18464. Franklin Savings Bank (Allegheny, PA)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
October 9, 1877
Location
Allegheny, Pennsylvania (40.451, -80.016)

Metadata

Model
gpt-5-mini
Short Digest
45506131

Response Measures

Full suspension

Other: Directors prepared statement and sought time to realize assets; intended to resume in few days.

Description

Multiple articles (dated Oct 10, 1877) report Franklin Savings Bank, Allegheny City, suspended payment on Oct 10 after heavy withdrawals (about $60,000) following the suspension of the Allegheny Savings Bank. Directors repeatedly state confidence the bank can resume in a few days — indicates suspension caused by depositor run and expected reopening.

Events (2)

1. October 9, 1877 Run
Cause
Local Banks
Cause Details
Depositors withdrew funds after the earlier suspension of the Allegheny Savings Bank; heavy withdrawals (~$60,000 over Monday-Tuesday) through the clearing house.
Newspaper Excerpt
since the suspension of the Allegheny Savings bank, depositors have been withdrawing their funds and not replacing them. On Monday and Tuesday upwards of $60,000 were withdrawn, principally through the Clearing House.
Source
newspapers
2. October 10, 1877 Suspension
Cause
Local Banks
Cause Details
Bank suspended payment because depositor withdrawals following the suspension of the Allegheny Savings Bank depleted available funds; directors say assets largely realizable if time given.
Newspaper Excerpt
The Franklin Savings Bank, on Federal street, Allegheny City, suspended payment this morning.
Source
newspapers

Newspaper Articles (10)

Article from Evening Star, October 11, 1877

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The German-American bank at Quincey, III., closed yesterday. #This is an off- year in Ohio, and the results seem to be awful.-[N. Y. Times. Surgeon Wilson, U.S.N., has been acquitted by the Norfolk county (Va.) court of the charge of unlawfully shooting a colored woman on the 4th of July. *The Franklin Savings bank, Allegheny City, Pa., a small institution, and a loser by the suspension of the Allegheny Savings bank suspension, closed yesterday. Is An insane man named Abraham Cooper, of New York city, last Tuesday jumped from High Bridge over Harlem river, a distance of 156 feet, and was killed. #7The Lehigh Valley miners at their meeting yesterday resolved to adhere totheir resolution not to resume work at less than an advance of ten per cent. not boiler in J. E. McKendry s Co's factory at Muncie, Ind., exploded yesterday, instantly killing the engineer, and fireman, and seriously injuring three men. nos New York invention for the destruction of garbage has proved successful. The garbage is burned in a blast furnace, and the resultant slag and ashes pay the cost of the cremation. *Frederick Eunedale, an English solicitor, has failed with liabilities amounting to a million and a half dollars, and assets consisting of collieries and other properties, worth six hundred thousand dollars. Mr. Sanford's American horse Mate took the second-class Cambridgeshire yesterday at the New Market, England October meeting. Sir J. D. Acticy's Rascal was theonly other horse started.


