16290. National Bank of South Pennsylvania (Hyndman, PA)

View Charter #4063 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
4063
Charter Number
4063
Start Date
August 3, 1893
Location
Hyndman, Pennsylvania (39.823, -78.718)

Metadata

Model
gpt-5-mini
Short Digest
eafe6c082b836db4

Response Measures

Full suspension, Books examined

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1902-12-16
Date receivership terminated
1903-07-16
OCC cause of failure
Fraud
Share of assets assessed as good
42.1%
Share of assets assessed as doubtful
21.2%
Share of assets assessed as worthless
36.7%

Description

Contemporary reports (Aug 17–18, 1893) state the bank 'closed its doors' and that it had 'experienced a run on the bank about two weeks ago, which is said to have precipitated the failure.' Comptroller of the Currency was notified to take charge; closure appears permanent.

Events (5)
1. July 2, 1889 Chartered
Source
historical_nic
2. August 3, 1893 Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals triggered by distress of the White brothers' business interests (tanneries, other connected concerns) led depositors to withdraw funds.
Newspaper Excerpt
The firm experienced a run on the bank about two weeks ago, which is said to have precipitated the failure.
Source
newspapers
3. August 17, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed after sustained run and the failure/insolvency of owners (John K. & G. B. White) whose other business failures strained the bank's position.
Newspaper Excerpt
The National Bank of South Pennsylvania at Hyndmann, Bedford county, closed its doors to-day.
Source
newspapers
4. August 23, 1893 Receivership
Newspaper Excerpt
The Comptroller of the Currency has been notified to take charge of the bank ... The bank's doors failed to open Thursday morning.
Source
newspapers
5. December 16, 1902 Receivership
Source
historical_nic

Newspaper Articles (12)
1. August 18, 1893 The Roanoke Times Roanoke, VA
Article from The Roanoke Times, August 18, 1893

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Article Text

Financial Trouble. HUNTINGTON, Pa., Aug. 17.-The national bank of South Pennsylvania at Hyndmann, Bedford county, closed its doors to-day. IOWA CITY, Aug. 17 -The Iowa City packing house was put in the hands of a receiver. The capital is $120,000 and the liabilities nominal. DUBUQUE, Ia., Aug. 17.-The First National Bank of this city suspended this morning. It was one of the oldest banks in the city and had a capital of $200,000. This is the first failure in Dubuque since the financial trouble began.

2. August 18, 1893 The Wilmington Daily Republican Wilmington, DE
Article from The Wilmington Daily Republican, August 18, 1893

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Article Text

A Huntingdon Bank Closes Its Doors. HUNTINGDON, Pa., Aug. 18.-The National Bank of South Pennsylvania, at Hyndman, Bedford county, closed its doors yesterday. The bank was operated by John K. and George B. White, who owned nearly all the stock. They also operated four large tanneries located at Hyndman, Dry Run and Mann's Choice, which were also forced to close down in consequence. The firm was largely interested in the Amazon Steamship company, plying between New York and South America, and they owned the majority of the stock in the Everett Electric Light and Water companies. It is thought that all of the depositors will be paid in full. By the shutting down of the steam tanneries over 200 men are thrown out of work.

