Spring Garden Bank (Philadelphia, PA)

Episode Information

Episode UID
7797437791028
Episode Type
Run Only
Bank Type
trust
Bank ID
779743779 hash
Start Date
August 26, 1885
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a9030951031eedcd

Response Measures

None

Events (1)

1. August 26, 1885 Run
Cause
Rumor Or Misinformation
Cause Details
Malicious rumors prompted heavy withdrawals, according to the president.
Measures
Paid out large sums (about $200,000 reported), First National paid checks presented to clearing-house; directors instructed officers to proceed with business as usual.
Newspaper Excerpt
There is a run to-day on the Spring Garden bank ... The president ... declares that the run is due to malicious rumors, and that the institution is entirely solvent.
Source
newspapers

Newspaper Articles (14)

Article from Evening Star, August 26, 1885

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Article Text

Run on a Philadelphia Bank. PHILADELPHIA, August 26.-There is a run to-day on the Spring Garden bank, at 12th and Spring Garden streets, a state concern. The bank has not been closed and all demands are being met. The president, Francis W. Kennedy, declares that the run is due to malicious rumors, and that the institution is entirely solvent. He says the surplus is about $30,000. The capital stock is $270,100, and the deposits $1,650,947.


Article from Memphis Daily Appeal, August 27, 1885

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Article Text

Run on a Philadelphia Bank. PHILADELPHIA, PA., August 26.There is a run to day on the Spring Garden Bank at Twelfth and Spring Garden streets, a State concern. The bank has not been closed and all demands are being met. The president, Francis W. Kennedy, declares that the run is due to malicious rumors and that the institution is entirely solvent. He says the surplus is about $30,000. The capital stock is $270,000 and the deposits $1,650,947. Later. - The run on the Spring Garden Bauk continued until the close at 3 o'clock p.m., up to which time all demands were met. The pressure on the bank was very heavy, but the First National Bank paid all checks drawn on it for presentation to the clearing-house, and the officers of the First National said the Spring Garden's deposit there is ample and satisfactory. The bank paid out in round numbers $200,000, and received as deposits $60,000. Ata meeting of the directors of the bank this evening it was decided to instruct the officers to t proceed with business as usual.


Article from Evening Star, August 27, 1885

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Article Text

The Run on the Spring Garden Bank. PHILADELPHIA, August 27. - There is no abatement in the run on the Spring Garden bank. It was resumed at ten o'clock this morning and by noon nearly $100,000 had been paid out. The officers of the bank say that every demand will be met.


Article from Savannah Morning News, August 27, 1885

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Article Text

A Run on a Bank. Philadelphia, Aug. 26.-There was a run to-day on the Spring Garden Bank at Twelfth and Spring Garden streets, a State concern. The bank was not closed, and all demands were met. President Francis W. Kennedy declared that the run was due to malicious rumors, and that the institution is entirely solvent. He says that the surplus is about $30,000, the capital stock is $270,100 and the deposits $1,650,947.


Article from The Salt Lake Herald, August 27, 1885

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Article Text

Bank Run. PHILADELPHIA, August 26.-There is a run to-day on the Spring Garden Bank at Twelfth and Spring Garden streets, a State concern. The bank has not been closed and all demands are being met. . President Francis W. Kennedy declares that the run is due to malicious rumors, and that the institution is entirely solvent. He says the surplus is about $30,000. The capital stock $270,000 and the deposits $1,651,000.


Article from The Indianapolis Journal, August 28, 1885

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Article Text

The Run on the Spring Garden Bank. Philadelphia. Aug. 27.-There is no abatement in the run on the Spring Garden Bank. It was resumed at 10 o'clock this morning at the point where it stopped yesterday. By noon nearly $100,000 had been paid out. The officers of the bank say that every demand will be met. All demands were met up to 3 o'clock, the hour of closing.


Article from Memphis Daily Appeal, August 28, 1885

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Article Text

No Abatement in the so un on the Spring Garden Bank. PHILADELPHIA, PA., August 27.There is no abatement in the run on the Spring Garden Bank. It was resumed at 10 o'clock this morning at the point where it stopped vesterday and by noon nearly $100,000 had been paid out. The officers of tde bank say that every demand will be met. Later.-No change occurred in the Spring Garden Bank affair up to 3o'clock p.m., payments being made to all applicants.


Article from Richmond Dispatch, August 28, 1885

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Article Text

The Run Not Abated. (By telegraph to the Dispatch.] PHILADELPHIA, August 27.There is no abatement in the run on the Spring-Garden Bank. It was resumed at 10 o'clock this morning at a point where it stopped yesterday, and by noon nearly $100,000 had been paid out. The officers of the bank say that every demand will be met.


Article from Memphis Daily Appeal, August 29, 1885

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Article Text

BUSINESS TROUBLES. The Run on the Spring Garden Bank. PHILADELPHIA, PA., August 28.The excitement at the main and, branch offices of the Spring Garden Bank has greatly subsided. A line of about fifty depositors was at the main office at 10 o'clock this morning, but there was no rush, as for the past two days. There was no unusual crowd at the branch offices.


Article from The Salt Lake Herald, August 29, 1885

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Article Text

The Bank Run. PHILADELPHIA, August 28.-The excitement at the main and branch offices of the Spring Garden bank has greatly subsided. A line of about fifty depositors was at the main office at 10 o'clock this morning but there was no rush as for the past two days. There was no unusua. crowd at the branch offices.


