President engaged in large oil and grain speculations and removed bank funds (embezzlement/malpractice).
Newspaper Excerpt
The Erie County Savings Bank ... suspended this morning. It is said that the president has been dabbling in oil. He has left the city.
Source
newspapers
+6 days
2.May 25, 1884Other
Newspaper Excerpt
President Adam Brabender ... has returned to Erie. He admits that he and Cashier Pettit lost $100,000 in grain and oil speculations. Brabender also admits that he took money out of the bank and paid it to friends and left. He is now in jail for safety; ... the paper in the bank is turning out worthless. Brabender has assigned his private property ... to the creditors, but it will not pay them, and the stockholders will probably lose ... many will be ruined.
Source
newspapers
+20 days
3.June 14, 1884Receivership
Newspaper Excerpt
General D. B. M'Creary ... made a deed yesterday to the receiver of all of his real estate, ... for the benefit of the unfortunate depositors.
Source
newspapers
Newspaper Articles (23)
1.May 20, 1884The Daily DispatchRichmond, VA
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More Suspensions. [By telegraph to the Dispatch.]
ERIE, PA., May 19.βThe Erie County Savings Bank, of this city, suspended this morning. Its capital is $150,000 and its liabilities $300,000. It is said that the president has been dabbling in oil. He has left the city.
NEW YORK, May 19.βW. B. Scott & Co., stock brokers, have suspended.
2.May 20, 1884Evening StarWashington, DC
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SUSPENDED BANKS-The Erie county Savings bank of Erie, Pa., and the banking house of Brennan & Co., of Charlottesville, Va., suspended yesterday. Application has been made in New Jersey for an order to require President Dodd, of the Newark savings bank, to show cause why he should not be punished for disobedience of the order of the court of chancery in removing the bank's assets out of the state.
3.May 21, 1884The River PressFort Benton, MT
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Suspended.
ERIE, Pa., May 10.βThe Erie county Savings Bank suspended this morning. It is said that the president has been dabbling in oil. He is said to have left the city.
PETERSBURG, G., May 19.βIn consequence of heavy runs on it as well as on other banks, the Planters' & Mechanics' bank has suspended.
4.May 22, 1884The Emporia Weekly NewsEmporia, KS
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Suspensions
ERIE, Pa., May 19.βThe Erie County Savings bank has suspended.
NEW YORK, May 19.βW. B. Scott & Co., brokers, have suspended.
EIRIE, PA.. May 19.-The Erie county savings bank, of this city, suspended this morning. Capital, $150,000; liabilities, $300,000. It is said the president has been dabbling in oil. He has left the city.
6.May 26, 1884The Dallas Daily HeraldDallas, TX
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A Slick Scoundrel
ERIE, PA., May 25.-President A dam Brabender, of the defunct Erie County ERVings back, has returned 10 Erie He admits that he and Cashier Pettis Inst $100,000 in grain and o! speculations. Brabender also admin that he took funds 01 the bent, paid it to friends and left, and exonerates the cashier. He is now in jail for safety. An execution will be issued tomorrow. probably to keep him there, There 18 great feeling against him. The paper in the bank 18 turning out wortbless Brabender has assigned private property valued at $100,000 to creditore, but it will not pay all, and the stockholders will probably lose $200,000 to $250,000, and many will be ruined.
Swamped by Speculations of Its President in Oil and Grain. ERIE, PA., May25.-President dam Brabendar of the defunct Erie County Savings bank has returned to Erie. He admits that he and Cashier Pettit lost $100,000 in oil and grain. Brabendar also admits that he took the money of the bank and paid it to his friends and in jail left, and exonerates the cashier. for now is He be will Execution safety. issued to-morrow morning probably to keep him there. as there is great feeling against him. The paper in the bank is turning out to be worthless. Brabendar has assigned his private property, valued at $100,000. to his creditors, but it will not pay them, and the stockholders will probably lose from $200,000 to $250,000, and many will be ruined.
8.May 27, 1884Daily Los Angeles HeraldLos Angeles, CA
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Another Thieving Bank President Confesses ERIE, Pa., May 26.-President Brabender, of the defunct Erie County Sav. ings Bank, has returned to Erie. He admits that he and the cashier, Pettit, lost $100,000 in grain and oil specula. tions. Brabender also admits that he took money out of the bank and paid it to friends and left. He exonerates the cashier. Brrbender has assigned his private property, valued at $100,000, to his creditors, but it will not pay them and steckholders will probably lose from $200,000 to $250,000. Many will be ruined. Distinguished Excursion Party. WASHINGTON, May 26.-A distinguished party left Washington at noon to-day for Annapolis. It includes the Pres dent of the Senate, Speaker of the House, members of the Senate and the House Committee on Naval Affairs and Appropriations, Admiral Porter, Lieuteuant-General Sheridan, Ministers of England, Russia, Germany and France and the Mary land members of Congress. Yellow Jack in Havana. HAVANA, May 26.-There were thirteen deaths from yellow fever during the week ending Saturday.
