6904. Central National Bank (Boston, MA)

View Charter #2103 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
2103
Charter Number
2103
Start Date
November 14, 1902
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini
Short Digest
be1ca851a919e76c

Response Measures

Accommodated withdrawals, Capital injected, Full suspension, Books examined

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1902-11-13
Date receivership terminated
1906-10-20
OCC cause of failure
Excessive lending
Share of assets assessed as good
68.8%
Share of assets assessed as doubtful
24.6%
Share of assets assessed as worthless
6.6%

Description

Newspaper accounts (Nov 14–15, 1902) report heavy withdrawals (~$2,000,000) followed by the Acting Comptroller ordering the bank closed and appointing a temporary receiver. The bank was placed in receivership and described as closed 'for good.' Clearing house refused aid; some banks (National Shawmut) advanced 50% to depositors.

Events (5)
1. April 30, 1873 Chartered
Source
historical_nic
2. November 13, 1902 Receivership
Source
historical_nic
3. November 14, 1902 Receivership
Newspaper Excerpt
The acting comptroller has appointed William E. Neal as temporary receiver. The bank was ordered closed; will be liquidated by receiver or by another bank taking assets (liquidation plan failed).
Source
newspapers
4. November 14, 1902 Run
Cause
Bank Specific Adverse Info
Cause Details
Abnormal withdrawals followed rejection of a large portion of Central's assets by Eliot National (President Burrage) and disclosure of impaired/slow loans and historic losses.
Measures
Appeal to Boston Clearing House (aid refused); National Shawmut Bank offered to advance 50% of depositors' balances; other banks bought good Central notes.
Newspaper Excerpt
Wednesday sales of the Central's stock dropped $15 from par and yesterday depositors withdrew something like $2,000,000.
Source
newspapers
5. November 14, 1902 Suspension
Cause
Government Action
Cause Details
Acting Comptroller of the Currency ordered Bank Examiner to close the bank and appointed a temporary receiver after examiners reported liquidation efforts failed and losses equaled surplus.
Newspaper Excerpt
Closed by order of the controller of the currency. The acting comptroller has appointed William E. Neal as temporary receiver.
Source
newspapers

Newspaper Articles (24)
1. November 8, 1902 Spirit of the Age Woodstock, VT
Article from Spirit of the Age, November 8, 1902

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TUESDAY, Nov. 4, 1902. William T. Nelson of New York commits suicide; act caused by worry over friend's arrest. Coal arbitrators visit mines in the Hazleton region. "Jim Crow" car law goes into operation in New Orleans. Treasurer Roberts' annual report shows greatest cash balance in history of the country. Colombian government will renew negotiation of a canal treaty. Little Haverhill girl, supposed to have been abducted, claims to have been lost in Lawrence. Body of Ernest C. Mansfield, the Harvard student, found in Charles river. Alaskan natives dying by thousands from measles. Directors of Central national bank of Boston vote to wind up its business. S. T. Coy, a prominent paper manufacturer of Bellows' Falls, dead. Five hundred silversmiths go on strike in New York. Laura Biggar gives herself up to authorities at Freehold, N.J. Lebaudy brothers' new airship makes successful trial trip near Moisson, France. Dismissal of Grand Duke Paul Alexandrovitch from Russian army due to his marriage to Baroness Pistolkoff. Pennsylvania railroad promises 90minute runs between New York and Philadelphia. Wife of a New York real estate man, who is suing for divorce, charged with stealing husband's papers. Eleven Cuban children, destined for a Buddhist school in California, detained by immigration authorities in New York. Crown Prince of Siam arrives at Niagara Falls. Joseph Cloud was arrested at Brunswick, Me., charged with assaulting Mrs. John Griffin. He confessed. The aldermen of Fall River last night gave the Dartmouth and Westport Street Railway company the right to carry freight. Henry Brittin was held in $500 in Lewiston charged with the larceny of three barrels of whiskey and one barrel of brandy. While lighting the gas in a store window in Lowell the clothing of Miss Helen Priestly caught fire and she was probably fatally burned. The city council of Portland has passed a resolution favoring an abolishment of the lower branch and an increase of aldermen to three from each ward. The wholesale grocery firms of Chicago will have none of George B. Hanford's $500,000,000 grocery trust, for the formation of which a convention is called to meet in Detroit. John Hannan, the millionaire shoe manufacturer of New York, had a narrow escape from drowning at Narragansett Pier. As he was boarding a sailboat at the south pier dock he slipped and fell into the water. Although he was rescued at once, Mr. Hannan was speechless when taken aboard the boat. A 16-year-old hunter, David Fuller, was shot and instantly killed at Asqwith, Me., by Arthur Bagley. who fired into a clump of alders which were being shaken as if by a moving animal. Mark Fuller, his son, David, and Arthur Bagley of Henderson were hunting together. The stock of . O. Toby's store was extensively damaged by fire at Machiasport, Me. It was believed Mr. Toby sought death by burning with his property. Mr. Toby's store books were found outside the building, wrapped up and covered with his overcoat. Nothing else had been removed. He was not seen after leaving his home.

2. November 14, 1902 The Providence News Providence, RI
Article from The Providence News, November 14, 1902

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question. The matter came to the attention of the clearing house and after consultation with the comptroller it was decided to place the institution in a receiver's hands and have him liquidate the assets. The directors of the bank are Charles H. Allen, J. Adams Brown, W. F. Gregory, David Loring, O. H. Luke, Edward Mason, H. L. Porter, Moses W. Richardson and Andrew G. Weeks. It is not known whether the stockholders will be assessed or not. AN OFFICIAL STATEMENT. Washington, Nov. 14.-The following statement was issued at the office of the comptroller of the currency: "The Central National bank of Boston, Mass., has been closed by direction of the acting comptroller of the currency as a result of a conference by telephone late last night with Examiners Neal and Ewer of Boston. The acting comptroller has appointed William E. Neal as temporary receiver. "The bank was last examined Sept. 11, 1902, and while the examiners' report showed losses equal to surplus and undivided profits then on hand there was no evidence of insolvency, as the banks assets seemed to be ample to meet its liabilities to creditors. "Certain conditions were then imposed upon the bank with a view to providing for losses and securing the bank against further loss on its loans. Later it was determined to place the association in voluntary liquidation by having another bank in Boston take over its assets and assume its deposit liabilities and it was thought that arrangements to this end were being successfully carried out until the acting comptroller received a dispatch from Examiner Neal yesterday that efforts to liquidate had failed. "After a conference by telephone with the examiners, who stated that a receivership was unavoidable, the bank was ordered closed. "The failure is due to losses sustained. There is no apparent dishonesty on the part of the officers of the bank so far as the records of the comptroller's office show."

