Union Deposit Bank (Greensburg, PA)

Episode Information

Episode UID
3372648391013
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
337264839 hash
Start Date
May 29, 1884
Location
Greensburg, Pennsylvania (40.301, -79.539)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8b4c650b74006de2

Response Measures

None

Description

Newspapers report a suspension/closure with insolvency-sized deficiency; no clear follow-up about reopening or receivership in these articles.

Events (1)
1. May 29, 1884 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Unable to realize money on paper held as security; resources reported less than half liabilities (large deficiency).
Newspaper Excerpt
Being unable to convert our paper into sufficient funds to meet all requirements, we deem it prudent to suspend payment for the present.
Source
newspapers

Newspaper Articles (8)
1. May 30, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, May 30, 1884

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Article Text

The Shortage Found To Be Not Less than a Million and a Quarter, All of Which Has Disappeared, The Money Having Been Lost in Operating a "Blind Pool" in Oil Margins. James D. Fish Testifies Concerning His Knowledge of the Business Methods of the Firm of Grant & Ward. THE PENN BANK. The Assignee in Charge-Extent of the Deficiency. PITTSBURG, May 29.-Henry Warner, assignee of the Penn Bank, has taken charge, and discharged the clerks. He will begin work at once, but says it will require two weeks, and probably thirty days, before a statement of the exact condition of affairs can be made. The deficiency will reach fully $1,250,000. It is said that of the $40,000 known to be on the counter when the bank closed, only $4,000 was turned over to the assignee. A great shortage in securities is also reported since Saturday, and bonds and stocks and other collateral in the bank at the time of the suspension are said to be the missing. President Riddle is still confined to his home. He has issued a card, asking friends to withhold jundgment until he is able to make a statement. W. N. Riddle has confessed another judgment for $82,400 in favor of F. B. Laughlin. This judgment will follow the one confessed on Tuesday night. The Union Deposit Bank, at Greensburg, Pa., owned by David Tintsman and John Walker, closed this morning and posted the following: Being unable to convert our paper into sufficient funds to meet all requirements, we deem it prudent to suspend payment for the present. Mr. Tintsman is out of town and Mr. Walker is lying sick at his home, so that it is impossible to get any information from the management. The liabilities are supposed to reach over $100,000, and the resources less than half that amount. John P. Beal. oil broker for the Penn Bank, madea statement to receiver Warren this afternoon in regard to the oil speculation of the suspended institution. He admitted that he was the representative of the "blind pool" operated last summer. The pool was composed of parties from New York, Philadelphia, Chicago, Pittsburg, and other cities. The usual course was to buy heavily when they wanted an advance, or sell when it was necessary to have a decline. From another gentleman it was learned that the pool was conceived by Riddle, and after his friends approved the plan he went to New York and negotiated a loan of $2,000,000. Oil was forced from 90 cents to $1.253-4, when the Standard company interfered, and, despite the efforts the syndicate made, it collapsed and the pool was finally compelled to sell at 98c, losing heavily. From that time to this the Penn Bank crowd have been taking desperate chances in the oil market to win back sufficient to plug the hole in the bank's funds, and getting in deeper and deeper every time. The depositors are in consultation to-day, and proceedings against the bank officers and directors for conspiracy are talked of.

2. May 30, 1884 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, May 30, 1884

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Article Text

A Greensburg Bank Fails. GREENSBURG, PA., May 29.-The Union Deposit Bank, owned by Tinsman & Walker, of this place, closed its doors this morning. 4s far as can be learned up to this writing, there is entered up against the bank $14,000. It is the general impression that the bank will eventually pay dollar for dollar. This bank way considered one of the solidest of Greensburg, and the nows of its suspension was received with surprise and regret. The cause of the suspension is attributed to the firm being unable to realize money upon paper now held by the bank 88 security, but it is thought they will pull through all right in the end.

