Cosmopolitan Bank - New York, NY

Episode Information

Episode UID: 7630831191566
Episode Type: Run → Suspension → Closure
Bank Type: state
Bank ID: 763083119 hash
Start Date: June 10, 1930
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: d8ed96e422eeb6f1

Response Measures

None

Description

Article reports officers' resignations, arrests, assets turned over to comptroller and doors locked after shortages/forgeries.

Events (3)

1. June 10, 1930 Run

Cause: Bank Specific Adverse Info
Cause Details: Discovery that Shafer was short large sums and had deposited forged collateral, precipitating resignations and withdrawals
Measures: Bank locked its doors after withdrawals and disclosure of shortages
Newspaper Excerpt: A slight run existed at the bank since June 10; that was the date the Cosmopolitan locked its doors
Source: newspapers

2. June 10, 1930 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Locking of doors followed disclosure of large shortages and forged collateral by a bank manager
Newspaper Excerpt: That was the date the Cosmopolitan locked its doors upon disclosure that Shafer... was short $623,00 in his account with the bank.
Source: newspapers

3. June 27, 1930 Receivership

Newspaper Excerpt: The assets were turned over for liquidation to the comptroller of the currency of the United States.
Source: newspapers

Newspaper Articles (1)

1. June 27, 1930 Record-Journal Meriden, CT

Article from Record-Journal, June 27, 1930

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Article Text

Faces Crash Charge Charged with the wrecking of his brokerage firm, Harold Russell Ryder, 35 tabove), found distracted on street corner in Poughkeepsie, N. Y., seen as he appeared in Tombs Court, New York, and was freed in $10,000 ball. Authorities are seeking the disappearance of more than $5,000,000 following the crash of the brokerage house. 000,000 in the last three days. The run followed the resignation of three high bank officials last Monday. Two of those former officials, Liman E. Norris, vice president, and Harry Rosenblum, cashier, were arrested on warrants sworn by United States District Attorney Haveth E. Mau. which charged conspiracy to violate the national banking act. They pleaded not guilty and were held under $25,000 bond each. Federal and county officials expressed belief that the bank would probably fully meet every obligation and that the assets were turned over for liquidation to the comptroller of the currency of the United States. A slight run existed at the bank since June 10, directors said. That was the dat the Cosmopolitan locked its doors upon disclosure that Shafer, former manager of the H. L. Doherty company, Cities Service securities dealers, was short $623,00 in his account with the bank. Mau said Shafer had deposited Cities Service collateral bearing forged with the Brotherhood bank. The exact amount was not disclosed but reported to run from $225,000 to $375,000. Shafer besides being short $623,000 with the Cosmoplitan bank was short that much more with the Doherty concern. He admitted ten days ago that he lost the money gambling in the stock market trying to recoup $700,000 fortune lost in the market crash last fall.