North Penn Bank (Philadelphia, PA)

Episode Information

Episode UID
3012471400
Episode Type
Run β†’ Suspension β†’ Closure
Bank Type
state
Bank ID
301247 routing
Routing Number
3-0124
Start Date
August 16, 1916
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e46c31d8c26e516e

Response Measures

None

Events (3)

1. August 16, 1916 Run
Cause
Rumor Or Misinformation
Cause Details
Rumor that a director had gone West with the bank's money; director actually left to attend to personal mining interests.
Random Run
Yes
Random Run Snippet
Rumor director went West with bank's money; proved false
Measures
Officers paid depositors promptly; offered $1,000 reward for person who started the rumor.
Newspaper Excerpt
Small depositors in the savings department of the North Penn Bank started a run on the bank when it was rumored that one of the directors had gone West with the bank's money.
Source
newspapers
2. July 19, 1919 Receivership
Newspaper Excerpt
James W. McBurney, treasurer of the Haddington Trust Company, was appointed receiver; the institution will not open its doors again.
Source
newspapers
3. July 19, 1919 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Checks returned and examiners found large shortages; later confession of cashier of $900,000 shortage and arrests related to embezzlement.
Newspaper Excerpt
Under peremptory orders from John S. Fisher, State Commissioner of Banking, the North Penn Bank, a state institution at Twenty-ninth and Dauphin streets closed its doors yesterday.
Source
newspapers

Newspaper Articles (19)

Article from The Washington Herald, August 17, 1916

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START RUN ON BANK. Philadelphia Depositors Besiege Savings Institution for Funds. Philadelphia, Pa., Aug. 16.-Small depositors in the savings department of the North Penn Bank started a run on the bank when it was rumored that one of the directors had gone West with the bank's money. According to an official of the institution, one of the directors did go West but it was to look after his personal mining interests. A sign was placed over the doorway of the bank offering $1,000 reward for the conviction of the person who started the rumor.


Article from Evening Public Ledger, August 17, 1916

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NORTH PENN BANK RUN ABATES Only 200 Patrons Withdraw Money, and Many Make New Deposits All is orderly and quiet in and around the North Penn Bank at Twenty-ninth and Dauphin streets today. Although Acting Captain Hearn had a detail of police on duty, there was no repetition of yesterday's run on the bank. When the bank opened for business today there were not more than 75 persons in line, the number gradually increasing to 200 during the forenoon. Ten were allowed in at a time. All depositors were paid promptly. Joseph Schlenz, vice president of the bank, said today that conditions at the institution were normal and not more than $100,000 had been withdrawn since Monday, including the run of yesterday. Mr. Schlenz said $400,000 had been received from reserve banks for the run of depositors today, and many who withdrew their deposits yesterday had returned to deposit them today. Owing to the large crowd of yesterday, be said, many depositors were unable to make their usual dèposits. No clue as yet has been received to the person who circulated the rumor which started the run on the bank.


Article from Evening Public Ledger, July 18, 1919

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whose place of business is located at Thirty-first and Diamond streets. He could not be found by reporters and it is understood that he is working over the books with the bank examiners. Directors in Conference It was stated at the Federal Reserve Bank that the checks of the North Penn Bank were returned yesterday. Deputy commissioners were in the bank yester day. and in the afternoon a meeting of the directors was held. The directors and officials were in conference this morning Wehther the bank has failed or is only temporarily embarrassed cannot be ascertained. No official statement would be made by Banking Commissioner Fisher. at Harrisburg He stated that his deputy was in Philadelphia and that he had not as yet received a report from him. Asked whether. from the present out look. depositors in the bank stood to lose any of their savings. Mr. Fisher said that he could not tell at the pres. ent time. and probably would have little information on that subject for two or three days. One of the leading bankers in the city, who is familar with the institution. said that he believed unwise loans coupled wi the drawing of several large accounts was the cause of the suspension of business This is the second time the North Penn Bank has been in difficulty The first was in August. 1916. when the depositors made a run on the bank after a rumor had spread that the doors would be closed. The bank. however, met all obligations and many persons increased deposits. Officers of the bank offered $1000 reward for information regarding the persons who started the rumors. Last Bank Statement Its latest statement. as of June 2. 1919. showed total resources of $2. 695.282 capital paid in. $150,000 : surplus, $50,000: undivided profits. $42.099: demand deposits. $853.727 savings deposits. $1,195,345. and time certificates of deposits. $16,250. Dividends of 6 per cent per annum have been paid for some time. and in March. 1919. the stock sold at $125. The par is $100. A recent list of officers and directors is as follows: President. Louis H. Mi chel: vice president. William Spratt: vice president. John J. Grelis, and cash ier. Ralph T. Moyer. Directors: Christian Pfeiffer. William Spratt. S. J. Rieben. Louis H. Michel. William T. Shaffer. William T. Gabell. John J. Grelis, /Jacob Schwartz. William Sachsenmaier, Jr., and E. E. Hiestand. Mr. Skilton said that he had resigned as director last December. Mr. Spratt also is reported to have resigned at that time.


