19530. Shenandoah Valley Bank (Shenandoah, PA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
June 26, 1878
Location
Shenandoah, Pennsylvania (40.820, -76.201)

Metadata

Model
gpt-5-mini
Short Digest
b9d7846b

Response Measures

None

Description

Multiple contemporaneous newspaper reports (June 26–29, 1878) state the Shenandoah Valley Bank suspended on June 26, 1878 due to steady withdrawals and difficulty collecting assets. Articles explicitly note there was no discrete run; directors posted a suspension notice and assignees were appointed to settle affairs, implying permanent closure/receivership. Bank charter type not specified in articles, so bank_type set to unknown.

Events (2)

1. June 26, 1878 Receivership
Newspaper Excerpt
Wednesday afternoon J. O. Roads, of Pottsvills, and S. Yost, one of the tellers, were appointed assignees to settle up the affairs of the bank for the benefit of creditors.
Source
newspapers
2. June 26, 1878 Suspension
Cause
Local Shock
Cause Details
Continued depression in business causing steady withdrawal of deposits and difficulty collecting assets; inability to realize on assets to meet demands.
Newspaper Excerpt
The Shenandoah Valley Bank suspended this morning at 10 minutes past 9 o'clock. The notice on the door states that owing to the continued depression in business, withdrawal of deposits, and difficulty in collecting its assets, the Bank has been compelled to suspend.
Source
newspapers

Newspaper Articles (7)

Article from The Cincinnati Daily Star, June 26, 1878

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Article Text

Another Bank Suspension. National Associated Press to the Star. SHENANDOAH, PA., June 26.-The Shenandoah Valley Bank suspended this morning at 10 minutes past 9 o'clock. The notice on the door states that owing to the continued depression in business, withdrawal of posits, and difficulty in collecting its assets, the Bank has been compelled to suspend.


Article from The Sun, June 27, 1878

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Bank Suspension In Pennsylvania. SHENANDOAH, Pa., June 26.-The Shenandoah Valley Bank, the only institution of the kind in the horough, suspended this morning. The steady with drawal of deposits, as the result of the continued depres. sion 111 business, and the difficulty in collecting its assets, led to the result. The institution began business in 1670. It is thought that the assets will meet all liabilities.


Article from The Daily Dispatch, June 28, 1878

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Bishop, the Englishman, who has been sentenced to imprisonment for bribing officials in Germany to obtain plans of the fortresses, proves to be an old offender. In 1864 be was sentenced to ten years' imprisonment for taking part in a conspiracy in favor of the ex-King of Naples, and in 1877 be corrupted a Prussian Sergeant at Metz in order to obtain information relative to the mobilization of the Royal Engineers. He is a staunch Ultramontane, and an enemy of Prince Bismarck, of Prussia, and Germany. It is stated by the Philadelphia Inquirer that a well-known dentist of that city has nearly completed* a telephonic apparatus which can be placed inside the human ear, and be scarcely perceived by the observer. which will restore hearing to the deaf, and that without any other means of communication than through the air as a medium. He began this instrument two years ago, and late developments, as the telephone, confirm the plan and convince him that it will succeed. The new rate of compensation for postmasters of the fourth class will be: On stamps cancelled, on the first $100 or less per quarter, 60 per cent. on all over $100 and not over $800 per quarter, 50 per cent.; and all over $800 per quarter, 40 per cent., the same to be ascertained and allowed by the Auditor in the settlement of the accounts of such postmasters upon their sworn quarterly returns Mrs. E. E. Wood, while insane from the effect of measles, on Tuesday, at Masthope, Wayne county, Pa., threw a powder-can into the stove, causing an explosion which burned her terribly and damaged the house. In her frenzy she tore the burnt flesh from her arms and body, and death ended all in a few hours. The Shenandoah Valley Bank, at Shenandoah, Pa., bas uspended business in consequence of the withdrawal of deposits and difficulty of collecting assets; but it is believed to be entirely solvent, or at least the directors say so. 'Don't save me; save my busband first!" cried a New York woman who was drowning. Let detractors of the sex make a memorandum of this.


