Gardner, Morrow & Company (Hollidaysburg, PA)

Episode Information

Episode UID
8413254191161
Episode Type
Suspension → Closure
Bank Type
private
Bank ID
841325419 hash
Start Date
September 17, 1896
Location
Hollidaysburg, Pennsylvania (40.427, -78.389)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8f60dcf40aa80d83

Response Measures

None

Description

Assignment to an assignee (John Cree) and later reports show insolvency and minimal asset recoveries.

Events (3)
1. September 17, 1896 Other
Newspaper Excerpt
we have made an assignment to Mr. John Cree for the benefit of our creditors (notice posted on the bank door).
Source
newspapers
2. September 17, 1896 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closed due to business depression and inability to make collections; bank made an assignment to John Cree indicating insolvency.
Newspaper Excerpt
To the Public: Owing to the general depression in business the manifest impossibility of making collections and with a view to affording the most ample protection to all our creditors, we have deemed it proper to close our doors and to suspend business...
Source
newspapers
3. September 18, 1896 Receivership
Newspaper Excerpt
The private banking house of Gardner, Morrow & Co., ... closed its doors this morning... We have made an assignment to Mr. John Cree for the benefit of our creditors.
Source
newspapers

Newspaper Articles (20)
1. September 18, 1896 The Jersey City News Jersey City, NJ
Article from The Jersey City News, September 18, 1896

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Article Text

WRECKED BY BRYANISM. HOLLIDAYSBURG, Pa., Sept. 18, 1896. -The private banking house of Gardner, Morrow & Co., the oldest in central Pennsylvania, closed its doors this morning. The following notice posted on the bank door greeted the eyes of depositors this morning:-"To the Public: Owing to the general depression in business the manifest impossibility of making collections and with a view to affording the most ample protection to all our creditors, we have deemed it proper to close our doors and to suspend business, We have made an assignment to Mr. John Cree for the benefit of our creditors, and with the time and opportunity thus afforded to to pay our creditors every dollar of inconvert our assets we hope and expect debtedness. We ask the patience and indulgence of all depositors and the work of liquidation will be commenced at once. (Signed) "GARDNER, MORROW & CO. "September 17, 1896.

2. September 22, 1896 Evening Star Washington, DC
Article from Evening Star, September 22, 1896

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The Hollidaysburg Bank. HOLLIDAYSBURG, Pa., September 22.The depositors in the suspended banking house of Gardner, Morrow & Co. held a meeting last night and approved the selection of John Cree as the assignee of the bank. The aggregate of the holdings of the depositors sums up to $258,000.

3. September 24, 1896 The Dakota Chief Gann Valley, SD
Article from The Dakota Chief, September 24, 1896

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Article Text

Old Pennsylvania Bank Fails. The private bank of Gardner, Morrow & Co., of Hallidaysburg, Pa., the oldest in Central Pennsylvania, suspended owing to the business depression. It will pay in full.

4. September 25, 1896 Hot Springs Weekly Star Hot Springs, SD
Article from Hot Springs Weekly Star, September 25, 1896

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Article Text

Old Pennsylvania Bank Fails. The private bank of Gardner, Morrow & Co., of Hallidaysburg, Pa., the oldest in Central Pennsylvania, suspended owing to the business depression. It will pay in full.

5. December 15, 1896 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, December 15, 1896

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BANKS VS. railroad. Failed Pennsylvania Banks Were Fought by Pennsylvania Railroad. Hollidaysburg, Pa., Dec. 15.-The closing of the Hollidaysburg, Martinsburg and Williamsburg banks, it is said, was due principally to the withdrawal of the deposits of the Pennsylvania railway ten days ago. The banks retaliated by refusing to cash the checks of railroad employes when they were presented. The Pennsylvania company last week ran their pay car over the several branches centering here. There was a banking department aboard the carand the employes received their money without going to the banks. The result of this contention between the railway company and the banks was a steady run on the institutions by the minor depositors and they succumbed yesterday morning after withstanding the run for seven days. The average deposits in the three banks was $350,000. The banks have been distrusted in financial circles since September 18 last. On that date the private banking house of Gardner, Morrow & Co. of this city failed with liabilities of $325,000 and assets, so far as ascertained, $92,000. The intimate relations existing between the four banks, the fact that they were mainly officered and controlled by the same people and the additional circumstance that between $4,000 and $5,000 worth of securities were returned by the private bank aroused suspicion.

