16631. Spring Garden Bank (Philadelphia, PA)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
August 26, 1885
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini
Short Digest
6828acc5a1b9b776

Response Measures

None

Description

Multiple newspaper dispatches from Aug 26โ€“28, 1885 report a run on the Spring Garden Bank in Philadelphia. Officers repeatedly stated the run was due to 'malicious rumors' and that all demands were being met; the bank was not closed and activity subsided by Aug 28. No suspension or receivership is reported.

Events (3)

1. August 26, 1885 Run
Cause
Rumor Or Misinformation
Cause Details
President Francis W. Kennedy attributed the withdrawals to 'malicious rumors' and insisted the bank was solvent.
Measures
Payments honored; officers stated all demands would be met; continued paying out funds.
Newspaper Excerpt
There is a run to-day on the Spring Garden bank, at 12th and Spring Garden streets, a state concern. The bank has not been closed and all demands are being met. The president, Francis W. Kennedy, declares that the run is due to malicious rumors, and that the institution is entirely solvent.
Source
newspapers
2. August 27, 1885 Run
Cause
Rumor Or Misinformation
Cause Details
Continued heavy withdrawals attributed by officers to malicious rumors; large sums paid out but bank met demands.
Measures
Paid out nearly $100,000 by noon; continued to meet all demands.
Newspaper Excerpt
There is no abatement in the run on the Spring Garden bank. It was resumed at ten o'clock this morning and by noon nearly $100,000 had been paid out. The officers of the bank say that every demand will be met.
Source
newspapers
3. August 28, 1885 Run
Cause
Rumor Or Misinformation
Cause Details
Run had subsided by Aug 28; earlier withdrawals attributed to rumors; normal queues remained.
Measures
Payments continued to be made; no closure reported.
Newspaper Excerpt
The excitement at the main and branch offices of the Spring-garden bank has greatly subsided. A line of about fifty depositors was at the main entrance at 10 o'clock this morning, but there was no rush.
Source
newspapers

Newspaper Articles (14)

Article from Evening Star, August 26, 1885

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Run on a Philadelphia Bank. PHILADELPHIA, August 26.-There is a run to-day on the Spring Garden bank, at 12th and Spring Garden streets, a state concern. The bank has not been closed and all demands are being met. The president, Francis W. Kennedy, declares that the run is due to malicious rumors, and that the institution is entirely solvent. He says the surplus is about $30,000. The capital stock is $270,100, and the deposits $1,650,947.


Article from Evening Star, August 27, 1885

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The Run on the Spring Garden Bank. PHILADELPHIA, August 27. - There is no abatement in the run on the Spring Garden bank. It was resumed at ten o'clock this morning and by noon nearly $100,000 had been paid out. The officers of the bank say that every demand will be met.


