18560. Clearfield Bank (Clearfield, PA)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 26, 1890
Location: Clearfield, Pennsylvania (41.021, -78.439)

Metadata

Model: gpt-5-mini
Short Digest: 430ab0b9

Response Measures

None

Description

The Clearfield Bank is reported to have suspended in Dec 1890 (articles 1-2). By Oct 1891 the bank was in the hands of the bank examiner, receivership actions were taken for nearby Houtzdale, depositors clamored, and President Dill was arrested on embezzlement charges. This indicates an initial suspension followed by permanent failure/receivership/closure. I list two events: the Dec 26, 1890 suspension notice and the Oct 1891 suspension/receivership leading to closure tied to embezzlement. Bank type not explicitly stated in the articles; left as unknown.

Events (3)

1. December 26, 1890 Suspension

Cause Details: Contemporary brief reports only state the bank 'has suspended' on Dec 26, 1890; no immediate cause given in those notices.
Newspaper Excerpt: THE Clearfield (Pa.) Bank has suspended.
Source: newspapers

2. October 1, 1891 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Investigation uncovered irregular accounts and alleged embezzlement by President William H. (or W.) Dill; bank examiner took possession amid depositor unrest.
Newspaper Excerpt: The excitement over the suspensions of the the Clearfield and Houtzdale banks continues... Bank Examiner Miller took possession of the Clearfield bank.
Source: newspapers

3. October 2, 1891 Receivership

Newspaper Excerpt: CHARGED WITH EMBEZZLEMENT. President Dill of the Clearfield Bank Again Arrested. ... President Dill of the defunct Houtzdale and Clearfield Banks was arrested again to-night ... on a warrant ... charging him with the embezzlement of $85,000. ... Receivers Byers and Dickey of the Houtzdale Bank, were allowed to go quietly on with their work of investigating the books of the bank, when they stumbled on accounts and entries which caused the arrest. (multiple articles Oct 2-3, 1891).
Source: newspapers

Newspaper Articles (11)

1. December 26, 1890 The Iola Register Iola, KS

Article from The Iola Register, December 26, 1890

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THE EAST. MRS. SENECA FELL, aged 65, and her granddaughter were asphyxiated by coal gas in Philadelphia. MAJOR-GENERAL TERRY, U. S. A., retired, died at his residence in New Haven, Conn., on the 16th. NEW YORK was visited by a terrible storm and rainfall on the 17th. Reports from Pennsylvania, Virginia and Maryland told of heavy snows and wind, causing much suffering and damage to property. THE Lehigh Valley Coal Company has resumed operations at all their collieries, which have been closed for some time past. This will cause the employment of many thousands of persons. FOUR Hungarian miners were killed by a fall of coal in the mines near Hazelton, Pa. They were unmarried. THE Clearfield (Pa.) Bank has suspended. CURRY & SON's large shoe factory, Haverhill, Mass, has been destroyed by fire. Loss, $50,000. THE miners about Altoona, Pa., have decided to demand increase in wages January 1. THE Orr dry goods house at Wilkesbarre, Pa., has failed. THE miners' convention at Altoona, Pa, announced that they would immediately demand an advance of five cents per ton on all coal mined in Central Pennsylvania. Sixteen thousand men may be affected.

