19181. Shackamaxon Bank (Philadelphia, PA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
May 29, 1887
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini
Short Digest
fce25560

Response Measures

None

Description

The bank suspended May 29, 1887 with a $400,000 shortage; assignees handled the wreck and distributed dividends in June–July 1887. Criminal prosecutions of officers followed. There is no clear contemporaneous description of a depositor run prior to suspension in the provided articles, and the bank remained closed and in the hands of assignees (liquidation), so classify as suspension_closure.

Events (3)
1. May 29, 1887 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Large shortage/defalcation discovered (shortage of $400,000) leading to suspension.
Newspaper Excerpt
The Shackamaxon Bank suspended May 29, 1887, with a shortage of $400,000.
Source
newspapers
2. June 8, 1887 Receivership
Newspaper Excerpt
The assignees of the broken Shackamaxon Bank reported to-day that they had found a balance out of the wreck of $76,684. This will be distributed as soon as possible to the depositors, only enough being held to await the result of pending litigation. There will be sufficient to pay a dividend of 10 per cent. There has already been a 20 per cent dividend paid.
Source
newspapers
3. July 2, 1887 Other
Newspaper Excerpt
A dividend of 1d per cent is therefore declared, which will leave only a small cash balance in the hands of the assignee. The entire liabilities of the bank are $596,618 : 24.
Source
newspapers

Newspaper Articles (5)
1. June 9, 1887 New-York Tribune New York, NY
Article from New-York Tribune, June 9, 1887

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Article Text

TELEGRAPHIC NOTES. SMALLPOX AMONG ITALIANS IN CHICAGO. CHICAGO, June 8 (Special),-There is every indication that Chicago, or at least the Italian quarter here. is to have an epidemic of smallpox. The district in one of the most densely populated in the city and the Italian residents are panicstricken. DIVIDEND FROM SHACKAMAXON BANK. PHILADELPHIA. June 8 (Special).-The assignees of the broken Shackamaxon Bank reported to-day that they had found a balance out of the wreck of $76,684. This will be distributed as soon as possible to the depositors, only enough being held to await the result of pending litigation. There will be sufficient to pay a dividend of 10 per cout There has already been a 20 per centdividend paid. TO RECOVER LAND IN CHICAGO. CHICAGO, June8 .-A bill was filed in the Superior Court yesterday by Oliver Dennis, Jr., and others against EZPA H. McCagg, a lawyer of this city, to recover twenty acres of valuable land in Chicago. The complainants are about a dozen heirs of Oliver Dennis. who was a French-Canadian, who came to Chicago in 1846 with his family. The property is valued at $1,000,000. ATTEMPTED BURGLARY AND MURDER. CHICAGO, June 8 (Special)-Shortly before 2 o'clock this morning Edward McCormack was awakened by a noise in his kitchen. Leaving his bed and arming himself with a chair he ran into the kitchen, and encountered two men climbing in through the window. A desperate struggle followed. Mr. McCormack plied his chair until it went to pieces. while the burglars struck back with a hammer and a heavy stungshot. The blows fell upon Mr. McCormack's head and arms until he sank to the floor unconscious. Meanwhile the women of the household had aroused the whole neighborhood with their screams. The neighbors surrounded the house, and upon the arrival of officers they entered and captured the burglars. They were held in court to-day on a charge of burglary and attempted murder. FAILURE OF A PROHIBITION AMENDMENT. BOSTON, June 3.-The constitutional prohibitory amendment was defeated in the House to-day by a vote of 139 to 74, not the necessary two-thirds. Of the 142 members recorded in favor of the measure 126 were Republicans, 13 were Dem. ocrats, 1 Independent. Republican, 1 Independent-Democrat and 1 Independent. Of the 77 recorded against it, 17 were Republicans, 58 Democrats and 2 Indepéndent-Demoerats THIRTY APACHES ON THE WARPATH, BENSON, A. T., June 8.-Thirty Indians are now said to be on the warpath, instead of seventeen. Their first victim was a Union veteran. THE CUNARD COMPANY FINED. BOSTON, June 8. -Collector Saltonstall to-day imposed 2 fine of $1,000 upon the Cunard Steamship Company for land. ing an insane Woman.

