gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
112e3cd419151b6f
Response Measures
None
Description
Receiver appointed in Nov 1934 following RFC suits; earlier prolonged run around 1932 forced closing.
Events (3)
1.December 1, 1932*Run
Cause
Bank Specific Adverse Info
Cause Details
Large RFC loan and subsequent default/insolvency concerns after the 1932 loan prompted heavy withdrawals.
Measures
Other Chicago banks interceded; City National Bank & Trust assumed deposit liabilities.
Newspaper Excerpt
A prolonged run forced the bank to close two months after the loan was made.
Source
newspapers
2.November 21, 1934Receivership
Newspaper Excerpt
William L. O'Connell of Chicago was designated receiver by Circuit Judge John Prystalski following a charge by State Auditor Edward J. Barrett that assets carried on its books were erroneous.
Source
newspapers
3.November 21, 1934Suspension
Cause
Government Action
Cause Details
Appointment of a receiver by court following RFC suits and state auditor examination of the bank's books.
Newspaper Excerpt
Circuit Judge John Prystalski today appointed William L. O'Connell of Chicago receiver for the Central Republic Trust company.
FACE PROSPECT REPAYING LOAN
RFC Files Suit to Collect Against Dawes and Others for Liquidation
Chicago, Nov. ers Central Republic Trust company, headed former President Charles Dawes, today faced prospect of having pay part due the The RFC filed suit federal yesterday, asking pointment receiver collect the equal to the trust providing double liability sum due the federal loan agency balance the famous General Dawes the Republic he chairman. after he as head the after the was sumed by the National Trust company. the Central Republic paying the RFC loan amount equal to the deposits. The RFC stated State the for liquidaunder for the off, the suit while the RFC was the loan been in default since Dec. 24, 1932. was tem. purposely the the run and close the bank the RFC refused enough cash deposits fully. Other Chicago banks, fearing effect of bank failure, interceded to carry his point.
RFC SUES ON DAWES' LOAN
Asks Naming of Receiver to Collect $14,000,000 From Bank's Stockholders
United CHICAGO, Nov. 20-Stockholders of the Central Republic Trust Co., headed by former Vice President Charles Dawes, today faced the prospect of having to up their part of due the Finance The RFC filed Federal DisCourt late yesterday asking appointment of receiver collect equal the trust company's total capitalization, under the law providing double liabilfor bank stockholders. The sum due the federal loan agency the balance of the famous $80,000,000 loan negotiated Dawes for the Central Republic Bank Trust Co., of which after he retired as head of the RFC.
Run Forces Closing prolonged run forced the bank close two months after the loan was made. Déposit liabilities assumed the City National Bank Trust Co., the Central Republic paying out of the RFC loan amount equal to the deposits. Gen. Dawes the City National. Other liabilities and assets of the failed were the Central Republic Trust which for two years liquidating the bank's assets and paying debts.
RFC Debt Last
The RFC suit stated that State Auditor Barrett planned over the trust company for under state receiver Other liabilities for the suit said; the RFC debt was left to the
The loan has been in default since made temporary basis purposely to the RFC power guard its funds. loan was refused enough deposits Other Chicago fearing the effect failure, interceded his
ALDEN DIES
STAFFORD long illness resulted Ida Shaw. direct and Pris-
STOCKHOLDERS ASKED REPAY
Agency Files Suit to Collect $14,000,000 From Trust Company
By United Press of Chicago, Nov. the Central Republic Trust company, headed by former Vice President Charles Dawes, today faced the prospect of having to dig up $14,000.000 from their pockets to pay part of $60,476,437 due the Reconstruction Finance corporation. The RFC filed suit in federal dis. trict court late yesterday, asking appointment collect the $14,000,000 equal to the trust com. pany's total capitalization, under the providing double liability for bank stockholders.
