Doylestown National Bank (Doylestown, PA)

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Episode Information

Episode UID
57301243
Episode Type
Suspension → Run → Reopening
Bank Type
national
Bank ID
5730 national
Charter Number
573
Start Date
July 30, 1903
Location
Doylestown, Pennsylvania (40.314, -75.128)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
bcd91781d8733c75

Response Measures

Capital injected, Full suspension, Books examined

Other: The bank underwent a reorganization and resumption of business after stockholders raised $220,000 through a voluntary assessment to cover the deficiency in assets and capital.

Description

The bank suspended due to officer speculation and embezzlement but successfully reorganized and reopened after a voluntary assessment of stockholders.

Events (7)
1. November 16, 1864 Chartered
Source
historical_nic
2. July 30, 1903 Other
Newspaper Excerpt
The street in front of the institution has been crowded with depositors, clamouring for their money.
Source
newspapers
3. July 30, 1903 Receivership
Source
historical_nic
4. July 30, 1903 Receivership
Newspaper Excerpt
The Doylestown National bank of Doylestown, Pa., has been closed by the controller of the currency. Bank Examiner J. W. Schofield has been appointed receiver.
Source
newspapers
5. July 30, 1903 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Speculations in stocks on the part of the officers and a number of the customers of the bank, later revealed as embezzlement.
Newspaper Excerpt
The doors of the institution have been closed today. ... A simple notice on the doors acquainting the public with the fact that the bank had failed
Source
newspapers
6. October 15, 1903 Restored To Solvency
Source
historical_nic
7. October 16, 1903 Reopening
Newspaper Excerpt
The reorganized National Bank, of Doylestown, Pa., reopened its doors, with more than $500,000 available to depositors
Source
newspapers

Newspaper Articles (25)
1. July 30, 1903 The Hawaiian Star Honolulu, HI
Article from The Hawaiian Star, July 30, 1903

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Article Text

FINANCIAL PANIC AT DOYLESTOWN Associated Press Cable to the Star. DOYLESTOWN, Pa., July 30.-A financial panic was caused in this community today by the announcement that the national bank of this city had suspended business. The doors of the institution have been closed today. The street in front of the institution has been crowded with depositors, clamouring for their money. No announcement of the extent of the failure has yet been made. A simple notice on the doors acquainting the public with the fact that the bank had failed, has been the only official announcement this morning of the situation. It is believedithat the failure will reach in the hundreds of thousands.

2. July 30, 1903 The Minneapolis Journal Minneapolis, MN
Article from The Minneapolis Journal, July 30, 1903

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Article Text

BANK GOES BUMP Pennsylvania Depository Suspends Because of Stock Flurry. Washington, July 30.-The Doylestown National bank of Doylestown, Pa., has been closed by the controller of the currency. Bank Examiner J. W. Schofield has been appointed receiver. The official statement says the failure was brought about by speculations in stocks on the part of the officers and a number of the customers of the bank.

3. July 31, 1903 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, July 31, 1903

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Article Text

DID SOME FREE AND EASY BANKING President and Cashier Speculated and the Bank Is No More. DOYLESTOWN. Pa., July 30.-The Doylestown National bank has been closed by the comptroller of the currency. Bank Examiner Schofield has been appointed receiver. The comptroller says that the failure was brought about by speculations in stocks on the part of the officers and a number of the customers of the bank. Deputy Comptroller Kane said: "The total loss will amount to $215,000.

4. July 31, 1903 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, July 31, 1903

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Article Text

NATIONAL BANK CLOSED. Washington, July 30.-The Doylestown National bank of Doylestown, Pa., has been closed by the controller of the currency. Bank Examiner J. W. Schofield has been appointed receiver. The statement issued by the controller of the currency says that the failure of the bank was brought about by speculations in stocks on the part of of ficers and a number of the customers of the bank.

5. August 3, 1903 The Atlanta Constitution Atlanta, GA
Article from The Atlanta Constitution, August 3, 1903

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Article Text

Bank Smashed by Speculation. Washington, July 30.-The Doylestown national bank, of Doylestown, Pa., has been closed by the comptroller of the currency. Bank Examiner J. W. Schofield has been appointed receiver. The statement issued by the comptroller of the currency says that the failure of the bank was brought about by speculation in stocks on the pant of the officers and a number of the customers of the bank.