Article from National Republican, August 27, 1885

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NEWS ITEMS. The United States men-of-war Pensicola and Kearsarge have arrived at Southampton. The United States practice ship Constellation, with naval cadets on board, his returned to Annapolis from the summer cruise. A German was arrested at Berne. Switzerland. yesterday, charged on suspicion with Leing engaged in planning an anarchist uprising. Bemis, charged with incest, pleaded guilty in the case of both daughters. and was sentenced at Greenfield, Mass., to twelve years in the state prison. The plumbago crucible works at Battersea, England, were destroyed by fire yesterday afternoon. One fireman was fatally injured. The loss is $500,000. Rev. "Henry Ward Beecher has accepted an invitation to deliver the culogy upon the life and services of Gen. Grant before the city council and the public of Boston. One of the clerks of the Federal Bank of Melbourne. which Was robbed of $14,000 on Monday, has confessed that he committed the theit, and has enabled the bank to recover all the money stolen. Chicago police have arrested two men, Mulkowsky and Phomming. who had in their passession jewelry taken from the person of Mrs. Agnes Kledzeick, whose murder was discovered a few days ago. The armory of company F, Minnesota state troops, a large tenement owned by J. K. 'Brien, and several business buildings a ljoining. were destroyed by fire at Fergus Falls, Minn., yesterday. Loss about $20,000. A society of German gymnasts, while opening a new hall in Koniginhoff, Bohemia, Tuesday, were assaulted by a mob of citizens, who smashed the doors and windows of the building, and injured eleven of the Germans. An appeal for the commutation of the death sentence of Lieski, the socialist, who murdered Dr. Rumpf, chief of police in Frankfort-on-theMain. last winter, to imprisonment for life, was yesterday rejected. There was a run yesterday on the Spring Garden Bank, Philadelphia, n state concern. The bank has not been closed. and all demands are being met. The president, Francis W. Kennedy, declares that the run is dne to malicious rumors, and that the institution is entirely solvent. Gounod's new oratorio, "Mars et Vita," was rendered yesterday afternoon at the Birming ham (England) music festival for the first time. The audience was enormous, and the enthusiasm evoked by the music amounted to an ovation. The composition was pronounced by all to be the author's masterpiece. The London Globe says it has good reason to believe that the Marquis of Salisbury will utilize his visit to the continent to interview the leading European ministers and diplomats with a view to smoothing the asperities at present existing in the relations between England and some of the foreign court. Mr. Bradlaugh has issued a campaign manifesto to his constituency in Northampton, which he urges his majority to continue sending him to parliament despite the refusals of the house of commons to permit him to take his seat, until the commons be shamed or compelled by popular feeling to accord him his rights. The fourth annual meeting of the American Forestry Congress will be held in Horticultural Hall, Boston, beginning on Sept. 22, under the auspices of the Massachusetts Horticultural Society, in conjunction with the New England Agricultural Society, the Massachusetts board of agriculture, and the Society for the Promotion of Agriculture. TRUST in Providence, and keep St. Jacobs Oil for pains and bruises.


Article from Savannah Morning News, August 27, 1885

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Article Text

A Run on a Bank. Philadelphia, Aug. 26.-There was a run to-day on the Spring Garden Bank at Twelfth and Spring Garden streets, a State concern. The bank was not closed, and all demands were met. President Francis W. Kennedy declared that the run was due to malicious rumors, and that the institution is entirely solvent. He says that the surplus is about $30,000, the capital stock is $270,100 and the deposits $1,650,947.


Article from The Indianapolis Journal, August 28, 1885

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The Run on the Spring Garden Bank. Philadelphia. Aug. 27.-There is no abatement in the run on the Spring Garden Bank. It was resumed at 10 o'clock this morning at the point where it stopped yesterday. By noon nearly $100,000 had been paid out. The officers of the bank say that every demand will be met. All demands were met up to 3 o'clock, the hour of closing.


Article from Memphis Daily Appeal, August 28, 1885

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No Abatement in the so un on the Spring Garden Bank. PHILADELPHIA, PA., August 27.There is no abatement in the run on the Spring Garden Bank. It was resumed at 10 o'clock this morning at the point where it stopped vesterday and by noon nearly $100,000 had been paid out. The officers of tde bank say that every demand will be met. Later.-No change occurred in the Spring Garden Bank affair up to 3o'clock p.m., payments being made to all applicants.


Article from The Salt Lake Herald, August 28, 1885

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The Bank Run. PHILADELPHIA, August 27.-There is no abatement in the run on Spring Garden Bank. It was resumed at 10 o'clock this morning, at the point where it stopped vesterday, and by noon nearly $100,000 had been paid out. Officers of the bank say every demand will be met.


Article from St. Paul Daily Globe, August 28, 1885

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TELEGRAPHIC SPARKS. Gov. Hoadly of Ohio will spend about a week at Long Branch for the benefit of his health. Six passengers were fatally injured in an accident on the Bayou Pierre railroad, in Mississippi. Two uniformed members of the Salvation army were fined $10 each at Chicago for making night hideous. There was a heavy frost at Staunton, Va., Wednesday night. Gardens and late corn were badly damaged. Considerable snow fell last evening at Houtzdale, Pa., and along the base of Stone mountains in Huntington. The safe in the postoffice at Clinton, Ia., was blown open and $400 in stamps and money taken. No clue to the robbers. The Glenwood distillery, near Lawrenceburg, Ind., was destroyed by fire. Loss, $12,000; insurance, $8,000. The new postal cards recently manufactured are of poor quality, and will not be accepted. It was feared that the present supply would run out before new ones could be made, but Assistant Postmaster General Hazen made arrangements for a new supply yesterday. Eli Froak, one of five brothers engaged in the liquor business at Chicago, fled with $16,200 belonging to the others and has been heard of in New York. He will be arrested and returned. The run on the Spring Garden bank, Philadelphia, continued yesterday, but payments were made to all applicants.


