Somerset National Banking Company (Somerset, KY)

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Episode Information

Episode UID
546801208
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
54680 national
Charter Number
5468
Start Date
August 17, 1900
Location
Somerset, Kentucky (37.092, -84.604)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
36844300aa997fad

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1900-08-17
Date receivership terminated
1908-09-30
OCC cause of failure
Losses
Share of assets assessed as good
47.8%
Share of assets assessed as doubtful
52.0%
Share of assets assessed as worthless
0.2%

Events (4)
1. June 29, 1900 Chartered
Source
historical_nic
2. August 17, 1900 Receivership
Source
historical_nic
3. August 17, 1900 Receivership
Newspaper Excerpt
The controller of the currency today appointed R. D. Garrett temporary receiver of the Somerset National Banking Company, Somerset, Ky.
Source
newspapers
4. December 18, 1900 Other
Newspaper Excerpt
The controller of the currency has decided to liquidate the affairs of the bank under his direct supervision; O. H. Weddell appointed receiver.
Source
newspapers

Newspaper Articles (13)
1. August 17, 1900 Evening Star Washington, DC
Article from Evening Star, August 17, 1900

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Article Text

Bank Receiver Appointed. The controller of the currency today appointed R. D. Garrett temporary receiver of the Somerset National Banking Company, Somerset, Ky. The bank has only been organized since June 29. 1900, and had an authorized capital of $50,000. It was organized for the purpose of taking over the business of the Somerset Banking Company, but the national bank examiner, with the approval of the controller. having refused to approve the transfer of certain undesirable assets in the state bank to the national bank. in view of the relation of the two institutions, a receivership became necessary for the national bank and the national bank examiner was made temporary receiver. The national bank has as yet made no published statement of its condition.

2. August 17, 1900 Santa Fe New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe New Mexican, August 17, 1900

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Article Text

Receiver for a Bank. Washington,, August 17.-The comptroller of the currency today appointed R. D. Garrett, temporary receiver of the Somerset National Banking Co., of Somerset, Ky. No statement of the bank's condition is issued.

3. August 17, 1900 Las Vegas Daily Optic Las Vegas, NM
Article from Las Vegas Daily Optic, August 17, 1900

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Article Text

Somerset,Ky., Bank Insolvent. Washington, Aug. 17-The comptroller of the currency today appointed R. D. Garrett temporary receiver of the Somerset national banking company, Somerset, Ky. No statement of the bank's condition is issued.

4. August 18, 1900 New-York Tribune New York, NY
Article from New-York Tribune, August 18, 1900

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Article Text

RECEIVER FOR A KENTUCKY BANK. Washington, Aug. 17.-The Controller of the Currency to-day appointed R. D. Garrett temporary recelver of the Somerset National Banking Company, Somerset, Ky. The bank has only been organized since June 29, 1900, and had an authorized capital of $50,000.

5. August 18, 1900 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, August 18, 1900

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Article Text

Receiver for a National Bank. WASHINGTON, Aug. 17.-The controller of the currency to-day appointed R. D. Garrett temporary receiver of the Somerset National Banking Company, Somerset, Ky. The bank has only been organized since June 29, 1900, and had an authorized capital of $50,000. It was organized for the purpose of taking over the business of the Nomerset Banking Company, but the national bank examiner, with the approval of the controller, having refused to approve the transfer of certain undesirable assets in the State bank to the national bank, in view of the relation of the two institutions, a receivership became necessary for the national bank and the national examiner was made temporary receiver. The national bank has as yet made no published statements of its condition.

6. August 18, 1900 The Evening Times Washington, DC
Article from The Evening Times, August 18, 1900

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Article Text

RECEIVER FOR A BANK. An Institution That Has Been in Existence Only Since June. The Comptroller of the Currency today appointed R. D. Garrett temporary receiver of the Somerset National Banking Company, Somerset, Ky. The bank has only been organized since June 29, 1900, and had an authorized capital of $50,000. It was organized for the purpose of taking over the business of the Somerset Banking Company, but the national baLk examiner, with the approval of the Comptroller, having refused to approve the transfer of certain undesirable assets in the State bank to the national bank, in view of the relation of the two institutions, a receivership became necessary for the national bank, and the national bank examiner was made temporary receiver. The national bank has as- yet made no published statement of its condition.

