1.
September 21, 1931
The Evening Times
Sayre, PA
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PITSBURGH, Sept. Two Pittsburgh banks and sidiary of one failed their doors today, the board directors taking the action in the case one bank and its subsidiary and the state closing the second stitution. he bonk of Pittsburgh, and subsidiary, the Highland tional bank, failed open for iness. The action followed nouncement by the boards that the institutions would closed serve assets and protect deposit-
The Franklin Savings and Trust company, capitalized $175,000 closed by the state banking department, in the interests of the depositors, announced. The bank Pittsburgh, organized 1810 capitalized $3,000,000. Its last statement 1931, showed total assets $53,343,953 and deposits $46,921,065. The Highland bank had deposits $3,857,318 and assets of $4,889,according statement 1931. Member banks of the Pittsburgh Clearing House association nounced they would pay cent the receivers' certificates the Bank of Pittsburgh, when issued. The general banking situation Pittsburgh one of the best city the country due largePittsburgh's old fashioned conservatism and caution" ment issued by James Chaplin, vice chairman the Pittsburgh Clearing House said following closing the Bank Pittsburgh,
2.
September 21, 1931
The Evening News
Harrisburg, PA
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PITTSBURGH
Sept. Pittsburgh financial institutions closed their doors today. In all cases, the of depositors and stockholders assigned the cause. The banks affected Bank of Pittsburgh. The Bank (subsidiary of the Bank of Pittsburgh) The Franklin Savings and Trust Company and its produce yards branch. James Chaplin, the Pittsburgh Clearing House Association, issued statement stressing that "the general bankPittsburgh among the best of any city the country due largely Pittsburgh's caution and servatism."
3.
September 21, 1931
The Cincinnati Post
Cincinnati, OH
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GRAF ENDS SEA FLIGHT BRAZIL, Sept. Graf Zeppelin arrived Pernambuco at 6:50 last night to complete its third over the South Atlantic. big Friday
PITTSBURGH BANKS CLOSE PITTSBURGH, Sept. Pittsburgh banks and subsidiary of one failed to open today. They were the bank of Pittsburgh, its subsidiary, the Highland National Bank. Franklin Trust
4.
September 22, 1931
The Pittsburgh Press
Pittsburgh, PA
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SPEEDS ACTION IN BANK CLOSING
Receiver Hastens Work of Straightening Out Institution's Affairs
Thomas of the the Comptroller Currency, receiver for Bank of Pittsburgh today promised hasten preliminary work in straightening the bank's affairs. believed by bank officials that least 30 must elapse before receivers' certificates. upon which be The Clearing House offer through able receivers' certificates at member banks may extended the Highland National Bank the Frank lin Trust Company which closed yesterday was ported The had protected deposit the three banks.
5.
September 22, 1931
The Daily Worker
New York, Chicago, NY
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PITTSBURGH BANK IN HEAVY CRASH PITTSBURGH, Pa., Sept .21.-The Bank of Pittsburgh, with reported assets of $53,343,953, was declared suspended and the Comptroller of the Currency took over the bank. It is one of the oldest financial institutions here, having been founded in 1810. The deposits, as of record of July 1, 1931, was reported at $46,921,065. The vice-president of the Pittsburgh Clearing House Association declared "the suspension was due to a drain which has arisen most largely from withdrawal of deposits by banks in other sections of the country." The Bank of Pittsburgh has the following branches: The Merchants and Manufacturers National Bank, I 1 City National Bank and the Columbia National Bank.
6.
September 22, 1931
The Times
Hammond, IN
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Two Socony Vac. 15% South 62 Banks Close Doors Ry.
30 banks in Pittsburgh closed Two Spalding their the Sparks With decision Sunday of Bank of *Spear Pittsburgh directors the % Brands 15% of the currency take comptroller 32% Ex National Bank, Highland Oil closely identified the and the SavThe ings 18% Trust Studebaker Wilkesbarre closed Co. Superheater Eau Claire, the Eau Superior Oil Bank the Union Savings NonTexas Corp liquid Texas Gulf Sul Capitol Trust comclosing 14% Fair pany, Thompson Jr Officers Union State Savof the Timken Bank closed the bank for Trans liquidation.
7.