2. December 26, 1890 The Red Cloud Chief Red Cloud, NE

Article from The Red Cloud Chief, December 26, 1890

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MISCELLANEOUS. IT was reported at Rapid City, Dak., on the 16th that hostile Indians had attacked the Sixth cavalry. killing two officers and fifty men. The Indians were repulsed with heavy loss. A SCRIMMAGE occurred at Ballynakill, Ireland. on the 16th, between factions led by Parnell and Dav.tt. Many priests took an active part. Both leaders and several others were hurt. THE Huron National Bank, of Huron, S. D, bas suspended. THE pension agents at Washington have organized for a determined effort to defeat Representative Dockery's amendment to the pension appropriation bill decreasing their fees from $10 to $2 in increase cases. THE Ohio steamboat, of the Memphis & Cincinnati Packet Company. was sunk by a snag 130 miles above Memphis, Tenn. THE Chicago World's Fair directors have accepted the ordinance of the city council appropriating $5,000,000 in bonds for the Fair. TWELVE bundred miners at Rock Springs, Wyo, have struck because the Union Pacific Company notified them that it proposed to pay hereafter by the day. FOUR Hungarian miners were killed by a fall of coal in the mines near Hazelton, Pa. They were unmarried. MRS. SENECA FELL, aged 65, and ber granddaughter were asphyxiated by coal gas in Philadelphia. THIRTY dozen American quail have been shipped from Chicago to Shanghai, China, to Americans, who propose to propogate the species there. AT Haurnou, in Hainault, Belgium, while a cage loaded with workmen was descending into a mine the rope snapped, precipitating the cage to the bottom of the colliery. Eighteen miners were killed. THE Clearfield (Pa) Bank has suspended. THE Union Pacific directors have ordered the suspension of work on the new line from Portland, Ore, to Seattle, Wash. THE Lehigh Valley Coal Company has resumed operations at all their collieries, which have been closed for some time past. This will cause theemployment of many thousands of persons. The private banking house of S. A. Kean & Co., Chicago, bas suspended. Deposits amounted to $600.000.

3. October 2, 1891 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, October 2, 1891

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EXCITED DEPOSITORS Making It Warm for the Officials of the Two Defunct Banks. HOUTZDALE, PA., Oct. 1.-The excitement over the suspension of the Clearfield and Houtzdale Banks continues. When depositors were informed they were likely to receive less than 50 per cent of their money, the lower classes formed in squads and shouted execrationa and threats against the officers that would have cortainly been put in execution had they been found. A large delegation of Houtzdale citizens called on President Dill at Clearfield to-night and demanded and plead with him that he make some satisfactory statement. They pointed out that the two towns were actually threatened with financial ruin and other disasters in the future from private individuals were to be feared, unless he made some sort of statement showing what he could and would do in paying the vast army of depositors in the two banks. To all these pleadings, President Dill returned the answer, that he was all right and the banks were all right, and if the depositors stood by him they would be all right. This afternoon Judge Krebs appointed George W. Dickey and John Beyer receivers of the Houtzdale Bank, and they now have charge of that institution. Bank Examiner Miller took possession of the Clearfield bank. At the time of the suspension the Houtzdale bank had deposits of $200,000, but there was less than $60,000 in the vaults. This afternoon and to-night affairs became alarming, the financial cloud becoming darker every hour with every new development. Men and women clamored at the doors in vain, the tide and pressure before the doors becoming 80 great that a strong guard of policemen was finally placed there and ordered to beat the howling depositors back with their clubs, as it was feared the bank would be demolished and looted. President Dill and Cashier McGrath were arrested to-night upon the petition of one of the depositors and gave bail in the sum of $2,000.

4. October 2, 1891 Deseret Evening News Salt Lake City, UT

Article from Deseret Evening News, October 2, 1891

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Depositors Threaten the Officers of the Clearfield and Houtzdale Banks. HUNS AND SLAVS GROW FRANTIC. Dill Removes a Great Deal of Money, Pretending That the Vault $1 By Telegraph to the NEWS.I 'SHNVO GALL The Excitement Over Their Suspen. sion Continues. HOUTZDALF, Pa., Oct. - 1.- The ex. citement over the suspensions of the the Clearfield and Houtzdale banks continues. When the depositors were informed that they were likely to receive less than 50 per cent. of their money the lower classes formed in puw should pen spenbs threats against the officers, that would R certainly have been put in execution 0 had the latter been found. A large delegation of Houtzdale citizens called on President Dill at Clearfield tonight and demanded and pleaded with him that he make some satisfactory statement. They pointed out that the two towns were actually threatened with financial ruin, and 3 other disasters in future from private . individuals were to be feared unless he D made some sort of a statement, show. : ing what he could and would do in P paying the vastarmy of depositors even *I of the two banks. To all these plead" ings President Dill returned the an. *4 swer that he was all right and the -1 banks were all right, and if the depos. itors stood by him they would be all right. p This afternoon receivers for the Houtzdale Bank were appointed, and they are now in charge. Bank Examiner Miller took possession of the 'I Clearfield Bank. At the time of the is suspension the Houtzdate Bank had : deposits of $200,000, but there was less : than $61,000 in the vaults. This afteru noon and tonight affairs have become at alarming. Men and women clamored 'I at the doors in valn, the tide and presB( sure before the doors becoming 80 great that a strong guard of policemen was finally placed there and ordered to beat

