16431. New Castle Savings & Trust Company (New Castle, PA)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
trust
Start Date
February 9, 1907
Location
New Castle, Pennsylvania (40.996, -80.346)

Metadata

Model
gpt-5-mini
Short Digest
1b3de036dadb0e98

Response Measures

None

Description

Multiple contemporary newspapers report the New Castle Savings & Trust Company 'failed to open its doors' on/around Feb 9, 1907 and a notice of suspension was posted. Cause is described as large lines of credit to local firms/individuals (asset/solvency problem). Later coverage (Sept 1907, 1910) indicates the bank was in the hands of a receiver and a receiver was appointed, so the suspension led to permanent closure/receivership rather than reopening.

Events (3)

1. February 9, 1907 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension attributed to large lines of credit extended to local firms and individuals; bank unable to meet obligations (assets ~ $280,000 vs. liabilities ~$300,000).
Newspaper Excerpt
the New Castle Savings and Trust Company failed to open its doors this morning. The notice of the suspension of the bank was posted in ten different languages.
Source
newspapers
2. September 6, 1907 Receivership
Newspaper Excerpt
New Castle Savings Bank and Trust Company, which is now in the hands of a receiver, filed a bankruptcy petition ... (Sept. 6, 1907 report).
Source
newspapers
3. November 9, 1910 Other
Newspaper Excerpt
The doors were closed about February 9, 1907. For a time the State bank examiner acted as temporary receiver, and later I was appointed receiver by Judge Kunkel... (discussion of causes and receiver actions.)
Source
newspapers

Newspaper Articles (7)

Article from Evening Star, February 9, 1907

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Article Text

PENNSYLVANIA BANK CLOSED. Newcastle Institution Said to Be Insolvent. YOUNGSTOWN, Ohio, February 9.-A telephone message from Newcastle, Pa., says the Newcastie Savings and Trust Company failed to open its doors this morning. The notice of the suspension of the bank was posted last night in ten different languages, the concern having numerous patrons of foreign birth. It is said the suspension was caused by large lines of credit extended to local firms and individuals. The bank, it is understood, will have about $280,000 to meet its outstanding accounts of $300,000.


Article from The Richmond Palladium, February 10, 1907

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Article Text

Pennsylvania Bank Failure. Publishers' Press] New Castle, Pa., Seb. 9.-The New Castle Savings and Trust company failed to open its doors. Notice of the suspension was posted in 10 different languages, the concern having numerous patrons of foreign birth. The suspension was caused by large lines of credit to local firms and individuals. The bank, it is understood, will have about $280,000 to meet its outstanding accounts of 000


Article from The Madison Daily Leader, February 11, 1907

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Article Text

PENNSYLVANIA BANK CLOSED. Notice of Suspension Posted in Ten Different Languages. Newcastle, Pa., Feb. 11.-The Newcastle Savings and Trust company failed to open its doors during the day. The notice of the suspension of the bank was posted in ten different languages, the concern having numerous patrons of foreign birth. It is said the suspension was caused by large lines of credit extended to local firms and individuals. The bank, it is understood, will have about $280,000 to meet its outstanding accounts of $300,000.


Article from The Bemidji Daily Pioneer, February 11, 1907

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Article Text

PENNSYLVANIA BANK CLOSED. Notice of Suspension Posted in Ten Different Languages. Newcastle, Pa., Feb. 11.-The Newcastle Savings and Trust company failed to open its doors during the day. The notice of the suspension of the bank was posted in ten different languages, the concern having numerous patrons of foreign birth. It is said the suspension was caused by large lines of credit extended to local firms and individuals. The bank, it is unCerstood, will have about $280,000 to meet its outstanding accounts of $300,000.


