15110. Peoples National Bank (Franklinville, NY)

View Charter #8157 on SPMC

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 8157
Charter Number: 8157
Start Date: January 15, 1908
Location: Franklinville, New York (42.337, -78.458)

Metadata

Model: gpt-5-mini
Short Digest: 32328f19

Response Measures

None

Receivership Details

Depositor recovery rate: 87.5%
Date receivership started: 1908-01-13
Date receivership terminated: 1910-09-30
OCC cause of failure: Fraud
Share of assets assessed as good: 43.3%
Share of assets assessed as doubtful: 40.2%
Share of assets assessed as worthless: 16.5%

Description

Articles describe the People's National Bank of Franklinville failing in January 1908, going into the hands of a receiver and later (1910) final dividends distributed. No run is mentioned; failure tied to depletion of funds and fraudulent/false entries by cashier and bookkeeper, so classify as suspension leading to permanent closure/receivership.

Events (4)

1. April 3, 1906 Chartered

Source: historical_nic

2. January 13, 1908 Receivership

Source: historical_nic

3. January 15, 1908 Receivership

Newspaper Excerpt: The People's National bank of this place were arrested today on four charges in connection with the bank's failure. ... Two months ago the bank went into the hands of a receiver, and a depletion of the funds of the bank was discovered.
Source: newspapers

4. January 15, 1908 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Depletion of funds discovered; subsequent indictments charging cashier E. D. Scott and bookkeeper Roy W. Van Hoesen with making false entries and fraudulent records to the U.S. Controller of the Currency.
Newspaper Excerpt: Two months ago the bank went into the hands of a receiver, and a depletion of the funds of the bank was discovered.
Source: newspapers

Newspaper Articles (8)

1. January 16, 1908 Los Angeles Herald Los Angeles, CA

Article from Los Angeles Herald, January 16, 1908

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MAY DECLARE CALIFORNIA bank OF OAKLAND INSOLVENT By Associated Press. OAKLAND, Jan. 15.-Proceedings were begun this afternoon to declare the California bank of Oakland insolvent. A petition was filed by Attorney General R. C. Van Sleet for the state bank commission, declaring that the bank accounts showed a deficit of more than $20,000, the real amount not being known to the petitioner. He asked that a receiver be appointed. A similar petition was made by E. P. Cook for the depositors of the bank. Rod W. Church has been mentioned as a candidate for receiver. The petitions made today have been assigned to department two before Judge Melvin. PARKERSBURG, W. Va., Jan. 15.-A receiver was appointed today for R. M. Smith & Co., wholesale lumber dealers. The assets are given as $500,000 and their liabilities as $350,000. The company is said to be entirely solvent, but owing to the money stringency could not get ready money enough to carry on its affairs. NORWALK, Ohio, Jan. 15.-The doors of the Ohio Trust company here were closed today. A voluntary assignment was announced. H. L. Smith of Cleveland and H. E. Barns were appointed receivers. The bank officials say they expect to pay depositors in full. The bank was established in 1903. The last statement shows deposits of $412,000 and loans to the extent of $380,000. NEW YORK, Jan. 15.-Two indictments charging that William R. Montgomery, while vice president of the Hamilton bank, misused the funds of the institution were returned today by the grand jury. I BIRMINGHAM, Ala., Jan. 15.-The firm of M. Waller & Co., cotton commission merchants and insurance agents of Selma, Ala., was thrown into involuntary bankruptcy today. Liabilities are estimated at $500,000 with assets of $150,000. FRANKLINVILLE, N. Y., Jan. 15.-Cashier E. D. Scott and Bookkeeper R. W. Van Hosen of the People's National e t bank of this place were arrested today on four charges in connection with the e bank's failure. They were held in $4000 g bail each.