Article from The Indianapolis Journal, August 29, 1885

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The Run on the Spring-Garden Bank. PHILADELPHIA, Aug. 28.--The excitement at the main and branch offices of the Spring-garden bank has greatly subsided. A line of about fifty depositors was mt the main entrance at 10 o'clock this morning, but here was no rush, as for the past two days. There was no unusual crowd at the branch office.


Article from Memphis Daily Appeal, August 29, 1885

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BUSINESS TROUBLES. The Run on the Spring Garden Bank. PHILADELPHIA, PA., August 28.The excitement at the main and, branch offices of the Spring Garden Bank has greatly subsided. A line of about fifty depositors was at the main office at 10 o'clock this morning, but there was no rush, as for the past two days. There was no unusual crowd at the branch offices.


Article from The Wheeling Daily Intelligencer, August 31, 1885

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NEWS IN BRIEF. Therun on the Spring Garden Bank, of Philadelphia, has ended. Ida Dingman, of Seymour, Ind., aged seventeen, took a dose of Rough on Rats and died. The Current, the Chicago literary publication, it is stated, will appear as usual hereafter. Another case growing out of the assignment of Archbishop Purcell has been filed in the Ohio Supreme Court. A fire in Cincinnati damaged the Pioneer Cooperage Company's building and stock to the extent of $18,000. James Merrill, a bridge carpenter on the C. & M. R. R., was instantly killed by fall from a trestle near Cambridge, O. At Polk, O., Willie Moon, aged nine years, shot his sister Jennie, aged six, with his father's musket, killing her instantly. B. F. Coates, of Portsmouth, Ohio, has been appointed receiver of the Cincinnati & Eastern road, vice John R. McLean, resigned. Henry L. Skagga is in jail at Crawfordsville, Ind., in default of $3,000 bail, on a charge of ravishing his thirteen-year-old step-daughter. Freddie Doran, a two-year-old boy, fell t from the second story plarform of a Cineinnati fire escape, and sustained injuries from/which the died. In a reunion of the Stubbs family, near Elkton, Preble county, O., over three hundred relatives were present, representing eight different States. Alfred Johnson, aged sixty years, Postmaster at Port William, O, who had been sick and despondent for some time, ended his misery by hanging himself. The Washington Park club, of Chicago, offers $5,000 for a race between Miss Woodford and Freeland, or $0,000 between these two and Pontiac. Corrigan, owner of Freeland, will accept either proposition. Ira F. Powers' frame furniture factory at Portland, Oregon, burned yesterday morning. Loss $32,000; insurance $18.000. An open wharf of the Oregonian Railway company was damaged $10,000; not insured. At Muncie, Ind., Saturday morning, af. ter a night of carousal, John Galbraith and will Collins quarrelled. and in an exc change of shots that followed Galbraith received a ball in his breast. He afterward accidentally shot himself in the leg. Thefarniture factory of Gardner, Holmes & Co., at380 and 340 East Sixty-first street, New York, was burned yesterday morning. Fireman John Eanis, of Company No. was killed by the falling walls. Fireman Andrew M. Deavitt. also of Company No. crushed by falling walls, but his injuries have not proved fatal. The loss is estimated at over $100,000. The explosion on the steamer 8. M. Feb ton. at Philadelphia, has been discovered to have been the work of one Adriance Spears, who was himself killed by it. Investigation shows that it was part of n scheme he has successfully pursued for years of getting himself injured for the sake of the accident insurance involved, 3, of which he carried $35,000 at the time of his death,


Article from The Semi-Weekly Miner, September 2, 1885

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Meeting all Demands. PHILADELPHIA, August 27.-There is no abatement in the run on the Spring Garden Bank. It was resumed at 10 o'clock this morning at the point where it stopped yesterday, and by noon nearly $100,000 had been paid out. The officers of the bank say that every demand will be met.