6. August 5, 1903 Manchester Democrat Manchester, IA
Article from Manchester Democrat, August 5, 1903

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Article Text

Comptroller Closes National Bank. Washington, July 31.-The Doylestown National bank of Doylestown, Pa., has been closed by the comptroller of the currency. Bank Examiner J. W. Schofield has been appointed recelver. The statement issued by the comptroller of the currency says that the failure of the bank was brought about by speculations in stocks on the part of the officers and a number of the customers of the bank.

7. August 6, 1903 The Pioneer Press Miller, SD
Article from The Pioneer Press, August 6, 1903

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Article Text

BANK GOES BUMP. Pennsylvania Depository Suspends Because of Stock Flurry. Washington, Aug. 1.--The Doylestown National Bank of Doylestown, Pa., has been closed by the controller of the currency. Bank Examiner J. W. Schofield has been appointed receiver. The official statement says the failure was brought about by speculation in stocks on the part of the officers and a number of the customers of the bank.

8. August 7, 1903 The Wisconsin Tobacco Reporter Edgerton, WI
Article from The Wisconsin Tobacco Reporter, August 7, 1903

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Article Text

Comptroller Closes National Bank. Washington, July 31.-The Doylestown National bank of Doylestown, Pa., has been closed by the comptroller of the currency. Bank Examiner J. W. Schofield has been appointed receiver. The statement issued by the comptroller of the currency says that the failure of the bank was brought about by speculations in stocks on the part of the officers and a number of the customers of the bank.

9. August 7, 1903 The Herald-Advance Milbank, SD
Article from The Herald-Advance, August 7, 1903

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Article Text

bank GOES BUMP. Pennsylvania Depository Suspends Because of Stock Flurry. Washington, Aug. 1.-The Doylestown National Bank of Doylestown, Pa., has been closed by the controller of the currency. Bank Examiner J. W. Schofield has been appointed receiver. The official statement says the failure was brought about by speculation in stocks on the part of the officers and a number of the customers of the bank.

10. August 31, 1903 The Washington Times Washington, DC
Article from The Washington Times, August 31, 1903

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Article Text

DOYLESTOWN BANK RECORDER REPORTS The Comptroller of the Currency today received the report of the receiver of the Doylestown National Bank, of Doylestown, Pa. The report shows the actual assets of the bank at the date of suspension to have been $1,391,819.44, and liabilities $1,144,256.81. The deficiency in assets is $115,231.85. A representative of the Comptroller's office will go to Doylestown to confer with the receiver and while there will entertain any plan for the reorganization and resumption of business of the bank. The Acting Comptroller announces that while the amount of the deficiency may be reduced somewhat, any plan to reorganize will require the payment of about $220,000 cash to provide the bank with an unimpaired capital of $105,000 and cover the deficiency and assets.

11. September 1, 1903 Evening Star Washington, DC
Article from Evening Star, September 1, 1903

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Article Text

THE DOYLESTOWN BANK. Possible Early Resumption of Business by Suspended Institution. The controller of the currency has received the report of the receiver of the Doylestown National Bank of Doylestown, Pa., which shows a deficiency in assets of $115,231.85 exclusive of capital stock at the date of suspension. A representative of the controller's office will confer with the receiver in regard to any plan for the reorganization and resumption of business of the bank which any of the late directors or other interested parties may have to offer. The acting controller states that, while the amount of the deficiency shown by the report of the receiver may be reduced somewhat by the collections from assets that are now considered doubtful or worthless, any plan looking to the reorganization and resumption of business of the bank will require the payment of about $220,000 in cash to provide the bank with an unimpaired capital of $105,000 and cover the deficiency in assets.

12. October 14, 1903 Evening Star Washington, DC
Article from Evening Star, October 14, 1903

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Article Text

Doylestown Bank May Resume. The Doylestown National Bank of Doylestown, Pa., which was closed July 30, has been authorized by the acting controller of the currency to resume business, and the receiver has been instructed to turn over to the new board of directors all of the assets of the bank in his possession. This action was taken upon the receipt of a telegram from a representative of the controller's office at Doylestown that the stockholders of the bank had raised $220,000 by voluntary assessment, and that this amount had been paid into the bank in cash, and that all of the other conditions precedent to resumption imposed by the controller had been complied with.

