16971. City National Bank (Williamsport, PA)

View Charter #2139 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
2139
Charter Number
2139
Start Date
April 20, 1886
Location
Williamsport, Pennsylvania (41.240, -77.036)

Metadata

Model
gpt-5-mini
Short Digest
46a8dc65c44d9047

Response Measures

Full suspension, Books examined

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1886-05-04
Date receivership terminated
1887-08-18
OCC cause of failure
Fraud
Share of assets assessed as good
75.1%
Share of assets assessed as doubtful
13.0%
Share of assets assessed as worthless
11.8%

Description

Newspaper accounts (Apr 20, 1886) report a run on City National Bank (Williamsport) leading examiner Hugh Young to order the doors closed (suspension). A receiver was appointed by May 14, 1886 and the bank remained in receivership with subsequent dividends paid in 1887 — consistent with permanent closure/liquidation. The immediate causes cited are large embezzlement(s)/defalcations by employees (E. P. Dietrick and later discovered shortages tied to other officials) and losses on discounted loans/business failures.

Events (6)
1. March 17, 1874 Chartered
Source
historical_nic
2. April 20, 1886 Run
Cause
Bank Specific Adverse Info
Cause Details
Run triggered by revelations of large defalcations (E. P. Dietrick stole c. $38,000–$50,000) and other losses from business failures; rumors about these deficiencies spurred withdrawals.
Measures
National Bank Examiner Hugh Young arrived and ordered the doors closed; notice posted that a statement would be published; examination initiated.
Newspaper Excerpt
Rumors affected the City National Bank developed to such an extent...that a run was started, and a large amount of money was drawn out by depositors.
Source
newspapers
3. April 20, 1886 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension ordered after run and discovery/revelation of large embezzlements and other losses; examiner closed bank pending examination.
Newspaper Excerpt
The City National Bank closed its doors to-day by order of United States Bank Examiner Hugh Young.
Source
newspapers
4. May 4, 1886 Receivership
Source
historical_nic
5. May 14, 1886 Receivership
Newspaper Excerpt
C. A. Bowers has been appointed receiver of the City National Bank of Williamsport. The official statement of the bank is reported as follows: total liabilities $285,651, including deposits of $140,500 ... liabilities exceed the assets by $51,000.
Source
newspapers
6. April 15, 1887 Other
Newspaper Excerpt
The Comptroller of the Currency has declared a second dividend of 40 per cent. to the creditors of the City National Bank of Williamsport, Pa. This makes, in all, 90 per cent. paid to the creditors on claims proved amounting to $130,745.
Source
newspapers

Newspaper Articles (15)
1. April 21, 1886 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, April 21, 1886

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Article Text

A BANK CLOSES ITS DOORS. The Williamsport City National SuspendsRobbed by an Employe of $38,000. WILLIAMSPORT, Pa., April 20.-Rumors affected the City National Bank developed to such an extent, yesterday, that a run was started, and a large amount of money was drawn out by depositors. The run was resumed this morning, and National Bank Examiner Young, who arrived last night, ordered the doors closed, and posted a notice that a statement would be published in a few days. Some of the heaviest stockholders declared that there was no necessity for the bank suspending, and that all the money required could have been obtained. A few of the stockholders, two of whom were formerly directors, state that the bank was robbed, between four and five years ago, by one of the employes, the amount taken being $38,000. This robbery, they say, was concealed by the officers, only a few of the directors being informed of it. Something over a year ago the president called a private meeting of the other directors, when, for the first time, they were told. The explanation he gave of having kept the matter secret was that he had acted by the advice of counsel, the object being to recover the money. Eighteen thousand dollars was recovered and obligations obtained for the rest, but these were not being realized upon. Bank Examiner Young says the bank has had other losses by business failures. At the last quarterly statement the deposits of the bank were about $109,000. Over $40,000 was drawn out by depositors yesterday and this morning. No doubt is anywhere expressed but that the depositors will get the full amount of their claims. The officers of the bank announce that the man who committed the defalcation was E. P. Dietrick, who was book-keeper and assistant cashier of the bank at the time. It was reported that another defalcation of $20,000 had been discovered, but the bank examiner states that Dietrick's was the only one. Dietrick has for some years been in business at Camden, N. J. It is reported that an officer has been sent to take him into custody. It is thought that the stockholders of the bank will have to pay an assessment to make good the deficiency.

