First National Bank & Trust Company (Bethlehem, PA)

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Episode Information

Episode UID
13801166
Episode Type
Suspension β†’ Closure
Bank Type
national
Bank ID
1380 national
Charter Number
138
Start Date
February 5, 1897
Location
Bethlehem, Pennsylvania

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
bf92c2343965dcf2

Response Measures

None

Description

Articles report cashier's defalcation and doors closed but do not clearly state appointment of a receiver or later reopening.

Events (2)
1. December 1, 1863 Chartered
Source
historical_nic
2. February 5, 1897 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Cashier C.E. Breder (Bredes) allegedly embezzled/absconded, leaving a shortage reported between $12,500 and $15,000; bank closed its doors.
Newspaper Excerpt
Expert accountants have found a shortage of nearly $15,000 in the accounts of Cashier C. E. Breder, of the First National bank of Bethlehem, Pa.; Breder had absconded.
Source
newspapers

Newspaper Articles (9)
1. February 6, 1897 The Herald Los Angeles, CA
Article from The Herald, February 6, 1897

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BANK OLDEST COMMERCIAL MONTANA'S Posts a Notice Announcing Its As Reported by Professional Observers Suspension NO GREAT IMPROVEMENT THE CASHIER WAS CROOKED And Other Officials Are Believed to Be But Better Times Appear to Be on the Implicated Way It Is Announce: That the Assets of the Iron and Steel Are Still Low But Demand Concern Equal the Gains Slowly-European Liabilities Confidence Associated Press Special Wire Associated Press Special Wire NEW YORK, Feb. 5.-R. G. Dun & GREAT FALLS, Mont., Feb. 5.-The Co.'s weekly review of trade tomorrow Northewestern National bank, one of the will say: No important change in busioldest institutions in the state, posted ness appears but the number of manua notice anouncing its suspension this facturing establishments starting must morning. The board of director and have exceeded the number of those stopofficers charge that the trouble is due to ping during the week so much that the a defalcation on the part of the cashier, curtailment of working time in many Benton D. Hatcher, of $180,000. cotton mills probably does not lessen The comptroller of the currency has the aggregate productive force or the wired Louis C. Phelps to take temporary amount of wages paid. There is discharge of the bank, pending the arrival tinct increase in orders for woolen goods, of the examiner. The assets of the insome gain in the silk manufacture, a stitution are given out by the directors swaiting condition, with gain in one as $750,000; liabilities of about equal branch of boots and shoes, and indicaamount. tions of better times coming in the iron Cashier Hatcher is lying prostrated at and steel manufacture. All symptoms his home here. All day long he refused are favorable in the money market and to say anything for publication. The a large sale of securities in connection charges made by the board of directors with the Northern Pacific and Oregon are of a sensational character. It is beNavigation interests to European purlieved. however, that in the wrecking of chasers will put off still further the posthe bank more than Cashier Hatcher are libility of gold exports. It is also cheerimplicated. On Dec. 12th last the Conrad ing evidence of confidence among Eubrothers, who organized the bank in the early '80's, offered their stock, amountropean investors. To many it is the ing to $180,000. for sale, as they were remost perplexing feature of current tiring from active business. The entire events that wheat does not rise much, holding was purchased by Cashier though it has advanced for the week. Hatcher, who informed the directors that Atlantic exports have been only 1.696.064 he had friends in Boston who wanted to bushels, flour included, against 1.965.456 purchase the stock. Mr. Hatcher went for the same week last year, while westeast in December, and on his return ern receipts have been only 1.468.170 informed the directors that he had sold bushels, against 2,400,472 last year. The the stock to his friends. The correscondition of the market is not explained pondent of the Northwestern in the by any confirmation. but current prices east is the Globe National bank of Bosshow that no confidence is felt in the ton. Cashier Hatcher, it is alleged, beestimates of supplies available for the ing unable to dispose of the stock as he rest of the year. Sales of wool have had agreed to do, drew from the Globe been smaller in other recent weeks National bank the amount of the purand yet are far in excess of the conchase of the stock, $180,000. This was sumption of all mills for a week. if all over