First National Bank (Homestead, PA)

View Charter #3829 on SPMC View balance sheet

Episode Information

Episode UID
382901123
Episode Type
Run Only
Bank Type
national
Bank ID
38290 national
Charter Number
3829
Start Date
July 22, 1893
Location
Homestead, Pennsylvania

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f253370582bf8aba

Response Measures

Accommodated withdrawals, Public signal of financial health, Capital injected

Events (3)
1. December 30, 1887 Chartered
Source
historical_nic
2. July 22, 1893 Run
Cause
Rumor Or Misinformation
Cause Details
A rumor that the bank would close spread (notably among Hungarian steelworkers), prompting a rush and heavy withdrawals.
Measures
Bank prepared to pay all claims, remained open late, paid out about $100,000 and received additional funds and deposits (about $58,000) from business men to restore confidence.
Newspaper Excerpt
A rumor gained currency yesterday that the bank would close ... a rush was made upon the bank.
Source
newspapers
3. July 3, 1942 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (9)
1. July 23, 1893 The Times Richmond, VA
Article from The Times, July 23, 1893

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First National Bank of Homestead today. A rumor gained currency yesterday that the bank would close. This aroused the Hungarians employed at the Carnegie Steel Works and other depositors who lacked confidence and a rush was made upon the bank. Anticipating the demand, the bank prepared to pay all claims, and remained open for this until a men late hour to-night. The business purpose of the town made large deposits, instead of withdrawing their money, having implicit confidence in the bank. About $100,000 in cash was paid out to-day. Additional funds to the amount of $58,000 were received by the bank this evening, while the business men added large amounts to maintain confidence. It is claimed that there is no further danger. No Run on the German-American MILWAUKEE, WIS., July 22.-A report sent out from this city to the effect that the German-American Bank had succumbed to a run was without foundation. The German-American is exceptionally sound. It has experienced no run whatever. It could not be better prepared to meet a run. False reports concerning it were due to the failure of another south-side bank. Another Iron Works Suspends. BELVIDERE, N. J., July 22.-Edward Lunkens, superintendent of the Oxford Iron and Nail Company, was instructed to close the rolling mills and iron mines belonging to that company, pending the settlement of the affairs by a receiver. The cause of the failure, as explained by the president, is dullness of the iron market and the financial stringency of the country. To-night the pumps are being removed from the mines, and the machinery is being dismantled by order of the directors. By the existing state of affairs 350 men are thrown out of employment, without any hope of relief. The liabilities are estimated at $225,000; assets, $150,000. Failure of Rail Mills. LOUISVILLE, KY., July 22.-The New Albany Rail Mills and Charles W. Depauw, of New Albany, assigned this afternoon. The rail mills' assets are placed at $400,000, with liabilities at $350.000. Mr. Depauw is a son of the late Dr. Depauw, who was at the time of his death the wealthiest man in this part of the country. C. W. Depauw is a millionaire, and has assets really in excess of liabilities. The amount involved is nearly $1,000,000. To Prosecute the Bank Officers. LIMA, O., July 22.-The recent failure of the Citizens' Bank of Ada for a large amount will probably result in the prosecution of the bank people. Only a few hours previous to the assignment Ahlfield, it is alleged, gave mortgages to his sons and relatives covering all his property, consisting of the bank building, three farms, his residence, etc. One of the mortgages was made to his son, only about fourteen years old, and the depositors propose to contest the legality of the transaction. Ahlfield has property enough to cover all the liabilities of the bank.

2. July 23, 1893 The Morning News Savannah, GA
Article from The Morning News, July 23, 1893

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A RUN AT HOMESTEAD. Business Men Help the Bank Out with Heavy Deposits. Homestead, Pa., July 22.-A run of considerable proportions was made on the First National Bank of Homestead to-day. A rumor gained currency yesterday that the bank would close. This aroused the Hungarians employed at the Carnegie steel works and other depositors who lacked confidence, and a rush was made upon the bank. Anticipating the demand the bank prepared to pay all claims and remained open for this purpose until a late hour to-night. The business men of the town made large deposits instead of withdrawing their money, having implicit confidence in the bank. About $100,000 was paid out to-day. Additional funds to the amount of $58,000 were received by the bank this evening, while leading business men added large amounts to maintain confidence. It is claimed that there is no further danger.

3. July 23, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, July 23, 1893

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HOMESTEAD BANK. Hungarians Start a Run on the First National. HOMESTEAD, Pa., July 22. -A run of considerable proportion was made on the First National Bank of Homestead, today. A rumor gained currency yesterday that the bank would close. This aroused the Hungarians employed at the Carnegie Steel works and other depositors who lacked confidence, and a rush was made upon the bank. Anticipating the demand, the bank prepared to pay all claims and remained open for this purpose until a late hour tonight. The business men of the town made large deposits instead of withdrawing their money, having implicit confidence in the bank. About $100,000 was paid out today. Additional funds to the amount of $58,000 were received by the bank this evening, while leading business men added large amounts to maintain confidence. It is claimed that there is no further danger.