Article from The Semi-Weekly Miner, September 2, 1885

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Article Text

Meeting all Demands. PHILADELPHIA, August 27.-There is no abatement in the run on the Spring Garden Bank. It was resumed at 10 o'clock this morning at the point where it stopped yesterday, and by noon nearly $100,000 had been paid out. The officers of the bank say that every demand will be met.


Article from Morris Tribune, September 2, 1885

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Article Text

It Has Stood the Run. PHILADELPHIA, Pa., Aug. 31.-President Kenuedy, of the Spring Garden bank, said Saturday morning: "The run is over. When I left the bank at 9 o'clock there was but one depositor waiting for his money. I just have word from the cashier that there are ten depositors in line waiting to hand in funds and but few drawing out." Figures of the total amount of money withdrawn during the panic are being prepared. The total amount of deposits it is understood are over $1,500,000, and the amount paid out in the run will not exceed $350,000, or at the most $400,000.


Article from Iron County Register, September 3, 1885

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Article Text

THE fireworks factory at Civita Vecchia, Italy, took fire on the 26th, and was destroyed. Ten bodies have been recovered from the ruins. WHILE in the act of going aboard the Italian line steamship Archemide on the 27th Salvater Pietta, an alleged fugitive from Cincinnati, was arrested on a charge of having appropriated and fled with money deposited with him by his countrymen. THERE were 4,777 new cases of cholera and 1,498 deaths from the disease reported throughout Spain on the 26th. AT Clinton, Ind., on the night of the 26th, burglars blew open the safe in the Post-office and secured $400 in stamps and money. There is no clew of the perpetrators of the robbery, which was not discovered until the next morning. THE run on the Spring Garden Bank at Philadelphia, Pa., has subsided. UNITED STATES MINISTER STALLO arrived at Rome on the 28th. GLADSTONE says his trip to Norway greatly benefitted him. THE German Lutheran Synod began its annual conference at Rochester, Minn., on the 28th. ADMIRAL COURBET'S remains were interred in the Hotel des Invalides, Paris, on the 28th. FIRE at Tallman, Mich., on the 28th destroyed Butler & Petter's saw mill, also a large lot of lumber and shingles. Ir is reported that Russia is making overtures to Turkey for an alliance. A GREAT boom is reported in the Bear Mountain mining camps, recent runs of metal assaying very satisfactorily. SUBSCRIPTION lists have been opened in Galicia for the benefit of the exiled Poles. A TELEGRAM was received at the Department of Justice on the 24th from a man in West Virginia, asking if he could kill a man for drunkenness. A QUARTER of a million dollars' worth of property was destroyed and 400 people made idle by a fire in London on the 28th. THE Treasury Department paid out over $10,000,000 of pensions during August. It is therefore expected that the decrease of the public debt for the month will not be as large as usual. BUSINESS failures throughout the country during the seven days ended on the 28th were: For the United States, 165; and for Canada, 24; or a total of 189 failures, as compared with the total of 177 the week previous. Two policemen named McNatt and Grant were murdered at Geneva, Ill., on the night of the 27th. The deed is supposed to have been committed by burglars. HON. A. M. KEILY is the guest of Secretary Bayard at Washington. He is reported to have resigned the Austrian mission. A PETITION will be presented to the Home Secretary of Great Britain, praying for the suppression of the sale of obscene prints. THE crew of the whaling brig Isabella, crushed in the ice July 20th, 1884, arrived in Halifax on the 28th with the loss of only one sailor, who died of scurvy on the voyage home. HUNDREDS of laborers have been swindledjin Chicago by labor agencies who sent them to the Canadian Northwest on false promises of work to be obtained there. A. WILSON NORRIS, late pension agent at Philadelphia, having failed to settle his accounts, has rendered himself liable to a prosecution for embezzlement. COLORED soldiers at Fort Meade, Dak., who undertook to wipe out the town of Sturges because of the lynching of Hall, were captured and returned to the fort. MARSHAL HENRY HOLLAND, while endeavoring to arrest counterfeit shovers at Cape May, N. J., on the 28th, was beaten into insensibility, and E. C. Merkley and others who came to his assistance were roughly handled. It is now learned that three pilot boats and fourteen members of their crews were lost off Beaufort, S. C., during the recent cyclone. THERE was a large crowd at Duluth, Minn., on the 28th to witness the hanging of Waiseman, who murdered Fairley last spring and then burned the latter's shanty to hide the crime. The execution took place at three o'clock. Only a few people were admitted to the inclosure, chiefly reporters and officials of neighboring counties. VICE-PRESIDENT HENDRICKS and wife have returned to Indianapolis. He has given up his California trip and will remain at home until Congress convenes, with a possible brief visit to Washington in the intervening time.


Article from Delaware Gazette and State Journal, September 3, 1885

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Article Text

The Excitement Subsiding. Philadelphia, Aug. 27.-There is no abatement in the run on the Spring Garden bank. It was resumed at 10 o'clock this morning at the point where it stopped yesterday, and by noon nearly $100,000 had been paid out. The officers of the bank say that every demand will be met. Priladelphia. Aug. 28.-The excite. ment at the main and branch offices of the Spring Garden Bank has greatly subsided. A line of about 50 depositors was at the main office at 10 o'clock this morning. but there was no rush as for the past two days. There was no unusual crowd at the branch office.