gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b1d2c1f31ed714bb
Response Measures
None
Receivership Details
Depositor recovery rate
80.2%
Date receivership started
1933-10-16
Share of assets assessed as good
29.5%
Share of assets assessed as doubtful
51.7%
Share of assets assessed as worthless
18.8%
Events (4)
1.March 18, 1911Chartered
Source
historical_nic
2.March 13, 1933Suspension
Cause
Government Action
Cause Details
Closed and placed in hands of a conservator under emergency banking measures following the March 1933 banking holiday and clearing house actions
Newspaper Excerpt
HARRIMAN BANK REMAINS CLOSED ... conservator present to take charge of the affairs of the New York house
Source
newspapers
3.October 16, 1933Receivership
Source
historical_nic
4.October 16, 1933Receivership
Newspaper Excerpt
receiver for the Harriman National Bank & Trust Co. (reported in later articles and lawsuits by the receiver).
Source
newspapers
Newspaper Articles (21)
1.March 5, 1933Daily NewsNew York, NY
Article Text
Lack of Facilities Alibi.
It was this lack of facilities for handling demands, more than anything else, which really forced the bank holiday declared by Gov. Lehman, according to the bank officials. In some cases bankers admitted they were caught napping by the bank moratorium, which began in Detroit Feb. 14, but was never expected to sweep the country the way it has done. Another hope of an early end to the holiday was aroused when Mortimer N. Buckner, president of the New York Clearing House Association, said "a plan" was being worked out with member institutions. He declined to say whether the plan was fo: issuance of clearing house certificates-a method advocated by several bank presidents. Although crowds milled around banks there was no disorder. "Instruct the men to jolly peo-
2.March 5, 1933The Oklahoma NewsOklahoma City, OK
Article Text
New Yorkers Revive Plan of 1907 As Solution in Money Crisis
By ELMER WALZER
NEW YORK March Banking leaders principal cities and deposit the Bankers, of the New Clearing House revived the plan whereby $10 and $20 would They enable York banks printed and ready for Monday reopen Tuesday The United learned of York bankers of certificates so for invoke federal they would be available plan similar tender nation New York Clearindicated the Federal honor such certificates of member House Herbert H. cognizant Philadelphia urged end bankers two-day banking holiday to that pointing addithe house move clearing embargo gold exports United States presidential decree federal guarantee be Philadelphia Considers Plan The is in
3.March 13, 1933The Central New Jersey Home NewsNew Brunswick, NJ
Article Text
HARRIMAN BANK REMAINS CLOSED
Conservator Present to Manage Affairs of New York House
The Associated Press) NEW YORK, March Harriman National Bank did today when at the stated take charge of the affairs. conservator charge banks Immediunder plan announced by President Rooseemerpassed ConThe National Bank member New ClearHouse and its latest Clearing House showed capital $2,000,000; and undivided profits, $941,$19,577.today that the private Harriman Company, which with the HarriNational Bank, was opening business usual today.
4.March 13, 1933Biddeford-Saco JournalBiddeford, ME
Article Text
Runs Harriman Bank
New York, March The Harriman National bank did open business today when other federal reserve members resumed operations, and the bank stated conservator present take charge of the affairs. Provisioin conservator to take charge banks immediately under the plan President Roosevelt in the emergency banking bill passed by congress last The Harriman National bank member the York Clearing House association its clearing house statement showed capital of and undivided profits, $941,demand deposits, and time deposits, 102,000. announced today that the private bank of Brown BrothHarriman and company, which has no with the National bank opening for business as usual day.
BODGE Edward Bodge, 71, for 25 years of the box shop Bar Mills, died Friday and resided Bar Mills years. He member Buxton lodge, Saco River grange. His wife, Bodge: brother, Frank Bodge of and sister, Mrs. Starr New London, survive him.
5.March 25, 1933The Springfield Daily RepublicanSpringfield, MA
Article Text
REVEALS HARRIMAN BANK CASE PROBED FOR FIVE MONTHS
Acting Controller of CurrenExplains Prosecution cy Delayed For Fear of on New York Company
March conptroller the today bank spent months attempting straighten affairs of the Harriman National Bank and Trust pany of New alleged regularities over the department justice for This delay time condithe presentation the the prosecuting first ported Fears of Runs
Discussing Cummings said had because existing the might would to others explaining treasury's bank's condition asked liquid before examiner, examiner tinued his bank's affairs "hoping operation DeOn that ordered the department Await said, Henry talked asked more time get the bank liquid.
Says W. D. Mitchell Not Told
The said today William Hoover Harriman was all subordinates.
