Southwestern National Bank (Philadelphia, PA)

View Charter #3498 on SPMC View balance sheet

Episode Information

Episode UID
349801599
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
34980 national
Charter Number
3498
Start Date
March 4, 1933
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
3a69a2717a393d36

Response Measures

None

Receivership Details

Depositor recovery rate
69.8%
Date receivership started
1934-08-17
Date receivership terminated
1940-10-11
Share of assets assessed as good
62.5%
Share of assets assessed as doubtful
29.1%
Share of assets assessed as worthless
8.4%

Description

Articles describe a Pennsylvania-wide bank holiday (March 4, 1933) that applies to this Philadelphia bank; reopening is implied but not explicitly reported in the provided clips.

Events (3)
1. May 8, 1886 Chartered
Source
historical_nic
2. March 4, 1933 Suspension
Cause
Government Action
Cause Details
Statewide bank holiday declared by Governor Gifford Pinchot (closure of banks in Pennsylvania following runs/holidays in other states).
Newspaper Excerpt
I hereby declare a bank holiday throughout Pennsylvania on Saturday, March 4, 1933, and Monday, March 6, 1933.
Source
newspapers
3. August 17, 1934 Receivership
Source
historical_nic

Newspaper Articles (7)
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. August 24, 1893 Phillipsburg Herald Phillipsburg, KS
Article from Phillipsburg Herald, August 24, 1893

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make the fight for gold monometallism Knowing that Cleveland was heartily with them, they desired to create such public sentiment as would make his triumph with congress easy. First they were to press the west for a settlement of indebtedness, and next they were to start the scare over the export of gold. The movement of gold abroad began early in the year. It was undoubtedly accelerated by New York financiers, and every effort made to magnify its importance. The telegraph wires were daily loaded, not merely with the various amounts that were going abroad, but with interviews with New York men as to what was the cause, etc. There was apparently a systematic effort to press upon the people of the whole country that other nations were frightened on account of our silver legislation, and were determined to secure all their indebtedness at once in gold. The strongest influences were brought to bear on President Harrison and Secretary of the Treasury Foster to get them to issue bonds for the purpose of calling gold back. It is said that the treasurer, Foster, succumbed to their influence and was willing to issue the bonds, which SO greatly encouraged the New Yorkers that they formed a syndıcate for the purpose of handling them. A gentleman of this city assures the Inter Ocean that he knows some of the members of said syndicate. President Harrison's firmness, however, thwarted their efforts, and when President Cleveland was inaugurated he refused to do what his predecessor had so firmly and positively declined. When it was found that President Cleveland would neither issue the bonds nor call an immediate session of congress to wipe out silver legislation the export of gold continued to increase rather than decrease, and the wise financiers of the east began to see that the movement they had started was one they could not control. The fuliillment of their prophecies of evil began to look them full in the face they became worse frightened than those whom in the beginning they had intended to frighten. They could not conçeal their apprehension, and though they were much more demure than they were when they were trying to frighten the rest of the nation, their influence was 80 chilling to enterprise and prosperity that the panic spread all over the country. A general distrust of banks and financial institutions siezed the whole people and an unexampled hoarding of currency began in all parts of the country. The result is that the nation is now undergoing a financial stringency such as was never seen here before and, like retributive justice, the severest sufferers of all are the financiers of the Atlantic who inaugurated and created the panic. The great banks of New York, Boston and Philadelphia have practically suspended and the work of furnishing currency to those who have workman to pay is relegated to brokers, who sell at premium, The New York city banks have now some $37,000,000 of clearing house certificates, which is a species of currency|that is good between the banks themselves. Checks and drafts on Boston, New York and Philade'phia, are selling in Chicago at from $15 to $30 per $1,000 discount and go begging at that. Over $25,000,000 of gold have been imported since July 1, but still these great banks are not able to resume their old relation with the banks of the country. They undertook to teach the west a lesson and require them to pay up, but they have found that the west is the great source of the wealth of the country, and that from the west come the exports to foreign countries, and that the money of foreign countries must come west in order to secure these exports. Ther have found that

