18956. Bank of Philadelphia (Philadelphia, PA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 9, 1891
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini
Short Digest
8ac4e1cc

Response Measures

None

Description

Article 2 (Aug 1892) alleges the Bank of Philadelphia is insolvent and that plaintiffs will seek a receiver; this indicates closure/receivership. Article 1 (Oct 1891) describes regional bank failures and withdrawals in Pennsylvania but does not name a specific run on this bank. No explicit run on this specific bank is described in the articles provided.

Events (2)
1. October 9, 1891 Other
Newspaper Excerpt
Bank failures have become epidemic in Pennsylvania, the panic spreading from town to town. ... Since the heavy failure in Philadelphia ... depositors are drawing their money.
Source
newspapers
2. * Receivership
Newspaper Excerpt
The defense claims that the Bank of Philadelphia ... The plaintiffs claim the bank is insolvent; that as soon as a receiver is appointed here the first step will be to take hold of the bank and save as much of the order's money as possible.
Source
newspapers

Newspaper Articles (2)
1. October 9, 1891 Daily Tobacco Leaf-Chronicle Clarksville, TN
Article from Daily Tobacco Leaf-Chronicle, October 9, 1891

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Article Text

Bank failures have become epidemic in Pennsylvania, the panic spreading from town to town. One goes down and carries another ; people become alarmed and the money stringency presses every one. Since the heavy failure in Philadelphia, Clearfield, Houtzdale and Phillipsburg banks have followed. Distrust prevails everywhere and depositors are drawing their money. This seems to be the situation in the most highly favored, protected, run-mad Republican State in the Union.

2. August 11, 1892 Grand Rapids Herald Grand Rapids, MI
Article from Grand Rapids Herald, August 11, 1892

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Article Text

Iron Hall Litigation. INDIANAPOLIS, Aug. 10.-The plaintiffs in the suit for a receiver for the order of the Iron Hall, today had subprenas served on the officere and members of the executive committee. The defense claims that the Bank of Philadelphia, of which Supreme Justice Sombry is an officer, has about $725,000 of the order's money. The plaintiff's claim the bank is insolvent; that as soon as & receiver 18 appointed here the first step will be to take hold of the bank and save as much of the order's money as porsible. The silegation 18 made that somebody expended large sums on state legislatures withoutauthority from any of the board.