Known federal receivership date (1933-01-31) used as authoritative for closure.
Events (7)
1.February 16, 1909Chartered
Source
historical_nic
+24 years
2.January 1, 1933*Run
Cause
Rumor Or Misinformation
Cause Details
Rumors of large suits related to the Happ and Stanhilber estates prompted depositors and local gossip leading to a run in late Dec 1932/early Jan 1933.
Measures
Directors voted to close the bank to stop withdrawals.
Newspaper Excerpt
the directors... were the last ones to hear the rumor in the latter part of December, 1932, or the first of January in 1933, and a run on the bank impended
Source
newspapers
+30 days
3.January 31, 1933Suspension
Cause
Rumor Or Misinformation
Cause Details
Bank was closed by directors after run and subsequently placed in federal receivership (receiver Bosworth).
Newspaper Excerpt
Filing of claims for all deposits held National bank begin Monday, official notice given today by Bosworth, receiver.
Source
newspapers
same day
4.January 31, 1933Receivership
Newspaper Excerpt
L. J. Bosworth, receiver for the City National bank at Oshkosh, has been appointed receiver ... (reports of receiver handling claims in March 1933).
Source
newspapers
same day
5.January 31, 1933Receivership
Source
historical_nic
+39 days
6.March 11, 1933Other
Newspaper Excerpt
Filing of claims for all deposits... Bosworth, receiver. Claims must be filed on special blanks... more than 13,000 claims are eligible for registration.
Source
newspapers
+37 days
7.April 17, 1933Other
Newspaper Excerpt
Depositors in the closed City National bank... will organize... to protect their interests.
Source
newspapers
Newspaper Articles (14)
1.March 11, 1933The Oshkosh NorthwesternOshkosh, WI
Article Text
FOR FILING BANK CLAIMS WILL BEGIN ON MONDAY
Depositors in City National Bank Will Take Preliminary Steps to Secure Their Money
Filing of claims for all deposits held National bank begin Monday, official notice given today by Bosworth, receiver. Claims must be filed on special blanks the bank. The receiver and his will assist filling claims, and will be present minister the for the claims. period has been file claims. than 13,000 claims are eligible for registration. order that no congestion during the days the file claims period, has to apply during the In this special have persons certain initials file claims. The initials considered are those of the family ORDER The alphabetical for today March and March and Thursday, March and March and March March 20, and Tuesday, March and Wednesday March March March Saturday, March alphabetical routine completed once, expected that greater proportion claims been filed, and the miscelclaims will have for the greatest importance, that the claimants the to them, book, cashier's check, draft or other dence. the claim filed by an adminother other than the original claimant, certificate authority must attached the unless such authority already been filed with bank. certified copy of the court order appointing acceptable. Members firms officers corporations must. course, make their affidavits individuals. should used and for said county John Smith Co. John Smith, who treasurer John Smith the bottom of the claim blank the affidavit should "Due and payable to John Smith
DEFERRED
Acceptance of claims for school thrift will be ferred for least awaiting the comptroller the currency to procedure handling this spetype the bank show there school counts which total the sum of $12,School authorities are requested school children holding such type of posit withhold filing during the first 30 days of the three months filing period. today's the time for filing claims. the the City bank. the thorized by the comptroller of the statement based on conditions the bank 1933, the its suspension, was folreceivable. hand. other assets, listed for Jan. unsecured. secured pledge assets the bank. none: and secured pledges the the sum Total liabilities listed for Jan. 25 were
OF JAN. 1933 The information the receiver's statement the finanthe City National compiled the close business Only value of assets contained statement. while actual determined collections on other assets later date. capital and surplus included in the statement liabilof the comptroller currency the States strictly forbid the give other than out One the reasons for fusing regarding the condition the bank the timated recovery creditamong claims after the issuance of ceiver's These certificates available each days the the receipt obtained by the claimorder the records of the must properly recordaccepted the receiver receiver's certificate posited collateral loan brought back to the office the payment the order that the original can be
