Metropolitan Bank & Trust Company (Cincinnati, OH)

Episode Information

Episode UID
8463187291058
Episode Type
Run โ†’ Suspension โ†’ Closure
Bank Type
state
Bank ID
846318729 hash
Start Date
February 6, 1888
Location
Cincinnati, Ohio (39.103, -84.515)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a886b06b46231532

Response Measures

None

Description

President William Means was arrested and receiver appointed shortly after the short suspension.

Events (3)

1. February 6, 1888 Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals following disclosures/concerns about officer speculation and officer resignations (vice-president Decamp) and general bank trouble.
Measures
Several local banks lent funds (eight banks loaned $25,000 apiece) to meet demands and shore up liquidity.
Newspaper Excerpt
Pending the meeting the payment of checks was suspended, and a long line of depositors gathered, reaching from the payer's desk to the street.
Source
newspapers
2. February 6, 1888 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Payment of checks suspended pending directors' meeting amid liquidity shortage and officer resignations; bank later resumed briefly.
Newspaper Excerpt
Metropolitan Bank suspended payment for a short time this morning, but resumed in a few minutes.
Source
newspapers
3. February 10, 1888 Receivership
Newspaper Excerpt
The Comptroller of the Currency has appointed James McConville, of Steubenville, O., to be receiver of the Metropolitan Bank of Cincinnati.
Source
newspapers

Newspaper Articles (20)

Article from Evening Star, February 6, 1888

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A CINCINNATI BANK IN TROUBLE. The Metropolitan Stops Payment for a Short Time-The Directors in Session. CINCINNATI, Feb. R.-The Metropolitan Bank directors held a sesston this morning at 10 o'clock. Pending the meeting the payment of checks was suspended, and a long line of depositors gathered, reaching from the payer's desk to the street. In a very few minutes, however, the payment of checks began, and at this writing, 11:20, the line is much decreased. The directors are still in session, and what is transacted is not yet known, except that Vice-President Decamp's resignation has been accepted and Louts Krohn has been cirosen in his place. Bank Examiner Sanders is at the bank, but me says he is too busy to say anything for the benefit of the public. SAYS NO ORDER FOR SUSPENSION WAS GIVEN. The directors took no other action than to elect Mr. Krohn vice-president, in place or Mr. Decamp. President Means. referring to the stoppage of payment, says there was no order for it and no reason for it. and that he did not know there was any suspension. He supposes the story must have arisen from some accidental delay at the payer's desk, as no order for suspension was given. Everything is quiet at the bank at this hour, 12 o'clock.


Article from Alexandria Gazette, February 6, 1888

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Suspended Payment. CINCINNATI, Feb. 6.-Metropolitan Bank suspended payment for a short time this morning, but resumed in a few minutes.


Article from San Antonio Daily Light, February 7, 1888

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President of a Bank Arrested. CINCINNATI. o., Feb. 7.-Another sensational feature has been added to the Metropolitan bank suspension, which is the arrest of Hon. Wm. Means, president of the bank.


Article from Press and Daily Dakotaian, February 7, 1888

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The Metropolitan Bank. CINCINNATI, O., Feb. 6.-When the Metropolitan bank opened Monday morning there was quite a crowd on hand waiting to draw out deposits, but they were disappointed. The bank people claimed to have securities, but not cash, on hand. They said the latter would be forthcoming. The paying teller of the bank asserts that they have not suspended. The reason for temporary suspension of the Metropolitan bank was to organize, which has just been done by electing Louis Krohn vice president, vice J. R. Decamp, resigned. The bank is now paying out on demand, and doing business as usual.


Article from The Salt Lake Herald, February 7, 1888

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More Cincinnati Bank Trouble. CINCINNATI, O., 4 February 6.-The Metropolitan Bank directors held a session this morning at I0 o'clock. Pending the meeting, the payment of checks was suspended and a long line of depos itors gathered. In a very few minutes, however, the payment of checks began, and at 11.10 the line was much decreased. Directors are still in session, and what was transacted is not yet known, except that President DeCamps' resignation was accepted and Louis Krohn chosen in his place. Bank Examiner Sanders is at the bank, but says he is too busy to say anything for the benefit of the public. The directors took no other action than to elect Krohn vice-president in place of De Camp. President Means, referring to the stoppage of payment, says he supposed the story must have arisen from some accidental delay at the payer's desk, 88 no order for the suspension was given. Everything is quiet at the bank.


