19450. Miners' Trust Company Bank (Pottsville, PA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
August 4, 1876
Location
Pottsville, Pennsylvania (40.686, -76.195)

Metadata

Model
gpt-5-mini
Short Digest
c7461607

Response Measures

None

Description

The bank suspended payment on Aug 4, 1876 citing heavy investments in iron properties that failed. Directors made an assignment and named assignees in mid-September 1876, indicating permanent closure/receivership. Multiple articles give liabilities around $1.2–1.5M and report depositors receiving only ~30 cents on the dollar.

Events (2)

1. August 4, 1876 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Heavy investments in iron properties that did not turn out well, producing insolvency/embarrassment.
Newspaper Excerpt
A Savings Bank Suspended. POTTSVILLE, Pa., Aug, 4.-The Miners' Trust Company Bank ... suspended payment to-day. The principal cause assigned for the embarrassment is that the bank made heavy investments in iron properties which have not turned out well.
Source
newspapers
2. September 15, 1876 Receivership
Newspaper Excerpt
The directors of the bank have made an assignment, with H. C. Russell and H. S. Madden as assignees.
Source
newspapers

Newspaper Articles (10)

Article from The Sun, August 5, 1876

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Article Text

A Savings Bank Suspended. POTTSVILLE, Pa., Aug, 4.-The Miners' Trust Company Bank, a savings trust institution. suspended payment to-day. The principal cause assigned for the ein.birtassment is that the bank made heavy invest ments in iron properties which have not turned out well.


Article from Evening Star, August 5, 1876

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A BUSTED TRUST COMPANY.-The - Miners' Trust Company Bank. a savings trust institution, at Pottsville, Pa., has suspended payment. The principal cause assigned for embarrassment is that the bank has made heavy investments in iron properties which have not turned out well.


Article from The Morning Herald, August 30, 1876

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Items of Interest. Baltimore receives peaches at the rate of six thousand boxes per day. The Baltimore Synod of the Presbyterian Church meets at Salisbury, Maryland, in October. The oyster season opens on Friday, and the caning establishments are making extensive preparations for it. John Robinson. a hawker and peddler of Baltimore, has just died leaving a deposit of $15,000 in bank. Cape May is said to be almost deserted, none of the hotels, notwithstanding the reduction in prices are half full. The Miners' Trust Company Bank of Pottsville, Pa., which suspended payment recently with liabilities at $1,200,000, has found itself unable to pay more than thirty cents on the dollar. The earnings of the Western Union Telegraph Company during the last quarter were $300,000 over the last dividend of 11/2 per cent., which is also above the estimate for that quarter. Baltimore had twelve deaths of scarlet fever last week. An old fashioned Presbyterian meeting is annouuced to come off at Aberdeen, Harford county, Maryland, to-morrow and last three days. The Common Council of Williamsport, Pa., had some important business to transact last Monday, their regular meeting night, but held no session, having all accepted free tickets to a circus. Five more Mollie Maguire murderers have been sentenced to be hanged at Pottsville, Pa.


Article from Alexandria Gazette, September 15, 1876

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News of the Day. A most disastrous explo ou occurred at the petroleum refinery of Merritt, Jones & Co., at Canton, Baltimore, yesterday. Two workmen who were engaged in repairing a large iron tank (commonly called an "agitator") which con tained 00 oil, were suddenly blown out of existeuce, leaving DO remains that have yet been di-covered, and all the buildings in which the refining process was carried on were set on fire and destroyed, together with a large amount of oil. It is supposed that a highly inflammable gas had been generated in the tank either from the crude oil that adhered to the bottom, or from the residuum of the chemicals used in the refining process, and that this was exploded by the concussion of the hammers with which the unfortunate workmen were making repairs. At the election for townoofficers at Abbeville, S. C., on Monday last, the cotire democratic ticket was elected by over one hundred maj ority. The whole vote cast Wastwo hundred and seventy six, of which the colored vote was one hundred and forty-three, one hundred colored men voting the democratic ticket. A dispatch to the Columbia (S. C.) Register announcing the result says "there was no disturbance; the election was quietly conducted, and the enthu siasm of the victors, white and colored, was uubounded." At Pottsville, Pa., yesterday, Jacob Huntzinger, president of the recently suspended Miners' Trust Company Bank, was surrounded by a crowd of women, who made such offensive demonstrations toward him that the police was obliged to intervene. The directors of the bank have made an assignment, with H. C. Russell and H. S. Madden as assignees. Yesterday evening, about 8 o'clock, two masked men boar led the Utah Central Railroad train eight miles north of Salk Lake City, gagged Wells & Fargo's messenger, opened the safe, took $15,000 and made their escape. Gen Fuzhugh Lee and his wife visited the White House, in Washington, yesterday morning. He recognized one of the attendants im mediately as having belonged to his regiment before the war. Yesterday's cash admissions to the Center nial Exposition are estimated as follows: Main exhibition, 78 976; live stock, 7,109. A great commotion was created 10 Staunton Va., last Tuesday, by the falling of one of the heavy weights of the town clock.