13. October 14, 1903 The Washington Times Washington, DC
Article from The Washington Times, October 14, 1903

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Article Text

DOYLESTOWN BANK TO RESUME BUSINESS The Doylestown National Bank, of Doylestown, Pa., closed last July, has been authorized by the Acting Comptroller of Currency to resume business. The receiver has been instructed to turn over to the new directory board all the assets of the bank in his possession. The stockholders of the bank have raised $220,000 by voluntary assessment, and this sum has been paid into the bank in cash. Other conditions incident to resumption have also been met.

14. October 14, 1903 Evening Journal Wilmington, DE
Article from Evening Journal, October 14, 1903

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Article Text

Deylestown Bank to Reopen. Washington, Oct. 14.-The Doylestown National Bank, of Doylestown, Pa., which was closed on July 30, 1903, has been authorized by the acting comptreller of the currency to resume business, and the receiver has been instructed to turn over to the new board of directors all of the assets of the bank in his possession. This action was taken upon the receipt of a telegram from Doylestown that the stockholders of the bank had raised $220,000 by voluntary assessment, and that this amount had been paid into the bank in cash, and that all of the other conditions precedent to resumption imposed by the comptroller had been complied with. Cartmell's Varnish Stain old furniture look like new

15. October 14, 1903 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, October 14, 1903

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Article Text

National Capital Notes. Special to the Indianapolis Journal. WASHINGTON, Oct. 13.-Authority has been granted for the organization of the First National Bank of Poseyville, Ind.; capital, $25,000. F. M. Smith, Isaiah Fletchall, J. H. Gwaltney, H. P. Westfall and P. M. Witt are named as incorporators. City free delivery will be established at Union City, Ind., on Nov. 1. William L. Morgan and Lee M. Welbourn have been appointed regular carriers and Harry E. Creveston substitute. D. S. Young, of Delphi, and O. S. Holliday, of Terre Haute, have been appointed clerks in the railway mail service. Alonzo Duddleston, of Terre Haute, has been appointed inspector in the immigration service and assigned to duty in Baltimore. Major Luther Hare. formerly of Noblesville, Ind., has been detailed for duty with the militia in Texas. A motion was entered in the Supreme Court of the United States to-day in the case of Zarnikow, MacDougal & Co. vs. Collector Bidwell. of New York, to reassign the hearing to a date subsequent to Nov. 1. The case involves the validity of the act of 1900 providing for the collection of duties imposed upon goods shipped into the United States from Porto Rico and opens up the entire insular question. The Doylestown National Bank of Doylestown, Pa., which was closed on July 30, 1903, to-day was authorized by the acting controller of the currency to resume business. Baron Von Sternburg, the German ambassador, accompanied by the ambassadress, arrived here to-day from The Weirs, New Hampshire, where the embassy was established for the summer. The remodeling of the embassy here has been about completed, and the ambassador and ambassadress will remain in Washington throughout the winter. Paymaster General A. E. Bates, of the army, has submitted his report to the War Department for the fiscal year ended June 30, 1903. The total amount of funds handled by the paymaster's department was $43,645,959. Of this sum $32,599,406 was expended on account of pay for the army. The amount paid out on account of the military academy was $383,838.

