19599. E. D. Haines & Co. (West Chester, PA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
January 25, 1904
Location
West Chester, Pennsylvania (39.961, -75.605)

Metadata

Model
gpt-5-mini
Short Digest
5bf8f77d

Response Measures

None

Description

Multiple contemporaneous newspaper accounts (Jan 25–26, 1904) report the private bank closed its doors and a receiver (John J. Gheen/Green) was appointed after the death of the last active partner, Joseph T. Murtagh. Articles describe insolvency and receivership — no run or depositor panic is mentioned. Classified as suspension leading to permanent closure/receivership.

Events (2)
1. January 25, 1904 Receivership
Newspaper Excerpt
on application to the court John J. Gheen was appointed receiver. This action was precipitated by the death on last Thursday of Joseph T. Murtagh, the last remaining active partner.
Source
newspapers
2. January 25, 1904 Suspension
Cause
Government Action
Cause Details
Bank closed its doors following the death of the last active partner; court appointment of a receiver and investigation revealed insolvency.
Newspaper Excerpt
The private bank of E. D. Haines & Co., of this place, closed its doors to-day. and on application to the court John J. Gheen was appointed receiver.
Source
newspapers

Newspaper Articles (9)
1. January 25, 1904 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, January 25, 1904

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Article Text

Failures. Baltimore, Jan. 25.-E. N. Morrison & Co., German street stock brokers, failed today for $750,000. The failure was caused by cotton and lack of money for margins. A receiver has been asked for. The assets of the firm are said to be $500,000. Nashua, N. H., Jan, 25.-The Nashua Trust Company, of this city, closed their doors this morning. John T, Goggin, the treasurer and secretary, has been arrested charged with the embezzlement of from $80,000 to $100,000. Attorneys Marbury and Gosnell, representing 150 creditors, precipitated the disaster and the Morrisons, unable to meet demands, were compelled to accede. Edwin G. Bartjer and Frank Gosnell were named as receivers with bond of $200,000 each. A member of the firm said : "The high price of cotton is the cause of our failure." Philadelphia, Jan. 25.-The private banking firm of E. D. Haines & Co., at Westchester, Pa., has closed its doors and a-receiver has been asked for. The firm was established in 1868.

2. January 26, 1904 New-York Tribune New York, NY
Article from New-York Tribune, January 26, 1904

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Article Text

BANK CLOSES; CLAIMS WILL BE PAID. West Chester, Penn., Jan. 25.-The private bank of E. D. Haines & Co., of this place, closed its doors to-day. and on application to the court John J. Gheen was appointed receiver. This action was precipitated by the death on last Thursday of Joseph T. Murtagh, the last remaining active partner. Upward of $100,000 is said to be on deposit. It is thought that all claims will be settled in full.

3. January 26, 1904 The Washington Times Washington, DC
Article from The Washington Times, January 26, 1904

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Article Text

OLD FIRM FAILS. PHILADELPHIA, Jan. 26-The private banking firm of E. D. Haines & Co., at West Chester, Pa., has closed its doors and a receiver has been asked for. The firm was established in 1868:

4. January 26, 1904 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, January 26, 1904

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Article Text

Private Bank Closed. WESTCHESTER, Pa., Jan. 25.-The private bank of E. D. Haines & Co., of this place, closed its doors to-day, and upon application to the court, John J. Green was appointed receiver. Upwards of $100,000 is said to be on deposit. It is thought that all claims will be settled in full.

5. January 27, 1904 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, January 27, 1904

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Article Text

Private Bank Closes, Westchester, Pa., Jan. 26.-The private bank of E. D. Haines & Co., of this place, has closed its doors and upon application to the court John J. Gheen has been appointed receiver. This action was precipitated by the death of Joseph T. Murtaugh, the last remaining active partner.

6. January 29, 1904 Perrysburg Journal Perrysburg, OH
Article from Perrysburg Journal, January 29, 1904

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Article Text

Another Bank Failure. West Chester, Pa., Jan. 26.-The investigations by the receiver of the affairs of the banking firm of E. D. Haines & Co., which closed its doors Monday, revealed nothing hopeful to the depositors, beyond the likelihood of their receiving 25 per cent. of their deposits. Many of the assets are of uncertain value. The deposits aggregate about $100,000.

7. January 29, 1904 Milford Chronicle Milford, DE
Article from Milford Chronicle, January 29, 1904

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Article Text

West Chester Bank Closed. West Chester, Pa., Jan. 26.-The private bank of E. D. Haines & Co., of this place, closed its doors, and upon application to the court, John J. Gheen was appointed receiver. Upwards of $100,000 is said to be on deposit. The investigations by the receiver of the affairs of the bank revealed nothing hopeful to the depositors, beyond the likelihood of their receiving 25 per cent. of their deposits. Many of the assets are of uncertain value. so it is alleged, and it willl require time and care to determine their full worth.

8. January 30, 1904 The Cecil Whig Elkton, MD
Article from The Cecil Whig, January 30, 1904

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Article Text

West Chester Banking Firm Broken. The banking house of E. D. Haines & Co., of West Chester, Pa.. has been placed in the hands of it receiver. Joseph T. Murtagh. the last member of the old firm, died on the 21st inst. The house was founded in 1869 by Elber D. Haines, who died in 1883. and it is said has been insolvent for the past ten years. owing to the collapse of western land booms in which its funds had been sunk. Mr. Murtagh's death revealed the situation. Liabilities are put at $120,000 with about $60,000 assets. There are about 300 depositors and certificate holders of the wrecked firm.

9. January 30, 1904 Richmond Planet Richmond, VA
Article from Richmond Planet, January 30, 1904

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Article Text

West Chester Bank Closed. West Chester, Pa., Jan. 26.-The private bank of E. D. Haines & Co., of this place, closed its doors, and upon application to the court, John J. Gheen was appointed receiver. Upwards of $100,000 is said to be on deposit. The investigations by the receiver of the affairs of the bank revealed nothing hopeful to the depositors, beyond the likelihood of their receiving 25 per cent. of their deposits. Many of the assets are of uncertain value, so it is alleged, and it willl require time and care to determine their full worth.