16859. Yates County National Bank (Penn Yan, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
2405
Charter Number
2405
Start Date
May 29, 1896
Location
Penn Yan, New York (42.661, -77.054)

Metadata

Model
gpt-5-mini
Short Digest
15e92540

Response Measures

None

Receivership Details

Depositor recovery rate
27.7%
Date receivership started
1896-08-17
Date receivership terminated
1901-02-12
OCC cause of failure
Losses
Share of assets assessed as good
27.0%
Share of assets assessed as doubtful
24.5%
Share of assets assessed as worthless
48.5%

Description

The bank suspended payments in late May 1896 due to inability to realize on assets. A national bank examiner took charge and was later appointed temporary receiver (Aug 18, 1896). By November 1896 the Comptroller had appointed permanent receivers — indicating the bank remained closed and in receivership (closure). No article describes a depositor run prior to suspension.

Events (6)

1. December 30, 1878 Chartered
Source
historical_nic
2. May 29, 1896 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Unable to realize on its assets; over $50,000 recently drawn and bank could not meet obligations; directors unable to tide over the crisis; not paying dividends for months and poor management described.
Newspaper Excerpt
The Yates County National Bank of Penn Yan suspended this morning.
Source
newspapers
3. June 1, 1896* Other
Newspaper Excerpt
Bank examiner will assume charge of the bank's accounts within a few days; posted its doors a notice that the bank would be closed pending an examination by the national bank examiner (published May 30).
Source
newspapers
4. August 17, 1896 Receivership
Source
historical_nic
5. August 18, 1896 Other
Newspaper Excerpt
Josiah Van Vranken, national bank examiner, who has been in charge of the Yates County National Bank, Pen Yan, N. Y., since its failure two months ago, has been appointed receiver of the institution in order to facilitate certain legal transactions, preliminary to its resuming business.
Source
newspapers
6. November 10, 1896 Receivership
Newspaper Excerpt
The comptroller of the currency has appointed receivers of national banks as follows: Yates County National bank of Pen Yan, N. Y.; ... (appointments listed Nov. 10/11).
Source
newspapers

Newspaper Articles (11)

Article from New-York Tribune, May 30, 1896

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Article Text

A PENN YAN BANK SUSPENDS. THE TATES COUNTY NATIONAL BANK UNABLE TO WEATHER A CRISIS. Rochester, N. Y., May 29.-The Yates County National Bank of Penn Yar suspended this morning. Its paid up capital, according to last January's statement, was $50,000; surplus, $15,000. The bank has not been paying any dividends for a number of months and some of the directors have been dissatisfied with the way things were going. It was hoped, however, that under a new management the condition of the bank could be Improved and the institution placed upon a paying basis. For a number of days the directors have tried to make arrangements to tide over the present crisis, but without avail. The bank was organized in 1878, with Morris F. Sheppard as its president. Something more than a year ago he became involved in a number of unsuccessful transactions, and disposed of his bank stock to Hanford Struble, who has since acted as president. It is supposed he represented the capital of Miss Jesse Duboise, of Williamsport, Penn. The Board of Directors of the bank are Hanford Struble. Jesse Duboise, of Williamsport, Penn.: S. H. Van Deventer. Frank S. Tower, H. T. Fox and Oliver Stark. The last statement of the bank, made May 7. showed individual deposits subject to check in the sum of $60,954.04 demand certificates, $90,307 78. The stockholders are Hanford Struble, Jesse Duboise, Frank S. Tower, O. H. Stark, S. W. Van Deventer, Daniel Lanning. E. C. Dwelle, H. K. Armstrong, Clinton B. Struble, Evarts L. Prentiss and William T. Morris. The bank examiner will assume charge of the bank's accounts within a few days.


Article from Evening Journal, May 30, 1896

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Article Text

A Bank Suspends, PENN YAN, N. Y., May 30.-The Yates unty National bank of Penn Yan posted its doors a notice that the bank would closed pending an examination by the partment examiner. The riational bank miner has not yet arrived, but has en summoned to take charge of the nk. It is stated that the trouble is due the inability of the bank to realize on it assets, over $50,000 having been drawn it recently. It is stated that the deposits present aggregate not far from $100,000.


Article from The Morning Times, August 18, 1896

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Article Text

Receiver for a Pen Yan Bank. Josiah Van Vranken, national bank examiner, who has been in charge of the Yates County National Bank, Pen Yan, N. Y., since its failure two months ago, has been appointed receiver of the institution in order to facilitate certain legal transactions, preliminary to its resuming business.


