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CITY OF DUBOIS Page 181
July, 1892, when it secured a charter under the Banking Laws of the
State of Pennsylvania, under the title of "DuBois Deposit Bank,"
with a paid up capital of $75,000.00.
Some of the stockholders of the First National Bank of
DuBois City desired to control that institution. On the 8th of
January, 1889, the stockholders were induced to vote for the
voluntary liquidation of that bank and on the 8th of April, 1889,
permission was granted by the Controller of Currency to close up its
affairs. Four of the stockholders of this bank then organized a
private bank which they called the "Bank of DuBois" and took over
the building of the old First National Bank of DuBois City. Nearly
all the remaining stockholders of the First National Bank of DuBois
City remained with the DuBois Deposit Bank.
On the 14th of March, 1895, the Bank of DuBois closed
its doors. It had been in bad shape for several years and being
unable to borrow any additional funds, it had to close up.
The Bank of DuBois had more deposits than the DuBois
Deposit Bank and although the deposits of the Bank of DuBois at that
time were probably not much over $100,000.00, yet it was part of the
active capital of the community and by the closing of this bank
created grave hardships. There was a financial depression on hand at
the time and this did not improve the financial condition of the
community.
Had there been a leader found to organize the
discontented depositors, there is no doubt but what some of the
stockholders would have suffered considerable inconvenience from the
irate depositors.
Unfortunately the President of this bank had been
advised by the Cashier to take a trip to Palestine, on an excursion
that left New York some time in January, and when his bank closed in
March he was in the Holy Land.
One depositor made the following statement, "Last week
I went up to DuBois one morning and nearly broke down the doors of
the Bank of DuBois to get in to deposit my money. I went up this
week and I found a notice on the door that the President had gone to
the Holy Land and the bank had gone to Hell."
Eventually a bill in equity was filed in the Court of
Common Pleas of Clearfield County, asking for a receivership and
this was favorably acted upon by the court and a receiver appointed
who immediately took charge of the bank's affairs.
There were all kinds of committees appointed to look
after the interests of the depositors, but finally three men, viz :
Austin Blakeslee, William Osborn and W. H. Cannon were selected by
the creditors to take charge of the creditors' interests.
To make matters more uncomfortable for everybody,
nearly all the stockholders commenced to duck by conveying their
properties and having amicable judgments entered against them.
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