18931. Bank of America (Philadelphia, PA)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: April 28, 1890
Location: Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model: gpt-5-mini
Short Digest: 9ebcc029

Response Measures

Full suspension

Other: Receiver appointed; later investigations revealed fraudulent bookkeeping and large improper loans/transfers to allied companies.

Description

Contemporary articles report a run beginning Monday (reported as causing $100,000 withdrawals) and the bank temporarily suspended April 30, 1890; a receiver (William M. Smith) was appointed the same day and later coverage treats the institution as defunct with criminal investigations — consistent with suspension leading to permanent closure. Cause repeatedly attributed to rumors about James J. Macfarlane and affiliated insurance/financial firms. OCR typos corrected (e.g., McFARLANE/Macfarlane).

Events (3)

1. April 28, 1890 Run

Cause: Rumor Or Misinformation
Cause Details: Run began after publication of rumors affecting the standing/credit of James J. Macfarlane and the American Life Insurance Company, an institution closely allied with the bank.
Measures: Heavy withdrawals continued; no successful stopgap measures reported prior to suspension.
Newspaper Excerpt: the run on the bank which began Monday morning ... The run resulted in the withdrawal of upward of $100,000 in deposits.
Source: newspapers

2. April 30, 1890 Receivership

Newspaper Excerpt: William M. Smith ... has been appointed receiver and assignee of the bank; receiver and assignee under a resolution passed unanimously.
Source: newspapers

3. April 30, 1890 Suspension

Cause: Rumor Or Misinformation
Cause Details: Official notices and multiple reports state the suspension was due to a run precipitated by rumors about the allied American Life Insurance Company and troubles of James J. Macfarlane.
Newspaper Excerpt: This bank has temporarily suspended. (notice posted at entrance) ; The Bank of America ... closed its doors this afternoon.
Source: newspapers

Newspaper Articles (21)

1. April 30, 1890 Evening Star Washington, DC

Article from Evening Star, April 30, 1890

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7 Telegrams to The Star. Second Edition Continued from 5th Page DUE TO BANKER McFARLANE. The Bank of America of Philadelphia Goes Under. 1 € PHILADELPHIA, April 30.-The Bank of AmerI ica, a state bank, closed its doors this aftera noon. Beyond the simple announcement: "This bank has temporarily suspended," the o officials of the institution have as yet a made no statement. The direct cause of the o failure is attributed to the troubles of the 1 American Life Insurance Company, of which State Senator Macfariane, vice president of the bank, is president. A meeting of the directors d was called at once, and they are now in session 8 going over the books. I The bank had twelve branches scattered W over the outlying districts. The operation of V these branches had encouraged deposits from ME I business people remote from the financial center who were glad to avail themselves of 8 the facilities which they offered for its enterc prise. The bank was rewarded with a line of o deposits aggregating in amount over $700,000. L including those of the main office. The bank is closely allied to the Insurance Company of America and several other financial institutions of this city. and today's suspension is due W to rumors which were set afloat on Saturday fi affecting the credit of President McFarlane of 1 the insurance company. T

2. May 1, 1890 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, May 1, 1890

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POOR PEOPLE LOSE. Suspension of the Bank of America of Philadelphia. PHILADELPHIA, April 30.-The Bank of America of this city was forced to close its doors this afternoon, and the officers posted a notice at the entrance in the hallway of the building, at Fortieth and Chestnut streets, which simply announced: "This bank has temporarily suspended." The news of the suspension quickly spread in financial circles. It was announced officially that the cause of the suspension was a run on the bank, which began Monday morning, and resulted in the withdrawal of $100,000 in deposits. The failure will not effect business men to any great extent. The losses will fall mostly on small shopkeepers and others who cannot well afford to lose the money. Branches of the bank located in outlying sections of the city attracted this class of customers. The total number of depositors is 4000, and the deposits in the bank were stated in the report of November 30, 1889, as $734,566.

3. May 1, 1890 Evening Journal Wilmington, DE

Article from Evening Journal, May 1, 1890

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A PHILADELPHIA BANK CLOSED. Vice President McFarlane's Rumored Troubles the Cause. PHILADELPHIA, May 1.-The Bank of America, a state bank, has closed its doors. Beyond the simple announcement, "This bank has temporarily suspended," the officers of the institution have made no public statement. The direct cause of the failure is attributed to the troubles of the American Life Insurance company, of which State Senator McFarlane is vice president. A meeting of the directors was called at once and they are now going over the books. William M. Smith, president of the common council, has been appointed receiver and assignee of the bank There are many rumors affecting the Philadelphia Finance company, the American Financial association and the American Life Insurance company. These rumors are denied by officials of those institutions. The capital of the Bank of America is $371,000. Louis E. Pfeiffer is president and J.S. Dungan cashier. James J. McFarlane was vice president until a fortnight ago, when he resigned from the directorate. The rumor of his being in trouble caused a run on the bank and resulted in its suspension.

