gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
0f2ca789f2ce7239
Response Measures
None
Description
Suspension attributed to rumors about Vice President James J. McFarlane and the American Life Insurance Company; receiver appointed soon after.
Events (4)
1.April 28, 1890Run
Cause
Rumor Or Misinformation
Cause Details
Run began after rumors about troubles of James J. McFarlane and the American Life Insurance Company affected confidence in the bank.
Newspaper Excerpt
the cause of the suspension was a run on the bank which began Monday morning and resulted in the withdrawal of upwards of $100,000 of deposits.
Source
newspapers
2.April 30, 1890Suspension
Cause
Rumor Or Misinformation
Cause Details
Bank officers posted notice of temporary suspension after heavy withdrawals tied to rumors; articles explicitly state suspension was due to rumors.
Newspaper Excerpt
This bank has temporarily suspended.
Source
newspapers
3.May 1, 1890Receivership
Newspaper Excerpt
William M. Smith, president of the Common Council, is appointed receiver.
Source
newspapers
4.May 7, 1890Other
Newspaper Excerpt
preliminary statement ... shows an apparent excess of assets over liabilities amounting to $237,697; arrests of cashier and other officers followed the suspension.
Source
newspapers
Newspaper Articles (24)
1.May 1, 1890Daily Kennebec JournalAugusta, ME
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Article Text
Bank Failure at Philadelphia. PHILADELPHIA, April 30.-The Bank of America of this city closed its doore this afternoon. Ii is announced officially that the cause of the suspension was a run on the bank which began Monday morning and resulted in the withdrawal of upwards of $100,000 of deposits. The failure will not affect business men to any great extent. The loss+ will fall mostly on small shopkeepers and others who cannot well afford to lose the money. The branches of the bank located in outiving sections of the city attraced this class of customers. The total number of depositors was about 4.000, and the deposits in the bank were stated in the report of November 30, 1889, to be $734,566.
2.May 1, 1890The Portland Daily PressPortland, ME
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Article Text
POOR PEOPLE LOSE. Suspension of the Bank of America of Philadelphia. PHILADELPHIA, April 30.-The Bank of America of this city was forced to close its doors this afternoon, and the officers posted a notice at the entrance in the hallway of the building, at Fortieth and Chestnut streets, which simply announced: "This bank has temporarily suspended." The news of the suspension quickly spread in financial circles. It was announced officially that the cause of the suspension was a run on the bank, which began Monday morning, and resulted in the withdrawal of $100,000 in deposits. The failure will not effect business men to any great extent. The losses will fall mostly on small shopkeepers and others who cannot well afford to lose the money. Branches of the bank located in outlying sections of the city attracted this class of customers. The total number of depositors is 4000, and the deposits in the bank were stated in the report of November 30, 1889, as $734,566.
3.May 1, 1890Richmond DispatchRichmond, VA
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Article Text
A BANK SUSPENDS. The Bank of America of Philadelphia Closes Its Doors. (By telegraph to the Dispatch.] PHILADELPHIA, April 30.-The Bank of America of this city closed its doors this afternoon. There is & placard at the entrance simply announcing: "This bank has temporarily suspended." The failure has not caused much sonsation, because the bank has for three days been known to be in difficulty. A run upon it began Monday which caused it to lose $100,000 in deposits. It is a State Institution and had twelve branches scattered about the city. The deposits of the main office and brauches aggregate $700.000. The bank is closely allied to the Insurance Company of America and several other financial institutions of this city. and to-day the suspension 19 due to rumors which were set affort on Saturday effecting the credit of President Mc. Farlane, of the insurance company. William M. Smith, president of the Common Council, is appointed receiver. The losses will fall mostly ou small shop-keepers and others who cannot well afford to lose their money. The branches of the bank located in outlying sections of the city at tracted this class of customers, the total number of depositors being said to be 4,000.
