18736. National Bank of South Pennsylvania (Hyndman, PA)

View Charter #4063 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
4063
Charter Number
4063
Start Date
December 16, 1902
Location
Hyndman, Pennsylvania (39.823, -78.718)

Metadata

Model
gpt-5-mini
Short Digest
51b4ebb1

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1902-12-16
Date receivership terminated
1903-07-16
OCC cause of failure
Fraud
Share of assets assessed as good
42.1%
Share of assets assessed as doubtful
21.2%
Share of assets assessed as worthless
36.7%

Description

Comptroller of the Currency closed the National Bank of South Pennsylvania at Hyndman on Dec 16, 1902 and appointed a receiver. Multiple articles attribute failure to heavy/too liberal loans to officers and directors. No run or depositor panic is mentioned; the bank was placed in receivership and did not reopen.

Events (4)
1. July 2, 1889 Chartered
Source
historical_nic
2. December 16, 1902 Receivership
Source
historical_nic
3. December 16, 1902 Receivership
Newspaper Excerpt
Walter R. Mason, bank examiner, has been appointed temporary receiver (or receiver) for the National Bank of South Pennsylvania at Hyndman, Pa.
Source
newspapers
4. December 16, 1902 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Failure due to losses sustained through large/too liberal loans made to officers and directors; quarrel among directors contributed to inability to arrange affairs.
Newspaper Excerpt
Comptroller of the Currency Ridgely has closed the National Bank of South Pennsylvania at Hyndman, Pa., and has appointed Walter R. Mason, bank examiner, as receiver.
Source
newspapers

Newspaper Articles (12)
1. December 16, 1902 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, December 16, 1902

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Article Text

LOANED THEMSELVES CASH Bank Officials Send Institution Into Receiver's Hands. Washington, Dec. 16.-Comptroller of the Currency Ridgely has closed the National bank of South Pennsylvania at Hindman, Pa., and has appointed Walter R. Mason, bank examiner, as receiver. The last report of the condition of the bank showed that its deposits were $40,432. Its capital stock was $50,000 and it had a surplus and undivided profits of $10,016. The failure of the bank was due to losses sustained through large loans made to officers and directors. A controversy has existed between the stockholders several weeks and an attempt was made to arrange the affairs of the bank and prevent a receivership. Owing to the impossibility of any agreement being reached the comptroller today appointed a receiver at the request of the large stockholders.

2. December 16, 1902 Santa Fe New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe New Mexican, December 16, 1902

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Article Text

LOANS TO OFFICERS AND DIRECTORS The National Bank of South Pennsylvania at Hyndman Had a Capital Stock of $50,000 and Deposits of $40,000 WAS CLOSED BY THE GOVERNMENT THIS MORNING Washington, Dec. 16.-Comptroller of the Currency Ridgley has closed the Natonal Bank of South Pennsylvania at Hyndman, Pa., and has. appointed Walter R. Mason, bank examiner, as receiver. The last report of the condition of the bank showed that its deposits were $40,432. It is capitalized at $50,000, and it had a surplus and undivided profits of $10,016. The failure was due to losses sustained through large loans made to officers and directors.

3. December 16, 1902 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, December 16, 1902

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Article Text

Lansburgh & Bro., 420 to 426 Seventh Street, WASHINGTON, D. C. TELEGRAPHIC BREVITIES. While riding in a belt line car on Trement, near Cabot street, Roxbury, Mass., last evening, the Rev. Dr. J. W. Stifter, of Chester, Pa., was stricken by apoplexy and died. The National Bank of South Pennsylvania at Hyndman, Pa., was closed today. Walter A. Mason, has been appointed temporary receiver. The failure of the bank was due to losses sustained through large loans made to officers and directors. Two express messengers are supposed to have been killed in the wreck of south bound Limited Express near Moundville Ala., today on the Great Southern Railroad. A rail had been removed near a trestle. No passengers are reported killed. The train was bound from Cincinnati to New Orleans. Reports this morning say that Cornelius Vanderbilt, ill with typhoid fever in New York, is very weak. No hurry calls were sent for doctors, however, and this is taken as an encouraging sign. Kaiser Wilhelm, through Ambassador von Holleben, inquired as to Mr. Vanderbilt's condition Monday. Mrs. W. A. Clark, who two weeks ago gave birth to a son, to whom will fall $1,000,000 offered by Senator Clark for the first male child born to his sons or daughters, is critically ill of blood poisoning, at Butte, Mont.

