895695d9Accommodated withdrawals, Full suspension
Other: Bank announced going into liquidation; no receiver mentioned in articles.
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Bank Suspended Payment. PHILLIPSBURG, Pa., Oct. 5 -The Phil. lipeburg bank closed its doors today, announcing that on account of the continued demand from the depositors, it was deemed best to go into liquidation. The cashier paid he believed all deposits would be paid in full.
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ANOTHER BANK FAILURE. The Phillipsburg Bank Could Not Stand a Run Cansed by the Closing of Two Others. PHILLIPSBURG, PA., Oct. 5.-The Phillipsburg Bank closed its doors to-day, announcing that on account of the continued demand from the depositors, it was deemed best to suspend payment and go into liquidation. The cashier stated that he firmly believed all deposits would be paid in full. Phillipsburg is only a short distance from Clearfield and Houtzdale. Ever since the Clearfield bank closed and the the an institution Houtzdale bank has experienced failed, Phillipsburg unprecedented run. The miners and their friends first took alarm from reports from Houtzdale, and began an onon local their there slaught in line the and steadily bank, drawing gathering open deposits of $500 to $1,000 without aword of comment from either side. The bank stood this pressure easily and paid out thousands within the last three banking days. Then the heavy depositors took fright, and began a quiet checking of their balances which resulted in the announcement to-day. The president of the bank is Jonathan Boynton, fatherin-law of President Dill, of the Clearfield and Houtzdale banks. The effect of the suspension cannot now be estimated. Distrust is everywhere, and confidence nowhere. This being the center of coal interests in the region. a great amount of cash is required daily, and nn unprecedented stringency is now reported on every side. It is feared many private individuals and concerns will go down in the general crash that seems imminent here. The closing is only temporary. There is but little excitement, now that the first fear has quieted down, and even the Huns and are quiet all of the Slays the results to-night, present investigation awaiting into the affairs of the banks now closed.
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BANKING DISASTERS. Another Suspension Caused by Withdrawal of Deposits-Excitement in Kingston. PHILLIPSBURG (Pa.), Oct. 5.-The Phillipsburg Bank closed its doors to-day, announcing that on account of continued demand from depositors it was deemed best to suspend payment and go into liquidation. The cashier stated that he believed all deposits will be paid in full. Phillipsburg is only a short distance from Clearfield and Houtzdale. Ever since the Clearfield Bank closed and the Houtzdale Bank failed the Phillipsburg institution has experienced an unprecedented run. Miners and their friends first took the alarm from reports from Houtzdale and began an open onslaught on the local bank, gathering there in line and steadily drawing deposits of from $500 to $1000 without a word of comment from either side. The bank stood the pressure easily, and paid out thousands of dollars within the last three banking days. Then heavy depositors took fright, and the result was the announcement to-day. The President of the bank is Jonathan Berinton, father-in-law of President DIII of the Houtzdale and Clearfield banks. EXCITED DEPOSITORS. KINGSTON (N. Y.), Oct. 5. - As expected the city is rapidly filling up with people from all over the county, who are depositors in the three city savings banks. Business is at a standstill, and crowds stand all over the streets discussing the wrecking of the Ulster County Savings Institution. The Kingston Savings Bank and the Rondout Savings Bank each has posted notices, notifying depositors that the 60-day notice required by law must be given. Large crowds of depositors, with bank-books in hand, stand in front of tie institutions. By noon the block wherein the banks, Court-house and jail are situated was filled with depositors. There is a report that a large number of mea are coming from Creek Locks, and for this reason the Fourteenth, a separate company. has been ordered to be held in readiness for service. Ostrander and Trampbour were arraigned this morning. They waived an examination and were bound over to await the action of the Grand Jury next week. A RECEIVER APPOINTED. TROY (N. Y.), Oct. 5.-Nicholas E. Brodhead of Kingston was to-day appointed temporary receiver of the Ulster County Savings Institution at Kingston. The receiver's bonds are $250,000. An injunction restraining the creditors and depositors from bringing attachments against the bank's assets was also granted by the court.