4.May 1, 1890Evening JournalWilmington, DE
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Article Text
A PHILADELPHIA BANK CLOSED. Vice President McFarlane's Rumored Troubles the Cause. PHILADELPHIA, May 1.-The Bank of America, a state bank, has closed its doors. Beyond the simple announcement, "This bank has temporarily suspended," the officers of the institution have made no public statement. The direct cause of the failure is attributed to the troubles of the American Life Insurance company, of which State Senator McFarlane is vice president. A meeting of the directors was called at once and they are now going over the books. William M. Smith, president of the common council, has been appointed receiver and assignee of the bank There are many rumors affecting the Philadelphia Finance company, the American Financial association and the American Life Insurance company. These rumors are denied by officials of those institutions. The capital of the Bank of America is $371,000. Louis E. Pfeiffer is president and J.S. Dungan cashier. James J. McFarlane was vice president until a fortnight ago, when he resigned from the directorate. The rumor of his being in trouble caused a run on the bank and resulted in its suspension.
5.May 1, 1890The Salt Lake HeraldSalt Lake City, UT
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Article Text
The Bank of America Suspends. PHILADELPHIA, April 30. -The Bank of America has suspended payment. The suspension of the bank did not cause much surprise, as it was known in financial circles that there had been a heavy drain on it for some days. Branch offices
6.May 1, 1890St. Paul Daily GlobeSaint Paul, MN
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Article Text
DEPOSITORS PULL OUT. The Bank of America Closes Its Doors -Failures. PHILADELPHIA, April 30.-The Bank of America, of this city, was forced to close its doors this afternoon and the cashier posted a notice in the entrance to the hallway of the building at Fourth and Chestnut streets which simply annonnced: "This bank has temporarily suspended." William M. Smith, president of the common council, was appointed receiver and assignee of the bank. There are rumors affecting the Philadelphia Finance company, the American Financial association and the American Life Insurance company. These rumors are denied by officials of those institutions. The capital of the bank of America is $371,000. Louis E. Pfeiffer is president and J. S. Dungan cashier. James J. McFarlane was vicepresident until a fortnight ago, when he resigned. The rumor of his being in trouble caused a run on the bank and resulted in its suspension. LAWRENCE, Mass., April 30.-The grocery house of Davis, Murphy & Co., the largest in the city, has assigned to H. K. Webster, of Lawrence. It is expected that the creditors will be paid in full,
7.May 1, 1890Spokane Falls ReviewSpokane, Spokane Falls, WA
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Article Text
SUSPENDED PAYMENT. The Bank of America Compelled to Close His Doors. PHILADELPHIA, April 30.-The Bank of America has suspended payment. The suspension of the bank did not cause much surprise, as it was known in financial circles that there had been a heavy run on it for some days. The branch offices in different parts of this city are also shut up. Deposits said to amount to $70,000in the bank are closely allied to the American Life Insurance Company. To-day's suspension was due to rumors set affoat last Saturday affecting the credit of President McFarlane, of the insurance company. INSECTRE LOANS. Something of a sensation has been caused by the announcement that the examination by the state insurance.com missioner shows that the American Life Insurance Company has loaned over $700, 000 to various concerns which have no commercial standing. As a result the stock of the concern has depreciated nearly a million in value. The president of the company declares that the loans are perfectly safe.
8.May 2, 1890Deseret Evening NewsSalt Lake City, UT
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Article Text
Another Bank Failure. GLOUCESTER, N. J., May 1.-A run began on the Gloucester City National Bank as soon as the doors were opened this morning. Just before noon the bank suspended. The run was the result of its affiliation with the Bank of America of Philadelphia, which falled yesterday. Touching the condition of the Western farmers, General Butler said that the farms are passing out of the ownership of the tillers of the soil and they are becoming simply tenant farmers, the worth of the land having been wrested from them in spite of all their industry. Referring to the fabulous mortgaged debt on farm property, the speaker closed by saying: "As the payment of the mortgages is simply impossible, the payment of the interest upon them is also impossible, because they call for from 7 to 9 per cent and all statistics show that the average profits on farming industries are between 4 and 5 per cent only, hardly over 4. These mortgages never can be paid, if for no other reason, because they never can be paid if the debtors are ever 80 much disposed to pay them."
9.May 2, 1890Rock Island Daily ArgusRock Island, IL
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Article Text
Bank Failure at Camden, N. J. CAMDEN, N.J., May 2-The Gloucester City National bank closed its doors Thursday morning. The suspension is supposed to be due to the failure of the Bank of America Wednesday in Philadelphia, with which it had dealings.
