Exchange National Bank (Pittsburg, PA)

View Charter #1057 on SPMC View balance sheet

Episode Information

Episode UID
105701582
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
10570 national
Charter Number
1057
Start Date
October 19, 1931
Location
Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8b022d6a18abbc62

Response Measures

Full suspension, Books examined

Other: Directors closed the bank (temporary/suspension of payments), a receiver was appointed; surety bond forfeited; receiver later paid dividends to depositors.

Receivership Details

Depositor recovery rate
85.0%
Date receivership started
1931-10-23
OCC cause of failure
Economic conditions
Share of assets assessed as good
32.8%
Share of assets assessed as doubtful
58.4%
Share of assets assessed as worthless
8.8%

Description

Newspaper OCR showed 'Pittsburg' but articles clearly refer to Pittsburgh; receiver Robert R. Gordon named in later reports.

Events (4)
1. April 26, 1865 Chartered
Source
historical_nic
2. October 19, 1931 Run
Cause
Local Banks
Cause Details
Unusual withdrawals by depositors following regional bank closings and banking distress prompted heavy withdrawals.
Measures
Directors issued statement assuring depositors would be paid in full; bank did not open (suspended payments).
Newspaper Excerpt
The Exchange National Bank here did not open for business today. A statement issued by the directors said unusual withdrawals by depositors prompted the action.
Source
newspapers
3. October 23, 1931 Receivership
Source
historical_nic
4. October 23, 1931 Receivership
Newspaper Excerpt
Robert R. Gordon, receiver,... (receiver referenced in later articles and transactions approved by federal judge).
Source
newspapers

Newspaper Articles (9)
1. October 19, 1931 Brooklyn Eagle Brooklyn, NY

Article Text

Evansville Bank And Others Close Indianapolis, Oct. 19 (AP)—The American Trust & Savings Bank of Evansville, one of the largest banking institutions in that city, closed its doors this morning, and Luther F. Synons, State Banking Commissioner, took personal charge of its affairs. It is capitalized at $250,000 and has deposits of $3,141,000, surplus of $175,000 and undivided profits $41,000. Fail to Open Fort Kent, Me., Oct. 19 (AP)—The Fort Trent Trust Company and its branch at Madawasca failed to open their doors today. Signs on the doors said "Closed for Adjustment." The bank was organized in 1903 and was capitalized at $50,000 and had deposits of approximately $650,000. West Virginia Failure Sistersville, W. Va., Oct. 19 (AP)—The United Bank of Middlebourne, recently formed by consolidation of the Bank of Middlebourne and the First National Bank of Middlebourne, did not open for business today. According to its last statement, the United Bank had resources of $722,042.19. Run on Manila Bank Manila, Oct. 19 (AP)—A run which developed yesterday on the China Banking Corporation incidental to the closing of another Chinese bank here quieted down somewhat today. Some depositors, however, continued to withdraw their money. Pittsburgh Failure Pittsburgh, Oct. 19 (AP)—The Exchange National Bank here did not open for business today. A statement issued by the directors said unusual withdrawals by depositors prompted the action. President J. W. March said depositors would be paid in full and that there would be a balance remaining for distribution to stockholders. A statement on the bank's condition Sept. 29 said it had demand deposits of $3,939,783 and time deposits of $1,012,326; loans and discounts totaling $5,194,856, United States Government securities of $738,830 and cash totaling $562,370.