a month ago, and no suspicion of were fully employed. There has been where the money came from was enteronly a slight stiffening in prices, but tained until just before a mortgage for more foreign wool will be taken and reorganization was received. Jan. 12th. stored. it is believed. if western holders Investigation was put on foot. but no continue to demand higher prices. The knowledge of it was possessed by the prices of Bessemer pig and gray forge officers or directors here until the arrival at Pittsburg have slightly advanced of President James A. Coram from Boswith a much more hopeful feeling, notton last night. He at once, called a withstanding the comparative narrowmeeting of the directors and for the ness of the demand for finished profirst time it was known that the Globe ducts, and in plates and wire nails there National bank did not have on deposit is much more business with good prosthe amount reported by the Northwestpects. Billets are quoted at $15.25 with ern books here, $180,000. scarcely any demand at present, and The directors decided to suspend and rods at $21. while No. 27 black sheets are this morning wired the comptroller to that effect. quoted at only 2 cents. Reports that 25,000 tons of steel plate Cashier Hatcher charges that he drew and sheet bars have been exported.ru the money from the Globe National at England are only indications of the the direction of President Coram, who temporary excess of supply over dehad, with other friends, agreed to take mand in this country. and are not supup the stock sold by the Conrads and reposed to have realized any profits. Yet imburse the draft from the Globe Nait is stated that prices of cast pipe are tional. He also says that President Cofrom $2 to $3 per ton lower at New York ram called at his house this morning and than at Scotch works Bars are quoted assuered him that he had perfect conat the lowest price ever known in Philfidence in his honesty. adelphia without much improvement in The last statement given out. Decemthe demand, and steel rails are still inber 17. last, showed, total assets, $1,018.active and unchanged in price, the buy820: liabilities, deposits, $598,166; other ers waiting for a decline corresponding liabilities, $419,654 to the fall in billets. But on the whole One of the sensational features of the the demand for iron and steel products case is told by Vice President Kleptoke, is slowly gaining and a considerable who says that on Saturday last Mr. portion of the works is fully employed, Hatcher sent a message to the Globe Nathough the gain is not yet enough for tional asking that institution to advise those who have taken large stocks of the bank here that it had more money material or products on speculation. on deposit than it really had. On reFailures for the week have been 311 recipt of that telegram Mr. Corman in the United States. against 323 last started at once for Great Falls. he year, and 63 in Canada, against 67 last bank is owned by the Boston and Monyear. tana and the Butte and Boston people. AN OHIO BANK BRADSTREET'S REPORT WASHINGTON, Feb 5.-The compBradstreet's tomorrow will say: Trade, troller of the currency has received a which was retarded by unfavorable telegram announcing the suspension of weather a has recovered somethe First National bank, Franklin, O. what in the south. While the cold At the date of the last report the bank weather cut into the stocks of heavy owed depositors $75,000. had a surplus goods, it delayed the sale of spring of $10.000, and assets, including bonds, goods. Other relatively favorable trade $150,000. reports are from St. Paul, MinneapoA SHORT CASHIER lis and St. Louis. At most centers jobbers report prices unchanged. The reBETHLEHEM, Pa., Feb. 5.-Cashier striction of the production of cotton C. E. Breder, of the First National bank, goods has not strengthened the market has abscended. Experts have found a nor advanced prices ahead. The heavy shortage of nearly $15,000. increase in the sales of wool for the

2. February 10, 1897 The Watchman and Southron Sumter, SC
Article from The Watchman and Southron, February 10, 1897

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Banks Go Down. GREAT FALLS, MONT., Feb. 5 -The Northwestern National bank of this city, with a capital of $250,000, was placed in the hands of a receiver this morning. Chashier Hatcher is said to be short $27,000. FRANKLIN, O., Feb. 5.-The First National bank has suspended. Capital $100,000 ; surplus $20,000 ; undivided profits $30,000 ; deposits $135,000 ; loans and discounts $195,000. BETHLEHEM, PA., Feb. 5.-Expert accountants have found a shortage of $15.000 in the accounts of Cashier C.E. Breder of the First National bank of Bethlehem Breder has abscondeed.

