Brotherhood of Railway Clerks National Bank (Cincinnati, OH)

Episode Information

Episode UID
1244601566
Episode Type
Run โ†’ Suspension โ†’ Reopening
Bank Type
national
Bank ID
124460 national
Charter Number
12446
Start Date
June 26, 1930
Location
Cincinnati, Ohio (39.103, -84.515)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
316dd7f26f45bda7

Response Measures

Capital injected, Full suspension, Books examined

Other: Receiver appointed for the closed bank; bank was sold/taken over and reopened as a branch of Central Trust Co. (reorganization/takeover).

Receivership Details

Date receivership started
1930-06-26
Date receivership terminated
1930-07-02
OCC cause of failure
Other

Description

Receiver appointed June 26 then bank was sold and operations resumed as a branch July 5.

Events (8)

1. September 29, 1923 Chartered
Source
historical_nic
2. June 26, 1930 Receivership
Source
historical_nic
3. June 26, 1930 Receivership
Newspaper Excerpt
Spurway... has been appointed receiver of the Brotherhood of Railway Clerks National bank, Cincinnati, which closed Thursday.
Source
newspapers
4. June 26, 1930 Run
Cause
Bank Specific Adverse Info
Cause Details
Withdrawals followed resignations of two officials and revelations tied to embezzlement/forged securities (Shafer/Cosmopolitan scandal) that damaged confidence.
Measures
Board of directors closed the bank; bank failed to open for business.
Newspaper Excerpt
closed today after $1,000,000 in deposits had been withdrawn following the resignation of two bank officials three days ago.
Source
newspapers
5. June 26, 1930 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors closed the bank following heavy withdrawals and examiners found involvement of worthless/forged securities tied to Shafer; receiver subsequently appointed.
Newspaper Excerpt
failed to open for business today... notice was signed by a national bank examiner.
Source
newspapers
6. July 2, 1930 Restored To Solvency
Source
historical_nic
7. July 5, 1930 Reopening
Newspaper Excerpt
The Brotherhood of Railway Clerks' National Bank... was reopened today as a branch of the Central Trust Co.
Source
newspapers
8. August 22, 1930 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (18)

Article from The Boonville Daily News, June 26, 1930

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RAILWAY BANK CLOSES AFTER HEAVY Cincinnata, June Brotherheod of Railway Clerks ional Bank, the majority of whose stock owned by 120,000 the Brotherhood Steamship Clerks, freight handlers, and station employes was closed after deposits withdrawn following the two bank officials three days Rumors of the bank shortly after the politan Bank and Trust closed days ago. The board directors Brotherhood bank following run which existed for culminated the heavy of in the last three were placed comptroller of the currency ited States for


Article from New Britain Herald, June 26, 1930

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RUN ON O CINCINNATI BANK DISASTROUS (Continued From First Page) stock certificates which bore forged indorsements. The board of directors closed the Brotherhood bank following a slight run which existed for a week. and culminated in the heavy withdrawal


Article from Warren Times Mirror, June 26, 1930

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Article Text

CORONER'S JURY BANK IS CLOSED CINCINNATI COLE HILL CRASH Brotherhood of Railway Large Crowd Present For Clerks National Bank is Inquest Into Accident Closed Following Heavy That Caused Death of Run Induced by Change Altha ConIn Directors; Involved in flicting Views of IntoxiShafer Deals cation of Driver


Article from Spokane Chronicle, June 26, 1930

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Article Text

RUN ON BANK CLOSES DOORS CINCINNATI, Ohio, June 26. (P)The Brotherhood of Railway Clerks National bank, the majority of whose stock is owned by 120,000 members of the Brotherhood of Railway and Steamship Clerks, freight handlers and station employees, closed today after $1,000,000 in deposits had been withdrawn following the resignation of two bank officials three days ago.


