Delmont National Bank (Delmont, PA)

Episode Information

Episode UID
583701277
Episode Type
Suspension β†’ Closure
Bank Type
national
Bank ID
58370 national
Charter Number
5837
Start Date
May 2, 1906
Location
Delmont, Pennsylvania (40.413, -79.570)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
7f98629113a3da54

Response Measures

None

Receivership Details

Depositor recovery rate
87.0%
Date receivership started
1906-05-02
Date receivership terminated
1910-03-31
OCC cause of failure
Fraud
Share of assets assessed as good
50.6%
Share of assets assessed as doubtful
43.3%
Share of assets assessed as worthless
6.1%

Description

Contemporaneous reports state the national bank examiner closed the bank and a permanent receiver was to be named; later reports describe looting/possible embezzlement.

Events (4)

1. May 28, 1901 Chartered
Source
historical_nic
2. May 2, 1906 Receivership
Source
historical_nic
3. May 2, 1906 Receivership
Newspaper Excerpt
The affairs of the Delmont National Bank at Delmont, which failed this week, are in very bad shape... A permanent receiver for the bank will be named within a few days.
Source
newspapers
4. May 2, 1906 Suspension
Cause
Government Action
Cause Details
Closed by National Bank Examiner/Comptroller of the Currency at instance of federal examiner
Newspaper Excerpt
National Bank Examiner John B. Cunningham Wednesday closed the Delmont National bank at Delmont, Pa.
Source
newspapers

Newspaper Articles (16)

Article from Perth Amboy Evening News, May 3, 1906

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Article Text

Two Banks Go Under. PITTSBURG. May 3.-National Bank Examiner Cunningham closed the Delmont National bank of Delmont, Westmoreland county. Pa., and application was made in the Dauphin county court by the attorney general's department at Harrisburg for a receiver for the Monougahela Valley bank of Duquesne.


Article from The Times Dispatch, May 3, 1906

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ONE BANK IS CLOSED, RECEIVER FOR ANOTHER McQuade, Who Recently Made Assignment, an Officer of Both Institutions. (By Associated Press.) PITTSBURG, PA., May 2.-National Bank Examiner Cunnlugham to-day closed the Delmont National Bank, of Delmont, Westmoreland county, Pa., and application was made in the Dauphin County Court by the attorney-general's department at Harrisburg for a receiver for the Monongahela Valley Bank, of Duquesne, James McQuade, an attorney of this city, who recently made an assignment of an amusement enterprise, was president of the Delmont and vico-president of the Monongahela Valley Bank. He is absent from the city. The Delmont Bank has a capital stock of $25,000 and deposits of about $75,000. The Monongahela Valley Bank had a capital stock of $50,000.


Article from The Bennington Evening Banner, May 3, 1906

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Article Text

Two Banks Go Under. PITTSBURG. May 3.-National Bank Examiner Cunningham closed the Delmont National bank of Delmont, Westmoreland county, Pa., and application was made in the Dauphin county court by the attorney general's department at Harrisburg for a receiver for the Monongahela Valley bank of Duquesne.


Article from Waterbury Evening Democrat, May 3, 1906

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Article Text

Two Banks Go Under. PITTSBURG. May 3.-National Bank Examiner Cunningham closed the Delmont National bank of Delmont, Westmoreland county. Pa., and application was made in the Dauphin county court by the attorney general's department at Harrisburg for a receiver for the Monongahela Valley bank of Duquesne.


Article from The Semi-Weekly Messenger, May 4, 1906

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BANK CLOSED Receiver Appointed for the Delmont National Bank. of Delmont, W. Va. Pittsburg, Pa., May 2.-National Bank Examiner Cunningham today closed the Delmont National Bank, of Delmont, Westmoreland county, Pennsylvania, and application was made in the Dauphin county court by the attorney general's department at Harrisburg for a receiver of the Monongahela Valley Bank of Duquesne. James McQuade, an attorney of this city. who recently made an assignment of an amusement enterprise, was president of the Delmont and vice president of the Monongahela Valley Bank. He is absent from the city. The Delmont bank has a capital stock of $25,000 and deposits of about $75,000. The Monongahela Valley Bank had a capital stock of $50,000