2. January 22, 1908 News and Citizen Morrisville, Hyde Park, VT

Article from News and Citizen, January 22, 1908

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assur U 18 peidops DIAM eq et ting held under the auspices of the ague at New York. Edwin D. Scott. cashier of the Peole's National bank of Franklinville. : Y. which was closed by a federal ank saminer. was committed to a hosItal I or the insane. be u] petition V as filed by Frank E. Hawks. a Boston eal estate broker. The total liabilities re $440,438.78 and the assets $10. Saturday, Jan. 18. Arthur B. Smith. allas William Foley ho shot and killed Patrolman John : Lynch at Boston, was held for the rand jury on a charge of murder in he first degree. The Sovereign Bank of Canada has one into liquidation and the Bankers ssociation will take charge of the asets. President Roosevelt will permit the nons JOJ прваэх III пришэл 01 sdoo, easonable length of time as will give be legislature opportunity to organize force to perform the police functions f the state. Three sallors of the cruiser St. Louis led at Vallejo, Cal., from drinking rood alcohol. Two other sailors are lind from the same cause and five thers may never again be fit for active ervice. The announcement is made at the harlestown navy yard that the wages f a considerable number of the govern ent employes have been raised. Four girls were killed. ten seriously ajured and a score or more slightly art at a fire in the Imperial Knitting ompany's mill at Scranton. Pa. Secretary Métcalf has declined to inrfere with the playing of baseball on unday at the League Island navy yard. The American Insurance company, hich has done business in Boston for fty years. has gone into the hands of receiver. Surgeon General Rixey of the navy sked the house committee on naval afirs to recommend an appropriation e $1,500,000 for the construction and quipment of a navy hospital ship. Every electric lighting and power ompany in New York city will be subcted to an investigation by the pube service commission. The Haytian government has deared the ports of Gonaives and St. are, which are occupied by insurgents. ) be blockaded. and it declares that reparations are being made to bomthem p.ru Sunday, Jan. 19. Officers of the steamer Monterey deare that on Jan. 11 a peculiar white owder like flour fell from the skies in e Gulf of Mexico. It was not a volnic dust. there being no grit in the While a omposition. festival was in progress at ragosh, Macedonia, a large band of reeks suddenly swooped down upon e villagers and, after driving them to their houses. set fire to the buildgs and burned them to death. Fire damaged two buildings of the lony for the feeble minded and epiptics at Marshall. Mo., to the amount $40,000 and imperilled 175 patients. There is much suffering because of e unusual heat wave throughout Vicria, Australia. Thirty-two deaths ave been recorded from sunstroke durg the past few days. Earl Jacques, 19 years old. confessed at he killed and robbed Miss Mary ddy at Greenville, R. 1., while she was 1 her way home from work in the oolen mills there. Charles Emory Smith. editor of the hiladelphia Press. former minister to ussia and ex-postmaster general, died iddenly from heart trouble. He was orn at Mansfield, Conn., 65 years ago. John R. Walsh was found guilty of recking the Chicago National bank. he federal jury that had spent two onths hearing the mass of testimony R uo III sanoy sum paumsu A erdict. verdict of guilty of murder in the cond degree was brought in by the ry in the case of Alfred Mahan. arged with the murder of his 4-yearniece. Ethel Mahan, at North Ben-

