First National Bank - Homestead, PA

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 3829
Charter Number: 3829
Start Date: July 22, 1893
Location: Homestead, Pennsylvania (40.406, -79.912)

Metadata

Model: gpt-5-mini
Short Digest: 4086678c

Response Measures

Accommodated withdrawals, Capital injected

Description

Multiple contemporary newspaper reports (dated July 22–23, 1893) describe a sizable run on the First National Bank of Homestead triggered by a rumor the bank would close. The bank paid out about $100,000, received additional funds (~$58,000) and business deposits, and reports state no further danger. No suspension, closure, or receivership is reported, so classified as run_only.

Events (3)

1. December 30, 1887 Chartered

Source: historical_nic

2. July 22, 1893 Run

Cause: Rumor Or Misinformation
Cause Details: A circulating rumor that the bank would close alarmed depositors (notably Hungarian workers at the Carnegie Steel Works) and prompted heavy withdrawals.
Measures: Bank prepared to pay all claims and remained open late; business men made large deposits to bolster confidence; bank received additional funds.
Newspaper Excerpt: A rumor gained currency yesterday that the bank would close...a rush was made upon the bank. About $100,000 was paid out to-day. Additional funds to the amount of $58,000 were received by the bank this evening
Source: newspapers

3. July 3, 1942 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (6)

1. July 23, 1893 The Times Richmond, VA

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First National Bank of Homestead today. A rumor gained currency yesterday that the bank would close. This aroused the Hungarians employed at the Carnegie Steel Works and other depositors who lacked confidence and a rush was made upon the bank. Anticipating the demand, the bank prepared to pay all claims, and remained open for this until a men late hour to-night. The business purpose of the town made large deposits, instead of withdrawing their money, having implicit confidence in the bank. About $100,000 in cash was paid out to-day. Additional funds to the amount of $58,000 were received by the bank this evening, while the business men added large amounts to maintain confidence. It is claimed that there is no further danger. No Run on the German-American MILWAUKEE, WIS., July 22.-A report sent out from this city to the effect that the German-American Bank had succumbed to a run was without foundation. The German-American is exceptionally sound. It has experienced no run whatever. It could not be better prepared to meet a run. False reports concerning it were due to the failure of another south-side bank. Another Iron Works Suspends. BELVIDERE, N. J., July 22.-Edward Lunkens, superintendent of the Oxford Iron and Nail Company, was instructed to close the rolling mills and iron mines belonging to that company, pending the settlement of the affairs by a receiver. The cause of the failure, as explained by the president, is dullness of the iron market and the financial stringency of the country. To-night the pumps are being removed from the mines, and the machinery is being dismantled by order of the directors. By the existing state of affairs 350 men are thrown out of employment, without any hope of relief. The liabilities are estimated at $225,000; assets, $150,000. Failure of Rail Mills. LOUISVILLE, KY., July 22.-The New Albany Rail Mills and Charles W. Depauw, of New Albany, assigned this afternoon. The rail mills' assets are placed at $400,000, with liabilities at $350.000. Mr. Depauw is a son of the late Dr. Depauw, who was at the time of his death the wealthiest man in this part of the country. C. W. Depauw is a millionaire, and has assets really in excess of liabilities. The amount involved is nearly $1,000,000. To Prosecute the Bank Officers. LIMA, O., July 22.-The recent failure of the Citizens' Bank of Ada for a large amount will probably result in the prosecution of the bank people. Only a few hours previous to the assignment Ahlfield, it is alleged, gave mortgages to his sons and relatives covering all his property, consisting of the bank building, three farms, his residence, etc. One of the mortgages was made to his son, only about fourteen years old, and the depositors propose to contest the legality of the transaction. Ahlfield has property enough to cover all the liabilities of the bank.

2. July 23, 1893 The Morning News Savannah, GA

Article from The Morning News, July 23, 1893

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A RUN AT HOMESTEAD. Business Men Help the Bank Out with Heavy Deposits. Homestead, Pa., July 22.-A run of considerable proportions was made on the First National Bank of Homestead to-day. A rumor gained currency yesterday that the bank would close. This aroused the Hungarians employed at the Carnegie steel works and other depositors who lacked confidence, and a rush was made upon the bank. Anticipating the demand the bank prepared to pay all claims and remained open for this purpose until a late hour to-night. The business men of the town made large deposits instead of withdrawing their money, having implicit confidence in the bank. About $100,000 was paid out to-day. Additional funds to the amount of $58,000 were received by the bank this evening, while leading business men added large amounts to maintain confidence. It is claimed that there is no further danger.