Balance of Loan the federal loan The sum agency the unpaid balance of the famous loan negotiated by General Dawes in 1932 for the Central Bank Trust company. he was chairman, shortly after stired as head of the RFC. prolonged run forced the bank to close two months after the loan was made. Deposit liabilities as sumed by the City National Bank and Trust company, the Central Re. public paying over out of the RFC loan an amount equal the deposits Dawes heads the City National Temporary Measure The loan been in default since Dec. 24. 1932. was made temporary basis purposely to give the RFC power guard its fun the time the loan was made At Dawes declined loan to meet the emergency of said he would close the bank and refused enough cash to the RFC cover deposits fully. Other Chicago banks, fearing the effect of major bank failure, interceded to carry his point.
4.November 20, 1934The St. Louis Star and TimesSt. Louis, MO
Article Text
CHICAGO, Nov. 20.—(U. P.) — Stockholders of the Central Republic Trust Co., headed by former Vice President Charles G. Dawes, today faced the prospect of having to dig up $14,000,000 from their own pockets to pay a part of $60,476,437 due the Reconstruction Finance Corp.
The RFC filed suit in federal district court late yesterday, asking appointment of a receiver to collect the $14,000,000, equal to the trust company's total capitalization, under the law providing double liability for bank stockholders.
5.November 20, 1934Lincoln Journal StarLincoln, NE
Article Text
SUES DAWES STOCKHOLDERS
RFC Wants Payment of $14,000,000 Loan.
CHICAGO. (UP). Stockholders of the Central Republic Trust company, headed by Charles Dawes, face the prospect of havdig up $14,000,000 from own pockets to pay part of ReconstrucFinance corporation. The RFC filed suit in federal district court ceiver the $14,000,000, equal to company's tal under the law liability for bank The sum due the federal loan agency is unpaid balance loan negotiated by General Dawes in for the Central Republic Bank Trust company, which he chairman, shortly after he retired head the RFC. prolonged run forced the bank to close two months after the loan was made.
6.November 20, 1934The Columbus TelegramColumbus, NE
Article Text
Chicago Nov. the Central Republic Trust mental headed by former Vice Presagainst ident Charles today faced prospect of having to dig $14,000,000 from their pockets to part due the Finance corporation. gangland. The RFC filed suit in federal district court late yesterday, askappointment receiver to could collect the equal the trust company's total capitalization, under law providing and double liability for bank thereafter. The sum due the federal loan Hoover agency the unpaid balance the famous $80,000,000 loan negoWilson tiated by General Dawes 1932 on their the Central Republic Bank Trust company, of which he was chairman, shortly after he retired head the RFC. New prolonged run forced the bank ernment close two months after the loan Richard made.
7.November 20, 1934The Times-NewsTwin Falls, ID
Article Text
AND BANK FACING RFC
Former Vice President, Other Stockholders Target of $14,000,000 Action
CHICAGO, Nov. 20 holders of the Central Republic Trust company, headed by former vice Charles Dawes, today faced the prospect of dig up from their own pockets to pay part of $60.due the Reconstruction nance corporation The RFC filed suit in federal trict court late yesterday, asking appointment of receiver to lect the equal Trust company's total capitalization, under the law providing double liability for bank The sum due the federal agency the unpaid balance the famous loan negotiated by General Dawes for the Central Republic Bank Trust company, of which he chairman, shortly after he retired as head of the RFC. prolonged run forced the bank close two months after the loan made. Deposit assumed the City National Bank and Trust company, the Central Republic paying over out
8.November 20, 1934Santa Maria TimesSanta Maria, CA
Article Text
Dawes Faces Millions
CHICAGO. Nov. holders of the Central Republic Trust Co., headed by former VicePresident Charles Dawes, today faced the prospect of having to dig up from their pockto part due the Reconstruction Finance Corporation. The RFC filed suit late yesterday, asking appointment of receiver collect the $14,000,000, equal to the trust company's total capitalization. The sum due the federal loan agency the unpaid balance of the famous loan negotiated by General Dawes in 1932 for the concern. which he was chairman. prolonged run forced the bank close two months after the loan made.
