Cosmopolitan Bank. Most of them had daily dealings with it. The charge that Bank Examiner John B. Cunningham was intoxicated at the time of his examination of the bank's books is mush discussed. That the controller of the currency, who has been asked to investigate Cunningham, has taken official notice of the matter was shown here last night when Judge Francis F. Oldham, chief of the insolvency division of the Treasury Department, admitted that he had been ordered to remain in Pittsburg indefinitely. "I was not drunk," was all Cunningham would say yesterday when asked for a statement. Directors of the Cosmopolitan Bank will hold a meeting Tuesday, when an appeal will be made to the controller of the currency for permission to reopen the bank, on the ground that. there was no cause for its being closed. E. A. Kitzmiller. vice president of the bank, one of those to charge Cunningham with being intoxicated. is practically at the head of the institution, John McClurg. the president. being seriously ill with tuberculosis. Closed Bank May Bring Suit. James M. Cover. the state banking examiner, who closed the Mount Washington Savings and Trust Company, is not to be found. It is alleged that he left the city. E. Weiler. vice president, said yesterday that the bank will make an attempt to open Tuesday. but If it is apparent that a run will follow. which will criple the institution, the doors will be closed and action will be begun against the state authorities for damages. Robert Lyons. receiver of the Cosmopolitan Bank, was asked if he had read the charge that Cunningham was intoxicated. "I am sorry that this matter has become public," he replied. "Cunningham is an excellent fellow." The thirty-one prominent bankers seen yesterday expressed their surprise at the closing of the banks. The consensus of opinion was that the Cosmopolitan was in good condition financially and that they would have known It had there been any trouble. Opinions of Bankers. Robert Wardrop, one of them. said: "It is the custom, in cases of this kind, for a bank, if it is in trouble, to appeal to the other banks. Invariably assistance is given, as far as possible. I know of no such appeal having been made by the Cosmepolitan." Statements of a similar nature were made by the other bankers seen.

13. September 10, 1908 Courier Democrat Langdon, ND
Article from Courier Democrat, September 10, 1908

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SAY BANK IS SOLVENT. Directors Demand That Institution Be Reopened. Pittsburg, Sept. 8.-The directors of the Cosmopolitan National bank which was closed by order of the comptroller of the currency Saturday, met and formulated a demand upor the government officials at Washing ton that the bank be reopened and allowed to continue business. They in sist that the institution is solvent and that the action of the comptroller was not warranted. Receiver Robert Lyons and three government accountants have begun work on the bank's accounts. The receiver says it will be several days before he will be able to make a report to the comptroller.

14. September 11, 1908 The Black Hills Union and Western Stock Review Rapid City, SD
Article from The Black Hills Union and Western Stock Review, September 11, 1908

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Washington Savings and Trust, were closed today by orders from the federal and state banking authorities. The order closing the Cosmopolitan bank was brought forth by the refusal it is said, of Bank Examiner John B. Cunningham to approve some of the paper and other securities of the bank for loans aggregating, it is said, more than $1,000,000. The officials of the bank deny that worthless or insufficient securities have been accepted for loans. They say all the paper and other collatteral he.d by the Cosmopolitan is collectable, and that the bank is solvent. Further than to state that the bank is insolvent, Examiner Cunningham would not commit himself. According to the bank S last statement. it's liabilities were $1,861,830. The bank's officials are indignant that the government should close the institution. The cashier declared that the available cash on hand was nearly 50 per cent of the total deposits. Included in the deposits are fed eral and state deposits of $100,000, secured by bond. Robert Lyons who is the receiver for the Allegheny National bank. which recently failed here, was appointed receiver of the Cosmopolitan. The vice president of the Mount Washington Savings and Trust company is also a director of the National bank. The capital stock of the Trust company is $125,000. Its deposits were $60,000, with loans and discounts to aggregate $200,000. State Bank Examiner James K. Cover said the Trust company was closed because of apparent irregularities.

15. September 11, 1908 The Midland Journal Rising Sun, MD
Article from The Midland Journal, September 11, 1908

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BY TELEGRAPH Domestic Directors of the Cosmopolitan National Bank, of Pittsburg, will demand that the institution be allowed to continue business. They insist that the comptroller's action in closing it was unwarranted. A man who gave the name of William Hatfield, but who is thought to be James C. Durham, charged with the murder of six people in California, is under arrest in Texas. Several Japanese are reported to have been killed as the result of a bloody feud between Japanese and Portugese at the Alaskan salmon canneries. Gisainto Rosino murdered the daughter of Dominick Scionto, whom he was visiting, in Cliffwood, N. J., after having criminally assaulted Acting Attorney General Hayden Clement, of Raleigh, N. C., has declared that his State cannot accept or care for John R. Early, of Lynn, N. C., a leper, now quarantined in the District of Columbia. The late Frederick Cooper Hewitt bequeathed $2,000,000 to the New York Post Graduate Medical School and Hospital, $1,500,000 to the Metropolitan Museum of Art and $500,000 to Yale University. Judge Vandeventer, in the United States Circuit Court at St. Paul, granted the injunction asked for by roads operating in Arkansas, and which prevents the enforcement of the two-cent rate. Some unknown person put dynamite in the chimney at the home of John Silock, Laurel Hill, Pa., and Mrs. Silock and her son were injured. An effort made to have Harry K. Thaw transferred from the Poughkeepsie Jail failed. He will remain where he is until the hearing this month. Orville Wright mace a flight in the aeroplane he made for the Signal Corps in the presence of a number of Army officers at Fort Myer. Mrs. O. L. Godfrey, wife of a wealthy Colorado Springs banker, is in Chicago being treated for rabies, having been bitten by a pet dog. J. Pierpont Morgan and Charles Steele have returned from a trip to Europe and report conditions as quite satisfactory. A panic in a Chicago street car resulted in the death of a baby, which was knocked to the floor and trampled upon. Chief of Police Woodruff, of Atlantic City, claims to be on the trail of a new suspect in-the Roberts shooting case, declaring that neither jealousy nor robbery was the motive for the crime, and that he expects to make an arrest in a few days. Dr. Bellisario Arrutia Suarez, private secretary of President Figueroa, of San Salvador, who is in New York, says there is no friction between his country and the Central American republics. The Iron Trade Review of Cleveland declares August has been the best month of the year in the iron business, and looks for a satisfactory condition of the industry by January 1, 1909. City Engineer Keefe, of New York, says the introduction of electricity in the operation of railroads tends to increase the amount of coal used. The Detroit police are investigating the death of a woman, who was reported as drowned, but who was afterward found to have a broken neck. Dr. J. D. Burke, principal of the Teachers' Training School, at Albany, N. Y., has returned from an investigating trip to the Philippines. The Pittsburg Police have found a letter which may help in identifying the man who burned his face with acid before killing himself there. The hearing of the suits brought by the government against various powder concerns will be heard at Wilmington, Del., September 22. Mrs. Bertha Gresham, widow of Lieutenant Gresham, United States Navy, has been kidnapped from her New York home. Fire at Cleveland, O., destroyed