Article from Richmond Dispatch, February 7, 1888

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Suspends Payment. (By telegraph to the Dispatch.] CINCINNATI, O., February 6.-The Metropolitan Bank suspended payment for a short time this morning, but resumed in a few minutes.


Article from Wood County Reporter, February 9, 1888

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BANK IN TROUBLE. The Vice President Speculated too Freely in Real Estate. CINCINNATI, Feb. 6.-There was more than the usual demand upon the Metropolitan bank all day but at the clearing house it was only $10,000 behind. While bankers agree that the bank is solvent, they recognized the fact that it could not meet every possible demand in a dav, so eight of the banks loaned it $25,000 apiece and other offers were declined. The objection made to Decamp the retiring vice president was, that he had been speculating too much in real estate. The directors of the bank held a meeting this morning during which payment of checks was suspended, but business was soon re sumed. The president says there was no order for suspension. A bank examiner was at the bank but would divulge nothing.


Article from The Red Cloud Chief, February 10, 1888

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Run on a Bank. CINCINNATI, Feb. 6-The Metropolitan Bank su-pended payment for a short time this morning, but resumed in a few minutes. The directors held a meeting at ten o'clock, pending which the payment of checks was suspended, and a lonz line of depositors gathered, reaching from the payer's desk to the street. In a very few miautes, however, the payment of checks began and at noon the line was much decrease ! The directors took 2. oth r action than to elect Mr. Kroha vice-pre-ident, in place of Mr. DeCano. Presid nt Means, referring to the stoppage of payments, said there was no order for it and ne reason for it, and that he did not know there was any suspension.


Article from Los Angeles Daily Herald, February 11, 1888

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A Meavy Leser. CINCINNATI, February 10.-E. N. Roth, of the St. Nicholas Hotel, one of the directors and stockholders in the Metropolitan Bank, will lose, it is estimated, from $30,000 to $40,000 by the suspension of the bank.


Article from The Morning News, February 16, 1888

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Cincinnati's Broken Bank. CINCINNATI, Feb. 15.-Receiver James McConville arrived from Steubenville today and took charge of the Metropolitan Bank. He had gone to Steubenville to correct an informality in his bond.


Article from The News-Herald, February 16, 1888

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Metropolitan Bank Receiver. WASHINGTON, Feb. 10.-The Comptroller of the Currency has appointed James McConville, of Steubenville, O., to be re. ceiver of the Metropolitan Bank of Cincinnati.


Article from The Wheeling Daily Intelligencer, February 17, 1888

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Receiver McConville's First Work, CINOINNATI, O., Feb. 16.-The first work of Receiver McConville, of the Metropolitan Bank, is the collection of the money


