City Bank (Sherman, TX)

Episode Information

Episode UID
78886391174
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
7888639 hash
Start Date
October 18, 1897
Location
Sherman, Texas (33.636, -96.609)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
de0eff55aeca8f39

Response Measures

None

Description

Directors closed the bank and executed a general assignment; petition for receiver filed by a stockholder.

Events (2)
1. October 18, 1897 Receivership
Newspaper Excerpt
A petition for a receiver has been filed by E. C. McLean, a stockholder. An assignment named Judge J. A. Wolfe as assignee and he qualified and took charge of its affairs.
Source
newspapers
2. October 18, 1897 Suspension
Cause
Voluntary Liquidation
Cause Details
Directors closed the bank by order and executed a general assignment (assignee J. A. L. Wolfe) to settle affairs; directors preferred assignment to receiver.
Newspaper Excerpt
The City Bank of Sherman failed to open its doors this morning and after a meeting the directors decided to make an assignment.
Source
newspapers

Newspaper Articles (12)
1. October 19, 1897 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, October 19, 1897

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A SHERMAN BANK FAILS. City Bank Closes and Makes an Assignment. Houston, Texas, Oct. 19.-The City Bank of Sherman failed to open its doors this morning and after a meeting the directors decided to make an asCashier Hall says the signment. bank has assets of four to one of liabilities. He says the bank's indebtedness is $60,000 and assets $200,000. A petition for a receiver has been filed by E. C. McLean, a stockholder. Pearl Stone and Son, of Buffalo, Leon county, filed a deed of trust to protect preferred creditors. Preferred claims are for $65,000, total liabilities about $100,000. Assets larger than the total liabilities.

2. October 19, 1897 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, October 19, 1897

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BANK DOORS CLOSED. A Texas Financial Institution Is in Difficulties. HOUSTON, Tex., Oct. 18.-The City bank, of Sherman, failed to open its doors this morning. Cashier Hall says the bank has assets of four to one of liabilities. He says the bank's indebtedness is $30,000 and assets, $200,000. A petition for a receiver has been filed by E. C. McLean, a stockholder. Pearl-

3. October 19, 1897 The Morning News Savannah, GA
Article from The Morning News, October 19, 1897

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FAILURES IN TEXAS. City Bank of Sherman Makes an Assignment. Houston, Tex., Oct. 18.-The City Bank of Sherman failed to open its doors this morning, and after a meeting of the directors decided to make an assignment. Cashier Hall says the bank has assets of 4 to 1 of liabilities. He says the bank's indebtedness is $60,000, and assets $200,000. A petition for a receiver has been filed by E. C. McLean, a stockholder. Pearl Stone & Son of Buffalo, Leon county, filed a deed of trust to protect preferred creditors. Preferences are for $65,000, and total liablities are about $100,000. Assets are larger than the total liabilities. A. Lowenstein of Dallas and Clebourne to-day filed a deed of trust at both places. Preferences, $27,768.

4. October 19, 1897 The Houston Daily Post Houston, TX
Article from The Houston Daily Post, October 19, 1897

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TY BANK OF SHERMAN. the Doors and Made a General Assignment. OSITORS WILL BE PAID IN FULL. # lications for Receiver and Settlement Were Made by Stockholders. erman, Texas, October 18.-The City of Sherman did not open its doors for Ineas this morning, but posted the folng: "This bank is closed by order of directors. Assets ample to pay depositin full." directors held a meeting this mornat 2 o'clock and decided to make an sament. A general assignment was we up and filed at 5:30 a. m., and ed Judge J. A. Wolfe as assignee. hier H. L. Hall said the bank has tically been in liquidation for more a year. "We preferred making asment to having a recoiver appointed, action was desired by some of the kholders and which would entail heavy t expenses on depositors. The bank ample means to pay 100 cents on the r to all depositors. In fact, for dollar the bank owes it has $4 worth Liabilities will approximate $60,50 per cent of which is represented by on hand. We have about $150,000 in receivable and about $50,000 in real ta" C. McLean, a stockholder, has filed ication for a receiver to be appointed this bank. Another application has filed by stockholders through their meys to effect a settlement. These will come up before the district tonight. night the cases went over until tomorduring which time the assignment is in statu quo.

