Bank of Staten Island (New York, NY)

Episode Information

Episode UID
5770186391249
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
577018639 hash
Start Date
January 1, 1904
Location
New York, New York (40.583, -74.150)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
94c76e7e2cf9afc1

Response Measures

None

Description

OCR variants of Ahlmann/Ahlman/Ahlimann appear in articles; corrected to Otto Ahlmann.

Events (3)
1. January 1, 1904 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Cashier and controlling owner Otto Ahlmann committed suicide and an examination revealed irregular affairs/shortages.
Newspaper Excerpt
The news reached the Bank of Staten Island forty-five minutes after it opened for business yesterday ; norning, and it was at once closed.
Source
newspapers
2. January 19, 1904 Receivership
Newspaper Excerpt
RECEIVER FOR STATEN ISLAND BANK. Depositors Recommend This as Best Step... the wrecked Bank of Staten Island, which closed its doors on New Year's Eve ... met at Felten's Hall In Stapleton yesterday ... recommended the appointment of a receiver.
Source
newspapers
3. February 2, 1904 Other
Newspaper Excerpt
APPROVE RECEIVER OF BANK. The committee of fifteen ... last night approved the appointment of Joseph C. Mayer, of Buffalo, as permanent receiver.
Source
newspapers

Newspaper Articles (15)
1. January 1, 1904 New-York Tribune New York, NY
Article from New-York Tribune, January 1, 1904

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Article Text

BANK CASHIER SUICIDE. HIS AFFAIRS IRREGULAR. Otto Ahimann. Shoots Self at the A Ibemarle. Otto Ahlmann ca shier and practical owner of the Bank of St item Island, and one of the best known men of amond Borough, committed suicide yesterda; at the Hotel Albemarle Bank Examiner Judso n, after an inspection of the institution's books apnounced last night that its affairs were irre gular. In the afternoon It was ruinored that th are was a shortage of $200,000, but it is believed this was an exaggeration. Mr. Ahimann's body was found in a bathroom in the hotel, at Twenty-fourth-st. and Broadway. He had sh ot himself in the head. He had registered on We dnesday night, signing himself "O. F. Ahepelett, of Albany." He appeared perfectly sober He asked especially that a call for 8:30 a. m. should not be forgotten. Edward P. Doyle, secretary of the Manor Park Land Company, Staten Island, identified the body Mr. Doyle ad been asked, in a letter from Mr. Ahlmann, ma iled on Wednesday night, to take charge of the body. In It the cashier is said to have expressed bimself as being weary of living and having decided to end it all. in the satchel were another revolver. fully londed. and a box of cartridges. BANK AT ONCE CLOSED. The news reached the Bank of Staten Island forty-five :ninutes after it opened for business yesterday ;norning, and it was at once closed. Bank Exan dner Judson said last night: "As far as the e xamination has gone it is apparent the affairs of the hank are irregular. I do not care to nat 1e any amount as the probable shortage, and will not until Saturday, when there will be a meeting of the directors, after which a statement will probably be made." August Preritice, the president, said: "I realize there is trouble, but do not think it right to speak one way or the other at this time." A close friend of Mr. Ahlmann said he knew Mr. Ahimann had speculated in steel and in cotton, and had been caught in the latter. Much comment was caused when it became known that the Richmond County Savings Bank and the Staten Island Savings Bank, both of which deposited in the Bank of Staten Island, and usually kept a balance of between $5,000 and $10,000 each, had last week withdrawn their accounts with the Bank of Staten Island. About 8 dozen depositors in the savings banks became panicky yesterday and drew out their accounts, thereby losing by a few hours six months' interest. The Bank of Staten Island had the highest rating given country banks in the New-York Clearing House. It had a capital of $25,000 and a surplus of $80,000. Its deposits are said to have averaged between $175,000 and $250,000. The city has considerable amounts in the bank, but cannot lose, as it has less than $100,000 for which the bank is bonded. The State is also secured by bonds for more than is likely to be in the bank now. For years it was a common saying to approve a man's business standing that "he was as solid as the Bank of Staten Island." MR. AHLMANN'S PROMINENCE. Mr. Ahlmann was about fifty-five years old. He came to this country from Kiel, Germany, where his father is a banker and owner of the "Kiel Tageblatt." He is said to be one of the richest men in Germany. Mr. Ahlmann was not married and was not much in the company of women, although occasionally he would take one driving. A rumor that he had recently been unfortunate in a love affair is doubted on Staten Island. From early last spring until the close of the hunting season Mr. Ahlmann kept apartments at the Richmond County Country Club, at Dongan Hills. He was fond of cross-country riding on a horse, and seldom, if ever, missed a run of the Staten Island hounds. He owned a number of fine horses. A week ago Mr. Ahlmann sold his stable at what is said to have been a fraction of its value. This is believed to have been an effort to gain money to tide over his troubles He was well known in society on Staten Island, and was a contributor to every charity maintained permanently on the island. He was generally considered to be worth something close to $1,000,000. A few years ago he bought a 50-foot sailboat. He loved the sport, but met a couple of mishaps within a short period, and then sold the boat. Mr. Ahimann was extremely methodical in his movements. He arrived at the bank in his carriage at 8:55 a. m. daily, and was at his desk at the hour. It is said that not once in his eighteen years of connection with the bank was he late. Mr. Ahlmann founded the bank when he first moved to Staten Island, about eighteen years ago, and kept for himself practically all the stock. The bank was a city depositary, and through it the city employes on Staten Island were usually paid. Yesterday the pay checks for the month,