2. October 19, 1931 Brooklyn Eagle Brooklyn, NY

Article Text

Curb Unevenly Trade Dull CURB EXCHANGE 2:45 P. M. TICKER PRICES 22 See Later Edition for Closing "Whether spending more and saving less will improve prevailing conditions is a matter that must be figured out by each individual in accordance with his financial vice president of the Lincoln ings Bank, states in the current issue of the bank's publication, The High DOMESTIC Magdalen BONDS MidWU Mid Mo Fluctuate Net Issues High Low Range Fuel Restricted Air Inv Nat Further Inv Drops Aluminum NatShTrm Alum Nat Un AmCP&L AmCPI AmComA Founders among AmL&T shares An Nitr the Amermore but ArkNatG AssoG&E Coast point Ohio 8% Atlas previous OklaNG Bond Power war- 100 102 PacG&E narrowly Benef Ind Paramnt Blue drop of Bohack Co while Phil Mor than BritAT in the Others Phoes deBunker Pilot Rad narrow PitneyBP Prudential being up Gulf was point Pub shares 301 PugetP&L Cities Claude they Quincy rise other min Reiter Fost Cop Min. from trad101 ConG&EB Gas Light 17% Roan Copper was 90 Retail Montreal Rossia Copeland since Cord 42 Ruberoid Co gold Cosden to Creole Pet Anthony Gen confined CurtissWri StRegisP SegalL&H York Deere Selected DeFor Radio Aircraft Shattuck DinklerHotel Shenandoah Duke Commission Silica Durant fixing daily Singer the Van Smith Solar for the 14% 45 unchanged Pow 80 ARMS for the FordMLtd Starrett Fox Repeating plans Gen SunrayO Gen Swift Inter GG&E PETITIONS GenThe Glen Technicolor Goldman Teck Gorham Thatcher Goth Knit Trans clothing 260 GtA&P Tubize Cha Hecla Min 40 22 Un Helena Rub Nat Heyden Hollinger Hud HydroElSe Imp Terr USElecPw Insul Ud InsCoNAm Util Insurance Interstate 14% Equ Inter Irving 8% Walker Pow Italian Woolworth Ltd 104 95 JerCP&L 100 96 96 & 1/2 110 100 JerCP&L 100 100 100 Nor Con $Sales incomplete: see later edition complete Nor **Sales less than 3½ Kleinert 10 KressH&S Stock. Stock. earned. mPaid annually. last aPayable regular rate. share Participating 28% Lake Sh M and Rights Ex-Dividend 25 LoneStG deducted from Ohio Business News Evansville Bank Brooklyn Phila And Others Close how slight. with banks," Mr. Blau- Piedm velt says. In New Location a Indianapolis. Oct. 19 (P)-The George H. Gray of the PyleAmerican Trust & Savings Bank of Gray Real Estate Company. is beEvansville, one of the largest banking congratulated upon the location of the firm in Ashland ing institutions in that city closed Stand Place. opposite the Academy of its doors this morning. and Luther Stand Music and the Williamsburgh Sav- Synons. Banking CommisStand ings Bank. neighborhood which sioner took personal charge of its is forging ahead as business cen- affairs It capitalized Emancipator. ter. The firm was located in Mon- and has deposits of If savings show ample provision tague St. for number of years plus of $175,000 and undivided of impending and obligated ex- Serv and more recently on Flatbush profits $41,000. penditures. spending may be Tex Ave. near Lafayette Ave. Mr. Gray Un considered. especially when com- Fail Open is of the opinion that the new Ud modity prices are low at presLafayette subway will bring to Fort Kent, Me., Oct 19 The ent. Mr. Engelhardt says. this locality additional activity. Fort Trent Trust Company and its Buch expenditures will tend to ameliorate the strain on business branch at Madawasca failed to FOREIGN On Extended Vacation in general and bring about more open their doors today. Signs on Sales in equitable adjustments that George H. Doscher. secretary BONDS $1,000 High Low Ticker the doors Closed for Adjustand cashier of the Lincoln Savfuture earnings will be better and Buenes Aires ment The bank was organized in ings Bank, and Mrs. Doscher are more satisfactory to all.' 1903 and was capitalized at $50,000 Since, however, funds intrusted making trip to the West coast. CaucaV Raz had deposits of approximately to savings banks are invested in visiting number of cities en $650,000. safe and productive channels, savers route. They will return to BrookGesfuerel should first build up their savings lyn by steamer via the Panama West Virginia Failure Hamburg accounts then consider spend- Canal. They are expected to arrive Sistersville. W. Va., Oct. 19 (P)ing wisely rather than lock up their in New York Nov Mendoza The United Bank of Middlebourne, money hiding where becomes Mr. Doscher recently completed nonproductive, Engelhardt recently formed by consolidation of Nippen 40 years of service the bank Parama Brazil states. and recognition of this record the Bank of Middlebourne and the First National Bank of Middlewas granted special vacation. Saar To Start Home Development bourne, did not open for business Sante today. According to its last stateJoseph Moss. president of Moss Stinnes Link-Belt Merges ment, the United Bank had re- Un Indus Brothers, building organization, ansources of $722,042.19 nounced today that his firm will start development of 68 one- With Moore Company Run on Manila Bank family dwellings Cross Island K. C. Southern H W. Caldwell & Son, subsidiary Boulevard and 172d St. Bayside. Manila. Oct. 19 (P)-A run which of the Link-Belt Company, has result of the spurt in home developed yesterday on the China merged with the George W. Moore buying last week. Encouraged by Banking Corporation incidental to Company of Chicago, manufacturers Sept. Net Down the evident demand for small homes the closing of another Chinese bank of conveying equipment. Through in the suburban sections of the here quieted down somewhat today the merger Link-Belt acquires an island, Mr. Moss and other builders Some depositors, however, continued The Kansas City Southern Railentirely new line of manufacture. are planning busy Fall and Win- to withdraw their money. road lead September net after taxes Salem buckets, a speciaity ter campaign of building. which of $412,919 against $423,839 in Sepof Moore Company. they say help relieve the un- Pittsburgh Failure tember, 1930 This includes the employment situation here. Pittsburgh. Oct. 19 The ExTexarkana & Fort Smith The change National Bank here did not statement follows: Treasury Is Offering Seen More Aid Needed open for business today. A state- 1930 While the banking pool formed at ment issued by the directors said un- Sept Gross $50,000,000 in Bills President Hoover's suggestion aims usual withdrawals by depositors Net After Taxes in the direction business revival, The Treasury Department an- prompted action. President alone is not adequate to curb the nounced an offering of about $50.- J. W. March said depositors would CANADIAN LOADINGS UP worldwide depression, Albert D. 000,000 of 91-day treasury bills for be paid in full and that there would Blauvelt. president of the Douglas- refunding purposes on discount be balance for distribu- Loadings revenue freight on ton National Bank and former basis the highest bidders. Tend- tion to stockholders. Canadian railroads for the week member of the old War Finance ers will be received at Federal Re. statement on the bank's condi- ended Oct 10 totaled 58,158 cars, Board, states in bulletin issued to serve banks their branches to tion Sept. 29 said had demand against 56,033 in the previous week depositors p.m. Thursday deposits of $3,939,783 and time de- and in the like 1930 week. situation is one in which The treasury bills will be dated posits of $1,012,326: loans and dis- Receipts from connections for the American citizen should take Oct 26 and mature Jan. 25. counts totaling $5,194,856. United week were 22,993 care, against 399 active interest. especially those when the face amount will be pay- States Government securities of in the previous week and 33,452 in

