Article Text
Bank Suspensien. Lock HAVEN, PA., July 30.-The Lock Haven National Bank has suspended.
16359. Lock Haven National Bank (Lock Haven, PA)
Bank Information
- Episode Type
- Run → Suspension → Closure
- Bank Type
- national
- Bank ID
- 1273
- Charter Number
- 1273
- Start Date
- July 30, 1877
- Location
- Lock Haven, Pennsylvania (41.137, -77.447)
Metadata
- Model
- gpt-5-mini
- Short Digest
b82e022202eb40f9
Response Measures
Full suspension, Books examined
Other: Bank went into liquidation / appointed a receiver; directors recommended liquidation and depositors to be paid in installments as assets were collected.
Receivership Details
- Depositor recovery rate
- 100.0%
- Date receivership started
- 1877-08-20
- Date receivership terminated
- 1882-03-03
- OCC cause of failure
- Losses
- Share of assets assessed as good
- 55.7%
- Share of assets assessed as doubtful
- 38.0%
- Share of assets assessed as worthless
- 6.3%
Description
Newspapers report the Lock Haven National Bank suspended payment July 30, 1877 after a run; directors initially said suspension was temporary and would reopen, but by August stockholders recommended liquidation and D. M. Peck was named receiver (meeting Aug 21, 1877). Cause traced to distrust from prior 1873 run and heavy suspended paper and local failures, producing a run that forced suspension and eventual receivership.
Events (5)
1.
June 14, 1865
Chartered
- Source
- historical_nic
2.
July 30, 1877
Run
- Cause
- Bank Specific Adverse Info
- Cause Details
- Distrust caused by prior 1873 run, large amount of suspended paper and numerous local failures led depositors to withdraw funds, producing a run in July 1877.
- Measures
- Directors met, examined affairs; initially announced intention to reopen and pay depositors; later recommended liquidation and receiver appointment.
- Newspaper Excerpt
- the causes that led to the suspension ... created such a distrust that a run was made upon the Bank
- Source
- newspapers
3.
July 30, 1877
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Suspension undertaken under pressure of the run tied to suspended paper and previous losses; directors suspended payments and entered liquidation process.
- Newspaper Excerpt
- The Lock Haven National Bank has suspended. ... The suspension of the Lock Haven National bank to-day is temporary. The directors say that they will reopen the doors tomorrow
- Source
- newspapers
4.
August 20, 1877
Receivership
- Source
- historical_nic
5.
August 21, 1877
Receivership
- Newspaper Excerpt
- The President ... advised liquidation, and the Directors and stockholders unanimously recommended the appointment of D. M. Peck, Esq., as Receiver. The depositors will be paid in installments as fast as collections can be made.
- Source
- newspapers
Newspaper Articles (17)
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Another Bank Suspended. LOCKHAVEN, Pa., July 30.-Lockhaven National Bank has suspended.
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Bank Suspension LOCK HAVEN, PA., July 30.-The Lock Haven National Bank has BURpended. Lock HAVEN, PA., July 30.-The - suspension of the Lock Haven National bank to-day is temporary. The directors say that they will reopen the doors tomorrow and expect to be able to pay all the demands of the depositors BOOD.
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CONDENSED TELEGRAMS. Lock HAVEN, July 30. The Lock Haven National Bank suspended to-day. Gallagher, a striker who stopped a mail train on the Morris & Essex road has been committed in default of five thousand dollars bail.
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Bank Suspension LOCK HAVEN, PA., July 30.-The suspension of the Lock Haven National Bank to-day is tempo rary The directors after meeting and an exami nation of the affairs of the bank say they will re open the doors to-morrow and expect to be able to DAY all demands 01 depositors soon
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BANK SUSPENSION. LOCK HAVEN, Pa., July 30, 1877. The Lock Haven National Bank suspended payment this morning.
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A PENNSYLVANIA BANK SUSPENDED. LOCK HAVEN, Penn., July 30.-The Lock Haven National Bank suspended payment this morning. The Directors, after meeting and making an examination of the affairs of the bank, say they will reopen the doors to-morrow and expect to be able to pay all the demanda of depositors soon.
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The suspension of the Lockhaven national bank, Pa., is the only bank suspension for a week past, and it hopes to resume in a few days.
