18712. State Bank (Harrisburg, PA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
March 31, 1877
Location
Harrisburg, Pennsylvania (40.276, -76.885)

Metadata

Model
gpt-5-mini
Short Digest
073b9670

Response Measures

None

Description

Multiple contemporary telegraphed reports (Mar 31–Apr 7, 1877) state the State Bank of Harrisburg suspended operations and gone into liquidation. Reports mention inability to meet demands, prior losses/mismanagement, and that the bank opted for liquidation; this indicates a suspension followed by permanent closure (liquidation). No discrete 'run' event (crowds/hoaxes) is described—only withdrawals and inability to meet demands. Date given as March 31, 1877 in several reports.

Events (1)
1. March 31, 1877 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Unable to meet demands after withdrawals and prior losses/mismanagement; directors cited unsuccessful loan negotiations and insolvency concerns; assets claimed but expected realizations uncertain.
Newspaper Excerpt
HARRISBURG, Pa., March 31, 1877. The State Bank, organized in 1870, suspended business to-day, being unable to meet the demands made on it by creditors.
Source
newspapers

Newspaper Articles (8)
1. March 31, 1877 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, March 31, 1877

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Telegraphic Summary. The State Bank of Harrisburg has suspended. Todd Durfee was killed by Darius Manches. ter at Bridgeport, R. I., yesterday. Fanny Scharnagel has been arrested for pouring oil on and setting tire to the man burnt to death in the brewery in New York a day or two ago. Martin Brand was killed near Walton, Ky., yesterday, while taking possession of a piece of land just awarded him by the court, by James Williams, who was occupying it. The Cincinnati, Sandusky and Cleaveland R. R. has been put in the hands of a receiver, and all the men employed by the late Boston maliagers have been discharged. Joseph Clewes, one of the men implicated by Lee in the Mountain Meadows massacro, con. fesses that he was there, but that he Was sent away before the massacre took place and hurried forward messengers who had dispatches ordering that the emigrants be spared.

2. April 1, 1877 The Cheyenne Daily Leader Cheyenne, WY
Article from The Cheyenne Daily Leader, April 1, 1877

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TELEGRAPHIC TICKS. The New Brupswick, N. Y. State Bank suspended Saturday. It is officially announced in London that the protocol has been signed. A fire in Greenwich street, New York, destroyed $50,000 worth of property. The suspension of George's Monroe is reported on the Led rk stock exchange. Weston and O'Leary wil' begin. on Monday, a six days' walk, for $5000 a side, at Islington, England. Judge Lawrence and Gen. Hawley, of the Louisiana commission, will leave for New Orleans Monday. The State Bank of Harrisburg, Pa., has gone into liquidation. Twenty per cent. of all claims will be paid as soon as they mature, and the balance as soon as the bank realizes upon its assets.

3. April 1, 1877 The New York Herald New York, NY
Article from The New York Herald, April 1, 1877

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BANKS. EMBARRASSED STOPPAGE OF THE STATE BANK OF HARRISBURG, PA. [BY TELEGRAPH TO THE HERALD.] HARRISBURG, Pa., March 31, 1877. The State Bank, organized in 1870, suspended business to-day, being unable to meet the demands made on It by creditors. The directors claim assets amounting to $202,000, while the liabilities are placed by their circular al $162,000. It is further claimed that since the tailure of the Harrisburg City Bank the State Bank has been unable to make profitable investments. that depositors have withdrawn nearly $60,000 from the bank. UNSUCCESSFUL NEGOTIATIONS. To bridge over the impending financial difficulty the officers had for weeks tried to negotiate a loan of $50,000, and failing to realize that amount they were compelled eitherto go into liquidation or make an assignment, choosing the former alternative as the more beneficial to depositors. PARTIAL PAYMENT OF CREDITORS. Between sixty and seventy depositors whose principal had matured were paid twenty per cent, and the directors promise that the residue will be paid when the assets are made available. Although the assets (all in notes held by the bank) are said to be good, the impression prevails that a large percentage will not be realized by the bank. STOCKHOLDERS THE SUFFERERS. The stockholders, however, who are generally in prosperous fluancial circumstances, will be liable for all the losses incurred by creditors. PREVIOUS REVERSES. The State Bank has been regarded with suspicion for several years, it having lost between $30,000 and $40,000 by mismanagement. A number of suits instituted by the bank for the recovery of money loaned at exorbitant rates of interest were decided against it.

4. April 3, 1877 The New Bloomfield, Pa. Times New Bloomfield, PA
Article from The New Bloomfield, Pa. Times, April 3, 1877

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THE STATE BANK at Harrisburg has suspended. The bank officers say they will pay all their liabilities and have a surplus.

