19195. Spring Garden National Bank (Philadelphia, PA)

View Charter #3468 on SPMC

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 3468
Charter Number: 3468
Start Date: May 8, 1891
Location: Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model: gpt-5-mini
Short Digest: 1affcbed

Response Measures

Full suspension, Books examined

Receivership Details

Depositor recovery rate: 25.7%
Date receivership started: 1891-05-21
Date receivership terminated: 1901-12-09
OCC cause of failure: Fraud
Share of assets assessed as good: 12.1%
Share of assets assessed as doubtful: 23.9%
Share of assets assessed as worthless: 64.0%

Description

The Spring Garden National Bank was closed by order of the Comptroller/Bank Examiner on May 8, 1891 after heavy withdrawals and discoveries of bad/one-name collateral and alleged fraud. Deposit crowds and agitation were reported immediately (a run). A receiver (Gen. B. F. Fisher) was later handling the failed institution, indictments and arrests followed, and shareholders were assessed — indicating permanent closure and receivership.

Events (5)

1. March 13, 1886 Chartered

Source: historical_nic

2. May 8, 1891 Run

Cause: Bank Specific Adverse Info
Cause Details: Large withdrawals amid financial stringency plus later revelations of dubious, one-name collateral and alleged false entries/embezzlement; depositors frightened and gathered at doors.
Measures: Bank Examiner W. B. (W. P./Mr.) Drew took charge; doors closed by order of the Comptroller; notice posted 'closed until further notice.'
Newspaper Excerpt: 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...Men and women with bank books in their hands thronged about the doors demanding admittance.
Source: newspapers

3. May 8, 1891 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Closed by order of the Comptroller/National bank examiner due to inability to meet withdrawals, below reserve, pressured clearing-house loan certificates, and weakened credit; later evidence of bad collateral and alleged fraud surfaced prompting permanent action.
Newspaper Excerpt: This bank is closed by order of the controller of the currency until further notice. W. B. DREW, National Bank Examiner.
Source: newspapers

4. May 21, 1891 Receivership

Source: historical_nic

5. May 28, 1891 Receivership

Newspaper Excerpt: Receiver Fisher said today that the further he examined into the affairs the blacker the outlook became for the depositors...Francis W. Kennedy, president of the suspended Spring Garden National bank, was arrested this morning on a warrant ... embezzlement of $100,000 and upward of the bank's funds. H. H. Kennedy ... was also arrested, charged with conspiracy ... . The suspension of the Spring Garden bank has been far-reaching in its effects ... the assets are thought to exceed the liabilities. (May 28 articles).
Source: newspapers

Newspaper Articles (24)

1. 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

2. May 9, 1891 Morning Journal and Courier New Haven, CT

Article from Morning Journal and Courier, May 9, 1891

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ITS DOORS CLOSED. Suspension of a Philadelphia Bank -Rumor of Another Suspension. PHILADELPHIA, May 8.-Under an order received from Comptroller Lacey of the treasury the doors of the Spring Garden National bank were closed at 11 o'clock today. The 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. On the stock exchange the brokers were very much excited. Scarcely had the announcement of the failure of the Spring Garden bank been made before it was rumored that the Penn Safe and Trust Deposit company, also located at Twelfth and Spring Garden streets, had also suspended payment.