3. February 11, 1897 Warren Sheaf Warren, MN
Article from Warren Sheaf, February 11, 1897

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supparus or the Fairneld shipbuilding company at Govan, Scotland, were destroyed by fire, the loss being $250,000, and 4,000 persons were thrown out of work. LATER. Port Darwin, a small but important altown in South Australia. has been most entirely wiped out by one of those fearful hurricanes which periodically strike the coast of Australia, destroying property and life. The Northwestern National bank of Great Falls, Mont., failed to open doors the 5th. The failure is said to be due to a defalcation by the cashier. The directors learned of the shortage, took possession and asked the controller for instructions. He directed receiver. Richard R. Kenney, the silver democratic senator from Deiaware, was sworn in the 5th, his credentials being regular and signed by the governor. This marked the culmination of a long contest over the vacant Delaware seat. John Bohemian, living near Cambridge, Mass., was smothered to death he the in his potato cellar. where had some hot coals to po5th put keep wife, his tatoes from freezing. His one son and a daughter, who went down to see why he did not return, met the same fate. The president the 5th sent to congress the complete report of the Columbian exposition committee. Advices received from the island of to the effect that the in the Crete at Canea are originated unfounded had trouble killed that the Musselmans 27 sentinels in report Christian received, Akrostria. the When the reports were to Vali ordered the troops to proceed the defense of the Christian villages. The troops were attacked and it is and reported that 20 persons were killed several villages destroyed by fire. It is said that Queen Lil's mission to Washington is to have the income from the crown lands, some $100,000 a year, restored to her in the event of annexation by the United States. The Arkansas legislature, the 6th, passed an anti-trust bill. A passenger train ran into a tree that had fallen across the track at Woodhouse, Pa.. the 6th. The train derailed and rolled down an embankment was killing the fireman. None of the passengers were hurt. William Rosch. aged 24, had his throat cut, the 6th, by his 22-year-old at brother. August, in an altercation their home in Milwaukee. William's injuries are fatal and August is in jail. The plant of the American Plate Glass works at Alexandria, Ind., was badly damaged by fire the 6th. Twenty-nine relatives of the late millionaire Charles G. Hopkins have at filed papers in a suit in the courts will. Kansas City. Mo., to break the Cyrus E. Bredes. cashier of the First has National bank of Bethlehem, Pa., disappeared. His accounts are $12,000 short. The League of American Wheelmen place have chosen Philadelphia as the for their annual meeting next year. The steamer Three Friends was seized and libelled at Jacksonville, the 6th. The libel charges mounted piracy Fla., that a Hotchkiss gun was was in the bow of the steamer and mouth fired upon at a Spanish gunboat at the endeavorthe San Juan river while ing of to land an expedition. The name of the gunboat is not given. At Big Timber, Mon., the 6th, in with a fit desperation. after a quarrel Cort, of husband, the wife of Robert a her fairly well-to-do rancher, picked the up three small children, rushed to Yellowstone river, and threw the chiland herself in. The current carried dren the bodies quickly out of sight. John Nilsson, of Minneapolis, is the the professional champion skater Winni- of and J. K. McCullock, of Those world, is the amateur champion. skatpeg, the two results of the world's Monare championship races held reeled at off ing Can., the 6th. Nilsson event treal, five miles in the professional minute the which is more than a in better 14:47. than the previous professional record. Edward Bond, of Anderson, Ind., from has the English syndicate enjoined further payment to George for the making Bramble, of Sleepy Eye, Minn., Bond on his rotary engine. patent to have previously patented claims machine covering Bramble's invention. Nels Benson, a laborer, was mur- of in Minneapolis the evening in the 7th. clare of an electric light and the dered The crime was committed the