5. April 6, 1877 Perrysburg Journal Perrysburg, OH
Article from Perrysburg Journal, April 6, 1877

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The State National Bank at New Brunswick, N. J., suspended on the 31st ult. The State Bank at Harrisburg, Pa, has gone into liquidation The assets are claimed to be ample to satisfy all claims. Nine vessels of the Long Island (N. Y.) fishing fleet are now so long overdue that it is believed that they were lost in the recent gales, with all on board, numbering seventyfive men, most of whom leave families. Complete official returns from the New Hampshire election give a Republican majority of 3,204 for Governor, which is a net gain of 646 on the majority last year. In the First Congressional District the plurality of Jones (Dem.) is forty-five; in the Second District the plurality of Briggs (Rep.) is 1,101; in the Third District the plurality of Blair (Rep.) is 857. The temperance vote of the State was 343. The amendment to the State Constitution abolishing the religious test for office-holders was adopted by a small majority. The New York Express on the 2d stated that proceedings were to be Instituted in the interest of Mr. Tilden to test the title of Mr. Hayes to the Presidency.

6. April 7, 1877 The Donaldsonville Chief Donaldsonville, Gonzales, LA
Article from The Donaldsonville Chief, April 7, 1877

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Domestic. The Grant house, Wheeling, Va., burned. The State Bank, Harrisonburg, Pa., has suspended The British brig Harriet was lost with all ou board except two. Wm. Holden, crazed with drink, committed suicide at Memphis. The concern known as Kentucky Cash Distribution Co. has failed. Heavy fires occurred at Eminence and Ederia, Ind., and Mouroevile, Ohio. A tenement house burned at Poughkeepsie, and five persons perished in the flames. A general strike of engineers on the Philadelphia and Reading railroad is anticipated. The village of Staffordville, Conn., was almost entirely washed away by the bursting of its reservoir. The stegnier Utah burned opposite Vicksburg, and the Ella sunk in Swan Lake with 90 bales cotton and 75 barrels oil. A fast freight train, with twenty cars of Chinese silks and teas, ran from San Francisco to New York in ten days. L. H. Coe fatally shot M. M. Beach, a sewing machine agent, at Memphis. Coe alleges that his wife was insulted by Beach. The bulkhead of a dam at Rainbow, Coun., gave way, but the water was turned in such a direction that it did little harm. Parker Mayo, a negro who atto a woman tempted ontrage and little girl near Walton, Ky., was hung by citizens. State Senator Alexander B. Cochran was with the stricken paralysis while in makVirginia Senate chamber, ing a speech. Minister Russell has arrived from Venezuela and says he can sustain his charge of general corruption of Venezuelan officials. The brig Roanoke wrecked at sea, and one was only sailor rescued. the Three passengers were loss with officers and crew. Au avalanche of snow at Summit hills, Va., buried two houses. One man and five children were taken from the ruins dead. The southwestern part of Chicago was flooded by a rain storm, in some cases rendering the lower stories of houses uninhabitable. George W. Adair, real estate agent at Atlanta, suspended. Liabilities $140,000; assets sufficient to pay in full, if properly managed. Charles Lamm, a clerk in the American Express office at Cleveland, embezzled a package containing $1557 in currency and decamped. The St. Charles Hotel, Paterson, J., was destroyed. by fire, and a number of guests narrowly escaped by jumping from the windows. Sev: eral had limbs broken. Governor McCormick, secretary of the Republican National Committee, becomes assistant secretary of the treasury, vice Conant, who goes to Europe on treasury business. At West Boyden, Me., Alfred Cox was shot and killed by his son. aged 14 years, while returning from church, At church the father hal reproved his son for disorderly conduct. An internal revenue collector, RCI companied by a depnty marshal and i six men, raided an illicit distillery in Watanga county, N. C. The collector was wounded and two of the posse killed. ) Ex-Senator Cragin of New Hampa shire, ex-Representative Coburn of t Indiana and ex-Governor Stearns of t Florida, have been appointed a com mission to take charge of the Hot Springs reservation.

