gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e76992a88c064cd3
Response Measures
None
Description
Bank closed after a depositor run and was placed in receivership; charter later dissolved.
Events (5)
1.November 12, 1890Run
Cause
Rumor Or Misinformation
Cause Details
Depositors reacted after the bank was mentioned as a defaulter at the clearing house, producing a quiet but steady run amid tight money.
Measures
Applied to the clearing house for a loan; clearing-house committee examined; bank tried to obtain assistance.
Newspaper Excerpt
On account of the mention of the North River bank as one of the defaulters at the clearing house yesterday the depositors started a quiet but steady run on it.
Source
newspapers
2.November 12, 1890Suspension
Cause
Government Action
Cause Details
The state bank examiner took charge of the bank and it posted notice of temporary suspension after exhausting ready money.
Newspaper Excerpt
This bank has suspended temporarily. The doors were locked, and a number of depositors congregated in front of the building.
Source
newspapers
3.November 14, 1890Other
Newspaper Excerpt
A motion for the appointment of a receiver of the North River bank was postponed today until Monday, because efforts are being made to resume business; directors held a meeting and resolved to rehabilitate the bank if possible.
Source
newspapers
4.November 16, 1890Receivership
Newspaper Excerpt
Judge O'Brien of the supreme court to-day appointed Francis Higgins receiver of the North River Bank; the receiver is required to give a bond of $200,000, and the Union and State trust companies are depositories for the bank's funds.
Source
newspapers
5.March 24, 1891Other
Newspaper Excerpt
Judge Ingraham in New York yesterday dissolved the charter of the North River Bank. Francis H. Higgins, the temporary receiver, was made the permanent receiver.
Source
newspapers
Newspaper Articles (23)
1.November 13, 1890The Helena IndependentHelena, MT
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Article Text
The Alarming Symptoms of a WideSpread Financial Panic Have Subsided. There Was Great Excitement on 'Change but a Better Tone in the Market. Money More Plentiful and Rates Much Lower for Demand Loans-The North River Bank. NEW YORK, Nov. 12.-The stock market to-day showed a materially better feeling both in the street and outside and there was a most gratifying confidence displayed that not only was the worst now over but that improvement would be quick and sharp. The action of the clearing house committee in coming to the relief of banks in difficulty was the means of restoring the confidence of many. while improvement in the situation abroad was also a powerful factor to that end. Not only were active stocks much higher all day long but inao tive specialties, which yesterday could not find buyers at any price, to-day were taken at constantly advancing figures and the heavy slump in those shares was in a great measure made up. The liquidation in Villards is now believed to have marked the culmination of the efforts to force complete liquidation in the street, as those stocks had resisted the force applied for a much longer time than any other group of stocks on the list. The impression is that now the whole situation has been changed for the better, and improvement in the condition of affairs will be followed by higher prices all along the line. There is to be expected considerable selling in Northern Pacific securities and some ,others to liquidate loans, as was witnessed to-day, but the market now shows no pressure of stocks, and offerings the past few days have undoubtedly been taken by strong parties. The unfavorable factors to-day were continued sales under the rule both for account of the suspended firm of Decker, Howell & Co., and for the accounts of two other brokers whose suspension was announced during the day. There were still rumors of further troubles in financial circles, and the North River bank went into the hands of an examiner late in the day, though the fact was not made known until after the close of business. Foreigners were heavy buyers all day long, and transactions for foreign account were so large that a suspicion that the late sales for London were for short account was openly expressed. Loaning rates for stocks have been very high and inquiry has been very urgent, which would go to give color to the suspicion. The report that Gould had acquired control of the nion-Pacific again was used for all it was worth. but that stock showed no response to the story. North American sold heavily and although taken freely failed to advance. The remainder of the list was especially sluggish in comparison with Northern Pacific. Transactions in it. however. were on an enormous scale and aggregated about one-quarter of the total business done in all securities. The general list was very feverish, as was to be expected under the circumstances, but there was almost a continuous advance in I prices from the opening to the close.
