19124. Penn Safe Deposit & Trust Company (Philadelphia, PA)

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust company
Start Date: May 9, 1891
Location: Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model: gpt-5-mini
Short Digest: 66c4bb19

Response Measures

None

Description

The Penn Safe Deposit & Trust Company (a state trust/safe-deposit company) made an assignment (suspended) the afternoon of May 9, 1891 after the Spring Garden National Bank closed; later statements (May 20–21) show an apparent deficit (~$95–97k). There is no clear description of a depositor run specifically on Penn; its suspension/assignment and subsequent deficit/assignee proceedings indicate permanent closure/receivership.

Events (3)

1. May 9, 1891 Suspension

Cause: Local Banks
Cause Details: Assignment/suspension came immediately after and in connection with the failure/suspension of the Spring Garden National Bank; common management/stockholders and resulting uneasiness and withdrawals precipitated the trust company's assignment.
Newspaper Excerpt: The Penn Safe Deposit and Trust company ... made an assignment yesterday afternoon.
Source: newspapers

2. May 20, 1891 Receivership

Newspaper Excerpt: A statement of the condition of the Penn Safe Deposit and Trust Company, which assigned the day the Spring Garden Bank suspended, was made to-day, and shows an apparent deficit of $97,000. Hope was expressed that the assignee would be able to realize on some of the company's assets and largely reduce the apparent deficit.
Source: newspapers

3. May 21, 1891 Other

Newspaper Excerpt: The statement of the condition of the Penn Safe Deposit and Trust Company ... shows an apparent deficit of $95,000 between the assets and liabilities. (Arrests of Spring Garden officers reported separately.)
Source: newspapers

Newspaper Articles (12)