3. November 14, 1902 The Minneapolis Journal Minneapolis, MN
Article from The Minneapolis Journal, November 14, 1902

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BOSTON BANK FAILS The Central National Bank Closed by Order of the United States Controller. It Is a Small Affair With Deposits of $2,700,000 Which Will Be Paid in Full. Boston, Nov. 14.-The Central National bank of this city did not open for business to-day, the controller of the currency having ordered the bank examiner to close its doors and take charge of its business. The closing of the bank is said to be due to excess loans and a lack of quick assets. An appeal for aid was made to the Boston Clearing House association, but the committee did not deem it advisable to assist the bank. The bank is among the smaller institutions of the city. It was organized in 1873 with a capital of $500,000. Its deposits aggregate $2,700,000 and it is delieved that this amount can be paid in full without an assessment on the stockholders. Otis N. Luke is president and J. Adams Brown cashier. Just before 9 o'colock to-day the following notice was posted on the bank's doors: "Closed by order of the controller of the currency." Inquiry at the bank elicited the information that the controller had ordered Bank Examiner Neal to take charge as temporary receiver. No one could be found who had authority to discuss the condition of the bank. This turn of affairs is a surprise, as the Central, although neither a large nor an old bank, had good commercial patronage and was supposed to be financially strong. The condition of the bank is understood to be due partly to an inheritance from the old Pacific bank. When the Pacific bank failed it was involved in the collapse of the Lebanon Springs railroad in Vermont. The Central bank then lost $350,000 and an assessment of about 100 per cent was made upon the stockholders and no dividends were paid for thirteen years. The failure of the bank showed that the liquidation proceedings were not progressing favorably. A meeting of the Central bank shockholders had been called for Dec. 10 to approve the plan of the Elliott e national to take over the business. Upon investigation, however, President Bure rage of the Eliot bank and his board of directors refused to accept the assets of go the Central bank as security for any h guarantee of the $2,700,000 deposits. t By the last report to the controller of a the currency the bank's standing was as follows: S S Resources-Loans and discounts. $3,073,786; overdrafts, $40,625: United States bonds. $450.o 000; premium on United States bonds. $16,750; r stocks. securities and real estate, $153,722; due from banks, $956,863; exchanges for clearings, $142,796; specie. $160,136; legal-tender notes, $200,000; redemption fund. $17,750. n Liabilities-Capital stock. $500,000; surplus f fund, $100,000; undivided profits, $129,633 bank 1. notes outstanding, $349.990; due to banks, etc., $917,721; deposits. $2,700,005; United States deposits, $50,000; bills payable, $465.900. d The National Shawmut bank announced f to-day that it would advance to depositors g of the Central National bank 50 per cent e of their present balances in that insti. tution. 1,

4. November 15, 1902 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, November 15, 1902

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Total, $2,212,428 The failure of the bank was a surprise to many as it was understood that the liquidation proceedings were progressing favorably. A meeting of the stockholders had been called for Dec. 10, to approve the plan for the Eliot National to take over the business. Upon investigation, however, Pres. Burrage of the Eliot and his board of directors refused to accept the assets of the Central Bank and as security for any guarantee of the $2,700,000 deposits. At the same time there was an abnormal demand upon the bank by depositors. The Eliot Bank came to the assistance of the Central by buying such of their notes as were considered good beyond question. The matter came to the attention of the Clearing House and after consultation with the comptroller, it was decided to place the institution in a receiver's hands and have him liquidate the assets. The National Shawmut Bank announced, Friday, that it would advance to depositors of the Central National Bank, 50 per cent. of their present balances in that institution. The directors of the bank are Charles H. Allen, J. Adams Brown, F. W. Gregory, David Loring, O. H. Luke, Edward Mason, N. T. Porter, Moses W. Richardson and Andrew G. Weeks. It is not known whether the stockholders will be assessed or not.

5. November 15, 1902 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, November 15, 1902

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BOSTON BANK CLOSED CENTRAL NATIONAL IN CHARGE OF TEMPORARY RECEIVER NEAL. Its Capital $500,000 and Deposits $2,700,000-Two Mililon Dollars Drawn Out in a Day. BOSTON, Nov. 14.-The Central National, a small institution compared with many other city banks, did not open its doors to-day because of an order from the controller of the currency, who had placed National Bank Examiner W. E. Neal over it as temporary receiver. Impaired assets is given as the reason for the failure and the bank is closed for good. The incident did not produce any flurry in financial circles, as the closing of the bank through liquidation by the Eliot National Bank was looked for and such action it was supposed had commenced. The incident which precipitated the failure was the rejection of a considerable portion of the Central Bank's assets by President Burrage, of the Eliot Bank, who was scrutinizing them preparatory to taking the bank for liquidation. Another portion of the assets was known to have been acceptable and the action of President Burrage and the Eliot Bank directorate in refusing to liquidate the bank was unexpected. On Wednesday sales of the Central's stock dropped $15 from par and yesterday depositors withdrew something like $2,000,000. Later in the day the clearing house declined to aid the bank and certified checks on the bank were refused acceptance by other banks. Overnight propositions were made to place a receiver in charge of the bank, and in fulfillment of this plan the doors were placarded to-day. Many banks came to the relief of the Central's depositors. By the last report to the controller of the currency the bank's standing was as follows: Doonurons

6. November 15, 1902 Arizona Republican Phoenix, AZ
Article from Arizona Republican, November 15, 1902

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SMALL BOSTON BANK IN RECEIVER'S HANDS Its Failure Will Cut No Figure in the Financial World. Boston, Novmber 14.-The Central National bank, a small institution compared with many other city banks, did not open its doors today because of an order from the cemptroller of currency, who had placed National Bank Examiner W. Neal over it as temporary receiver. Impaired assets were given as the first reason of failure. The incident did not produce any flurry in financial circles, as the closing of the bank through liquidation by Elliott National bank was looked for and such liquidation it was supposed, had commenced. The incident which precipitated the failure was the rejection of a considerable portion of the Central bank's assets by President Burrage of the Elliott bank, who was scrutinizing them preparatory to taking them to the bank for liquidation. Another portion of assets is known to have been acceptable, and the action of President Burrage and the Elliott bank directorate in refusing to liquidate the bank was unexpected. On Wednesday sales of the Central's stock dropped $15 from par and yesterday depositors withdrew something like 2,000,000. Later in the day the clearing house declined to aid the bank and certified checks on the bank were refused acceptance by other banks. Over night preparations were made to place a receiver in charge of the bank and in fulfillment of this plan the doors were placarded today. Officers of other banks are of the opinion that the Central's failure will not be noticed in financial circles.