Article from Iowa State Bystander, May 4, 1906

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Article Text

TWO BANKS HAVE TROUBLE National and State Institutions, Controlled by Pittsburg Man Are Closed. Pittsburg, Pa.-National Bank Examiner John B. Cunningham Wednesday closed the Delmont National bank at Delmont, Pa., of which James McQuaide, of this city, is president, and almost at the same time the attorney general's department at Harrisburg made application to the Dauphin county court for a receiver for the Monongahela Valey bank of Duquesne, which is alleged to be insolvent. Mr. McQuaide is vice president of the Monongahela bank and also has been conducting a chain of amusement enterprises about the country, which consists mainly of merry-go-rounds.


Article from The Sun, May 6, 1906

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Article Text

DELMONT BANK WAS WRECKED. / Missing President Is Sought to Tell Who Was Responsible. PITTSBURG, May 5. - The affairs of the Delmont National Bank at Delmont, which failed this week, are in very bad shape. A partial examination of the books reveals the fact that the bank has been looted and wrecked and arrests and sensational disclosures are expected. It is said that Joseph R. MoQuaide, the missing president of the bank, is not wanted for having wrecked the institution, but that if be is found he will be asked to explain who did the looting, as it is believed that he knows. A complete examination of the books will be made within a week and submitted to Washington. There is no intimation as to the identity of the guilty parties, but McQuaide's friends declare that he is not guilty. They admit that they do not know his present whereabouts. which is causing them a great deal of concern. His son to-day declared that none of the members of the family has the slightest idea where be is. It is believed that he is in hiding, trying to cover up the crookedness of other persons. A permanent receiver for the bank will be named within a few days.


Article from Alexandria Gazette, May 7, 1906

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Article Text

News of the Day men in Missouri with his 41 years Two exchanging swapped old, wives, old, one five children, for a woman 21 years with e child. force of 1,000 Zulus recently atBritish column near the grave Sixty Zulus were lacked A Cotewayo. 8 wounded. killed of and the British had three men Rev. I. R. B. Arnold, pastor of John Rocketeller's church in Cleveland, for D. his wife, who deserted him, divorce. is suing He was not religious enough for her. The Traders' Insura nce Company, hands of Chicago, has been forced into the fire, receiver by the San Francisco of its a losses exceeding its total assests by $500,000 General debate on the naval appropri- havation bill ended Saturday, speeches the been made both for and against committee's ing programme and on general campaign topics. It is estimated that the shrinkage earth- in since the San Francisco quake stocks and fire amounts to $900,000,000, the or three times as much as the loss in Golden Gate City. Excitement was created by the arrest of Saturday of Bishop J. J. Jolly, head settlement in Big Horn county, Wyo., susof a 5,000 Mormons, on a charge of taining bigamous relations. The Czar, in 8 public rescript acceptPremier Witte's resignation, praises ing his work and con'ers upon him decorations. In retiring Minister Durnovo similar compliments were paid. Mr. William H. Appold, senior memof the firm of Appold Bros., wholesale ber dealers in leather, in Baltimore, died suddenly Saturday of acute Bright's disease at his office, 10 and 12 Caiverton road. Thadeus Burch, who went to Long his Branch from Virginia in search of me: who left him some time ago, en the street last the wife, woman night, dead. and, He after a few words, shot her was arrested, and declared his love for his wife impelled the deed. The affairs of the Delmont National Bank at Delmont, Pa., which failed last week, are in very bad shape. A partial the of the books reveals the bank has been examination tact that sensational looted and wrecked, and arrests and disclosures are expected. Two colored men Saturday night about 11 o'clock entered the jewelry W. store of James Feaster, of Piedmont, Va, bound and gagged Mr. Feaster the and his clerk, and then robbed money drawer, the men securing diamond $97 in notes and some small change, a ring and a gold watch and chain. Coroner Walsh, of San Francisco, the list of victims of fire and yesterday Gen. Greely that the after Maj. revising earthquake, total office, informed num- were ber of cases, handled by his 319, of which 184 were identified. This report shows thirty-nine fewer casualties than given by a previous count. The validity of at least one half of acts of the last two general assemhas been raised by some the the plies of lawyers. It is said that when a measure under suspension of heiules, which was passe permitted constitution, is by the did great many of the measures not contain the emergency which to the validity of a is essential clause the act. Portland Saturday night United District Attorney, made the names of States In public W. 21 land C. persons Bristol fraud whom a government was returned by a which ended against indictment grand jory, its bearings federal inyesterday and was discharged The dictment, charges conspiracy to secure in 200,000 acres of fine timber land Crook, Lake and Klamath counties. A congressional committee is considering a proposition to change the design circuof the small bronze cent now in lation in the United States. The present design was adopted by Congress in 1864, and the now under to the use of a new looks plan metal, consideration either the nickel or aluminum, to take of that now in use, is 95 cent. and 5 per cent. place pure per copper which zinc. Edwin William Clark, a retired cotton broker and a former member of the New York Cotton Exchange, committed morning in his apart at the Hotel Marseille, York, suicide ments yesterday New with shooting himself in the head revolver. He died before his wife could reach him. Mr. Clark was sixty-four year-ol and was native of New York. He retired from business some years ago. For a long time Mr. Clark had been a sufferer from Bright's disease The results thus far announced in the in general parliamentary elections France which were held yesterday show few changes in the Chamber, most of the former deputies being re-elected, but ap extraordinary number of second ballots will be necessary in Paris. The present ballot gives the opposion a majority; but the second ballot. which will be taken May 20, is expected to reproduce the results of the 1902 election, when the representation of the capital was equally divided. Nevertheless, the government has gained one seat. While Vice Admiral Doubassoff, governor general of Moscow, was returning afternoon to his residence in the from a church service in commemof the name a man threw a bomb at yesterday oration city young Czarina's him day, The missile exploded and injured one of the


