19190. Spring Garden Bank (Philadelphia, PA)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
August 27, 1885
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini
Short Digest
54b949ec

Response Measures

Accommodated withdrawals

Description

Contemporary telegraphed reports (Aug 26–27, 1885) describe an active run on the Spring Garden Bank in Philadelphia caused by malicious rumors. The bank continued to pay demands, there is no mention of suspension, receivership, or permanent closure; later reports state the excitement subsided.

Events (1)
1. August 27, 1885 Run
Cause
Rumor Or Misinformation
Cause Details
Bank president Francis W. Kennedy attributed the withdrawals to malicious rumors, and declared the institution solvent.
Measures
Payments continued to depositors (nearly $100,000 paid out by noon); officers stated every demand would be met.
Newspaper Excerpt
There is no abatement in the run on the Spring Garden Bank...by noon nearly $100,000 had been paid out. The officers of the bank say that every demand will be met.
Source
newspapers

Newspaper Articles (14)
1. August 27, 1885 Sacramento Daily Record-Union Sacramento, CA
Article from Sacramento Daily Record-Union, August 27, 1885

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TELEGR (PHIC BREVITIES. Ten persons died from cholera in Toulon, France, Wednesday. The furlough of the Russian naval officers have been extended. The Czar has .bandoned the idea of going to Ymunden to visit the Duke of Cumberland. The British militia which was called out at the time of the Penjdeh incident has been ordered to demobilize. Four thousand nine hundred and sixtynine new cases of cholera and 1,547 deaths were reported in Spain Wednesday. The thirty-fourth annual meeting of the American Association for the Advancement of Science is ii session at Ann Arbor, Mich. The German Government declines to either propose or accept arbitration of the differences bet ween it and the Government of Spain conce ning the Caroline Isiand affair, The Germandfag, recently hoisted on the French island off the Victorian coast in the South Pacific, has been removed by order of Prince Bismarck, at the request of France. There is a run to-day on the Spring Garden Bank, at lwelfth and Spring Garden streets, Philadelphia-a State concern. The bank has not been closed and all demands are bei 1g met. King Ludwig, of Bavaria, is to be publicly declared a bankrupt, and a guardian appointed for bim. He seems to be utterly incapable of appreciating the value of money. Heitrows it about right and left in the most scindalous manner. W. A. Shukers, of Illinois, the new Superintendent of the Pension building, has recently come into possession of facts whice justify the belief that a corrupt ring of officials and clerks in that office has for years been robbing the Government. Benjamin Garritt, of Philadelphia, says he has seen Arthur C. Preller in that city since his alleged murder in St. Louis. He described with great minuteness how he got acquainted with him in March. before the murder, and how they played billiards together in the Continental Hotel. The remains of Admiral Courbet were landed at Hyers, France, yesterday. Mass had previously been celebrated on board the Bayard. The casket was covered with wreaths, and salvos of artillery were fired during the disembarkation of the body. The weather was beautiful and the scene very impressive, The Acting Postmaster-General vesterday appointed the following named fourthclass Postmasters : In Arizona. at Gila Bend, James R. McKenney : in Idaho, at Franklin, James Heard; in Wyoming, at Big Horn, Thomas J. Green; Medicine Bow, R. L. Klinkbeard; in Oregon, at Mediord, D. H. Miller: Goshen, J. W. Matlock; Newport, Edward C. Phelps.

2. August 27, 1885 Evening Star Washington, DC
Article from Evening Star, August 27, 1885

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The Run on the Spring Garden Bank. PHILADELPHIA, August 27. - There is no abatement in the run on the Spring Garden bank. It was resumed at ten o'clock this morning and by noon nearly $100,000 had been paid out. The officers of the bank say that every demand will be met.

