Peoples Bank of Philadelphia

Peoples Bank of Philadelphia was a bank that went bankrupt in 1898 resulting a political scandal and allegations of corruption and misuse of state funds. It was a state depository.

Peoples Bank of Philadelphia was a bank in Philadelpgia, Pennsylvania that failed in 1898.^[1] There were allegations of political corruption.^[2] The bank's cashier committed suicide after the scandal broke.^[3]

It was a depositary of state funds.^[4]

U.S. Senator Matthew Quay was indicted before being acquitted. His son was also accused of involvement as were other Republican Party political leaders in the state. Quay's defense successfully invoked the statute of limitations.^[5]

The Library of Congress has five folders of papers related to the bank in a collection of Matthew Quay's papers.^[6]

There was also a People's Savings Bank of Philadelphia at 1508 Lombard Street organized by former U.S. congressman of North Carolina George Henry White and managed by blacks. It too failed.^[7]

References

^ "PHILADELPHIA BAnk's LOSS; Worthless Securities Held by the People's Representing Loans of over $600,000. CASHIER HOPKINS a SUICIDE His Act and the Discovery of the Bank's Loss Precipitated by the Failure of the Guarantors' Finance Company". The New York Times. 26 March 1898.
^ "EX-SENATOR QUAY ON TRIAL; After Numerous Delays the Case is Begun in Philadelphia. HIS SON IS NOT a DEFENDANT District Attorney Elects to Proceed on a Conspiracy Charge Not Involving the Younger Man". The New York Times. 11 April 1899.
^ "San Jose herald 10 December 1898 — California Digital Newspaper Collection".
^ Klein, Philip S.; Hoogenboom, Ari Arthur (November 2010). History of Pennsylvania. Penn State Press. ISBN 978-0-271-03839-1.
^ "The Arena". 1905.
^ "Matthew Stanley Quay papers, 1776-1949".
^ "People's Savings Bank of Philadelphia · William Still: An African American Abolitionist · Temple University Libraries Exhibits Development".

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[1] "PHILADELPHIA BAnk's LOSS; Worthless Securities Held by the People's Representing Loans of over $600,000. CASHIER HOPKINS a SUICIDE His Act and the Discovery of the Bank's Loss Precipitated by the Failure of the Guarantors' Finance Company". The New York Times. 26 March 1898.

[2] "EX-SENATOR QUAY ON TRIAL; After Numerous Delays the Case is Begun in Philadelphia. HIS SON IS NOT a DEFENDANT District Attorney Elects to Proceed on a Conspiracy Charge Not Involving the Younger Man". The New York Times. 11 April 1899.

[3] "San Jose herald 10 December 1898 — California Digital Newspaper Collection".

[4] Klein, Philip S.; Hoogenboom, Ari Arthur (November 2010). History of Pennsylvania. Penn State Press. ISBN 978-0-271-03839-1.

[5] "The Arena". 1905.

[6] "Matthew Stanley Quay papers, 1776-1949".

[7] "People's Savings Bank of Philadelphia · William Still: An African American Abolitionist · Temple University Libraries Exhibits Development".

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