1. May 9, 1891 New-York Tribune New York, NY

Article from New-York Tribune, May 9, 1891

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BANKS CLOSE THEIR DOORS TWO INSTITUTIONS IN PHILADELPHIA CEASE BUSINESS. COLLAPSE OF THE SPRING GARDEN NATIONAL AND BANK AND THE PENN SAFE DEPOSIT TRUST COMPANY - CAUSES THAT LED TO THE ASSIGNMENTS. NaGarüen Philadelphia, May 9. The Spring o'clock this Bank closed its doors at 11 Examiner tional order of National Bank by the morning Drew. The by following note was sent out bank management this morning decided National to place Bank the Ex in We the have hands of Mr has Drew, been the forced deposits upon during princi the aminer. This the large step withdrawnl of last September and the pally by stringency which began since To meet reserves financial continued dulness of business was found impos been have these demands on rapidly our on the assets. and We can see no sible to realize some weeks past, We still owe below_in our reserve increasing committee it. out Immediate balance to prospec Clearing payment House of which being standing loan certificat coupled with the disturbances uneasiness pressed. These facts, increas with week, have sitors, together of on the the part of weakening past of some of our of credit our deposit be with only the temporary. other banks. We the hope the suspension FRANCIS will W. KENNEDY, President. The Penn Safe Deposit and Trust Garden Company Nahas its office in the Spring assignment this which Bank building, made an is really tional The Penn Trust Company solvent, the afternoon. the bank, but is said to be against assignment a part of being simply for protection fully run. The capital stock of the bank statement, is $750,000 the repaid in, and amounted by the in February round figures to $150,000 serve Tuesday fund last the bank declared the a stock semi-annual sold at dividend On of 2 1-2 per cent The and bank's line of de$121, par being to $100. about $2,000,000, and locked the city up posits Philadelphia, amounts which has $400,000 suffers to of Keystone Bank, again Garden in the broken of $144,000. The Spring a State the extent organized in 1870 nearly as driven Bank was and in 1886 was upon it. Bank, by a heavy run Bank into insolvency the Keystone the When the run took place on also made on small run was it without difficulty. last Spring winter Garden a Bank, but the bank met Nelson F. Evans, president has of the been Spring prominently Garden Insurance Company, who with the receivership the of mentioned in connection of the directors of Keystone Bank, is one to-day that the the Bank. It was said close, and Spring Garden between the two banks were was urged for of relations that the appointment of Mr. Spring Evans Garden Bank The in the event is not two banks the purpose of embarrassing aiding the complications. known, exact relationship of that the the embarrassment the of col- the but it is Garden supposed is due to some extent to the over latest Spring lapse of the Keystone Bank. morning bank failure at once The excitement was at this first great. Reports became that current, other banks were endangered that the Spring Garden contributed National and the was fact depository for city moneys evening it is not Bank sense of alarm. This general importance will follow. to the consequences of National Bank those by believed that The Spring Garden well posted to of weight be doing cause has not been a good supposed business, nor was special the anxiety. its failure sufficient arisen to solely from the now which proThe anxiety has of involuntary liquidation ever by since this tracted city course has with been distinguishing scoreely a break. itself The assignment failure last autumn, Spring Garden Bank and be the said simply to is of the Penn Trust Company may dead wood. It of the to the increasing pile connection of between the evident add that there was a and the closing of the Garden though whatever Keystone Bank Bank. failure Just what that connection it was The Spring is not yet apparent, further difficulty. Bank, Keystone a wholesale it was can hardly cause it will be remembered, looting was If made the defunct subject president, of Spring John Garden C. Lucas. Bank, of assets it by is its largely now in the debt latter to may the be regarded as diminished the certain to that interest amount. attaches to Bank the deposit as well of as city in A in the Spring Garden course of City Treasurer the in keeping the Keystone has certain been the moneys Bardsley Keystone. on deposit The the in sum of well $400,000, as legal limit, assailed, and this, was as used by him to severely charges that the city money the subject of an investi- deposit his own profit, committee is now of Councils. Garden The Bank was gation of city by moneys small in the amounting Spring to be only intact $144,000 and comparat which mparatively $100,000 certificate is stated to of deposit may mean with of covered by a whatever that this afterthe correspondence treasurer," made City Controller public and Treasurer Mr noon, between out the the fact that the with limit the Bardsley been advised brings mounts to reduce below his the legal It has not has banks to Treasurer agreed of $400,000 city To this course the for the full mandatory, limit ordinance to stated been unusual in the permissive, which not the Treasurer banks Such acts was Councils under with individual now large of be deposited case with the Keystone. with There the Third erroneously National affected deposit the which of city at money one time by to-day the was Spring impression Garden reported Bank. to be probably though of the the city fund no Bank failure. immediate withdrawal Of course dethat an keeping was will imminent. be made made on any inquiry in recipitate its demand City Controller has mount of city of moneys but states pository various The banks as to the the evening was done of the in their possession that this with the Wednesda last, purpose of comparison Treasure Just the for the City be by merely of the the city will calculated at returns losses of definitely will probably what the cannot be any they bondsmen. two failures but if there City easurer's uences are present up by the general consec the closing made the ugh no serious as the result incessant of failures disclosures But apprehended Bank, the managerial malcreated to be Spring Garden as to strong of and the damaging have undoubtedly doub in Philadelphia. more feasance distrust and that if there are any overcome internal feeling much of is certsin, have been struggling too will be of by liquidation institutions This hich soundness the they natural force teleforced gravity into stories of the bank the failures failures of were the the to-day Bank graphed Among from Trust the city and the foundation Girard the Pennsylvania There was stitutions no are among mentioned for this of The the two kind in this National city. banks cent shall of strongest requires that least 25 reserve per of the The law reserv fund of The last the Controller that : have their capital stock. Bank reported to was on House hand Spring Garden reserve first filed of at the Clearing The was latest statement and discounts @2. banks. ,000 was as follows: $730,000; Joans 000 due from 81,719,000 lawful Capital. money reserve, banks, $1,000; $403.00 deposits, to the $70,000; due 245,000. the bank as follows: made The 26 circulation full statement of last was as @2.170.028 Auditor on February Loans and secured, discounts $3,318 United erdrafts. secured and unsecurea