4. May 1, 1890 The Morning News Savannah, GA

Article from The Morning News, May 1, 1890

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BANK DOORS CLOSED. The Institution a Philadelphia Concern Under the State Laws. PHILADELPHIA, April 30.-The Bank of America of this city closed its doors this afternoon, a placard at the entrance simply announcing, "This bank has temporarily suspended." The failure has not caused much of a sensation, because it has for three days been known to be in difficulties. A run upon it began Monday which caused it to lose $100,000 in deposits. It is a state institution and had twelve branches scattered about the city. The deposits of the main office and its branches aggregate $700,000. ALLIED TO AN INSURANCE COMPANY. The bank is closely allied to the insurance company of America and several other financial institutions of this city, and today's suspension is due to rumors which were set afloat on Saturday affecting the credit of President McFarlane of the insurance company. A RECEIVER APPOINTED. William M. Smith, president of the common council, has been appointed receiver. The losses will fall mostly on small shopkeepers and others who cannot well afford to lose their money. The branches of the bank located in outlying sections of the city attracted this class of customers, the total number of depositors being said to be 4,000.

5. May 1, 1890 Morning Journal and Courier New Haven, CT

Article from Morning Journal and Courier, May 1, 1890

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CRASH IN PHILADELPHIA. The Bank of America at Philadelphia Closes its Doors-The Suspension Expected for Some Time-The Bank Closely Allied to the Insurance Comparv of America. PHILADELPHIA, April 30.-The Bank of America of this city was forced to close its doors this afternoon and the officers posted a notice at the entrance in the hallway of the building at Fourth and Chestnut streets, which simply announced: "This bank has temporarily suspended." The news of the suspension quickly spread in financial circles, but did not occasion very much surprise, as the developments of the past three days had led many people to believe that the stability of the Bank of America was only a question of a few hours. In were on yesthat the fact, terday whispers bank heard would suspend the street inside of forty-eight hours, as it was known in certain quarters that there had been a heavy drain on the institution all day. The branch offices of the institution in different parts of the city were shut up simultaneously with the closing of the main house. There are twelve of these branches scattered over the outlying districts. In the operation of these branch offices the Bank of America had encouraged deposits from business people remote from the finaneial center, who were glad to avail themselves of the facilities which they offered. For its enterprise the bank was rewarded with a line of deposits aggregating in amount over $700,000, including those of the main office. The bank is closely allied to the Insurance Company of America and several other financial institutions of this city, and to-day's suspension is due to rumors which were set afloat on Saturday reflecting on the credit of President McFarlane of the insurance company. The board of directors of the Bank of America this afternoon appointed William M. Smith, president of the common council, receiver and assignee. It was announced officially that the cause of the suspension on the bank, which began Monthe rumors was day after the run publication of the affecting the standing of the American Life Insurance company. The run resulted in the withdrawal of upwards of $100,000 in deposits. The failure will not affect business men to any great extent. The losses will fall mostly on small shopkeepers and others who cannot well afford to lose their money. The branches of the bank located in outlying sections of the city all receive this class of customers, the total number of depositors being about four thousand. The Bank of America is a state institution. The capital stock is $371,000, divided into 3,710 shares of a par value of $100 each. The president is Louis E. Pfeiffer; cashier, e J.S. Dungan; assistant cashier, Joshua Pfeifa fer. The deposits in the bank were stated in t the report of November, 1889, to be $734,566. Rumors affecting the stability of the Philadelphia Finance company, the American Financial association and the American Life Insurance company, all closely allied with the Bank of America, are denied by officials f connected with the institutions. The Bank a of America did business with the Philadelphia t clearing house through the National Bank of the Republic and the latter institution was 3 said to be involved, but prompt denial was made by the cashier.