3. August 27, 1885 National Republican Washington, DC
Article from National Republican, August 27, 1885

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NEWS ITEMS. The United States men-of-war Pensicola and Kearsarge have arrived at Southampton. The United States practice ship Constellation, with naval cadets on board, his returned to Annapolis from the summer cruise. A German was arrested at Berne. Switzerland. yesterday, charged on suspicion with Leing engaged in planning an anarchist uprising. Bemis, charged with incest, pleaded guilty in the case of both daughters. and was sentenced at Greenfield, Mass., to twelve years in the state prison. The plumbago crucible works at Battersea, England, were destroyed by fire yesterday afternoon. One fireman was fatally injured. The loss is $500,000. Rev. "Henry Ward Beecher has accepted an invitation to deliver the culogy upon the life and services of Gen. Grant before the city council and the public of Boston. One of the clerks of the Federal Bank of Melbourne. which Was robbed of $14,000 on Monday, has confessed that he committed the theit, and has enabled the bank to recover all the money stolen. Chicago police have arrested two men, Mulkowsky and Phomming. who had in their passession jewelry taken from the person of Mrs. Agnes Kledzeick, whose murder was discovered a few days ago. The armory of company F, Minnesota state troops, a large tenement owned by J. K. 'Brien, and several business buildings a ljoining. were destroyed by fire at Fergus Falls, Minn., yesterday. Loss about $20,000. A society of German gymnasts, while opening a new hall in Koniginhoff, Bohemia, Tuesday, were assaulted by a mob of citizens, who smashed the doors and windows of the building, and injured eleven of the Germans. An appeal for the commutation of the death sentence of Lieski, the socialist, who murdered Dr. Rumpf, chief of police in Frankfort-on-theMain. last winter, to imprisonment for life, was yesterday rejected. There was a run yesterday on the Spring Garden Bank, Philadelphia, n state concern. The bank has not been closed. and all demands are being met. The president, Francis W. Kennedy, declares that the run is dne to malicious rumors, and that the institution is entirely solvent. Gounod's new oratorio, "Mars et Vita," was rendered yesterday afternoon at the Birming ham (England) music festival for the first time. The audience was enormous, and the enthusiasm evoked by the music amounted to an ovation. The composition was pronounced by all to be the author's masterpiece. The London Globe says it has good reason to believe that the Marquis of Salisbury will utilize his visit to the continent to interview the leading European ministers and diplomats with a view to smoothing the asperities at present existing in the relations between England and some of the foreign court. Mr. Bradlaugh has issued a campaign manifesto to his constituency in Northampton, which he urges his majority to continue sending him to parliament despite the refusals of the house of commons to permit him to take his seat, until the commons be shamed or compelled by popular feeling to accord him his rights. The fourth annual meeting of the American Forestry Congress will be held in Horticultural Hall, Boston, beginning on Sept. 22, under the auspices of the Massachusetts Horticultural Society, in conjunction with the New England Agricultural Society, the Massachusetts board of agriculture, and the Society for the Promotion of Agriculture. TRUST in Providence, and keep St. Jacobs Oil for pains and bruises.

4. August 27, 1885 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, August 27, 1885

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Run on a Lank. [By telegraph to the Dispatch.] PHILADELPHIA, PA., August 26.There is a run to-day on the SpringGarden Bank, at Twelfth and SpringGarden streets-a State concern. The bank has not been closed, and all demands are being met. President Francis W. Kennedy declares that the run is due to malicious rumors, and that the institution is entirely solvent. He says the surplus is about $30,000. The capital stock is $270,100, and deposits $1,650,947.

5. August 27, 1885 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, August 27, 1885

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Bank Run. PHILADELPHIA, August 26.-There is a run to-day on the Spring Garden Bank at Twelfth and Spring Garden streets, a State concern. The bank has not been closed and all demands are being met. . President Francis W. Kennedy declares that the run is due to malicious rumors, and that the institution is entirely solvent. He says the surplus is about $30,000. The capital stock $270,000 and the deposits $1,651,000.

6. August 28, 1885 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, August 28, 1885

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The Run on the Spring Garden Bank. Philadelphia. Aug. 27.-There is no abatement in the run on the Spring Garden Bank. It was resumed at 10 o'clock this morning at the point where it stopped yesterday. By noon nearly $100,000 had been paid out. The officers of the bank say that every demand will be met. All demands were met up to 3 o'clock, the hour of closing.

7. August 28, 1885 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, August 28, 1885

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No Abatement in the so un on the Spring Garden Bank. PHILADELPHIA, PA., August 27.There is no abatement in the run on the Spring Garden Bank. It was resumed at 10 o'clock this morning at the point where it stopped vesterday and by noon nearly $100,000 had been paid out. The officers of tde bank say that every demand will be met. Later.-No change occurred in the Spring Garden Bank affair up to 3o'clock p.m., payments being made to all applicants.

8. August 28, 1885 The Tombstone Tombstone, AZ
Article from The Tombstone, August 28, 1885

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TELEGRAPHIC Run on a Bank Pailadelphia, Aug., 27. There is run to-day on the spring Garden Bank at 12th, and the Spring Garden Streets, a State concern. The bank is not closed and all demands are being met, Presidant F. W. Kennedy declares that the run is due to malicious rumors and the institution is entirely solvent. He saysthe surplus is about $30,000; capital stock $27,000 and deposits $1, 641,000.

