19611. City National Bank (Williamsport, PA)

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
fcd88d98

Response Measures

Full suspension, Books examined

Other: Receiver appointed; later dividends paid to creditors; embezzlement and multiple deficiencies discovered.

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

Multiple articles (Apr 20, 1886) report a heavy run on the City National Bank of Williamsport followed by an order by U.S. bank examiner Hugh Young to close pending examination. Cause repeatedly cited is large defalcations/embezzlement (E. P. Dietrick and later discoveries including a $20,000–$50,000 shortage) plus heavy losses. A receiver was later appointed (C. A. Bowers, May 14, 1886) and the bank remained in receivership with dividends paid in 1887, indicating permanent closure rather than reopening.

Events (6)

1. March 17, 1874 Chartered
Source
historical_nic
2. April 20, 1886 Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals triggered by discovery of large defalcations/embezzlements (E. P. Dietrick) and recent heavy losses.
Measures
Bank examiner ordered the doors closed pending examination; suspension followed.
Newspaper Excerpt
A heavy run began yesterday on the City National Bank and was resumed this morning, when bank examiner Hugh Young ordered the doors closed.
Source
newspapers
3. April 20, 1886 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension ordered after discovery of substantial defalcations (initially reported ~$20,000; other reports mention up to $50,000) and additional heavy losses; examiner ordered closure pending examination.
Newspaper Excerpt
The City National Bank of Williamsport 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 ...
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: The total liabilities are $285,651 ... The liabilities exceed the assets by $51,000.
Source
newspapers
6. August 23, 1886 Other
Newspaper Excerpt
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. ... The City National Bank suspended some time ago and is now in the hands of a receiver.
Source
newspapers

Newspaper Articles (15)

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.


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.


Article from The Democratic Leader, April 21, 1886

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Suspension of a National Bank. WILLAIMSPORT, Pa., April 20.-The City National bank of Williamsport, closed its doors this morning. A statement was displayed on the door which said an examination of the affairs of the bank will be made and a statement of its condition published in a few days. The original cause is said to be a defalcation amounting to about $20 000, with a number of heavy losses. The stockholders are responsible persons and they say that depositors will be paid in full.


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.


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.


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.


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-


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


Article from Wessington Springs Herald, May 7, 1886

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DOMESTIC. THE grand jury in New York City on the 20th indicted thirteen men on the charge of boycotting and annoying Mrs. Gray, who keeps a bakery. MRS. DOLLINGER and her mother were burned to death ina prairie fire on the 20th J 'a 'suoA'I to SIXTY pupils in the South Boston (Mass.) public schools struck on the 20th for a single session, and stoned one of the teachers. LENA ROTH, a domestic, was burned to death at St. Louis on the 20th while trying to kindle a fire with kerosene oil. A DEPUTY SHERIFF at Little Rock, Ark., who was badly beaten by the strikers while guarding property of the Iron Mountain road, received Jay Gould's check for $500 on the 20th. DEFALCATIONS amounting to $20,000, together with a number of heavy losses, caused the suspension of the City National Bank at Williamsport, Pa., on the 20th. STAFFORD & SARGEANT, dealers in hides and leather at Boston, made an assignment on the 20th, owing $200,000. SHOTS were fired at sentries in the East St. Louis railway yards on the 20th. The soldiers returned the compliment, but it was not known that anybody was hurt. THE sentences of five Indian Territory murderers, to have been hanged in a few days, were on the 20th commuted to imprisonment for life. AN open switch wrecked a freight train near Harmarville, Pa., on the 20th, and three men were fatally injured. CHARLES R. CROCKER, the California millionaire, was probably fatally injured in New York City on the 20th by being thrown from his carriage. GREAT forest fires were prevailing on the 20th in the mountains near Tamaqua, Pa., and the air was dense with smoke. THE Secretary of the Treasury on the 20th issued a call for three per cent. bonds to the amount of $10,000,000, maturing T eune THE street-car strike in New York City came to an end on the 20th except on two branches of the Third Avenue line. THE village of East Lee, Mass, was inundated at six o'clock on the morning of the 20th by the giving away of a dam at Mountain lake. Eleven persons were drowned, and several factories were OM7 America ABOUT seventy-five furniture manufacturers of Chicago, employing four thousand men. met on the 21st and organized to resist demands by workmen. THE explosion of a lamp caused a fire the other day which destroyed the Merchant Mill, valued at $150,000, at Harrisburg, Pa. LIGHTNING struck a school-house on the 21st at Freeland, Pa., killing an eight-yearold girl and probably fatally injuring three other girls. STRIKERS ditched a freight-train near Fort Worth, Tex., on the 21st. Traffic had up Illues out IIB по peumser Senerally useq Southwest equ THE fifteenth annual convention of the Presbyterian Women's Board of Missions of the Northwest met at Indianapolis on the 21st. THE annual encampment of the Grand Army of the Republic of the State of New York began at New York on the 21st, with 592 posts represented. There was an increase of 9,000 in the membership the last year. A PORTION of the building known as Libthe no 11es "A 78 Prison Aq 21st, causing a loss of $100,000 to the storage company which occupied it. Six THOUSAND refinersin New York City struck on the 21st for higher wages. A BOAT containing two men and a boy went over the dam at Hadley, N. Y., on the 21st, and all were drownęd. SOME twenty-five servant girls at Tarrvtown, N. Y., struck on the 21st for higher wages, leaving their mistresses to manage affairs as best they could. A STRIKE on all the street railways in New York City was again ordered on the 21st, to continue until the companies took back all the former strikers and dis"uem uojun-uou 110 charged THE river suddenly overflowed its banks at Trinidad, Col., on the 21st, destroying many dwellings and driving the occupants in their night-clothes to seek places of safety. One man was drowned and much property was destroyed. THE line of the Third avenueroad in New York was guarded on the 21st by five hundred policemen. The directors had resolved to yield to none of the strikers, but to run their cars at all hazards: THE Chicago Typographical Union on JO rates eqf couraps 04 depided P&Z eq1: composition from forty to forty-five cents толу pus 'sreded Sujusom uo to forty cents on evening papers. The union also reduced the working hours from TIS 04 иедев


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.


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.


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.


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.


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.


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.