18903. Montgomery National Bank (Norristown, PA)

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: national
Bank ID: 1148
Charter Number: 1148
Start Date: May 5, 1890
Location: Norristown, Pennsylvania (40.121, -75.340)

Metadata

Model: gpt-5-mini
Short Digest: d5215b4a

Response Measures

Full suspension, Books examined

Description

Multiple contemporary newspaper dispatches (May 4–5, 1890) report a heavy run on the Montgomery National Bank triggered by unauthorized investments/possible embezzlement by cashier W. F. Slingluff; the related Montgomery Insurance, Trust and Safe Deposit Company suspended temporarily. Reports indicate the bank suspended payment awaiting promised cash but do not clearly report a final reopening or a receivership — outcome is therefore uncertain. The trust company is described as more entangled; some accounts say the trust company resumed later. Dates taken from newspapers (May 4–5, 1890).

Events (3)

1. May 15, 1865 Chartered

Source: historical_nic

2. May 5, 1890 Run

Cause: Bank Specific Adverse Info
Cause Details: Run triggered by unauthorized investments/possible embezzlement by cashier W. F. Slingluff and resulting discoveries of deficiencies in the trust company accounts
Measures: Bank officers sought promised outside cash; one depositor brought $75,000 and other depositors brought in cash; officials awaited arrival of funds to meet demands
Newspaper Excerpt: There was considerable excitement about the Montgomery National Bank this forenoon... the officers of the bank and the Montgomery Insurance, Trust and Safe Deposit Company ... had a heavy run
Source: newspapers

3. May 5, 1890 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Suspension followed heavy withdrawals tied to the Slingluff scandal and shortfalls from his unauthorized investments; bank/trust awaited incoming cash to resume payments
Newspaper Excerpt: the trust company had a heavy run, and at halfpast ten suspended payment, awaiting the promised arrival of cash... There was considerable excitement about the Montgomery National bank this forenoon. The officers ... had a heavy run, and at halfpast ten suspended payment
Source: newspapers

Newspaper Articles (8)

1. May 5, 1890 New-York Tribune New York, NY

Article from New-York Tribune, May 5, 1890

Click image to open full size in new tab

Article Text

A CASHIER ASSIGNS HIS PROPERTY Norristown, Penn., May 4.-There is considerable excitement here over the announcement made last night that W. F. Slinglan. cashier of the Montgomery National Bank, and also secretary and treasurer of the Montgomery Insurance, Trust and Safe Deposit Company, had placed his resignation a. the disposal of the directors of these two institutions. and also assigued his property to them. Mr. Slingluff is said to have made unauthorized investments of the funds intrusted to his care. Interest in the matter is further heightened by the fact that the concerns in which he is said to have invested heavily are the stock companies organized by the syndicate at the back of the recently suspended Bank of America, of Philadelphia, and the banks and in titutions that went down along with it. The trust company is principally in. volved by Treasurer Slingluff's unauthorized invest ments. Two judgments, amounting to $20,000, were entered against Slingluff in favor of the bank. The first one, for $16,000, was entered on Friday night, but news thereof was carefully kept from the depositors until after banking-hours yesterday, In order to avoid the possibility of a run when the bank was not prepared for it. The bank is now said to be amply prepared for any demand that may be made upon it. The affairs of the Trust Company are said to be in a tangled state. A prominent director said to-night that its true condition would not be known until after a committee appointed to examine its accounts had completed their labors. Officials of the company were working ou the books all yesterday and to-day. The amount needed to strike a balance is variously estimated at from $25,000 to $100,000. The directors in timated that as only 50 per cent of the capital stock had been paid in. another assessment might be neces sary. Mr. Slingluff and his wife have transferred all their property to the company. Mr. Slingluft is said to estimate the value of the assigned property at #750,000.

2. May 5, 1890 The Morning News Savannah, GA

Article from The Morning News, May 5, 1890

Click image to open full size in new tab

Article Text

A CASHIER IN THE SOUP. Several Stock Companies Also in a Bad Tangle. NORRISTOWN, PA., May 4.-There is considerable excitement here over an announcement made late last night that W. F. Slingluff, cashier of the Montgomery National Bank, and also secretary and treasurer of the Montgomery Insurance, Trust and Safe Deposit Company, had placed his resignation at the disposal of the directors of those two institutions. He also assigned his property to them. Cashier Slingluff is said to have made unauthorized investments of funds entrusted to his care. WHERE THE MONEY WENT, Interest in the matter is further hightened by the fact that the concerns in which he is said to have invested heavily are stock companies organized by a syndicate at the back of the recently suspended Bank of America of Philadelphia and the banks and institutions that went down along with it. The affairs of the trust company are said to be in a tangled state. Officials of the company were working on the books all of yesterday, last night, and to-day. The amount needed to strike a balance is variously estimated from $25,000 to $100,000. Cashier Slingluff and his wife transferred all their property to the company. Cashier Slingluff estimates the value of the assigned property at $75,000.