6. December 15, 1896 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, December 15, 1896

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BUSINESS DIFFICULTIES. HOLIDAYSBURG. Pa., Dec. 14.-The First National bank of this place, the oldest bank in this section of the state, and one of the original fifty-seven banks in the United States, suspended this morning. Two other banks, at Martinsburg and Williamsburg, failed as 8. result of the first failure. The Martinsburg Deposit bank was established in 1870. Col. William Jack, of Hollidaysburg, is the president. The bank had a capital of $25,000. The Williamsburg bank is controlled by Watson, Morrow & Co. It was established in 1873, with a capital of $30,000. The closing of the banks, It is said, was due principally to the withdrawal of the deposits of the Pennsysvania railroad company ten days ago. The total of deposits in the three banks was $450,000. The banks have been distrusted in financial circles since Sept. 18 last. On that day the private banking house of Gardner, Morrow & Co., of this city, failed, with liabilities of $325,000 and assets so far as ascertained, of $92,000. The intimate relations existing between the four banks, the fact that they were mainly officered and controlled by the same people, and the additional circumstances that between $60,000 and $75,000 worth of securities was removed to the First National bank from the private bank before its failure aroused suspicion. The national bank officers claimed that these securities were given them for cash balances due on the exchange of checks. A deed of assignment was recorded in the Blair county court this evening from the Martinsburg Deposit bank of Martinsburg, this county, to its cashier, Wm. S. Nicodemus. The bank was a private partnership with a paid up capital of $25,000. Its assets will aggregate $200,000. The Williamsburg bank, of Williamsburg, this county, assigned to its cashier, John Clark. This bank is unincorporated with a paid up capital of $27,000. Its merchant rating is $175,000. New York, Dec. 14.-The firm of W. D. Rountree & Co. announced their failure on the cotton exchange this afternoon. Neither this nor the Collins failure affected the market. Edwardsville, III., Dec. 14.-The banking house of John A. Prickett & Sons, in this city, suspended today, making an assignment to S. N. Travous and E. D. Gillespie. Chicago, Dec. 14.-The Filip & Rachart Manufacturing company, manufacturers of sash, doors and blinds, made an assignment to John R Hand today. Assets, $30,000; liabilities, $28,000. WALL STREET TALK. The entire $3,200,000 issue of Louisville & Nashville refunding bonds put on the open market the latter part of the preceding week has been sold to investors in various parts of the country. A syndicate of New York bankers made a good thing on the deal, as they purchased the whole issue at par and sold out for prices ranging from 102 to 105. Sugar will sell ex-dividend tomorrow. The Standard Oil people have been making large loans on this specialty. Big Four earnings for the first week in December decreased $1,451. Edison Illuminating company shows an increase for November of $39,680. President Depew says the Vanderbilts have not had a controlling interest in the New York Central since 1880. A break in cotton and some troubles among the cotton houses attracted some attention in Wall street, mainly because the market had nothing else to talk about. The occurrence in question is a direct result of a break in the price of cotton. That rate of discount in London open market advanced 1/8 today, to 31/4 per cent. NEW YORK MONEY. NEW YORK, Dec. 14.-Money on call easy at 11/4@2 per cent; last loan, 1½, closed at 1½ @2 per cent. Prime mercantile paper, 4@5 per cent. Sterling exchange firmer, with actual business in bankers' bills $4.86%@4.87 for demand, and $4.83%@4.84 for sixty days. Posted rates, $4.84½ and $4.871/2@4.88. Commercial bills, $4.821/2. Bar silver, 65%o. Silver certificates, 65%@65%c. FOREIGN FINANCIAL. NEW YORK. Dec. 14.-The Evening Post's London financial cablegram: The stock markets were idle and dull today, except for Kaffirs. Americans sagged all day because of the absence of business, and the lower New York prices. The close was at the lowest. Consols were flat on the continental demands for gold. PLAN UNDESIRABLE. NEW YORK, Dec. 14.-Messrs. J. P. Stewart, Edward King and Alexander E. Orr, of the committee under the trust debenture of the Union Pacific railway company, have issued a circular to the holders of Union Pacific collateral trust notes stating that in the opinion of the committee, he proposed plan of reorganizaion is undesirable. BANK CLEARINGS. St. Paul-$837,842.67. Minneapolis-$1,675,084.64. New York-Clearings, $79,497,359; balances, $4,341,648. Boston-Clearings, $13,800,397; balances, $2,122,375. CHICAGO MONEY. CHICAGO, Dec. 14.-Money steady, unchanged. New York exchange 50c premium. Foreign exchange firm; demand, $4.86%; sixty days, $4.84.

