Franklin Trust Company - Philadelphia, PA

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust company
Start Date: October 1, 1934*
Location: Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model: gpt-5-mini
Short Digest: f9199fe0

Response Measures

None

Description

Newspaper describes the Franklin Trust Company having closed its doors on October and prosecutors later trying bank officers for misapplication/speculation of bank funds. No article text indicates the bank reopened; the context is a permanent closure with criminal charges against officers, so classify as suspension leading to closure due to bank-specific misconduct.

Events (2)

1. October 1, 1934* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Officers allegedly used bank funds to support stock prices and personal speculation; prosecution for misapplication of funds and fraud after closure.
Newspaper Excerpt: The bank closed its doors on October
Source: newspapers

2. December 9, 1934 Other

Newspaper Excerpt: Prosecutor Likens 3 of Franklin Trust Company to ... The bank closed its doors on October ... ASKS JURY CONVICT BANK OFFICIALS Prosecutor Likens 3 of Franklin Trust Company to ... Demands Guilty Verdict They used money the bank keep up stock prices protect their personal holdings, he Paid $75,000 Year This jury cannot possibly find other under the evidence.
Source: newspapers

Newspaper Articles (1)

1. December 9, 1934 The Philadelphia Inquirer Philadelphia, PA

Article from The Philadelphia Inquirer, December 9, 1934

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Article Text

ASKS JURY CONVICT BANK OFFICIALS Prosecutor Likens 3 of Franklin Trust Company to Except for the charge to the jury, which Room 646, Hall the trial three the Franklin Trust Company closed last night with Assistant Attorney Gratz for their conviction on charges of Tomorrow the jury of 10 and women will face the ing sented the deciding the officers are and funds merely mistakes The the case vehemently the defendants lawyer after Grate spoke for Belittles William Gray chief of defense an address belittled and Assistant District Attorney youthful the prosecution had failed to intent defraud Francis Bracken, attorney for ident of the bank, after the jury He easy had look backward develop foresight, but and then that mistakes ment should not be classified crimes. Bryan A Hermes spoke on behalf third Arthur B. Daupresident session of the trial Gratz made his final "There mind quotafourth act from 'So full artless in Hamlet, guilt spills in fearousy be said Gratz in ing phasizing the secrecy and deception of the defendants when formsyndicate to deal in stock of their bank. The bank closed its doors on October defendants were so ous and zealous acts from that they an that spilled document evidence reeks the of their guilt," conGratz. Demands Guilty Verdict "This jury cannot possibly find other under the evidence. We maintain that the Commonwealth has more than provthe burden its case against these men. have completed the mosale about which told you the start have fitted every piece in the jigsaw puzzle till complete picture stark ask you to find these defendguilty prosecutor attributed the closing the the which blinded of three officers blinded them to their sense "They used money the bank keep up stock prices protect their personal holdings," he Paid $75,000 Year "If the bank had closed in 1929 when was Harris would have made $150,000 salary alone ($75,000 year was his and there much the President of making the so well to run things Yes, very yet own and left the bank holding the bag the president and vice president speculating brokerage houses on money Harris on witness stand tried philanthropic by handing $45,000 run on the bank. you he put up single cent these records defense seems be these men lost everything in the bank. Defense "Preposterous" "Quite sympathetic, but you the bank and takes cash He and spends on the races goes something and brought the bar justice asks quittal because he is broke. That preposterous. The case for the defense wound up by Gray One black book in which ords of the When this Dauphinee that the but during the trial the book peared. letter from the Banking partment to sented of the but did not brand