8501. Second National Bank (Elkton, MD)

View Charter #4162 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
4162
Charter Number
4162
Start Date
January 20, 1922
Location
Elkton, Maryland (39.607, -75.833)

Metadata

Model
gpt-5-mini
Short Digest
ae28bd86

Response Measures

Full suspension, Books examined

Receivership Details

Depositor recovery rate
67.7%
Date receivership started
1922-02-18
Date receivership terminated
1926-10-18
OCC cause of failure
Run
Share of assets assessed as good
34.0%
Share of assets assessed as doubtful
42.8%
Share of assets assessed as worthless
23.2%

Description

A run in Jan 1922 triggered voluntary closing/suspension and national bank examiners took charge. Reorganization was attempted but the bank was placed in receivership and did not resume normal banking operations; later the receiver paid dividends to depositors. Cause of the initial run was malicious/groundless rumors about holdings of Gilpin Falls Light & Power bonds. OCR errors in some articles corrected (e.g., Gilpin/Gilpins).

Events (6)
1. November 18, 1889 Chartered
Source
historical_nic
2. January 20, 1922 Run
Cause
Rumor Or Misinformation
Cause Details
Circulation of malicious, groundless rumors about the bank's solvency tied to its holdings of Gilpin Falls Light & Power bonds; 'malicious reports of insolvency' cited.
Measures
President ordered the cashier to close the doors at 2 p.m.; telegraphed Comptroller of the Currency; board/management sought reorganization and consolidation talks.
Newspaper Excerpt
The Second National Bank of Elkton on account of a run made upon it closed its doors at 2 o'clock this afternoon.
Source
newspapers
3. January 21, 1922 Suspension
Cause
Rumor Or Misinformation
Cause Details
After several days of withdrawals prompted by circulating malicious rumors, the board closed the bank; national bank examiners and Department of Justice agents investigated the affairs and examiners took charge.
Newspaper Excerpt
This bank closed by the Board of Directors. The National Bank Examiners have taken charge.
Source
newspapers
4. February 18, 1922 Receivership
Source
historical_nic
5. April 20, 1922 Receivership
Newspaper Excerpt
Judge John Rose ... appointed Thomas W. Perkins, Henry L. Constable and Henry A. Warburton receivers for the estate of the late William T. Warburton, president of the Second National Bank of this town, which failed some months ago ... Receiver Perkins, who was made receiver of the bank by the United States Department of Currency, ... . (Evening Journal, Apr.20,1922). ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )
Source
newspapers
6. November 6, 1922 Other
Newspaper Excerpt
The doors of the Second National Bank of Elkton opened Monday last after a long and most unsatisfactory vacation. ... It constituted the first dividend paid by Receiver Perkins and amounted to 10 per cent. Mr. Perkins and his staff were almost buried with the work of paying off the eager depositors. (Newark Post, Nov.8,1922).
Source
newspapers

Newspaper Articles (23)
1. January 20, 1922 Evening Journal Wilmington, DE
Article from Evening Journal, January 20, 1922

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ELKTON BANK CLOSES DOORS; RUN UPON IT Demands Upon Institution Cause It to Suspend This Afternoon ASSETS AMPLE TO PROTECT DEPOSITORS The Second National Bank of Elkton, Md., closed its doors at 2 o'clock this afternoon. It was found necessary to close, according to William T. Warburton. president, because of a run upon the bank. President Warburton said: "The Second National Bank of Elkton on account of a run made upon it closed its doors at 2 o'clock this afternoon. On account of some slow investments and while negotiations were pending for a consolidation with another bank in the town, rumors were circulated which caused the run. e "The assets are ample to secure the depositors and the bank will be reorganized and opened again for business." It has been known that Government auditors have been going over the books of the bank for days past. The Second National Bank was started about thirty years ago by the late William M. Singerly, of r Philadelphia.

2. January 21, 1922 The Washington Times Washington, DC
Article from The Washington Times, January 21, 1922

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JUSTICE DEPT PROBES AFFAIRS OFELKTON BANK Findings Are Kept Secret After Institution Is Closed. ELKTON, Md., Jan. 21.-Shortly after the closing yesterday of the Second National Bank of Elkton due, according to the president, to a run on that institution, it became known that the bank's affairs have been under investigation for several days. This investigation has been conducted by Joseph A. Genau, an agent for the Department of Justice, instead of by a national bank examiner. Normally such inquiries are handled entirely by the Treasury Department, but it is understood that Mr. Genau was sent to Elkton at the request of one of the national bank examiners. What Mr. Genau discovered has not been announced. He left Elkton during the day and reported to his chiefs in Washington. They, however, declined to comment in any way upon his activities or the reason for the entrance of the Department of Justice into the case. The run, according to W. T. Warburton, president of the bank, was due to the circulation of "malicious" reports of insolvency, owing to certain holdings of bonds by the institution of the Gilpin Falls Light and Power Company, of which Charles Warburton, his brother, is president. Washington advices say that the Comptroller of the Currency had ordered the bank to dispose of the $125,000 of bonds of the light and power company held by the bank.

3. January 21, 1922 Evening Journal Wilmington, DE
Article from Evening Journal, January 21, 1922

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PROBE AFFAIRS OF ELKTON BANK Examiner in National Charge of Institution That Closed Yesterday DEPOSITORS SAFE, PRESIDENT SAYS Special to The Evening Journal. ELKTON, Md., Jan. 21.-"This bank closed by the Board of Direa tors. The National Bank Examiners have taken charge." C.A. STEWART, National Bank Examiner. This notice was placed on the door of the Second National Bank of Elkton, which closed its doors at 2 o'clock yesterday afternoon, after a run on the bank for several days. The bank was organized about 30 years ago by William M. Singerly, of Philadelphia, owner at that time of the Philadelphia Record, and who owned a large paper mill here. William T. Warburton, president of the bank, was also one of the organizers. Mr. Warburton is an attorney. There have been many rumors relative to the cause of the trouble. It is reported that the bank holds about $125,000 of the bonds of the (Continued on Page Two.)