Article from Daily Press and Dakotaian, October 11, 1877

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manity to the wounded whites. THE OPENING BATTLE. The following is Gen. Miles' official report of the battle which culminated in the canture of Chief Joseph's forces HEADQUARTERS, CHICAGO, Oct. 7.-The following dispatch from General Miles was received here at 11 o'clock this evening: HEADQUARTHES DISTRICT OF THE YEL. LOWSTORE, CAMP NEAR THE BEARPAW MOUNTAIN, Sept 30, 1877.General A. H Terry, commanding department of Dakota This command moved rapidly to Snake: creek, striking the first trail of the hostile Nez Perces, coming out of the Bearpaw mountains, at 7 o'clock on the 30th. Met and surprised the camp at 8 o'clock, capturing the larger part of their herd, about 600 horses, mules and ponies. The engagement was quite severe, and the inclosed is list of our killed and wounded. The Indi- a ans lost seventeen killed, including Looking Glass, Joseph's brother and three other chiefs and forty wounded. Joseph gave me his solemn pledge yesterday that he would surrender, but did not, and they are evidently waiting for aid from other Indians. They say that the Sioux are coming to their aid. They are closely invested in some deep ravines and kept under fire. To take them by assault would cost many lives, I may wear them out and compel them to give up. They fight with more desperation than any Indians I have ever met. I believe there are many escaped villains in the village who expect to be hung when caught. I believe there is communication between this camp and Sitting Bull, and I have used every effort to prevent a junction. I am expecting the companies with Sturgis up, and will then endeavor to send the Second cavalry companies to Benton. I presume you do not wish them withdrawn when surrounding the Nez Perces camp, I intend to send my wounded to the Missouri and the captured stock to the Yellowstone. I would respectfully suggest that information be sent to the British Possessions to prevent any portion of the Nez Perces tribe crossing the line, or to disarm them should they take refuge on English soil. Can plies be sent up the Milk river road for sup- the Second cavalry? Please send me any information or orders that should govern my movements. Very respectfully your obedient servant NELSON A. MILES, Colonel Fifth Infantry, Brevet Major Gen. eral U. S. A., commanding. Miles' loss in this battle was 23 killed and 44 wounded. FAILURE. Pittsburg, Oct. 10.-The Franklin Savings bank (n Federal street, Allegheny City, suspended this morning. Since the suspension of the Allegheny Savings bank, the depositors have been withdrawing their funds and not replacing them. Monday and Tuesday upwards of sixty thousand dollars were withdrawn, principally through the Cleany House. A statement of the bank's condition will be published soon. Only about $116,000 are due to depositors, and it is beli eved it can resume in a few days. NEW RATES FOR COAL New York, Oct. 10.-The Pennsylvania coal company has issued a circular asnouncing the resumption of work in their mines, and offering coal at a reduction of about 45 cents par ton on theformer rates. The new rates ustil December 8th will be as follows Lump, par ton of 2,240 pounds, $280; steamer, $2.80; grate, $2.80; egg, $2.80 stone, $8; chestnut, $2.90; pea, $2.30. WASHINGTON ITEMS. Washington, Oct. 10.-Secretary Sherman is on duty at the treasury department today. Congressman Sayler and some Ohio friends are expected to-night, when the contest for speaker will continue with an increased animation. FORGERY. Montreal, Oct. 10.-Chas Renand, clerk aged 17, has been arrested for forging the name of Geo. Durha m agent of the Guardian insurance company to checks on the bank of Montreal which drew money The amounts are said to be large. POLITICAL. Columbus, O., October, 11.-There is scarcely any excitement to learn the definite figures of yesterday's election. Both committees concede Bishop's majority from 15,000 to 20,000. The democratic committee claim that the democrats will have from 30 to 40, majority on the joint ballot in the general assembly. The republican committee do not dispute this claim. Cleveland, October, 11.-The returns from this county indicate that the democrats have elected one senator, one representative, the prosecuting attorney, and possibly the treasurer, the latter requiring an official count to decide. The balance of the republican ticket was elected by majo rities of from 200 to 500 The probable vote for governor is West


Article from The Cheyenne Daily Leader, October 11, 1877

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PENNSYLVANIA. The Franklin Savings Bank Suspends. Pittsburg, Oct. 10. - -The Franklin savings bank, in Allegheny City, suspended payment this morning. The suspension is due to the fact that, since the suspension of the Allegheny savings bank, depositors have been withdrawing the funds and not replacing them. On Monday and Tuesday upwards of $60,000 were withdrawn, principally through the clearing house. A statement of the bank's condition will be prepared and made public as soon as possible. The directors state that the bank was established in 1865, with a capital of $200,000; that the bank was doing a strictly legitimate business, and would be able to resume in a few days.


Article from The Wheeling Daily Register, October 11, 1877

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Failure of the Franklin Savings Bank. at Pittsburgh. PITTSBURGH, October 10.-The Frank lin savings bank, on Federal street, Allegheny City, suspended payment this morning. The suspension is due to the fact that since the suspension of the Allegheny savings bank the depositors have been withdrawing their funds and not replacing them. On Monday and Tuesday upwards of $60,000 was withdrawn, principally through the clearing house. A statement o: the bank's condition will be prepared and made pub lic as soon as possible. A director states that the bank was established in 1865 with a capital stock of $200,000, and that in thirteen years, notwithstanding the large business transacted, the bank had lost but $1,200. Some two years ago the deposits had aggregated $518 000 but at the present time they did not exceed $198,000, of which amount $82,000 belonged to the stockholders. The 10mainder, $116,000. belonged to outside parties He further stated that the assets aggregated $416,000. all of which, with exception of $20,000, could be realized upon if time was given. The bank has been doing a strictly legitimate business. The only real estate owned, besides the bank building, is some property valued at about $4,000, taken in payment of an overdue note. He was contident that the bank would be able to resume in a few days.


