Lincoln Savings & Trust Company (Philadelphia, PA)

Episode Information

Episode UID
4497178891288
Episode Type
Suspension β†’ Closure
Bank Type
trust
Bank ID
449717889 hash
Start Date
April 10, 1907
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d1c0de4b39399885

Response Measures

None

Description

Bank suspended by state authorities in April 1907, resumed July 1907, then closed again with receiver appointed June 19, 1908 and slated for liquidation.

Events (4)

1. April 10, 1907 Suspension
Cause
Government Action
Cause Details
Closed by order of state banking commissioner who considered capital impaired.
Newspaper Excerpt
The Lincoln Savings and Trust Company of this city closed its doors today... The bank was closed by order of the state banking commissioner, who considered that the capital was impaired.
Source
newspapers
2. July 11, 1907 Reopening
Newspaper Excerpt
Resumes Business. Philadelphia, July 11.-The Lincoln Trust company of this city, which suspended business three months ago, resumed business today.
Source
newspapers
3. June 19, 1908 Receivership
Newspaper Excerpt
Samuel M. Hyneman, an attorney, was appointed receiver. The company ... will liquidate.
Source
newspapers
4. June 19, 1908 Suspension
Cause
Government Action
Cause Details
Failed to open for business and a receiver was appointed; company slated to liquidate.
Newspaper Excerpt
The Lincoln Savings and Trust Company ... failed to open its doors today, and Samuel M. Hyneman, an attorney, was appointed receiver.
Source
newspapers

Newspaper Articles (17)

Article from Evening Star, April 10, 1907

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Article Text

TRUST COMPANY CLOSES PHILADELPHIA CONCERN AND A CITY DEPOSITORY. PHILADELPHIA, April 10.-The Lincoln Savings and Trust Company of this city closed its doors today. The company is one of the city depositories. The company has been in existence about ten years, and its business was mainly with city contractors. A comparatively small amount of money is involved. The bank was closed by order of the state banking commissioner, who considered that the capital was impaired. It is capitalized at $400,000, of which but $132,000 has been paid in. The deposits amount to $250,000. James 1. Comly, the president, is a lawyer and real estate operator. John J. Reiley was appointed temporary receiver.


Article from The Washington Times, April 10, 1907

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BANK DOORS CLOSE IN PHILADELPHIA Lincoln Savings and Trust Company in Trouble Over Investments. PHILADELPHIA, Pa., April 10.-The Lincoln Savings and Trust Company, at 1500 Market street, closed its doors at 10 o'clock this morning. The officials say the suspension will be temporary. The company has done a large business in, acting as surety for contractors. Henry F. Stitzell, secretary of the concern, said the doors were closed by order of the State bank examiner. "The State examiners," said Mr. Stitze)l, "thought some of our investments poor. We disagree with the authorities. There will be absolutely no loss to the depositors or creditors of the company." Although there may be an impairment of paid capital, it is understood that the State examiners have been at the company's books for over a week. Last night the State bank examiner gave orders that the institution was not to be opened this morning. John I, Comly, the president of the company, is now in Harrisburg in consultation with the authorities, John J. Reilly, a State examiner, has been appointed temporary reciver of the company. Announcement from the officials of the Institution this afternoon is that all creditors will be paid in full.


Article from Daily Kennebec Journal, April 11, 1907

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Article Text

CONDENSED DISPATCHES. D. C. Willoughby, who the New York police officers sought to detain, but who sailed for Europe Tuesday aboard the Kaiser Wilhelm II, is charged at Des Moines, Iowa, with obtaining money by false pretenses. He is alleged to have sold thousands of acres of land, giving in return fraudulent deeds. Carmon Layton, a farmer. is the complainant. Layton says he will cause Willoughby's arrest when the steamship reaches the other side. Grand Dictator F. D. Barnes Wednesday presided at the 32d annual session of the Massachusetts Grand Lodge, Knights of Honor, held in Boston. He reported the institution of several new lodges and growing interest. He regarded as fortunate the admission of women into the order, saying that the best lodges are those in which women are members. There are now 113 women members. The total membership is 2433, divided among 84 lodges. A man supposed to be named Ludwig Andres, who registered Tuesday night at the Astoria hotel, New York, was found Wednesday dead, hanging by the neck from a bed post in his room. He had made use of a stout rope provided in the room for use in case of fire. In the man's pocket was a union card of the Cigar Makers' Union and $50 in bills. Bank book on the Greenwich, Ct., Savings Bank showed deposits in the name of Andres to something more than $100. An envelope in the man's pocket was addressed to Ludwig Andres, Purchase street, care Myers' hotel, Rye, N. Y. The Lincoln Savings and Trust Co. of Philadelphia closed its doors Wednesday. The company is one of the city depositories. The company had been in existΓͺnce about 10 years and its business was mainly with city contractors. A comparatively small amount of money is involved. The bank was closed by order of the state banking commissioner, who considered that the capital was impaired. It is capitalized at $400,000, of which but $132,000 has been paid in. The deposits amount to $250,000. James I. Comley, the president, is a lawyer and real estate operator. John J. Reilly was appointed temporary receiver. Henry F. Slitzell, treasurer of the concern, said the company was solvent.


