18867. Mount Carmel Savings Bank (Mount Carmel, PA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
savings bank
Start Date
July 2, 1878
Location
Mount Carmel, Pennsylvania (40.796, -76.412)

Metadata

Model
gpt-5-mini
Short Digest
ca59e5e9

Response Measures

Full suspension, Books examined

Other: Cashier committed suicide; bank closed and books being examined.

Description

Multiple reports (July 2–3, 1878) state a run occurred prompted by recent failures of banks in this neighborhood, drafts were protested in Philadelphia, and the institution has been closed with an examination of the books underway. No evidence of reopening; closure appears permanent. Bank is a savings bank (state-chartered likely).

Events (2)

1. July 2, 1878 Run
Cause
Local Banks
Cause Details
Run driven by insecurity after recent failures of nearby banks; heavy withdrawals and inability to realize securities quickly enough.
Measures
None reported besides attempts to realize securities; later bank closure and book examination reported.
Newspaper Excerpt
The hard times and the feeling of insecurity among the people resulting from the recent failures of banks in this neighborhood caused a run on the bank
Source
newspapers
2. July 3, 1878 Suspension
Cause
Local Banks
Cause Details
Unable to meet withdrawals due to securities not convertible quickly enough after the run spurred by nearby bank failures; drafts protested in Philadelphia prompted immediate closure and examination.
Newspaper Excerpt
Yesterday the drafts of the bank were protested in Philadelphia, and it was ascertained that it would have been impossible to keep the institution open longer than to-day... The bank has been closed, and an examination of the books is in progress.
Source
newspapers

Newspaper Articles (4)

Article from Evening Star, July 3, 1878

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Article Text

A Bank Cashier's Suicide. MOUNT CARMEL, PA., July 3.-Henry D. Rothermel, cashier of the Mount Carmel Savings Bank, committed suicide yesterday morning. The hard times and the feeling of insecurity among the people resulting from the recent failures of banks in this neighborhood caused a run on the bank, and it has been impossible to realize the money from the securities of the bank as fast as it has been asked for for by the depositors. Yesterday the drafts of the bank were protested in Philadelphia, and it was ascertained that it would have been impossible to keep the Institution open longer than to-day. This is supposed to have so preyed upon the mind of Mr. Rother mel as to cause him to commit the rash act.


Article from Alexandria Gazette, July 3, 1878

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Article Text

Henry D. Rothermel, cashier of the Mount Carmel (Pa.) Savings Bank, committed suicide yesterday morning. The hard times and the feeling of insecurity among the people, resulting from the recent failures of the banks in that neighborhood, caused a run on the bank and it has been impossible to realize the money from the securities of the bank as fast as it has been asked for by the depositors. Yesterday the drafts of the bank were protested in Philadelphia and it was ascertained that it would have been impossible to keep the institution open longer than to-day. This is supposed to have 80 preyed upon the mind of Mr. Rothermel as to cause him to commit the rash act.


Article from The New York Herald, July 3, 1878

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Article Text

SUICIDE OF A BANK CASHIER. [BY TEL EGRAPH TO THE HERALD. MOUNT CARMEL, Pa.. July 2, 1878. Henry D. Rothermel, the cashier of the Mount Carmel Savings Bank, the only banking institution of the place, killed himself about ten o'clock this morning. The bauk has a capital of $50,000 and until lately had deposits to as large or is larger amount. The hard times and the feeling of insecurity among the people, resulting from the recent failures of banks in this neighborhood, caused a run ou the bank, and it has been impossible to realize the money from the securities of the bank as fast as it has been asked for by the depositors. Yestarday the drafts of the bank were protested in Philadelphia, and 11 was ascertained that 11 would have been impossible to keep the institution open longer than to-day. This IS supposed to have 80 preyed upon the mind of Mr. Rothermel as to cause him 10 commit the rash act. There were three gentlemen in the banking room at the time of the shooting; one of them naa just finished u conversation with the unfortunate cashier and was going oui at the door when be was startled by the cruck of a pistol as be turned from Mr. Rothermel. The lattor must have committed the tata! ace deliberately, but rapidly. Taking his false teeth from his mouth, as they were found ou the counter where be had placed their, ho put the muzzle of a revolver to his mouth and nred. The whole affair was over in a minute, and the men who were in the office at the time rushed to the counter 10 find him lying ou the floor In the last agonies or death. The ball had entered the root of the mouth, penetrated the brato and he died immediately. The affair was a terrible shock 10 the community, and the excitement that followed can hardly be portrayed. Rothermel was about forty-:wo years of age, and leaves a wife and five children. He has been connected with the bank sluce 118 organization seven years ago, and enjoyed the condidence of the stockholders of the bauk and the people. He was trugal and temporate in his habits and his integrity has never been questioned. Last night be had been elected secretary of one ot the savings funds of the town. He has conducted the bank economically and without cierical assistance, and it may be possible that an investigation of the books, which is now in progress may reveal some other reasons for the horrible deed than 15 LOW apparent. An liquest was held this afternoon by the Coroner of the county. and a verdict returned in accordance with the facts us detailed above.


Article from Clearfield Republican, July 17, 1878

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Article Text

CLOSED HIS ACCOUNTS.-H. D. Rothermel, Cashier of the Mt. Carmel Bank, killed himself on the 3d inst., in his bank, in the presence of two gentlemen. He took a set of false teeth out of his mouth and discharged a pistol into it, causing death almost instantly. There had been a run on the bank for some time back, and on that day, it is reported, its drafts were protested in Philadelphia. The necessity for closing the bank had so worked upon his mind as to cause the unfortunate man to commit the rash act. He conducted the bank for seven years, and enjoyed the confidence of the community. He was a man of temperate and frugal habits. The bank has been closed, and an examination of the books is in progress.