3. May 9, 1891 Pittsburg Dispatch Pittsburgh, PA

Article from Pittsburg Dispatch, May 9, 1891

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ANOTHER BANK GONE. The Spring Garden of Philadelphia Forced to Stop Business. BANK EXAMINER DREW CLOSES IT. Again Philadelphia City Is a Loser to the Extent of $144,000. PENN TRUST COMPANY ALSO ASSIGNS ISPECIAL TELEGRAM TO THE DISPATCH.1 PHILADELPHIA, May 3.-National Bank Examiner Drew, by order of the Controller of the Currency, to-day closed the doors of the Spring Garden National Bank, at Twelfth and Spring Garden streets. The Penn Trust and Safe Depost Company, an institution doing business in the same building and having practically the same set of officials, went into the ha nds of an assignee. While the President and other officers claim that the chances of the bank's resuming business are good and that the suspension would be only temporary, the general impression on the street is that the affairs of the bank are in very bad shape. No detailed statement was made public to-day, and President Kennedy said that it would be impossible to prepare one for-several days. Bank Examiner Drew took charge of the bank at 11:30 o'clock; at 1 o'clook closed the doors and soon afterward a squad of police marched up and took up their stations around the bank. The news of the closing of the bank spread quickly and within half an hour there was a crowd about the building, that steadily increased. Men and women with bank books in their hands thronged about the doors demanding admittance. Philadelphia Caught for 8144,000. To all the same answer was returned: "No one is allowed inside." Meanwhile all sorts o! rumors were set afloat regarding the condition of the bank and the causes which led to its closing. Many indignant depositors claimed that they had deposited money in the bank within a half hour of the time of the closing. Again the city is caught in the ruin, the Spring Garden Bank having been named as one of the depositories of the city's money, and when the doors closed there was $144,000 on deposit there. City Treasurer Bardsley and City Controller Thompson were both at the bank during the afternoon, but both claimed to know nothing of the causes which led to the suspension, and had very little to say about the suspension. Mysterious rumors connecting the defunct Keystone Bank with the suspension are afloat and together with the reports that are current regarding the affairs of the closed bank and its management, have created great excitement, At 12 o'clock the suspension was announced at the Clearing House, and the news: circulated throughout the business centers rapidly. Causes of the Failure. Each car which arrived brought people to swell the crowd, which it required the entire efforts of the police to keep moving. No one was admitted to the bank, and all the satisfaction the public got out of repeated inquiries at the door as to the cause which led to the closing of the bank was the following statement, issued by President Kennedy shortly after 12 o'clock: 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 thelarge 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 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, the payment of which is being pressed. These facts, coupled.with the disturbances of the past week, have caused increased uneasiness upon the partof some or our depositors, together with the weakening of our credit with the other banks. We trust that the suspension will only be temporary. Finances of the Bank. The bank's stock was quoted two days since at 121, par $100, and on Tuesday last it declared a dividend of 2½ per cent on its capital of $750,000 and carried $2,500 to its surplus fund, making its total surplus $132,500. The last statement of the bank, under the Controller's call showed loans and discounts $2,170,028 18; National bank notes outstanding, $45,000; individual deposits, subject to check, $1,998,830 34; demand certificates of deposit, $8,000; undivided profits, $41,725 04. The officers of the bank are F. W. Kennedy, President; H. H. Kennedy, Cashier; N. Middleton, Vice President. It is supposed that the Kennedy family was largely interested in various real estate operations. Some years ago, when the Spring Garden was a State institution, the Kennedys were heavily interested in real estate at Bradford Hills, near Downington. The Spring Garden Bank was established in 1871 under the State banking law and continued in operation as a State bank for a period of 14 years. In the fall of 1885 the institution was reorganized as a National bank. The Penn Safe Deposit and Trust Company, which was an adjunct of the Spring Garden National Bank, is a State institution, and was incorporated November 8, 1870, with a capital of $125,000, par $100. No dividends have ever been paid.

4. May 9, 1891 Fort Worth Gazette Fort Worth, TX

Article from Fort Worth Gazette, May 9, 1891

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ANXIOUS DEPOSITORS. THE PHILADELPHIA TRUST COMPANY CLOSES DOWN. The Comptroller of the Currency Orders the Doors of the Spring Garden National Bank Closed. PHILADELPHIA, PA., May 8.-The Pennsylvania trust company, which has its office in the Spring Garden national bank building, made an assignment this afternoon. The National trust company, which made an assignment this morning is really a part of the bank that is said to be solvent, the assignment being simply for the protection against a run. The capital stock of the bank is $750,000, fully paid in, and by the February statement the reserve fund amounted in round figures to $150,000. On Tuesday last the bank declared a semi-annual dividend of 21/2 per cent, and the stock sold at $1.21, par being $100. The bank's line of deposits amounted to about $2,000,000, and the city of Philadelphia, who has $400,000 locked up in the broken Keystone bank, again suffers to the extent of $154,000. SPRING GARDEN NATIONAL OF PHILADELPHIA. PHILADELPHIA, Pa., May 8.-Another of Philadelphia's national banks closed its doors this morning by order of the comptroller of the currency. After doing business for one hour and a half this morning the Spring Garden national bank closed its doors and posted the following notice: "By order of the comptroller of the currency this bank is closed until further notice. W. P. Drew, national bank examiner." The news of the closing of the bank spread rapidly and a large crowd soon collected, but admittance was denied to all. In answer to requests sent to President Kennedy asking for some information as to the reason of the bank closing, the following note was sent out: "We have this morning decided to place this bank in the hands of Mr. Drew, 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 on OUR reserves, it was found impossible to realize apidly on our assets. We have been below 111 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, 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 a weakening in our credit with other banks. We hope the suspension will only be temporarily. W. F. KENNEDY, President."

5. May 10, 1891 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, May 10, 1891

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Spring Garden Bank Failure. PHILADELPHIA, May 9.-The excitement among the depositors of the suspended Spring Garden National bank subsided to-day, and there was a noticeable absence of any crowd around the building. The doors of the bank were kept closed, and it was stated that Examiner Drew was in charge and that no statement of the bank's position would be made at present. Among the items credited to its resources were $2,427,000 worth of loans and discounts, which, President Kennedy admits, were not of a gilt-edge character. President Kennedy and his brother, H. H. Kennedy. the cashier of the bank, and Nelson E. Evans, a director, are said to be interested together in a number of ventures of a speculative character that have not proved to be very successful. President Kennedy declines to make any statement regarding these transactions.