3. September 2, 1893 The Ketchum Keystone Ketchum, ID
Article from The Ketchum Keystone, September 2, 1893

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ity that the panic spread all over the country. WALL STREET CHEATED THE PANIC. A general distrust of bank and financial institutions seized the whole people and an unexampled hoarding of currency began in all parts of the country. The result is that the nation is now undergoing a financial stringency such as was never seen here before, and like retributive justice, the severest sufferers of all are the financiers of the Atlantic cities who inaugurated and created the panic. The great banks of New York, Boston and Philadelphia have practically suspended. and the work of furnishing currency to those who have workmen to pay is relegated to brokers, who sell at premium. NEW YORK BANKS SOLVENT. The New York City banks have now some $37,000,000 of Clearing House certificates, which is a species of currency that is good between the banks themselves. Checks and drafts on Boston, New York and Philadelphia are selling in Chicago at from $15 to $30 per $1,000 discount, and go begging at that. Over $25,000,000 of gold has been imported since July 1st, but still these great banks are not able to resume their old relations with the banks of the country. They undertook to teach the West a lesson and require them to pay up, but they found that the West is the great source of the wealth of the country, and that from the West come the exports of foreign countries, and that the money of foreign countries must come West in order to secure those exports. They have found, too, that the West is full of able and independent business men, S who do not find it necessary to 1 simply imitate their brothers of the East. EASTERN BANKERS' CRIMINALITY. These great financiers of the East undertook to teach the nation a lesson, showing the folly of bimetallism+ and have simply demonstrated their own inefficiency as business men and worked irrepara ble injury to the whole country The gold that they aided to get away to Europe is returning, but it f comes to pay for the exports of the West. The same men and their allies undertook to make things easy for Mr. Cleveland, but have only succeeded in rousing animosities that will make the success of his administration more difficult and 7 S make monometallism more hated h than ever. Whatever the actual result of present contentions, there is a lesson in the present situation to all those who would have the whole t country pay them tribute.-Chicago Inter-Ocean, August 20th.

4. September 8, 1893 The Great West Saint Paul, MN
Article from The Great West, September 8, 1893

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of the nation, their influence was so depressing to enterprise and prosperity that the panic spread all over the country. A general distrust of banks and financial institutions seized the whole people, and an unexampled hoarding of currency of all kinds began in all parts of the country. The result is that the nation is now undergoing a financial stringency such as was never seen here before, and, as if ordered by retributive justice, the severest sufferers of all are the financiers of the Atlantic cities who inaugurated and created the panic. The great banks of New York, Boston and Philadelphia have practically suspended, and the work of furnishing currency to those who have workmen to pay relegated to brokers who sell it at a premium. Chicago is the only great city of the nation where the banks honor all checks, and pay every depositor currency as asked for. The New York city banks have now some $38,000,000 of clearing house certificates, which are a species of currency, unknown to the law, that is good between the banks themselves. Checks and drafts on Boston, New York, and Philadelphia are selling in Chicago at from $15 to $30 per $1,000 discount, and go begging at that. Over $25,000,000 of gold has been imported since the first of July, but still these great banks are not able to resume their old relation with the banks of the country. They undertook to teach the west à lesson and require them to pay up, but they have found that the west is the great source of wealth of the country, and that from the west come the exports to foreign countries and that the money of the foreign countries must come west in order to secure these exports. They have found, too, that the west is full of able and independent business men, who do not find it necessary simply to imitate their brothers of the east. These great financiers of the east undertook to teach the nation a lesson, showing the folly of bimetallism, and have simply demonstrated their own inefficiency as business men, and worked irreparable injury to the whole country. The gold that they aided, to get away to Europe is returning, but it comes to pay for the exports of the west. The same men and their allies undertook to make things easy for Mr. Cleveland, but have only succeeded in rousing animosities that will make the success of his administration more difficult and make mono-metalism more hated than ever. Whatever the actual result of present contentions, there is a lesson in the present situation to all those who would have the whole country pay them tribute."