4. February 12, 1897 The Forrest City Times Forrest City, AR
Article from The Forrest City Times, February 12, 1897

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PERSONAL AND GENERAL. FAILURES throughout the United States during the week ended the 5th, as reported by R. G. Dun & Co., were 311, against 323 for the corresponding week last year. For Canada the failures were 63, against 67 last year. THE First national bank of Franklin, O., suspended on the 5th. Capital, $100,000; surplus, $20,000; undivided profits, $30,000; deposits, $135,000; loans and discounts, $195,000. JOHN L. SULLIVAN, ex-champion pugilist, had his application to take the poor debtors' oath discontinued, on the 5th, an arrangement out of at Boston, court having been made with the creditor. THE Echo de Paris asserted, on the 5th, that fighting had begun on the Siamese frontier between the natives under French protection and the Siamese. The date of the fighting was no given, and no details were furnished. EXPERT accountants, on the 5th, found a shortage of nearly $15,000 in the accounts of Cashier C. E. L. Breeder, of the First national bank of Bethlehem, Pa. Breeder had absconded. The amount was taken in small sums, showing systematic peculation. Breeder was cashier 20 years. IN anticipation of the passage of the Lodge bill to restrict immigration, thousands of Europeans who would be excluded under the provisions of this measure are flocking to the United States. IT has been found that the dry dock at the Brooklyn navy yard is two feet shorter than the specifications call for. The discovery was made by Lieut. Peary, and may result in a court-martial to fix the responsibility for the blunder. SECRETARY OLNEY has received from President Eliot of Harvard university an invitation to fill the chair of international law at the institution after the expiration of his term of office in the state department. STEPS were taken at the New York chamber of commerce, on the 5th, toward the formation of a National Sound Money league, the avowed purpose of which is to oppose the freecoinage doctrine during the next four years. DR. FRIDJOF NANSEN, the Arctic explorer, was entertained at dinner, on the 6th, at the Savage club of London. and elected an honorary life member of that organization. J. P. MORGAN & Co. and the Deutsche bank of New York, as managers of the Northern Pacific reorganization syndicate, have called from the syndicate all the remaining holdings of preferred and common stock not called up by the first circular issued February 1.

5. February 12, 1897 The Ocala Banner Ocala, FL
Article from The Ocala Banner, February 12, 1897

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Banks and Business Failures. The following banks and business firms have failed since the last issue of this paper: The Northwestern National bank of Great Falls, Montana. It was one of the oldest institutions in the state. The shortage of the cashier is $180,000. The -confiding depositors have the bag to hold. The cashier of the First National bank of Bethlehem, Pa., absconded with $150,000 and left the bank with nothing to do but close its doors and the depositors to bemoan the confidence they had given it. The First National of Franklin, Ind., has also closed its doors. The depositors are going through the same experience. The Duck River Phosphate Co., of Tennessee, assigned Saturday. The Southern Mutual Building and Loan Association of Atlanta was placed in the hands of a receiver Saturday. Thomas Doherty, tea merchant of Montreal, Canada, assigned. Brown and Pillars, of Orlando, grocers, made an assignment Monday. The State Savings bank, of Atlanta, of which Captain H. C. Wright, of this city, was recently elected president, is in the hands of a receiver.