3. November 11, 1931 Pittsburgh Post-Gazette Pittsburgh, PA

Article Text

KERR CHECKS UP CASH IN BANKS All Deposits Bound By Bonds Except Franklin. City funds amounting to $1,346,000. representing time in all closed banks throughout the city, but not including the former City Roy D. Schooley placed with the Franklin Savings and Trust Company, are protected with security, Controller James P. Kerr said yesterday. His announcement followed check of the closed banks by auditors who are probing records of Schooley's office. Of these funds, total of $100,000 has already been returned to the city in the form of surety bonds and securities by two closed banks, Dr. Kerr said. The Exchange National Bank forfeited its surety bond for $85,000 Saturday and the Hamilton State Bank returned $15,000 in securities Mondoy. No records have been found to date to show the Franklin bank had posted protection for time deposits there. An additional $165,000, comprising delinquent tax funds for which is not required, was held there.

4. November 30, 1931 The Pittsburgh Press Pittsburgh, PA

Article Text

High School and the Business College as well as of the University of Pittsburgh. Funeral services will be held at the home 2:30 p. m. with burial in Evans City Cemetery. Van Sweringen Deal 0. O. P. and M. J. Van Sweringen of Cleveland and affiliated interests tomorrow were to buy from the Exchange National Bank 15 gold notes for $7,500 and 300 shares of stock in the Van Sweringen Cor poration under terms accepted R. R. Gordon. bank receiver. and approved by Federal Judge Schoonmaker.