2. January 2, 1904 The Daily Silver State Winnemucca, NV
Article from The Daily Silver State, January 2, 1904

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Doings of the Day Reflected and Condensed for Busy Readers THE HISTORY OF THE WORLD Told In Short Paragraphs--The Latest Intelligence from All Sources Des Moines, Ia.-Banker Charles F. Woods shot and kilied himself in his bank at St. Charles, Ia. So far as can be learned the bank is in good condition. Chicago.-The engineers of the Masonic temple and Schiller building struck at 2:30 Friday afternoon. Probably 250 other buildings will be without heat by Monday. St. Louis.-Three hundred members of the Cabmen's and Carrige Drivers' union have voted to strike for higher wages and other concessions. It is feared that the strike may spread to other drivers and ie up the traffic of the city. New York.-Otto Ahimann, a reputed millionarie, and for eighteen years cashier of the Bank of Staten Island, at Stapleton, suicided by shooting himself. He was practically the sole owner of the bank. The cause is a myatery. The bank doors are closed pending an investigation. Washington.-A dispatch from Minister Howell states that two sailing vessels from Curacoa bound for Azusa, loaded with arms and ammunition were the for provisional the insurgents, government captured of San Do- by minico. The latter, assuming the offensive, was successful at Gueren. Many prisoners are being sent to San Domingo City. Pueblo, Colo.-After a trial lasting for several days, Dr. Charles O. Rice, a prominent physician of this city, was acquitted of the charge of murder. Dr. Rice on October 17th shot and killed I Police Officer Marts, after holding at bay four hours a crowd in front of a of which he drug store, had taken the time. possession. He was drinking at Insanity was the ground on which the defense was made. Helena, Mont.-The jury returned a verdict of guilty against Isaac Grawith velle, charged sending blackmail. Pacific ofletters to the Northern s ing Graficials and dynamiting its trains. velle will be sentenced on Monday. e The trial was begun December 14th. One hundred witnesses were called, and in all respects it was the most noted criminal trial in the history of the Montana courts. Washington.-Information has been the state department that has been 3 Germany received by negotiating quietly in to buy the island of St. Thomas the West Indies. The state departx has directed its agents at St. and Denmark to } true Thomas ment If the report prove investigate. the United States will immediately notify Denmark that it will not permit the sale of the island to any other power. The department takes the position that as for the purchase was agreed between the this the upon Der.mark treaty country United has States the first and right of purchase. Washington. - Clarence Edwards, n chief of the insular bureau of the war has made f department, public for circulars $7,000,000 for subscriptions y land purchase of which are to calling proceeds Philippine be bonds, applied the to the purchase of friar lands. The bonds will be registered in denominations of from $1,000 to $10,000, dated February r 1, 1904. bearing 4 per cent interest, 5 payable at the United States treasury in United States gold coin. The bonds will run from ten to thirty years and be all forms the Philippines or the either free in from of taxation. in é United States. Subscriptions will be e payable at the New York sub-treasury where the bonds will also be delivered.

3. January 9, 1904 Perth Amboy Evening News Perth Amboy, NJ
Article from Perth Amboy Evening News, January 9, 1904

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PETITION FOR RECEIVER. Stapleton National Bank Wants J. W. Whittecomb Appointed. Petitions are being circulated in Stapleton, Tottenville and nearby places by the Stapleton National Bank among the depositors of the Bank of Staten Island. asking them to sign and return them. The petition advises the appointment of John W. Whitecomb, a prominent lawyer of Stapleton, as receiver of the bank.

4. January 13, 1904 New-York Tribune New York, NY
Article from New-York Tribune, January 13, 1904

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EXAMINATION OF AHLMANN'S BANK. End Near—Appointment of a Receiver Expected To-day. George A. Wood, assistant cashier of the Bank of Staten Island, said yesterday that the examination into the affairs of the institution was about completed and that it was ready to go into the hands of a receiver. He said it was probable that a receiver would be appointed to-day by the State Attorney General. The bank closed its doors after the suicide of its owner and cashier, Otto Ahlmann.