Article from The Democratic Advocate, June 29, 1878

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finished on the Eastern Shore. The Schuylkill and Delaware catfish have differently-shaped heads. By the recent strike the Lancashire mill owners saved over $8,000,000 in wages. Co-education of the sexes holds sway in 97 colleges and universities in the United States. Four young men were drowned by the capsizing of a boat in Chester Basin, N. S., on Sunday evening. Col. Edwin H. Webster, of Bel Air, has a pure bred Jersey cow that yields fourteen pounds of butter a week. Clearspring, Smithsburg and Spencer Postoffices in Maryland on Monday next will be added to the money order offices. Levin Hardy, a very respectable citizen of South River, Anne Arundel county, died recently from eating a diseased lamb. Blue fish are now very plentiful off the coast, and parties are making good catches. They run from five to ten pounds. The gold premium is still quoted at 100g, but the tendency is to a lower rate. Government bonds continue strong and active. A couple of young gentlemen secured nine fine bass in Lake Roland on Thursday. The aggregate weight of the fishes was 21 pounds. Letters received in New York state that General Grant will spend next winter in Eu rope, and in the spring return home by way of India. John Finn, James Shea, Hattie Sands and Mary Welch, of Oswego, N. Y., were drown ed at Pleasant Point, Lake Ontario, Tuesday. They were on a church excursion. The peaches are still falling from the trees on the peninsula, and instead of four millions of baskets, as the aggregate of the crop, it is now said there will not be over one million. A sturgeon, weighing 100 pounds, was killed one day last week by the propelling wheel of the steamer W. D. Morton, running between Vienna and Seaford on the Nanticoke. The Journal expresses the fear that the peach growers of Calvert county will have but few if any peaches to ship to Baltimore, except a light supply from the earliest varieties. The wheat crop in Kentucky is being harvested very rapidly. The farmers report the grain as very fine, and the yield as fifty per cent. over ordinary years, is from 30 to 40 bushels per acre. The Pomeroy Iron Company, V. B. Horn ton, President, of Pomeroy, Ohio, have made an assignment. Liabilities estimated at $70, 000; assets, the rolling-mill, real estate and outstanding accounts. The shipment of hay from Harford county to Southern ports continues. Since the first of last May Messrs. Barnes & Archer, of Lapidum, on the Susquehanna, have shipped 500 tons, principally to Richmond. The Shenandoah Valley Bank, at Shenan doah, Pa., has suspended business in conse quence of the withdrawal of deposits and dif ficulty of collecting assets, but it is believed to be entirely solvent, or at least the directors say so. Nearly all the business portion of London, in Cedar county, Iowa, was destroyed by fire on Monday. Loss, about $75,000. The principal business portion of Fairbault, Minn. was destroyed by fire on Tuesday morning. Loss $100,000. Daniel Wright, the largest land-owner in the Lower Shenandoah valley, died at his residence, in Berkley county, West Virginia, on Monday, in his seventy-eighth year. He owned fifteen valuable farms, and his estate is valued at over $200,000. Frank Perrine, colored, was hung near Savanah, Ga., on Wednesday, for the murder of F. Lee, a white farmer, in April last. The execution took place near the spot where the murder was perpetrated. Five thousand persons were present. The murderer con fessed the deed. Mrs. E. E. Wood, while insane from the effect of measles, on Tuesday, at Masthope, Wayne county, Pa., threw a powder can into the stove, causing an explosion, which burned her terribly, and damaged the house. In her frenzy she tore the burnt flesh from her arms and body, and death ended all in a few hours. Patrick Collins, Commissioner of Schuylkill county, Pa., recently convicted of forging names of sureties to his bond, when appointed Tax Collector for Palo Alto, was sentenced at Pottsville Tuesday to pay a fine of one dollar and the costs of prosecution and un dergo six months imprisonment in the county jail. Far removed as she is, by her royal station and her distant home, from the women of this country, their hearts will go out in sympathy to the young Queen of Spain, Mer cedes, who is brought to her death bed, while yet but eighteen years old and the bride of but five months. The Queen died at Madrid on Wednesday morning. The health of Prince Gortschakoff is so ut terly broken that his functions as Prime Minister will probably cease after the Berlin Conference. It will be an easy matter to name his successor but no man in Russia will fill his place. He has long been the brains of the Empire. Count Schovaloff is the only diplomat in the realm worthy to succeed him and upon him the robes will probably descend. Seabirds on the British coast do great damage to the rabbit warrens, as they kill off hundreds of the rabbits. On Skerner Island it is estimated 4,000 rabbits a year are destroyed by the birds, since the Seabirds Protective Act was passed in 1870. As a rabbit is worth at least 25 cents, the cost to the owner of the island is $1,000 per annum, while the public, to whom the rabbits are sold, lose 34 tons of meat. A grand festival will take place at Paris on Sunday in honor of the Exposition. The main feature is to be a monster orchestral and choral fete in the gardens of the Tuileries, special fireworks, a grand torchlight procession, with electric lights and flambeaus and hreworks throughout the Bois de Boulogne and Champs Elysees to the Tuileries. On the lakes in the Bois de Boulogne there will be one hundred illuminated boats, with bands playing at different points and diaplays of pyrotechnics, Bishop, the Englishman, who hasbeen sentenced to imprisonment for bribing officials in Germany to obtain plans of the fortresses, proves to be an old offender. In 1864 he was sentenced to ten years' imprisonment for tak ing part in a conspiracy in favor of the exKing of Naples, and in 1877 he corrupted a Prussian Sergeant at Metz in order to obtain information relative to the mobilization of the Royal Engineers. He is a staunch UItramontane, and an enemy of Prince Bismarck, of Prussia and Germany. The various steamboats whose routes take them to landings in Lower Maryland and Virginia are now bringing to Baltimore large numbers of blackberries and whortleberries. The Helen of the Eastern Shore line brought on Wednesday 400 packages from Accomac and Northampton counties, Va.: the Havana 1,000 packages from along the York and James rivers; the Kent, of the Maryland Steamboat Company, 1,200 packages from the Choptank river, and the Mary Washington 800 packages from the Rappahannock river. Business Locals


