Queen City Bank (Buffalo, NY)

Episode Information

Episode UID
9410029791122
Episode Type
Run → Suspension → Reopening
Bank Type
state
Bank ID
941002979 hash
Start Date
June 26, 1893
Location
Buffalo, New York (42.886, -78.878)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
afd9af06e9a96f1b

Response Measures

None

Description

Reports cite 'false statements' as trigger and mention a later resumption with reduced capital.

Events (3)
1. June 26, 1893 Run
Cause
Rumor Or Misinformation
Cause Details
Heavy withdrawals triggered by false statements/rumors about the bank's condition, producing a steady drain for several weeks.
Measures
Paid out all available cash (even to dimes, nickels and pennies); officers closed the doors and suspended payments; state banking examiner notified.
Newspaper Excerpt
On account of a heavy withdrawal this morning upon our cash resources caused by false statements regarding the condition of the bank.
Source
newspapers
2. June 26, 1893 Suspension
Cause
Rumor Or Misinformation
Cause Details
Suspension declared after heavy withdrawal/run precipitated by false statements and inability to obtain correspondent/new York bank aid.
Newspaper Excerpt
we deem it necessary to suspend business for the present until we can realize upon our resources
Source
newspapers
3. August 31, 1893 Reopening
Newspaper Excerpt
The Queen City Bank ... resumed business this morning. There was no rush to withdraw the deposits and the bank is receiving more than it pays out. The stockholders ... decided to resume business with a capital reduced to $300,000 (or reported $800,000 in one dispatch).
Source
newspapers

Newspaper Articles (19)
1. June 26, 1893 Evening Star Washington, DC
Article from Evening Star, June 26, 1893

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CLOSED THEIR DOORS. Banks and Business Men Unable to Meet Their Obligations. MINNEAPOLIS, MINN., June - The Bank of New England has suspended payment. The capital stock of the bank is $100,000; surplus, $12,000; undivided profits, $4,000; deposits unknown. The Chemical National of Chicago. recently failed, was the Chicago correspondent. TOPEKA. KAN., June 26.-The Bank of Ness City has closed its doors with but $85.39 in cash on hand. Deposits amount to $31,360, with other liabilities of $4.000. It has loans aggregating $74.000, mostly on real estate securities, from which but little can be realized. The capital of the bank is $40,000. NEW YORK, June 26.-Aaron W. Mann, Solon H. Mann and David Mann. composing the firm of Mann Bros., clothing dealers at Nos. 314 to 318 Broadway. today confessed judgment for $55,925.67. The attorneys for the firm place the liabilities at $250,000. The failure was caused, it is said, by creditors issuing attachments against Mann Bros. property on Saturday last. No statement of. the assets can be had until the inventory has been completed. The sheriff today took possession of the firm's stock on three executions which were issued on the judgments obtained. BUFFALO. N. Y., June -The Queen City Bank of this city has failed.

2. June 27, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, June 27, 1893

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A FEW MORE FAILURES. The East Has Not Recovered From the Late Flurry. BUFFALO, June 26.-The Queen City Bank has failed. The bank has suffered a steady drain the past several weeks. After paying out all the available cash, even to dimes, nickels and pennies, the officers this morning walked out and closed the doors. It owes the depositors over $1,400,000. The failure is due to inability to realize on the assets, the New York banks refusing aid. The management claims the depositors will be paid in full. The liabilities, according to the June report. were $2,328,754, assets not known. The Clearing-house Association met this afternoon and decided to stand by all its members and to render whatever assist. ance might be necessary in the event of their becoming embarrassed. WILMINGTON, N. C., June 26.-Huske & Draper, retail dry-goods merchants, assigned to-day. No statement is obtainable. CHESTER, Pa., June 26. - The Crum Creek Iron and Steel Company has assigned. The liabilities are $120,000 and the assets $119,000. MINNEAPOLIS, June 26.-The Bank of New England has suspended paymentsat least temporarily. Since the failure of the State Bank Thursday there has been a steady withdrawal of deposits. A. J. Blethen, president, says he had considerable money tied up in the Chicago failures. He says depositors will be paid in full. The liabilities are $200,000; assets somewhat in excess of that sum. Blethen is a well-known newspaper man. INDIANAPOLIS, June 26.-Dr. W. N. Wishard of this city says: "I am authorized to make the statement that T. F. Day, manager of the failed Plankinton Bank of Milwaukee, who has been reported miss. ing, is now under medical treatment, owing to his physical condition, and that he will voluntarily return to Milwaukee as soon as his medical advisors permit." SIOUX CITY, Iowa, June 26.-E. C. Tompkins was to-day appointed receiver for the Union Stockyards State Bank, which failed three weeks ago. On the application of its president, John Pierce, Chrys Moller, his son-in-law, was to-day appointed receiver of the Sioux City Cable Railway Company. CINCINNATI, June 26. - At Hamilton this evening Louis Snider's Sons in the Probate Court made an assignment of their four paper-mills at Hamilton, their real estate in Butler County and their paper warehouses; and their warehouse with its contents in Cincinnati. The assets are over $1,000,000, of which $250,000 is debts due them and considered good. The total liabilities are less than $300,000, and it is estimated that liquidation by forced sale would leave them $430,000. The assignment is due to the fact that they were unable to borrow from the banks to-day the sum of $7000.