Article from The Colusa Daily Sun, June 26, 1930

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Article Text

RUN CLOSES BANK (By Associated Press) CINCINNATI, O., June 26- The Brotherhood of Railway Clerks National bank, the majority of the stock of which is owned by the Brotherhood of Railway and Steamship Clerks, to. day closed its doors after 1,000,000 in deposits had been withdrawn following the resignation of two bank officials three days ago. Difficulties were rumored after the Cosmopolitan Bank and Trust company closed after 16 days as a result of the mil lion dollar peculations of A. W. Shafer, who carried an account in the Brotherhood bank.


Article from Chattanooga Daily Times, June 27, 1930

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BROTHERHOOD BANK FORCED TO SUSPEND Railway Clerks' Institution Victim of $1,000,000 Run. Plight Traceable to Peculations of Shafer, Who Wrecked Cosmopolitan Bank. CINCINNATI, O., June 26 Brotherhood of Railway Clerks National bank, one of the country's largest labor banks. failed to open for business today. Haveth E. Mau, United States district attorney, said the bank's closing was a to the home and funeral will be held here.


Article from The Omaha Evening Bee-News, June 27, 1930

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Article Text

Spurway Rail Bank Receiver H. J. Spurway, receiver of First National bank, has been appointed receiver of the Brotherhood of Railway Clerks National bank. Cincinnati, which closed Thursday. Spurway has been here four years, being receiver of banks in Shenandoah, Malvern and Plattsmouth.


Article from The Omaha Morning Bee-News, June 28, 1930

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Article Text

Spurway Rail Bank Receiver SHENANDOAH, Ia., June Spurway, of First bank, has been appointed receiver of the Brotherhood of Railway Clerks National bank, Cincinnati, which closed Thursday. Spurway has been here four years, being receiver of banks in Shenandoah, Malvern and Plattsmouth.


Article from Kingsport Times, June 29, 1930

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Cincinnati Bank Has Closed Doors CINCINNATI, June 26 (AP) The Brotherhood of Railway, Clerks National Bank failed to open for business today. First information that the bank would not open came from a notice posted on the institution's door saying the bank was closed. The notice was signed by a national bank examiner.


Article from The Cincinnati Post, July 2, 1930

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PLAN TO REOPEN BROTHERHOOD CONSIDERED Prospect of Reorganization Now Looming OTHER BANKS MAY BUY Status of Cosmopolitan Still Is in Confusion While state and federal banking officials continued examination of the closed Cosmopolitan Bank & Trust Co. and the Brotherhood National Bank, negotiations were in progress Wednesday for reopening of the latter institution. Two are open to the Brotherhood Bank. One is for reorganization reopening by its own stockholders. other is for some other bank to purchase the closed by its own directors last Thursday due to heavy Brotherhood directors, working with officials the Brotherhood Railway Clerks, would the bank back banks, are desirous of taking it over branch Depositors Hopeful The matter must approved by Pole, comptroller who here working on the Brotherhood examination. Brotherhood depositors are of 100 the president the Fifth Third Union Trust Co. said Wednesday his bank takes over the Brotherhood this will be assured fact. Following suit filed by Gilbert Bettman behalf the state banking seeking liability on stock owned the Dorgers and another court action the tangle was filed. Henry Doherty Co., securities asked Pleas Court for securities held by the bank chiefly Cities Service stocks bonds. To Return Securities The securities were turned over bank connection tain drafts deposited with that bank for collection, the suit said. the did its make collection has been canceled the firm, the petition Amor W. Shafer former district manager of the Doherty firm, in county jail on charge embezzling $210,000. was his transactions that the Brotherhood Banks to close Eleven drafts. totaling $45,012.61 were Judge Stanley Struble ordered the securities turned back to the firm. Confusion in Books Ed D. state disays 10 days will the banking decomplete the He serts the tangle the worst ever the department bank failure and charges records are misplaced and employes profess of transactions The grand jury inthe crash Wednesday. Twelve additional appear before the grand jury, 802 Conrad Long 3434 Lillian 920 Burton-av; Nat Wainer. 3416 Ridgeway-av; Joseph Gardner, Newton-av; Adam Momich Ferdinand-pl; Joseph 5710 William 1915 North College Hill: Jake 1417 John-st Reineker and Hugh McShane, 408 Bank's Safety Deposit Boxes Carefully Guarded Uncle Sam mighty careful about goes Brotherhood National Bank these days. Those renting deposit boxes in basement which was closed last Thursday by have but there privacy ordinarily associated safety deposit vaults. One must first tap on the front the Then deposit box He opens the door bank? owe any money? answer the negative allowed to safety bank's deposit register the regular There wait for one of the bank ring down master He sticks his in and you insert yours and the box You out what you Then the young woman who had charge the when the was open business, types ceipt listing everything taken from the box by the customer.