5. October 3, 1891 The Record-Union Sacramento, CA

Article from The Record-Union, October 3, 1891

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CHARGED WITH EMBEZZLEMENT. President Dill of the Clearfield Bank Again Arrested. CLEARFIELD (Pa.), Oct. 2.-President Dill of the defunct Houtzdale and Clearfield Banks was arrested again to-night, making the third time to-day. The last arrest was made on a warrant sworn out in Houtzdale charging him with the embezzlement of $85,000. He secured bail for the other charges, but has not been able to secure another dollar of bail, and is now at his home closely guarded by officers. It is believed that he will go to jail some time to-night, but the officers say they will try and keep him in the house until the arrival of United States District Attorney Lyon and United States Marshal Barrah to-morrow morning. When the news spread that Mr. Dill was arrested the trouble with depositors broke out anow. and the excitem ent tonight is almost as great as when the banks first failed. It was generally thought that no arrests would be made, at least till later on, and the Bank Examiner, who is in charge of the Clearfield Bank, and Receivers Byers and Dickey of the Houtzdale Bank, were allowed to go quietly on with their work of investigating tire books of the bank, when they stumbled on accounts and entries which caused their arrest. The Huns and Slavs are wild over their losses, and to-night the late President was burned in effigy.

6. October 3, 1891 The Morning Call San Francisco, CA

Article from The Morning Call, October 3, 1891

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THREE TIMES ARRESTED. President Dill of the Clearfield Bank Again in Custody. CLEARFIELD (Pa.), Oct. 2.-President Dill of the defunct Houtzdale and Clearfield banks was arrested again to-night, making the third time to-day. The last arrest was made on a warrant sworn out in Houtzdale charging him with the embezzlement of $85,000. He secured bail for the other charges, but has not been able to secure another dollar bail and is now at his home closely guarded by officers. It is believed he will go to jall some time to-night, but the officers say they will try and keep him in the house until the arrival of United States District Attorney Lyon and United States Marshal Barrah to-morrow morning. When the news spread that Mr. Dill was arrested troubla with depositors broke out anew, and the excitement to-night was almost as great as when the banks first failed. It was generally thought no arrests would be made-at least till later on, and the Bank Examiner, who is in charge of the Clearfield Bank, and Receivers Byers and Dickey of Houtzdale were allowed to go quietly on with their work of investigating the books of the bank, when they stumbled on accounts and entries which caused the arrest. The Huns and Slavs are still wild over their losses, and to-night the late President was burned in effigy. Gunpowder was first made by a monk at Cologne in 1330.

7. October 4, 1891 Wheeling Sunday Register Wheeling, WV

Article from Wheeling Sunday Register, October 4, 1891

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THE THIRD TIME. Clearfield's Bank President ArrestedCan't Get Bond. PITTSBURG, PA., October 3.-A Clearfield, Pa., Trl-State News Bureau special says: President Dill, of the defunct Houtzdale and Clearfield Banks was arrested again to-night, making the third time to-day. The last arrest was made on a warrant sworn out In Houtzdale charging him with embezzling $85,000. He had just secured ball for the other charges and the new suit created a panic among the bondsmen. He has not yet been able to secure another dollar of bail, and he is now at his home closely guarded by officers, two deputies being sent there this evening. It is believed he will go to jail some time to-night, but officers say they will try and keep him in his own house until the arrival of U. S. District Attorney Lyon and U. S. Marshal Darrah, both of Pittsburg, who have been telegraphed for and will arrive here to-morrow morning. When the news spread that Dill was to be arrested, the trouble with depositors broke out anew and the excitement to-night is almost as great as when the banks first failed. It was generally thought that no arrests would be made at least until later on, and Bank Examiner Miller, in charge of the Clearfield bank, and Receivers Byers and Dickey, of Houtzdale, were allowed to go quietly on with their work investigating the books of the bank, when they stumbled on entries which caused the arrest. The Huns and Siavs are still wild over their Lysses, and to-night the late President was burned in effigy.