6. February 13, 1897 Macon Beacon Macon, MS
Article from Macon Beacon, February 13, 1897

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THE plan formulated by the British government for increasing the strength and efficiency of the navy the battleships and three contemplates construction first-class of cruis- five ers and the addition of 10,000 men. FAILURES throughout the United States the week ended the 5th, us by R. G. Dun were all, against 823 for the reported during corresponding & Co., week last year. For Canada the fail. ures were 63, against 07 last year. THE First national bank of Frank. lin, O., suspended on the 5th. Capital, $100,000; surplus, $20,000; undivided profits, $30,000; deposits, $135,000 loans and discounts, $195,000. JOHN L. SULLIVAN, ex-champion pugilist, had his application to take the poor debtors' oath discontinued, on the 5th, an arrangement out of at Boston, court having been made with the creditor. THE Echo do Paris asserted, on the 5th, that fighting had begun on the Siamese frontier between the natives under French protection and the Siamese. The date of the fighting was not given, and no details. were fur, nished. EXPERT accountants, on the 5th, in found a shortage of nearly $15,000 the accounts of Cashier C. E. L. Breeder, of the First national bank of Pa. Breeder had abscondamount was taken ed. Bethlehem, The peculation. in small sums, showing systematic Breeder was cashier 20 years. IT has been found that the dry dock feet at the Brooklyn navy yard is two for. shorter than the specifications call The discovery was made by Lieut. Peary, and may result in a court-mar- the tial to fix the responsibility for blunder. STEPS were taken at the New York chamber of commerce, on the 5th, toward the formation of a National Sound Money league, the avowed free- purof which is to oppose the four pose coinage doctrine during the next years. ANDREA MANRO, the Italian charged diawith stealing $10,000 worth of monds from a New Orleans jeweler, the was arrested in New York city, on Manby Central office detectives. 5th, ro's picture is No. 3,896 in the rogue's gallery. IN anticipation of the passage of the Lodge bill to restrict immigration, would be thousands of Europeans who this excluded under the provisions United of measure are flocking to the States. SECRETARY OLNEY has received from President Eliot of Harvard university interinvitation to fill the chair of after national an law at the institution in the expiration of his term of (office the state department. THE life of Mrs. Henry Ward Beecher reported in a dispatch from Stamford, was Conn., on the 5th, as rapidly drawing KOCH, to a the close. eminent German bacDR has telegraphed from to teriologist. Town that he is returning Cape Berlin with a wwyydiscovered rinder- serum will lessen the force of is which In the meantime he says he able unable pest. to say whether he will be inprevent animals from being to fected with the disease. He has demon- cattle strated that sheep and horned to the most liable of all animals dogs, are contract the disease, and that monkeys and rodents enjoy complete immunity MORGAN from & it. Co. and the Deutsche the J. P. of New York, as managers of bank Pacific reorganization synNorthern have called from the syndicate of predicate, the remaining holdings called all and common stock not Februup ferred by the first circular issued ary 1. the 6th the banks of New of York the ON held $64,467,050 in excess rule. city requirements of the 25-per-cent. last Alabama legislature has at THE debt of many decades' standthe University of of $2, ing indebtedness to that institution and paid acknowledging to the Alabama agreeing annual by 000,000 forever to pay three per cent. on this amount. interest FRIDJOF NANSEN, the Arctic ex- on DR. was entertained at dinner, of Lonplorer, 6th, at the Savage club life the and elected an honorary don. member of that organization.

7. February 13, 1897 The Democratic Advocate Westminster, MD
Article from The Democratic Advocate, February 13, 1897

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John Lee, a Philadelphia, Pa., yarn manufacturer, has made an assignment. Mr. Lee says the failure was caused by the general business depression. At Selma, Ala., Maas & Schwartz, cotton commission merchants, and S. Maas & Co., kindred firms, doing a wholesale grocery business, have made an assignment. Liabilities, $300,000. The Consumers' Ice Company, of Cincinnati, has assigned. The First National Bank of Griswold, Iowa, has failed. William H. Crawford & Co., Baltimore, Md., wholesale dealers in spices, have made an assignment. Sheriff Austin has taken possession of the plant of the Syracuse (N. Y.) Specialty Company, on executions issued under judgments amounting to $43,726.28. The company manufactured the Frontenac bicycle. There has been considerable dissatisfaction caused among street-car employes in Toledo, O., on account of a reduction of 10 per cent. in wages, which went into effect February 1. There have been rumors of a strike, but the men have adopted no policy yet. The Metropolitan Iron and Land Company, operating the Norrie, East Norrie and Pabst mines, in Michigan, and employing at present about 700 men, has cut the wages of all its employes 10 per cent. This cut affects every man connected with the mine. At Trenton, N.J., the American Sugar Refining Company has organized the American Coffee Refining Company, with a capital stock of $1,000,000. This is in continuation of the fight with the Arbuckle Coffee Company. The First National Bank of Bethlehem, Pa., is in trouble; cashier a defaulter for $12,500; Northwestern National Bank of Great Falls, Montana, is closed; and the First National Bank of Franklin, Ohio, is closed. The Governor of Wisconsin has decided to foreclose the mortgages held by the State against the Wisconsin Agricultural Society's grounds near Milwaukee. The society has paid no interest at all on the mortgages, which aggregate $168,448.03, and with the unpaid interest amount to over $205,000. A receiver has been appointed for the Lincoln, III., Electric Street Railway Company. The Southern Mutual Building and Loan Association, of Atlanta. Georgia, has been placed in the hands of a receiver. The association has, it is ssid, $1,250,000 loaned on real estate, Three hundred hands employed at Reiling, David & Schoen's silk mill, in West Hoboken, New Jersey, struck on Saturday because the firm refused to restore 20 per cent. taken from their wages four months ago.