2.March 14, 1933The Oshkosh NorthwesternOshkosh, WI
Article Text
MANY
Approximately 400 Persons Visit City National to File. Work is Moving Along Swiftly
Approximately 400 persons peared the City National bank, Monday. file claims for their rious accounts. These 400 persons eliminated about 800 separate liabilities, some the customers filed for accounts. which they had money when the bank closed. Claims filed Monday were people whose surnames began stated included about separate liabilities, indicating that the filing terday good progress alphabetical for filing included the initials PREVENTS CONGESTION alphabetical effecfor next weeks, pected to out satisfactorily, did yesterday prevent gestion and confusion during daily banking hours Analysis the lists was made the routine arranged. and the lists were divided dividual for each At the the present staff workers filling out proofs claims, two notaries. busy daily from and from MAY REPRESENTED developed today that some positors come to the bank aged to make the trip to the bank conveniently For sons unable come the receiver has agreed to the lowing plan: The depositor who cannot come the bank should delegate another person to appear the and responsible for filling out proof claims sheet This sheet should then be taken the actual that person should make necessary signatures the presence public important that claims be notarized
3.April 17, 1933The Oshkosh NorthwesternOshkosh, WI
Article Text
DEPOSITORS OF NATIONAL WILL ORGANIZE
Individuals Who Had Money in Bank and Are Not Stockholders to Meet Wednesday Night
Depositors in the closed City National bank, who are neither stockholders nor debtors to the bank. Wednesday evening o'clock Merrill school auditorium. purpose organizing for the protection of their mutual inSeveral men in Oshkosh, themselves closed bank, taken initiative calling the for Wednesday. They that terests can protected by an organization which act Benjamin Lampert, one of the will temporary be principal to explain the necessity for an ganization depositors. organization is set up for the Luchsinger said, will authorized investianalyze formation, pertaining the bank its MAKE result of analysis, and submitted the depositors for their endorsement approval. organization set for the depositors, said, not be empowered to bind any positors. individually any agreement. Matters this kind quire the support the tion whole, stated. The purpose of depositors' leaders move will to too hasty action. for reorganizathe other propositions. depositors, as particiany or until affairs been analyzed by their group seek to cooperate the bank the and interests. general program the institution. announced.
4.April 20, 1933The Oshkosh NorthwesternOshkosh, WI
Article Text
COMMITTEE NAMED BY DEPOSITORS OF THE CITY NATIONAL
Benjamin H. Lampert to Head Body Authorized at Meeting Held in the Merrill School Auditorium
Depositors of the closed City National bank. meeting Wednesday night in the Merrill school auditorium. voted for the appointment of a committee. authorized to investigate and analyze the bank's financial condition in their behalf Terms of the resolution adopted specified Benjamin H. Lampert as chairman. and gave him power to appoint six other persons to compose committee of seven Although his selections were not officially announced at the meeting Mr. Lampert said later that his appointment would include the six persons, besides himself. who had been sponsors for the depositors meeting In that arrangement. the depositors' committee will have the following personnel Benjamin H. Lampert, chairman: R. Morris Redford. Frank J. Sullivan, Miss Anne Cleavland, Dr R L. Klaeser, Francis S Lamb and S. J. Luchsinger INSTRUCTED TO COOPERATE
The resolution empowered the committee to secure all available information of the bank's finances, and form thereon to be submitted to the depositors The group was instructed to cooperate with the protective committee already functioning for the stockholders The depositors committee will have no power to bind depositors individually or collectively to any plan or course of action. Depositors. in turn, were requested not to sign any waivers. consents or agreements or subscribe to any plans that may be developed until the committee has had opportunity to analyze and make report Regarding actual information about the bank's finances. nothing developed, and S. J. Luchsinger, principal speaker acknowledged that no tangible figures have yet been issued by the receiver and those in charge of the bank