4. January 21, 1922 Every Evening, Wilmington Daily Commercial Wilmington, DE
Article from Every Evening, Wilmington Daily Commercial, January 21, 1922

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NATIONAL BANK OF ELKTON SHUT TEMPORARILY Result of a Run Said to Have Been Due to Groundless Rumors. EXAMINER IS IN CHARGE Special Dispatch to Every Evening Elkton, Md. JAN. Bank Closed By Order of the Board of Directors The National Bank Examiner Has Taken Charge C. A Stewart, National Bank Examiner This announcement is the only thing that indicates that the Second Na. tional Bank of Elkton has closed its doors. There were very few depositors at the bank this morning seeking their deposits The national bank exeminer and his staff are making an examination of the books The bank will be reorganized and reopened in a short time, W. T. Warburton. president of the bank told a representative of Every Evening this afternoon. We expect to complete the plan of the syndicate formation on Monday From present indications, following this morning's conference with persons interested the bank will be reopened by Fride / or Saturday of next week." He declared the run on the bank yesterday came upon them like a flash and that they had no opportunity to provide the necessary cash He ex plained that some local people are interested in the syndicate system for the reommunization of the bank. Mr. Warburton expressed appreciation of the friendship shown In the reorganipatton plans and the efforts being made to have the bank reopened William Scheeter, chief bank exam iner for the Bureau of Currency ar rived here this morning the A malicious rumor without withhest foundation on facts, that the Second National Bank of Elkton was in financial difficulties, is attributed by William T. Warburton, president of the Institution, as the cause of the run on the bank yesterday This rumer had been circulating for sev eral days. and when the bank opened as usual yesterday morning depositors began to come, first singly, theh by two's and three's drawing checks for their balances He maid that by 2 o'clock A stream of people withdrawing accounte had assumed the proportions of A run on the bank and he ordered the cashier C. Ha: Johnson, of Aberdeen Md. to close the doors. Our action was volWe untary maid Mr Warburton were not Instructed to close our doors. We NNW what HAA coming and after closing. telegraphed the controller of currency in Washington. "our ARRAIS are ample, he went on "and no one will Jose H penny. All of our depositors will be paid dollar for dollar. and our doors will be opened for business in A few days There are three banks in Elkton, the third being the Elkton Trust Co. which opened a few years ago. The Record National Bank was established in INNP. Mr. Warburton has been president since that time. The bank surin capitalized at $50,000. with a plus of about $22,000. Depositors of the bank. when talked today. seemed little concerned would about their to money. and felt that they not lose any of their savings. The condition of the bank AR reported In the last statement, follows: 1 second national bank RESOURCES $254,944.32 Lanna and discounts 40,890.57 Notes and bill. rediscounted $214,053.75 2,199.74 Overdrafts unsecured U.N. Honds deposited to 12,500.00 1 eure reulation KOV All other United States 17,500.00 ernment securities Other bonds stocks securi ties etc 146,449.00 Hankins house furniture and . 14,796.22 lawful Natures reserve with Federal bank 5,535.46 reserve in vault and net amount 10,997.76 Cash due from national banks in Checks on other banks the NATION city or town as 1,026.18 reporting bank on banks located out acks of city town of reporting ade bank and other 528.1 . . rash items with U Restemption fund U treasurer and due from 625.00 8 treasurer Total $413,711.30 LIABILITIES 850,000.00 Capital stock paid in 10,000.00 Murpius! fund t 11,689.82 Undivided profit Circulating notes outstand 12,500.00 bank Amount due to Federal re 6,597.91 Net serve amounts due trust to banks "com banker and States in the United inside countries 5,000.00 53.21 and formily -Macke outstanding Cashier's Certificate checks on own 15.00 : lianu outstanding Individual deposits subject 145,111.02 Corrincates to check of deposit due in 63,833.29 imen than days 1,278.50 Dividencia unpaid of deposit (other Certificates than for money borrow 82,632.55 t will of payable other than ve with Federal R . Hank 25,000.00 Total $413,711.30 .

5. January 21, 1922 Evening Journal Wilmington, DE
Article from Evening Journal, January 21, 1922

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PROBE AFFAIRS OF ELKTON BANK Continued From First Page.) Gilpin-Falls Light and Power Company, of which company the president of the bank is also president. This company, which has a plant near Bay View, furnishes electric current to Elkton, North East and other towns and was reported to have been sold some days ago to the Susquehanna Power Company There have been rumors of efforts of this bank to merge with either the Elkton Banking Trust Company or the National Bank of Elkton but it is now said that such a plan will not likely materialize. President Warburton at the time the bank was closed yesterday, issued the following statement: "The Second National Bank of Elkton, on account of a run made upon it, closed its doors at 2 o'clock this afternoon. On account of some slow investments and while negotiations were pending for a consolida tion with another bank in the town, rumors were circulated which caused the run "The assets are ample to secure the depesitors and the bank will be reorganized and opened again for business." It has been known that the bank's affairs have been under investigation for several days The original investigation was conducted by Joseph A. Genau, an agent for the Department of Justice instead of by a national bank examiner Normally such inquiries are handled entirely by the Treasury Department, but it is understood that Mr. Genau was sent to Elkton at the request of one of the national bank examiners. What Mr. Genau discovered has not been announced. He left Elkton during yesterday and reported to his chiefs in Washington They, however, declined to comment in any way upon his activities or the reason for the entrance of the Department of Justice into the case. Charles A. Stewart, national bank examiner, however, arrived last evening, a few hours after Mr. Genau's return to Washington Chief Examiner W J. Schechter is due to arrive today, when he will take charge of all affairs in the bank. Neither here nor in Washington was there any forecast of probable action, either as to the time when the bank will reopen or the condition which will be disclosed. It is assumed that the examination of the books will require several days. The run, according to W. T. Warburton, president of the bank, was due to the circulation of "malicious", reports of insolvency, owing to certain holdings of bonds by the instiI tution of the Gilpin Falls Light and Power Company, of which Mr. Warburton is also president. Washington advices say that the c Comptroller of the Currency had ordered the bank to dispose of the $125,000 of bonds of the light and power company held by the bank. a will Reorganization of the bank n take place according to Mr. Warburton. "It perfectly true," said Mr. Warburton, 'that we hold bonds of the Gilpin Company but there was nothing in this which should have caused the bank's creditors any uneasiness. We had arranged to hold a meeting tomorrow with officials of another bank in Elkton looking to a merger of the two institutions. Malicious gossip, however, about concerning the Gilpin con- got cern, which resulted in the run. "To protect the bank's best ests we were compelled to close inter our doors. Should the merger as proposed not roethrough we have in mind a reorganization which will protect every interest of the bank, and no depositor need feel alarmed. The assets of the institution ample to meet all emergencies we are given the opportunity to adjust conditions." The run went on quietly, as few had heard It before the bank closed The directors of the Second National Bank were William T. Warburton, Russell J. Reed. Oliver C. Giles, John Lungren and C.H. Johnson. Mr. Warburton was presiit dent, Mr. Giles vice-president, and Mr. Johnson cashier. The report of the condition of the e bank at the close of business. December 31, last, follows: r Resources Loans and discount. $254,944.32 n notes and bills rediscounted, $214.d 953.75; overdrafts unsecured. $2.199.54; United States bonds deposit ed to secure circulation, $12,500; all other United States government securities, $17,500; other bonds,stocks securities, $146,440; banking house reand fixtures, $14,796.22 lawful serve with Federal Reserve Bank $5,535.46; cash in vault and net amount due from national banks $10,997.76; checks on other banks $1,026.18; checks on banks located s outside of city, $528.10; redemption fund with United States Treasurer $625. Liabilities Capital stock paid in, $50,000; sur. plus fund, $10,000; undivided profits $11,689.82: circulating notes out standing, $12,500; amount due Fed. net id eral Reserve Bank, $6,597 as amounts due to banks, bankers and he trust companies in the United States 0$5,000; certified checks outstanding ed $53.21; cashier's checks on own bank en outstanding $15; individual depos d its subject to check, $145,111.92; cer Vtificates of deposit due in less than 30 days, $63,833.20; dividends for d bills ng id st ed, than paid. posit $82,632.55; other $1,278.50; than certificates money payable borrow of othe un de with Federal Reserve Bank

