First National Bank (London, KY)

View Charter #3943 on SPMC View balance sheet

Episode Information

Episode UID
394301372
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
39430 national
Charter Number
3943
Start Date
April 3, 1914
Location
London, Kentucky (37.129, -84.083)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e82864b34556dad6

Response Measures

Full suspension, Books examined

Receivership Details

Depositor recovery rate
95.5%
Date receivership started
1914-04-09
Date receivership terminated
1922-02-03
OCC cause of failure
Fraud
Share of assets assessed as good
46.1%
Share of assets assessed as doubtful
37.1%
Share of assets assessed as worthless
16.8%

Description

Receivership date taken from provided known receivership date; contemporary articles show wholesale withdrawals following rumors triggered the suspension.

Events (5)
1. November 28, 1888 Chartered
Source
historical_nic
2. April 3, 1914 Run
Cause
Rumor Or Misinformation
Cause Details
Wholesale withdrawal of deposits following rumors that the bank was about to become insolvent
Newspaper Excerpt
the suspension was caused by a wholesale withdrawal of deposits resulting from rumors
Source
newspapers
3. April 3, 1914 Suspension
Cause
Government Action
Cause Details
Closed by order of the Comptroller of the Currency after examiner found capital impaired following heavy withdrawals
Newspaper Excerpt
failed to open its doors here to-day. It is said that the order suspending the bank's business came from the Comptroller of the Currency
Source
newspapers
4. April 9, 1914 Receivership
Source
historical_nic
5. April 9, 1914 Receivership
Newspaper Excerpt
Fred W. Weitzel who was appointed receiver by the Comptroller of the Currency at Washington, has arrived and taken charge of the affairs of the defunct institution.
Source
newspapers

Newspaper Articles (19)
1. April 3, 1914 Harrisburg Telegraph Harrisburg, PA
Article from Harrisburg Telegraph, April 3, 1914

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Hot From the Wire Westville, N. S. wo men were instantly killed, three died several hours later and several others were seriously injured when a boiler exploded yesterday at the Drummond Collieries. The men were seated about the boiler eating lunch when the explosion occurred. London, Ky. - The First National Bank, of London, failed to open its doors here to-day. It is said that the order suspending the bank's business came from the Comptroller of the Currency at Washington. Washington, D. C. - Instructions to hold up, under the immigration laws, any of the Mexican refugees interned at Fort Bliss, who may be released under pending habeas corpus proceedings, have been sent by Commissioner Caminetti to immigration inspectors along the border. Washington, D. C. - A bill for workmen's compensation for employes of the Government, agreed upon to-day by the House judiciary committee, provides fixed payments to workmen injured, or to families of employes killed in the course of their work. Baltimore, Md. - William Shepard Bryan, Jr., former Attorney General of Maryland, and a prominent lawyer of this city, died to-day of apopléxy, with which he was stricken at the University Club last night. Mr. Bryan was 56 years old and a bachelor. London. - Premier Asquith received a great ovation when he departed from London to-day for his constituency of East Fife, Scotland. He IS to deliver a speech there to-morrow in spite of the decision of the Unionists not to oppose his eléction. Lexington. Ky. - Operating under a recent decision of the Court of Appeals the State Prisons Board has in five weeks reelased 450 convicts on parole fom two penitentiaries. Douglas, Ariz. - Two more residents of Sonora were ordered deported yesterday on the ground they were Huerta adherents. according to advices received here last night from Nace, Sonora. They were. Alfredo Cubillas, chief t'mekeeper of the Cananea Consolidated Copper Company, and Carlos Cubillas, his brother and assistant. Christiana, Norway. - Susanna Ibsen, widow of Henrik Ibsen, the Norwegian dramatic poet, died here to-day. Washington. D. C. - Hearing on proposed legislation to prevent transactions in futures on cotton and grain exchanges will be held before the House agricultural committee beginning April 22, and probably conclude the 27th, it was announced to-day.