Article from The Democratic Advocate, June 29, 1878

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The harvest of wheat is finished on the Eastern Shore. The Schuylkill and Delaware catfish have differently-shaped heads. By the recent strike the Lancashire milk owners saved over $8,000,000 in wages. Co-education of the sexes holds sway in 97 colleges and universities in the United States. Four young men were drowned by the capsizing of boat in Chester Basin, N. S., on Sunday evening. Col. Edwin H. Webster, of Bel Air, has a pure bred Jersey COW that yields fourteen pounds of butter a week. Clearspring, Smithsburg and Spencer Postoffices in Maryland on Monday next will be added to the money order offices. Levin Hardy, a very respectable citizen of South River, Anne Arundel county, died recently from eating a diseased lamb. Blue fish are now very plentiful off the coast, and parties are making good catches. They run from five to ten pounds. The gold premium is still quoted at 100g, but the tendency is to a lower rate. Government bonds continue strong and active. A couple of young gentlemen secured nine fine bass in Lake Roland on Thursday. The aggregate weight of the fishes was 21 pounds. Letters received in New York state that General Grant will spend next winter in Europe, and in the spring return home by way of India. John Finn, James Shea, Hattie Sands and Mary Welch, of Oswego, N. Y., were drown ed at Pleasant Point, Lake Ontario, Tuesday. They were on a church excursion. The peaches are still falling from the trees on the peninsula, and instead of four millions of baskets, as the aggregate of the crop, it is now said there will not be over one million. A sturgeon, weighing 100 pounds, was killed one day last week by the propelling wheel of the steamer W. D. Morton, running between Vienna and Seaford on the Nanti coke. The Journal expresses the fear that the peach growers of Calvert county will have but few if any peaches to ship to Baltimore except a light supply from the earliest varieties. The wheat crop in Kentucky is being harvested very rapidly. The farmers report the grain as very fine, and the yield as fifty per cent. over ordinary years, is from 30 to 40 bushels per acre. The Pomeroy Iron Company, V. B. Horn ton, President, of Pomeroy, Ohio, have made an assignment. Liabilities estimated at $70, 000; assets, the rolling-mill, real estate and outstanding accounts. The shipment of hay from Harford county to Southern ports continues. Since the first of last May Messrs. Barnes & Archer, of Lapidum, on the Susquehanna, have shipped 500 tons, principally to Richmond. The Shenandoah Valley Bank, at Shenan doah, Pa., has suspended business in conse quence of the withdrawal of deposits and dif ficulty of collecting assets, but it is believed to be entirely solvent, or at least the directors say SO. Nearly all the business portion of London, in Cedar county, Iowa, was destroyed by fire on Monday. Loss, about $75,000. The principal business portion of Fairbault, Minn was destroyed by fire on Tuesday morning Loss $100,000. Daniel Wright, the largest land-owner in the Lower Shenandoah valley, died at his residence, in Berkley county, West Virginia on Monday, in his seventy-eighth year. He owned fifteen valuable farms, and his estate is valued at over $200,000. Frank Perrine, colored, was hung near Sa vanah, Ga., on Wednesday, for the murde of J. F. Lee, a white farmer, in April last The execution took place near the spot where the murder was perpetrated. Five thousand persons were present. The murderer con fessed the deed. Mrs. E. E. Wood, while insane from the effect of measles, on Tuesday, at Masthope Wayne county, Pa., threw a powder can into the stove, causing an explosion, which burne her terribly, and damaged the house. In her frenzy she tore the burnt flesh from her arms and body, and death ended all in a few hours Patrick Collins, Commissioner of Schuyl kill county, Pa., recently convicted of forging names of sureties to his bond, when appoin ted Tax Collector for Palo Alto, was senten ced at Pottsville Tuesday to pay a fine of one dollar and the costs of prosecution and un dergo six months imprisonment in the county jail. Far removed as she is, by her royal sta tion and her distant home, from the women of this country, their hearts will go out in sympathy to the young Queen of Spain, Mer cedes, who is brought to her death