National Bank (Middletown, PA)

Episode Information

Episode UID
58501137
Episode Type
Suspension β†’ Closure
Bank Type
national
Bank ID
5850 national
Charter Number
585
Start Date
September 6, 1894
Location
Middletown, Pennsylvania (40.201, -76.729)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8a945c0006eed1cb

Response Measures

None

Receivership Details

Depositor recovery rate
77.1%
Date receivership started
1894-09-24
Date receivership terminated
1904-04-27
OCC cause of failure
Excessive lending
Share of assets assessed as good
14.5%
Share of assets assessed as doubtful
76.3%
Share of assets assessed as worthless
9.2%

Description

Receiver appointed shortly after the reported closing; later indictments/embezzlement suits point to internal malfeasance.

Events (4)

1. November 23, 1864 Chartered
Source
historical_nic
2. September 6, 1894 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed abruptly; subsequent suits and indictments allege misappropriation/embezzlement and insolvency.
Newspaper Excerpt
The Middletown (Pa.) National bank closed its doors on the 6th.
Source
newspapers
3. September 24, 1894 Receivership
Source
historical_nic
4. September 24, 1894 Receivership
Newspaper Excerpt
Benjamin M. Neal has been appointed receiver of the National Bank of Middletown, Middletown, Pa.
Source
newspapers

Newspaper Articles (8)

Article from The Enterprise, September 12, 1894

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WEEK THL JO SMEN Gathered from All Quarters. DOMESTIC. AT an early hour on the morning of the 5th Sergeant Sheehan, of the Cleveland (0.) police force, was shot and instantly killed by burglars who were attempting to rob the safe of the Ohio Provision Company. Gov. TURNER, of Tennessee, has offered a reward of $5,000 for the apprehension of the persons engaged in the recent Millington. lynching of the six negroes near HOWARD WHITE, the leading bicycle dealer at Trenton, N. J., has absconded after disposing of a large stock at a great sacrifice and pocketing the proceeds. He is heavily indebted to wholesale dealers. THE Anchor Fire Insurance Company, one of the numerous wild-cat insurance companies, chartered in West Virginia, collapsed at Wheeling on the 6th, judgments for over $5,000 being issued against it in favor of policy holders. C. E. Merwin, the principal promoter of the scheme is missing, as is also about $40,000. AT New York City on the 6th the police commissioners announced that they had found Police Captain Stephenson guilty of bribe-taking and he had been dismissed from the force. AT Washington on the 6th the muchmooted German question was decided by the supreme lodge of the Knights of Pythias by a decisive vote against permitting the use of the ritual in other than the English language. THE senatorial committee which is investigating the frauds against the state of Minnesota into the cutting of pine school lands, is now ready with evidence necessary to begin suits aggregating $500,000 against various lumber firms in that state. They have uncovered frauds which will sum up to $1,000,000. and the investigation has cost the state $6,000. AT Springfield, Mass., on the 6th, J. P. Bliss went, on Hampden park, the fastest mile ever made on a bicycle, making the record for the paced mile, flying start, 1:52 3-5 and incidentally lowering the three-quarter record to 1:23. THE cloak manufacturers' contractors held a meeting at New York on the 6th with a committee from the strikers and agreed to take back strikers without the conditions which the contractors had previously demanded. FOUR THOUSAND tailors belonging to the Knights of Labor in New York City went on strike on the 6th. of THE Middletown (Pa.) National bank closed its doors on the 6th. Assets and liabilities unknown. AT Wichita, Kan., on the 4th, the lower portion of the town was inundated by a cloudburst. The lightning, which was incessant, killed the little boy of Thomas Herman, fatally burned a 9-year-old daughter and tore the house to pieces. INDIANAPOLIS now holds the world's pacing record and came within a fraction of a second on the 6th of the world's trotting record. Robert J. made the second heat in his match with Joe Patchen for $5,000 in two minutes two and one-half seconds, being the fastest mile ever paced. HIRAM AGLER, president of the A. R. U. at Ashley, Ind., where Wabash trains were stopped, was found guilty of violating the restraining order of the court at Indianapolis on the 7th. Sentence was suspended. Arthur Desheno, who led a riot at Hammond during the days. strike, was committed to jail for twenty ON the theighty-six ladies, the upper crust of Frankfort (Ky.) society, signed a bitter denunciation of Breckinridge, begging the people not to return him to congress. AT Valparaiso, Ind., on the 7th, Peter Rourke, who claimed to be 115 years old, was found dead in bed at the county house, where he had been an inmate twenty-eight years. He came to America eighty-five years ago from Ireland. ON the 7th Chief Post Office Inspector Wheeler received information of the arrest of Louis A. Droffner, general delivery and stamp clerk at the Williamsport (Pa.) post office, for stealing ordinary mail with valuable contents. Two counterfeiters who refused to give their names were captured near St. Joseph, Mich., on the 7th, by United States officers. They have been manu facturing silver half dollars. THE Toledo passenger train on the Wabash railroad ran into some coal cars at Staunton, Ill., on the night O the 7th, and completely wrecked the engine, mail and baggage cars, killing two tramps who were stealing a rid and seriously scalding and maiming Engineer S. C. Fleming and Firema C. A. Sammis. AT Wampum, Pa., on the 7th, it wa discovered that Miss Daisy Major, th postmistress, was short about $1,500 in her accounts. Miss Major