7. August 18, 1900 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, August 18, 1900

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Article Text

Bank Receiver Appointed. WASHINGTON, Aug. 17.-The comptroller of the currency today appointed R. D. Garrett temporary receiver of the Somerset National bank, Somerset, Ky. The bank has been organized only since June 29, 1900, and had an authorized capital of $50,000. No statement of the bank's condition has, been issued.

8. August 22, 1900 Adams County News Ritzville, WA
Article from Adams County News, August 22, 1900

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Article Text

NEWS OF THE WORLD IN BRIEF A Complete Review of the Events of the Past Week-In This and Foreign Lands-Taken From the Lateat Dispatches. Boers are tired of war, as a captured of olucer says the majority are tired Kruger. Kentucky legislature will meet elec- in extra one session to modify the Goebel tion law. A hard shock of earthquake was felt Silverton, Wash., recently, shaking in at window panes and crockery to pieces three many instances. The shock lasted minutes. The northbound Northland express, and which left Grand Rapids, Mich., southbound passenger train No. 2 collided 29 dense fog August 15 at Pierson, north of Grand Rapids. per- inmiles in the severely Seven sons were killed and nine jured, one of whom cannot recover. A big fire nearly destroyed Columbia, hotel, C. It started in the Escales which B. was soon reduced to ashes, and spread to the Model livery barn and a blacksmith shop. The Presbyterian church and several other buildings burned. A strong wind prevailed. Chief Justice Henry Greene dead. of the Penn sylvania supreme court is Ex-Senator Ingalls of Kansas is dead. M., He passed away at East Las Vegas, N. recently. The democrats of New York will hold their state convention at Saratoga, September 11. A. F. Mamroeve, at one time private at secretary of William H. Seward, is dead New ork. Severe floods have occurred at Yokohama and it is reported that 200 persons have been drowned. Railway traffic is in terrupted. The census office has announced the pop ulation of Greater New York (Manhattan The and Bronx boroughs) as 2,050,600. population of the borough of Manhattan is 1,850,093, and that of Bronx 200,507. General Dewet has crossed the railroad and is going north in order to join Com- for mandant Delarey, who is heading other Rustenburg. Kitchener and the generals are pursuing him and pressing be him hard. His force is reported to beyond Ventersdorp. Twenty of Chicago Chinatown's leading they leit for San Francisco, where the first boat to to citizens men will are, take according statements Ohina. emperor's made The by some of them, responding to the Every call for volunteers from America. member of the party is said to have military training in some capacity. A cable dispatch was received from Bo announcing the resignation of Presi- Coldent gota Sanetlemette of the republic of will ombia. Vice President Maroquin out the four years of his term. The of serve change will alter the political system Colombia, and may even end the revolu- 10 tion which has been in progress for months. Russia's occupation of New Chwang the without adequate reason has caused in decision to land troops at Shanghai, which Great Britain is supported by Japan. heed Germany, apparently, is paying no ob Russia's action in the north, but jects to to the action at Shanghai, and proposes to offset it by stationing a squadron there. A sensation has been caused by the disthat Wharton Barker, middle-of- the covery candidate for president on ticket, is ineligible for which he aspires. It is said in populist the-road to that the while office superintending some improvements years ago Mr. "lord of St. Wiecestass" made Russia some Barker title by he was did the Before accepting the not ask congress a and he is therefo lege, ezar. him eligible by the accepting because privihe forfeited his city United the honor without of the States. furious Pollition of race hatred vent in ri-rioting that as York rec nily, the Such New found a ago outgrowth of occurred Officer of the murder a few days Harris, Thorpe by a negro named Arthur has not been equaled in New York in many As a result of the disturbance, o'clock years. which raged from midnight until 3 and and burst out in a flame of passion violence at intervals until daybreak, there were About 50 persons injured by pistol. balls, razgers or knives, rocks and clubs. Of these, one negro, Lloyd Lee, may also not recover and of Policeman Kennedy is veriously A race injured. war is feared in Georgia. Another big forest fire is raging in Yellowstone National Park. n Nome sickness is overrated, as only six smallpox cases have been reported by Lieut. Jarvis. The stereotypers' proposition to withdraw from the I.T. U. was voted down at the last convention. Vest makers on the east side to The the number of 2500 are on strike strike was a sudden one. Harry A. Hanbury has been appointed receiver of the Traders Fire Insurance Company of New York. The comptroller of the currency has appointed R. D. Garrett temporary receiver of the Somerset National Bank, Somerset, The United Ky States cruiser T aitimore, with Rear Admiral John C. Wat s on board, homeward bound from Monia, has sailed from Gravesend for Beifast. An American consular , H has from Lorenze Marques to Nooltge ,one tacht to distribute money to the British prisonera there, each of whom reeives £4. The battle between Fitzsin nons and Sharkey at Coney Island wi be decid-