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

Article from New-York Tribune, May 1, 1890

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SUSPENSION OF A PHILADELPHIIA BANK. DUE TO n RUN. CAUSED BY RUMORS AFFECTING AN ALLIED INSURANCE COMPANY. Philadelphia, April 30.-The Bank of America, of this city, was forced to close its doors this afternoon. and the officers posted a notice at the entrance in the hallway of the building, at Fourth and Chestnut sts., which simply announced "This bank has temporarily suspended." The news of the suspension quickly spread. but did not occasion much surprise, as the developments of the last three days had led many people to believe that the stability of the Bank of America was only a question of a few hours. The twelve branch offices in different parts of the city were shut up simultaneously with the closing of the main house. At the meeting of the Board of Directors of the Bank of America this afternoon William M. Smith, prest dent of Common Council, was appointed receiver and assignee under a resolution passed unanimously, There were rumors afloat that the Philadelphia Finance Company, the American Financial Association and the American Life Insurance Company three in stitutions which are closely allied with the Bank of America, were more or less involved by the failure, and would probably go under. These pumors were de nied by officials connected with all three of the institutions. The Bank of America did business with the Philadelphia Clearing House through the National Bank of the Republic, and the latter institution was said to be involved, but prompt dental was made by the cashier. The Bank of America is a State institu. tion. The capital stock is $371,000. The officers are: President, Louis F. Prefifer; cashier, J. 8. Dungan: assistant cashier, Joshua Pfeiffer: directors, Louis E. Pfeiffer, John C. McNaughton, Joshua Pretter, Phineas Garrett. E. 1. Schaeffer, A. G. B. Hinkle, C. W. Nichols, James S. Dungan. William F. Paddock, Hamilton Far rell, George S. Patchell, Roger Maynes, 11. C. Webster, Samuel Loag. James J. McFarlane, president of the American Life Insurance Company, was a director and vice-president of the Bank of America until a fortnight ago, when he offered his resignation to the Board. The deposits in the bank were stated in the report of November 30, 1889, to 148734,566 It was announced officially that the cause of the suspension was the run on the bank which began Monday morning, after the publication of rumors affecting the standing of the American Life Insurance Company. The run resulted in the withdrawal of upward of $100,000 in deposits. The losses will fall mostly on small shopkeepers and others who cannot well afford to lose their money.

7. May 1, 1890 The Sun New York, NY

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THE BANK OF AMERICA FAILS ITS DEPOSITORS RUSH TO DRAW OUT AND THE BANK GOES UNDER. About 4,000 Depositors, Most of Them for Small Amounts-Many Rumors in the Street that Impaired the Bank's Credit. PHILADELPHIA, April 30.-The Bank of America of this city was forced to close its doors this afternoon. The officers posted a notice announcing: This bank has temporarily suspended." The news quickly spread in financial circles, but did not occasion very much surprise. as the developments of the past three days had led many people to believe the failure of the Bank of America was a question of only a few hours. Whispers were heard on the street yesterday that the bank would suspend inside of fortyeight hours, as it was known that there had been a heavy drain on the institution all day. The branch offices in different parts of the city were shut up simultaneously with the closing of the main house. There are twelve of these branches. In the operation of these branch offices the Bank of America had encouraged deposits from business people remote from the financial centre. who were glad to avail themselves of the facilities which they offered. The bank had deposits aggregating over $700,000. including those of the main office. The bank is closely allied to the Insurance Company of America and several other financial institutions of this city, and to-day's suspension is due to rumors which were set afloat on Saturday affecting the credit of President cFarlane of the insurance company. At the meeting of the directors this afternoon William M. Smith, President of the Common Council, was appointed receiver and assignee. Resolutions were adopted declaring that the developments of the last few days had caused among the depositors and stock holders a want of confidence in the ability of the bank to pronfutly meet its liabilities. This produced a large demand for money which had already been withdrawn. Continued payments to others might work great injustice to depositors, therefore the president and cashier were authorized to execute to William M. Smith & general assignment of all the assets in trust for the benefit of all the creditors without distinotion or preference. The Bank of America is a State institution. The capital stock is $371,000. The officers are: President. Louis F. Pieiffer: cashier, J.S. Dungan. It was announced officially that the cause of the suspension was the run on the bank which began on Monday morning alter the publication of the rumors affecting the standing of the American Life Insurance Company: The run resulted in the withdrawal of upward of $100.000 in deposits. The failure will not affect business men to any great extent. The losses will fall mostly on small shopkeepers and others who can not well afford to lose their money. The branches of the bank in outlying sections attracted this class of customers. The number of depositors is about 4,000. Mr. Smith says that as soon as he can realize on the assets he will distribute the proceeds in proportion to the amounts deposited.