4. July 24, 1893 New-York Tribune New York, NY
Article from New-York Tribune, July 24, 1893

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FURTHERFAILURESREPORTED SUSPENSION OF A BIG REAL ESTATE AND BANKING FIRM IN TEXAS. A STREET RAILWAY COMPANY IN TROUBLERUN ON A BANK AT HOMESTEAD-C. W. DEPAUW'S ASSIGNMENT. Dallas, Tex., July 23.-Murphy & Boland. the nrost widely known and extensive real estate agents and investment bankers in Texas. suspended yesterday afternoon. Mr. Murphy said to a reporter: "The firm of Murphy & Boland has suspended and will be wound up. Its indebtedness will be paid off as soon as the assets can be realized." The Murphy-Boland Land Investment Company has been organized in place of the Murphy & Boland Company. No statement of assets and liabilities of the firm can yet be obtained. The concern had almost a montopoly of the agency and rental business of the town. Estates and individuals placed their property with it and It was rated more solld than any bank in the city. The firm had purchased upon Its own account a great deal of real estate, which has materially shrunk in value. Salt Lake City, Utah, July 23.-The Burton-Gardner Company, one of the largest lumber firms and wire fence manufacturers doing business here, made an assignment yesterday. Liabilities, $100,000: assets about the same amount. The failure is due to slow collections resulting from the paralyzed condition of Western trade since the silver depression. Homestead, Penn., July 23.-A run was made on the First National Bank of Homestead yesterday. A rumor that the bank would close alarmed the Hungarlans employed at the Carnegie Steel Works and other depositors. Anticipating the demand, the bank prepared to pay all claims, and remained open for this purpose until a late hour last night The business men of the town made large deposits, Instead of withdrawing their money. About $100,000 was paid out yesterday. Additional funds to the amount of $58,000 were received by the bank last night, while leading business men added large amounts to maintain confidence. It is said that there is no further danger. Chicago, July 23.-Fifty creditors of the Armstrong Company, manufacturers of uniforms and regalia, who failed recently, held a meeting yesterday at which It was decided to reject the firm's offer of 25 per cent, to be paid in four, eight and twelve months. Mr. Armstrong was present, and explained that the assets of the firm were $134,000, a shrinkage from the supposed total, and the liabilities, $132,000, an amount greater than had been supposed. A committee was appointed to investigate the affairs of the company and to decide what the firm could pay. Indianapolis, July 23.-Charles W. Depauw's assignment was not unexpected here. In fact, It was looked for weeks ago, at the time of the $1,000,000 failure of the Premier Steel Works. This is the largest failure in Indiana for years. Mr. Depauw has $30,000 stock in the Bank of Commerce here, but the cashier said last night he did not expect trouble. Washington C. Depauw's wealth was estimated at about $10,000,000. Of this estate Charles W. received a one-fourth interest, which is yet undivided. The failure will be a severe blow to the Methodist institutions In Indiana, which were fostered by Washington C. Depauw. There has been deeded to the Union Trust Company of this city, as assignee, property ordinarily valued at $1,800,000 for liabilities which are estimated at $800,000. Toledo, Ohio, July 23.-A statement has been made by the assignee of the Fostoria Brass and Iron Works, one of ex-Secretary Foster's enterprises which went under in the recent crash. The statement places the assets at $147,694 and the liabilities at $191,400, a much better showing than was expected. Manchester, N. H., July 23.-Late Saturday evening Bank Commissioner James C. Lyford served the papers closing the doors of the New-Hampshire Trust Company, of this city. This action was taken after full consultation with the officers of the institution and for the protection of its depositors and creditors. The proceedings were similar to those pursued in the case of the Security Trust Company, of Nashua, with the expectation that the suspension of business will be only temporary. In an interview, Mr. Lyford says: "There is no occasion for alarm on account of this action taken by the Pank Commissioners, either among depositors of the New-Hampshire Trust Company and the people holding its securities, or among people who are depositors of the savings banks of the State. It operates as a stay, enabling the institution to realize cash from Its assets without sacrificing them in a falling market."