Article from Evening Star, July 6, 1930

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RAILWAY CLERKS' BANK REOPENS DOORS AGAIN Is Now a Branch of Central Trust Co., One of Cincinnati's Largest State Institutions. By the Associated Press. CINCINNATI, Ohio, July 5.-The Brotherhood of Railway Clerks' National Bank, closed by its directors a week ago following a run of depositors, was reopened today as a branch of the Central Trust Co. There were some withdrawals, it was said, but these were more than offset by a large number of deposits in the first hour of business. The Central Trust Co. is one of Cincinnati's largest State banks. Its last published statement reported resources of $44,741,000.


Article from Sun-Journal, July 17, 1930

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TWO INDICTED FOR $225,000 BANK FRAUD Cincinnati, O., July Norris, vice of the Brotherhood Clerks National Bank, Harry Rosenblum, former cashier, and W. Shafer, former district manager of the Doherty indicted Wednesday by Federal jury spiracy violate the banking indictment charged Norris and with misapplying the bank's funds. Brotherhood Bank closed recently after Federal bank examiners found the bank in worthless securities from Shafer.


Article from The Llano Colonist, July 19, 1930

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CLERKS BANK SOLD, DEPOSITORS SAFE CINCINNATI-(FP)- All within the period of a week the Brotherhood of Railway Clerks Natl. Bank experienced the effects of a general Cincinnati bank panic, the withdrawal of $1,500,000 by depositors, the closing of the bank, the assurance of fed ral examiners that it was solvent, the lifting of the receivership and finally its sale to the Central Trust Co. Closed on June 26, it was pronounced thoroughly sound by the comptroller of the currency and turned over to its board, which sold the institution July 2. It reopened July 5 as a Cen-


Article from The Lewiston Daily Sun, October 14, 1930

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GRAND JURY RETURNS THREE AGAINST FORMER BANK PRESIDENT Cincinnati, Oct. Castellini, the of tional bank, named today in three indictments, by Federal grand for alleged violations National The action against Castellini another the which the 000 Shafer, operations led closing the Railway Clerks National Bank