2. April 3, 1914 Atlanta Georgian Atlanta, GA
Article from Atlanta Georgian, April 3, 1914

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LATEST NEWS Johnny Eggers Friday afternoon in the court of Recorder Broyles was freed from all blame in connection with the death of Jimmy Grant, the boxer who died Friday morning in Grady Hospital following his bout with Eggers Wednesday night in the Orpheum Theater. L. c. Hays, 33, machinist. employed at the Sherrer Machine Works, No. 197 Whitehall street, was painfully burned on the face and arms late Friday afternoon when a gas tank exploded in a room in which he was working, Hays was taken to Grady Hospital. A woman giving her name as Mrs. L. J. Smith, of Macon, Ga., was brouht to police headquarters late Friday afternoon and is being held for investigation following the finding of about a dozen towels, said to be the property of the Pullman Company, in her possession. No charge was made against her. Call Officer J. W. Barfield received painful injuries on the right leg and hip late Friday afternoon when he was run into while answering a police call on his motorcycle at Marietta and Ivy streets. He collided with an electric automobile owned and driven by Sig Samuels. Mr. Samuels assisted Barfield in his car and carried him to police headquarters and later to his home. WASHINGTON, April 3.-A bill providing for the remission of Panama Canal tolls on American coastwise shipping between the Eastern and the Western coasts of the United States, and between these coasts and Mexico and Central and South America was introduced in the House by Representative Edmonds, of Pennsylvania. LONDON, KY., April 3.-The First National Bank, of London. failed to open its doors to-day. The institution was closed by order of the Controller of the Currency. BELFAST. April 3.-A police raid was made to-day upon the local headquarters of the suffragettes in an attempt to connect the women with a series of fires which occurred in this city recently. No arrests were made. NEW YORK, April 3,-A stern warning to all members of the Industrial Workers of the World who violate the law was given by Magistrate Levy to-day when he fund Miss Louise Berger guilty of distributing inflammatory literature. The magis. trate suspended sentence upon the girl, but said that future offenders will get the limit of the law. TULSA, OKLA., April 3.-In a pitched battle with Frisco Railroad detectives in the yards here early to-day Roy Miles was shot through the heart and instantly killed and Ira Brown, his pal, fatally injured. NEW ORLEANS, April 3.-Commercial organizations here are arranging to hold a mass meeting to protest against New Orleans not being selected as a United States reserve bank city. Political jobbery is charged. WASHINGTON, April 3.-Declaring the choice of Federal reserve cities "bears all the earmarks of a result which might have been anticipated" from "an essentially political and partisan board," Senator Weeks issued a statement to-day attacking the committee's report. He criticised the committee for "tangoing about the country asking the people if they wanted a reserve bank." PHILADELPHIA, April 3.-The Athletics-Phillies exhibition game carded for this afternoon was called off on account of cold. WASHINGTON, April 3.-The House to-day defeated a proposal to limit the mileage allowance of members and Senators to the actual expenses of legislators and dependent members . their families.