16. October 22, 1903 The Middleburgh Post Middleburg, PA
Article from The Middleburgh Post, October 22, 1903

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WEEK'S NEWS CONDENSED. Wednesday, October 14. The 14th annual convention of the National Association of Underwriters was held at Baltimore, Md. The 29th annual convention of the Directors of the Poor and Charities of Pennsylvania was held at Lancaster. While crossing the Jersey Central tracks at Bound Brook, N. J., Louise Matthews, aged 14 years, was struck by an express and killed. William Potter and Mrs. Mary Guernsey were burned to death in an incendiary fire which destroyed the Hetzlor Hotel, at Cedar Lake, Ind. Richard Connolly, a rag dealer, and his mother were asphyxiated in their home in New York by gas from a gas stove, the valve of which was left open. Thursday, October 15. Four men robbed the Farmers' State Bank at Berwick, III., of $2800 and escaped. A 4-month-old son of Cuban Minister Quesada died in Washington after an illness of a week. The 114th annual session of the Pennsylvania conference of the United Brethren in Christ was held at Cham bersburg. While temporarily insane Mrs. Emma Quigley, of Wilmington, Del., hanged herself to a towel rack in her kitchen. She was dead when found. During a violent storm lightning struck a frame building at Lafayette, Ind., killing one woman instantly and seriously burning five others. Friday, October 16. Secretary of War Root expects to sail from England October 30 and be in Washington November 9. George Duncan, a New York lawyer, was accidentally shot and killed near Russellville, Ky., while out hunting. The joint army manoeuvres of the regulars and national guard at Fort Riley, Kan., will be participated in by 14,000 men. Albert Breckman, of Butte, Mont., shot and killed Miss Helen Kelly because she jilted him after he gave her $300 to buy her trousseau. The reorganized National Bank, of Doylestown, Pa., reopened its doors, with more than $500,000 available to depositors. but there was no semblance of a "run." Saturday, October 17. Over 2300 tons of the Philippine exhibits have arrived at St. Louis for the World's Fair. W. J. Bryan announces that he will make his European trip. concerning which he had doubts a short time ago. Slippery rails caused a collision of street cars at Richmond. Va., in which 12 people were injured, some seriously. One man was killed and three oth. ers overcome by gas in an accident at the Mahoning Foundry Co., Youngstown, O. The bodies of 83 American soldiers who died in the Philippines were interred at Arlington National Cemetery with military honors. Monday, October 19. King Victor Emanuel and Queen Helena, of Italy, who visited Paris as guests of the French president, have returned to Rome. Since Secretary of State Hay took office he has issued over 79,000 passports which is 27 more than any secretary ever issued Pressed for money to cover bets lost on horse races, Albert Joendt a letter carrier Chicago, Ill. is under arrest for from the malls. D.J. K Lineaweaver, president of th Columbia Pa.) board of health, died at him home He was a member of the National and Pennsylvania Medical Societies. Tuesday, October 20. Over 12,000 persons all ded the opening of the annual hore show at Kansas City, Mo. The Supreme Council of the 32d de. gree of Scottish Rite Masons of the Southern Jurisdiction met at Washington D. C E F Craigin, of New York and W. J. Cook, of Oregon. were appointed agents of the Nicaraguan government to represent it in canal matters. Four men were run down and killed on the Mahoning Valley Street railway at Youngstöwn, O. They were intoxicated and sleeping on the track. By dressing a 1200-pound steer in three minutes and 38 seconds, Jacob Baer, of Denver, Colo., reduced the world's record by 20 seconds and won the western championship. GENERAL MARKETS

17. October 24, 1903 Richmond Planet Richmond, VA
Article from Richmond Planet, October 24, 1903

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SATURDAY OCTOBER 24, 1903 A WEEK'S NEWS CONDENSED. Thursday, October 15. Four men rebbed the Farmers' State Bank at Berwick, III., of $2800 and escaped. A 4-month-old son of Cuban Minister Quesada died in Washington after an illness of a week. The 114th annual session of the Pennsylvania conference of the United Brothren in Christ was held at Chambersburg. While temporarily insane Mrs. Emma Quigley, of Wilmington, Del., hanged herself to a towel rack in her kitchen. She was dead when found. During a violent storm lightning struck a frame building at Lafayette, Ind., killing one woman instantly and seriously burning five others. Friday, October 16. Secretary of War Root expects to sall from England October 30 and be in Washington November 9. George Duncan, a New York lawyer, was accidentally shot and killed near Russellville, Ky., while out hunting. The joint army manoeuvres of the regulars and national guard at Fort Riley, Kan., will be participated in by 14,000 men. Albert Breckman, of Butte, Mont., shot and killed Miss Helen Kelly because she jilted him after he gave her $800 to buy her trousseau. The reorganized National Bank, of Doylestown, Pa., reopened its doors, with more than $500,000 available to depositors, but there was no semblance of a "run." Saturday, October 17. Over 2300 tons of the Philippine exhibits have arrived at St. Louis for the World's Fair. W. J. Bryan announces that he will make his European trip, concerning which he had doubts a short time ago. Slippery rails caused a collision of street cars at Richmond, Va., in which 12 people were injured, some seriously. One man was killed and three others overcome by gas in an accident at the Mahoning Foundry Co., Youngstown, O. The bodies of 83 American soldiers who died in the Philippines were interred at Arlington National Cemetery with military honors. Monday, October 19. King Victor Emanuel and Queen Helena, of Italy, who visited Paris as guests of the French president, have returned to Rome. Since Secretary of State Hay took office he has issued over 79,000 passports, which is 27,000 more than any secretary ever issued. Pressed for money to cover bets lost on horse races, Albert Joendt, a letter carrier at Chicago, III., is under arrest for thieving from the mails. D. J. K. Lineaweaver, president of the Columbia (Pa.) board of health, died at him. home. He was a member of the National and Pennsylvania Medical Societies. Tuesday, October 20. Over 12,000 persons attended the opening of the annual horse show at Kansas City, Mo. The Supreme Council of the 33d degree of Scottish Rite Masons of the Southern Jurisdiction met at Washington, D. C. E. F. Graigin, of New York, and W. J. Cook, of Oregon, were appointed agents of the Nicaraguan government to represent it in canal matters. Four men were run down and killed on the Mahoning Valley Street railway at Youngstown, O. They were intoxicated and sleeping on the track. By dressing a 1200-pound steer in three minutes and 38 seconds, Jacob Baer, of Denver, Colo., reduced the world's record by 20 seconds and won the western championship. Wednesday, October 21. Fire in the business portion of Rockingham, N. C., destroyed over $100,000 worth of property. A terrific storm at Mazatlan, Mex., killed 16 persons and injured many. The property damage was heavy. A call has been issued for a meeting of the National Afro-American Republican League at Washington D. C., December 14 and 15. The 55 bishops of the Protestant Episcopal church in the United States, Canada and the West Indies held a conference in Washington. The Detroit (Mich.) board of commerce adopted a resolution favoring Canadian reciprocity and urging a joint high commission to negotiate a treaty.