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cases of actual dismissal for this cause have been made public. Last week, Monday, the Lock Haven National Bank suspended payment. The directors, after a meeting and examination of the affairs of the bank, say they will reopen, and expect to be able to pay all the demands of depositors in a short time. A little boy named Egbert Johnson, of Tuskegee, Ala., went out with a hunting party a few days since, when one of the party shot and wounded a crane so that it was captured, and while Egbert was handling it, it picked one of his eyes nearly if not quite out. On Monday morning a week as the Pacific train West passed through Harrisburg, a bullet hole was observed in one of the plate glass windows of a Pullman car. Upon inquiry it was ascertained that a shot was fired into it the previous evening while going through Jersey City. San Fancisco has been agitated by by noiseless stray bullets, propelled by some invisible agency and flying about the streets to the great inconvenience and danger of pedestrians. It has just been ascertained that small boys practising with "parlor rifles" are at the bottom of the mischief. The importance of keeping the pumps at work in the coal minos was illustrated in the case of the Diamond mine at Scranton. Ten years ago its machinery was disabled, and it took three days to place it in repair. During that time the mine, of course was idle, and it accumulated so much water that it took eight months' steady work to pump it dry and place it in working order once more. Mrs. Edward Spaulding of Lyndbore, N. H., felt a little shock of lightning during a storm the other night, and on rising in the morning found one side of her body paralyzed, but her hearing, which had been impaired for many years, was wholly restored to her. She remained comfortable for a day or two, but suddenly groaned in her sleep and remained unconscious for two days more, when she expired.
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It is thought that the suspension of the Lock Haven National Bank will be but temporary, and that depositors will get all that is due them, dollar for dollar. We anxiously hope the prediction may be verified. The business interests of Lock Haven have suffered severely for several years past, and to have their best bank go under at this time would be a severe stroke indeed.
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it passed Johnstown or the mmerry were injured. The strikers succeeded in wrecking the train and causing its detention for some time. The soldiers arrested about one hundred of the strikers George W. Peck. editor of the Daily Advertiser, of Auburn, N. Y., committed suicide by shooting himself while sufferNorman ing from a fit of melancholia Lindsay (colored) was hanged at Helena, Ark., for the murder of Rev. Charles Hightower (also colored) in 1875 Joseph Woodruff, for the past nine years secretary of the South Carolina Senate, was arrested in Phfladelphia on a steamer from Charleston. The arrest was made at the request of Gov. Hampton and the State attorney of Bouth Carolina, and the arrested is charged with forgery and larceny. Seven soldiers were killed by the accidental exof 2 shell in a near of White Pigeon, plosion Hollingsworth, fort Paris Iowa shot three well- Gale o-do farmer, with a family-was times and killed by a Miss White, who alleged The Indian that he had slandered her outbreak in the West continues, and Governor Potts, of Montana, has issued a proclamation calling on every man to go to the front The captain and four men belonging to the British bark Bertha and Maria arrived in New York, having been compelled to abandon their vessel in a sinking condition in midocean. destructive flood occurred in Brandon, Vt., of a and great heavy by A the rainfall, overflowing Neshobe destruction river was after done to gardens and houses. Buildings were moved from their foundations and many houses were filled with water A dam near Avondale, Pa., gave way and caused great damage to property in the track of the flood. A cot and woolen mill was flooded and ten houses were washed away The Lock Haven&NAtional Bank, of Lock Hayen, Pa., suspended A cow that had been run over payment by n train near Wilmington, Deh unaccountbetween the second cars, them and ably disconnecting got throwing and them wrecked third off and the track. The cars were completely the passengers were unable to extricate themselves and had to be cut out of the ruins by workmen. Sixteen persons were injured, some Sam Cooper was shot five times H. Hunt in a saloon had been dangerously Cooper by W. quarreling in with Nashville, Hnnt's mother Tenn. the over a game and had been driven from Herbert Blanchard, aged twentyfive, had been saloon paying his resident addresses of to Savoy, the daughter of E. Stark, a Mass., and had been warned to discontinue his visits. Soon after he was fired at by some unknown person, and a few days subsequently he met the elder Stark in church and shot him after an altercation. A brother of Stark. who came to his assistance, was also shot by Blanchard, who next attempted to shoot a lady standing near but failed, and then made his escape. The brothers who were shot received Charles D. Brown and mortal wounds F. W. Laughlin were crushed to death and three others were badly injured by the caving in of a street drain at Toronto, Ont. William H. Vanderbilt, president of the No York Central railroad. issued a circular praising the employees of the company for the energy displayed in protecting its property during the strike and their fidelity to duty, and making them a present of $100,000. to be divided ratably, according to their position on the pay-roll. The peach season in New York was opened by the arrival of twenty five car-loads from A fire raged Delaware and North Carolina
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Nothing positive can as yet be stated as to whether the Lock Haven National Bank will resume business or go into the hands of a receiver. The President and Directors give the assurance that depositors will be paid in full.