Article from Evening Star, August 18, 1896

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Article Text

Appointed Receiver. Acting Controller Coffin has appointed Bank Examiner Josiah Van Vranken as temporary receiver of the Yates County National Bank of Pen Yan, N. Y.


Article from The Citizen, August 21, 1896

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Article Text

Penn Yan Bank To Resume. Washington, Aug. 18.-Josiah Van Vranken, national bank examiner, who has been in charge of the Yates County National bank, Penn Yan, N. Y., since its failure two months ago, has been appointed receiver of the institution in order to facilitate certain legal transactions, preliminary to its resuming business.


Article from The Topeka State Journal, November 10, 1896

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Article Text

Garnett Bank's Receiver. Washington, Nov. 10.-The comptroller of the currency has appointed receivers of national banks as follows: Yates County National bank of Pen Yan,\N. Y.; First National bank of Garnet. Kan.; R. E. Spangler, First National bank of Eddy, N. M., Isaac Rodgers; Second National bank of Rockford, Ill., H. H. Waldo.


Article from The Providence News, November 11, 1896

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Article Text

Three Receivers Appointed. Washington, Nov. 11.-The comptroller of the currency has appointed receivers of national banks as follows: Yates County National bank of Penn Yan, N. Y., Simon Kinne; First National bank of Garrett, Kan., R. E. Spangler; First National bank of Eddy, N. M., Isaac W. Rogers; Second National bank of Rockford, Ills., H. H. Waldo.


Article from Delaware Gazette and State Journal, November 12, 1896

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Article Text

NT Official advices from Manila report the defeat of 4,000 Philippine rebels, by the Spanish troops, at Montalvan. William Evins, a Mantua, N. J., farmer, was run over by his team on Tuesday while bauling gravel and was almost instantly killed. By the explosion of a saw mill boiler in Perry county. Ky.. on Monday, Jack Francis and Roderick Baker were killed and nine others injured, three seriously. According to a Vienna dispatch, the families of most of the diplomats at Constantinople have left the city. The situation is regarded as very dangerous. In the United States district court at Macon, Ga., Tuesday, an order was signed for the sale of the A tlantic Short RRM price No "4721 uo line 'pexy The Rev. Alexis Bork, a young Methodist minister of Chicago, was killed by a wild animal in the Flathead Mountains, in Montana, a few days ago. Judge Foster. at Fort Scott, Kan., has made an order temporarily restraining Receiver Johnson from taking control of the Santa Fe railway property in that State. The Baltimore Chamber of Commerce has passed a resolution declaring its conviction that the banking business of the nation should not be a function of the government. The United States Treasury, for the first time in several years, is receiving gold in considerable quantities for custom duties. The gold reserve Tueiday stood at $122,234,315. Advices from Kaisarieb, Aoia Minor, state that the village of Everek has been plundered by a band of Turks, who killed 100 of the Armenian inhabitants and destroyed 50 houses. The Legislature of Alabama met Tuesday. Voting for Senator will begin on November 24th. Among the candidates are Senator Pugh, Gov. Oates, Gen. Pettus and John H. Bankhead. A carriage containing Charles F. Bright and Miss Catharine Boyer, B &q пмор una SHM JO both freight train at Gibraltar, Pa., Tuesday, and both the occupants were killed. At the invitation of Italian Socialists in America, Signor Verro has started for the United States. It is said he will organize the Italian Socialist residents in New York, Philadelphia Boston pue Miss Mary Kramer of Potter county, Pa., has been made insane by the pranks of practical jokers who frightened her while she was sleeping in a supposed haunted house, in paying a foolish election wager. The Comptroller of the Currency has appointed receivers for the following national banks: First. Garrett, Kan. First, Eddy, N. M. Second, Rockford, III., and Yates County National Bank, Penn Yan, N. Y. The Republican Congressional Campaign Committee is to be made permanent, with headquarters in Washington where, in connection with the National committee, it will continue the fight against free silver. In the supreme court in Troy, N. Y., Tuesday, ex County Treasurer George H. Morrison pleaded guilty to two indictments for misappropriating county funds, and was sentenced to 10 years and five months in Clinton prison. The body of Joseph Komorowski, who had been missing from Chicago since October 8th, was found on Monday night near the drainage canal. Leo Troso has been arrested on the suspicion that be had murdered Komorowski. It was rumored in Washington on Tuesday that Secretary Carlisle will recommend to Congress an increase in the tax on beer of from $1 to $2 per barrel and that this proposition is favored by the Commissioner of Inter1ᵉʳ At a luncheon given in his honor in New York Tuesday by Isaac H Seligman, Chairman Hanna said the administration recently chosen will go into office without pledges of any kind, and wholly uncommitted as regards the cabinet e JO Justice Lawrence, in New York City, Tuesday appointed E. J. Ross ancillary receiver of the assets in that State of the Ross & Baker Co., a New Jersey corporation, which has a silk mill at Port Oram. The liabilities of the company are said to be $140,000. A Topeka dispatch says that exChief Justice Horton has discovered that the Alien Land law under which the recent action for a receiver of the Santa Fe was brought, was never passed by the Kansas Legislature and its publication in the statutes was an MORIO At Whiteplains, N. Y., Tuesday, John Rodgers shot and killed William Smith, a fellow servant, and was then shot and killed himself, by the discharge of his own gun, while he was trying to kill Henry Weiss. It is supposed that Rodgers became suddenly insane. The Chief Justice JO