8. May 1, 1890 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, May 1, 1890

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DEPOSITORS PULL OUT. The Bank of America Closes Its Doors -Failures. PHILADELPHIA, April 30.-The Bank of America, of this city, was forced to close its doors this afternoon and the cashier posted a notice in the entrance to the hallway of the building at Fourth and Chestnut streets which simply annonnced: "This bank has temporarily suspended." William M. Smith, president of the common council, was appointed receiver and assignee of the bank. There are rumors affecting the Philadelphia Finance company, the American Financial association and the American Life Insurance company. These rumors are denied by officials of those institutions. The capital of the bank of America is $371,000. Louis E. Pfeiffer is president and J. S. Dungan cashier. James J. McFarlane was vicepresident until a fortnight ago, when he resigned. The rumor of his being in trouble caused a run on the bank and resulted in its suspension. LAWRENCE, Mass., April 30.-The grocery house of Davis, Murphy & Co., the largest in the city, has assigned to H. K. Webster, of Lawrence. It is expected that the creditors will be paid in full,

9. May 2, 1890 New-York Tribune New York, NY

Article from New-York Tribune, May 2, 1890

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FOLLOWING THE BANK OF AMERICA. THE GLOUCESTER, N. J., CITY NATIONAL BANK CLOSED. Camden, N. J., May 1 (Special).-The Gloucester City National Bank closed its doors this morning. The notice of suspension was posted soon after opening-hours. Cashier Samuel W. Stokes appeared much worried. He refused to give out any information whatever. and referred reporters to Charles L. Work, the president. One of the first persons to step into the bank when the doors were opened at 9 o'clock was a runner from the National State Bank of Camden. He had a bundle of checks which he presented at the paying-teller's desk. but payment on them was refused. The runner. who was also a notary public, immediately protested the checks. Cashier Rose, of the National State Bank of Camden. stated this afternoon that they did little business with the Gloucester bank. except In the way of collections. He said that they had checks amounting to about $1.000 sent them yesterday, which the Gloucester bank paid to-day. They had up to 1 o'clock protested checks on the Gloucester bank to the amount of over $2,000. At the First National only one check, for $4, had been received against the Gloncester bank. It is not two years since the G'oucester City National Bank was started. Charles L.'Work. who is a son of George F. Work, is at its head. Owing to the losses the people of Gloucester had experienced by the failure of the Gloucester City Savings Institution. they were slow to confide in the new bank Cashier Stokes declined to make any statement as to the finances of the bank, and as none has been published in the Camden papers for some months. the figures were difficult to obtain. The paid. up capital stock is said to be $50,000. There was a slight run on the Fidelity Surety, Trust and Safe Deposit Company, of which Work is also president, but all checks were honored by Cashier Ellison, who said that the company was in good condition. Presi. dent Work said to-day that he owned stock in the Bank of America of Philadelphia, which suspended yesterday.

10. May 2, 1890 Deseret Evening News Salt Lake City, UT

Article from Deseret Evening News, May 2, 1890

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Another Bank Failure. GLOUCESTER, N. J., May 1.-A run began on the Gloucester City National Bank as soon as the doors were opened this morning. Just before noon the bank suspended. The run was the result of its affiliation with the Bank of America of Philadelphia, which falled yesterday. Touching the condition of the Western farmers, General Butler said that the farms are passing out of the ownership of the tillers of the soil and they are becoming simply tenant farmers, the worth of the land having been wrested from them in spite of all their industry. Referring to the fabulous mortgaged debt on farm property, the speaker closed by saying: "As the payment of the mortgages is simply impossible, the payment of the interest upon them is also impossible, because they call for from 7 to 9 per cent and all statistics show that the average profits on farming industries are between 4 and 5 per cent only, hardly over 4. These mortgages never can be paid, if for no other reason, because they never can be paid if the debtors are ever 80 much disposed to pay them."

11. May 2, 1890 Rock Island Daily Argus Rock Island, IL

Article from Rock Island Daily Argus, May 2, 1890

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Bank Failure at Camden, N. J. CAMDEN, N.J., May 2-The Gloucester City National bank closed its doors Thursday morning. The suspension is supposed to be due to the failure of the Bank of America Wednesday in Philadelphia, with which it had dealings.

12. May 2, 1890 Los Angeles Herald Los Angeles, CA

Article from Los Angeles Herald, May 2, 1890

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Another Bank Failure, GLOUCESTER, N. J., May 1.-A run began on the Gloucester City National Bank as soon as the doors opened this morning. Just before noon the bank suspended. The run was the result of its affiliation with the Bank of America, of Philadelphia, which failed yesterday.

