19207. Twenty Second Ward Bank (Philadelphia, PA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
June 30, 1877
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini
Short Digest
e2509830

Response Measures

None

Description

Multiple contemporaneous newspaper reports state the Twenty-second Ward Bank (a state institution) suspended/closed about June 30, 1877 and will make final settlement with depositors (deposits to be paid in full) and stockholders (about 80% recovery). No run is described; this is a suspension leading to permanent closure/final settlement rather than a temporary suspension or reopening.

Events (1)

1. June 30, 1877 Suspension
Cause Details
Declared inability to compete with national banks; bank sunk about 20% of its capital and suspended business to make final settlement.
Newspaper Excerpt
The Twenty-second Ward Bank, a State institution, closed its doors yesterday, and will proceed to make a final settlement with its depositors and stockholders.
Source
newspapers

Newspaper Articles (7)

Article from The Sun, July 1, 1877

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Suspension of n Pennsylvania State Bank. PHILADELPHIA. June 30.-The Twenty-second Ward Bank, a State institution closed its doors 10-day The depositors will be paid 111 full, and the stockholders will receive about eighty percent of their stock The latter have already received four dividends of three per cent each since the organization of the bank in 1871 The cause of the failure to make the institution a success was inability to cope with the national banks.


Article from New-York Tribune, July 2, 1877

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SUSPENSION OF A PHILADELPHIA BANK. PHILADELPHIA, July 1.-The Twenty-second Ward Bank, a State institution, closed its doors yesterday, and will proceed to make a final settlement with its depositors and stockholders. The depositors will be paid in full, and the stockholders will receive about eighty per cent. of their stock. The latter havealready received four dividends or three per cent each since the organization of the bank in 1871. The cause of the failure to make the institution a success was inability to cope with the National banks.


Article from The Wheeling Daily Intelligencer, July 2, 1877

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Philadelphia Bank Suspension. PHILADELPHIA, June 30.-The Twen. ty-second Ward Bank a State institution, closed its doors to day, and will make a final settlement with its depositors and stockholders. The depositors will be paid in full. and the stockholders will receive about 80 per cent. on their stock. The latter have already received four dividends of 3 per cent. each since the organization of the bank in 1871. Cause of tailure, inability to cope with National banks.


Article from The Cheyenne Daily Leader, July 3, 1877

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TELEGRAPHIC TICKS The celebrated trotting mare Lady Thorne died at Trenton, N.J., on Monday. A Turkish steamer filled with Ronmanian soldiers was sunk, Saturday, by a Turkish monitor near Rahovia. The Pope was so III Sunday and Monday that many Bishops who were about to leave Rome have postponed their departure. The public printer at Washington put a large force of printers to work yesterday, some of whom had only been recently removed. Hundreds of persons of both sexes called upon the President yesterday. Those seeking office were advised to file their papers with the proper department officers. The Twenty second Ward bank of Philadelphia, a state institution. closed its doors Saturday, and will proceed to make a final settlement with its depositors and stockholders. The receiver of the American Popular Life Insurance Co. of New York states that the books are full of irregularities and show that the officers have been guilty of fraud or perjury. Assistant Secretary McCormick took charge of the Treasury department on Monday, Secretary Sherman leaving on a tour of inspection of the life-saving service of the North Atlantic coast. Col. J.O. Martin, secretary of the Masonic State Mutual Benefit Insurance Association at Indianapolis, attempted suicide, Monday morning, by stabbing himself. He is still living, but his recovery is doubtful. Our telegrams bring accounts of severe wind and rain storms in Missouri, Indiana and Ohio on Saturday night and Sunday. Loss of life is reported at several places, with great damage to buildings and crops. President MacMahon, in his order to the troops, at the annual review, on Saturday, said: "I am satisfied with your bearing, and expect you to help me preserve order." MacMahon was repeatedly cheered by the soldiers. Gen. Grant visited the House of Lords Monday evening and stood at the foot of the throne. Gen. Grant subsequently proceeded to the House of Commons, and remained a few minutes in the gallery for distinguished visitors. The commission to investigate federal offices in San Francisco organized on Saturday last. It consists of Dr. Linderman, E. P. Howe and Henry L. Dodge. The examination commenced immediately, beginning with the mint. In accordance with civil service requirements, E. H. Chase, collector of internal revenue, and Douglass Smith, postmaster, at Wilkesbarre, Pa., have resigned their positions as chairman and secretary of the Republican county committee. Oakley S. Barker, aged 22, grandson of the late Commodore Vanderbilt, has been arrested on a charge of stealing a gold watch from a young woman whom he knew. Barker, on the day of his arrest (Monday) came into possession of an annual income of $10,000. Two of the Louisiana returning board members have been indicted for larceny-for having made away with cere tain returns and documents pertaining e to the election of 187C, and for having published false records with intent to defraud. The penalty is imprisonment for fourteen years.