2. April 21, 1886 New-York Tribune New York, NY
Article from New-York Tribune, April 21, 1886

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A BANK CLOSES ITS DOORS. ROBBED BY ITS OFFICIALS, THE CITY NATIONAL BANK OF WILLIAMSPORT SUSPENDS. WILLIAMSPORT, Penn.,April 20(Special).-The City National Bank closed its doors to-day by order of United States Bank Examiner Hugh Young. The suspension of the bank was in great measure brought about by the thieving operations of E. Passmore Dietrick, a brother of Carrie Dietrick of the "Little Tycoon" troupe, which is now playing in New-York. He was formerly a bookkeeper in the bank. The money was stolen about four years ago and the extent of the robbery will probably reach $50,000. His duty was to keep the books but he often performed the duties of paying and receiving teller. In his capacity as bookkeeper he was enabled to cover up his stealings. When suspicion rested upon Dietrick he confessed his peculations. The affair was hushed up by his father and brother giving securities for the amount which have since proved worthless. Dietrick is now at work in Camden, N. J. Dietrick was a member of the church, a prominent politician, and speculated in stocks. He has a wife and three children, who live in Williamsport. The Dietrick defalcation is not the only blow that has struck the bank. Another deficiency of $20,000 was discovered within a few weeks.

3. April 21, 1886 Daily Republican Wilmington, DE
Article from Daily Republican, April 21, 1886

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NEWS SUMMARY. DO-OPERATIVE STORE AND BANK -A LYNCHER ARRAIGNED. The Flood at Montreal Subsiding-The New York Seventh in Washington -Bank Suspension. It is reported from Pittsburg that John Jarrett, ex-President of the Amalgamated Association of Iron and Steel Workers, and Andrew Carnegie, the millionaire iron master, have in contemplation the organization of an immense co-operative store and bank. The stock is to be taken by members of labor organizations exclusively, and no t person will be permitted to have more than $200 worth of the stock. If the e scheme is successful other stores will be started in cities in different parts of 1 the country. t William Snedecker was on Tuesday e arraigned at Freehold, New Jersey, on e the charge of killing Mingo Jack." Several witnesses testified that Sne e decker said he had been one of the lynchers, but they admitted that he was e drunk at the time. Snedecker denied h any complicity in the affair, and said e he did not believe he ever said 80, 8 drunk or sober. He was held in $2000 bail. The will of Francis W. Tracey of d Buffalo, filed on Tuesday for probate, y makes the following public bequests: e Buffalo Orphan Asylum, $10,000; Church Charity Foundation, $10,000; 6 Boffalo Historical Society, $10,000; r Buffalo General Hospital,$20,000 Young e Men's Association, $10,000; Buffalo a Fine Arts Academy, $2,000; Home for the Friendless, $10,000; Baffalo Catholic e Institute, $10,000. t The flood at Montreal is subsiding e 3. gradually, and several streets are already clear of water. The damage is e estimated at $1,000,000. It is proposed s that the city borrow $4,000,000 for the purpose of raising the level of the low. lying districts and enlarging the pres e ent reverment wall. Seven thousand d five hundred and twenty-two families, or about 30,000 people, were "flooded out." o a The city National Bank, of Will of liamsport, Pa., suspended on Tuesday it morning. The cause is said to be a defalcation of $20,000, besides other al d heavy losses. The stockholders say 1the depositors will be paid in full. The defaulter is said to be E. P. Dietricb, who was assistant cashier and book keeper of the bank. The American Peace Society, in Ses sion at Boston on Tuesday, offered the following to be sent to Mr. Gladstone "The American Peace Society congratulates you upon your organization and able advocacy of measures 80 coura geous, conciliatory, and just towards Ireland." 8 The officers of the New York Seventh t Regiment, now in Washington, on te Tuesday paid their respects to the as President, and 60 called upon General th Sheridan. The regiment paraded in W the afternoon and was reviewed by the President. in Rev. A. M. Child, called home from the Methodist Episcopal Conference a ed New York, by the death of his wife at was struck senseless by lightning i Westernville, on Monday evening. H O. was considered out of danger on Tues day. aid A freight train on the West Pennsyl W. vania Railroad ran into an open switch near Harmarsville, Pa., on Tuesday for ted morning and was thrown down an em bankment. Three hands were danger exously injured. exThe distillery of Wathen, Mueller & Co, near Lebanon, Ky., was wrecke est by a boiler explosion on Tuesday morn ral ing. Two men were fatally injured, on of whom has since died. bes rth The State Board of Pardons at Ha risburg, Pa., on Tuesday refused a par sidon to Ellis P. Phipps, of Philadelphi to Almshouse notoriety. ur lay During a thunderstorm at Shenar ite doah, Pa., on Tuesday afternoon, Jame Manley, aged 16 years, was killed b lightning. Florence Hodgson, aged 8 years, wa fatally injured by lightning at Haz! ton, Pa.

