19550. Producers' and Manufacturers' Bank of Titusville (Titusville, PA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
November 1, 1876*
Location
Titusville, Pennsylvania (41.627, -79.674)

Metadata

Model
gpt-5-mini
Short Digest
7df59fb4

Response Measures

Full suspension

Description

Multiple dispatches (Nov 1876) report a run on the bank following the failure of the Pennsylvania Transportation Company; papers variously state the bank suspended and closed its doors on Nov. 6. No reopening is reported. Classified as run -> suspension -> closure. Bank type inferred as a state-chartered commercial bank (no National or Trust in name).

Events (3)

1. November 1, 1876* Run
Cause
Local Shock
Cause Details
Run triggered by the failure of the Pennsylvania Transportation Company (loss of confidence tied to local enterprise failure).
Newspaper Excerpt
There has been a run on the bank for the past week.
Source
newspapers
2. November 6, 1876 Other
Newspaper Excerpt
The Producers' and Manufacturers' Bank of Titusville, Pa., closed its doors on the 6th. There had been a run on the bank in consequence of the failure of the Pennsylvania Transportation Company. The assets of the bank are considered ample to meet all liabilities. / The assets are considered sufficient to meet all liabilities.
Source
newspapers
3. November 6, 1876 Suspension
Cause
Local Shock
Cause Details
Bank suspended/closed following withdrawals caused by the Pennsylvania Transportation Company failure.
Newspaper Excerpt
The Producers' and Manufacturers' Bank of Titusville, Pa., has suspended in consequence of a run which followed the failure of the Pennsylvania Transportation Company.
Source
newspapers

Newspaper Articles (5)

Article from The Portland Daily Press, November 7, 1876

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Article Text

MINOR TELEGRAMS. Four companies troops have been assigned in squads in Charleston and along the coast. There were six interments from yellow fever in Savannah yesterday. Today is a legal holiday in New York and the banks and other important business places will be closed. The funeral of William Wheatly took place yesterday from the Unitarian church of the Messiah in New York. The President has appointed Isaac F. Sbepard of Missouri, to be U. S. Consul at Hankow, China. He was formerly connected with a bank in Boston. J. Edward Leonard, Re publican candidate for Congress in the 5th Louisiana District, has been appointed by Gov. Kellogg Associate Justice of the Supreme Court of the state, vice Taliferno, deceased. The Producers' and Manutacturers' Bank of Titusville, Pa., has closed its doors. There has been a run on the bank for the past week. The assets are considered sufficient to meet all liabilities.