Article from New-York Tribune, October 11, 1877

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BANK TROUBLES. SUSPENSION OF ANOTHER PENNSYLVANIA BANK. PITTSBURG, Penn., Oct. 10.-The Franklin Savings Bank, OC Federal-st., Allegheny City, suspended payment this morning. The suspension is due to the fact that since the suspension of the Allegheny Savings Bank, depositors have been withdrawing their funds and not replacing them. On Monday and Tuesday upwards of more than $60,000 were withdrawn, princi pally through the Clearing House. A statement of the bank's condition will be prepared and made public as soon as possible. A director states that the bank was established in 1865, with a capital stock of $200,000, and that, in nineteen years, notwithstanding the large business transacted, the institution had lost only $12,000. Some two years ago the deposits bad aggregated $518.000, but at the present time they did not exceed $198,000, of which amount $82,000 belonged to the stockholders, the remainder, $116,000, belonging to outside parties. He further stated that the assets agegregated $416,000, all of which, with the exception of $20,000, could be realized upon, If time were given. The bank bas been deing a strictly legitimate business. The only real estate it owns besides the bank building, is some property valued at about $4,000, taken in payment for an over-due note. He was confident that the bank will be able to resume in a few days.


Article from Helena Weekly Herald, October 18, 1877

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Savings Bank Failure. PITTSBURG, October 10.-The Franklin Savings Bank, on Federal street, Allegheny City, suspended payment this morning. The suspension is due to the fact that since the suspension of the Allegheny Savings Bank, the depositors have been withdrawing their funds and not replacing them. On Monday and Tuesday upwards of $60,000 were withdrawn, principally through the Clearing House. A statement of the bank's condition will be prepared and made public as soon as possible. The Directors state that the bank was established in 1865, with a capital stock of $200,000. The bank has been doing a strictly legitimate business. They were confident that the bank would be able to resume in a few days.


Article from Bradford Opinion, October 20, 1877

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SUMMARY OF NEWS. Eastern and Middle States. the charter election in Newark, N. In the Republicans were successful, of fifJ., electing their mayor and nine out teen aldermen. The striking employes of the Susque- Pa., hanna Coal Company at Nanticoke, have resolved to resume work. The Workingmen's party of New York and State convention at Troy held a a series of resolutions favoring treasury a passed of gold, silver and national currency and the retirement of should notes bills asserting that labor bank full share of the wealth it lands creates; to of public ticket was John J. Junio 1 etc. A for secretary of State. The Women Sufferage party of Boston Masheld a convention at that sachusetts and adopted resolutions declaring had no faith in either Republicans work for they Democrats, and decided to candior the success of the Prohibition dates. An old man leaped from the parapet river, Bridge in the Harlem feetof New High York city-a distance of 132 and was instantly killed. The New York Herald published was A document which it claimed Tweed, lengthy confession of William M. six made the as the price of his liberty hands of months ago and put into the but attorney-general of New York, the that official declined to accept. how he which his statement Tweed describes who In carried on the ring frauds, tells list of confederates were, gives a of the his of Senators and members and furnames Legislature whom he bribed, and a large number of checks sums nishes vouchers to show for the various paid by him to his adherents. At the cemetery of the Military Aca- of Point, the remains inTHE of and dead hero's family and friends erected comrades. the A monument is to be over his grave. Two aqueducts in the Delaware Divi- the Canal fell with a crash into washed sion The escaping water of out stream. three bridges and a number the vilaway and entirely flooded to buildings, lage of Milford, Pa., doing damage the extent of $30,000. meeting in favor of President and A policy was held in New York, Curtis. Hayes' addressed by George W. sentiResolutions was in accord with the ments of the meeting were passed. The suspension of the Franklin is Sav- anings bank, of Allegheny, Pa., nounced. Carper, aged seventy-three, killed and his daughter, Mrs. Jenkins, eight sleeping little granddaughter, aged his years, and then shot himself, dying soon after. After a long pursuit and the Indians loss of soldiers the Nez Perces to Genunder many Chief Joseph surrendered The surMiles at Snake Creek. deseral render was preceded by two days' of the fighting, and in the camp and perate were found 350 men, able-bodied women children, Indians 150 of whom were warriors. Legislature of Ohio is Demo- sucThe which will give the party a in the cessor cratic, to Hon. Stanley Matthews United States Senate. The Philadelphia Press has been sold $180,000, its former proprietor, corfor Colonel Forney, going to Europe as respondent for the paper. meeting of prominent business look- men A held in New to take steps ing States in was to a proper York Prentation of of die representationpositione representation of the United association was and charge an of the interests of exhibitors. the suit of Alfred Speer against the New In York World the jury awarded plaintiff six cents damages. Western and Southern States. election in Ohio resulted ticket in a vic- by The for the Democratic State 20,000 a tory majority ranging from 10,000 to votes. Republicans elected their ticket in The Iowa, the vote polled being lighter than usual. Ex-Gov. Hendricks, of Louisiana, has returned from Europe. The business portion of Edwards fire. Depot, Miss., was destroyed by desperate fight occurred in Burke five A North Carolina, between the county, officers, who had captured and revenue of three illicit distilleries, in the contents of persons concealed the a bushes number and behind trees. Four of officers were wounded. Hayes and members of Fred- his Cabinet President visited the county fair at erick, Md. From Washington. Official returns made to the Bureau dur- of at Washington show that Statistics the three months ending September of ing there arrived at the port whom 30, 1877, York 20,109 immigrants, females- of New were males and 10,905 num11, total falling off of 5,474 in the time a her of arrivals during the same last year. British post-office authorities PostmasThe sent a communication to this have ter-General Key requesting that to take friendly measures letters B government stop to the habit of sending containing put a to Great Britain beetle. live and packages specimens of the Colorado A. H. Stephens and Hon. Robert the Toombs Hon. visited the President at White House. Foreign News. M. Gambetta addressed a large Republican meeting in Paris. British imports of wheat 1876. this The greater than in