3. January 25, 1908 The L'anse Sentinel L'anse, MI

Article from The L'anse Sentinel, January 25, 1908

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BRIEF REVIEW OF A WEEK'S EVENTS RECORD OF THE MOST IMPOR. TANT HAPPENINGS IN ITEMIZED FORM. HOME AND FOREIGN NEWS Information Gathered from All Quarters of the Civilized World and Prepared for the Perusal of the Busy Man. Over 165 persons were killed and many injured at Boyertown, The Pa., the opera house burned. of a moving explosion when picture were tank started a wild panic; oil lamps upblew up and the floor collapsed. victims were mostly and belonged to the set children The and women leading and families of the town. The special grand jury which was of sworn in to investigate the conduct rebanks in New York county two indictments certain turned president against of Wil- the liam R. Montgomery. Hamilton bank. A serious earthquake occurred at Gonalves, Hayti. A few houses were and others were damaged. of life has been destroyed No loss reported At their annual meeting in Detroit the Lumber Carriers' Association of the Great Lakes decided that it would be impossible to operate their boats during the coming season at the same expense and under the same condi- is tions as prevailed during 1907. It predicted that there will be a great labor struggle. The Maple-Leaf mills at Kenora, Ont., were destroyed by fire. The elevator, in which was stored over 300.000 bushels of wheat, was also de- instroyed. The loss was $1,000,000; sured. Oil-producing firms at St. Petersburg of received news from the Caucasus the opening of a mammoth oil gusher in the Bibi-Eybat field at Baku, flowing at the rate of 120,000 barrels a day. Farmers in Stanley county. South Dakota, were plowing during the first week in January. The coroner's jury practically exonerated the coal mining company for W. the great disaster at Monongah, Va. Edward Henry Strobel, general adviser of the government of Slam, died after a long illness. The body of Lieut. John W. Crawford, private secretary to Admiral Dewey, was found in the Potomac. The prince regent of Bavaria, who pardoned two to declared his tenced recently death, death murderers-sen warrants. intention not to sign any more of the American were breakfasted ship The fleet officers and by battle- Presi later dent Penna at Petropolis attended a garden party at the American embassy It was positively asserted that Sec would he was virtually retary though Cortelyou Knickerbocker not offered resign Trust the presidency of the company. John S. Peters, one of the jurymen who found R. Meade Shumway guilty of at Beatrice, the penalty, murder death committed drowned Neb., suicide. affixing while Five persons were skating in the Jimtown reservoir, near Connellsville, Pa hall. the girls' dormitory at Oxford, O., was Miami Hepburn university, destroyed by fire. E. D. Scott, cashier, and Roy W. bookkeeper of the Peo- N. bank of ple's Van National Hoesen, Franklinville, with Y., were arrested, charged viola- to the revised statutes relating a of false to the the tion making of statements controller. of greatest bank's Denmark's condition modern poet, Drachmann, died Holger sixty-first suddenly year at of Copenhagen, in the his age. Prof. Charles Baetens, for many years solo cellist in the Thomas or chestra, committed suicide in Omaha, Neb. The City National bank of Muskogee, Okla., purchased by Dr. J. L. Johnson the of St. Louis, was merged with First National. The Bank of Commerce will go into liquidation, its business having been sold to the Oklahoma State bank. Frank Nunno, a wealthy young banker, was found murdered near Ardsley, N. Y. William B. Thompson of De in his troit, Mayor Mich., annual that message, the city calls attention to the fact to deal with the street railquestion that "no new of year way will have and franchise urges in leases another of a !ife be given except on the basis three-cent fare.' General Freight Agent W. E. Estes the Central of Georgia railway was shot by his Ga. The was ac. of perhaps Savannah, fatally shooting wife at cidental. Peter Rasmussen of St. Charles, in., committed suicide because of do mestic and financial troubles. the Rebbi Bernhard Felsenthal, oldeut Jewish theologian in the Unirecognized as the world's Hebrew scholar, ten days cago ted greatest States, after of died illness. in Chi- the He was most widely known as founder of the 'reform' movement ama ag Chicago Jews.

4. March 19, 1908 New-York Tribune New York, NY

Article from New-York Tribune, March 19, 1908

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FRANKLINVILLE BANK MEN INDICTED. Buffalo, March 18. - The Federal Grand Jury reported to-day indictments against Edwin D. Scott, cashier, and Roy W. Van Hoesen, bookkeeper of the People's National Bank, of Franklinville, charging them with making false entries on the bank's books and fraudulent records to the United States Controller of the Currency. Two months ago the bank went into the hands of a receiver. and a depletion of the funds of the bank was discovered. Scott and Van Hoesen were arrested and released on bail. Subsequently Scott was placed in the State Asylum for the Insane at Gowanda.