3. May 5, 1890 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, May 5, 1890

Click image to open full size in new tab

Article Text

Can't Meet Its Demands. NORRISTOWN, Pa., May 4.-The Montgomery National bank is now said to be unable to meet its demands. A committee is examining the affairs of the Montgomery Insurance Trust and Safe Deposit company, but its condition will not be known until they complete their labors. The discrepancy is variously estimated at from $25,000 to $100,000. An assessment of capital stock may be necessary. Mr. Slingluff and his wife have transferred all their property to the company. Mr. Slingluff says the property assigned is worth $750,000,

4. May 5, 1890 Lancaster Daily Intelligencer Lancaster, PA

Article from Lancaster Daily Intelligencer, May 5, 1890

Click image to open full size in new tab

Article Text

TELEGRAPHIC TAPS. Six hundred coal miners at Bellaire and Cambridge, Ohio, have struck against the use of the screen. The steam fitters of Boston have accepted the offer of their employers-nine hours without reduction of wages. The Senate, after adopting resolutions for the appointment of committees to superintend the funeral of Senator Beck, in the Senate chamber at I o'clock on Tuesday, adjourned out of respect for the deceased. Great excitement was caused this morning at the Merchants' and Manufacturers' club house in Barcelona by the explosion of a bomb in front of the building. The concussion was terrific and the door and windows of the house were wrecked. Annie and Bessie Parlick, young Bohemians, servants in a Chicago boarding house, were suffocated by escaping gas in their room. Hughes Bell, furtous with drink and jealousy, attempted to kill Carrie Brown in Middlesborough, Ky. She killed him, shooting off his head. She is in custody. Both are colored. A committee of the House of Lords inquiring into the sweating" system, which is causing much misery in the eastern part of London, advises the hands to demand better wages and shorter hours of labor. The committee ask for legislative interferonce to correct evils arising from the system. James MeManus, better known as as Uncle Jimmy Boyles," a wealthy farmer of Winimac, Ind., was murdered by John Lowe, tenant, and Michael Connor, R youth, who lived with MeManus. Lowe had some trouble with McManus and induced Connor to shoot his enemy. Easton, Pa., celebrated its centennial today; the parade of secret societies, soldiers, firemen, etc., was large. The United States supreme court is hearing arguments on the writ of habeas corpus applied for in behalf of Kemmler, under sentence of death in New York by electricity. The application was denied, but the court decided to hear, on May 19, a motion for a writ of error. The court follows the precedent established in the Spies Anarchist case. The strike on Austrian zailways has ended. the authorities having conceded higher wages. Wm. Leaphart, colored, under death sentence for assaulting a white girl, was shot and killed in the jail at Lexington, S.C. The situation among the miners at Springtield, Illinois, continues critical. The carpenters' strike in Chicago has not been settled. Some men, misled by newspapers, went to work this morning, but were called off. Secretary Howard says the men will not resume until every point of difference is settled. At Naperville, Illinois, the Esher faction of the Evangelical church nailed up the church windows and doors, but the pastor and trustees, were visited by the sheriff with an injunction, giving the minister of the anti-Esher faction the pulpit until their rights are decided. At Norristown this morning, when the Montgomery National bank opened, one man deposited $75,000 and other depositors brought in cash to almost equal the amount withdrawn. The Insurance and Trust company in the same building, had a heavy run and suspended at 10:30 awaiting promised cash. They say they only need time to realize on securities. It resumed later.

5. May 5, 1890 Deseret Evening News Salt Lake City, UT

Article from Deseret Evening News, May 5, 1890

Click image to open full size in new tab

Article Text

Run on a Bank. NORRISTOWN, Pa., May 5.-There was considerable excitement about the Montgomery National Bank this forenoon. The officers of the bank and the Montgomery Insurance, Trust and Safe Deposit Company in the same building as the TrustCo. had a heavy ran, and at halfpast ten suspended payment, awaiting the promised arrival of cash. At one o'clock this afternoon it has not yet arrived. The officials say that if the money is received it will be all right; if not, a receiver may be necessary. He said the depositors are amply secured.