Article from The Anti-Monopolist, July 5, 1877

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progress of of knowledge of civilization, of right over might, of the triumph justice over fraud and oppression. GENERAL NEWS. Kenneth Raynor took the oath of office as Solicitor of the custom house is not be Saturday The Chicago Treasury. to investigated. The employes of the Erie railway reduced. being made no trouble on account of their wages have this The President and family are to summer the Lincoln cottage occupy at the Soldiers' Home near Washington. The total popular subscription to the four 165,450 per cent. loan reported to dateis The New York stock exchange ad. journ over the 4th only. resuming business on the 5th of July. The navy department has ordered immediate Miantonomah. completion of the iron clad the The leading business men of St. Louis propose to build a system of narrow guage railways, centering in that city. Capt. Eads reports to the South claims jetty company the details of his work Pass and that it is entirely successful. Ex-Auditor Johnson, of Louisiana, sent to jail Saturday, for non-payment was of court. a fine imposed on him for contempt of Six Russian vessels in the port of New York have been transferred to American owners ish apprenensive of danger from Turkmen of war. Orleans The commission in vestigating the New tions custom house recommend reducwhich will amount to an annual saving of over $60,000. A number of the graduates of Vassar college visit left for Europe, Saturday, and ing September objects of interest 13th. there before return- will The single scull contest at Boston, miles, $1,000 side, between Regan 3 Time Landers, was won easily by the former. and 22 minutes and 50 seconds. The Stadaeona insurance Quebec has withdrawn from company business of assessed its stockholders 20 per cent and account of its losses by the St. John fire on A fond mother in New York, struck the son to whom she had deeded all by vast are property, has disappeared. No names her given, perhaps on the boy' S account. Richard for Wagner, the composer of sic the future, is to begin muand musical tour throughout the United next year America. possibly all of North and States South President Hayes and party had Friday where down Newport Bay to Goat sail was he visited points of interest Island thusiasm. welcomed by the islanders with and enuniform A Liberal motion declaring in favor franchise and more complete of o resentation of the electoral body, rep. jected in the British Parliament Friday, was by a small majority. The Twenty-second Ward Bank of y adelphia, to a State institution, being Philcope with the national banks, has unable r pended business after sinking about sus y twenty per cent. of its capital. S The machine politicians of Pennsylvania st of are the said to be stormily indignant because e holders President's order requiring to refrain from undertaking office to manage party affairs. it Eph Holland, the noted gambler of oto cinnati, who some time ago pleaded Cinst the procuring illegar democratic guilty sentenced last October election, was votes at tentiary to thirteen months in the to-day penim e? Secretary Sherman is response to quiry has written a letter saying that inis no limitation to the payment of there bonds, and that although the interest called in ceases, the face of bonds will be at on ten. presentation, whether in one paid year up- or e The following is the official statement date: of United States currency outstanding Old demand notes. $6,396,250; te tender notes, notes of lega er $96,285; compound interest notes, 1863 r 260; fractional currency, $20,403,127.34 $300.. total, $310,627,976.84. he Information is received at the ly partment that General Grant State De ch if of leave July England immediately after intends the to and will go to Belgium, 4th the land, Norway and Sweden and Russia, Switzer he Russia order named. and on his return from vwill spend some time in Paris. bes In accordance with the civil eoquirements, E H Chase, service at collector. master, and Douglass internal revenue Smith. rt. both of Wilkesbarre, post Pa. an ave resigned as chairman and secretary Ir the republican county committee. John W. Clapt, secretary of the rtv the life insurance company has abruptly Chicago th the city, carrying with him, it is available assets of the said, nce Mr. Tucher. $100,000. The principal loser concern, is W. F or ace stock. half the the president, who owns abou Ker ap the A men perfect panic is said to exist paCarolina who have misgoverned amon vas the for several years, on account Sout an mittee developments by the legislative and the prompt action com off justices : and other officers of tria for ngs proceeding against those accused of the law. of ons gery and defalcation nce han Wm. An H. information has been filed wd. at Weldon by the District agains for shooting his to kill Wm. ) New Orleans with Attorne B. Packard on the inter star will February last It is stated Gov. 15th ngs of make requisition on the Governo Nicho and Louisiana, Pennsylvania for Weldon's return our ave was Mrs. a few Maria Payson of Rutland, Vt., weeks ago sent wh of ew asylum, tion immediately following to an a lunati een to blackmail that she had slandered and accus ple of that a prominent man and attempte the asylum city, has been taken from woms on writ of habeas igh leased she will bring suits corpus. If er. aprisonment cured against the parties for who false pro in her detention in the asylum. was em been Col. Fred Grant and party, who en from examining the routes to the Black Hi ha onfavor of vicinity of Fort Pierre, Fort a straight line due report the George to the crossing of west the Che fro