3. April 4, 1914 Atlanta Georgian Atlanta, GA
Article from Atlanta Georgian, April 4, 1914

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LATEST NEWS Johnny Eggers Friday afternoon in the court of Recorder Broyles was freed from all blame in connection with the death of Jimmy Grant, the boxer who died Friday morning in Grady Hospital following his bout with Eggers Wednesday night in the Orpheum Theater. WASHINGTON, April 3.-The Senate to-day confirmed the nomination of Winthrop Moore Daniels, of New Jersey, to be a member of the Interstate Commerce Commission. NEW YORK, April 3.-The appellate division of the Supreme Court to-day decided against Florence Louise Brandt in her attempt to establish herself as the legally adopted daughter of William Zeigler, the late baking powder magnate, and thus secure one-half of the $15,000,000 Zeigler estate. Peacock defeated G. M. A., 5 to 3, in a Prep League game this afternoon. WASHINGTON, April 3.-A bill providing for the remission of Panama Canal tolls on American coastwise shipping between the Eastern and the Western coasts of the United States, and between these coasts and Mexico and Central and South America was introduced in the House by Representative Edmonds, of Pennsylvania. LONDON, KY., April 3.-The First National Bank, of London. failed to open its doors to-day. The institution was closed by order of the Controller of the Currency. BELFAST, April 3,-A police raid was made to-day upon the local headquarters of the suffragettes in an at. tempt to connect the women with a series of fires which occurred in this city recently. No arrests were made. NEW YORK, April 3.-A stern warning to all members of the Industrial Workers of the World who violate the law was given by Magistrate Levy to-day when he fund Miss Louise Berger guilty of distributing inflammatory literature. The magistrate suspended sentence upon the girl, but said that future offenders will get the limit of the law. TULSA, OKLA., April 3.-In a pitched battle with Frisco Railroad detectives in the yards here early to-day Roy Miles was shot through the heart and instantly killed and Ira Brown, his pal, fatally injured. NEW ORLEANS. April 3.-Commercial organizations here are arranging' to hold a mass meeting to protest against New Orleans not being selected as a United States reserve bank city. Political jobbery is charged. WASHINGTON, April 3.-Declaring the choice of Federal reserve cities "bears all the earmarks of a result which might have been anticipated" from "an essentially political and partisan board." Senator Weeks issued a statement to-day attacking the committee's report. He criticised the committee for "tangoing about the country asking the people if they wanted a reserve bank." PHILADELPHIA, April 3.-The Athletics-Phillies exhibition game carded for this afternoon was called off on account of cold. WASHINGTON, April 3.-The House to-day defeated a proposal to limit the mileage allowance of members and Senators to the actual expenses of legislators and dependent members their families. L. C. Hays, 33, machinist. employed at the Sherrer Machine Works, No. 197 Whitehall street, was painfully burned on the face and arms late Friday afternoon when a gas tank exploded in a room in which he was working. Hays was taken to Grady Hospital. A woman giving her name as Mrs. L. J. Smith. of Macon, Ga., was brouht to police headquarters late Friday afternoon and is being held for investigation following the finding of about a dozen towels, said to be the property of the Pullman Company, in her possession. No charge was made against her. Woman Who Slew

4. April 7, 1914 The Interior Journal Stanford, KY
Article from The Interior Journal, April 7, 1914

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LONDON BANK CLOSED BY CONTROLLER OF CURRENCY First National Bank of London Found By Bank Examiner to Have Capital Impaired London, Ky., April 3.-The worst local financial panic ever known here has resulted from the failure of the First National Bank, of this city, which closed its doors Friday by order of the Controller of Currency. National Bank Examiner W. P. Kincheloe, who has been here for two or three days examining the books of the bank, declines to give out any information as to the condition of the institution or the cause of its suspension of business, and little is known by the public except rumors heard about town. President W B. Catching and Cashier McCalla Fitzgerald say that the suspension was caused by a wholesale withdrawal of deposits resulting from rumors to the effect that the bank was about to become insolvent, and that they hope to be able to resume business within a few days. Although a good many people have been withdrawing deposits for several days few were found who actually believed the institution would fail until its doors failed to open Friday morn. ing. A large amount of deposits were received Thursday and this was kept up until the closing hour. It is understood that no large amount of money was withdrawn Thursday. A report of the condition of the bank as of March 4, was published in a local paper last week, and it showed the bank in a fairly prosperous condition at that time, although the surplus fund and the deposits have gone down considerably for some months, especially the surplus fund. The published report shows individual deposits subject to check $263,000; time deposits, $44,000; surplus fund, $9,000; loans and discounts. $281,000. This bank was established in 1888 and has a paid-up capital stock of $50000. It has always been in a prosperous condition and considered to be one of the strongest, safest banks in Eastern Kentucky, frequently paying from 15 to 20 per cent. and $100 shares selling for $250. All business in London and Laurel county is seriously affected. and it is freely predicted that numerous bankruptcies will result. Capital Impaired Washington, April 3.-National Bank Examiner Kincheloe notified the Controller's office today that the First National Bank. of London. Ky., had an impairment of its capital and would not open today. This was the Controller's only information on the subject.

