18514. Bolivar National Bank (Bolivar, PA)

Bank Information

Episode Type
Run โ†’ Suspension โ†’ Closure
Bank Type
national
Bank ID
6135
Charter Number
6135
Start Date
September 1, 1903*
Location
Bolivar, Pennsylvania (40.397, -79.152)

Metadata

Model
gpt-5-mini
Short Digest
05f892f8

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1903-10-01
Date receivership terminated
1906-10-09
OCC cause of failure
Fraud
Share of assets assessed as good
55.0%
Share of assets assessed as doubtful
45.0%

Description

Contemporary reports state a quiet but persistent run of about three weeks due to rumors the bank was unsafe; directors closed doors and the Comptroller appointed a receiver (John B. Cunningham) Oct 1, 1903. Episode: run led to suspension and appointment of receiver (permanent closure).

Events (7)

1. February 24, 1902 Chartered
Source
historical_nic
2. September 1, 1903* Run
Cause
Rumor Or Misinformation
Cause Details
A circulation of a rumor the bank was unsafe triggered a quiet but persistent run beginning about three weeks prior to Oct 1, 1903.
Measures
Directors decided to close the bank's doors; president telegraphed insolvency.
Newspaper Excerpt
The Bolivar National Bank closed its doors to-day, following a quiet but persistent run on the institution, which began some three weeks ago with the circulation of a rumor that it was unsafe.
Source
newspapers
3. October 1, 1903 Receivership
Source
historical_nic
4. October 1, 1903 Receivership
Newspaper Excerpt
The Comptroller of the Currency today appointed receivers for the Bolivar National Bank at Bolivar, Pa.... Examiner John B. Cunningham has been appointed receiver of the one at Bolivar.
Source
newspapers
5. October 1, 1903 Suspension
Cause
Government Action
Cause Details
Comptroller appointed a receiver after the bank's president telegraphed that the bank was insolvent and had closed its doors.
Newspaper Excerpt
The Comptroller of the Currency has appointed National Bank Examiner John B. Cunningham receiver of the Bolivar National Bank, of Bolivar, Pa., on receipt of a telegram from the president of the bank, E. R. Hammond, that it is insolvent, and he has closed its doors.
Source
newspapers
6. October 15, 1906 Restored To Solvency
Source
historical_nic
7. February 1, 1939 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (11)

Article from The Minneapolis Journal, October 1, 1903

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Article Text

MARSHALL CLUB OF WEBSTER CITY. Special to The Journal. Webster City, Iowa, Oct. 1.-A. C. Rankin. the moulder orator, organized a local branch of the State Marshall clab in this city last night. The club has for its object the enforcement of the liquor laws. Wesley Martin is the local president. The club has a large membership among the business men. The controller of the currency has received telegrams announcing the failure of the Packard National bank of Greenfield. Mass.. of which Bank Examiner Frank L. Fish has been appointed receiver. and the Bolivar National bank of Bolivar, Pa., of which Bank Examiner John B. Cunningham has been appointed receiver.


Article from The Butte Inter Mountain, October 1, 1903

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TWO FAILURES OF BANKS Washington, Oct. I.-The comptroller of the treasury has received telegrams announcing the failure of the Packard National bank of Greenfield, Mass., and of the Bolivar National bank of Bolivar, Pa., of which Examiner John Cunningham has been appointed receiver.


Article from Evening Journal, October 1, 1903

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RECEIVER APPOINTED FOR BOLIVAR NATIONAL BANK Another Attack on Pennsyl vania Shares-London Censor Bars Duce's Play Washington, Oct. 1.-The Comptroller of the Currency today appointed receivers for the Bolivar National Bank of Bolivar, Pa., and the Packard National Bank of Greenfield, Mass. The following statement regarding the Bolivar failure was issued: "The Comptroller of the Currency has appointed National Bank Examiner John B. Cunningham receiver of the Bolivar National Bank, of Bolivar, Pa., on receipt of a telegram from the president of the bank, E. R. Hammond, that it is insolvent, and he has closed its doors. This bank was organized October 16. 1901. The resources and liabilities of the bank, as shown by the last report of condition to the Comptroller of the Currency, September 9, 1903, was $136,320.85."