7. December 30, 1896 Evening Journal Wilmington, DE
Article from Evening Journal, December 30, 1896

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One Failure Causes Another. HOLLIDAYSBURG, Pa., Dec. 30.-Pheasant & Wagner, owners of large general merchandise stores in this city and in Kipple, this county, have failed in consequence of the recent suspension of the banking house of Gardner, Morrow & Co. The liabilities are $12,000; assets, $18,000.

8. December 31, 1896 Connecticut Western News North Canaan, Salisbury, Canaan, CT
Article from Connecticut Western News, December 31, 1896

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One Failure Causes Another. HOLLIDAYSBURG, Pa., Dec. 30.-Pheasant & Wagner, owners of large general merchandise stores in this city and in Kipple, this county, have failed in consequence of the recent suspension of the banking house of Gardner, Morrow & Co. The liabilities are $19,000; assets, $18,000.

9. January 1, 1897 The Morning Times Washington, DC
Article from The Morning Times, January 1, 1897

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Hollidaysburg, Pa., Dec. 31.-The schedules of the assets and liabilities of the assigned bank of Gardner, Morrow & Co., this place, which were filed in the county court today, will afford unwelcome New Year's intelligence to the depositors of that institution. The liabilities aggregate $333,730.27, and the assets $93,986.29. The schedules indicate that the bank had been in an insolvent condition for ten years before its doors were closed.

10. January 1, 1897 Pike County Press Milford, PA
Article from Pike County Press, January 1, 1897

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One Failure Causes Another. HOLLIDAYSBURG, Pa., Dec. 30.-Pheasant & Wagner, owners of large general merchandise stores in this city and in Kipple, this county, have failed in consequence of the recent suspension of the banking house of Gardner, Morrow & Co. The liabilities are $10,000; assets, $18,000.

11. January 16, 1897 New-York Tribune New York, NY
Article from New-York Tribune, January 16, 1897

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CREDITORS PLEASANTLY SURPRISED. SECURITIES WORTH $60,000 FOUND IN THE LATE JUDGE GARDNER'S STRONG BOX. H ollidaysburg, Penn., Jan. 15.-The creditors of the assigned banking house of Gardner, Morrow & Co. were treated to a pleasant surprise to-day when the strong-box, containing bonds, notes, stocks, and other papers of value, belonging to the late Judge James Gardner, the senior partner in the bank, was opened by Judge John M. Bailey in the presence of the parties. This box had been impounded by the Court several days ago, to help pay the claims of the depositors. The property in the box is valued at $60,000. The courthouse was crowded with people, many coming from distant parts of the county to learn the amount of the treasure.

