18512. Bloomsburg Banking Company (Bloomsburg, PA)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: October 1, 1896*
Location: Bloomsburg, Pennsylvania (41.003, -76.457)

Metadata

Model: gpt-5-mini
Short Digest: 397b2197

Response Measures

None

Description

The bank suspended payment in late October 1896 after inability to realize assets (large notes unpaid). There was some withdrawing after rumors but the paper explicitly says no general run. A receiver was appointed (Dec 1896) and liquidation/distribution followed in 1897, so the bank remained closed and entered receivership. Date of suspension reported as the Thursday prior to newspapers of Oct 26, 1896 (newspapers differ slightly about Friday vs Thursday); receiver appointment and distribution filings are documented in court notices Dec 1896–Apr 1897.

Events (5)

1. October 1, 1896* Other

Newspaper Excerpt: The day before there were rumors afloat that the bank was financially embarrassed, and some depositors who heard it drew their money out, but there was no general run.
Source: newspapers

2. October 22, 1896 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Unable to realize on assets: several large notes due were not paid and when other banks presented exchanges and large checks came in there was not enough cash to meet payments, forcing suspension.
Newspaper Excerpt: The Bloomsburg Banking Company ... suspended payment at the closing hour Thursday. the directors made a statement to the depositors that the bank is solvent and that all depositors will be paid 100 cents on the dollar.
Source: newspapers

3. December 1, 1896* Receivership

Newspaper Excerpt: application to the court for appointment of Receiver. The Receiver appointed. (Dec.) B. F. Zarr, the Receiver appointed by said Court, having this day presented in Court his first account and report as such receiver.
Source: newspapers

4. March 29, 1897 Other

Newspaper Excerpt: B. F. Zarr Esq. receiver of the Bloomsburg Banking Company, filed a distribution account on March 29th, by which the depositors will receive 25 per cent of their deposits on first distribution.
Source: newspapers

5. September 1, 1897* Other

Newspaper Excerpt: B. F. Zarr, receiver of the Bloomsburg Banking Company, began paying out to depositors on Monday. Fifty cents on a dollar was paid.
Source: newspapers

Newspaper Articles (13)

1. October 26, 1896 Freeland Tribune Freeland, PA

Article from Freeland Tribune, October 26, 1896

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n e e OU e sura as The public school teachers leave today for Wilkesbarre, where they will spend the week at the annual county institute. Fall styles in dry goods at Oswald's. DeWitt C. DeWitt, of Towanda, Democratic candidate for congressman-atlarge, will speak at Hazleton this evening. Bed room suites, $16, at Sweeney & Herron's, Hazleton. A delegation of Hazleton Odd Fellows enjoyed a visit to town on Thursday and were hospitably entertained by the members of Mt. Horeb Lodge. Lowest prices on furniture at Sweeney & Herron's, Hazleton. Miss Mary Reilly, of North Centre street, was suddenly taken ill this morning, and for some hours her condition was such as to alarm her friends. Neat footwear for ladies is sold very cheap at the Wear Well. In his charge to the grand jury at Easton Judge Scott called the attention of that body to the buttons containing obscene inscriptions which are offered for sale throughout the county. Room moulding, 1c per foot, at Sweeney & Herron's, Hazleton. Tony Farrell and his company have always drawn large audiences, and as the play is recommended everywhere it has appeared, it is likely that the Grand will be well attended this evening. Wall paper, 7c per double roll, at Sweeney & Herron's, Hazleton. Instead of holding a meeting here on Wednesday evening, as previously announced, the Republicans of the lower end are arranging to take part in a demonstration at Wilkesbarre that evening. Special trains have been secured. Copies of "Harvey's Speech" can be secured free at the TRIBUNE office. The ball of Division 19, A. O. H., was seriously interfered with on Friday evening by a steady downpour of rain. Notwithstanding this, the hall was well filled, and the affair was one of the best of its kind held here for some months past. best at lowest prices call at 131 For the Philadelphia clothing Clothing Store, Centre street, Freeland. The Weatherly Telegraph made its initial appearance on Thursday. It is E. B. published by Washburn and and bears marks of good workmanship a of knowledge newspaper-making. The new venture has the best wishes of the TRIBUNE. silver or gold will buy a suit at the Store, 131 worth $4.50 $7 in Centre street. Philadelphia Clothing His Royal Highness, the Duke of by Abruzzi, accompained several Italian noblemen and officials, passed up the Lehigh Valley Railroad yesterday on their to Niagara Falls. They will return to evening, way Philadelphia this o'clock. passing White Haven at 6 bed roaches buy For bugs, insect and destroyer moths, "Tebuoy," the best in the world. Sold at A. Oswald's. The Bloomsburg Banking Company, in one the oldest that of the country, payof part banking directors suspended institutions made ment on Friday. The a statement to the depositors that the bank is solvent and that all depositors will be paid 100 cents on the dollar. is nothing cheap about the Wear footwear except price. There Well their shoes. the can't be lower. Try was made morning to the An attempt burglarize residence early this of Peter at Centre and door was chosen as means Timony The rear Carbon the streets. by which they tried to gain an entrance, but it resisted their efforts. The door was badly damaged by the attempts to pry it open. The wheelmen of White Haven are on the determined having Creek road placed between in that place and Bear first-class condition. They have interested the White Haven Board of who appealed to the citifor zens Trade, subscriptions. have The is amount $100. needed to complete the repairs The Jeddo Literary Society rendered a programme in school last house pleasing evening. Several the recitations some vocal music were given in by the L, delivered an adGallagher good and style members. instructive Charles "Success in Life." The society Sunday evening, a dress meets on every and is in prosperous condition.