8. March 4, 1933 Evening Star Washington, DC
Article from Evening Star, March 4, 1933

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# EARLY U. S. ACTION # PLANNED ON BANKS New York and Illinois Declare Holidays-Only Four States Unrestricted. (Continued From First Page.) Connecticut took similar action, bring- ing to 43 the list of States in which restrictions on withdrawals are opera- tive in some form or another. Only Montana, Colorado, North Da- kota and South Carolina remained without restrictions at noon today. Delaware's banks were open, but the State Legislature has already taken emergency action. These developments had brought from Representative Rainey, the next Speaker of the House, the prediction that "an extra session of Congress will be called at the earliest possible time." He said he felt that early next week, possibly Tuesday, would not be too soon. Pre- viously Rainey had told House mem- bers-elect to remain in Washington. Others at the Capitol said the session probably would begin Wednesday. The Federal Reserve Bank of New York was closed with all other bank- ing institutions of that State. The Federal Reserve Bank at Philadelphia also closed, under a holiday declared throughout Pennsylvania by Gov. Pin- chot. Later in the day the Minne- apolis Federal Reserve Bank suspended business. The closing of the New York Federal Reserve Bank meant the tying up of its huge gold reserve for the period of the holiday against withdrawal by either domestic or foreign agencies. In discussing the banking relief pro- gram, Senator Robinson said: "We do not know just when it will be completed, but it will be expedited all possible. The details can not be announced right now but you may be assured there will be no delay." Wagner Plans Action, Previously Senator Wagner, Demo- crat, of New York, had told newspaper men he would carry immediately to Democratic leaders an appeal for imme- diate emergency banking moves. In- formed at his hotel here of banking moratoria in New York and Illinois. Wagner said he would appeal this morn- ing to Democratic leaders to begin working out a program and some time this afternoon would call on Mr. Roose- velt with the same objective. A bank holiday, he said, "is the only thing to do" to meet the emergency of the banks themselves, but he added quick steps are necessary to enable them to reopen and continue opera- tions. Harvey Couch, Democratic member of the Reconstruction Finance CorpoΠ³Π°- tion, was the first White House caller this morning. He said after a brief conference with President Hoover he had discussed "matters incident to the banking situation," but declined to give details. Couch conferred last night with President-elect Roosevelt. Officials in Conferences. High officials both of the outgoing Republican and incoming Democratic administrations were in conference most of the night. Secretary of the Treasury Mills said afterward the Hoover administration would have no statement, but that governors of the Federal Reserve banks in Chicago and New York would have announcements. Demands Impossible. The hours between midnight and dawn saw banking officials in many States struggling with the problem, made acute by the flurrying of nervous- ness on the part of depositors. As a statement by the New York Clearing House Committee put it: "The unthinking attempt of the pub- lic to convert over $40,000,000,000 of deposits into currency at one time is, on its face, impossible." The statement added that the condi- tion clearing house banks is such that "they could, through the facilities of the Federal Reserve Bank, pay on de- mand every dollar of their deposits," but that withdrawals throughout the country as a whole have increased so that a "halt" is necessary "to enable the proper authorities to consider and adopt remedies to meet this situation, not for New York primarily, but for the Nation as a whole." Only a few States remained today in which restrictions on withdrawals had not been invoked. No Holiday in Virginla. In Virginia, Gov. Pollard said no general banking holidays would be de- clared because the State's laws already protect the banks and their depositors. In Maryland, the General Assembly early today approved the emergency banking legislation without a dissenting vote in either House. Gov. Ritchie signed it this morning, but said that the banking institutions of the State will not reopen Monday. The resources of the Reconstruction Finance Corporation earlier had been made available to hard-pressed, but solvent banks in States that have imposed moratoria on withdrawals. This was one of a number of de- velopments yesterday that included introduction of legislation to allow postal savings checking accounts and to confer upon the incoming admin- istration sweeping authority to main- tain the security of deposits. Reconstruction Corporation officials said their policy called for lending in- stitutions if the loans were well secured enough money to pay the percentage of deposits that could be withdrawn, provided the banks did not have the funds immediately available. It was emphasized this was not a new departure, but was simply the ap- plication of regulations decided upon for individual instances in the past to a situation spread into a number of States. Pinchot's Statement. Gov. Pinchot of Pennsylvania here for the inauguration issued the follow- ing statement: "Because of the declaration of a bank holiday in New York, Illinois and most of the other States, similar action in Pennsylvania has become unavoidable. "Were our banks to remain open, the demands upon them would impose an impossible burden. "Therefore, upon specific recom- mendation of Gov. Norris of the Phila- delphia Federal Reserve Bank, I hereby declare a bank holiday throughout Pennsylvania on Saturady, March 4, 1933, and Monday, March 6, 1933." Exchange Statement. A statement issued by the Govern- ing Committee of the New York Stock Exchange said: "The Governing Committee at a meeting held this morning in order to give full effect to the banking holiday declared by the Governor of the State of New York directed: "First, that the exchange be closed during such holiday: "Second, that members and firms registered on the exchange be pro- hibited from making any contracts for the purchase or sale or the borrowing or lending of any securities, and also from permitting their offices or facili- ties to be used for the purpose of mak- ing or carrying out any such contracts; "Third, that all deliveries be suspend- ed on all member contracts, except on such contracts as may be cleared by or settled through the Stock Clearing Corporation, and that in such cases deliveries shall be made as the Stock Clearing Corporation shall direct