3. June 27, 1893 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, June 27, 1893

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QUEEN CITY BANK FAILURE Due to a Heavy Drain on the Institution's Funds. BUFFALO, N. Y., June 27. - Much surprise is expressed over the fact that the Queen City bank, which was started here a little over a year ago, has closed its doors. Mr. F. M. Inglehart, one of the directors, said that the suspension was due to a heavy drain of money out of the bank, which has been going on for several weeks. The bank paid out all the money it had, even to dimes, nickels and pennies, and when the last cent was gone the officers went out and closed the doors. Mr. Ingelhart said that the bank had plenty of collateral, but found that it was impossible to raise money on it in the present financial stringency. The New York banks would not let them have any money. He said the depositors will be paid in full. The State Superintendent of Banking has been notified of the suspension, and will send an examiner here. The officers are hopeful that the bank will resume. It owes its depositors over $1,400,000. The general opinion is that the bank cannot realize on its securities on account of the tightness of the money market.

4. June 27, 1893 New-York Tribune New York, NY
Article from New-York Tribune, June 27, 1893

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ANOTHER BUFFALO BANK SUSPENDS THE DOORS OF THE QUEEN CITY CLOSED BY A RUN OF TIMID DEPOSITORS. Buffalo, N. Y., June 26.-Th Queen City Bank. which opened its doors for business on May 2. 1892. with a capital stock of $309,000. closed them at 2 o'clock this afternoon and posted the following notice On account of a heavy withdrawal this morning upon our cash resources caused by false statements r garding the condition oi the bank. we deem it necessary to suspend business for the present until we can realize upon our resources, which are abundantly ample to secure all concerned. FRED. C. M. LAUTZ, J. N. ADAM, EDWARD C. WARNER, D. C. RALPI. Cashier. Mr. Lautz is the vice-president of the bank: Mr. Adam is second vice-president, and Mr. Warner is a director. The suspension was not entirely a surprise, for it was foreshadowed by rumor on Saturday. This fact, however, helped to hasten the catastrophe, for when the bank opened this morning there Whis a steady run by depositors, who by noon had depleted the cash resources, and nothing was left but to close the doors. The opinion prevails that the suspension is but temporary, and it will have no disastrons effects upon other banking or commercial institutions of this city. More encouraging than this opinion. however, is the fact that there was absolutely no anxiety shown on the part of the public at the other banking houses. P. P. Pratt, president of the Manufacturers and Traders' Bank, said: "The banks in this city are in as good condition as they have been for several years. The long-continued closeness of the money market has prompted them to put themselves in good shape, and they have done so." President W. 11. Johnson. of the Queen City Bank, resigned recently on account of ill health and the affairs of the bank were being managed by a committee of three, whose names are signed to the notice of suspension. J. N. Adam, the second vice-prest dent, made the following statement: The entire capital of the bank, $600,000. stands between the depositors and any loss. There is nearly $100,000 in undivided profits which will be more than ample to cover any loss. Up to a few minutes before the bank closed it was in a fine condition. Within a brief space the amount of currency dwin dled and left the bank without ready money. It is perfectly solvent. Ten thousand dollars in the nick of time would have saved us. but we could not get it Instantly, so we had to suspend payment. We believe that the bank will resume. This morning we began business with the average cash on hand, the round figures being $82,686.21 in cash and checks on the clearing-house, and we also had about $85,883.93 in banks to check upon. We had assurances that tomorrow we should have clearing-house certificates Issued to us. That would have enabled us to have drawn $200,000. "We had over $80,000 on deposit In the savings banks, but we could not get it. Bank Examiner Creed arrived in the city at 3 p. m. and took charge of the bank's affairs. The assets and liabilities are estimated at $2,068,801 55. Albany, June 26. Superintendent Preston, of the State Banking Department, regarding the Queen City Savings Bank, of Buffalo, said : "I have been following the operations of this bank for some time. It had for its first cashier G. C. Hardesty, who was a large stockholder in the HardestyPelham Loan and Investment Company. The bank extended a liberal accommodation both to the investment company and to T. W. Pelham, and also loaned money on Western mortgages and on Western irrigating companies' stock. These investments have always been criticised by this department. and more than a year ago the department directed that this class of loans be taken up, and they were considerably reduced. These loans proved unfortunate for the bank. and led to the rettrement of Mr. Hardesty from the cashiership of the bank."

