19451. Mountain City Banking Company (Pottsville, PA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
February 10, 1877
Location
Pottsville, Pennsylvania (40.686, -76.195)

Metadata

Model
gpt-5-mini
Short Digest
e4e7795d

Response Measures

Full suspension

Description

Multiple newspapers report heavy withdrawals leading the Mountain City Banking Company to 'suspend payment' on Feb 10, 1877. A year later a receiver is in place and the bank is described as having 'suspended about a year ago' (Jan 1878), indicating permanent closure/receivership. Cause classified as bank-specific adverse information (large withdrawals against this bank).

Events (3)

1. February 10, 1877 Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals of deposits from this bank (loss of depositor confidence) precipitated the run.
Measures
Directors announced suspension to allow time to realize on assets; card posted stating time required to convert assets and confident of no loss to depositors.
Newspaper Excerpt
The directors assign as the reason the heavy withdrawal of deposits
Source
newspapers
2. February 10, 1877 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors cited a large withdrawal of deposits and stated time required to realize on assets; suspension announced and card posted on bank door explaining the same.
Newspaper Excerpt
The Mountain City Bank of Pottsville suspended payment this morning.
Source
newspapers
3. January 5, 1878 Receivership
Newspaper Excerpt
The Receiver of the Mountain City Banking Company, which suspended about a year ago, authorizes the statement that the bank will pay depositors dollar for dollar ... the handsome building ... will be saved to the stockholders.
Source
newspapers

Newspaper Articles (11)

Article from The Cincinnati Daily Star, February 10, 1877

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Bank Suspension. National Associated Press to the Star. POTTSVILLE, PA., Feb. 10.-The Mountain City Banking Company, of this city, announced a suspension this morning. Great excitement prevails. The bank officers say there will be no loss to the depositors, but the public have no such confidence.


Article from The Daily Argus, February 10, 1877

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Another Rotten Bank. POTTSVILLE, Feb. 10.-The Mountain : City bank suspended this morning. : Death of Bear Admiral Bailey. P


Article from Alexandria Gazette, February 10, 1877

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Telegraphic Summary. Jack Allen. a negro, for whose arrest a reward of $500 was offered by the Charleston, S. C., authorities some time ago, he having murdered a man there, was arrested io New York last night on a charge of larceny there. The coroner's july in the case of Jas. Flood, who killed his wife, in New York, last Sunday morning, yesterday found that Flood was the principal and Joseph Morrison an accessory in the crime. At Sorrell Hill, Crawford county, Pa., on Tuesday, Harrison Turner, aged 22, a lunatic, shot and killed Milton Anderson, aged 40, and then killed himself. Turner had been annoying Anderson's daughter with professions of love, and Anderson had to eject him from his house. At Hudson, N. Y., yesterday, in the trial of John V. Kilve and his wife, Eleanore, for the murder of Chales H. Hermance last December, Mrs. Kilve testified that she fired the fatal shot. The case was given to the jury, which was locked up for the night. Forty Yarmoutn and Lowestoft (England) fishing vessels, having two hundred men and boys on board, are missing. The Government have dispatched two vessels in search of them. The Mountain City Bank of Pottsville, Penn., suspended payment this worning. The directors assign as the reason the heavy withdrawal of deposits, and state that time is required to realize the assets.


Article from The Sun, February 11, 1877

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Suspension of is Pottsville Bank. POTTSVILLE. Pa., Feb. 10.-The Mountain City Bank of this city suspended payment this morning The directors assign as the reason the heavy withdrawal of deposits, and state that time is required to realize on the assets.