3. May 30, 1884 Wheeling Register Wheeling, WV
Article from Wheeling Register, May 30, 1884

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BRIEF TELEGRAMS. Domestic. The Massachusetts Legislature has defeated the bill to abolish convict labor. Pittsburg is jubilant over the wonderful natural gas find in the Nineteenth ward of that city. Sharp frosts in various "portions of this country and Canada. The Union Deposit Bank of Greensburg, Pa., has suspended Cameron refuses to take any part in naming the nominee of the Republican National Convention. Striking coal miners in Jackson county. Ohio, burned the offices and records of the Coalton Coal Company. The Funeral Directors Association in session at Pittsburgh has adjourned. Westley Johnson hanged at Napoleon. Ohio, for the murder of George Williams and wife in October 25. 1883. Sharpsburg, Ky., destroyed by fire last night. Loss $50,000. Edward Daydon five-year-old boy,drowned at Pittsburgh. Fell in a well. Five hundred laborers and vardmen of the Wabash road, at Moberly, Mo., want their back pay or they will strike. The Court of Inquiry at Columbus Ohio, in the case of Col. B. Mott and others. on trial for their conduct during the Cincinnati riots reported yesterday. Col. Mott is found guilty of incompetency and disobedience, and similar findings against other officers. The court recommended the disbanding of the regiment. Bruno, the defaulting Hot Springs bank president and Mrs. Steele, his paramour, were held in heavy bonds at St. Louis vesterdav. They will be taken to Hot Springs to-day The Almo woolen mills of Almo, Mich destroyed by fire. Loss $23,000 Pittsburg stove moulders struck last night against a proposed reduction of 15 per cent. Robert Stoan. of Pittsburg, was shot and instantly killed last night while standing in his door by Joseph Decklenburg who claims it was accidental." It is now believed that President Riddle of the Penn Bank is a large stockholder in the fictitious firms that appear on the bank books Captain Dove drowned at Niagara Falls. George Montford, aged 87, son of Joseph Montford of the famous Boston "tea party, is dead. Washington. The Senate passed the District of Clumbia appropriation bill. President Arthur has gone to New York. W. H. Vanderbilt has transferred to W. K. Vanderbilt $2,000,000 of U. S. bonds Secretary Chandler decides not to go the Chicago Convention Attorney General Brewster gives it as his opinion that a change from the fee to a salary system in the payment of U S. court officers is imperative Foreign. The annual review of the German troops occurred yesterday,at Berlin The Queen of Denmark and Princess of Wales visited the Empress of Austria yes. terday.

4. May 30, 1884 Fort Worth Daily Gazette Fort Worth, TX
Article from Fort Worth Daily Gazette, May 30, 1884

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THE LATE FAILURES. Testimony of Fish in the Grant & Ward Investigation. Another Pennsylvania Bank Closes Its Doors. THE UNION DEPOSIT COLLAPSED. GREENSHURG, PA., May 29-The Union Deposit bank, owned by David Tintsman and John Walker, closed this morning and posted the following notice "Being unable to convert our paper into sufficient funds to meet all requirements, we deemed it prudent to suspend payment for the present." Mr. Tintsman being out of town and Mr. Walker lying sick at home, it is impossible to get any information from the management. Into abilities supposed to be over $100,000 and resources less than half that amount.