Article from Alexandria Gazette, July 19, 1919

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BANK CLOSES DOORS Small Depositors Wait in Rain After Failure Philadelphia, July 19.-Under premptory orders from John S. Fisher, State Commissioner of Banking, the North Penin Bank, a state institution at Twenty-ninth and Dauphin streets closed its doors yesterday. It is said that several million, including $312,000 of State funds, are involved in the failure. Later in the day James W. McBurney, treasurer of the Haddington Trust i Company, was appointed receiver, but it is said that the institution will not open its doors again. Besides having the State as one of its principal depositors, the bank catered to thousands of persons in moderate circumstances. Many of these had and their savings on deposit with the institution. In the drenching downpour of rain yesterday hundreds of luckless deposit ors stood in front of the closed doors of the bank in the faint hope that something might turn up and that they would be reimbursed at once.


Article from Harrisburg Telegraph, July 21, 1919

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Offer to Reopen Bank Still Being Considered In the absence of Governor Sproul and Banking Commissioner Fisher nothing could be said here to-day whether the offer of Philadelphia banks to take over the North Penn Bank of Philadelphia, would be acted upon. Deputy Commissioner P. G. Cameron returned here to-day from Philadelphia, but said that matters were now in the hands of Receiver J. W. McBurney. Deputy Attorney General E. K. Trent is in Philadelphia assisting Deputy Attorney General B. J. Myers in the matter. Insurance Commissioner Thomas B. Donaldson will to-day ask the Allegheny county courts to approve distribution of the 72 1/2 per cent. allotted to the people in the Pittsburgh Life and Trust and if the order is made 16,000 checks will be issued at once. The $227,000 in the cluded in the distribution through reinsurance arrangement.


Article from The Bridgeport Times and Evening Farmer, July 22, 1919

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$900,000 SHORT; ARREST CASHIER Philadelphia, July 2.---Ralph T. Moyer, cashier of the North Penn Bank, for whom a warrant had been issued. surrendered to the district attorney today. The bank closed on Friday last owing more than $2,000,000 to depositors. Moyer last night confessed to James W. MacBurney, receiver, that there was a shortage of $900,000.


Article from The News Scimitar, July 22, 1919

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CASHIER OF CLOSED BANK SURRENDERS PHILADELPHIA, July 22.-Ralph T. Moyer. cashier of the North Penn bank, for whom a warrant had been issued, surrendered to the district attorney today. The bank closed Friday owing more than $2,000,000 to depositors. Moyer last night confessed to James W. MacBurney, receiver, that there was a shortage of $900,000.


Article from Perth Amboy Evening News, July 22, 1919

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Cashier Gives Self Up. PHILADELPHIA, July 22.-Ralph T. Moyer, cashier of the North Penn Bank, for whom a warrant had been issued, surrendered to the district attorney today. The bank closed on Friday last owing more than $2,000,000 to depositors. Moyer last night confessed to James W: MacBurney, receiver, that there was a shortage of $900,000.


