Federal National Bank (Pittsburg, PA)

Episode Information

Episode UID
602301369
Episode Type
Suspension โ†’ Closure
Bank Type
national
Bank ID
60230 national
Charter Number
6023
Start Date
January 1, 1914*
Location
Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9ee9e79546714fa0

Response Measures

None

Receivership Details

Date receivership started
1903-10-21
Date receivership terminated
1903-12-14
OCC cause of failure
Run

Description

Contemporary articles report a 1914 closure and receivership but a provided government-record receivership date is 1903-10-21 (conflict).

Events (7)

1. November 16, 1901 Chartered
Source
historical_nic
2. October 21, 1903 Receivership
Source
historical_nic
3. December 14, 1903 Restored To Solvency
Source
historical_nic
4. January 1, 1914* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors accused of diverting funds to a lumber business causing about $300,000 loss; petition by stockholder sought liquidation.
Newspaper Excerpt
The receivers are to liquidate the affairs of the bank which closed last January.
Source
newspapers
5. January 20, 1914 Voluntary Liquidation
Source
historical_nic
6. July 27, 1914 Other
Newspaper Excerpt
A suit in equity was filed ... asking that a receiver be appointed for the Federal National Bank of Pittsburgh. Brown, who is a stockholder, alleges that the directors 'carelessly, negligently and fraudulently' loaned ... $700,000.
Source
newspapers
7. August 27, 1914 Receivership
Newspaper Excerpt
Samuel Bailey, Jr., and Harry M. Loos, were appointed receivers of the closed Federal National bank of Pittsburgh today by Judge C. P. Orr, of the United States district court.
Source
newspapers

Newspaper Articles (7)

Article from The Wheeling Intelligencer, July 28, 1914

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Article Text

DUBLIN TRAGEDY CALLS A HALT ON AMENDING BILL IRISH MEMBERS OF PARLIAMENT TOO EXASPERATED FOR CONCESSIONS. FRAUD Blame Government For Killing. Charged by Stockholder in Application for Receiver for Federal Nation. Demand Inquiry and Lifting a! Bank of Pittsburgh, Pa. of Embargo on Arms. PITTSBURGH, Pa., July 27.-A suit in equity was filed in the United LONDON, July 27. The first effect States District Court here to-day by of the Dublin home rule tragedy has George V. Brown. of Cleveland asking been to smash Premier - Asquith's that a receiver be appointed for the plans for taking up the amending bill to-morrow. The premier announced Federal National Bank of Pittsburgh. to-day that the question had been inBrown. who is a stockholder. alleges definitely postponed. The Irish memthat the directors 'carelessly, neglibers are so exasperated over the killgently and fraudulently" loaned to ing of four persons and the wounding John H. Jones. and the corporation of many others in the clash yesterwhich he owned and controlled $700. day between the regular troops and 000. He also charges that the directors diverted the funds and used them the Nationalist volunteers, that they are in frame of mind to grant any in conducting a Number manufacturing concessions to Ulster. The Laborites business with a loss of $300,000 to the and many Liberals support them. bank. and that the lumber was sold The government announced in the to the Babcock Lumber Company. in house of commons to-day that Deputy which F. R. Babcock was the princ. Police Commission Harrell, who pal owner. He further charges that dered out the troops, had been orthe directors made excessive loans' to pended and that his superior, Com- sussome of the directors and corpora- missioner Sir John ROSS, who tions in which they were interested, ed a desire to share the responsibility, expressthe total claims against the officers had resigned his office. and $1,200,000. directors, he says, amounting to A special inquiry will be held. probably by a judicial commission. In the At a meeting of the directors of the meantime the demand for the removal bank last January it was decided to of the Scottish Borderers from Dubliquidate the Federal National and lin has not been granted. largely beBrown. in his petition, asks that the cause an attempt to march them out receiver be appointed to liquidate the would be the signal for attacks by the assets of the bank and distribute the mobs. They will remain in prisoners proceeds among the stockholders. barracks until the anger of the peoThe Federal had a capital of one ple has cooled. million dollars. Nationalists Hold Meeting


Article from Albuquerque Morning Journal, July 28, 1914

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Article Text

RECEIVER IS ASKED FOR PITTSBURGH BANK TWY MORNING MOURNAL SPECIAL LEASED Pitizburgh, Pa., July 27-A wait in equity was filed in the United States district court here today by George V, Brown, of Cleveland, Obio, asking that a receiver be appointed for the Federal National bank of Pittsburgh. At a meeting of the directors of the bank last January It was decided to liquidate the Poderal National and Brown, in his petition, asks that the receiver be appointed to liquidate the of the bank and distribute the proceeds among the stockholders, The Federal had a expital of $1,000,000.


