Bank of America (Philadelphia, PA)

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Bank Failure at Philadelphia

PHILADELPHIA, April 30.-The Bank of America of this city closed its doore this afternoon. Ii is announced officially that the cause of the suspension was a run on the bank which began Monday morning and resulted in the withdrawal of upwards of $100,000 of deposits. The failure will not affect business men to any great extent. The loss+ will fall mostly on small shopkeepers and others who cannot well afford to lose the money. The branches of the bank located in outiving sections of the city attraced this class of customers. The total number of depositors was about 4.000, and the deposits in the bank were stated in the report of November 30, 1889, to be $734,566.

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POOR PEOPLE LOSE

Suspension of the Bank of America of Philadelphia. PHILADELPHIA, April 30.-The Bank of America of this city was forced to close its doors this afternoon, and the officers posted a notice at the entrance in the hallway of the building, at Fortieth and Chestnut streets, which simply announced: "This bank has temporarily suspended." The news of the suspension quickly spread in financial circles. It was announced officially that the cause of the suspension was a run on the bank, which began Monday morning, and resulted in the withdrawal of $100,000 in deposits. The failure will not effect business men to any great extent. The losses will fall mostly on small shopkeepers and others who cannot well afford to lose the money. Branches of the bank located in outlying sections of the city attracted this class of customers. The total number of depositors is 4000, and the deposits in the bank were stated in the report of November 30, 1889, as $734,566.

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A PHILADELPHIA BANK CLOSED

Vice President McFarlane's Rumored Troubles the Cause. PHILADELPHIA, May 1.-The Bank of America, a state bank, has closed its doors. Beyond the simple announcement, "This bank has temporarily suspended," the officers of the institution have made no public statement. The direct cause of the failure is attributed to the troubles of the American Life Insurance company, of which State Senator McFarlane is vice president. A meeting of the directors was called at once and they are now going over the books. William M. Smith, president of the common council, has been appointed receiver and assignee of the bank There are many rumors affecting the Philadelphia Finance company, the American Financial association and the American Life Insurance company. These rumors are denied by officials of those institutions. The capital of the Bank of America is $371,000. Louis E. Pfeiffer is president and J.S. Dungan cashier. James J. McFarlane was vice president until a fortnight ago, when he resigned from the directorate. The rumor of his being in trouble caused a run on the bank and resulted in its suspension.

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BANK DOORS CLOSED

The Institution a Philadelphia Concern Under the State Laws. PHILADELPHIA, April 30.-The Bank of America of this city closed its doors this afternoon, a placard at the entrance simply announcing, "This bank has temporarily suspended." The failure has not caused much of a sensation, because it has for three days been known to be in difficulties. A run upon it began Monday which caused it to lose $100,000 in deposits. It is a state institution and had twelve branches scattered about the city. The deposits of the main office and its branches aggregate $700,000. ALLIED TO AN INSURANCE COMPANY. The bank is closely allied to the insurance company of America and several other financial institutions of this city, and today's suspension is due to rumors which were set afloat on Saturday affecting the credit of President McFarlane of the insurance company. A RECEIVER APPOINTED. William M. Smith, president of the common council, has been appointed receiver. The losses will fall mostly on small shopkeepers and others who cannot well afford to lose their money. The branches of the bank located in outlying sections of the city attracted this class of customers, the total number of depositors being said to be 4,000.

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The Bank of America Suspends

PHILADELPHIA, April 30. -The Bank of America has suspended payment. The suspension of the bank did not cause much surprise, as it was known in financial circles that there had been a heavy drain on it for some days. Branch offices

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DEPOSITORS PULL OUT

The Bank of America Closes Its Doors -Failures. PHILADELPHIA, April 30.-The Bank of America, of this city, was forced to close its doors this afternoon and the cashier posted a notice in the entrance to the hallway of the building at Fourth and Chestnut streets which simply annonnced: "This bank has temporarily suspended." William M. Smith, president of the common council, was appointed receiver and assignee of the bank. There are rumors affecting the Philadelphia Finance company, the American Financial association and the American Life Insurance company. These rumors are denied by officials of those institutions. The capital of the bank of America is $371,000. Louis E. Pfeiffer is president and J. S. Dungan cashier. James J. McFarlane was vicepresident until a fortnight ago, when he resigned. The rumor of his being in trouble caused a run on the bank and resulted in its suspension. LAWRENCE, Mass., April 30.-The grocery house of Davis, Murphy & Co., the largest in the city, has assigned to H. K. Webster, of Lawrence. It is expected that the creditors will be paid in full,

