Produce National Bank - Philadelphia, PA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 3507
Charter Number: 3507
Start Date: December 16, 1891
Location: Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model: gpt-5-mini
Short Digest: 8d230d46

Response Measures

None

Description

Article (New Ulm Weekly Review, 1891-12-16) reports that at a meeting of stockholders of the Produce National Bank of Philadelphia a two-thirds vote was taken to liquidate the business of the institution. No run or withdrawal drama is described; this is voluntary liquidation leading to permanent closure.

Events (3)

1. May 19, 1886 Chartered

Source: historical_nic

2. December 8, 1891 Voluntary Liquidation

Source: historical_nic

3. December 16, 1891 Suspension

Cause: Voluntary Liquidation
Cause Details: Stockholders voted by two-thirds at a meeting to liquidate the bank's business (voluntary liquidation).
Newspaper Excerpt: At a meeting of the stockholders of the Produce National Bank of Philadelphia, it was decided by a two-thirds vote to liquiddate the business of the institution.
Source: newspapers

Newspaper Articles (1)

1. December 16, 1891 New Ulm Weekly Review New Ulm, MN

Article from New Ulm Weekly Review, December 16, 1891

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Article Text

OTHERWISE. The Democratic national convention will decide upon the convention city Jan. 23. An oil well has just been drilled in Wayne county, Kentucky, which is producing 1,200 barrels a day of lubricating oil. Gov. Francis has decided to call an extra session of the Missouri legislature Jan, 15, 1892, for the purpose of redistricting the state. The Chicago University is likely to lose little if any of the Ogden bequest, says President Harper, who has just returned from New York. Attorney General Stockton of New Jersey, in the Bolton divorce case, gives an opinion to the effect that the South Dakota divorce law is valid. At a meeting of the stockholders of the Produce National Bank of Philadelphia, it was decided by a two-thirds vote to liquiddate the business of the institution, State Senator Durban, of Wyoming, says that rustlers have ruined the cattle business in that state, and that a war of extermination is likely to soon be begun against the thieves by ranchmen. Adolph A. Pier, a resident of San Francisco is missing. He left New York Sept. 30, and a letter dated Philadelphia was received from him shortly after he saying was going to Chicago. Since then nothing has been heard from him. The North American Beekeepers Association has elected officers as follows: President, Eugene Secor, of Forest City, Ohio; vice-president, Capt. Herrington, of Cherry Valley, N. Y.; secretary, W. Z. Hutchinson, of Flint, Mich.; treasurer, E. Root, of Medina, Ohio. William H. Ransom and Maurice S. Ransom, composing the firm of Ransom & Co., New York dealers in wrought iron pipes, assigned to Louis M. Fulton, with preferences to Spang. Chalfant & Co., of Pittsburg, Pa., John Regan, of New York city, Timothy Keely and Wills & Contan Company. Comptroller of the Currency Lacy hacy has instructed Gen. B. F. Fisher, receiver of the Spring Garden National Bank of Philadelphia, to make an assessment equal to the capital stock on the shareholders of the bank. The capital stock was $750,000, and if all the assessments are collected, $750,000 will be thus raised to pay off the indebtedness of the concern. The par value of the stock was $100 per share. The_ house of representatives of South Carolina, by a vote of 59 to 27, passed an act making the first Monday in September (Labor Day) a legal holiday; but attached a rider on it providing that the act shall not be construed so as to conflict with judicial sales and other legal transactions. The bill was advocated by the American Federation of Labor.