September 23, 1931
The Palm Beach Post
West Palm Beach, FL
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Pittsburgh Closed Bank Will Get Aid
Pittsburgh, Sept. 22. Member ber banks the Pittsburgh Clearing House Association Tuesday began preparations aid the Bank Pittsburgh, (National sociation) suspended Monday. Members the Clearing House agreed to pay 50 per cent on the deposits of the closed institu tion Deposits the closed bank July were Assets $53,343,953. The bank was in 1810. reason the suspension was given deposits banks in other sections the country.
There are 10,000 villages America without without resident pastors, and 400,000 are receiving no religious instructions.
8.
October 2, 1931
The Producers News
Plentywood, MT
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PITTSBURGH BANK CRASHES Forty Oone Millions of Dollars in in Deposits are Lost-Drain Due to Withdrawal by Other Banks. Pittsburgh, Pa.- The Bank of Pittsburgh, with reported assets of $53,343,953, was declared suspended and the comptroller of the currency took over the bank. It is one of the oldest financial institutions here having been founded in 1810. The deposits as of record of July 1, 1931 were reported at $43,921,065. The vice-president of the Pittsburgh clearing house association declared "the suspension was due to a drain which has arisen most largely from withdrawal of deposits by banks in other sections of the country."
9.
October 22, 1931
The Pittsburgh Press
Pittsburgh, PA
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Nesbit's $1,000,000 Insurance to Bank
The Bank of Pittsburgh. N. closed month ago, carried $1,000,000 insurance on Harrison Nesbit former president. The bank. following the policy of many corporations. had taken out a total of 10 $100,000 policies on Nesbit's life divided among seven companies The premiums were paid until next March, and although Nesbit resigned last May. they continued in effect and the $1,000,000 will go into the assets of the bank, insurance executives and bank officials said In addition to the $1,000,000 there will be $8,000 in accrued dividends on the policy turned over to the bank within 10 days The board of directors took out the insurance on Nesbit life in March. 1928. soon after the Comptroller of Currency ruled that national bank of ficials might be insured by such institutions According to William J. Birmingham, special agent of the Northwestern Life Insurance Company, who handled the transaction, the bank has paid $160,000 in premiums since the policy was in force The last premium was paid in March keeping the policy in force until next March. piticial came back the councilman and the money would be gone He promised that all of the money represented by the note would De made Meanwhile another investigation had been carried forward in. which number of councilmen were trapped into accepting graft money Nesbit gave the investigators his intormation and as result several councilmen went to jail for long
Nesbit was widely known in business and industrial circles. being a director in several large corporaions including the Westinghouse Electric & Manufacturing Company After his retirement from the bank May he returned to Virginia. where he still owned country home and was interested in the publication of a daily newspaper He was alsc at one time direcfor O. Kaufmann's Department Stores Inc. the Weirton Steel Company and the H. R. Mallinson Comany of New York He was chairmar of the board of the Copperweld Company president director of the Peoples National Bank of Warren-
10.
December 9, 1931
Pittsburgh Post-Gazette
Pittsburgh, PA
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REALTY BOARD ELECTION HELD
Names of Winners In Governor Contest Announced.
Votes of 166 members of the Pittsburgh Real Estate Board were cast at the board headquarters yesterday in the annual election of governors. Ten members were to be chosen out of 15 nominated. Those who will serve for the ensuing year are Herbert A. Kenan, Thomas McCaffrey, Jr., Charles W Carlson, S, Foster Dickie. Robert F. Morris, Jr., Howard R. Haines, Walter A. Scott, William Maisch, Hugh M. Patton and William G. Kerr. Charles F. Chubb. the eleventh highest man, will fill the unex- with the First National bank, by which that institution acquired approximately of the sets of the Bank of Pittsburgh, on a "dollar basis it was said dividend orders would be ready by December 10. Work speeded up. however, and dividend orders were started out on December 2, with expectation that all those who had proven their claims would be paid by December 10. Since December many additional claims have been proven, and it is now expected that all these can be sent notices by December 20. The First National bank is desirous that every claimant shall have received his dividend order before Christmas Thomas said. While the Bank of Pittsburgh had 17,000 accounts at the time closed. the total number of claims to be proven will be much less of offsets that have been made by the receiver.
11.
August 26, 1932
Latrobe Bulletin
Latrobe, PA
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Bank to Make Payment
Aug. per cent payment, totaling approximately $2,700,000, will be made soon to the 14,000 depositors of the closed Bank of Pittsburgh, Receiver Thomas announced today. The payment will bring the amount paid approximately $15,700,000. per cent payment having been made last December through liquidation arrangement with the First National Bank, Pittsburgh.
12.