6. January 23, 1922 Evening Journal Wilmington, DE
Article from Evening Journal, January 23, 1922

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ELKTON BANK MAY BE REORGANIZED Special to The Evening Journal. ELKTON, Md., Jan. 23.-President W. T. Warburton of the Second National Bank which closed its doors Friday afternoon after a run on the bank, has announced reorganization of the bank will be effected at a meeting to be held this week. It is rumored that reorganization will be a group of men who will buy the bank. Sales of the franchise of the Gilpin Falls Electric Power Company to the Northern Maryland Electric Company also was announced. This deal, it was said, will release $125,000 which the bank holds in bonds of the Gilpin Falls company. The contract of sale, according to Mr. Warburton, calls for these bonds to be lifted February 15. Federal bank examiners have not completed their examination of the affairs of the bank.

7. January 23, 1922 Every Evening, Wilmington Daily Commercial Wilmington, DE
Article from Every Evening, Wilmington Daily Commercial, January 23, 1922

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SECOND ELKTON BANK MAY BE REORGANIZED President Warburton and Others Confer With Baltimoreans on the Project. Special Dispatch to Every Evening. Elkton, Md., Jan. 23.-The Second National Bank of Elkton, which suspended business last Friday afternoon, was still closed today. National Bank Examiner C. A. Stewart and assistants were engaged today in auditing the bank's finances. When the schedule is completed they will send it to the comptroller of the currency at Washington. William T. Warburton, president of the bank, accompanied by Omar D. Crothers and John Scott. went to Baltimore today to confer with Baltimoreans regarding a reorganization project, and are expected to not return until tonight. It is possible that a reorganization will be held tomorrow. A bank official said that the depositors had accepted President Warburton's statement that they would not lose a dollar, and consequently everything is quiet at the institution today. The bank examiner stated that several days will be required for making the audit, but he could not tell exactly how long it would take. Whether the bank will reopen Friday or Saturday, as intimated by President Warburton, is uncertain. The opening will depend on time necessary for the audit, and the result of the re-organization conference held in Baltimore today. The bank examiner said the institution may reopen in a month and possibly within two weeks. He could not fix a more definite time for the reopening. No banks in adjacent towns are branches of the Second National Bank of Elkton. Former Sheriff J. W. McAllister also went to the Baitimore conference today. All the directors of the Second National Bank are non-residents of Elkton. except President Warburton and Vice-President Oliver C. Giles. The latter became a director two weeks ago, succeeding Samuel J. Keyes, president of the Keyes & Miller Lumber Co., who resigned from the directorate a short time previously. Mr. Keys said he resigned from the board of directors. and the vice-presidency of the Second National, late in December. In explanation of his resignation, he said he resigned because he wished to devote all his time to the affairs of the Keys & Miller Lumber Co. Francis D. Baldwin and Messrs. Chamberlain and Chillas, representatives of Dun & Co., came here today, to obtain commercial information regarding the town. Many rumors were circulated today, but could not be traced to a reliable source. Among the bank depositors, It was reported, are Elkton churches and fraternal societies. Rev. Daniel F. Lockerbie has $1,000 deposited in the bank, it was learned today.

