16843. First National Bank (Reynoldsville, PA)

Bank Information

Episode Type
Run Only
Bank Type
national
Bank ID
4908
Charter Number
4908
Start Date
January 8, 1902
Location
Reynoldsville, Pennsylvania (41.097, -78.889)

Metadata

Model
gpt-5-mini
Short Digest
c712e6eeef4c0bf1

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Fed/other loan

Description

Two related runs in January 1902: a small malicious rumor that the bank had closed (article dated 1902-01-08) and a larger sympathy-driven withdrawal over the jailing of striking mill girls that forced the bank to borrow $30,000 (article dated 1902-01-14). No suspension or closure is mentioned; the bank met withdrawals and borrowed funds to meet the emergency.

Events (3)

1. May 27, 1893 Chartered
Source
historical_nic
2. January 8, 1902 Run
Cause
Rumor Or Misinformation
Cause Details
A maliciously circulated report that the bank had closed its doors, later shown to be false when depositors verified the bank was open and solvent.
Random Run
Yes
Random Run Snippet
Rumor circulated that bank had closed; falsity verified by depositors
Measures
Paid out requested funds from ample on-hand supply; published regular statements and reassured depositors.
Newspaper Excerpt
some malicious person, or persons, circulated the report that the First National bank of Reynoldsville had closed its doors ... the falsity of the rumor.
Source
newspapers
3. January 14, 1902 Run
Cause
Local Shock
Cause Details
Local political/social agitation: residents drew deposits in protest over the jailing of three striking mill girls by the bank president (also justice of the peace).
Measures
Borrowed $30,000 from a Brookville bank to meet withdrawal demand.
Newspaper Excerpt
Sympathy for three girl strikers at the Reynoldsville, Pa., silk mills caused a run on the First National Bank ... The bank was compelled to borrow $30,000 from a Brookville bank to meet the emergency.
Source
newspapers

Newspaper Articles (2)

Article from The Star, January 8, 1902

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Article Text

SMALL RUN ON BANK. Dastardly Attempt to Cripple First National Bank at this Place. The beginning of the week some malicious person, or persons, circulated the report that the First National bank of Reynoldsville had closed its doors, and thus unnecessarily alarming many of the bank's depositors and causing some of them many anxious moments before they could call and satisfy themselves of the falsity of the rumor. The bank had just passed through the most successful year of its business and had placed $5,000 to the credit of its surplus fund, making that amount $20,000, and has in addition undivided profits to the amount of $5,000, making a backbone of $75,000 capital and surplus as a safeguard for the bank. The bank has forty-three stockholders, among whom are some of the best and most conservative citizens of our community. The timid depositors were met with a smile, and to those who desired it their money was quickly forthcoming from the ample supply on hand. Mr. Kaucher, the cashier, informed us that the deposits for Monday and Tuesday of this week exceeded the withdrawals. Some of those who took out their money returned it. We have published the statements of the condition of the bank regularly five times per year since it was organized and any intelligent person can see that it is in a highly prosperous condition and that there was no possible excuse for anything of this kind. The general opinion seems to be that some person started the report with intention of venting their spite on one of stockholders of the bank. If the perpetrator of the report should be apprehended he will likely be given the full extent of the law.


Article from Evening Times-Republican, January 14, 1902

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Article Text

Strange Run on Bank. Sympathy for three girl strikers at the Reynoldsville, Pa., silk mills caused 8 run on the First National Bank of that town. The bank was compelled to borrow $30,000 from a Brookville bank to meet the emergency. President Mitchell, of the bank, is also justice of the peace. Three of the girl strikers-Jennie Smith, Myrtle Jones and Edith Williams-were brought before him, charged with interfering with girls engaged to take their places. Justice Mitchell sentenced the girls to six days in jall. The people of Reynoldsville resented the sentence and began to draw their money from Mitchell's bank. The girls' sentence expired recently, and the event was celebrated by a run on the bank.