Article from Iron County Register, September 3, 1885

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THE fireworks factory at Civita Vecchia, Italy, took fire on the 26th, and was destroyed. Ten bodies have been recovered from the ruins. WHILE in the act of going aboard the Italian line steamship Archemide on the 27th Salvater Pietta, an alleged fugitive from Cincinnati, was arrested on a charge of having appropriated and fled with money deposited with him by his countrymen. THERE were 4,777 new cases of cholera and 1,498 deaths from the disease reported throughout Spain on the 26th. AT Clinton, Ind., on the night of the 26th, burglars blew open the safe in the Post-office and secured $400 in stamps and money. There is no clew of the perpetrators of the robbery, which was not discovered until the next morning. THE run on the Spring Garden Bank at Philadelphia, Pa., has subsided. UNITED STATES MINISTER STALLO arrived at Rome on the 28th. GLADSTONE says his trip to Norway greatly benefitted him. THE German Lutheran Synod began its annual conference at Rochester, Minn., on the 28th. ADMIRAL COURBET'S remains were interred in the Hotel des Invalides, Paris, on the 28th. FIRE at Tallman, Mich., on the 28th destroyed Butler & Petter's saw mill, also a large lot of lumber and shingles. Ir is reported that Russia is making overtures to Turkey for an alliance. A GREAT boom is reported in the Bear Mountain mining camps, recent runs of metal assaying very satisfactorily. SUBSCRIPTION lists have been opened in Galicia for the benefit of the exiled Poles. A TELEGRAM was received at the Department of Justice on the 24th from a man in West Virginia, asking if he could kill a man for drunkenness. A QUARTER of a million dollars' worth of property was destroyed and 400 people made idle by a fire in London on the 28th. THE Treasury Department paid out over $10,000,000 of pensions during August. It is therefore expected that the decrease of the public debt for the month will not be as large as usual. BUSINESS failures throughout the country during the seven days ended on the 28th were: For the United States, 165; and for Canada, 24; or a total of 189 failures, as compared with the total of 177 the week previous. Two policemen named McNatt and Grant were murdered at Geneva, Ill., on the night of the 27th. The deed is supposed to have been committed by burglars. HON. A. M. KEILY is the guest of Secretary Bayard at Washington. He is reported to have resigned the Austrian mission. A PETITION will be presented to the Home Secretary of Great Britain, praying for the suppression of the sale of obscene prints. THE crew of the whaling brig Isabella, crushed in the ice July 20th, 1884, arrived in Halifax on the 28th with the loss of only one sailor, who died of scurvy on the voyage home. HUNDREDS of laborers have been swindledjin Chicago by labor agencies who sent them to the Canadian Northwest on false promises of work to be obtained there. A. WILSON NORRIS, late pension agent at Philadelphia, having failed to settle his accounts, has rendered himself liable to a prosecution for embezzlement. COLORED soldiers at Fort Meade, Dak., who undertook to wipe out the town of Sturges because of the lynching of Hall, were captured and returned to the fort. MARSHAL HENRY HOLLAND, while endeavoring to arrest counterfeit shovers at Cape May, N. J., on the 28th, was beaten into insensibility, and E. C. Merkley and others who came to his assistance were roughly handled. It is now learned that three pilot boats and fourteen members of their crews were lost off Beaufort, S. C., during the recent cyclone. THERE was a large crowd at Duluth, Minn., on the 28th to witness the hanging of Waiseman, who murdered Fairley last spring and then burned the latter's shanty to hide the crime. The execution took place at three o'clock. Only a few people were admitted to the inclosure, chiefly reporters and officials of neighboring counties. VICE-PRESIDENT HENDRICKS and wife have returned to Indianapolis. He has given up his California trip and will remain at home until Congress convenes, with a possible brief visit to Washington in the intervening time.


Article from Delaware Gazette and State Journal, September 3, 1885

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The Excitement Subsiding. Philadelphia, Aug. 27.-There is no abatement in the run on the Spring Garden bank. It was resumed at 10 o'clock this morning at the point where it stopped yesterday, and by noon nearly $100,000 had been paid out. The officers of the bank say that every demand will be met. Priladelphia. Aug. 28.-The excite. ment at the main and branch offices of the Spring Garden Bank has greatly subsided. A line of about 50 depositors was at the main office at 10 o'clock this morning. but there was no rush as for the past two days. There was no unusual crowd at the branch office.