3. August 18, 1893 The Morning News Savannah, GA
Article from The Morning News, August 18, 1893

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Article Text

HUNTINGTON FAILURES. By Which a Number Are Thrown Out of Work. Huntington, Pa., Aug. 17.-The National Bank of South Pennsylvania, at Hyndmann, Bedford county, closed its doors today. The bank was operated by John K. and George B. White, who owned a majority of the stock. Besides this, they operated four large tanneries, located at Hyndmann, Dry Run and Manchester. OTHER CONSIDERABLE CONNECTIONS. The firm was largely interested in the Amazon Steamship Co., plying between New York and South America, and they owned the majority of the stock in the Everett Electric Light and Water Co. The firm experienced a run on the bank about two weeks ago, which is said to have precipitated the failure. The liabilities are estimated at $350.000, with assets at $450,000. By the shutting down of the tanneries over 200 are thrown out of work. THE STANDARD WAGON COMPANY FAILS. Cincinnati, Aug. 17.-The Standard Wagon Company. one of the largest concerns of the land in the west, made an assignment this morning to Grant Burroughs for the benefit of creditors. Assets $1,200,000, liabilities $700,000. Tight money market is given as the cause of the failure. OPERATIVES OFFER A LOAN TO EMPLOYERS. Louisville, Ky., Aug. 17.-A committee from the operatives of the Louisville and Nashville visited General Manager Metcalfe, yesterday, and reported to him the decision reached by the men. They refused to accept the ten per cent. cut ordered by the road. Instead they offer to lend the company a certain part of their wages for three months, without interest. After a long discussion the conference adjourned without an agreement having been reached. IOWA CITY PACKING HOUSE IN A RECEIVER'S HANDS. Iowa City, Iowa, Aug. 17.-The Iowa City Packing House yesterday was put in the hands of a receiver. The capital is $120,000 and the liabilities nominal.

4. August 18, 1893 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, August 18, 1893

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Article Text

Another National Bank Closes. HUNTINGDON, Pa., Aug. 18.-The National Bank of South Pennsylvania at Hyndmann, Bedford county, closed its doors. The bank was operated by John K. and George B. White, who owned forty-threefiftieths of the stock Besides this they operated four large tanneries, located at Hyndmann, Dry Run and Mann's Choice. which were also forced to close down in consequence The firm experienced a run on the bank about two weeks ago, which is said to have precipitated the failure. The liabilities are estimated at $350,000, with assets at $450,000.

5. August 18, 1893 The Evening Herald Shenandoah, PA
Article from The Evening Herald, August 18, 1893

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Article Text

A Huntingdon Bank Closes Its Doors. HUNTINGDON, Pa., Aug. 18.-The National Bank of South Pennsylvania, at Hyndman, Bedford county, closed its doors yesterday. The bank was operated by John K. and George B. White, who owned nearly all the stock. They also operated four large tanneries located at Hyndman, Dry Run and Mann's Choice, which were also forced to close down in consequence. The firm was largely interested in the Amazon Steamship company, plying between New York and South America, and they owned the majority of the stock in the Everett Electric Lightand Water companies. It is thought that all of the depositors will be paid in full. By the shutting down of the steam tanneries over 200 men are thrown out of work.

6. August 18, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, August 18, 1893

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Article Text

South Pennsylvania Failures. [By telegraph totthe Dispatch.] HUNTINGTON, Ps., August 17.-The National Bank of South Pennsylvania, at Hyndmann, Bedford county, closed its doors to-day. The bank was operated by John K. and George B. White, who owned 43-50 of the stock. Besides this they operated four large tanneries located at Hyndmann. Dry Run. and Mann's Choice, which were also forced to close down. The firm was largely interested in the Amazon Steamship Company, plying between New York and South America. and they owned a majority of the stock in the Everett Electric-Light and Water Company. The firm experienced a run on the bank about two weeks ago, which is said to have precipitated the failure. The liabilities are estimated at $350,000. with assets at $450,000. By the shutting down of the steam tanneries over 200 men are thrown out of employment.

7. August 19, 1893 The Roanoke Times Roanoke, VA
Article from The Roanoke Times, August 19, 1893

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Article Text

A Huntingdon Bank Closes Its Doors. HUNTINGDON, Pa., Aug. 18.-The National Bank of South Pennsylvania, at Hyndman, Bedford county, closed its doors yesterday. The bank was operated by John K. and George B. White, who owned nearly all the stock. They also operated four large tanneries located at Hyndman, Dry Run and Mann's Choice, which were also forced to close down in consequence. The firm was largely interested in the Amazon Steamship company, plying between New York and South America, and they owned the majority of the stock in the Everett Electric Lightand Water companies. It is thought that all of the depositors will be paid in full. By the shutting down of the steam tanneries over 200 men are thrown out of work.

