19515. Scranton Savings Bank (Scranton, PA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
savings bank
Start Date
June 9, 1877
Location
Scranton, Pennsylvania (41.409, -75.662)

Metadata

Model
gpt-5-mini
Short Digest
09235eb5

Response Measures

Accommodated withdrawals

Description

Article 1 (1877-06-09) reports a heavy run on Scranton Savings Bank after failures/losses of two directors (A. E. Hunt and J. H. Sutphin); bank paid depositors promptly then limited future payments to $25. Article 2 (1880-05-13) reports the bank had closed its doors about two years earlier (≈1878) after bad coal-land speculations and later discovered falsified entries and possible embezzlement by the cashier, who disappeared. Sequence: run (1877) → suspension/closure (~1878) with eventual trustees/closure, so classified as run_suspension_closure. Bank charter type not stated; marked unknown.

Events (3)

1. June 9, 1877 Run
Cause
Bank Specific Adverse Info
Cause Details
Failures/losses of two directors (A. E. Hunt and J. H. Sutphin) in Wall Street speculation prompted depositor withdrawals.
Measures
Depositors were paid promptly up to noon; directors then limited future payouts to $25 per claimant if claim exceeded that amount.
Newspaper Excerpt
The failure of A. E. Hunt for $150,000 and the loss of J. H. Sutphin of $80,000 in Wall street speculation, caused a heavy run on the Scranton savings bank, of which both were directors, to-day. The depositors were paid promptly up to noon, when the directors decided to pay each future comer twenty-five dollars of his claim if it was over that amount, About $40 1.000 have been paid out.
Source
newspapers
2. January 1, 1878* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bad speculations in coal lands leading to suspension; later discovery of systematic false entries and apparent embezzlement by the cashier who disappeared.
Newspaper Excerpt
Two years ago the Scranton Savings Bank ... was obliged to close its doors. Bad speculations in coal lands were assigned for the step. It was promised that the depositors' money would be paid to the dollar as soon as the investments became renumerative. The books of the concern were turned over to the several trustees ... Mr. Lissen ... discovered that there had been systematic false entries. It was also found that $1,000 had been taken from the cash account. The discovery soon leaked out. Robert McMillian was the cashier of the suspended bank. He quickly left the city ...
Source
newspapers
3. May 13, 1880 Other
Newspaper Excerpt
The investigation is still going on, and further startling developments are expected. McMillian's wife ... is greatly distressed over his disappearance. ... His looked disappearance upon and above the doubted defalcation have caused a profound sensation in business circles.
Source
newspapers

Newspaper Articles (2)

Article from The Carbon Advocate, June 9, 1877

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Article Text

THE NEWS. -James Walton was killed. and Abraham Frye fatally injured by the premature discharge of a blast in a quarry near Bath, Pa., Tuesday afternoon. -Thomas Morton was killed by falling through a trestle bridge at Chester, Pa., Tuesday. -Samuel Warburst died of hydrophobia at Saugus Centre, Mass., Tuesday morning. He was bitten two months ago. -The eighth annual reunion of the society of the Ninth Pennsylvania cavairy will be held in Mount Joy, Lancaster county. on next Thurs. day. -Andrew Fatzinger, aged thirty-five, a machinist by trade, fell dead on Thursday in Berks county. He expired in the presence of half a dozen persons. who had noticed nothing unusual about the man. -Barbara Banner, the bride of a week waves no longer. She committed suicide at Pittsburg recently, having taking arsenic, The woman killed herself because her hnsband remarked (in a jest he says) that he intended giving the wedaing ring away. -Abraham Lancoin Nimmy, the colored boy who poisoned his father's family at Greensburg last week. now claims that he was ignorant as to the results of arsenic and says he was tempt. ed to use it by John Munsey, another colored boy. -The Wilkesbarre Record of the Times of Monday says: The failure of A. E. Hunt for $150,000 and the loss of J. H. Sutphin of $80.000 in Wall street speculation, caused a heavy run on the Scranton savings bank, of which both were directors, to,day. The depositors were paid promptly up to noon, when the directors decided to pay each future comer twenty-five dollars of his claim if it was over that amount, About $40 1.000 have been paid out. The bank 18 considered safe. -Mrs. Multon. of Kittanning, mother of Judge Multon, is 104 years of age. An extraordinary circamstance has occurred to the lady within the last two years, her hair. which for a long time had been pure white, has dark ered gradually until it has nearly recovered its original color, and not only that, but all her mental faculties appear to have received a new impulse and she can read without the aid of glasses. -At Scranton on Friday night a meeting of workingmen was head at which the action of President Gowen, of the Philadelphia and Reading railroad in connection with the Brotherhood of Locomotive Engineers, was denounced. The following resolution was adopted: "We no ify our store-keepers and business men in general that we will not patronize them long as they continue to order their goods over tue Reading railroad or its branches, and Patil said company reverse their tyrannical or. uers." n -The Etile Dispatch savs: "General Allen's e friends affirm that he has suffered everything g for the past ten years in consequence of the iue famous conduct of his wife. On her account he has been socially ostracised wholever he has lived, but his affection for her prompted him to repeatedly condone her faults. honing that she r might be induced to reform her manner of life. His treatment of her has been remarkably kind e and generous, and he delayed the step he is now 1, taking as long us it WAS possible to do so. She has been married three times. From her first husband (who is now living at Warren) she was r divorced; her second was killed during the war and then she married General Allen, It 18 esad thing for the general. and he is deserving er of the sympathy which he receives from nine tenths af those who are acquainted with the rparties is -Twenty.t two dead bodies have behn taken from the runs of the buildings destroyed DV the in tornado Monday in Mount Carmel, III., and to list of 47 persons injured is given. Three churches, two school houses, two newspaper of at fices. twenty stores and nearly one hundred in awellings were destroyed. and the loss on Drop erty is estimated at $500,000. Mount Carmel ur a town of about 3000 inhabitants, on the Cair and Vicennee Railroad.


Article from The Wheeling Daily Intelligencer, May 14, 1880

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Article Text

A SENSATION AT SCRANTON. The Cashier of One of the Banks Disappears a Defaulter. SCRANTON, May 13.-Two years ago the Scranton Savings Bank, among whose officers were some of the most prominent citizens of Scranton, was obliged to close its doors. Bad speculations in coal lands were assigned for the step. It was promised that the depositors' money would be paid to the dollar as soon as the investments became renumerative. The books of the concern were turned over to the several trustees who had been appointed, and, as it was supposed that all the accounts were correct, no searching examination was instituted. Lately the depositors became restless, as no dividend had yet been declared. The trustees were obliged to go through the books, one of them. Mr. Lissen, cashier of the First National Rank, discovered that there had been systematic false entries. It was also found that $1,000 had been taken from the cash account. The discovery soon leaked out. Robert McMillian was the cashier of the suspended bank. He quickly left the city, and no one can tell where he has gone. The investigation is still going on, and further startling developments are expected. McMillian's wife, who is highly connected in this city, is greatly distressed over his disappearance. A short time after the bank suspended he made a lengthy tour through the British Isles with his family. Lately he was an agent for a life insurance company. He is a Scotchman, an active member of the Presbyterian Church, an officer in the Scranton Battalas reunion, proach. and was His looked disappearance upon and above the doubted defalcation have caused a profound sensation in business circles.