Pittsburg Savings Bank - Pittsburgh, PA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: January 1, 1878*
Location: Pittsburgh, Pennsylvania (40.441, -79.996)

Metadata

Model: gpt-5-mini
Short Digest: 98b4781c

Response Measures

None

Description

Article describes the bank became insolvent in 1878 and a receiver (B. C. Christy) was appointed. No run or temporary suspension/reopening is mentioned; the bank remained in receivership and litigation continued into 1890.

Events (1)

1. January 1, 1878* Receivership

Newspaper Excerpt: The bank became insolvent in 1878... B. C. Christy was made receiver and Magnus Pflaum auditor.
Source: newspapers

Newspaper Articles (1)

1. February 26, 1890 Pittsburg Dispatch Pittsburgh, PA

Article from Pittsburg Dispatch, February 26, 1890

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Article Text

THE OUTSIDERS WIN. One Case in Which it Didn't Pay to be on the Inside. The appeals of Guthrie and of Bindley from Common Pleas No. 2, dismissed and decrees affirmed by the Supreme Court, are as comforting to creditors as they are uncomfortable to the stockholders of the Pittsburg Savings Bank. The bank became insolvent in 1878, with total liabilities something, more than $58,000. B. C. Christy was made receiver and Magnus Pflaum auditor. To outsiders was due $24,000, and the rest was due to stockholders in the bank. The latter had paid some debts of the bank, nearly $40,000 of which was to the city of Pittsburg. Mr. Pflaum held that, being partners, they could not recover. George W. Guthrie, on behalf of some of these, appealed, as also did Mr. Bindley. He was a stockholder who held judgment given him by Joseph Clemens and Joseph Knoff for $1,000. He took assignments and then claimed to recover from the general fund. The effect of the decisions is to give outside creditors the full amount of their claims. They have already gotten 50 per cent on them.