6.March 25, 1933The Pittsburgh PressPittsburgh, PA
Article Text
Officials Under President Hoover Delayed Prosecution 9 Months, Is Charge
By Scripps-Howard Newspaper Alliance
WASHINGTON, March 25—The demand for Congressional investigation of the Treasury, the Comptroller of Currency and the Department of Justice grew today with disclosure that Hoover administration officials delayed for nine months prosecution of Joseph W. Harriman, president of the closed Harriman National Bank & Trust Company of New York, for alleged falsification of accounts.
The alleged irregularities first were discovered July 9, but a detailed report was not submitted to the Comptroller of the Currency by Chief National Bank Examiner L. K. Roberts until Dec. 23.
Only an informal letter for filing was sent to the Comptroller by Mr. Roberts on July 25. It contained no basis for court action. J. W. Pole was Comptroller at this time, but he resigned Sept. 20.
7.March 25, 1933Leader-TelegramEau Claire, WI
Article Text
REVEAL DELAY IN HARRIMAN CASE
(Continued from examiner first reported to ington. Discussing the delay yesterday. torney General Cummings had been judged necessary apparently situation existing at the time might have started the bank which would spread to others New York. Awalt. the treasury's the said the examinpoint first the July 1932, that the bank's fairs condition but were asked time make liquid before prosecution begun. added that suggested the Awalt depositors would profit holding temporarily. Throughout period. troller the officials were on the premise that grand acting jury and would start run on the publicity Harriman bank. Awalt said that with his recomthe tice halt the was since not involved in the case and action could started any time. The justice department said tothat William attorday general the Hoover adminisknew nothing the Harritration. Medalie Confer NEW YORK. counsel the senate comPecora, mittee stock market practice, conferred today with Attorney Medalie and terward determine the the Joseph Harriman within the scope committee's inquiry. Harriman arrested last week charged making false entries accounts the Harriman National Bank Trust from whose chairmanship he then resign-
Medalie, charged by depositors' committee with delaying the cution. replied statement layresponsibility upon treasand justice departments in At this Senator Fletcher of Florof the banking and suggested quiry the investigating forwarded data the mittee matter Pecora The bank failed open after the
8.March 25, 1933The Salt Lake TribuneSalt Lake City, UT
Article Text
Committee Head Investigates Delay
NEW YORK, March 24 (P)-Ferdinand counsel to the investigating ket practices, conferred today in United States Attorney George Medalie and announced afterward he expected to determine shortly wheth er three delay in the of Joseph W Harriman be came within the scope of the com mittee's inquiry Harriman was arrested last week charged with making false entries in of the Harriman National Bank and he then resigned The bank failed to open after the of recent and was placed the hands of Henry E. Cooper, its presias Daniel W. Blumenthal a lawyer to said he had been investigating the bank's affairs at the request 'substantial depositors, issued statement today calling for coopera tion with Cooper and saying he was "in position state that excellent prospect of the bank being taken its entirety by a strong
9.March 25, 1933The Buffalo NewsBuffalo, NY
Article Text
EXPLAINED
Feared Bank Run From Harriman Prosecution, Says Awalt.
March 25 the bank attempting straighten affairs the Harriman National Bank Trust company New York before alleged irregularities turned Department Justice for prosecuThis the time the condition presentation evidence prosecuting authoriseveral months Justice department been subject Joseph the the Throughout period. troller pointed acting premise grand proceedings publicity Harriman bank
PECORA MEDALIE CONFER YORK nand counsel Senate committee conferred Friday ed States George and determine the months the Joseph within the scope the inquiry
10.March 25, 1933The Buffalo NewsBuffalo, NY
Article Text
DELAY IS EXPLAINED
Feared Bank Run From Harriman Prosecution, Says Awalt.
WASHINGTON March said Friday bank spent months attempting straighten out the affairs the Harriman National Bank Trust company New York before alleged irregularities Department of Justice for prosecuThis delay time the dition the presentation the evidence prosecuting authoriand another delay several months the department have Capitol Last Joseph head the charge eight after first this comppointed were acting premise grand and start run on Harriman bank.
PECORA MEDALIE CONFER NEW YORK, March nand Pecora, counsel Senate committee stock market conferred States George Medalie he expectmonths' the prosecution Joseph the scope the committee's inquiry
11.March 29, 1933Hartford CourantHartford, CT
Article Text
Harriman Is Unable To Appear at Hearing On Federal Warrant New York, March seph W. Harriman, former chairman of the Harriman National Bank and Trust Co., was unable to be present at scheduled hearing before a United States commissioner today on a warrant charging him with causing false entries to be made in bank books. The hearing was postponed without date. Harriman was reported to be suffering from hardening of the main artery He was arrested in his bedroom two weeks ago after the bank he headed was placed in the hands a conservator. He has since resigned his position with the bank. which he founded.