August 26, 1932
Pittsburgh Sun-Telegraph
Pittsburgh, PA
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HOOVER URGES able jobs. the President, who prestated over the meeting. said "As matter of national policy, the shortening of hours is necessary not alone to meet the need of the moment. but it may be necessary to take up the slack in the future from the vast and sudden advance in labor saving devices.
NOT U. JOB
Nevertheless, Mr. Hoover stated he did not believe that the direction of such job sharing systems as five four and three-day weeks along with shorter shifts were "properly the function of govern. ment Chairman Fort of the Home Loan Board in that Comptroller John W Pole of the currency had ordered every Na tional bank receiver to suspend foreclosure proceedings for 60 days told the session "We are today wiring every state supervising authority re. questing like action. We want your help to see not only that receivers generally grant this 60. day respite. but that other lenders do likewise. There are times when forced liquidation of indebtedness is indefensible-certainly if any other means of procuring funds exists. "It would be less shameful if. with relief in sight so soon. the courage and hope of our men and should be extinguished by taking away their homes and their live savings.'
MILLS' PROGRAM
Secretary of the Treasury Ogden L. Mills outlined A program. including a plan for creation of central business committee to direct united action by the 12 banking and industrial committees of the nation The Secretary of the Treasury emphasized the central commit tee was not to be an economic council directing the economic policies of the nation. but rather an organization to bring about co-operation between the government and private business Then one by one. the heads of the government agencies directly involved in the new economic drive for jobs and credit addressed the meeting Atlee Pomerene told of the hopes and purposes of the gigantic Reconstruction Finance Corporation. Owen D. Young. New York industrial leader and prominent Democrat. told the conference that the prime purpose of the COordinated drive of business and government was to make more He joined emphatically in the declaration to the nation's business leaders that It was to their best interest to see that the human family had a livelihood. He
"A father's job lost does more than humiliate the parent. It does more than weaken the self-respect of the child. It threatens that stability and so that for the future which is the basis of our hopes and the impulse of our accomplishments. Among the more prominent of the national industrial leaders gathered in the room were Myron C. Taylor. of the United States Steel Corporation H. I. Harriman. president of the United States Chamber of Commerce Edsel Ford. Detroit automobile manufacturer: Melvin A. Traylor and Edward N. Hurley. Chicago bankers Silas H. Strawn. of Chis cago: Daniel Willard president of the Baltimore and Ohio Railroad: Walter C. Teagle of New York N. Perkins of Boston and A W Rober chairman of the board of the Westinghouse Electric and Manufacturing Company
FEW FORECLOSURES HERE
Receivers at the Bank of Pittsburgh. the Monongahela National and the Exchange National banks said today Comptroller Pole's order not to foreclose on mortgages for 60 days will not appreciably affect their institutions Few. if any foreclosures, they say. were in prospect in that period Opinion in banking circles, here. seemed to be that issuance of a similar order by State Secretary of Banking William D Gordon would have little effect in the Pittsburgh district State banking authorities. it is understood. are doing everything possible to avoid foreclosure proceedings.
13.
August 26, 1932
The Daily Herald
Monongahela, PA
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PITTSBURGH TO PAY DIVIDEND
Pittsburgh. Aug. per cent payment. totaling approximately be made soon to the depositors of the closed Bank of Pittsburgh, Receiver Thomas announced today. The payment will bring the amount paid depositors to approximately 50 per cent payment having been made last December through liquidation arrangement with the First National Bank, Pittsburgh.
14.
August 29, 1932
Pittsburgh Post-Gazette
Pittsburgh, PA
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EXCHANGE BANK READY TO MAKE FIRST PAYMENT
More Than $1,200,000 Will Be Put In Circulation.
WILL BENEFIT
Institutions in WashPa., McKeesport Also Pay Dividends. additional general circulawithin the next result of an anper cent dividepositors of the National Bank. Appersons will benebe the first dividend the bank. Gordon, receiver, said been authorized to dividend by the comptroller The preparation and for distribution in the
Bank of Pittsburgh Pays.