13. May 3, 1890 Santa Fe Daily New Mexican Santa Fe., Santa Fe, NM

Article from Santa Fe Daily New Mexican, May 3, 1890

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Kept Bad Company. GLOUCESTER, N. J., May 3.-A run began on the Gioucester City National bank as soon as the doors were opened this morning. Just before noon the bank suspended. The run was the result of its affiliation with the Bank of America of Philadelphia, which failed yesterday.

14. May 4, 1890 The Wichita Daily Eagle Wichita, KS

Article from The Wichita Daily Eagle, May 4, 1890

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A WARRANT AGAINST PFEIFFER. PHILADELPHIA, Pa., May 3.-On an affidavit sworn to by Morris A. Kline, a beerbottler, a warrant was today issued against Lewis E. Pfeiffer, president of the bank of America, on the charge of embezzlement, This is the first criminal phase of the complication growing out of the suspension of that institution. The charge is made that Pfeiffer accepted money from a depositor after he knew the bank was insolvent.

15. May 9, 1890 The Monitor Woodstown, NJ

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The Bank Failures. Elmer was the scene of quite a panic on Thursday last, caused by the reported unsoundness of the Elmer Bank, which was a branch of the Merchants' Bank, of Atlantic City. The excitement was started by an item in the Philadelphia Press in relation to the failure of the Bank of America, of that city, stating that the Merchants' Bank, of Atlantic, was a branch. Long before the hour of opening large numbers of anxious depositors gathered about the door, with their check and deposit books in hand. Manager Elwell's statement that the newspaper article was incorrect and that the Elmer Bank was a branch of the Merchants' Bank of Atlantic City and that neither the parent institution nor any of its branches were in any way connected with the Bank which had failed, fell as idle words upon men agitated by the fear of danger which seemed to threaten them, and for the first hour after the doors many deposits were reduced to the low water mark. At last the bottom was reached and before eleven o'clock Mr. Elwell had to admit that he had no more cash in the big safe; and finally, at a time when it required considerable courage to do so, a few firms, believers in the institution, began to make their regular daily deposits, with others waiting to take it out as fast as it came On Friday word was received that the parent bank at Atlantic City had suspended, when the rush for money was resumed with a desperation born of despair. The heavy run finally cleared the bank of all its cash, after which Cashier Elwell had to refuse all notes. A few of the many who have been caught in the crash are: Chas. S. Cotting Estate, $1,200; Rev. P. Corson, $800; Abram Cochran, $600; Jackson Clevenger, $400; Rufus W. Smith, $600; Daniel Watkins, $250; Samuel P. Baker, $220; Charles H. Morris, $268; Rev. J. G. Crate, $220; the Misses Long, $250; Thomas W. Brooks, $350. Among those whom are known have lost but have not been able to discover the amounts, are J. Frank Langley, Esq., George M. Bacon, Esq., Creamer Brothers, Drs. Woodruff and Cheesman, Chas. M. Surran, Wm. Strang, F. Wentzell & Bro., Samuel P. Foster, Hiram Nixon, A. M. Seabrook, S. Y. Townsend, R. T. Studimund, S. M. Vanmeter, Barber Collins, Jesse Garrison, Jesse Sordin, Thomas Edmonds, Samuel Christy, Aubery Reed, and a host of others. THE MULLICA HILL BRANCH. The Mullica Hill Bank, another branch of the Merchants', also closed its doors on Friday, caused by the suspension of the parent bank at Atlantic City. The suspension of the Bank of America in Philadelphia on Wednesday set in motion influences which bore too heavily on the branch and it was forced to yield to the stress. The management express the belief that the creditors will be paid dollar for dollar. The earnest hope is that the prediction will be fulfilled. The Mullica Hill branch of the Merchants' Bank at Atlantic City was organized April 30th, 1888. The directors elected at the last annual meeting were Charles W. Elkinton, Albert Parker, J. H. Mounce, William M. Colson, Robert McKeighan. Mr. Elkinton resigned the latter part of March. At the time of closing on Friday last, there was due depositors $16, 024.17; bills receivable, 716.91; cash on hand, $7.92. This paper, bills receivable, is first class. The depositors number 125, from 81 to $1000. William Bunning is the manager. He is a capable and painstaking official, and feels very sad over the misfortune to the bank. The depositors are not willing that the bank should continue. This Bank has done about one-third of the business, and at not more than one-third of the expense. Each director had taken $100 in stock, giving his note. Colson and McKeighan have paid theirs in cash. Among the business portion of the people, there is a feeling of insecurity about the matter, and while the losses, if any, may fall heavily upon some of the poorer classes, generally speaking, a majority will not be hurt very badly. Among the depositors are the following: Wm. Mankin, clerk, $175; John Yeager and wife, $200; Roger E. Costello, farmer, $300; Frye Hopkins, hotel keeper, $900; Amy Murphy, $100; John Garwood, $500; Edward Bunning, butcher, $40; Wm. H. Bunning, livery stable, $300; Jonathan Colson, farmer, $300; Wm. Colson, $300; Mrs. Debbie Smith, $300; Edward Ireland, conductor, $500; Jacob Ware, brakeman, $100; Mrs. Cornelia Thomas, $140; Mrs. Mary Huseback, $50; Rev. Dr. Brown and wife, $100; Rev. B. R. Black, $100; Mrs. With. Howery, $50; Jas. Ecret, $60; Chas.