3. July 23, 1893 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, July 23, 1893

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HOMESTEAD BANK. Hungarians Start a Run on the First National. HOMESTEAD, Pa., July 22. -A run of considerable proportion was made on the First National Bank of Homestead, today. A rumor gained currency yesterday that the bank would close. This aroused the Hungarians employed at the Carnegie Steel works and other depositors who lacked confidence, and a rush was made upon the bank. Anticipating the demand, the bank prepared to pay all claims and remained open for this purpose until a late hour tonight. The business men of the town made large deposits instead of withdrawing their money, having implicit confidence in the bank. About $100,000 was paid out today. Additional funds to the amount of $58,000 were received by the bank this evening, while leading business men added large amounts to maintain confidence. It is claimed that there is no further danger.

4. July 24, 1893 New-York Tribune New York, NY

Article from New-York Tribune, July 24, 1893

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FURTHERFAILURESREPORTED SUSPENSION OF A BIG REAL ESTATE AND BANKING FIRM IN TEXAS. A STREET RAILWAY COMPANY IN TROUBLERUN ON A BANK AT HOMESTEAD-C. W. DEPAUW'S ASSIGNMENT. Dallas, Tex., July 23.-Murphy & Boland. the nrost widely known and extensive real estate agents and investment bankers in Texas. suspended yesterday afternoon. Mr. Murphy said to a reporter: "The firm of Murphy & Boland has suspended and will be wound up. Its indebtedness will be paid off as soon as the assets can be realized." The Murphy-Boland Land Investment Company has been organized in place of the Murphy & Boland Company. No statement of assets and liabilities of the firm can yet be obtained. The concern had almost a montopoly of the agency and rental business of the town. Estates and individuals placed their property with it and It was rated more solld than any bank in the city. The firm had purchased upon Its own account a great deal of real estate, which has materially shrunk in value. Salt Lake City, Utah, July 23.-The Burton-Gardner Company, one of the largest lumber firms and wire fence manufacturers doing business here, made an assignment yesterday. Liabilities, $100,000: assets about the same amount. The failure is due to slow collections resulting from the paralyzed condition of Western trade since the silver depression. Homestead, Penn., July 23.-A run was made on the First National Bank of Homestead yesterday. A rumor that the bank would close alarmed the Hungarlans employed at the Carnegie Steel Works and other depositors. Anticipating the demand, the bank prepared to pay all claims, and remained open for this purpose until a late hour last night The business men of the town made large deposits, Instead of withdrawing their money. About $100,000 was paid out yesterday. Additional funds to the amount of $58,000 were received by the bank last night, while leading business men added large amounts to maintain confidence. It is said that there is no further danger. Chicago, July 23.-Fifty creditors of the Armstrong Company, manufacturers of uniforms and regalia, who failed recently, held a meeting yesterday at which It was decided to reject the firm's offer of 25 per cent, to be paid in four, eight and twelve months. Mr. Armstrong was present, and explained that the assets of the firm were $134,000, a shrinkage from the supposed total, and the liabilities, $132,000, an amount greater than had been supposed. A committee was appointed to investigate the affairs of the company and to decide what the firm could pay. Indianapolis, July 23.-Charles W. Depauw's assignment was not unexpected here. In fact, It was looked for weeks ago, at the time of the $1,000,000 failure of the Premier Steel Works. This is the largest failure in Indiana for years. Mr. Depauw has $30,000 stock in the Bank of Commerce here, but the cashier said last night he did not expect trouble. Washington C. Depauw's wealth was estimated at about $10,000,000. Of this estate Charles W. received a one-fourth interest, which is yet undivided. The failure will be a severe blow to the Methodist institutions In Indiana, which were fostered by Washington C. Depauw. There has been deeded to the Union Trust Company of this city, as assignee, property ordinarily valued at $1,800,000 for liabilities which are estimated at $800,000. Toledo, Ohio, July 23.-A statement has been made by the assignee of the Fostoria Brass and Iron Works, one of ex-Secretary Foster's enterprises which went under in the recent crash. The statement places the assets at $147,694 and the liabilities at $191,400, a much better showing than was expected. Manchester, N. H., July 23.-Late Saturday evening Bank Commissioner James C. Lyford served the papers closing the doors of the New-Hampshire Trust Company, of this city. This action was taken after full consultation with the officers of the institution and for the protection of its depositors and creditors. The proceedings were similar to those pursued in the case of the Security Trust Company, of Nashua, with the expectation that the suspension of business will be only temporary. In an interview, Mr. Lyford says: "There is no occasion for alarm on account of this action taken by the Pank Commissioners, either among depositors of the New-Hampshire Trust Company and the people holding its securities, or among people who are depositors of the savings banks of the State. It operates as a stay, enabling the institution to realize cash from Its assets without sacrificing them in a falling market."

