First National Bank (Johnstown, PA)

View Charter #51 on SPMC View balance sheet

Episode Information

Episode UID
5101074
Episode Type
Suspension β†’ Reopening
Bank Type
national
Bank ID
510 national
Charter Number
51
Start Date
June 1, 1889
Location
Johnstown, Pennsylvania

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b38577ae90096d98

Response Measures

None

Receivership Details

Depositor recovery rate
45.0%
Date receivership started
1934-02-05
Share of assets assessed as good
15.4%
Share of assets assessed as doubtful
41.5%
Share of assets assessed as worthless
43.1%

Description

Closure caused by the 1889 Johnstown flood; reopening reported in mid-June 1889.

Events (5)
1. August 5, 1863 Chartered
Source
historical_nic
2. June 24, 1882 Chartered
Source
historical_nic
3. June 1, 1889 Suspension
Cause
Local Shock
Cause Details
Operations interrupted by the Johnstown flood and its destruction of town infrastructure; bank closed temporarily after the disaster.
Newspaper Excerpt
The First National Bank has opened up for business
Source
newspapers
4. June 11, 1889 Reopening
Newspaper Excerpt
The First National Bank has opened up for business, and the fact is appreciated by all here.
Source
newspapers
5. February 5, 1934 Receivership
Source
historical_nic

Newspaper Articles (11)
1. June 12, 1889 Telegram-Herald Grand Rapids, MI
Article from Telegram-Herald, June 12, 1889

Click image to open full size in new tab

Article Text

four in all Heavy charges of dynamite have been used, with good effect, showing that the failure of previous discharges was because they were too small. Thirty-five bodies were removed-eleven of them at the stone bridge. Those taken out of the water were in a much better condition than those found among the debris. The latter were not only horribly bloated and distorted in feature, but decomposition had set in, and the stench arising therefrom was so unbearable that the men at the various morgues found it a disagreeable duty to wash them. The bodies are now almost beyond recognition. Many are as black as negroes, and where they were bruised the faces are sunken into a jelled mass Five bodies were found in one single heap of the wreckage in the town Monday. On of them was Kate Neary, the milliner and modiste. One of the saddest identifications was that of Miss Blanche Harnish, of Dayton, O. She was 9 passenger on the day express and her father had searched for the past three days. Some workmen found her body lying under the trestle near the Pennsylvania railroad station. Others, unknown, were taken from the raft at all hours of the day. Among them an old man with his little boy clasped in his arms. The day is past when the discovered dead can be kept any time for identification. Frightful scenes at the morgue bear quick testimony of this. The keepers say that DR soon as the air strikes the corpses now it becomes almost impossible to handle them. and the sooner they are buried the better. The hurried burial of the dead in the Prospect Hill Cemetery is causing the residents of that beautiful suburb much annoyance and may cause & great deal of sickness. The bodies were placed in cheap coffins and buried only three feet under ground. The odor from the decomposing bodies has begun to escape at the surface, creating a terrible stench and attracting many dogs, who howl and paw over the graves all night long. It has been found necessary to place guards at the cemetery to drive the dogs away. Instructions have also been given to scatter disinfectants over the graves Dr. Sibbel's official report shows that up to June 8, 1,811 bodies had been received at the various morgues as follows: Fourth ward school-house, 219; Pennsylvania railroad station. 182; Mooreville morgue, 128; St. Columbia Church in Cambria City, 835; Hawes morgue, 13; Millville, 57: Grand View chapel, 118; Old Nineveh, 55; Nineveh proper, 233. Mr. J. N. Munden, who is in charge of the removal of bodies from the ruins, says that up to date over $6,000 in money lins been found in the pockets of victims The largest sum was $3,114.23 says that the robbing of stores and dead bodies still continues, notwithstanding the guard which has been placed over the ruins by the civil authorities BOARD OF HEALTH BULLETIN. The State Board of Health issued its second bulletin Monday, as follows: "Reports received from the inspectors of this board show that the favorable condition stated in the first report continues. No contagious disease of any kind prevails. There are a few cases of a mile type of measles. No sign of any epidemic are manifest. The State Board of Health is fully prepared to meet all emergencies as they arise. 'As a precautionary measure a hospital for contagious diseases has been established. and If any cases arise they will be properly met. The bedies still in the wreck are 60 covered with earth as not to be dangerous to health. Every precaution is being taken to prevent contamination of the water supply for the towns below Johnstown. There is no ground whatever for alarm in this matter at present The bodies in the river are covered with mud and earth. "The weather is cool and favorable. Though the destruction of life has been appalling there 18 DO present occasion to be discouraged. "GRORGE C. GROFF. M. D., Member in Charge." BUSINESS RESUMED. JOHNSTOWN, Pa, June 11. The First National Bank has opened up for bust. ness, and the fact is appreciated by all here. Much trouble has been occasioned by the inability to get money here, all having to bring it here in packages The Johnson Switch Company, whose works were entirely swept away from Woodville, are making preparations to re build on an extended scale at Moxham three miles up the stream and entirely out of the reach of any future flood They em. play from 1,000 to 1,900 men. A vast amount of work bas been done by the Pennsylvania Rafiroad Company and it is new able to reach Mineral Point with its construction train The washout between the stone bridge and the Pennsylvania railroad station has been almost filled and trains are running over both tracks A proclamation signed by the burgess and town council of Cambria City has been is sued calling on the citizens not to leave their homes but to start rebuilding at once as sid might be expected from the general relief fund: also calling on the merchante to open their stores The people are edvised not to sell their real estate at 8 saerifice. THE CAMERIA WORKS START Great credit is due the Cambria Iron Company for promptly setting the stricken people of tipis city to work. thereby diverte