6. May 6, 1890 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, May 6, 1890

Click image to open full size in new tab

Article Text

VRECKED BY A PARTNER. Private Bank at Berlin, Wis., Suspends-Other Failures. BERLIN, Wis., May 5.-The private of Charles A. Mather & Co. closed doors this morning, the firm having an assignment to Joseph Yates. M. Hawley, the junior member the house, has disappeared. The asare placed at $110,000 and the lialities at $100,000. The news of the created intense excitement roughout the city. It is known that awley drew out $1,000 from the bank a personal note before he disapeared, but it is not known as yet how account stands with the bank. The usiness of the bank seems to have carried on in a reckless manner, accounts being overdrawn and numbers of apparently worthless being held as collateral. A hasty camination of the books by the asgives him the impression that he pay 75 cents on the dollar, but the of the assignee are not shared bv creditors of the bank. who are all erlin people. NORRISTOWN, Pa., May 5.-There was msiderable excitement about the ontgomery National bank this forewhen the doors of the bank were The offices of the bank and Montgomery Insurance Trust & Deposit company are both in the building. One man this morning a deposit at the bank of $75,000, other depositors brought in cash so the deposits almost equaled the ithdrawals. The trust company had a run, and about 10:20 clock suspended payment awaitthe promised arrival of cash. ibsequently payment was resumed by trust company. The impression conservative financiers is that bank is entirely sound, but that the company is considerably involved. he officials refuse to give any figures definite information. A member of wealthy Slingluff family declares they will be responsible for every to outside parties from William F. ingluff's financiering. ST. LOUIS. May 5.-The A. Siegal Gas company, 219 Broadway, asto-day, The assets of the firm placed at $26,000. PROVIDENCE, R. 1., May 5.-Wether& Pierce, shoe dealers, are financially nbarrassed. Liabilities, $15,000. PROVIDENCE, R. I., May 5.-The Orimill, Alfred A. Reed and Gordon principal owners, is reported to be mporarily embarrassed. The mill about 16,000 spindles, making a fine of Turkish towelings, and emabout 250 hands. The indebtedis said to be about $300,000, and of the notes have been pronor has payment of any claims refused. NEW YORK, May 5.-About 6,000 of stock, including C.B. & Q., Trust and Lackawanna, have

7. May 8, 1890 Indian Chieftain Vinita, OK

Article from Indian Chieftain, May 8, 1890

Click image to open full size in new tab

Article Text

ADDITIONAL DISPATCHES John YOUNG and Tom Sanders, two young men, were -killed by lightning while riding in a wagon five miles southeast of Collinsville, Tex. THERE was a run on the Montgomery National Bank at Norr.stown, Pa., the other day due to William F. Singluff's "financiering." THE strike at the Chicago planing mills ended on the terms of the bosses. THE private bank of Charles A. Mather & Co. at Berlin, Wis., has closed its doors. THE striking carpenters of Louisville, Ky., have been joined by the plasterers. A WRECK occurred on the Clearfield railroad, near Tyrone, Pa., on the night of the 5th. There was a report that several persons were killed and injured. THREE fishermen were drowned by the upsetting of their boat at San Francisco the other day. Three others escaped. PIECES of the remarkable aerolite have been found in Winnebago County, Iowa. CHARGES and counter-charges have been made between Commissioner Wallace and his chief clerk, Claude S. Shelton, growing out of payment to negroes and Delawares in the Indian Territory. THE torpedo boat Cushing made a recent run from New York to Washington in twenty-eight and one-half hours, a performance that beats all previous records for that trip. IN consequence of the death of Senator Beck both houses of Congress had a brief session on the 5th. Appropriate resolutions were adopted in the Senate. CAPTAIN CASATI, the Italian explorer in Africa, has entered the service of Germany. THE Liberals in the Canton of Berne, Switzerland, ach eved a sweeping victory in the elections. HALF a dozen schooners have been wrecked and several lighters sunk by a hurricane in the port of Montevideo. No lives were lost. PREMIER CRISPI created great excitement in the Italian Chambers on the 5th by the announcement of his resignation. J. c. ADAMS, who killed Captain Couch at Oklahoma City, Ok., has been committed for trial without bail. STRIKERS at Lille, France, assaulted several workmen and wrecked a factory machinery, but were dispersed by the militia. A BILL for the weekly payment of wages has passed the lower house of the New York Legislature-106 to 1. THE strikes in Moravia and Silesia have ended in the defeat of the men.

8. May 10, 1890 Baxter Springs News Baxter Springs, KS

Article from Baxter Springs News, May 10, 1890

Click image to open full size in new tab

Article Text

THERE was a run on the Montgomery National Bank at Norristown, Pa., the other day, due to Wil.iam F. Singluff's "Ananciering." CHARLES L. LANCASTER, the defaulting treasurer of the Press Club, of Buffalo, N. Y., who ran away with $1,100, has been arrested in Toronto, Ont. THE great Singer sewing machine factory at Elizabeth, N. J., was burned on the night of the 6th. The loss was several million dollars. The concern employed 3,800 men, the weekly pay roll amounting to $40,000. THE will of the late George S. Pepper, of Philadelphia, bequeaths $1,067,000 to various public institutions. Of this $150,000 goes to a free library. Nearly every public institution in the city was remembered. A WRECK occurred on the Clearfield railroad, near Tyrone, Pa., on the night of the 5th. There was a report that several persons were killed and injured.