Article from The Chattanooga News, July 22, 1919

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CASHIER SURRENDERS Philadelphia, July 22.-Ralph T. Moyer, cashier of the North Penn bank, for whom a warrant had been issued, surrendered to the district attorney today. The bank closedeon Friday last owing more than $2,000,000 to depositors. Moyer last night confessed to James W. McBurney, receiver. that there was a shortage of $900,000.


Article from The Lancaster News, July 22, 1919

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Harrisburg, Pa., July 21.-Comsioner of Banking John S. Fisher announced tonight that Ralph T. Moyer, cashier of the North Penn bank, of Philadelphia, had admitted to James W. McBurney, receiver in charge of the bank, that there was a shortage of $900,000.


Article from Great Falls Daily Tribune, July 23, 1919

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BANKER SURRENDERS. Philadelphia, July 22. Ralph T. Moyer, cashier of the North Penn bank, for whom a warant had been issued. surrendered to the district attorney today. The bank closed last Friday owing more than $2,000,000 to depositors. Moyer last night confessed to James W. Maburney, receiver, that there was a shortage of $900,000.


Article from Richmond Times-Dispatch, July 23, 1919

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Bank Cashier Surrenders. PHILADELPHIA, July 22.-Ralph T. Moyer, cashier of the North Ponn Bank, for whom a warrant had been issued, surrendered to the district attorney today. The bank closed on Friday last owing more than $2,000,000 to depositors. Moyer last night confessed to James W. MacBurney, receiver, that there was a shortage of $900,000.


Article from Daily Kennebec Journal, July 23, 1919

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Cashier North Penn. Bank Surrenders Philadelphia, July 22-Ralph 5. Moyer, cashier of the North Penn Bank, for whom a warrant had been issued, surrendered to the district attorney today. The bank closed on Friday last, owing more than $2,000,000., to depositors. Moyer last night confessed to James W. MacBurney, receiver, that there wΓ₯s a shortage of $900,000.


Article from Harrisburg Telegraph, July 29, 1919

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MAY ARREST TWO MORE IN CRASH Sensational Turn Given Penn Bank Developments by Announcement Philadelphia, July 29. - Investigations by the State and county into the collapse of the North Penn Bank at Twenty-ninth and Dauphin streets, took a new and sensational turn yesterday, when it was revealed that District Attorney Rotan's detectives are busy with certain information that may lead to two additional arrests in the wrecking of the institution. No hint is given as to the identity of the men now under strict surveillance, nor will James T. Cortelyou, chief of the county detectives, give any inkling as to the line of inquiry which is being pursued. Ralph T. Moyer, the cashier accused of ruining the bank, is at liberty under $25,000 bail, and is due to appear at the Central Police Court late to-day for a hearing. It is believed, however, that the cashier either will ask for a further continuance, or will waive the hearing and let the matter go directly to court. Joseph H. Taulane, Assistant District Attorney, said last night that he was ready to go ahead with the case, and did not hesitate to state that he fully expected to establish a prima facie case against the bank official.