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y THE Lock HAVEN NATIONAL BANK. e -A meeting of the stockholders of the Lock 8 Haven National Bank was held at their banking if house in Lock Haven, August 21st. John SanderP son. Esq., of Jersey Shore, was elected Chairman, and Charles Corss, Esq., Secretary. The President of the Bank made a statement of its condition, and the causes that led to the suspension, 0 which he stated grow out of a run made on the Bank in 1873, which took from it upwards of $100,000, and this was followed by an unusual number of failures among the business men of the county, throwing upon the Bank a large amount of suspended paper, rendering it unable to afford its usual accommodations to its depositors. And this fact, with continued failures and the disturbed condition of the country, created such a distrust that a run was made upon the Bank, under the pressure of which the Directors deemed it best to suspend payment and go into liquidation, with the intention of re organizing after a sufficient amount of its assets were collected to pay its liabilities. From a report made by the Directors, after a full and careful examination of the assets and liabilities of the Bank in connection with the U. S. Bank Examiner, it appears that it has enough assets to pay all its liabilities in full and leave not less than fifty dollars per share for the stockholders. The President, in view of the depressed condition of the industrial interests of the country, and the large amount of suspended paper held by the Bank, advised liquidation, and the Directors and stockholders unanimously recommended the appointment of D. M. Peck, Esq., as Receiver. The depositors will be paid in installments as fast as collections can be made. The meeting of the stockholders, at which more than three-fourths of the stock was represented, was very harmonious. - Clinton Democrat.
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From the Clinton Democrat of the 23, inst., we learn that the Lock Haven National Bank will go into liquidation. The Board of Directors recommend D. M. Peck, Esq., as Receiver.
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the ground of an improper instruction given to the jury. The other two cases were simply reversed on questions of fact or preponderance of evidence. ### DIVORCES, Emelia Halverson filed a bill Saturday asking for a divorce from Sven Halverson on the ground of drunkenness and cruelty. Judge Moore Saturday granted a decree of divorce to Emilie R. McGinnies from Charles II. McGinniss for desertion. ### ITEMS. Judge Rogers will have a peremptory call of motions for new trials some time this week. ### UNITED STATES COURTS. Thomas Savies filed a bill Saturday against the Grand Trunk Railway Company to restrain it from infringing his patent, known as the Tanner Brake Patent. ### BANKRUPTCY. George G. Hallam was adjudicated bankrupt Saturday and a warrant issued, returnable Aug. 8. ### SUPERIOR COURT IN BRIEF. Frances J. Wilson filed a bill Saturday against Robert S. Wilson, Martha P. Sedgwick, Isadore F. Gilmore, R. S. Wilson, Jr., and M. B. Loomis asking to have the terms of a trust deed made Dec. 14, 1861, by R. S. and Frances J. Wilson to Robert S. Sedgwick reformed so as to make it more definite as to the appointment of a Receiver, and so as to allow the payment of a mortgage for $2,800 on No. 60 Twenty-fourth street. The deed referred to conveyed the premises No. 325 Michigan avenue to Sedgwick in trust for complainant, and Sedgwick has since died, leaving the title to the property in doubt, and it is also asked that a new Receiver be appointed. Herbert & Quick began a suit against William D. Matheny to recover $5,000. J. S. Warren and J. W. Pinchot sued William Handlin and George N. Parsons for $1,000. ### CIRCUIT COURT. Matilda Mager commenced a suit in trespass against John Weckler, claiming $5,000 damages. W. H. Giles brought suit for $3,500 against Thomas Mackin. ### PROBATE COURT. In the estate of Levandre D. Roloson, deceased, letters of administration were issued to Robert W. Koloson, and bond of $44,000 approved. In the estate of J. Dunham Koloson, minor, guardian's letters were issued to the same. Bond of $20,000 approved. ### THE CALL. JUDGE DRUMMOND-in chambers. JUDGE BLODGETT-Submitted patent cases. JUDGE GARY-724, 761, 771, 774 to 797 and 790 to 831, inclusive. No. 772, O'Connor vs. Farwell, on trial. JUDGE JAMESON-72,854, City vs. Smith, on trial. JUDGE MOORE-Contested motions. JUDGE HOUKHS-Set case 4,303, Lewis vs. Illinois Central Railroad company. No further call of calendar. No case on trial. JUDGE MCALLISTER-Set cases 4,552, Martin vs. Simone, and 0,650, Dewar vs. Bank of Montreal. No. 877, Webster vs. Pennsylvania Company, on trial. JUDGE FARWELL-Motions. JUDGE WILLIAMS-Motions. ### JUDGMENTS. UNITED STATES CIRCUIT COURT-JUDGE BLODGETT-Goodrich Transportation Company vs. T. W. Harvey, finding $3057.00, and motion for new trial.-T. A. Jackson vs. David Davis, finding $2,740.00, and motion for new trial. SUPERIOR COURT-CONFESSIONS - T. M. Bassett et al., vs. J. H. B. Daley and Adolph Henrotin, $3,082.01.-H. C. Welch et al., vs. Same, $2,330.83.-V. A. Turpin, Receiver, etc., vs. Andrew C. Cameron, $120.32. JUDGE GALY-Lock Haven National Bank, use of D. M. Peck, Receiver, vs. L. A. Mackey, $5,234.19. JUDGE MOORE-Thomas B. Fuller vs. Robert Ellis, decree of deficiency, $1,528.05.