Article from The Kenosha Telegraph, November 16, 1876

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Article Text

whisky ring under exence of two years in jail, has been pardoned by the President. The steamboat Arlington was sunk at the Cumberland Island dam one morning last week. She will be a total loss. No lives were lost. The Victoria Railway, in Canada, from Kinmount to Lindsay, was formally opened last week. Satanta, the noted Kiowa chief who is Selving a life term in the Texas Penitentiary, tried to hang himself a short time since. Little Bull, his companion, takes prison life more cheerfully, and is held in contempt by him. The first patient of to Chicago institution for the reformation of drunkards has become a Supreme Court Judge. The great Washington contractor, Alexander R. Shepherd, the other day, called together bis creditors and submitted a statement of his circumstances to them. His liabilities, as shown by his statement, footed up about $600,000 in excess of his assets. A committee of five was appointed to examine his affairs. At a meeting of citizens of Philadelphia, one day last week, favorable to forming a stock company to secure the Main Exhibition building as a permanent exhibition hall, it was that notice of a been for the new company, with a stated had called of Philadelphia, the given International application Exhibition capital of for Company, $600,000, charter to be divided into 6,000 shares of $100 each. The amount needed was $250,000 in cash, as may be asked for from time to time, and the remainder in stock. It was stated the Pennsylvania Railroad Company held $114,000 in stock, and that they would be equally willing to subscribe liberally to the enterprise. The same statements were also made in regard to the Lehigh Valley, North Pennsylvania, and other steam roads. Subscriptions amounting to near $100,000 in cash and $50,000 in stock were received. The Sherbrook Meat Packing Company establishment, at Sherbrook, Canada, burned down last week. Loss, $200,000. The speech made by Czar Alexander, at Moscow, the other day, was not of a character to give absolute comfort to the European powers whose rulers are laboring in good faith for the maintenance of the peace of the continent. The Czar complained that his pacific efforts to maintain right and justice for the Eastern Christians have been in vain, and intimated grave doubt of a stisfactory outcome from the approaching conference at Constantinople. Russia, he said, will maintain her demands in that assembly, and, if they are not acquiesced in, she will take up arms. Roumania is realizing the inconvenience of living in a quarrelsome neighborhood. Because the Russians and Turks are at odds, and threaten to fight out their feud without regard to the boundary fences of the Roumanian fields, she is compelled to keep her own regular and reserve armies in service, at an expense that must be an exhaustive drain on the pecuniary resources of the principality. The Minister of Commerce announced in the French Chamber of Deputies recently that Mr. Washburne, the American Minister, had declared himself satisfied with M. Du Sommerard's disclaimer of authorship of the letter slandering the people of the United States. A telegram from Egypt reports that the Egyptian Minister of Finance has been dismissed and imprisoned for conspiracy against the Khedive. Hussien, the Khedive's son, has been appointed Minister of Finance. The Producers' and Manufacturers' Bank of Titusville, Pa., has suspended in consequence of & run which followed the failure of the Pennsylvania Transportation Company. The latter was the company formed to lay a line of b L pipe: from the oil regions to the seaboard, so that the oil could flow to market. The railroads, whose freight business was threatened, combined and exterminated the new enterpriee. Veltman, alias Boyd, has been arrested at Hamilton, Canada, for forgery on a New York bank of $20,000. He is held for extradition. POLITICAL POINTS.


Article from The Andrew County Republican, November 16, 1876

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Article Text

TELEGRAPHIC NOTES. The following sensational story is telegraphed from Woodstock, Vt.: Last evening, shortly after dark, Myron Emery, alad of 17, was seized near his home by three masked men, bound, gagged, and dragged two miles to Silver Lake and thrown in. The men fled, and Emery managed to free himself and get ashore, where he was found completely exhausted and insensible. The perpetrators have not been discovered and no cause can be assigned. A serious accident occurred to the eastward-bound train on the Memphis and Little Rock Railroad, near Edmondson, on the night of the 4th, caused by the forward truck on the sleeping-car dropping down, throwing the car over a trestle, and pulling the next car off with it. Francis Moore, of Bledsoe's Landing, Ark., was killed, and an infant child of J. T. Eggleston, of Mississippi, was fatally injured. Two other passengers were severely, and about 15 slightly, wounded. Weedon, Goodwin and Colyer, found guilty of manslaughter by aiding in the killing of the prize-fighter Walker, at the recent prize-fight in New Jersey, have been sentenced to six years' imprisonment each in the Trenton Penitentiary. The remaining two prisoners, Clark and Neary, were sentenced to an imprisonment of two years. By a collision between two locomotives on the Louisville, Cincinnati and Lexington Railroad, near Pewee Valley Station, on the 4th, Ganther, engineer, and Brashear, fireman, were killed, and the express messenger and another fireman were badly injured. The entire front of the residence of Augustus Supples, of Rondout, N.Y., was blown out about 3 a. m. on the 2d, by a charge of powder placed in the window by some malicious person. The occupants of the house were uninjured. A freight and passenger train on the Ohio and Mississippi Railroad collided near on the 4th, Shoals, Ind., killing the engineer, Scott, and the fireman, Keifer. Several passengers were slightly injured. About 90 Sioux Indians, under charge of commissioners, passed through Omaha, on the 3d, en route for the Indian Territory, on a tour of inspection. The Producers' and Manufacturers' Bank of Titusville, Pa., closed its doors on the 6th. There had been arun on the bank in consequence of the failure of the Pennsylvania Transportation Company. The assets of the bank are considered ample to meet all liabilities. The Paris (Ky.) Branch of the Northern Bank was destroyed by fire on the 6th. The money and other valuables were uninjured. A German boarding-house at Little Rock, Ark., was burned on the morning of the 6th, and two men named Patrick Shea and John Cooney, stone-cutters, perished in the flames. A Chicago Times special from Washington says the President has granted a pardon to the old counterfeiter, Fred Biebush, now serving out the fifth year of a 15 years' sentence in the Penitentiary at Jefferson City, Mo. Biebush is said to be old and infirm, and the petition for bis pardon was numerously signed by prominent citizens of St. Louis, where he formerly resided. At Newcastle, Ind., on the 7th, in an altercation growing out of a political discussion, John Runyan, a Democrat, shot and killed Charles Pressall, a Republican. The affair caused great excitement, and there was an ineffectual attempt made to lynch the murderer. A serious riot occurred between some whites and blacks in Charleston, S. c., on the night of election, in which one white man was killed and about a dozen others wounded, and one negro killed and eight others wounded. The combatants were t dispersed by the United States troops, after somesharp firing had occurred. 3 Deputy-Sheriff Benjamin Leach was 3 shot and killed by a colored man at the polls in the Eighth District of Anne t Arundel County, Md., on election day.