6. May 16, 1891 Macon Beacon Macon, MS

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Another Philadelphia Bank Failure. The Spring Garden national bank, of Philadelphia, has been closed by the comptroller of the currency. The Penn Safe and Trust Deposit Co. assigned, its interests being mingled with those of the bank.

7. May 28, 1891 The Farmers' Union Memphis, MO

Article from The Farmers' Union, May 28, 1891

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# THE CRIMINAL RECORD. -One of the most fiendish crimes ever known in Kentucky is reported from Sandy Hook, the seat of Elliott County. A young school teacher, Miss Maude Eleanor, was thrown from a horse, frightened by two Wilcox brothers, each of whom the girl had refused to marry. With a leg and arm broken she was chained in a deserted cabin, where she had been kept a prisoner since the middle of April, and, slowly dying, was made the victim of her captor's desires. A posse, headed by her brother, found the girl, who died fifteen minutes later. The Wilcox brothers were captured, confessed, and were promptly shot to death. -On Sept. 28 last the stage from Eureka Springs to Harrison, Ark., was robbed. The Postoffice Department is just advised that Inspector Beebe, of the St. Louis division, located the robbers, obtained evidence of their guilt, arrested them and secured confession that they committed the robbery. The names of the robbers are Walter Markley and Mrs. L. B. Rose. The Inspector is now en route to Fort Smith, Ark., with the prisoners. -James Kane was hanged at Belleville, Ont., for the murder of his wife Elizabeth. When the drop fell Kane's neck was not broken, and he slowly strangled to death. His groans were horrib e to listen to. The prisoner mounted the scaffold with a firm step, and was pale but composed until the end. -At Philadelphia, Francis M. Kennedy, President, and Henry H. Kennedy, cashier, of the suspended Spring Garden National Bank, were arrested on the charge of receiving deposits after they knew the bank was insolvent. -Tennis Hampton, colored, charged with the murder of E. H. Webber, in 1889, was lynched by a mob at Beardsley's, La. -Two young men, named Johnston and Coward, became involved in a quarrel, in Jonesboro, Ark., when Johnston's father came to the rescue, separating the yo ng men. Coward then turned on the peace-maker and fatally stabbed him, whereupon young Johnston shot Coward twice. Both will die. -Elbogen, the theatrical agent who was convicted on the charge of sending girls to so-called dives in New Orleans for immoral purposes, was sentenced to State Prison for five years and eleven months. An application has been made for a stay in the Supreme Court pending an appeal for a new trial. At Shreveport, La., Jane A. Ware, a colored girl aged 16, was driven on the railroad track at the point of a pistol by John and William Anderson, colored, and held there until a train was so near that it was impossible for the girl to escape. A posse is in pursuit of the murderers. -The jury in the case of Captain Loar and deputies, charged with murder at the Morewood (Pa.) riots, after deliberating five hours, returned a verdict acquitting all the defendants. At Fergus Falls, Minn., the jury in the Goheen murder case rendered a verdict of guilty of murder in the first degree. -The decomposed body of Frank Lupesky was found hanging to a sapling near Caldwell, Kan., with a bullet hole through his neck. He is supposed to have been murdered for his money.

8. May 29, 1891 The Seattle Post-Intelligencer Seattle, WA

Article from The Seattle Post-Intelligencer, May 29, 1891

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Another Philadelphia Institution Suffers a Run. SPRING GARDEN AFFAIRS BAD, Some of Collateral is Notes Signed by Fictitious Persons. Collapse of the Rubber Trust Caused by Recent Failures-Burt & Company, Shoe Manufacturers, Assign-Business Troubles in the South. PHILADELPHIA, May 28.-During the expose of the business methods of the Keystone bank and City Treasurer Bardsley the Third National bank was given unpleasant connection with them, and in consequence has since lost $1,000,000 of deposits. Today President Lewis and Vice-President Myers have resigned. From a few developments that took place in the affairs of the Spring Garden bank today, it is evident that when the full story of the bank's management is told, it will rival that of the looted Keystone bank. Receiver Fisher said today that the further he examined into the affairs the blacker the outlook became for the depositors. Much of the collateral is of the most dubious character A member of the depositors' investigating committee investigating the affairs of the bank, said that among the collateral of the bank were two notes, one for $50,000 and the other for $20,000, drawn by a person who has no existence. The suspension of the Spring Garden bank has been far-reaching in its effects, and many business houses have been seriously crippled. Yesterday the American Machine Company was forced to assign by reason of the bank failure, and today the Millard Cliff Cracker Company made an assignment from the same cause. The assets are thought to exceed the liabilities. Francis W. Kennedy, president of the suspended Spring Garden National bank, was arrested this morning on a warrant charging him with making false entries in books and false returns to the comp troller of the currency, and embezzlement of the bank's funds. Herry W. Kennedy, cashier of the bank and brother of the president, was also arrested, charged with conspiracy to commit the same crimes. They were held under heavy bonds to appear for a preliminary hearing next Monday. TRENTON, N. J., May 28.-The Hamilton Rubber Company went into the hands of a receiver today. It was in a trust with the Star Rubber Company and others. The liabilities are $100,000. At a secret meeting last night the central rubber trust was dissolved by action of the companies composing it. It was charged that a few firms used it to their own advantage, while others suffered. BOSTON, May 28.-W. & F. Burt, boot and shoe manufacturers of Cochituate, are financially embarrassed, and will probably settle through insolvency. Their liabilities are estimated at $150,000, and the assets consist of machinery, a factory and real estate. OMAIIA, May 28.-William Darst & Co., wholesale liquor dealers, assigned this morning. Liabilities, $80,000; assets about the same. NEW ORLEANS, May 28.-A Times-Democrat special from Eagle Pass says the mercantile banking and commission house of J. W. Riddle, of Piedras Negras, has assigned. There is no statement, but the assets and liabilities will reach hundreds of thousands.