7. November 15, 1902 The News & Observer Raleigh, NC
Article from The News & Observer, November 15, 1902

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The Comptroller's Statement. (By the Associated Press.) Washington, Nov. 14.-The following statement was issued at the office of the Comptroller of the Currency: "The Central National Bank, of Boston, Mass., has been closed by direction of the Acting Comptroller of the Currency as a result of a conference by telephone late last night with Examiners Neal and Ewer, of Boston. The Acting Comptroller has appointed William E. Neal as temporary receiver. "The bank was last examined September 11, 1902, and while the examiner's report showed losses equal to surplus and undivided profits then on hand there was no evidence of insolvency, as the bank's assets seemed to be ample to meet its liabilities to creditors. Certain conditions were then imposed upon the bank with a view to providing for losses and securing the bank against further loss on its loans. Later, it was determined to place the association in voluntary liquidation by having another bank in Boston take over its assets and assume its deposit liabilities, and it was thought that arrangements to this end were being successfully carried out until the Acting Comptroller received a dispatch from Examiner Neal, yesterday, that efforts to liquidate had failed. After a conference by telephone with the examiners who stated that a receivership was unavoidable, the bank was ordered closed. "The failure is due to losses sustained. There is no apparent dishonesty on the part of the officers of the bank so far as the records of the Comptroller's office show."

8. November 15, 1902 The Morning Astorian Astoria, OR
Article from The Morning Astorian, November 15, 1902

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BOSTON BANK CLOSES DOORS CLEARANCE HOUSE REFUSES AID-SUFFICIENT ASSETS TO PAY DEPOSITS. NEW YORK, Nov. 14-A special dispatch to theetaoin hrdluufwypprdluu patch from Boston, Mass.. to the Herald says: The Central National bank will not, It is stated, open its doors today, the clearing house committee having decided to refuse aid. When the facts were brought to the attention of the Controller of the Currency he is understood to have authorized the bank examiner to close the doors. W. E. Neal is stated to have been appointed receiver. It is believed that there are sufficient assets to pay all deposits in full without calling an assessment on the stock This turn of affairs is a surprise, as the Central, although neither a large nor old bank had good commercial patronage and was supposed to be financially strong. Its capital was $500,000. The condition of the bank is understood to be due to a considerable amount of slow loans and an inheritance from the old Pacific bank. The Central National bank was organized in 1873. Its statement shows surplus and profits of about $250,000 and deposits of about $3,500,000. Two years ago its deposits were nearly 6,000,000. Otis H. Luke is Président of the institution.

9. November 15, 1902 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, November 15, 1902

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A BOSTON BANK CLOSES ITS DOORS Impaired Assets Said to Be Cause of Failure-No Flurry in Financlal Circles. Boston, November 14.-The Central Na. tional, a small institution compared with many other city banks, did not open its doors today because of an order from the comptroller of the currency, who had placed National Bank Examiner W. E. Neal over it as temporary receiver. Impaired assets is given as the reason for the failure, and the bank Is closed for good. The incident did not produce any flurry in financial circles, as the closing of the bank through liquidation by the Elliott National bank was looked for, and such action It was supposed had commenced. The Incident which precipitated the failure was the rejection of a considerable portion of the Central bank's assets by President Burrage of the Elliott bank, who was scrutinizing them preparatory to taking the bank for liquidation. Wednesday's sales of the Central's stock dropped $15 from par and yesterday depositors withdrew something like $2,000,000. Later in the day the clearing house declined aid and certified checks on the bank were refused acceptance by other banks. Many banks came to the relief of the Central's depositors.

10. November 15, 1902 The Daily Republican Wilmington, DE
Article from The Daily Republican, November 15, 1902

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BOSTON BANK CLOSED. Failure of Central National Causes Only Slight Flurry. BOSTON, Nov. 15.-The Central National, a small institution compared with many other city banks, has closed its doors by reason of an order from the comptroller of the currency, who has placed National Bank Examiner W. E. Neal over it as temporary recelver. Impaired assets is given as the reason for the failure, and the bank is closed for good. The incident did not produce any flurry in financial circles, as the closing of the bank through liquidation by the Eliot National bank was looked for, and such action it was supposed had commenced. The incident which precipitated the failure was the rejection of a considerable portion of the Central bank's assets by President Burrage of the Ellot. bank, who was scrutinizing them preparatory to taking the bank for liquidation. Another portion of the assets was known to have been acceptable, and the action of President Burrage and the Ellot bank directorate in refusing to liquidate the bank was unexpected. Wednesday sales of the Central's stock dropped $15 from par, and Thursday depositors withdrew something like $2,000,000. Later the clearing house declined to aid the bank, and certified checks on the bank were refused acceptance by other banks. Preparations were at once made to place a receiver in charge of the bank. Many banks came to the relief of the Central's depositors, the National Shawmut offering to advance 50 per cent of their deposits. Director Moses W. Richardson of the bank says that depositors probably will be paid in full, and while the stockholders may be called upon for a quick assessment in the end they will lose nothing. Officers of other banks are of the opinion that the Central's failure will not be noticed in financial circles.

11. November 15, 1902 New-York Tribune New York, NY
Article from New-York Tribune, November 15, 1902

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A BOSTON BANK CLOSED CENTRAL NATIONAL BANK HAD NOT RECOVERED FROM BLOW RECEIVED TWENTY YEARS AGO. Boston. Nov. 14.-The Central National Bank, of this city, a with other city open doors because of an of banks, small order institution did from net the Controller compared its the to-day many Currency. who had over W. E. Neal placed it as National temporary Bank receiver. Examiner Im. paired assets are given as the reason for the produce flurry in as the bank failure. The closing through financial of liquidation the circles bank here. did by the not the E.jot closing National any of Bank was looked for, and such action, it that supposed, tated the failure had begun the The rejection incident of precipt- was was a considerable part of the Central bank's assets by President Burrage was them preparatory for of the Eliot to taking bank, the who bank scrutinizing liquidation. Another portion of the assets was known to be and in to date was acceptable, the the Eliot bank bank and the unexpected. directorate action of President refusing Burraga liqui. 'on Wednesday sales of the Central's stock par, dropped withdrew $15 something from like and $2,000,000. yesterday depositors Later in the day the Clearing House declined to aid the bank, and on were by other Many certified banks. banks checks to the the relief bank refused cam of the Central's depositors, the Shawmut National offering to ad. vance 50 per cent of their deposits. Moses W. Richardson, a director of the bank, said to-night that depositors probably would be paid in full, and while the stockholders may be called upon for an assessment, in the end they will lose nothing The State of Massachusetts was a depositor In the Central National. State Treasurer Bradford says: "The commonwealth will not be hampered at all by the closing of the bank. The State carried only a small line there, and it will suffer no loss." The city of Bosten, which has deposits in thirty national banks and trust companies, had in the Central National Bank $208,320. The bank was organized in 1873 with a capital of $500,000. Its deposits aggregate $2,700,000. Otis H. Luke is president and J. Adams Brown cashier. The Central National had not fully recovered from a blow it received twenty years ago when, with the Pacific Bank, which failed at that time, it was volved in the collapse of the Lebanon Springs Rail. road, in Vermont. The Central Bank, then about nine years old. lost $350,000, and an assessment of about 100 per cent was made on the stockholders. No dividends were paid for thirteen years. Washington, Nov. 11-The following is part of a statement Issued to-day at the office of the Controller of the Currency: The Central National Bank of Boston was examined on September 11, 1902. and while the examiner's report showed losses equal to surplus and undivided profits then on hand, there was no evidence of insolvency, as the bank's assets seemed to be ample to meet its liabilities to creditors. Certain conditions were then imposed upon the bank with a view to providing for losses and securing the bank against further loss on its loans. Later it was determined to place the association in voluntary liquidation by having another bank in Boston take over its assets and assume its deposit liabilities, and it was thought that arrangements to this end were being successfully carried out, until the Acting Controller received a dispatch from Examiner Neal yesterday that efforts to liquidate had failed. After a conference by telephone with the examiners. who stated that a receivership was unavoidable, the bank was ordered closed. The failure is due to losses sustained. There is no apparent dishonesty on the part of the officers of the bank, so far as the records of the Controller's office show. The following is a statement of the resources and liabilities of the bank, as shown by the last report of condition September 15, 1902:

12. November 15, 1902 The Savannah Morning News Savannah, GA
Article from The Savannah Morning News, November 15, 1902

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CENTRAL BANK FAILS. One of Boston's Biggest Financial Institutions Goes to the Wall. Boston, Nov. 14.-The Central National Bank, a small institution when compared with other Boston banks, did not open its doors to-day because of an order from the controller of the currency, who had placed National Bank Examiner W. E. Neal over it as temporary receiver. Impaired assets is given as the reason for the failure, and the bank is closed for good. The incident did not produce any flurry in financial circles. Many banks came to the relief of the Central's depositors, the National Shawmut offering to advance 50 per cent. of their deposits. Director Moses W. Richardson of the bank to-night said that depositors probably would be paid in full, and while the stockholders may be called upon for a quick assessment, in the end they will lose nothing. Boston, Nov. 14.-The Central National Bank of this city did not open for business to-day, the controller of the currency having ordered the bank examiner to close its doors and take charge of its business. The closing of the bank is said to be due to excess loans and a lack of quick assets. An appeal for aid was made to the Boston Clearing House Association, but the committee did not deem it advisable to assist the bank. The bank is among the smaller institutions of the city. It was organized in 1873 with a capital of $500,000. Its deposits aggregate $2,750,000, and it is believed that this amount can be paid in full without an assessment on the stockholders. Otis H. Luke is president and James Brown cashier. The failure of negotiations for the Eliot National Bank to liquidate the Central National is understood to have contributed to the failure. A meeting of the Central Bank stockholders had been called for Dec. 10 to approve the plan for the Eliot National to take over the business. Upon investigation, however, President Burrage of the Eliot Bank and his board of directors, refused to accept the assets of the Central Bank as security for any guarantee of the $2,700,000 deposits. Washington, Nov. 14.-The following statement was issued at the office of the controller of the currency: "The Central National Bank of Boston, Mass., has been closed by direction of the acting controller of the currency, as a result of a conference by telephone late last night with Examiners Neal and Ewer of Boston. The acting controller has appointed William E. Neal as temporary receiver. "The bank was last examined on Sept. 11, 1902, and while the examiner's report showed losses equal to surplus and undivided profits then on hand, there was no evidence of insolvency, as the bank's assets seemed to be ample to meet its liabilities to creditors. Certain conditions were then imposed upon the bank with a view to providing for losses and securing the bank against further loss on its loans. Later it was determined to place the association in voluntary liquidation by having another bank in Boston take over its assets and assume its deposit liabilities, and it was thought that arrangements to this end were being successfully carried out until the acting controller received a dispatch from Examiner Neal yesterday that efforts to liquidate had failed. After a conference by telephone with the examiners, who stated that a receivership was unavoidable, the bank was ordered closed. "The failure is due to losses sustained. There, is no apparent dishonesty on the part of the officers of the bank so far as the records of the controller's office show."

13. November 15, 1902 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, November 15, 1902

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BOSTON BANK CLOSES DOORS Central National in Hands of Comptroller of the Currency. DEPOSITORS NOT LIKELY TO SUFFER Failure is Caused by Losses that Were Suffered Some Years Ago and from Inability to Recuperate BOSTON, Nov. 14.-The Central National business bank of this city did not open for today, the comptroller of the currency close having ordered the bank examiner to its and take charge of its of the bank is be The doors closing said business. of to to excess loans and a lack quick due assets. An appeal for aid was made to the the Boston Clearing House association, but to committee did not deem it advisable assist the bank. The bank is among the smaller instituthe city. It was organized in 1873 of $500,000. Its tions with a of capital believed deposits that ag$2,700,000, and it is can be paid in on the an this gregate assessment amount stockholders. full without Brown Otis H. Luke is president and J. Adams cashier. Just before 9 o'clock today the following notice was posted on the bank's doors: "Closed by order of the comptroller of the currency." Inquiry at the bank elicited the information that the comptroller had ordered Bank Examiner Neal to take charge as temporary receiver. No one could be found who had bank. authority to discuss the condition of the Cause of the Failure. failure of negotiations for the Eliot to liquidate the understood to have tional National The is bank Central contributed Na- the as well as the fact that fully recovered from a to bank the never failure, when, with blow the It received twenty years ago, it which failed at in the collapse of was Pacific involved bank, Vermont. that the time, Leba- The Springs railroad in then lost $350,000 asof about 100 per cent was Central sessment bon Bank and dividends an made upon the stockholders, and no were paid for thirteen years. failure of the bank showed that the proceedings were not A meeting of liquidation ing The favorably. the progress- Central Dehad been called for 10 to approve the plan cember bank stockholders business. for the Upon Ellot National to take over the however, President Burrage bank and his to accept the tors investigation, of the refused Eliot board assets of of direc- the Central bank as security for any guaranty of the $2,700,000 deposits. Resources and Liabilities. the last report to the comptroller of the By currency the bank's standing was as follows: Resources-Loan and discounts, $3,073, overdrafts, $40,625; United States premium on $16,750; stocks, securities bonds, 786; bonds, $450,000; United and States real $153,722; due from banks, $956,863; for clearings, estate, exchanges $142,796 $200,000; specie, re$160,136; legal tender notes, demption fund, $17,750. Liabilities-Capital stock, $500,000; sur1 fund, $100,000; undivided profits, $129,notes 9 to .etc., $917,721 due plus 633; bank banks, outstanding, deposits, $50,000; 349,990; $2,700,085; United States deposits, bills payable, $465,900. National Shawmut bank announced that it would advance to of Central National bank 50 per of today The the institution. depositors cent their present balances in that The state of Massachusetts was a deposjtor in the bank. The state treasurer says no inconvenience will result. Comptroller Makes Statement. WASHINGTON, Nov. 14.-A statement the closing of the of Boston was concerning tional bank issued Central at Na- the of the courrency's office today. the bank was closed by comptroller It says the direction of the acting comptroller of courrency result of a conference by with Examiners late as a last night telephone Neal and Ewer of Boston, comptroller has The acting appointed receiver. William E. Neal as temporary recites that September 11 last and, the The examined statement losses the bank while equal was to examiner's report showed surplus and undivided profits then on hand, there was no evidence of insolvency. Certain conditions were then imposed upon the bank with a view to providing for losses and securing the bank against on its loans, was the termined further loss ta place association Later another it in bank vol- deuntary liquidation by having in take aver its assets its liabilities, and it was Boston deposit and thought assume being that arrangements to this end were carried out until received a comptroller successfully dispatch the from acting Examiner Neal yesterday that efforts to liquidate had failed, The failure, the statement says, is due to sustained, There is no apparent on the part of the the : dishonesty losses officers the comp- of bank so far as the records of troller's office

