Cumberland Bank - Bridgeton, NJ

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: state
Start Date: May 2, 1890
Location: Bridgeton, New Jersey (39.427, -75.234)

Metadata

Model: gpt-5-mini
Short Digest: ac7ba45e

Response Measures

Full suspension

Other: Checks were sent for collection by special carrier just before noon and initially paid; subsequent presentation found funds exhausted and doors closed.

Description

Article (New-York Tribune, 1890-05-03) reports Cumberland Bank, Bridgeton, sent checks for collection and then closed doors on May 2 amid panic triggered by the Gloucester City National Bank crash and related bank suspensions. The piece describes a run and immediate closure/suspension but gives no information about reopening or receivership, so final status is unclear.

Events (2)

1. May 2, 1890 Run

Cause: Local Banks
Cause Details: Run triggered by the Gloucester City National Bank crash and related suspensions (contagion from other local bank failures/suspensions).
Measures: Sent checks to correspondent for collection by special carrier; acting cashier closed doors when funds were exhausted.
Newspaper Excerpt: The Cumberland Bank, at Bridgeton, sent its checks down for collection by special carrier just before noon. The checks were promptly paid... The doors were immediately closed. The poor people of the village were frantic when they learned that their money had been lost.
Source: newspapers

2. May 2, 1890 Suspension

Cause: Local Banks
Cause Details: Suspension followed heavy withdrawals and contagion from the Gloucester City National Bank crash and other local bank suspensions mentioned in the same dispatch.
Newspaper Excerpt: The doors were immediately closed. The poor people of the village were frantic when they learned that their money had been lost.
Source: newspapers

Newspaper Articles (1)

1. May 3, 1890 New-York Tribune New York, NY

Article from New-York Tribune, May 3, 1890

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Article Text

FOUR MORE JERSEY BANKS CLOSED. THE SUSPENSION OF ALL CONNECTED WITH THAT OF THE BANK OF AMERICA. Camden, N. J., May 2 (Special).-The Fidelity Surety, Trust and Safe Deposit Company, of this city, went down this morning, under the weight of the Gloucester City National Bank crash. Charles L. Work is president of both companies. The suspension of the Fidelity Company caused no great surprise here. as recent developments had given most of the depositors warning. The office was opened at the usual hour this morning, and Cashier J. Austin Ellison accommodated all who came, assuring them that the company was solvent and would be able to meet all demands. At 9:45, without warning, he closed the doors and pasted up this notice, without signature: "Temporary suspension of payments." After a vain effort to gain admittance at the front door, The Tribune correspondent went to the rear entrance, in Arch-st., and found a smouldering heap of ashes in the street, opposite the entrance. A big pile of letters and other documents had apparently been burned. Only a few charred remnants could be found to tell the nature of the papers, but on nearly every one of these fragments the name of the Fidelity appeared. One or two envelopes had been blown from the pile by the wind. They were addressed to the Fidelity Company. The papers had evidently been set on fire after the front door was closed. Mr. Ellison, who is secretary and treasurer, after locking and barring all the windows and doors, left the office about noon, and the place was without an occupant after that time. The company was organized under the State laws. The capital is announced as $200,000. but it is alleged that only a small portion of this has been paid in. The company has been doing business less than three months. Its suspension caused scarcely a ripple in Camden financial circles. The Fidelity Company did a small business in insuring personal bonds and in the insurance of investment bonds. Charles L. Work, it is understood. owns nearly all the stock of the company. Treasurer Allison this afternoon declined to make any statement or to answer any questions regarding the condition of the concern. President Work said: Under a raid, no company can stand. We are all right if we are given a chance to realize without sacrifice on our assets. This has all come from the report that I had stock in the Bank of America. I sold out my Bank of America stock over a year ago, and since that time have had no connection with it whatever." A statement for ereditors will at once be prepared. Cashier Stokes was at the broken Gloucester City Bank early this morning, but could give none of the unfortunate depositors cheering information. Bank Examiner Drew arrived at Gloucester from Wash ington this afternoon, but. has not completed his examination. He said, however, that all the depositors would probably be paid in full. Treasurer William Calhoun, of the Asphalt Block Company, which has figured in the troubles of the Bank of America and of the American Life Insurance Company, said that his company was all right, and that Charles L. Work, who has been its superintendent, now had no closer connection with it than that of stockholder. Bridgeton, N. J., May 2 (Special).-The Port Nor ris Bank, a branch of the Camden Fidelity Security and Trust Company, closed its doors this noon. Its deficit of deposits is $11,000, belonging chiefly to oystermen and small merchants, upon hom the loss will fall heavily. Several prominent business men had small deposits, to encourage the new bank and for their own local convenience, though they have regarded the bank as uncertain from its starting, about a year ago. The Cumberland Bank, at Bridgeton. sent Its checks down for collection by special carrier just before noon. The checks were promptly paid. soon afterward. when the next 12 check cents was presented, it was answered that remained in the bank. The doors were immediately closed. The poor people of the village were frantic when they learned that their money had been lost. Many became despondent and others riotous. The acting cashier, who had entire control of the branch, was William M. Plase, a prominent citizen. He was so controlled by the home bank at Caniden that little blame is attached to him. The oyster season closed yesterday, and many poor men have lost their sea son's savings Atlantic City, N. J., May 2.-The Merchants' Bank of this city, suspended payment at 2 o'oclek this afternoon. on account of a run caused by published reports that its brances at Elmer, Pleasantville, Egg Harbor City and Mullica Hill had closed on account of the suspension of the Bank of America in Phila delphia. There was an excited crowd about the bank. The depositors are principally small business men. The capital of the bank, paid up, is $50,000; the deposits are estimated at $50,000 Pleasantville, N J., May 2. The Merchants' Bank. of this place, suspended to-day. The bank did not open its doors at the usual hour, and the news soon