Article from The Iola Register, February 17, 1888

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pieces and forty other persons injured, fourteen seriously. Immense damage was done, several tons of powder being exploded. EIGHT hundred marble workers of Boston have struck for nine hours' work at ten hours' pay. THE WEST. THE Methodist Church at Fremont, O., was destroyed by fire recently and two persons in the parsonage adjoining were injured by falling walls. Loss, $35,000. Br the explosion of a burr stone of a corn mill at Broadhead, Champaign County, IIL, recently, two men were killed and two fatally hurt. A SENSATIONAL feature of the failure of the Metropolitan Bank, of Cincinnati, was the arrest on the 7th of Hon. William Means. its president. Other arrests were expected. THE North Chicago rolling mill at South Chicago resumed work on the 6th after two months' idleness. THE lockout of the Cincinnati shoemakers has practically been settled by the giving way of the employes under the persuasion of the district master workman. A RECEIVER has been appointed for the firm of E. A. Spyer & Co., wholesale teas and coffees, of Chicago. The principal cause of their embarrassment is said to be the recent decline in the coffee market. The liabilities have not been made known. TWENTY-FIVE prominent persons of Chicago have taken steps to erect a crematory. OIL was struck at Lehigh, I. T., recently at a depth of 917 feet and is flowing at the rate of a barrel an hour. By the derailing of an accommodation train near Athens, III., the other night, eight passengers were injured and six freight cars ditched. THE people of Albuquerque have subscribed $40,000 in cash to the Rio Grande & Utah railroad. THE striking Cincinnati shoemakers have been ordered to return to work. THE Territorial miners' convention at Helena denounced the Northern Pacific. McCLELLAN & Co., insolvent Minneapolis stove dealers, schedule shows assets, $3,262, and liabilities, $5,296. THE Springfield, O., Manufacturing Company has been placed in the hands of a receiver. THE National Convention was in session in Cincinnati on the Sth. AGENT KINNEY'S Dakota blizzard stories have been again contradicted. THE Manitoba railroad bridge across the Missouri river at Great Falls, Dak., has been completed. It is 900 feet long. D. R. LOCKE, "Petroleum V. Nasby," of the Toledo (0.) Blade, was reported on the 8th to be dying of consumption. A DISASTROUS cable accident occurred at Kansas City, Mo., on the night of the Sth, on the incline at the Union Depot, caused by the grip breaking. Two persons were fatally injured and seven others were hurt, one quite seriously. The incline had been noted for several bad accidents previously to the late disaster. A PHASE in the railroad war on the Sth was a cut of $3.00 in the passenger rate from Chicago to Kansas City. THE American Newspaper Publishers' Union held its annual meeting in Indianapolis, Ind., on the Sth. AMOS S. SNELL, a capitalist worth $3,000,000, was murdered by burglars in his residence, 425 Washington boulevard, Chicago, on the morning of the Sth. One arrest was made. What the robbers succeeded in taking away was not known, excepting that with the property was a check for $5,000 made by A. J. Stone, Sne:l's son-inlaw. THE Oklahoma convention met in Kansas City, Mo., on the Sih at the Board of Trade Hall with a large attendance, Governor Morehouse, of Missouri, occupying the chair. A memorial to Congress was adopted as well as resolutions looking to the opening of the Indian Territory and favoring the Springer bill for the creation of the Territory of Oklahoma. FIRE in Cleveland, 0., the other day, caused $65,000 damage to J. L. Hudson's clothing store. Cause, electric light wires. BENJAMIN EGGLESTON, ex-member of Congress and one of the most prominent of Ohio political leaders, died recently in Cincinnati, aged seventy-two. J. C. EVANS, of Harlem, Mo., has been elected treasurer and Parker Earl, of Cobden, III., president of the American Horticultural Society. THE Andrew Jackson Club, of Chicago, has taken steps to call a meeting of Democratic Clubs of America in Chicago June 1. FIVE cases of trichincsis have occurred in the family of William Man, a resident of Toledo, 0. All five were in a dangerous condition. BENSLEY BROS., of the Chicago Board of Trade, failed ou the 9th. Liabilities were not definitely known, but were thought to amount to $300,000. THE Columbia Theater, of Chicago, IS reported in financial difficulties. GEORGE W. CLARK. a real estate dealer of Duluth, Minn., formerly a newspaper writer under the late Daniel Manning on the Albany Argus, died recently. WOLVES have become dangerously numerous in the vicinity of St. Cloud, Minn. The other night several made a raid on a pig pen, almost within the city limits, and destroyed nearly 2,000 pounds of live hogs. IN Liberty township. Wabash Coun y, Ind., recently J. I. Smith and Joel Hale were killed by the explosion of the boiler of a portable engine. The explosion was caused by pumping cold water into the superheated boiler. Two men were recently digzing up some dynamite which had been buried to protect it until wanted to use in a gas well near Bellevue, O., when one of them struck the explosive material with his pick. The explosion instantly killed the two men. WILLIAM DONALDSON & Co.. dealers in pictures and frames, Cincinnati, have failed with $75,000 liabilities and $40,000 assets. THE SOUTH THE people of Arkansas are preparing remonstrances against the Dawes bill to levy a tax on lard manufactured by the aid of cotton seed oil. THE Commercial Printing Company. of


Article from Huntsville Gazette, February 18, 1888

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A CHECK FOR $125,000. Presid snt Means Settles His Indebtedness to the Metropolitan. CINCINNATI, Feb. 17.-Receiver McConville took hold at the Metropolitan bank yes-


Article from The Emporia Weekly News, February 23, 1888

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Assigned. CINCINNATI, Feb. 16.-E. R. Longhead & Co., planing mill, sash, door and blind manufacturers, assigned this afternoon. Assets, $2,000; liabilities, $27,000. The failure was precipitated by the Metropolitan Bank suspension.