9. May 29, 1891 The Morning News Savannah, GA

Article from The Morning News, May 29, 1891

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A BIG LOAN TO A MYTH. MORE OF THE SPRING GARDEN RASCALIT - SHOWN UP. A Note for $50,000 Drawn by a Person Who Never Had Any Existance Discovered Among the Assets-The President Gives Bail, but the Cashier Still Under Surveillance PHILADELPHIA, PA., May 28.-Francis W. Kennedy, president of the suspended Spring Garden National Bank, was arrested this morning on a warrant sworn out by Bank Examiner Drew, charging him with making false entries in the books, false returns to the controller of the currency, and embezzlement of $100,000 and upward of the bank's funds. Henry H. Kennedy, cashier of the bank and brother of the president, was also arrested, charged with conspiracy with Francis W. Kennedy to make false entries, false returns and with making both. SURRENDERED VOLUNTARILY. When the two accused men heard that warrants were out for their arrest they at once went before United States Commissioner Bell and gave themselves into custody. The coupsel for the Kennedys stated that they were willing to waive a hearing and enter bonds for their appearance at court. Commissioner Bell declined to allow them to waive a hearing and fixed the bail of Francis W. Kennedy at $20,000 and that of his brother, Henry H. Kennedy, at $15,000, for a hearing on Monday next. The Kennedys are already under $10,000 bail each to answer a charge of receiving money from depositors when they knew that the bank was insolvent. HENRY GIVES BAIL. In the case of Henry H. Kennedy bail was at once entered for his appearance, and he was released. Francis W. Kennedy spent all day and part of the night in an unavailing effort to secure bondsmen. Instead of being taken to prison he was allowed to stay all night at a hotel under the close surveillance of four deputy marshals. From the few developments that took place to-day in the affairs of the Spring Garden Bank it is evident that when the fullstory of the bank's management is told that it will fairly rival that of the looted Keystone Bank. Receiver Fisher said to-day that the further he examined into the affairs of the bank the blacker the outlook became for the depositors. WORTHLESS COLLATERAL It is said that much of the collateral held by the institution is of the most dubious character, being one-name paper, stock of companies that aremore or less embarrassed and such like. A member of the depositors' investigating committee that is in vestigating the bank's affairs said to-night that among the collateral of the bank were two notes, one for $50,000 and the other for $20,000, that are drawn by persons who have no existence. BUSINESS HOUSES CRIPPLED. The suspension of the Spring Garden Bank has been far-reaching in its effects, and many business houses have been seriously crippled by it. Several failures have taken place, the direct cause of which can be traced to the suspension of the bank. Yesterday the American Machine Company was forced to assign by reason of the bank's failure, and to-day the Millward-Cliff Cracker Company made an assignment from the same cause. The Millward-Cliff company is a stock company, and in an investigation of itsaffairs it was discovered that Frank Benton, treasurer. had giveu accommodation notes to the extent of $50,000 to Francis W. Kennedy, president of the Spring Garden bank. When this was discovered the officers of the company decided to make an assignment to protect their creditors, pending a thorough investigation. The company has a paid in capital of $125,000, and its assets are now thought to be about $50,000 in excess of its liabilities,

