19201. Thompson & Co. (Philadelphia, PA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
September 8, 1880
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini
Short Digest
54f346d8

Response Measures

None

Description

Multiple contemporaneous newspaper reports (Sept 8, 1880) state Thompson & Co., bankers and brokers, suspended. Articles describe speculative losses (short positions) as cause. No articles mention a depositor run or subsequent reopening; treated as a suspension that led to failure/closure.

Events (1)

1. September 8, 1880 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Firm was heavily short on Pennsylvania, Reading and Lehigh Navigation and other general list securities; losses in New York were heaviest, leading to suspension.
Newspaper Excerpt
The firm of Thompson & Co., bankers and brokers, 18 South 3d street, suspended this morning.
Source
newspapers

Newspaper Articles (10)

Article from Evening Star, September 8, 1880

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Article Text

Suspension of Philadelphia Bankers. PHILADELPHIA, Sept. 8.-The firm of Thompson & Co., bankers and brokers, 18 South 3d street, suspended this morning. They were short of the market here on Pennsylvania, Reading and Lehigh Navigation; but in New York, where there losses are heaviest, they were short of the general list. The liabilities, the firm state, will not exceed $50,000.


Article from Press and Daily Dakotaian, September 8, 1880

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Article Text

Suspended. Philadelphia, Sept. 8.-Thompson & Co., brokers and bankers, south 3rd street, suspended. Liabilities, $50,000.


Article from Lancaster Daily Intelligencer, September 8, 1880

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Article Text

SUSPENDED. With $50,000 Liabilities. PHILADELPHIA, Sep. 8.-The firm of Thompson & Co., bankers and brokers, 18 South Third street, suspended this morning They were short of the market here on Pennsylvania, Reading & Lehigh navigation. But in New York, where their losses are heaviest, they were short of the general list. The liabilities, the firm state, will not exceed $50,000.


Article from Daily Globe, September 9, 1880

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Article Text

Philadelphia Failure. PHILADELPHIA, Sept. 8.-Thompson & Co., bankers and brokers, South Third street, suspended. I Liabilities $50,000.


Article from The Dallas Daily Herald, September 9, 1880

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Article Text

Suspended. Philadelphia, Pa, Sept. 8.-The firm of Thompson & Co, bankers and brokers, No. 18, South Third street, suspended this morning.


Article from The Daily Dispatch, September 9, 1880

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Article Text

Business Troubles. SUSPENSION OF A BANKING-HOUSE. PHILADELPHIA, September 8.-Tbe firm of Thompson & Co., bankers and brokers, 18 south Third street, suspended this morning.


Article from Chicago Daily Tribune, September 9, 1880

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Article Text

SUSPENSION. PHILADELPHIA, Pa., Sept. 8.-Thompson & Co., bankers and brokers, South Third street, have suspended. Llabilities, 850,000.


Article from The Superior Times, September 18, 1880

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Article Text

Business Failures. Thompson & Co., bankers and brokers, South Third street, Philadelphia, have suspended. Liabilities $50,000. E. Herschfield & Co., wholesale clothiers, Buffalo, N. Y., have failed. Liabilities about $100,000; assets supposed to be large.


Article from The Canton Advocate, September 23, 1880

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Article Text

FIRES AND CASUALTIES. THOMPSON & Co., bankers and brokers, Philadelphia, suspended. Liabilities, $50,000, THE Norfolk, Va., knitting and cotton company's factory was burned on the 2nd inst. Loss partly covered by $50,000 insurance. THE Manhattan market building, at New York, which covered an entire block, and had over two hundred tenants, was completely destroyed by fire at midnight of the 10th. The loss to the occupants alone will be $1,000,000. WHILE playing with an old pistol which they supposed to be unloaded, Harry Spye, 7 years of age, of Indianapolis, Ind., shot and killed his brother Bertie, aged only 4. The ball entered the forehead, and traced its way to the base of the brain. A WALLA Walla, Gal., dispatch of the 15th inst. says. A fire originated in the Pearl house that almost totally destroyed the village of Waitesburg. A strong wind prevailed and all but four of the business houses were burned. But little of the merchandise was saved. One Chinaman was burned to death. Loss from $150,000 to $200,000. A 6-YEAR-OLD boy named George Kirsh while on a street car in Milwaukee, had in his mouth a stick of liquorice about six inches in length. On getting off the car the boy fell, struck on his face, and the liquorice was forced down his throat. The boy became unconscious, and it is a question whether he has sustained fatal injuries or not. A LARGE block of buildings on North Fourth street, St. Louis, was destroyed by fire, on the 16th inst. The heaviest losers are C. H. Moeller, the Scarrett Furniture company, James Hamilton & Co., the Ross fur store, Lincoln,s auction-rooms, and William G. Clark, the owner of the buildings. The total loss is about $200,000. E. B. BARROW and son, and a man named Lester, were working at Shawkan's distillery. Independence, Mo., when a large still, full of boiling mash, burst and they were completely cooked by the hot liquid; they lived a few moments, but their eyes were put out, flesh fell from their bones and their agony was terrible. The other workmen were not seriously injured. THE destruction of Finseer Bros., Louisville, Ky., tobacco works by fire, will throw one hundred and fifty men and women out of employment, many of whom depend entirely upon the work they received at the factory for their snbsistence. The calamity will fall heavily on many destitute families. Total loss estimated at $150,000. JAMES KELLEY and Bridget O'Maher, on the 11th inst., went out in a boat from Madison, Wis., on Lake Monona, and went to Lakeside. They were seen coming home in the evening drunk. Kells was found in the lake and rescued at 8 o'clock. The dead body of the woman was found the next morning. A verdict was rendered that she was drowned by the boat tipping from some unknown cause. Kelly was held for further development. A FIRE in St. Louis, on the 9th inst., de-


Article from The Superior Times, September 25, 1880

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Article Text

Business Wrecks. Wm. Rood, publisher of German books, New York, has assigned. Liabilities $30,000. The suspension of the old shipping house of Howes & Co., San Francisco, is announced. It is impossible at present to state the assets or liabilities. John Rosenfield succeeds to the business. Isidore Rosenthal, wholesale dealer in woolens, New York, made an assignment on the 11th inst. Liabilities said to be $200,000; assets probably $95,000. Thompson & Co., bankers and brokers, South Third street, Philadelphia, have suspended. Liabilities $50,000.