Northern Central Trust Company

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: trust company
Start Date: September 28, 1931
Location: Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model: gpt-5-mini
Short Digest: db622773

Response Measures

Full suspension

Other: State banking department closed the bank and placed it in hands of superintendent/receiver.

Description

Newspapers (Sept. 28-30, 1931) report a steady run on deposits that forced directors to close the Northern Central Trust Co.; the state banking department ordered the bank not to open. No reopening is mentioned and the bank is described as closed/failed, so I classify as run → suspension → closure. OCR corrected minor spacing/typos in articles.

Events (2)

1. September 28, 1931 Run

Cause Details: Steady withdrawals / run on deposits that depleted funds and precipitated insolvency.
Newspaper Excerpt: A steady run on deposits was declared the cause of the bank's insolvency.
Source: newspapers

2. September 28, 1931 Suspension

Cause: Government Action
Cause Details: Closed by order of the State banking department after continued withdrawals; directors closed the institution following the run.
Newspaper Excerpt: The Northern Central Trust Company bank here failed to open its doors today. The institution was closed upon orders of the State banking department.
Source: newspapers

Newspaper Articles (3)

1. September 28, 1931 The Washington Times Washington, DC

Article from The Washington Times, September 28, 1931

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Article Text

PHILADELPHIA BANK CLOSED PHILADELPHIA, Sept. 28 (I.N.S.).-The Northern Central Trust Company bank here failed to open its doors today. The institution was closed upon orders of the State banking department. The closed bank is one of the largest in Philadelphia. It has five branch offices. The Northern Central Trust Company, which should not be confused with the solvent Northern Trust Company, is headed by the following officers: President, Walter Gabbell; vice president, Charles H. Bridenbaugh; vice president and secretary, Homer C. Vierson; vice president and treasurer, title and trust officer, Alfred Coxe. NILES, Ohio, Sept. 28 (I.N.S.). Continued withdrawal of deposits today forced directors of the Niles Trust Company to close the institution and place it in the hands of State Banking Superintendent Ira Fulton. Deposits at the end of the fiscal year in 1930 were $2,704,165.67. HARTFORD, Conn., Sept. 28

2. September 28, 1931 Spokane Chronicle Spokane, WA

Article from Spokane Chronicle, September 28, 1931

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Article Text

LEGAL BEER NOT REAL ROAD FOR PROSPERITY DEATH CLAIMS KELLOGG MISS Alice Vang. 23. widely known in this section of Idaho, died Wallace hospital this morning following Last while Miss Vang and hip. from which developed She lived with and Mrs Vang Kellogg Raid Joints Simon Hatchett pleaded guilty to charge of liquor session before Justice George W Walker and $100 and and was suspended He rested Saturday night Federal Of ficer Sam Webb and Deputy Sheriff Cole Chief of Police Haight of Mullan and Deputy Bunton raided the Mrs Frances Mayde Mullan Saturday and confis cated quantity and grape mash She scheduled be arraigned Justice Walker late this afternoon Driver Injured Walter Gillespie Gem was fully injured early yesterday morning when he was driving left the road mile west of Saltese and rolled several times He was found and to the hospital by He sustained severe bruises and cuts Legalization of beer would not solve the employment prob. lem, nor would it add much to the farmers market, declares the Brookmire Economic Serv. ice of New York in a current release This is the first definite statement issued by this widely recognized economic authority on the prohibition question statement follows Turns Deaf Ear. Arguments for the modification of the prohibition law have gained force result the depression and the fiscal difficulties of the government though the has rightly. we should deaf It is not question of the merits prohibition but of the practicability of legalizing beer In the first place majority in congress is opposed to the proposition. No very strong political argument for the made The by the legalization beer might gain good many wet votes in the elections next year: on the other hand would lose some dry votes revenue which would be received from an excise on would. of be very would not obviate the necessity of raising other taxes Not Employment Solution Finally it would not solve the unproblem 1914 the last census year to the adoption of prohibition, the total number persons employed in the malt and malt liquors was only 992 How many were employed in the wholesale and retail distribution malt liquors unknown, but present, course. large number people are employed in the liquor trade and any additional employment would be trifling as compared to the seven million persons now out work Nor would legalization of malt beverages add to farmers market estimated that a new demand for only cent of the barley and per cent the crop would result These of course minor products having only small fraction the importance of crops like and wheat ARREST MACHINIST Accused of passing $15 worthless check on the Bech & Nelson service station S503 Washington. Clarence Porter 22, machinest Frank Brady was arrested by Detectives Clyde Ralstin and Morgan last night. He was charged with forgery PHILADELPHIA Sept The Northern Central Trust pany and its five branch offices in various parts of the city were closed today order of the state department of banking

3. September 30, 1931 The Daily Worker New York, Chicago, NY

Article from The Daily Worker, September 30, 1931

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Article Text

# BANK FAILURES IN U. S. MOUNT DAILY AS CRISIS GROWS Depositors Stand to Lose Savings of a Lifetime Bank failures continue at an un- precedented pace thruout the coun- try. Small depositors especially are hard hit, with their life savings wiped out in many instances, despite the promises of bankers and state banking departments that percent- ages will be paid. Below are some of the banks that were listed as insolvent the last few days. Philadelphia Bank Fails PHILADELPHIA, Pa. -The North- ern Central Trust Co., with five branches with deposits $2,309,959.95, closed its doors after a meeting of the board of directors. A steady run on deposits was declared the cause of the ban's insolvency. The banks covered the northern residential and business section of the city. Frederick, Md., Banks Crash HAGERSTOWN, Md. - The Daily Mail here reports the closing of the Commercial Bank of Maryland and three branches in the county, at Frederick, Md. Demand deposits of $315,869.92 and savings and special deposits of $2,- 340,475.84 were listed in the bank statement of June 30, 1931. The Central Trust Co. of Maryland and eleven branches in four counties closed last week. $11,000,000 Lost in San Antonio SAN ANTONIO, Tex. -The state commissioner of banking took over the affairs of the City Central Bank and Trust Co. with deposits of $11,- 000,000 as of July 1. Glass Town Bank Fails GLASSBORO, N. J.-The Glass- boro Title and Trust Co. in the cen- ter of the glass industry in south New Jersey closed its doors Monday. Total assets as of June 30 are listed at $516,610.32. South Carolina Bank Goes FORT MILL, S. C.- The First National Bank here did not open its doors due to the condition of its bus- iness. Steel Town Bank Closes NILES, Ohio.--The Niles Trust Co. with deposits of $2,400,000 closed its doors here. Niles is in the center of the steel making and finishing in- dustry.