5. August 16, 1893 The Star Reynoldsville, PA
Article from The Star, August 16, 1893

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these are liable to be blown out at any time. SOME time ago the Bellefonte council decided that cows cou'd no longer roam the streets. Since then, according to the "Watchman." pedestrianism is much pleasanter. The only trouble now is that persons can hardly get along on account of the crowds of pretty girls. The intimation is plain that the girls were afraid of the cows. A HOMESTEAD man drew his savings $690 from the First National Bank of Homestead when a rnn was started there by so e Hungarians. He kept the money at home until a thief found it, The thief has it now and the bank is still sound. CATHERINE SHANNON was buried last week in Bold Eagle cemetery. Blair county. She passed her 90th birthday about two months ago. For years she had been using her third set of teeth. NEAR Huntingdon. a team ran a way with a reaper after striking a hornets' nest. The aged driver. John G. Smith. was thrown in front of the machine. beheaded and horribly mutilated. FRANK MILLER, a young farmer of Brush Valley township. Indiana county, was killed by the explosion of a gun while he was lying in wait for some dogs which had killed his sheep. THERE is any amount of building goingon in Johnstown this summer, and among other structures are four handsome business blocks that will cost $200,000. CALVIN HARMIN and Reuben Campbell, of Stahlstown. Westmoreland county, claim to have the record on cradling oats. They cut a 10-acre field in one day. JAMES THORPE, an employe of the Leetonia Rolling mill. Greensburg, was grinding a link. when the emery wheel burst, killingh instantly. ETHEL JONES. aged 11 years. was drowned in Pymatuning creek, at Orangeville, near Sharon, while bathing with some young girl companions. IN digging a well at Connellsville, employes of the Columbia Brick Company, discovered a human body and a canoe both petrified. ROBERT ATKINSON'S barn near West Overton, was burned with all his crop, aggregat. ing a loss of $1,500 with no insurance, BURGLARS broke into the home of Frederick Long in Mechanicsburg and after ransacking burned it to the ground. THE mother of negro West, who murdered the Crouch family in Washington county, was found dead in bed. THE Lebanon Trust and Safe Deposit Bank failed. It is a State institution with a capital of $50,000. THE Scranton lace factory has temporarily suspended operations, throwing out about 400 people. JESSE HUNT was crushed to death under a red hot damper in the Arethusa Iron Works at New Castle. UNIONTOWN is taking on city airs and is talking about putting up a $20,000 natatorium. FARMERS near Oil City, are turning hogs into their blackberry patches to rid out the snakes. HUNTINGDON county is overrun with grasshoppers which are playing havoc with the crops. GRASSHOPPERS have done great damage to crops around Erie.

6. August 17, 1893 The Middleburgh Post Middleburg, PA
Article from The Middleburgh Post, August 17, 1893

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the entire 40 ovens at this works were in blast Now but 200 are burning. and these are liable to be blown out at any time. SOME time ago the Bellefonte council decided that cows con d no longer roam the streets. Since then. according to the "Watchman." pedestrianism is much pleasanter. The only trouble now is that persons can hardly get along on account of the crowds of P etty girls. The intimation is plain that the girls were afraid of the cows. A HOMESTEAD man drew his savings $690 from the First National Bank of Homestead when a run was started there by so e Hungarians. He kept the money at home until a thi-f found it, The thief has it now and the bank is still sound. CATHERINE SHANNON was buried last week in Bold Eagle cemetery. Blair county. She passed her 90th birthday about two months ago. For years she had been using her third set of teet i. NEAR Huntingdon. ateam ran a way with reaper after striking n hornets' nest. The aged driver, John G. Smith. was thrown in front of the machine, beheaded and horribly mutilated. FRANK MILLER, a young farmer of Brush Valley township. Indiana county. was killed by the explosion of a gun while be was lying in wait for some dogs which had killed his sheep. THERE is any amount of building goingon in Johnstown this summer. and among other structures are four handsome business blocks that will cost $200,000. CALVIN HARMIN and Reuben Campbe'l. of Stahistown, Westmoreland county, claim to have the record on cradling oats. They cut a 10-acre field in one day. JAMES THORPE, an employe of the Leetonia Rolling mill Greensburg. was grinding a link, when the emery wheel burst, killinghim instantly. ETHEL JONES. aged 11 years. was drowned in Pymatuning creek, at Orangeville, near Sharon, while ba hing with some young girl companions. IN digging a well at Connellsville. employes of the Columbia Brick Company. discovered a human body and a canoe both petrified. ROBERT ATKINSON'S barn near West Overton, was burned with all his crop. aggregating a loss of $1,500 with no insurance, BURGI ABS broke into the home of Frederick Long in Mechanicsburg and after ransacking burned it to the ground. THE mother of negro West. who murdered the Crouch family in Washington county, was found dead in bed. THE Lebanon Trust and Safe Denosit Bank failed. It is a State institution with a capital of $50,000. THE Scranton lace factory has temporarily suspended operations, throwing out about 400 people. MUNT was crushed to death red not damper *** at New Castle. UNIONTOWN is taking on city airs and is talking about putting up a $20,000 natatorium. FARMERS near Oil City. are turning hogs into their blackberry patches to rid out the snakes. HUNTINGDON county is overrun with grasshoppers which are playing havoe with the crops. GRASSHOPPERS have done great damage to crops around Erie.

7. August 17, 1893 The Sun New York, NY
Article from The Sun, August 17, 1893

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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.

8. 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 CorpoΠ³Π°- 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

9. 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.