Multiple contemporary papers (Feb 4–5, 1931) report a run beginning the prior Saturday and the State Banking Department closing/taking charge of the Peoples State Bank of East Pittsburgh because of inability to realize quickly on assets. Rumors following the death of President L.L. Swaney (found unconscious from carbon monoxide fumes) are cited as responsible for the rumors that triggered the run. Articles mention hope to reorganize and reopen, but the bank was closed/taken over by the state—treated here as suspension that led to closure/receivership. OCR variations corrected (East Pittsburgh spelled both 'Pittsburg' and 'Pittsburgh' in sources).
Events (2)
1.February 1, 1931Run
Cause
Rumor Or Misinformation
Cause Details
Rumors circulated following the death of President L.L. Swaney (found unconscious from carbon-monoxide fumes), believed responsible for the run
Measures
Depositors withdrew funds; inability to realize assets quickly followed; directors expressed hope to reorganize and reopen
Newspaper Excerpt
There had been a run on the bank since Saturday
Source
newspapers
2.February 4, 1931Suspension
Cause Details
State Banking Department closed/took charge of the bank because inability to realize quickly on assets after the run (state action to assume control)
Newspaper Excerpt
The Peoples State Bank of East Pittsburgh was closed by the state banking department today
Source
newspapers
Newspaper Articles (15)
1.September 14, 1930The Charlotte ObserverCharlotte, NC
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SLASHES OWN THROAT Leslie, Mich Feb. Faught, 52, bachelor farmer, was taken to a Jackson hospital after slashing his throat with a razor in an attempted suicide Wednesday night A man who lives with Faught called a doctor. Faught has been in ill health.
BANK WILL REOPEN Pittsburgh. Feb. The Peoples State bank of East Pittsburgh was closed by the state banking department Wednesday. There had been a run on the bank since Saturday and inability to realize quickly on assets was announced as the cause for the closing. The bank had capital of $50,000 surplus of $15,000 and assets of about $500,000 The directors said they hoped to reorganize the institution and reopen with a larger capital and surplus.
2.February 4, 1931Wilkes-Barre Times LeaderWilkes-Barre, PA
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BANK CLOSED
Peoples Bank of East Pittsburgh, closed by the State Banking Department today. There had the bank since Saturday and inability to realize quickly announced as the cause for closing.
3.February 4, 1931Reno Gazette-JournalReno, NV
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POLICE GUARD CANNON HEARING
Feb. stood guard again secret ing against Bishop James today the Mount Vernon Place Southern Methodist church. The accused prelate arrived on crutches. his family said he "extremely The officer guarding the locked doors allowed no one to enter unless had been inspected and passed by Dr. Shelton, pastor of the church, who stated that he nothing say concerning the charges and their nature might never made The of the will made public the question being whether the justify his citation for next eral of the church in 1934.
Bank Closed Feb. Peoples State Bank of East Pittsburgh closed by the state banktoday. There had run on the bank since Saturday.
4.February 4, 1931The Herald-PalladiumBenton Harbor, MI
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EAST PITTSBURGH BANK IS CLOSED
PITTSBURGH, Feb. 4-The Peoples State bank of East Pittsburgh closed by the state banking department today. There had been on the bank since Saturday and inability realize quickly on assets was as the cause of the closing.
5.February 4, 1931Wilkes-Barre Times Leader, the Evening NewsWilkes-Barre, PA
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PITTSBURGH BANK CLOSES AFTER RUMOR
Inability To Realize Quickly On Assets Caused Action
WILL REOPEN SOON
Pittsburgh, Feb. People's State Pittsburgh closed today by the State Banking run the bank had been since Inability the Institution quickcaused assets was believed to have closing. Chief Examiner Swigert of the banking charge bank which organized twelve years capital of $50,000, of Assets were believbe about bank stated hope effect re-organizaand larger capital and surplus. Resources the in good and the recovery of the bond stitution probably would pay all accounts Reports had in circulation since Swaney president of the bank last October. Swaney found from the inhalation monoxide fumes garage. Examiner Swigert that collection deceased had been made by the Evans elected to sucfollowing death. Efforts rehabilitation failed depression State department sumed the Institution
Harrisburg, Pa., Feb. 4.-A run, which Saturday apparently followed the the president the several weeks today caused the State banking take charge the Peoples State Bank. East Pittsburgh, Peter Cameron, secretary banking here. iner of the Pittsburgh has placed charge of the institution, Cameron said.