8. October 6, 1891 Deseret Evening News Salt Lake City, UT

Article from Deseret Evening News, October 6, 1891

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since the Clearfield Bank closed and the Houtzdale Bank failed, the Phillipsburg Institution has experienced an unprecedented run. The miners and their friends first took alarm from the reports from Houtzdale, and began an open onalaught on the local bank, gathering there in a line and steadily drawing deposits of $500 and $1000 without R word of comment on either side. The bank stood the pressure easily and paid out thousands within the last three banking days; then the heavy depositors took fright, and the result was the announcement today. The president of the bank is Jonathan Boynton, father-in-law of President Dill of the Houtzdale and Clearfield banks.

9. October 6, 1891 The Sun New York, NY

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4 THIRD BANK GOES DOWN. The Phillipsburg Bank Swept Under by the Clearfield and Houtzdale Failures. PHILLIPSBURG, Pa., Oct. 5.-This community was greatly excited to-day by the following announcement which was posted on the doors of the Phillipsburg Bank, supposed to be one of the strongest private institutions in this part of the State: Oct. 5, 1891. The continued demand of our depositors is greater than we can meet at once. We deem it best for all their interests to suspend payment and liquidate our affairs. We firmly believe we can pay every depositor in full. 20 PERRY JONES, Cashier. Ever since the Clearfield Bank closed and the Houtzdale Bank failed the Phillipsburg institution has experienced an unprecedented run. The miners and their friends became alarmed and began a run. steadily withdrawing their deposits of $500 to $1,000. and many thousands of dollars were thus paid out during the last three days. Then the heavy depositors took fright. and began a quiet checking of their balances, which resulted in the announcement to-day. The officers of the bank had feared a run today and made every preparation for the worst. but with every check paid out there seemed to be two more coming in and they decided to no longer attempt to stem the current. On Saturday confidence was somewhat restored by the gold and currency visible on the counters. At the last moment two heavy checks from lumber and coal mining firms overthrew the balance, and a hasty meeting of bank officials was called for 8 o'clock this morning. At 9 o'clock the notice was posted. The secret of the closing lies in the fact that Jonathan Boynton of Clearfield is President of the bank. Boynton is the father-in-law of President Dill of the Clearfield and Houtzdale banks, now in jail. The statement has been made here and in Clearfield that Mr. Boynton. only a few days ago, had drawn out $20,000, which he loaned to his son-in-law to assist him in his troubles, and this, with rumors that Dill had previously borrowed enormous sums from Mr. Boynton, caused a feeling of uneasiness. The effect of closing the Phillipsburg Bank can hardly be estimated. This city lies close to Houtzdale, while Clearfield is not far away, and as all depend for their prosperity largely upon mining and lumber. the panic cannot be fully measured. It is feared that many individuals will go down in the crash that seems imminent here. Cashier Jones made a statement to-day that every dollar would be paid in full as soon as the bank had time to negotiate the collateral security it has on hand, He also said that President Boynton only owned $10,000 worth of stock in the bank. and that he was merely a figurehead. President Boynton has not spent a week in the bank for the last five years. New York and Chicago Limited. via New York Cen-