9. December 19, 1900 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, December 19, 1900

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National Capital Notes. At the request of the secretary of war the House committee on insular affairs has reported a bill increasing the salary of the commissioner of education of Porto Rico from $3,000 to $4,000. The commissioner of the General Land Office has rendered a decision in favor of the former in the case of the Kern River Oil Company against C. W. Clarke. Clarke claimed title to lands in a forest reservation by virtue of two separate selections. Senator Nelson has offered in the Senate an amendment which he will propose to the army reorganization bill, providing for the issuance by the secretary of war to the Governors of the States and Territories of Krag-Jorgensen rifles for the equipment of the national guard. The Senate committee on finance has authorized a favorable report on the House bill giving the superintendents of coinage at mints the right to exchange gold bars for gold coin free of charge or with charge at their discretion. The present law makes the charge mandatory. The House committee on rivers and harbors has decided that the total carried by the bill now under consideration, including provision for contracts, shall not exceed $60,000,000. and tentative items will be scaled accordingly. The bill will carry about $20,000,000 of direct appropriations. J. R, Pitkin, postmaster of New Orleans, has presented his resignation to the postmaster general. It is understood that the resignation is tentative, being submitted upon certain conditions. As the postmaster general has been in Philadelphia for the past few days no action has yet been taken. Mr. O. H. Waddel, of Somerset, Ky., has been appointed receiver for the Somerset National Banking Association, of Somerset, Ky. The controller of the currency has decided to liquidate the affairs of the bank under his direct supervision, and will soon appoint one of the experts of his office as receiver. In response to an inquiry from the secretary of the navy Judge Advocate Lemly states that there can be no more appointments to the marine corps from civil life and that all future vacancies in that corps must be filled from noncommissioned officers in the corps and from graduates of the Naval Academy. Mrs. McKinley was the guest of honor at a box party given at the Columbia Theater last night by Controller and Mrs. Dawes. "Santoy," the Chinese-English musical comedy, was produced by the Augustin Daly company. The house was crowded. Minnie Aspley played the chief female role, supporting James T. Powers. The annual report of the commission to the five civilized tribes says that with the improving conditions it is hoped by a uniformity of political institutions to lay the foundation for an ultimate common government. Hostility to any change in old ways, coupled with inability to comprehend any benefit to them, encountered at first by the commission, have gradually relaxed. A statement prepared by the division of insular affairs, War Department, summarizing the trade of the Philippines for the ten months ended April 30 last, shows that the imports of merchandize during this period amounted in value to $16,450,255. Gold and silver to the value of $1,714,951 also were imported. making the total importation $18,165,206. Of this amount $1,183,486 represented the goods brought in from the United States. The Agrarian party in Germany having successfully brought about a law at the last session of the Reichstag, prohibiting, in effect, the importation of American meats, is now using its powerful influence to increase the import duties on all grains entering the empire, notably on wheat, reports United States Consul Diederich. at Bremen, to the State Department. The aim of the Agrarians, according to the consul, is to make Germany entirely independent of all countries for its breadstuffs and food supplies.

10. December 19, 1900 Marietta Daily Leader Marietta, OH
Article from Marietta Daily Leader, December 19, 1900

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Receiver Appointed. By Associated Press. Washington, D. C., Dec. 18.-0. H. Weddell, of Somerset, Ky., has been appointed receiver of the failed Somerset National Banking Asosciation, of Somerset, Ky. The Comptroller of the Currency decided to liquidate the affairs of the bank under his direct supervision, and will soon appoint one of the experts in his offce as receiver.