Article from Alexandria Gazette, October 1, 1903

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Article Text

FROM WASHINGTON. [Correspondence of the Alexandria Gazette.] Washington, D. C., Oct. 1. Senator Stewart, of Nevada, called at the White House this morning to discuss the labor question with the President. "I told him that if he wins the fight he now has on his hands that he will be immortal," said Senator Stewart. "If 3,000,000 men are able to control 90,000,000 people, the death of the American republic will follow. The President has begun a fight for a new Declaration of Independence and the crisis we are approaching is the greatest that has confronted the country sincethe republic was formed. If the President backs down from the stand he has taken, we will have a battle to the death between the forces of union labor and the millions of people in the country who demand the right to labor and live as they please. If the President stands firm in his position he will be reelected, if he backs down he will be beaten." The Comptroller of the Currency has appointed National Bank Examiner John B. Cunningham receiver of the Bolivar National Bank, of Bolivar, Pa., on receipt of a telegram from the president of the bank, E. R. Hammond, that it is insolvent and he has closed its doors. The resources and liabilities of the bank, as shown by the last report were $136,320. 85. The Comptroller of the Currency has alsoappointed National Bank Examiner Frank I. Fish, receiver of the Pack ard National Bank, of Greenfield, Mass., which closed its doors yesterday. The resources and liabilities of the bank, as shown by the last report were $555, 477.32. Indiana admits that Senator Fairbanks is no longer in the running for the Presidency. Mr. Hemenway of that State, called this morning to see the President, and as he left the White House told the correspondents that there was "no one else in sight but Roosevelt. "Of course," said Mr. Hemenway, "there is nothing in the gift of the State of Indiana that Senator Fairbanks could ask for that he could not have. But unless there isa most remarkable change, Senator Fairbanks will not appear as a candidate before the convention. President Roosevelt is the only man in sight. As for Senator Fairbanks appearing as a candidate for the Vice Presidency there is nothiug in that rumor. Senator Fairbanks is not a candidate for the vice Presidency. Of course, if the convention should offer him the place on the ticket he might possibly feel compelled to accept, but with SO many excellent men in the party striving for the nomination, it is altogether unlikely that his name will be offered." President Roosevelt has an interesting postoffice controversy to decide at Lincolnton, N. C. It is a battle between a politician and a handsome widow whose husband was a personal friend and comrade in arms of the President. The fair combatant, Mrs. Margaret Shipp, called at the White House this morning under the wing of Ex-Senator. now Judge, Pritchard. Judge Pritchard assured the correspondents that he was taking no hand in the matter but called with Mrs. Shipp merely to introduce her to the President. The President heard Mrs. Shipp's argument and told her that he would give the matter his most careful consideration, Mrs. Shipp's husband, Lieutenant Wm. E. Shipp, was killed at San Juan Hill. On the night before the battle he shared his dinner with Col. Roosevelt and in the morning of the engagement the future President livided his breakfast with the Lieutenant. The incumbent of the Lincolnton postmastership, A. L. Barkley, wants the job again and is backed by the republican organization of the county. Senor Pulido, secretary of the Venezuelan legation here, called at the State Department this morning to make arrangements for the presentation to the President of Senor Hernandez (Ek Mocho), the new minister to the United States from Venezuela. Although no definite date was fixed today, it is expected that the ceremony will take place at the White House one day next week. The republican factions in Delaware are more badly split up than ever. The matter of patronage is the bone of contention and the twoSenators held a conference with the president today. After listening to their argument the president is understood to have "read the riot act"


Article from The Spokane Press, October 1, 1903

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Receivers Appointed. WASHINGTON, Oct. 1.-The comptroller of the currency has appointed receivers for the Bolivar National bank at Bolivar, Pa., and the Packard National bank at Greenfield, Mass. The latter is an old established bank. Each gives as the reason a lack of funds.


Article from Evening Times-Republican, October 1, 1903

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Packard National at Greenfield, Mass., and Bolivar National at Bolivar, Pa. RECEIVERS ARE APPOINTED The Bolivar Bank's President Telegraphs That His Concern is Insolvent Consolidation of All Gould Lines West of Pittsburg is ContemplatedThe News. Washington, Oct. 1.-The comptroller of the currency received telegrams announcing the failure of two national banks-the Packard National bank, Greenfield, Mass., and the Bolivar National bank, Bolivar, Pa., and has appointed bank examiners as receivers. The president of the Bolivar bank telegraphed that his bank was insolvent.


Article from New-York Tribune, October 2, 1903

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NATIONAL BANKS FAIL. One Goes Under in Bolivar, Penn., and One in Greenfield, Mass. Washington, Oct. 1.-The Controller of the Currency has received telegrams announcing the failure of two national banks, the Packard National Bank. of Greenfield, Mass., of which Bank Examiner Frank L. Fish has been appointed receiver, and the Bolivar National Bank. of Bolivar, Penn., of which Bank Examiner John B. Cunningham has been appointed receiver. The president of this hank telegraphed the Controller that his bank was Insolvent, and he had closed its doors. Johnstown, Penn.. Oct. 1.-The Bolivar National Bank closed its doors to-day. following a quiet but persistent run on the institution. which began some three weeks ago with the circulation of a rumor that it was unsafe. Since then there has been a constant drain. and at a meeting last night the directors decided to close the doors. President E. R. Hammond says that the bank will be able to meet Its obligations.


Article from Daily Kennebec Journal, October 2, 1903

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TWO BANK FAILURES. One at Greenfield, Mass., and One at Bolivar, Pa. Washington, Oct. 1.-The comptroller of the currency has received telegrams announcing the failure of two national banks, the Packard National bank of Greenfield, Mass., of which Bank Examiner Frank L. Fish has been appointed receiver, and the Bolivar National bank of Bolivar, Pa., of which Bank Examiner John B. Cunningham has been appointed receiver. The president of this bank telegraphed the comptroller that his bank was insolvent and he had closed its doors.


Article from The Washington Times, October 2, 1903

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NATIONAL BANK FAILURES. Failures of two national banks have been reported to the Comptroller of he Currency, the Packard National Bank, of Greenfield, Mass., and the Bolivar National Bank, of Bolivar, Pa. Bank Examiner Frank L. Fish has been appointed receiver of the bank at Greenfield, and Bank Examiner John B. Cunningham of the one at Bolivar. The Bolivar bank has been subjected to a persistent run for about three weeks. President E. R. Hammond says the bank will be able to meet all obligations.


Article from The Savannah Morning News, October 2, 1903

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Two National Banks Fail. Washington, Oct. 1.-The controller of the currency has received telegrams announcing the failure of two national banks-the Packard National Bank, of Greenfield, Mass., of which bank Examiner Frank L. Fish has been appointed receiver, and the Bolivar National Bank of Bolivar, Pa., of which Bank Examiner John B. Cunningham has been appointed receiver.


Article from The Seattle Star, October 2, 1903

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BUSTED COMPTROLLER OF CURRENCY APPOINTS RECEIVERS FOR DEFUNCT BANKS WASHINGTON, D. C., Oct. 1.The Comptrollershrd lun bnmnmn The comptroller of the currency today appointed receivers for the Bolivar National bank, at Bolivar, Pa., and for the Packard National, at Greenfield, Mass. The latter is an old established banking house. Each gives as a reason for the receivership a lack of funds.