2. May 9, 1891 New-York Tribune New York, NY

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COMMENTS MADE IN WALL STREET. DOUBTFUL RUMORS INVOLVING ANOTHER PHILADELPHIA BANK. The news from Philadelphia of the failure of the Spring Garden National Bank caused the circulation in Wall Street of many disquieting rumors respecting the financial situation in that city. Trouble was reported in the affairs of one of the strongest banks in Philadelphia, but this was not credited by well-informed bankers here. The bank assailed by these rumors has a capital of $1,000,000 and a surplus, with undivided profits, according to its last statement, of more than $1,300,000. Its New-York correspondents are banks of the highest standing, and they emphatically expressed disbelief in the rumors. Another story which was circulated was that a large trust company in Philadelphia had failed or was embarassed, but it was generally considered that this grew out of the suspension of the Penn Safe Deposit and Trust Company, an organization which was connected with the management of the Spring Garden Bank. This deposit company was not believed to be large, and its collapse was regarded as a sequeI to the bank's failure. The general opinion among well-informed bankers is that Philadelphia has had a strained financial position since the culmination of the money panic in last November. Because of this, more credence was given to the disquieting rumors than might otherwise have been the case. A prominent bank officer said yesterday that the trust and safe-deposit companies of Philadelphia were not subjected to the same close scrutiny as is provided by the State laws of New-York and by the National Banking act. It has been known for some time that Philadelphia has been an excellent market for city railways, electric light companies, gas and water works, and even municipal building enterprises, which have been less ready of sale in the localities where the schemes originated. Many of these enterprises are admitted to be perfectly legitimate and full of promise of profit, but the secucities were not of a character on which realizations can readily be made when a monetary pinch is felt by the institutions which have made advances. It is supposed that the disaster to the Spring Garden Bank and the trust company allied to it may have grown out of some complication arising from this kinc of investment. The New-York correspondents of the Gpring Garden National Bank are the Hanover National Bank and the National Bank of the Republic. At both of these institutions nothing could be learned of the causes of the failure of the Philadelphia institution or of its probable extent. John Jay Knox, president of the National Bank of the Republic, said that in his bank there was a balance to the credit of the Spring Garden. At the Hanover information was withheld as to the balance between it and the Spring Garden, but it was stated emphatically that the Hanover would lose nothing by the failure. It is understood that the Spring Garden owes money to numerous New-York banks, but it is not believed that in any case the amounts are large or likely to cause embarrassment. The Spring. Garden, by a statement made in October, had $2,500,000 in deposits. In February the amount had fallen to a little more than $2,000,000, a comparatively small shrinkage considering the financial stress of the winter. The directors of the bank are Francis W. Kennedy, John B. Stetson, Ephraim Turland. Nelson F. Evans, Ephraim Young, Nathan Middleton and Robert C. Thomas. Mr. Stetson is head of a large hat-manufacturing concern. and Mr. Turland is a large retail drygoods dealer. Mr. Kennedy, who is the president of the bank. has been interested in numerous enterprises, and it is feared that these have led to an involving of the affairs of the bank. In other words, the bank is supposed to have had itself spread out" in too many concerns, in some of which the president and his friends have been interested. The bank was formerly a State institution, and was reorganized several years ago under a National charter.