12.April 10, 1933The TimesSan Mateo, CA
Article Text
HARRIMAN PLEADS
NEW YORK, April (LP) Juseph W. Harriman rose from a wheel chair in federal court today and pleaded not guilty to charges of making false entries in the records of the closed Harriman Na. tional Bank & Trust Co., of which he was chairman of the board. Trial was set for April 24.
For real estate bargains consult The Times Classified Page.
13.April 29, 1933The Washington HeraldWashington, DC
Article Text
Harriman Depositors on
NEW YORK, April itors of the Harriman National Bank and Trust Company will 50 cents on the dollar paid Monday or Tuesday, an attorney involved in negotiations between the Federal Government and the New York Clearing House Association said today. He added that the balance will be the expectation that full payment will follow. The 50 per cent payment, the said, will result from an Loan be approved the
14.June 17, 1933El Paso Herald-PostEl Paso, TX
Article Text
HARRIMAN BANK GETS $700,000,000 LOAN
R.F.C. Grants New York Institution Large Amount of Cash
By United Press
WASHINGTON, June 17.—A loan of approximately $7,000,000 to the Harriman National Bank and Trust Co. of New York by the Reconstruction Finance Corp., has been approved by directors of the financing agency, it was learned today.
The loan will permit 50 per cent payment to depositors of the bank.
A settlement of the other 50 per cent of depositors' claims will be made when federal authorities determine the liability of the New York clearing house association in connection with the bank's membership in that body.
TO DEDICATE CHURCH
WACO, June 17.—Official opening of the new fireproof Tabernacle Baptist congregation church will be held at 9:30 a. m., July 2. The auditorium will be presented to the city for a municipal auditorium. Acceptance will be made by Mayor G. H. Zimmerman.
15.July 5, 1933The Pittsburgh PressPittsburgh, PA
Article Text
TRIAL OF HARRIMAN TO START TOMORROW
Former Banker Who Tried Suicide To Be in Court Room
By The United Press
NEW YORK, July 5—Joseph W. Harriman, former chairman of Harriman National Bank and Trust Company, will go on trial in Federal Court tomorrow, charged with making false entries in his bank's books.
Mr. Harriman, who disappeared from a nursing home and tried to commit suicide by stabbing himself, will be in court.
A Senate subcommittee has been investigating the Harriman case. It was charged that government officials withheld an investigation until the institution had collapsed.
Mr. Harriman's counsel asked last week for a year's postponement of the trial, but the request was refused.
16.December 28, 1933Evening StarWashington, DC
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Article Text
20 GOTHAM BANKS BY S. FOR U. SUED HARRIMAN VICTIMS $9,275,000 Sought Written for 11,000 Depositors on Clearing House Pledge. I ACCUSED GROUP DENIES OBLIGATION NOW LEGAL Says It Was Made During Crisis Without Due Study-Case Unusual. Associated Press. 28 -The FedBy the YORK, December filed suit against NEW Government has York Clearing eral banks of the New individuals who the 20 Association and House CommitHouse on the Clearing years to compel tee during to depositors payment in National Trust served /closed Harriman the full last two Bank of Clear- the & Co. Government contends behalf the of all of The in guarantees ing banks, House gave written late in 1932 and arthe payment of deposits the committee curearly in with 1933, the when controller Harriman of the Bank ranged close all. trency 1est it precipitate failed a to Harriman not Bank to March. the crisis open after the Approximate- for The the holiday last depositors were bank claims of the F. C. loan, ly half in the July through an sum R. of $9,275.- deand paid it is estimated required the to pay all would be interest. positors 000 in full Obligation with Denied. to have Legal understoguarantees extaken The the banks positio "in are a crisis that of and the the without technical given not now constitu Government were tended formalities consideration a legal the in and State its do complaint Supreme Clearfiled The yesterday, asks the banks that of they the made Court House to compel to recognize to protect Bank, the and deing a binding of agreement the it. The thereafter positors Government' breached and suit was said to be assert without The controller precedent. the bank and Roosevelt's closed, 1 receiver in accord- proclathat when with President the bank holiday, there ance inaugurating to reopen, 11,000 in mation and were subsequently more than excess failed of $24,670,000 M deposit the assets accounts were full, the exceeded insufficient bank, totaling and in that, to pay while depositors not have surplus in of deficiency would of the "the any a of small the the defendant fraction bank closed its banks. affairs a long Joseph has Federal re- W. Murray on investigation sulted Since in the former into indictment president and Albert of and chairHarriman. of the board, vice president. Harricharges Austin. man of former falsifying of the accounts. bank. entries was also inmonies Indicted man, founder $1,661,170 for raking of depositors falsetters Soon. Hearing Harriman is determine On January 5 Court to appear there if he is volving Harriman Federal to have a physically in able which, to in turn, he hearing for a sanity to hearing determine indictments. whether will be held trial on the says that persuade must The filing stand New the York suit Times the months overnment to carry had fore for nine banks to take 20 clearing agreement attempted the their alleged house eminent to councare out of the depositors advised by to rest on The banks. Times says, that the alleged crisis sel. expressed the position been made came consideration "in a of agreement and the without technical had extended formalities after the involved. crisis not the to When the re-examined was found which the of asserted agreement legal obligation the extent constitute. banks could a stockholders' to money. spending Reopening their Held Possible. Bank failure of the Harriman national moraThe reopen last after March the was declared to be "a in consequence torium the to Government's of of the the complaint failure Clearing and advanc- refusal House of the banks their of agreement or against by merger defunds on by with another Bank various positors ing to perform Harriman claims, collateral bank effecting or by a of the means. Clearing lawful House and practical ment preliminary to says, the other discussions newspaper banks indicated filing 15 In of the of the the a 20 willingness suit. arbitration Clearing the to House which accept but had five the been results negotiated of an a court for determination. months. insisted ORGENTHAUS on GIVES O. K.