Article from The Forest Republican, May 9, 1906

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DELMONT BANK WAS WRECKED. Missing President Is Sought to Tell Who Was Responsible. Pittsburg, May 7.-The affairs of the Delmont National bank at Delmont, which failed last week, are in very bad shape. A partial examination of the books reveals the fact that the bank has been looted and wrecked and arrests and sensational disclosures are expected. It is said that Joseph R. McQuaide, the missing president of the bank, is not wanted for having wrecked the institution, but that if he is found he will be asked to explain who did the looting, as it is believed that he knows. A complete examination of the books will be made within a week and submitted to Washington. There is no intimation as to the identity of the guilty parties, but McQuaide's friends declare that he is not guilty. They admit that they do not know his present whereabouts, which is causing them a great deal of concern. His son declared that none of the members of the family has the slightest idea where he is. It is, believed that he is hiding, trying to cover up the crookedness of other persons. A permanent receiver for the bank will be named within a few days.


Article from The Columbus Journal, May 9, 1906

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Article Text

TWO BANKS HAVE TROUBLE National and State Institutions, Controlled by Pittsburg Man Are Closed. Pittsburg, Pa.-National Bank Examiner John B. Cunningham Wednesday closed the Delmont National bank at Delmont, aa,, of which James McQuaide, of this city, is president, and almost at the same time the attorney general's department at Harrisburg made application to the Dauphin county court for a receiver for the Monongahela Val.ey bank of Duquesne, which is alleged to be insolvent. Mr. McQuaide is vice president of the Monongahela bank and also has been conducting a chain of amusement enterprises about the country, which consists mainly of merry-go-rounds.


Article from The Fulton County News, May 9, 1906

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Delmont National Bank Closed. At the instance of the comptroller of the currency National Bank Examiner John B. Cunningham on last Wednesday, closed the Delmont National Bank at Delmont, Westmoreland county, Pa., of which James McQuaide, of Pittsburg, is president, and almost at the same time the attorney general's departmentat Harrisburg made application to the Dauphin county court for the appointment of a receiver for the Monongahela Valley Bank, of Duquesne, which is alleged to be insolvent.


Article from Custer County Republican, May 10, 1906

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TWO BANKS HAVE TROUBLE National and State Institutions, Controlled by Pittsburg Man Are Closed. Pittsburg, Pa.-National Bank Examiner John B. Cunningham Wednesday closed the Delmont National bank at Delmont, Pa., of which James McQuaide, of this city, is president, and almost at the same time the attorney general's department at Harrisburg made application to the Dauphin county court for a receiver for the Monongahela Valey bank of Duquesne, which is alleged to be insolvent. Mr. McQuaide is vice president of the Monongahela bank and also has been conducting a chain of amusement enterprises about the country, which consists mainly of merry-go-rounds.