9. March 4, 1933 The Daily Courier Connellsville, PA
Article from The Daily Courier, March 4, 1933

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GOVERNOR ORDERS TWO-DAY HOLIDAY FOR STATE BANKS By International Nows Service. PHILADELPHIA, March 4.-Governor Gifford Pinchot. from his temporary residence at Washington, D. C., today proclaimed mandatory twoday hollday for all Pennsylvania banks. The proclamation issued at 8:30 this morning through Dr. William D. Gordon, State Secretary of Banking, directs all banks in the Commonwealth to remain closed Saturday and Monday. George W. Norris, governor of the Federal Reserve Bank in Philadelphia at whose behest leading Philadelphia financiers assembled in the early Lours the morning to consider decisive action, said the step was made necessary by the growing list state bank holidays. Although it was believed Penneylvania banks could have remained open under the emergency legislation passed by the Legislature last Monday, of holidays by the governors of New York and Illinois and several other states early today precipitated the crisis, Norris explained. "Because of the declaration of bank holiday in New York, Illinois and other states similar action in Pennsylvania has become unavoidable," the Governor declared in his "Were our banks to remain open the demands on them would impose an impossible burden." "Therefore, on the specific recommendation of Governor George W. Norris of the Philadelphia Reserve Bank, hereby declare bank hollday throughout for Saturday, March 5, and Monday, March 6," the proclamation concluded.