17.December 28, 1933St. Joseph News-PressSt. Joseph, MO
Article Text
Government Seeks to Compel Payment to
Unprecedented Suit Resulting From Harriman Failure Involves $9,275,000.
Dec federal filed against the twenty banks the New York Clearing House Asso clation and Individuals served on clearing house committee during the last two years payment full the closed Harriman National Bank Trust Company. government the clearing house committee, behalf the banks. written guarantees of payment of deposits in and early in 1933 the committee arranged with the controller currency close Harriman precipitate crisis for all.
Half Claims Paid.
The Harriman failed open last Approximately half the claims were paid in through RFC the of $9,275,000 would required all depay full interest. The taken that the guarantees given crisis without the and do not now constitute legal obligation
Agreement its complaint filed yesterday, asks the state sucourt the banks the clearing that they made binding protect the riman "thereafter The government's suit said to without precedent.
18.June 28, 1934The Escanaba Daily PressEscanaba, MI
Article Text
HARRIMAN GETS LONG SENTENCE
Once Powerful Banker To Serve 4 1/2 Years In Prison
New York, June 27 (AP)—Joseph W. Harriman, once affluent and powerful figure in the financial world, was sentenced today to serve four and one half years in prison.
The 67 year old former head of the closed Harriman National Bank, convicted in federal court of making false entries in the bank's books, appeared more cheerful than many in the dingy court room.
Judge John C. Knox's voice broke as he concluded a long explanation of the sentence with these words:
"Each of us in the face of adversity must stand steadfast, and this message must go to everyone in a position of public trust."
Harriman's wife, in black, was a grief-stricken figure, his daughter, Mrs. Boykin C. Wright, wept—he only compressed his lips, staring blankly at his counsel.
The former banker—convicted of falsifying bank records to the extent of $1,713,225 and misapplying approximately $600,000—stood motionless as his daughter left her seat and kissed him. They smiled at each other.
Then Mrs. Harriman walked to her husband's side and kissed him. He smiled at her. They shook hands.
19.May 7, 1935The Grand Rapids PressGrand Rapids, MI
Article Text
Bank Receiver Sues Film Man For $6,800,000
Hollywood May 7.—(AP)—Winfield R. Sheehan, chief executive of Fox West Coast Studios, was made defendant in a $6,800,000 damage suit filed Monday by receivers of the Harriman National bank of New York.
Sheehan, director of the Harriman bank, was alleged to have permitted loans by the bank without sufficient security. Violations of state banking laws were charged to the bank.
20.May 7, 1935Evening StarWashington, DC
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Article Text
FILM EXECUTIVE SUED Bank Receiver Asks $6,800,000 From Institution's Director. LOS ANGELES, May 7 (AP).-A $6,800,000 suit was filed here yesterday against Winfield Sheehan, director of production at the Fox Film Studios, by Frederick V. Goess, receiver for the Harriman National Bank & Trust Co. of New York City. It charged Sheehan, as director of
21.May 7, 1935The Sacramento BeeSacramento, CA
Article Text
Harriman Bank Receiver Sues Winfield Sheehan, Director, For $6,800,000
LOS ANGELES, May 7.—(AP)—A $6,800,000 suit filed here yesterday named Winfield Sheehan, director of production at the Fox Film Studios, as defendant.
The action was brought by Frederick V. Goess, receiver for the Harriman National Bank and Trust Company of New York City. It charged Sheehan, as a director of the institution, mismanaged its affairs.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
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Harriman National Bank & Trust Company · UID 995501599