3. May 9, 1891 Evening Journal Wilmington, DE

Article from Evening Journal, May 9, 1891

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QUAKER CITY CRASHES. Two Big Financial Concerns Have Gone Under. 1 SENSATIONAL RUMORS ARE AFLOAT The Spring Garden Bank and the Penn Safety Deposit and Trust Company Have Both Falled-President Kennedy's Explanation. 1 PHILADELPHIA, May 9. -There is great uneasiness in this city over the failure of the Spring Garden bank and the Penn Safe Deposit and Trust company, and sensational rumors that concern the alleged instability of other institutions. Vice President Caldwell, of the Girard National bank, emphatically denies that e his bank is embarrassed as was reported. He says that the bank was never in better condition than it is today, and that it is able to pay every dollar it owes, The Spring Garden bank closed its doors Fri1 day afternoon, and is now in the hands of Bank Examiner W. P. Drew. In answer to a request sent in to President Kennedy for some information as to the reasons for the bank's closing, the following note was sent out: President Kennedy's Statement. "We have decided to place the bank in the hands of Mr. Drew, the national bank examiner. This step has been forced upon us principally by the large withdrawal of deposits during the financial stringency which commenced last September and the continued dullness of business since. To meet these demands on our reserves it was found impossible to realize rapidly on the assets. We have been below in our reserve for some weeks past and can see no immediate prospect of increasing it. We still owe a balance to the clearing house committee for outstanding loan certificates, payment of which is being pressed. These facts, coupled with the disturbances of the past week, have caused increased uneasiness on the part of some of our depositors together with the weakening of our credit with the other banks. We hope the suspension is only temporary." Philadelphia's Money Endangered. Bank Examiner Drew could not be found about the bank. He went away almost immediately after the closing of the doors. It is said that there is $144,000 of the city of Philadelphia's money locked up in the bank's strong boxes. The last statement of the Spring Garden National bank for the week preceding May 4 showed: Loans, $2,487,000; reserve, $403,000; deposits in banks, $4,000; deposits, $1,719,000. The Penn Goes Down, Too. The Penn Safe Deposit and Trust company, which has offices in the Spring Garden National bank building, made an assignment yesterday afternoon. The Penn Trust is officered by the same men as the Spring Garden bank. It must not be confounded with the Pennsylvania Annuity Safe Deposit and Trust company, which is one of the strongest institutions in Philadelphia. The trust company is now a state institution, separate from the Pennsylvania bank, but it is practically an outgrowth of the bank in this, that the stockholders of the bank are also largely stockholders of the trust company.

4. May 9, 1891 The Morning News Savannah, GA

Article from The Morning News, May 9, 1891

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A BANK SHUTSIIS DOORS. THE SPRING GARDEN NATIONAL OF PHILADELPHIA FAILS. The Crash followed by the Suspen8 on of the Penn afe Deposit and Trust Company-The Failures a Eurprise to the Public-Fair Rep rts at the Last Showing. PHILADELPHIA, May 8.-Under an order received from Controller of the Treasury Lacey the doors of the Spring Garden National Bank were cl sed at 11 o'clock this morning. News of the suspension spread through the city like wildfire, and it was not long before the frightened depositors began to gather around the bank building at Twelfth and Spring Garden streets. Scarcely had the announcement of the failure of the Spring Garden bank been made before there was a rumor afloat that the Penn Safe Deposit and Trust Company, also located at Twelfth and Spring Garden streets, had also suspended payment. A SURPRISE. To the general public the crash was a great surprise, for at the last sale of Spring Garden' bank stock on April 28, 1891, the price obtained was $121 50, which is exactly $21 50 above par. The capital stock of the institution was quoted at $750,000 and there was supposed to be a surplus of $130,000. A dividend of 21/2 per cent. was paid upon the capital stock at the last annual meeting and the bank was therefore generally supposed to be sound. THE CITY CAUGHT. The bank is a large depository of the city's money. According to the statement of City Treasurer Bardsley he has $144,000 on deposit in the institution. The officers of the bank are: President, Francis W. Kennedy; cashier, Henry H, Kennedy; assistant cashier, S. A. McClure. The board of directors were Francis W. Kennedy, Nathan Middleton, Ephraim Turland, Nelson F. Evans, Ephraim Young, Robert C. Thomas and John B. Stetson. At 11:30 the following notice was placed upon the door: This bank is closed by order of the controller of the currency until further notice. W. B. DREW, National Bank Examiner. A STATEMENT BY THE PRESIDENT. When the people gathered immediately af er the doors had closed, President Kens nedy looked outof a side door and called out that he had no statement to m ke. As soon as he had finished speaking ne disappeared inside, amid the shou S and jeers of t e disappoint crowd. Later he gave out the following statement: We have this morning decided to place the bank in the hands of Mr. Drew. the national bank examiner. This step has been forced upon us principally by reason of the large withdrawal of deposits during the financial stringency which commenced last September, and the continued dullness of general business since. To meet these demands and maintain our reserve it was found impossible to realize rapidly enough upon the assets. We have been below our reserve for some weeks past, and can see no immediate prospects of increasing it. We still owe a balance to the clearing house committee for outstanding loan certificates, the payment of which is being pressed These facts, coupled with the disturbances of the past week, have caused increased weakness on the part of some of our depositors, together with weakening of our credit with other banks. We trust that the suspension will be only temporary. FRANCIS W. KENNEDY, President. THE TRUST COMPANY. The Penn Trust Company is now a state institution, but it was originally an outgrowth of the bank in this city. The stockholders of the bank are also largely stockholders of the trust company. Samuel B. Huey was consulted by persons interested and connected with the trust company 88 to the di