10. May 30, 1891 The Weekly Tribune Great Falls, MT

Article from The Weekly Tribune, May 30, 1891

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Two Officers of Spring Garden Bank Clutches of the Law. PHILADELPHIA May 28. Francis W. Kennedy, president of the suspended arGarden National bank was sworn Spring rested this morning on a warrant charging by Bank Examiner Drew books, out with making false entries] in of curhim returns to the comptroller and false and embezzlement of $100,000 H. rency of the bank's funds. Henry and upwards cashier of the bank also arKennedy, of the president was with charged with conspiracy false W. Kennedy to rested Francis brother with make making false returns and men heard entries, When the two accused their arrest both. were out for States Comthe warrants before United into missioner they went Bell and gave Kennedy themselves stated Counsel for hearing and custody. were willing to waive a at they bonds for their appearance declined to enter Commissioner Bell and enter court. them to waive a hearing at court and allow for their appearance Kennedy at bonds fixed the bail of of Francis Henry Kennedy The at 820,000 and that hearing Monday. $15,000 Kennedys for are a already under of $10,000 receiving bail answer the charge knew each money to from depositors when they the PHILADELPHIA bank was insolvent. May 28. bail In was the at once case Henry ii. Kennedy, and he was of for his appearance spent all entered Francis Kennedy unavail released. and part of the night in an Instead day to secure bondsmen. allowed ing effort taken to prison he was under close of being all night at a hotel marshals. to stay of four deputy that took surveillance a few developments of the Spring From today in the affairs that when the place bank it is evident management is Garden of the bank's the looted full story will fairly rival that of Fisher said told it bank. Receiver into the Keystone further he examined the outtoday the of the bank the blacker It is said affairs look became of the for collateral depositors. held character. by the that institution much is of a most dubious stock of com one-name paper embarrassed being that are more or less of the deposipanies like. A member that is inand such investigating committee said totors the bank's affairs of the one night vestigating that among the collateral for $50,000 and bank other were for two $20,000 notes, that are drawn by a the who has no existence. person May 28. bank The has suspen- been PHILADELPHIA of the Spring Garden and many busi sion far-reaching in its been effects seriously crippled ness houses Yesterday have the American assign by Machine reason by it. was forced to the Milcompany bank failure, and today made an as of the Cliff Cracker company cause. The lard from the same signment company is a stock affairs com Millard Cliff in an investigation of Benton. its the pany and discovered that Frank accommodation it was had given to Francis treasurer, the extent of 850,000 the Spring notes to preside nt of discovered W. Kennedy bank. When this was decided to Garden of the company their make the officers an assignment thorough to protect investigathought to be creditors tion. The pending company a and has assets it paid-in are cap now ital of $125,000 about 850,000 in excess of

11. June 3, 1891 The Morning Call San Francisco, CA

Article from The Morning Call, June 3, 1891

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BUSINESS FAILURES. Assignment of Wholesale Woolen Manufacturers-Results of a Bank Suspension. BOSTON, June 2.-Talbot, Wilmarth & Co., wholesale manufacturers of woolens, have assigned. TRENTON (N. J.), June 2.-Philip P. Dunn, Treasurer of the Starr Rubber Company, has resigned his position as President of the First National Bank and made an assignment of his large clothing establishment. PHILADELPHIA, June 2.-Christian Van Gunden and Epran Young, marble-workers, have assigned. No statement is obtainable. Young was a Director in the Spring Garden National Bank. The down fall of that institution caused his failure.

12. June 3, 1891 Los Angeles Herald Los Angeles, CA

Article from Los Angeles Herald, June 3, 1891

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BUSINESS FAILURES. More Firms Go to the Wall In Eastern Financial Circles. PHILADELPHIA, June 2. - Christian VanGunden and Ephraim Young, marble workers, have assigned. No statement ia obtainable. Young was a director in the Spring Garden National bank. The downfall of that institution caused the failure. TRENTON, N. J., June 2.-Phillip P. Dunn, treasurer of the Star Rubber company, has resigned the position of president of the First National bank, and made an assignment of his large clothing establishment. BOSTON, June 2.-Talbot, Wilmarth & Co., wholesale manufacturers of woolens, have assigned. MONTREAL, June 2.-G. Lewis, cloak importer, has assigned. Liabilities, $50,000.