5. August 6, 1910 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, August 6, 1910

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# FROM WASHINGTON. [Correspondence of Alexandria Gazette] Infuriated at charges made by men who deserted at Annapolis, the officers and crew of the Monitor Ozark, returned here today from the practice cruise of the District of Columbia Naval Militia, with a story of complete success, broken only by the drowning of two negro sailors Wednesday afternoon off Indian Head. Members of the crew were engaged in boat races Wednesday, when the boat in which the two negroes were rowing capsized. Two white sailors sprang from a competing boat and tried to save them, but were exhausted. The rescuers nearly lost their lives and were unconscious when hauled aboard a barge. The dead are: Cicero Simms, coal passer, and Ernest S. Trotter, fireman. Their bodies were not recovered. The charges of overwork, poor food and mistreatment told by the deserters were denied by all on board. The citizen sailors apparently were all delighted with the cruise and the only possible ground for complaint, it was said, was a slight accident to the water condenser which made it necessary to use brackish water for a short time. Not a man was in the "brig" during the cruise; the boys in the stock hole reported that they had enjoyed themselves and a Round Robin, originating in the "coal pit" was signed by practically everyone on board denouncing the deserters. It was stated that only five men left the ship and that of these, Allen Lloyd was the only regular member of the militia, the other four being on probation. The officers were so bitter in their denunciation of the deserters that there was no prospect of a reconciliation. They asserted that these five men had expected a pleasure trip and were so disappointed when they found they had to work that they ran away. It was stated that formal charges, preparatory to a court martial, would be filed against Lloyd. The others, being only on probation, are not liatel to courtmartial. The State Department today informed the Mexican government of the appointment of the social commission to represent the United States at the centennial celebration of the Independence of Mexico, which will be held at the City of Mexico next month. The delegation will consist of Senators Overman Guggenheim and CrawfordrRepresentatives Howard, Denby and Foster, Justice James W. Gerard, of New York; General Harrison Gray Otis, of Los Angeles; Charles Alexander Rook, of Pennsylvania, and Hobart J. Shanley, of Vermont. The delegation will leave Washington on August 31, arriving at Mexico City September 3. In addition President Taft has designated former Gov. Curtis Guild, of Massachusetts, as special ambassador. The comptroller of the currency today declared a final dividend of 12½ per cent in favor of the creditors of the People's National Bank of Frankenville, New York, which failed in January 1908. This makes the total of dividends paid to creditors of the bank 87½ per cent. Dividend checks will be distributed by the receiver during the coming week. The capital of the bank at the date of failure was $25,000. Claims were filed by creditors with the receipts aggregating $61,552 on which inclusive of this final dividend creditors will receive $53.877. Over half a million dollars of counterfeit noted and coins were captured by the United States secret service during the last fiscal year ended June 30, 1910, according to the annual report of Chief John E. Wilkie issued today. The number of arrests of counterfeiters 296, is the smallest with the exception of the one year 1907, since 1900. Resolutions drawn up by the members of the American Group of the Interparliamentary Conference as setting forth the American policy on the question of world peace were today submitted to the State Department by Representative Richard Barthold, chairman of the American delegation. The former approval of the State Department is asked on the resolutions which are to be presented before the convention of the Parliamentary Congress to held al Brussels, from Aug. 28 to Sept. 2. The most important provision in them is a clause providing for the creation of an international legislature and an international executive power for the enforcement of in-