8. January 24, 1922 Evening Journal Wilmington, DE
Article from Evening Journal, January 24, 1922

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WORK ON PLANS TO OPEN BANK . Many Depositors Hard Hit by Closing of Elkton Institution CANNOT GET IN SAFE DEPOSIT BOXES Special to The Evening Journal ELKTON, Md., Jan. 24.-The suspension of the Second National Bank of Elkton is causing hardship among many depositors. One merchant says all the money he has in the world is in the bank. and his bills are now coming in. To pay them he will be obliged to borrow which will seriously inconvenience him. Many poor persons whose total savings of amounts up to a few hundred dollars. are in the bank and cannot be secured just at a time when the money is urgently needed. One old Negress, by hard work, who had saved $150 which is in the bank is almost heartbroken at the prospect of losing even a portion of it. Another great inconvenience is that holders of security boxes cannot have access to their belongings. although there may be urgent haste for valuable papers. A meeting was held last night in the office of Omar E. Crothers. at which plans were discussed for reopening the bank which suspended I business Saturday afternoon after a "run" had been made on the instition. William T. Warburton president of the bank; his son, State's Attorney Henry A. Warburton, Omar R. Crothers, Charles P. Bartley. E. Kirk Brown. J. Wesley McAllister. John W. Scott, Frank B Evans and Reginald Constable were in Baltimore yesterday conferring with Baltimore financiers regarding the taking over the assets of the bank. C. H. Stewart. bank examiner, and his staff of assistants, are auditing the books of the bank. This will y take several days. after which they will report to the comptroller of currency at Washington Whether f the bank will reopen on Friday or S Saturday of this week, as predicted by President Warburton, is unr certain. Bank Examiner Stewart would not fix a date. saying "It all t depends on the audit and the oro ganization plans. which will have :to be approved by the comptroller. al Last night's meeting was attended al all bank officials but Mr. Warbur 11 by ton. A statement was issued tha the bank was perfectly solvent. pt Mr. Warburton said that every de of positor would be paid dollar for kdollar, and that the only bad in in vestments are the slow paying ay papers, which naturally require he some time to be of value. SAnother meeting will be conduct etoday to look over the bank's d documents ed and to see if any really tbad paper is being carried by the institution. h Efforts are being made to get new capital interested in the reorganiza tion plans. e

9. January 25, 1922 Newark Post Newark, DE
Article from Newark Post, January 25, 1922

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Newark Interested in Bank Closing Second National Bank of Elkton Closed Doors Last Friday "This bank closed by the Board of Directors. The National Bank Examiners have taken charge." C. A. Stewart, National Bank Examiner. The above notice was placed on the doors of the Second National Bank of 2 o'clock last did not take long the news to to noon. Elkton It at spread Newark Friday and for after- it has been the topic of discussion here ever since. Many local persons were interested in and to the bank according had infor- demation some local persons posits at the bank. Reports that the bank would open again this week were denied this morning. On good authority it was announced that a soon take and today place reorganization until that would time further can nothing William M. Singerly, be accomplished. formerly owner of the Philadelphia Record, the years William T. ago. organized bank Warburton, about 30 presi- the dent of the bank ,was also one of organizers. Many rumors as to the cause of the trouble have been circulated. About a week or so ago this paper an item in the sale the published of Gilpin-Falls regards Light to and it is claimed that the held a the closed issued Power bank Co., by and company, great deal which of stock furnished electric current to Elkton, North East and other town. Mr. Warburton is president of the power company. Reorganization of the bank will take place according to Mr. Warburton. "It is perfectly true," said Mr. Warburton, "that we hold bonds of the Gilpin Company, but there was nothing in this which 'should have caused the bank's creditors any uneasiness. We had arranged to hold a meeting tomorrow with officials of another bank in Elkton looking to a of the two got licious merger gossip, however, institutions. which about Maconcerning the Gilpin concern, resulted in the run. "To protect the bank's best interwere to our as proests doors. we Should compelled the merger close have in not we protect interest mind posed every a reorganization go through of which the bank, will and no need the are to assets depositor of institution feel if alarmed. ample The meet all emergencies we are given the opportunity to adjust conditions." The run went on quietly, as few had heard it before the bank closed. The directors of the Second National Bank were William T. Warburton, Russell J. Reed, Oliver C. Giles, John Lungren and C. H. Johnson. Mr. Warburton was president, Mr. Giles vice-president, and Mr. Johnson cashier. The report of the condition of the bank at the close of business, December 31, last, follows: Resources Loans and discount, $254,944.32; notes and bills resdiscounted, $214,953.75; overdrafts unsecured, $2, States deposited seto other 199.54; secure United United circulation, States government bonds $12,500; all recurities, and securities, fixtures, $17,500; $146,440; $14,796.22; other banking bonds, lawful stocks, house serve with Federal Reserve Bank, $5,535.46; cash in valut and net from on amount $10,997.76; due checks national banks other located banks, banks, $1,026.18; checks on outside of city, $528.10; redemption fund with United States Treasurer, $625. Liabilities Capital stock paid in, $50,000; surplus fund, $10,000; undivided profits, $11,689.82; circulating notes outstanding, $12,500; amount due Federal Reserve Bank, $6,597; net amounts due to banks, bankers and trust companies in the United States, $5,000; certified checks outstanding, $53.21; cashier's checks on own bank outstanding, $15, individual deposits subject to check, $145,111.92; certificates of deposit due in less than 30 days, $63,833.20; dividends unpaid, $1,278.50; than for money certificates borrowed, than of with deposit $82,623.55; Federal other bills payable other Rerseve Bank, $25,000. Total, $413,711.30.

10. January 26, 1922 Evening Journal Wilmington, DE
Article from Evening Journal, January 26, 1922

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BANK PROBE NOT FINISHED Federal Examiners Still at Work on Books of Elkton Institution PUSHING PLANS TO REORGANIZE Special to The Evening Journal. ELKTON, Md., Jan .26.-The Federal bank examiners under Charles A. Stewart, who took charge of the affairs of the Second National Bank of Elkton last Friday, after the doors of that institution were closed due to a "run" by depositors, are still at work on the books. Just when they will complete their investigation is unknown. in fact they do not know themselves when they will finish. The men who are at the head of the movement to reorganize the bank and again start business are still carrying forward their plans. William T. Warburton, president, of the bank, who signified his willingness to turn over the institution into new hands, has, it is understood. agreed to all the demands of promoters of the reorganization movement. Already it is said a number of the notes termed as "slow investments," have been lifted. It is understood that the stockholders of the bank or at least a large percentage of them, have agreed to accept the "slow investments," to the amount of the capital stock and the surplus and undivided profits of the institution in lieu of stock, in the reorganization plan. The only other standing way are proposition in the the bonds of the Gilpins Falls Electric Company, $121,000. held by the bank. This has also about been cared for if the present plans do not fail. If the bank is reorganized it will start with a capital of $50,000 but whether or not the stock will be sold at par or at a premium, so as to insure a surplus at the start, has not been announced. Several of the men at the head of the reorganization movement are financially able to assure the stock all being taken, should they decide that they want the bank to start business again. In he meantime many of the depositors are anxious about what will t be the next move, and especially when they will be able to get their 1 money.