5. April 10, 1914 Mountain Advocate Barbourville, KY
Article from Mountain Advocate, April 10, 1914

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FIRST NATIONAL BANK AT LONDON IS CLOSED Capital of Laurel County Institution Impaired, According to National Examiner Kincheloe. London, Ky., April 3.-As a result of a wholesale withdrawal of deposits, following rumors of strained financial conditions the First National Bank was forced t to close its doors today by order of the Comptroller of Currency. National Bank Examiner W.P. v Kincheloe, who has been here = for two or three days making an p examination of the bank, declines to to make any statement relative to the cause of the suspension or the condition of the bank. This bank was established in 1888 and has always been considered one of the strongest and safest banks in Eastern Kentucky. The last published report of condition as of March 4, shows B to individual deposits subject to P check, amounting to $263,000, T time deposits, $44,000; loans and fo discounts, $281,000 and paid in of capital stock, $50,000. fo no The suspension of the bank has so caused great excitement in Lonth don. and Lanrel County and a much harm to business will result. It is not likely that any depositer will loseanything when matters are finally adjusted. Cashier McCalla Fitzgerald and President W. B. Catching express the hope that the suspension will only be temporary, and that business will be resumed in the near future.

6. April 10, 1914 The Meridian Times Meridian, ID
Article from The Meridian Times, April 10, 1914

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RECORD OF THE IMPORTANT EVENTS TOLD IN BRIEFEST MANNER POSSIBLE. Happenings That Are Making History -Information Gathered from All Quarters of the Globe and Given In a Few Lines. INTERMOUNTAIN IN petition for a writ of habeas cor] in behalf of "Mother" Mary Jones, held as a military prisoner in thre county jail at Walenberg, Colo., has been tendered to the state supreme court of Colorado. The Mountain States Telephone & Telegraph company has announeed a reduction of rates for users of the Denver exchange. C. W. French, promoter, who was arrested at Los Angeles, on a charge of having given a worthless draft to the Hotel Utah of Salt Lake City in payment for entertainment for a number of Los Angeles capitalists, has been released, the court declaring that there was no evidence of public offense. The offices of the internal revenue collector for the district of Montana, which comprises the states of Montana, Utah and Idaho, will be removed from Salt Lake City to Helena about May 1. C. W. French, wanted in Salt Lake on charges of passing worthless drafts totaling $2,500 at the Hotel Utah, is again under arrest at Los Angeles, Cal., and this time the fight for his extradition to Utah will be carried to the supreme court of the state. Robert R. Freund, aged 93, said to be the oldest union printer in the United States, died at the home of his son in Denver, Wednesday. Freund came to Denver about a year ago from his home in Chicago. DOMESTIC. The appellate division of the New York state supreme court has decided against Florence Louise Brandt in her attempt to establish that she is the legally adopted daughter of the late William Ziegler. Referee iJm Griffithm called the twenty-round bout between Jimmy Clabby and Billy Murray a draw at the end of the match at San Francisco. Pearl Frost, housekeeper for Walter P. Hills, at Peabody, Mass., and Geo. Lefavo, a chauffeur, who has been paying attentions to her, quarreled with the result that both the young woman and her employer were shot and killed. Lefave as arrested, charged with murder. The jury in the case of John Toth, a copper mine striker, tried at L'Anse, Mich., on a charge of having attempted. Lefavo was arrested, charged with clerk, October 6, 1913, reported disagreement. Argument on the application of eastern railroads for a 5 per cent increase in freight rates will begin before the interstate commerce commission April 27. The First National bank of London, Ky., failed to open its doors on April 3. It is said that the order suspending the bank's business came from the comptroller of the currency at Washington. Jacob S. Coxey, leader of the "army" which bore his name and marched on Washington in 1894, has established headquarters in New York City. He said he would spend several days looking after plans for the mobilization of the New York wing of an army of 500,000 men which he intends to lead into the national capital some time this month. From sources closely identified with the principals, it has been learned that all negotiations for the acquisition of stock control of Missouri Pacific and other Gould railroad holdings by the Rockefeller interests have been abandoned. Death traveled in a gale that overtook the sealing fleets off the Straits of Belle Isle last Tuesday. Sixty-four members of the crew of the steamer Newfoundland are known to have perished and thirty-seven were rescued. Vollney Hyde, a business man of Lincoln, Neb., and his wife were found dead, pinned under their automobile eighteen miles from town. Hyde and his wife were on their way from Lincoln to Montana, traveling in an automobile. Mrs. Quont Ho Yee, a Chrinese, voluntarily confessed to the police at St. Louis that she had killed her husband. She claims that her husband attacked her with a hatchet and that she took it away from him and killed him. Two long blocks in historic St. Augustine, Fla., the oldest city in the United States, were swept by a halfmillion dollar fire on Thursday that destroyed five tourist hotels and burned records and curios dating back to the days of Spanish rule in the sixteenth century. Two persons were seriously injured. Many Indiana and Illinois coal miners, most of them natives of Ireland, England and Scotland, will have a vacation the in their native lands while ermine operators and union leaders deupon a new wage agreement.