Article from Evening Public Ledger, August 1, 1919

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!earned yesterday that he had been employed as a boy by S. J. Rieben, a former director of the bank. Rieben was the indirect cause of a run on the He North Penn Bank some years ago. interested in a western mining project, was and withdrew $10,000 of his deposit there to go West to make a personal investigation of the properties. A rumor got about that linked this with some other circumstances and brought up a flock of depositors about the institution which at the time had considerable difficulty in weathering the storm. Strang was then the paying teller. Rieben returned to Philadelphia for a time, but has since returned West. He also registered as a director of the bank. Colflesh. who was on the verge of a breakdown last Tuesday at Moyer's hearing in Central Station. has recovered his "nerve" and was smiling and confident when he reached the bank this morning. The Motor Sales and Service Comof which Colflesh is now repany. vealed as secretary, was formed ou Iarch 7. 1919. when a partnership agreement was drawn up between Win- Mrs. Sarah F. McClellan, of Darby. field R. Kates, of 3049 North Twenty - is sixth street. and Colflesh, who Kates's uncle. Kates is on the books as treasurer, J. R. McClellan, the husband of and the woman partner. is general manager. McClellan, Kates and Coltlesh each received $50 a week from the company. The in addition to sharing the profits. company deposited altogether about $3000 in the North Pean. Its overdraft. when checked up yesterday. was found to be $15,000 instead of $10,000, all the checks being signed by Kates, the nephew of Colflesh, as treasurer. Kates was married last June and lives only a few doors from Colflesh. beHe was in the automobile business fore joining with Colflesh and Mrs. McCiellan in the Motor Sales concern, which handles second-hand ears. It was said yesterday by one of the investigators that the company has done such a flourishing business since inception. and has such a supply of its accessories and used automobiles on to hand that it will probably be able make good its $15,000 overdraft. The startling statement of Joseph Friedman that he had seen Gottlieb Epple. the bank messenger, take night bags out of the bank late at by of many money times. is being investigated Receiver MaeBurney. Friedman lives at 2457 North Holly street. He had $251 on deposit wood the bank. When he read yesterday at that the probers were of the opinion from that a large sum had been stolen what bank, he determined to tell the knew. He was refused admittance he the receiver, but submitted the folto lowing statement. Although made out in the form of an affidavit it was not subscribed to before a notary: I. Joseph Friedman, 2457 North Hollywood street. do hereby swear that have seen Mr. Epple, the bank runner, I Mr. Moyer's office about 6:30 p. m. of in the evening, pack a suit case full in and carry same out of the bank I money the last year and a half. This have for seen from the back of the synawhich I attend every day and also gogue for the last one and a half months. Every time Mr. Epple sees me he starts to shiver and tries to keep out of my way."


Article from Evening Public Ledger, August 5, 1919

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Move to Punish Bank Guilty Today Continued From Page One drew their deposits out of the bank the night before it failed because they had been advised of its condition?' he was asked don't know. Colflesh said. "be cause I never worked at the bank at night. 1 know. though that anybody could dray money out because checks were cashed on the last night.' Of course. a man's got to take his medicine." was the plaint of Moyer, "but some of these things that the newspapers are printing about me amuse me; other things that they say hurt. But they have published a lot of lies about me. Letter of Sproul Colonel Pusey denied that he had re letter on purinstrueting ceived a him from methods Governo. to be Sproul Asked sued in the investigation. t whether such a letter had been received by him. James W. MacBurney. receiver S for the bank. said he had orders from e John S. Fisher. commissioner of bank h ing. to "say nothing. The depositors are i. censed because they have not been taken into the conu fidence of the officials.' he was told. e 'They should go for all information to Mr. Fisher. The directors of the bank will also be called upon for information by Colonel Il Pusey. Louis Michel, the president. will be the first to be called. Charles A. Ambler, former state insurance com missioner. who deposited $402,000 of state funds in the bank and borrowed between $100,000 and $150,000 from the institution. has not yet paid his debt. He failed to call on Mr. Pusey yesterday. although the latter said he I 199 furnished him with a complete list of his loans. made at various times e while he was in public office. h Moyer will be indicted this month. according to prediction of Assistant d District Attorney Taulane. He is now r preparing a summary of the facts which , he will present to the grand jury. S Matter Up to State According to William H. Hutt. dep n uty governor of the Federal Reserve Bank. the United States Government n cannot prosecute the bank officials even g if the depositors lose their Liberty bonds through their peculations. According to Mr. Hutt, this is a matter entirely is for the commonwealth. This bank. like r all others. merely acted as agent for the S United States Government in selling the bonds, and because the North Penn had g no further connection with the Federal Reserve Bank the national authorities are not empowered to prosecute in such a case. The district attorney's office may en y counter a bandicap in prosecuting y Moyer because entries made in the g juggled accounts were made by typewriter. The records do not reveal any handwriting and bear no marks to iden tify the persons who wrote some of the d items. at Depositors Meet Friday t. Depositors will hold another meet nt ing Friday night in the North Penn Theatre, Twenty ninth and York he streets. The depositors' association has ed started a fund for the relief of those e reduced to extreme want by the bank failure. he Louis H. Michel. president of the rt wrecked bank. who conducts a bakery m at Thirty-first and Diamond streets, would not discuss the case today. An interesting incident in the bank scandal is the fact that Moyer and T all the other bonded employes of the North Penn Bank were bonded by Mayor Smith's bonding company er The Mayor is principal owner of the Thomas B. Smith Company, local by agents for the National Surety Com nd pany. a New York concern. o When Moyer was obliged to furnish ne bail following his arrest, William Mor of gan Montgomery, Moyer's attorney 13 was asked if the bail bond would be en obtained from Mayor Smith's com pany. ey r. 'No, we couldn't go to the Smith as company, Mr. Montgomery replied 'We would be criticized for that. Smith was nigh in c. Mayor he knew his company asked had last if bondee r. Moyer and other North Penn Bank em ployes. as go "I haven't been near the office of th ut bonding company, he said. "since a became Mayor. Therefore, I could no I tell you anything about the matter. re a bond were furnished for Moyen, i 3 was done without - handler