5. September 12, 1893 Idaho Semi-Weekly World Idaho City, ID
Article from Idaho Semi-Weekly World, September 12, 1893

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of Congress to wipe out silver legis. lation, the export of gold began to increase rather than decrease, and the wise financiers of the East began to see that the movement they had started was one they could not control. The fulfillment of their prophesy of evil began to look them full in the face, and they became worse frightened than those whom, in the beginning, they had intended to frighten. They could not conceal their apprehension, and though they were much more demure than they were when they were trying to frighten the rest of the nation, their influence was so chilling to enterprise and prosperity that the panic spread all over the country. WALL STREET CREATED THE PANIC. A general distrust of bank and financial institutions seized the whole people, and an unexampled boarding of currency began in all parts of the country. The result is that the nation is undergoing a financial stringency such as was never seen here before, and, like retributive justice, the severest sufferers of all are the financiers of the Atlantic cities who inaugurated and created the panic. The great banks of New York, Boston and Pbiladelphia have practically suspended, and the work of furnishing currency to those who have workmen to pay is relegated to brokers, who sell at a premium. NEW YORK BANKS INSOLVENT. The New York city banks have now some $37,000,000 of Clearing House certificates, which is a species of currency that is good between the banks themselves. Checks and drafts on Boston are selling in Chicago at from $15 to $30 per $1,000 discount, and go begging at that. Over $25,000,000 of gold has been imported since July 1st, but still these great banks are not able to rosume their old relations with the banks of the country. They undertook to teach the West a lessen and require them to pay up, but they found that the West is the great source of wealth of the country, and that from the West come the exports to foreign countries, and that the money of foreigh countries must come West in order to secure those exports. They t have found, too, that the West is full of independent business men, who do s not find it necessary to simply imin tate their brothers of the East. EASTERN BANKERS' CRIMINALITY. , These great financiers of the East undertook to teach the nation, showe ing the folly of bimetallism, and have simply demonstrated their own ineffi3, ciency as business men and worked y irreparable injury to the whole country. The gold that they aided to get d away to Europe is returning, but d comes to pay for the exports of the West. The same men and their alis lies undertook to make things easy for Mr. Cleveland, but have only succeeded in rousing animosities that st will make the success of his administration more difficult and make moncd metallism more hated than ever. r Whatever the actual result of present t contentions, there is a lesson in the le present situation to all those who would have the country pay them tribute. d

