Peoples Bank - Philadelphia, PA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: October 27, 1905
Location: Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model: gpt-5-mini
Short Digest: b42192d1

Response Measures

None

Description

Article (1905-10-27) describes the failure of the Peoples Bank of Philadelphia and the suicide of Cashier Hopkins tied to a securities/rehypothecation scandal and misuse of public funds. No explicit run is mentioned in the excerpt; the bank is described as failed (permanent closure). I classified bank_type as unknown because the name does not indicate 'National'/'State'/'Trust' and the article does not specify.

Events (2)

1. October 27, 1905 Receivership

Newspaper Excerpt: The Enterprise Bank affair ... It is merely a repetition of the old story. ... the failure of the Peoples Bank of Philadelphia, and the suicide of Cashier Hopkins seems to have been the result.
Source: newspapers

2. October 27, 1905 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Alleged rehypothecation of pledged securities, misuse of public/state funds and related scandal; suicide of cashier Hopkins indicates internal malfeasance.
Newspaper Excerpt: the failure of the Peoples Bank of Philadelphia, and the suicide of Cashier Hopkins
Source: newspapers

Newspaper Articles (1)

1. October 27, 1905 Evening Journal Wilmington, DE

Article from Evening Journal, October 27, 1905

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Article Text

THE ENTERPRISE BANK Enterprise Bank affair promTHE Ises to prove one of the greatest scandals of this generation and seems to involve the rehypothecation of securities. It is charged that certain stocks pledged for loans have been used again and are now held by other banks. The government is aroused by the disclosures, and the appeal of Governor Pennypacker to the President is likely to bear fruit in a searching investigation that will bring to light the real facts. It reveals no new phase of the Pennsylvania system. It is merely a repetition of the old story. The public moneys of Pennsylvania are used for political purposes. Immense sums are deposited with favorite banks with little regard to their soundness, and on the understanding that certain loans are to be made to favorite members of the gang. When Quay was alive he controlled the disposition of the State funds, and the failure of the Peoples Bank of Philadelphia, and the suicide of Cashier Hopkins seems to have been the result. Now it is charged that the Enterprise Bank failure is from the same cause, only another Senator appears to have been at the bottom of it. Quay pleaded the satute of limitations, and Pennsylvania is to build a great monuemnt to him. In this instance it is to be hoped that the statute has not begun to run. Another monument may be avoided.