Article Text
NATIONAL BANK FAILS. Atlantic National at Providence Suspends Payment. Providence. R. I., April 14.-The Atlantic National Bank did not open for business today. A notice on the door said it had suspended payment.
Atlantic National Bank (Providence, RI)
Episode Information
- Episode UID
291301360- Episode Type
- Suspension → Closure
- Bank Type
- national
- Bank ID
-
29130national - Charter Number
- 2913
- Start Date
- April 14, 1913
- Location
- Providence, Rhode Island (41.824, -71.413)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
898f97667a28f219
Response Measures
None
Receivership Details
- Depositor recovery rate
- 80.0%
- Date receivership started
- 1913-04-16
- Date receivership terminated
- 1923-03-01
- OCC cause of failure
- Losses
- Share of assets assessed as good
- 59.2%
- Share of assets assessed as doubtful
- 25.2%
- Share of assets assessed as worthless
- 15.6%
Description
Closure ordered by the board and comptroller appointed a receiver two days later; later reporting confirms insolvency and permanent receivership.
Events (4)
1.
April 3, 1883
Chartered
- Source
- historical_nic
2.
April 14, 1913
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Bank did not open and posted suspension; board ordered closure amid reports a movement was being started to attach assets and later found insolvent.
- Newspaper Excerpt
- The Atlantic National Bank did not open for business today. A notice on the door said it had suspended payment.
- Source
- newspapers
3.
April 16, 1913
Receivership
- Source
- historical_nic
4.
April 16, 1913
Receivership
- Newspaper Excerpt
- John W. Schofield today was appointed receiver of the Atlantic National Bank of Providence, R. I., which closed its doors a few days ago by order of its board of directors.
- Source
- newspapers
Newspaper Articles (21)
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Article Text
Providence Bank Suspends. Providence, R. I., April 14.-The Atlantic National bank did not open to. day and suspended payments. The bank had deposits of $2,300,000, capital of $300,000 and & surplus of $120,000.
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Bank Closes Doors. Providence, R. I., April 15.-The Atlantic National bank did not open for business yesterday. A notice on the door said it had suspended payment. The Atlantic National is one of the smaller banks in the city. It is capitalized at $225,000.
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Arrangements Were Begun yesterday for paying the depositors of the suspended Atlantic National bank of Providence by the Industrial company and the Union Trust company, which have offered to advance 60 per cent. on Atlantic National deposits.
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ATLANTIC NATIONAL BANK Of Providence, R. 1., Turned Over to John W. Schofield, as Receiver. Washington, April 16.-John W. Schofield, today, was appointed receiver of the Atlantic National Bank of Providence, R. I., which closed its doors a few days ago by order of its board of directors. This action was taken by the comptroller of the currency because of a report that a movement was being started to attach certain assets of the bank. In the hands of a received the assets are not attachable.
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Schofield Made Receiver Washington, April 16.-John W. Schofield today was appointed receiver of the Atlantic National bank of Providence, R. I., which closed its doors a few days ago by order of its board of directors. This action was taken by the comptroller of the currency because of a report that a movement was being started to attach certain assets of the bank. In the hands of a receiver the assets are not attachable.
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Providence. R. I., April 15.-Arrangements were made to-day to partially pay the depositors of the suspended Atlantic National bank through the Industrial Trust company and the Union Trust company, which have offered to advance 60 per cent. on Atlantic National deposits. The suspended bank has about 3,500 depositors whose accounts total $2,076,274. according to Cashier Peabody.
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WASHINGTON, April 16.-John W. Schofield was appointed receiver today of he Atlantic National bank of Providence, R. I., which closed its doors a few days ago by order of its board of directors. This action was taken by the comptroller of the currency because of a. report that a movement was being started to attach certain assets of the bank. In the hands of a receiver, the assets are not attachable.
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SUSPENSION NOT DUE TO CRIME. Providence, May 13.-Nothing of a criminal character has been found relative to the suspension of the Atlantic National Bank, according to R. L. Curtis, who soon takes charge as permanent receiver and who said to-day there was still a chance that the bank would be reopened, although it was more likely the receivership would be permanent
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Nothing of a Criminal Nature has been found in conneceion with the recent suspension of the Atlantic National bank at Providence.
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R. L. Curtis, Receiver of the Atlantic National bank, Providence, R. I., reported yesterday to Thomas P. Kane, acting comptroller of the currency, that he had found the bank insolvent.
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Claims Amounting to More than $2,000,000 against the Atlantic National bank, of Providence, which recently suspended, have been proven and the creditors yesterday received certificates entitling them to the dividends when they are declared.