5. May 9, 1891 New-York Tribune New York, NY

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New-York? Daily Uribune FOUNDED BY HORACE GREELEY SATURDAY, MAY 9, 1891. TWELVE PAGES. THE NEWS THIS MORNING. Foreign.-It is likely that the Newfoundland House will refuse to adopt the resolutions urged Italy will adby the delegates in London. dress a circular to the European Powers in reference to the conduct of the United States Government in the New-Orleans affair. = The Conservatives carried a bye-election for South Dorset by 40 votes, against their majority of President Bal991 at the last election. maceda is said to be preparing to flee from Chili. There was for several hours a panicky feelMadame Blavatsky ing on the Paris bourse. The reports of a revolution in Costa is dead. Rica are denied. Domestic.-The President was welcomed to Boise City, Idaho, by the State and city officials and the people; after a reception at the State Capitol the Presidential party coontinued their journey EastThe Spring Garden National Bank ward. and the Penn Safe Deposit and Trust Company, of Philadelphia; closed their doors. The Y. M. C. A. Convention continued its sessions in Kansas The Government's intentions in regard City. to the flight of the Itata remain a mystery. Governor Bulkeley and Lieutenant-Governor Merwin made answer in the Superior Court of Connecticut to the quo warranto proceedings of Judge Morris. City and Suburban.-The will of Mrs. C. J. Osborn left large bequests to her son Howell, to Yale College, and to a home to be established for aged women; it will not be contested. The Brooklyn baseball team defeated the Philadelphia nine by a score of 12 to 10. = The Lumber Dealers' Association resolved to boycott the Lumber Handlers' Union; a big fight ex- Arbor Day was observed with exerpected. Stocks active and cises in the public schools. lower on further shipments of gold to Europe. The declines were about 1 per cent on an average, but the closing was not weak. The Weather.-Forecast for to-day: Generally fair and warmer. Temperature yesterday: Highest, 68 degrees; lowest, 48; average, 59 1-8.

6. May 13, 1891 Connecticut Western News North Canaan, Salisbury, Canaan, CT

Article from Connecticut Western News, May 13, 1891

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QUAKER CITY CRASHES. Two Big Financial Concerns Have Gone Under. SENSATIONAL RUMORS ARE AFLOAT The Spring Garden Bank and the Penn Safety Deposit and Trust Company Have Both Failed-President Kennedy's Explanation. PHILADELPHIA, May 9.-There is great uneasiness in this city over the failure of the Spring Garden bank and the Penn Safe Deposit and Trust company, and sensational rumors that concern the alleged instability of other institutions. Vice President Caldwell, of the Girard National bank, emphatically denies that his bank is embarrassed as was reported. He says that the bank was never in better condition than it is today, and that it is able to pay every dollar it owes. The Spring Garden bank closed its doors Friday afternoon, and is now in the hands of Bank Examiner W. P. Drew. In answer to a request sent in to President Kennedy for some information as to the reasons for the bank's closing, the following note was sent out: President Kennedy's Statement. "We have decided to place the bank in the hands of Mr. Drew, the national bank examiner. This step has been forced upon us principally by the large withdrawal of deposits during the financial stringency which commenced last September and the continued dullness of business since. To meet these demands on our reserves it was found impossible to realize rapidly on the assets. We have been below in our reserve for some weeks past and can see no immediate prospect of increasing it. We still owe a balance to the clearing house committee for outstanding loan certificates, payment of which is being pressed. These facts, coupled with the disturbances of the past week, have caused increased uneasiness on the part of some of our depositors together with the weakening of our credit with the other banks. We hope the suspension is only temporary." Philadelphia's Money Endangered. Bank Examiner Drew could not be found about the bank. He went away almost immediately after the closing of the doors. It is said that there is $144,000 of the city of Philadelphia's money locked up in the bank's strong boxes. The last statement of the Spring Garden National bank for the week preceding May 4 showed: Loans, $2,427,000; reserve, $403,000; deposits in banks, $4,000; deposits, $1,719,000. The Penn Goes Down, Too. The Penn Safe Deposit and Trust company, which has offices in the Spring Garden National bank building, made an assignment yesterday afternoon. The Penn Trust is officered by the same men as the Spring Garden bank. It must not be confounded with the Pennsylvania Annuity Safe Deposit and Trust company, which is one of the strongest institutions in Philadelphia. The trust company is now a state institution, separate from the Pennsylvania bank, but it is practically an outgrowth of the bank in this, that the stockholders of the bank are also largely stockholders of the trust company.