16. May 21, 1890 The Abbeville Press and Banner Abbeville, SC

Article from The Abbeville Press and Banner, May 21, 1890

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THE NEWS EPITOMIZED. Eastern and Middle States. THE eight-hour workday movement was begun in New York city quietly. Only about a dozen men went on strike. The socialist labor party and the Central Labor Union celebrated the day by a parade and mass meeting at Union Square. There were demonstrations, also, at Philadelphia, Boston. Pittsburg, and throughout the Eastern States generally. JAMES PALMER, convicted of the murder of Henry T. Whitehouse, of Portsmouth, was hanged at Concord, N. H. CATTLE and sheep sheds and barns and stables, covering nearly eight acres of ground in the West Albany (N. Y.) Live Stock Yards. were laid in ashes by an incendiary's match. THE Assembly in Albany, N. Y., passed a bill to abolish capital punishment. GEORGE WEBBER was killed at Belknap crossing, near Attica, N. Y., by being struck by a train. His wife's skull was fractured, injuring her fatally. THE failure of the Bank of America in Philadelphia has been followed by that of the Gloucester City (N. J.) National Bank. At the time of the failure the deposits were about $40,000. The depositors are mostly poor working people. FECHHEIMER, RAU & Co., shirt manufacturers of New Yorkcity, have failed; approximate liabilities, $350,000; assets, $275,000. PATRICK D. FLANNIGAN entered a saloon at Waterbury, Conn., ani asked Michael McDermott to drink with him. As McDermott responded Flannigan, without a word, emptied the six barrels of a 32-calibre revolver into McDermott's face and throat and then walked out. McDermott died within an hour. THE Fidelity Surety, Trust and Safe Deposit Company, of Camden, N. J.; the Port Norris Bank, the Merchants' Bank of Atlantic City, N. J., and the Merchants' Bank of Pleasantville, N. J., suspended payment. SHARPERS stole $1000 from the Rev. Father Thomas J. Ariens at Bridgeport, Conn., and left a baby on his hands. CRIMINAL proceedings have been begun against the officers of the broken Philadelphia banks. WILLIE HULSE. aged ten years. son of J. H. Hulse, No. 329 Hu ison street, New York, was shot and instantly killed by his playmate, Charles Sickles, aged fifteen, at Good Ground, Long Island, N. Y. A RUNAWAY accident occurred in Maple avenue, Penn., in which Willie Fitzpatrick. eight years of age, was instantly killed. His little sister was fatally injured, and two other children were badly bruised and cut, and the father of the dead boy was severely injured. Mrs. Fitzpatrick became violently insane after the accident. THE entire business portion of South Dayton, N. Y., has been destroyed by fire. Loss, $20,000. IN New York and Brooklyn nearly all the carpenters went to work under the eight hour day system. There was no striking necessary to gain this point. ASHINGTON QUINLAN, a member of the New York Stock Exchange, has disappeared owing about $100,000. JOHN CROMOCK, a morphine eater, killed his thirteen-year-old daughter at Foxboro, Mass., and then committed suicide. THE Singer Sewing Machine Works. at Elizabethport, N. J., covering two acres of ground, were almost wholly destroyed by fire, together with a considerable amount of the railroad property adjoining. The works employed about 3500 hands. The loss is about $3,000,000.