12. February 4, 1897 River Falls Journal River Falls, WI
Article from River Falls Journal, February 4, 1897

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LATER NEWS. Ex Congressinan James Wilson, of Iowa, telegraphed the Iowa delegation at Washington the 1st that he had been tendered and had accepted the agricultural department portfolio. This is the first authorative announcement that Wilson is to go into McKinley's cabinet. An attempt was made the 1st to blow up the bank building of Gardner, Morrow & Co., at Hollidaysburg, Pa., with dynamite. The front of the building was wrecked, but the vault and books were uninjured. The motive for the crime is ascribed to the resentm nt and hatred of some depositors. The bank failed last September. An assignee was appointed and it was found that the assets were insufficient to pay 20 per cent of the indebtedness. The president the 1st reappointed Martin A. Knapp, of New York, as interstate commerce commissioner. Attorney General Harmon has given instructions to the United States attorney at Jacksonville, Fla., to at once proceed against the alleged filibusterer Three Friends, under section 4,297, of the revised statutes, for engaging in an act of piracy. The overland train on the Great Northern road was wrecked near Wenatchee, Ore. Seven cars containing 26 passengers were ditched and the engine partially thrown from the track. None of the passengers were killed and but few hurt. The boys' dormatory of the Weslyan seminary at Lima, O., was burned the 1st. There were about 100 boys in the building, but no lives were lost. The statement of the public debt published the 1st, shows the debt, less cash in the treasury, January 31, to have been $1,007,008,317, an increase for the month of $14,078,735. The U. S. supreme court the 1st upheld the Ohio law deciding that express companies must pay taxes in that state. M. Martini, inventor of the Martini rifle, IS dead. Fire broke out in the Tamarack copper mine at Hamilton, Mich., the 2d. Four miners were cut off below. The postoffice at Fort Custer, Mont., on the Crow Agency, was robbed the night of the 1st, the thieves securing about $1,600 in money. The building was entered through a window and the money taken from the safe by some one who knew the combination. There is no clue. There were serious bread riots at Madrid, Spain, the 2d. There have been manifestations before the town hall, windows have been broken and many arrests have been made. The municipal authorities have resigned, owing to their inability to suppress the disturbances, and martial law has been proclaimed. H. L. Loucks, one of the prominent candidates for U. S. senator from South Dakota, formally withdrew from the race the 2d. The Pennsylvania state capitol at Harrisburg was destroyed by fire the 2d. The flames in the short space of an hour ate up $1,500,000 worth of property. The fire o: iginated in the rooms of the lieutenant governor and was caused by the crossing of electric wires. The Philapelphia Lead company of Pittsburg, Pa., went into the hands of a receiver the 2d. Liabilities, $1,400,000. The National Horse Breeders' association began its annual session at Louisville Ky., the 2d, with a good attendance. The treaty between Great Britain and Venezuela for the settlement of the Venezuela boundary question was signed at Washington the 2d by Sir Julian Pauncefote. the British ambassador and Senor And e, the Venezuelan minister. Consul Walter B. Baker, stationed at Lagua le Grand, Cuba, has complained to the state department that the Spanish authorities have detained, opened and copied certain dispatches addressed to him from Washington. The correspondent of the Associated Press who is inquiring into the famine ravages in the largest district of the Central Indian province, having a population of 1,500,000, finds the situation very grave. This is the center of the rice growing industry. which is the only crop grown, and, as it failed, there is a total lack of food stuff in this locality and a real famine exists.

13. February 6, 1897 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, February 6, 1897

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Banker Arrested. HOLLIDAYSBURG, Pa., Feb. 5.-Colonel Wm. Jack, a member of the suspended banking house of Gardner, Morrow & Co., was arrested to-day on the charge of receiving deposits knowing the bank was insolvent, and released on $5,000 bail. The prosecutors are Linn A. Bruah and John S. Vipend, two prominent citizens of the town. Colonel Jack's friends stoutly maintain his innocence. They say that his connection with the bank was only of a nominal character and that he never took an active interest in the institution.

14. April 7, 1897 The Sun New York, NY
Article from The Sun, April 7, 1897

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BANK AGREEMENT MISSING. A Paper Gone That Involved a $500,000 Estate in a Bank Failure. ALTOONA, Pa., April 6.-The stockholders of the suspended private bank of Gardner, Morrow & Co. of Hollidaysburg are excited over the disappearance of an agreement, made many years ago, that the interest of any dead partner should remain in the bank after death. James Gardner was one of the principal owners of the bank. He died two years ago, leaving an estate of $500,000. The bank failed six months ago, and so far the depositors have received nothing. If the old agreement is found they will share in the Gardner estate; if not, they will get only about 15 cents on the dollar. The paper is known to have been in existence until a recent date. Last night the stockholders held a public meeting and to-day sent a committee to the assignee, telling him that he must produce the agreement or they will take action in court to recover it. The bank depositors are mostly farmers.

