18970. Bankers Trust Company of Philadelphia (Philadelphia, PA)

Bank Information

Episode Type
Suspension → Run → Closure
Bank Type
state
Start Date
December 22, 1930
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini
Short Digest
d2edc4b2

Response Measures

Full suspension, Books examined

Description

Bank was taken over by the Pennsylvania state department of banking and placed in receivership (government action) on Dec 22, 1930. Hundreds of depositors gathered after the closing and police dispersed them, i.e., depositor agitation following suspension. Later (Aug 1931) discussions of a possible reopening are reported but no clear reopening is stated. Classified as suspension_run_closure because suspension by government action preceded depositor agitation and the bank was placed in receivership.

Events (4)
1. December 22, 1930 Receivership
Newspaper Excerpt
The business and properties of the Bankers Trust Company of Philadelphia is in the possession of Peter G. Cameron, State secretary of banking.
Source
newspapers
2. December 22, 1930 Run
Cause Details
Depositors gathered and attempted to access funds in immediate reaction to the bank's sudden closing by the state department of banking.
Measures
Police were called to disperse the crowd; clerks and examiners worked behind closed doors to examine accounts.
Newspaper Excerpt
Hundreds of depositors gathered around the closed bank and police were called upon to disperse the crowd.
Source
newspapers
3. December 22, 1930 Suspension
Cause
Government Action
Cause Details
Taken over by the Pennsylvania state department of banking; notice posted on doors at opening of business and all branches closed.
Newspaper Excerpt
The Bankers Trust Company of Philadelphia is in the possession of Peter G. Cameron, State secretary of banking.
Source
newspapers
4. August 27, 1931 Other
Newspaper Excerpt
It was said they were discussing the possible reopening of the Bankers Trust Company of Philadelphia, which was closed some weeks ago, under charter as a national bank.
Source
newspapers

Newspaper Articles (7)
1. December 22, 1930 The Washington Times Washington, DC
Article from The Washington Times, December 22, 1930

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Article Text

PHILADELPHIA BANK CLOSES PHILADELPHIA, Dec. 22.-The Bankers Trust Company, one of the city's largest financial institutions, was taken over by the Pennsylvania state department of banking today. Announcement of the receivership was made by the bank in a notice posted on its doors at the opening of business today. Cameron In Charge The notice read: "The business and properties of the Bankers Trust Company of Philadelphia is in the possession of Peter G. Cameron, State secretary of banking." The closing of the bank means that all branches scattered through the city will be closed also. Clerks and examiners are working under Cameron behind the closed doors of the institution, going over all accounts, books and loans. Depositors Dispersed Hundreds of depositors gathered around the closed bank and police were called upon to disperse the crowd. The closed institution was located in the heart of the city's financial and shopping district and its closing came as a complete surprise. Beyond the twoline notice of closing posted on the doors, no other information could be gleaned regarding the reasons for the bank's closing.

2. August 28, 1931 Daily News New York, NY
Article from Daily News, August 28, 1931

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Article Text

HOOVER HOLDS PARLEY WITH 4 N. Y. BANKERS Washington, D. C., Aug. 27 (U.P.). A conference among four leading New York bankers and President Hoover was held in the seclusion of the White House last night. It was described today as having dealt with "general business conditions." Those who met with Hoover were William C. Potter, president of the Guaranty Trust Company of New York; Charles S. McCain, president of the Chase National Bank; George W. Davison, president of the Central Hanover Bank and Trust Company, and James T. Lee, vice president of the Chase National Bank. Eugene Meyer, chairman of the Federal Reserve Board and Secretary of the Treasury Andrew W. Mellon also were present. This afternoon the White House denied the conference concerned international affairs, the cotton or wheat situations, and any specific, acute financial situations in this country. By the process of elimination many came to the opinion that proposals for relief of unemployment were largely concerned. Today Hoover was in conference for fifteen minutes with Samuel H. Barker and three associates, all bankers from Philadelphia. It was said they were discussing the possible reopening of the Bankers Trust Company of Philadelphia, which was closed some weeks ago, under charter as a national bank.

3. August 28, 1931 Daily News New York, NY
Article from Daily News, August 28, 1931

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Article Text

HOOVER HOLDS PARLEY WITH 4 N. Y. BANKERS Washington, D. C., Aug. 27 (U.P.). A conference among four leading New York bankers and President Hoover was held in the seclusion of the White House last night. It was described today as having dealt with "general business conditions." Those who met with Hoover were William C. Potter, president of the Guaranty Trust Company of New York; Charles S. McCain, president of the Chase National Bank; George W. Davison, president of the Central Hanover Bank and Trust Company, and James T. Lee, vice president of the Chase National Bank. Eugene Meyer, chairman of the Federal Reserve Board and Secretary of the Treasury Andrew W. Mellon also were present. This afternoon the White House denied the conference concerned international affairs, the cotton or wheat situations, and any specific, acute financial situations in this country. By the process of elimination many came to the opinion that proposals for relief of unemployment were largely concerned. Today Hoover was in conference for fifteen minutes with Samuel H. Barker and three associates, all bankers from Philadelphia. It was said they were discussing the possible reopening of the Bankers Trust Company of Philadelphia, which was closed some weeks ago, under charter as a national bank.