Yesterday's Failures. NEW YORK, Nov. 12.-Members of the brokerage firm of C. M. Whitney & Co., which assigned yesterday, made separate assignments this morning. J.C. Walcott & Co., No. 38 Pine street, have just announced suspension on the stock excl ange. The house was generally considered solid. It is not believed the failure will have any effect on the market. The North River bank is a member of the clearing house and operates under a state charter granted in 1842. It applied again to-day to the clearing house for a loan and a committee was on the way to examine into the condition of the institution when it was learned it was in the hands of the bank examiner, who is tonight overhauling the accounts. It is stated the bank officials expect to open up for business to-morrow. The cause of the present difficulty is simply tight money. On account of the mention of the North River bank as one of the defaulters at the clearing house yesterday the depositors started a quiet but steady run on it. The bank stood out until 2:30, when ready money was exhausted and it had to close its doors. It did an average business of $3,000,000.
The North River Bank Suspends. NEW YORK, Nov. 12.-Notwithstanding the announcement early in the day that the North River bank would tide over the losses of yesterday and had made satisfactory arrangements with the clearing house, that institution closed its doors at 2:15 and posted the following notice: "This bank has suspended temporarily." All efforts to obtain further information from the officers were futile. A number of depositors congregated in front and were much exercised over the sudden suspension. The bank examiner has taken charge of. the bank. The North River bank is a member of the clearing house and operates under a state charter granted in 1842. It appealed again today to the clearing house for a loan and a committee was on the way to examine into the condition of the insti ution when it was learned that it was in the hands of the bank examiner, who is tonight overhauling its accounts. It is stated the bank officials expect to open up for business tomorrow. The cause of the present difficulty is simply tight money. On account of the mention of the North River bank as one of the defaulters at the clearing house yesterday, the depositors started a quiet, but steady run on it this morning. The bank stood out until 2:30, when the ready money was exhausted and it had to close its doors It did an average business of $3,000,000.
4.November 13, 1890Wheeling RegisterWheeling, WV
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Article Text
North River Band Closes. NEW YORK, November 12.-The North River bank at the corner of Dey and Greenwich streets, closed its doors this afternoon at 2:30 o'clock. It operates under a State chaater granted in 1842. It is one of the banks which had to be helped out by the Clearing House yesterday, and the rumor started a quiet but steady run. The bank applied today to the Clearing House for a loan and a committee was on the way to examine into the condition of the institution when it was learned that it was in the hands of the Bank Examiner. It was stated that the bank officials expected to open up for business to-morrow morning at ten o'clock. The North River bank was reported last week as having a capital of $240,000, a surplus of $118,500, loans $2,000,000, deposits $1,975,000 and cash on hand $270,000. It did an average business of $3,000,000. The cause of the present difficulty is simply tight money.
5.November 13, 1890Los Angeles HeraldLos Angeles, CA
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Article Text
A BANK SUCCUMBS. The North River Bank in the Hands of an Examiner. NEW YORK, Nov. 12.--Notwithstanding the announcement early in the day that the North River bank would tide over its losses of yesterday, and had madesatisfactory arrangements with the clearing house, that institution closed its doors at 2:15 p. m., and posted the following notice: "This bank is suspended temporarily." All efforts to obtain further information from the officers were futile. The doors were locked, and a number of depositors congregated in front of the building were much exercised over the sudden suspension. The bank examiner has taken charge of the bank. The North River bank is a member of the clearing-house, and operates under a state charter granted in 1842. It applied again today to the clearing-house for a loan, and a committee was on the way to examine into the condition of the institution, when it was learned that it was in the hands of the bank examiner, who is tonight overhauling its accounts. It is stated that the bank officials expect to open for business tomorrow. The cause of the present difficulty is simply tight money. On account of the mention of the North River bank as one of the defaulters at the clearing house yesterday, the depositors started a quiet but steady run on it this morning. The bank stood out until 2:30, when its ready money was exhausted, and it had to close its doors. It did an average business of $3,000,000.