2. October 26, 1896 The Evening Herald Shenandoah, PA

Article from The Evening Herald, October 26, 1896

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The Bloomsburg Bank Suspends. The Bloomsburg Banking Company, one of the oldest banking institutions in this part of the state, suspended payment at the closing hour Thursday. The directors made a statement to the depositors that the bank is solvent and that all depositors will be paid 100 cents on the dollar.

3. October 29, 1896 The Columbian Bloomsburg, PA

Article from The Columbian, October 29, 1896

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VOL. 31 BLOOMSBURG BANKING CO. Last week Thursday morning at nine o'clock, a notice was posted on the door of the Blhomsburg Banking Company to the effect that as they were unable to realize on their assets they were compelled to close their doors, and that depositors would be paid in full. The day before there were rumors afloat that the bank was financially embarrassed, and some depositors who heard it drew their money out, but there was no general run. The embarrassment was caused by the fact that some large notes due at the bank were not paid, and when the other banks presented their exchanges and several large checks came in, there was not enough money to pay all, and so the only thing to do was to suspend. Money deposited after noon on that day has been refunded to the depositors. It is generally believed that the bank is perfectly solvent, and will be able to pay all their liabilities in full. In the next ninety days all their dis counts will come due, and if they are paid the bank will be able soon to pay out the money. If they are delayed in the collection of these notes, it will take a longer time for them to get matters adjusted.

4. January 14, 1897 The Columbian Bloomsburg, PA

Article from The Columbian, January 14, 1897

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COMPANY and of its Statement History Organization. of its Present Condition. The ComBanking Bloomsburg pany March, organized of An under articles now was Copartnership. office opened the by National occupied Farmers the while Bank present quarters being prepared. A. first John Funston and that dent, position continuedWas until when July 1889 succeeded S. to the who by served Kuhn, of in his time 1892. death November G. was then Freeze elected Col. J. the fills and still office. President, H. the Grotz from Cashier the until went organizational a of the hands Receiverank On the 23, 1896 October and were doors closed, statement put was up saying to on unable realize securities. to they 26 On were obliged application to the the for December of and Receiver, pointment The appointed. in bill was by made in the which "John Plaintiff a and the partner E creditor Shuman, for Banking Company, and Bloomsburg such and other as may parties becomPartners the the and BIRTH bill," G. B. defendants "John Freeze, K. J. B. D. F. Zarr, Conner. Sloan.Sharpless, and J.W. others Shuman, unknown, the Banking Bloomsburg The the court made following now "And 26th December the his came H. M. the also their by Chas. counsel the bill affidavit as being exhibited the as of that best their admissions the believe it insolvent, Partnership and that the would of ests and the Dartnership in the said thereof individual the be said a after appointment ordered the consideration That is ing insolventsburg Company B. F. is Zarr, Second, Esq., of the Receiver Property, things receipts, earnings, of the said honorable and as the ship, Bank. knowneries the ing Power, of and duties Company, like and with cases, and Particularising power right ate and turn Possession, the of said assets up and wind business to terminate and from time this of these the and performance sum dutiescourt his money in his for to the hands of said distribution creditors to the give Dartnership Receiver H with Clark, $50.000, B. Herring, and Krickbaum.com Connerate Sharpless are who sufficient approved good. The officers of members, said directors, of the Partnership upon forthwith giving give said bond, passesReceiver of or sion the property said and no with thenceforth file That Fourinterfere 30 to the respondents answer and furnish complainwithin all the of said members of the time ship from the with date together of the their time of the becoming members, held number and purchaser Purchasers any stock of had That rifth, service bill all the so upon members ed as do not who join be said to and bill, they required as well the same, now defendants named. On on 28th, the the court appointed and to an make praisers of the inventory on assets 7th the 1897, the the has to those mounting to believed to worthless