6.February 4, 1931Public OpinionChambersburg, PA
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BANK IN PITTSBURGH CLOSED AFTER RUN
Feb. People's Bank of East Pittsburgh closed by State Banking Department today There had bank since urday inability to realize quickly the cause of the closing.
7.February 4, 1931Warren Times MirrorWarren, PA
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EAST PITTSBURGH BANK IS CLOSED
Pittsburgh, Feb. Peoples State Bank of East Pittsburgh was closed by the state banking department today. There had been on bank since Saturday and inability realize quickly on assets announced the for the closing. Death of Swaney, president, last October believed sponsible for rumors circulated in East Pittsburgh. Swaney found unconscious monoxide fumes in his garage. Examiner Swigert, charge of the bank said the the bond the dead president.
8.February 4, 1931The Times-TribuneScranton, PA
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STATE BANK CLOSES
Pittsburgh Feb The Peoples State bank of East Pittsburgh was closed by the state banking department There had been the since Saturday and to on as the of the closing
SOLDIER HANGED. Sergeant Stefan whose without blemish until of madness he killed two women postoffice the village where he stationed, was hanged at dawn
County Controller's Report. County Centroller's Report. Vandling 39 213.76 Totals $18,003.93 $1,693.83 Road Special Switzerland the only European Building County Controller's Report Total OF RECEIPTS AND TO NOON JANUARY Funds Receipts County Bridge Road Lands Roads Mountain Machines Totals $643,597.30 EARNINGS OFFICES Harris Gomer Totals $375,422.45
9.February 4, 1931The ExpressLock Haven, PA
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RUN BRINGS CLOSING EAST PITTSBURGH BANK
Death of President Believed Responsible for Rumors Hope to Reopen Bank
Pittsburgh, Feb. 4. (P).-The People's State Bank of East Pitts burgh was closed by the State Banking Depai tment today had been run on the bank sinca Saturday and inability to realize quickly on assets was announced as the cause for exclosing The death of L.L. Swaney dent of: the Institution ber, WRS believed to be responsi for rumors circulated Pittsburgh Swaney was conscious from carbon: monoxide fumes in his garage. Examiner D. swigert, in charge of the said today the institution lected the $25,000 bond of the dead president. The bank was organized 12 years, ago. It had capital of $50,000 plus of $15,000 and assets about $500,000. The directors said they hoped to reorganize the Institution and reopen with n'larger capi tal and surplus.
10.February 5, 1931Evening StarWashington, DC
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RUN CLOSES STATE BANK PITTSBURGH, February 5 (A).-The Peoples State Bank of East Pittsburgh was closed by the State banking department yesterday. There had been a run. on the bank since Saturday and inability to realize quickly on assets was announced as the cause for the closing. The death of L. L. Swaney, president of the institution, last October was believed to be responsible for rumors circulated in East Pittsburgh. Swaney was found unconscious from monoxide fumes in his garage. The bank had capital of $50,000; surplus' of $15,000 and assets of about $500,000. The directors said they hoped to reorganize the institution and reopen with a larger capital and surplus.
11.February 5, 1931The Gettysburg TimesGettysburg, PA
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CLOSE a small part. Most of only Pittsburgh. Feb. said. deal more bank of East Pittsburgh People's closely with the bishop's personal was closed by the state banking some the last year. There had partment Wednesday. the afternoon the bank since Saturbeen Cannon requested that sion Bishop day and inability to realize quickly and that the hearings speeded up as the assets was announced sessions be held. for the closing.
12.February 5, 1931Omaha World-HeraldOmaha, NE
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News of the World from Far and Near
Shooting Hearing Delayed Okla. hearing Mrs. Alma wife Asbury Endacott Tulsa architect and city charge of murder for the of Miss Charlcie Caudell, Endacott's former continued when Miss Caudell unable to leave her hospital bed.