6.November 13, 1890Alexandria GazetteAlexandria, VA
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Article Text
THE NEW YORK STOCK MARKET.-As stated in the GAZETTE yesterday in Wall street yesterday the stock market was meterially better, the close being active and strong at the highest prices of the day, large sales of stocks were made under the rule for the account of brokers who suspended on Tuesday, and there were a couple more unimportant failures, but these did not interrupt the upward movement. Money was stringent most of the day, but went down to 6 per ceat., and closed at that figure. The North River Baok was temporarily placed in charge of the State bank examiner, because of the exhanstion of funds under 8 pressing demand. Last week the clearing-house circular showed the North River Bank 88 having a capital of $240 000, a surplus of $118,500, Lane, $2,000,013 ; depowirs, $1,975,000, and cash on hand $270,000 This is one of the banks which had to be helped out by the clearing-house on Tues. day. Io loaned too much money, according to the statement of the cashier. The amount involved, Vice-Presidenc Brokaw said last night, was less than $60 000. The sales of !isted and unlisted stocks yesterday aggre gated over 600 000 shares, and of railroad bonds $2,143,000. The Treasury Department purchased 737,000 ounces of silver at 103.02 to 103 95.
7.November 13, 1890Telegram-HeraldGrand Rapids, MI
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Article Text
A CRISIS. Panic in the Stock Market on Wall Street , Several Big Firms Fail Decker, How el & Co. 6 Liabilities Eatimated at $10,000,000. BUIN IN WALL STREET New York Nov. 18-The darkest market eloud which overbung the stock and the atmosphere will burst Tuesday ep. Mr. Heary now doubtless clear respected Villard's brokers, the old and Decker, Howell & Co., were firm of involvsuspend. after seriously forced to of the Wall street banks An enermous ing one liquidation in the Villard North -Northern Pacific and stocks- -preceded and followed the American announcement of suspension. formal and was in progress when the marker closed Transactions is Northern Pacific closed preaggregated 84,000 and it farred net fall of 11% of North Amerion a can over 95,000 shares were dealt in. It closed 134 above the lowest but Pacific shows net decline of 83/6 Northern common was less active, but is down % per cent. This and the two failures that pre- the ceded it, the embarrassment of Bank of North America, and the potent measures adopted by the clearing-house banks Tuesday afternoon to relieve the banks and the community of the strain caused by the scarcity of money made dramatic chain of incidents. While real failures were taking place on the Stock Exchange a lot of fictitious ones were being proclaimed th roughout who Wall street by rumor-mongers quoted the names of suspicious banksas being unable to maintain their credit. as The current sensationalism. so far the banks were concerned. had much Yet more invention than fact in it. there was undeniable apprehension in banking circles. Bankers would not mitthis freely, but early in the day there conferences among representa- the ware tives of clearing-house banks, and banks of the New York Clearing House Association determined to provide and against ever possible misfortune exigency by pledging their associated I credit in behalf of every bank in the association. The associated banks of New York have available assets of $95,000,000. Against this it was voted to issue clearing-house certificates in such volumes as the situation might suggest or the require. As a measure of `relief bankers who resolved upon it are confident that it will at once be effectual. There is almost universal agreement among leading New York bankers that the money market's receat range and intightness came through artificial fluences. Funds have been locked up, taken out of ordinary business channels, to kept out of reach--all in order carry forward the bear campaign of depression, apprehension and quotation smashing The provisions of clearing house certificates -unlimited, if need be, up to $93,000,000 will, of course, put to rout all these manipulative schemes. HEAVY FAILURES. It was just after 2:13 o'clock p. m. that the failure of Decker, Howell & Co., of 44 Broadway. was announced on the Stock Exchange W. Nelson Cromwell, the assignee for the firm, made the following statement concerning its affairs late in the afternoon: The liabilities are about $:0,000 000 and the assets at the present market price largely almost exceed that sum. The liabilities are due entirely to banks and bankers on loans secured made of business and are well of cause in course the suspension was the inThe of the firm to borrow the necessary ability cash required in the day's busi amoun of were very large ness. The firm's transactions necessary to borrow several millions it being The firm had abundant collateral daily. for lac% of security but the inability day to make available that caused the in matter of absolute crash. It was simply get money on the best securiti owing ability to to the extraordinary money stringency now prevailing. Joseph H Decker, the senior member of the firm, said: 'Our failure due to the simple fact that we could not get the money to carry on our business We had ample assets, but could not realizo on them. The distress which not has been caused by our failure is local. it is world wide. The firm of Decker, Howell & Co. was one of the most prominenton the Stock Exchange It was identified not only the with the Villard stock but with Standard Oil interests as well. and also carried the accounts of the bigges stocl operating firm in Chicago At the begin firm ning of the present year the claimed to be worth $400,000 in cash. The suspension of C. M. Whitney & Co. was announced at 11 o'clock in the forenoon. The suspension of Whitney & Co. by sales under the rule for their account was of 1,200 shares of Columbus & Hocking Valley and Iron Company shares stock 18% to 151/1 1,400 at Toledo, Ann Arbor & North Michigan at from 26 to 1536 500 shares Texas & Pacific 100 shares Michigan Central. 