6. August 6, 1910 Alexandria Gazette Alexandria, VA

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# FROM WASHINGTON. [Correspondence of Alexandria Gazette] Infuriated at charges made by men who deserted at Annapolis, the officers and crew of the Monitor Ozark, returned here today from the practice cruise of the District of Columbia Naval Militia, with a story of complete success, broken only by the drowning of two negro sailors Wednesday afternoon off Indian Head. Members of the crew were engaged in boat races Wednesday, when the boat in which the two negroes were rowing capsized. Two white sailors sprang froin a competing boat and tried to save them, but were exhausted. The rescuers nearly lost their lives and were unconscious when hauled aboard a barge. The dead are: Cicerg Simms, coal passer, and Ernest S. Trotter, fireman. Their bodies were not recovered. The charges of overwork, poor food and mistreatment told by the deserters were denied by all on board. The citizen sailors apparently were all delighted with the cruise and the only possible ground for complaint, it was said, was a slight accident to the water condenser which made it necessary to use brackish water for a short time. Not a man was in the "brig" during the cruise; the boys in the stock hole reported that they had enjoyed themselves and a Round Robin, originating in the "coal pit" was signed by practically everyone on board denouncing the deserters. It was stated that only five men left the ship and that ef these, Allen Lloyd was the only regular member of the militia, the other four being on probation. The officers were so bitter in their denunciation of the deserters that there was no prospect of a reconciliation. They asserted that these five men had expected a pleasure trip and were so disappointed when they found they had to work that they ran away. It was stated that formal charges, preparatory to a court martial, would be filed against Lloyd. The others, being only on probation, are not liabel to courtmartial. The State Department today informed the Mexican government of the appointment of the social commission to represent the United States at the centennial celebration of the Independence of Mexico, which will be held at the City of Mexico next month. The delegation will consist of Senators Överman Guggenheim and CrawfordrRepresentatives Howard, Denby and Foster, Justice James W. Gerard, of New York; General Harrison Gray Otis, of Los Angeles; Charles Alexander Rook, of Pennsylvania, and Hobart J. Shanley, of Vermont. The delegation will leave Washington on August 31, arriving at Mexico City September 3. In addition President Taft has designated former Gov. Curtis Guild, of Massachusetts, as special ambassador. The comptroller of the currency today declared a final dividend of 12½ per cent in favor of the creditors of the People's National Bank of Frankenville, New York, which failed in January 1908. This makes the total of dividends paid to creditors of the bank 87½ per cent. Dividend checks will be distributed by the receiver during the coming week. The capital of the bank at the date of failure was $25,000.. Claims were filed by creditors with the receipts aggregating $61,552 on which inclusive of this final dividend creditors will receive $53.877. Over half a million dollars of counterfeit noted and coins were captured by the United States secret service during ihe last fiscal year ended June 30, 1910, according to the annual report of Chief John E. Wilkie issued today. The number of arrests of counterfeiters 296, is the smallest with the exception of the one year 1907, since 1900. Resolutions drawn up by the members of the American Group of the Interparliamentary Conference as setting forth the American policy on the question of world peace were today submitted to the State Department by Representative Richard Barthold, chairman of the American delegation. The former approval of the State Department is asked on the resolutions which are to be presented before the convention of the Parliamentary Congress to held al Brussels, from Aug. 28 to Sept. 2. The most important provision in them is a clause providing for the creation of an international legislature and an international executive power for the enforcement of in-

7. August 6, 1910 The Washington Times Washington, DC

Article from The Washington Times, August 6, 1910

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INSOLVENT BANK PAYS 87 1-2 PER CENT The Comptroller of the Currency today declared a final dividend of 12½ per cent in favor of the creditors of the People's National Bank of Frankenville, N. Y., which failed in January, 1908. This makes the total of dividends paid to creditors of the bank 87½ per cent. Dividend checks will be distributed by the receiver during the coming week. The capital of the bank at the date of failure was $25,000. Claims were filed by creditors with the receipts aggregating $61,552, on which, inclusive of this final dividend, creditors will receive $53,877.

8. August 7, 1910 New-York Tribune New York, NY

Article from New-York Tribune, August 7, 1910

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DIVIDEND FOR CREDITORS. [From The Tribune Bureau.] Washington, Aug. 6-A final dividend of 12½ per cent was declared to-day by the Controller of the Currency in favor of the creditors of the People's National Bank of Franklinville, N. Y., which failed in January. 1908. The capital of the bank at date of failure was $25,000. The claims of cred1tors, filed and proved with the receiver. aggregated $61,552, on which, including the final dividend. the creditors will receive $53,877, or 87 per cent. The dividend checks will be distributed next week.