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One of them was caught and contessed that he and his companion had chloroiormed the Kiding family during the night, rifled the house of valuables, scattered cotton saturated with coal oil over the floor and on the bed, applied a match and then left. After hi, contession the man was pinioned, surrounded with pine splinters and burned to death. From Washington. PRESIDENT HAYES has accepted Secretary Thompson's resignation, and designated Secretary Ramsey to act as secretary of the nav. in addition to his duties as secretary of war. THE Senate has confirmed the nomination of John B. 1 eil to be governor of Idaho. THE following important changes in military departments have been made by order of the President: Brigad er-General O. O. Howard is assigned to the command of the department of West Point and to duty as superintendent of the military academy there, relieving MajorGeneral John M. Schofield, who has been appointed to the departments of Texas and Arkansas, constituting the military division of the Gulf, with headquarters at New Orleans; Brigadier-General C.C. Auger is assigned to the department of Texas; Colonel Henry J. Hunt, Fifth artillery, to the temporary command of the department of the South; Brigadier-General Nelson A. Miles to the command of the department of the Columbia, and Colonel R. S. Mackenzie, Fourth calvary, to the command of a misitary department to be known as the department of Arkansas, constituting the States of Arkansas and Louisiana and the Indian Territory, with headquarters at Little Rock, Ark. SECRETARY THOMPSON, of the navy department, who resigned his office to take charge of the American branch of De Lesseps' Suez canal project, the other afternoon took formal leave of his clerks and employees. SECRETARY RAMSEY has taken formal charge of the navy department, in addition to his duties as secretary of war. ACCORDING to the report of the bureau of statistics, the exports of provisions for the eleven months ending November 30, reached $128,000,000, which is $29,000,000 in excess of the same eleven months of last year. The increase over last year in three communities-bacon, (including hams,) cheese and lardwas nearly $22,00,000, divided RS follows: Bacon and hams, $9,000,000; cheese, $5,000,000. and lard, $8,000,000. THE controller of the currency has declared the following dividends to the creditors of in. solvent national banks: Lockhaven Nat onal bank, of Lockhaven, Penn., ninth dividend, sixteen per cent, making in all ninety per cent.; City National bank, of Chicago, sixth dividend, seven per cent., making in all seventy-seven per cent.; German National bank, of Chicago, fourth dividend, fitteen per cent., making in all seventy per cent.; National bank of the State of Missouri St. Louis, tenth dividend, five per cent., making in all ninety-five per cent.; First National bank of Warrensburg, Mo., fifth dividend, twenty-five per cent., making in all 100 per cent. THE following nominations have been confirmed by the Senate: Eugene Schuy o: New York, to be consul-general at Bucharest: illiam Lawrence, of Ohio, to be first comptroller of the treasury; Asa O. Aldis, of Vermont, commissioner ior the settlement of French and American claims. Foreign News. A CABLE dispateh says that at Portadown Ireland, a body of Orangemen attacked and dispersed a land league meeting, and that the Earl of Enniskillen grand master of the Irisb Orangemen, has appointed a vigilance com. mittee to protect the landlords. MR. RATCLIFFE, a member of the British parliainent, has been unseated for bribery in connection with his election, and his seat given to his opponent. THE London Daily Telegraph says that the government contemplates proclaiming martial law in the disturbed districts of Ireland. Lord Kenmare, who has large landed estates in Killarney, has discharged 300 laborers for connection with the land league. Trouble is expected to result. A MOB of 2,000 persons attempted to wreck the residence of Mr. Downing, a justice of the peace, at Bonniconlan, county Mayo, Ireland, after he had issued write of ejectment on some tenants. The police kept the people back at the point of the bayonet. Mr. Downing escaped on a car to Ballina, where he took the train for Dublin. A LONDON cable dispatch says that the entire interest ot the hour is centered in Ireland and the land question. It is clear to most peop e that the queen's government no longer has an existence in the sister island, but has been superseded-at least for