Argyle Savings Bank (Petrolia, PA)

Episode Information

Episode UID
660657891096
Episode Type
Suspension โ†’ Closure
Bank Type
savings
Bank ID
66065789 hash
Start Date
April 22, 1891
Location
Petrolia, Pennsylvania (41.017, -79.718)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
cf7edb8969d82394

Response Measures

None

Description

Stockholders voluntarily liquidated and began paying depositors; an initial rumor of a run proved unfounded.

Events (1)

1. April 22, 1891 Suspension
Cause
Voluntary Liquidation
Cause Details
Stockholders decided to liquidate because local oil business declined; bank began paying depositors dollar for dollar.
Newspaper Excerpt
some days ago the stockholders decided to go into liquidation, and yesterday began paying the depositors off.
Source
newspapers

Newspaper Articles (2)

Article from Pittsburg Dispatch, April 23, 1891

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Article Text

GOING OUT OF BUSINESS. A Bank at Petrolia Paying Off Its Depositors Dollar for Dollar. EPECIAL TELEGRAM TO THE DISPATCH.1 BUTLER, April 22-A report was circulated here to-day that there had been a run yesterday on the Argyle Savings Bank of Petrolia. Investigation showed that some days ago the stockholders decided to go into liquidation, and yesterday began paying the depositors off. The bank IS good for all their indebtedness, and dollar for dollar will be paid, The bank is closing up its affairs because the business at Petrolia, which is an oil town, has declined.


Article from Butler Citizen, April 24, 1891

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Article Text

H. J. KLINGLER & Co. This is the season when the winds Change ninety times a day, And he who lays his flannels off May himself be laid away. -Circus time. -"Spring clips" at the barbers. -Thirteen hours of sunlight. -Ethereal mildness and buck beer are on tap. -Better to give than to receive--medicine. -Some of our town loafers are looking for work with their eyes shut. -Just for a change, we are having a little June weather in April. -The Argyle Savings Bank at Petrolia is reported to be closing up its business. -Mr. H. J. Fryer has a machine shop in Petersville, and will make engine repairing a specialty. -The Town Council of Zelienople has forbidden cows running at large in that town. -Some reckles theorist states that ice cream will cure the grippe. This is not meant for an advertisement. -Don't burn brush and rubbish between sunset and sunrise. There is a law prohibiting same. -Dr. McCord of Pittsburg says there is no such thing as grippe,and that it is "contagious catarrhal fever." -Mr. L. J. Hall is gathering up another car load of horses in Iowa for Butler and will be here during the first part of May. -The station building at Harrisville station was struck by lightning and partially destroyed by fire last Saturday. -A Centre Co. young woman lately ate three quarts of peanuts at one sitting; and was buried with her fathers. -A dude is a thing that looks like a man, and who has creases in his brain but none in his trousers. -Several new streets have been laid out in Centreville; new buildings are going up, and the town is rapidly improving. -An aged Beaver county lady was lately cured of an old and severe case of rheumatism, by being scared by a house snake. -Rev. Snyder of Manor Dale, Pa. will preach in Bethany Reformed Church, North street, next Sunday, morning and evening. -A third story has been built to the Nixon House, and Mr. Nixon now has an abundance of room-about 35 bed rooms in all. -One of our druggists sold $20 worth of assafordita last Saturday-all the result of a little squib that appeared in the CITIZEN the day before, saying it was good for the grippe, and so it is. -Mr. J. W. Kastor has opened a new store in Butler, and has in stock a selection of hard-wood mantels, tile hearths, grates, etc. His store is on E. Jefferson St., No. 131. See card. -The children were delighted with the entertainment given by the pupils of the McKean street school, in the Opera House, Monday evening. The house was crowded and enough was realized to purchase the coveted organ. -On Saturday last, there were seven persons lying dead in Butler-the largest number lying dead at one time in the history of the town. There were some exaggerated reports in circulation as to the number. -In the Neal divorce suit on trial in Pittsburg Monday, a Mrs. Clark of Butler, a niece of Mr. Neal, was named as co-respondent, and the servants testified that they had frequently seen her sitting in his lap, etc. -The Grand Army Post of this town has sent a strong protest to the Soldiers' Orphan Commission against removing the State wards from the school here to other schools. They justly praise the home here and think the action of the Commission was hasty and ill advised. -Two frame buildings along the plank road in the 3rd ward, and owned by Andrew Kreitzer, were destroyed by fire last Monday evening. Kreitzer occupied the building nearest the road, and the fire was caused by the upsetting and breaking of a lamp. They lost everything. The