National Bank of South Pennsylvania (Hyndman, PA)

Episode Information

Episode UID
406301124
Episode Type
Run โ†’ Suspension โ†’ Closure
Bank Type
national
Bank ID
40630 national
Charter Number
4063
Start Date
August 3, 1893
Location
Hyndman, Pennsylvania (39.823, -78.718)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d98e7dd1e887c743

Response Measures

Full suspension, Books examined

Other: Comptroller of the Currency was notified to take charge (regulatory takeover/receivership actions).

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1902-12-16
Date receivership terminated
1903-07-16
OCC cause of failure
Fraud
Share of assets assessed as good
42.1%
Share of assets assessed as doubtful
21.2%
Share of assets assessed as worthless
36.7%

Description

Owners (John K. and G. B. White) heavily tied to tanneries; Comptroller notified to take charge.

Events (5)

1. July 2, 1889 Chartered
Source
historical_nic
2. August 3, 1893 Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals following troubles of the bank's principal owners and their connected tanneries and businesses.
Newspaper Excerpt
The firm experienced a run on the bank about two weeks ago, which is said to have precipitated the failure.
Source
newspapers
3. August 17, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed after a sustained run and insolvency linked to owners' business failures (tanneries, steamship and utility interests).
Newspaper Excerpt
The National Bank of South Pennsylvania, at Hyndmann, Bedford county, closed its doors today.
Source
newspapers
4. August 23, 1893 Receivership
Newspaper Excerpt
The Comptroller of the Currency has been notified to take charge of the bank and all the firm's personal property has been issued on.
Source
newspapers
5. December 16, 1902 Receivership
Source
historical_nic

Newspaper Articles (12)

Article from The Sun, August 17, 1893

Click image to open full size in new tab

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.


Article from The Roanoke Times, August 18, 1893

Click image to open full size in new tab

Article Text

Financial Trouble. HUNTINGTON, Pa., Aug. 17.-The national bank of South Pennsylvania at Hyndmann, Bedford county, closed its doors to-day. IOWA CITY, Aug. 17 -The Iowa City packing house was put in the hands of a receiver. The capital is $120,000 and the liabilities nominal. DUBUQUE, Ia., Aug. 17.-The First National Bank of this city suspended this morning. It was one of the oldest banks in the city and had a capital of $200,000. This is the first failure in Dubuque since the financial trouble began.


Article from The Wilmington Daily Republican, August 18, 1893

Click image to open full size in new tab

Article Text

A Huntingdon Bank Closes Its Doors. HUNTINGDON, Pa., Aug. 18.-The National Bank of South Pennsylvania, at Hyndman, Bedford county, closed its doors yesterday. The bank was operated by John K. and George B. White, who owned nearly all the stock. They also operated four large tanneries located at Hyndman, Dry Run and Mann's Choice, which were also forced to close down in consequence. The firm was largely interested in the Amazon Steamship company, plying between New York and South America, and they owned the majority of the stock in the Everett Electric Light and Water companies. It is thought that all of the depositors will be paid in full. By the shutting down of the steam tanneries over 200 men are thrown out of work.


