The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1891-05-09
ANOTHER FAILURE.
The Spring Garden Bank, of Phil
adelphia, Closes It's Doors,
THE QUAKER CITY AGAIN A LOSER.

The City Treasurer Had $144 900
on Deposit in the Defunot Institu-
tion-A Dividend Declared Only
Four Days Ago-The Penn Trust
Company Makes an Assignment.
PHILADELPHIA, May 9.-The Spring
Garden National bank, of this city,
closed its doors at noon yesterday, by
order of the bank examiner, on instruc-
tions from Washington, that the bank
must make good its legal reserve or sus-
pend. City Treasurer Bardsley has $144.-
900 on deposit in this bank, beside the
$4,000 in the Keystone The Spring
Garden on Tuesday last declared the
usual 81 per cent. semi annual dividend
on its stock
The bank has a paid up capital of $780,.
00e, u surplus of $127 500, with undivided
profit of $4,000. The bank has been in
trouble at times since November last.
The Presidents Statement.
In answer to request sent in to Pres.
ident Kennedy asking for some informa-
tion as to the reason of the banks clos
ing, the following note was sent out.
We have this morning decided to 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 during the financial stringcncy
which commenced last September, and the
continued dullness of business since. 10 meet
these demands on our reserves II was found i'm
possible to realize rapidly on the assets. We
have been below in our reserve some weeks
past, and can see no immediate prospects OF
IWT- u. ~
clearing house committee for outstanding
loan certificates, payment of which is being
pressed. Tlcse facts, coupled with the dis
turbauccs Of the past week, have caused in-
creased unoasiness on the part Of somo Of our
deposItors, together with the weakening of our
credit with the other banks. We hope the sus-
pension will be only temporary.
FRANCIS w. KENNEDY President
The Penn Trust Company Assigns.
The Penn Trust company has made
an assignment for the benefit of cred
itors to Josiah r. Adams. The Trust
company Is now a state institution, sep
arate from the bank, but it was origin
ally an outgrowth of the bank, in this,
that the stockholders of the bank were
also largely stockholders of the Trust
company.
Mr.. Samuel B. Huey was consulted by
persons interested and connected with
the trust company as to difficulties they
were in, and he advised that the COM
pany should make an assignment, and
that it should be made to some one
whom he could represent-some one In
whom he and the company could have
full confidence. For this reason Mr..
Adams was selected as the assignee,
Ruined by the Bank Failure.
John l. McDuffee, the extensive builder
and brick1naker, is the first business
man to be pulled down by the failure of
the Spring Garden bank. Mr.. MeDuffee
yesterday made an assignment for the
benefit Of his creditors. Judgments ag-
gregating $S2, 2,430 were entered against
him. Two of these judgments, for $24,-
900 and $4,000 respectively, his at
toIneys said, were for money advanced.
The other judgments for s., 800 $50, 900,
$6,23O, $1,000 and 81, 200 were accom-
panied by mortgages.