Article from Jefferson Jimplecute, February 15, 1907

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Article Text

ITEMS OF INTEREST. Matters That Have Come to Pase the Past Few Days. Value of exports from Galveston last week was $5,537,171. Work on the pipe line has commen ed at Coalgate, I. T. L. R. Rouse, a Cincinnati policeman, shot himself to death. Mrs. Bernard Crawford was so badly burned that death ensued. There will be no more Sunds y the ater performances at Houston. The New York subtreasury trans ferred $200,000 to New Orleans, North Texas insane officials want Pasteur institute established there. Cotton States Baseball league will begin its season of 140 games April 1. The wages of Louisville, Ky., street car employes have been voluntarily raised. In an oil land-transaction adjacent to Tulsa, R. A. Josey made nearly $100,000. Near Bennington, I. T., W. Tidwell was shot to death. I. T. Morton surrendered. Newcastle (Pa.) Savings and Trust company, capitalized at $300,000, has been closed. A young negro named John Jefferson was ground to death by a train at Wortham, Tex. Resisting an effort of two highwaymen to hold him up, James Orr of Chicago was fatally shot. S. I. Munger, Jr., of Dallas was held up by two young men and relieved of his watch and about $5. Adolphus Busch, the brewer, who has been at Aiken, S. C., for his health, has gone to California. Johnny Linzy, a boy, fell out of a skiff in the Washita river near Lynn, I. T., and was drowned. Burglars got $350 worth of goods and some cash from two establishments at Oklahoma City. A lantern flaring up came near causing a panic in the Metropolitan Opera House, New York. Rev. S. C. Talley, an aged Baptist minister, died at Altus, Okla., from injuries sustained in a runaway. Crew of battleship Louisiana presented Mrs. Theodore Roosevelt with a large silver loving cup. F. J. Walker, a prominent farmer, fatally shot himself in the head four miles from Lindale, Tex. The wife of ex-Lleutenant Governor J. N. Browning died at Amarillo, Tex., on the 9th. She was a Panhandle pioneer. Assisted by T. H. Tibbles of Omahe, Hon. Thomas E. Watson of Georgia will establish a chain of southern newspapers. By a large majority Mangum, Okla., voted to issue $30,000 bonds to purchase electrict light plant and $15,000 sewer bonds. At Groesbeck, Tex., Jim and Aggie Bell, charged with the murder of Sam Ellis were acquitted. The Bells are husband and wife. Mexican Ambassador Creel on the 8th presented his credentials to President Roosevelt and formally received the diplomatic corps. En route to a funeral at Ravia, I. T., J. F. Pate was thrown out of his buggy by his horse running away and one leg was broken in two places. George Williams, a Beaumont negro, came home durnk and hit his wife. Ethel Mays, his step-granddaughter, killed him with a pistol. Lieutenant King of the Eighth cavalry, recently at Fort Sill, and Miss Carson, sister of Lieutenant Carson, were married on the 8th in the Philippines. By a measure of the Arkansas legislature, Confederate veterans of that state who lost an arm or leg will be enable to procure free an artificial limb. In the dining room of the European hotel at Bonham, Tex., W. L. Derrick, night watchman, was shot and killed. R. H. Burch, a policeman, gave himself up. Dr. Everett H. Merwin and Miss Maud Slater weer found dead in the doctor's office at Kansas City. The theory is the woman killed the physician and suicided.


Article from The Fairmont West Virginian, September 6, 1907

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Article Text

WANTS TO SAVE COAL STOCK so VICE PRESIDENT OF BANK FILES A PETITION IN BANKRUPTCY. PITTSBURG, Pa., Sept. 6.-Beriah U. Young, of New Caastle, vice president of the New Castle Savings Bank and Trust Company, which is now in the hands of a receiver, filed a bankruptcy petition in the U. S. court here, liabilities fifty-eight thousand eight hundred and fifty dollars, assets eghty four thousand six hundred and thirtynine dollars. He stated the proceedings were to forestall sales of shares of coal stock now in the hands of the sheriff at New Castle.


Article from The Citizen, November 9, 1910

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Article Text

be applied in reference to the matter.' The loose business standards of Berry are best described by Attorney John H. Painter, receiver of the New Castle Savings and Trust Company. "A number of causes led up to the failure of the bank," he said. "Prominent among them was the inability of the bank to realize quickly upon securities when pressed for funds. The doors were closed about February 9, 1907. For a time the State bank examiner acted as temporary receiver, and later I was appointed receiver by Judge Kunkel, sitting in the Dauphin county court, Harrisburg. "Along in July I received a check from Berry for $25,000 as a deposit for the institution. It certainly stumped me. The bank was insolvent, yet the State of Pennsylvania, through the State Treasurer, made a deposit of $25,000. "Although the incident amazed me very much, I also had to laugh. I never said anything about the matter, but put the check in a safe and waited for developments. Three months afterward, or about nine months after the bank failed, some person realized the blunder that had been made and wrote me, requesting the return of the check. I immediately sent it back."