14. November 15, 1902 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, November 15, 1902

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BOSTON BANK IN THE SHOALS The Central National in Charge of Temporary Receiver. ITS CONDITION WAS KNOWN so THE FINANCIAL WORLD WILL NOT BE SHOCKED. OSTON, Nov. 14.-The Central National bank of this city did not B open for business today, the comptroller of the currency having ordered Bank Examiner A. W. Neal to close its doors and take charge of its business as temporary receiver. The closing of the bank is said to be due to excess of loans and a lack of quick assets. An appeal for aid was made to the Boston Clearing House association, but the committee did not deem it advisable to assist the bank. The bank is among the smaller institutions of the city. It was organized in 1873 with a capital of $500,000. Its deposits aggregate $2,700,000, and it is believed that this amount can be paid in full without an assessment on the stockholders. Otis H. Luke is president and J. Adams Brown cashier. The Central National bank never fully recovered from a blow it received twenty years ago, when, with the Pacific bank, which failed at that time, it was involved in the collapse of the Lebanon Springs railroad in Vermont. The Central bank then lost $350,000, and an assessment of about 100 per cent was made upon the stockholders, and no dividends were paid for thirteen years. A meeting of the stokholders had been called for Dec. 10, to approve a plan for the Eliot National bank to take over the business. Upon investigation, however, President Burrage of the Eliot bank. and his board of directors, refused to accept the assets of the Central bank as security for any guarantee of the $2,700,000 deposits. By the last report to the comptroller of the currency the bank's standing was as follows: Resources-Loans and discounts, $3,073,786; overdrafts, $40,625; United States bonds, $450,000; premium on United States bonds, $16,750; stocks, securities and real estate, $153,723; due from banks, $956,863; exchanges, for clearings, $142,796; specie, $160,136; legal tender notes, $200,000; redemption fund, $17,750. Liabilities-Capital stock, $500,000; surplus fund, $100,000; undivided profits, $129,633; bank notes outstanding, $349,990; bank notes to banks, etc., $917,721; deposits, $2,700,085; United States deposits, $50,000; bills payable, $465,900. The National Shawmut bank announced today that it would advance to depositors of the Central National bank 50 per cent of their present balances in that institution.

15. November 15, 1902 Waterbury Democrat Waterbury, CT
Article from Waterbury Democrat, November 15, 1902

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BOSTON BANK CLOSED. Failure of Central National Causes Only Slight Flurry, BOSTON, Nov. 15.-The Central National, a small institution compared with many other city banks, has closed its doors by reason of an order from the comptroller of the currency, who has placed National Bank Examiner W. E. Neal over it as temporary receiver. Impaired assets is given as the reason for the failure, and the bank is closed for good. The incident did not produce any flurry in financial circles, as the closing of the bank through liquidation by the Eliot National bank was looked for, and such action it was supposed had commenced. The incident which precipitated the failure was the rejection of a considerable portion of the Central bank's assets by President Burrage of the Eliot bank, who was scrutinizing them preparatory to taking the bank for liquidation. Another portion of the assets was known to have been acceptable, and the action of President Burrage and the Eliot bank directorate in refusing to liquidate the bank was unexpected. Wednesday sales of the Central's stock dropped $15 from par, and Thursday depositors withdrew something like $2,000,000. Later the clearing house declined to aid the bank, and certified checks on the bank were refused acceptance by other banks. Preparations were at once made to place a receiver in charge of the bank. Many banks came to the relief of the Central's depositors, the National Shawmut offering to advance 50 per cent of their deposits. Director Moses W. Richardson of the bank says that depositors probably will be paid in full, and while the stockholders may be called upon for a quick assessment in the end they will lose nothing. Officers of other banks are of the opinion that the Central's failure will not be noticed in financial circles.

16. November 20, 1902 The Hocking Sentinel Logan, OH
Article from The Hocking Sentinel, November 20, 1902

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Boston Bank Closes Its Doors. The Central National bank at 141 Devonshire street, Boston, Mass., did not open its doors Saturday morning. The clearing house committee which met to consider the case, felt compelled to refuse aid. When the facts were brought to the attention of the comptroller he authorized the bank examiner to close the doors and It can be stated that a receiver will be appointed. The bank has deposits aggregating about $3,500,000. Excessive losses and blow paper are given as causes leading to the failure.