5. June 27, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, June 27, 1893

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Plenty of Good Collateral. (By telegraph to the Dispatch.] BUFFALO, N. Y., June 26.-The Queen City Bank, which was started here a little over a year ago, closed its doors shortly after noon to-day. Mr. F. M. Inglehardt, one of the directors, said that the suspension was due to a steady drain of money out of the bank. which has been going on for several weeks. The bank paid out all the money it had, even the dimes, nickels, and pennies, and when the last cent was gone the officers went out and closed the doors. Mr. Inglehardt says that the bank has plenty of good collateral, but found it impossible to raise money on it in the present financial stringency. The New York banks would not let them have any money. He said the depositors will be paid in full. The bank owes creditors $1,400,000.

6. June 27, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, June 27, 1893

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PAID OUT THE LAST CENT. A Buffalo Bank Stays in the Ring as Long as Fossible. BUFFALO, June 26.-The Queen City bank, which was started here a little over a year ago, closed its doors today. F. M. Inglehardt, one of the directors, said that the suspension was due to a steady payment of money out of the bank, which has been going on for several weeks. The bank paid out all the money it had, even to dimes, nickels and pennies. and when the last cent was gone the officers went out and closed the doors. Mr. Inglehart said that the bank had plenty of collateral, but found it impossible to raise money on it in the present financial stringency. The bank owes its depositors over $1,400,000. The liabilities of the bank, according to the June report, are $2,328,754. Assets not known. CHESTER, Pa., June 26.-The Crum Creek Iron and Steel company has made an assignment. The company estimates its liabilities at about $120,000, and its assets, including the capital stock, at $119,000, which would virtually make it solvent. but the assets include about $40,000 due the company from a former agent, which are not considered worth anything. This heavy loss and dullness of the iron trade made payments slow and threatened suits by the creditors led to the assignment. The plant, which is located here, will be sold. WILMINGTON, N. C., June 26.-Huske & Draper, retail dry goods merchants, assigned today with preferences. No statement of assets or liabilities is obtainable, but the amount involved is not believed to be very large. SAN DIEGO, Cal., June 26.-The Bank of Commerce resuined business this morning, and the First National will probably resume in a few days. GALLIPOLIS, O., June 26.-The Carl coal works, of Carlton, this county, made an assignment this morning. The liabilities are $50,000; assets, $7,000. WILMINGTON, O., June 26.-The Sabina bank, a private banking institution of this county, has suspended. It had a capital stock of about $25,000. TOPEKA, Kan., June S.-The bank of Ness City has been closed by State Bank Commissioner Briedenthal, after an unsuccessful attempt to raise money among its Eastern stockholders to tide over its present embarrassment. This bank had a capital stock of $40,000, had $31,000 deposits. and when the bank commissioner took charge its cash ou hand was just $83.50. Bank Commissioner Briedenthal says the bank was loaded down with real estate and bad debts. NEW YORK, June 26.-Mann Bros., clothing dealers at Nos. 314 to 318 Broadway, today confessed judgment for $55,000. Horwitz & Herschfield, the attorneys for the firm, says that liabilities are $300,000. NEW YORK, June 26.-Justice Pratt, of the supreine court, Brooklyn, this morning appointed Edward Dutty receiver for the Mutual Brewing company, of College Point.

