19023. Commercial National Bank (Philadelphia, PA)

View Charter #556 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
556
Charter Number
556
Start Date
March 1, 1933*
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini
Short Digest
54617737

Response Measures

None

Description

Articles indicate the Commercial National Bank of Philadelphia was closed after the 1933 banking moratorium and placed under conservatorship/receivership. No article describes a depositor run. RFC advanced funds to the bank's conservator in May 1934. By 1937 the bank had a receiver pursuing suits, confirming permanent closure. Dates: moratorium in 1933 (closure/suspension), RFC advance reported for May 1934, court decrees reported 1937-09-24. OCR errors in some articles corrected (e.g., 'conservator' and dollar amounts).

Events (5)
1. October 27, 1864 Chartered
Source
historical_nic
2. May 31, 1898 Voluntary Liquidation
Source
historical_nic
3. March 1, 1933* Suspension
Cause
Government Action
Cause Details
Closed as part of the 1933 banking moratorium and subsequent suspension of operations following that government-imposed banking holiday.
Newspaper Excerpt
closed after the moratorium of 1933
Source
newspapers
4. May 31, 1934 Other
Newspaper Excerpt
Commercial National bank of Philadelphia, conservator, $2,540,000 (RFC advances in May).
Source
newspapers
5. September 24, 1937 Receivership
Newspaper Excerpt
Justice ... signed decrees holding the Secretary ... liable to the receiver of the Commercial National Bank for $1,204,140.49 ... the receiver of the Commercial National Bank of Philadelphia.
Source
newspapers

Newspaper Articles (11)
1. August 7, 1934 The Brownsville Herald Brownsville, TX
Article from The Brownsville Herald, August 7, 1934

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Article Text

Missouri $168,644,166 ADVANCED BY Report RFC IN MAY Aug. reconstruction corporation reported Tuesday that it authorized advances in May aggregating $168,644,166. The report showed that loans authorized to banks and other financial institutions at per cent interest totaled $57,512,410. Other large advances authorized included $41,820,000 for subscription to preferred stocks in banks: $45,000,000 for the Home Owners' Loan corporation; for bank debentures: $7,619,576 in loans drainage and irrigation projects. The balance was relief and other government purposes. Banks Get Aid Of the authorized in loans, $32,698,236 went to banks and trust companies, including 330 to aid in the or liquidation closed institutions, and $22,048,883 to mortgage loan Among some of the larger loans banks were: United States bank ceiver, Washington, D. Trust and Savings bank, receiver, $2,500,000; West Side Trust and bank, receiver, Chicago, $1,500,000: Calcasieu National bank, Lake Charles, Commercial National bank of Philadelphia, conservator, Of the loans authorized to mortgage loan companies, was the Electric Home and Farm Authority at Chattanooga, Tennessee; to the Santa Ana Mortgage Investment Santa Ana, California; and 000 to Textile Industry Mortgage company in New York City. Authority for loan at four per cent the Board Deposits of Wisconsin Madison granted, out no part of this sum had been disbursed up May 31. Authorize Purchase Subscriptions on preferred stock in banks included: Central United National bank, Ohio, $8,000,000, and the City National Bank and Trust company, Columbus, Ohio, $1,000,000 The corporation authorized in debentures of the Mississippi Valley Trust St. Louis, and loan $3,500,000 on the stock of the Globe and Rutgers Fire Insurarce company the Globe ReNew York, none of which had been disbursed up to May 31.

