North Penn Bank (Philadelphia, PA)

Episode Information

Episode UID
3012471400
Episode Type
Run → Suspension → Unsure
Bank Type
state
Bank ID
301247 routing
Routing Number
3-0124
Start Date
August 16, 1916
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
69d3ecfddb9e11fb

Response Measures

None

Description

1919 suspension article says it is unclear whether the bank failed or is only temporarily embarrassed; outcome not resolved in provided articles.

Events (2)
1. August 16, 1916 Run
Cause
Rumor Or Misinformation
Cause Details
Rumor that a director had gone West with the bank's money (later explained he went to attend personal mining interests).
Random Run
Yes
Random Run Snippet
Rumor that a director went West with the bank's money; false
Measures
Paid depositors promptly; received $400,000 from reserve banks; offered $1,000 reward for conviction of rumor-starter.
Newspaper Excerpt
Small depositors in the savings department of the North Penn Bank started a run on the bank when it was rumored that one of the directors had gone West with the bank's money.
Source
newspapers
2. July 17, 1919 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Believed caused by unwise loans coupled with the drawing of several large accounts, leading to returned checks and examiners' intervention.
Newspaper Excerpt
It was stated at the Federal Reserve Bank that the checks of the North Penn Bank were returned yesterday. Deputy commissioners were in the bank yesterday. Whether the bank has failed or is only temporarily embarrassed cannot be ascertained.
Source
newspapers

Newspaper Articles (3)
1. August 17, 1916 The Washington Herald Washington, DC
Article from The Washington Herald, August 17, 1916

Click image to open full size in new tab

Article Text

START RUN ON BANK. Philadelphia Depositors Besiege Savings Institution for Funds. Philadelphia, Pa., Aug. 16.-Small depositors in the savings department of the North Penn Bank started a run on the bank when it was rumored that one of the directors had gone West with the bank's money. According to an official of the institution, one of the directors did go West but it was to look after his personal mining interests. A sign was placed over the doorway of the bank offering $1,000 reward for the conviction of the person who started the rumor.

2. August 17, 1916 Evening Public Ledger Philadelphia, PA
Article from Evening Public Ledger, August 17, 1916

Click image to open full size in new tab

Article Text

NORTH PENN BANK RUN ABATES Only 200 Patrons Withdraw Money, and Many Make New Deposits All is orderly and quiet in and around the North Penn Bank at Twenty-ninth and Dauphin streets today. Although Acting Captain Hearn had a detail of police on duty, there was no repetition of yesterday's run on the bank. When the bank opened for business today there were not more than 75 persons in line, the number gradually increasing to 200 during the forenoon. Ten were allowed in at a time. All depositors were paid promptly. Joseph Schlenz, vice president of the bank, said today that conditions at the institution were normal and not more than $100,000 had been withdrawn since Monday, including the run of yesterday. Mr. Schlenz said $400,000 had been received from reserve banks for the run of depositors today, and many who withdrew their deposits yesterday had returned to deposit them today. Owing to the large crowd of yesterday, be said, many depositors were unable to make their usual dèposits. No clue as yet has been received to the person who circulated the rumor which started the run on the bank.

3. July 18, 1919 Evening Public Ledger Philadelphia, PA
Article from Evening Public Ledger, July 18, 1919

Click image to open full size in new tab

Article Text

whose place of business is located at Thirty-first and Diamond streets. He could not be found by reporters and it is understood that he is working over the books with the bank examiners. Directors in Conference It was stated at the Federal Reserve Bank that the checks of the North Penn Bank were returned yesterday. Deputy commissioners were in the bank yester day. and in the afternoon a meeting of the directors was held. The directors and officials were in conference this morning Wehther the bank has failed or is only temporarily embarrassed cannot be ascertained. No official statement would be made by Banking Commissioner Fisher. at Harrisburg He stated that his deputy was in Philadelphia and that he had not as yet received a report from him. Asked whether. from the present out look. depositors in the bank stood to lose any of their savings. Mr. Fisher said that he could not tell at the pres. ent time. and probably would have little information on that subject for two or three days. One of the leading bankers in the city, who is familar with the institution. said that he believed unwise loans coupled wi the drawing of several large accounts was the cause of the suspension of business This is the second time the North Penn Bank has been in difficulty The first was in August. 1916. when the depositors made a run on the bank after a rumor had spread that the doors would be closed. The bank. however, met all obligations and many persons increased deposits. Officers of the bank offered $1000 reward for information regarding the persons who started the rumors. Last Bank Statement Its latest statement. as of June 2. 1919. showed total resources of $2. 695.282 capital paid in. $150,000 : surplus, $50,000: undivided profits. $42.099: demand deposits. $853.727 savings deposits. $1,195,345. and time certificates of deposits. $16,250. Dividends of 6 per cent per annum have been paid for some time. and in March. 1919. the stock sold at $125. The par is $100. A recent list of officers and directors is as follows: President. Louis H. Mi chel: vice president. William Spratt: vice president. John J. Grelis, and cash ier. Ralph T. Moyer. Directors: Christian Pfeiffer. William Spratt. S. J. Rieben. Louis H. Michel. William T. Shaffer. William T. Gabell. John J. Grelis, /Jacob Schwartz. William Sachsenmaier, Jr., and E. E. Hiestand. Mr. Skilton said that he had resigned as director last December. Mr. Spratt also is reported to have resigned at that time.