First National Bank - Hazleton, PA

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 3893
Charter Number: 3893
Start Date: December 23, 1890
Location: Hazleton, Pennsylvania (40.958, -75.975)

Metadata

Model: gpt-5-mini
Short Digest: ad7007c5

Response Measures

Accommodated withdrawals

Description

Article (Freeland Tribune, 1890-12-25) describes a rumor in Hazleton that the First National Bank was about to close, prompting depositors to rush and withdraw funds. The bank paid all who asked; there was no suspension. OCR errors in the text were corrected (typographical repetitions and garbled phrases). The article mentions the rush occurred the Tuesday after the Monday-afternoon rumor; I use the newspaper date to place the run on 1890-12-23 (approximate) when the withdrawals occurred.

Events (2)

1. May 31, 1888 Chartered

Source: historical_nic

2. December 23, 1890 Run

Cause: Rumor Or Misinformation
Cause Details: A circulated rumor after a withdrawal request—that the bank had refused payments—spread panic and prompted depositors from neighboring towns to come and withdraw funds.
Measures: The bank paid all depositors who requested their money; no suspension invoked.
Newspaper Excerpt: A sensational rumor was put in circulation in Hazleton ... that the First National Bank was about to close down ... on Tuesday morning a general rush was made for the bank, with all who asked for their money paid.
Source: newspapers

Newspaper Articles (1)

1. December 25, 1890 Freeland Tribune Freeland, PA

Article from Freeland Tribune, December 25, 1890

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Article Text

A sensational rumor was put in circuin Hazleton, on Monday afternoon, lation the effect that the First National Bank to about to close down and had actually refused was payments to its depositors. Upon the hearing of the news on this side early Tuesday morning the people were greatly excited, and, as a matter of selfprotection, took the first train at their command for Hazleton, to either draw their deposits or learn the cause of the rumor. Yesterday morning a representative of the TRIBUNE called upon a gentleman of Freeland, who has deposits in the bank, and from him we gained the following information "It appears that one of the beneficial orders on the south side had elected a treasurer and had resolved to withdraw new their money (some $600) from the the of an whereby they could bank vestment, for purpose making and realize upon in- a little more on their investment, this person presenting himself at the is bank to ask for the money, he was, as customary, required to furnish proof was the proper person to receive it, he (either the proper instruction that receiving whereupon he through from the not bank officials, or anger at being refused) the report that suspayment. The story, pended circulated the bank being spread circulated after banking hours, soon the people who had money on deamong posit, and on Tuesday morning a general rush was made for the bank, with the reall who asked for their money paid. The all were paid had sult with were that which promptly good promptness effect, with and many, who went to Hazleton purpose of withdrawing their came home without even deposits, the avowed bank." showing themselves at the Yesterday a number of people of FreeUpper Lehigh were seen wenoing and their way towards Hazleton for the purpose of withdrawing their deposits. The bank has always been considered safe one and business men in Freeland a in the least disturbed over the are What the outcome of be it's hard to tell, but it may report. not the the is safe run of to that whoever was cause to circulating say the report is greatly When business men and workingmen blame. begin to lose confidence in banks it has a tendency to unsettle trade. The rumor of a suspension of payment the bank question has done one thing on which our business men and others for interested are thankful. It has shown them who have and who have not got V. to accounts. The crowd at the L. bank R. depot Tuesday morning was made the of ali nationalities and disclosed up that many who are considered poor in these fact and unable to pay their debts are quiet at the Citizens' depositors Inquiry institutions. after Bank, the at open- Freeland, yesterday morning great ing hour, disclosed the fact that transferred a of the deposits were it by from many the First National Bank to people on the north side. little more care on the part of those for A succeed others as trustees, etc., and societies who having deposits in bank, officials civility on the part of bank more will tend greatly to prevent a repetition of the scenes witnessed on Tuesday.