2. July 3, 1887 New-York Tribune New York, NY
Article from New-York Tribune, July 3, 1887

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Article Text

DIVIDEND FROM SHACKAMAXON BANK. Philadelphia, July 2 (Special).-The report of exJudge Thomas R. Elcock, as auditor of the third account of the assignee of the Shackamaxon Bank, was filed today. The report states that, as it will be necessary to file a closing or final account and some suits at law and in equity are still pending, it has been deemed prudent not to distribute the entire fund, in order that proceedings may not be delayed or suspended for want of money. A dividend of 1d per cent is therefore declared, which will leave only a small cash balance in the hands of the assignee. The entire liabilities of the bank are $596,618 : 24.

3. December 30, 1887 The Morning News Savannah, GA
Article from The Morning News, December 30, 1887

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Article Text

PLEADS GUILTY. Huggard Afterward Called to The Stand as a Witness. PHILADELPHIA, PA., Dec. 29.-Just before the Commonwealth closed this evening in the trial of Thomas L. Huggard, cashier of the Shackamaxon Bank, Samuel P. Milligan, paying and receiving teller, and George W. Bumm, and William H. Bumm, sons of the late President of the bank, charged with conspiracy to defraud, the counsel for Huggard, who previously had remained a silent participant in the cause arose and said: "May it please the court, I desire on behalf of my client to withdraw his lea of not guilty and enter one of guilty." The plea was accepted and Huggard was called to the stand as a witness for the Commonwealth. The Shackamaxon Bank suspended May 29, 1887, with a S ortage of $400,000. Legal proceedings were begun in the civil courts for the purpose of collecting from the stockholders sufficient moneys to liquidate the debts, and criminal suits charging conspiracy to defraud were brought against Huggard, Milligan and the Bumm brothers.

4. April 5, 1888 Hillsboro Recorder Hillsboro, NC
Article from Hillsboro Recorder, April 5, 1888

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WORLD AT LARGE. PEN PICTURES PAINTED BY A CORPS OF ABLE ARTISTS. What is Going on North, East and West and Across the Water-The Coming Eurepean Storm. The French steam Britannia appeared in New York with small-pox on board. The heaviest storm of the season has been raging in Wales and the west of Scotland. The pilot boats Phantom and Enchantress are believed to have been lost in the lucent blizzard. Abner Ingalls Bergen, late president of the Pacific National Bank of Boston, Mass., a noted defaulter, has died in Canada. Prince William's general health is bad, and he has been advised to make a tour of Scotland and Norway in the Spring, if the duties of the regency permit. Rev. T. W. Pratt, one of the best known ministers in the Southern Presbyterian Church, and at one time president of the Central University of Kentucky, died at Louisville. Three officials of the broken Shackamaxon Bank, of Philadelphia, Pa., have been sentenced to imprisonment-one for a year and three months and the two others for a year and six months. Ex-Governor John T. Hoffman, of New York, who was one of the "Tweed ring" and whom they intended to run for the presidency of the United States, died of heart disease at Weisbaden, Germany. King Leopold, of Belgium, is about to visit President Carnot of France. His object is to obtain the sanction of the government to the issue of a lottery loan in Paris in furtherance of the Congo, Africa, scheme. In the first district court at Provo, Utah, sixteen Mormons were sentenced for living with more one than wife, contrary to the provisions of the Edmunds law. Most of them were given six months in the penitentiary and fined three hundred dollars. Ex-Governor William Dorsheimer, of Buffalo, N. Y., died at Savannah, Ga., of Bright's disease. The governor was traveling South for his health, accompanied by his wife. He was formerly U. S. District Attorney at New York City, and resigned to accept the position of editor of the N. Y. Star. Deputy Abrary was mortally wounded in a duel near Pesth, Hungary, by Herr Pulszky. The trouble was occasioned by the refusal of Abrary to separate from his wife, and marry Madame Pulszky, who was formerly a leading Hungarian actress. The lady threw hrself into the Danube, but was rescued. She afterward took poison and died. Gen. Lester B. Faulkner, of Dansville, N.Y., was arraigned in the United States District Court on an indictment of twentyfour counts, charging him with embezzling $150,000 from the First National Bank of Dansville. His brother James, the absconding president of the bank, has returned from Canada and has made a clean breast of the affairs of the bank before the United States grand jury. Under these disclosures Gen. Faulkner has been arrested.