17. November 21, 1902 Perrysburg Journal Perrysburg, OH
Article from Perrysburg Journal, November 21, 1902

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A WEEK'S RECORD All the News of the Past Seven Days Condensed. HOME AND FOREIGN ITEMS News of the Industrial Field, Personal and Political Items, Happenings at Home and Abroad. THE NEWS FROM ALL THE WORLD DOMESTIC. The ninth annual convention of began the Daughters of the Confederacy at New Orleans. Five men suspected of the Gardner have (III.) bank robbery, October 29, been arrested in Chicago. Leslie Combes, of Louisville, Guatemala. has appointed minister to been to succeed Dr. W. G. Hunter. resigned. reDirector of the Mint Roberts the world's production of silver, gold ports in 1901 was $263,374,000, and of $104,999,100. Officials are taking steps to hasten the negotiations for the reciprocity the treaty now pending between United States and Cuba. Objections to recognition of in the anunion is emphasized the swers miners' of coal operators filed with arbitration commission. The recent election in the territory vicof Hawaii resulted in a republican tory. President Roosevelt's annual anti- meswill recommend Sherman trust eage amendments to curb combines. Mrs. Eddy advises her followers in- to refrain from attempting to cure science. fectious diseases by Christian commisProf. Samuel M. Lindsay, of education in Porto Rico, theisland says sioner the educational prospects of are good. the members of the anthracite All commission are at Scranton to strike the hearing of the differences their begin existing between the miners and employers. Foreign commercial men were given adbanquet in Washington and were dressed a by Secretary Shaw. The American Bankers' association session in New Orleans elected as president in Caldwell Hardy, of Norfolk, Va. Maj.Gen. Adna Chaffee was of guest the honor at the annual dinner Merchants' of association in San Francisco. The Pennsylvania Railroad company emhas increased the wages of 59,000 ployes At Lewisburg, ten per cent. Tenn., John Davis, the a was hanged by n mob for negro, murder of Robert Adair, a farmer. The twenty-second annual convention of the American Federation of Labor met in New Orleans. Four men who attempted to hold the south bound Monon express at Cyclone, Ky., were captured. President Roosevelt reached Smedes, Miss., and left for camp on the Little Sunflower river, in cypress swamp, where he will hunt for bears. Judge Madden, at Emporia, Kan., in case against Prof. Vanora, a hypthe notist,decided that man has the right to bury his wife alive. Brig. Gen. Hamilton S. Hawkins, U. as A., retired, has been detailed governor S. of the national soldiers' home in Washington. The Union Pacific is reported o have secured a majority of the stock of the Southern Pacific. Gen. Bliss has sailed for Cuba to negotiate a new commercial treaty. The Central national bank of Boston been ordered closed by the comphas troller of the currency and a receiver appointed. J. P. Morgan, Russell Sage and other prominent New York capitalists nihil- have been threatened with death by ists unless they divide their wealth. There were 241 business failures in the United States during the week the ended on the 14th, against 215 same week in 1901. The exchanges at the leading clear- durhouses in the United States ing ing the seven days ended on the 14th inaggregated $2,532,442,788. The crease, compared with the corresponding week of last year, was 7.7. alJohn W. Holleck, a farmer and leged pension agent, was sentenced in St. Louis to ten years in the penitentiary for pension frauds. The Princeton (III.) football team won the championship of athletic has club football teams of the United States. The Burlington, Grand Trunk and the Wabash railways have increased wages of their employes ten per cent Postmaster General Payne will on congress a two-cent postage Gerrate urge to England, France and many. During a controversy over a Master- board at Manchester, O., James bill fatally shot M. P. Brittingham. then owner son of the Hotel Bratt, and killed himself. Fifty thousand citizens of the UnitStates will settle on Ontario (Can- two ed ada) crown lands in the next beaccording to an agreement years, tween the government and a Chicago syndicate. American Federation of Labor in New Orleans a to organize convention movement The public cities. started school teachers unions in large

18. November 21, 1902 Highland Recorder Monterey, VA
Article from Highland Recorder, November 21, 1902

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SUMMARY OF THE LATEST NEWS. Domestic. Receivers for the National Asphalt Company and the Asphalt Company of America filed in court at Trenton, N. I.. reports stating that they have made progress in reducing expenses by consolidating the underlying companies. During a controversy over a board bill James Masterson fatally shot M. P. Brittingham, proprietor of the Hotel Bratt, in Manchester, O., and then killed himself. Brittingham was shot three times. It was reported in Philadelphia that the Reading. the Baltimore and Ohio, and other Eastern railroads will follow the example of the Pennsylvania and increase the salaries of employes. The Anthracite Strike Commission began the hearing of evidence in Scranton, Pa., President Mitchell reading a long satement and then taking the witness stand. Col. Edward Butler, the millionaire 4: politician of St. Louis, was convicted of bribery in Columbia, Mo., and sentenced to three years in the penitentiary. In the American Federation of Labor Convention yesterday at New Orleans a number of resolutions bearing upon labor conditions were introduced. The Methodist General Missionary Conference, in session in Albany, N. Y., made appropriations for the various missions in China and Korea. The Central National Bank of Boston closed its doors as a result of impaired assets. The failure had no effect in financial circles. William Becker, who sent threatening letters to a number of wealthy men in New York. was arrested on the charge of blackmail. One hundred and ten Presbyteries have thus far voted for revision of the creed, none having voted the other way. Superintendent Pratt, of the Carlisle Indian School. submitted his report to Indian Commissioner Jones. The twenty-second annual convention of the American Federation of Labor opened in New Orleans, and President Gompers, in his annual address, warned the members of the dangers of the conflicting claims of jurisdiction made by Adifferent bodies. / Four men were killed and 40 more or less inured by the explosion of a large boiler in a scrap puddle furnace at the American Iron and Steel Manufacturing plant at Lebanon, Pa. Frank C. Andrews, the convicted vicepresident of the wrecked City Savings Bank of Detroit, Mich., was taken to the Jackson State Prison to begin serving his 15 years sentence. Mrs. Tingley has appealed from the decision of the board of inquiry in New York to deport the Cuban children designed for the Buddhist home at California. J. W. McNight. former president of the defunct German National Bank of Louisville, Ky., was sentenced to six years in the penitentiary for embezzlement. The grand jury of Freehold, N. J., has not yet indicted Laura Biggar on account of any charge growing out of her alleged marriage to Millionaire Bennett. A young woman ,in whose possession was found a watch chain stolen from one of the murdered Boston women, is likelv to prove an important witness in the case. The General Missionary Conference of the Methodist Episcopa Church at Albany, N. Y., decided not to admit the secretaries of conferences as members. The coroner's jury held Charles Cawle of Homestead. Pa., responsible for the murder of his mother and four brothers and sisters. Rev. James Hill, a Marylander by birth, and senior member of the Indiana Conference of the M. E. Church, died at the ann of 8,