5. July 29, 1932 Pittsburgh Sun-Telegraph Pittsburgh, PA

Article Text

PAY $2,686,000 A 10 per cent dividend, amounting to approximately will be paid to about 15,000 depositors of the closed Bank of Pittsburgh, N. A., was announced today by the bank's receiver, C. O. Thomas. At the same time it was learned the depositors of the Exchange National Bank we informed that dividend of that bank would be forthcoming within the next Dividends to Bank of Pittsburgh depositors will be made within about 30 days, Thomas said. It will be the second dividend of the bank to be paid out to depositors. Last December 50 per cent dividend was paid out. Of this 50 per cent there is remaining at the bank 000 unclaimed by credto Thomas Robert R. Gordon. receiver of the National Bank refused to affirm or deny that that bank would pay dividend within two weeks. He said: "I shall have definite statement to make in 10 days two weeks. and until that time I have nothing to say.

6. August 26, 1932 Pittsburgh Sun-Telegraph Pittsburgh, PA

Article Text

HOOVER URGES able jobs. the President, who prestated over the meeting. said "As matter of national policy, the shortening of hours is necessary not alone to meet the need of the moment. but it may be necessary to take up the slack in the future from the vast and sudden advance in labor saving devices. NOT U. JOB Nevertheless, Mr. Hoover stated he did not believe that the direction of such job sharing systems as five four and three-day weeks along with shorter shifts were "properly the function of govern. ment Chairman Fort of the Home Loan Board in that Comptroller John W Pole of the currency had ordered every Na tional bank receiver to suspend foreclosure proceedings for 60 days told the session "We are today wiring every state supervising authority re. questing like action. We want your help to see not only that receivers generally grant this 60. day respite. but that other lenders do likewise. There are times when forced liquidation of indebtedness is indefensible-certainly if any other means of procuring funds exists. "It would be less shameful if. with relief in sight so soon. the courage and hope of our men and should be extinguished by taking away their homes and their live savings.' MILLS' PROGRAM Secretary of the Treasury Ogden L. Mills outlined A program. including a plan for creation of central business committee to direct united action by the 12 banking and industrial committees of the nation The Secretary of the Treasury emphasized the central commit tee was not to be an economic council directing the economic policies of the nation. but rather an organization to bring about co-operation between the government and private business Then one by one. the heads of the government agencies directly involved in the new economic drive for jobs and credit addressed the meeting Atlee Pomerene told of the hopes and purposes of the gigantic Reconstruction Finance Corporation. Owen D. Young. New York industrial leader and prominent Democrat. told the conference that the prime purpose of the COordinated drive of business and government was to make more He joined emphatically in the declaration to the nation's business leaders that It was to their best interest to see that the human family had a livelihood. He "A father's job lost does more than humiliate the parent. It does more than weaken the self-respect of the child. It threatens that stability and so that for the future which is the basis of our hopes and the impulse of our accomplishments. Among the more prominent of the national industrial leaders gathered in the room were Myron C. Taylor. of the United States Steel Corporation H. I. Harriman. president of the United States Chamber of Commerce Edsel Ford. Detroit automobile manufacturer: Melvin A. Traylor and Edward N. Hurley. Chicago bankers Silas H. Strawn. of Chis cago: Daniel Willard president of the Baltimore and Ohio Railroad: Walter C. Teagle of New York N. Perkins of Boston and A W Rober chairman of the board of the Westinghouse Electric and Manufacturing Company FEW FORECLOSURES HERE Receivers at the Bank of Pittsburgh. the Monongahela National and the Exchange National banks said today Comptroller Pole's order not to foreclose on mortgages for 60 days will not appreciably affect their institutions Few. if any foreclosures, they say. were in prospect in that period Opinion in banking circles, here. seemed to be that issuance of a similar order by State Secretary of Banking William D Gordon would have little effect in the Pittsburgh district State banking authorities. it is understood. are doing everything possible to avoid foreclosure proceedings.

