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.
7458. 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
8e8fef5c
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. Articles explain the national bank had just been organized (June 29, 1900) to take over a state bank, but the national bank examiner refused approval of transferring undesirable assets from the state bank; as a result a receivership was necessary. No run is mentioned; the bank was placed in receivership by federal authority.
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 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.
- Source
- newspapers
4.
August 17, 1900
Suspension
- Cause
- Government Action
- Cause Details
- National bank examiner, with approval of the Comptroller, refused to approve transfer of undesirable assets from the state bank to the new national bank, prompting the Comptroller to appoint a temporary receiver.
- 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
Newspaper Articles (13)
Click image to open full size in new tab
Click image to open full size in new tab
Article Text
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.
Click image to open full size in new tab
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.
Click image to open full size in new tab
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.
Click image to open full size in new tab
Article Text
A temporary receiver has been appointed for the defunct Somerset National bank at Somerset, Ky. The bank was organized in June of this year.
Click image to open full size in new tab
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.
Click image to open full size in new tab
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-
Click image to open full size in new tab
Article Text
THE TELEGRAPH SUMMARY NEWS OF THE WORLD IN BRIEF A Complete Review of the Events of the Past Week-In This and Foreign Lands-Taken From the Latest Dispatches, 1 The census office has announced the population of Greater New York (Manhattan and Bronx boroughs) as 2,050,600. The 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 Commandant Delarey, who is heading for Rustenburg. Kitchener and the other generals are pursuing him and pressing him hard. His force is reported to be beyond Ventersdorp. Twenty of Chicago Chinatown's leading citizens left for San Francisco, where they will take the first boat to China. The men are, according to statements made by some of them, responding to the emperor's call for volunteers from America. Every member of the party is said to have military training in some capacity. A cable dispatch was received from Bogota announcing the resignation of President Sanctlemette of the republic of Colombia. Vice President Maroquin will serve out the four years of his term. The change will alter the political system of Colombia, and may even end the revolution which has been in progress for 10 months. Russia's occupation of New Chwang without adequate reason has caused the decision to land troops at Shanghai, in which Great Britain is supported by Japan. Germany, apparently, is paying no heed to Russia's action in the north, but objects to the action at Shanghai, and proposes to offset it by stationing a squadron there. A sensation has been caused by the discovery that Wharton Barker, middle-ofthe-road candidate for president on the populist ticket, is ineligible for the office to which he aspires. It is said that while superintending some improvements in Russia some years ago Mr. Barker was made "lord of St. Wiecestass" by the czar. Before accepting the title he did not ask congress to grant him the privilege, and he is therefore ineligible because he forfeited his citizenship by accepting the honor without permission of the United States. Such a furious ebullition of race hatred as found vent in the rioting that occurred at New York recently, the outgrowth of the murder a few days ago of Officer Thorpe by a negro named Arthur Harris, has not been equaled in New York in many years. As a result of the disturbance, which raged from midnight until 3 o'clock and burst out in a flame of passion and violence at intervals until daybreak, there were about 50 persons injured by pistol balls, razors or knives, rocks and clubs. Of these, one negro, Lloyd Lee, may not recover and of Policeman Kennedy is also seriously injured. A race war is feared in Georgia. Another big forest fire is raging in Yellowstone National Park. 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 number of 2500 are on strike. The 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, Ky. The United States cruiser Baltimore, with Rear Admiral John C. Watson on board, homeward bound from Manila, has sailed from Gravesend for Belfast. An American consular officer has
Click image to open full size in new tab
Article Text
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. Plankington, S. D., State bank. 17-Chicago, Francis P. Owings, rent 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 Jarvis (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 $1,449,05S; 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-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, Ill. 15-McNair & Alexander, cattlemen at Ashland. Kan.; $542,000. Aug. 13-Henry J. Neill, the "barley king." files petition in bankruptey: $500,000.... Kingfisher (Col.) bank; $61,000. 17-Somerset (Ky.) Nat. bank. Sep. 6-Lamont (I11.) 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, Jarge fraternal insurance association.
Click image to open full size in new tab
Article Text
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.
Click image to open full size in new tab
Article Text
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.
Click image to open full size in new tab
Article Text
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.
Click image to open full size in new tab
Article Text
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.