19539. St Petersburg Savings Bank (St Petersburg, PA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
savings bank
Start Date
July 1, 1884*
Location
St Petersburg, Pennsylvania (41.162, -79.653)

Metadata

Model
gpt-5-mini
Short Digest
13635918

Response Measures

None

Description

The bank suspended in July 1884 due to inability to realize on notes and securities (asset/liquidity problem) and reopened on Sept 11, 1884 after providing for liabilities. No run is mentioned in the articles.

Events (2)

1. July 1, 1884* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Unable to realize on notes and other securities (asset/liquidity difficulties)
Newspaper Excerpt
forced to suspend in July on account of being unable to realize on notes and other securities
Source
newspapers
2. September 11, 1884 Reopening
Newspaper Excerpt
opened its doors yesterday and resumed the general banking business. All its liabilities have been provided for in a manner satisfactory to all concerned, and its old officers ... occupy their respective positions as formerly. The concern resumes business under favorable circumstances, and with ample capital.
Source
newspapers

Newspaper Articles (6)

Article from The Times, July 11, 1884

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Article Text

NERY LATEST. The debt of Boston increased $1,485,677 during the year. A car load of new Delaware wheat sold in Philadelphia at $1.10 per bushel. Six lives were lost by the sinking of the schooner Babcock near Barnegat, New Jersey. Fifteen buildings at Driftwood, Pa., valued at $75,000, were destroyed by fire Tuesday. The Bay State Casket company, of Boston, which owes $400,000, has suspended payment. In a race of 31 miles at New London, the Yale crew defeated the Harvards' by three lengths. Eleven men were dangerously injured by the explosion of a boiler in a flourmill at Stryker, Ohio. Twenty pool sellers who operated at the Coney Island races were indicted at Brooklyn Monday. The President has recognized Albert Francis Salvador as Consular agent of France at St. Paul, Minn. By an explosion in a colliery in British Columbia, twenty-four miners were killed and several others injured. The ladies of Flint, Mich, have presented to that city a spacious brick building and an extensive library. The Denver and Rio Grande road is unable to meet interest to the amount of $655,917 on its consolidated bonds. Two men were killed and ten others seriously injured by the wrecking of a construction train near Sumner, Mo. The democrats of Florida nominated General E. A. Perry for governor and M. H. Mabry for lieutenant-governor. At Huntsville, Ohio, while driving a vicious pony, Louis Murphy was fatally injured and his wife was instantly killed. J. Miller Kelly, president of the common council of Rochester, New York, has been held to bail on an indictment for bribery. The Illinois Watch company, of Springfield, has shut down for the summer, dispensing with the services of 1000, employes. For a distance of twenty-five miles along the Youghiogheny river the fish have been killed by sulphur water from the coal mines. The Garfield Monument association of Cleveland hasawarded the first prize of $1,000 for a design to Geo. H. Keller, of Hartford. Charles D. Gorham, a well-known military official of Chicago, has been appointed superintendent of the West Shore road. The receiver of the Newark Savings institution has commenced to pay a 60 per cent. dividend, which will require $3,700,000. The daughter of Mrs. George H. Jacobs, of Newcastle. Ohio, weighed precisely one pound at birth, and is a healthy child. In San Francisco, Wednesday, Wm. C. Milton killed Albertina Anderson for refusing to marry him, and then took his own life. Under instructions from W. H. Vanderbilt, Mr. Bair will take Maud S. to Cleveland and keep her in condition for use on the road. The democrats of North Carolina nominated Gen. Alfred M. Scales for governor and Charles M. Stedman for lieutenant governor. Captain Andrews, 93 years of age, has completed his walk from South Carolina to Massachusetts, arriving in Boston in good condition. Joseph F. Tucker, late traffic manager of the Illinois Central road, has been tendered the general management of the Wabash road. At the commencement dinner at Harvard college, President Eliot announced that only $125,000 had been donated during the year. Gilbert A. Pierce, a Chicago journalist, has been nominated governor of Dakota, and John H. Kinkead, of Nevada, governor of Alaska. The Central Pacific has given up the proposed postponement of the payment of the salaries of employes. All will be paid by the 10th inst. John O'Conners, of Milwaukee, nearly killed his wife with a common jackknife, and immediately surrendered himself at the police station. Four persons were killed and two others mortally wounded by a boiler explosion in the planing-mill of J. C. Smith, at Wausau, Wisconsin. The St. Petersburg bank of Clarion county, Pennsylvania, which was considered a very strong institution, has been forced to close its doors. A charter has been secured at Springfield, Ills., by C. R. Vandercook and others to build a railway from Chicago to Batavia, at a cost of $500,000. The Hungarian laborers in the coke region of Pennsylvania have had enough of free institutions, and are sailing for home in large squads. Dock Walker was hanged Friday at Texarkana for the murder of Lucas Grant. Two thousand citizens were permitted to witness the execution. The prohibition ticket for president and vice president will doubtless be exgovernor St. John, of Kansas, and Robert Pittman, of Massachusetts. The Waltham Watch company, of Massachusetts, has decided to run only four days each week in July, and to suspend entirely for half of August. The shore endof the Mackey-Bennett cable has been laid in Waterville bay, on the Irish coast, and the mid-ocean splice will probably be made by July 20.