11. January 27, 1922 The Midland Journal Rising Sun, MD
Article from The Midland Journal, January 27, 1922

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RUN CLOSES ELKTON BANK. Rumors Are Blamed and President Promises a Reorganization. The Second National Bank of Elkton closed its doors at 2 o'clock p. m. Friday, due it is alleged, to a run on the institution by depositors. For some days there had been rumors to the effect that the bank was about to merge with another institution, also that the concern was not in very good shape financially. Depositors began to withdraw their money and the climax came Friday afternoon. After it became known that it had closed its doors many of the depositors hurried to the bank to try to learn just what chance they had to get what belonged to them. They were met with the following statement by its president, William T. Warburton: The Second National Bank, of Elkton, on account of a run made upon it, closed its doors at 2 o'clock. On account of some slow investments and while negotiations were pending for a consolidation with another bank in the town rumors were circulated which caused the run. The assets are ample to secure depositors and the bank will be reorganized and open again for business. The bank was organized about 30 years ago by William M. Singerly, of Philadelphia; William T. Warburton, and several other prominent local business men. Mr. Warburton has been president of the institution ever since it started. Oliver C. Giles is vice president and C. H. Johnson cashier. The statement of the bank at the close of business, December 31, was as follows: Resources, $413,714.30, the principal items being $214,053.75 in loans and discounts, including notes and bills rediscounted, and $10,997.76 cash; banking house and fixtures, $14,796.22; bonds and stock securities, $164,000; capital stock, $50,000; surplus fund, $10,000, and undivided profits, $11,689.91. Several citizens of Elkton, who are interested in the bank, and Wm. T. Warburton, president of the institution, were in Baltimore this week to confer with bankers and Federal officials in regard to reorganizing the bank, but nothing definite was accomplished. Quite a number have signified their willingness to help in the reorganization, provided the "slate" is wiped clean. It is said that the $121,000 bonds of the Gilpin Falls Electric Company held by the bank are more of a stumbling block to the reorganization plans than are the slow investments of the bank. At the best, the bank cannot be reorganized or reopened until the Federal Bank Examiners complete their work.

12. February 15, 1922 Newark Post Newark, DE
Article from Newark Post, February 15, 1922

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Elkton Bank Crash g Topic of Discussion M t Report That Depositors Will A Demand Action on Status S -Receiver Looked For A Things have reached such a point in the affairs of the defunct Second t National Bank of Elkton, that the i people there who had money in the institution are rumored to have demanded that some definite step be taken SO that they may know how things stand. According to a rumor that had its round in the town last night the depositors are making plans for calling a meeting and demanding that the responsibility for the crash be fixed. It is a known fact in Elkton that many notes were found in the bank discounted by townspeople who positively denied ever having discounted them. The discovery of this condition has caused those who had deposits in the bank to make further investigation of conditions. It was reported on good authority this morning that a receiver was to be appointed to take over the bank. The matter of certain people of the town running the bank has lost its hold and it is understood that these persons who were reported ho have had an idea to take over the bank have "backed water." William T. Warburton, president of the bank, is critically ill at his home and last night's report was that he was not expected to live. William Trimble, of Wilmington, is visiting Elkton relatives. Mrs. Archibald Caddell has removed from Chesapeake City to Philadelphia. Mrs. Martha Porter, of Wilmington, was a guest this week of her sisters, Misses Mary and Harriet Terroll. Mr. and Mrs. George Gence, of North East, entertained at cards on Wednesday evening. Miss Bessie Hartnett has returned from a short visit to Philadelphia. Mrs. Vernon H. McKnight, of North East, has been spending a few days with her mother, Mrs. Willian W. Burkley. Mrs. Robert Creswell Thackery en tertained the "500" Club on Wednes day evening. Mrs. Arthur Knight, of Baltimore spent Sunday with Mr. and Mrs Joseph B. Conner, near Elkton. Miss Marie Wetherall Taggart, O Washington, is visiting her parents Mr. and Mrs. Edward F. Taggart. Mrs. Florence P: Miller has re turned from a visit to her daughter Mrs. Bixler Weaver, of Philadelphia Mrs. Clarence C. Strickland ha been entertaining her brother, Cha les Scott Hilton, of Baltimore. Miss Bessie Conroy, of Chesapeak City, is the guest of her sister, Mr William T. Malster, of Baltimore.

13. April 20, 1922 Every Evening, Wilmington Daily Commercial Wilmington, DE
Article from Every Evening, Wilmington Daily Commercial, April 20, 1922

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1 : RECEIVERS FOR I e 1 WARBURTON ESTATE 1 1 Thos, W. Perkins, Henry L. : Constable and Henry A. Warburton Named. Special Dispatch to Every Evening Elkton, Md., April 20.-Judge John Rose of the United States District Court of Baltimore last night appointed Thomas W. Perkins, Henry L. Constable and Henry A. Warburton receivers for the estate of the late William T. Warburton, president of the Second National Bank of this town, which failed some months ago because of debts incurred by him. The appointment was made in answer to a bill of complaint, filed some weeks ago by Thomas W. Perkins, who was made receiver of the bank by the United States Department of Currency, following the disclosure of its insolvency, Judge Rose appointed Mr. Constable, who is an attorney of this town, as a disinterested party in the receivership Mr. Perkins was appointed to represent the bank and its depositors, and : Mr. Warburton will represent his family. The bill of complaint, which has been ! pending some time, points to the fact. it is said, that the bank is in debt to 2 the extent of about $150,000. The 8 Warburton estate, it is believed, will amount to about $80,000 or $90,000. , and it is now practically a certainty I that depositors will not receive much more than half their deposits, in . view of the fact that If applied to the paying off of the bank's debt the Wars burton estate will not cover much more than half the amount. When the bill of complaint was Med by Receiver Perkins, Henry A. Warburton, who is a son of the late president of the bank, and is also State's attorney, through his counsel, contended that the Federal Court had no s jurisdiction over the estate, but that the latter was under the administration of the Orphans' Court of Cect! county. Separate purisdiction, it was said, would be in violation of the lawe of the State and of the Orphans' Court. Judge Rose, however, overruled these contentions in his appointment of the receivers last night. The pery sonal property, real estate, and all t the effects of the late president will be y e disposed of, it is said, by the recelvers, in the near future. n A

14. May 24, 1922 Newark Post Newark, DE
Article from Newark Post, May 24, 1922

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Memorial Day exercises at Calvert, May 30. R. L. McClintock has been elected president of Calvert Epworth League; Mrs. Helen Foster, secretary; Roger Horn, treasurer. Claude R. Coulborne and Miss Sarah L. Porter of Seaford, motored to Elkton, Thursday evening, and were married by Rev. Daniel F. Lockerbie. The case of Ralph Andrews VS. Receiver Perkins of the Second National Bank of Elkton, which has been the topic of much local discussion, has been compromised.