7. April 10, 1914 Mountain Advocate Barbourville, KY
Article from Mountain Advocate, April 10, 1914

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LONDON BANK SUSPENDS Wholesale Withdrawal of Deposits Causes Examiner to Close Doors. London, Ky.-As a result of a wholesale withdrawal of deposits, following rumors of strained financial conditions, the First National bank was forced to closed its doors by order of the controller of currency. National Bank Examiner W. P. Kincheloe, who has been here for two or three days making an examination of the bank, declines to make any statement relative to the cause of the suspension or the condition of the bank.

8. April 17, 1914 The Interior Journal Stanford, KY
Article from The Interior Journal, April 17, 1914

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Receiver in Charge of London Bank News comes from London, Laurel county, where the First National Bank failed last week, that Fred W. Weitzel who was appointed receiver by the Comptroller of the Currency at Washington, has arrived and taken charge of the affairs of the defunct institution. He has notified all having claims against the bank to bring their pass books and other evidence to prove any claims. Mr. Weitzel says that he can as yet make no statement of the condition of the bank but that it is the desire of himself and the department to so conduct the business that the greatest amount will be paid to creditors with least expense to stockholders. He savs that every opportunity will be given the stockholders to reopen the institution. The London Sentinel says that the feeling of uneasiness following the closing of the bank has to a great extent passed away and business men are hopeful of the outcome, Certain directors and officers of the bank are satisfied that all can be paid without assessment on the stockholders and possibly even better than that.

9. July 20, 1916 Evening Star Washington, DC
Article from Evening Star, July 20, 1916

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Bank Receiver Accused. LONDON. Ky., July 20.-Fred W. Weitzel, receiver of the First National Bank of this city, has been arrested here on a warrant charging him with embezzling funds of the bank. Being unable to give $3,000 bond, the United States commissioner here ordered his removal to the jail at Covington, Ky.

10. July 21, 1916 The Interior Journal Stanford, KY
Article from The Interior Journal, July 21, 1916

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RECEIVER STOLE FROM THE BANK He Was Sent By Uncle Sam to Wind Up at London, Is Charge Under Which He's Arrested. Much local interest was created this week in the news from London that the U. S. Receiver for the London bank which failed about a year or so ago, has himself been arrested charged with embezzling money from the bank. Several local people were interested in the London bank. A dispatch from London told of the matter as follows: Fred W. Weitzel, receiver of the First National Bank, of this city, was arrested by Deputy United States Marshal R. M. Young, on the charge of embezzlement Wednesday afternoon and held to the Federal grand jury at Covington under $3,000 bond. Not being able to furnish the bond Weitzel was sent to the Covington jail. Before starting on the trip he said he would be unable to secure bail, at least for the present. The warrant on which Weitzel was arrested was secured by A. E. Radert, special agent of the Department of Justice, of Washington, who has been here for the last two weeks in the capacity of an expert accountant. The warrant charges embezzlement of $3,000. However, it is believed that the actual amount of money that is missing is considerably larger. Weitzel refused to make any statement. Special Agent Radert said he would be able to give out a complete statement of the affairs of the bank in a few days. The arrest of the receiver has caused a sensation in London. After the First National Bank was closed in May, 1914, by order of the Controller of the Currency, Weitzel, a former Kentuckian, who, however, at that time was a resident of Washington, was appointed receiver. He moved here with his family and has been in charge of the bank ever since. Both former President W. B. Catching and Cashier McCauley Fitzgerald were indicted, and the latter was convicted and sentenced to five years in the Federal prison. He appealed and his case has not been decided. United States Commissioner Geo. C. Moore, before Weitzel appeared Wednesday afternoon, issued the warrant against him at the request of Mr. Radert. He said that, while the latter charged the embezzlement of only $3,000 he understood that the total was larger.