2. June 23, 1889 The Morning News Savannah, GA
Article from The Morning News, June 23, 1889

Click image to open full size in new tab

Article Text

JOHNSTOWN'S DEAD. The Local Physicians Estimate the Loss of Life at 10,000. JOHNSTOWN, PA., June 22.-All the local physicians met accidentally at the Bedford street hospital last night. They represented all parts of the stricken city, and after discussing the calamity joined in the conclusion that not less than 10,000 people were lost in the flood. On account of the general knowledge of the people possessed by the physicians their estimate is looked upon as reliable. Twenty-four of the portable houses from Chicago were assigned to the same number of the most destitute families here to-day. More houses are expected to reach here tomorrow. A carload of stoves reached here to-day from Pittsburg. They, with other necessary furnishings, will be placed in the portable houses as they are assigned. TAX NOTICES. County Treasurer Howe to-day stated that he would be here July 3 for the purpose of collecting taxes. But little of the property assessed can be found and the taxpayers left here feel outraged at the posting of the notices, many of which have been torn down and destroyed. The First National and the Johnstown Savings Bank resumed business to-day. Twenty bodies were recovered today. There will be no work to-morrow, and on Monday a greatly reduced force will be put to work. All the contractors will cut down their forces. R. L. Johnston, presiding judge of Cambria county. to-day issued an order closing all the saloons and liquor places in Johnstown and surrounding boroughs and townships until otherwise ordered. Unless the order is strictly obeyed, the court says the license of the violator will be revoked.

3. June 23, 1889 Wheeling Sunday Register Wheeling, WV
Article from Wheeling Sunday Register, June 23, 1889

Click image to open full size in new tab

Article Text

ROOFS OVER THEIR HEADS. Houses for Johnstown's Homeless-The Business Revival, JONHSTOWN, PA., June 22.-Twentyfour of the portable houses from Chicago were assigned to same number of the most destitute families here to-day. The houses are expected to reach here to-morrow. A car load of stores reached here to-day from Pittsburg. They, with other necessary furnishment, will be placed in the portable houses as they are assigned. County Treasurer Howe, to-day, had notices posted, stating that he would be here July 3rd, for the purpose of collecting taxes. But little of the property assessed can be found, and the tax payers left here feeling outraged at the posting of the notices, many of which have been torn down and destroyed. The First National, and the Johnstown Savings Banks, resumed business to-day. Twenty bodies were recovered to-day. There will be no work to-morrow, and Monday agreeably reduced forces will be put to work. All the contractors will cut down their forces. R L. Johnston, President Judge of Cambria county, to-day issued an order closing all the saloons and liquor places in Johnstown and surrounding boroughs and townships until otherwise ordered. Unless the order is strictly obeyed the Court says the license of the violators will be revoked.

