18842. Peoples Bank (McKeesport, PA)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
May 22, 1884
Location
McKeesport, Pennsylvania (40.348, -79.864)

Metadata

Model
gpt-5-mini
Short Digest
a5e15171

Response Measures

Accommodated withdrawals, Public signal of financial health, Capital injected

Description

Multiple contemporary reports (May 22, 1884) describe a run by small depositors on the People's/Peoples Bank in McKeesport that was calmed by noon the same day; deposits ultimately exceeded withdrawals. No suspension or closure is reported. The panic appears related to wider trouble (Penn Bank and other local banks), so I classify the cause as local_banks.

Events (1)
1. May 22, 1884 Run
Cause
Local Banks
Cause Details
Scare associated with runs/trouble at nearby Pittsburgh banks (Penn Bank, Masonic Bank) prompted small depositors to withdraw.
Measures
Bank paid withdrawals promptly; large depositors (bank president/stockholder) deposited funds to reassure customers.
Newspaper Excerpt
At McKeesport a run was inaugurated on the People's Bank, but by noon confidence was restored, and deposits exceeded the cash drawn out by $24,000.
Source
newspapers

Newspaper Articles (5)
1. May 23, 1884 Savannah Morning News Savannah, GA
Article from Savannah Morning News, May 23, 1884

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Article Text

THE PENN BANK SECURE. Its Doors to be Reopened This Morning with $600,000 on the Counters. PITTSBURG, May 22.-A more complete understanding of the exact condition of the Penn Bank and the feeling that it will be able to pay all its liabilities, together with the concerted action of the bankers last night, has had a reassuring effect, and confidence to a large extent has been restored. It was feared that there would be runs on several banks that were reported on the street last night as in a weak condition, but a visit to the alleged shaky institutions at noon to-day showed that all was serene with the checking out not much greater than usual. Bankers expressed themselves as perfectly able to meet the demands made on them. The officials of the Penn Bank are busy to-day getting their affairs in shape for resumption to-morrow. Their clearances were made good to-day, and to-morrow they will open their doors with $600,000 In cash on the counters. Many of the largest depositors have signified their intention of allowing their money to remain in the bank. The Masonic Bank, on which there was a small run yesterday, received deposits this morning of $30,000 more than was paid out. st Mckeesport a run was inaugurated on the People's Bank, but by noon confidence was restored. The deposits exceeded the cash drawn out by $24,000. The situation improves here with every hour, and the general impression prevails that there will be no more trouble, Penn Bank stock is quoted at y per cent. above par. In order to accommodate customers the Penn Bank was open this afternoon to receive deposits.

2. May 23, 1884 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, May 23, 1884

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Article Text

Ran on a (cKeesport Bank. PITTSBURGH, May 22.-A dispatch from McKeesport says: A run was started on the People's Bank this morning by the small depositors, who demanded their money, which was promptly paid. It is estimated that $20,000 was withdrawn The scare is only confined to the small depositore, as R large number of the businces men made their deposits as usual this morning. John Fingler, of the National Tube Co., who owns most of the stock of the bank, and who is President of it, it is said deposited $25,000, and said if they wished more to call on him for any amount. There are no fears entertained by the people at large, as the bank is considered to be a safe institution, and can withstand any rush that is made on it. The officers are: President, John H. Flagler; Vice President, J. G. Leizure; W. A. Iles, J. P. Lean, H. C. Bredien and W. A. Dunehoe, Directors, and Dr. Stockslager, Cashier, who are all solid men. The run at this hour (12 M.) is about all over.

3. May 23, 1884 Fort Worth Daily Gazette Fort Worth, TX
Article from Fort Worth Daily Gazette, May 23, 1884

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Article Text

RUNS ON OTHER BANKS. PITTSBURG, May 22,-The Masonic bank, on which there was a small run yesterday, received deposits this morning of $30,000 more than it paid out. At McKeesport a run was inaugurated on the People's bank, but by noon confidence was restored, and deposits exceeded the cash drawn out by $24,000. The situation improves every hour, and the general impression prevails that there will be no more trouble. Penn bank stock is quoted at seven dollars above par. In order to accommodate its customers the Penn bank opened this afternoon, but resumption of payment will not begin until tcmorrow.

4. May 23, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, May 23, 1884

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Article Text

THE PENN BANK. Getting Its Affairs in Shape Preparatory to Resuming Business. PITTSBURG, May 22.-A more complete understanding of the condition of the Penn Bank, and a feeling that it will be able to pay all liabilities, together with the concerted action of the bankers last night, has had a reassuring effect, and confidence, to a large extent, has been restored. It was feared that there would be a run on several banks, reported on the street last night as in a weak condition, but a visit to the alleged shaky institutions at noon found all serene, with the checking out not much greater than usual. Bankers expressed themselves as perfectly able to meet all demands made on them. Officials of the Penn Bank are busy to-day, getting affairs in shape for resumption to-morrow. Their clearance was made good to-day, and to-morrow they will open their doors with $600,000 in cash on their counters. Many of the largest depositors have signified an intention of allowing their money to lay in the bank, and long before the regular hour for opening this morning a number of the heaviest depositors forced their way to the side entrance, and insisted on making deposits. The bank refused to accept them, however, until it resumes to-morrow. The Masonic Bank, on which there was a small run yesterday, received deposits this morning of $30,000 more than was paid out. At McKeesport a run was inaugurated on the People's Bank, but by noon confidence was restored, and the deposits exceeded the cash drawn out by $24,000. The situation improves with every hour, and a general impression prevails that there will be no more trouble Penn Bank stock is quoted $7 above par. The stockholders of the Penn Bank have been in session all day. This evening announcement was made that business would be resumed tomorrow noon with $680,000 cash on the counter and a reserve of $450,000 for emergencies. The amount liable to draft by depositors, is $100,000, but depositors representing $150,000 have signed an agreement not to withdraw.

5. May 29, 1884 The Austin Weekly Statesman Austin, TX
Article from The Austin Weekly Statesman, May 29, 1884

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Article Text

THE BROKEN BANKS. NEW YORK, May 22.-The report that the Metropolitan bank would be wound up was revived to-day. Officials know nothing of this, although one of the directors states the question is one to be discussed in the future. At Donnell, Lawson & Simpson's office it was stated they received dispatches from their creditors to the effect that any compromise proposed by them would be accepted on receipt of the necessary papers, which have been sent. It looks as if all firms' creditors would accept the terms offered. PITSBURG, PA., May 22.-The Masomic bank, on which there was a small run yesterday, received deposits this morning of $30,000 more than it paid out. At McKeesport, a run was inaugurated on the people's bank, but by noon confidence was restored, and the deposits exceeded the cash drawn out by $24,000. The situation improves every hour, and the general impression prevails that there will be no more trouble The Penn bank stock is quoted seven dollars above par. In order to accommodate customers, the Penn bank opened this afternoon, but resumption of payment will not begin until to-morrow.