2. August 7, 1934 The Brownsville Herald Brownsville, TX
Article from The Brownsville Herald, August 7, 1934

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Article Text

$168,644,166 ADVANCED BY RFC IN MAY Aug. reconstruction corporation reported Tuesday that authorized advances in May aggregating The report showed that loans allthorised to banks and other financial institutions at per cent interest totaled $57,512,410. Other large advances authorized included $41,820,000 for subscription to preferred stocks in banks; $45,000,000 for the Home Owners' Loan corpor$5,455,500 for bank debentures; $7,619,575 in loans to drainage and irrigation projects. The balance was for relief and other government purposes. Banks Get Aid or the $57,512,410 authorized loans, $32,698,236 went to banks and trust companies, including 330 to aid in the or liquidation of closed institutions, and $22,048,883 to mortgage loan companies. Among some of the larger loans authorized to were: United States Savings bank, receiver, Washington, Northwestern Trust and Savings bank, receiver. Chicago, West Side Trust and Savings bank, receiver, Chicago, Calcasieu National bank, Lake Charles, Louisiana, Commercial National bank of Philadelphia, conservator, $2,540,000. Of the loans authorized to mortgage loan companies, was the Electric Home and Farm Authority at Chattanooga. Tennessee; to the Santa Ana Mortgage Investment company, Santa Ana, California; and 000 to the Textile Industry Mortcompany in New York City. Authority for loan of four per cent interest to the Board Deposits of Wisconsin Madison was granted, but no part of this stim had been disbursed up to May 31. Authorize Purchase Subscriptions preferred stock in banks included: Central United National bank, Cleveland, Ohio, $8,000,000, and the City National Bank and Trust company, Columbus, Ohio. $1,000,000. The corporation authorized also purchase of $1,500,000 debentures of the Mississippi Valley Trust company, St. Louis, and loan $3,500,000 on the preferred stock of the Globe and Rutgers Fire Insurance company to the Globe Rehabilitation company, Ltd., New York, none of which had been disbursed up to May 31.

3. August 7, 1934 Evening star Washington, DC
Article from Evening star, August 7, 1934

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Article Text

LOANS Advances Given to Banks Sources Shown in Report. The Reconstruction Finance Corp. reported today that authorized advances in May aggregating $168,644,166. The report showed that loans authorized to banks other financial institutions at per cent interest totaled $57,512,410. Other large adauthorized for subscription to preferred stocks in banks; $45,000,000 for the Home Owners' Loan Corp.: for $7,619,576 in loans drainage and irrigation The balnace was for relief other Government purposes. Banks Gets Millions. Of the $57,512,410 authorized in loans, $32,698,236 went to banks and trust including to aid in the reorganization or liquidation closed mortgage loan companies. Among some of the larger loans authorized United States Savings Bank reTrust Savings Bank, receiver, Chicago, $2,500,000; West Trust Savings Bank, receiver, Chicago, $1,500,000; Cacasieu National Bank, Lake Charles, Commercial National Philadelphia, conservator, $2,540,000. Mortgage Loans High. Of the loans authorized mortgage loan $10,000,000 for the Home Author$2,382,493 the Santa Ana Mortgage InSanta Mortgage Co. in New City. Authority loan per interest the Board Deposits Wisconsin was granted, but no part this sum disbursed up May preferred stock in Central United National Bank, Cleveland, and the City Trust Co., CoOhio, $1,000,000. The also authorized purchase in debentures Trust Co., and of the Globe gers Fire to the Globe York, been disbursed up to May 31.

4. August 7, 1934 Fort Worth Star-Telegram Fort Worth, TX
Article from Fort Worth Star-Telegram, August 7, 1934

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Article Text

WASHINGTON, Aug. Reconstruction Corporation reported Tuesday that authorized advance in May aggregating The that thorized to and other financial institutions cent per totaled Other authorized included 000 for stocks banks; for Home Owners' Loan Corporation: bank debentures; 619,576 in loans to drainage and rigation projects. The balance for relief and other Government Of the authorized trust companies, including to aid in the reorganization dation closed institutions, mortgage loan Among of the larger authorized to banks United States Savings Bank ceiver, Washington, D. Trust and Savings Bank, receiver, Chicago, $2,500,000; West Side Trust and Savings Bank sieu Bank, Lake Charles Commercial National Bank of Philadelphia, conservator, Of the loans authorized gage loan for the Electric Home and Authority Chattanooga, the Santa Mortgage Investment Company, Santa Cal.; and $1,000,000 to the Industry Mortgage Company York City. loan of $2,500,000 Authority for interest the per deposits granted, but part had been disbursed sum May 31. Subscriptions on preferred in banks included: Central United National and the National and Trust Company, Columbus, Ohio, The also $1,500,000 debenof the Mississippi Valley tures St. Louis, and Company, the preferred on Fire the Globe and Rutgers the Globe ance to Ltd., New which had been none up to May 31.

