18892. Wallace's Savings Bank (New Castle, PA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
August 30, 1884
Location
New Castle, Pennsylvania (40.996, -80.346)

Metadata

Model
gpt-5-mini
Short Digest
25ce709c

Response Measures

Full suspension

Other: Depositors previously agreed to accept Wallace's personal notes; bank appears permanently closed and proprietor financially wrecked.

Description

Articles (Aug 30–31, 1884) report a rush/withdrawals after a $10,000 judgment was filed and after failure of a Jamestown bank connected to the banker's son; Wallace's bank closed its doors and suspended payment and is described as a total wreck with large liabilities. No reopening is reported; treated as run → suspension → closure.

Events (3)
1. August 30, 1884 Run
Cause
Local Banks
Cause Details
Public confidence broken after failure of a Jamestown (Dak.) bank connected to the banker's son and news of a judgment against Wallace, producing a rush of withdrawals
Newspaper Excerpt
the failure last week of the bank of Jamestown ... had a tendency to break the faith of the public in the bank here. ... as soon as this transaction became known a rush began
Source
newspapers
2. August 31, 1884 Suspension
Cause
Local Banks
Cause Details
Suspension followed a run precipitated by loss of confidence from the Jamestown bank failure and the filing of a $10,000 judgment note against Wallace
Newspaper Excerpt
Wallace's Savings Bank closed its doors yesterday and suspended payment.
Source
newspapers
3. September 1, 1884 Other
Newspaper Excerpt
It is generally conceded that Wallace is financially wrecked, but at this writing he has not made an assignment.
Source
newspapers

Newspaper Articles (8)
1. September 1, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, September 1, 1884

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Article Text

BANK FAILURE. Wallace's Savings Bank, at Newcastle, Pa., Closes Its Doors- - The Failure a Small One. NEW CASTLE, Aug. 30.-Wallace's Savings Bank closed its doors yesterday and suspende d payment. Some time ago the bank was in trouble, and, it was thought, would be compelled to suspend; but at a meeting of the principal depositors, it was decided to give Wallace a chance to recover by accepting his notes for the amounts due them, payable in three years, one third at the expiration of each year. Since that time he has been doing a general banking business, which was thought to be all right. The failure, last week, of the bank of Jamestown. Dak., in which his son Robert was largely interested, had a tendency to break the faith of the public in the bank here. Yesterday the National Bank of Lawrence County filed a judgment no te for $10,000 against Wallace, and as soon as this transaction became known a rush began and the bank closed. The exact condition of Wallace's affairs is not known. It is thought the liabilities will reach $100,000, with no assets worth mentioning. He disposed of nearly all his property at the time of the recent trouble. A statement will be given the public soon. It is generally conceded that Wallace is financially wrecked, but at this writing he has not made an assignment.

2. September 1, 1884 National Republican Washington, DC
Article from National Republican, September 1, 1884

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Article Text

A Savings Bank Goes Up. NEWCASTLE, PA., Aug. 31.-Wallace's Sav. ings bank closed its doors yesterday and suspended payment. Some time ago the bank was in trouble, but was given time by the principal depositors and was thought to be all right. Yesterday the National bank of Lawrence county filed a judgment note for $10,000 against Mr. Wallace, and as soon as this transaction became known a rush began, and the bank closed. It is thought his liabilities will reach $100,000 with no assets worth mentioning.