4. December 16, 1902 Evening Star Washington, DC
Article from Evening Star, December 16, 1902

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Article Text

NATIONAL BANK CLOSED. Receiver Put in Charge of Institution, at Hyndman, Pa. Controller of the Currency Ridgely has closed the National Bank of South Pennsylvania at Hyndman, Pa., and has appointed Walter R. Mason, bank examinery as receiver. The report of condition of the bank at the close of business November 25, 1902, shows its resources and liabilities on that date as follows: Resources-Loans and discounts, $53,410; bonds and interest on same, $13,700; stocks, securities, claims, etc., $17,040; due from national and other banks, $17,275; legal tender and specie, $8,544. Liabilities-Capital stock, $50,000; surplus and undivided profits, $10,016: circulating notes, $12,500; due to national and other banks, $3,058; deposits, $40,432. The failure of the bank was due to losses sustained through large loans made to officers and directors. A controversy has existed between the stockholders of the bank of several weeks' duration, and an attempt was made to arrange the affairs of the bank and prevent a receivership. Owing to che impossibility of any agreement being reached the controller today appointed a receiver at the request of the larger stock holders.

5. December 17, 1902 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, December 17, 1902

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Article Text

Capital Notes. Government receipts, Tuesday: From internal revenue, $464,985; customs, $915,045; miscellaneous, $181,824; expenditures, $1,259,000. It is understood that the President has decided to appoint Dr. W. D. Crum. the colored applicant, as collector of the port of Charleston. Comptroller of the Currency Ridgley, has closed the National Bank of South Pennsylvania, at Hyndman, Pa., and has appointed Walter R. Mason, bank examiner as receiver. General Tasker H. Bliss, who was sent to Havana, to aid Minister Squiers in drafting a reciprocity treaty between the United States and Cuba, reached Washington, Tuesday, and delivered to Sec. Hay the treaty signed in Havana, last week. It provides for a 20 per cent. reduction in the tariff charges on Cuban products entering the United and heavy reductions on American exports to Cuba. While the final arrangements for the obsequies of Mrs. Grant have not been made it is settled that the body will be placed by the side of that of her husband in the tomb at Riverside park, New York. The secretary of war has directed that all the army officers stationed in New York and vicinity shall attend the services at the tomb in full dress uniform. Secretary. Root and many other prominent officials will accompany the funeral party to New York and attend the services at the tomb. Representative McCall, Masachusetts. Tuesday, introduced in the House a resolution directing the secretary of state to inform the House concerning any understanding or agreement between the governments of Great Britain and Germany and the diplomatic officers of the United States or any assurances by these governments to the diplomatic officers of the United States as to the nature, extent or purpose of the joint demonstration of these governments against Venezuela and particularly with reference to the occupation of the territory of Venezuela. The resolution also asks that correspondence regarding this subject be transmitted to the House. Secretary Wilson, Tuesday, issued an order directing that all freight cars which have carried animals within the limits of Connecticut, Rhode Island and Massachusetts or Vermont, which have been quarantined on account of the outbreak of the foot and mouth disease. shall be cleaned and disinfected before leaving the state where loaded. The order also provides: "The the hides. skins, hair. horns or hoofs of ruminants or swine shall not be allowed to be taken out of either of the said quarantined states: provided that such articles. imported at any port in said states where an inspector of this department is stationed, may be forwarded under certificate of said inspector." An investigation into the advance in the freight rates on grain and grain products, dressed meats and provisions from the Mississippi river, Chicago, etc., to New York and Eastern points governed by the New York rate, was begun, Friday, by the interstate commerce commission. The testimony added to the profits of one road alone showed that $400,000 revenue would be by the contemplated increase. It was claimed that the advances were justi_ fied by the increased cost of operations. At the suggestion of counsel and officials of the roads represented, the commission decided to require the raile roads to file written statements by d Jan. 10 next. setting forth the reasons they rely on to justify the advance in r rates.