18. January 9, 1904 Perth Amboy Evening News Perth Amboy, NJ
Article from Perth Amboy Evening News, January 9, 1904

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PHILADELPHIA, Jan. 9. - Henry Tear and George P. Brock, president and cashier respectively of the Doylestown (Pa.) National bank at the time of the suspension of that institution, have been arrested charged with misapplying about $60,000 of its funds.

19. January 9, 1904 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, January 9, 1904

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Bank Officials Arrested. PHILADELPHIA, Jan. 9. / Henry Lear and George P. Brock, president and cashier respectively. of the Doyles town (Pa.) National bank at the time of the suspension of that institution, have been arrested charged with misapplying about $60,000 of its funds.

20. January 9, 1904 The Bennington Evening Banner Bennington, VT
Article from The Bennington Evening Banner, January 9, 1904

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Bank Officials Arrested. PHILADELPHIA, Jan. 9. - Henry Lear and George P. Brock, president and cashier respectively of the Doylestown (Pa.) National bank at the time of the suspension of that institution, have been arrested charged with misapplying about $60,000 of its funds.

21. January 9, 1904 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, January 9, 1904

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Bankers Under Arrest. Philadelphia, Jan. 8.-Henry Lear and Geofge P. Brock, President and Cashier, respectively, of the Doylestown, Pa., National Bank at the time of the suspension of that institution. were arrested today on an affidavit sworn to by Bank Examiner Edward P. Moxey and which states that Lear and Brock each misappropriated about $60,000 of the bank's funds.

22. January 9, 1904 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, January 9, 1904

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# BANKERS ARRESTED. Philadelphia, Jan. 8.-Henry Lear and George P. Brock, president and cashier respectively of the Doylestown, Pa., National bank at the time of the suspension of that institution, were arrested today, each charged with mis-appropriating $60,000 of the bank's funds.

23. January 13, 1904 The Forest Republican Tionesta, PA
Article from The Forest Republican, January 13, 1904

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# Bankers Arrested. Philadelphia, Jan. 11.-Henry Lear and George P. Brock, president and cashier respectively of the Doylestown, Pa., National bank at the time of the suspension of that institution, were arrested, charged with misapplying the funds. They were held in $7,500 bail. The affidavit states that Lear and Brock each misappropriated about $60,000 of the bank's funds.

24. January 15, 1904 The Penn's Grove Record Penns Grove, NJ
Article from The Penn's Grove Record, January 15, 1904

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# Bank Officers Arrested. Henry Lear and George P. Brock, President and Cashier of the Doylestown (Pa.) National Tank at the time of its suspension, were arrested, charged with misappropriating $60,000 of the bank's funds.

25. January 27, 1904 The Abbeville Press and Banner Abbeville, SC
Article from The Abbeville Press and Banner, January 27, 1904

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Bank Officers Arrested. Henry Lear and George P. Brock, President and Cashier of the Dolyes-town (Pa.) National Tank at the time of its suspension, were arrested, charged with misappropriating $60,000 of the bank's funds.