Article from The Democratic Advocate, August 29, 1919

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Mr. and Mrs. John Skinner, Baltimore, were visitors of Mr. and Mrs. J. D. Crowl, Center street, this week. Mr. and Mrs. John Truss, Baltimore, were Sunday guests at the same place. Misses Irene, Nellie and Louise Lippy, Charlotte Zepp, Margaret Michael, Earl Lippy and Lawrence Zepp, this city spent Tuesday at Gwynn Oak and Druid Hill Parks, Baltimore. Mr. and Mrs. Edgar Smith and Mrs. Arthur W. Smith and son, Ray, of Dayton, Ohio, have returned home after spending a pleasant visit to their mother, Mrs. Harry Smith, of near Marston. Mr. and Mrs. J. Burner and daughters, Elizabeth, Gladys and Virginia, took a touring trip to Virginia to spend a week. They also spent a few days in Hagerstown with their mother and friends. It cost Nessin Hiken, of Milwaukee, Wis., $25 to recover a 50-cent handkerchief which his wife had accidentally dropped into another automobile. Hiken caught the car. He was pinched for speeding. It is said that spring clothes will cost most. However, we can go into training by wearing a thin summer suit in the winter, and if we survive till spring we shall be SO tough that we shall need no clothes at all. Sergt. T. B. Myers, of the 81st F. A., who is stationed in Kentucky. is now touring the country recruiting for the Army and visited his parents, F. H. Myers, Mount Pleasant a few days. He returned to Tennessee. William Stimax, who is at the Union Protestant Infirmary suffering from injuries received by being struck by the Hagerstown express at Cranberry on August 21, is improving and is expected home next week. The farmers will now have to look out for a new crop pest-the corn horer. This insect is said to have been imported from Europe, like the Bolshevik, and it's none too soon to start vigorous measures against him. Mr. and Mrs. Frank Beachtel, Mr. Edward Slifer. Mr. and Mrs. Albert Kindig and son, Allen, Mr. and Mrs. Luther Slifer and Miss Minnie Harner. all of Littlestown, Pa., sent Sunday with Mr. and Mrs. Henry Willet, Mt. Pleasant. Chief of Police John A. Stem, East Green street, has improved SO much in the past two weeks that he is permitted to leave his residence. He has been automobiling a few times. Patrolmen Stem has been ill about two months from being overcome by the heat. Long Island City grave diggers are on strike for $4 a day, and the high cost of dying may come to rival the high cost of being sick, with $3 a visit for the doctor. That dying comes only once in a life time, however, is a consideration not to be ignored. It appears that we are now to have jokes of the aircraft, aerial humor, as it were. Take, for instance, this, picked up from an English paper: Small Boy (to pilot)-If you be a-goin' up, zur, would ye see if ye can find Billy's kite driftin' about, wot e lorst larst Toosday? How do you know it was whisky and not a substitute, asked the attorney for an accused saloonkeeper at Pittsburgh. "I've been a whisky gauger for 20 years,' was the reply by the witness. "That's sufficient, I think,' the judge concluded, and the saloonist was held for court. By driving his Dodge Sedan through a wire fence/ opposite the old tollgate proerty on the Baltimore pike Tuesday afternoon the owner prevented a smash up with another automobile. The Dodge was considerably damaged in front and had to be towed to Klee & Hoff's garage for repairs. Those who spent Sunday at the home of Wm. H. Meyers and wife were as follows: Mr. John Seipp and wife, of Baltimore; Mr. Harry Black, wife and children, Frances, George and Clayton Black and Albert Hann, of Manchester; Mr. Clarence Feeser, wife and daughter, Nadine, and Mr. Floyd Geiman and wife, of Deep Run. Md. The Real Estate Company sold for D. Snider Stephan his properties and lots on Carroll street Tuesday to the following: "Paul I. Whitmore and William R. Bowman, double weatherboarded house and 38 foot lot, subject to a ground rent of $3 annually for $3450. Thomas Babylon, 141 feet, with an annual ground rent of $9 for $2100. Daniel F. Lafean, former state commissioner of banking, was arrested in York, Pa., charged with being implicated in the wrecking of the North Penn Bank, of Philadelphia. The warrant for the arrest was issued by the district attorney of Philadelphia. It charges that he permitted the wrecked bank to remain open knowing it to be insolvent. Mr. Wm. Frizzell and Misses Gertrude and Cora Green, of near Statewood, motored to Baltimore Sunday August 24 and there joined Mr. Oscar Green, Mrs. John Carney, Misses Theima Green and girl friend, Ruth, and spent the day on the steamer Dreamland to Cheasapeake beach. The scenery was gorgeous on land and water. Everyone returned home happy after spending such a pleasant trip on the water. Mr. Luther L. Bankard, Bond street, formerly with the Western Maryland Railway, with offices in Baltimore, has accepted a similar position with the U. S. Railroad administration in the car service sec-