6. December 17, 1902 The St. Louis Republic Saint Louis, MO
Article from The St. Louis Republic, December 17, 1902

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Article Text

WASHINGTON. A receiver has been appointed for the National Bank of South Pennsylvania, at Hyndman, Pa. General Bliss has returned from Cuba with a reciprocity treaty granting Cuba 20 per cent reduction of tariff on her exports to the United States. Doctor Harran, the Colombian charge at Washington, predicts that a Panama Canal treaty will be ready to submit to Congress before Christmas. Senator Cochran introduced a bill authorizing the construction of a bridge across the Missouri River in St. Charles County, Missouri, and to make the same a post route. Senator Scott of West Virginia introduces a bill in limiting employes of the classified service, with the exception of railway mail clerks, to two terms of six years each. Allen V. Cockrell, Washington representative of the World's Fair, returns from Richmond, Va., where he secured the passage of $50,000 World's Fair appropriation bill. He says the State will have $100,000 available for her exhibit and will surpass all her previous efforts in this direction. The Supreme Court of the District of Columbia sustains the validity of the Chick. asaw Nation's tribal tax and the right of the Secretary of the Interior to collect the same.

7. December 17, 1902 The Savannah Morning News Savannah, GA
Article from The Savannah Morning News, December 17, 1902

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Article Text

NATIONAL BANK FAILS. Washington, Dec. 16.-Controller of the Currency Ridgely has closed the National Bank of South Pennsylvania at Hyndman. Pa., and has appointed Walter R. Mason. bank examiner, as receiver. The failure of the bank was due to losses sustained through large loans made to officers and directors. The capital stock of the bank was $50,000, and loans and discounts, $53,410. Deposits were $40,432.

8. December 17, 1902 The Sun New York, NY
Article from The Sun, December 17, 1902

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Article Text

Quarrel Causes Bank to Suspend. WASHINGTON, Dec. 16.-A quarrel among , he directors of the National Bank of South Pennsylvania at Hyndman has caused the failure of the institution. and it has passed into the hands of a temporary receiver by order of the Comptroller of the Currency. Walter A. Mason. national bank examiner. has been appointed temporary receiver.

9. December 18, 1902 The Daily Telegram Clarksburg, WV
Article from The Daily Telegram, December 18, 1902

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Article Text

Receiver Appointed for Bank. Washington, Dec. 17.-Comptroller of the Currency Ridgely has closed the National Bank of South Pennsyl. vania, at Hyndman, Pa., and has appointed Walter W. Mason, bank examiner. as receiver.

10. December 18, 1902 Missouri Valley Times Missouri Valley, IA
Article from Missouri Valley Times, December 18, 1902

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Article Text

NATIONAL BANK CLOSED Pennsylvania Institution Fails Through Too Liberal Loans. Washington, Dec. 16.-Controller: of the Currency Ridgely has closed the National Bank of South Pennsylvania at Hyndman, Pa., and has appointed Bank Examiner Jason as receiver. The bank is a small one and failure S due to losses sustained through large oans made by the officers and directDTS.

11. December 18, 1902 The Republican Oakland, MD
Article from The Republican, December 18, 1902

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Article Text

BANK AT HYNDMAN CLOSES ITS DOORS. Controller of Currency Places the Institution In Hands of a Receiver. W ASHINGTON, D.C., Dec. 19.-Controller of the Currency Ridgely has closed the National Ban's of South Pennsylvania at Hyndman, Pa., and has appointed Walter R. Mason, bank examiner, as receiver. The report of condition of the bank at the close of business November 25, 1902, shows its resources and liabilities on that date as follows: Resources-Loans and discounts, $53,410; bonds and interest on same, $13,700; stocks, securities, claims, etc., $17,040; due from national and other banks, $17,275; legal tender and specie, $8,544. Liabilities-Capital stock. $50,000; surplus and undivided profits, $10,016; circulating notes, $12,500; due to national and other banks, $3,085; deposits, $40,432. The failure of the bank was due to losses sustained through large loans to officers and directors. A controversy has existed between the stockholders of the bank of several weeks' duration, and an attempt was made to arrange the affairs of the bank and prevent a receivership. Owing to the impossibility of any agreement being reached the controller today appointed a receiver at the request of the larger stockholders.

12. December 24, 1902 The Daily Telegram Clarksburg, WV
Article from The Daily Telegram, December 24, 1902

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Article Text

Creditors Will Not Suffer Loss. Washington, Dec. 23.-The comptroller of the currency has received the report of the receiver of the National Bank of South Pennsylvania, at Hyndman, which was closed Dec. 16, 1902. The assets at the date of the suspension amounted to $101,317. The receiver estimates the doubtful and worthless bills receivable and other assets to be worth $11,500. The liabilities of the bank are reported as $43,030. From the report of the receiver It does not appear probable that the general creditors of the bank will suffer any loss, the late president J. J. Hoblitzell, having agreed to pay the face value of all claims proved against the bank, and thus become practically its only creditor.