at the present time Mr. Luchsinger declared that liquidation of the City National bank is not desired. but that plan should be evolved to organize new bank for that location Whatever plan is developed should not jeopardize the interests of the present depositors. he stated. QUESTIONS PROGRAM Before action was taken on the resolution authorizing the appointment of the committee, G C. Scholz questioned the program as being "loo hasty" in view of the fact that the stockholders committee. already at work. had promised to give depositors the benefit of its findings. He suggested that F. B. Keefe, of the stockholders committee. who was in the audience. should have opportunity to address the meeting. to give whatever information he could that might be of concern to the depositors. His suggestion did not carry, as persons in various parts of the hall called "Question! Question! and Mr. Lampert prepared to put the vote Before the vote. however, another voice called out. asking how the committee would be financed. Mr. Lampert reported that he, personally, would pay the expense of the committee. up to such time as outside help would be considered necessary He said the group could reimburse him or not. at some future time, if depositors saw
COMPARES STATEMENTS Following adoption of the resolution, which was the principal item of business. Francis S. Lamb was called to the platform. and in brief analysis he compared the bank's last published statement of December. 1932. with the receiver's statement of affairs, issued March 31. and now posted in the bank lobby He explained some of the terms, but agreed that the information was too vague to be of practical use in trying to find out definite As other calls for Mr. Keefe were heard from various parts of the hall. Mr. Lampert announced that the purpose of the meeting had been completed and that adjournment was in order The motion to adjourn was carried. and then Mr. Lampert invited Mr. Keefe to speak. Mr. Keefe's talk is summarized in another news story appearing in this issue.
5.April 20, 1933The Oshkosh NorthwesternOshkosh, WI
Article Text
FILING OF SCHOOL THRIFT CLAIMS IS BEGUN BY PUPILS
O. T. Witte, Representing Receiver of City National Bank, Will Visit Educational Institutions
Filing of school thrift claims against the City National bank began today. and will continue for a period of approximately two weeks under schedule that has been approved by Bosworth receiver and C C. Bishop, superintendent of schools It had first been intended to have school children visit the bank to file claims. but this suggestion has been abandoned in favor of system which will permit school thrift claims to be filed at the various schools O T Witte representing the bank receiver and Joseph Koelbl as notary will visit each school in the city during the next two weeks Their work began today at the Trinity Lutheran parochial school. SCHEDULE OF VISITS. The schedule of visits, as far as is now complete is as follows Friday April 21. Washington: Monday April 24. Merrill: Tuesday, April 25. Roosevelt Wednesday April 26. Dale: Thursday April 27 Lincoln: Friday April 28 Longfellow Monday and Tuesday May and Oshkosh High school Wednesday May 3. Read Thursday May Franklin and Jefferson: and Friday May 5. Park and Smith Schools for which no dates have been assigned as yet are Beach and Vocational St Mary's Teachers college training school, Grace Lutheran, Peace Lutheran, and Sa cred Heart Instructions have been issued to all schools. to have the children bring their thrift pass books to school immediately so as to be sure to have the pass books available the day the bank representatives are there
WILL GET RECEIPT Children having thrift accounts will be given receipt, at the time claims are filed at the various schools These receipts will be taken home to the parents or guardians, who will be required to bring the receipt to the bank one week later and at that time also sign the claim in the presence of notary In each case. the visit of the parent or guardian to the bank is timed exactly one week from the date appearing on the claim filed by the individual child at the school The signature of the child and the parent or guardian is necessary on a claim. before the claim will be considered complete, it was stated Thrift claims represent the bulk of the deposit claims still outstanding against the bank. and unregistered up to this time There are still some general accounts which have not been registered in claims, but these are growing fewer every day
Texas produces from one-fourth to half of the United State's total pecan crop.