Article from The Barre Daily Times, April 11, 1907

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Article Text

Trust Company in Philadelphia Shut. Philadelphia, Pa., April 11.-The Lincoln Savings & Trust company, one of the city depositories, closed its doors yesterday. The company has been in existence ten years and its business was mainly with city contractors. The state banking commissioner considered that the capital was impaired. The capitalization was $400,000, of which but $132,000 had been paid in. The deposits are $250,000. James L Comly, the president, is a lawyer and real estate operator. John J. Reiley was appointed temporary receiver.


Article from Alexandria Gazette, April 12, 1907

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Article Text

Will Oppose Appointment of Receiver. Philadelphia, April 12.-Officals of the Lincol Savings and Trust Company, which was closed be the State Banking Commissioner on Wednesday, will vige orously combat the proceedings institured in the Dsuphin county court by Attorney General Todd, to have a permanent receiver appointed for the institution. The directors declare there is absolutely no reason for the bank's closing and they will employ counsel to contest the appointment of a receiver. Joseph S. Riley, the bank examiner who Is temporary receiver for the trust company, was unable to complete the work of going over the company's assets yesterday, but he will floish today. He will not make public his report but will send it to the banking commissioner.


Article from The L'anse Sentinel, April 20, 1907

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BRIEF REVIEW OF WEEK'S EVENTS RECORD OF THE MOST IMPOR. TANT HAPPENINGS IN ITEMIZED FORM. HOME AND FOREIGN NEWS Information Gathered from All Quar ters of the Civilized World and Prepared for the Perusal of the Busy Man. The case against Harry K. Thaw was given to the jury, and six hours later, not having reached an agreement, the jurors were locked up for the night. Jerome's closing address was a merciless flaying of Thaw and his wife. The judge's charge was considered unfavorable to the defendant. Senator Foraker in a speech at Canton, O., declared his independence of dictation, defended his public course and denied any part in or knowledge of the alleged rich men's conspiracy to thwart President Roosevelt. John Temple Graves, speaking at a banquet at Chattanooga in honor of W.J. Bryan, urged that Bryan nominate Roosevelt for president on the Democratic ticket. Secretary Taft declared that Cuba was to be turned over to the Cubans as soon as possible, made recommendations as to the holding of elections and sailed for Porto Rico. President L. W. Hill announced that the Great Northern would build a plant for the manufacture of cars in Superior, Wis. Fifteen persons were burned to death in a fire that destroyed an apartment house in Lisbon, Portugal. Congressman Longworth came out in favor of Taft for the presidential nomination. The New York Herald, James Gordon Bennett, its proprietor, and its advertising manager were fined $31,000 for sending improper matter through the mails. Seven hundred members of the union organized at Bisbee, Ariz., by the Western Federation of Miners, employed by companies which refused recognition of the union, went on strike. j A train bearing 340 political exiles left St. Petersburg for Siberia. This is the largest consignment of political prisoners sent to the far east for several months past. Commander Eva Booth of the Salvation army became seriously ill at Canton, O. The Chicago, St. Paul, Minneapolis and Omaha railroad and H. M. Pearce, acting freight agent, were found guilty of granting rebates by a jury at Minneapolis. Four trainmen were killed on the Southern Pacific in California by the explosion of two locomotives. Mrs. Mary Bechtel, aged 84 years, and her son Charles, aged 42 years, were burned to death in their home in Philadelphia. The Akron Printing and Paper company went into bankruptcy, with lia bilities amounting to $30,000 and asY sets the same. The crew of naval barge No. 1 which went adrift in a storm, were rescued by the steamer Professor o Woermann. k Directors of the Provident Securities and Banking company of Boston are accused by the receivers of having squandered $200,000 of its money. Annie Adair of Triumph, Ill., is dead from swallowing muriatic acid, which she mistook for a sleeping medicine. $ Richard Croker is in exceedingly poor health, according to John Fox, a Tammany leader, who has just returned to New York from England. With a bullet in her brain Mabel o Guy, the ten-year-old daughter of Mr. and Mrs. Charles Guy of Middleton, L N. Y., walked a mile to Thrall hospital for treatment. She may recover. The United Engineers' society opened its new home in New York for the erection of which Andrew Carnegie gave $1,500,000. The Lincoln Savings and Trust company of Philadelphia was closed by the state commissioner of banking because its capital was impaired. It is said that the death of the late Congressman Galusha A. Grow was hastened by a gang of New York swindlers, who levied blackmail upon him, using a woman as their willing tool. One person was killed and about 15 injured in a wreck on the St. Johnsbury & Lake Champlain railroad near Hardwick, Vt. Richard M. Waite, assistant to the president of the Colorado Fuel & Iron company, died at Denver. Dr. Paul Bettix, professor of Greek and Latin in the Central Holiness University of Oskaloosa, Ia., is preaching a new crusade and branded his forehead with a cross. State Senator David Campbell of Illinois was appointed postmaster of Chicago to succeed Mayor Fred Busse. P. A. B. Widener asked permission of Philadelphia authorities to erect a $10,000,000 municipal art gallery on a eite to be furnished by the city.


