Article Text
SCRANTON BANK FAILS Pa., Sept. failed open its Bosak bank here The bank's deposits doors today. total more than $4,000,000.
16858. Bosak State Bank (Scranton, PA)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- September 5, 1931
- Location
- Scranton, Pennsylvania (41.409, -75.662)
Metadata
- Model
- gpt-5-mini
- Short Digest
56e84f74ad6e0004
Response Measures
None
Description
Contemporary articles (Sept 5–12, 1931) report the Bosak State Bank 'failed to open its doors' and 'bank fails' in Scranton with deposits over $4,000,000. The coverage indicates the bank closed and this closing produced panic/withdrawals at other local banks. The articles do not describe a depositor run on the Bosak prior to closing nor a reopening; no receiver is explicitly named in the provided excerpts. Classified as suspension_closure (bank suspended/closed and did not reopen in the provided coverage).
Events (1)
1.
September 5, 1931
Suspension
- Cause Details
- Article states the bank 'failed to open its doors' / 'bank fails' but gives no specific cause (no mention of rumor, correspondent failure, government action, or bank-specific scandal in these excerpts).
- Newspaper Excerpt
- Bosak bank here failed to ... open its doors today. The bank's deposits total more than $4,000,000.
- Source
- newspapers
Newspaper Articles (4)
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Article Text
LATE NEWS BRIEFS (Associated Press Leased Wire.) Kansas City, Sept. Reichers, Arlington, N. Bendix Trophy who was forced down at Beatrice, Neb., yesterday, took off here tday at 12:40 p.m. C.S.T. in an attempt to better the Karasas time of Major Jimmie Doolittle, who distance yesterday in hours minutes 30 seconds. Leased Wire.) Oslo, Norway, Sept. Hubert Wilkins reported by radio from his polar submarine Nautilus this evening that the craft had been damaged in dive under the ice pack, but the damage was not of a serious nature. (Associated Press Leased Wire.) London, Zeppelin, bound homewards Sept. from cruise to Brazil, her position at a.m. Eastern Standard time) today as being 15.51 degrees north west gitude, and said she was nearing the Verde islands at 50 miles an hour. The message Cape came through the New Brooklyn. Press Leased Wire.) Bosak bank here failed to Scranton, Sept. open its doors today. The bank's deposits total more than $4,000,000.
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Article Text
Following the closing of the Bosak State Bank and the Anthracite Trust Company, doubt of the stability of the remaining banks filled the minds of the public, producing on Friday an hysterical situation. The Dime Bank-Lincoln Trust Company paid out continuously all day large amounts of money to its depositors. We were glad to reassure our depositors and satisfy their worries with the payment of this currency. this city and it will continue to render ever increasing service to the community. This bank has been for many years a member of the National Federal Reserve System. It was recently thoroughly examined by representatives of this system, as well as by the State Banking Department. This examination showed the bank to be in very satisfactory condition at that time, and that condition has not changed. We wish to call the public's attention to the fact that our last published balance sheet was an excellent statement and reflected the market value of securities as of the close of business on June 23rd, 1931, which was a low point in market quotations. We, the Directors of the Dime Bank-Lincoln Trust Company, wish the public to know that we as individuals have never doubted the stability of this institution and that we have every confidence in its future. E. L. MERRIMAN Treasurer Paragon Plaster & Supply Co. URBANE A. NOBLE Treasurer Co. HOMER J. NORTHUP Farmer. JOSEPH'F. O'HORA Plumbing Fixtures and Supplies. F. L. PECK President United States Lumber Co. President Mississippi Central R. R. Co. GEORGE PHILLIPS Geo. Phillips & Co., Wholesale Jewelers. M: J. RAFFERTY Coal Operator. EDWIN H. SHAFER Treasurer Dime Bank-Lincoln Trust Co. SETH W. SHOEMAKER Vice President Dime Bank-Lincoln Trust Co. DAVID SPRUKS President David Spruks Co., Wholesale Grocers. AUGUSTUS M. STORR Wholesale and Retail Grocer. JAMES T. SWEENEY Contractor. LOUIS G. SYLVESTER Formerly President Scranton Button Co.
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Article Text
GUARDS' COUNSEL TURNED DOWN ON ACQUITTAL MOVE JUDGE LEACH TO DIRECT OF NOT GUILTY TOBIN and with being for death Louis this city, institute, this before Judge under After testiEarl counsel for the presented rected not Judge grant the The was for about minutes while the motion was fore Tobin and McTague alleged have institution Oct. which his the following day. Mr. and R. Campbell for the defense Assistant Attorney The was some time the heard issue failed recess taken afternoon 3:15 after the two Dr. Mackey several other had been called to the ness stand defense The case likely go to the jury Ralph 1 Levy and Harold torneys A. with Everett Rosser, make up the also pointed out that the bank's liabilities in all never amounted to more than thousand All the could lose, were any losses, Mr. the between the selling prices the Under direct Bosak that he took $6,000 when he 1,000 shares General testified that between the time placed and the date delivered the stock dropped points. He that took did not the Lists Listing the securities which his worth of in he owned the 775 shares Bosak 1,200 shares Miners Bank 21 shares Bank 100 Hibernia New York: 750 Power 600 Aluminum America: 1,000 Auburn Company: Light 700 Bohn Alumi500 Thrift Loan Company of 1,000 Cast 125 125 common and 125 shares 6 His holding in the Bosak Bank reached 840 He said members of he Bosak family 65 the bank In through the the institution made lost money the bank never lost he but of the on the On the day run he declared under Bosak deposits totaled over On the day closed its doors the deposits were 000 Banker Many Years. When he was called yesterday Bosak testified that he years age and had was banking busibeen ness for than twenty During that time he testified years. bought stocks securities he millions He outlined detail the mechanics of the operation of securities declaring that usually he telephoned to the broker and his order purchase. The slips the the would arrive lowing morning and these carefully Sales were similarly treated Mr. Bosak said his duties as vice president of the and selling stocks for that and frequently purchased for customers and himself as for the He also detailed exactly how deposits were handled and he explained that when his profit were deposited to his they through the hands of four or five bank He had four bank Edward Edward Bosak, special: ward Bosak, trustee, and Edward A. He explained his first for current personal affairs second was for his stocks and other earnings to facilitate his for income tax poses. His trustee account was for special stock deal his savings account was for the usual savings purposes. The witness testified his accounts were always in the bank and available to examiners, employes and others who had legal right to see them.