Article Text

By Donald F. Dearness Almost any way take the year 1930 surfeited with in Greater Cincinnati calambank failures, financial disasters, crime, unemployment, pestilence, miniature golf, and, depending on how you look at it, the rout ganization. the Republican orpall hung over Cincinnati the the bells and whistles new year, for less than hours before, death Charles Phelps Taft. publisher the and the city's out standing of the and patron Scarcely two months later. on March death laid low Cincinnati's most famous William Howard Taft. the only man who served his country both S. and justice of the Court On the first day 1930. death took two victims of auto accidents, the first of about 200 who succumbed during the year in injuries suffered in motor vehicle for Crime before got away to flying start, the year three hours old, Cincinnati Street Railway car barn and made off with $1134. The day entirely itous, for the rose 52 the any Year's 1916 Russell Wilson sworn mayor by his Murray with Stanley Joseph Woeste, John Druffel Alex Pat terson. Julian Charles Rose Meredith and Edward Imbus business depression was when the began carried along which ranged more less approximately failures the Cosmopolitan Bank & Trust Co., the Brotherhood National Bank and numerous and business houses Two "other banks, the Bank "Trust Co., Bank Trust peril but were by the Cincinnati Clearing House Association and their by the Central Trust The year dealt knockout blow Republican organization the Citizens mittee cessful county elections 1926 and 1928, made clean Nov with the result that Robert Gorman become prosecutor Thursday and the following filled later by his Beckman: auditor, Robert Heuck: cororner, Dr. M. Scott Kearns. Benjamin who figured sensational ne was cashier Madeira bank, was sentenced Feb. years in Ohio after he $2000 the bank's money weeks later Jack Kennedy, Dayton who been after his conviction on charges and the free Henderson had Kennedy falsely as one of his On 20. Dr. William H. Peters health in the Four days were fied of drilled Co. Fourth-st tied blew safe escaped with worth of February had the new Louis Eighth and opened Feb 26. and the next laid for the Cincinnati Suburban beautiful new building at Sevand Elm-sts. Calamity March for William Taft and Edward Dempsey mayor and Common the March witnessed the first major busifailure of the year when R. Beaman Co. with liabilities totaling $529,000 fires out March the Theater, Fountain-sq. James operator, was burned death in his booth The next day Christine Cincinnati leaped to from the story of York hotel. Her buried several days later in Spring Grove Cemetery Zwick. at least his name, reappeared March $7500 bank robbery Germantown. Other obtained $2500 March and $4000 March 29 from the Clifton branch of the Second National Bank Three men were killed March 28 when large Sixth-st and and two their March rocks the Bald Knob blasting State-av the middle the month first mention was made of Jamaica poisoning. the malady which sent and of women for relief paralysis legs and arms. Results of returns from Cincinnati in the Literary Digest nation prohibition poll showed the Queen six one in repeal or against of present The major business announce. March was that Albert H. was elected president Kroger Grocery Baking Co. succeed William H. became chairman the board. the first important event April the reappearance Zwick's name in connection with robberies April which the same was reported $50,000 and short time later $8418 The day the Brotherhood National stirred the public's interest and invoked other banks announced would pay per interest on savings banks continued to per The which played considerable part in year's made take notice throwing few August days The rose 90 ting an April heat record in Probably the most important busof the month was the sale of most the Libson theatrical Louisville and Dayton the RKO the Albee, Capitol, Strand, Family, Palace and treaters On April about 25,000 of the faithful witnessed the opening Nabaseball game, the Reds Pirates. one of the defeats that landed team in seventh place, just ahead of some obscure club fgrom the east. On April 22 Sherrill, city manager, to become the Kroger The day Cincinnati looked with desperate concern the nation's greatest disaster the year occurred the Ohio penitentiary fire About 36 Cincinnati were among the 322 lives out. The month of May was the properiod of calm that preceded days of when the the stormy Cosmopolitan and Brotherhood and temporarily danger real and May Day troubles failed materialize the city At Christ Church Episcopal dignitaries from thruout the country for the consecration Rev On May which in the Republican debacle was started meeting at Hotel. On the the Heberle was the 28th the Church began its General Assembly in Taft Auditorium. its total contributions about $35,000 short of the $2,076,894 quota. few days later the Census Bu1930 population was 447,650. On June 10. about 37,000 depositors of Bank and its seven branches were thrown into by the news that the had failed and had been seized by the state banking department milled the Dorger holder and the bank's dominating Amor W. Shafer district manafor Henry Doherty on charges money ed Shafer's had drained the Cosmopolitan Bank forced its closing. Subsequent showed the deficit to be about $2,000, 000. Word soon around that ShaBank and