3. September 1, 1884 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, September 1, 1884

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Article Text

ANOTHER BANK CLOSED. Wallace's Savings Bank, of New Castle, Pa., Shuts up Shop. PITTSBURGH, PA., August 31.-The Commercial Gazette's New Castle, Pa., special says: Wallace's Savings Bank closed its doors yesterday and suspended payment. Some time ago the bank was in trouble, and it was thought it would be compelled to suspend, but at a meeting of the principal depositors it was decided to give Wallace a chance to recover by accepting his notes, payable in three years, one-third at the expiration of each year. Since then he has been doing a general banking business, and was thought to be all right. The failure last week of n bank at Jamestown, Dakota. in which his son Robert was largely interested had a tendency to break the faith of the public in the bank here. Yesterday the National bank of Lawrence county filed a judgment note of $10,000 against Wallace, and as soon as this became known a rush began and the bank closed. The exact condition of Wallace's affairs is not known, but it is thought his liabilities will reach $10,000, with no assets worth mentioning. He disposed of nearly all of his property at the time of his other trouble. A statement will be given to the public soon. It is generally conceded that Wallace is financially wrecked, but at this writing he has not made an assignment.

4. September 2, 1884 Savannah Morning News Savannah, GA
Article from Savannah Morning News, September 2, 1884

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Article Text

A BANKER LEFT PENNILESS. Wallace of Newcastle, Pa., Succumbs to Continued Hard Luck. PITTSBURG, PA., Sept. 1.-A Newcastle, Pa., special says: "Wallace's Savings Bank closed its doors Saturday and suspended payment. Some time ago the bank was in trouble, and it was thought that it would be compelled to suspend, but at a meeting of the principal depositors it was decided to give Mr. Wallace a chance to recover by accepting his notes for amounts due them payable in three years, one-third at the expiration of each year. Since that time he has been doing a general banking business and was thought to be all right. The failure last week of the bank at Jamestown, Dak., in which his son Robert was largely interested, had a tendency to break the faith of the public in the bank here. Saturday the National Bank of Laurens county filed a judgment note for $10,000 against Wallace, and as soon as this transaction became known a rush began and the bank was closed. The exact co dition of Mr. W allace's affairs is not known, but it is thought that his liabilities will reach $100,000 with no assets worth mentioning. He disposed of nearly all of his property at the time of the other trouble. The statement will probably be given to the public soon. It is generally conceded that Wallace is financially wrecked.

5. September 3, 1884 The Indiana State Sentinel Indianapolis, IN
Article from The Indiana State Sentinel, September 3, 1884

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Article Text

ANOTHER BANK GONE. Wallace's Savings Bank Closed and a Total Wreck. PITTSBURG, Aug. 31.-The CommercialGazette's New Castle, Pa., special says Wallace's savings bank closed its doors yesterday and suspended payment. Some time ago the bank was in trouble, and it was thought it would be compelled to suspend, but at a meeting of the principal depositors it was decided to give Wallace a chance to recover by accepting his notes for the amounts due them, payable in three years, one-third at the expiration of each year. Since that time he has been doing a general banking business, and was thought to be all right, Tne failure last week of the Bank of Jamestown, Dak., in

6. September 4, 1884 The Dallas Weekly Herald Dallas, TX
Article from The Dallas Weekly Herald, September 4, 1884

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Article Text

Givena a Chance. NEWCASTLE, PA., Aug. 31.-Wallace's Savings bank closed doors yesterday and suspended payment. Some time ago the bank was in trouble and it was thought would be compelled to suspend, but at a meeting of the principal depositors, it was decided to give Wallace a chance as receiver, he accepting.