5. June 4, 1884 The Wellington Enterprise Wellington, OH
Article from The Wellington Enterprise, June 4, 1884

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DCMESTIC. DURING THE seven days ended on the 29th $1,662,000 worth of dry -goods were imported into the United States. A HEAVY frost in Southern Wisconsin, Northern Illinois, Northern Ohio and portions of Pennsylvania and Michigan seriously injured fruit-buds in those sections on the night of the 28th. WHILE standing at his door in Pilts burgh the other shot who dead by Joseph night Dickenbaugh, Robert Sloan was said in extenuation that he was shooting at mark. THIRTY-EIGHT million barrels of petro:eum 29th in the to Pennsylvania were on the oil region-enough stored in tanks make a lake one mile square and ten feet deep. REPORTS recently received by S. W. Tallmadge, of Milwaukee, indicated that the total yield of wheat in the country this reach year would 504,820,000 the bushels-an of increase of 106,000,000 over crop 1883. IN a shooting affray near Granby, Mo., a few evenings ago, resulting from an old grudge, John G. Koontze, ex-postmaster, and George Tabor, a merchant, were killed, and George Hudson, a desperado, was seriously injured. BY the fall of a scaffolding on the 29th in a railway tunnel near Ligonier, Pa., nine Italian laborers were killed and eleven others were seriously injured. WESLEY JOHNSON was hanged on the 29th of W. George at Napoleon, Williams O., and for the wife. murder Plunder sole the and he dollars crime, was his secured object in twenty-six committing in currency and a silver watch. FRANK H. CUSHMAN, second teller of the Merchant's National Bank of Providence, R. I., after embezzling $5,000 absconded on the 29th. THE Union Deposit Bank of Greensburg, Pa., closed its doors on the 29th. The lia. bilities would reach $100,000, and the resources were less than half that amount. HARDIE HARDISON and wife, of Columbus, Tenn., an aged couple, were fatally assaulted by Walter Daniels, a nephew, a few evenings ago, the object being robbery. S. D. HALL was convicted at Christiansburg, a few of and C.A. Va., Boyer, days sentenced ago of the to murder death. The years but Hall ago, crime was had committed been in parts fourteen unknown, and returned to visit his father recently, when he was arrested. A COTTON warehouse at Baltimore, colfrom the on 30th to lapsed the ult., crushing weight eight of its persons contents death and badly injuring several others. A VIOLENT snow-storm passed over the towns south of Buffalo, N. Y., on the morning of the 30th ult., trains arriving at Buffal being covered with snow. under the ReadA Road GIVE-IN Turkey Run, tracks Pa., of the caused ing at a of work in on the 30th a suspension ult. The ground the for collieries considerable distance was gradually sinking. THOMAS BURRAGE murdered J. C. McAdee, his brother-in-law, in Karns County, Tex., a few days ago, and soon after a mob took Burrage from jail and hanged him to a tree. WILLIAM BROWN and James Tucker, murderers, both negroes, were hanged on the 30th ult., respectively at Belleville, III., and Paris, Ark. AT Converse Station, Tex., three little sons of Edward Halrig, aged five, seven a ago. were and nine years,were.drowned while ming few days in each They other's swim. found by the father, locked arms. AT Minneapolis a few days ago Charles E. Erickson and Charles Holmerts, Swedes, just arrived from the old country, walked in front of a train and were killed. THE Harmony (Pa.) Savings Bank has closed its doors because its money was 'tied up in the Penn Bank." The Habilities were not believed to be large. AN unknown horse-thief was hanged by vigilantes near Pendleton, Ore., the other day. IT was announced on the 30th ult. that the recent accident in the Krupp Tunnel near men were was caused Pittsburgh, killed, Pa., by which by quicksand. nine The Coroner's Jury exonerated the contractors from blame. DURING the memorial exercises at Louisville, on the 80th stand preKy., collapsed, fifty persons ult. the being speakers' to the some cipitated ground, and received serious injuries. A HEAVY frost in New England on the night of the 29th ult. did great damage to the fruit crops. DURING the seven days ended on the 30th ult. there were 162 failures in the United States and Canada against 203