13. June 11, 1891 The Seattle Post-Intelligencer Seattle, WA

Article from The Seattle Post-Intelligencer, June 11, 1891

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THE PHILADELPHIA BANK FRAUDS Additional Warrants Issued-A Texas Land Company Assigns. PHILADELPHIA, June 10.-Mayor Stewart, DI. rector of Public Safety Roney, City Solicitor Warwick, and other city officials conferred tonight on the subject of the shortage in the city treasurer's office and the looting of the Key. stone National bank. The result of the conference was that additional warrants were issued for persons connected with the scandais. The officials are very reticent, and the names of the parties for whom warrants were issued cannot be learned. Late this afternoon Edward Magill, assignee of John Bardsley, entered five suits against alleged debtors of Bardsley, to recover the indebtedness to defendant's assigned estate. The first is against the Keystone bank, to recover $945,000, the amount of due bills held. The other four suits are to recover upon four promissory notes, aggregating $22,733. Ephraim Young, president of the Millward Cliff Cracker Company, and director of the broken Spring Garden National bank, was arraigned today charged with conspiracy with Francis W. Kennedy, president of the bank, to defraud the cracker company. Young waived a hearing, and was bound over in $20,000. DALLAS, Tex, June 10.- The Dallas Land and Loan company assigned last night with liabilities of $300,000 and assets of nearly $1,500,000. In an interview today L. Marsalis, the president, said that the company was forced to an assignment, which would be only temporary, to protect its assets. The company was the principal owner of Oak Cliff,a suburb across the'river from Dallas, and had to carry so much paper that it got caught in a tight place. NEW YORK, June 10.-The liabilities of Charles Haight & Co., flour commission merchants, are reported to be about $300,000, and the nominal assets considerably larger.

14. June 11, 1891 The Morning Call San Francisco, CA

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BARDSLEY'S CASE. Efforts to Collect Amounts Due Him. The Story of an American Mobbed by Italians. Street-Car Strike in Michigan-Trial of Rioters in Pennsylvania - Heavy Failure in New York. Special to THE MORNING CALL PHILADELPHIA, June 10. ).-Late - this afternoon Edward W. Magill, the assignee of John Bardsley, entered five suits against the alleged debtors of Bardsley to recover the indebtedness of the defendants to Bardsley's assigned estate. The first is against the Keystone Bank to recover $945,000, amount of due bills held. The other four suits are to recover upon four promissory notes, aggregating $2273. Ephraim Young, President of the Millward-Cliffe Cracker Company, and one of the Directors of the broken Spring Garden National Bank, was arraigned to-day charged with conspiracy with Francis W. Kennedy, the President of the bank, to defraud the cracker company. Young waived hearing and was bound over in $20,000. Mayor Stuart, Director of the Public Safety Roney, City Solicitor Warwick and other city officials conferred to-night on the subject of the shortage in the City Treasury office and the looting of the Keystone National Bank. The result of the conference was additional warrants were issued for persons connected with these scandals. The officials are very reticent and the names of parties for whom warrants were issued cannot be learned to-night.

15. June 11, 1891 The Farmers' Union Memphis, MO

Article from The Farmers' Union, June 11, 1891

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# FINANCIAL AND INDUSTRIAL Christian Van Gunden and E. Young, marble workers, have made an assignment for the benefit of creditors, at Philadelphia. No statement of assets or liabilities can be obtained. Mr. Young was a director of the Spring Garden National Bank and the downfall of that institution caused the failure of his firm. -Incorporation papers were filed at Columbus, Ohio, for the Consolidated Oatmeal Company, with a capital stock of $3,500,000. All the oatmeal mills of the country are thus brought under one management, with headquarters at Akron. The Incorporators say that prices will probably be lowered. -The wholesale dry-goods and shoe firm of Connell, Hall, McLester & Co., of Nashville, Tenn., made an assignment. The liabilities are $473,000; assets, estimated, $725,000. -Representatives of Kentucky jeans manufactories, which operate 3,200 looms in Nashville, Evansville and other Southern cities, met at Louisville and determined to run only two-thirds time for the next fifteen weeks. This will reduce the output 50,000 pieces, valued at $60,000. The unsatisfactory condition of the trade is given as a reason. -The Indiana Midland strike, which tied up the west end of that road for thirty days and was thought to have been settled, is again at fever heat. The Sheriff of Montgomery County has made several successful attempts to restrain the strikers from interfering with the trains. He went with a posse of men to the scene of trouble again, with instructions that if necessary the State militia would be called into service. -R. G. Don's weekly review says: Trade is not very active, but almost everywhere hopeful. Failures at Bo-ton have made hoe manufacturers cautious. Hides are easy, dry goods quiet, and wool sales moderate. The exposures of official and banking misconduct at Philadelphia tend to make business inactive, and no life is seen in iron; wool is dull, though some concessions are made by Western holders. At Pittsburg a rise in iron is prevented by the reopening of some Mahoning and Shenango furnaces, and preparations of others; window glass is fairly active but flint is dull. At Cleveland iron is in more demand; trade is good in dry-goods, hardware and groceries, and dull in shoes. Some activity is noted at Cincinnati in clothing, and at Detroit trade is up to that of last year in volume, though the late season has made the wool movement slower than usual. Throughout the West and South the fine crop prospects give encouragement, almost the only complaint coming from New Orleans of drought in the adjoining region. In the Northeast continuous rains have made the prospects unsurpassed.