bed, while yet but eighteen years old and the bride o but five months, The Queen died at Madrid on Wednesday morning. The health of Prince Gortschakoff is so ut terly broken that his functions as Prime Minister will probably cease after the Berlin Conference. It will be an easy matter to name his successor but no man in Russia wil fill his place. He has long been the brains of the Empire. Count Schovaloff is the only diplomat in the realm worthy to succeed him and upon him the robes will probably descend Seabirds on the British coast do grea damage to the rabbit warrens, as they kill of hundreds of the rabbits. On Skerner Island it is estimated 4,000 rabbits a year are de stroyed by the birds, since the Seabirds' Pro tective Act was passed in 1870. As a rabbit is worth at least 25 cents, the cost to the owner of the island is $1,000 per annum while the public, to whom the rabbits are sold, lose 32 tons of meat. A grand festival will take place at Paris or Sunday in honor of the Exposition. The main feature is to be a monster orchestra and choral fete in the gardens of the Tuileries special fireworks, a grand torchlight proces sion, with electric lights and flambeaus and fireworks throughout the Bois de Boulogne and Champs Elysees to the Tuileries. Or the lakes in the Bois de Boulogne there will be one hundred illuminated boats, with band playing at different points and displays o pyrotechnics. Bishop, the Englishman, who has been sen tenced to imprisonment for bribing official in Germany to obtain plans of the fortresses proves to be an old offender. In 1864 he wa sentenced to ten years' imprisonment for tak ing part in a conspiracy in favor of the ex King of Naples, and in 1877 he corrupted Prussian Sergeant at Metz in order to obtain information relative to the mobilization o the Royal Engineers. He is a staunch UI tramontane, and an enemy of Prince Bis marck, of Prussia and Germany. The various steamboats whose routes tak them to landings in Lower Maryland and Virginia are now bringing to Baltimore large numbers of blackberries and whortleberries The Helen of the Eastern Shore line brought on Wednesday 400 packages from Accoma and Northampton counties, Va.; the Havana 1,000 packages from along the York and James rivers; the Kent, of the Maryland Steamboat Company, 1,200 packages fron the Choptank river, and the Mary Washington 800 packages from the Rappahannock river. Business Locals


Article from The Carbon Advocate, June 29, 1878

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Bank Suspension. The Shenandoah Valley Bank suspended Wednesday morning last. the usual hour of opening the following notice was posted on the doors of the bank ;-"The directors have decided to close this bank for the present. The steady withdrawal of deposits, as the result of the continued depression in business, and the difficulty in collecting its assets for the same reason have prevented the bank from accommodating the public to only a limited extent for some time past. It is believed the bank is entirely solvent and that all its creditors will be paid in full." The excitement attending this announcement was intense. The unfortunate depositors rushed about the streets using strong language. The decision to close the doors was arrived at Tuesday evening, and the reason assigned for it is the inability to realize on assets as fast as was necessary to meet the demands of depositors. There was no run on the bank, but the withdrawl of deposits was so steady for some time past that it finally became impossible to meet the demands unless at a too great sacrifice. The bank was considered a solid institution and had the reputation of being conducted economically, and consequently enjoyed a fair share of public confidence, even in these days of popular distrust. The depositors number 100, with amounts to their credit ranging from $10 up to $10,000, Joel B. McCammant, the cashier, states that every effort was made to keep the bank open, but the depreciation in value made it impossible. The suspension will prove a severe blow to the business men of Shenandoah, which in point of population is the second largest town in Schuylkill county. They now are without any banking facilities whatever. Wednesday afternoon J. O. Roads, of Pottsvills, and S. Yost, one of the tellers, were appointed assignees to settle up the affairs of the bank for the benefit of creditors.