11. January 4, 1901 The Jasper Weekly Courier Jasper, IN
Article from The Jasper Weekly Courier, January 4, 1901

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BUSINESS FAILURES. Jan. 3-Wabasha. Minn., People's bank. 6-Rahway. N. J., Union county bank.... New York, Hulbert H. Warner, patent medicine mant.: $2,319,027. Piankington. S. D., State bank. 17-Chiengo, Francis P. Owings, real estate: $5,364,977. Feb. 7-New Bedford, Mass., Henry E. Holcomb. mant: $1,361,438.... Boston, Miner, Beal & Co., clothing firm, $450,000. 26-United States milling combine (flour trust); $15,000,000. Mar. 3-Port Jarvis (N. Y.) Nat. bank resumes; had suspended payment in December. 6-J. F. Seiberling. formerly manufacturer at Akron, O., files bankruptcy petition; $800,000. assets, $30. 19-John Kehoe, builder of New York, files bankruptcy petition: $1,520,085; no assets. 22-D. Appleton & Co., New York, publishCTS: $3,000,000. 26-Rutland, Vt., Merchanis' Nat. bank.... Keene, N. H., Five Cent savings bank for $1.449,058; and Guarantee savings bank for $718,873. Apr. 3-Cambridge (Neb.) State bank; $40,000. 10-Columbus, O., Reinhard & Co.'s bank; $140,000. 12-Yates Center. Kan., Citizens' state bank. 27-Anolph Landauer, dry goods dealer of Milwaukee: $391,945.31. May 11-Frank L. Fuller's private banks at Rockford and Cedar Springs, Mich. 21-Pentwater, Mich., Neilson & Co.'s bank. 26-Price, McCormick & Co., of New York, cotton brokers and shippers; $13,000,000. 28-Seymour, Johnson & Co., stock and cotton brokers of New York; $500,000. Jun. 5-W. C. Shields' bank at Mulberry Grove, III. 15-McNair & Alexander, cattlemen at Ashland. Kan.; $542,000. Aug. 13-Henry J. Neill. the "barley king," files petition in bankruptcy; $500,000.... Kingfisher (Col.) bank: $61,000. 17-Somerset (Ky.) Nat. bank. Sep. 6-Lamont (III.) state bank; $12,000. 7-Fifth Avenue Savings & Loan Ass'n., of McKeesport, Pa.; $500,000. 18-Hatch & Foote, New York brokers: $2,000,000. 19-South Danvers Nat. bank, at Peabody, Mass. Nov. 17-German Nat. bank. at Newport, Ky. Dec. 12-Bank at Brillion, Wis. 13-Order of Chosen Friends, large fraternal insurance association.