19. November 22, 1902 The Coeur D'alene Press Coeur D'alene, ID
Article from The Coeur D'alene Press, November 22, 1902

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Events Tersely Expounded, Prince Edward of Saxe-Welmer died recently in London from congestion of the kidneys. Indications point to a general in crease of wages of railroad employes all over the country. The Pittsburg & Lake Erie Rail road company will meet the wage advance of the Pennsylvania system. The old home of the poet, William Cullent Bryant, at Roslyn, L. L, was destroyed by fire recently. The house was occupied by W. Butler Duncan. At Lebanon, Pa., eight persons are now dead as the result of the boiler explosion in a furnace of the American Irom & Steel company recently. Auditor Lawshe figures up the losses to the Philippine treasury on account of the depreciation of silver since January, including the last de cline, at $1,054,000 gold. The Royal Blue Baltimore & Ohio Southwestern flyer. St. Louis to New York, was wrecked recently 20 miles east of Washington, Ind. Several per sons were injured. one fatally. The Central National bank of Bos ton has failed, the comptroller of the currency having ordered Bank Ex aminer A. W. Neal to close Its doors and take charge of the business as temporary receiver. It has became public that the New York Central railroad recently has in creased the wages of some 15,000 men in Its employ from # to 13 per cent The increase adds nearly $1,000,000 a year to the payroll of the company After a bearing that lasted nearly a week the grand tribunal of Illinois for the Knights of Pythias has voted unanimously to expel John A. Hinsey, who was retired from the head of the board of control of the Endowmen rank last year. Canadian lumbermen who are in touch with what is going on at Wash togton and in Canadian government circles are alarmed that a duty of $4 per 1000 feet will be levied on Cana dian sawed lumber entering the Unit ed States. Three of the Washington City thes ters have agreed to yield to the de mand of the striking stage hands, ac cording to members of the National Alliance of Theatrical Stage Employee but the managers of the other theaters playing the leading attractions, say they will not give In. The Lake Shore road has announced a 10 per cent increase for switchmen along the entire system. The wages of the switchmen in the Chicago yards were raised recently and the notice will apply to all other switchmen It will affect about 100 men. It is also stated that the Nickel Plate will fol low with a general Increase The officials of the Pennsylvania lines west of Pittsburg have given no tice that the wages of all employes receiving less than $200 per month would be advanced 10 per cent. to meet the Increase made by the east ern system of the Pennsylvania com pany recently. The advance will at feet about 40,000 employes. At Elyria, Ohio, Marshal Henry Krohm was perhaps fatally shot and an unknown burgiar had his head blown off in a battle. The shooting occurred during a fight with four robbers who terrorized the town. The EADE stole horses and rigs, entered several houses and shot reckleasly In A wild charge down the main street. Colonel Ed Butler, millionaire and politician of St. Louis, on trial charg ed with attempting to bribe Dr. Chap man of the St. Louis board of health in order to influence his vote on the indorsement of garbage contract with the city, has been found guilty by the Jury, which assessed the pun ishment at three years in the peniten liary. Attorney A. R. Sneed, who last summer made an attempt to kill H. V Platt. now Oregon Short Line agent at Salt Lake, died in Pocatello recent by from the effects of a self adminis tered morphine hypodermic Injection surrounded by circumstances Indicat ing suicidal Intent. According to a report which has reached Tangiers, Morocco from Fez the Imperial toops have succeeded It capturing the pretender to the throne The funeral of Liu Kun Yu, the fa mous viceroy of Nankin, which tool place recently at Nankin, was the oc casion of unprecedented demonstra tions of respect on the part of the foreign representatives in that city The funeral cortege was of grea length and the obsequies, by comman of the dowager empress, were carrie out with Imperial pomp. Split Chinaman's Head. Victoria B C. Nov. 17 Det

20. December 27, 1902 The Broad Ax Chicago, Salt Lake City, IL
Article from The Broad Ax, December 27, 1902

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BUSINESS FAILVRES. Jan. 10-Cleveland, 0., Euclid Trust & Savings Co.; $1,500,000. 11-Painesville, 0., People's bank; $173,000. 14-Chicago, Geo. H. Phillips, "corn king," fails for second time in 7 months. 17-Albany, Ga., Commercial bank; $123,000. 28-Bellwood, Neb., Platte Valley state bank. Feb. 10-Detroit, Mich., City savings bank, on account of shortage of Vice President Frank C. Andrews. 25.-Belmont (0.) national bank. 26-Burnett, Tex., private bank of W. H. Westfall & Co. Mar. 3-Elkhart, III., State bank. 15-Wanatah, Ind., Julius Conitz, banker. 20-Americus, Ga., People's bank; $30,000. Apr. 4-St. Paul, U. S. Saving & Loan Co.; $800,000. 24-Algonac (Mich.) Banking Co.'s bank; $32,000. Jun. 3-Chicago, John A. & Alexander Davidson, marble contractors; $1,391,838. 13-Charleston (S. C.) Exposition Co., placed in receivers' hands; $450,000. 30-Murdock, Neb., German state bank; $37,000. Jul. 3-New York city, M. P. Anderson, real estate operator; $1,535,212. 29-Brooklyn, N. Y., Malcolm Brewing Co.; $800,000. Aug. 16-Elgin, Ill., Obadiah Sands Butter corporation, $445,000. 20-Cleveland, O., Forward Reduction Co., booming Texas oil; $500,000. 24-Elnora (Ind.) bank; $10,000. Sep. 2-New York, American bicycle trust. Oct. 7-Oto, Ia., bank of F. H. Cutting & J. T. Willett: $20,000. 16-New York, Gillman, Son & Co's banking house; $200,000. Nov. 5-Richmond, Va., Leon L. Strause, leaf tobacco; $300,500. 13-Boston. Central national bank. Dec. 8-Omaha, W. H. Bennett Co.'s. department store.

21. January 3, 1903 The L'anse Sentinel L'anse, MI
Article from The L'anse Sentinel, January 3, 1903

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BUSINESS FAILVRES. Jan. 10-Cleveland. O., Euclid Trust & Savings Co.; $1,500,000. 11-Painesville, O., People's bank: $173,000. 14-Chicago, Geo. H. Phillips, "corn king," fails for second time in 7 months. 17-Albany, Ga., Commercial bank; $123,000. 28-Bellwood, Neb., Platte Valley state bank. Feb. 10-Detroit, Mich., City savings bank, on account of shortage of Vice President Frank C. Andrews. 25.-Belmont (O.) national bank. 26-Burnett, Tex., private bank of W. H. Westfall & Co. Mar. 3-Elkhart, III., State bank. 15-Wanatah, Ind., Julius Conitz, banker. 20-Americus, Ga., People's bank; $30,000. Apr. 4-St. Paul, U. S. Saving & Loan Co.; $800,000. 24-Algonac (Mich.) Banking Co.'s bank; $32,000. Jun. 3-Chicago, John A. & Alexander Davidson, marble contractors; $1,391,838. 13-Charleston (S. C.) Exposition Co., placed in receivers' hands; $450,000. 30-Murdock, Neb., German state bank; $37,000. Jul. 3-New York city, M. P. Anderson, real estate operator; $1,535,212. 29-Brooklyn. N. Y., Malcolm Brewing Co.; $800,000. Aug. 16-Elgin, III., Obadiah Sands Butter corporation, $445,000. 20-Cleveland, O., Forward Reduction Co., booming Texas oil; $500,000. 24-Elnora (Ind.) bank: $10,000. Sep. 2-New York, American bicycle trust. Oct. 7-Oto. Ia., bank of F. H. Cutting & J. T. Willett: $20,000. 16-New York, Gillman, Son & Co's banking house: $200,000. Nov. 5-Richmond, Va., Leon L. Strause, leaf tobacco; $300,500. 13-Boston, Central national bank. Dec. 8-Omaha, W. H. Bennett Co.'s. department store.

