Article Text
CORRY, Pa., Nov. 7.-Corry National bank has suspended. No statement yet of the liabilities. Capital stock $100,000.
Corry National Bank (Corry, PA)
Episode Information
- Episode UID
56901103- Episode Type
- Suspension → Closure
- Bank Type
- national
- Bank ID
-
5690national - Charter Number
- 569
- Start Date
- November 7, 1891
- Location
- Corry, Pennsylvania (41.920, -79.640)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
52b823eec2ec9152
Response Measures
None
Receivership Details
- Depositor recovery rate
- 80.5%
- Date receivership started
- 1891-11-21
- Date receivership terminated
- 1896-10-16
- OCC cause of failure
- Fraud
- Share of assets assessed as good
- 66.7%
- Share of assets assessed as doubtful
- 23.7%
- Share of assets assessed as worthless
- 9.6%
Description
Closed by bank examiner for carrying excessive business paper; receiver appointed later in November 1891.
Events (4)
1.
November 12, 1864
Chartered
- Source
- historical_nic
2.
November 7, 1891
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Closed by bank examiner after bank was carrying a large amount of business/lumber paper that could not be realized.
- Newspaper Excerpt
- CORRY, Pa., Nov. 7.-Corry National bank has suspended.
- Source
- newspapers
3.
November 21, 1891
Receivership
- Source
- historical_nic
4.
November 21, 1891
Receivership
- Newspaper Excerpt
- It is probable that Comptroller Lacey will to-morrow appoint a receiver for the defunct Corry National Bank ... J. W. Sproul ... will be appointed receiver of the defunct Corry National Bank to-morrow.
- Source
- newspapers
Newspaper Articles (21)
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Article Text
FAILURES. PITTSBURG, Pa., Nov. 7.-The - Cory National bank at Cory, Pa., suspended to day The deposits are close to half a million. The cause of the failure is the fact that the bank has been carrying a large amount of paper of business men in its section of the country, who could not meet their obligations. It is believed that the bank will pay all obligations in full
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ANOTHER NATIONAL BANK SUSPENDS, Washington, Nov. 7.-The Controller of the Currency to-day received a telegram announcing that the Corry Natonal Bank, at Corry, Penn., had suspended, and that the bank examiner was in charge.
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The Cause of the Failure. PITTSBURG, PA., Nov. 7.-The Corry bank deposits are close to $500,000. The failure is due almost entirely to the fact that the bank has been carrying a large amount of paper for business men in this section and in the lumber country, who have been unable to meet their obligations. The bank has a branch here, which was a very important source of revenue. It was started some time ago with the consent of the comptroller. About a month ago the comptroller decided that the branch must close up in accordance with the policy not to allow branch banks to do business. This move would deprive the main bank of such a large line of business that it would hurt them soriously in their present condition. and the fear was it would cause a run which they d not stand. The officers say that the depositors will get every dollar due them.
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The Corry (l'a.) National Bank has suspended. Ic nas a capital of $100,000; surplas $16,500; undivided profits $6,750. The concern was carrying too much business paper and couldn't realize on it.
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Pennsylvania Bank Failure. HARRISBURG, Nov. 8.-The Chronicle received a special from Corry which says a sensation was created here yesterday by the suspension of the Corry National bank. The news spread quickly and created great surprise and excitement as it was believed to be perfectly sound. Inquiry revealed the fact that the bank had been closed by the order of the bank examiner. The capital stock is $100,000. No statement has yet been made of the liabilities.
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A Bank Failure in Corry. CORRY, Pa., Nov. 9.-A sensation was caused here by a suspension of the Corry National bank. The bank was closed by the order of a bank examiner. The bank's president is T. A. Allen and the cashier Clarence Harmon. The capital stock is $100,000, the surplus $15,500. The deposits are close to $500,000. The bank has a branch at Pittsburg. The officers say the depositors will get every dollar due them.
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The Corry Bank Failure. ERIE, Pa., Nov 10.-The reports in connection with the Corry National Bank failure are that the liabilities are about $800,000 instead of $450,000 as were estimated. The reports of two prominent lumber firms in Corry making assignments are without foundation. President Allen and Cashier Hermon are both seriously ill from nervous prostration. A receiver will be appointed as soon as Bank Examiner Miller makes his report. The only new judgment entered until to-day is one by L. L. Bliss, guardian against Cashier Hermon for $12,000.
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The Corry Bank Failure. ERIE, Pa., Nov 10.-The reports in connection with the Corry National Bank failure are that the liabilities are about $800,000 instead of $450,000 as were estimated. The reports of two prominent lumber firms in Corry making assignments are without foundation. President Allen and Cashier Hermon are both seriously ill from nervous prostration. A receiver will be appointed as soon as Bank Examiner Miller makes his report. The only new judgment entered until to-day is one by L. L. Bliss, guardian against Cashier Hermon for $12,000.
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The Controller and the Suspended Banks. Mr. Lacey, controller of the currency, returned to Washington yesterday from Boston. He said that the national banks there, with the single exception of the Maverick, are in good condition and that there is no prospect of any further trouble. In his opinion the creditors of the Maverick Bank will receive at least 85 cents on the dollar. He said also that the Damariscotta National Bank will probably be able to resume business in a short time. The Corry National Bank of Pennsylvania is in a bad condition and a receiver will be appointed in a few days to wind up its affairs.