Article from The Citizen, November 13, 1896

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Article Text

Appointed Bank Receiver. Washington, Nov. 11.-Comptroller Eckels has appointed Silas Kenne receiver of the Yates County National bank at Penn Yan, N. Y.


Article from Twice-A-Week Plain Dealer, November 17, 1896

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Article Text

Washington, D. C. Nov. 10.-The comptroller of the currency has appointed receivers of national banks as follows: Yates county national bank of Penn Yan, N. Y., Simon Kinney; First national bank of Garrett, Kas., R. E Spangler; First national bank of Eddy, N. M., Isaac W. Rogers; Second national bank of Rockford, Ill.. M. H. Waldo.


Article from Twice-A-Week Plain Dealer, November 17, 1896

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Article Text

'AON 'SLAA 'RUSHUAN Paper Mill company assigned today for the benefit of its creditors, Assets $100,000; liabilitles, $50,000, The concern lost heavily by Chicago and Minneapolis failures. Grand Rapids, Mich., Nov. 10.John E. Wilkes, ene of the oldest dry goods merchants in this city, has filed chattel mortgages aggregating $33,000 for the benefit of his ereditors. Washington, Nov. 10. Comptroller Eckels has closed the First national bank of Decorah, la.. capital $75,000 and placed bank examiner Stone in charge. The bank is in bad shape being unable to realize on its assets. Sioux City, Iowa, Nov. 10.-Oa application of L. T. Richardson, W. T. Manley was this morning appointed receiver of the Iowa savings bank of this place. Washington, D. C. Nov. 10.-The comptroller of the currency has appointed receivers of national banks as follows: Yates county national bank of Penn Yan, N. Y., Simon Kinney; First national bank of Garrett, Kas., R. E Spangler; First national bank of Eddy, N. M., Isaac W. Rogers; Second national bank of Rockford, Ill.. M. H. Waldo. New York, Nov. 10.-Edward J. Ross has been appointed ancilliary receiver of the assets and property in this state of the Ross & Baker company, a New Jersey corporation, manufacturers of silk. The liabilities are reported to be over $140,000. Providence, R. I., Nov. 11.-Writs were issued Wednesday for the arrest of the two partners in the private banking house of Miller & Vaughn, who failed a week ago with about $200,000 liabilities and no assets. It is said that two customers will prefer criminal charges. Decorah, Iowa, Nov. 11.-The Beard Bros. have made an assignment. Assets at face value slightly in excess of liabilities. Grand Rapids, Mich., Nov. 10-The Detroit, Lansing and Northern rail road's entire equipment was sold under mortgage foreclosure to-day. The property was bid in for $48,000 subject to other mortgages by F. A. Nims, of Muskegan, and J. W. Champlin, of this city, who acted as committee in the interest of the bondholders. Amesbury, Mass., Nov. 11.-F. T. Choate and Phillip H. Lunt, of New bury, have been appointed assignee of the Lewis & Gross Shoe company. The company will not resume business. New York, Nov. 11.-Clapp & Co , dealers in stocks and grains, have failed. Last might the firm made an assignment to William T. Davis, Jr. The failure occasioned some surprise as the firm has been credited with doing a very large business during the last five years of its existence in this city. The attorneys for the assignee say that it is assumed from all indications that the liabilities will amount somewhere in the neighborhood of $150,000. Ridgway, Pa., Nov., 12.-The Mc. Ewen Manufacturing company manufacturers of machinery, made an assignment Thursday morning. Allentown, Pa., Nov. 12.-Two exe cutions for $100,000 each were Thurs day afternoon entered against the Catasaqua Manufacturing company with clause of scire facias to show cause by December 7 why the company's chartered rights, rolling mills etc., should not be sold. The cold weather has brought & 'arge influx of tramps to the city and pplications for lodgings have be