9. August 28, 1885 Eureka Daily Sentinel Eureka, NV
Article from Eureka Daily Sentinel, August 28, 1885

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this place is without foundation. No bandits have been recently brought in. The body of Alexandro Vidurra, a wealthy merchant, who was recently assassinated near Corrallitos ranch, was found floating in the Rio Grande to-day with five bullet holes in his head and heart. There is no clue to the assassins. Salvationists Fined 810 Each. CHICAGO, Aug. 27. - Five uniformed members of the Salvation Army was before 8 Justice of the Peace here to-day for obstructing the public streets and for disorderly conduct. It was charged by certain residents that the Salvationists imade night hideous and attracted disorderly crowds. They were fined $10 each and ordered to Birdswell. A Policeman Reinstated. CINCINNATI, Aug. 27.-Police Lieutenant Michael, Muller, who Was recently pardoned by President Cleveland, after having served several months in the county jail for having violated the Federal election laws last November, has been reinstated on the Cincinnati police force, and was to-day assigned his former position in the Hammond Street District. The Iowa Republican State Ticket. DES MOINES, Ia., Aug. 27.-The Republican State Convention to-day nominated State Senator William N. Larrabee for Governor on the first ballot, and nominated J. A. T. Hull, his opponent, for Lieutenant Governor. Judge Beck was renominated for Supreme Court Judge. A Kun on a Bank Continues. PHILADELPHIA, Aug. 27.-There is no abatement in therun on the Spring Garden Bank. It was resumed at 10 o'clock this morning at the point where it stopped yesterday, and by noon nearly $100,000 had been paid out. The officers of the bank say that every demand will be met. Snow " Pennsylvania Yesterday. WILKESBARRE, Pa., Aug. 27. - From early yesterday morning until late last night there was a heavy down pour of rain in this county. At Harvey's Lake, 10 miles from here, snow fell this morning and continued all day with slight intervals. A Colored Murderer Hanged. LITTLE Rock, Ark., Aug. 27.-Henry Burnett, 18 years old, (colored,) was hanged this morning at Lone Oak, Ark., for the murder of Nelson Anderson, also colored, in February last. A California Postoffice Shortage. WASHINGTON, Aug. 27.-The Inspector's report shows that the shortage discovered in the accounts of the Chico Postoffice amounts to $1,483.

10. August 29, 1885 National Republican Washington, DC
Article from National Republican, August 29, 1885

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"THE Golden Eagle Clothing Store." NEWS ITEMS. Mr. Gladstone states that his c ruise to Norway and his travels through that country have greatly benefited him in health. The Canadian Steamship Company has decided to run n fleet of steamers from Swansea, England, to Philadelphia. The departures will be made every three weeks. The excitement at the main and branch offices of the Spring Garden Bank, Philadelphia, has greatly subsided. and there was no rush by depositors yesterday. Business failures during the past seven days in the United States and Canada aggregated 189, as compared:with a total of 177 last week, and 168 the week previous to the last. The French cabinet discussed the annoyance caused by cries of hawkers of obscene literature, and decided that hawkers shall be allowed to call out only the title of the papers. Mary Reinhardt and Joseph May, mutes, were married at Syracuse, N. Y., Wednesday night. The groomsman was also a mute. The ceremony was performed through the bridesmaid, who neted as interpreter. It is said the steamer Felton's explosion at Philadelphia was caused by dynamite. but that the people who had the explosive did not intend to explode it, but were on the boat at the time and were taking it home to use. Chautauqua exercises for 1885 closed yesterday with a lecture by a colored man on "The African Problem," a historical lecture by Prof. A. M. Wheeler, a lecture by Judge Albion W. Tourgee on "Cain, Herod & Co.," and remarks by John A. Vincent, D. D. A representative of an English land syndicate has purchased in the upper portion of Beliver county that'ng froad. seven Louispille large cotton plantations. The purchase money, which was paid, amounted to about $300,000. Henry K. Goodwin, who, on Thursday, shot and killed Albert D. Swan, pleaded "not guilty," and he was committed without bail to await the action of the grand jury. He is very cool and collected, and spends his time in reading and chatting with the officers in the jail. The efforts of the Cincinnati Law and Order Lengue to stop the contest between Sullivan and McCaffrey appear now to be limited to arresting the parties and requiring them to give bonds. This would not necessarily stop the contest, and there is some doubt that the arrest will be attempted. Four companies of United States infantry and three troops of the 5th cavalry have gone into camp one mile from Kiowa, Kan., and will remain through the autumn. They have been stationed there to guard the border, on account of the recent Cheyenne troubles, though perhaps also in consequence of the President's determination to remove the cattle men from the territory. A number of colored soldiers of Fort Meade Dak., members of the 25th United States infantry, armed themselves and proceeded to the town of Sturgis, threatened to burn the place on account of the lynching of Ross Hollis, A colored soldier, assassin of Dr. Lynch on Thursday. A patrol of the 7th cavalry scoured the town, capturing and returning the disaffectants to the post immediately after the burial of Dr. Lynch. Sheriff Mumma, of Dauphin county. visited the Pennsylvania railroad office at Philadelphia yesterday and served upon several of its officers notice of the court's injunction in restraining the consummation of the South Pennsylvania and Beech Creek railroad transfers. The notice. as well as printed copies of the bill in equity, were left with Secretary Sims and General Solicitor Scott, of the Pennsylvania railroad, and Stephen White, secretary of the Northern Central Railway Company. Mr. Scott declined to say what course he will pursue until he appears at the hearing in court.

