Third National Bank (Pittsburg, PA)

View Charter #291 on SPMC View balance sheet

Episode Information

Episode UID
29101295
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
2910 national
Charter Number
291
Start Date
November 1, 1907*
Location
Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8204230005fac1a3

Response Measures

None

Receivership Details

Depositor recovery rate
58.0%
Date receivership started
1932-01-28

Description

Articles describe city-/nation-wide suspension measures (60-day rule) affecting Pittsburg banks but do not name Third National specifically.

Events (3)
1. February 27, 1864 Chartered
Source
historical_nic
2. November 1, 1907* Suspension
Cause
Macro News
Cause Details
Nationwide financial panic originating in New York (1907), leading Pittsburg banks to apply the 60-day rule for withdrawals
Newspaper Excerpt
And then Detroit. Pittsburg. Cleveland. Buffalo... did likewise. The banks of nearly every other city did likewise. ... applied the 60-day rule
Source
newspapers
3. January 28, 1932 Receivership
Source
historical_nic

Newspaper Articles (3)
1. August 17, 1893 The Sun New York, NY
Article from The Sun, August 17, 1893

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Article Text

Suspended Banks Reopen Their Doors. KANSAS CITY. Aug. 16. - The Armourdale Bank at Armourdale. which suspended business in the financial crash in the two Kansas cities one month ago yesterday. has reopened its doors and resumed business. FORT SCOTT, Kan., Aug. 16-The First National Bank of this city. which suspended on July 18, resumed business this morning. Bank Examiner Latimer of Sedalia. who has been in charge since it closed. has issued a notice to depositors saying that the institution is in good financial condition. WASHINGTON. Aug. 16.-The First National Bank of Rico, Col., which suspended payment June 30. 1893. having complied with the conditions imposed by the Comptroller of the Currency. and its capital stock being unimpaired. has been permitted to-day to reopen its doors for business. CLEVELAND. Aug. 16.-The Cardington Banking Company. at Cardington. O., closed its doors this afternoon. Theassets approximate $100. 000 and are said to be sufficient to meet the demands of the creditors. The President of the bank. Major W. G. Beatty. was obliged to make an assignment. and the bank could not weather the trouble brought on by his embarrassment. CARROLLTON. Pa.. Aug. 16.-The banks of Johnston. Bucks county. at Ebensburg. Carrollton. and Hastings. which suspended payments until they could get more money. will open again on Monday morning.

2. October 26, 1903 Daily New Dominion Morgantown, WV
Article from Daily New Dominion, October 26, 1903

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Article Text

The disturbances caused by the suspension of the Baltimore and Pittsburg banks which recently went out of business, have subsided and no further trouble is anticipated. The country is all right and it will not go to the bow-wows just at present.

3. November 6, 1907 Alma Record Alma, MI
Article from Alma Record, November 6, 1907

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Article Text

AS OTHERS SEE IT The following appeared as an ediorial in this mornings Grand Rapids Herald and in a clear and concise statement of the facts as relative to the present financial Hurry: "The end of the financial disturbance is believed to be in sight. The trouble originaed in New York. The "collapse of the copper corner pinched some of the brethren of high finance. Their embarrassment involved some of the banks with which they were connected. In a flash New York had a panic on hand. The New York banks. for their own protection. applied the 60-day rule for withdrawal of deposits and resorted to the use of clearing house certificates. This action was not necessarily an evidence of weakness. but was deemed essential to safety to prevent a blind. unthinking. unreasoning rush for money to be locked up in vaults or hoarded." New York is the country's great financial center. its money reservoir. When New York tied itself up in a knot. other cities were soon in a tangle, not through any fault of their own nor because of "local conditions.", but simply bceause New York had failed them. Chicago was the first to follow the New York example in applving th* 60-day rule_and resorting to clearing house certificates. And then Detroit. Pittsburg. Cleveland. Buffalo, St. Louis and the banks of nearly every other city did likewise. The banks of Grand Rapids are among the very few in the country that have continued to do business under anything approaching normal conditions. The banks here still pay cash on demand to satisfy all legitimate needs, but at the same time they are doing all they can to conserve their supplies of currency by the use of checks, certificates of deposit and exchange on New York and Chicago. But as stated, the end of the trouble. it is believed, is now in sight. The national banks all over the country are taking out additional circulation. is coming out of Washington at the rate of $1,000.000 to $1,500,000 a day. The government mints are working overtime on new coniage. and this money is being put into circulation as rapidly as possible. The greatest, factor of immediate relief. however. is the arrival of gold from Europe. The Kron Prinzessin Cecile brought $8,000,000 into New York yesterday. The Lusitania will arrive Friday with $10.000,000. Other ships are on the way