5. January 28, 1897 The Columbian Bloomsburg, PA

Article from The Columbian, January 28, 1897

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COURT PROCEEDINGS. A short session of court was held on Monday, with Judge Ikeler and associates Millard and Fox on the bench. Silas J. Benjamin & S. I. Shortess. Rule to show cause why lien should not be stricken off the list and to set aside service of Sci. Fa. Papers given to the Court. In the matter of the Bloomsburg Banking Company, Mr. Freeze asks the Court to extend the time etc., for the Receiver to file his answer and furnish a list of stockholders for thirty days. In re-estate of minor children of John S. Kline, deceased, late of Benton township. Petition to have guardian H. H. Hulme enter into security, etc. Rule granted, returnable second return day of February Court. John W. Frantz vs. Ellen Shoemaker. Rule to show cause why judgment should not be stricken off. Estate of Andrew Solleder. Exceptions to report of Auditor. Est. of Jonas Doty, dec'd. Rule to show cause why execution shall not issue. Papers submitted to Court.

6. March 4, 1897 The Columbian Bloomsburg, PA

Article from The Columbian, March 4, 1897

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In the Court of ComIn the matter of the mon Pleas of the counReceiver of the Bloomsty of Columbia. burg Banking Co. In Equity. No. 3, Feb. T., 1897. Now March 1, 1897, B. F. Zarr, the Receiver appointed by said Court, having this day presented in Court his first account and report as such receiver :-It is ordered that said account and report be filed, and that notice of the filing be given by the Prothonotary for three weeks by advertisement in the COLUMBIAN and the Republican: and that a distribution statement be made under the direction of the receiver, showing the pro rata application of the balance of moneys shown by said account and report to the creditors of the Bloomsburg Banking Company, which distribu: ion statement shall be filed in the office of the Prothonotary on or before the 29th day of March, 1897: and unless exceptions be filed to said account and report before the first Monday of April, 1897, the said account and report will be confirmed by the Court: and also unless exceptions be filed to said distrubution statement before the first Monday of April, 1897. the same will be confirmed, and decree made by the Court for the payment of the moneys in accordance therewith. Advertisement to be by publication of this BY THE COURT. order. Certified from the records this 3rd day of W. H. HENRIE, March, 1897. Prothonotary. 3-1-3t.

7. March 11, 1897 The Columbian Bloomsburg, PA

Article from The Columbian, March 11, 1897

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RECEIVER'S ACCOUNT. In the Court of ComIn the matter of the mon Pleas of the counReceiver of the Bloomsty of Columbia. I burg Banking Co. In Equity. No. 3, Feb. T., 1897. Now March 1, 1897, B. F. Zarr, the Receiver appointed by said Court, having this day presented in Court his first account and report as such receiver :-It is ordered that said account and report be filed, and that notice of the filing be given by the Prothonotary for three weeks by advertisement in the COLUMBIAN and the Republican; and that a distribution statement be made under the direction of the receiver, showing the pro rata application of the balance of moneys shown by said account and report to the creditors of the Bloomsburg Banking Company, which distribution statement shall be filed in the office of the Prothonotary on or before the 29th day of March, 1897: and unless exceptions be filed to said account and report before the first Monday of April, 1897, the said account and report will be confirmed by the Court: and also unless exceptions be filed to said distrubution statement before the first Monday of April, 1897. the same will be confirmed, and decree made by the Court for the payment of the moneys in accordance therewith. Advertisement to be by publication of this BY THE COURT. order. Certified from the records this 3rd day of W. H. HENRIE, March, 1897. 3-4-3t. Prothonotary.

8. March 18, 1897 The Columbian Bloomsburg, PA

Article from The Columbian, March 18, 1897

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RECEIVER'S ACCOUNT. In the Court of ComIn the matter of the mon Pleas of the counReceiver of the Bloomsty of columbia. | burg Banking Co. In Equity. No. 3, Feb. T., 1897. Now March 1, 1897, B. F. Zarr, the Receiver appointed by said Court, having this day presented in Court his first account and report as such receiver :-It is ordered that said account and report be filed, and that notice of the filing be given by the Prothonotary for three weeks by advertisement in the COLUMBIAN and the Republican; and that a distribution statement be made under the direction of the receiver, showing the pro rata application of the balance of moneys shown by said account and report to the creditors of the Bloomsburg Banking Company, which distribution statement shall be filed in the office of the Prothonotary on or before the 29th day of March, 1897: and unless exceptions be filed to said account and report before the first Monday of April, 1897, the said account and report will be confirmed by the Court: and also unless exceptions be filed to said distrubution statement before the first Monday of April, 1897. the same will be confirmed, and decree made by the Court for the payment of the moneys in accordance therewith. Advertisement to be by publication of this BY THE COURT. order. Certified from the records this 3rd day of W. H. HENRIE, March, 1897. Prothonotary. 3-4-3t.

