Newark post., 1922-01-25
Newark Interested
in Bank Closing
Second National Bank of
Elkton Closed Doors
Last Friday
"This bank closed by the Board OF
Directors. The National Bank Ex-
aminers have taken charge"
C. A.. Stewart,
National Bank Examiner

Elkton at 2 O'Clock last Friday after
noon. 1t did not take long for the
news to spread to Newark and it has
been the topic of discussion here ever
since.
Many local persons were interested
in the bank and according to infor-
nation some local persons had de-
posits at the bank.
Reports that the bank would open
again this week were denied this
morning.
On good authority it was announced
today that a reorganization would
soon take place and until that time
nothing further can be accomplished.
William M. Singerly, formerly
owner of the Philadelphia Record,
organized the bank about 80 years
ago William T. Warburton, presi-
dent of the bank was also one of the
organizers.
Many rumors as to the cause of the
trouble have been circulated.
About a week or so ago this paper
published an item in regards to the
sale of the Gilpin-Falls Light and
Power Co., and it is claimed that the
closed bank held great deal of stock
issued by the company, which fur
nished electric current to Elkton,
North East and other town. Mr., War
burton is president of the power COM
pany.
Reorganization of the bank will
take place according to Mr.. War
burton.
at is perfectly true" said Mr..
Warburton, "that we hold bonds of
the Gilpin Company, but there was
nothing in this which should have
caused the banks creditors any un-
easiness. We had arranged to hold
meeting tomorrow with officials OF
another bank in Elkton looking to a
merger of the two institutions. Ma
licious gossip, however, got about
concerning the Gilpin concern, which
resulted in the run.
'To protect the banks best inter-
ests we were compelled to close our
doors. Should the merger as pro-
posed not go through we have in
mind reorganization which will pro-
tect every interest of the bank, and
no depostor need feel alarmed. The
assets of the institution are ample to
meet all emergencies if we are given
the opportunity to adjust conditions"
The run went on quietly, as few
had heard it before the bank closed.
The directors of the Second Ma
tional Bank were William 7. War
burton, Russell j. Reed, Oliver c.
Giles, John Lungren and c. H. john
son. Mr.. Warburton was president,
Mr.. Giles vice-president, and Mr..
Johnson cashier.
The report of the condition of the
bank at the close of business, Decem-
Der 81, last, follows:
Loans and discount, 1854, ,944.32
notes and bills resdiscounted, S214,-
953.75; overdrafts unsecured, 81
1884; United States bonds deposited
to secure circulation, $12,500; al
other United States government Sc,
curities, $17,5OO; other bonds, stocks
securities, $146,44O; banking house
and fixtures, S14,796.22; lawful re-
serve with Federal Reserve Bank
$5,535.46; cash in valut and net
amount due from national banks
S10,997.76; checks on other banks
S1,026.18; checks on banks located
outside of city, $528.10; redemption
fund with United States Treasurer
$625.
Liabilities
Capital stock paid in, $4,000; sur
plus fund, $4,000; undivided profits
$11,689.s2; circulating notes out
standing, $12,50O; amount due Fed
eral Reserve Bank, $6,597; ne
amounts due to banks, bankers an,
trust companies in the United States
$4,000; certified checks outstanding
S53.21; cashiers checks on own banl
outstanding, SIS, individual deposit
subject to check, $145,111.92; certifi
Gates Of deposit due in less than 3
days, $63,s33.20; dividends unpaid
S1,27S.50; certificates of deposit othe
than for money borrowed, $S2,623.55
bills payable other than with Fedora
Rerseve Bank, $4,000. Total, S413
711.30.