F. V. Rockafellow & Company (Wilkes-Barre, PA)

Episode Information

Episode UID
536977091118
Episode Type
Suspension → Closure
Bank Type
private
Bank ID
53697709 hash
Start Date
February 8, 1893
Location
Wilkes-Barre, Pennsylvania (41.246, -75.881)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
14507bde49071cc3

Response Measures

None

Description

Articles describe a private banking house closing with insolvency ('dry rot') rather than a short-lived public run.

Events (1)
1. February 8, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Long-term insolvency ('dry rot'), heavy expenses, withdrawals by stockholders and inability to meet drafts/exchanges leading to closure.
Newspaper Excerpt
The private banking house of F. V. Rockafellow & Co., of this city, was closed this morning...notice posted on the door: Bank closed.
Source
newspapers

Newspaper Articles (4)
1. February 9, 1893 Grand Rapids Herald Grand Rapids, MI
Article from Grand Rapids Herald, February 9, 1893

Click image to open full size in new tab

Article Text

GOES TO THE WALL F. V. Rockafellow's Bank Fails for a Million. WAS A VERV NASTY SMASH He Was City Treasures of Wilkesbarre and Head the City's Funds in tution. . Feb. 8. - The WILKESBARRE, banking house of F. V. Rocksfellow & Co. closed its doors this morning. It was one of the oldest banking institu. tions in this section. The failure was caused by idability to pay a draft from Philadelphia for some $7,000. Early in the morning, it is said, a mortgage was entered up against F. V. Rockafellow in favor of Thomas B. Atherton of this city for $20,000 to secure the People's and the Second National banks for money due from F. V. Rocksfellow & Co. The mortgage is on his residence on North River street, which is worth many thousands of dollars. Aside from Mr. Rocksfellow's interest in the bank this represents the only available assets. Among the hundreds of depositors are many of the leading business men of the town and several hundred people whose sevings for years are in the broken bank. Mr. Rocksfellow is the treasurer of this city and the amount of city deposite in his hands when the bank closed was $151,000. His bondsmen are liable to the amount of $60,000. The amount of deposits the bank carried are said to be nearly a half a million. At 10 o'clock tonight Mr. Rockafellow is reported to have said: "I shall resume in n few days." He explains the closing of the institution was due to a demand that had been made a few days ago for a $40,000 deposit without due notice and that had run matters close with the bank.

2. February 9, 1893 New-York Tribune New York, NY
Article from New-York Tribune, February 9, 1893

Click image to open full size in new tab

Article Text

A BANK IN WILKESBARRE SUSPENDS. F. V. ROCKAFELLOW & CO. CLOSE THEIR DOORS WITH LIABILITIES OF $500,000. Wilkesbare Penn., Feb. 8 (Special).--The private banking house of F. V. Rockafellow & Co., of this city, was closed this morning without further notification or explanation than this notice posted on the door: "Bank closed." The bank's depositors were the city, which had $50,000 with the institution, and nearly revery prominent business house in town. It is estimated that the amount due the depositors is about $500,000, and there seems no be not a dollar of assets. Mr. Rockafellow says everything is all right, but the other bankers, who have had close dealings with the defunct institution say the creditors have very small hope of ever getting any of their money back. They say the cause of the closing is "dry rot," that the bank has not been making any money, and the expenses have been so heavy that the assets have been steadily eaten up, and the withdrawal of two stockholders last month, taking with them $150,000, and the call of the other banks in town for payment of exchanges in currency compelled the closing. Mr. Rockafellow made T. H. Atherton a preferred creditor by giving him a mortkage for $20,000 on his real estate last night. Crimtoal action will probably be brought on this ground, as yesterday afternoon the bank refused to pay a $3,000 check, and the preference to a creditor after that. which was practically acknowledging bankruptcy, was illegal, it is held.

3. February 16, 1893 The Sun Morris, MN
Article from The Sun, February 16, 1893

Click image to open full size in new tab

Article Text

Miscellaneous Item. The net earnings of the biscuit trust the past year were $548,359, an increase of 21 per cent over the previous year. Mgr. O'Connell, rector of the American college at Rome, has been chosen coadjutor of the St. Louis archdiocese. Rumors of bribery in connection with the Nebraska senatorial election will be investigated by the legislature. The Kansas senate adopted a resolution for an equal suffrage amendment to the constitution. The College of Physicians of Philadelphia has adopted a series of resolutions calling= upon congress to keep quarantine at all frontiers under all the exclusive regulations and the control of the national government and admi istered solely by the trained sanitary officials of the United States. A coal famine is imminent at Grand Rapids, Mich Electric street railway lines and the city water works may be forced to suspend operations. Three of the four principal churches of Columbia, Ind.. have subscribed $3,000 toward the publication of a religious daily to fight the saloons. The banking house of F. V. Rockafellow & Co., at Wilkesbarre, Pa., has closed its doors. The deposits amount to $500,000, The United States flag will be unfurled over the Inman line boats City of New York and City of Paris on Washington's birthday. Robert Spencer, trading as Charles Spencer & Co., operating the Leicester woolen mills, failed at Philadelphia for $300,000. George W. Stevens, familiarly known as "Blüe Jay," and generally supposed to be very poor, died at Bangor, Me., In a wretched house, On searching the premises there has been found $7,500 in gold coin in an old trunk. Two pieces of Stevens live in this city, The Manufacturers of New York State have combined for the purpose of fighting the fifty-five-hour law. Petitions have been sent to every factory in the state with the request that the employes be asked to sign it. The petition asks that the fifty-five-hour law be repealed, as it is against the interests of the workingmen.

4. February 16, 1893 The Princeton Union Princeton, MN
Article from The Princeton Union, February 16, 1893

Click image to open full size in new tab

Article Text

Miscellaneous Item. The net earnings of the biscuit_ trust the past year were $548,359. an increase of 21 per cent over the previous year. Mgr. O'Connell, rector of the American college at Rome, has been chosen coadjutor of the St. Louis archdiocese. Rumors of bribery in connection with the Nebraska senatorial election will be investigated by the legislature. The Kansas senate adopted a resolution for an equal suffrage amendment to the constitution. The College of Physicians of Philadelphia has adopted a series of resolutions calling upon congress to keep quarantine at all frontiers under all the exclusive regulations and the control of the national government and administered solely by, the trained sanitary officials of the United States. A coal famine is imminent at Grand Rapids, Mich Electric street railway lines and the city water works may be forced to suspend operations. Three of the four principal churches of Columbia. Ind.. have subscribed $3,000 toward the publication of a religious daily to fight the saloons. The banking house of F: V. Rockafellow & Co., at Wilkesbarre, Pa., has closed its doors. The deposits amount to $500,000. The United States flag will be unfurled over the Inman line boats City of New York and City of Paris on Washington's birthday. Robert Spencer, trading as Charles Spencer & Co., operating the Leicester woolen mills. failed at Philadelphia for $300,000. George W. Stevens, familiarly known as "Blue Jay," and generally supposed to be very poor, died at Bangor, Me., in a wretched house. On searching the premises there has been found $7,500 in gold coin in an old trunk. Two nieces of Stevens live in this city. The Manufacturers of New York State have combined for the purpose of fighting the fifty-five-hour law. Petitions have been sent to every factory in the state with the request that the employes be asked to sign it. The petition asks that the fifty-five-hour law be repealed, as it is against the interests of the workingmen