19351. Penn Bank (Pittsburg, PA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
*
Location
Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model
gpt-5-mini
Short Digest
683f7c7a

Response Measures

None

Description

The articles discuss the Penn Bank's earlier suspension(s) and its final failure/assignment. No contemporaneous depositor run is described in these items; they cover court proceedings (Nov 1892) and the assignee's final account being filed (June 19, 1893). The sequence is suspension followed by permanent failure/assignee, so classification is suspension_closure. Dates of original suspension/failure are not given in the articles (only references that the bank 'failed seven years ago').

Events (4)

1. November 9, 1892 Receivership
Newspaper Excerpt
The defunct Penn Bank had another airing in the Supreme Court yesterday. The appeal of Henry Warner, assignee, against Thomas Hare and others was argued.
Source
newspapers
2. June 19, 1893 Receivership
Newspaper Excerpt
The third and final account of the assignee of the famous Penn Bank, which failed seven years ago for $3,000,000, was filed to-day.
Source
newspapers
3. * Other
Newspaper Excerpt
the first suspension of the bank, and before the final failure, were indorsed, delivered taken and held by the defendants, directors of the bank, as collateral security, to indemnify them as accommodation makers of promissory notes, alleged to have been made for the accommodation of the bank.
Source
newspapers
4. * Suspension
Cause
Bank Specific Adverse Info
Cause Details
Articles reference earlier suspension(s) and a final failure due to insolvency/mismanagement (large deficiencies and misappropriation alleged); exact trigger/date not specified.
Newspaper Excerpt
after the first suspension of the bank, and before the final failure, were indorsed, delivered taken and held by the defendants...
Source
newspapers

Newspaper Articles (3)

Article from Pittsburg Dispatch, November 9, 1892

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Article Text

THEPENNI BANK AGAIN Arguments in the Supreme Court on Assignee Warner's Suit. A MUTUAL LIFE INSURANCE PLAN. Applications for Retrials of Three Convicted Murderers. THE NEWS OF THE COUNTY COURTS The defunct Penn Bank had another airing in the Supreme Court yesterday. The appeal of Henry Warner, assignee, against Thomas Hare and others was argued. This was the proceeding for the taking and stating of an account between the defendants and Mr. Warner, wherein the latter alleged that the defendants are largely indebted to him, assignee, for the proceeds of certain bills receivable of the Penn Bank, which, after the first suspension of the bank, and before the final failure, were indorsed, delivered taken and held by the defendants, directors of the bank, as collateral security, to indemnify them as accommodation makers of promissory notes, alleged to have been made for the accommodation of the bank. The question raised is whether or not the defendants are entitled to a credit for $44,956 93 claimed by them to have been paid to the Germania Savings Bank, and which is claimed to have been a misappropriation and improper payment of the proceeds of the bills receivable. Collecting Interest on Contracts. The case of Booth & Flinn against the city to recover a balance of $783 claimed to be due on the contract for paving South Twenty-eighth street from Carson to Jane street was argued. The question at issue is whether or not the plaintiffs were entitled to interest on the contract price from the time the work was completed until payment was made. There was an argument in the case of Mary E. Urias against the Pennsylvania Railway. The action was to recover damages for the death of the plaintiff's husband, who was killed at Copeland station July 20, 1891. A verdict for $25,000 was received in the lower court from which the railroad company appealed. The case of Harry T. Friend against Martha E. Lamb was argued. It was an action to compel the specific performance of a contract of purchase of real estate by the defendant. An interesting story developed in the argument of the case of Elizabeth Hill, administratrix of the estate of Laban S. Hooper, deceased, against the United Life Insurance Association. A Combination Against Death. Hooper was the ninth man in a party of ten men who had combined together to have their lives insured for $10,000 apiece, agreeing that when the first died his estate should receive $1,000 and the remainder should be divided between the other nine. When the second should die the same disposition was to be made of the insurance money, and so on until the ten men should be dead. When Hooper died the plaintiff objected to this kind of a distribution of his insurance on the ground that the agreement he had entered into was in the nature of a wager. She lost the case in the lower court and appealed the case. The other cases aagued were: The appeal of Robert F. Clever from the definite decree of the Orphans' Court of this county; W. C. O'Reilly against C. C. Craft and others, an election controversy from the borough of Crafton; petition of Jas. S. Young and George Estep relating to the time for holding elections in Duquesne borough; appeal of James Evans in regard to the voluntary assignment of Daniel B. Brown; W. L. Perry against the Pittsburg Union Passenger Railway Company, an action to recover damages; the Fidelity Title and Trust Company against Wm. Weitzel, an action on a will, and the appeal of Joseph Walton from the judgment of Common Pleas Court No. 2, in the American Bank case.