15. June 29, 1922 Evening Journal Wilmington, DE
Article from Evening Journal, June 29, 1922

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CECIL COUNTY TAX RATE FIXED AT $1.50 Special to The Evening Journal. ELKTON. Md., June 29.-The Board of County Commissioners have fixed the county tax rate for the ensuing fiscal year at $1.50 on the $100. the same rate as during the year just closing. In order to keep from increasing the rate, the Commissioners in making out the annual budget paired down many of the items of expense. For instance, only $35,000 was allowed for repair and upkeep of the county roads, compared with $50,000 last year. For public schools, $120,466 is allowed. compared with $130,000 the past year. It is reported that the local Masonic order has bought the lot on North Main street, formerly owned by the late William T. Warburton, from ) Albert D. Mackey, who purchased it from the receivers of the Second Naional Bank of Elkton, and propose later to have a handsome new temple erected on it.

16. July 7, 1922 The Midland Journal Rising Sun, MD
Article from The Midland Journal, July 7, 1922

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TOWN AND COUNTY. Short Paragraphs of Events in the County During the Past Week. LOCAL HAPPENINGS BRIEFLY NOTED Mrs. Ida Wilson, of Philadelphia, Rock fishing in the Susquehanna is visiting Mrs. G. R. Grason. river is reported better than for years. Mr. and Mrs. Isaac Newlin were recent guests of Mr. and Mrs. ClarA Ford car belonging to Clifford ence Ashby. Spotts was stolen in Elkton Saturday night. Mrs. M. E. Flounders and son are The Singerly Fire Company of spending some time with Wilming ton relatives. Elkton has decided not to hold a carnival this year. Mr. and Mrs. W. B. Cooney enjoyed a motor trip to Ocean City, According to report the wrecked N. J., last week. Second National Bank of Elkton Mr. and Mrs. Kirk and child, of will pay about fifteen cents on the Philadelphia, were guests this week dollar. of M. Ely and family. Ladies of St. John's Church, NewMr. and Mrs. Norman Pyle, of ark, Del., cleared upwards of $800 Philada.. were guests this week of from their recent lawn fete and Mr. and Mrs. Job W. Kirk. festival. Mrs. Ruth Ann Gilmore has reThe dwelling on West Main street, turned to Rising Sun after spending Elkton, owned by Harry M. Taylor, some months at Barnsley, Pa. has been purchased by A. F. Stanley, Mrs. E. C. Dixon, of Philadelphia, of that town. is spending some time with her A carnival will be held at Cherry parents, Mr. and Mrs. B. H. Brown Hill, July 12, 13, 14 and 15 by Little Charles Brown, of Baltimore, Elk Tribe of Red Men and the Despent the 4th with his parents, Mr. gree of Pocahontas, of Cherry Hill. and Mrs. N. C. Brown, in Hising Sun. The First and Fifth Regiments of Barclay Reynolds, of St. Luke's the Maryland National Guard will School faculty, Wayne, Pa., is spendencamp on the Edgewood Arsenal ing the summer vacation at his Reservation from July 22 to Aug. 5. home in Rising Sun. Weather conditions on the 4th of Mr. and Mrs. Albert L. Buffington July were anything but favorable and Mr. E. R. Buffington left this for outings or celebrations. There week for a two weeks' camp in the were drizzles and showers all day Adirondack mountains. that upset many a program for the Miss Emily K. Dryde, of Snow observance of the Natal Day. Hill, was the recent guest of Mrs. Work has been started on the Lawrence Sadler, Farmington. The new State road at Rowlandville. young tadies were school friends at About 6900 cubic feet of dirt and Western Maryland College. stone will be taken from the top and Mr. Frederick Loveless, of Chesaside of Rowlandville hill to get the peake City, and Miss Mary J. Shelgrade and reduce a sharp curve. ton were married at the bride's This section was swept with viohome at Barksdale on Wednesday, lent electrical storms and deluges of June 28. They will reside in Chesarain) on Saturday afternoon, about peake City. five o'clock, and Sunday afternoon Mr. Raymond Hamilton, of New about the same hour. The gutters York, and Miss Martha A. Walls, and streets literally ran rivers of were married Saturday, June 24, at water during the downpours. the home of the bride's mother, Mrs. The Free Masons have purchased Ella Walls, at Calvert, by Rev. J. C. the lot on North street in Elkton McCoy, of St. George's Del. They from Albert D. Mackey, sold at the left for New York, where they will receivers' sale of the real estate or reside. the late William T. Warburton. The a Mr. Ralph E. Morgan, of Chesaplans of the Masons are to build peake City, and Miss Julia B. McTemple in the future. Kenzie, of Providence, were marContractor S. Ralph Andrews be8 ried at Cherry Hill M. E. Parsonage gan preliminary work last week, in on June 21, by Rev. J. W. Gray. the town of Elkton, on concreting Miss Mabel McKenzie, of Germanthe bed of Delaware avenue from town, and Mr. John Rhodes, of A1the Mill Bridge to Main street, toona, Pa.) attended the couple who which will be continued west on the took a trip to Washington, D. C. latter to the crossing at Gonce's Lieut.-Col. N. T. Kirk and family, store. of Walter Reed Hospital, WashingMillard F. Bayless, a farmer or ton, D. C., paid a visit to the formStepney, Harford county, has filed er's brother, Job W. Kirk, and an involuntary petition in bankfamily, last week. Col. Kirk, who ruptcy in the United States Court, is a Rising Sun boy and is in charge Baltimore. The Harford Bank, of of Walter Reed Hospital, was enBel Air is the complainant, and the route to Montank, Long Islana, assets are listed at $9,677.25, and where he will spend a month's valiabilities as $24,888.86. cation. Oxford Electric Co. lost thousands Announcement has been made of of dollars by the storm Saturday the wedding of Miss Gene La Motte, afternoon. Transformers in Oxford, of Bayside, L. I., and Arlington W. Nottingham and Colora, were burnPorter, of New York, formerly of ed out. Our town was without elecElkton. The wedding took place at tric light Saturday night. Lamps Bayside on June 3. The bride is a and candles were resorted to in New York journalist. Mr. Porter is dwellings and places of business. a son of Mrs. Martha M. Porter, During the storm of Saturday 1203 West Ninth street, Wilmington, Del. Mr. and Mrs. Porter will afternoon lightning struck one ot make their home in New York. the large silver maple trees in the front yard of the Barclay Reynolds Lightning struck the blacksmith property, west of town, shattering shop at Rowlandville, during the one side of the tree and also breakstorm Saturday afternoon. The ing and badly damaging the conbarn on the property of Strawbridge crete retaining wall recently erected Gerry was also struck. The damage along the front of the property. done was slight, About 1800 Boy Scouts of AmerOne of the workmen at the Cecil ica from different States, under Paper Mill, near town, had four Chief Scout Master Greenhawk, will fingers of his right hand badly camp at Red Point and call their crushed and lacerated en Friday camp the "Caesar Rodney Camp," last, by getting the hang caught in this summer, The grounds have the calendar rolls. The heavy rolls been prepared for them. and they had to be pried apart with iron bars will come in groups of 50 to 200, before the injured man could be each group remaining a week. Any released, registered Scout has the privilege of The North East Star reports the attending at a cost of $4.50. first installment of sixty young girls The Fourth of July was very from Coatesville, Pa.. arrived at quietly observed in our town. There Wilson's shore last week for two was hardly any "noise," and threatweeks' camping out, Following their ening weather put a damper on alcustom for several years the girls most all outdoor celebrations. and boys from the Pennsylvania city The festival and celebration planwill come in installments during the ned by the Sunday school was one of summer, for health giving outing the things that was almostly comtrips. pletely spoiled, that is the celebraThe Board of Education for Cecil tion end of it, but the ladies and county has awarded to John W. their helpers stuck bravely to their Black, of Cecilton, a recent graduate cake tables and ice cream cans, deof the George Biddle High School, a spite the showers, and did a fair four-year scholarship at the Univeramount of business, the receipts sity of Maryland, amounting to over $100.