7. April 7, 1877 The Carbon Advocate Lehighton, PA
Article from The Carbon Advocate, April 7, 1877

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E. R. SIEWERS, DISTRICT ATTORNEY & COUNSELLOR AT LAW OFFICE, No. 2, Mansion House, MAUCH CHUNK. PA Bettling Estates. Filing Accounts and Orphans Court Pronce s specialty: carefully attended to. Legal transactions Trial of Couses in English and German. Jan 9. The Carbon Advocate. SATURDAY MORNING, APRIL 7. 1877. Local and Personal. -"Marcutio." Your letter arrived too late for insertion this week. -The April term of our Court con venes on Monday next. -Subscribers changing their residence will notify us of State Bank at on -The please Harrisburg the fact. Friday resolved to go into liquidation. -Only twenty of the fifty-nine furnraces in Lehigh, Northampton and Carbon counties are in blast. -WANTED TO BORROW,- $2,000, on good security. For particulars, call at the office of the CARBON ADVOCATE. -Dr. Seiple has removed his office the Exchange next to E. H. from building Hotel, Snyder's into store. the of _Ellwood Hoffman, aged 18, Doylestown. is missing. He left his home on the 15th, and has not been heard from since. -The Saucon Insurance Company, has its office at Bethlehem, lost the a hoover which $2,000 by destruction Haven. of tel, recently, at White _P.T. Brady has removed his cigar tobacco store into Semmel's block, Gerand between the shoe store of P.A. man and J. T. Nusbaum & Son. -By a fall of rock in the Pine Brook at Scranton, on Saturday. John was killed and Ruddy were and Hopkins shaft, Patrick fatally David injured. Morgan other -For handsome sale bills and descriptions of job printing, at knock- lot down prices, call at this office. A of new and fashionable type just added. -They say business is dull; sugar coffee are selling slowly Not so Bull's Cough our druggists can and with derstand Dr. Syrup; hardly we sup- unply the demand. -On Sunday night a week the L. & depot at Catasauqua was broken and a bag of flour as also a can of axle grease. S. open from, stolen there The out thieves gained entrance by boring the in the the old the mail -Mr. lock Seidle, door. gentleman the post- who this borough and office has carried in between the has L. been V. depot for a number of years, superceded by Jas. Fatzinger, Mon Sen., who received his appointment on day last. Salary $120 a year. -Joseph F. Rex, near Canal Bridge, East Weissport, will supply you with finest family flour, feed, candies, ap. ples, potatoes, tobacco and cigars, Try lowest possible prices for CASH. 4* it and be convinced. -We congratulate Bro. Baum the of the Reading Weekafter a few caused by the ly re-appearance Tribune," weeks, suspension serious indis- of position of the editor. The "Tribune" is neatly printed and chock full of in- the teresting matter, and is published at low price of $1.00 a year. K. Rickert has still a few of those lots in Rickertstown to dispose If feel like a call and see him He of. eligible home you securing also at good sup- the plying flour, lumber and coal lowest rates. -STOP A MOMENT.-Have you used Dr. Coxe's Santonine Worm Syrup Try it. It is delightful to the taste, health-giving to children; but death A. to worms. Price 25 cts. For sale at 28 J. Durling's drug store. -E. F. Luckenbach's stock of wall papers and window blinds beats all in this section of the state. If you his Mauch Chunk, call and inspect stock. See card in another column. -A good strong boy, about 17 years wants a place to t himself generally of can age make work, where useful drive h his employer. On a farm or to a team. Apply at this office. --It would no doubt highly amusing and at the same time astonishing, to se complete list of all the expressive an a "powerful" names of the multitude short-lived medical preparations placed the market during the past fe upon as "most wonderful discoveries' and years "infallible cures," " (In hoe sign vinces,) by unscrupulous speculator and adventurers who recognizing th value of advertising seek by that mean to obtain public favor and popularit for their doubtful and so often entirely worthless and even dangerous Prepara fo tions. And it is a genuine pleasure to commend Dr. Bull's Cough Syru us one of the few really deserving It as medicines offered to the public. adoption by many of our intelligen Physicians is due only to its real worth and merit and by thousands of familie it is regarded as the "standard house hold remedy."

8. April 11, 1877 Green-Mountain Freeman Montpelier, VT
Article from Green-Mountain Freeman, April 11, 1877

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An exchange says that whiskey sinugglers have learned the trick of transporting the article in error 00 shells from which the original contents have been blown, through pin holes. It is said that Russia regards the protocol as an expression of the will of the powers to Turkey, and such an answer as the Porte apparently contemplates will be like reopening the controversy. Two State banks, one at Harrisburgh, Pa. and the other at New Brunswiek, New Jersey, suspended operations last week, the cause assigned in one instance being the unprofitableness of the banking business," and in the other " dullness of the times." The Minnesota treasury is empty. The generous Legislature, just adjourned, voted $100,000 for grasshopper destruction, $75,000 for seed grains to the farmers, $18,000 for the enlargement of the state university grounds-in all over $250,000 in "extras," and the next Legislature will be sharply driven to economy to repair the waste.