Article from Essex County Herald, September 14, 1894

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CONDENSED NEWS OF THE DAY. Domestic News in Brief. Noel Maison was changed at Pittsburgh,Pa for the murder of HIS Sophia Raes. Fire recently des roye18. John's Episcopal church at Cologes, N. Y. The loss will reach $50,000 Insurance, *28,000. The Middletown National Bank at Middle town. Pa., of which Charles W. Raymond is president has closed its doors. The capital is 88,000. The New York Police commissioners have unanimously voted to dismiss splain Stephson from the police force on the charge of bribery and extortion. C. IS Batehelder of Portsmouth N. 45. 11 saloon passenger Judge H., aged New persteam- York er Aurania, which arrived at recently from Liverpool, died of pneumonia. Nominations at the South Dakota State Convention were 88 follows: Governor,James A. Ward: lientenant governor. B. M. Tunle, treasurer, A. Mather attorney general S. W. Treast. John Peter Walther. a native of Bavaria Md., was taken sick at Cumberland, Md.. and though removed to it hospital, the man died a few days after. The doc. or called pronounced the symptoms those of Asiatic cholern. A well-dressed man. who from papers found in his pockets. is believed to be Dr. H. T. Cresson of 1344 South Seventeenth street, Philadelphia. committed suieide by shooting. in Fortieth street, between Fifth and Sixth avenues, in New York. Chairman Heathcote and other representatives of the central strike committee and local unions as Chicago, III., issued a circular in which they formally declared the Pullman strike off. There are still is number who refuse to give up the fight. James Coleman Drayton of New York has instituted proceeding< to secure a divorce from his wife, Charlotte Augusta Drayton, a daughter of William Astor. Mr. Drayton seeks a legal separation upon the statutory grounds. Hallett Alsop Borrowe is named the co-respondent. News has reached New York city of the death of William Real of New Pallas. county of Limerick, Ire., one of the greatest shotputters in amateur athletic ranks. Americans will remember him as one of the most conepicuous and successful members of the liaelie team which visited this country in 1888. Judge O'Brien in the Supreme court, New York, writs 8 of Adams A. Cross, Captain granted of certiorari and his late in of the the cas Eldridge-street station wardman. George Smith. who were the force the on Aug. by police police commissioners dismissed from B1 last. The writs are returnable in twenty days. Fred a sensation at the of the board nt meeting Isenring county sprung Milwaukee. Wis., by declaring he had filed information against eleven persons charging them with conspiracy to defraud Milwaukee county. The report says the county has been defrauded of $27,133.80 in the construction of the almshouse The Anchor Fire Insurance Company. one of the wildeat insurance companieschartered in West Virginia, has collapsed. Judgements for over $5000 were issued against it in favor of Springfield, Mass. and Chicago policyholders C. E. Merwin, the principal promoter of the scheme, is missing, as is also about $40,000. which the company is supposed to have collected off premiums. The following notice has been posted by the Union Pacific on the Idaho division of that road : On account of the personal strife engendered by partisanship it has been decided ask all employes of the Union Pacine company to retire from active participation in politics. Should any employe desire to accept the nomination for any be to the requested resign from the office. service he will of company. The platform adopted by the Nevada State of the S Iver party advocates the free of silver at 1, the of the convention redemption coinage Government further the issue ratio bon Is of times and 16 to prohibition of any in of peace; the abolition of national banks and the collection of the indebtedness of the Pabifle railroads are demanded, and the President is denounced for the suspension of the Sherman silver purchasing law and the Geary act. It is rumored that another great comoination of Chicago breweries is well under way. It is now said that a large part of the seen capital secured. necessary H. to Bigelow. effect the who combine organized has the preseut brewery combination, is credited with being the promoter of this deal. When completed the combination is to have a capital of $13,000,000. or $2,000,000 more than the present syndicate. Mr. Bigelow has secured $8,000,000 of the $18,000,000 necessary.