17. May 22, 1890 The Morning News Savannah, GA

Article from The Morning News, May 22, 1890

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FRAUDS ON THE BOOKS. BAD WORK IN THE DEFUNCT BANK OF AMERICA. Large Sums of Money Credited as Deposited by Men Used to Act as Blinds-The False Entries Ordered Made by the President of the Institution. PHILADELPHIA, May 21.-A committee of the depositors of the defunct Bank of America succeeded to-day in getting more light upon the mystery of where the money went than the public has hitherto had the privilege of knowing. The cashier of the bank testified in regard to the accounts standing in the names of two of the bank's bookkeepers and a note broker named H. E. Yerkes. As to Bookkeeper Boileau, Cashier Dungan said he had had no account in the bank. Under instructions of President Pfeiffer, $150,000 in his name on the books was passed to the credit of John J. Macfarlane, subject to his check. EWBANKS HAD NO ACCOUNT. Bookkeeper Ewbanks, Cashier Dungan said, had no account at the bank. One hundred and twenty-five thousand dollars in his name was credited to the American Financial Association. The cashier could not tell who were the officers of this association, except Treasurer George ] F. Work, who drew all the checks. Broker Yerkes, Cashier Dungan said, was the only one of the trio who had an account at the bank. His account, however, bore no relation to the size of the loans credited to him. The amount of $71,741, standing in his name on the books, was, like that in the name of Bookkeeper Ewbanks, credited to the American Financial Association and drawn upon by George W. Work, treasurer. WHY THE FALSE ENTRIES WERE MADE. "How came you to pass these amounts to the credit of MacFarlane and the American Financial Association, or Mr. Work, as it amounts to in fact asked Mr. Grant, chairman of the committee. "I did it under the instructions of President Pfeiffer," said the cashier. "I was only a subordinate official and I had to conform to the wishes of my superior." Receiver Smith testified to a discovering that certain real estate purchased for the bank was in the names of President Pfeiffer and Mr. MacFarland. These properties he since had conveyed over to him as assignee. PLAIN TO ALL. He (Receiver Smith) had never talked to the directors about the bank's wrecked condition, because it was as clear to him as to them that the real debtors were not Messrs. Ewbanks, Yerkes'and Boileau, but those for whom they acted as a blind, He knew that [the money had gone to the American Life Insurance and American Financial Companies, either corporately or to their individual officers. WORK ON THE STAND. The testimony of George F. Work was even i more sensational than what had gone before. According to his own admission the American Financial Association eighteen months ago held $100,000 capital paid in and it got nearly $500,000 more from the Bank of America. When called upon to name me of the actual property of the financial association which could be immediately converted into cash, he could only name $25,000 worth. 1 INCLINED TO BE EVASIVE. Mr. Work was questioned as to e what had become of certain collaterals which have been mentioned p as being in possession of the e syndicate. To some of the questions he d gave evasive replies, and to others his rea sponse was that he did not know where the e securities were. About every piece of property or security that the concern had ever possesssed had either been sold or hypothecated, and Mr. Work could not be drawn into an admission that 10 cents on the dollar could be realized for the creditors on forced liquidation. DREW A GOOD SALARY. His salary as treasurer of the American Financial Association was $600 per month. Mr. Work's testimony in regard to two investments illustrates the whole. It was drawn out of him that the financial association had purchased 500 shares of the Girard trust at $350, making $175,000. Two hundred shares had been sold and the remainder pledged for loans. The Macon, Ga., street railway stock had cost $225,000. Asked as to how that stood as an asset Mr. Work said: "It is rather difficult to explain, but that stock has gone into the American Life." A HEAVY CREDITOR. Mr. Work said he thought the American Life owed the financial association $200,000 or more. When Mr. Work was relieved from further questioning he hurried out of the room. t Cashier Dungan was again brought be1 fore the committee and made most damaging admissions. He said that his books had not been audited since 1887. He neglected to enter on the books discounts and loans which had been authorized by the discount committee. He said that while he did not at the time know that his actions were illegal, he now thought they were. CARLISLE'S SEAT IN THE HOUSE