17. July 15, 1922 Every Evening, Wilmington Daily Commercial Wilmington, DE
Article from Every Evening, Wilmington Daily Commercial, July 15, 1922

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# CECIL COUNTY NEWS. Elkton. Md., July 15.-Associate Judge Wicks has set Tuesday for hearing the marriage annulment case of John W. Montgomery against Peggy U'Dell. Jerry Green, Negro, aged 60 years, formerly of Cecil county, has been lodged in the Lancaster county jail, charged with attempting to murder his brother, Sam Green, in a dispute over a set of harness. While Mrs. Samuel Nickerson and Miss Sarah Dean were driving on the State road their carriage was struck by an automobile and both women were injured. The Central division of the Ceeil County Sunday School Association will meet in Ebenezer Church, near Greenhurst, next Wednesday. The soldier's hospital at Perry Point has been completed at a cost of $500,000. It will accommodate 300 patients. Receivers of the Second National Bank will offer for sale next Tuesday the property of the late William T. Warburton, who was president of the wrecked bank. Rev. Joseph Brown Turner, pastor of Port Deposit Presbyterian church, will leave next week for a three months' trip to the British Isles. Frank A. Webb, of Wilmington, and Henry Hess, of Fair Hill, have been appointed administrators of the estate of Heister Hess.

18. August 2, 1922 Newark Post Newark, DE
Article from Newark Post, August 2, 1922

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Warburton House To Go By Auction Three Want Elkton Postmastership -Newark Man MarriedThieves Active Owing to a protest made by depositors of the Second National Bank of Elkton now in the hands of a receiver, of the sale of Charles E. Warburton's home property to J. Wesley McAllifor was sale ster, private $8,000, during which the past week, made the at sale has been recalled and the property will now be put up at public auction. The wrecked bank holds numerous notes of Mr. Warburton's, which the proceeds of this sale will not liquadate. Postmaster O. C. Giles, former Postma ter George M. Evans and city Mail Carrier Russell M. George were the only ones taking the Civil Service examination for the position of postmaster at Elkton, to succeed Mr. Giles, whose term expires September 5. As Messrs. Evans and George are Republicans, it is considered likely that one of them will get the plum. Marriage liceses were issued Saturday to Harry N. Clark, of Newark, Del., and May E. Johnson, of Thompson Station, Del.; Dorean H. Draper, of Elkton, and Ella M. Williams, of Christiana, Del. Ira A. Wells, son of Ira Wells, proprietor of the Howard House, Elkton, has been appointed rural mail carrier from the Elkton postoffice to Lewisville, Pa. Misses Eleanor Brown and Gladys Tweele, recent graduates of Tome Institute, have been appointed teachers at the Belair High School. William Cavender, of Earleville, reports to the county authorities that thieves entered his premises during the past few days and carried off his flock of spring chickens. John Anderson, district deputy game warden, is having a consignment of pheasants liberated in various parts of Cecil county. Miss Mary Terrell, who has been a patient at Union Hospital for several months, has improved and is now spending some time with her niece, Mrs. L. E. Barrett, at Chestertown.

19. August 25, 1922 Evening Journal Wilmington, DE
Article from Evening Journal, August 25, 1922

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SEEKS RECEIVER FOR GILPINS' FALLS CO. Special to The Evening Journal. ELKTON, Md., Aug. 25.-Clarence W. Perkins, of Baltimore, has filed a bill in the Circuit Court for Cech county against Henry A. Warburton and wife; Charles E. Warburton and wife; Mrs. Anna M. Warburton and Henry A. Warburton and J. W. McAllister, trustees, and Thomas W. Perkins and Henry L. Constable, receivers, asking the court to appoint a receiver to take over and sell the rights, titles and plants of the Gilpins' Falls Electric Company. Henry A. Warburton and J. W. McAllister are now in charge of the affairs of the company, as trustees, under the will of the late William T. Warburton. A similar bill was filed last month by the same party asking that a receiver be appointed to take charge of the affairs of the Gilpins' Falls Electric Company, and the hearing was to have come up in the Circuit Court here yesterday, but was postponed until September 5. This suit is the outgrowth of the failure of the Second National Bank of Elkton.