16. June 13, 1891 The Helena Independent Helena, MT

Article from The Helena Independent, June 13, 1891

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NETTLETON DEN IES. He Contradicts the Testimony of Gen. Wagner as to Evans. WASHINGTON, Sune 12.-Assistant Secretary Nettleton's attention was to-night called to the testimony to-day by Gen. Wagner before the council committee of Philadelphia investigating the bank scandal. Nettleton said: "I never backed Nelson F. Evans or any other person as candidate for the receivership of the Keystone bank. After the bank had been closed some days and when the comptroller of currency, who had little acquaintance in Philadelphia, was considering several names for the receivership. [ suggested Evans, and recommended that the comptroller inquire in Philadelphia as to his fitness, which he proceeded to do. 1 had no suspicion of any financial weakness nor complication on the part of Evans or of the Spring Garden National bank until the announcement of the failure of the bank. Evans had no knowledge that his name would be mentioned for the Keystone receivership until some time after it was done. I suggested his name simply because I had known him long and believed him every way fit. I have borrowed no money from the Spring Garden bank, but it is probable that certain accommodation notes for which I am responsible are in that institution. If so, I am simply among the losers by the bank's failure, which T regret."

17. June 13, 1891 Wheeling Register Wheeling, WV

Article from Wheeling Register, June 13, 1891

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Never Backed Evans. WASHINGTON, June 12.-The attention of Mr. Nettleton, the Assistant Secretary of the Treasury, was called to the testimony to-day of Gen. W. E. Wagner, of Philadelphia, investigating the bank scandal. After reading it Mr. Nettleton said: "I never "backed" Mr. Nelson F. Evans or any other person as a candidate for the receivership of the suspended Keystone Bank of Philadelphia. After the bank has been closed some days, I suggested Mr. Evans. I had not a suspicion of any financial weakness or complications on the part of Mr. Evans, or of the Spring Garden National Bank until the annonneement of the failure of that bank. I suggested his name, simply because I had known him long and believed him every way fit. I have borrowed no money from the Spring Garden Bank, but it is probable that certain accommodation notes, on which I am responsible, are in that institution. If so, I am simply among the losers by the bank's failure, which I regret."

18. July 1, 1891 Waterbury Evening Democrat Waterbury, CT

Article from Waterbury Evening Democrat, July 1, 1891

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Bank Failures to be Investigated. WASHINGTON, July 1.-Comptroller Lacey has sent a communication to Receiver Yardley, of the Keystone National Bank of Philadelphia, enclosing a communication to Mayor Stuart, which is the first notification that the Government is going to take action in the affairs of the Keystone and Spring Garden National banks. A rigid examination is to be made by the Government.

19. July 9, 1891 Delaware Gazette and State Journal Wilmington, DE

Article from Delaware Gazette and State Journal, July 9, 1891

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EXAMINER DREW MUST GO. Consuls Asked to Look for Marsh--Yard Will Appeal--Broken Banks Dropped. PHILADELPHIA, July 7.-Correspondence of the comptroller of the currency' and Bank Examiner Drew, in which the latter was taken to task for his failure, in his report of January 29th, after 15 days' investigation, to include among the liabilities of the Keystone National Bank $544,851.46, for which it was then indebted on account of clearing house certificates, is made public. Mr. Drew says the omission was clearly an accident. On July 2d, the comptroller requested the resignation of Mr. Drew as a bank examiner, but at latest accounts he had not received it. The mayor has transmitted to President Harrison the resolutions of city councils expressing the wish that the President inform the several ministers and consuls of the United States of the desire of the government to secure the arrest and extradition Bank. of President Marsh of the Keystone Counsel for H. H. Yard have decided to appeal to the supreme court from the decision of Judge Allison ordering Yard to submit himself to the sub-committee on investigation of city councils' finance committee and to be sworn and to testify. The Clearing House Association yesterday dropped the Keystone and Spring Garden National Banks from membership. The executive committee of the depositors of the Penn Trust and Safe Deposit Company, which is now in the hands of a receiver, have addressed a circular letter to depositors asking them to contribute three per cent of the amount of their deposits, to be used to complete the investigation. Ephraim Young and Frank Benton were indicted by the grand jury yesterday, on the charge of conspiracy to cheat the Millward-Cliff Cracker Company of $52,000, by the issue of certain promissory notes and other false and fraudulent means.

20. August 19, 1891 The Roanoke Times Roanoke, VA

Article from The Roanoke Times, August 19, 1891

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LAWRENCE GETS SEVEN YEARS. The Sentence of the Two Kennedy's Postponed Until September. Philadelphia, Aug. 18.-[Special.]- |Charles Lawrence, ex-assistant cashier of the broken Keystone National Bank, who yesterday plead guilty in United States District court to two indictments charging him with making false entries in the bank's books and with conspiracy with Gideon E. Marsh, president of the bank, to make falso entries, was this morning sentenced by Judge Beade to seven year's imprisonment in the eas. tern penitentiary at hard labor and to pay a fine of $100 and costs. Francis W. Kennedy, president, and Henry H. Kennedy, cashier of the suspended Spring Garden National Bank, were brought before Judge Butler this morning. The two Kennedy's also plead guilty yesterday to making false entries to the comptroller of the currency, misplacing the funds of the bank and making false entries in the books. After the two men had pleaded guilty Judge Butler was petitioned by their counsel to suspend sentence to allow them to get their affairs into order. and also on the ground that they could be of great assistance to the receiver of the bank in disentangling its affairs. Judge Butler reserved his decision on this matter until to-day. This morning he decided to grant the petition and postponed sentence until September S.

