gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
645d079421b1515f
Response Measures
None
Description
Articles report heavy withdrawals followed by suspension and the board resolving to wind up with a receiver; later reports allege forgeries/defalcation by borrowers.
Events (4)
1.December 2, 1874Run
Cause
Bank Specific Adverse Info
Cause Details
Large loans (about $90,000) to a Philadelphia firm and a St. Louis house described as shaky; diminished receipts and heavy demands triggered withdrawals.
Newspaper Excerpt
the receipts from depositors had fallen off, while the demands of depositors were heavy.
Source
newspapers
2.December 2, 1874Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension attributed to heavy withdrawals combined with large questionable loans and the president's actions; paid-up capital low ($100,000).
Newspaper Excerpt
The Citizens' Bank, an institution chartered by the State, suspended payment of checks to-day.
Source
newspapers
3.December 3, 1874Receivership
Newspaper Excerpt
The Board of Directors of the Citizens' Bank held a meeting today and resolved to wind up its affairs with the aid of a receiver.
Source
newspapers
4.December 28, 1874Other
Newspaper Excerpt
alleged forgeries committed by the Kuhn Brothers... the effect of which was the suspension of the Citizen's Bank; Kuhn Brothers have fled to Brazil with a very large fortune, including $96,000 belonging to the Citizens' Bank.
Source
newspapers
Newspaper Articles (15)
1.December 3, 1874New-York TribuneNew York, NY
Click image to open full size in new tab
Article Text
FINANCIAL NOTES. ST. LOUIS, Dec. 2.-The New Chamber of loan of $480,000 with the Connecticut Mutual Life Insurance Company. the latter receiving 20-year bonds bear ing eight per cent interest. This insures the speedy completion of the ne Chamber of Commerce now in process of erection on Third-st., between Plue and Chestnut-sta. PHILADELPHIA, Dec. 2.-The Citizens' Bank, an institution chartered by the State, suspended payment of checks to-day. President Wiegand states that the bank will resume business to-morrow, and gives as the reason of suspension that the receipts from depositors had fallen off, while the demands of depositors were heavy. CINCINNATI, Dec. 2.-At a meeting of the Board of Railway Commissioners, held at the Grand Hotel to-day, it was decided that mileage on eastward bound freights. between common points, should be calculated by the shortest routes, and the rates should be made accordingly. HARTFORD, Dec. 2.-All the Hartford Fire Insurance Companies, except the Phenix-now that the Chicago authorities have taken steps to secure better protection against fire-will probably resture writing policies in that city.
Bank Suspension. PHILADELPHIA, December 2-The Citizens' Bank, an institution chartered by the State, suspended payment of checks to-day. President Wiegand states that the bank will resume busine38 tomorrow, and gives as the reason for Buspension that the receipts from depositors had fallen off, while the demands of depositors were heavy.
Republican Congressman Shoots his Democratic Competitor. LOUISVILLE, December 2. - A special to the Courier-Journal from Mt. Sterling, Kentucky, says that it is reported there to-day that John D. White, Republican Congressman elect from the 9th Kentucky district, shot and killed Harrison Cockerell, his Democratic competitor in the late election, in Estille county, yes. terday. The canvass between the men was very bitter and personal, and a few since Cockerell published a card making very severe strictness upon White. It is probable that this card precipitated the difficulty. Estille county is remote from telegraph, and the mails are very irregular, and it is impossible to get further particulars. A Maniac's Devotion. TORONTO. December 2.-In the Provincial Lunatic Asylum, yesterday. a female patient named Mrs. Newell. an t English emigrant. afflicted with the noif tion that her five children's souls would - not be saved unless she herself died some I terrible death, set fire to her clothing and then knelt in devotion, while envelh oped with the flames. The fire was exa tinguished, but the patient died this e morning after great agony. e Bank Suspension. of PHILADELPHIA. December 2. - -The is Citizens Bank, an institution chartered - by the State, suspended payment of thecks to-day. President Wiegand says of that the bank will resume business tomorrow, and gives as a reason of the juspension that the receipts from deposilors had fallen off, while the demands of 1, depositors were heavy.