Article from The Portland Daily Press, February 12, 1877

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MINOR TELEGRAMS. Mountain City Bank of Pottsville, Pa., suspended payment Saturday. Alexander H. Stephens is rapidly improving. Steamer Moravian arrived at Halifax at 6 o'clock last night. Rev. John Wiley, said to be the oldest ordained minister of the Protestant Episcopal church, died in Baltimore yesterday. The Catholic Bishop of the Diocese of Scranton has excommunicated the Ancient Order of Hibernians. Silas Whitcomb of West Swanzey, N. H., hung himself yesterday in his barn, He was about 45 years old. Rev. J. E. Carpenter of Keene, N. H., was thrown from his sleigh Saturday afternoon and died soon after. Rear-Admiral "Theodorus Bailey died in Washington Saturday morning. He has been on the retired 11st since Oct. 10, 1876. Wm. T. Work, 21 years old, a night watchman at Chase's mill at Lowell, slipped on the ice Saturday, ruptured a blood vessel and died in 15 minutes after. Fred Douglass has resigned as member of the District Board of Police Commissioners to enable the President to comply with the law, which provides that one member of the Board shall be from Georgetown. An investigation into the pecuniary affairs of the Juvenile Guardian Society in New York shows that one Robertson, its manager, has had the benefit of $140,000 for which nothing good can be shown. The Democrats claim that the colored elector of Louisiana named Josef is ineligible, having been a convict in Alabama, and that Burchard, another Louisiana elector, is an unnaturalized citizen. The New York Tribune says the Democrats assert that Elector Chaffe of Illinois held the office of United States Commissioner when acting as elector. The documents have been telegraphed for. The department of Fisheries and Marine of the Dominion has procured a valuable gold watch to be presented to Capt. Osborn of the American barque C E. Jayne for rescuing the crew of the British ship Bethlehen. Among the passengers on board the Colon from Aspinwall, which arrived at New York Saturday, were ex-President Lerdo, Gen. Escobedo, Manuel Romero, Rubio and others of Mexican fame. The steamer Bavaria, from New Orleans for Liverpool, was burned at sea Feb. 6. The crew took to the boats and were picked up by the barque Orothy Thompson and landed at Beaufort, S.C.


Article from Daily Kennebec Journal, February 12, 1877

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PENNSYLVANIA. Suspended. POTTSVILLE, February 10. The Mountain City Bank of Pottsville, suspended payment this morning. The reason being the heavy withdrawal of deposits.


Article from New-York Tribune, February 12, 1877

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ANOTHER BANK FAILURE. POTTSVILLE, Penn., Feb. 11.-The Mountain City Bank of Pottsville suspended payment yesterday morning. The directors assign as the reason the heavy withdrawal of deposits and state that time will be required to realize the assets.


Article from The Stark County Democrat, February 15, 1877

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STATE AND NEIGHBORHOOD. At Boston peninsula, north of Akron a few miles, on last Thursday afternoon, while Mr. John Gilson and wife were attempting to cross Furnace Run their sligh upset and precipitated them into the water. Mrs. Gilson was rescued by a boy who happened to be near, but Mr. Gilson was carried out into the stream beyond his depth, and drowned. Mr. G. was sixty five years of age and an influential citizen. His body was found Sunday two miles down stream from where the accident occurred. Mr. G. had in his pockets $1,000 which was recovered uninjured. George and Winfield Moles, of Stark County were placed in the Summit County Jail, Monday afternoon, in default of $200 bail. They were bound over to Court by justice Hoffman, of Greensburg for stealing poultry from George W. Rhodenbaugh, of Springfield. Pottsville, Pa., Feb. 10.-The Mountain City Bank of Pottsville suspended this morning, the reason being on account of the heavy withrawal of deposits. The directors state that time is required to realize on the assets. Cleveland, O., Feb. 10.-Henry I. Tomlinson, of Memphis, Tenn., died at Ashtabula, Ohio, to day, of injuries sustained in the recent railroad disaster at that place. The annual session of the Ohio State Grange of the Patrons of Husbandry will commence. in Cincinnati on the 20th of Feb. Half fare rates have been arranged at most of the hotels, and half fare over the leading roads. A few days since a lad of eleven years of age, a son of George Arnold of Carrollton, fell against the fly wheel of an engine in motion in the tannery and had his skull fractured, resulting in death. No one saw the accident, but it is thought to have happened as stated. Cleveland, Feb. 9.-Peter Gerdune, scale inspector for the Pennsylvania Railroad Company, was ran over and killed by cars in this city yesterday. The proprietors of the Pitsburgh Commercial have sold it to the Gazette of the same town. Since Bob Mackey & Russell Errett have been running the paper it has lost money. It is reported in Pittsburgh that the price for which they have sold is about $35,000. They gave $65,000 for it four or five years ago. Three men were arrested at Lima, on Saturday afternoon for beating a man out of two hundred dollars by the dice game similar to three card monte. They were e tried before Mayor Townsend, and find it $20 apiece with costs. Medina county now boasts three of the greatest living curiosities in the world: the oldest man (Lomar Griffin, 118 years old), the tallest man (Captain Bates), and 1the meanest man in America. We have e seen statements recently in Eastern papers to the effect that the great American giant, Captain M. V. Bates was living in Rochester, N. Y., and was putting up a le Brobdignagian residence there. This is d an error. He is living happily and well at present, and intends to continue to during the remainder of his earthly life, in a little village called Seville, in Medina county, O., A tunnel on the Wheeling and Lake It Erie Railroad near the Pine Groveschool house, in Jefferson county, is now driven in about one hundred feet. Messrs. Connorand Akin putting it through at the rate of six feet per day.