Article from The Morning News, August 18, 1893

Click image to open full size in new tab

Article Text

HUNTINGTON FAILURES. By Which a Number Are Thrown Out of Work. Huntington, Pa., Aug. 17.-The National Bank of South Pennsylvania, at Hyndmann, Bedford county, closed its doors today. The bank was operated by John K. and George B. White, who owned a majority of the stock. Besides this, they operated four large tanneries, located at Hyndmann, Dry Run and Manchester. OTHER CONSIDERABLE CONNECTIONS. The firm was largely interested in the Amazon Steamship Co., plying between New York and South America, and they owned the majority of the stock in the Everett Electric Light and Water Co. The firm experienced a run on the bank about two weeks ago, which is said to have precipitated the failure. The liabilities are estimated at $350.000, with assets at $450,000. By the shutting down of the tanneries over 200 are thrown out of work. THE STANDARD WAGON COMPANY FAILS. Cincinnati, Aug. 17.-The Standard Wagon Company. one of the largest concerns of the land in the west, made an assignment this morning to Grant Burroughs for the benefit of creditors. Assets $1,200,000, liabilities $700,000. Tight money market is given as the cause of the failure. OPERATIVES OFFER A LOAN TO EMPLOYERS. Louisville, Ky., Aug. 17.-A committee from the operatives of the Louisville and Nashville visited General Manager Metcalfe, yesterday, and reported to him the decision reached by the men. They refused to accept the ten per cent. cut ordered by the road. Instead they offer to lend the company a certain part of their wages for three months, without interest. After a long discussion the conference adjourned without an agreement having been reached. IOWA CITY PACKING HOUSE IN A RECEIVER'S HANDS. Iowa City, Iowa, Aug. 17.-The Iowa City Packing House yesterday was put in the hands of a receiver. The capital is $120,000 and the liabilities nominal.


Article from Waterbury Evening Democrat, August 18, 1893

Click image to open full size in new tab

Article Text

Another National Bank Closes. HUNTINGDON, Pa., Aug. 18.-The National Bank of South Pennsylvania at Hyndmann, Bedford county, closed its doors. The bank was operated by John K. and George B. White, who owned forty-threefiftieths of the stock Besides this they operated four large tanneries, located at Hyndmann, Dry Run and Mann's Choice. which were also forced to close down in consequence The firm experienced a run on the bank about two weeks ago, which is said to have precipitated the failure. The liabilities are estimated at $350,000, with assets at $450,000.


Article from Richmond Dispatch, August 18, 1893

Click image to open full size in new tab

Article Text

South Pennsylvania Failures. [By telegraph totthe Dispatch.] HUNTINGTON, Ps., August 17.-The National Bank of South Pennsylvania, at Hyndmann, Bedford county, closed its doors to-day. The bank was operated by John K. and George B. White, who owned 43-50 of the stock. Besides this they operated four large tanneries located at Hyndmann. Dry Run. and Mann's Choice, which were also forced to close down. The firm was largely interested in the Amazon Steamship Company, plying between New York and South America. and they owned a majority of the stock in the Everett Electric-Light and Water Company. The firm experienced a run on the bank about two weeks ago, which is said to have precipitated the failure. The liabilities are estimated at $350,000. with assets at $450,000. By the shutting down of the steam tanneries over 200 men are thrown out of employment.


Article from The Portland Daily Press, August 19, 1893

Click image to open full size in new tab

Article Text

Various Business Troubles. Pittsburg, Pa., August 18.-The wholesale lumber firm of J.G. Johnson & Co. has assigned. Huntington, Pa., August 18.-The National bank of South Pennsylvar 11.at Hyndman, closed its doors yesterday. Liabilities $340,000: assets $450,000. Meadville, Pa.. August 18.-The Farmers' Co-operative bank of this city closed its doors yesterday. New York, August 18.-The receivers of the Northern Pacific railroad yesterday ordered reductions of from 10 to 25 per cent in the salaries of officials of the road. New York, August 18.-The firm of T. J. Davis & Co., wholesale dry goods dealers, Chicago and New York, assigned yesterday. Liabilities $200,000 and nominal assets much more.


Article from The Roanoke Times, August 19, 1893

Click image to open full size in new tab

Article Text

A Huntingdon Bank Closes Its Doors. HUNTINGDON, Pa., Aug. 18.-The National Bank of South Pennsylvania, at Hyndman, Bedford county, closed its doors yesterday. The bank was operated by John K. and George B. White, who owned nearly all the stock. They also operated four large tanneries located at Hyndman, Dry Run and Mann's Choice, which were also forced to close down in consequence. The firm was largely interested in the Amazon Steamship company, plying between New York and South America, and they owned the majority of the stock in the Everett Electric Lightand Water companies. It is thought that all of the depositors will be paid in full. By the shutting down of the steam tanneries over 200 men are thrown out of work.