4.December 3, 1874Public LedgerMemphis, TN
Click image to open full size in new tab
Article Text
Masons-Funeral of Mayor Havemayer-Operatives' Strikes, NEW YORK, December 2.-The anniversary of the Reformed Episcopal church was celebrated yesterday in the church of the Rev. Dr. Sabine, of New York, and Rev. Wm. H. Reed, of Brooklyn. The exercises at the Brooklyn celebration were participated in by H. B. Turner, Secretary of the General Council of the Reformed Church, ex-Lieutenant Governor Stewart, L. Woodford and Rev. Mason Gallagher. The paid up capital of the suspended Citizens' Bank, of Philadelphia, is only one hundred thousand, and the suspension is said to be due to a loan of ninety thousand dollars to a Philadelphia firm on their own paper and that of a St. Louis firm, both of which are said to be in a shaky condition. The President's action came to the knowledge of the directors, and resulted in their disapproval and the resolution to suspend. One hundred women employed in the factory of the New Brunswick (N. J.) Rubber Company, struck yesterday against the reduction of wages. They have been employed stamping rubber shoes by hand. The Company recently introduced machines for this work, and reduced rates on piece work. As the women could only earn two-thirds the former wages, they struck. At & meeting of the American Society of Civil Engineers yesterday over fifty plans for rapid transit and rapid freight handling were presented, embracing surface, elevated and underground plans, and covering a large number of roates. The United Grand Lodge of colored Masons held a semi-annual conference yesterday. Sixteen subordinate lodges were represented. The packing box makers of Brooklyn are on a strike against the reduction of wages, and new hands have been employed. The funeral of Mayor Havemeyer will take place Saturday at 11 o'clock, from St. Paul's Methodist Church, corner of Fourth avenue and Twenty-second street. The Old Guard will form an escort to the hearse. Among the pallbearers will be Governor Tilden, Peter Cooper, Ex-Governor Morgan and Thur low Weed. It is reported that the weavers of Higgins & Co.'s carpet factory, on Fortythird street and Eleventh avenue, struck to the number of fifteen hundred against a reduction of wages. The factory was closed and the operatives informed that work would be resumed when the terms offered them are accepted. Cable dispatches report that Frederick A. Dockeray had been pardoned by the Spanish government. Senor Costillar has been appointed commissioner to represent Spain at the American Centennial. A Kingston (Jamaica) letter puts the damage to that island by the typhoon of November 1st at $350,000. A New Orleans dispatch says that Judge Durell has forwarded his regsignation to the President, and that Wilkes Fearn is named as his successor. The same dispatch also states that Kellogg is quietly disposing of his property in Louisiana.
5.December 3, 1874Public LedgerMemphis, TN
Click image to open full size in new tab
Article Text
NEW YORK
Anniversary of the Reformed Episcopal Church-The Suspended Citizens' Bank of Philadelphia-Meeting of American Civil Engineers-Grand Lodge of Colored Masons-Funeral of Mayor Havemeyer-Operatives' Strikes.
6.December 3, 1874Daily Kennebec JournalAugusta, ME
Click image to open full size in new tab
Article Text
PENNSYLVANIA. I Philadelphia, December 2. The Citizens' Bank, an institution chartered by the State, suspended payment of checks to day. The President states that the bank will resume business to-morrow, and gives as the reason of suspension that the receipts from depositors had fallen off while the demands of the de positors were heavy.
7.December 3, 1874The Daily GazetteWilmington, DE
Click image to open full size in new tab
Article Text
ANOTHER BANK SUSPENSION.-In - Philadelphia, yesterday morning, the Citizens' Bank, at Second and Race streets, closed its doors and announced a suspension of business. It is understood that the disaster is the direct result of the general stagnation of trade.
8.December 4, 1874The Portland Daily PressPortland, ME
Click image to open full size in new tab
Article Text
The Suspended Philadelphia Rank. NEW YORK, Dec. 3.-The paid up capital of the suspended Citizen's Bank, Philadelphia, was only $100,000, and the suspension is said to be due to the loan of $90,000 to a Philadelphia firm on their own paper and that of a St. Louis firm, be th of which are said to be in a shaky condition. The President's action came to the knowledge of the directors and resulted in their disapproval and a resolution to suspend.
TELEGRAMS. The Quebec legislature met yesterday. Chauncey B. Sabin has been appointed postmaster at Galveston, Texas. The town of Wendel, Massachusetts, celebrated its centennial Wednesday. Mayor Loftus, of Scranton, Pennsylvania, was arrested yesterday on charges of perjury. Four men were buried and nearly killed beneath a falling wall in Philadelphia yesterday. The Arkansas senate yesterday passeda bill; prohibiting the taking of levee bonds in payment for State land. The Citizens bank, of Philadelphia, an institution chartered by the State, suspended payment of checks Wednesday. Edward Munday, of Meuteuchine, New Jersey, has been arrested on suspicion of being the murderer of Daniel Talmadge. The third annual convention of the American association of short-horned breeders met at Springfield, Illinois, Wednesday. Rev. John S. Glendenning's trial, before the Jersey City presbytery, concluded Wednesday, resulting in a verdiet of acquittal. A telegram from Halifax Wednesday says that the captain and crew of the schooner Ellen were lost overboard off Cape George last Monday. A telegram from London yesterday says that the lord chancellor has removed the name of Dr. Keneally from the list of the queen's counsel. A telegram from Washington Wednesday says that the attorney-general has decided that the hustings court of Staunton, Virginia, is fully authorized under the laws of congress to naturalize persons. The calaboose at Pontiac, Illinois, was burned, and Frank and Samuel Daun-
Resolved to Wind Up. PHILADELPHIA, December 3. - The Board of Directors of the Citizens' Bank held a meeting today and resolved to wind up its affairs with the aid of a receiver. The bank has discounted liberally and the notes have not yet matured, but are said. to be perfectly good. The President states that the personal liability of the stockholders to the extent of their shares fully guarantees all liabilities of the bank.