7. May 13, 1891 The Climax Richmond, KY

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ABSOLUTELY PURE FINANCIAL SURPRISE. Italy's New Movo. The Italie of Rome says: The Spring Garden National Bank at Philadelphia Closes Its Doors. ian government is about to circular to the European p PHILADELPHIA, May 9.-The Spring Garden national bank closed its doors mitting the conduct of the Ur government in the New Orl yesterday. Its capital is $750,000 and to their judgment. Italy w surplus $127,500. In answer to a request the initiator of an internati sent to President Kennedy for some information as to the reasons for the ment to compel the Unite find means to guarantee the bank's closing the following note was sent out: of foreign subjects." "We have decided to place the bank Tired of the Boycot in the hands of Mr. Drew, the national Strikes are growing serio bank examiner. This step has been York city. The boycottin forced upon us principally by the large Bucki's lumber-yard was ti withdrawal of deposits during the finanthe Lumber Dealers' associat cial stringency which commenced last They decided if the boycot September and the continued dullness removed by Monday every lu since. To meet these demands on our er in the city would shut dow reserves it was found impossible to thereby throwing out 120,000 realize rapidly on the assets. We have been below in our reserve some weeks Floral Mementos Stole past and can see no immediate prosThe floral mementos left o pect of increasing it. of Dr. Cronin in Calvary cem "We still owe a balance to the clearcago, on May 4, the annivers ing house committee for outstanding death, were taken away loan certificates, payment of which is night. The friends of the being pressed. These facts, coupled man believe the vandalism with the disturbances of the past week work of the Clan-na-Gael. have caused increased uneasiness on the part of some of our depositors, together This Means Fight. with the weakening of our credit with M. Rochefort, in the Intra the other banks. We hope the suspenhas blamed M. Isaac, sul sion will be only temporary." Avesnes, for ordering the tx The crash was a great surprise to the on the rioters at Fourmies. general public as at the last sale of its will be a duel between M. Is stock the price obtained was $121.50. Rochefort. The capital stock of the institution was The Job Must Be Hoodo quoted at $750,000 and there was a supposed surplus of $130,000. A dividend of Maj. H. P. Downing, colle 2½ per cent. was paid upon the capital Pedro, Cal., port, died Sun stock at the last annual meeting. ing. He is the fourth coll Mr. Kennedy, the president of the this administration to die w bank, is a man of unswerving integrity, tering upon the duties of th and it is generally believed that whatThe Dime-Saving Cra ever the end may be there can be no The demand for dimes upo breath of suspicion respecting the lawtreasury is so great that it ful management of the bank's affairs. met. Within the past ten d The Penn Safe Deposit & Trust Co., in dimes has been shipped which has offices in the Spring Garden for $60,000 are now awaiting national bank building, made an assignThere has been ordered si ment yesterday afternoon. coined into dimes at the : NEW YORK, May 9.-The New York treasuries $231,000 of deb correspondents of the Spring Garden coin. bank are the National Bank of the ReThe Ocean Mine Disas public and the Hanover national bank. The coroner's verdict in In neither of these institutions was anything further known of the failure than mine disaster, in which four the fact that it had occurred. Each bank killed, at Clarksburg, W. had a small balance in favor of the that neither owners or boss Spring Garden bank. essary precautions to prever