9.May 28, 1884Mower County TranscriptAustin, Lansing, MN
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FAILURES on the 19th inst
, were: M. Morton, crockery dealer, New York, liabilities $25,000; H. B. Scott & Co., broker, New York; City Exchange Bank of La Porte, Ind., liabilities $36,000; Howell & Co.'s bank at Spokane Falls, W. T.: The Planters' and Mechanics' Bank at Petersburg, Va., suspension temporary; a speculating president ruined the Erie County Savings Bank, at Erie, Pa., capital of the institution $150,000, liabilities $300,000. W. H. SMITH, of Rockford, Ill., came to life on the 19th, just as his funeral obsequies were about to commence. COHEN'S cigar factory at Chicago shut down on the 17th. Three hundred and fifty employes were discharged.
10.May 29, 1884The Emporia Weekly NewsEmporia, KS
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A Bank President in Jail, ERIE, Pa., May 26.-President Adam Brabender, of the defunct Erie county savings bank, has returned to Erie. He admits he and Cashier Pettit lost $100, 000 in grain and oil speculations. Brabender also admits he took money of the bank and paid it to friends and left and exonerates the cashier. He is now in jail for safety, but executions will be issued to-morrow morning and they will probably keep him there. There is a great feeling against him. Paper in the bank 18 turning out worthless. Braben. der assigned his private property valued at $100,000 to his creditors, but it will not pay all and the stockholders will probably lose $200.000, to $250,000 and many will be ruined.
11.May 29, 1884The Eaton DemocratEaton, OH
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Returned and Imprisoned
EREE, PA., May 25.-President Adam Brabender, of the defunct Erie County Savings Bank, has returned to Erie. He admits that he and Cashier Pettit lost $100,000 in grain and oil speculations. B. Brabender also admits that he took the money of the bank, paid it to friends and left. He exonorates the cashier. He is now in jail for safety, but executions will be issued to-morrow morning which will probably keep him there. There is great feeling against him. His paper in the bank is turning out worthless. Brabender has assigned his private property, valued at $100,000, to his creditors, but it will not pay them, and the stockholders will probably lose $200,000 to $250,000, and many will be ruined.
12.May 29, 1884Weekly Phoenix HeraldPhoenix, AZ
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ERIE COUNTY SAVINGS BANK
ERIE, Pa., May 27.-President Brabender, of the defunct Erie counFy savings bank has returned to Erie. He admits that he and Cashier Pettit lost $100,000 in grain and oil sp. culations. Brabender also admits that he took money out of the bank and paid it to friends and left. He exonerates the cashier. Brabender has assigned his private property valued at $100.000 to creditors but it will not pay them, and stock holders will probably lose $200,000 or $250,000. Many will be ruined. THE UNION PACIF'C PASSES ITS DIVI-
13.May 30, 1884West Virginia ArgusKingwood, WV
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Returned and Imprisoned
ERIE, PA., May 25.-President Adam Bra. bender, of the defunct Erie County Savings Bank, has returned to Erie. He admits that he and Cashier Pettit lost $100,000 in grain and oil speculations. B. Brabender also admits that he took the money of the bank, paid it to friends and left. He exonorates the cashier. He is now in jail for safety, but executions will be issued to-morrow morning which will probably keep him there. There is great feeling against him. His paper in the bank is turning out worthless. Brabender has assigned his private property, valued at $100,000, to his cred. itors, but it will not pay them, and the stockholders will probably lose $200,000 to $250,000, and many will be ruined.
How the Erie County Bank was Robbed. ERIE, Pa., May 25 -President Adam Brabender of the defunct Erie county savings bank has returned to Erie and admitted that he and Cashier Pettit lost one hundred thousand dollars in grain and oil speculations. Brabender also admits that he took the money of the bank and paid it to friends and left. He exonerates the cashier who is now in jail for safety, but an execution will be issued to-morrow morning, probably, to keep him there. There is a strong feeling against him, the paper in the bank turning out worthless. Brabender has assigned his private property valued at $100,000 to the creditors, but it will not pay them all. The stockholders will probably lose two hundred to two hundred and fifty thousand dollars and many will be ruined.
15.May 31, 1884The Superior TimesSuperior, WI
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FAILURES on the 19th inst
, were: M. Morton, crockery dealer, New York, liabilities $25,000; H. B. Scott & Co., broker, New York; City Exchange Bank of La Porte, Ind., liabilities $36,000: Howell & Co.'s bank at Spokane Fails, W. T. : The Planters' and Mechanics' Bank at Petersburg, Va., suspension temporary; a speculating president rnined the Erie County Savings Bank, at Erie, Pa., capital of the institution $150,000, liabilities $300,000. ON the 18th inst., a cyclone near Quincy, Iil., destroyed a large amount of property.