4. June 23, 1889 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, June 23, 1889

Click image to open full size in new tab

Article Text

TEN THOUSAND Is Now the Estimated Loss of Life at Johnstown. [By telegraph to the Dispatch.] JOHNSTOWN, June 22.-All the local physicians met accidentally at the BedfordStreet Hospital last night. They represented all parts of the stricken city, and after discussing the calamity joined in the conclusion that not less than 10,000 people were lost in the flood. On account of the general knowledge of the people possessed by the physicians the estimate is looked upon as reliable. Twenty-four of the portable houses from Chicago were assigned to the same number of the most destitute families here to-day. The houses are expected to reach here tomorrow. A car-load of stoves reached here to-day from Pittsburgh. They, with other necessary furnishment, will be placed in the portable houses as they are assigned. County-Treasurer Howe to-day had notices posted stating that he would be here July 3d for the purpose of collecting taxes. But little of the property assessed can be found. and the tax-payers left here feel outraged at the posting of the notices, many of which have been torn down and destroyed. The First National and the Johnstown Savings Bank resumed business to-day. Twenty bodies were recovered to-day. There will be no work to-morrow. and on Monday a greatly reduced force will be put to work. All the contractors will cut down their forces. R. L. Johnston, the present judge of Cambria county, to-day issued an order closing all the saloons and liquor places in Johnstown and the surrounding boroughs and townships until otherwise ordered. Unless the order is strictly obeyed, the Court says, the license of the violator will be revoked.

5. June 23, 1889 Pittsburg Dispatch Pittsburgh, PA
Article from Pittsburg Dispatch, June 23, 1889

Click image to open full size in new tab

Article Text

[FROM A STAFF CORRESPONDENT.I JOHNSTOWN, 22.-County Treasurer Howe notified the people to-day that he would be in Johnstown July 3 to collect the county tax. Many have been under the impression that no taxes would be gathered this year. When the posters were put up the people were very indignant and tore them down. There is a universal howl over the matter, and Mr. Howe will have an elephant on his hands when he arrives here to collect the money. Unless the commissioners exonerate the property owners the taxes will have to be paid. Mr. George Gramling, who lived near the dam, is authority for the statement that the break in the dam did not occur at once, but that the water overflowed and falling down washed away the embankment. The opening grew larger and some of the water ran out. It was 15 minutes before the dam broke away entirely. If the rush had occurred at once the damage would have been greater. Mr. Gramling claims that the dam was in good condition. The Finance Committee met this a ternoon and assigned 24 houses that will be here to-morrow morning. The other 76 of the first 100 are not expected toarrive before Tuesday. These houses were given to the most worthy and needy persons that the committee could find. SHELTER FOR EVERYBODY. In a short time it is hoped there will be enough houses to protect everybody. The furniture for the houses has been ordered, and consists of an outfit that will answer all immediate purposes. Applications for houses can be made at the Cambria Iron Company's office and at Moxham's. The First National and Johnstown Savings Banks resumed business for the first time since the flood this morning. The people are beginning to brighten up, and a happier feeling prevails. The officers are speculating how long it will be necessary to maintain the commissary departments. Colonel Spangler detailed officers to-day to visit the various places and find out the number or stores, men earning wages, etc. Two of these officers reported to-night, but the question is SO serious that the Colonel had no desire to express an opinion. It is certain that the time has not yet come for contributions to cease, and the less said on this subject will be for the best. SOME HEAVY LOSSES. The following named persons suffered these losses: Colonel C. T. Frazer, $40,000; St. John's Church, $125,000. insurance, $22,000; John McKenna, $21,000; John Parkes' estate, $50,000; Jacob Livergood's estate, $25,000; electric light company. $40,000; James A. McMillin, $10,000; J. W. Stevenson, $15,000; the Misses McCabe, $10,000; W. G. Stewart & Co., grocers, $50,000; Jacob Fockler, $12,000, and many others who lost greater and smaller amounts One of the most serious losses of the Cambria Iron Company is a number of valuable patterns, that cannot be duplicated, that were carried away. Some of them were found at Sang Hollow, and this led the company to send out men to search for them, but no more were recovered. MANUFACTURING ENTERPRISES. The Johnstown Gas and Water Company will begin the work of reconstructing its gas works next week. The water pipes are in good shape. The Johnstown Manufacturing Company will resume work next Monday. The electric company is now furnishing light for the streets and some houses. They are running two incandescent and one are machine. Father Tahanev says the insurance companies are very slow in paying up. As soon as he receives the $22,000 insurance he will commence to rebuild St. John's Church. The Red Cross People have erected new tents and a lying-in hospital in the Seventh ward. The citizens raised a flag over the structure, and Dr. Pancoast of Philadelphia, the famous surgeon, who was here today conducted the dedicatory services. Religious services will be held in various places to-morrow. Some of the meetings will be out of doors at street corners. ISRAEL.