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METCALF ARRESTED FOR MISAPPLICATION$200,000 OFBANK. Edward P. Metcalf, Former Pres. of Atlantic Nat., Providence, Pleads Not Guilty And Is Held Under $50,000 Bail Grand Jury Finds 24 Counts. Three of the four New York men Providence, R. I., Oct. 9.-As an alleged to have been aiders and abetoutcome of the failure of the Atlantic ters were with associated companies National Bank, last April, Edward P. which have failed. The Dekays, who are brothers, were officials of the MerMetcalf, its former president, was chant National Packing Co., which arrested, this afternoon, on an indictwent into the hands of a receiver in ment charging him with the misap1901; Farror was formerly president plication of more than $200,000 of the of the Columbus Securities Co., a New bank's funds. In the indictment, Jersey corporation, which is now in which was returned secretly, last bankruptcy and Allen is a promoter night, by a special session of the fedand associate of Metcalf's in other eneral grand jury, Orieon R. Farror, Jas. terprises. F. Allen, Henry E. Dekay and John W. Dekay, all of New York, are named Metcalf gave himself up voluntarily, as having aided and abetted Metcalf coming to the federal court with his in the transactions which are alleged daughter and surrendering to United to have been illegal. Metcalf pleadStates Marshal Daniel R. Ballou. Efed not guilty and bail was fixed at forts will be made at once to appre$50,000 by Judge Arthur L. Brown. His hend the other four men and have attorney was given 10 days to change them brought to this city, the plea. A certified copy of the inThe affairs of the bank were dedictment with capiases for the arrest clared by government experts, who of the four New York men, were sent, have been doing the investigating tonight, to the United States marshal here, to have been in an amazing fiin New York. nancial tangle and most of its securiThe indictment covers 65 typewritties consisted of worthless paper and ten pages and containing 24 counts. stocks of the "wild cat" variety. Of The penalty is not less than five nor the 24 counts enumerated in the inmore than 10 years imprisonment on dictment 23 are for either purchasing each count. There is no option of a (Continued on Page Twelve.) fine.
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Atlantic Bank Dividend. Providence, R. I., Nev. 10.-A third dividend of 12 1-2 per cent., it was announced today, will be paid to the depositors of the Atlantic National bank, which closed its doors last April. Today's dividend made a total of fifty per cent. paid to depositors since the Bank suspended
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# SECURITIES AT AUCTION. The following securities were sold yesterday at auction at the Exchange sales-room by Adrian H. Muller & Son: By order of R. L. Curtis, Esq., receiver of the Atlantic National Bank, Providence, R. I. $47.000 Mexican National Packing Company, Ltd., temporary 6 per cent first and special mortgage gold bonds, due 1931; registered certificates exchangeable for engraved 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Prison Term for Failed Banker. Providence, March 22.-Edward P. Metcalf. president of the failed Atlantic National Bank, of Providence, this afternoon was sentenced to five years in prison on each of two charges of mismanagement. Judge A. L. Brown, in the United States District Court, ruled the two sentences should run concurrently.
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# GETS PRISON SENTENCE. Henry E. Dekay Helped to Wreck a Providence Bank. Providence, R. I., Feb. 7.-Henry E. Dekay, who runs a farm in Virginia, uncle of the Dekay girl who mysteri-ously disappeared from Hull house, Chicago, recently, was sentenced in the United States court here yesterday afternoon to serve five years in Rhode Island state prison for participation in the wrecking of the Atlantic National bank of this city. He was liberated on $15,000 bail pending an appeal.
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To Pay Another Dividend PROVIDENCE, R. I., Nov. 24.-Creditors of the Atlantic National Bank of Providence, which went into the hands of receivers in 1915, will be paid a dividend of 2 1/2 per cent on November 26, it was announced today. This, the eighth dividend, brings the total percentage up to 77.
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CREDITORS GET DIVIDEND. PROVIDENCE, Nov. 24.-Creditors of the Atlantic National Bank of Providence, which went into the hands of receivers in 1915, will be paid a dividend of 2½ per cent. on November 26, it was announced to-day. This, the eighth dividend, brings the total percentage paid to 77 per cent.
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SUSPENDED BANK TO PAY DIVIDEND MONDAY PROVIDENCE, R. I., Feb. 9.—The final dividend of the Atlantic National Bank which suspended in April, 1913, will be ready for payment to creditors next Monday. The dividend to be paid will be three per cent. making a total of 85 per cent. in dividends to be paid. The total amount of proven claims is $2,124,402.10.
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End Chase Of 12 Years For DeKay Providence, R. I., June 22.—(By the Associated Press.)—John Wesley DeKay, financier, gun runner and playwright, was back here today to answer a federal indictment for bank looting after eluding justice for 12 years. He was brought from London yesterday by a department of justice agent. In 1913 indictments were returned against him and four others for misapplying $200,000 of the defunct Atlantic National bank here. Two of the four have since served penitentiary sentences. After fleeing DeKay was first heard from as a defendant in a suit in London, in 1914, through which a firm of jewelers tried to recover $15,000 for gems bought on credit. His secretary, a Miss Elliott, testified that most of his money had been spent entertaining Mme. Bernhardt, who was then playing in DeKay's Judas. In the same year the French government unsuccessfully sought his extradition on a charge of the Belgian government that he had obtained 315,000 francs under false pretenses, when he sold to Belgium rifles bought in Spain and paid for by Mexico. After he took refuge in Switzerland, the United States failed in 1922 to extradite him on the bank failure charges. At Lauzanne he countered with sensational charges against Samuel Untermyer and Will H. Hayes in the Mesopotamia oil fields controversy, and argued that one reason for extradition proceedings was his publication of a pacifist book during the World war. Scotland Yard nabbed him when he returned to London early last year. He fought for a year to prevent extradition to the United States.