Article from Savannah Morning News, September 12, 1884

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Article Text

AN INCREASE DEMANDED. NEW ORLEANS, Sept. 11.-A strike of freight handlers is threatened on Monday unless the railroads accede to the demands by the freight handler's unions for an increase of pay from $1 50 per day and 20 cents an hour for extra time to $2 a day and 30 cents per hour for extra time. One of the reasons given by the officers of the unions for demanding an increase is that landlords have raised the rents of the shanties the handlers live in fully 50 per cent. There are two unions, one composed of white men, numbering 1,200 members, and one of negroes with 500 members. The railroad companies were officially notified by the unions on Sept. 1 of the demand for increased wages by the freight handlers from and after Sept. 15. SUGAR REFINERS COLLAPSE. The Old Firm of Burger, Hurlburt & Livingston Goes to the Wall. NEW YORK, Sept. 11.-Henry S. Burger, Richard W. Hurlburt and Cyrus A. Healy, surviving partners of the firm of Burger, Hurlburt & Livingston, sugar refiners of No. 91 Wall street, of which the late John A. Livingston was a member, to-day filed an assignment, giving the following preferences: Geo. Delano & Co., $50,000: J. M. Edwards & Co., $10,000; F. E. Nettleton, $15,735; J. M. Monroe Taylor, $15,000; F. C. Burger and Tale estate, $5,457; Seely Bros., $10,000; Daniel Trowbridge, $19,500; National Bank of Waterville, $7,500; Skiddy, Milford & Co., for any sum they may be compelled to pay as indorsers on three notes of the assignors, aggregating $30,000; Barkley, Thompson & Co., on notes given for the benefit of the assignees, $19,532. Other preferences for smaller amounts aggregate $28,197. The cause of the assignment of the firm is said to be the depression in the trade. No estimate of the assets and liabilities can at present be given, but schedules will be immediately prepared. A meeting of creditors will be called, and it is expected that a compromise will be effected. The firm has been in business forty years and has always ranked well. A PENNSYLVANIA BANK RESUMES. OIL CITY, PA., Sept. 11.-A special from St. Petersburg, Carion county, says: "The St. Petersburg Savings Bank, which was forced to suspend in July last on account of its being unable to realize on notes and other securities, opened its doors yesterday and resumed a general banking business. All its liabilities have been provided for in a manner satisfactory to all concerned, and its old officers are in charge."


Article from The Indianapolis Journal, September 12, 1884

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Article Text

A Broken Bank Resumes. ST. PETERSBURG, Pa., Sept. 11.-The St. Petersburg Savings' Bank. which was forced to suspend in July, on account of being unable to realize on notes and other securities, opened its doors again yesterday and resumed the general banking business. All its liabilities have. been provided for in a manner satisfactory to all.concerned, and the old officials-Elias Ritts, president; J. N. Ritts. cashier, and Charles Martin, book-keeper-occupy their respective positions, as formerly. The concern resumes business under favorable circumstances, and with ample capital.


Article from The Wheeling Daily Intelligencer, September 12, 1884

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Article Text

A Bank Resumes Business OIL CITY, PA., September 11.-A St. Petersburg, Clarion county, Pa., special to the Derrick says: The St. Petersburg Savings bank which was forced to suspend in July on account of being unable to realize on notes and other securities, opened its doors again yesterday and resumed the ganeral banking business. All of its liabilities have been provided for in a manner satisfactory to all concerned, and the old officers, Elias Ritts, President; J. V. Ritts, cashier; and Charles II. Martin, book keeper, occupy their respective positions as formerly. The concern resumes business under favorable circumstances and with ample capital.


Article from St. Paul Daily Globe, September 12, 1884

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Article Text

Business Resumed. ST. PETERSBURG, Pa.,, Sept. 11.-The St. Petersburg savings bank, which was forced to suspend in July on account of being unable to realize on notes and other securities, opened its doors again yesterday and resumed the general banking business. All its liabilities have been provided for in a manner which gave satisfaction to all concerned, and the old officials were in their respective positions as formerly. The concern resumes business under favorable circumstances and with ample capital.


Article from The State Journal, September 13, 1884

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Article Text

A SUSPENDED BANK BESUMES BUSINESS. ST. PETERSBURG, Clarion Co., Pa., Sept. 12.-The St. Petersburg Savings bank, which was forced to suspend in July last on account of its being unable to realize on notes and other securities, opened its doors again yesterday and resumed a general banking business. All liabilities have been provided for in a manner satisfactory to all concerned, and its old officials-Elias Ritts, president; J. W. Ritts, cashier, and Charles H. Martin bookeeper-occupy their respective positions as formerly. The concern resumes business under favorable circumstances, and with uniple capital.