19595. Bank of Brandywine (West Chester, PA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
*
Location
West Chester, Pennsylvania (39.961, -75.605)

Metadata

Model
gpt-5-mini
Short Digest
e3d7a935

Response Measures

None

Description

Newspaper excerpts (Aug 1878) state the Bank of Commerce, Erie 'suspended' and is listed among 'broken banks' with an assignee winding up affairs and losses to the Commonwealth. No article describes a depositor run; the bank appears to have suspended and been wound up/closed.

Events (1)
1. * Suspension
Cause
Bank Specific Adverse Info
Cause Details
Listed among 'broken banks' with an assignee winding up affairs and losses to the Commonwealth; bank suspended and assets being collected by assignee/Attorney General for settlement.
Newspaper Excerpt
the Bank of Commerce, Erie, that suspended during the term of Hon. Eli Slifer as Treasurer
Source
newspapers

Newspaper Articles (3)
1. August 9, 1878 The Cambria Freeman Ebensburg, PA
Article from The Cambria Freeman, August 9, 1878

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Article Text

Co., the commonwealth holds the bond of Mr. & Rawle, with undoubted security for its payment. The reason for its not being paid on the 6th of May by Mr. Rawle was that there was yet in the hands of the assignee some property undisposed of. As soon as the affairs of the bank are wound up by the assignee Mr. Rawle will pay the balance into the treasury. The other five broken banks were marked upon the books of the Treasury when I took charge of it us "certified to the Attorney General" for collection, which took them out of this department, and no responsibility for their collection or settlement belongs to the Treasurer. I: is but just to add that in the case of the Bank of Commerce. Erie, that suspended during the term of Hon. En Slifer as Treasurer, and the Venango National Bank, Franklin, that suspended during the term of Hon. W. H. Kemble as Treasurer. that both gentlemen claim they were authorized depositaries of the State and that the moneys lost in them were deposited by the County Treasurers under authority of law. In the case of G. F. Mason & Co., Towanda, Inland Insurance and Deposit Company, Laneaster, and the Bank of Brandywine, West Chester. which suspended during the term of Hon. Robert W. Mackey as Treasurer, there is on file in this office, for the use of the commonwealth. the bond of Hon. R. W. Mackey, with unquestioned security, conditioned for the payment of whatever amount banks. may not be received from the assets of said The item of $248,000, "advanced to members of the Legislature," WAS deducted from!their Warrants by me when paid at the close of the session and proper vouchers have been filed in the Auditor General's office for the same. With the exception of the $20,872.48 in the six broken banks. as herein explained, the balance as turned over to me by Mr. Rawle was in the several banks as certified by them to the Auditor Treasurer. General and was subject to my check as I found no notes, checks, due bills or other evidences of debt owing from any individual, firm or corporation to the Treasurer or the commonwewlth other than those contained in the foregoing list. I herewith append statement of the balance in the Treasury at the close of business on the 31st of July, 1878. showing the amount of assets to be $1,225,943.36. Of this st.m there was in the general fund $313,861.26 and in the sinking fund $912,062.10. The amount of money in the sinking fund not appropriated to payment of outstanding loans that have been called for redemption and are due and payable the 1st of August and Ist of October, 1878, is $20,570.24. There will be due on the 1st of January and February, 1879, interest on the public debt amounting to $605,000 00. Or this amount there is in the treasury now but $29,570.24, and the balance will have to be provided for by the colfund. lection of revenues belonging to the sinking BALANCE IN THE TREASURY. JULY 31. 1878

2. August 14, 1878 Clearfield Republican Clearfield, PA
Article from Clearfield Republican, August 14, 1878

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Article Text

Total $20,872 All of which institutions had failed. For the item of $1,721.60, DougherS, ty Bro. & Co., the Commonwealth holds the bond of Mr. Rawle, with undoubted security for its payment. The reason for its not being paid on the 6th d a of May by Mr. Rawle was that there was yet in the hands of the assignee some property undisposed of. As soon r as the affairs of the bank are wound up by the assignee Mr. Rawle will pay the balance into the Treasury. The other five broken banks were marked upon the books of the Treas. ury when I took charge of it as "cer) tified to the Attorney General" for collection, which took them out of the department, and no responsibility for their collection or settlement belongs to the Treasurer. e It is but just to add that in the case of the Bank of Commerce, Erie, that suspended during the term of Hon. Eli Slifer as Treasurer, and the Venango National Bank, Franklin that suspended during the term of Hon. W. H. Kemble as Treasurer, that both gentlemen claim that they were authorized depositaries of the State and that the moneys lost in them were deposited by the County Treasurers under authority of law. In the case of G. F. Mason & Co., Towanda, Inland Insurance and Deposit Company, Lan. caster, and the Bank of Brandywine, : West Chester, that suspended during the term of Hon. Robert W. Mackey 0 as Treasurer, there is on file in this 0 office, for the use of the Common0 wealth, the bond of Hon. Robert W. 0 Mackey, with unquestioned security 0 conditioned for the payment of what0 ever amount may not be received from a the assets of said banks. n The item of $248,000, "advanced to a members of the legislature" was deducted from their warrants by me when paid at the close of the session and proper vouchers have been filed in the Auditor General's office for the same. With the exception of the $20,872.48 in the six broken banks as herein explained, balance as turned over to me , by Mr. Rawle, was in the several banks as certified by them to the Anditor General and was subject to my check as Treasurer. I found no notes, checks, due bills or other evidences of debt owing from any individual firm or corporation to the Treasurer or the Commonwealth 1. other than those contained in the fore. at going list. e, or I herewith append statement of the balance in the Treasury at the close of d business on the 31st of July, 1878, showing the amount of assets to be 0 $1,225,943.36. Of this sum there was in the general fund $313,861.26 and in the sinking fund $912,032.10. The amount of money in the sink-

3. August 14, 1878 The Somerset Herald Somerset, PA
Article from The Somerset Herald, August 14, 1878

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Article Text

Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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All of which institutions had failed. For the item of $1,721 60, Daugherty, Bro. & Co., the commonwealth holds the bond of Mr. Rawle, with undoubted security for its payment. The reason for its not being paid on the 6th of May by Mr. Rawle, was that there was yet in the hands of the assignee some property undisposed of. As soon as the affairs of the bank are wound up by the assignee Mr. Rawle will pay the balance into the treasury. The other five broken banks were marked upon the books of the Treasury when I took charge of it as "eertified to the Attorney General" for collection, which took them out of this department, and no responsibility for their collection or settlement belongs to the Treasurer. It is but just to add that in the case of the Bank of Commerce, Erie, that suspended during the term of Hon. Eli Stifer as Treasurer, and the Venango National Bank, Franklin, that suspended during the term of Hon. W. H. Kemble as Treasurer, that both gentlemen claim they were authorized depositaries of the State and that the moneys lost in them were deposited by the County Treasurers under authority of law. In the case of G. F. Mason & Co., Towanda, Inland Insurance and Deposit Company, Lancaster, and the Bank of Brandywine, West Chester, which suspended during the term of Hon. Robert W. Mackey as Treasurer, there is on file in this office, for the use of the commonwealth, the bond of Hon. R. W. Mackey, with unquestioned security, conditioned for the payment of whatever amount may not be received from the assets of said banks. The item of $248,000, "advanced to members of the Legislature," was deducted from their warrants by me when paid at the close of the session and proper vouchers have been filed in the Auditor General's office for the same. With the exception of the $20,872 48, in the six broken banks, as herein explained, the balance as turned over to me by Mr. Rawle was in the several banks as certified by them to the Auditor General and was subject to my check as Treasurer.