100 shares Missouri Pacific and 200 shares St Paul common In many cases Hocking Coal and Iron was dealt in to some extent at 2414 to 3136 and Toiedo, Ann Arbor & North Michigan at from 8714 to 403 80 that the less on the 2,600 shares of these two stocks is from 16 to 18 points since May, or say an aggre of gate of possibly $40,000,000. This itself does not indicate a failure of any considerable importance. though it not known yet what other securities they are interested in or whether the whole liabilities will be sufficient to cripple any other tradera HELPING BANKS OUT OF TROUBLE Art the close of the market it earned that three banks which were members of the New York Clear House Association had difficulty in set tling the claims of the other banks against them. There was a bal ance against the Bank of North America of $1 400,000. which it was unable to settle The other banks were the North River and the Mechanics and Traders' During the day the Me chanics and Traders' Rank made
8.November 13, 1890Spokane Falls ReviewSpokane, Spokane Falls, WA
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MORE CONFIDENT TONE Prices Show an Upward Tendency. VILLARDS SHOW MORE STRENGTH Money a Trifle Easier and Strong -Parties Operating on the Bull Side. NEW YORK, Nov. 12.-The stock market to-day showed a materially better feeling, both in the street and outside, and there was the most gratifying confidence displayed that not only was the worst now over, but that the improvement would be quick and sharp. The action of the clearing-house committee in coming to the relief of the banks in the difficulty was the means of restoring the confidence of many, while the improvement in the situation abroad was also a powerful factor to that end. Not only were active stocks much higher all day long, but inactive specialties, which yesterday could find buyers at any price, to-day were taken at constantly advancing figures, and the heavy slump in those shares was in a great measure made up. Liquidation in Villards is now believed to have marked the culmination of the efforts to force a complete liquidation in the street, as those stocks had resisted a force applied for a much longer time than any other group of stocks on the list. The impression is that now the whole situation has been changed for the better and the improved condition of affairs will be followed by higher prices all along the line. There are to be expected considerable selling of Northern Pacific securities and some others to liquidate loans, as was witnessed to-day, but the market now shows no pressure of stocks and offerings. The past few days have, undoubtedly, been taken advantage of b& strong parties. The unfavorable factors to-day were the continued sales under the rule, both for the account of the suspended firm of Decker, Howell & Co., and for the accounts of two other brokers whose suspension was announced during the day. There were still rumors of further troubles in financial circles, and the North River bank went into the hands of an examiner late in the day, though the facts were not made known until after the close of business. Foreigners were heavy buyers all day long, and transactions for foreign account were so large that a suspicion that the late sales for London were for short account was openly expressed. Loaning rates for stock have been very high, and inquiry has been very urgent, which would go to give color to the suspicion. The report that Gould had acquired control of the Union Pacific again was used for all it was worth, but the stock showed no response to the story. North American sold heavily, and although taken freely, failed to advance the remainder of the list and was specially sluggish in comparison with Northern Pacific. Transactions in it, however, were on an enormous scale, and aggregated about onequarter of the total business done in all securities. The general list was very feverish, as was to be expected under the circumstances, but there was almost a continuous advance in prices from the
9.November 15, 1890The Seattle Post-IntelligencerSeattle, WA
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North River Bank trying to Resume. NEW YORK, Nov. 14.-A motion for the appointment of a receiver of the North River bank was postponed today until Monday, because efforts are being made to resume business. The directors of the bank held a meeting this afternoon. Superintendent Preston said the board had considered the ways and means to rehabilitate the bank and had resolved to make active efforts to thatend. If successful the bank ought to open Monday or Tuesday. A committee from the clearing-house has expressed contidence in the solvency of the institution.