His Onions Growing III. may be winter Bermuda, but it's onion time Bishop Hill. Unless an appropriate cold spell comes along soon, truck gardener will have to market onions he planted last fall for spring They six inches high, adolescent.
Receiver Mo. Patton was appoint ed receiver for the Gleaner Comday by Circuit Judge Clarence A. Burney. The receivership asked in an application filed in the name of Marie Greene, a stockholder.
Pittsburgh Bank Closed Pitts burgh, People's State bank of East Pittsburgh was closed by state banking department Wednesday. There been on since Saturday, and inability to realize quickly announced as the cause for the closing.
Greek Bulgar Soldiers Clash— Athens and Bulgarian soldiers engaged in skirmish at isolated portion of the GrecoBulgarian Wednesday fol lowing alleged killing of Greek by Bulgarian. The fight lasted hour, but no was reported injured.
Henry N. Kellogg apolis, Ind. Kellogg, 71, retired in 1926 chairman special committee the American Newspaper Publishers' association, after ing 18 years, died here Wednesday.
Passes Indian D. senate permit the pillager bands Chippewa Indians, Minnesota, to bring suit the court of against the federal government for claims ing the treaty of 1847 was passed Wednesday by the house.
Enters Not Guilty III, Malloy, former assistant cashier of Lawrence AveNational bank, pleaded not guilty Wednesday to charge of conspiring to embezzle $2,500 of the bank's funds.
Appointee firmed the nomination of George E. Q. to be United States attorney for the northern district of Illinois.
Would Divorce Mich. for divorce from Ralph Bellamy, motion picture tor, was filed here Wednesday by Mrs. Alice D. Bellamy. charged cruelty and nonsupport.
Leavitt Bill ton, D. Leavitt bill to
13.February 5, 1931Evening starWashington, DC
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RUN CLOSES STATE BANK
PITTSBURGH, February 5 Peoples State Bank of East Pittsburgh was closed by the State banking department yesterday. There had been a run the bank since Saturday and inability to realize quickly on assets was announced as the cause for the closing The death of L. L. Swaney, president of the institution, last October was believed to be responsible for rumors circulated in East Pittsburgh. Swaney was found unconscious from monoxide fumes in his The bank garage. had capital of $50,000; surplus $15,000 and assets of about $500,000. The directors said they hoped to reorganize the institution and reopen with larger capital and surplus.
RUN CAUSES CLOSING.
Bank At East Pittsburgh Taken Over By State.
Pittsburgh, February Peoples State Bank of East Pittsburgh closed by the Banking today. There had bank since Saturday and to quickly on for the The death Swaney, President the last October believed to be rumors circulated in East Pittsburgh Swaney found unconsclous from fumes his garage. The bank had capital of surplus $15,000 and assets of about $500,000. The said they hoped reopen with larger capital surplus.
Company for the erection of new incinerators for the garbage "valid. there evidence of bad the the for the best the Judge Stanley Strudenied an injunction Ralph Tooker suing taxpayer, dismissed his suit. Tooker had charged in his suit that the of the contract had been illegally, for the the Moines Steel Company did not follow did not bid on for the and also did furnish separate upon each its In defense this, City Manager Dykstra, called Assistant City Solicitor Ed Alexander, that the fact that the successful bidder did not bid on ramps was tioned by him, but shown that the bidders invited to bid their own specifications and special types incinerators, the incinbid type which not built for ramp, which taken dump the offal into the but taken care of by the dirt for which there no charge, ramps needed. As the not being accompanied by certified checks or bonds of per cent, where several bids were one bond deemed ficient for all, as they wordonly bid could be cepted, the bond surety that bid which was cepted. Court by Judge John Peck. for the successful bidder. Judge announced decision from the bench soon the hearing and Attorney Edward Strasser, for Tookgave notice of an appeal to the Court Appeals.
15.February 5, 1931The Sacramento UnionSacramento, CA
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BANK CLOSED AFTER RUN Bank Feb. People's State bank of East PittsZOLLER. Cashier burgh closed the state Sacramento ing department today. There had been run on the bank since Sat-