9.November 20, 1934Los Angeles Evening Post-RecordLos Angeles, CA
Article Text
RFC GOES AFTER DAWES PAYMENT
Have Dig Up $14,000,000
CHICAGO, Nov. stockholders of the Central Republic Trust company, headed by former Charles Dawes, today faced the prospect of having to dig up $14,000,000 from their own pockets to pay part of due the Reconstruction Finance corporation. The RFC suit in federal district court late yesterday, asking appointment of receiver to collect the $14,000,000, equal to the trust company's total capitalization, under the law providing double liability for bank stockholders. The sum due the federal loan agency is the unpaid balance of the famous loan negotiated by General Dawes in 1932 for the Central Republic Bank Trust company, of which he was chairman, shortly after he retired as head of the RFC. A prolonged run forced the bank to close two months after the loan was made. The loan has been in default since December 24, 1932. It was made on basis purposely to give the RFC power guard its funds.
SOUTHERNERS GATHER NEW 41st annual convention of the United Daughters of the Confederacy opens tonight. Prominent southerners and of southerners from parts of the country are here.
10.November 20, 1934The Hastings Daily TribuneHastings, NE
Article Text
Dawes Bank For Loan
CHICAGO, Nov. Central Republic Trust Company, headed by former Vice President Charles Dawes, today faced the prospect of 14,000,000 from their part of 476,437 due Corporation. The suit in federal district court appointment receiver equal the trust company's total under law providing liability bank stockholders. The federal agency the unpaid balance loan gotiated General in 1932 the Central Bank and Trust Company, chairman, shortly after resigned prolonged forced the bank close months after the loan made.
11.November 20, 1934York News-TimesYork, NE
Article Text
STOCKHOLDERS SUED BY RFC AT CHICAGO
Bank Headed by Charles Dawes, Former Vice President, Is Closed; Had RFC Loan
CHICAGO, Nov. 20. holders of the Central Republic Trust Co., headed by former Vice President Charles G. Dawes, today faced the prospect of having to dig up from their own poekets to pay part of due the finance poration.
The RFC filed suit in federal district court late yesterday, asking apof receiver to collect equal to the trust company's total capitalization, unproviding double liabilifor bank stockholders The sum due the federal loan agency is the unpaid balance of the famous loan negotiated General Dawes in for the Central Republic Bank Trust company. of which he chairman.
12.November 20, 1934Riverside Daily PressRiverside, CA
Article Text
BANK LOAN
Would Like to Collect $14,000,000 from Stockholders
CHICAGO, Nov. Stockholders Central Republic Trust company, headed former Charles Dawes, today faced the prospect of having to dig up from pockets pay part due the Reconstruction Finance poration.
The R.F.C. filed suit in Federal court yesterday, receiver collect the equal the trust company's total capitalization, under the law providing double liability bank stockholders. Negotiated in 1932 The due the Federal loan agency balance the famous loan negotiated by Dawes 1932 for the Central Republic Bank Trust company, which he chairman, after he retired head the run forced the bank after the loan Deposit liabilities assumed by the City National Bank and Trust company, the Central
Republic paying over out of the R.F.C. an amount equal to deposits. Dawes heads the City National. The loan has been default since Dec. 24, 1932. made basis purposely to give the R.F.C. power to guard its funds.
13.November 21, 1934The Bismarck TribuneBismarck, Mandan, ND
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Article Text
DAWES BANK TAKEN OVER BY EXAMINERS Suits for $60,000,000 Filed Against Chicago Institution by RFC Chicago, Nov. 21.-(P)-The Central Republic Trust Company was in the hands of examiners from the state auditor's office Wednesday after suits for $60,000,000 had been filed against the institution by the Reconstruction Finance Corporation. The suits, filed in federal and circuit courts, alleged that a $60,000,000 balance remains unpaid from the $80,000,000 "Dawes loan," made in 1932. Both courts were asked to determine the liability status of the bank's 4.000 stockholders who include Gen. Charles G. Dawes, former vice president of the United States and at one time chairman of the RFC. The bank was closed for examination, but State Auditor Edward J. Barrett said a receiver had not been appointed. Other creditors were prevented from filing similar suits by a temporary restraining order issued by Federal Judge John P. Barnes. The circuit court suits asked a determination of who are creditors and details of the alleged unsatisfied liabilities. Both bills set forth that the loan was made the Central Republic Bank & Trust Co., which subsequently merged with the City National Bank & Trust Co., following Dawes' resignation from the RFC chairmanship.