4. April 21, 1886 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, April 21, 1886

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CAUSED BY A ROBBERY. The Williamsport City National Bank Closes Its Doors. WILLIAMSPORT, Pa., April 20.-Rumors affecting the City National bank developed to such an extent yesterday that a ruu was started and a large amount of money was drawn out by depositors. The run was resumed this morning. and National Bank Examiner Young. who arrived last night, ordered the doors closed and posted a notice that a statement would be published in a few days. Some of the heaviest stockholders declared that there was no necessity for the bank suspending, and that all the money required could have been obtained. A few of the stockholders, two of whom were formerly directors, state that the bank was robbed between four and five years ago by one of the employes. the amount taken being $38,000. This robbery they say was concealed by the officers, only a few of the directors being informed of it. Something over a year ago the president called a private meeting of the other directors when for the first time they were told of it. The reason he gave for having kept the matter secret was that he had acted by the advice of counsel, the object being to recover the money. Eighteen thousand dollars was recovered and obligations obtained for the rest, but these were not realized upon. Bank Examiner Young says the bank has had other losses by business failures. At the last quarterly statement the deposits of the bank were about $190,000. Over $40,000 was drawn out by depositors yesterday and this morning. No doubt is anywhere expressed but that the depositors will get the full amount of their claims. The officers of the bank announce that the man who committed the defalcation was E. P. Dietrick. who was bookkeeperand assistant cashier of the bank at the time. It was reported to-day that another defalcation of $20,000 had been discovered, but the bank examiner states that Dietrick's was the only one. Dietrick has for some years been in business at Camden, N. J. It is reported that an officer has been sent to take him into custody. It is thought that the stockholders of the bank will have to pay an assessment to make good the deficiency.

5. April 21, 1886 Sacramento Daily Record-Union Sacramento, CA
Article from Sacramento Daily Record-Union, April 21, 1886

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NEWS OF THE MORNING. FOREIGN.-A fire in London caused a loss of $250,000.... Many Scotchmen are opposed to Gladstone's home-rule plans...... High water is interfering with traffic on the Canadian Pacific Railroad......Silver in London, 46½; consols, 100 9-16d; 4s, 128¾; 4½s, 114½. EASTERN.-The reappointment of Mrs. Thompson as Postmaster at Louisville, Ky., is meeting with Democratic opposition...... The breaking of a dam at East Lee, Mass., caused the loss of several lives...... All the New York street cars are again running, except upon one line...... Miss Morosini, recently bitten by a mad dog in New York, is to be treated by Pasteur......The City National Bank of Williamsport, Pa., has failed...... The condition of ex-President Arthur's health continues critical......The transcontinental war of rates is unchanged. ......The encampment of the Grand Army of the Republic of New York begins today...... A prairie fire in Dakota caused the death of an aged woman and the fatal burning of her daughter......Government bonds are quoted in New York at 126½ for 4s of 1907; 112¼ for 4½s; 100¼ for 3s; sterling, $4 87¼@4 89¼; silver bars, 101¼. WASHINGTON. -Grand Master Powderly, of the Knights of Labor, is at the national capital...... The House Foreign Affairs Committee has rendered worthless the Morrow Chinese bill...... Secretary Lamar has returned to his duties much improved in health...... Another call for $10,000,000 in three per cents has been made by the Secretary of the Treasury...... The appointment of Zach. Montgomery to be Assistant Attorney-General of the Interior Department has been confirmed. PACIFIC COAST.-H. G. Coleman committed suicide in Boston Ravine, near Grass Valley......Theodore Warlick has been sentenced at Colfax, W. T., to be hanged June 9th ...... The Grand Council of the Order of Chosen Friends is in session at San Francisco...... Frederick Zurcker has been found drowned in the Columbia river...... The high license question is being agitated in Santa Cruz...... Heart disease was the cause of Richard Walworth's sudden death in Grass Valley......The trial of the San Joaquin mining debris cases has been set for May 9th.