Article from New-York Tribune, September 21, 1894

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IN THE HANDS OF THE SHERIFF. Deputy-Sheriff Finn yesterday took charge of the store of the Raymond & Campbell Manufacturing Company, stoves, at No. 244 Water-st., on an attachment for $1,575 in favor of George J. Vestner, on an assigned claim on a note of the company given to the Sloss Iron and Steel Company, of Alabama, which went to protest a few days ago. The company occupies the entire building at No. 244 Water-st., in which there are stoves to the value, It is said, of $20,000. The factory is at Middletown, Penn., and there is another branch store in Philadelphia. The business was established several years ago by Raymond & Campbell, and was incorporated as a Pennsylvania corporation in February, 1892, with a capital stock of $350,000. The inventory of January 1 last claimed assets, $558,800; liabilities, $71,133. C. W. Raymond, the head of the company, was also president of the National Bank of Middletown, Penn., which closed its doors on September 6.


Article from Evening Star, September 25, 1894

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Under the Homestead Law. Probably while lands are plentiful under the homestead law settlers will generally seek them in the usual way instead of by purchase from the state. As the state becomes more populous, however, and valuable agricultural and timber lands become scarce, the state lands, selected under the favorable auspices of the new law, will be sought for, and the institutions they are designed to assist will be benefited accordingly. Utah is also to receive the benefits of the law when she becomes a state. Bank Receiver Appointed. Benjamin M. Neal has been appointed receiver of the National Bank of Middletown, Middletown, Pa.


Article from St. Paul Daily Globe, October 7, 1894

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Bank Receiver Sues. HARRISBURG, Pa., Oct. 6.-As a sequel to the failure of the Middletown National bank suits were entered In the Dauphin county court by M. D. Dead, receiver of the bank. and others, against the Raymond & Campbell Manufacturing company, the Middletown Flour Milling company and Edward Ravmond and others for amounts aggregating $130,000. There is a mertgage of $150,000 against the plant of the manufacturing company. Among those who brought suit today were the following: Chemical National Bank of New York for $59,500, Western National Bank of Philadelphia for $5,000, Middletown bank for $1,000.


Article from The Scranton Tribune, December 8, 1894

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PENNSYLVANIA SPARKS. A Philadelphia manufacturer is nego. tiating for the purchase of the Sunbury Nail mill, which has been idle five years. The stockholders of the Middletown National bank, now in the hands of a receiver, are taking steps to protect their interests. Brooding over a love affair, Charles Knittle, aged 20, of Port Carbon, took a quantity of strychnine, and now lies in a critical condition. Lycoming county will be 100 years old on April 13, 1895, and preparations are being made in Williamsport to celebrate the event in grand style. Secretary Harrity is making a collection of portraits of the secretaries of the commonwealth of Pennsylvania, to be hung on the walls of the reception room of the state department. of Farmers Scht Ukill county, south 'of the coal belt, thinking that their lands are assessed higher proportionately than those of the mine operatore, have called a meeting to be held Dec. 20 at Pottsville, to protest against the present assessment,


Article from The Scranton Tribune, January 12, 1895

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BANKERS WAIVE HEARING. The Raymonds Give Bail in the Sum of $5,000. Harrisburg, Pa., Jan. 11.-Charles W. and Edward N. Raymond, president and cashier, respectively, of the wrecked Middletown National bank, the receiver of which has just announced a dividend of 30 per cent. to depΓ³sitors and creditors, had a hearing before United States Commissioner Wolf this afternoon on charges of violation of the banking laws. They waived a hearing for court, bail in the sum of $5,000 being required.


Article from New-York Tribune, December 10, 1895

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ACCUSED OF BANK-WRECKING OFFICIALS OF TWO PENNSYLVANIA INSTITUTIONS ON TRIAL Philadelphia, Dec. 9.-The trial of the cases against Charles W. Raymond, president, and Edward M. Raymond, cashier of the Middletown National Bank, and Joseph F. Raymond, their brother, who was not connected with the bank, but was indicted with them on the charge of aiding in their alleged m'sappropriation of the funds of the now defunct institution, was begun in the United States District Court this afternoon. There are four indictments against the Raymonds, an additional one having been found against Edward M. Raymond, on the charge of making false reports regarding the bank to the Controller of the Currency. It was agreed by the counsel to try the cases together. Joseph Campbell, sr., a director of the bank, who was indicted for allèged conspiracy, will be tried separately. The cases will be on trial all week. Ridgeway, Penn., Dec. 9.-The jury in the embezzlement case of D. C. Oyster was discharged this morning, having been out forty-six hours and failed to agree. D. C. Oyster was president of the wrecked Ridgeway Bank, which closed its doors in June, 1893. The case against Oyster was presented by a committee on behalf of the bank's creditors. It cannot be retried until March. The receivers of the bank have paid 20 per cent, and will soon make another payment of 15 per cent.