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SUSPENDED PAYMENT

The Bank of America Compelled to Close His Doors. PHILADELPHIA, April 30.-The Bank of America has suspended payment. The suspension of the bank did not cause much surprise, as it was known in financial circles that there had been a heavy run on it for some days. The branch offices in different parts of this city are also shut up. Deposits said to amount to $70,000in the bank are closely allied to the American Life Insurance Company. To-day's suspension was due to rumors set affoat last Saturday affecting the credit of President McFarlane, of the insurance company. INSECTRE LOANS. Something of a sensation has been caused by the announcement that the examination by the state insurance.com missioner shows that the American Life Insurance Company has loaned over $700, 000 to various concerns which have no commercial standing. As a result the stock of the concern has depreciated nearly a million in value. The president of the company declares that the loans are perfectly safe.

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Another Bank Failure

GLOUCESTER, N. J., May 1.-A run began on the Gloucester City National Bank as soon as the doors were opened this morning. Just before noon the bank suspended. The run was the result of its affiliation with the Bank of America of Philadelphia, which falled yesterday. Touching the condition of the Western farmers, General Butler said that the farms are passing out of the ownership of the tillers of the soil and they are becoming simply tenant farmers, the worth of the land having been wrested from them in spite of all their industry. Referring to the fabulous mortgaged debt on farm property, the speaker closed by saying: "As the payment of the mortgages is simply impossible, the payment of the interest upon them is also impossible, because they call for from 7 to 9 per cent and all statistics show that the average profits on farming industries are between 4 and 5 per cent only, hardly over 4. These mortgages never can be paid, if for no other reason, because they never can be paid if the debtors are ever 80 much disposed to pay them."

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Bank Failure at Camden, N. J. CAMDEN, N.J., May 2-The Gloucester City National bank closed its doors Thursday morning. The suspension is supposed to be due to the failure of the Bank of America Wednesday in Philadelphia, with which it had dealings.

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Another Bank Failure, GLOUCESTER, N. J., May 1.-A run began on the Gloucester City National Bank as soon as the doors opened this morning. Just before noon the bank suspended. The run was the result of its affiliation with the Bank of America, of Philadelphia, which failed yesterday.

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Kept Bad Company

GLOUCESTER, N. J., May 3.-A run began on the Gioucester City National bank as soon as the doors were opened this morning. Just before noon the bank suspended. The run was the result of its affiliation with the Bank of America of Philadelphia, which failed yesterday.

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Another Bank Suspends

ATLANTIC CITY, N.J., May 2.-The Merchants' bank suspended payment this afternoon on account ot a run caused by reports that several of their branches in neighboring towns had suspended on account of the suspension of the Bank of America in Philadelphia. Deposits are estimated at $50,000.

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THE Gloucester City (N

J.) National Bank closed its doors on the 1st. The suspension is supposed to be due to the failure, the day previous, of the Bank of America in Philadelphia, with which it had dealings.

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THE Gloucester City (N

J.) National Bank closed its doors on the 1st. The suspension is supposed to be due to the failure, the day previous, of the Bank of America in Philadelphia, with which it had dealings.

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FOREIGN CULLINGS

It is announced that an English syndicate has purchasad the Western railway Argentine Rrpublic for $41,000,000 gold. A motion for want of confidence in the Jesuit estates act was defeated in the Canadian parliament-32 to 130. Six Conservatives voted against the government. The state ofsiege on the Island of Crete has been raised and martial law has been abolished. The Christians on the island are jubilant. The Brazilian minister to Italy has been recalled because he failed to present to the Italian government the decree of his government forbidding Italian emigrants to enter Brazil. While the duke and duchess of Edinburgh were attending the cerimonies of opening the electric exhibition in Edinburgh, the jewels of the duchess were stolen from their apartments in the Balmoural hotel. The Gloucester City National Bank of Camden, N. J., has closed its doors. The suspension is supposed to be due to the failure of the Bank of America in Philadelphia with which it had dealings. The officials decline to make any statement. The immigration season has opened at Quebec when the fir st two steamships of the year, the Sardinian and Oregon, arrived with nearly 1,600 immigrants, who went West in twenty-twocars, thirteen of which contained passengers for the American Northwest via Chicago.

