Morning journal and courier., 1890-05-01
CRASH IN PHILADELPHIA.

The Bank Of America at Philadelphia
 Closes its Deors-The suspsnsion
 Expected for Some Time-The Bank
 closely Allied to the Insurance Com-
 paRv Of America.
 PH1LADELrHIA, April 30.-The Bank of America of this city was forced to close It's doors this afternoon and the oficers posted . notice at the entrance in the hallway of the which simply announced: "This bank has temporarily suspended"
 The news of the suspension quickly spread in financial circles, but did not occasion very much surprise, as the developments of the past three days had led many people to be- lieve that the stability of the Bank of Amer ica was only question of few hours. In fact, whispers were heard on the street yes- terdsy that the bank would suspend inside of forty eight hours, as it was known in cer- tain quarters that there had been heavy drain on the institution all day.
 The branch offices of the institution in diff ferent parts of the city were shut up sim ultaneously with the closing of the main house. There are twelve of these branches scattered over the outlying districts. In the operation of these branch offices tho Bank of America had encouraged deposits from business people remote from the fnan- eial center, who were glad to avail them- selves of the facilities which they offered. For its enterprise the bank was rewarded with line of deposits aggregstinR in amount over $700, ,0O0, including those of the main office.
 The bank is closely allied to the Insurance Company of America and several other financial institutions of this city, and to-day E suspension is due to rumors which were set afoat on Saturday refecting on the credit of President MoFarlane of the insurance company.
 The board of directors of the Bank of America this afternoon appointed William M. Smith, president of the common council, receiver and assignee. It was announced officially that the cause of the suspension was the run on the bank, which began Mon- day after the publication of the rumors af- feoting the standing of the American Life Insurance company. The run resulted in the withdrawal of upwards of $1OO, ,OO0 in de. l posits. The failure will not affect business
 men to any great extent. The losses will fall mostly on small shopkespers and others who cannot well afford to lose their money.
 The branches of the bank located in outly- l ing sections of the city all receive this class of customers, the total number of depositora being about four thousand.
 The Bank of America is state institution Tho capital stock is $371 1000, divided into 3,710 shares of a par value of $l80 each
 The president Is Louis E. Pfeiffsr; cashier
 J.S. Dungan; assistant cashier, Joshua Pfeif. fer. The deposits in the bank were stated ir
 the report of November, 1889, to be $734, ,666
 Rumors affecting the stability of the PhilG
 delphia Finance company. the American
 Financial association and the American Lif.
 Insurance company, all closely allied witt
 the Bank of America, are denied by officials
 connected with the institutions. The Banl
 clearing house through the National Bank ol
 the Republic and the latter institution wal
 said to be involved, but prompt denial wa
 made by the cashier.