Article from The True Northerner, February 16, 1877

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The Mountain City Banking Company, of Pottsville, Penn., announced a suspension on the 10th inst., and as a consequence great exeitement prevailed. The following card was displayed on the door of the bank: "In consequence of a large withdrawal of deposits during the past month, the directors of this bank deem it their duty to suspend. They feel confident that there will be no loss to the depositors-time only being required to convert the assets. "By order of the board."


Article from The Superior Times, February 24, 1877

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SUPERIOR TIMES. SUPERIOR, WISCONSIN. NEWS IN BRIEF. THE EAST. THE non-payment of interest on the notes of A. and W. Sprague, Providence, R. I., and other shrinkage of values, constrains the trustees to ask for a temporary injunction restraining the withdrawal of deposits until the accruing interest shall make up the present deficiency, now estimated at not more than 7 or 8 per cent. FIVE thousand dollars worth of smuggled prunells were seized at New York city on the 15th inst. Many arrests of merchants, middlemen, United States Inspectors, and others are expected. The government has been defrauded out of vast sums by smugglers, and the plot was one of the deepest and best planned ever discovered by the officials. THE engineers on the Boston and Maine railroad have struck, owing to a refusal of the company to raise their wages. THE Mountain City Bank of Pottsville, Pa., has suspended. The reason is the heavy withdrawal of deposits. The directors state that time is required to realize on the assets. A PASTORAL letter from Bishop O'Hara, excommunicating the Ancient Order of Hibernians and directing the clergy to deny members of the order the sacraments, was read in all the Catholic church. es of Scranton, Pa., diocese, on the 11th inst. The denunciation was unexpected and has produced a sensation among members of the order, who for the past three years have been in favor with the church within this jurisdiction. The Ancient Order has a large membership in Scranton. THE Maine legislature adjourned on the 9th inst., after a session of 38 days. A DISPATCH from Lowell says a large meeting of capitalists has been held to organize a new cotton mill corporation to be composed wholly of owel parties. The mill will be begun very soon, W 1 run 2,000 spindles, and cost $30,000. THE WEST. FROM Cheyenne it is reported that Sitting Bull and Crazy Horse want peace-and tobacco. THE second district court of Utah, which meets in March, will fix the day for shooting Lee, the Mountain Meadow murderer. A BILL passed both houses of the Wyoming legislature, and will be approved by the Governor, giving the Black Hills a United States court and assigning AssociateJustice Bennett there as resident judge, to take ef fect immediately on the ratification by Congress of the agreement with the Sioux Indians, ceding that country. The legislature has made a large appropriation for locating and improving three roads from the Black Hills to different points on the Missouri river. GEN. CROOK has returned to Camp Robinson to Camp Sheridan, where he has been for several days. Spotted Tail, chief of the Sioux, with a body-guard of 200 chosen warriors, has departed on a self-imposed mission to obtain an interview with chiefs of hostiles now reported to be massed near the forks of the Tongue River, and counsel them to accept while there is yet time the terms offered by the government, viz., to surrender their arms and ponies. Spotted Tail expects to be absent more than a month, but will communicate with Gen. Crook as soon as he reaches the hostile camp. The Indians think there is a strong probability that this movement will be successful in terminating the war. Gen. Crook and staff departed for Fort Laramie on the 12th inst. A DISPATCH from Kansas City says the cattle drive will be much less than in former years. A PARTY of Indians attacked Chase's ranche, 30 miles north of Cheyenne, but were driven off. THE Indians made a dash on the ranches a short distance from Crook city, on the 8th inst., killing Thos. Waldron, of Montana, and wounding another man severely, and succeeded in carrying away about 50 horses. The man who was wounded killed one Indian. ANOTHER rich strike has been made just at the lower end of Deadwood. Eighteen cents was taken from one pan of surface earth. The claim is known as the "New Discovery."


Article from The Cincinnati Daily Star, January 5, 1878

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The Mountain City Bank-Con. tested Election. National Associated Press to the Star. POTTSVILLE, PA., Jan. 5. - The Redeiver of the Mountain City Banking Company, which suspended about a year ago, authorizes the statement that the bank will pay depositors dollar for dollar, and that the handsome building of this institution, worth about $60,000, will be saved to the stockholders. The motion to quash the proceedings in the contested election case of W hitehouse and Schalek was argued before the Court yesterday morning by Mr. Ryan on behalf of Mr. Schalck, and Mr. Brumm on behalf of Mr. Whitehouse. The decision of the Court will be rendered at an, early day.