Supposed Cause of a Bank Failure. CAMDEN, N.J., May 2.-The suspension of the Gloucester City National Bank yesterday is supposed to be due to the failure of the Bank of America Wednesday in Philadelphia, with which it had dealings. No statement of the Banks' affairs could be secured, the officials declining to made any statement.
11.May 2, 1890Los Angeles HeraldLos Angeles, CA
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Article Text
Another Bank Failure, GLOUCESTER, N. J., May 1.-A run began on the Gloucester City National Bank as soon as the doors opened this morning. Just before noon the bank suspended. The run was the result of its affiliation with the Bank of America, of Philadelphia, which failed yesterday.
12.May 3, 1890Santa Fe Daily New MexicanSanta Fe., Santa Fe, NM
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Article Text
Kept Bad Company. GLOUCESTER, N. J., May 3.-A run began on the Gioucester City National bank as soon as the doors were opened this morning. Just before noon the bank suspended. The run was the result of its affiliation with the Bank of America of Philadelphia, which failed yesterday.
Another Bank Suspends. ATLANTIC CITY, N.J., May 2.-The Merchants' bank suspended payment this afternoon on account ot a run caused by reports that several of their branches in neighboring towns had suspended on account of the suspension of the Bank of America in Philadelphia. Deposits are estimated at $50,000.
14.May 3, 1890Wheeling RegisterWheeling, WV
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Article Text
Another Bank Pulled Down. ATLANTIC CITY, N.J., May 2.-The Merchants' Bank of this city suspended payment at 2 o'clock to-day on account of a run caused by published reports that their branches located at Elmer, Pleasantville, Egg Harbor City and Mullicahill had closed up on account of the suspension of the Bank of America in Philadelphia.
15.May 8, 1890The Russellville DemocratRussellville, AR
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THE Gloucester City (N. J.) National Bank closed its doors on the 1st. The suspension is supposed to be due to the failure, the day previous, of the Bank of America in Philadelphia, with which it had dealings.
16.May 8, 1890Oxford EagleOxford, MS
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THE Gloucester City (N. J.) National Bank closed its doors on the 1st. The suspension is supposed to be due to the failure, the day previous, of the Bank of America in Philadelphia, with which it had dealings.
17.May 8, 1890The Wahpeton TimesWahpeton, ND
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FOREIGN CULLINGS. It is announced that an English syndicate has purchasad the Western railway Argentine Rrpublic for $41,000,000 gold. A motion for want of confidence in the Jesuit estates act was defeated in the Canadian parliament-32 to 130. Six Conservatives voted against the government. The state ofsiege on the Island of Crete has been raised and martial law has been abolished. The Christians on the island are jubilant. The Brazilian minister to Italy has been recalled because he failed to present to the Italian government the decree of his government forbidding Italian emigrants to enter Brazil. While the duke and duchess of Edinburgh were attending the cerimonies of opening the electric exhibition in Edinburgh, the jewels of the duchess were stolen from their apartments in the Balmoural hotel. The Gloucester City National Bank of Camden, N. J., has closed its doors. The suspension is supposed to be due to the failure of the Bank of America in Philadelphia with which it had dealings. The officials decline to make any statement. The immigration season has opened at Quebec when the fir st two steamships of the year, the Sardinian and Oregon, arrived with nearly 1,600 immigrants, who went West in twenty-twocars, thirteen of which contained passengers for the American Northwest via Chicago.
18.May 8, 1890Crawford AvalancheGrayling, MI
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Article Text
A Philadelphia Bank Suspends. The Bank of America, Philadelphia. has suspended p yment.
19.May 8, 1890Iron County RegisterIronton, MO
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THE Gloucester City (N. J.) National Bank closed its doors on the 1st. The suspension is supposed to be due to the failure, the day previous, of the Bank of America in Philadelphia, with which it had dealings.