8. May 15, 1891 Vermont Phœnix Brattleboro, Bellows Falls, Ludlow, VT

Article from Vermont Phœnix, May 15, 1891

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nres, two men were killed. Forest fires S rounded Woonsocket, R. I., Monday, bu ing over 100 acres of woodland, includ the new city park. The later reports bring news of vast struction of forests in Cumberland, Cent Warren, Columbia and other counties Pennsylvania. In the first named cou 10,000 acres of timber land have been bu ed over, and a number of dwelling hou destroyed. Some idea of the vastness of the burn district in Michigan can be gained from fact that almost any two of the dozen co ties now filled with fire are as large as whole state of Rhode Island. The Tole Ann Arbor and Northern Michigan railr has been obliged to abandon all attempt run cars north of the Clare county line. Thousands of tons of ice harvested d ing the winter of 1889-90 are being dum into Lake Champlain at Plattsburgh, N. Col. Michael Murphy, a well-known N York man, has recovered from a se months' illness, during which time he co not swallow a mouthful of food. He nourished by skillful mechanical mea but wasted away from 198 to 90 pour An ulcer in the stomach caused his illn Under an order from the comptrolle the currency the doors of the Spring G den National bank at Philadelphia w closed last Friday. The news spread wildfire and soon the frightened deposit began to gather around the bank buildi only to learn that the Penn Safe Dep and Trust company had also suspend The Spring Garden bank was capitali for $750,000, and contained a city of P adelphia deposit of $144,000. The susp sion created great surprise and excitem The cause is said to have been the w drawal of deposits during the stringe last fall and the continued dullness of b ness since. Yale college gets another $150,000. ] through the will of Mrs. Charles J. Osb of New York, for a memorial hall to husband. The peach crop in Connecticut will 1 failure on account of last week's fre The loss is estimated at 30,000 baskets, ued at as many dollars. The government will issue a new $2 ver certificate on account of a succes counterfeit of the bill now in circulatic The Russian government 'sdecree for expulsion of the Jews cause d such a turbance of business that a second o has been issued suspending the decre far as to allow a year's grace to Jews

9. May 21, 1891 New-York Tribune New York, NY

Article from New-York Tribune, May 21, 1891

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THE PENN TRUST COMPANY'S CONDITION. Philadelphia, May 20.-A statement of the condition of the Penn Safe Deposit and Trust Company, which assigned the day the Spring Garden Bank suspended, was made to-day, and shows an apparent deficit of $97,000. Hope was expressed that the assignee would be able to realize on some of the company's assets and largely reduce the apparent deficit.

10. May 22, 1891 The Morning Call San Francisco, CA

Article from The Morning Call, May 22, 1891

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BUSINESS TROUBLES. Shortage Discovered-Arrest of Bank Offcials-Falsified Returns. PHILADELPHIA, May 21.-The statement of the condition of the Penn Safe Deposit and Trust Company, which recently assigned, shows an apparent deficit of $95,000 between the assets and liabilities. Francis M. Kennedy, President, and Henry H. Kennedy, cashier of the suspended Spring Garden National Bank, have been arrested upon a warrant sworn out by depositors of the bank, charging them with receiving deposits when they knew that the bank was insolvent. The hearing of President Marsh and exAssistant Cashier Lawrence, charged with falsifying the returns of the Keystone National Bauk to the Comptroller of the Currency, was continued here this afternoon before the United States Commissioner. When Marsh's name was called he did not answer, and his counsel stated he did not know where Marsh was, or whether he would be present or not, as he had not seen him since last Saturday. BOSTON, May 21.-The Davis Shoe Company, it is reported, owe about $235,000 in open accounts, due for merchandise. The great bulk of the indebtedness is for notes yet to mature and contingent liabilities. No definite statement of the affairs will be given out until a meeting of the creditors Monday next. RICHMOND (Va.), May 21.-The Davis Shoe Company, a corporation chartered by Maine, which operated an extensive factory at the State Penitentiary, has made an assignment. The liabilities of the Richmond branch are $125,000. NEW YORK, May 21.-A morning paper says.the failure of the insurance brokerage firm of Satterlee, Bostwick & Martin is announced. From the charges made by the most reputable underwriters of New York, and from statements of the President or Resident Manager of the greatest insurance corporation of the country, it appears that for nearly a year certain members of the firm systematically misappropriated funds placed in their hands for the pay ment of various corporations. The amount involved in this neglect to pay the premiums and losses which this firm collected as agents reached nearly $150,000, but owing to the sacrifices of property owned by the two elder members of the house this sum has been lessened considerably. There are, however, still outstanding a number of obligations incurred after the method which caused the ruin of the brokers, whose aggregate shows how loosely are conducted transactions between insurance companies and brokers.