14.November 21, 1934The Newark AdvocateNewark, OH
Article Text
Bank Receiver Named.
Chicago, Judge John today Chifor the Central Republic Trust company.
15.November 21, 1934Waukegan News-SunWaukegan, IL
Article Text
NAMES BANK RECEIVER
Chicago. Nov. 21 (P)-Circuit Judge John Prystalski today appointed William L. O'Connell of Chicago receiver for the Central Republic Trust company.
16.November 21, 1934The Columbia RecordColumbia, SC
Article Text
BANK RECEIVER NAMED Nov. cuit Judge John today appointed William O'Connell Chicago receiver the Central Republic Trust Company.
17.November 22, 1934The San Francisco ExaminerSan Francisco, CA
Article Text
DAWES BANK GETS RECEIVER
CHICAGO, Nov. Central Republic Trust Company, heavy debtor of the RFC and formerly controlled by General Charles G. Dawes, was in the hnads of a receiver tonight. William L. O'Connell of Chicago was designated receiver by Circuit Judge John Prystalski following a charge by State Auditor Edward J. Barrett that assets carried on its books erroneous. Action came as a sequel to suits by the RFC to collect $14,000,000 double liability from stockholders of the bank.
18.November 22, 1934Altoona TribuneAltoona, PA
Article Text
Dawes Bank In Receiver's Hands
CHICAGO, Nov. The Central Republic Trust company, heavy debtor the RFC formerly controlled by General Charles Dawes, hands of receiver tonight. O'Connell of Chicago was designated receiver of the insituation Circuit Judge John Prystalski following charge State Auditor Edward Barrett that assets carried on its books erroneous Examination of the bank's books Tuesday night Barrett's orders preceded his charge sequel the filing suits in both fedand state courts by the RFC attempt to collect $14,000,000 double liability from stockholders of the bank.
19.December 22, 1934The Kusko TimesTakotna, Tokotna, McGrath, AK
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Article Text
AN RFC LESSON The letter of the Chairman of tre RFC, urging a more liberal lending policy toward industrial borrowers, "even though the applicant has been operating at a loss during the past few years," appeared on the same day as the announcement that the RFC was suing to recover what it can of the $60,000,000 unpaid balance on a very liberal loan, indeed, that it made in 1932. The RFC's loan to the Central Republic Trust Company of Chicago -the "Dawes bank-amounted to $90,000,000. The very size of it was enough to indicate its essential unsoundness. The total deposits of the Dawes bank were then only $95,000,000, and an additional $5,000,000 loan was made by a group of Chicago banks. A bank that is compelled to -borrow the entire amount of deposits invorder to meet a run omething more than merely
20.December 22, 1934The Kusko TimesMcGrath, AK
Article Text
AN RFC LESSON
The letter of the Chairman of tre RFC, urging at more liberal lending policy toward industrial borrowers, "even though the applicant has been operating at a loss during the past few years," appeared on the same day as the announcement that the RFC was suing to recover what it can of the $60,000,000 unpaid balance on a very liberal loan, indeed, that it made 1932. The RFC's loan to the Central Republic Trust Companp of Chicago -the "Dawes" bank-amounted to $90,000,000. The very size of it was enough to indicate its essential unsoundness. The total deposits of the Dawes bank were then only $95,000,000, and an additional $5,000,000 loan was made by a group of Chicago banks. A bank that is compelled to-borrow the entire amount of its deposits invorder to meet a run do omething. more. than merely
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.
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Central Republic Trust Company · UID 7449887391596