Article from The Milan Exchange, November 16, 1876

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TELEGRAPHIC NOTES. The following sensational story is telegraphed from Woodstock, Vt.: Last evening, shortly after dark, Myron Emery, alad of 17, was seized near his home by three bound, gagged, and dragged Silver Lake and two masked miles men, to thrown in. The men fled, and Emery managed to free himself and get ashore, where he was found completely exhausted and insensible. The perpetrators have not been discovered and no cause can be assigned. A serious accident occurred to the eastward-bound train on the Memphis and Little Rock Railroad, near Edmondson, on the night of the 4th, caused by the forward truck on the sleeping-car dropping down, throwing the car over a trestle, and pulling the next car off with it. Francis Moore, of Bledsoe's Landing, Ark., was killed, and an infant child of J. T. Eggleston, of Mississippi, was fatally injured. Two other passengers were severely, and about 15 slightly, wounded. Weedon, Goodwin and Colyer, found guilty of manslaughter by aiding in the killing of the prize-fighter Walker, at the recent prize-fight in New Jersey, have been sentenced to six years' imprisonment each in Trenton Penitentiary. The remaintwo to an sentenced ing a collision between two By the prisoners, imprisonment Clark Cincinnati and of Neary, two and locomo- years. Lex- were tives on the Louisville, ington Railroad, near Pewee Valley Station, on the 4th, Ganther, engineer, and Brashear, fireman, were killed, and the express messenger and another fireman were badly injured. The entire front of the residence of Augustus Supples, of Rondout, N. Y., was blown out about 3 a. m. on the 2d, by a charge of powder placed in the window by some malicious person. The occupants of the house were uninjured. A freight and passenger train on the Ohio and Mississippi Railroad collided near Shoals, Ind., on the 4th, killing the engineer, Scott, and the fireman, Keifer. Several passengers were slightly injured. About 90 Sioux Indians, under charge of commissioners, passed through Omaha, on the 3d, en route for the Indian Territory, on a tour of inspection. The Producers' and Manufacturers' Bank of Titusville, Pa., closed its doors on the 6th. There had been a run on the bank in consequence of the failure of the Pennsylvania Transportation Company. The assets of the bank are considered ample to meet all liabilities. The Paris (Ky.) Branch of the Northern Bank was destroyed by fire on the 6th. The money and other valuables were uninjured. A German boarding-house at Little Rock, Ark., was burned on the morning of the 6th, and two men named Patrick Shea and John Cooney, stone-cutters, perished in the flames. A Chicago Times special from Washington says the President has granted a pardon to the old counterfeiter, Fred Biebush, now serving out the fifth year of a 15 years' sentence in the Penitentiary at Jefferson City, Mo. Biebush is said to be old and infirm, and the petition for his pardon was numerously signed by prominent citizens of St. Louis, where he formerly resided. At Newcastle, Ind., on the 7th, in an altercation growing out of a political discussion, John Runyan, a Democrat, shot and killed Charles Pressall, a Republican. The affair caused great excitement, and there was an ineffectual attempt made to lynch the murderer. A serious riot occurred between some whites and blacks in Charleston, S. C., on the night of election, in which one white man was killed and about a dozen others wounded, and one negro killed and eight others wounded. The combatants were f dispersed by the United States troops, after somesharp firing had occurred. S Deputy-Sheriff Benjamin Leach was S shot and killed by a colored man at the polls in the Eighth District of Anne f Arundel County, Md., on election day.