Article from Edgefield Advertiser, May 16, 1906

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News Notes. The Comptroller of the Currency closed the Delmont National Bank at Delmont, Pa., and a receiver was asked for the Monongahela Valley Bank. Governor Hoch, of Kansas, was renomiuated by the Republican State Convention. The proposition to establish a universal postage rate of 2 cents was voted down by the International Convention committee in Rome,


Article from The Diamond Drill, May 19, 1906

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Two Banks in Trouble. Pittsburg, Pa.-National Bank Examiner John B. Cunningham Wednesday closed the Delmont National bank at Delmont, Pa., of which James McQuaide, of this city, is president, and almost at the same time the attorney general's department at Harrisburg made application to the Dauphin county court for a receiver for the Monongahela Valey bank of Duquesne, which is alleged to be Insolvent. Mr. McQuaide is vice president of the Monongahela bank and also has been conducting a chain of amusement enterprises about the country, which consists mainly of merry-go-rounds.


Article from Morgan County Republican, January 3, 1907

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BUSINESS FAILURES Jan. 14-Parsons, Snyder & Co., Cleveland, O.; liabilities, $150,000. Feb. 8.-Boliver County Bank Cleveland, Miss.: liabilities, $110.000; assets, $130,000. Mar. 1-Southern Bank & Trust Co., Ft. Smith, Ark., owing depositors $80,000. 2-Walsh, president defunct Chicago National bank, arrested on charge of falsifying reports. 29-North Freedom (Wis.) bank closed by examiner. Apr. 2-Teis, Smith & Co., bankers, Pekin, III.; liabilities, $100,000. May 2-Delmont national bank, Delmont, Pa., closed Receiver for American Roserve Bond Co., St. Louis, appointed. Jun. 18-Farmers' State bank of Clearfield, Ia., closed by state bank examiner. Aug. 6-Milwaukee Ave. State bank, Chicago, closed by state bank examiner; liabilities, $4,000,000. 28-Real Estate Trust Co., of Philadelphia, suspends business; liabilities, $7,000,000. Sep. 20-Bates National bank, of Butler, Mo., closed by directors. 29-Private bank at Middleport, O., closed. Nearly all deposits of $115,000 gone. Nov. 15-Bank of Beckwith & Co., at Evanston, Wyo., closed owing to financial troubles. 30-Three banks conducted by C. v. Chandler at Macomb, Colchester and Bardolph, III., closed for lack of ready cash.


Article from The Monte Vista Journal, January 12, 1907

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BUSINESS FAILURES Jan. 4-Parsons. Snyder & Co., Cleveland, O.: liabilities, $150,000. Feb. 8.-Boliver County Bank, Cleveland, Miss.: liabilities, $110.000; assets, $130,000. Mar. 1-Southern Bank & Trust Co., Ft. Smith, Ark owing depositors $80,000. 2-Walsh president defunct Chicago National bank. arrested on charge of falsifying reports. 29-North Freedom (Wis.) bank closed by examiner. Apr. 2-Tels, Smith & Co., bankers. Pekin, III.; liabilities, $100,000. May 2-Delmont national bank. Delmont, Pa., closed Receiver for American Reserve Bond Co., St. Louis. appointed. Jun. 18-Farmers' State bank of Clearfield, 1a., closed by state bank examiner. Aug. 6-Milwaukee Ave. State bank. Chicago, closed by state bank examiner; liabilities, $4,000,000. 28 -Real Estate Trust Co., of Philadelphia, suspends business; liabilities, $7,000,000 Sep. 20-Bates National bank. of Butler, Mo., closed by directors -Private bank at Middleport, O., closed. Nearly all deposits of $115,000 gone. Nov. 15-Bank of Beckwith & Co., at Evanston, Wyo., closed owing to financial troubles. 30-Three banks conducted by C. V. Chandler at Macomb, ColchΓ©ster and Bardolph, 111., closed for lack of ready cash.