that uneasy forced the bank June 26. Harry cashier, and Lyman H. Norris, by charges conspiring violate the national banking Depositors in other anks became and worried. Several banks the House the tide and the other banks' The again set record in June. On the temperature to Three persons died of the effects of the heat. Otherwise the month was more except the 12th. when C. Dykstra took as city and on the river Greene, the Ann from Fernbank Dam Coney Island. July saw the Central Trust Co. take over Brotherhood Bank and the Fifth Third Union Trust Co. the Thruout the month Hamilton-co suffered the wrought parts the nation Record was reported July Lack water in many the territory became acute July The month also witnessed the beginning legal troubles for Dorger family. On July Gilbert sued Frank Dorger his Clardaughters, Ruth and Martha various double liability on their Cosmopolitan stock. During hearings before Judge Stanley Struble Common Pleas Court Frank and Martha Dorger filed in bankruptcy and was placed the charge the Western Ruth Dorger promised to pay her asOn July 21 Frank and Clarence Dorger, Russell mopolitan cashier, and Herbert were dicted on and other charges relating to the bank's failure. After the Brotherhood Bank was taken without loss depositors, Dominick recover given the bank in payment for forged worthless disposed of by Shafer. Other July events robthe Loveland Bank, which bandits about and the would build $8,000,000 freight terminal on the site bounded Fourth John and Mill streets During July the $33,000,000 Starat Fifth, Race and the phone except interiors and the finishing touches outside Considerable progress also had been made union railroad terminal project. August brought chiefly more trouble for the Dorgers, more weather drought and the sweeping county and Robert four other Democratic candidates for United States in the Aug 12 primary election. On Aug. the Dorgers were named more score ditional Other Cosmopolitan officials and employes named. On the 25th Shafer pleaded guilty to the was sentenced to ten years in Ohio penitentiary. During the month the G. A. R. held its annual and the American Legion its state Many Cincinnatians were shocked Aug. 12 by the news that Samuel Lipp. and former state legislator, had death from near Little Falls, On Sept. the city sounded off and the bell in Hall tower rang for first in years Costes and Maur Bellonte, French Cincinnati had about end of the month when Ford reliability thundered across city visited Lunken Airport Earlier in the Cincinnati was the focal the American Chemical Society The city suffered another shock Grover Smith committed suicide. October was featured by the beginning the Frank and Clarence Dorger on the another freakish weather the 20th, when the fell 26 degrees, low record for that of the On Oct. 30, Dr. Frederick T. Vall known opthalmolo gist, died election Nov. 5. brought about the the county and Democratic victory which Y. Cooper the governorship and Bulkley overwhelmed Roscoe Republican candidate for senator. Two days later investigation trregularities here began. On heels the announcement Nov. banks would an increase to savings decame the news that banks identified with had closed and others, includthe Bank Trust Covington, the Market & Trust the Co., CinHouse Association came these rescue the Central Trust Co. took over the Brighton and the and Clarence Dorger were found counts of Nov. 22, after week' On Nov. William J. Williams, of the Western & SouthInsurance died in Johns Baltimore. Day phenomena, official temperature and the defeat of the Miami University football team by the University of Cincinnati Bearcats opened with the holdup Railway Co. truck three robbers and their with about $14,000. Two later the Commercial Tribune publication. On Dec. 10 four Republican election officials were indicted on elecfraud Frank and Dorger 15 Judge Charles Bell Criminal Court to 10 in Ohio penitentiary and fined $5000 each. On Dec. 10. street car and CinRailway Co. bus near the end Eighth-st Viaduct, injuring 19 perAnnouncement was made Dec. 19 that Fritz had resigned director the Cincinnati Symphony Orchestra, effective at the close of the and that Eugene would replace him year and in direct the May Festival spring.


Article Text

DOHERTY IS SUED. CINCINNATI, Sept. 13.-Suit for $770,462.95 damages was instituted here today against Henry L. Doherty, doing business as H. L. Doherty & Co., charging the firm was responsible for a run on the Brotherhood Bank of Railway Clerks, National, which led to the closing and liquidation of the bank.


Article Text

DOHERTY A DEFENDANT Cincinnati, Ohio, Sept. Henry L. Doherty. doing business as H. L. Doherty & Co., was made defendant today in suit for $770.charging the firm was responsible for on the Brotherhood Bank of Railway Clerks. National. which led to closing and liquidation of the bank,


Article Text

CONVENTION ADOPTS REPORT. Sept. The Texas Democratic convention day adopted the of the state ecutive committee, certifying Mrs. Miriam Ferguson, nominee for the governorship of Texas, and ing the convention the control the Ferguson forces. DOUGHERTY BEING SUED. Cincinnati, Ohio, Sept. damages instituted here today against Dougherty, doing business as Dougherty Company, charging that the was responsible for Brotherhood Bank of Railway Clerks National, which led to the and liquidation the bank.