National Bank of America (Pittsburg, PA)

View Charter #2261 on SPMC View balance sheet

Episode Information

Episode UID
226101599
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
22610 national
Charter Number
2261
Start Date
March 4, 1933
Location
Pittsburg, Pennsylvania

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9b20e7a34bc6d5c0

Response Measures

None

Description

The bank was the last Federal Reserve member in Pittsburgh to remain restricted after the March 1933 holiday; it operated under a conservator before eventually reorganizing.

Events (5)
1. May 17, 1875 Chartered
Source
historical_nic
2. March 4, 1933 Suspension
Cause
Government Action
Cause Details
State-wide banking holiday declared by Governor Pinchot, followed by the federal holiday.
Newspaper Excerpt
I hereby declare a bank holiday throughout Pennsylvania on Saturday, March 4, 1933, and Monday, March 6, 1933.
Source
newspapers
3. March 24, 1933 Other
Newspaper Excerpt
T. W. Friend, vice president of the bank, was appointed conservator to manage its affairs
Source
newspapers
4. March 1, 1934* Reopening
Newspaper Excerpt
This institution has submitted a new plan which now is being studied in Washington and a decision is expected next week.
Source
newspapers
5. November 19, 1934 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (5)
1. March 4, 1933 Evening Star Washington, DC
Article from Evening Star, March 4, 1933

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Article Text

EARLY U. S. ACTION PLANNED ON BANKS New York and Illinois Declare Holidays—Only Four States Unrestricted. Connecticut took similar action, bringing to 43 the list of States in which restrictions on withdrawals are operative in some form or another. Only Montana, Colorado, North Dakota 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. Previously Rainey had told House members-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 banking institutions of that State. The Federal Reserve Bank at Philadelphia also closed, under a holiday declared throughout Pennsylvania by Gov. Pinchot. Later in the day the Minneapolis 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 program, 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, Democrat, of New York, had told newspaper men he would carry immediately to Democratic leaders an appeal for immediate emergency banking moves. Informed at his hotel here of banking moratoria in New York and Illinois, Wagner said he would appeal this morning to Democratic leaders to begin working out a program and some time this afternoon would call on Mr. Roosevelt 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 operations. Harvey Couch, Democratic member of the Reconstruction Finance Corporation, 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 nervousness on the part of depositors. As a statement by the New York Clearing House Committee put it: "The unthinking attempt of the public to convert over $40,000,000,000 of deposits into currency at one time is, on its face, impossible." The statement added that the condition clearing house banks is such that "they could, through the facilities of the Federal Reserve Bank, pay on demand 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 Virginia. In Virginia, Gov. Pollard said no general banking holidays would be declared 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 developments yesterday that included introduction of legislation to allow postal savings checking accounts and to confer upon the incoming administration sweeping authority to maintain the security of deposits. Reconstruction Corporation officials said their policy called for lending institutions—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 application 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 following 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 recommendation of Gov. Norris of the Philadelphia Federal Reserve Bank, I hereby declare a bank holiday throughout Pennsylvania on Saturday, March 4, 1933, and Monday, March 6, 1933." Exchange Statement. A statement issued by the Governing 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 prohibited from making any contracts for the purchase or sale or the borrowing or lending of any securities, and also from permitting their offices or facilities to be used for the purpose of making or carrying out any such contracts; "Third, that all deliveries be suspended 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."

2. March 4, 1933 The Daily Courier Connellsville, PA

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.

3. March 5, 1933 The Washington Herald Washington, DC

Article Text

EVEN 'SPEAKS' FACE CLOSING New York Booze Purveyors Hit by Bank Holidays; Cities Take Drastic Steps NEW YORK, March 4. (U.P.) If extended over a sufficient period, the bank moratorium may close New York's speakeasies, Chief of Police Edward P. Mulrooney said hopefully today. "If we go on a scrip basis, the speakeasies will fade away. I never heard of a speakeasy that could survive on scrip. There isn't enough mutual con fidence in that game." Speakeasy proprietors h were hard hit by today's bank action. Most of them reported a falling off of 25 per cent of their normal Saturday business. CLEVELAND, March 4. (U.P.) Currency will be replaced by scrip in Cleveland next week. An announcement late today after a conference of bankers, said. certificates would be issued by the Cleveland Clearing House Association for use by employers in paying salaries and wages to employes. The certificates will be in denominations of $1, $2. $5 and $10. They will be acceptable by stores in exchange for goods needed. WILMINGTON, Del., March 4 clared a banking holiday until further notice from Governor C. D. Buck. Delaware was the last State to enter the nation-wide bank holiday. "We had to do it," said Otto Nowland, president of the Wilmington Clearing House Association. "Our banks are sound, but due to the national situation we had to come in. We are proud Delaware was the last State to declare the bank holiday." PITTSBURGH, March 4 (U.P.). Hard-pressed taxpayers of Allegheny county, facing sale of their properties for delinquent taxes Monday, were given a moratorium today in view of Pennsylvania's two-day banking holiday. Sheriff Frank I. Gollmar announced the sale would be postponed until Friday because many taxpayers. with money in banks, would be unable to secure the cash required to bid in their properties. RICHMOND, Va., March 4 (U.S.) Virginia is to have a banking holiday Monday and Tuesday Attempted heavy runs here today caused it to be announced that all Richmond banks will be closed two days. Governor Pollard previously had said he saw no necessity for the holiday The State Corporation Commission this afternoon issued the order limiting withdrawals from numerous banks in the Valley of Virginia. DETROIT. March 4 (U.P.). City officials, merchants and members of the Detroit Clearing House Association were considering plans tonight for the issuance of scrip to supplement the sharply curtailed supply of currency City Comptroller Charles E. Gightor announced he would call a meeting of merchants and business men on Monday to consider plans for the issuance of $20,000.000 in scrip against delinquent or future tax receipts. The Clearing House Association likewise was formulating plans for issuance of scrip as a lien against frozen bank deposits. NEW ORLEANS. March 4 ((U.P.) Mayor T. Semmes Walmsley today warned residents of New Orleans against overstocking their homes with food. declaring: "It may be difficult to get new stocks of foodstuffs into the city if the present supply becomes exhausted.' The mayor ordered a large chain grocery store to limit its sales. SACRAMENTO. Cal., March 4 (U.P. .-Governor Ralph tonight proclaimed an extension of the California bank holiday until Thursday, March 9. The new three-day period will begin Monday with general holiday similar to the one now in effect, the governor said. JACKSON, Miss., March 4 (U P.) -Mississippi banks remained open today. J. S. Love. State superintendent of banks, issued a mandatory to all banks to allow no depositors to withdraw more than 5 per cent of his total balance DAYTON. Ohio, March 4 (U.S.) Bankers and merchants agreed today on system of clearing house scrip to meet the shortage of currency during the bank holiday The scrip will be issued beginning Monday in denominations of $5 and $10. $2. -Buy and Be American- MEMORIAL SERVICE A memorial service for the late Grand Duke Alexander of Russia will be held at 12:30 o'clock at the Russian Church of St. Nicholas, 1814 Riggs Pl. N. W.