11. May 22, 1891 The Morning Call San Francisco, CA

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BUSINESS TROUBLES. Shortage Discovered-Arrest of Bank Officials-Falsified Returns. PHILADELPHIA, May 21.-The statement of the condition of the Penn Safe Deposit and Trust Company, which recently assigned, shows an apparent deficit of $95,000 between the assets and liabilities. Francis M. Kennedy, President, and Henry H. Kennedy, cashier of the suspended Spring Garden National Bank, have been arrested upon a warrant sworn out by depositors of the bank, charging them with receiving deposits when they knew that the bank was insolvent. The hearing of President Marsh and exAssistant Cashier Lawrence, charged with falsifying the returns of the Keystone National Bank to the Comptroller of the Currency, was continued here this afternoon before the United States Commissioner. When Marsh's name was called he did not answer, and his counsel stated he did not know where Marsh was, or whether he would be present or not, as he had not seen him since last Saturday. BOSTON, May 21.-The Davis Shoe Company, it is reported, owe about $235,000 in open accounts, due for merchandise. The great bulk of the indebtedness is for notes yet to mature and contingent liabilities. No definite statement of the affairs will be given out until a meeting of the creditors Monday next. RICHMOND (Va.), May 21.-The Davis Shoe Company, a corporation chartered by Maine, which operated an extensive factory at the State Penitentiary, has made an assignment. The liabilities of the Richmond branch are $125,000. NEW YORK, May 21.-A morning paper says the failure of the insurance brokerage firm of Satterlee, Bostwick & Martin is announced. From the charges made by the most reputable underwriters of New York, and from statements of the President or Resident Manager of the greatest insurance rorporation of the country, it appears that for nearly a year certain members of the firm systematically misappropriated funds placed in their hands for the pay ment of various corporations. The amount involved in this neglect to pay the premiums and losses which this firm collected as agents reached nearly $150,000, but owing to the sacrifices of property owned by the two elder members of the house this sum has been lessened considerably. There are, however, still outstanding a number of obligations incurred after the method which caused the ruin of the brokers, whose aggregate shows how loosely are conducted transactions between insurance companies and brokers.

12. May 22, 1891 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, May 22, 1891

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BANKERS IN COURT. The Spring Garden Failure and Keystone Falsification. Philadelphia, May 21.-Francis M. Kennedy, president, and Henry H. Kennedy, cashier, of the suspended Spring Garden National bank, were arrested at their residences last night on a warrant sworn out by a depositor of the bank named Escherman, charging them with receiving deposits when they knew the bank was insolvent. The two officials were released on $5,000 bail, and will have a further hearing to-day. PHILADELPHIA, May 21.-A statement of the condition of the Penn Safe Deposit and Trust company, which assigned the day the Spring Garden bank suspended, was made yesterday by Samuel B. Huey, counsel for the assignee, Josiah R. Adams, and shows an apparent deficit of $97,000 between the assets and liabilities. PHILADELPHIA, May 21.-The hearing of President Gideon W. Marsh and ex-Assistant Cashier Charles W. Lawrence, charged with falsifying the returns of the Keystone National bank to the comptroller of the currency, was continued here this afternoon before United States Commissioner Bell. When Marsh's name was called he did not answer, and his counsel stated that he did not know where he was, or whether he would be present or not, as he had not seen him since the termination of the hearing last Saturday. Three times did Commissioner Bell call Marsh's name, and then he called upon his bondsmen to produce him, or their bail bond of $20,000 would be forfeited. Lawrence's trial was proceeded with.