Article Text
KITTANNING.-The comptroller of the currency has appointed Frank R. McCormick receiver for the First National bank of East Brady, which recently closed. William J. Robinson held the office temporarily.
18619. First National Bank (East Brady, PA)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- national
- Bank ID
- 5321
- Charter Number
- 5321
- Start Date
- May 1, 1908*
- Location
- East Brady, Pennsylvania (40.986, -79.613)
Metadata
- Model
- gpt-5-mini
- Short Digest
4d35dfe5
Response Measures
None
Receivership Details
- Depositor recovery rate
- 67.5%
- Date receivership started
- 1908-05-01
- Date receivership terminated
- 1916-10-31
- OCC cause of failure
- Fraud
- Share of assets assessed as good
- 52.5%
- Share of assets assessed as doubtful
- 31.6%
- Share of assets assessed as worthless
- 15.9%
Description
The bank closed in May 1908 and the Comptroller appointed a receiver; closure was due to malfeasance by the cashier (wrecked by its cashier). No article describes a depositor run prior to suspension. The 1910 article describes creditor dividend/distribution after receivership.
Events (5)
1.
May 2, 1900
Chartered
- Source
- historical_nic
2.
May 1, 1908
Receivership
- Source
- historical_nic
3.
May 1, 1908*
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Bank was 'wrecked by its cashier' (embezzlement or internal malfeasance).
- Newspaper Excerpt
- The comptroller of the currency has appointed Frank R. McCormick receiver for the First National bank of East Brady, which recently closed.
- Source
- newspapers
4.
May 28, 1908
Receivership
- Newspaper Excerpt
- The comptroller of the currency has appointed Frank R. McCormick receiver for the First National bank of East Brady, which recently closed.
- Source
- newspapers
5.
December 30, 1910
Other
- Newspaper Excerpt
- Creditors of the First National Bank of East Brady, Pa., which was wrecked by its cashier in May, 1908, are to receive a 10 per cent dividend... Sixty per cent of approved claims totaling $218,799 have now been paid.
- Source
- newspapers
Newspaper Articles (2)
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Article Text
WOM To A practical confirmation of dispatches om Manila regarding Japanese activy was given out at the War Departent today, following the arrival of becial report from Major General Duvall, when it was stated in diplomae language that "no certain informaon" of the importation of arms and xplosives was at hand. The stateent of the War Department was ollows: "A cablegram received today rom the headquartersof the Philippine ivision states that there is no indicaon of a wireless station set up in the hilippines without our authority, and o certain information that arms, nunition or explosives have been im'petro Four attorneys representing fifty adicted officials of the bathtub trust ought leniency for their clients in hange for pleas of guilty at the Deartment of Justice today only to learn hat the government, confident of ictions in every case intends to strain is efforts to send every erring official o jail. Edward T. Grosvenor one of he trust busting assistants of Attorney leneral Wickersham, intimated to the ttorneys that the government was ifferentwhether the defendants pleaded uilty or not, being confident that the esult will be the same in any case. "he trials of the officials are set anuary 4, when they must nswer to two indictments of ten counts ach. Four counts of each indictment harge conspiracy in violation of the nti-trust law; four charge combination n restraint of trade, and two charge nonoply. Each of these offenses unishable by a fine of $5,000 and naximum sentence of one year in jail. The government does not hope to ain maximum penalties in every case, ut it does expect to send every he indicted men, all of whom vealthy, to the penitentiary for at least welve months. The refusal of the gov. rnment to enter into any leniency ompact is in keeping with the recent tatement of Attorney General Wick rsham who when a Pittsburg court imosed fines of $10,000 on indicted lirectors of the window glass trust, leclared that fines alone meant little D u! that put offetals 18n.13 01 Support uture he would insist that jail sentence e added whenever possible. He ecently repeated this sentiment in ection with the coming trial ofthe athtub trust officials. Creditors of the First National Bank f East Brady, Pa., which was wrecked y its cashier in May, 1908, are to cive a 10 per cent dividened amount orders 04 accord 01 20 ued by the comptroller of the currency oday. Sixty per cent of proved claims staling $218,799 have now been paid. With the announcement today of the accessity for extensive additions to the erminal facilities of the Panama Raiload, owing to increased shipments rom San Francisco to New York be Isthmus of Panama, there was ealed a story of broken monopoly and he expansion of trade caused by own fall. The new phase of the sitution was disclosed in a report received y the Isthmian Canal Commission. ctober, 1910, the California and antic Steamship Company, a Califoria corporation, instituted a direct serice between San Francisco and Panma, Previously the situation ontrolled by the Pacific Mail Steamhip Company, which sent its vessels umerous other Pacific Central Amercan ports of call as well as to Panama. he Pacific mail is carried by the Hariman Railroad interests. With the pening of the new direct service, hich gave opportunity for direct shipnent to Panama, without the delay aused by stopping at other ports oute, by the California and Atlantic lompany, the Pacific Mail Company net their competition by duplicating he service. Though this was but three nonths ago, the freight business has Iready nearly doubled, and both lines ave all the traffic they can handle. nother effect of the improved service, ue to the breaking up of the monoply, is that goods may now be shipped rom San Francisco to New York via he isthmns and reach their destinaion quicker than freight sent all cross the continent. Orders providing for the working f a new arrangement by which the Javy Department is to dock and repair