7. September 11, 1884 Wood County Reporter Wisconsin Rapids, WI
Article from Wood County Reporter, September 11, 1884

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Article Text

LATEST TELEGRAMS. GENERAL NOTES. AT Mitchell, Wednesday. the cornerstone of the new Dakota University, a Methodist institution, was laid. REBER & FINKENBINDER, agricultural implements, at Lena, III., made an assignment Wednesday, with liabilities of $20,000. THE George Woods Organ Company, Middlesex, Mass., is insolvent. Its liabilities are $50,000. TOTAL failures in the United States and Canada, the past seven days, 213, against 196 last week. AN emigrant ship from London, en route for New Zealand, is reported wrecked on the Pacific Ocean, all on board with the exception of fourteen of the crew, being lo.t. An unknown vessel is also reported lost on the New Foundland coast, with all on board. THE returns from 240 towns giving a complete gubermatorial vote of the state of Vermont, shows the following result: Total number of votes cast, 62.421. Pingree, republican, received 41,917; Redington. democrat, 19,838; Saule, greenback. 480; making Pingree's ma jority 21,413. THE wife of ex-Senator James Harlan, of Iowa, died at Fortress Monroe last night. Mrs. Harlan was the motherin-law of Secretary of War Lincoln, in whose father's Cabinet her husband was Secretary of the Interior at the time of the President's assassination. THERE are very decided symptoms that a sharp railway war on passenger rates between the great east-and-west trunk lines is at hand, possibly extending to the competing lines running to the northwest. Very cheap fares are predicted for the time. THE trouble with the striking miners in the Hocking Valley have at last become serious, and Sunday the guards at Shake Hollow were attacked by about 3,000 men who were armed with guns and revolvers. They surrounded the guards, their fire killing one and wounding others. The State militia are in readiress for orders to go to the scene of the trouble. THE opporents of the new educational bill in the Belgium Parliament had a popular demonstration in the city of Brussels, attended by over 90,000 people, but the bill, which virtually restores the schools to Catholic control, has nevertheless passed by an overwhelming majority. WALLACE'S Savings Bank, at New Castle, Pa., closed its doors Saturday, with liabilities estimated at $100,000. The assets are not worth men tioning. Some time ago the bank was embarrassed, but the creditors helped Wallace out, and he continued ruaning until now, when the suspension of the bank in which his sen is concerned destroy ed bublic trust, and caused a run, with the above result.

8. September 11, 1884 Mineral Point Tribune Mineral Point, WI
Article from Mineral Point Tribune, September 11, 1884

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Article Text

LATEST TELEGRAMS. GENERAL NOTES. AT Mitchell, Wednesday. the cornerstone of the new Dakota University, a Methodist institution, was laid. REBER & FINKENBINDER, agricultural implements, at Lena, III., made an assignment Wednesday, with liabilities of $20,000. THE George Woods Organ Company, Middlesex, Mass., is insolvent. Its liabilities are $50,000. TOTAL failures in the United States and Canada, the past seven days, 213, against 196 last week. AN emigrant ship from London. en route for New Zealand, is reported wrecked on the Pacific Ocean, all on beard with the exception of fourteen of the crew, being lost. An unknown vessel is also reported lost on the New Foundland coast, with all on board. THE returns from 240 towns giving a complete gubermatorial vote of the state of Vermont, shows the following result: Total number of votes cast, 62.421. Pingree, republican, received 41,917; Redington. democrat, 19,838; Saule, greenback. 480; making Pingree's ma jority 21,413. THE wife of ex-Senator James Harlan, of Iowa, died at Fortress Monroe last night. Mrs. Harlan was the motherin-law of Secretary of War Liscoln, in whose father's Cabinet her husband was Secretary of the Interior at the time of the President's assassination. THERE are very decided symptoms that a sharp railway war on passenger rates between the great east-and-west trunk lines is at hand, possibly extending to the competing lines running to the northwest. Very cheap fares are predicted for the time. THE trouble with the striking miners in the Hocking Valley have at last become serious, and Sunday the guards at Stake Hollow were attacked by about 3,000 men who were armed with guns and revolvers. They surrounded the guards, their fire killing one and wounding others. The State militia are in readiress for orders to go to the scene of the trouble. THE opponentsof the new educational bill in the Belgiuna Parliament had a popular demonstration in the city of Brussels, attended by over 90,000 people, but the bill, which virtually restores the schools to Catholic control, has nevertheless passed by an overwhølming majority. WALLACE'S Savings Bank, at New Castle, Pat., closed its doors Saturday, with liabilities estimated at $100,000. The assets are not worth mentioning. Some time ago the bank was embarrassed, but the creditors helped Wallace out, and he continued ruaning until now, when the suspension of the bank in which his sen is concerned destroy bublic trust, and caused a run, with the above result.