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A Philadelphia Bank Suspends

The Bank of America, Philadelphia. has suspended p yment.

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archy with the young Duke of Orleans as King. JOHN McManus. who had been on trial in Philadelphia for the murder of his friend McGinnis, was. on the 2d, found guilty of murder in the first degree. GOVERNOR BEAVER of Pennsylvania has called fora special election, on the 20th. to fill the vacancy caused by the death of Congressman Samuel J. Randall. JACKSON & Co.'s mills at Nashua, N. H., were started upon the 28th. Nearly eight hundred men returned to work at the same prices that existed before the strike. Two more judgments were docketed against ex-Governor Cornell, of New York.on the 2d. One was for $5,088, and the other for $1,128. The Garfield National Bank was plaintiff in both cases. THE Gloucester City (N. J.) National Bank closed its doors on the 1st. The suspension is supposed to be due to the failure, the day previous, of the Bank of America in Philadelphia, with which it had dealings. IT was announced, on the 2d, that the Big Four (the Cleveland, Chicago, Cincinnati & St. Louis Railroad Company) is to purchase the St. Louis, Alton Terre Haute railroad at the rumored price of $10,000,000. THE amended Saxton Ballot Reform bill was passed by the New York State Assembly on the 30th. It is a compromise measure, the official ballot being dropped out in order to meet the Governor's objection. THE General Assembly of Rhode Island adjourned sine die on the 2d. Several important matters, including the application of the Ballot-Reform law to municipal elections, were continued to the May session. SUPERINTENDENT PIERCE, of the New York Brush Electric Light Company, was acquitted, on the 29th, of the charge of causing the death of Henry Harris, who was killed by coming in contact with an electric lamp. Ex-POLICE JUDGE LAIDLOW, of Oakland, Cal., who a short time ago fined himself $50 for drunkenness, spent the night of the 28th in a cell for creating a disturbance in the streets. He had been recently removed from office. THE New York City grand jury. on the 30th, found indictments for criminal libel against Joseph Pulitzer, John A Cockerill, ulius Chambers and James F. Graham, of the World, for publishing statements regarding ex-Judge Hilton. THE German Government will not present its Army bill in the Reichstag before the coming winter, and only a nominal credit will be demanded, the government having abandoned its intention to ask for a seven-years' credit for the maintenance of the army. Ex-President CLEVELAND appeared in the Supreme Court, on the 2d, to argue the case in which he is of counsel; but although the case was reached, the court determined that in the time left it could not be disposed of, and SO it went over until the October term. THE May-Day labor demonstrations throughout Europe and America proved a surprise to the authorities and a gratification to the participants and their sympathizers. by reason of their generally peaceable and quiet character. Conflicts with the authorities were few and unimportant.

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THE Gloucester City (N

J.) National Bank closed its doors on the 1st. The suspension is supposed to be due to the failure, the day previous, of the Bank of America in Philadelphia, with which it had dealings.

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Burned by a Furnace Explosion

Four Hungarians were seriously burned by the explosion of a furnace in the Edgar Thomson steel works at Braddock. Pa. A Philadelphia Bank Suspends. @ The Bank of America, Philadelphia, has suspended payment.

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Philadelphia's Broken Bank

PHILADELPHIA, May 7.-A preliminary statement was made by the assignee of the Bank of America to the stockholders of the bank to-day. It shows an apparent excess of assets over liabilities amounting to $237,697. James A. Dungan. cashier: Joshua Pfeiffer. assistant cashier. and William H. Hergesheimer. paying teller of the suspended bank, were today arrested at the instance of Roger Maynes. a drover. A warrant was also sworn out for President Louis E. Pfeitfer. but was not served owing to the death of his son.