6.May 3, 1933The Oshkosh NorthwesternOshkosh, WI
Article Text
DATE FOR HEARING ON IS BY THE COURT
Judge Fixes Time for Presenting Testimony in Matter Instituted By Trust Company
Hearing on objections of The First company now trustee trust under the Julia Stanhilber estate. the accounting of the former trustees. Hennig. president closed City National bank. and Henry Barber, director the bank has been set by County Judge McDonald for June The date was set Tuesday, when appearances attorneys were noted. no testimony was taken Privilege examining Barber and Hennig adversely been demandtrust company, and these examinations are to be held before court May 18. interests are to be represented at the hearing June Unterms the will of Mrs. Julia Stanhilber who property mated of $500,000. the city Oshkosh named beneficiary, also may be represented at hearing CREATED BY WILL
The Mrs. mothFred created the trust involved. Fred Stanhilber bonis the estate his deceased father, John Stanhilber The the mothno court record disposal his property all which, aplater included part the Mr. Hennig and Mr Barber tees under her and withdrew Those in court includCharles and Eugene Williams for the company, Bouck for the bank's receivWalter Patri, for former trustees. and Herriott. Lines, the United States and Guarantee supplied the bond the ORDERED SERVED
Copies the Mr. Barber Mr Hennig these Fred Stanhilber, Mead Happ. beneficiary the Julia hilber city Oshkosh. been made chiefly information and belief, appears. While on file county court, they have not been before the court and their tents before the court session either in whole in part. the explanathe county judge. the contents are not privileguntil the allegations have been brought before him.
7.June 29, 1933The Post-CrescentAppleton, WI
Article Text
L. J. Bosworth, receiver for the City National bank at Oshkosh, has been appointed receiver for the Citizen's National bank of Appleton. The new assignment was made yesterday by J. F. T. O'Connor, comptroller of currency at Washington, D. C.
The Citizen's National bank was taken over by the First National bank and the federal receiver will have only the responsibility of collecting an assessment levied against stockholders of the bank. This new appointment is the fifth receivership in which Mr. Bosworth is now acting as receiver. In addition to his responsibilities at Oshkosh and Appleton, he is also receiver for banks being liquidated at Green Bay, DePere and Oconto. For a time he was conservator for a bank at Fond du Lac.
8.September 14, 1934Wausau Daily HeraldWausau, WI
Article Text
SEE DAMAGE AMOUNT
Oshkosh, Sept. 14.-(P)-Action to obtain court determination of the amount of damage, if any, to which the Mary Mead Happ estate is entitled due to actions of the defunct City National bank's president, A. T. Hennig, had the authorization today of county court. Hennig formerly was agent for Mrs. Happ whose estate now is under special administration of the First Trust company. Claims of almost $100,000 have been filed by the Happ estate against the bank's receiver.
Fossil remains of the great armored fish which is said to have swum in the seas that covered Michigan millions of years ago are to be sought in the northern portions of the lower peninsula of the state.
9.September 14, 1934The Post-CrescentAppleton, WI
Article Text
Court to Pass Upon Damage to Happ Estate
Oshkosh—(AP)— Action to obtain court determination of the amount of damage, if any, to which the Mary Mead Happ estate is entitled due to actions of the defunct City National bank's president, A. T. Hennig, had the authorization today of county court. Hennig formerly was agent for Mrs. Happ whose estate now is under special administration of the First Trust company. Claims of almost $100,000 have been filed by the Happ estate against the bank's receiver.
10.September 14, 1934The La Crosse TribuneLa Crosse, WI
Article Text
$100,000 ASKED OF BANK RECEIVER
OSHKOSH, Wis. — (AP) — Action to obtain court determination of the amount of damage, if any, to which the Mary Mead Happ estate is entitle due to actions of the defunct City National bank's president, A. T. Hennig, had the authorization Friday of county court. Hennig formerly was agent for Mrs. Happ, whose estate now is under special administration of the First Trust company. Claims of almost $100,000 have been filed by the Happ estate against the bank's receiver.
Expenditures of China's central government for the current fiscal year ending July 1, 1935, are expected to exceed $250,000,000.
11.December 11, 1934The Post-CrescentAppleton, WI
Article Text
Suit for $64,000 Filed in Estate Case at Oshkosh
Action Launched in U. S. Court Against A. T. Henning and Bank Receiver
Milwaukee—(AP)—A suit for $64,468 was filed in federal district court yesterday by the First Trust Company of Oshkosh, administrator of the Mary Mead Happ estate, against A. T. Henning and the receiver of the City National Bank of Oshkosh.