6. April 21, 1886 Savannah Morning News Savannah, GA
Article from Savannah Morning News, April 21, 1886

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A Run on a Bank. WILLIAMSPORT, PA., April 20.-A heavy run began yesterday on the City National Bank and was resumed this morning, when bank examiner Hugh Young ordered the doors closed pending an examination of the bank's affairs. The officers and some of the heayiest stock. holders affirm that there was no necessity for the suspension because all the money required could be obtained. In this they are supported by officials of other banks in the citv.

7. April 21, 1886 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, April 21, 1886

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Run on a Bank. [By telegraph to the Dispatch.] WILLIAMSPORT, PA., April 20.A heavy run began yesterday on the City National Bank, and was resumed this morning, when Bank-Examiner Hugh Young ordered the doors closed. Pending an examination of the bank's affairs the officers and some of the heaviest stockholders affirm that there was no necessity for a suspension, because all the money required could be obtained. In this they are supported by the officials of the other banks in the city.

8. April 22, 1886 Millheim Journal Millheim, PA
Article from Millheim Journal, April 22, 1886

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- Here ! The new goods at Kauffman's Go and see. -Last week's Centre Democrat reports that Mr. Bibby, the landlord of the Spring Mills House, had the misfortune to loose $1,248 in cash, on the train going to Lewisburg. When he arrived there he missed the envelope containing said sum of money and at once had a search made for it. The envelope was found on the seat he had been occupying, but the contents were gone. The City National Bank of Williamsport closed its doors on Tuesday forenoon. A receiver for the bank will be appointed as speedily as possible and its affairs liquidated. It is asserted that the collapse is largely due to the peculations of E. P. Deitrich, a former book keeper in the bank, who several years ago robbed the bank of about $40,000. Most of that amount was recovered. But of late the bank suffered great losses by business failures. which is the real cause of the bankruptcy. - Last Sunday, (Palm Sunday) which commemorates the triumphant entry of our Saviour into Jerusalem, was a fine spring day and the various church services, Sunday schools and religious meetings were well attended by our town people. This is passion week and the 1886th anniversary of Christ's atonement for the world. It includes Good Friday, the day of Christ's death upon the cross. followed by the greatest and most important of all church festivals, Easter-commemorative of Christ's glorious resurrection. The Christian world will celebrate this joyous time by a proper observance of the church rituals. -One of the most cruel calamities brought about by that domineering dictator, fashion, is the wearing of dead birds as ornaments. It involves wholesale slaughter of birds and the ultimate extermination of the most beautiful species in our own country. The ladies could easily ayert this by refusing to wear birds as ornaments, follow the example of the wife of the Governor of Iowa, who recently called a convention of the wives of all the legislative members, and organized a society with the purpose of making a vigorous crusade against the abominable fashion. A NEW METHOD.-Mr. S.T.Brooks, of Bellefonte, is at present in town selling Prof. Rice's International System of Lessons in Music. The outfit consists of a large Chart, printed on both sides, with full instructions in the first rudiments of organ and piano playing. Everything, from the names of the keys to the playing of major and minor chords, is explained in the most simple and comprehensible manner on this chart. Along with the chart goes the Key, a book of 16 pages, containing still more information. Then a music book giving practical lessons and some of the most pupular songs accompanies the chart and key. The whole series, consisting of three grades is sold for five dollars. Having closely examined the work we can say that this system of self-teaching is beyond a doubt the best in the market and cannot fail to give satisfaction. Looking at the work in a pecuniary light it is decidedly a cheaper plan to instruct your children than to engage teachers. We un-