21. October 1, 1891 Delaware Gazette and State Journal Wilmington, DE

Article from Delaware Gazette and State Journal, October 1, 1891

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PHILADELPHIA AFFAIRS. Edward Stavin, four years old, died in Camden Sept. 23d from the effects of drinking about a pint of whisky. John Dahl, 11 years old, ran into a bicycle ridden by Thomas Stevenson last night week and had his skull fractured. The British steamer City of Belfast, which arrived Thursday to load grain, is manned by a Japanese crew from boatswain down. Henry Dean, 35 years old, was shot in the back of his head and neck yesterday week, at Tabor Station, by unknown man who was gunning for squirrels. Lee Beau, a Chinese laundry employe whose mind is said to be affected, attempted suicide Sept. 23d by cutting his throat. He is likely to recover. Mrs. Eliza Chatburn was probably fatally burned Thursday by her clothing taking fire from a gas stove. Her husband and daughter were severely burned in their effort to save her. Daniel Sullivan, 69 years old, was struck on the head with a hatchet Sept. 23d, and had his skull fractured, it is alleged, by Joseph Hoy. Both men are bricklayers. Hoy escaped. Eight valuable Holstein cows and one bull, the property of W. S. P. Shields, were found dead Thursday, having eaten Paris green, which had been maliciously place in the pasture field, near Darby. Samuel Baizley has been nominated for common council by the McMullen Democratic faction in the Fourth ward. John McGonigle is the nominee for the same office of the Kinsley faction of the same party. John Stovell of Louisville, the colored jockey, charged with shooting and dangerously wounding Peter Robinson on a Gloucester ferryboat, was committed Sept. 23d to await the result of Robinson's injuries. General Fisher, the receiver of the Spring Garden National Bank, has gone to California to investigate the condition of the Bunker Hill mine. A large amount of the stock of the mine is held by the bank. Lemuel J. McCaulley has brought suit against the Pullman Palace Car Company to recover $1,000 damages for the loss of clothing, jewelry, &c., which he says were taken from his berth in the Pullman car Jordan on the 13th instant. J. W. Sadler was committed, Thursday, to answer the charge of the larceny of a piano, the property of W. F. Boothe, and an organ belonging to F. Л. North & Co. According to the testimony the defendant obtained the instruments on leases on or about August 15th, and had them in pawn on August 18th. The bureau of charities at its meeting last week adopted more stringent rules relating to the acceptance or rejection of supplies for the almshouse and the custody of money taken from persons admitted to any of the three institutions at Blockley. An inventory of the furalture in use in the quarters of the S superintendent of the alinshouse was read.

22. December 5, 1891 The Carbon Advocate Lehighton, PA

Article from The Carbon Advocate, December 5, 1891

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Couldn't Meet Its Losses. READING, Dec. 2.-A receiver has just been appointed for the Alliance Mutual Fire Insurance company of this city. The receiver was appointed on the application of J. R. Jones, of Philadelphia, who claims that the company was insolvent, because it did not make good a claim held by the petitioner. The officers of the company admitted that it could not meet its losses. Philadelphia Dry Goods Men in Trouble. PHILADELPHIA, Dec. 3.-Judgments aggregating nearly $40,000 have been entered against the firm of Turner & Hoyt, dry goods dealers of this city. Ephraim Turner, a member of the firm, has been connected with the Spring Garden National bank, which was closed some time ago.

23. December 9, 1891 The Evening Herald Shenandoah, PA

Article from The Evening Herald, December 9, 1891

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The Stockholders to be Assessed. PHILADELPHIA, Dec. 8.-Comptroller of the Currency Lacey has instructed General B. F. Fisher, receiver of the Spring Garden National Bank, to make an assessment equal to the capital stock on the shareholders of that collapsed institution. The capital stock of the bank 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.

24. December 18, 1892 Pittsburg Dispatch Pittsburgh, PA

Article from Pittsburg Dispatch, December 18, 1892

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# Refused a New Trial. In the United States Circuit Court yesterday Judge Buffington refused a new trial in the case of B. F. Fisher, receiver of the Spring Garden National Bank of Philadelphia, against L. T. Yoder. The new trial was asked for on the ground that one of the jurors had removed from the district of the court before serving. The Court ruled that this was not sufficient for a new trial.