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Penn Yan Bank Fails. Controller of the Currency Dawes received notice today of the failure of the First National Bank at Penn Yan, N. Y. He appointed E. G. Graham, bank examiner, as temporary receiver. The bank had deposits of more than $100,000. Bad management is said to be the cause of the failure.
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PENN YAN BANK FAILS. The First National Closes Its Doors Pending the Arrival of the Examiners. PENN YAN, Sept. 18.-Penn Yan people were startled this morning by the announcement of the failure of the First National Bank. The following statement was posted on the front window of the bank at 9 o'clock. the time of opening: "Bank closed pending arrival of examiner." The failure. while a surprise to many. has been looked for for several months. The failure of the bank is owing to losses sustained in the Potter. Kinne & Kendall failure several years ago: also to the more recent failure of Russell & Birkett and Russell & Son. last spring. The officers of the bank were: President. George H. Lapham. Sr.: Vice-President. Theodore F. Wheeler: Cashier. Albert W. Kendall: Assistant Cashier. George H. Lapham. Jr. The liabilities are said to be about $80,000. and it is thought that with the assets and a small assessment on the capital stock the depositors will be paid in full. A man who is closely in touch with the officere of the bank. said this morning: "The bank will probably resume with a new president. A meeting of the stockholders of the tank was held on Saturday evening and it is presumed that the suspension was decided uron then." WASHINGTON. Sept. 18.-The failure of the First National Bank of Penn Yan. N. Y., was reported to the Comptroller of the Currency to-day. and he immediately designated Bank Examiner E. G. Graham as temporary receiver. The last statement received from the bank showed individual deposits of $32,232: circulating notes outstanding. $11,250: certificates of deposit. $47.720. The capital stock of the bank is $50,000. Its embarassment is due to the tying up of its funds in loans and real estate.
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PENN YAN BANK FAILURE. Penn Yan, N. Y., Sept. 18 (Special).-The First National Bank, of this place, closed its doors today. The president is George H. Lapham. It is estimated that the bank had in deposits $79,000 and about $40,000 in real estate. The failure is attributed to poor investments in real estate and manufacturing enterprises. E. J. Graham, bank examiner, has been appointed temporary receiver.
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BANK FAILURE. Doors of an Institution at Rochester, N. Y., Closed. ROCHESTER (N. Y.), Sept. 18.- The First National Bank of Penn Yann was not opened for business this morning, but instead this notice was posted in a front window: "Bank closed, pending the arrival of an Examiner." The bank was heavily involved in the Potter-Kinner-Kendal failure of several years ago, and the more recent failures of Russell & Birkett and Russell & Son. The capital stock of the bank was $50,000. The deposits of the bank on December 1, 1898, according to the quarterly statement, were $241,845. According to the quarterly statement, the deposits on June 30, 1899, were $201,306. It is said that the liabilities will not exceed $80,000. The directors held a meeting Saturday night and decided to close the bank. It has in deposits $79,000, and about $40,000 in real estate. It is be.. lieved the bank will reorganize and pay depositors in full. WASHINGTON, Sept. 18. -The last report of the Bank Examiner shows that on January 2, 1899, the First National Bank of Penn Yann had a capital of $50,000; $15,000 in surplus and deposits amounting to $150,000. E. J. Graham, Bank Examiner, has been appointed temporary receiver. The failure is attributed to bad investments in real estate and manufacturing enterprises. So far as known nothing of a criminal character is charged against any of the officers of the bank.
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ABBREVIATED TELEGARMS. The typhoid bacillus frozen in ice has been found alive after 102 days. Secretary Root expects to have 30.000 additional troops en route to Manila by Nov. 1. The supreme lodge. K. of P., is in session at Indianapolis. Faruham. N. Y., was nearly wiped out by fire. Loss, about $200,000. Eagle mill in the town of Molitor. Wis., burned with machinery. The loss is $10,000. James M. Nixon. once well known as proprietor of a traveling circus, is dead at New York, aged 80 years. The United States transport Buford has arrived from Cienfugoes and Havana with 605 soldiers on board. The Michigan Sugar company. of Bay City, expects to manufacture 9.000.000 pounds of beet sugar this season. The First National bank. of Penn Yaun. N. Y.. has suspended. It may reorganize, and will probably pay in full. According to final estimates the wheat yield throughout Michigan this season averaged eight bushels per acre. Charles W. Lander, of Bloomington. Ills.. died Sunday, aged 71. He was one of the earliest settlers and business men of Bloomington. The body of an unidentified man was found on the Illinois Central railroad tracks at Chicago. The body was badly mangled. It is rumored at Lansing, Mich.. that Food Commissioner Grosvenor is about to go into the sheep-raising industry in the upper peninsula, resigning his office. Nicholas Glassen, a brakeman on the Air line at Chicago, was swept from the roof of a moving freight car by the elevated structure. He fell between the cars and was killed.