9. April 24, 1886 The Arizona Sentinel Yuma, Arizona City, AZ
Article from The Arizona Sentinel, April 24, 1886

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CONDENSED NEWS. Secretary Manning is able to receive visitors. The City National Bank of Williamsport, Pa., has suspended, and the cashier is off on a visit to Canada. It is asserted that within two months the Union Pacific will employ no Chinese in its coal mines. The Tammany Ring are talking of Gen. Daniel E. Sickle as their next candidate for the New York Mayoral ty. The New York Assembly passed the bill to wind up the Broadway surface railroad corporation, by a vote of 97 to 9. Maggie Bess, a girl of 16, accuses School Commissioner Tamsen, a wealthy New York merchant of being the father of her child. E The Land Developement Association, Limited, of London, has failed with liabilities amounting to six hunt dred thousand dollars. President Cleveland is much annoyed at the gossip concerning his report ) approoching marriage with Miss Folsom, though he has not denied the re1 port. The statement telegraphed from / Quebec that French-Canadian girls are i regularly sent to cities in the United l States for immoral purposes has been d confirmed. ; The Queen's proctor, after testing , the evidence in the divorce case of e Crawford VS. Crawford and Dilke, has intervened, and the Crawford divcorce e case will be reopened. , A. D. Rankin was run over and ll killed by a construction train at the 1 Potrero, San Francisco, Thursday. He was to have been married in the evening and just left his sweetheart. Samuel Sankee has commenced suit S r in the Superior court of San Francisco against the Society of California Pioneers for $20,000 damages for wrongful expulsion from the society, of which o he has been many years a member. 1 The Solicitor of the Treasury has instructed the United States District h Attorney at San Francisco, California, r to bring suit against the Sierra Lumber , Company to recover about $2,218,000 it damages arrising from the conversion d of timber and lumber taken from puba lic lands. e of The following confirmations were h made by the Senate yesterday: Ed1mund G. Ross, Governor of New Mex_ d ico; W. Rosecrans, Register of the Treasury; R. E. Withers, Consul at gla Hong Kong; J. D. Bethune, Register 1of land office at Los Angeles; J. S. 1Ward, Indian Agent, Mission Agency, California. e

10. May 14, 1886 The Columbian Bloomsburg, PA
Article from The Columbian, May 14, 1886

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cer's. C.A. Bowers has been appointed receiver of the City National Bank of Williamsport. The official statement of the bank Is reported as follows : The total liabilities are $285,651, including deposits of $140,500, besides the capital stock of $100,000. The assetts include over $150,000 of bills discounted, $33,000 of bonds and premiums and $22,000 in real estate. The liabilities exceed the assets by $51,000. It is believed that depositors will receive twenty-five per cent. of the amount due them in a short time.

11. August 24, 1886 New-York Tribune New York, NY
Article from New-York Tribune, August 24, 1886

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TWENTY THOUSAND DOLLARS SHORT. ARREST OF A BANK CASHIER IN PENNSYLVANIA. WILLIAMSPORT, Penn., Aug. 23 (Special).Boyd C. Caldwell, recently cashier of the City National Bank. was arrested last evening on a charge of embezzlement, the amount involved being $20.000. Caldwell is of one of the leading families in this city. His wife has been absent all summer visiting her parents at Columbus, Ohto. The City National Bank suspended some time ago and is now in the hands of a receiver. Its suspension was caused by a shortage of $50,000, of which $30,000 was traced to a former teller. The receiver engaged J. C. Anderson, a New York expert, to trace the additional deficiency, and after several weeks work his labors eutimitaded in the arreat of Caldwell. Cadiwell was committed to Williamsport jall and his ball will be fixed at $20,000.