Article from The Somerset Herald, August 23, 1893

Click image to open full size in new tab

Article Text

Failure at Hyndman. Executions were issued Thursday morning against John K. White and George B. White, of Hyndman, for $36,000. The Whites are owners of several tanneries. John K. White is, also, President of the South Pennsylvania National Bank of Hyndman, which, also, went down in the wreck. The bank's doors failed to open Thursday morning. The capital stock of the banking concern is $50,000. For the past ten days there has been a steady run. It is thought that all the deposits will be paid in full, as one of the executions issued this morning for $10,000 is in favor of the bank. A statement will be made public in a few days. By the shutting down of the steam tanneries over 200 men are thrown out of employment. Later developments show that it is a bigger failure than at first supposed. John K. and George B. White owned 43 of the 50 shares in the bank. The run has been a heavy, merciless one for two weeks. Other concerns that will be affected by the failure, besides the big tanneries, are the Everett Water and Electric Light Companies, the Hyndman Water Company and the Amazon Steamship Company, plying between New York and South America. The Comptroller of the Currency has been notified to take charge of the bank and all the firm's personal property has been issued on. White Brothers' liabilities are $360,000. assets said to be good for $450,000. Judge Longenecker, who arrived in Somerset Monday evening, says that he learned on very good authority while at Hyndman that the bank would pay dollar for dollar to all of its depositors. It appears that there was less than $20,000 on deposit in the bank at the time it closed its doors and the capital stock of the institution is more than double that amount.


Article from The Worthington Advance, August 24, 1893

Click image to open full size in new tab

Article Text

THE EAST. THE sheriff seized the works of the Gilbert Car Manufacturing company at Troy, N. Y., on judgments aggregating $150,000. JAMES REED, aged 14, Burgess Reed, 16 years old, and James Carner, aged 17, were killed by the explosion of a can of powder near Homewood, Pa, THE National bank of South Penn at Hyndman, Pa., and the Farmers' cooperative bank at Meadville, Pa., suspended business. OVER 5,000 unemployed men in New York smashed doors and windows and took forcible possession of a hall. IN Pit'sburgh the Oliver Iron & Steel company failed for $700,000; assets, $1,600,000. JOHN K. & G. B. WHITE, operating tanneries near Hyndman, Pa., failed for $300,000. THE failure was announced of Searle & Webster, shoe manufacturers at Haverhill, Mass., for $1,000,000. T. J. Davis & Co., wholesale dry goods dealers in New York, failed for $200,000. IN Altoona, Pa., the Pennsylvania railroad shops have been ordered to work half time. The shops employ 8,000 men. FLAMES destroyed the Grand opera house, city hall and 200 feet of the Pennsylvania railroad depot at Atlantic City, N. J., causing a loss of $100,000. IN New York Eppinger & Russell, lumber dealers, failed for $400,000. JOHN W. CASILEAR, .one of the best known and oldest of American landscape painters, died suddenly of apoplexy at Saratoga Springs, N. Y., Aged 82 years,


Article from Warren Sheaf, August 24, 1893

Click image to open full size in new tab

Article Text

THE EAST. THE sheriff seized the works of the Gilbert Car Manufacturing company at Troy, N. Y., on judgments aggregating $150,000. JAMES REED, aged 14, Burgess Reed, 16 years old, and James Carner, aged 17, were killed by the explosion of a can of powder near Homewood, Pa. THE National bank of South Penn at Hyndman, Pa., and the Farmers' cooperative bank at Meadville, Pa., suspended business. OVER 5,000 unemployed men in New York smashed doors and windows and took forcible possession of a hall. IN Pittsburgh the Oliver Iron & Steel company failed for $700,000; assets, $1,600,000. JOHN K. & G. B. WHITE, operating tanneries near Hyndman, Pa., failed for $300,000. THE failure was announced of Searle & Webster, shoe manufacturers at Haverhill, Mass., for $1,000,000. T. J. DAVIS & Co., wholesale dry goods dealers in New York, failed for $200,000. IN Altoona, Pa., the Pennsylvania railroad shops have been ordered to work half time. The shops employ 8,000 men. FLAMES destroyed the Grand opera house, city hall and 200 feet of the Pennsylvania railroad depot at Atlantic City, N. J., causing a loss of $100,000. IN New York Eppinger & Russell, lumber dealers, failed for $400,000. JOHN W. CASILEAR, one of the best known and oldest of American landscape painters, died suddenly of apoplexy at Saratoga Springs, N. Y., aged 82 years.