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Another Bank Closes. PHILLIPSBURG, Pa., Oct. 5.-The Phillipsburg Bank closed its doors today, announcing that on account of the continued demand from depositors it was deemed best to suspend payment and go/into liquidation. The cashier stated that he believed all depositors will be paid in full. Phillipsburg is only a short distance from Clearfield and Houtzdale, and ever
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IT HAD TO GO UNDER Phillipsburg Bank Also a Victim to President-Dill. HOPES OF PAYING ALL CLAIMS. The Failures at Clearfield and Houtzdale Caused a Great Run on the Bank. The President of the Bank the Fatherin-Law of Dill-He Had Drawn Out a Large Amount to Assist His Son-in-Law. A Panto Imminent, and Fears that Many Individuals Will Go Down. PHILLIPSBURG, Pa., Oct. 6.-This community was greatly excited yesterday by the following announcement which was posted on the doors of the Phillipsburg Bank, supposed to be one of the strongest private institutions of the State: OCT. 5, 1891. The continued demand of our depositors is greater than we can meet at once. We deem it best for all their interests to suspend payment and liquidate our affairs. We firmly believe we can pay every depositor in full. O. PERRY JONES, Cashier. Ever since the Clearfield bank closed and the Houtzdale bank failed the Phillipsburg institution has experienced an unprecedented run. The miners and their friends became alarmed and began a run, steadily withdrawing their deposits of $500 to $1,000, and many M thousand dollars were thus paid out during the last three days. Then the heavy depositors took fright, and began a quiet checking of their balances, which resulted in the announcement. The officers of the bank had feared a run and made every preparation for the worst, but with every check paid out there seemed to be two more coming in = and they decided to no longer attempt to stem the current. On Saturday confidence was somewhat restored by the gold and currency visible on the counters. At the last moment two heavy checks from lumber and coal mining firms overthrew the balance, and a hasty meeting of bank officials was called for 8 o'clock yesterday morning. At 9 o'clock the notice was posted. The secret of the closing lies in the fact that Jonathan Boynton, of Clearfield, is president of the bank. Boynton is the father-in-law of President Dill of the Clearfield and Houtzdale banks, now in jail. The statement has been made here and in Clearfield that Mr. Boynton, only a few days ago, had drawn out $20,000, which he loaned to his son-in-law to assist him in his troubles, and this, th rumors that Dill had previously a borrowed anormous sums from Mr. Boynton, caused a feeling of uneasiness. The effect of closing the Phillipsburg bank can hardly be estimated. This city lies close to Houtzdale, while Clearfield is not far away, and as all depend for their prosperity largely upon mining and lumber, the panic cannot be fully measured. It is feared that many individuals will go down in the crash that seems imminent here. Cashier Jones made a statement yesterday that every dollar would be paid in full as soon as the bank had time to negotiate the collateral security it has on hand. He also said that President Boynton only owned $10,000 worth of stock in the bank, and that he was merely a figurehead. President Boynton has not spent a week in the bank for the last five years.
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IT HAD TO GO UNDER Phillipsburg Bank Also a Victim to President Dill. HOPES OF PAYING ALL CLAIMS. The Failures at Clearfield and Houtzlale Caused a Great Run on the Bank. The President of the Bank the Fatherin-Law cf Dill-He Had Drawn Out a Large Amount to Assist His Son-in-Law. A Panic Imminent, and Fears that Many Individuals Will Go Down. PHILLIPSBURG, Pa., Oct. 6.-This community was greatly excited yesterday by the following announcement which was posted on the doors of the Phillipsburg Bank, supposed to be one of the strongest private institutions of the State: OCT. 5,1891. The continued demand of our depositcrs is greater than we can meet at once. We deem it best for all their interests to suspend payment and liquidate our affairs. We firmly believe we can pay every depositor in full. O. PERRY JONES, Cashier. Ever since the Clearfield bank closed and the Houtzdale bank failed the Phillipsburg institution has experienced an unprecedented run. The miners and their friends became alarmed and began a run, steadily withdrawing their deposits of $500 to $1,000, and many thousand dollars were thus paid out during the last three days. Then the heavy depositors took fright, and began a quiet checking of their balances, which resulted in the announcement. The officers of the bank had feared a run and made every preparation for the worst, but with every check paid out there seemed to be two more coming in and they decided to no longer attempt to stem the current. On Saturday confidence was somewhat restored by the gold and currency visible on the counters. At the last moment two heavy checks from lumber and coal mining firms overthrew the balance, and a hasty meeting of bank officials was called for 8 o'clock yesterday morning. At 9 o'clock the notice was posted. The secret of the closing lies in the fact that Jonathan Boynton, of Clearfield, is president of the bank. Boynton is the father-in-law of President Dill of the Clearfield and Houtzdale banks, now in jail. The statement has been made here and in Clearfield that Mr. Boynton, only a few days ago, had drawn out $20,000, which he loaned to his son-in-law to assist him in his troubles, and this, with rumors that Dill had previously borrowed enormous, sums from Mr. Boynton, caused a feeling of uneasiness. The effect of closing the Phillipsburg bank can hardly be estimated. This city lies close to Houtzdale, while Clearfield is not far away, and as all depend for their prosperity largely upon mining and lumber, the panic cannot be fully measured. It is feared that many individuals will go down in the crash that seems imminent here. Cashier Jones made a statement yesterday that every dollar would be paid in full as soon as the bank had time to negotiate the collateral security it has on hand. He also said that President Boynton only owned $10,000 worth of stock in the bank, and that he was merely a figurehead. President Boynton has not spent a week in the bank for the last five years.