Efforts to Resume Business. NEW YORK, Nov. 14.-The motion for the appointment of a receiver of the North River bank was postponed until Monday because efforts are being made to resume business. The directors of the bank held a meeting this afternoon. Superintendent Preston said the board considered ways and means to rehabilitate the bank and resolved to make active efforts to that end. If successful the bank ought to open Monday or Tuesday. The committee from the clearing house has expressed solvency of the institution.
11.November 15, 1890Richmond DispatchRichmond, VA
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The Broken North-River Bank. [By telegraph to the Dispatch.] NEW YORK, November 14.-Cashier Ingersol, of the suspended North-River Bank, said this morning that the depositors would receive every dollar they put into the bank. The only ones who would lose anything would be the stockholders. It was only possible for the bank to resume, he declared, if the directors put up the necessary money.
12.November 15, 1890The Morning NewsSavannah, GA
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Failure of the North American. NEW YORK, Nov. 14.-Cashier Ingersoll, of the suspended North River Bank, said this morning that depositors would receive every dollar they put in the bank. The only ones who would lose anything would be the stockholders. It was only possible for the bank to resume, he declared, if the directors put up the necessary money.
13.November 15, 1890The Salt Lake HeraldSalt Lake City, UT
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The North River Bank. NEW YORK, Nov. 14. -The motion for the appointment of a receiver for the North River bank was postponed until Monday because of efforts being made to resume business. The directors of the bank held a meeting this afternoon. Superintendent Preston said the board considered ways and means to rehabilitate the bank, and resolved to make active efforts to that end. If successful, the bank ought to open Monday or Tuesday. A committee from the clearing house has expressed confidence in the solvency of the institution.
14.November 17, 1890San Antonio Daily LightSan Antonio, TX
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North River Bank Case. NEW YORK, November 17.-When the North River bank case came up before Judge O'Brien today on motion for a receiver, it was stated that negotiations were still pending to open the bank and an adjournment was asked until tomorrow. Attorney Post thought the prospects of success were excellent. An adjournment was granted.
15.November 18, 1890The Morning NewsSavannah, GA
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NEW YORK'S CLOSED BANK. The Efforts for an A djustment Result in a Failure. NEW YORK, Nov. 17.-When the North River bank case came up before Judge O'Brien to-day on a motion for a receiver, it was stated that negotiations were still pending to re-open the bank, and an ad journment was asked for until to-morrow. The attorney general and Bank Superin tendent Preston were represented by Mr. Post, who stated that the assets of the bank were in the hands of the authorities, and no harm could result from an adjournment. He thought the prospects of success were excellent. An adjournment was granted.
16.November 20, 1890The Morning NewsSavannah, GA
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Receiver of the North River Bank. NEW YORK, Nov. 16.-Judge O'Brien of the supreme court to-day appointed Francis Higgins receiver of the North River Bank, Mr. Higgins is a retired New York merchant, The receiver is required to give a bond of $200,000, and the Union and State trust companies are depositories for the bank's funds,
17.November 20, 1890Wood County ReporterWisconsin Rapids, WI
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NORTH RIVER BANK FAILURE. Ways and Means to Rehabilitate the Bank are Discussed. NEW YORK, Nov. 14.-A motion for the appointment of a receiver for the North River bank was poptponed today until Monday because efforts are being made to place the bank on its old footing. The directors of the bank held a meeting this afternon. Superindent Preston said that the board considered ways and means to rehabilitate the bank, and resolved to make active efforts to that end. If successful the bank ought to be open Monday or Tuesday.