16. September 17, 1908 The Free Lance Fredericksburg, VA
Article from The Free Lance, September 17, 1908

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CUNNINGHAM VINDICATED Affairs of Pittsburg Bank In Worse Condition Than Reported. Washington, Sept. 15.-John B. Cunningham, the national bank examiner who recently closed the Cosmopolitan National bank, of Pittsburg. was in Washington in consultation with Comptroller Murray and Judge Oldham, who has charge of the insolvent national bank section in the comptroller's office, in regard to the affairs of the failed bank. Deputy Comptroller Kane stated that the receiver of the bank has reported that its affairs are in quite as bad. if not a worse. condition than Ex aminer Cunningham had discovered at the time he closed the bank. A care ful inquiry has been made of the published statement that Mr. Cunningham had been drinking. and It Is stated at the department that not only has no proof been found. but the parties who are supposed to be responsible for the original charge are said to have made to Mr. Cunningham statements in writing disclaiming responsibility for the story.

17. September 22, 1908 Tonopah Daily Bonanza Tonopah, NV
Article from Tonopah Daily Bonanza, September 22, 1908

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PITTSBURG BANK REOPENS DOORS PITTSBURG, Pa., Sept. 20-The Mount Washington Savings & Trust Co., whose banking rooms have been closed for the past two weeks on orders of the state banking examiner, this morning opened its doors and called on all depositors, to withdraw their deposits, as it was going out of the banking business. Not more than one-third of the depositors responded, and many of those who did come, especially those who had time deposits, requested that they be allowed to retain them there. This was not allowed. The bank was in such good shape that only $25,000 had to be borrowed in order to pay off all depositors, including the time accounts. That the Cosmopolitan National Bank, which was closed about the time the Mount Washington institution was closed, will reopen its doors soon is asserted here today as two national banks with great resources sent word this afternoon to the receiver of the Cosmopolitan Bank that they were ready to advance any sum of money to put the bank on its feet. President Hugh Young of the Federal National Bank at Pittsburg, gave out an interview in effect that national bank examiners were not paid enough to enable them to do fair work.

18. September 23, 1908 The Washington Times Washington, DC
Article from The Washington Times, September 23, 1908

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JOHN A. DIX. He is the man nominated by the Democrats for second place on the New York State ticket, of which Lewis Stuyvesant Chanier is the head. # MURRAY CALLS IN # BANK RECEIVERS Comptroller of Currency Gives Order for Conference in Capital October 5. Following close upon the heels of the talks which he has given the na-tional examiners, Comptroller of the Currency Lawrence O. Murray this morning issued orders calling to Washington the receivers of the insolvent national banks in the East. The conference will begin October 5, and will be devoted to discussion of many topics pertaining to receiverships. At present, there are sixteen receivers who are affected by the Comptroller's order. While it is not so stated, it is entirely possible that the recent closing of the Cosmopolitan National Bank of Pittsburg by Receiver Cunningham, who it was alleged at the time, was intoxicated, as well as the desire of the new Comptroller to thoroughly inspect and then thoroughly drill his men, are responsible for this new order. According to the Comptroller's office, the session of the examiners this morning was a mild affair, and Mr. Murray refrained from using more of the hot shot he poured at the heads of the conferees Monday.

19. October 26, 1908 Bluefield Evening Leader Bluefield, WV
Article from Bluefield Evening Leader, October 26, 1908

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ANOTHER BANK FAILURE AND THE ELECTION ALMOST HERE-TOO BAD FOR THE G. O. P.-DEPOSITORS NOT GUARANTEED. Pittsburg, Oct. 26.-The Cosmopolitan National Bank of Pittsburg, is in the hands of a receiver, one million dollars short. L. R. Goshom, delinquent tax collector of Pitts burg, has obtained judgment against the board of directors for seventy five thousand dollars.

20. October 30, 1908 The Penn's Grove Record Penns Grove, NJ
Article from The Penn's Grove Record, October 30, 1908

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Bank Near $1,000,000 Short. The Cosmopolitan National Bank of Pittsburg, which is now in the hands of a receiver, appears to be short something like $1,000,000.