5. August 8, 1934 The Brownsville Herald Brownsville, TX
Article from The Brownsville Herald, August 8, 1934

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Article Text

$168,644,166 ADVANCED IN MAY RFC WASHINGTON, Aug. corporation reported reconstruction that it authorized advances Tuesday in May aggregating $168,644,166. The report showed that loans authorized to banks and other financial institutions at per cent intotaled $57,512,410. Other terest large advances authorized included $41,820,000 for subscription to prestocks in banks; $45,000,000 ferred for the Home Owners' Loan corporation; $5,455,500 bank debentures; $7,619,576 in loans to drainand irrigation projects. The balance was for relief and other government purposes. Banks Get Aid Of the $57,512,410 authorized in loans, $32,698,236 went to banks and trust companies, including 330 to aid in the reorganization or liquidation of closed institutions, and $22,048,883 to mortgage loan companies. Among some of the larger loans authorized to banks were: United States Savings bank, receiver, Washington, D. Northwestern Trust and Savings bank, receiver, Chicago, $2,500,000; West Side Trust and Savings bank, receiver, Chicago, $1,500,000; Calcasieu National bank, Lake Charles, Louisiana, Commercial National bank Philadelphia, conservator, $2,540,000. Of the loans authorized to mortgage loan companies, $10,000,000 was the Electric Home and Farm Authority at Chattanooga, Tennessee; to the Sants Ana Mortgage Investment company, Santa Ana, California; and $1,000,000 to the Textile Industry Mortgage company in New York City Authority for loan of $2,500,000 at four cent interest to the Board of Deposits of Wisconsin at Madison was granted, but no part of this sum had been disbursed up to May 31. Authorize Purchase Subscriptions on preferred stock in banks included: Central United National bank, Cleveland, Ohio, $8,000,000, and the City National Bank and Trust company, Columbus, Ohio, corporation also authorized purchase of in debentures the Mississippi Valley Trust company, St. Louis, and loan on the preferred stock of the Globe and Rutgers Fire Insurance company to the Globe Rehabilitation company. Ltd., New York, none of which had been disbursed up to May 31.

6. August 8, 1934 St. Louis Globe-Democrat St. Louis, MO
Article from St. Louis Globe-Democrat, August 8, 1934

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Authorized by RFC in Month of May Advances to Banks and Other Financial Institu- By Press August today that authorized vances May aggregating $168,The report showed that loans thorized banks other finaninstitutions cent terest totaled Other authorized included $41,820,000 for subscription prestocks banks; $45,000,000 for the Home Owners' Loan Corfor bank debentures; loans The balance for relief and other Of the $57,512,410 authorized loans, to banks trust companies, including aid the liquidation institutions, $22,048,883 to mortgage loan companies. Large Loans to Banks. Among some larger loans authorized banks United States Savings Bank, ceiver, Washington, Trust and Bank, receiver, Chicago, 500,000; West Side Trust and ings Bank, receiver, Chicago, 500,000; Calcasieu National Bank, Lake Charles, Commercial National Bank of Philadelconservator, $2,540,000. Of the loans authorized mortgage loan companies, $10,000,000 the Electric Home Authority Tenn.: to the Santa Ana Mortgage Investment Company, Santa and $1,000,000 the Textile Industry Mortgage Company York City. loan $2,500,Board of Deposits but no part this had been disbursed up May Stock Subscriptions. preferred stock in banks Central United National Bank, Ohio, the City National Bank and Trust Columbus, Ohio, $1,000,The corporation also authorized purchase $1,500,000 debentures the Mississippi Valley Trust Company, St. Louis, loan $3,500,000 the preferred stock the Globe Rutgers Insurance Company Globe Company, Ltd., New York, none of which had been disbursed up to May 31.