Article from The Birmingham Age-Herald, July 12, 1907

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Article Text

Resumes Business. Philadelphia, July 11.-The Lincoln Trust company of this city, which suspended business three months ago, resumed busi. ness today.


Article from Evening Star, June 19, 1908

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Philadelphia Bank Suspends. PHILADELPHIA, June 19.-The Lincoln Savings and Trust Company, a small concern of this city, failed to open its doors for business today, and Samuel M. Hyneman, an attorney, was appointed receiver. The trust company failed about a year ago and resumed business three months later after reorganizing.


Article from Albuquerque Citizen, June 19, 1908

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SMALL TRUST COMPANY SUSPENDS OPERATIONS Philadelphia, June 19-The Lincoln Savings and Trust company, a small concern in this city, closed today and a receiver was appointed. The trust company failed about a year ago and resumed business three months later, after reorganization


Article from Evening Times-Republican, June 19, 1908

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FAILS TWICE IN YEAR. Small Philadelphia Concern Fails to Open Its Doors Today. Philadelphia, June 19.-The Lincoln Savings Trust Company, a small concern, failed to open its doors today, and a receiver was appointed. The company failed a year ago but resumed business after reorganizing.


Article from The Laramie Republican, June 19, 1908

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Article Text

Small Failure Announced. Philadelphia, June 19.-The Lincoln Savings and Trust company, a small concern of this city was closed today and a receiver appointed. The Trust company failed about a year ago and resumed business three months later, after reorganizing.


Article from Bluefield Evening Leader, June 19, 1908

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L. B. REYNOLDS, New Proprietor of the New Altamont, opposite the New Passenger Station, where they give New money in change. BANK CLOSES DOORS. Phladelphia, Pa., June 19.-The Lincoln Savings and Trust Company failed to open its doors this morning. The institution has a paid-up capital of $132,000. A receiver was appointed fo rthe concern late yesterday. Established :n 1895.


Article from New-York Tribune, June 20, 1908

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SMALL PHILADELPHIA BANK CLOSED. Philadelphia, June 19.-The Lincoln Savings and Trust Company, a small concern of this city, failed to open its doors for business to-day, and Samuel N. Hyneman, an attorney, was appointed receiver. The trust company failed about a year ago, and resumed business three months later after reorganizing. The company, it is understood, will liquidate.


Article from Los Angeles Herald, June 20, 1908

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Article Text

Small Bank Fails PHILADELPHIA, June 19,-The Lincoln Savings and Trust company, a small concern of this city, failed to open its doors for business today, and Samuel M. Hyneman, an attorney, was appointed receiver. The trust company failed about a year ago and resumed business three months later after reorganizing.


Article from The Morris County Chronicle, June 23, 1908

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SAVINGS BANK FAILS. Lincoln, of Philadelphia, Closes Doors For a Second Time. Philadelphia.-The Lincoln Savings and Trust Company, R small concern of this city, failed to open its doors for business, and Samuel N. Hyneman, as attorney, was appointed receiver. The trust company failed about a year ago and resumed business three months later, after reorgarizing.


Article from The Weekly Herald, June 25, 1908

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TRUST COMPANY CLOSES DOORS Associated Press. Philadelphia, Pa., June 19.-The Lincoln Savings & Trust Co., a small concern of this city, closed today and a receiver was appointed. The trust company failed about a year ago, and resumed business three months later after reorganization.


Article from The Citizen, June 26, 1908

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SAVINGS BANK FAILS. Lincoln. of Philadelphia, Closes Doors For a Second Time. Philadeiphia.-The Lincoln Savings and Trust Company, a small concern of this city, failed to open its doors for business, and Samuel N. Hyneman, as attorney, was appointed receiver. The trust company failed about a year ago and resumed business three months later, after reorganizing.