11.December 4, 1874Alexandria GazetteAlexandria, VA
Click image to open full size in new tab
Article Text
The Board of Directors of the Citiz ins' Bank of Philadelphia yesterday resolved to wind up its affairs by the aid of a receiver. The bank, it is said has discounted liberally, and the notes taken have not yet matured, but are said to be perfectly good. The President states that the personal liability of the stockbolders to the extent of their shares fully guarantees all liabilities. The failure has created quite an excitement in financial circles and the institution has been ruu down by parties interested, who are auxious to know the cause of the embarrassment, and whether it will entangle them in any pecuniary difficulty.
Another Philadelphia Bank Suspends. Philadelphia, Pa., Dec. 3. The suspension of the Citizens' bank yesterday is said to be due to a loan of $00,000 by the president of the bank to a Philadelphia firm on their own paper and that of a St. Louis house. both of which are deemed insecure. The paid up capital of the bank is only $100,000.
13.December 4, 1874New-York TribuneNew York, NY
Click image to open full size in new tab
Article Text
THE SUSPENSION OF THE CITIZENS' BANK OF PHILADELPHIA. PHILADELPHIA, Dec. 3.-The Board of Directors of the Citizens' Bank held a meeting to-day and resolved to wind up its affairs with the aid of a receiver. The bank has discounted liberally, and its notes have not yet matured, but are said to be perfectly good. The President positively states that the personal liability of the stockholders to the extent of their shares fully guarantees all the liabilities of the bank, which makes the depositors perfectly secure. The failure of the bank created quite an excitement in financial circles, and has has been run since the announcement the institution down by parties interested, who are anxious to know the cause of the embarrassment, and whether it will eutangle them in any pecuniary difficulty.
14.December 9, 1874Chicago Daily TribuneChicago, IL
Click image to open full size in new tab
Article Text
MONEY AND COMMERC FINANCIAL. TURSDAY EVENING, Dec. The orders for currency to-day wore below light figures of yesterday. Some of the ba received more currency than they were ca upon to send out. The movement has evido parsed its climax. New York exchange was firm at par to 25c count between banks for $1,000. The ord from country banks for remittances of Now x exchange East are large. The funture of the Anancial situation that cites most attention is the decreased movem of currency to the country for boge. with its e sequences in the firmer price of exchange, : the failing in clearings. The latter were $9,800,000. nearly a million loss than yestord The decrease la attributable to the cline in operations at the Stock-Ynr The worthless stock rushed in there the hope that the packers would t good and bad at the ruling pri remains unsold. The uncortainty of the mar continues; packers are seriously indisposed take the risk of packing at present prices,-all which has its effect on the business of the ban The deman 1 for accommodations was son what more unive with the banks to-day th yesterday. Discount lines are as high as banks care to have them in most casos, thon there 18 no lack of funds to enti first-class outside applications. Rates discount are 10 por cent a year to regular c tomers; outside borrowers are able to obt the funds they need at a elight concession short time on the best security. Street ra BTO 8@18 per cout; real estate loans are 116 per cent. What in known as the Franc cs Involving about a million dollars, y argued in the Supremo Court yesterd In 1810 Congress by law fixed the value of francat 18 d-tentins cents. In 1873 a law " passed directing the Secretary of the Treasu to ascertam the value of a franc in pure met and to declare its value by proclamation, a that beleaiter this should be regarded as t true value. It WSB ascertained that the co value of a franc WHO 19 and 3-tenths cents, n proclamation was accordingly made. TI change very seriously nifected the dution on Il ports from France, and a claim WHB made by i porters that the law of 1873 did not repeal t act of 1846. The change ID the law has nda about $2,000,000 10 the enstoms revenue, 11 the Supreme Court is called 01633 10 doc. whether the law of 1816 was repoated by t later act. The 7 per cent consolidated mortgage box of the Chicago, Burnington & Quincy Raitro nro soon to be placed on call at the Now Yo Stock Exchauge. The total deut of the City of New York on t 1st inst. WAB $117,778,658, or less singing tu of $36,783,355, loaving as the real debt of 1. City $121,015,802. The Citizens' Bank of Philadelphia is to wound up by a Receiver. The President says I cied.tors will be paid in full. The question of a dividend by the Woste Union Telegraph Company bas been referred the Executive Committee to the regular hal of too Board of Direo OFR ,
15.December 28, 1874The Daily GazetteWilmington, DE
Click image to open full size in new tab
Article Text
The Citizens Bank: FLIGHT OF LIQUOR MERCHANTS. We have already published the facts in the Chronicle concerning the alleged forgeries committed by the Kuhn Brothers, liquor dealers, at Third and Race streets, the effect of which was the suspension of the Citizen's Bank. It now appears that both Myer and Moses Kuhn have fled to Brazil with a very large fortune, including $96,000 belonging to the Citizens' Bank. Their credit being first-class, they also succeeded in negotiating notes with the name of Mr. Tellera wealthy merchant as endorser, to the amount of $40,000, which he will have to pay. They also obtained about $10,000 from Mr. Myer Seidenback, an affluent Market street merchant it is said, and smaller sums from other parties. It is said that the assignment made of their property, for the benefit of the Citizens' Bank, will prove of but little benefit, - Phila. Chronicle.
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.