President Brahender, of the defunct Erie County Savings Bank, returned to Erie Monday. He admits that he and Cashier Pettit lost $100,000 in grain, and he also admits he took the money of the bank and paid it to friends and then left; but he exonerates the cashier. He is now in jail for safety; but executions will be issued which will probably keep him there. There is great feeling against him, as the paper in the bank turns out to be worthless. Brahender assigned his private property, valued at $100,000 to the creditors, but it will not pay them, and the stockholders will probably lose from $200,000 to 250,000; many of them will be ruined.
17.June 14, 1884The State JournalHarrisburg, PA
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General D
B. M'Creary's Loss. General D. B. M'Creary, attorney, and a director of the defunct Erie County Savings Bank, made a deed yesterday to the receiver of all of his real estate, valued at $15,000, for the benefit of the unfortunate depositors. He was Adjutant General of Pennsylvania under Governor Geary, commanded a brigade in the late war. General M'Creary is well-known in Harrisburg, and has many friends here who will not only regret to hear of his losses, but extend hopes that he will retrieve his fortunes and again be prosperous.
18.July 10, 1884Evening StarWashington, DC
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A BANK PRESIDENT IN JAIL-Adam Brabender, the bank president who wrecked the Erie (Pa.) county savings bank, and who on his return from abroad took retuge from the violent depositors by seciuding himself in the county jail, was last night arrested at the instance of a depositor on a charge of embezzling the bank's funds to the amount of $140,000. Brabender officiated last Sunday at the laying of the corner stone of the church of which he is trustee, and whose funds he drew out of the bank before It suspended. He was committed to the county jail in default of $100,000 ball.
19.July 11, 1884Sacramento Daily Record-UnionSacramento, CA
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TELEGRAPHIC BREVITIES
Bowdoin College has conferred the degree of Doctor of Law on Blaine. Best & Co., dealers in children's clothing, in New York, have assigned. Liabilities, $180,000. A Boston dispatch says that Coggswell has presented that city with a fountain, to be located on the Common. The demand for ostrich plumes has increased very much since Blaine was nominated, and the price has gone up nearly one-fourth. A German girl, aged 6 years, arrived in New York Wednesday. She has thick, bushy whiskers. Her parents design her forshow business. A special from London says: It is asserted that Patti proposes to take advantage of the new divorce law in France by immediately applying for a divorce from her husband. the Marquis Caux. George W. Ross, the well-known musician and song-writer, died suddenly of consumption Wednesday at a cheap Bowery lodging-house in New York. He was once a violinist in Dan. Bryant's minstrels. A special from Washington says: It is reported General Swaim intends to resign from the army rather than face A Court-martial. It is thought the President won't accept it, but will make him face the music. President Asa Brabender, who, it is said, caused the wreck of the Erie County Savings Bank and had to take refuge in jail from a mob, was arrested in Erie. Pa., Wednesday. In default of $100,000 bail he was committed to jail. Pat Rooney, the Irish variety actor, is in trouble about money matters in New York. Wednesday he swore that all he passessed were clothes, a watch and a diamond pin. There being judgment against him a receiver was appointed. The Baltimore Manufacturers' Record publishes the semi-annual statement of the progress of the South, showing that during the last six months nearly $70,000,000 had been invested in new industrial enterprises and in enlarging those already established. The New York Times says: Lord Mandeville is in bad odor at Long Branch. He has not paid his betting debts and there is a movement to expel him from the Monmouth Park race course. He is reported ill in the city, having taken sixty grains of quinine.
20.October 4, 1884Daily RepublicanWilmington, DE
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Insaue from Loss of Money.
At Erie, Pa., Leo Schreck and his wife and John Flick had $118 deposited in the Erie County Savings Bank, and when that concern suspended, the loss of their money drove them insane.
Thinking afterwards, in their insanity, that they had committed some great sin, they inflicted self-flagellation. On Friday two officers observed Schreck and his wife digging a grave in their back yard. The house was entered, when it was found they intended to enact the death of Christ, which was to be followed by the killing of their children to represent Herod's slaughter of the innocents. They are now in custody.
Eur, PA., June 2.-Frank Maguire, a demented depositor of the wretched Erie County Savings Bank, deliberately shot his twelve-year old sister this afternoon, sending a ball through her body and another through her wrist. He had brooded over the lots of his savings until his mind are way. This is the fourth tragedy that has arisen out of the savings bank villainy. This morning Hon Jesse Obersole, one w the principal stockholders in the Humboldt Bank, which recently suspended, died of brain softening. His losses and liabilities as stockholder preyed upon him, caasing death. The demise of the last bank was honorable, that of the former inlamous.
22.June 3, 1885Evening StarWashington, DC
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TRAGEDIES DUE TO BANK FAILURES
-At Erie, Pa., Monday, Frank Maguire, a demented depositor of the wrecked Erie County Savings bank, shot his twelve-year-old sister through her body and arm. He had brooded over the loss of his savings until his mind gave way. This is the fourth tragedy arising out of the bank villainy. The girl will die. Monday morning Jesse Ebersole, one of the principal stockholders in the Humboldt bank, which suspended lately, died of brain-softening. His losses preyed upon his mind and caused his death.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
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Erie County Savings Bank · Episode ID 7963868191013