12. August 25, 1886 The Argus Rock Island, IL
Article from The Argus, August 25, 1886

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Charged with Embezzling $20,000. WILLIAMSPORT, Pa., Aug. 25.-The arrest of Boyd Caldwell, late cashier of the City National bank, on the charge of embezzling $20,000, has created great excitement. The Caldwells moved in the best society here. An expert, in examining the books of the bank, which suspended some time since, discovered clever alterations covering the last two years. He lost the money in the Trout river oil fizzle.

13. April 16, 1887 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, April 16, 1887

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General and Personal. Special to the Indianapolis Journal. WASHINGTON, April 15.-Major McGrain, of Corydon, lately appointed a special agent in the General Land Office, will likely be assigned to Colorado, with headquarters at Denver. John S. Lazarus, of Indianapolis, and Hon. R. B. F. Peirce, of Crawfordsville, registered at the Ebbit this morning. Minister Rufus Magee called on President Cleveland to-day, preparatory to departure to his official post of duty. John C. Sims has been appointed an internalrevenue storekeeper at Lawrenceburg. The President shook hands with 200 people this afternoon. Several persons in the crowd were recognized as old acquaintances. A veteran, in antiquated uniform, introduced himself as a survivor of the war of 1812. Two members of the California Legislature were among those presented. The value of the principal articles of provisions exported during March past aggregated $6,401,765, against $5,832,795 in March, 1886. The Comptroller of the Currency has declared a second dividend of 40 per cent. to the creditors of the City National Bank of Williamsport, Pa. This makes, in all, 90 per cent. paid to the creditors on claims proved amounting to $130,745.

14. April 22, 1887 The Bolivar Bulletin Bolivar, TN
Article from The Bolivar Bulletin, April 22, 1887

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THE WORLD AT LARGE. Summary of the Daily News. WASHINGTON NOTES. THE Commissioner of the Land Office has cancelled twenty-eight pre-emption entries and held for cancellation twenty-nine others in the Oberlin, Kan., land -district, upon evidence taken at a hearing before the register and receiver. The persons making the entries were alleged to be myths. SECRETARY WHITNEY is said to haveunder his consideration the organization of a naval reserve force, after the English plan. CONGRESSMAN SPRINGER presided at a meeting of Irish-Americans in Washington on the 14th to protest against coercion. THE Comptroller of the Currency has declared a second dividend of forty per cent. to the creditors of the City National Bank of Williamsport, Pa. This makes in all ninety per cent. paid to the creditors on claims proved, amounting to $130,341. IT was stated at both the State and Navy Departments that there was no truth in the dispatch from Key West that Commodore Green, of the United States steamer Yantic, officially forbade the English menof-war at Port Au Prince to carry out the threat of seizing Tortugas Island. Secretary Whitney never heard of such a thing until he saw the dispatch in a New York paper.

15. April 22, 1887 The Iola Register Iola, KS
Article from The Iola Register, April 22, 1887

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# THE WORLD AT LARGE. Summary of the Daily News. WASHINGTON NOTES. THE Commissioner of the Land Office has cancelled twenty-eight pre-emption entries and held for cancellation twenty-nine others in the Oberlin, Kan., land district, upon evidence taken at a hearing before the register and receiver. The persons making the entries were alleged to be myths. SECRETARY WHITNEY is said to have under his consideration the organization of a naval reserve force, after the English plan. CONGRESSMAN SPRINGER presided at a meeting of Irish-Americans in Washington on the 14th to protest against coercion. THE Comptroller of the Currency has declared a second dividend of forty per cent. to the creditors of the City National Bank of Williamsport, Pa. This makes in all ninety per cent. paid to the creditors on claims proved, amounting to $130,341. IT was stated at both the State and Navy Departments that there was no truth in the dispatch from Key West that Commodore Green, of the United States steamer Yantic, officially forbade the English men-of-war at Port Au Prince to carry out the threat of seizing Tortugas Island. Secretary Whitney never heard of such a thing until he saw the dispatch in a New York paper.