5. October 19, 1897 The Times Richmond, VA
Article from The Times, October 19, 1897

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Receiver for a Bank. HOUSTON, TEX., Oct. 18.-The City Bank of Sherman failed to open its doors this morning, and after a meeting the directors decided to make an assignment. Cashier Hall says the bank has assets of four to one of liabilities. He says the bank's indebtedness is $60,000 and assets $200,000. A petition for a receiver had been filed by E. C. McLean, a stockholder. Pearl Stone & Son, of Buffalo, Leon county, filed a deed of trust to protect preferred creditors. Preferences are for $65,000; total liabilities, about $100,000. Assets larger than the total liabilities. A. Lowenstein, of Dallas and Clebourne, to-day filed a deed of trust at both places. Preferences, $27.768.

6. October 20, 1897 The Houston Daily Post Houston, TX
Article from The Houston Daily Post, October 20, 1897

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In Favor of the Receiver. Sherman, Texas, October 19.-A meeting of the stockholders and depositors of the City bank of Sherman was called for this afternoon, at which about 50 per cent of the stockholders and 60 per cent of the depositors were present. At the meeting the prevailing sentiment was for the retention of the assignee and for settling up the affairs of the concern in that way. At this hour (10 p. m.) the cases against the City bank of Sherman, praying for the deposing of Assignee J. A. L. Wolfe and the appointment of a receiver, is in progress, with no prospect of a decision being reached tonight.

7. October 23, 1897 Macon Beacon Macon, MS
Article from Macon Beacon, October 23, 1897

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CONDENSED TELEGRAMS. THE Lexington Hotel Building Com. pany of Chicago, Ill., made an assignment on the 18th. Assets are $1,076,000 and liabilities $690,794. THE City Bank of Sherman, Texas, failed to open its doors on the 18th, and after a meeting of the directors decided to make an assignmet. THE treasury statement on the 18th shows: Available cash balance, $210,428,378; gold reserve, $150,806,678. THE coal strike in the Pomeroy Bend (Ohio) was settled on the 18th at $2.12 per 100 bushels. CHARLES A. DANA, editor of the New York Sun, died at his home in Glencove, Long Island, on the 17th. THE Fall River (Mass.) cloth market took another tumble on the 16th and reached the lowest point in the history of the market, a small sale being made at 23c. THE feat of replacing an iron bridge span 242 feet long,25 feet wide and 30 feet in depth with one of the same dimensions of steel was accomplished at Philadelphia, Pa., on the 17th, in two minutes and thirty-two seconds. In this space of time nearly 1,700 tons of iron and steel were a distance of twenty-five feet. HISTORIC Windsor, one of the most beautiful towns in Nova Scotia, was devastated by fire on the 17th. The loss is estimated at $3,000,000. A MAN named Cole killed a constable at Wilmot, Ark., and a mob is reported to have killed Cole. DURRANT, the alleged San Francisco murderer, is said to be breaking down. NAT LEE, a prominent business man, city recorder and book-keeper for the Mellroy Banking Comgany, of Fayetteville, Ark. committed suicide on the 15th. DOUGLAS BOLTE, a negro leader, was lynched at a small settlement on Bayou Barataria, La., on the 15th. His offense was running a quarantine gantlet. THE city of Durham, N. C., was visited on the 15th by the most destructive fire in its history. Seven four-story wooden prize houses, filled with tobacco, and eight dwellings were destroyed. The total loss is $250,000, with $200,000 insurance. THE Pullman Car Company paid out $2,800,000 in dividends last year. THE Cuban insurgents give no sign of acceding to the autonomy proposition submitted by Sagasta and his associates.

8. October 30, 1897 The Houston Daily Post Houston, TX
Article from The Houston Daily Post, October 30, 1897

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Will Pay Up in Full. St erman, Texas, October 28.-The illness of F. C. Dillard, leading attorney for the City bank of Sherman, in the contest between that concern and parties asking for a receiver, has caused a hitch in the proceedings of that case. In the meantime the special committee is going ahead with its investigations of the affairs of the defunct bank. Assignee Wolfe has sent out the following letter to the bank's creditors: Sherman, Texas, October 26.-Dear Sir: On the 18th day of October, 1897, the City bank of Sherman executed a deed of assignment, in which I was named as assignee. I enclose you herewith blanks for proving your claim against the bank. I urge you to give this immediate attention, as delay would cause a corresponding delay in disbursing the funds of the bank. I feel warranted in stating to you that your claim will be paid in full. as the assets of the bank are sufficient, in my opinion, to pay all its debts in full. I expect to make distribution of the funds on hand just as scon as all of the acceptances are received by me. If you desire any information necessary to enable you to properly make out your claim call on me at the City bank and the same will be furnished. J. A. L. Wolfe, Assignee.