7. August 8, 1934 Deseret News Salt Lake City, UT
Article from Deseret News, August 8, 1934

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Article Text

RFC ADVANCES $168,644,166 IN MONTH OF MAY Report Shows Banks Receive Greater Part Of U. S. Loans WASHINGTON, Aug. 8-(AP)The Reconstruction Finance poration reported today that It cor- auShortzed advances in May aggregating $168,644,166. The report showed that loans authorized to banks and other fl. mancial institutions at per cent interest totaled $57,512,410. Other larye advances authorized included $41,820,000 for subscription to preferred stocks in banks: $45,000,000 for the Home Owners' Loan corporation; $5,455,500 for bank debentures; $7.619,576 in loans to drainage and irrigation projects. The balance was for relief and other government purposes. Of the $57,512,410 authorized in loans. $32,698,236 went to banks and trust companies, including $28.615,330 to aid in the reorgan- or liquidation of closed inditutions, and $22,048,883 to mortgage loan companies. Large Loans Listed Among some of the larger loans authorized to banks were: United States Savings bank receiver, Washington, D. C., $1,080.000: North. Western Trust and Sav. ingo bank, receiver, Chicago, $2.500,000; West Side Trust and Savings bank, receiver, Chicago, $1,500,000; Calcasieu National bank. Lake Charles, Louisiana, $1,965,480; Commercial National Bank of Philadelphia, conservator, $2,540,000. Of the loans authorized to mortgage loan companies, $10,000,000 was for the Electric Home and Farm Authority at Chattanooga. Tennessee: $2.382.493 to the Santa Ana Mortgage Investment company. Santa Ana California and $1,000,000 to the Textile Industry Mortgage company in New York City. Stock Bought Authority for a loan of $2.500,000 at four per cent interest to the board of deposits of Wisconsin at Madison was granted, but no part of this sum had been disbursed up to May 31. Subscriptions on preferred etock in banks included: Central United National Bank. Cleveland, Ohio, $8,000,000. and the City National Bank and Trust company. Columbus, Ohio, $1,000.000. The corporation also authorized a purchase of $1.500,000 in debentures of the Mississippi Valley Trust company. St. Louis, and loan of $3,500,000 on the preferred stock of the Globe and Rutgers Fire Insurance company to the Globe Rehabilitation Company, Ltd., New York. none of which had been disbursed up to May 31.

8. August 8, 1934 The Salt Lake Tribune Salt Lake City, UT
Article from The Salt Lake Tribune, August 8, 1934

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LOANS Report Shows Advanced to Banks During May WASHINGTON, Aug. Finance corporation reported today in May aggregating $168,644,The report showed that loans thorized banks and other financent totaled Other large vances authorized included 000 for subscription preferred stocks banks; $45,000,000 for Home Loan corporation: for bank debentures; 576 in loans drainage and for Banks Get $32,698,236 Of the authorized and companies, including 330 aid in the reorganization liquidation closed to mortgage loan companies. Among some of the larger authorized banks United States Savings receivWashington, Northwestern Trust Savings bank receiver, Chicago, Trust Savings bank, receiver, Chicago, Calcasieu bank, Lake Charles, Commercial National Bank of Philadelphia, conservator, Of mortcompanies, the and farm thority Chattanooga, Tenn.: $2,382,493 the Santa Mortgage Santa Ana, Cal., Industry company in New York City. Wisconsin Gets Loan Authority for loan of per interest to the board deposits of Madison granted, this sum to May 31. Subscriptions preferred stock banks included: Central United National bank, Cleveland, Ohio, $8,000,000, and City National Trust comColumbus, Ohio, $1,000,000. The corporation authorized debentures the Mississippi Valley Trust pany, St. Louis, and loan the stock of Insurance pany Globe Rehabilitation Company, New York, none had been disbursed up May 31.