$2,700,000 will have depositors of Pittsburgh by the current week as second per Distribustarted Saturday and all The Bank by then will have paid Gordon, state secretary announced the PittsBank and Trust pay per cent to depositors depositors will in Washington, Pa. payments by two there. of 10 per cent todepositors of the PennBank, McKeesport,
One Exception. disbursement of the anby the depositors in all institutions in that area will dividends with the the Monongahela Nainstitution has position to pay 33 1-3 per time, but due plans of reorganithat been presented to of the currency, dishas held up. details for the opening of bank in Homewood have According to president, Second District have been received from of banking at HarrisSeptember is the day the Homewood Bank at will open for business officers have been ap. the financial this bank strong liquid Chaplin declared also lauded Secretary of Gordon for the manner in has handled the closed state and the early dispercentage of deposits taken the closed Homewood Bank will be immediately through the Homewood at Pittsburgh, which has puroccupy the banking the Homewood Peoples
15.
April 12, 1933
Pittsburgh Sun-Telegraph
Pittsburgh, PA
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C.T. Luntz, Injured In Auto Crash, Dies
Charles Luntz president of the Iron & Steel ComInc of Canton and resident Pittsburgh for yesterday in Canton He seriously injured Saturday in an automobile accident in Cuyahoga He leaves his Mrs. Vera Luntz. two daughters Miss Marilyn and Miss Constance and collected James Luntz his two brothers and sister
The closed Bank of Pittsburgh 483 cash on hand on March Arthur R. Atwood public Since the closing of institution September 1931 056 in secured and preferred have been paid off has been paid to unsecured in the form of totaling 60 per and in nance Corporation have paid off Out of the total assets with book value of the rehas collected for losses and offto in assets remain The National Bank had cash on March 31 after in secured preferred liabilities. No paid unsecured Out of assets of receiver has collected allowing for offsets to assets and charged off 300 in assets remained un-
16.
January 7, 1934
Pittsburgh Sun-Telegraph
Pittsburgh, PA
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Enjoins Stock Sale By Bank Receiver
A temporary restraining order was made yesterday in Federal Court Arthur R. Atwood receiver of the Bank of Pittsburgh A., from selling or transferring 2.000 shares of capital stock of the National Steel Corporation, pending hearing on an application for preliminary injunction, filed by William K. Frank. of The bill of complaint avers Frank on January 31, 1931. at request of W. Davidson. vice president of the bank. tendered the stock collateral on loan by the bank to S. E. Bramer Frank alleged the loan was larger than the $84,640 represented to him.
17.
August 12, 1934
Evening Star
Washington, DC
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RECEIVER RESIGNS TO TAKE BANK POST C. 0. Thomas Leaves Government Service to Accept Presidency Job. By the Associated Press. DETROIT, August 11.-The resignation of C. O. Thomas as receiver for the First National Bank, Detroit, was announced today. It becomes effective August 15, when B. C. Schram, receiver for the Guardian National Bank of Commerce, will take over Thomas' duties, as well as his own. Thomas announced he was leaving the Government service to become vice president of the First Wisconsin National Bank of Milwaukee. Thomas became receiver for the First National March 21, 1933. During his receivership 50 per cent has been paid to all depositors, and at least 22 per cent more is expected to be paid soon. Before coming to Detroit he had been receiver for the Bank of Pittsburgh, the largest national bank in the country to close its door when it closed in 1931.
18.
November 4, 1934
Pittsburgh Sun-Telegraph
Pittsburgh, PA
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BANK RECEIVER RUSHES WORK ON
Notices to Depositors to Go Out at Rate of 1,000 Daily; $3,318,852 to Be Paid.
Work is being rushed to mail out the first 2.000 to depositors in the closed Bank of Pittsburgh to call for checks 12½ per to a total of $3 day 1.000 additional notices mailed until the .000 are notified Arthur R. Atwood for the bank requests that depositors wait their notices are ceived before calling at the bank Depositors must their notices them The distribution will make 086 paid of the in. closed its 21. 1931 the of the First National Bank 50 per cent was paid in December The receiver later distributed 10 per cent in November 1932 and 10 per cent in November 1933 In the distribution the following statement was made "In making this payment. it has been necessary for the receivers borrow from the Reconstruction Finance Corporation very large part of the funds being disbursed at this time. Because of the nature of the remaining assets it is believed that it will be many months before an additional payment can be expected as the loan due the Recontruetion must be repaid before an additional disbursement can be anticipated. "The receiver states that he cannot forecast amounts or dates payments to be made in the future It is believed that very great percentage of the depositors in the Bank of Pittsburgh do not wish liquidating agencies to sacrifice the remaining assets. as it is hoped that an improvement in con ditions throughout the country and particularly the Pittsburgh district. will make possigreater recoveries if the receivership is carried on for an additional "The published statement as released by the receiver on September 30. indicates that income more than twice the cost of carrying the receivership.'