6. March 4, 1933 Evening Star Washington, DC
Article from Evening Star, March 4, 1933

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# EARLY U. S. ACTION # PLANNED ON BANKS New York and Illinois Declare Holidays-Only Four States Unrestricted. (Continued From First Page.) Connecticut took similar action, bring- ing to 43 the list of States in which restrictions on withdrawals are opera- tive in some form or another. Only Montana, Colorado, North Da- kota and South Carolina remained without restrictions at noon today. Delaware's banks were open, but the State Legislature has already taken emergency action. These developments had brought from Representative Rainey, the next Speaker of the House, the prediction that "an extra session of Congress will be called at the earliest possible time." He said he felt that early next week, possibly Tuesday, would not be too soon. Pre- viously Rainey had told House mem- bers-elect to remain in Washington. Others at the Capitol said the session probably would begin Wednesday. The Federal Reserve Bank of New York was closed with all other bank- ing institutions of that State. The Federal Reserve Bank at Philadelphia also closed, under a holiday declared throughout Pennsylvania by Gov. Pin- chot. Later in the day the Minne- apolis Federal Reserve Bank suspended business. The closing of the New York Federal Reserve Bank meant the tying up of its huge gold reserve for the period of the holiday against withdrawal by either domestic or foreign agencies. In discussing the banking relief pro- gram, Senator Robinson said: "We do not know just when it will be completed, but it will be expedited all possible. The details can not be announced right now but you may be assured there will be no delay." Wagner Plans Action, Previously Senator Wagner, Demo- crat, of New York, had told newspaper men he would carry immediately to Democratic leaders an appeal for imme- diate emergency banking moves. In- formed at his hotel here of banking moratoria in New York and Illinois. Wagner said he would appeal this morn- ing to Democratic leaders to begin working out a program and some time this afternoon would call on Mr. Roose- velt with the same objective. A bank holiday, he said, "is the only thing to do" to meet the emergency of the banks themselves, but he added quick steps are necessary to enable them to reopen and continue opera- tions. Harvey Couch, Democratic member of the Reconstruction Finance Corpoга- tion, was the first White House caller this morning. He said after a brief conference with President Hoover he had discussed "matters incident to the banking situation," but declined to give details. Couch conferred last night with President-elect Roosevelt. Officials in Conferences. High officials both of the outgoing Republican and incoming Democratic administrations were in conference most of the night. Secretary of the Treasury Mills said afterward the Hoover administration would have no statement, but that governors of the Federal Reserve banks in Chicago and New York would have announcements. Demands Impossible. The hours between midnight and dawn saw banking officials in many States struggling with the problem, made acute by the flurrying of nervous- ness on the part of depositors. As a statement by the New York Clearing House Committee put it: "The unthinking attempt of the pub- lic to convert over $40,000,000,000 of deposits into currency at one time is, on its face, impossible." The statement added that the condi- tion clearing house banks is such that "they could, through the facilities of the Federal Reserve Bank, pay on de- mand every dollar of their deposits," but that withdrawals throughout the country as a whole have increased so that a "halt" is necessary "to enable the proper authorities to consider and adopt remedies to meet this situation, not for New York primarily, but for the Nation as a whole." Only a few States remained today in which restrictions on withdrawals had not been invoked. No Holiday in Virginla. In Virginia, Gov. Pollard said no general banking holidays would be de- clared because the State's laws already protect the banks and their depositors. In Maryland, the General Assembly early today approved the emergency banking legislation without a dissenting vote in either House. Gov. Ritchie signed it this morning, but said that the banking institutions of the State will not reopen Monday. The resources of the Reconstruction Finance Corporation earlier had been made available to hard-pressed, but solvent banks in States that have imposed moratoria on withdrawals. This was one of a number of de- velopments yesterday that included introduction of legislation to allow postal savings checking accounts and to confer upon the incoming admin- istration sweeping authority to main- tain the security of deposits. Reconstruction Corporation officials said their policy called for lending in- stitutions if the loans were well secured enough money to pay the percentage of deposits that could be withdrawn, provided the banks did not have the funds immediately available. It was emphasized this was not a new departure, but was simply the ap- plication of regulations decided upon for individual instances in the past to a situation spread into a number of States. Pinchot's Statement. Gov. Pinchot of Pennsylvania here for the inauguration issued the follow- ing statement: "Because of the declaration of a bank holiday in New York, Illinois and most of the other States, similar action in Pennsylvania has become unavoidable. "Were our banks to remain open, the demands upon them would impose an impossible burden. "Therefore, upon specific recom- mendation of Gov. Norris of the Phila- delphia Federal Reserve Bank, I hereby declare a bank holiday throughout Pennsylvania on Saturady, March 4, 1933, and Monday, March 6, 1933." Exchange Statement. A statement issued by the Govern- ing Committee of the New York Stock Exchange said: "The Governing Committee at a meeting held this morning in order to give full effect to the banking holiday declared by the Governor of the State of New York directed: "First, that the exchange be closed during such holiday: "Second, that members and firms registered on the exchange be pro- hibited from making any contracts for the purchase or sale or the borrowing or lending of any securities, and also from permitting their offices or facili- ties to be used for the purpose of mak- ing or carrying out any such contracts; "Third, that all deliveries be suspend- ed on all member contracts, except on such contracts as may be cleared by or settled through the Stock Clearing Corporation, and that in such cases deliveries shall be made as the Stock Clearing Corporation shall direct

7. March 4, 1933 The Daily Courier Connellsville, PA
Article from The Daily Courier, March 4, 1933

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GOVERNOR ORDERS TWO-DAY HOLIDAY FOR STATE BANKS By International Nows Service. PHILADELPHIA, March 4.-Governor Gifford Pinchot. from his temporary residence at Washington, D. C., today proclaimed mandatory twoday hollday for all Pennsylvania banks. The proclamation issued at 8:30 this morning through Dr. William D. Gordon, State Secretary of Banking, directs all banks in the Commonwealth to remain closed Saturday and Monday. George W. Norris, governor of the Federal Reserve Bank in Philadelphia at whose behest leading Philadelphia financiers assembled in the early Lours the morning to consider decisive action, said the step was made necessary by the growing list state bank holidays. Although it was believed Penneylvania banks could have remained open under the emergency legislation passed by the Legislature last Monday, of holidays by the governors of New York and Illinois and several other states early today precipitated the crisis, Norris explained. "Because of the declaration of bank holiday in New York, Illinois and other states similar action in Pennsylvania has become unavoidable," the Governor declared in his "Were our banks to remain open the demands on them would impose an impossible burden." "Therefore, on the specific recommendation of Governor George W. Norris of the Philadelphia Reserve Bank, hereby declare bank hollday throughout for Saturday, March 5, and Monday, March 6," the proclamation concluded.