7. August 29, 1932 Pittsburgh Post-Gazette Pittsburgh, PA

Article Text

EXCHANGE BANK READY TO MAKE FIRST PAYMENT More Than $1,200,000 Will Be Put In Circulation. MANY WILL BENEFIT Closed Institutions in Washington, Pa., McKeesport Also to Pay Dividends. More than $1,200,000 additional funds will go into general circulation in Pittsburgh within the next few weeks as the result of an announcement of a 33 1/2 per cent dividend to be paid depositors of the closed Exchange National Bank. Approximately 5,000 persons will benefit as this will be the first dividend to be paid by the bank. Robert R. Gordon, receiver, said Saturday he had been authorized to pay the dividend by the comptroller of the currency at Washington. The checks are now in preparation and will be ready for distribution in the near future. Bank of Pittsburgh Pays. Approximately $2,700,000 will have been disbursed to 13,000 depositors of the Bank of Pittsburgh by the end of the current week as a second dividend of 10 per cent. Distribution of checks started Saturday and will continue all week. The Bank of Pittsburgh by then will have paid out 60 per cent. William D. Gordon, state secretary of banking, announced the Pittsburgh American Bank and Trust Company will pay 10 per cent to 10,000 depositors Wednesday, amounting to $198,342. A total of 35,000 depositors will get $1,078,991 in Washington, Pa., today, the first payments by two closed banks there. A first payment of 10 per cent today to 3,390 depositors of the Pennsylvania Deposit Bank, McKeesport, will release $113,227. Only One Exception. With the disbursement of the announced payments by the downtown Pittsburgh banks, depositors in all closed institutions in that area will have received dividends with the exception of the Monongahela National Bank. That institution has been in a position to pay 33 1-3 per cent or more for some time, but due to the numerous plans of reorganization that have been presented to the comptroller of the currency, disbursement has been held up. All the details for the opening of the new bank in Homewood have been arranged. According to J. C. Chaplin, president, Second District Realization Corporation, agreements and orders have been received from the secretary of banking at Harrisburg, and September 7 is the day on which the Homewood Bank at Pittsburgh will open for business. Directors and officers have been approved and the financial statement will make this bank a strong liquid institution, Chaplin declared. Chaplin also lauded Secretary of Banking Gordon for the manner in which he has handled the closed banks in the state and the early distributions to depositors. The percentage of deposits taken over from the closed Homewood Peoples Bank will be immediately available through the Homewood Bank at Pittsburgh, which has purchased and will occupy the banking room of the Homewood Peoples Bank.

8. November 15, 1932 The Morning Herald Uniontown, PA

Article Text

Scranton To WASHINGTON, Nov. of violating the Wright Unless are made necessary by death or resignation, the NAMED BANK RECEIVER to name Nov. not an in Robert R. Gordon today was appointpostmasters before 1934. ed receiver of the Diamond National The first major appointment will be Bank of Pittsburgh, which failed Scranton. open today. Gordon, receiver for the Dozens postmasters appoint- Exchange National Bank of Pitts ments smaller cities, boroughs burgh since that institution closed, hamlets, expire before any of the appointed by Acting Comptroller positions become vacant. Currency Awalt, in whose In second and third class offices, hands the Diamond National was placthe civil service commission holds ed by its and recommends three persons. Appointments to fourth SEEKS COAL STOVE class offices are on strict civil Ensign William McGowan of the basis.

9. January 12, 1934 The Pittsburgh Press Pittsburgh, PA

Article Text

Attorney John M. Henry probably won't be named Safety Director in Mayor William N. McNair's cabinet, but he has been offered a McNair job. The Mayor asked Mr. Henry today to become receiver for the closed Exchange National Bank, a post held by the Mayor before his election. The Mayor did not believe he should keep the post while in public office, so it is assumed that the same ruling would apply to Mr. Henry. Mr. Henry was to have conferred with the Mayor this afternoon at his office, and the subject was assumed to be a possible appointment as safety director. When Mr. Henry did not appear, however, the Mayor sent a messenger to his office, asking Mr. Henry to consider the receivership of the closed bank. The Mayor's action was disclosed by his assistant secretary, Theodore L. Moritz.