11. August 19, 1916 Honolulu Star-Bulletin Honolulu, HI
Article from Honolulu Star-Bulletin, August 19, 1916

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F. W. Weitzel, receiver of the First National Bank of London, Ky., was atrested, charged with embezzling tunds of the institution

12. May 18, 1920 Richmond Daily Register Richmond, KY
Article from Richmond Daily Register, May 18, 1920

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LONDON BANK RECEIVER MUST GO TO U. S. PEN Washington, May 18-On motion of the Government, the Supreme Court has dismissed appeals brought by Fred W. Weitzel, receiver of the First National Bank at London, Ky., from conviction on charges of embezzling the bank's funds. Weitzel was sentenced to three years' imprisonment.

13. May 20, 1920 Richmond Daily Register Richmond, KY
Article from Richmond Daily Register, May 20, 1920

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Weitzel's Appeal Dismissed The Supreme Court of the United States has dismissed the appeal of Fred W. Weitzel, of Ludlow, former receiver of the First National Bank at London, Ky., convicted and sentenced for making alleged false reports to government and embezzlement. According to this decision, the case will have I to be appealed from the U. S. District court to the U. S. Court of Appeals, and this action has already been taken.

14. May 28, 1920 Mountain Advocate Barbourville, KY
Article from Mountain Advocate, May 28, 1920

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KENTUCKY BANK RECEIVER MUST SERVE SENTENCE Washington, May 17.-On motion of the Government, the Supreme Court today dismissed appeals brought by Fred W. Weitzel, receiver for the First National Bank at London, Ky., from conviction on charges of embezzling the bank's funds. Weitzel was sentenced to three years imprisonment. Pineville Citizen.

15. June 7, 1921 Richmond Daily Register Richmond, KY
Article from Richmond Daily Register, June 7, 1921

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Federal Court Affirms Sentence of Former London Banker (tiy Associated Press) Cincinnati, June 7-The Federal Court of Appeals today affirmed the conviction of Fred iV. Wettzel former receiver of the First National Bank of London, Kv., found guilty of violating national banklaws and sentenced to serve three years in the Atlan penitentiary The indictments charged- embezzlement of bank fands.

16. October 25, 1921 Evening Star Washington, DC
Article from Evening Star, October 25, 1921

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MUST SERVE SENTENCE. 'A receiver for a national bank is liable to prosecution as an officer of the government. The Supreme Court yesterday refused to review a case which Fred W. Weitzel sought to bring. He was convicted as an officer of the government for the embezzlement of $3,200 while receiver of the First National Bank of London, Ky., and sentenced to the Atlanta penitentiary for three years.

17. October 25, 1921 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, October 25, 1921

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National Bank Receiver Liable to Prosecution Washington, Oct. 24.-Decisions by lower courts holding a receiver for a national bank liable to prosecution as an officer of the government will stand as the supreme court today refused to review a case which Fred W. Weitzel sought to bring. Weitzel was convicted as an officer of the government for the embezzlement of $3,200 while receiver of the First National Bank of London, Kentucky.

18. December 15, 1921 Richmond Daily Register Richmond, KY
Article from Richmond Daily Register, December 15, 1921

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# London Bank Receiver # Gets Respite of Month Covington, Ky., Dec. 15-Sawyer A. Smith, United States District Attorney, was notified by Attorney General Daugherty that Frederick W. Weitzel, formerly of Ludlow, Ky., who was to have been taken to the Atlanta penitentiary Thursday had been granted a respite until January 24. Weitzel was sentenced to three years in the penitentiary following his conviction on a charge of having misappropriated $3,000 when serving as receiver for the First National Bank at London, Ky.

19. January 16, 1922 Richmond Daily Register Richmond, KY
Article from Richmond Daily Register, January 16, 1922

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Another Reprieve for Banker Covington, Jan. 16-A third presidential reprieve has been granted in the case of Fred W. Witzel, who was convicted more than a year ago on a charge of embezzlement. Weitzel was sentenced to three yars in the Atlanta pritentiary on a charge of making false entries and embezzlement of about $3,600 while he was receiver of the First National Bank at London, Ky. in 1914.