5. November 22, 1888 The Evening Post Washington, DC
Article from The Evening Post, November 22, 1888

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Resorts ted on the suffrage and in in Kansasanda commendation women women's ming Territory 26,000 Boston tax to be the pluck assumed of a voluntary mitteemen. had just vote for school made by Stone Fred. Douglass, enabled Short addresses to Julia Ward were Howe, Lucy the Blackwell Thomas and L. now Huggard, others. defunct who Shackamaxon who was was cashier of of Philadelphia, the 24 and last to fifteen been Bank tenced on March nment after wreck having that inmonths' impris conspiracy to last night on of of Pardons, granted about of convicted pardon, stitution, having was served liberated by the The Board failure the ruling eight months sen- the after sentence. and of his Bank collapse, Shackamaxon the time paying-teller of was its were soon at and the of conHuggard sation after arrested President and George convicted Bumm, whose who trial spiracy. been indicted time and as that of his ochad also set at the same before that event with the was died connected both the associates, Shakamaxon curred. All of Bank business those were prominent circles, manage. and social and adopted in the a decided reckless in methods institution caused reached. Cooper's ment of the when the crisis was Pennsylvabattlefield sensation The position the of Gettysburg Cemetery nia battery yesterday on Gardner on East of New Cas- on the Hill was fixed The by James monument A. occupied will be by erected the Fourtle. ground Indiana now Infantry. Boston pawnteenth chained a the outside last broker's Thieves door then shut broke from rings. a front The window pawn. night and two diamond to pursue them, as he man broker and stole was open unable his front door. the young could not R. Reynolds, C., who pleaded on the Henry Charleston, an S. order for Company $1,000 of vesterday guilty from firm to of forging C. I. Prince sentenced & to five Boston, was state prison. factor years in the Thompson, a cotton and slightly Major A. R. was shot train going Shreveport, La., while on a salesman named of to wounded Texarkana Youngmoore yesterday by a St. who Louis afterward J. Wil- shot The New York. and killed organization himself. of "The Company W. Un- has cox Lard completed and in it starts out with was just been new management H, Flagler der capital its of $250,000. elected a president. near Arcadia, yesterJohn Strather, waylaid and living shot while dead on the He two leaves day La., by was unknown home persons to his farm. reside in highway going children, who the from Georgia. Devlin, who Steam jumped Guage and of fourth Wm. story Co.' building of the injuries on the last victim. night night. Lantern the fire, died of .eighth his known pamphlet He is the thirty Gilly has accusation aderate issued a of M. Numa he repeats his number of and in ruption which against a Deputies Reache Warrants recent Republicans. Salio will sue have Gilly been for principally sworn libel. out against colored fifty voting Ark. Demoelection in complainants. nearly men, for Jefferson illegal persons, County, in the propriecrats are the De Benyons, York, is Count Edward hotel in New attempting to of a Spanish wife with child. He was locked charged tor poison her by his and her has credit Y It up. no extra military in the Bundesrath, that loan of e e military as Although yet been circles 360,000,000 presented i consider marks it certain will be over dethreatened will e n at o millions. manded. :A prolongechnistopher of contest recently is Meyer, in New the York. milf a Ice r The lionaire, the Kentucky, estate who from is valued died the services. Phil. ten Thompson verdict Con- for of $10,070 Company for legal canvass of the 74,920; vote of Harn the necticut The official shows: Fisk, Cleveland, 4,234; 836. Labor, 240. rison, Cleveland's 74,584; plurality, Chateau e d Czar has placed of x-Queen Nata- the Yalta The at the disposal during her stay in y e forty second began in days. lie Crimea. of Bulgaria, fraternity convention three of New the n er in e an Theta York The yesterday. Delta L. Accove, Chi It Ka will killed colored last by a newsboy kick in d 1. Henry Philadelphia, unknown was boy of yesterday. Flagman the groin by Curlin, a friend in connect William has been arrested murder. S e 1tion Masterson with the Johnson Eva Mitchell of Patterson, on Tuesday N. and J., e Gilbert run over by a of train his marriage. has y rwas killed Rev. on Boyd the office eve Vincent of assistant of Pittsburg, bishop of Kaccepted the Southern Ohio. Secret Service t11 d Jake the Chief diocese has Bell of arrested of the Governmentounter= a gang of murin were in hung derers, h feiters in and Buffalo. Joe Tobler Wichita, two colored Kansas, 11 veteran, yesterday. a Grand Army The I. Home has suspended. has E. committed wings S. Lucas, suicide Bank in Chicago Norfolk of