11. September 2, 1885 The Semi-Weekly Miner Butte, MT
Article from The Semi-Weekly Miner, September 2, 1885

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Meeting all Demands. PHILADELPHIA, August 27.-There is no abatement in the run on the Spring Garden Bank. It was resumed at 10 o'clock this morning at the point where it stopped yesterday, and by noon nearly $100,000 had been paid out. The officers of the bank say that every demand will be met.

12. September 3, 1885 Iron County Register Ironton, MO
Article from Iron County Register, September 3, 1885

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THE fireworks factory at Civita Vecchia, Italy, took fire on the 26th, and was destroyed. Ten bodies have been recovered from the ruins. WHILE in the act of going aboard the Italian line steamship Archemide on the 27th Salvater Pietta, an alleged fugitive from Cincinnati, was arrested on a charge of having appropriated and fled with money deposited with him by his countrymen. THERE were 4,777 new cases of cholera and 1,498 deaths from the disease reported throughout Spain on the 26th. AT Clinton, Ind., on the night of the 26th, burglars blew open the safe in the Post-office and secured $400 in stamps and money. There is no clew of the perpetrators of the robbery, which was not discovered until the next morning. THE run on the Spring Garden Bank at Philadelphia, Pa., has subsided. UNITED STATES MINISTER STALLO arrived at Rome on the 28th. GLADSTONE says his trip to Norway greatly benefitted him. THE German Lutheran Synod began its annual conference at Rochester, Minn., on the 28th. ADMIRAL COURBET'S remains were interred in the Hotel des Invalides, Paris, on the 28th. FIRE at Tallman, Mich., on the 28th destroyed Butler & Petter's saw mill, also a large lot of lumber and shingles. Ir is reported that Russia is making overtures to Turkey for an alliance. A GREAT boom is reported in the Bear Mountain mining camps, recent runs of metal assaying very satisfactorily. SUBSCRIPTION lists have been opened in Galicia for the benefit of the exiled Poles. A TELEGRAM was received at the Department of Justice on the 24th from a man in West Virginia, asking if he could kill a man for drunkenness. A QUARTER of a million dollars' worth of property was destroyed and 400 people made idle by a fire in London on the 28th. THE Treasury Department paid out over $10,000,000 of pensions during August. It is therefore expected that the decrease of the public debt for the month will not be as large as usual. BUSINESS failures throughout the country during the seven days ended on the 28th were: For the United States, 165; and for Canada, 24; or a total of 189 failures, as compared with the total of 177 the week previous. Two policemen named McNatt and Grant were murdered at Geneva, Ill., on the night of the 27th. The deed is supposed to have been committed by burglars. HON. A. M. KEILY is the guest of Secretary Bayard at Washington. He is reported to have resigned the Austrian mission. A PETITION will be presented to the Home Secretary of Great Britain, praying for the suppression of the sale of obscene prints. THE crew of the whaling brig Isabella, crushed in the ice July 20th, 1884, arrived in Halifax on the 28th with the loss of only one sailor, who died of scurvy on the voyage home. HUNDREDS of laborers have been swindledjin Chicago by labor agencies who sent them to the Canadian Northwest on false promises of work to be obtained there. A. WILSON NORRIS, late pension agent at Philadelphia, having failed to settle his accounts, has rendered himself liable to a prosecution for embezzlement. COLORED soldiers at Fort Meade, Dak., who undertook to wipe out the town of Sturges because of the lynching of Hall, were captured and returned to the fort. MARSHAL HENRY HOLLAND, while endeavoring to arrest counterfeit shovers at Cape May, N. J., on the 28th, was beaten into insensibility, and E. C. Merkley and others who came to his assistance were roughly handled. It is now learned that three pilot boats and fourteen members of their crews were lost off Beaufort, S. C., during the recent cyclone. THERE was a large crowd at Duluth, Minn., on the 28th to witness the hanging of Waiseman, who murdered Fairley last spring and then burned the latter's shanty to hide the crime. The execution took place at three o'clock. Only a few people were admitted to the inclosure, chiefly reporters and officials of neighboring counties. VICE-PRESIDENT HENDRICKS and wife have returned to Indianapolis. He has given up his California trip and will remain at home until Congress convenes, with a possible brief visit to Washington in the intervening time.