9. August 12, 1934 Florence Morning News Florence, SC
Article from Florence Morning News, August 12, 1934

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Advances in May By RFC Aggregate Over $168,000,000 Money Lent to Pay Back Taxes Saves Homes and Aids Local Government The Reconstruction Finance Corporation reported today that it authorized advances in May aggregating $168,644,166 The report showed that loans authorized to banks and other financial institutions at 4 per cent interest totaled $57,512,410. Other large advances authorized included $41,820,000. Other large advances authorized included $41,820,000 for subscription to preferred stocks in banks $45,000,000 for the Home Owners' Loan Corporation: $5,455.500 in loans to drainage and irrigation projects. The balance was for relief and other government purposes. Banks Get Bulk Of the $57,512,410 authorized in loans, $32,698,236 went to banks and trust companies, including $28.615,330 to aid in the reorganization or liquidation of closed institutions and $22,048.883 to mortgage loan companies. Among some of the larger loans authorized to banks were: United States Savings Bank, receiver Washington, D. C., $1,080,000; North-Western Trust and Savings Bank, receiver, Chicago, $2,500,000 West Side Trust and Savings Bank, receiver. Chicago, $1,500,000; Calcasieu National Bank, Lake Charles, Louisiana, $1,965,480; Commercial National Bank of Philadelphia conservator, $2,540,000; Farmers National Bank and Trust Company 650,000; Penn National Bank and Trust Company, Reading, Penna. conservator, $1,190,000; and the Reading National Bank and Trust Company, Reading Penn., conservator, $1,972,000 Of the loans authorized to mort gage loan companies. $10,000,000 was for the Electric Home and Farm Authority at Chattanooga Tenn.: $2,382,493 to the Santa Ana Mortgage Investment Company, Santa Ana. Calif., and $1,000,000 to the Textile Industry Mortgage Company in New York City. Preferred Stock Subscriptions Authority for a loan of $2,5000.000 at 4 per cent interest to the board of deposits of Wisconsin at Madison was granted but no part of this sum had been disbursed up to May 31. Subscriptions on preferred stocks in banks included: The First National Bank and Trust Company, Bridgeport, Conn. $1,000,000 Fidelity Union Trust Company, Newark, N. J., $7,000.000 Central United National Bank. Cleveland. Ohio, $8,000,000 and the City National Bank and Trust Company, Columbus, Ohio, $1,000.000. The corporation also authorized a purchase of $1,500,000 in debentures. of the Mississippi Valley Trust Company, St. Louis, and 9 loan of $3,500,000 on the Globe and Rutgers Fire Insurance Company to. the Globe Rehabilitation Company, Ltd. New York, none of which had been disbursed up to May 31.

10. September 24, 1937 Evening Star Washington, DC
Article from Evening Star, September 24, 1937

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COLLATERAL SUIT IS WON BY BANK Justice Holds War Secretary and U. S. Unit Liable to Commercial Receiver. BACKGROUNDInvestigation of Commercial National Bank after banking moratorium disclosed that institution posted collateral to insure the accounts of certain Government depositors. Counsel for the unprotected depositors immediately filed 10 suits against the favored clients to recover the money received by them from their protected accounts. Justice Oscar R. Luhring of District Court today signed decrees holding the Secretary of War and the United States Shipping Board Merchant Fleet Corp. liable to the receiver of the Commercial National Bank for $1,204,140.49, representing collateral given by the insolvent bank to secure Government deposits. Since the Commercial has paid general depositors 60 per cent dividends, the actual balance owed the receiver, under the two decrees today, is $531,619.66, plus interest. Assistant United States Attorney Harry L. Underwood, who represented the Secretary of War and the Merchant Fleet Corp., said he would appeal the two cases. The receiver was represented by Attorneys George P. Barse, general counsel for the controller of the currency; Brice Clagett, Charles E. Wainright, George B. Springston and the law firm of Sherley, Faust & Wilson. Signs Similar Decree. At the same time, Justice Luhring signed a similar decree in a suit brought by the receiver of the Commercial National Bank of Philadelphia. The bank's proveable claim against the Merchant Fleet Corp. was fixed at $10,863.80. Since the closed institution has paid a 30 per cent dividend to depositors, that proportion of the claim must be deducted, leaving a balance of $7,604.60. The three claims were among 10 brought in District Court two years ago by the Commercial and District National Bank receivers and National Bank receivers elsewhere to recover approximately $6,356,000 in deposits which were paid in full when the bank failed to reopen after the 1933 crash. General depositors, on the other hand, received only a portion of their deposits-60 per cent in the case of the Commercial and 75 per cent for the District. The Government accounts involved (See SUIT, Page A-3.)

11. September 24, 1937 The Washington Times Washington, DC
Article from The Washington Times, September 24, 1937

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$750,000 Awarded For Closed Banks Washington banks, closed after the moratorium of 1933, will be enriched by more than $750,000 under the terms of court decrees signed by Justice O. R. Luhring in United States District Court today. The funds will be available for distribution among depositors of the closed institutions. The suits were instituted by Cary A. Hardee, receiver of the Commercial National Bank of Washington and by Joseph K. Willing, receiver of the Commercial National Bank of Philadelphia, against the Merchant Fleet Corporation and the office of the Panama Canal.