Article from The Democratic Advocate, August 29, 1919

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more, were visitors of Mr. and Mrs. J. D. Crowl, Center street, this week. Mr. and Mrs. John Truss, Baltimore, were Sunday guests at the same place. Misses Irene, Nellie and Louise Lippy, Charlotte Zepp, Margaret Michael, Earl Lippy and Lawrence Zepp, this city spent Tuesday at Gwynn Oak and Druid Hill Parks, Baltimore. Mr. and Mrs. Edgar Smith and Mrs. Arthur W. Smith and son Ray, of Dayton, Ohio, have returned home after spending a pleasant visit to their mother, Mrs. Harry Smith, of near Marston. Mr. and Mrs. J. Burner and daugh- ters, Elizabeth, Gladys and Virginia, took a touring trip to Virginia to spend a week. They also spent a few days in Hagerstown with their mother and friends. It cost Nessin Hiken, of Milwau- kee, Wis., $25 to recover a 50-cent handkerchief which his wife had ac- cidentally dropped into another auto- mobile. Hiken caught the car. He was pinched for speeding. It is said that spring clothes will cost most. However, we can go into training by wearing a thin summer suit in the winter, and if we surviva till spring we shall be so tough that we shall need no clothes at all. Sergt. T. B. Myers, of the 81st F. A., who is stationed in Kentucky, is now touring the country recruiting for the Army and visited his parents, F. H. Myers, Mount Pleasant a few days. He returned to Tennessee. William Stimax, who is at the Union Protestant Infirmary suffering from injuries received by being struck by the Hagerstown express at Cran- berry on August 21, is improving and is expected home next week. The farmers will now have to look out for a new crop pest-the corn borer. This insect is said to have been imported from Europe, like the Bolshev it's none too soon to start measures against him. Mrs. Frank Beachtel, Mr. Slifer, Mr. and Mrs. Albert Kindig and son, Allen, Mr. and Mrs. Luther Slifer and Miss Minnie Har- ner, all of Littlestown, Pa., sent Sun- day with Mr. and Mrs. Henry Willet, Mt. Pleasant. Chief of Police John A. Stem, East Green street, has improved so much in the past two weeks that he is permitted to leave his residence. He has been automobiling a few times. Patrolmen Stem has been ill about two months from being overcome by the heat. Long Island City grave diggers are on strike for $4 a day, and the high cost of dying may come to rival the high cost of being sick, with $3 a visit for the doctor. That dying comes only once in a life time, how- ever, is a consideration not to be ignored. It appears that we are now to have jokes of the aircraft, aerial humor, as it were. Take, for instance, this, picked up from an English paper: Small Boy (to pilot)-If you be a-goin' up, zur, would ye see if ye can find Billy's kite driftin' about, wot 'e lorst larst Toosday? How do you know it was whisky and not a substitute, asked the at- torney for an accused saloonkeeper at Pittsburgh. "I've been a whisky gauger for 20 years," was the reply by the witness. "That's sufficient, I think," the judge concluded, and the saloonist was held for court. By driving his Dodge Sedan through a wire fence opposite the old toll- gate proerty on the Baltimore pike Tuesday afternoon the owner pre- vented a smash up with another auto- mobile. The Dodge was considerably damaged in front and had to be towed to Klee & Hoff's garage for repairs. Those