12. January 8, 1901 The Bourbon News Paris, KY
Article from The Bourbon News, January 8, 1901

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BUSINESS FAILURES. Jan. 3--Wabasha, Minn., People's bank. 6-Rahway, N. J., Union county bank.... New York. Hulbert H. Warner, patent medicine manf.: $2,319,027. 9-Plankinton, S. D., State bank. 17-Chicago, Francis P. Owings, real estate; $5,364,977. Feb. 7-New Bedford, Mass., Henry E. Holcomb, manf.; $1,351,438 Boston, Miner, Beal & Co., clothing firm, $450,000. 26-United States milling combine (flour trust); $15,000,000. Mar. 3-Port Jervis (N. Y.) Nat. bank resumes: had suspended payment in December. 5-J. F. Seiberling, formerly manufacturer at Akron, O., files bankruptcy petition; $800,000, assets, $30. 19-John Kehoe, builder of New York, files bankruptcy petition; $1,520,085; no assets. 22-D. Appleton & Co., New York, publishers; $3,000,000. 26-Rutland, Vt., Merchants' Nat. bank.... Keene, N. H., Five Cent savings bank for $1,449,058; $718,873. and Guarantee savings bank for Apr. 000. 3-Cambridge (Neb.) State bank; $40,10-Columbus, $140,000. O., Reinhard & Co.'s bank; 12-Vates Center, Kan., Citizens' state bank. 27-Anolph® Landauer, dry goods dealer of Milwaukee; $391,945.31. May 11-Frank L. Fuller's private banks at Rockford and Cedar Springs, Mich. 21-Pentwater, Mich., Neilson & Co.'s bank. 26-Price, McCormick & Co., of New York, cotton brokers and shippers; $13,000,000. 28-Seymour, Johnson & Co., stock and cotton brokers of New York; $500,000. Jun. 5-W. C. Shields' bank at Mulberry Grove, Ill. 15-McNair & Alexander, cattlemen at Ashland, Kan.; $542,000. Aug. 13-Henry J. 0 Neill, the "barley king." files petition in bankruptcy; $500,000.... Kingfisher (Col.) bank: $61,000. 17-Somerset (Ky.) Nat. bank. Sep. 6-Lamont (Ill.) state bank: $12,000. 7-Fifth Avenue Savings & Loan Ass'n., of McKeesport, Pa.; $500,000. 18-Hatch 000,000. & Foote, New York brokers; $2,19-South Mass. Danvers Nat. bank. at Peabody, Nov. 17-German Nat. bank, at Newport, Ky. Dec. 12-Bank at Brillion, Wis. 13-Order of Chosen Friends, large fraternal insurance association. 21-American nat. bank of Balvimore, Md. 25-Isaac Robinson, at Balkimore, Md., manufacturer: $800,000.

13. January 17, 1901 The Republican Oakland, MD
Article from The Republican, January 17, 1901

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BUSINESS FAILURES. Jan. 3-Wabasha, Minn., People's bank. G-Rahway, N. J., Union county bank.... New York, Hulbert H. Warner, patent medicine manf.; $2,319,027. 9-Plankinton. S. D., State bank. 17-Chicago, Francis P. Owings, real estate: $5,364,977. Feb. 7-New Bedford, Mass., Henry E. Holcomb, manf.; $1,351,438 Boston, Miner, Beal & Co.: clothing firm, $450,000. 26-United States milling combine (flour trust): $15,000,000. Mar. 3-Port Jervis (N. Y.) Nat. bank resumes; (ber. had suspended payment in DecemB-J. F. Seiberling. formerly manufacturer at Akron, O., files bankruptcy petition; $800,000. assets, $30. 19-John Kehoe, builder of New York, files insuruptcy petition; $1,520,085; no assets. 12-D. Appleton & Co., New York, publishers; $3,000,000. 26-Rutland, Vt., Merchants' Nat. bank.... Isene. N. H., Five Cent savings bank for $718,873. $1,449,058; and Guarantee savings bank for Apr. 000. 3-Cambridge (Neb.) State bank; $40,10-Columbus, $140,000. O., Reinhard & Co.'s bank; 12-Yates Center. Kan., Citizens' state bank. 27-Adolph Landauer, dry goods dealer of Milwaukee; $391,945.31 May II-Frank L. Fuller's private banks at Rockford and Cedar Springs, Mich. 21-Pentwater, Mich., Neilson & Co.'s bank. 26-Price, McCormick & Co., of New York, cotton brokers and shippers; $13,000,000. 28-Seymour, Johnson & Co., stock and cotton brokers of New York; $500,000. Jun. 5-W. C. Shields' bank at Mulberry Grove, III. 15-McNair & Alexander, cattlemen at Ashland. Kan.; $542,000. Aug. IS-Henry J.O' Neill, the "barley king," files petition in bankruptcy; $500,000.... Kingfisher (Col.) bank; $61,000. 17-Somerset (Ky.) Nat. bank. Sep. 6-Lamont (111.) state bank: $12,000. 7-Fifth Avenue Savings & Loan Ass'n., of McKeesport, Pa.; $500,000. 18-Hatch 000,000. & Foote, New York brokers; $2,19-South Mass. Danvers Nat. bank, at Peabody, Nov. 17-German Nat. bank, at Newport, Ky. Dec. 12-Bank at Brillion, Wis. 13-Order of Chosen Friends, large fraternal insurance association. 21-American nat. bank of Baltimore, Md. 25-Isaac Robinson. at Baltimore, Md., manufacturer: $800,000.