19247. Phillipsburg bank (Phillipsburg, PA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
October 5, 1891
Location
Phillipsburg, Pennsylvania (40.693, -80.282)

Metadata

Model
gpt-5-mini
Short Digest
109c78ef

Response Measures

Accommodated withdrawals, Full suspension

Other: Bank announced it would 'go into liquidation' after suspending payment.

Description

Newspaper accounts (Oct 5–6, 1891) report an unprecedented run on the Phillipsburg bank triggered by failures at Clearfield and Houtzdale and relations between the presidents; the bank suspended payment and announced it would 'go into liquidation' — indicating permanent closure. Bank type not specified in articles.

Events (3)
1. October 5, 1891 Run
Cause
Local Banks
Cause Details
Depositors (miners and friends) were alarmed by the failures of the Clearfield and Houtzdale banks and drew out large sums; fears exacerbated by family/financial ties between Phillipsburg president Boynton and Dill of the failed banks.
Measures
Paid out thousands over three banking days and made preparations to meet demands (stacks of currency and gold shown), but ultimately could not stem withdrawals.
Newspaper Excerpt
Ever since the Clearfield bank was closed and the Houtsdale bank failed the Phillipsburg institution has experienced an unprecedented run.
Source
newspapers
2. October 5, 1891 Suspension
Cause
Local Banks
Cause Details
Continued heavy withdrawals caused by alarm from nearby Clearfield and Houtzdale bank failures and consequent loss of confidence; heavy checks overdrew balances at the last moment leading to suspension and liquidation.
Newspaper Excerpt
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.
Source
newspapers
3. October 6, 1891 Other
Newspaper Excerpt
It is unofficially announced that the liabilities of the Phillipsburg bank ... are $380,000, and the assets $400,000. ... a statement will shortly be made public.
Source
newspapers

Newspaper Articles (10)
1. October 6, 1891 The Helena Independent Helena, MT
Article from The Helena Independent, October 6, 1891

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Article Text

WILL GO INTO LIQUIDATION. Run on Another Pennsylvania Bank, With Unfortunate Results. PHILLIPSBURG, Pa., Oct. 5.-The Phillipsburg bank closed its doors to-day, anneuncing 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 deposits would be paid in full. Phillipsburg is only a short distance from Clearfield and Houtsdale. Ever since the Clearfield bank was closed and the Houtsdale bank failed, the Phillipsburg institution has experienced an unprecedented run. Minors and their friends first took alarm from reports from Houtsdale and began an open onslaught on the local bank, gathering there in line and steadily drawing deposits of $500 to $1,000, without a word of comment from either side. The bank stood the pressure easily and paid out thousands within the last three banking days. Then the heavy depositors took fright and the result was the announcement to-day. The president of the bank is Jonathan Boynton, father-in-law of President Dill, of the Houtsdale and Clearfield banks.

2. October 6, 1891 Wheeling Register Wheeling, WV
Article from Wheeling Register, October 6, 1891

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Article Text

ANOTHER BANK Suspends Payment, Closes Its Doors and Liquidates, BECAUSE OF A VERY HEAVY RUN Three Days-The Failure of the Houtsdale and Clearfield Banks Caused All the TroubleNothing Crooked is Charged, but There is & Great Lack of Confidence Other Bank Matters. PHILLIPSBURG, PA., October 5.-The Phillipsburg bank closed its doors today, 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 closed and the Houtzdale bank failed the Phillipsburg institution has experienced an unprecedented run. The miners and their friends first took alarm from reports from Houtzdale, and began an open onslaught on the local bank, gathering there in line and steadily drawing their deposits of $500 to $1,000 without & word 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 of to-day. The President of the bank is Jonathan Boynton, father-in-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, and a great amount of cash is required daily and an 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. There is but little excitement now that the first fear has quieted down, and even the Huns and Slavs are quiet to-night, all awaiting the results of the present investigation into the three banks now closed.

3. October 6, 1891 The Wilmington Daily Republican Wilmington, DE
Article from The Wilmington Daily Republican, October 6, 1891

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Article Text

CLOSED BY A RUN. Frightened Depositors Force a Solid Bank to Suspend. THE OF SUSPENSION. CAUSE Depositors Took Alarm Because the President of the Phillipsburg Concern Was Related to Dill, of the Defanct Clearfield Bank. PHILLIPSBURG, Pa., Oct. 6. - This quiet little city was electrified by the posting of the following announcement on the doors of the Phillipsburg bank, supposed to be one of the strongest institutions in this portion 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 depositor in full." Ever since the Clearfield bank closed and the Houtzdale bank failed the Philhpsburg institution has experienced an unprecedented run. The miners and their friends first took alarm from reports from Houtzdale, and began an open onslaught on the local bank. gatherihg there in line and steadily drawing their deposits of $300 to $1,000 without a word of comment from either side. Forced to Suspend. 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 yesterday's announcement. Officers of the bank had feared a run, and had made every preparation for the worst. but with every check paid out there seemed two more rapping at the gate, and yesterday they decided to attempt to stem the current no longer. At the closing last Saturday enormous sums were paid over the counter and confidence was somewhat established in the minds of the public by great stacks of currency and heaps of gold piled on the counters. At the last moment, however, two heavy checks from lumber and coal maining firms overdrew the balance. The Clearfield Affair Caused It. The secret of the closing lies in the fact that Jonathan Boynton. of Clearfield, is president of the bank. Boyn. ton is father-in-law of President Dill, of the Clearfield and Houtzdale banks. It is said that Boynton drew out $20,000 to assist Dill, and this, coupled wish wild rumors that Dill had previously borrowed enormous sums from Boynton, caused a feeling of uneasiness that the Phillipsburg bank might become involved in the run.