4. August 28, 1931 Daily News New York, NY
Article from Daily News, August 28, 1931

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Article Text

HOOVER HOLDS PARLEY WITH 4 N. Y. BANKERS Washington, D. C., Aug. 27 (U.P.). A conference among four leading New York bankers and President Hoover was held in the seclusion of the White House last night. It was described today as having dealt with "general business conditions." Those who met with Hoover were William C. Potter, president of the Guaranty Trust Company of New York; Charles S. McCain, president of the Chase National Bank; George W. Davison, president of the Central Hanover Bank and Trust Company, and James T. Lee, vice president of the Chase National Bank. Eugene Meyer, chairman of the Federal Reserve Board and Secretary of the Treasury Andrew W. Mellon also were present. This afternoon the White House denied the conference concerned international affairs, the cotton or wheat situations, and any specific, acute financial situations in this country. By the process of elimination many came to the opinion that proposals for relief of unemployment were largely concerned. Today Hoover was in conference for fifteen minutes with Samuel H. Barker and three associates, all bankers from Philadelphia. It was said they were discussing the possible reopening of the Bankers Trust Company of Philadelphia, which was closed some weeks ago, under charter as a national bank.

5. August 28, 1931 Daily News New York, NY
Article from Daily News, August 28, 1931

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Article Text

HOOVER HOLDS PARLEY WITH 4 N. Y. BANKERS Washington, D. C., Aug. 27 (U.P.). conference among four leading New York bankers and President Hoover was held in the seclusion of the White House last night. It was described today as having dealt with "general business conditions." Those who met with Hoover were William C. Potter, president of the Guaranty Trust Company of New York; Charles S. McCain, president of the Chase National Bank; George W. Davison, president of the Central Hanover Bank and Trust Company, and James T. Lee, vice president of the Chase National Bank. Eugene Meyer, chairman of the Federal Reserve Board and Secretary of the Treasury Andrew W. Mellon also were present. This afternoon the White House denied the conference concerned international affairs, the cotton or wheat situations, and any specific, acute financial situations in this country. By the process of elimination many came to the opinion that proposals for relief of unemployment were largely concerned. Today Hoover was in conference for fifteen minutes with Samuel H. Barker and three associates, all bankers from Philadelphia. It was said they were discussing the possible reopening of the Bankers Trust Company of Philadelphia, which was closed some weeks ago, under charter as a national bank.

6. August 28, 1931 Daily News New York, NY
Article from Daily News, August 28, 1931

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Article Text

HOOVER HOLDS PARLEY WITH 4 N. Y. BANKERS Washington, D. C., Aug. 27 (U.P.). A conference among four leading New York bankers and President Hoover was held in the seclusion of the White House last night. It was described today as having dealt with "general business conditions." Those who met with Hoover were William C. Potter, president of the Guaranty Trust Company of New York; Charles S. McCain, president of the Chase National Bank; George W. Davison, president of the Central Hanover Bank and Trust Company, and James T. Lee, vice president of the Chase National Bank. Eugene Meyer, chairman of the Federal Reserve Board and Secretary of the Treasury Andrew W. Mellon also were present. This afternoon the White House denied the conference concerned international affairs, the cotton or wheat situations, and any specific, acute financial situations in this country. By the process of elimination many came to the opinion that proposals for relief of unemployment were largely concerned. Today Hoover was in conference for fifteen minutes with Samuel H. Barker and three associates, all bankers from Philadelphia. It was said they were discussing the possible reopening of the Bankers Trust Company of Philadelphia, which was closed some weeks ago, under charter as a national bank.

7. August 28, 1931 Daily News New York, NY
Article from Daily News, August 28, 1931

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Article Text

HOOVER HOLDS PARLEY WITH 4 N. Y. BANKERS Washington, D. C., Aug. 27 (U.P.). A conference among four leading New York bankers and President Hoover was held in the seclusion of the White House last night. It was described today as having dealt with "general business conditions." Those who met with Hoover were William C. Potter, president of the Guaranty Trust Company of New York; Charles S. McCain, president of the Chase National Bank; George W. Davison, president of the Central Hanover Bank and Trust Company, and James T. Lee, vice president of the Chase National Bank. Eugene Meyer, chairman of the Federal Reserve Board and Secretary of the Treasury Andrew W. Mellon also were present. This afternoon the White House denied the conference concerned international affairs, the cotton or wheat situations, and any specific, acute financial situations in this country. By the process of elimination many came to the opinion that proposals for relief of unemployment were largely concerned. Today Hoover was in conference for fifteen minutes with Samuel H. Barker and three associates, all bankers from Philadelphia. It was said they were discussing the possible reopening of the Bankers Trust Company of Philadelphia, which was closed some weeks ago, under charter as a national bank.