The complaint alleges the sum should be returned to the estate on the ground that Henning, while attorney in fact for Mrs. Happ and at the same time president of the bank, used funds from her estate to make loans to debtors of the bank so that they could pay the bank.
Such loans, the complaint said, total $26,759 and include one for $16,950 to the Pine-Ihrig Machine company, Oshkosh, which is alleged to have been in such condition at the time that it was settling its debts for 20 cents on the dollar.
The complaint further asserts that Henning invested $8,500 of Mrs. Happ's money in securities which have lost much in value and that he kept the woman's checking account in his bank at an average of $13,000 for 10 years and thus deprived her of $3,209 in interest. An additional $2,000 was asserted involved in another loan.
L. A. Bosworth is receiver for the City National bank.
12.December 11, 1934The Post-CrescentAppleton, WI
Article Text
Milwaukee—(AP)—A suit for $64,468 was filed in federal district court yesterday by the First Trust Company of Oshkosh, administrator of the Mary Mead Happ estate, against A. T. Henning and the receiver of the City National Bank of Oshkosh.
The complaint alleges the sum should be returned to the estate on the ground that Henning, while attorney in fact for Mrs. Happ and at the same time president of the bank, used funds from her estate to make loans to debtors of the bank so that they could pay the bank.
Such loans, the complaint said, total $26,759 and include one for $16,950 to the Pine-Ihrig Machine company, Oshkosh, which is alleged to have been in such condition at the time that it was settling its debts for 20 cents on the dollar.
The complaint further asserts that Henning invested $32,500 of Mrs. Happ's money in securities which have lost much in value and that he kept the woman's checking account in his bank at an average of $13,000 for 10 years and thus deprived her of $3,209 in interest. An additional $2,000 was asserted involved in another loan.
L. A. Bosworth is receiver for the City National bank.
13.December 12, 1934Kenosha NewsKenosha, WI
Article Text
Estate of Woman in Courts Again
Suit Filed to Recover Money From Bank Receiver for Estate of Eccentric Widow
Milwaukee —(U.P.) —The estate of the eccentric Mary Mead Happ, wealthy Oshkosh widow, was in the courts again today after a suit to recover $64,468 from A. T. Hennig and the receiver for the City National Bank of Oshkosh was filed in federal court here.
The complaint, filed by the First Trust company of Oshkosh, administrator of the estate, charges that Hennig, former attorney for Mrs. Happ and president of the bank, used money from her estate to loan to individuals and firms so that they could pay debts to the bank.
Mrs. Happ's will, which left her million dollar estate to her nephew, Fred Stanhilber, was broken by a niece, Mrs. Bernice Spoo, in a sensational trial at Oshkosh.
Rear Admiral Halligan Dies
Bremerton, Wash.—(AP)—Rear Admiral John Halligan, 57, commandant of the 13th naval district, died here last night.
14.November 22, 1935The Oshkosh NorthwesternOshkosh, WI
Article Text
AVER WOMAN WAS CAUSE OF BANK CLOSING
(Continued from Page 1)
the Oshkosh National bank. The testimony was allowed.
REAFFIRMS STATEMENT
Dr. Combs affirmed the statement of Mr. Allen that "the cause of the wrecking of the City National bank, the thing that precipitated its closing, was this Stanhilber woman through her attorneys."
While stating he could not speak for the other directors of the old bank, Dr. Combs said he had his own opinion as to why the bank closed. He was asked to state it.
"I felt the bank was in good condition and had been assured by the examiners that it was in better condition than the average bank in the Fox river valley," he said.
A local attorney and some other persons were spreading rumors to the effect that the bank was to be sued for $400,000 or $500,000, that the suits were to be brought in relation to the Happ and Stanhilber estates, the witness testified.
The directors, as is so often the case, Mr. Combs declared, were the last ones to hear the rumor in the latter part of December, 1932, or the first of January in 1933, and a run on the bank impended, although the directors knew the condition of the bank to be solvent.
PROMPTED CLOSING OF BANK
The reports of impending suits and a run on the bank together with a general suspicion of banks throughout the country prompted the majority of the directors to vote to close the bank, he asserted.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.