the present-by the land league, whose decrees are no # promulgated in open day, executed with promptitude and vigor and respected implicitly. The league-as, by the way, it did in 1843has opened its own " law courts" for tria S ot cases and disputes, and the ordinary tribunals might as well be closed, because no witness will appear to testify before them, nor will any of their juries convict. The shopkeepers in the town who are obnoxious to the land league are now Boycoited" relentlessly, and for the moment Ireland is a part of the United Kingdom only in name." Meanwhile, troops moving into Ireland; "but," the dispatch says," the soldiers really offer no protection against the sentences of the land league, for they have no power to act except in case of actual insurrection, and the local
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# STATE NEWS. S. A. Phillips, of Norristown, claims to have struck a good vein of coal on his property, near Phoenixville. A convention of anthracite coal miners will be held at Pittston in a few days to consider the question of wages. Mahanoy City is overrun with Hungarians. The Councils there have been asked by the citizens to have the nuisance abated. State Senator W. R. Roberts, of Titusville, is a candidate for the Republican nomination for Congress in the Twenty-sixth District. An analysis of the drinking water of Philadelphia for the past month shows an average of twelve grains of solid matter to the gallon of water. The badly-decomposed body of an unknown man was found among a lot of driftwood in the Susquehanna River, near Plymouth, last week. A man, supposed to be the murderer of Mrs. Belle, in Boston, was arrested at Catasanqua on Monday but was subsequently discharged for want of evidence. William Lutz and Henry Greeninger of Denver, Lancaster county, have signed articles to fight for a prize of $200. Both men are said to be of great strength and skill. The Comptroller of the Currency has declared a dividend of 10 per cent., to the creditors of the Lock Haven National Bank, of Lock Haven, Pa., making in all 100 per cent. The Tidewater Pipe Line Company has purchased two farms near Dauphin, Dauphin county, where oil reservoirs will be built. This will also be made a pumping station. Mrs. James Foster, of Thomson, Susquehanna county, who is 66 years old, during the past year wove 906 yards of cloth, and took care of the milk and butter produced by ten cows. Miller, the convict who escaped from the penitentiary of Allegheny City and fled to Canada, arrived at Pittsburg on Saturday night, having been brought back on extradition papers. The Duncannon Iron Company's Rolling Mill, at Duncannon, Perry county, was destroyed by fire on Sunday night. Loss $75,000. Three hundred men are thrown out of employment. John G. Herman, proprietor of Fulton Hall, Reading, was attacked near midnight of Tuesday, and, he alleges, robbed of a large sum of money. His face is horribly cut and he is confined to his bed. George McGilpin, of Lancaster, went to Belmont, that county, one night recently to visit a family named McIlvain, for whom he had at one time worked. During the night he attempted to rob the house, but was overpowered and taken to jail. Quite an excitement prevails in graveyard insurance circles in Eastern Pennsylvania owing to the fact that a large number of suits are to be entered against policy holders in the defunct Mutual Aid Companies that have recently appointed receivers. James McDonald, Jr., of Philadelphia, agent of the Society for Prevention of Cruelty to Animals, is collecting the names of the one hundred and fifty persons who attended the cock-fight at Freymour's Hotel, near Reading, about one week ago, and warrants are being issued for the arrest of the parties. Five laborers started to cross the Ohio on Monday evening in a skiff at McKee's Rocks just below Pittsburg. The boat capsized when nearing the Allegheny shore and the men were thrown into the water. Two named Shields and Murphy, were drowned. The other three swam ashore, greatly exhausted. The wife of a Pittsburgh physician has eloped with a drunken worthless fellow and her twelve-year old boy is sobbing and moaning himself to death, and cannot be soothed or quieted. He will not eat or sleep and keeps saying: "If I can only see mamma once more, I will be satisfied." The stricken father says: "If she wants to see her boy again, she had better return at once, but she must come alone. She will not be harmed or detained. I make the offer that the life of my son be saved."