20. October 28, 1922 Evening Journal Wilmington, DE
Article from Evening Journal, October 28, 1922

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JUDGMENTS FOR DEFUNCT BANK U.S. District Court Decides Case Against Miss Lydia Reynolds S DOG KILLS PRIZE WINNING CHICKENS Special to The Evening Journal. ELKTON, Md., Oct. 28.-The Elkton postoffice is overcrowded and the government for some time has been trying to rent additional quarters. The Second National Bank bulding It is thought could be a.oquired, and would make an ideal 1 postoffice with inexpensive improvet ments. There is a movement on S foot to buy the building. € The old Amerian Porcelain ComI pany plant, near North East, is about to be re-opened by new owners. ( Victor Rudulph Bennett has lost three barred Plymouth Rock chickens, which only two weeks ago won three premiums at the Harford County Fair. The chickens were killed by a dog, and were valued A at $50. I In the United States District Court E of Baltimore, judgment was renderp ed against Miss Lydia Reynolds, of is Elkton, for $1,400 for an obligation a to the suspended Second National a Bank of Elkton. She claims to have in been assured by the late president h of the bank, that money she says tl he held of hers, would be used to the pay the obligation, but it was not done. Other residents of the vicinW ity who have cases against them fa were Thomas J. Murray, for a Judgment of $550 and costs, and Marion e the Brown, a judgment for $1,450 and W costs. These suits were brought by A Thomas W. Perkins, receiver of the bank. e 50 The Welwood Club, of Charlestown, which numbers summer resiol dents from Wilmington and elsein where, among its members, has conp tributed $115 to the North East in Fire Company. B The Radnor Relief Association will hold e. dance in Mechanics Hall, Elkton, tonight. S₁ The trustees of West Nottingham Presbyterian Church, have about he completed the new manse, which will soon be occupied by the Rev oz St Thomas P. McKee, pastor.

21. November 2, 1922 Every Evening, Wilmington Daily Commercial Wilmington, DE
Article from Every Evening, Wilmington Daily Commercial, November 2, 1922

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# NEW RECEIVERS NAMED # FOR GILPIN FALLS CO. T. W. Perkins and J. W. McAllister Appointed Today by Judge Wickes. Special Dispatch to Every Evening. Elkton, Md., Nov. 2.—Judge L. W. W. Perkins and J. Webley McAllister Wickes, sitting in the Circuit Court of Cecil county, today appointed Thomas receivers of the Gilpin Falls Hydro Electric Company's property near North East, Md. Interest to the extent of $121,000 is held by the defunct Second National Bank in the electric company's property and the plant will most likely be sold by the receivers in the near future in order that the settling of the bank's affairs may be earned without delay. The property was owned by the late William T. Warburton, president of the Second National Bank. His son, Henry A. Warburton, and J. Wesley McAllister were named receivers of the property about six weeks ago but as nothing was done to expedite its sale complaint was made and new receivers were appointed today. Creditors of the bank have been much annoyed by the long delay in winding up the affairs of the bank, which failed last February. If the plant is sold in the near future it is expected that the matter can be straightened out with no further delay and the depositors paid whatever per cent of their money that can be realized on the assets.

22. November 8, 1922 Newark Post Newark, DE
Article from Newark Post, November 8, 1922

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two of the leading Elkton papers opposing it, the public schools and democracy won out by the intelligence and confidence of a popular vote. The majority was 106. Thus do many and strange things happen. The doors of the Second National Bank of Elkton opened Monday last after a long and most unsatisfactory vacation. To see the crowd around one would think a modern bargain sale was going on or that the officials had opened up a keg of their very best barb wire cider. Sad to relate, neither was the case. It was only a group of beautifully trimmed depositors waiting to get what they could while the getting was ripe. It constituted the first dividend paid by Receiver Perkins and amounted to 10 per cent. Mr. Perkins and his staff were almost buried with the work of paying off the eager depositors. Then he stated for the benefit of all that only a few months more and another dividend would be ready at probably 20 per cent. We are reminded in this case of the old man who walked across the path of a trolley car, was hurled through the air into a horse trough and almost drowned beside having both legs broken. When he was able to talk in the hospital, the first words he uttered were, "Well, folks, it might have been worse." Not long ago we heard a remark e dropped in passing to the effect that e Elkton was a one-horse town of purest ray serene. Furthermore it was stated that the Maryland metropolis had an acute ailment called Backwardness. That's funny. They had y the biggest parade seen in this section for many years last week, are arranging detailed plans for an Armise tice Day Ceremony, and are in line to receive into their midst a well-known book publishing firm as one of their industries. Outside of these items, S, they are opening up the real estate h barrel and enlarging the town. All this without a Board of Trade, too. In comparison to some of its welld known and esteemed neighboring r. towns, we believe Elkton isn't SO terribly far behind. y Mrs. Evelyn S. France, wife of Senator Joseph L. France, is the defendant in a suit instituted by Clara V. W Turner, a former teacher in Tome InS. stitute. The suit calls for $1300 for ialleged failure on the part of Mrs. France to make payments on a life income for services rendered. This nt mix-up added, added to the depressing news of the Senator's defeat for reelection, would seem to make the of France home anything but a harbor A. of joy this week.

23. March 9, 1923 The Midland Journal Rising Sun, MD
Article from The Midland Journal, March 9, 1923

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# ELECTRIC PLANT SOLD. Thomas W. Perkins and J. Wesley McAllister, Receivers of the Gilpin's Falls Electric Trust Estate, have sold the property, rights and franchises to the Elkton Electric Company, Inc., for $75,000, and the sale has been reported to the Circuit Court for Cecil County for confirmation. The proceeds of the sale will go to the depositors of the closed Second National Bank of Elkton.