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What Mr. Lacey Says. WASHINGTON, D. C., November 10.-Mr. Lacey, comptroller of the currency, returned to Washington to-day, from Boston, and says: "The Corry National Bank, of Corry, Pa., is in a bad condition and a receiver will be appointed in a few days to wind up its affairs."
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The Comptroller and the Suspended Banks, ASHINGTON, Nov. 10.-Mr. Lacey. Comptroller of the Currency. returned to Washington to-day from Boston. He said that the national banks there. with the single exception of the Maverick, were in good condition. and that there was no prospect of any further trouble. In his opinion the creditors of the Maverick Bank would receive at least eightyfive cents on the dollar. He said. also, that the Damariscotta National Bank would probably be able to resume business in a short time. The Corry National Bank of Corry. Pa., is in a bad condition. and a receiver will be appointed in a few days to wind up its affairs. BOSTON, Nov. 10.-The Maverick National Bank will not be open for the adjustment of accounts to-day. as had been announced. Receiver Beal says: "The bank will be open for the adjustment of its business at the earliest possible moment, but I am not yet ready to name the day." It is said that among the assets of the bank is a loan of $80,000 to a former director. since dead. which has back of it collateral worth in the present market but a few dollars.
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National Bank Suspends. CORRY, Pa., Nov. 9.-The Corry National bank was closed Saturday by Bank Examiner Miller. The capital stock is $100,000 and the deposits are $500,000. The failure is due to the fact that the bank has been carrying a large amount of paper for business men in this section who have been unable to meet their obligations.
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Another Bank Suspends. CORRY, Pa., Nov. 9.-A sensation was created here by the susp asion of the Corry national bank. The news spread quickly and created great surprise and excitement, as it was believed to be perfectly sound. Inquiry revealed the fact that the bank bad been closed by the order of the bank examiner. The bank's president is T. A. Allen, and the cashier Clarence Harmon. The capital stock is $100,000, the surplus $16,500 and the undivided profits 86,750. No statement has yet been made of the liabilities.
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SYMPATHY FOR THE CORRY BANK. I Depositors Ask Comptroller Lacey Not to Appoint a Receiver Just Yet. CORRY, Nov. 11.-[Special.]-At a large meeting of depositors of the Corry National Bank to-night, a strong feeling of sympathy and confidence in the Band was expressed in speeches by many of the heaviest depositors. A resolution was adopted unanimously to appoint a committee of 11, representing depositors of Corry and the surrounding towns, to see what can be done toward raising funds and obtaining extensions from creditors and depositors, with a view of reopening the bank for business. A resolution was also unanimously adopted, requesting Cougressman Griswold and Comptroller Lacey to delay the appointment of a receiver for a reasonable time, to see what the committee can do. The President and Secretary of the meeting were instructed to notify the Congressman and Controllor of the action of the depositors.
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CORRY DEPOSITORS ARE HOPEFUL Still No Official Report as to the Defunct Bank's Condition. CORRY, Nov. 13.-[Special.] - The committee appointed at the meeting of depositors of the Corry National Bank last Wednesday evening met the directors this afternoon. A large proportion of the stock was represented. After considerable consultation as to the reopening of the bank and making good the impaired stock an adjournment was taken until Tuesday, when the final decision will be reached. A special from Washington savs Comptroller Lacy has not received an official report of the affairs from Examiner Miller, but from information received from other sources is led to believe that the bank's condition is excellent. If the Examiner's report, which was finished to-day and forwarded to Washington, sustains this view the bank may be able to resume. It was reported should it be necessary to appoint a receiver, that the Comptroller has emphatically stated that he does not believe it good policy to appoint to the receivership of the defunet bank a citizen of the same place. It is understood that Representatives Griswold, of the Twenty-sixth district, and Stone, of the Twenty-seventh, each have an application.
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Closed by the-Bank Framiner. CORY, Pa., November 16.-The Cory National bank suspended this morning. The bank was believed to be perfectly sound. It was closed by the order of the bank examiner. The bank's president is T. A. Allen and the cashier T. A. Harmon. The capital stock is $100, 000, the surplus $16,500, and undivided profits $6,750.
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Closed by the Bank Examiner. CORY, Pa., November 16.-The Cory National bank suspended this morning. The bank was believed to be perfectly sound. It was closed by the orderof the bank examiner, The bank's president is T. A. Allen and the cashier T. Harmon. The capital stock is $100, the surplus $16,500, and undivided profits $6,750.
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The Corry Bank Receivership. WASHINGTON, Nov. 20.-[Special.]-It is probable that Comptroller Lacey will to-morrow appoint a receiver for the defunct Corry National Bank, and that J. W. Sproul, a prominent young lawyer of Union City, will be selected. Mr. Sproul has been warmly recommended by prominent citizens of Erie county interested in the matter.
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Sproul Will Be Receiver at Corry. CORRY, PA., Nov. 20.-[Special.]-Mr. J. W. Sproul, of Union City, will be appointed receiver of the defunct Corry National Bank to-morrow. The appointment will give general satisfaction to the depositors. An effort will be made to prevail upon Mr. Sproul to so arrange matters, if possible, as to make the first dividend at as early a day as the condition of the bank will allow.
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Corry Depositors Getting Their Pay. CORRY, May 12.-[Special.]-The Comptroller of the Currency has just ordered Receiver J. W. Sproul, of the Corry National Bank, to pay another dividend of 10 per cent, making 40 per cent in all. Hon. Manley Crosby, Receiver of the First National Bank, is now paying a final dividend of 23/4 per cent. This is the fifth dividend, in all amounting to 928/4 per cent.