20.May 8, 1890The Telegraph-CourierKenosha, WI
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Burned by a Furnace Explosion. Four Hungarians were seriously burned by the explosion of a furnace in the Edgar Thomson steel works at Braddock. Pa. A Philadelphia Bank Suspends. @ The Bank of America, Philadelphia, has suspended payment.
21.May 8, 1890The SunNew York, NY
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Philadelphia's Broken Bank. PHILADELPHIA, May 7.-A preliminary statement was made by the assignee of the Bank of America to the stockholders of the bank to-day. It shows an apparent excess of assets over liabilities amounting to $237,697. James A. Dungan. cashier: Joshua Pfeiffer. assistant cashier. and William H. Hergesheimer. paying teller of the suspended bank, were today arrested at the instance of Roger Maynes. a drover. A warrant was also sworn out for President Louis E. Pfeitfer. but was not served owing to the death of his son.
22.May 28, 1890The Morning NewsSavannah, GA
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A BADLY RUN BANK. The Officials of the Defunct Philadelphia Concern in a Fix. PHILADELPHIA, May 27.-Another meeting of the directors of the defunct Bank of America was held this afternoon, at which the committee of thirteen, headed by Chairman Grant, made its report. This report indicated to the depositors the belief of the committee that 50 per cent. or more would be realized on their account. The committee is of the opinion that the dividends declared semi-annually were not from the earnings of the bank, and that there is unmistakable evidence that the officials knew of these violations, and that they, with the directors, are, therefore, liable to prosecution under the insolvency law. The entire business, the committee say, has been carried on without regard to law or method. A recommendation was agreed to that counsel be employed to assist in lawsuits to recover the money unla wfully transferred, to begin criminal proceedings and otherwise look after the interests of the depositors.
NEWS OF THE DAY. Henry George has returned to New York from Bermuda. Anna Dickinson is reported slowly improving at the Dansville, Pa., asylum. Secretary of War Proctor will leave for a Southern trip to-day. He expects to be gone a month. Charles Strohl has been acquitted at Lancaster, Pa., of the charge of murdering Annie McCloud. Col. J. C. Underwood, the third victim of the Elliott-Osborne shooting affair at Columbus, O., is dead. Gen. John N. Knapp, chairman of the New York Republican State Committee, is seriously ill at his home at Auburn. Mary Anderson-Navarro has advertised in the London papers the sale of her various stage properties, including her dresses. The prisoner Politz, who is on trial for the murder of Chief of Police Hennessy at New Orleans, is not insane as was supposed. The coroner's jury in the Jeanesville, Pa., mine case found that the disaster was due to the use of the incorrect map of the mines. Jacob Wilkinson, once a wealthy paper manufacturer, committed suicide by taking morphine at his home in Jersey City, N.J. He was 61 years of age. Judge Beach of New York has appointed Mr. J. Edward Simmons receiver of the American Loan and Trust Company, and fixed the amount of his bond at $200,000. Billy Nash, the well-known third baseman, who is now in San Francisco, has accepted the terms of the Boston League directors. Nash will probably captain the League team. The Buffalo, N. Y., jury in the case of Sarah McMullen, charged with murder, returned a verdict of not guilty on the ground of insanity. The jury was out less than an hour. Chauncey H. Beasley, a son Chief Justice Beasley of the Supreme Court of New Jersey, was appointed Judge of the Trenton District Court. He will be the youngest member on the bench in the State of New Jersey. He is a Democrat. George F. Work, James S. Dungan and Louis Pfeiffer, who were convicted on the charge of fraudulently misappropriating the funds of the wrecked Bank of America at Philadelphia, were sentenced by Judge Arnold. Work was given four, Dungan three and Pfeiffer two years' imprisonment in the Eastern Penitentiary.
24.April 21, 1892Pittsburg DispatchPittsburgh, PA
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A CASHIER ON TRIAL The Case One of the Sequels of the Bank of America Failure. MAY'S LANDING, N.J.,April 20.-Oliver R. Dunkle, ex-cashier of the Merchants' National Bank, of Atlantic City, was placed on trial here to-day. charged with falsifying the books and embezzling the funds. The Merchants' Bank was drawn down by the failure of the Bank of America in Philadelphia, and suspended with liabilities of $60,000, mostly the money of depositors.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