9. November 5, 1897 The Houston Daily Post Houston, TX
Article from The Houston Daily Post, November 5, 1897

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BUSINESS MATTERS. Arguing Sherman Hank Case. Sherman, Texas, November 3.-Somewhat more than three weeks ago the City Bank of Sherman closed its doors under a general assignment, naming Judge J. A. L. Wolfe as assignee, who immediately qualified and took charge of its affairs. Since the date of the assignment an application for a receiver for the defunct bank has been before the district court, and only last evening was the examination of witnesses completed. The examination of some of the witnesses tended toward bringing out an occasional sensation. In every instance it was the endeavor of applicants to develop facts showing that the bank came to its downfall through sheer mismanagement and bad judgment. On the other hand the bank's attorneys tried to break down the plaintiff's testimony or rebut it with testimony showing that the bank was compelled to close its doors on account of certain heavy debtors and that these debtors were the Instigators of the perition for a receiver. Tonight at 7 o'clock the attorneys for the receivership opened the argument. E. C. McClean made the opening speech. If the arguments are as elaborate as the examinations were lengthy and critical the case may drag along for several days without a decision.

10. November 30, 1897 The Houston Daily Post Houston, TX
Article from The Houston Daily Post, November 30, 1897

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CITY BANK CASE. I Decision of Judge Blins, Refusing to Appoint a Receiver. Sherman, Texas, November 39.-Today Judge John A. Bliss rendered his decision in the City back assignee receivership case, refusing to appoint a receiver for the bank. The declaion is quite a lengthy instrument and covers completely every detail of the case, which consumed a period

11. November 30, 1897 The Houston Daily Post Houston, TX
Article from The Houston Daily Post, November 30, 1897

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of three weeks at trial and has been under consideration by the court for two weeks. The court in its decision laid special stress upon the action of the directors in putting the bank into liquidation without a vote of the shareholders. The action of the cashier in causing to be put out reports in which worthless notes were considered assets, therefore misleading. and the purchase by the bank from its stockholders of stock, excepting such stock as was taken in payment of debts to the bank, as being wrongs to the shareholders. The court holds the opinion that since the original capital stock ($200,000) had never been raid up, the bank was entitled to recover from said subscribers unpaid amounts. The costs in this case ($9000 for expert committee work and about $200 court costs) are assessed against defendants, the bank people. The rendition of the court's decision today leaves the defunct City bank of Sherman just where it was placed by a majority of its directors on October 16in the hands of Receiver J. L. Wolfe.

12. March 8, 1899 El Paso Daily Herald El Paso, TX
Article from El Paso Daily Herald, March 8, 1899

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was found this morning in a residence house that is being built in Brownville. The child was left in the house some time last night and found this morning by & workman ou the building when he went to his work.-Ex. The Daily Reporter, an afternoon publication, was launched upon Bonham's journalistic sea today. J. C. Pitchford is editor and proprietor. It is 8 five-column paper and is full of local news. This makes the second daily and the eighth publication for Bonham.-Exchange Representatives from eleven fraternal organizations of Gainesville composed of 1580 members. met today to formulate an organized opposition to the bill before the legislature taxing all fraternal orders doing business in the state 4 per cent on their gross receipts.-Fort Worth Register. Saturday afternoon W. E. Allen, a farmer living near Sharrock's gin, twelve miles southesst of Ardmore, came to town with his two sons, aged 6 and 8 years, in search of a madstone. Thursday while the boys were playing with their dog both were bitten on the hand by the animal.-Ft. Worth MailTelegram. There was an attempt to rob the postoffice at Cumberland, I. T., thirtyfive miles northwest of Denison. A young man employed in the postoffice at Cumberland was passing by and saw three men breaking into the building. They took fright when he gave the alarm and left without securing any booty.-Dallas News. J. E. Brock's little 12-year-old daughter, Gabie, of Goipvine, was burned to death Friday evening. She with her two little sisters were burning stalks and her dress csught fire. Despite the effort of her sister her clothing was all burned off. Susie, her older sister, was badly burned in trying to save her.-Dallas News. The stockholders of the Gatesville National bank have selected W. E. Brown as agent to take charge of the property of the bank. Receiver Thornton will be relieved when the bond of W. E. Brown is approved by the comptroller of currency. The entire indebtedness of the bank has been paid with 6 per cent interest without an assessment on the stock.-Dallas News. Mr. J.P. Withers of Kansas City, chief promoter of the Grayson County National bank, has purchased the vault and fixtures of the City bank of Sherman, which closed its business some time since. The vault and fixtures will be moved to the building at the northeast corner of court plaza in course of preparation for use by the Grayson National.-Dallas News. Messrs. Murphy and Brown. two young men of Waco, and who are the owners and lessees of the Merganthaler typesetting machines, have purchased a half interest in the Mail-Telegram