18. May 28, 1890 New-York Tribune New York, NY

Article from New-York Tribune, May 28, 1890

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COLD COMFORT FOR DEPOSITORS. THE MEN WHO WRECKED THE BANK OF AMERICA MAY GO FREE. Philadelphia, May 27.-Another meeting of the depositors of the defunct Bank of America was held this afternoon. at which the Committee of Thirteen, headed by Chairman Grant, made its report. This report indicated to the depositors the belief of the committee that 50 per cent or more would be realized on their accounts. The committee believes that the dividends declared semi-annually were not from the earnings of the bank. and that there is unmistakable evidence that the officials knew of these violations, and that they, with the directors, are therefore liable to prosecution under the insolvency law. The entire business, the committee say. has been carried on with. out regard to law or method. In many instances money was loaned and notes discounted to parties utterly devoid of credit, without security, and in many cases upon securities that never had face value. Officials exhausted their personal balances shortly before the announcement of the suspension of the bank. Senator MacFarlane is recorded on the minutes as having been elected vice-president on May 1, 1889. At that time the bank was in excellent shape, but the committee thinks that the backward movement began with the accession of MacFarlane to the vice presidency. At the time of the suspension MacFarlane declared that he was not connected with the bank, having resigned some weeks previously. The committee find that the minutes have been doctored to agree with this statement, though Cashier Dungan stated positively that MacFarlane was a director at the time of the suspension. A recommendation was agreed to that counsel be employed to assist in lawsuits to recover property and money unlawfully transferred, to begin criminal proceedings, and otherwise look after the interests of the depositors. The committee adopted a set of resolutions. which, after reciting that the officers of the bank had grossly violated the State laws and the laws of the bank. ends with this remarkable recommendation to the downcast depositors : Resolved, That we recommend that patience. hard work. good judgment. cold blood and forbearance for the time being be endured." It will be remembered that Ewbanks, A clerk in the Bank of America: Yerkes, a note broker. and Boileau, a clerk in the Philadelphia Finance Association. were recorded on the books of the bank as borrowers of nearly $400,000 from the bank on practically valueless securities. This money was placed to the credit of the MacFarlane Work-Pfeiffer syndicate. All these people are denounced in the resolutions as having acted illegally. It is believed that some of the bank officials will be criminally prosecuted in a short while.

19. May 28, 1890 The Morning News Savannah, GA

Article from The Morning News, May 28, 1890

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A BADLY RUN BANK. The Officials of the Defunct Philadelphia Concern in a Fix. PHILADELPHIA, May 27.-Another meeting of the directors of the defunct Bank of America was held this afternoon, at which the committee of thirteen, headed by Chairman Grant, made its report. This report indicated to the depositors the belief of the committee that 50 per cent. or more would be realized on their account. The committee is of the opinion that the dividends declared semi-annually were not from the earnings of the bank, and that there is unmistakable evidence that the officials knew of these violations, and that they, with the directors, are, therefore, liable to prosecution under the insolvency law. The entire business, the committee say, has been carried on without regard to law or method. A recommendation was agreed to that counsel be employed to assist in lawsuits to recover the money unla wfully transferred, to begin criminal proceedings and otherwise look after the interests of the depositors.

20. May 28, 1890 Evening Journal Wilmington, DE

Article from Evening Journal, May 28, 1890

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WILL PAY FIFTY PER CENT. Civil and Criminal Proceedings Against Bank of America Officials. PHILADELPHIA, May 28.-At a meeting of depositors of the defunct Bank of America, the committee of investigation reported that probably 50 per cent. would be realized on the deposits. The committee also declared that the bank's semi-annual dividends had not been paid out of earnings, and that the directors are liable to criminal prosecution for this as well as for making loans on bogus securities. Bank officials, the report says, drew out their personal balances just before announcing the suspension of the bank. The bank was in good shape at the time Director MacFarlane was elected vice president, May 1, 1889. The trouble began then. The minutes of the meetings of directors have been doctored so as to make them agree with MacFarlane's assertion that he severed his connection with the bank some weeks before the suspension. Cashier Dungan, however, stated that MacFarlane was in fact a director at the time of the suspension. The meeting adopted a recommendation to employ counsel to bring civil and criminal proceedings on behalf of the depositors. Pfeiffer, MacFarlane, Work, Dungan, Boileau, Ewbanks and Yerkes are mentioned in the resolutions as subject to criminal proceedings.

21. April 21, 1892 Pittsburg Dispatch Pittsburgh, PA

Article from Pittsburg Dispatch, April 21, 1892

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A CASHIER ON TRIAL The Case One of the Sequels of the Bank of America Failure. MAY'S LANDING, N.J.,April 20.-Oliver R. Dunkle, ex-cashier of the Merchants' National Bank, of Atlantic City, was placed on trial here to-day. charged with falsifying the books and embezzling the funds. The Merchants' Bank was drawn down by the failure of the Bank of America in Philadelphia, and suspended with liabilities of $60,000, mostly the money of depositors.