15. April 7, 1897 The Evening Times Washington, DC
Article from The Evening Times, April 7, 1897

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BANK DEPOSITORS EXCITED. A Paper That Protected Their Interests Mysteriously Disappears. Altoona, Pa., April 7.-The stockholders of the suspended private bank of Gardner, Morrow & Co., of Hollidaysburg, are excited over the disappearance of an agreement mademany years ago thattheinterest of any dead partner should remain in the bank after death. James Gardner was one of the principal owners of the bank. He died two years ago, leaving an estate valued at $500,000. The bank failed six months ago, and so far the depositorshave received nothing. If the old agreement is found they will share in the Gardner estate; if not, they will get only about 15 cents on the dollar. The paper is known to have been in existence until a recent date. The stockholders helda public meeting and yesterday sent a committee to the assignee, telling him that he must produce the agreement or they will take action in court to recover The bank depositors are mostly farmers.

16. April 7, 1897 Juniata Sentinel and Republican Mifflintown, PA
Article from Juniata Sentinel and Republican, April 7, 1897

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# Many Suits. One hundred and ninety suits, involving over $400,000; have been brought against the partners in the suspended bank of Gardner, Morrow & Co., of Hollidaysburg. The Blair county courts decided that these suits should be tried at a specified term, beginning the first Monday in next June. Many intricate questions arising under the partnership laws of the State are at stake in the determination of the suits. In a test case Justice Lowery decided that the estates of the deceased partners in the bank were liable for the payment of the bank's debts.

17. April 8, 1897 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, April 8, 1897

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MYSTERIOUS DISAPPEARANCE A Paper of Great Interest to Depositors of a Bank. New York, April 7.-A Sun special from Altoona, Pa., says: The stockholders of the suspended private bank of Gardner, Morrow & Co. of Hollidayburg are excited over the disappearance of an agreement, made many years ago, that the interest of any dead partner should remain in the bank after death. James Gardner was one of the principal owners of the bank. He died two years ago, leaving an estate of $500,000. The bank failed six months ago, and, SO far, the depositors have received nothing. If the old agreement is found they will share in the Gardner estate; if not, they will get only about 15 cents on the dollar. The paper is known to have been in existence until a recent date. Last night the stockholders held a public meeting and today sent a committee to the assignee telling him that he must produce the agreement or they will take action in court to recover it. The bank depositors are mostly farmers.

18. September 9, 1897 The Stark County Democrat Canton, OH
Article from The Stark County Democrat, September 9, 1897

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Assignee's Report on Gardner Failure. HOLLIDAYSBURG, Pa., Sept. 8.-The assignee's report of the suspended banking house of Gardner, Morrow & Co. of Hollidaysburg has been filed in the Blair county court. The assets for distribution are $14,055. This showing indicates that the 600 depositors will receive 3 per cent of the amount of their claims. When the bank failed one year ago a notice posted on its front door informed creditors that they would be paid dollar for dollar.

19. September 10, 1897 The Cambria Freeman Ebensburg, PA
Article from The Cambria Freeman, September 10, 1897

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Assignee's Report on Gardner Failure. Hollidaysburg, Pa., Sept. 8.-The assignee's report of the suspended banking house of Gardner, Morrow & Co. of Hollidaysburg has been filed in the Blair county court. The assets foi distribution are $14,055. This showing indicates that the 600 depositors will receive 3 per cent of the amount of their claims. When the bank failed one year ago a notice posted on its front door informed creditors that they would be paid dollar for dollar.

20. August 24, 1909 The Tacoma Times Tacoma, WA
Article from The Tacoma Times, August 24, 1909

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HIS DEPOSIT OF $3,050 LAPSES (By United Press Leased Wire.) ALTOONA, Pa., Aug. 24.Michael Morrisey, the modern Rip Van Winkle of Cassandra, Cambria county, who did not hear of the failure of Gardner, Morrow & Co., bankers, of Hollidaysburg, until 12 years after they closed their doors, will not share in the distribution of the assets. The statute of limitation, which began to run when the bank closed cuts him out. Morrisey could neither read nor write, but he had $3,050 on deposit drawing 4 per cent interest, and needed a little money. When he went to the bank he found a clothing store occupying the room.