Article Text
Bank Failure Washington, Aug. 17.-The comptroller of the currency to-day appointed R. D. Garret, temporary receiver of the Somerset National Banking company, of Somerset. Ky. No statement of the bank's condition has been issued.
6599. Somerset National Banking Company (Somerset, KY)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- national
- Bank ID
- 5468
- Charter Number
- 5468
- Start Date
- August 17, 1900
- Location
- Somerset, Kentucky (37.092, -84.604)
Metadata
- Model
- gpt-5-mini
- Short Digest
df431e5d24ccbef5
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%
Description
Comptroller of the Currency appointed a temporary receiver (R. D. Garrett) on Aug 17, 1900; later the Comptroller decided to liquidate and another receiver (O. H. Weddell / O. H. Weddell/Weddell variant) was named in Dec 1900. No newspaper account mentions a depositor run or suspension for liquidity reasons prior to receivership; the failure followed the refusal to approve transfer of undesirable assets from the state bank, forcing a receivership. OCR variants of receiver names corrected (Garret/Garrett; Weddell/Weddell).
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 comptroller of the currency to-day appointed R. D. Garret, temporary receiver of the Somerset National Banking company, of Somerset. Ky.
- Source
- newspapers
4.
December 18, 1900
Receivership
- Newspaper Excerpt
- O. H. Weddell, of Somerset, Ky., has been appointed receiver of the failed Somerset National Banking Association, of Somerset, Ky. The Comptroller of the Currency decided to liquidate the affairs of the bank under his direct supervision.
- Source
- newspapers
Newspaper Articles (13)
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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.
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Took Charge of Bank. Washington, Aug. 17.-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. No statement of the bank's condition has been issued.
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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.
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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.
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THE NEWS BRIEFLY TOLD An illustration of the enormou profits of the Ice Trust was given in Brooklyn (N. Y.) court, when it wa shown that ice bought at 50 cents ton had been retailed at 60 cents a hur dredweight. Extraordinary precautions were tal en to guard the life of President M Kinley at the services at St. Matthew Catholic Church, Washington, for th late King Humbert of Italy. Mrs. Wilkinson, of Dover, Del., whos husband eloped with her sister, has i her possession two love letters to he husband which show her sister's in fatuation for him. Mrs. Susan Austin, of McKeespor Pa., who inherited a portion of Joh McCaffery's fortune, says she ha found that suddenly acquired wealt has many drawbacks. Miss Packard's mother arrived in A lanta and tried to persuade her daugh ter to give up Dr. Wilkinson and re turn to Dover, Del., but she refused I do SO. Caleb Powers, who was convicted € complicity in the murder of Goebe has issued a public statement in whic he declares his innocence. Estimates for the Georgia cotto crop place the yield from 50,000 t 200,000 bales shorter than it was las year. Surveys for a new anchorage for th Diamond Shoals lightship have bee completed, and the ship is being fitte out at Norfolk. An insane man, armed with a revol ver, escaped from his keeper nea Poughkeepsie, N. Y., and is still a arge. The Comptroller of the Currency at pointed R. D. Garrett temporary re ceiver of the Somerset National Bank ing Company, Somerset, Ky. Receiver Daniel D. Wing, of th Globe National Bank. has paid to th Clearing House Association of Bosto the last of the $3,000,000 which tha institution advaced to the bank eigh months ago. Boycotts in force against clothin manufacturers in Rochester, N. Y were raised by the United Garmen Workers. Charles F. Ruggles, of Chicago, for merly of Manistee, began suit in th United States District Court to pro cure a dissolution of partnership ( she Buckley & Douglass Lumber Co of Manistee. Two thousand vestmakers are o strike in Manhattan. Their demand are for the payment of the same scal of wages which was in force last yea 'or a 10-hour day and for weekly pay ments. A passenger train on the Perkiome Railroad struck a team of horses an wagon at Palm. Montgomery count Pa., and instantly killed the three oo cupants of the vehicle. Poison in deadly quantities has bee found in the stomach of Edward I Herrick. The third-rail system is to be trie on the Albany and Hudson road. Lake Shore train No. 3. westbound was wrecked at Bay Bridge, near San dusky, Ohio, and seven persons wer njured. Charles A. Towne, it is stated, will open his campaign at Duluth withi 10 days and will follow Governo Roosevelt. Two Italians, one of whom, it i said, had planned to attack Presiden McKinley, are to be deported. Forest fires prevail in the West an Northwest. A deliberate attempt was made t ourn and pillage Smithfield, III. The remains of Collis P. Huntingto were laid at rest in Woodlawn Ceme ery, New York. The International Typographica Union refused to permit the Stereotyp ers' Union to withdraw. Application has been made to dis solve the Distilleries Company 0 America. Asa Packer Wilbur. of San Francis 20, who claimed heirship to some o the Asa Packer estate, died a paupe it San Francisco. Three persons were killed by an ex plosion of natural gas in a Chicag house and three are reported missing Six hundred prospectors returne rom Cape Nome with stories of desti ution and illness there. Two Kentucky train robbers wer sentenced-one to four, the other to te years' imprisonment. Public land in Northern New Mexic was withdrawn from sale, in order t save the cliff dwellings from destruc tion. Chairman Hanna denied a repor that his health was bad and that h would give up active campaign work. The anti-imperialists at Indianapoli 'ormally declared for Bryan. Miss Emma Graves, a school teache of Wilmington, Del., and her niece Lizzie Graves, aged eight years, wer drowned at Riverside Park, New Cas Je, Del. The child fell from the pie nto the Delaware river. Miss Grave blunged overboard to save her, and oth sank. Governor Beckham, of Kentucky has ordered the General Assembly t
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Other Business Troubles. NEW YORK, Nov. 13.-The J. P. Dunleavy Paint Company, of which George J. Kerr, who is in jail with McAlister, Death and Campbell, for alleged connection with the death of Jennie Bosschieter, was treasurer, has closed down at Paterson, N. J. This action was taken by Hugh Kerr, father of George, foreclosing 2 mortgage he held upon the stock of the company. SOMERSET, Ky., Nov. 13.-A judgment was rendered in the Pulaski Circuit Court in favor of R. D. Garrett, United States receiver of the Somerset National Banking Company against the Somerset Banking Company for $74,072. MONTREAL, Nov. 13.-A. S. and W. H. Masterman, pork packers, have consented to assign with liabilities of about $200,000.
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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.
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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.
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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.
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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.
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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. Ho!comb, 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 $718,873. $1,449,058; and Guarantee savings bank for Apr. 000. 3-Cambridge (Neb.) State bank; $40,12-Yates Center, Kan., Citizens' state bank. 27-Adolph 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 (Ill.) 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, W.is. 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.
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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.