Article from Shenandoah Herald, July 3, 1878

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Gen. Thomas Ewing, in reply to a New York interviewer, said: "There is but little doubt that Senator Thurman is one of the many democratic candidate for the presidency. From all that he has been enabled to see Mr. Tilden's chances for renomination, SO far as the West is concerned, are slim." The Cincinnati Commercial suggests the nomination of President Hayes for second term as possibly the most fit and conclusive answer to the 'third term' folly which is 'making its appearance among the soreheads and the remains of the rings, especially of the whisky rings." Gen. Toombs says there is no danger in this country at present from communism, but there will be if the government becomes unjust and the laws oppressive. In that case he would be willing to lead the attack himself to secure justice. A dozen democratic county conventions in Ohio have already declared in favor of Senator Thurman for the next presidency. Hon. Malden Jones, a member of the Senate of Illinois, is the democratic candidate for congress in the fourteenth district of that State. Out of one hundred and seven applicants for admission to the United States Military Academy,a West Point, N, Y., only twenty seven were rejected, which is unusial. The rejected ones left for home last night. The Wheeling Register says: ,Thurman has arrived in Columbus. He says Ohio will surely go democratic this fall. A democratic victory in Ohio this fall means Thurman for President in 1880, and he knows it.' And we may add that a better selection could not be made. The Brass Band at Berkeley Springs has determined upon a uniform of scarlet coats, white pants and blue caps. No accusation of disloyalty can be brought against the members of that organisation. Mrs. Tilton has been excumunicated by Plymoth congregation for confessing her and Henry Ward Beecher's 'great transgression.' Henry Ward is retained because he did not acknowledge the truth of it. It is stated by the Philadelphia Inquirer that a well-known dentist of that city has nearly completed a telephonic apparattus which can be placed inside the human ear, and be scarcely perceived by the observer. which will restore hearing to the deaf, and that without any other means of communication than through the air as a medium. He began this instrument two years ago, and late developments,as the telephone, confirm the plan and convince him that it will succeed. The new rate of compensation for postmaster of the fourth class. On stamps cancelled, on the first $100 or less per quarter, per cent.; on all over $100 and not over $300 per quarter, 50 per cent.;and all over $300 per quarter, 40 per cent., the same to be ascertained and allowed by the Auditor in the settlement of the accounts of such postmasters upon their sworn quartarly returns. The Shenandoah Valley Bank, at Shenandoah, Pa., has suspended business in consequence of deposits and difficulty of collecting assets; but it IS believed to be entirely solvent, or at least the directors say SO. 'Don't save me; save my husband first !' cried a New York woman who was drowning. Let detractors of the sex make a memorandum of this. In New York. on Wednesday, 360,000 acres of land in McDowell county. W. fa.,represented as heavily timbered white oak and mineral lands, was sold at public auction The lands were sold in lots of 1,000 acres or more to suit purchasers. One-half of the tract was knocked down to G. P. Bonner & Co. at half a cent per acre. The balance was sold mostly to Germans in lots of from 1,000 to 10,000 acres at from one-halfa cent to a cent and a-half per acre. The average price realized for the entire tract was 1 ct. per acre. Dr. L. W. Jones, was killed by a negro at Newsom's Southampton county, Va. on Monday, in a difficulty which originiated from a dispute about some trival thing on the Doctor's farm. W. F. Trogden, a North Carolina merchant, has been convicted in the Hustings Court of Richmond, Va. of haying procured goods under false pretenses from a merchant of that city. The jury fixed his punishment at three years in the penitentiary and then recommended him to executive clemency. A motion for a new trial has been made. Little May Stiles, aged 5 years, whose father cut her throat while she was asleep. in Philadelphia, a few days ago, was burried Saturday from the mergue, around which a large crowd gathered. Her mother, who was shot by the father, is getting better, and her father, who cut his own throat, is improving. Miss Lizzie Campbell, daughter of