Article from Iowa County Democrat, September 1, 1893

Click image to open full size in new tab

Article Text

tion. Pennington's scheme for an electric road from Chicago to Indianapolis has lapsed. Great clouds of grasshoppers have been passing over Fort Dodge, Iowa, from north to south. Western lines bave agreed on oneway rates for Illinois day and other western state days at the fair. The steam launch Elida was sunk in Duluth harbor by the steamer Lucille and Lewis Winge was drowned. Through the carelessness of a physician, smallpox has become an epidemic at Muncie, Ind. In an interview at New York Dr. Carl Peters, the African Explorer, severely criticised Stanley's treatment of his men. The Bank of Albany, Mo., has suspended. Assets are $110,000 and liabilities $80,000. The California midwinter fair managers have accepted plans for four buildings to cost $360,000. August C. Krueger, twenty-six years old, of Chicago, butted his brains out in Eeast St. Louis. The American Bankers' association convention has been postponed indefinitely owing to the financial stress. It was to be held in Chicago Sept. 6-7. F. H. Weeks, the fugitive embezzler, has been located in Central America. The National German-American bank, of St. Paul, Minn, will resume business in two weeks. "Jeff" Hankins, the well known turf man and sporting man, died at his home in Chicago. John Hagan, an old blind soldier, at Shelbyville, Ind., was found dead in bed, with $1,200 in greenbacks tied around his arms, and on each side a revolver. Kansas republicans are alarmed at the activity of the populists, and a meeting of the state committe has been called. There was a terrific tempest in the region of Somerville, N. J., which cost five lives and caused great loss of pr perty. In a drunken row at Paducah, Ky., W. F. Woods killed his 19-year-old son by hitting him on the neck with a beer glass. Marion Manola Mason, the actress, was bitten while rescuing her daughter from a vicious dog on July 24, and it is feared that she has hydrophobia. A case of black drilling diamonds valued at $30,000 was lost by a New York drummer while riding from a St. Louis hotel to the depot. It is believed they were stolen. George C. Perkins, now representing California in the United States senate as successor to the late Senator Stanford, ran away from his native Maine when a boy, to serve before the mast on a small sailing ssel. He was after te Maine chance and struck it. The boiler of the Wellington roller mills at Lexington, Mo., exploded and instantly killed Engineer Richard JohnSCD and a boy named Frank Albin. The Dallas and Oak Cliff and the West Dallas street railway companies at Dallas, Texas, have been placed in the hands of a receiver. The application was made by the St. Louis Trust company. William Highfield, one of the white #aps who brutally whipped William Davis and his wife at Jasper, Ind., has been sentenced to two years imprisonment and to pay a fine of $10. Chase Fenner. the oldest member of the Louisiana supreme bench, will shortly resign the office to practice law. New York bankers are anxious as to the needs of their southern correspondents for money to move the cotton crop. The question of dividing Kansas and making the new state of Lincoln out of the western half of the state, is beIng agitated. The National Bank, of South Pennsylvania, at Hyndman, Bedford county, closed its doors. Liabilities $356,000; assets, $450,000. Searle & Webster, show manufacturers, of Haverhill, Mass., have as signed. Their liabilities are about .000 with assets far below these $1, figures. The burglar recently arrested in Missouri, who gave his name as Rev. T. J. Brown, of Waupun, is Frank Bender, an ex-convict of the state penitentiary. Private advices received in New York from London are to the effect that the Indian council has receded from its position against silver. B. Severson. a farmer residing in Canoe county, Ia., assaulted Patrick Roney, an old resident of the county, with a hammer yesterday and killed him. Severson is in jail.