4. March 25, 1933 Pittsburgh Post-Gazette Pittsburgh, PA

Article Text

NAME FRIEND CONSERVATOR OF BANK HERE Last Reserve Member In City Will Be Reopened. 40 MORE ON LIST Agents Picked by Treasury To Manage Many Institutions. The United States treasury yesterday took action toward re-opening the National Bank of America, East Ohio street, the last Federal Reserve member bank in the city still operating under bank holiday restrictions. T. W. Friend, vice president of the bank, was appointed conservator to manage its affairs and will receive instructions from Washington later as to the policy under which it is to operate and the date for resuming business. The Bank of America was one of 40 banks in Western Pennsylvania for which conservators were appointed yesterday by the treasury. The conservators named for the out-of-town banks in this district are: Beaver Falls — First National Bank: Edward Rebeske. Blairsville — Blairsville National Bank: H. P. Rhoades. Bruin — First National Bank: J. M. Long.

5. March 18, 1934 The Pittsburgh Press Pittsburgh, PA

Article Text

(Continued from Page 1) Three More to Open Shortly Three other state banks in this section, the McKees Rocks Trust Company, The Rankin Bank and the Farmers & Mechanics of Sharpsburg still have details of reorganization to work out, but hope to be in a position to open shortly. In each case the bank has received approval of plans from the State Banking Department, but rechecking of assets and other essentials to obtaining deposit insurance have not been completed. The plan of reorganization is still being completed by two other banks, the Ohio Valley and the Braddock Trust. In contrast is the situation that prevailed eleven months ago, after the first flurry of the banking holiday. Then 68 state banks had failed to reopen. Deposits in Allegheny County alone, that were frozen totaled more than $20,000,000 and affected more than 60,000 depositors adversely. In the national banking field the figures are on about the same proportion, but the scale is larger because there were more national banks in Pennsylvania than state institutions. Holiday Closes 183 in State One hundred and eighty-three national banks in the state, involving $255,691,000 in deposits failed to open after the banking holiday. Since then, however, 76, with deposits of $106,027,000, have been rehabilitated. There remain 80 banks with funds totaling $120,367,000 frozen, which are working on plans to reorganize on a going basis. The government has refused approval of plans of 27 banks with deposits of $29,297,000. A few of these have begun paying dividends. In this district 13 national banks have been reopened since April, and as a result have released deposits amounting to $20,899,000. These banks are in Carnegie, New Alexandria, Scottdale, Canonsburg, Freeport, Wilkinsburg, Crafton, Braddock, Finleyville, McKeesport, Rural Valley, Derry and Tarentum. The institutions which have not yet secured approval of the comptroller of the currency include only one in this section, the National Bank of America at Pittsburgh. This institution has submitted a new plan which now is being studied in Washington and a decision is expected next week. Verona Plans Approved The national banking department recently approved plans of the First National Bank of Verona. When final arrangements are completed a large portion of the deposits will be freed. The bank has $1,719,000 on deposit. The application for a loan from the RFC to permit reopening has been forwarded to Washington and if the amount is granted it is anticipated the subscription of stock can be completed in a short time and reorganization finally consummated. The First National Bank of Beaver Falls, with $1,052,000 on deposit probably will be the next in this district to reopen. All arrangements have been made for opening before April 1. But it is apt to be a race with the First National Bank of Bridgeville and the Keystone National of Pittsburgh. The Bridgeville bank only needs the completion of transactions with the Home Owners Loan Corporation for bonds and expects this will come within the next two weeks. That would mean $598,000 made available to Bridgeville depositors. Keystone Plans Found O. K. The Keystone with $2,609,000 of deposits likewise is nearing the time of resuming business, plans having been approved in Washington and only final details remaining to be worked out.