Article from The Abbeville Press and Banner, October 24, 1877

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NEWS SUMMARY. Eastern and Middle States. Au old man jumped into the Harlem river, New York city, from the top of High Bridge-a distance of 132 feetand was killed. The city election in Newark, N. J., resulted in the selection of a Republican mayor and nine aldermen, the Democrats getting six aldermen, a gain of three. By a unanimous vote the striking miners employed by the Susquehanna Coal Company at Nanticoke, Pa., decided to resume work. At a convention of New York workingmen, held in Troy, resolutions were passed favoring a currency of gold, silver and treasury notes and a retirement of national bank bills ; opposing the granting of public lands to railroad corporations ; asserting that labor has a right to a full share of the wealth it creates, and favoring legislation and other methods of improving the condition of labor. A ticket was nominated with John J. Junio for secretary of State. The New York Herald devoted over three pages to what it alleged was the 'confession' made by William M. Tweed about six months ago and presented to the attorney-general of New York. Tweed furnished the confession as the price of his liberty, but the attorney-general refused to use it, and it was returned to the " Boss.' The statement published by the Herald is a startling record of conspiracy and crime. It is a complete history of the famous "ring" transactions, and gives the names of the State Senators and members of the New York State Legislature who were bribed by Tweed, describes the methods employed to corrupt legislators and control local affairs, and presents a long list of checks and vouchers showing the sums paid by him to his confederates and aids. The remains of Major General Custer found a final resting place in the cemetery at West Point, on the Hudson, where they were interred with military and religious ceremonies. A meeting called in New York to give public expression of approval to the policy of President Hayes was addressed by George William Cnrtis, and a series of resolutions in harmony with the call was adopted. The Franklin Savings bank, of Allegheny has suspended payments. Western and Southern States. Ex-Gov, Hendricks, of Indiana, has returned from his trip to Europe. The election in Ohio has resulted in the success of the Democratic State ticket by majorities variously estimated at between 10,000 and 20,000. A large vote was polled by the Workingmen's ticket. The Republicans were successful in the Iowa election, their whole ticket being elected. The Greenbackers developed considerable strength. The Democrats of Ohio will have a majority of about forty on joint ballot in the Legislature, which will give them a United States Senator to succeed Hon. Stanley Matthews. After a desperate battle lasting over two days the Nez Perces Indiaus under the command of Chief Joseph surrendered to the United States troops, commanded by General Miles, at Snake Creek. The camp of the hostiles contained 350 men, women and children, of whom 150 were fighting warriors. The German-American bank of Quincy, Ill., suspended, with liabilities placed at $90,000. A boiler in J. E. McKendry & Co's. heading factory at Muncie, Ind., exploded, instantly killing the engineer and fireman, and seriously injuring three others. From Washington. President Hayes was visited at the White House by Hon. A. H. Stephens and Hon. Robert Toombs. The Bureau of Statistics at Washington reports that for the three months up to October 1, 1877, the number of immigrants landed at the port of New York, was 20,109, of whom 11,462 were males and 8,647 females-the number during the same time last year being 25,886. Postmaster-General Key has received a communication from the British postoffice, requesting the friendly assistance of this government in putting a stop to rebensible habit of sending live


Article from The Stark County Democrat, October 25, 1877

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AN ALLEGHENY (PA.) BANK SUSPENDS. Pittsburgh, October 10.-The Franklin Savings Bank. on Federal street, Allegheny City, suspended payment this morning. The suspension is due to the fact that since the suspension of the Allegheny Savings Bank depositors have been withdrawing their funds and not replacing them. On Monday and Tuesday upwards of $60.000 were. withdrawn, principally through the Clearing House. A statement of the bank's condition will be prepared and made public as soon as possible.