Article from New-York Tribune, September 15, 1876

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CRIMES AND CASUALTIES-BY TELEGRAPH AUBURN, N. Y., Sept. 14.-While engaged in picking pears in the prison yard this morning a convict named George La ie fell to the ground and was killed. PORT JERVIS, Sept. 14.-Charles Anderson, 9 years old, while playing on the Erie track this afternoon, about a mile from the depot here, was run over and killed by a train of cars. ST. LOUIS, Sept. 14.-A watchman in the Chicago and Alton Railroad ds shot and killed a tramp, who was prowling about the -Bid last night. A coroner's jury acquitted him to-day. SALT LAKE CITY, Sept. 14.-This evening two masked men boarded a train on the Utah Central Railroad, near this city, gagged Wells, Fargo & Co.'s messenger and took $15,000 from the safe, making good their escape. POTTSVILLE, Penn., Sept. 14.-The recent suspension of the Miners' Trust Company Bank, with liabilities of $1,500,000, is beginning to be keenly felt by the depositors. To-day the President of the bank, Jacob Huntzinger, was sur. rounded by a crowd of women, who became 80 demonstrative that it was necessary to call the police.


Article from The Sun, September 16, 1876

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Article Text

POTTSVILLE, PA., Sept. 15.-The recent suspension of the Miners' Trust Company Bank, with liabilities of $1,500,000, is beginning to be keenly felt by those depositors who for years have been in the habit of withdrawing certain sums on the approach of winter. sufficient to help thein through the cluck time. To-day the President of the bank. Sacoo Huntzinger, was surrounded by a crowd of women. who became su demonstrative that it was necessary to call the police. This evening the directors made an assignment, and appointed H. C. Ruseell and 8. H. Madden assignees.


Article from Juniata Sentinel and Republican, September 20, 1876

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Surrounded by Women. A despatch from Pottsville, last Thursday, says: The recent suspension of the Miners' Trust Company Bank, with liabilities of a million and a half of dollars, is beginning to be keenly felt by those depositors who for years have been in the habit of withdrawing certain sums on the approach of winter, suffi cient to help them through the slack time. To-day the president of the sus pended bank, Jacob Huntzinger, was surrounded by a crowd of women, who became so demonstrative that it was necessary to call the police. This evening the directors made an assignment, and appointed H. C. Russell and S. H. Madden assignees.