6. June 5, 1884 The Abilene Reflector Abilene, KS
Article from The Abilene Reflector, June 5, 1884

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THE EAST. THE Fall River (Mass.) strikers returned to work at the reduced wages. CHARLES HOLCOMB shot a young man named Miller at Conneautville, Pa., recently, because Miller accompanied Holcomb's best girl home from church. THE first message by the Commercial Cable was received at Rockport, Mass., on the 27th, as follows: "From the steamer Faraday to the selectmen of Rockport: The Faraday wishes to thank the selectment of Rockport as well as her citizens for the reception she received at her hands, and can only regret that her arduous work called her away so soon." THE Empire buildings in New York have been purchased by a London syndicate for $1,750,000. AT the New York horse show on the 28th, Cyrus W. Field received the first prize for matched pairs. Frederick Gebhardt's Leo received the first prize for hunter's mare or gelding; also a special prize. THE Union Deposit Bank at Greensburg, Pa., closed its doors on the 29th. THE Massachusetts Legislature defeated the bill to abolish the contractlaborsystem in the State prison. DISCLOSURES as to the condition of the Penn Bank, of Pittsburgh, Pa., show defalcations amounting to $1,250,000. The bank lost heavily some time ago in attempting a corner in the oil market. Allegations of downright theft of the bank's assets were made. NOTICE has been issued to the coal operators of Schuylkill County, Pa., that coal mining will be suspended during twelve days in June. 1 THE other night, at Albany, N. Y., a German woman, Caroline Schreifer, while insane from the loss of her bank book, murdered five of her children, and running with the oldest child, nine years old, threw herself in front of a train on the Central

7. June 5, 1884 The Austin Weekly Statesman Austin, TX
Article from The Austin Weekly Statesman, June 5, 1884

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Another Bank President Sick GREENSBURG, PA., May 29.-The Union deposit bank, owned by David Tintsman and John Walker, closed this morning, and post d the following: "Being unable to convert our paper into sufficient funds for all requirements, we deem it prudent to suspend payment for the present." Mr. Tinteman being out of town, and Mr. Walker lying sick at home, it is impossible to get any information.

8. June 6, 1884 The Kenosha Telegraph Kenosha, WI
Article from The Kenosha Telegraph, June 6, 1884

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The East. THE doors of the Union Deposit Bank of Greensburg, Pa., were closed on the 29th. The liabilities would reach $100,000, and the resources were less than half that amount. THE discovery was made on the 29th that John C. Eno, President of the Metropolitan Bank of New York, had fled to Europe, notwithstanding a guard of six officers had been watching his residence for six days. ROBERT SLOAN while standingathis door tu Pittsburgh the other night was shot dead by Joseph Dickenbaugh, who said in extenuation that he was shooting at a mark. IN the Pennsylvania oil region thirtyeight million barrels of petroleum were on the 29th stored in tanks-enough to make a lake one mile square and ten feet deep. AFTER embezzling $5,000 Frank H. Cushman, second teller of the Merchant's National Bank of Providence, R. I., absconded on the 29th. NINE Italian laborers were killed and eleven others were seriously injured by the fall of a scaffolding on the 29th in a railway tunnel near Ligonier, Pa. THE Massachusetts Legislature has passed a bill to abolish the prison-labor contract in that State. MRS. CAROLINE SCHREIFER, insane at a loss of a bank-book, killed five of her children at Albany, N. Y., on the 29th, and, with another child in her arms, threw herself before a train. She was killed, while the little one's legs and arms were crushed. AN address has been issued by George O. Jones, Chairman of the New York Greenback State Committee, to the Greenbackers of the State in which he expressed doubt as to General Butler's soundness on financial questions from the standpoint of the National Greenback party, and hoped the Greenbackers of his State would await further developments before taking definite action. ON the morning of the 30th ult. a violent snow-storm passed over the towns south of Buffalo, N. Y., trains arriving at Buffalo being covered with snow. THE ground caved in under the tracks of the Reading Road at Turkey Run, Pa., on the 20th ult., causing a suspension of work in the collieries. The ground for a considerable distance was gradually sinking. IN New England on the night of the 29th ult., a heavy frost did great damage to the fruit crops. ADVICES of the 30th ult. stated that the recent accident in the Krupp Tunnel near Pittsburgh, Pa., by which nine men were killed, was caused by quicksand. The Coroner's Jury exonerated the contractors from blame. THE doors of the Harmony (Pa.) Savings Bank have been closed because its money was "tied up in the Penn Bank." The liabilities were not believed to be large. PRESIDENT RIDDLE and Cashier Reiber, on information alleging conspiracy to defraud the Penn Bank at Pittsburgh, Pa., were arrested on the 31st ult. FOR the week ended on the 31st ult. the statement of the New York banks showed