8. August 23, 1893 The Somerset Herald Somerset, PA
Article from The Somerset Herald, August 23, 1893

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Article Text

Failure at Hyndman. Executions were issued Thursday morning against John K. White and George B. White, of Hyndman, for $36,000. The Whites are owners of several tanneries. John K. White is, also, President of the South Pennsylvania National Bank of Hyndman, which, also, went down in the wreck. The bank's doors failed to open Thursday morning. The capital stock of the banking concern is $50,000. For the past ten days there has been a steady run. It is thought that all the deposits will be paid in full, as one of the executions issued this morning for $10,000 is in favor of the bank. A statement will be made public in a few days. By the shutting down of the steam tanneries over 200 men are thrown out of employment. Later developments show that it is a bigger failure than at first supposed. John K. and George B. White owned 43 of the 50 shares in the bank. The run has been a heavy, merciless one for two weeks. Other concerns that will be affected by the failure, besides the big tanneries, are the Everett Water and Electric Light Companies, the Hyndman Water Company and the Amazon Steamship Company, plying between New York and South America. The Comptroller of the Currency has been notified to take charge of the bank and all the firm's personal property has been issued on. White Brothers' liabilities are $360,000. assets said to be good for $450,000. Judge Longenecker, who arrived in Somerset Monday evening, says that he learned on very good authority while at Hyndman that the bank would pay dollar for dollar to all of its depositors. It appears that there was less than $20,000 on deposit in the bank at the time it closed its doors and the capital stock of the institution is more than double that amount.

9. August 24, 1893 The Worthington Advance Worthington, MN
Article from The Worthington Advance, August 24, 1893

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Article Text

THE EAST. THE sheriff seized the works of the Gilbert Car Manufacturing company at Troy, N. Y., on judgments aggregating $150,000. JAMES REED, aged 14, Burgess Reed, 16 years old, and James Carner, aged 17, were killed by the explosion of a can of powder near Homewood, Pa, THE National bank of South Penn at Hyndman, Pa., and the Farmers' cooperative bank at Meadville, Pa., suspended business. OVER 5,000 unemployed men in New York smashed doors and windows and took forcible possession of a hall. IN Pit'sburgh the Oliver Iron & Steel company failed for $700,000; assets, $1,600,000. JOHN K. & G. B. WHITE, operating tanneries near Hyndman, Pa., failed for $300,000. THE failure was announced of Searle & Webster, shoe manufacturers at Haverhill, Mass., for $1,000,000. T. J. Davis & Co., wholesale dry goods dealers in New York, failed for $200,000. IN Altoona, Pa., the Pennsylvania railroad shops have been ordered to work half time. The shops employ 8,000 men. FLAMES destroyed the Grand opera house, city hall and 200 feet of the Pennsylvania railroad depot at Atlantic City, N. J., causing a loss of $100,000. IN New York Eppinger & Russell, lumber dealers, failed for $400,000. JOHN W. CASILEAR, .one of the best known and oldest of American landscape painters, died suddenly of apoplexy at Saratoga Springs, N. Y., Aged 82 years,

10. August 24, 1893 Warren Sheaf Warren, MN
Article from Warren Sheaf, August 24, 1893

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Article Text

THE EAST. THE sheriff seized the works of the Gilbert Car Manufacturing company at Troy, N. Y., on judgments aggregating $150,000. JAMES REED, aged 14, Burgess Reed, 16 years old, and James Carner, aged 17, were killed by the explosion of a can of powder near Homewood, Pa. THE National bank of South Penn at Hyndman, Pa., and the Farmers' cooperative bank at Meadville, Pa., suspended business. OVER 5,000 unemployed men in New York smashed doors and windows and took forcible possession of a hall. IN Pittsburgh the Oliver Iron & Steel company failed for $700,000; assets, $1,600,000. JOHN K. & G. B. WHITE, operating tanneries near Hyndman, Pa., failed for $300,000. THE failure was announced of Searle & Webster, shoe manufacturers at Haverhill, Mass., for $1,000,000. T. J. DAVIS & Co., wholesale dry goods dealers in New York, failed for $200,000. IN Altoona, Pa., the Pennsylvania railroad shops have been ordered to work half time. The shops employ 8,000 men. FLAMES destroyed the Grand opera house, city hall and 200 feet of the Pennsylvania railroad depot at Atlantic City, N. J., causing a loss of $100,000. IN New York Eppinger & Russell, lumber dealers, failed for $400,000. JOHN W. CASILEAR, one of the best known and oldest of American landscape painters, died suddenly of apoplexy at Saratoga Springs, N. Y., aged 82 years.