Article from The True Northerner, November 17, 1876

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creditors and submitted a statement of his circumstances to them. His liabilities, as shown by his statement, footed up about $600,000 in excess of his assets. A committee of five was appointed to examine his affairs. At a meeting of citizens of Philadelphia, one day last week, favorable to forming a stock company to secure the Main Exhibition building as a permanent exhibition hall, it was stated that notice of application for a charter had been given for the new company, to be called the International Exhibition Company, of Philadelphia, with a capital of $600,000, divided into 6,000 shares of $100 each. The amount needed was $250,000 in cash, as may be asked for from time to time, and the remainder in stock. It was stated the Pennsylvania Railroad Company held $114,000 in stock. and that they would be equally willing to subscribe liberally to the enterprise. The same statements were also made in regard to the Lehigh Valley, North Pennsylvania, and other steam roads. Subscriptions amounting to near $100,000 in cash and $50,000 in stock were received. The Sherbrook Meat Packing Company 08tablishment, at Sherbrook, Canada, burned down last week. Loss, $200,000. The speech made by Czar Alexander, at Moscow, the other day, was not of a character to give absolute comfort to the European powers whose rulers are laboring in good faith for the maintenance of the peace of the continent. The Czar complained that his pacific efforts to maintain right and justice for the Eastern Christians have been in vain, and intimated grave doubt of a stisfactory outcome from the approaching conference at Constantinople. Russia, he said, will maintain her demands in that assembly, and, if they are not acquiesced in, she will take up arms. Roumania is realizing the inconvenience of living in a quarrelsome neighborhood. Because the Russians and Turks are at odds, and threaten to fight out their feud without regard to the boundary fences of the Roumanian fields. she is compelled to keep her own regular and reserve armies in service, at an expense that must be an exhaustive drain on the pecuniary resources of the principality. The Minister of Commerce announced in the French Chamber of Deputies recently that Mr. Washburne, the American Minister, had declared humself satisfied with M. Du Sommerard's disclaimer of authorship of the letter slandering the people of the United States. A telegram from Egypt reports that the Egyptian Minister of Finance has been dismissed and imprisoned for conspiracy against the Khedive. Hussien, the Khedive's son, has been appointed Minister of Finance. The Producers' and Manufacturers' Bank of Titusville, Pa., has suspended in consequence of a run which followed the failure of the Pennsylvania Transportation Company. The latter was the company formed to lay a line of pipe from the oil regions to the seaboard, 80 that the oil could flow to market. The railroads, whose freight business was threatened, combined and exterminated the new enterprise. Veltman, alias Boyd, has been arrested at Hamilton, Canada, for forgery on a New York bank of $20,000. He is held for extradition. Exports last week from the leading seaboard ports: Pork, 4,780 barrele; bacon, 10,098,988 pounds; lard, 4,367,411 pounds; flour, 49,035 barrels : wheat, 479,650 bushels ; corn, 790,097 bushels ; oats, 107,497 bushels; rye, 47,768 bushels : barley, 334,499 bushels.