22. January 8, 1903 Iron County Register Ironton, MO
Article from Iron County Register, January 8, 1903

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BUSINESS FAILVRES. Jan. 10-Cleveland. O., Euclid Trust & Savings Co.: $1,500,000. 11-Painesville, O., People's bank: $173,000. 14-Chicago, Geo. H. Phillips, "corn king," fails for second time in 7 months. 17-Albany, Ga., Commercial bank; $123,000. 28-Bellwood, Neb., Platte Valley state bank. Feb. 10-Detroit, Mich., City savings bank, on account of shortage of Vice President Frank C. Andrews. 25.-Belmont (O.) national bank. 26-Burnett, Tex., private bank of W. H. Westfall & Co. Mar. 3-Elkhart, Ill., State bank. 15-Wanatah, Ind., Julius Conitz. banker. 20-Americus. Ga., People's bank: $30,000. Apr. 4-St. Paul, U. S. Saving & Loan Co.: $800,000. 24-Algonac (Mich.) Banking Co.'s bank; $32,000. Jun. 3-Chicago, John A. & Alexander Davidson, marble contractors; $1,391,838. 13-Charleston (S. C.) Exposition Co., placed in receivers' hands; $450,000. 30-Murdock, Neb., German state bank; $37,000. Jul. 3-New York city, M. P. Anderson, real estate operator; $1,535,212. 29-Brooklyn, N. Y., Malcolm Brewing Co.; $800,000. Aug. 16-Elgin, Ill., Obadiah Sands Butter corporation, $445,000. 20-Cleveland, O., Forward Reduction Co., booming Texas oil; $500,000. 24-Elnora (Ind.) bank: $10,000. Sep. 2--New York, American bicycle trust. 30-Trenton, N. J., National Salt Co. ("salt trust"): $300,000. Oct. 7-Oto, Ia., bank of F. H. Cutting & J. T. Willett: $20,000. 16-New York, Gillman, Son & Co's banking house; $200,000. Nov. 5-Richmond, Va., Leon L. Strause, leaf tobacco; $300,500. 13-Boston. Central national bank. Dec. 8-Omaha, W. H. Bennett Co.'s. department store.

23. January 9, 1903 The Jasper Weekly Courier Jasper, IN
Article from The Jasper Weekly Courier, January 9, 1903

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BUSINESS FAILVRES. Jan. 10-Cleveland, O., Euclid Trust & Savings Co.; $1,500,000. 11-Painesville, O., People's bank: $173,000. 14-Chicago, Geo. H. Phillips, "corn king," fails for second time in 7 months. 17-Albany, Ga., Commercial bank; $123,000. 2S-Bellwood, Neb., Platte Valley state bank. Feb. 10-Detroit, Mich., City savings bank, on account of shortage of Vice President Frank C. Andrews. 25.-Belmont (O.) national bank. 26-Burnett, Tex., private bank of W. H. Westfall & Co. Mar. 3-Elkhart, III., State bank. 15-Wanatah, Ind., Julius Conitz, banker. 20-Americus, Ga., People's bank: $30,000. Apr. 4-St. Paul, U. S. Saving & Loan Co.: $800,000. 24-Algonac (Mich.) Banking Co.'s bank; $32.000. Jun. 3-Chicago, John A. & Alexander Davidson, marble contractors; $1,391,838. 13-Charleston (S. C.) Exposition Co., placed in receivers' hands; $450,000. 30-Murdock, Neb., German state bank; $37,000. Jul. 3-New York city, M. P. Anderson, real estate operator; $1,535,212. 29-Brooklyn, N. Y., Malcolm Brewing Co.; $800,000. Aug. 16-Elgin, III., Obadlah Sands Butter corporation. $445,000. 20-Cleveland, O., Forward Reduction Co., booming Texas oil; $500,000. 24-Elnora (Ind.) bank: $10,000. Sep. 2-New York. American bicycle trust. Oct. 7-Oto. 1a., bank of F. H. Cutting & J. T. Willett: $20,000. 16-New York, Gillman, Son & Co's bank. ing house: $200,000. Nov. 5-Richmond, Va., Leon L. Strause, leaf tobacco: $300,500. 13-Boston Central national bank. Dec. 8-Omaha, W. H. Bennett Co.'s. department store.

24. January 9, 1903 The Kinsley Graphic Kinsley, KS
Article from The Kinsley Graphic, January 9, 1903

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BUSINESS FAILVRES. Jan. 10-Cleveland, O., Euclid Trust & Savings Co.; $1,500,000. 11-Painesville, 0., People's bank; $173,000. 14-Chicago, Geo. H. Phillips, "corn king," fails for second time in 7 months. 17-Albany, Ga., Commercial bank; $123,000. 28-Bellwood, Neb., Platte Valley state bank. Feb. 10-Detroit, Mich., City savings bank, on account of shortage of Vice President Frank C. Andrews. 25.-Belmont (0.) national bank. 26-Burnett, Tex., private bank of W. H. Westfall & Co. Mar. 3-Elkhart, III., State bank. 15-Wanatah, Ind., Julius Conitz, banker. 20-Americus, Ga., People's bank; $30.000. Apr. 4-St. Paul, U. S. Saving & Loan Co.; $800,000. 24-Algonac (Mich.) Banking Co.'s bank; $32,000. Jun. 3-Chicago, John A. & Alexander Davidson, marble contractors; $1,391,838. 13-Charleston (S. C.) Exposition Co., placed in receivers' hands; $450,000. 30-Murdock, Neb., German state bank; $37,000. Jul. 3-New York city, M. P. Anderson, real estate. operator; $1,535,212. 29-Brooklyn, N. Y., Malcolm Brewing Co.; $800,000. Aug. 16-Elgin, III., Obadiah Sands Butter corporation, $445,000. 20-Cleveland, O., Forward Reduction Co., booming Texas oil; $500,000. 24-Elnora (Ind.) bank; $10,000. Sep. 2-New York, American bicycle trust. Oct. 7-Oto, la., bank of F. H. Cutting & J. T. Willett: $20,000. 16-New York, Gillman, Son & Co's banking house; $200,000. Nov. 5-Richmond, Va., Leon L. Strause, leaf tobacco; $300,500. 13-Boston. Central national bank. Dec. 8-Omaha, W. H. Bennett Co.'s. department store.