5. August 16, 1893 The Star Reynoldsville, PA

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these are liable to be blown out at any time. SOME time ago the Bellefonte council decided that cows cou'd no longer roam the streets. Since then, according to the "Watchman." pedestrianism is much pleasanter. The only trouble now is that persons can hardly get along on account of the crowds of pretty girls. The intimation is plain that the girls were afraid of the cows. A HOMESTEAD man drew his savings $690 from the First National Bank of Homestead when a rnn was started there by so e Hungarians. He kept the money at home until a thief found it, The thief has it now and the bank is still sound. CATHERINE SHANNON was buried last week in Bold Eagle cemetery. Blair county. She passed her 90th birthday about two months ago. For years she had been using her third set of teeth. NEAR Huntingdon. a team ran a way with a reaper after striking a hornets' nest. The aged driver. John G. Smith. was thrown in front of the machine. beheaded and horribly mutilated. FRANK MILLER, a young farmer of Brush Valley township. Indiana county, was killed by the explosion of a gun while he was lying in wait for some dogs which had killed his sheep. THERE is any amount of building goingon in Johnstown this summer, and among other structures are four handsome business blocks that will cost $200,000. CALVIN HARMIN and Reuben Campbell, of Stahlstown. Westmoreland county, claim to have the record on cradling oats. They cut a 10-acre field in one day. JAMES THORPE, an employe of the Leetonia Rolling mill. Greensburg, was grinding a link. when the emery wheel burst, killingh instantly. ETHEL JONES. aged 11 years. was drowned in Pymatuning creek, at Orangeville, near Sharon, while bathing with some young girl companions. IN digging a well at Connellsville, employes of the Columbia Brick Company, discovered a human body and a canoe both petrified. ROBERT ATKINSON'S barn near West Overton, was burned with all his crop, aggregat. ing a loss of $1,500 with no insurance, BURGLARS broke into the home of Frederick Long in Mechanicsburg and after ransacking burned it to the ground. THE mother of negro West, who murdered the Crouch family in Washington county, was found dead in bed. THE Lebanon Trust and Safe Deposit Bank failed. It is a State institution with a capital of $50,000. THE Scranton lace factory has temporarily suspended operations, throwing out about 400 people. JESSE HUNT was crushed to death under a red hot damper in the Arethusa Iron Works at New Castle. UNIONTOWN is taking on city airs and is talking about putting up a $20,000 natatorium. FARMERS near Oil City, are turning hogs into their blackberry patches to rid out the snakes. HUNTINGDON county is overrun with grasshoppers which are playing havoc with the crops. GRASSHOPPERS have done great damage to crops around Erie.

6. August 17, 1893 The Middleburgh Post Middleburg, PA

Article from The Middleburgh Post, August 17, 1893

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the entire 40 ovens at this works were in blast Now but 200 are burning. and these are liable to be blown out at any time. SOME time ago the Bellefonte council decided that cows con d no longer roam the streets. Since then. according to the "Watchman." pedestrianism is much pleasanter. The only trouble now is that persons can hardly get along on account of the crowds of P etty girls. The intimation is plain that the girls were afraid of the cows. A HOMESTEAD man drew his savings $690 from the First National Bank of Homestead when a run was started there by so e Hungarians. He kept the money at home until a thi-f found it, The thief has it now and the bank is still sound. CATHERINE SHANNON was buried last week in Bold Eagle cemetery. Blair county. She passed her 90th birthday about two months ago. For years she had been using her third set of teet i. NEAR Huntingdon. ateam ran a way with reaper after striking n hornets' nest. The aged driver, John G. Smith. was thrown in front of the machine, beheaded and horribly mutilated. FRANK MILLER, a young farmer of Brush Valley township. Indiana county. was killed by the explosion of a gun while be was lying in wait for some dogs which had killed his sheep. THERE is any amount of building goingon in Johnstown this summer. and among other structures are four handsome business blocks that will cost $200,000. CALVIN HARMIN and Reuben Campbe'l. of Stahistown, Westmoreland county, claim to have the record on cradling oats. They cut a 10-acre field in one day. JAMES THORPE, an employe of the Leetonia Rolling mill Greensburg. was grinding a link, when the emery wheel burst, killinghim instantly. ETHEL JONES. aged 11 years. was drowned in Pymatuning creek, at Orangeville, near Sharon, while ba hing with some young girl companions. IN digging a well at Connellsville. employes of the Columbia Brick Company. discovered a human body and a canoe both petrified. ROBERT ATKINSON'S barn near West Overton, was burned with all his crop. aggregating a loss of $1,500 with no insurance, BURGI ABS broke into the home of Frederick Long in Mechanicsburg and after ransacking burned it to the ground. THE mother of negro West. who murdered the Crouch family in Washington county, was found dead in bed. THE Lebanon Trust and Safe Denosit Bank failed. It is a State institution with a capital of $50,000. THE Scranton lace factory has temporarily suspended operations, throwing out about 400 people. MUNT was crushed to death red not damper *** at New Castle. UNIONTOWN is taking on city airs and is talking about putting up a $20,000 natatorium. FARMERS near Oil City. are turning hogs into their blackberry patches to rid out the snakes. HUNTINGDON county is overrun with grasshoppers which are playing havoe with the crops. GRASSHOPPERS have done great damage to crops around Erie.