4. October 6, 1891 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, October 6, 1891

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Article Text

ONE MORE BANK DOWN. A Continued Run Causes Temporary Suspension. PHILLIPSRURG, Pa., Oct. 5.-The Phillipsburg bank closed its doors today, 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. Phillip Sburg 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. The miners and their friends first took alarm from reports from Houtzdale, and began an open onslaught on the local bank, gatheriug there in line and steadily drawing their deposits of $500 to $1,000 without a word of comment from either side. The bank stood this pressure easily and paid out thousauds within the lastithree 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, father-in-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 omount of cash is required daily, andfan unprecedented stringency is now reported on every side. It is feared many private individuals and concerns will go down in the general crash thatseems imminent here, The closing is only temporary. There is but little excitement, now that the first fear has quieted down, and ven the Huns and Slavs are quiet to-night, all awaiting the results of the present investigation into the affairs of the three banks now closed.

5. October 6, 1891 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, October 6, 1891

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Article Text

ANOTHER BANK DOWN. Run Closes an Ally of Clearfield-Houtzdale Institution. EXCITEMENT IN KINGSTON, N. Y. Depositors Gathering From the Country -Militia Held in Readiness to Suppress Threatened Riot. E ILLIPSBURG, Pa., Oct. 5.-The Phillipsbur: bank closed its doors today, announein that on account of a continued deme 1 from depositors it was deemed best to spend repayment and go into liquidation The cashier stated that he believed all the depositors would 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 1.ss experienced an unprecedented run. The niners and their friends first took the usn from reports from Houtzdale, nd began an open onslaught on the real bank, gathering there in line and stead ily drawing deposits of $500 to $1,000 ith ut a word of comment from either de. The bank stood the pressure vasil and paid out thousands ithin the last three banking days. ben the heavy depositors took fright and the result was announced today. The president of the bank is Jon# hat Berinton, father-in-law of Presidont Dill, of the Houtzdale and Clearfield bank 1.

6. October 7, 1891 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, October 7, 1891

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Article Text

Embarrassed Banks. PHILADELPHAN Oct. 6.-A special from Phillipsburg says it is unofficially announced that the liabilities of the Phillipsburg bank, which closed yesterday, are $380,000, and the assets, $400,000. The Moshannon bank, at Moshannon, Pa., on which there has been something of a run, has paid all demands in full.

7. October 7, 1891 Wheeling Register Wheeling, WV
Article from Wheeling Register, October 7, 1891

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Article Text

THE BANK SAFE. Liabilities, $380,000; Assets $400,000. Another Bank's Run. PHILLIPSBURG, PA., October 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. The Moshannon Bank, of Moshannon, Pa., on which there has been something of a run, has paid all demands in full.

8. October 7, 1891 Fort Worth Gazette Fort Worth, TX
Article from Fort Worth Gazette, October 7, 1891

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Article Text

A Bank Failure. PHILLIPSBURG, Pa., Oct. 6.-It is unofficially announced that the liabilities of the Phillipsburg bank, which closed its doors yesterday morning, are $380,000 and 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.

9. October 9, 1891 Daily Tobacco Leaf-Chronicle Clarksville, TN
Article from Daily Tobacco Leaf-Chronicle, October 9, 1891

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Article Text

Bank failures have become epidemic in Pennsylvania, the panic spreading from town to town. One goes down and carries another ; people become alarmed and the money stringency presses every one. Since the heavy failure in Philadelphia, Clearfield, Houtzdale and Phillipsburg banks have followed. Distrust prevails everywhere and depositors are drawing their money. This seems to be the situation in the most highly favored, protected, run-mad Republican State in the Union.

10. October 14, 1891 New Ulm Weekly Review New Ulm, MN
Article from New Ulm Weekly Review, October 14, 1891

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Article Text

MISCELLANEOUS, A CALL is issued for a meeting of the Republican national committee at New York. A STATUE of Gen. Grant is unveiled at Lincoln Park, Chicago, with imposing ceremonies. THE Fire Underwriters' Association of the Northwest met at Chicago. W. P. Hubbell, of Winona, Minn., presented a report on mutual companies. A SPECIAL from Phillipsburg, Pa., says it is unofficially announced that the liabilities of the Phillipsburg bank, which closed its doors recently, are $380,000, and the assets $400,000. RESOLUTIONS denouncing Porter for the manner in which he collected statistics as to farm mortgages are adopted by the executive committee of the Minnesota Farmers' Alliance. THE Greenlee & Forest oil well, at McDonald, 18 miles from Pittsburg, Pa., was drilled deeper and the flow increased to 14,400 barrels a day. This is the largest well ever struck in America, and believed to be the largest in the world. THE committee appointed to pass on the acceptance of the marble statue of Hon. Jefferson Davis, for the vestibule of the confederate monument in Jackson, Miss., finally decided, by a vote of 15 to 7, to accept the statue. It had been placed on the pedestal by the contractor, there being no ceremony. THE suit of she United States of America vs. the Bell Telephone Company and Alexander Graham Bell to try the question as to whether the patents of the latter were obtained from the patent office at Washington by fraud, is now before Henry L. Hallett at Boston, who is an examiner in the case and is taking testimony. THE Order of Red Cross wasjoined by the superior court, of Boston, from paying out its funds in any bank and from disposing of its funds in the state treasury. The plaintiffs are holders of matured certificates. A conspiracy and confederacy is alleged on the part of the officers and other unknown persons for the purpose of defrauding. A receiver is also asked for.