who spent Sunday at the home of Wm. H. Meyers and wife were as follows: Mr. John Seipp and wife, of Baltimore; Mr. Harry Black, wife and children, Frances, George and Clayton Black and Albert Hann, of Manchester; Mr. Clarence Feeser, wife and daughter, Nadine, and Mr. Floyd Geiman and wife, of Deep Run, Md. The Real Estate Company sold for D. Snider Stephan his properties and lots on Carroll street Tuesday to the following: Paul L. Whitmore and William R. Bowman, double weather- boarded house and 38 foot lot, sub- ject to a ground rent of $3 annually for $3450. Thomas Babylon, 141 feet, with an annual ground rent of $9 for $2100. Daniel F. Lafean, former state commissioner of banking, was ar- rested in York, Pa, charged with be- ing implicated in the wrecking of the North Penn Bank, of Philadelphia. The warrant for the arrest was issued by the district attorney of Philadelphia. It charges that he permitted the wrecked bank to re- main open knowing it to be insolvent. Mr. Wm. Frizzell and Misses Ger- trude and Cora Green, of near State- wood, motored to Baltimore Sunday August 24 and there joined Mr. Oscar Green, Mrs. John Carney, Misses Thelma Green and girl friend, Ruth, and spent the day on the steamer Dreamland to Cheasapeake beach. The scenery was gorgeous on land and water. Everyone returned home happy after spending such a pleasant trip on the water. Mr. Luther L. Bankard, Bond street, formerly with the Western Maryland Railway, with offices in Baltimore, has accepted a similar position with the U. S. Railroad ad- ministration in the car service sec- tion division of operators with head- quarters in Buffalo, N. Y. Mr. Bankard left Sunday to enter upon his duties. He is well qualified for the work that is assigned to him and will be a large benefit to the service from his previous knowledge. The Union Bridge Pilot says in its issue of August 22. "Several political


Article from The Pittsburgh Post, November 18, 1926

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R. P. FERGUSON QUITS AS STATE BANKS' PROBER Head Examiner Resigns To Become Acting Head Of Erie Bank. R. P. Ferguson, chief examiner of the Pennsylvania state banking department, has resigned to become acting vice president of the Central Bank and Trust Company of Erie. Ferguson is succeeded by John P. Stewart, who for several years has been connected with the local offices of the state banking department. Appointed by Governor John K. Tener in 1913, Ferguson has served under four banking commissioners. As a result of his examination, the North Penn Bank of Philadelphia was closed in 1910 and several of its officers, as well as former State Banking Commissioner Daniel LaFean, were arrested, some receiving sentences to the Eastern penitentiary. In 1923 Ferguson discovered a shortage of more than $1,000,000 in the City Bank of York, Pa., for which the cashier and assistant cashier were both given long prison terms. Ferguson closed the Brotherhood Savings and Trust Company here October 15 after Charles Knapp, now in jail awaiting trial, had induced Roland A. McCrady, president of the bank, and other officers who have since been indicted for conspiracy and embezzlement, to turn over $320,000 in currency to him for the purchase of bonds at 50 cents on the dollar. Knapp then fled with the money, nearly all of which was recovered. Of this money, $102,000 belonged to the bank-