7. June 28, 1893 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, June 28, 1893

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FEELING IN BUFFALO. Effects of Clearing House ActionToo Late to Save the Queen City Hank. BUFFALO, June 27.-The feeling in financial circles this morning is one of confidence. The action of the clearing house yesterday has inspired a feeling of security on all sides by reason of the fact that there is more than $6,000,000 in cash in Buffalo which any bank can have for the asking. A round of the banks was made this morning, and the result of the inquiry was reassuring in every respect. The exact situation is shown by the following statement, which is made by the clearing house: "The action of the Bankers' association yesterday afternoon places all the banks in the city on a strong basis. The combined assets of the banks of this city are $30,000,000 The combined cash resources are $6,000,000." The only notice posted on the outside of the failed Queen City bank this morning was one announcing that it was in the hands of the banking department Bank Examiner Creed said that he had not yet a statement ready. Vice-President Lautz blames the tardiness of the clearing house for the suspension. He said application was made for relief on Saturday, and the clearing house promised to meet on Monday morning and consider the case and devise means of relief. It did not do this, but postponed the meeting until 4 p. m., and in the meantime the bank suspended.

8. June 28, 1893 The Roanoke Times Roanoke, VA
Article from The Roanoke Times, June 28, 1893

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COLUMNS REDUCED TO LINES. An army medical school is to be established in. Washington. A recent treasury decision has increased the duty on firecrackers. The Virginia legislature will be asked to Improve the military system of the state. The Norfolk (Va.) county truckers are much encouraged at their luck this season. Americans in Honolulu have made elaborate preparations to celebrate the Fourth. President Cleveland will probably remain in Washington until the middle of July. The India government has stopped the coinage of silver for private account at the India mint. Bank failures: Bank of New England, Minneapolis; Bank of Ness City, Kan.; Queen City bank, Buffalo. Secretary Hoke Smith has returned to Washington from a brief visit to his family in the Virginia mountains. A cote of carrier pigeous will be taken north by Lieutenant Peary and liberated with messages for civilization. Dried apples imported into Norway are to be confiscated hereafter because some have been found to contain zinc. Two of the victims of the Ford's theater building are still under treatment at the Emergency hospital, Washington. Secretary Carlisle has requested the resig nation of General James R. O'Beirne, assistant immigration commissioner at New York. The San Francisco and Vesuvius will represent the navy at the dedication of the statue of Admiral Farragut at Boston on the 28th. The prosperity experienced by the Japanese pearl fishers in Australia has prompted another body of Japanese to set out for same place. Theodore Runyon, United States minister to Germany, has taken Mrs. Runyon to Ems in order that she may be treated there for a bronchial affection. By a decision of the interstate commerce commission celery must now be classified by railroads with asparagus and other vegetables instead of with berries, grapes, etc. It is likely there will be a brisk competition between Russian and American oil in Japan. A tract of land has been purchased in Yokohama on which it is said tanks for the storage of American oil will be erected. Memorial day was celebrated by the American colony in Yokohama Japan, in which officers and marines from the United States steamship Lancaster participated. The oration was delivered by 1. D. M. Sweat. At Youngstown, O., Charles Burson's hair is naturally white, but after working in the mills a few hours and becoming heated it turns a brilliant red. When Burson leaves the mill and cools off, his hair restimes its natural color.