Article from Omaha Daily Bee, July 29, 1914

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Article Text

Culls from the Wire Ten of the largest forest fires in western Montana and northern Idaho this season are raging and the eforts of scores of men have made little progress against the flames, according to tilegrams received at forestry headquarters at Missoula. The supreme council of the Loyal Order of Moose, meeting at Milwaukee, deeided that when an adjournment is taken here It will be to meet in Baltimore September 7 at the time of the Star Spangled Banner celebration, when the new Moose home will be dedicated by Vice President Marshall. About 7,000 members of the Inside Iron Workers' union in New York City went on strike yesterday, demanding a wage increase of 20 per cent, a fifty-three hour week instead of sixty or sixty-five hours, recognition of the union and more sanitary shop conditions. About 250 places where structural iron work is turned out were affected. Fred D. Warren, for fourteen years editor of the Appeal to Reason, a secialist newspaper at Girard, Kan., resigned because of ill health. Louis Koehling, at present managing editor, will succeed Mr. Warren, and Walter H. Wayland, son of the late J. A. Wayland, founder of the paper, will hereafter be sole owner and publisher. A suit in equity was filed in the United States district court of Pittsburgh by George V. Brown of Cleveland, asking that a receiver be appointed for the Federal National Bank of Pittsburgh. Brown, who is a stockholder, alleges that the directors "carelessly, negligently and fraudulently" loaned to John H. Jones. and the corporation, which he owned and controlled, $700,000. He also charged that the directors diverted the funds and used them in conducting a lumber manufacturing business with a loss of $300,000 to the bank.


Article from Bismarck Daily Tribune, July 30, 1914

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Article Text

Here and There Earthquakes jar Nova Scotia. Seven thousand ironworkers strike in New York. Hans Schmidt, former priest, asks new murder trial. Italian aviator and passenger fly three hours over Alps. Red Star liner Zeeland and freight steamer, Missouri, collide at sea. Stockholder asks receivership for Federal National bank of Pittsburgh. District Attorney Whitman to file as republican for governor of New York. Women plead for life of Henry Spencer, convicted murderer of a Chicago woman. One woman and three men killed and two men injured when fast train hits Chicago auto. A. Barton Hepburn is now being considered for a place on the federal reserve board. Paul M. Warburg for federal reserve board unless he goes before the senate committee. Chicago restaurants in the vice district have been closed since the murder of Detective Birns. Opening services in the new $2,000,000 St. Paul Catholic cathedral will take place September 18. The Vatican has just commenced an investigation as to what effect religion has on race suicide. Ten large forest fires are raging in western Montana and northern Idaho, according to dispatches from Butte. Two drowned, 50 families homeless, 100 buildings destroyed when cloudburst flood sweeps Cornet Canyon, Colorado. Duke of Connaught, the Duchess and Princess Patricia narrowly escaped drowning when motorboat sinks near Ottawa, Can. Mrs. O. S. Clark, president of the Michigan Suffrage association will place her jewels into the suffrage jack-pot, to assist in the promotion of equal suffrage. Wisconsin will produce more beef this year than for many years past. This is explained on the ground that high prices are attracting the attention of the stockmen in that state. The two water spaniels of Mrs. G. M. Laughlin of Pittsburgh recently made the trip to Bar Harbor in a special section of a rullman car. Mrs. Laughlin traveled with the "family." Rev. George W. Lutz, pastor of the Clinton Ave. M. E. church, St. Paul, committed suicide Monday in Winona lake. Melancholia because of his ill-health was the reason given in a letter. Chicago has started a movement for "sane" bathing suits at the beaches. No more parades along the water front will be allowed. One parader was fined $5. The sex is not mentioned. Chippewa Indians on the Couderay reservation recently adopted resolutions barring the white man from fishing in their streams. They object to having them depleted by the summer tourists.


Article from The Alaska Daily Empire, August 11, 1914

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Article Text

PITTSBURGH BANK IS IN TROUBLE PITTSBURGH, Pa., Aug. 10.-Suit has been filed in Pittsburgh asking for a receiver for the Federal National Bank of that city, capitalized for $1,000,000. Directors are accused of diverting the bank's funds to a lumber business, causing a loss of $300,000.


Article from The Wheeling Intelligencer, August 28, 1914

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Article Text

RECEIVERS APPOINTED. PITTSBURGH, Pa., Aug. 27.-Samuel Bailey, Jr., and Harry M. Loos, were appointed receivers of the closed Federal National bank of Pittsburgh today by Judge C. P. Orr, of the United States district court. The receivers are to liquidate the affairs of the bank which closed last January. They were appointed on petition of G. V. Brown, of Cleveland, Ohio. Bond for each receiver was fixed at $25,000.


Article from The West Virginian, January 24, 1917

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Article Text

Declare Receivers Charge Too Much STOCKHOLDERS IN FAILED PITTS. BURGH BANK FILE EXCEPTIONS IN FEDERAL COURT PITTSBURGH, Jan. 24.-That Samuel Bailey, jr., and Harry W. Loos, receivers appointed to settle the affairs of the Federal National bank, and John S. Wendt, an attorney connected with it, are attempting to charge too much for their services is implied in two exceptions filed January 17 in the Fed-