13. September 3, 1885 Delaware Gazette and State Journal Wilmington, DE
Article from Delaware Gazette and State Journal, September 3, 1885

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The Excitement Subsiding. Philadelphia, Aug. 27.-There is no abatement in the run on the Spring Garden bank. It was resumed at 10 o'clock this morning at the point where it stopped yesterday, and by noon nearly $100,000 had been paid out. The officers of the bank say that every demand will be met. Priladelphia. Aug. 28.-The excite. ment at the main and branch offices of the Spring Garden Bank has greatly subsided. A line of about 50 depositors was at the main office at 10 o'clock this morning. but there was no rush as for the past two days. There was no unusual crowd at the branch office.

14. September 5, 1885 The Panola Weekly Star Sardis, MS
Article from The Panola Weekly Star, September 5, 1885

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MISCELLANEOUS. FOUR English regiments left Alexan. drin, Egypt, on the 26th. for home. FIFTY delegates from Mexico will attend the St. Louis cattle convent on. VALUES of exports of breadstuffs from the United States are given as follows: July, 1885, $8,714,315; July, 1881, $12,371,154. Seven months aled July 31st, 1885 $85,558,082; seven months ended July 31st, 1884, $30,5 6.131. THE Marine Hospital B reau is notified that 380 cases of small-pox, and 115 deaths have occurred in Toronto, Ont., since Augus 1st. THE total value of exports of domestic cattle and hogs, and of beef, pork and dairy roducts, is as follows: July, 1885 $8,480,579; Julv, 1884, $10,278,049; seven months ended July 31, 1885, $56,904,369; ditto 1884. $54,411,766. Beef and pork products for nine months ended July 3, 1885, $67 7.706,092; ditto 1884, $65,470,360. Dairy products for three months ended July 31, 1885, $4,031,716; ditto 1884 $5,264,560. THERE were 4,969 cases of cholera and 1,547 deaths from the disease reported in Spain on the 25th. In the twelve hours ended the evening of the 26th, fourteen new cases and fourteen deaths were re. ported in Madrid. Suspicious cases of sickness are reported at Malaga. POLISH subjects, without regard to condition, are being expelled from Austria. SERIOUS agrarian outbreaks are reported in County Korry. Irelan L THE Lafayetta Newtown & Wabash River Railway Company, capital $1,000, * 000, has been incorporated at Indianap. olis, Ind. A NUMBER of opposition papers in Spain have been seized by the Government for their vigorous attacks on Germany. THE contract for the construction of a Court-house and Post-office at Denver, Col., has been awarded to Hayes & Mc. Guvrey," of Colorado, at their bid of $50.000. Armago (Col.) stone has been select. ed as the material to be used. THE Italian wheat crop of this year is reported, in an official document to the Department of State, to be about twenty per cent. less than the average crop. The silk crop is about one-third less, but superior in quality to the average crop. ADVICES have reached Washington to the effect that the German Government has recently sent to South America a com. mercial commission with the same object in view that was sought by the United States Commission who have recently returned from the continent. THE RUS oh the Spring Garden Bank at Philadelphia, Pa., has subsided THE German Lutheras Synod began its annual conference at Roebester, Minn, on the 28th. THE Treasury Department has been notified that a party of armed Cubana have left the Island of Cuba for the Florida Keys, and it is supposed that their object is to organize a filibustering expedition to overthrow the Cuban Government. Instructions have bies issued for the FarI enue cutters to look out for the party and prevent their landing. h ON the 26th there were 4,777 new cases of , cholera and 1,498 deaths from the disease reported throughout Spala. a THE report that Germany has estabe lished a protectorate over the whole terrie tory between the Tanna and Juba rivers . is confirmed. I THE season's exercises at Chautauqua . were brought to a close on the 28th . It is reported that Ruesia to making . overtures to Turkey for an alliance 4 A GREAT boom is reported in the Bear e Mountain mining camps, recent rune of metal awaying very satisfactorily. . THE Treasury Department paid out over $10,000,000 of pensions during August It is therefore expected that the doernson of e the puBlic debt for the month will not be y - harge as was