10. October 9, 1891 The Columbian Bloomsburg, PA

Article from The Columbian, October 9, 1891

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A THIRD BANK GOES DOWN. Phillipsburg Bank Swept Under By Clearfield and Hontzdale Failures. PHILLIPSBURG, Pa., Oct. 6.-This community was greatly excited to-day by the following announcement which was posted on the doors of the Phillipsburg Bank, supposed to be the one of the strongest private institutions in this part of the State: OCT. 5, 1891. The continued demand of our depositors is greater than we can meet at once. We deem It best for all their interests to suspend payment and liquidate our affairs. We firmly believe we can pay every depositor in full. O. PERRY JONES, Cashier. Ever since the Clearfield Bank closed and the Houtzdale Bank failed the Phillipsburg institution has experienced an unprecedented run. The miners and their friends became alarmed and began a run, steadily withdrawing their deposits of $500 to $1,000, and many thousands of dollars were thus paid out during the last three days. Then the heavy deposttors took fright and began a quiet checking of their balances, which resulted in the announcement to-day. The effect of closing the Phillipsburg Bank can hardly be estimated. This city lies close to Houtzdale, while Clearfield is not far away, and as all depend for their prosperity largely upon mining and lumber, the panic cannot be fully measured. It is feared that many individuals will go down in the crash that seems imminent here.

11. May 12, 1892 Eagle River Review Eagle River, WI

Article from Eagle River Review, May 12, 1892

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sisting of clearing the route for gradin has been begun at the western end, FIVE-SIXTHS of the cabmen of Vien: are on a strike. THE ratifications of the Behring S arbitration agreement were exchange between the governments of Englar and the United States. THE crop failure fiend has begun 1 work for the season. A report com from San Francisco that the rece frosts have reduced the grape crop nea ly one-half. NEW YORK'S Actors' Fund Fair, Madison Square Garden, was one of tl biggest undertakings of the kind f years, and closed on the 7th with es mated receipts of $175,000. THE United States grand jury at Pit burg found indictments against Willia H. Dill, president of the Clearfield Ban for embezzlement in connection wi the collapse of the bank. A HICKORY clubcovered with gore, ai the body of a man dead from a fracture skull, were found in a St. Paul freig car when it reached Chicago. There no clue to the identity of either. TI man was about 30 years old. THE post-office at White Plains, N. y was robbed of stamps, cash and regi tered letters to an unknown value I burglars who blew open the safe. THEEE big fights will take place New Orleans on three successive da in September. Fitzsimmons an Pritchard will scrap on the 5th, M Auliffe and Myer on the 6th, and Sull van and Corbett on the 7th. THE latest English railway sensati has "stoped out." A dressmaker N found beside the track in a disorga ized condition, and told a story of ha ing been outraged in a closed compai ment and thrown out the window by : unknown man. After stirring up tl civilized world with her narrative sl has changed her mind and decided th there was no outrage, and that the tur ble from the, train was entirely volu tary on her part. ICEMAN PALRICK O'SULLIVAN, whos name is familiar through his connecti with the Cronin murder case at Chic go, died at Joliet penitentiary on t. 5th inst. WITH a revolver did the head of t] banking Louse of Hammerstein, Be lin, blow out his brains. HALSTEAD WATROUS, of New Yor used a razor to bring to a violent er his career as a broker. AT Little Rock, Ark., on the 6th, ts colored men expiated the crime murder in the legal form. PROF. AUGUST WILHELM HOFFMAN, tl distinguished German chemist, is dea THE price of salt is now down to cents a barrel at Chicago, as the rest of a recent cut. PRESIDENT ADAMS, of Cornell Unive sity, has resigned. The cause assigne is "seemingly irreconcilable differenc of opinion regarding matters of admi istration." LANCASTOR COUNTY, Pa., had a jost with a small earthquake on the mornit of the 6th inst. AT Barre, Vt., 1,000 stone cutters we on a strike on the 5th inst. ST. MICHAEL'S Roman Cathol Church, New York, is not as handson as it was. Fire on the 5th injured tl building to the extent of $50,000. Two lumbermen got on a South Sho & Atlantic train, and refused to put 1 for the ride. Near Michigamme, Micl Conductor Gibson ejected them, who they began to shoot. A brass butte deflected one of the bullets, saving tl conductor's life, and he returned t compliment, tied the men up with rope, and turaed them over to the a thorities. CHINESE government circles are : torn up over the anti-foreign agitatio and have ordered the arrest of Tao Chouhan, the leading spirit. The vio roy of Wuchaug, province of Hoop-1 is charged with the duty of rounding the obnoxious individual. A CHICAGO saloonkeeper named Jol Hoppe was found dead in his place business, on Canalport Avenue. I big b