6. June 26, 1889 The Indiana State Sentinel Indianapolis, IN
Article from The Indiana State Sentinel, June 26, 1889

Click image to open full size in new tab

Article Text

HOUSES FOR THE HOMELESS. Portable Dwellings For the Flood Sufferers -Twenty Bodies Found. JOHNSTOWN, Pa., June 22.-Twenty-four of the portable houses from Chicago were assigned to the same number of the most destitute families here to-day. The houses are expected to reach here to-morrow. A car-load of stores reached here to-day from Pittshurg. They, with the other necessary furnishment, will be placed in the portable houses as they are assigned. County Treasure Howe today had notices posted stating that he would be here July 3 for the purpose of collecting taxes. But little of the property assessed can be found and the tax-payers left here feel outraged at the posting of the notices, many of which have been torn down and destroyed. The First national and the Johnstown savings bank resumed business to-day. Twenty bodies were recovered to-day. JOHNSIOWN, June 23.-There was no trouble among the workmen here in any way to-day, and there seems to be a general belief that the authorities have won the contest and are masters of the situation. All the saloons in the place were closed to-day by order of Gen. Hastings and there was little or no disorder. Thirty-two bodies were taken from the wreckage to-day, the largest nunber found for several days. Six of those recovered belonged to one family and were found in one foundation near their former home. Besides the bodies, several parts of human bodies were found. Owing to the fact that many bodies recovered to-day were found in cellars, Gen. Hastings has arranged with Contractor Suppe, a resident here, to put a force of men to work in looking after the cellars of the city. JOHNSTOWN, Pa., June 23.-Col. Spangler, in charge of the commissary department, to-day presented his weekly report to Adjt.-Gen Hastings. The report shows 25,000 people still being daily fed here by the state, a reduction in the number of 3,500 during the week. Mr. Spangler recommends the relief money be turned over to the citizens, and that necessary supplies be purchased from sixteen general stores and three bakeries now running here. The report suggests that one-third of the present commissaries be abolished Wednesday next. The town clerk of Cambria borough has just completed a list showing in that place alone 325 houses have been entirely swept away; not even a trace of them can be found. The bodies of two women, a child and a Chinaman were found to-day.

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

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

Click image to open full size in new tab

Article Text

# 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

Click image to open full size in new tab

Article Text

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.

10. February 27, 1934 Grand Forks Herald Grand Forks, ND
Article from Grand Forks Herald, February 27, 1934

Click image to open full size in new tab

Article Text

VALLELY WILL KEEP BANK RECEIVER Aides of O'Connor Defend Appointment. WASHINGTON sentatives of the comptroller of currency said Monday the removal of John Vallely of Grand Forks, N. of the First Nareceiver tional bank of Johnstown, Pa., despite the pronot contemplated test against his retention. that Vallely was Denying as charged litical appointee, he was officials explained protests, O'Connor selected by Comptroller he could was felt because the bank the affairs minister manner and impartial completely knowledge the without led to the failure which situation the institution. of Vallely's retention Opponents demanded for have the removal of Allen Rhodes, conservator for the bank, and offisaid Monday that two weeks Vallely's Rhodes had requested that he not receiver. further stated that Rhodes 90 day leave absence from the ists fice, and that he now is back his regular As to Vallely's qualifications the job, officials said he regardsound, oughly efficent. If deemed sary the comptroller will send petent assistants to handle details.

11. April 17, 1934 Intelligencer Journal Lancaster, PA
Article from Intelligencer Journal, April 17, 1934

Click image to open full size in new tab

Article Text

WON'T CHANGE BANK RECEIVER IN JOHNSTOWN Treasury Henry Morgenthau, Jr., said Monday he saw "no reason" to change the receiver for the First National Bank of Johnstown, Pa. said he had ordered an