Article from The Elk County Advocate, September 28, 1876

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General Notes. The Williamsport Sunday Times records the fact that Mr. Thomas Cantwell, of that city, a poor laboring man, and who works in a stone-yard,[has falien heir to about $8,000 by the death of an uncle in Missouri. The Wheeler brothers who have been working their farm (claim No 2) below Gayville, on the Deadwood Creek, arrived at Fort Laramie on Friday night with a paid escort of twenty men. They bring as the proceeds of seven months' work over $300,000 and 1,000 pounds of dust. Collector Cooper, of the Third district of Arkausi reports a recent raid by his deputies, with the United States Marshal's posse, on iliicit distilleries in Newton county. Four stills were seized and thirteen illicit distillers were arrested. A large quantity of mash was destroyed The locality of this raid has been notorious for the production of "crooked" whisky, and the officers have hitherto met with much resistance there. It is believed now that the most lawless of them are in custody. Washington, September 25.-The Norfolk authorities threaten Baltimore's steamboats With a rigid yellow fever quaratine. A fatal epidemic fever of some sort is undoubtedly raging in Baltimore. As was the case in Savalinah, every effort is being made to suppress the real facts of the case. A suspiciously large number of persons are being sent to the Baltimore hospital, and all strange to say, are afflicted with myphomalarial fever of an epidemiccharacter." Boston, September 24 - Yesterday detecarrested william Hart on the charge of purlo ning on the 6th, inst., $5,000 worth of jewelry from the house of Wiltiam H. Kemble. ex-State Treasurer of Pennsylvania in Philadelphia. Hart claims to be the nephew of Mr. Kemble, but this 18 denied by the latter. He pawned jewelry in New York for $1,200, but had spent it all when arrested. He will be taken to Philadelphia on Monday. Chicago, September 22.-The bank robbers caught by the citizens of Madelia, Watson county, Miunesota, last night, are undoubtedly the Younger It is beis the who lieved killed. that Cole Younger gang one was Bob Younger, or the man supposed to be him, is dangerously if not fatally wounded, as is another robber, name unknown. The three living members of the gang were confined in Madelia jail last night, but have started under guard. No detectives and none but countrymen were engaged in the capture. The recent suspension of the Miners' trust company bank, Pottsville, with liabilities of $1,500,000, and assets not amounting to one-eighth of that sum is causing great distress. Want is beginning to be felt by the poor, numbering hundreds, who have been putting their savings in for years and have been in the habit of drawing out, at the approach of each winter, : what little was neccessary to help them along when work generally was scarce. Yesterday a crowd of women met the pre:ident, Jacob Huntzinger, on Centre street I and demanded their money. at the same e time crowding and hvstling him around uncomfortably. Fearing trouble he called on a police officer to escort him home, fole lowed by the excited woman. Yesterday an evening the directors made assignment : and appointed H. C. Russell and S. A. I Madden assignees.