9. March 25, 1897 The Columbian Bloomsburg, PA

Article from The Columbian, March 25, 1897

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the Court or ComIn the matter of the mon Pleas of the counReceiver of the Bloomsty of Columbia. burg Banking Co. In Equity. No. 3, Feb. T., 1897. Now March 1, 1897, B. F. Zarr, the Receiver appointed by said Court, having this day presented in Court his first account and report as such receiver: is ordered that said account and report be filed, and that notice of the filing be given by the Prothonotary for three weeks by advertisement in the COLUMBIAN and the Republican; and that a distribution statement be made under the direction- of the receiver, showing the pro rata application of the balance of moneys shown by said account and report to the creditors of the Bloomsburg Banking Comp pany. which distribut ion statement shall be filed in the office of the Prothonotary on or betore the 29th day of March, 1897: and unless exceptions be filed to said account and report before the first Monday of April, 1897, the said account and report will be confirmed by the Court: and also unless exceptions be filed to said distrubution statement before the first Monday of April, 1897. the same will be confirmed, and decree made by the Court for the payment of the moneys in accordance therewith. Advertisement to be by publication of this BY THE COURT. order. Certified from the records this 3rd day of March, 1897. W. H. HENRIE, 8-1-3t. Prothonotary.

10. April 1, 1897 The Columbian Bloomsburg, PA

Article from The Columbian, April 1, 1897

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Banking Company Distribution. B. F. Zarr Esq. receiver of the Bloomsburg Banking Company, filed a distribution account on March 29th, by which the depositors will receive 25 per cent of their deposits on first distribution. If no exceptions are filed by next Monday, the account will be confirmed, and the court will order the money to be paid out.

11. April 1, 1897 The Columbian Bloomsburg, PA

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RECEIVER'S ACCOUNT. In the Court of ComIn the matter of the mon Pleas of the counReceiver of the Bloomsty of Columbia. | burg Banking Co. In Equity. No. 3, Feb. T., 1897. Now March 1, 1897, B. F. Zarr, the Receiver appointed by said Court, having this day presented in Court his first account and report as such receiver :-It is ordered that said account and report be filed, and that notice of the filing be given by the Prothonotary for three weeks by advertisement in the COLUMBIAN and the Republican; and that a distribution statement be made under the direction of the receiver, showing the pro rata application of the balance of moneys shown by said account and report to the creditors of the Bloomsburg Banking Company. which distribution statement shall be filed in the office of the Prothonotary on or before the 29th day of March, 1897: and unless exceptions be filed to said account and report before the first Monday of April, 1897, the said account and report will be confirmed by the Court: and also unless exceptions be filed to said distrubution statement before the first Monday of April, 1897. the same will be confirmed, and decree made by the Court for the payment of the moneys in accordance therewith. Advertisement to be by publication of this BY THE COURT. order. Certified from the records this 3rd day of W. H. HENRIE, March, 1897. Prothonotary. 3-1-3t.

12. April 8, 1897 The Columbian Bloomsburg, PA

Article from The Columbian, April 8, 1897

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BLOOMSBURG BANKING COMPANY. Several sets of exceptions have been filed to the statement of distribution of money among the creditors of the Bloomsburg Banking Company as filed by B. F. Zarr Esq., receiver, in compliance with the order of the court. The exceptions raise questions that it will take time to decide, and there will therefore be no distribution until they are disposed of by the court. The principal point raised is that of liability of stock holders. It is claimed that the money now in the receiver's hands should be applied to the payment of the debts of the present partnership, and that it cannot be applied to the payment of depositors whose money was deposited prior to the date of the partnership as at present constituted. S If this position be correct, then the depositor's must ascertain who the y partners were at the time of their deIs posits, and look to them for the payment of their claims. We understand r a list is in course of preparation which will show the names of all stock holders and the time during which they held stock in the concern. This n list will be filed in court.

13. September 9, 1897 The Columbian Bloomsburg, PA

Article from The Columbian, September 9, 1897

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B. F. Zarr, receiver of the Bloomsburg Banking Company, began paying out to depositors on Monday. Fifty cents on a dollar was paid. It is expected that another payment will be made soun.