The North River Bank. NEW YORK, Nov. 14.-Cashier Ingersoll of the suspended North River bank said today that depositors would receive every dollar deposited. The only ones who would lose anything, he affirmed, would be the stockholders. It was only possible for the bank to resume, he declared, if the directors put up the necessary money.
19.February 10, 1891New-York TribuneNew York, NY
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THE BANK MUST RETURN THE MONEY. Judge Lawrence, of the Supreme Court, yesterday granted an order directing Francis Higgins, receiver of the North River Bank, to return $533 42 which Thomas B. Kniffen and George W. Tooker. dealers in glassware at No. 48 Murray-st., deposited on November 12, the day the bank suspended. The deposit was made between 12 and 1 o'clock, on the representation by President Gedney that the bank was solvent. The Judge says that under these circumstances no title to the money passed to the bank.
20.March 25, 1891Evening StarWashington, DC
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The North River Bank's Charter Forfeited. Judge Ingraham in New York yesterday dissolved the charter of the North River Bank. Francis H. Higgins, the temporary receiver, was made the permanent ceiver and directed to give a bond in the sum of $200,000, and ordered to deposit all monies in the Union and State trust companies.
21.May 5, 1891Telegram-HeraldGrand Rapids, MI
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Indicted. NEW YORK, May 4.-The president and cashier of the North River bank, now in the hand of a receiver, have been indicted for falsifying an official statement of the bank's condition.
22.May 7, 1891Wood County ReporterWisconsin Rapids, WI
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Bankers Under Arrest. NEW YORK, May 4.-The president and Cashier of the North River Bank, now in the hand of a receiver. have been indicted for falsifying an official statement of the bank's condition. They both gave $15,000 bail.
23.May 15, 1891Iowa County DemocratMineral Point, WI
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CRIMINAL. ALFRED TOWNLEY, a gambler. was shot and killed by his wife in the jai! of Austin, near Chicago. AT Logansport, Ind., Saturday, Martin Griner killed Anna Keyster. his mistress, and afterward committed suicide. CASHIER J. K. BRANTLY. of the St. Louis Iron Mountain & Southern is alleged to be $20,000 short in his accounts. MRS. CONN ELLY, aged 110 years, committed suicide at Hazelton, Pa., rather than be sent to the alms house. AN express car attached to a train on the Santa Fe road, near Guthrie, O.T., was boarded by robbers Saturday, but the presence of mind of the messenger saved all but $500 of the treasure. DANIEL FRIED, proprietor of a dime museum in Brooklyn, N. Y., shot himself three times Wednesday morning and died almost instantly. STRIKING quarrymen near St. Louis Tuesday drove the negroes who had taken their places away from two quarries and carried off all the tools. COLONEL DORSES, who eloped with Mrs. Massey from Douglasvile, Ga., is a defaalter, having carried away nearly $30, 000 of trust money in his flight. PRESIDENT E. E. GEDNEY and Cashier F. R. Ingersoll of the defunct North River bank of New York were arrested Monday for perjury in connection with the bank's affairs. PRESIDENT MARSH and Cashier Lawrence of the suspended Keystone National bank at Philadelphia are charged with conspiring with the late President Lucas in looting the bank of $1,000,000 CHARLES J. DICKSON, a Pueblo crank, has been arrested at New York for threatening to kill Juy Gould unless the latter COAtributed $5,000,000 to a mythical organization he called "Christ's followers.' FRIDAY evening strikers at Waveland, Ind., after they had t'ed up the road for back pay due them, stoned a passenger train, overpowered the crew and seriously injured a traveling man from Crawfordsville, Ind. He was badly cut about the head. FRIDAY night at 11 o'clock Solomon Etaw set fire to Mr. B. B. Bennett's residence in Weston, W. Va. Bennett extinguished the fire. An hour later Etaw returned and shot Bennett dead in his bedchamber. Etaw is under arrest. ANDREW A. MEYER, treasurer, and R. P. Walker, a director of the Eastern Investment company of Boston, were arrested for making alleged fradulent representations about the concern.
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.