5. January 15, 1904 New-York Tribune New York, NY
Article from New-York Tribune, January 15, 1904

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AHLMANN'S BANK DEPOSITORS MEET. Appoint Committee to Investigate-Want Cashier G. A. Wood for Receiver. There was a meeting last night of the depositors of the Bank of Staten Island, which closed its doors when its cashier and practical owner, Otto Ahlmann, committed suicide in Manhattan. About 175 were present. It was said that so far as could be learned there was about $400,000 due to depositors of the bank. and that as the accunts were about $152,000 short there would be a loss of about 40 per cent. A committee of fifteen was appointed to learn from the bank examiners the exact condition of the bank; choose a man who should be recommended to the State Attorney General for appointment as receiver; investigate the liabilities of the Bank of Commerce in Manhattan, the Clearing House agent of the Bank of Staten Island, for paying out some $70,000 of the funds of the bank after it had closed its doors, and determine what, If any, liability attached to the directors of the bank for the statement they issued on December 12, which said that the bank was in good standing. After considerable discussion it was decided that If it were possible for George A. Wood. the cashier of the wrecked bank. to act, he would be the choice of the depositors for receiver.

6. January 19, 1904 New-York Tribune New York, NY
Article from New-York Tribune, January 19, 1904

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RECEIVER FOR STATEN ISLAND BANK. Depositors Recommend This as Best Step to Form New National Institution. Three hundred out of the nine hundred depositors of the wrecked Bank of Staten Island, which closed its doors on New Year's Eve after Otto Ahlmann, its cashier and practical owner, killed himself in Manhattan on the morning of that day, met at Felten's Hall In Stapleton yesterday to hear the report of the committee of fifteen appointed a week ago to find what was the best way for the depositors to have the affairs of the institution wound up, The committee reported that it had received from Bank Examiner Judson a report upon the condition of the affairs of the bank. Mr. Judson's report was in effect as follows: "Amount due depositors before the last day's clearings, $490,000; amount of clearings after the close of the bank, $103,000; amount due depositors, $387,000; shortage, $157,000: amount of shortage after deducting capital of the bank, $25,000. $132,000." According to this report the committee said that the depositors would probably lose a little more than one-third of their deposits. The committee recommended the appointment of & receiver. Five names were submitted for the receivership. Each of the five persons were willing to act as receiver for 2 per cent. The names suggested were Albert C. Reynaud, Charles L. Spier, A. M. Harris, James Wheeler and George A. Wood. The sense of the meeting was against forming a trust company, but a motion to form a new national bank was carried. Subscriptions were given for $14,000 of the $100,000 of stock it was proposed to issue. The members of the committee of fifteen had previously subscribed $4,500.

7. February 2, 1904 New-York Tribune New York, NY
Article from New-York Tribune, February 2, 1904

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APPROVE RECEIVER OF BANK. The committee of fifteen which is looking after the interests of depositors of the wrecked Bank of Staten Island last night approved the appointment of Joseph C. Mayer. of Buffalo, as permanent receiver. He is now acting receiver. A Wall Street banking house sent a letter offering to finance a new bank if the committee would assure them the depositors. The matter was referred to a committee. It was learned from Bank Examiner Judson that the net shortage, as it now appeared, would be a few dollars more than $157,000. It was also ascertained that the last report of the bank, upon which It was thought the directors might be held, was drawn and signed and sworn to by Otto Ahlmann, the cashier and practical owner, and plainly states that the president of the bank was not present.

8. October 1, 1904 New-York Tribune New York, NY
Article from New-York Tribune, October 1, 1904

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DEPOSITORS OF BANK OF S. I. ANGRY. Get Twenty Per Cent on Their DepositsTwenty Per Cent More Later. There was anger yesterday among many of the depositors of the defunct Bank of Staten Island, which closed its doors on December 31. 1908, when they received 20 per cent of the sums they had in the bank when it failed. The checks paid the depositors were drawn on the Fourth National Bank of Buffalo by J.B. Mayer, receiver for the Bank of Statea Island. A number of the depositors said they had expected that the first payment would be at least 30 per cent. The Bank of Staten Island closed its doors on the day that Otto Ahlmann, its president and cashier, and the owner of a controlling interest, was found dead by his own hand in a New-York hotel. Assist brought by Receiver Mayer is pending in the Supreme Court. He seeks to recover $201,000 in securities and notes and $85,000 in cash and $85,000 damages. Last night it was announced at the bank that another dividend of 20 per cent would be declared soon. and that a final dividend would be made when the receiver's suit is decided.

9. February 10, 1905 Perth Amboy Evening News Perth Amboy, NJ
Article from Perth Amboy Evening News, February 10, 1905

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ANOTHER DIVIDEND. J. B. Mayer, receiver of the Bank of Staten Island, yesterday applied to the court for an order permitting him to declare another dividend of 10 per cent. to the depositors in the defunct bank. This will be 30 per cent. so far paid.