Article from Wheeling Register, June 20, 1893

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Article Text

CONCERNING BUSINESS AND FINANCE. WILMINGTON, DEL., June 19.-The bank of New Hanover did not open to-day and the following notice was posted: "Owing to the withdrawal of more than $320,000 deposits and notices of over $150,000 intended withdrawals maturing in a few days and also to its inability to realize quickly on account of the stringency of been the times, the bank of New Hanover has forced to make an assignment to Junius De- H. Davis in the interest of all concerned, positors will receive dollar for dollar and the business will be wound up as rapidily as possible. "W. L. SMITH, Cashier" [Signed.] The general belief here is that the failis entirely fair and honest. The assets are ure estimated at $1,200,000; the liabilities at $800,000. All unpaid collections of the Bank of New Hanover have been turned over to the Wilmington Savings and Trust Co. for remittance. The closing of the bank was followed by a run on the Wilmington Savings and Trust Co. and the bank was crowded with depositors. The bank is paying full amount on deposits of $90 or under and $90 on all larger deposits. No deposits under this rule can draw over $90 without thirty days notice. There seems to be no doubt of an entire solvency of the bank. COLUMBUS, O., June 19.-J. & G. Butler, wholesale grocers, assigned to-day to Chas. Butler. Liabilities, $50,000; assets, $80,000 to $100,000. Cause financial stringency in times. Been in business since 1854. INDIANAPOLIS IND., June 19.-The Capital National Bank, which suspended payment May 11, resumed business this morning. PITTSBURG. PA., June 19.-The third and final account of the assignee of the famous Penn Bank, which failed seven years ago for $3,000,000. was filed to-day. The balwill be sufficient to pay the per cent., or per cent. June creditors ance NEW on YORK, hand in one-eighth all. 19.-Justice Lawrence twelve Henry of the Supreme Court hasappointed J. Bracket receiver of the Cassel Publishing Company, in an action brought by H. S. director and former vice president that it has Archer. on allegations, financial become condi- insolvent. The company's tion is attributed to its president, Oscar M. Dunham, floating $168,000 worth of paper for his own obligations, it is declared. Dunham is said to have disappeared. The application for the appointment of a receiver was made by Gen. B. F'. Tracy as counsel for the Company, and Austin B. Fletcher, of No. 29 Broadway, who is attorney for many of the creditors. Henry J. Braker, the receiver appointed, qualifies in bond of $160,000. WASHINGTON, D. C., he 19.-Gradually and in the absence of export, the in the treasury is increasing. To-day it is $93,719,546, an increase since Saturday of more than $700,000 and a gain of nearly $5.000,000 during the past three weeks. The fact that American grain is now finding foreign markets is given as the reason for the cessation of gold exports and the fact that the west is receiving large quantities of money from the east accounts in large measure for the building up of the treasury gold, as gold is being deposited in New York for currency delivered by the government at western points. N. Y., June N. BUFFALO, 19.-Mr. temporary J. Adam was to-day appointed receiver of the George L. Squire Manufacturing Company by Justice Lambert in special term of the Supreme Court to-day and his bond was fixed at $50,000. Liabilities are about $200,000 and the assets $306,000. Cause, stringency of the money market. ALBANY, OREGON, June 19.-Lynn County Bank closed its doors this morning. The cashier says the liabilities are about $220,000, and assets $318,000. Depositors will be paid in full. NEW YORK, June 19.-The Eaton Cole and Burnham Co., manufacturers of brass goods at Nos. and 84 Fulton street, are in financial difficulties and a receiver is asked for. BOSTON, Mass., June 19.-The Little Kanawha Lumber Company. a Maine corporation, capital stock of $500,000, with $347,000 actually paid in, is financially embarrassed and has been placed in a receiver's hands. The assets are $1,100,000; liabilities, $785,000, consisting of negotiable paper.


Article from The Indianapolis Journal, June 20, 1893

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Article Text

Other Business Troubles. BOSTON, June 19.-The Little Kanawha Lumber Company. a Maine corporation, capital stock $500,000, with $347,000 actually paid in, is financially embarrassed, and has been placed in receivers' hands. The assets are 81,100,000; liabilities, $785,000, consisting of negotiable paper. Frederick L. Felton and James M. Olmatead, of this city. have been appointed receivers of the property. On account of the failure of the company Andrew F. Leatherbee, W. H. Leatherbee & Sons and the Taunton Lumber Company have assigned to lawyer Harman W. Lapham. BUFFALO, N. Y., June 19.-J. M. Adam was appointed temporary receiver of the George L. Squier Manufacturing Company by Justice Lambert to-day, and his bond was fixed at $50,000. The appointment was made on application of the company. The Squier Manufacturing Company bas been conducting the manufacture of a high grade of plantation machinery. The chief cause of the present financial embarassment of the company is due to the stringeney of the money market and inability to realize readily on work done. The liabilities are about $200,000; assets, $306,000. NEW YORK, June 9.-The Eaton, Cole & Burnham Company. manofacturers of brass goods at Nos. 82 and 84 Fulton street, today announced that they were unable to proverly care for their maturing obligations and that it seemed but simple justice to all concerned to suspend and take such measures as would prove most equitable for the payment of their indebtedness. NEW YORK, June 19.-Col. Ass Dickinson applied to Vice Chancelor Vanvliet in Jersey City to-day for a receiver for the Bachdorf Noveltv Company of Jersey City. No objection was made and the courtappointed John W. Greene, of Coline & Corbin, receiver. The insolvent company has been engaged in manufacturing musical novelties. NEW YORK, June 19, -Hecht Brothers. importers and dealers in lace and fancy goods, to-day confessed judgment for $36,000 to Eather Hecht. and for $221,287 to Schafer Brothers. for money lent. Executions on both judgments have been issued to the sheriff. PITTSBURG, June 19. -The third and final account of the assignee of the famous Penn Bank. which failed seven years ago for$3.000,000, was filed to-day. The balance on hand will be sufficient to pay the creditors one-eighth per cent., or 12 per cent. in all. COLUMBUS, O., June 19.-J. & G. Butler. wholesale grocers. have assigned to Charles Butler. Liabilities, $50,000; assets, $85,000.