Article from West Virginia Argus, October 27, 1877

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THE NEWS. From the Capital. The Central Pacific Railroad is before the United States Supreme Court in action against the United States to recover freight age on government property. It is con tended by the railroad company that under the decision in the Union Pacific Railroad Company VS. the United States, these com panies are not required to pay interes which has been paid by the government 01 its bonds before the maturity of the principa of bonds, and hence the government has no present claim against them which can be subject to offset against their claim fo freight charges. On the part of the govern ment, it is insisted it would be in derogation of its right and powers to have that freight which its necessities or the public conven ience require to have promptly transporte and. paid delivered, retained until freightage i Items in General. Frank Benton attempted to assassinate County Judge Kingsbury lately, at Hills boro, III., by shooting him in the face with revolver. The Judge's eyes and face were badly powder burned. The ball grazed hi temple, doing no injury. He claims tha through the fault of Judge Kingsbury h was wrongfully sent to the Insane Asylun from there, last spring the German American Bank at Quincy, III., has closed The proprietors announce that they inten to retire from business, and have made an assignment to John Dick. They claim to have assets worth double their liabili ties, which they will pay in full Their reported liabilities are $90,000. Considerable commotion was created in Allegheny City, Penn., by the suspension o the Franklin Savings Bank. Itwas entirely unexpected, as no one outside of the officer knew or suspected that there was anything wrong. The officers say that the depositor will be paid in full. All they (the officers want is a little time to realize on their col laterals. The capital stock is $200,000 Due depositors about $198,000. The Alle gheny Savings Bank, which suspended las week, makes a bad showing. Due depositor about $700,000, which will have to be made up largely by the the stockholders, who are individually liable The steamer Mary Powell arrived at West Point on the mo rn ing of October 10, bearing the remains o General Custer, and some two thousand people accompanying them. Special steam ers Hopkins and Henry Smith also arrive from New York with the Loyal League Commandery and the Connecticut Volun teer Cavalry Association on board. A de tachment of cavalry escorted them to the chapel where a portion of the Episcopa burial service was read, at the conclusion o which the remains were escorted to the cemetery, the band playing a funera march. At the grave the remainder of the burial service was read and the infantry fired a salute of three rounds. From dispatches to private parties at Louis ville, it seems that General Harlan has pos itively been appointed to a seat on the Su preme Bench, vice David Davis. The ap pointment is received with favor by both Democrats and Republicans of that city Reports received at the Democratic head quarter at Columbus, Ohio, from about one-third of the counties of the State, and at the Republican headquarters from : small number of counties, show ne Demogratic gains in forty-four counties of 16,576. None of the counties including large cities, except Montgomery, are em braced in this list. The Legislature will stand: Senate-24 Democrats, 10 Repub licans and 1 doubtful. House-65 Demo erats, doubtful. 40 Republicans, 2 Workingmen and : President Hayes and part of his Cabine attended the Fair at Frederick, Va., on the 11th. John Ritchie delivered an adress o welcome, to which the President responded Speeches were made by the Attorney Gen eral and the Secretary of War. meeting was lately held in New York City of prominent merchants, bankers, maunfac turers, and representative men from nearly every State in the Union interested in the approaching Exposition. M. Condert pre sided, and expressed a hope that everything would be done on this side to exhibit the in dnstries of the great West in Paris in 1878. / National Executive Committee of representa tive men throughout the country was ap pointed. The following were elected per manent officers of the American Union o Paris Exhibitors: Gen. Josegh R. Hawley Presldent: A. T. Goshorn, First Vice Presi dent; Robert A. Cheeseboro, Second Vic President; August Belmont, Treasurer H. D. Olcot, Corresponding Secretary Max well Woodhull, Washington, Recording Secretary The State Register of low: gives the result of the recent election on al members of the Senate and on all but fou members of the House. The Senate wil stand thirty-eight Republicans to twelve Democrats: the House stands, 80 far, sev enty Republicans, twenty-four Democrats and two Greenbackers, and four to hear from. Of the latter-it is reported-two a least will be Republicans, making the Re publican majority on joint ballot seventy two. According to the Register's dispatches from seventy-four counties, Gear has a ma fority over Irish of 33,695. The remaining twenty-five countles will make this plurality about 10,000. On the State ticket, aside from Gear, it estimates that the Republicans will have a majority over the Democrats 0 46,000. The total vote of Jessup, Pro hibition candidate, will be about 6,000. Governor Hendricks on his arrival at In dianapolis, met with n warm reception from his fellow-citizens. George W. Julian de livered the address of welcome, and the Governor responded in a courteous speech which was heartily applauded