Article from The Anti-Monopolist, July 5, 1877

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progress of knowledge of civilization. of right over might. of the triumph of justice over fraud and oppression. GENERAL NEWS. Kenneth Raynor took the oath of office Saturday as Solicitor of the Treasury. The Chicago custom house is not to be in investigated. The employes of the Erie railway have made no trouble on account of their wages being reduced. The President and family are to occupy this summer the Lincoln cottage at the Soldiers' Home near Washington. The total popular subscription to the four per cent. loan reported to dateis $7.165,450 The New York stock exchange will journ over the 4th only, resuming business on the 5th of July The navy department has ordered the immediate completion of the iron clad Miantonomah. The leading business men of St. Louis propose to build a system of narrow guage railways, centering in that city. Capt. Eads reports to the South Pass jetty company the details of his work and claims that it is entirely successful. Ex-Auditor Johnson, of Louisiana, was sent to jail Saturday, for non-payment of a fine imposed on him for contempt of court. Six Russian vessels in the port of New York have been transferred to American owners apprenensive of danger from Turkish men of war. The commission in vestigating the New Orleans custom house recommend reductions which will amount to an annual saving of over $60,000. A number of the graduates of Vassar college left for Europe, Saturday, and will visit objects of interest there before returning September 13th. The single scull contest at Boston, 3 miles, $1,000 side, between Regan and Landers, was won easily by the former. Time 22 minutes and 50 seconds. The Stadaeona insurance company of Quebec has withdrawn from business and assessed its stockholders 20 per cent on account of its losses by the St. John fire A fond mother in New York, struck by the son to whom she had deeded all her vast property, has disappeared. No names are given, perhaps on the boy's account. Richard Wagner, the composer of music for the future, is to begin next year musical tour throughout the United States and possibly all of North and South America. President Hayes and party had a sail Friday down Newport Bay to Goat Island, where he visited points of interest and was welcomed by the islanders with enthusiasm. A Liberal motion declaring in favor of uniform franchise and more complete representation of the electoral body, was rejected in the British Parliament Friday, by small majority The Twenty-second Ward Bank of Philadelphia, a State institution, being unable to cope with the national banks, has sus pended business after sinking about twenty per cent. of its capital. The machine politicians of Pennsylvania are said to be stormily indignant because of the President's order requiring office holders to refrain from undertaking to manage party affairs. Eph Holland, the noted gambler of Cincinnati, who some time ago pleaded guilty to procuring illegar democratic votes at the last October election, was to-day sentenced to thirteen months in the penitentiary Secretary Sherman is response to inquiry has written a letter saying that there is no limitation to the payment of called bonds, and that although the interest ceases, the face of bonds will be paid upon presentation, whether in one year or t ten The following is the official statement of United States currency outstanding date: Old demand notes, $6,396,250; legal tender notes, 764,332; notes of 1863 $96,285; compound interest notes, $300. 