10. April 3, 1905 Perth Amboy Evening News Perth Amboy, NJ
Article from Perth Amboy Evening News, April 3, 1905

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WANT NEW RECEIVER. Petition Filed by People Objecting to the Present Receiver. A petition is being circulated among the people of Staten Island, to be presented asking for the removal of :Mr. A.: A. Meyer as receiver of the defunct Bank of Staten Island. The objection to Mr. Mayer are that he is a non-resident of Staten Island and, though receiver for over one year, has not been on Staten Island more than three times and all business must be transacted by mail, which is a long and tedious way of doing business. A resident receiver is asked for, so that the affairs of the defunct bank may be closed up soon and the depositors get all that is due them. So far they have received but 30 per cent.

11. May 19, 1905 The Sun New York, NY
Article from The Sun, May 19, 1905

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$12,000 FROM THE AHLMANNS. Have Made Good So Much of Cashier Ahimann's Shortage. The advisory committee of fifteen which has been acting with Receiver Joseph Mayer of the Bank of Staten Island in trying to straighten out its tangled affairs met at Tilley's Hotel. St. George, last night. Mr. Mayer exhibited a draft for $12,000 which he received yesterday from relatives of Otto Ahlmann. the cashier and practical controller of the bank, who used its funds in Wall Street and then committed suicide when he and the bank were hopelessly involved and before anybody but himself knew of the trouble. Mr. Mayer has been trying to induce Ahlmann's relatives, who are said to be very wealthy, to make good Ahlmann's shortage. He sought to obtain something like $100,000 from them. Yesterday he received the draft for $12,000. The relatives were not, of course, compelled to pay, and the draft is a voluntary contribution.

12. March 28, 1906 Perth Amboy Evening News Perth Amboy, NJ
Article from Perth Amboy Evening News, March 28, 1906

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ANOTHER BANK CHECK. Depositors of the defunct Bank of Staten Island were agreeably surprised Saturday to receive checks from the receiver, J. B. Mayer. of Buffalo, as the result of a contribution made to the bank by relatives of Otto Ahlman, the defaulting cashier. Mr. Mayer had been in negotiation with Ahlman's relatives in Germany for several months trying to get them to pay at least a part of the shortage. These relatives are wealthy but. of course, there is no legal claim on them. They gave $12,000. This makes about twenty-five per cent. received by the depositors.

13. May 31, 1906 Perth Amboy Evening News Perth Amboy, NJ
Article from Perth Amboy Evening News, May 31, 1906

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OBJECTORS SUSTAINED. The motion of Receiver Joseph R. Mayer for approval by the court of his proposed settlement of the action against the directors of the late Bank of Staten Island to recover $300,000 by compromising the same for $30, 000, being at the rate of ten cents on the dollar, was heard at the supreme court's special term at Albany Saturday last. The receiver's application was opposed by councel representing a very large proportion in number, and a majority in amount, of the creditors of the late bank of Staten Island, who argued that the claim against the directors should be made to produce a much larger sum than $30,000. The court sustained the objection of the creditors and refused to approve the settlement. The creditors motion for the removal of the receiver was also argued and decision reserved. Decision on that motion will be probably rendered this week.

14. June 7, 1906 Perth Amboy Evening News Perth Amboy, NJ
Article from Perth Amboy Evening News, June 7, 1906

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TOTTENVILLE. CASE MUST BE TRIED. Judge George H. Fitts, Monday, denied the motion made May 21 by Counsellor John G. Clark and Arthur O. Townsend, on behalf of a number of creditors of the defunct bank of Staten Island, to remove the receiver, Joseph B. Mayer, of Buffalo. Before the motion to remove was argued, the receiver made a tender of $30,000 cash to settle the suit against the directors of the Bank of Staten Island for their negligence in permitting the bank to be run as it was. This offer was oposed by Clark and Townsend, who claimed to represent $275,000 worth of the creditors. The court held that if so, many creditors objected to the acceptance of the offer, the case must be tried and will probably be brought before the courts very shortly.

15. December 31, 1906 Perth Amboy Evening News Perth Amboy, NJ
Article from Perth Amboy Evening News, December 31, 1906

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IMPORTANT DECISION. Judge Alton B. Parker, as referee, has just handed down an important decision in a test suit brought by Receiver John S. Davenport, of the defunct bank of Staten Island against the National Bank of Commerce to compel that bank to pay him, as receiver, the amount of checks, aggregating. something like $65,000, that the National Bank of Commerce paid to the National Park Bank as clearing house agent for the Stapleton National Bank, after the Bank of Staten Island had failed. The referee sustains the action of the Bank of Commerce.