The Superior times. [volume] (Superior, Wis.) 1870-1912, 1891-05-16
CLOSED A BANKS DOORS.
The Government Takes Charge of Il phila
LII. 1 l....

The Government Takes Charge of Il Phila.
delphi Depository.
tnILADELruIA, Pa. May Smother
OF philadephia's national repositories
closed its doors to-day by order Of the
comptroller of the currency. Alter do
ing business for an hour and half this
morning the Spring Garden National
Bank, at Twelfth and Spring Garden
streets, suspended operation, and post
ed the following notice upon the doors
BY order Of the COMPTROLLER of The cur
rency this bank is closed until fuitIlcr no
ticc. W. i. DREW.
National Bank Examiner.
The ncws of the closing of the bank
spread rapidly, and Il large crowd soon
collected, but admittance was denied 10
all
In answer 10 a request sent 10 l'rcsl-
dent Kennedy, asking for some Intor-
nation ts tp the reason OF the bank :
closing, the following was sent oHt:
We have this morning decided t. place
the bank in the hands of Mr.. Drew, the
national bank examiner. This step has
been forced upon Us principally by The
large withdrawal of deposits durlng
the financial StrlnGency which com
nenccd last September and the con
To meet these demands on our
reserves il was found impossible t. realize
RAPIDLY on the assets. We have been be-
low in our reserve some weeks pas. and
can see Il" Immediate prospects OF mere iS-
lug i. W" sll!i owe balance 10 the clear
ing house committee for outstanding loan
certificates, IaymCnt of which Is being
pressed. These facts, Coupled with the
disturbances Of the past week. have caused
Increased IHCasIncsS on the part OF some
Of n@v GeppSl.ogS. Together with the weak
cninG OF our credit with the other banks
We hope the sGSncnsl0n will bc only tenn
pOTaIy. FRANCIS ". hENNEnY.
But little information as to the banks
real position could be learned, a.
the officials, directors, and TX
amiIer Drew were in consul
taton and could not be seen.
Among ihe crowd Of stockholders aud
Gepositors who had gathered on the
street in front Of tie bank a strong feel
ing prevailed that the closing of the
bank would prove but temporary, anC
that they would recover their money.
The Penn Trust Company, whicl
ma lc an assignment tins morning, II
really Il part of the banE, but il said t,
be solvent, the assignment being simply
icr protection against run. he capI-
t&l stock of the bank is S1j0,Gy}, iEIlN
paid IN, and 10y the February s'a.ctAen
the reserve fund amounted II roun,
figures 10 Sl50,W0. On Tuesday la
The bank declared a semi-annuIl diyI
deud Oi - per cent, and the stoci
sold at :l2i, par being 800. The bank :
line of Icposit5 being about 1850. GpU
and the city OF Philadelphia, which has
500, 900 locked up in the broken Key
ct "a 70 IL NJ
Of SlJi, $50.
The Spring Garden Bank was or
ganize1 in 1870 as & state bank and !.
IsS6 was nearly driven into Insolvency
by heavy run upon it. At that time
the clearing house came to lis assist
ance but with the understanding tina
the bank should reoTganize as q ma
tional bank. After the run was oyef
and all danger had passed this wa
done. When the run took place on IL.
keystone Bank last winter, a siuuii ruI
Was rlso made on the Spring GardeI
Bank, but the bank met it without diff
Guilty.
The report Of the closing OF the
bank caused great surprise il
financial circles, but there were
some bank officials who declared
that they were not surprised at the su--
pension of the bank. They said that il
had been for some time in weak con
dition. and that in the inner financia
circles Of the city It wa, known that un
less the bank received aid from SOM
influential quarter it would get into
trouble.
The Pennsylvania Safe Deposit and
Trust Company, which Las its office il
the Spring Garden National Bank build
ing, made an assignment this afternoon