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4 THIRD BANK GOES DOWN. The Phillipsburg Bank Swept Under by the Clearfield and Houtzdale Failures. PHILLIPSBURG, Pa., Oct. 5.-This community was greatly excited to-day by the following announcement which was posted on the doors of the Phillipsburg Bank, supposed to be one of the strongest private institutions in this part of the State: Oct. 5, 1891. The continued demand of our depositors is greater than we can meet at once. We deem it best for all their interests to suspend payment and liquidate our affairs. We firmly believe we can pay every depositor in full. 20 PERRY JONES, Cashier. Ever since the Clearfield Bank closed and the Houtzdale Bank failed the Phillipsburg institution has experienced an unprecedented run. The miners and their friends became alarmed and began a run. steadily withdrawing their deposits of $500 to $1,000. and many thousands of dollars were thus paid out during the last three days. Then the heavy depositors took fright. and began a quiet checking of their balances, which resulted in the announcement to-day. The officers of the bank had feared a run today and made every preparation for the worst. but with every check paid out there seemed to be two more coming in and they decided to no longer attempt to stem the current. On Saturday confidence was somewhat restored by the gold and currency visible on the counters. At the last moment two heavy checks from lumber and coal mining firms overthrew the balance, and a hasty meeting of bank officials was called for 8 o'clock this morning. At 9 o'clock the notice was posted. The secret of the closing lies in the fact that Jonathan Boynton of Clearfield is President of the bank. Boynton is the father-in-law of President Dill of the Clearfield and Houtzdale banks, now in jail. The statement has been made here and in Clearfield that Mr. Boynton. only a few days ago, had drawn out $20,000, which he loaned to his son-in-law to assist him in his troubles, and this, with rumors that Dill had previously borrowed enormous sums from Mr. Boynton, caused a feeling of uneasiness. The effect of closing the Phillipsburg Bank can hardly be estimated. This city lies close to Houtzdale, while Clearfield is not far away, and as all depend for their prosperity largely upon mining and lumber. the panic cannot be fully measured. It is feared that many individuals will go down in the crash that seems imminent here. Cashier Jones made a statement to-day that every dollar would be paid in full as soon as the bank had time to negotiate the collateral security it has on hand, He also said that President Boynton only owned $10,000 worth of stock in the bank. and that he was merely a figurehead. President Boynton has not spent a week in the bank for the last five years. New York and Chicago Limited. via New York Cen-
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THE BANK COULDN'T STAND THE RUN. Pittsburg, Oct. 5.-A Tri-State News Bureau dispatch from Phillipsburg, Centre County, Penn., says: "The Phillipsburg Bank closed its doors to-day, announcing that on account of the continued demand from the depositors it was deemed best to suspend payment and go into liquidation. The cashier stated that be firmly believed all deposits would be paid in full. Ever since the Clearfield Bank closed and the Houtzdale Bank failed, the Phillipsburg institution has experienced an unprecedented run. At last the heavy depositors took fright and began a quiet checking of their balances, which resulted in the announcement to-day. It is feared many private individuals and concorns will go down in the general crash that seems imminent here."
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A Third Bank Falls. PHILLIPSBURG, Pa., Oct. 5.-This quiet little city was electrified to-day by the posting of the following announcement upon the doors of the Phillipsburg Bank, supposed to be one of the strongest private institutions in this part of the State: The continued demand of our depositors is greater than we can meet at once. We deem it best for all their interests to suspend payment and liquidate our affairs. We firmly believe we can pay every deposit in full. PERRY JONES, Cashier. Ever since the Clearfield Bank closed and the Hontzdale Bank failed, the Phillipsburg institution has experienced an unprecedentsd run. The miners and their friends first took alarm from the reports from Houtzdale and began an open onslaught upon the local bank, gathering there in line and steadily drawing their deposits of from $500 to $1,000 without a word of comment from either side, The bank stood the pressure easily, and paid out thousands of dollars within the last three banking days. Then the heavy depositors took fright and began a quiet checking of their balances, which resulted in the announcement to-day. Officers of the bank had feared & run and had made every preparation for the worst, but with every check paid out there seemed two more rapping at the gate, and to-day they decided to attempt to stem the current no longer.
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THE PHILLIPSBURG BANK. Its Assets Said to Exceed Its Liabilities By About $20,000. PHILLIPSBURG, CENTRE COUNTY, PA., Oct. 6.-It is unofficially announced that the liabilities of the Phillipsburg Bank, which closed its doors yesterday morning, are $380,000, and the assets $400,000. It is announced that a statement will shortly be made public. The Moshannon Bank at Moshannon, Pa., on which there has been something of a run, has paid all demands in full.