Article from The Worthington Advance, May 24, 1888

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Saved by a Bluff, General Mike Ryan, in talking of the Metropolitan Bank failure, recently told a Cincinnati Telegram reporter a good story ilustrating the power of bluff. It was in connection with his assertion that with little further aid from the other banks in the city the Metropolitan might have been saved. He said: "I have a brother connected with a bank in Leavenworth, Kan. There are two banks there, and the rival to that of my brother was in a shaky condition. The president came to Matt and told him the circumstances, and that if there was a run the bank would be unable to stand it. Matt told him to keep a stiff upper lip, for he knew that the failure of the other bank meant the failure of his own. He jumped on the train, went to Kansas City, got $40,000 in coingold and silver-in barrels, ran back to Leavenworth with the specie, and got half ั dozen drays to the depot to take the barrels to the bank. Meantime the the crowd of depositors had begun to gether at the bank, demanding their money, and the old man was talking to them to gain time. All at once they saw the drays coming up, loaded down with these barrels. Matt was with the treasure, and shouted to the crowd to wait about five minutes and they'd get their money, as it was there in the barrels. "In unloading the barrels, one of them dropped and broke, so that, through a crack, the anxious depositors could see the shining gold, and, as it rolled up the steps of the bank, $5gold pieces kept dropping out, and were picked up by the janitor. When the coin was all rolled in, Matt came out and told us all who had money there to go in and get it, as the bank proposed to pay them all off andstart fresh, and didn't want such acowardly lot of depositors any way. All the time he was niling on the indignation he didn't want to be taken at his word, as the bank had only $10,000 cash on hand, against $90,000 of deposits made. He had brought $40,000, but there was still a shortage of $40,000. However, the game worked. The people were reassured by the sight of the barrels of coin and went away satisfied. The run was averted and the bank pulled through all right."


Article from Wichita Eagle, May 25, 1888

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METROPOLITAN BANK ASSETS. CINCINNATI, May 24.-Stockholders of the Metrepolitan bank met today. Receiver McConvill made a report and turned the bank over to the directors and stockholders. The receiver reported: Good assets, $415,000; doubtful assets, $576,000: worthless assets, $133,000; total, $1,194,000. Of the doubtful assets the receiver thinks $300,000 can be made good.


Article from The Emporia Weekly News, May 31, 1888

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Metropolitan Bank Turned Over to Stockholders CINCINNATI, May 24.-The stockholders of the Metropolitan bank met to-day and Receiver McConville made a report and turned the bank over to the directors and stockholders. The receiver reported good assets, $415,000;


Article from The Daily Times, October 21, 1888

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THE METROPOLITAN BANK. The Family of the Late President to Settle all its Liabilities. CINCINNATI, OHIO, October 20.-It was learned to day that the family of William Means, president of the late Metropolitan Bank, will offer to settle his entire direct and indirect indebtedness. This sum would run up to something less than a quarter of million dollars. Mr. Means is now a physical and mental wreck. The Metropolitan disaster has so pressed upon him that he has given way under the fearful strain. His family wish to clear him in the eyes of the world and SO they have resolved to pay every dollar of the losses of the bank that were in any way attributable to the president.


Article from Press and Daily Dakotaian, October 23, 1888

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His Family Will Settle. CINCINNATI, Oct. 22.-The family of William Means, president of the late Metropolitan bank, will offer to settle his entire, direct and indirect, indebtedness to the institution. This sum would run up to something less than $500,000. Mr. Means is now a physical and mental wreck. The Metropolitan disaster has so preyed upon him that he has given way under the fearful strain. His family wish to clear him in the eyes of the world, and have resolved to pay every dollar of the losses of the bank that were in any way attributable to the president.