11. August 25, 1893 The Iola Register Iola, KS
Article from The Iola Register, August 25, 1893

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THE EAST. Ex-PRESIDENT HARRISON has left Beverly, Mass., for Cape May, where he will remain until he goes to the G. A. R. encampment at Indianapolis. RECORDER SMYTHE, of New York, has sentenced Dr. Buchanan, the wife poisoner, to be electrocuted during the week beginning Monday, October 17. PAUL BOURGET, the French novelist, has arrived in New York. OVER 15,000 men have been given employment by the starting up of many iron mills in the Pittsburgh, Pa., district. MGR. SATOLLI celebrated pontifical mass in Archbishop Corrigan's cathedral. The occasion was made memorable by the presence of the archbishop, who affirmed his obedience to the pope through the ablegate. KEELER & JENNINGS' carriage factory at Rochester, N. Y., was damaged $100,000 by fire. It is thought the fire was of incendiary origin. THE sheriff of Albany county, N. Y., has taken possession of the Gilbert Car Manufacturing Co., at Green Island, on judgments aggregating $150,000. THE schooner Betty M. Listy, from Charleston, S. C., was detained at the Philadelphia quarantine station with three reported cases of yellow fever on board. MINERS employed by the W. L. Scott company in Youghiogheny valley, Pa., have accepted a reduction in wages of 5 cents a ton. THE Bruis photographic telescope, made by Alvin G. Clark, of Cambridge, after designs made by Prof. Edward C. Pickering, of Harvard university, was successfully tested on the grounds at Mr. Clark's workshop. THE great Oliver Iron & Steel Co., Pittsburgh, Pa., has gone into the hands of a receiver. THE national bank of South Pennsylvania, at Hindman, Bedford county, has closed its doors. THOUSANDS of unemployed foreigners of New York assembled on the streets and when they could not obtain a hall without money they broke into one. There was a collision with the police which, while it did not amount to a riot, caused grave fears to be entertained. THE New York unemployed held several more meetings on the 18th and listened to some fiery speeches from promounced anarchists. THAT currency is still scarce was evidenced in New York on the 18th when the premium again advanced to over 3 per cent. NEW YORK republicans are talking of nominating Joseph H. Choate, the distinguished lawyer, as a candidate for judge of the court of appeals.

12. August 26, 1893 The Cape Girardeau Democrat Cape Girardeau, MO
Article from The Cape Girardeau Democrat, August 26, 1893

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Article Text

THE EAST. JAMES REED, aged 14, Burgess Reed, 6 years old, and James Carner, aged 17, were killed by the explosion of a can of powder near Homewood, Pa. THE National bank of South Penn at Hyndman, Pa., and the Farmers' cooperative bank at Meadville, Pa., suspended business. OVER 5,000 unemployed men in New York smashed doors and windows and took forcible possession of a hall. Is Pittsburgh the Oliver Iron & Steel company failed for $700,000; assets, $1,600,000. JOHN. K. & G. B. WHITE, operating tanneries near Hyndman, Pa., failed for $300,000. THE failure was announced of Searle & Webster, shoe manufacturers at Haverhill, Mass., for $1,000,000. T. J. DAVIS & Co., wholesale dry goods dealers in New York, failed for $200,000. IN Altoona, Pa., the Pennsylvania railroad shops have been ordered to work half time. The shops employ 8,000 men. FLAMES destroyed the Grand opera house, city hall and 200 feet of the Pennsylvania railroad depot at Atlantic City, N. J., causing a loss of $100,000. IN New York Eppinger & Russell, lumber dealers, failed for $400,000. JOHN W. CASILEAR, one of the best known and oldest of American landscape painters, died suddenly of apoplexy at Saratoga Springs, N. Y., aged 82 years.