9. June 29, 1893 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, June 29, 1893

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BUFFALO BANKS ALL RIGHT The Situation Greatly Improved and all Auxiety Passed. BUFFALO, N. Y., June 29.-The financial situation here to-day shows a decided improvement. There is an entire absence of the feeling of nervousness and anxiety that has been abroad for several days among both bankers and depositors, and matters are again in their normal condit.ou. All the banks have made prompi settlement of the Clearing House bal ances, and the balance sheet of that institution showed a fair average day Deputy Superintendent Creed looked over all the Clearing House balances, and ex pressed himself as very much pleased with the condition of things. Mr. Creed says he sees no good reaso: why the Queen City bank should not r sume at an early date. This can be don by assessing the stockholders up to an un impaired standard and resuming with smaller capital stock. The Banking De partment would then withdraw fro: charge of the bank. The directors wi hold a meeting to day to consider who steps shall be taken. Large quantities of gold have been rt ceived from New York since the Quee. City failure on Monday. The banks feare: a possible run, and telegraphed their Nev York correspondents to ship gold here in: mediately. It began to arrive yesterday and more has been received to-day. Th banks are now all well supplied wit I specie to meet any demands that may made upon them.

10. June 29, 1893 The Princeton Union Princeton, MN
Article from The Princeton Union, June 29, 1893

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OWES OVER A MILLION. Buffalo, June 27. - The Queen City bank, which was started here a little over a year ago, closed its doors to-day. F. M. Inglehart, one of the directors, said that the suspension was due to a steady payment of money out of the bank, which had been going on for several weeks. The bank owes its depositors over $1,400,000.

11. July 1, 1893 Huntsville Gazette Huntsville, AL
Article from Huntsville Gazette, July 1, 1893

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MISCELLANEOUS. FOR the seven days ended June 24 the attendance at the World fair was 703,000, an average of something over 100,000. ON the 24th the gold balance in the United States treasury was was $94,261,138. A NEGRO was bound to a rock and kept in the broiling sun, throughout the entire day in Florence, Ala., because he failed to pay his taxes and refused to work them out. THE Columbia Launch Co., of Chicago, has gone into the hands of a receiver. They operated several steamboats between the city and the World's fair. ON the 26th the eighth annual convention of the Ohio Christian Endeavor Union convened in Cincinnati, with 2,000 delegates in attendance. The Bank of Commerce of San Diego, Cal., has resumed business. THE Queen City bank of Buffalo, N. Y. has failed. A BIG publie-works steal has been unearthed in Canada. ON the 26th the Bank of Ness City, Kas., closed it doors, with but $85.39 in cash on hand. Deposits amount to $31,360, with other liabilities of $4,000. A DISPATCH from Mecca states that there were 455 deaths from cholera in that city on the 25th.

12. July 1, 1893 The Irish Standard Minneapolis, Saint Paul, MN
Article from The Irish Standard, July 1, 1893

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BANKS FAIL. Several Financial Institutions in Various Places Forced to Suspend. BUFFALO, N. Y., June 27.-The Queen City bank, which was started here a little over a year ago, closed its doors shortly after noon Monday. F. M. Englehart, one of the directors, said that the suspension was due to a steady drain of money out of the bank, which has been going on for several weeks. The bank paid out all the money it had. It owes its depositors over $1,400,000. The liabilities of the bank according to the June report are $2,328,754. The assets are unknown. TOPEKA, Kan., June 27.-The bank of Ness City has closed its doors with but $85.39 in cash on hand. Deposits amount to $31,360, with other liabilities of $4,000. It has loans aggregating $74,000, mostly on real estate, from which but little can be realized. The capital of the bank is $40,000. MINNEAPOLS, Minn., June 27. The Bank of New England closed its doors yesterday. SABINA, O., June 27. The Sabina bank was forced to suspend yesterday. MINNEAPOLIS, Minn., June 28.-The American Exchange suspended temporarily owing to the money stringency. It has $500,000 authorized capital stock, with $50,000 paid up. Depositors will be paid in full.