260: fractional currency, $20,403,127.34 total, $310,627,976.84 Information is received at the State Department that General Grant intends leave England immediately after the 4th of July and will go to Belgium, Switzerf land, Norway and Sweden and Russia, the order named, and on his return from Russia will spend some time in Paris. In accordance with the civil service re quirements, E H Chase, internal revenue collector. and Douglass Smith, post t master. both of Wilkesbarre, Pa have resigned as chairman and secretary n the republican county committee. John W Clapt, secretary of the Chicago life insurance company has abruptly left the city, carrying with him, it is said, all the available assets of the concern, or over $100,000 The principal loser is W. F Tucher, the president, who owns abou half the stock A perfect panic is said to exist amon the men who have misgoverned South Carolina for several years, on account the developments by the legislative com in mittee and the prompt action of tria justices and other officers of the law, in is proceeding against those accused of for gery and defalcation is An information has been filed agains Wm H Weldon by the District Attorney 1. at New Orleans for shooting with inten to kill Wm. B. Packard on the 15th r February last It is stated Gov. Nichol will make a requisition on the Governo of Pennsylvania for Weldon's return d Louisiana it Mrs. Maria Payson of Rutland, Vt., who was a few weeks ago sent to a Junati of asylum, immediately following an accusa w tion that she had standered and attempted n to blackmail a prominent man and woman le of that city, has been taken from the e asylum on a writ of habeas corpus. If re h leased she will bring suits for false im prisonment against the parties who procured her detention in the asylum. as Col. Fred Grant and party, who hav n been examining routes to the Black Hill n from the vicinity of Fort Pierre, report i nfavor of a straight line due west from Fort George to the crossing of the Chey


Article from The Anti-Monopolist, July 12, 1877

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GENERAL NEWS. Gen. Grant arrived at Brussels Friday evening. Frederick Wilhelm Hacklaender, German traveler and author, is dead. Gens. Sherman and Terry had a civic and military reception at Bismarck. Sir Stafford Northcote will stand against G adstone for the lord rectorship of Glasgow university. A number of the officers and crew of the United States steamer Gettysburg paid a visit to the pope yesterday. The Paris Moniteur intimates that the the Bonapartists will not gain by any change of ministry. At the annual examination for admission to the naval academy but thirty-seven passed of the seventy-five applicants. Hon. Thomas Talbott of Massachusetts declines to allow the use of his name as a candidate for Governor. The Berlin Official Gazette publishes a decree prohibiting the export of horses from Germany. Four boys, rowing in a hog trough at Rock Island Sunday, capsized and were drowned. Bayard Taylor, it is said, has been offered the appointment of Minister to Russia or Belgium. A large stock yard is to be provided at Omaha for 75,000 cattle expected to be shipped through there this fall. A cable dispatch from Edinburgh states that Philadelphia is appointed for the next meeting of the general Presbyterian council. The Ohio river steamer J. H. Camden exploded both boilers Sunday, about thirty miles below Wheeling. Four of the crew were killed and others wounded. The Twenty-second Ward Bank of Philadelphia, a State institution, being unable to cope with the national banks, has suspended business after sinking about twenty per cent. of its capital. Richard Wagner, the composer of music for the future, is to begin next year a musical tour throughout the United States and possibly all of North and South America.