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COLD COMFORT FOR DEPOSITORS

THE MEN WHO WRECKED THE BANK OF AMERICA MAY GO FREE. Philadelphia, May 27.-Another meeting of the depositors of the defunct Bank of America was held this afternoon. at which the Committee of Thirteen, headed by Chairman Grant, made its report. This report indicated to the depositors the belief of the committee that 50 per cent or more would be realized on their accounts. The committee believes that the dividends declared semi-annually were not from the earnings of the bank. and that there is unmistakable evidence that the officials knew of these violations, and that they, with the directors, are therefore liable to prosecution under the insolvency law. The entire business, the committee say. has been carried on with. out regard to law or method. In many instances money was loaned and notes discounted to parties utterly devoid of credit, without security, and in many cases upon securities that never had face value. Officials exhausted their personal balances shortly before the announcement of the suspension of the bank. Senator MacFarlane is recorded on the minutes as having been elected vice-president on May 1, 1889. At that time the bank was in excellent shape, but the committee thinks that the backward movement began with the accession of MacFarlane to the vice presidency. At the time of the suspension MacFarlane declared that he was not connected with the bank, having resigned some weeks previously. The committee find that the minutes have been doctored to agree with this statement, though Cashier Dungan stated positively that MacFarlane was a director at the time of the suspension. A recommendation was agreed to that counsel be employed to assist in lawsuits to recover property and money unlawfully transferred, to begin criminal proceedings, and otherwise look after the interests of the depositors. The committee adopted a set of resolutions. which, after reciting that the officers of the bank had grossly violated the State laws and the laws of the bank. ends with this remarkable recommendation to the downcast depositors : Resolved, That we recommend that patience. hard work. good judgment. cold blood and forbearance for the time being be endured." It will be remembered that Ewbanks, A clerk in the Bank of America: Yerkes, a note broker. and Boileau, a clerk in the Philadelphia Finance Association. were recorded on the books of the bank as borrowers of nearly $400,000 from the bank on practically valueless securities. This money was placed to the credit of the MacFarlane Work-Pfeiffer syndicate. All these people are denounced in the resolutions as having acted illegally. It is believed that some of the bank officials will be criminally prosecuted in a short while.

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A BADLY RUN BANK

The Officials of the Defunct Philadelphia Concern in a Fix. PHILADELPHIA, May 27.-Another meeting of the directors of the defunct Bank of America was held this afternoon, at which the committee of thirteen, headed by Chairman Grant, made its report. This report indicated to the depositors the belief of the committee that 50 per cent. or more would be realized on their account. The committee is of the opinion that the dividends declared semi-annually were not from the earnings of the bank, and that there is unmistakable evidence that the officials knew of these violations, and that they, with the directors, are, therefore, liable to prosecution under the insolvency law. The entire business, the committee say, has been carried on without regard to law or method. A recommendation was agreed to that counsel be employed to assist in lawsuits to recover the money unla wfully transferred, to begin criminal proceedings and otherwise look after the interests of the depositors.

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WILL PAY FIFTY PER CENT

Civil and Criminal Proceedings Against Bank of America Officials. PHILADELPHIA, May 28.-At a meeting of depositors of the defunct Bank of America, the committee of investigation reported that probably 50 per cent. would be realized on the deposits. The committee also declared that the bank's semi-annual dividends had not been paid out of earnings, and that the directors are liable to criminal prosecution for this as well as for making loans on bogus securities. Bank officials, the report says, drew out their personal balances just before announcing the suspension of the bank. The bank was in good shape at the time Director MacFarlane was elected vice president, May 1, 1889. The trouble began then. The minutes of the meetings of directors have been doctored so as to make them agree with MacFarlane's assertion that he severed his connection with the bank some weeks before the suspension. Cashier Dungan, however, stated that MacFarlane was in fact a director at the time of the suspension. The meeting adopted a recommendation to employ counsel to bring civil and criminal proceedings on behalf of the depositors. Pfeiffer, MacFarlane, Work, Dungan, Boileau, Ewbanks and Yerkes are mentioned in the resolutions as subject to criminal proceedings.

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A CASHIER ON TRIAL The Case One of the Sequels of the Bank of America Failure. MAY'S LANDING, N.J.,April 20.-Oliver R. Dunkle, ex-cashier of the Merchants' National Bank, of Atlantic City, was placed on trial here to-day. charged with falsifying the books and embezzling the funds. The Merchants' Bank was drawn down by the failure of the Bank of America in Philadelphia, and suspended with liabilities of $60,000, mostly the money of depositors.