13. July 12, 1893 The Abbeville Press and Banner Abbeville, SC
Article from The Abbeville Press and Banner, July 12, 1893

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THE NEWS EPITOMIZED. Eastern and Middle States. MRS. CLEVELAND, her daughter Ruth and nurse arrived at Gray Gables, Buzzard's Bay, Mass.. from Washington, on Commodore Benedict's steam yacht Oneida. Mrs. Cleveland appeared in excellent health, and expressed great pleasure at being back once more. HENRY SHELDON & COMPANY. tea and coffee brokers, of New York City. suspended with liabilities of nearly $400,000. WILLIAM MUTCHLEE. of Easton. Democratic member of Congress from the Eighth Pennsyivania District. died suddenly of heart disease a few mornings ago. He was born in Northampton County. December 31, 1831, and was therefore in his sixty-second year. AT Rochester, N. V., Bertholomay J. Doran, a pagilist. killed his child. attempted to drown his wife, and then committed suicide. THE Duke and Duch ess of Veragua and their party were entertained at a reception and garden party given in their honor by Mr. and Mrs. George W. Childs at Wootton, the latter's country home, near Philadelphia, Penn. Mrs. GRANT and Mrs. Davis, widows of General Grant and Jefferson Davis. have hed several pleasant meetings at Cranston's, near West Point, N. Y. Mr3. Davis has accepted an invitation to go driving with Mrs. Grant. DOCTOR McGLYNN has returned to New York City from Rome, where he had & private audience with the Pope. HER Royal Highness. the Infanta Eulalia, sailed from New York on La Touraine for Spain. Before the steamship left her pier, Eulalia shook hands with everybody who could crowd forward to reach her. DOCTOR WILLIAM T. S. WARDWELL was shot down in his office at Roslindale, Mass., by Amos L. Morse. The assassin fired three bullets into the doctor's face, one of which penetrated the brain. Jealousy was the cause. THE little Viking. which crossed the ocean safely with its Norse voyagers, started from New York for Chicago. Twelve college students from Harvard. Yale and the Massachusetts Institute of Technology were rowing on the benches to help propel the boat up the Hudson. They will help row the Viking through the Eric Canal, Lake Erie, Lake Huron and Lake Michigan to Chicago. THE Queen City Bank, of Buffalo, N. Y., has failed. MURDERER FITZHUM was successfully executed by electricity at Auburn (N. Y.) Prison. He murdered on April 7, 1892, in Buffalo, the son of Mrs. Roehrl, who lived in adjacent rooms, and whom he had insulted during a dispute over rent. The son sprang to her defense and Fitzhum stabbed him to the heart. THE three masted schooner Thomas W. Havens were stranded at North Long Branch, N. J., and two of the craw were drowned.

14. July 26, 1893 Rock Island Daily Argus Rock Island, IL
Article from Rock Island Daily Argus, July 26, 1893

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Buffalo Bank to Reopen. BUFFALO, July 26.-The stockholders of the suspended Queen City bank held a meeting and decided to resume business with a capital reduced to $300,000. The bank will reopen between the 1st and 5th of August.

15. July 27, 1893 The Stark County Democrat Canton, OH
Article from The Stark County Democrat, July 27, 1893

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A Buffalo Bank to Resume. BUFFALO, July 26.-The stockholders of the suspended Queen City bank held as meeting and decided to resume busimess with a capital reduced to $800,000.

16. July 29, 1893 The Dickinson Press Dickinson, ND
Article from The Dickinson Press, July 29, 1893

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WILL RESUME. Buffalo. N. Y.. July 26.-The stockholders of the suspended Queen City bank held a meeting and decided to resume business with a capital reduced to $300,000. The bank will reopen about Aug. 1.

17. September 1, 1893 Wheeling Register Wheeling, WV
Article from Wheeling Register, September 1, 1893

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A Buffalo Bank Resumes. BUFFALO, N. Y., August 31.-The Queen City Bank, which suspended several weeks ago, resumed business this morning. There was no rush to withdraw the deposits and the bank is receiving more than it pays out.

18. September 1, 1893 The Sun New York, NY
Article from The Sun, September 1, 1893

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A Buffalo Bank Resumes Business, BUFFALO. Aug. 31.-The Queen City Ban which suspended several weeks ago, resun business this morning. There was no rush withdraw deposits. and the bank is receivil more than it pays out.

19. September 8, 1893 The Columbian Bloomsburg, PA
Article from The Columbian, September 8, 1893

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Buffalo Bank Resumes. BUFFALO, Sep. 1.-The Queen City Bank, which suspended several weeks ago, resumed business yesterday. There was no rush to withdraw deposits and the bank is receiving more than it pays out.