Article from Juniata Sentinel and Republican, October 4, 1876

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# News Items. As a rule it takes two pairs of pants to wear out a coat. A negro tramp, who was put off a freight train on the State road, near Tilton, Ga., shot and killed the colored brakeman. Tweed has been placed on board the steamship "Franklin" for transportation to New York. His companion, Hunt, was released. Jacob Huntzinger, ex-president of the defunct Miners' Trust Company Bank, at Pottsville, has been charged with embezzlement, and is now out on bail. A Centennial young lady, being told that the car on the elevated railway straddled the track, innocently inquired if it was proper for ladies to ride in that way. Bull fights are all the rage in Texas Blackbirds are frequently sold in markets for reed birds. The Witherspoon statue will be unveiled on the 20th of October. The creditors of H. A. Pierce, a Springfield bankrupt, get one cent on a dollar. A man jumped off a train near Summit, Miss., to get his hat and didn't get it because he broke his neck. Barre, Vt., has four lawyers who do not use profane language, tobacco or strong drink in any form. And Barre hasn't many lawyers, either. A house has been built in Trego, Kan., entirely of sawed blocks of chalk - a mineral which abounds in that region in a very pure state. Five young southern students at Princeton College have gone home because a young theological student whose skin is black attended their lectures, sitting by himself in a remote corner of the room. A Romantic young lady of Edinburg, Scotland, 19 years of age, of fine appearance and superior accomplishments, recently eloped with and married her father's coachman. The Chicago "Young Men's Polite Debating Society" has decided after eight nights' thoughtful discussion, that it is allowable to speak of the cotton crop in the presence of ladies. A ten-year old boy is said to be dying in New York in consequence of having his ear violently pulled by a man named Brisbin. The brutal offender is under arrest. Mrs. Rice, Heliertown, of Northampton county, is now one hundred and two years of age. When at the age of one hundred years she husked corn in the fields. She is now in good health, sound condition, and with prospects of a longer life. Her brother Simon is ninety years of age. On Friday a week near Freehold, Pa., Ira Root who runs a threshing machine had a quarrel with a farmer named Roland Huntley, regarding the mesurement of grain. Huntley drove Root from the barn with a pitchfork, and while following him was hit on the head with a stone thrown by Root, from the effects of which he died. Root was arrested. A farmer residing in North Middleton township, relates this incident: About 3 o'clock on the morning of the 13th ult., he started for the Carlisle markets in a spring wagon. On his arrival at the market he observed two bantam hens quietly roosting on the front axle of his wagon. The fowls had occupied this part of the wagon during the whole distance--four miles--and singular as it may seem, were not disturbed by the clattering noise and jolts of the wagon during the trip. That farmer says five dollars would not be sufficient to purchase that pair of bantam chickens. - Volunteer. All the business failures, the destruction of property by fire and flood and storm during the past sixty-five years, since Schuykill county was formed, have not brought as much ruin, distress, grief, sleeplessness, shedding of tears, starvation, want and misery on our people as the failure of the Miners' Trust Company Bank of Pottsville, through the gross mismanagement, criminal misappropriation and corrupt practices of its designing president, Jacob Huntzinger-Pottsville Evening Chronicle. In Forest county, Pa., on Thursday a week, the mountain streams became greatly swollen from the recent storm, the waters flooding the partly settled valleys in the lumber regions, and doing much damage. Near Ralston, a newly-opened lumbering hamlet, two cabins, occupied by George Parks and Daniel Cooper, woodchoppers, were washed down the mountain side into the stream below at an early hour in the morning, and before the families were aroused from their slumber. The Park family consisted of seven persons - the father, mother and five children. There were nine members of the Cooper family-Cooper, his wife, their six children, and Mrs. Adams, the mother of Mrs. Cooper. The sixteen persons were all drowned, and their bodies were carried and jammed between a "boom" of logs in Forest creek. The houses were completely wrecked. The county is very sparsely settled, but it is feared that other lives were lost during the great storm. In McKean county the storm was of long duration and severe. Two persons were drowned near Southport. In Tioga county three lives have been lost, and it is authentically reported that four persons were drowned while attempting to cross a swollen stream at Wellsport. Forest county, the scene of the above disaster, is in the northwestern part of the State, about midway between the Alleghenies and Lake Erie. MARRIED:


Article from New-York Tribune, January 15, 1877

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TELEGRAPHIC NOTES. ST. JOHNSBURY, Vt., Jan. 14.-The Rev. E. D. Hopkins of this place has been arrested on a charge of forgery. BUFFALO, Jan. 14.-The Sunday Independent Leader has passed into the hands of E. II. Butler, proprietor of The Sunday News, having been sold out by the sheriff. SAN FRANCISCO, Jan. 14.-Rain has been reported within the last 24 hours in the southern counties as far north as Los Angeles and San Louis Oleispo. There are indications of rain here. PORTLAND, Me., Jan. 14.-The Board of Trade last night passed vesolu ons memoralizing Congress to negoti. ate a new reciprocity treaty also against the proposed levy of head money on immigrain YONKERS, N. Y., Jan. 14.-The Supreme Court at White Plains has ordered a writ to be issued directing the Supervisors of Westchester County to credit Yonkers with $10,573 50 by reason of errors in the assessment. CLEVELAND, Ohio, Jan. 14.-An important case has been decided by the United States Court in favor of the bondsmen of a savings bank. They were sued for breach of trust because the institution had transacted the business of an ordinary bank. POTTSVILLE, Penn., Jan. 14.-In the case of Jacob Huntainger, President of the suspended Miners' Trust Company Bank, who is charged with embezzlement, a change of venue to Berks County has bee. granted, the feeling against him here being so great that a fair trial cannot be had. BOSTON, Mass., Jan. 14.--In the United States District Court on Saturday morning a libel was filed by the counsel for John Maguire of New York, owner of the steamer Montgomery, against the steamer Seminole. Damages were laid at from $35,000 to $60,000. The libel is to recover for the loss of the vessel by collision with the Hemin le off Cape May on the morning of the 7th test. The charge is that the accident