1298. German American Trust Company (Denver, CO)

Bank Information

Episode Type
Run Only
Bank Type
trust company
Start Date
March 23, 1914
Location
Denver, Colorado (39.739, -104.985)

Metadata

Model
gpt-5-mini
Short Digest
2a87c377

Response Measures

Accommodated withdrawals, Public signal of financial health, Books examined

Description

Numerous contemporaneous dispatches (March 23–24, 1914) report a run by several hundred small/savings depositors driven by rumors. The bank paid out about $300,000, officers said the institution was solvent and the Denver Clearing House offered assistance. No suspension or receivership is reported; situation calmed by March 24. Minor OCR errors in source texts corrected (e.g., 'we er' -> 'were').

Events (1)
1. March 23, 1914 Run
Cause
Rumor Or Misinformation
Cause Details
Circulation of unspecified rumors about the bank's condition led small/savings depositors to withdraw funds.
Measures
Paid out deposits as requested (about $300,000 paid); officers provided chairs and refreshments for depositors; Denver Clearing House issued statement of solvency and offered assistance.
Newspaper Excerpt
Several hundred small depositors were lined up before the German American Trust company when the doors were opened for business at 10 o'clock and at once began drawing out their deposits.
Source
newspapers

Newspaper Articles (11)
1. March 23, 1914 The Evening Herald Albuquerque, NM
Article from The Evening Herald, March 23, 1914

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Article Text

UNEXPLAINED RUN STARTS ON DENVER TRUST COMPANY [By Leased Wire to Evening Herald.) Denver, March 23.-Several hundred small depositore were lined up before the German American Trust company when the doors weer opened for business at 10 o'clock and at once began drawing out their deposits. Just before the doors opened Godfrey Schirmer, president of the Institution declared it is in excellent condition. adding. "We will pay over money to the depositors as fast as 11 is requested. and meet all demands." The Denver Clearing House association through J. C. Mitchell, its president. today issued the following statement: "Owing to current rumors relating to the condition of the German American Trust company of this city, the Denver Clearing House association after inquiring into the affairs of said trust company is satisfied of its solvency and the Denver Clearing House association is prepared to render such assistance to the said company as to enable it to meet any demands that may be made upon it." The German American Trust company is absolutely sound." was the statement made at the office of the state bank examiner. A statement of the German American Trust company issued March 4 gave total deposits of $4,673,147.35 and resources, including cash loans and bond investments. aggregating $5,189,080.67.

2. March 23, 1914 The Daily Sentinel Grand Junction, CO
Article from The Daily Sentinel, March 23, 1914

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Article Text

SMALL RUN ON DENVER BANK Associated Press Denver, March 23.-Several hundred small depositors were before the German-American Trust Company today noon when the doors opened at 10 o'clock and began drawing out their deposits. President Godfrey Schirmer stated that the situation arose through the circulation of "rumors by the bank's enemies," and that the institution will pay out deposits as rapidly as requested. The Denver Clearing House Association has issued a statement that it "was satisfied of the institution's aid solvency and would give all the needed.

3. March 24, 1914 Arizona Republican Phoenix, AZ
Article from Arizona Republican, March 24, 1914

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Article Text

UNEXPLAINED BANK RUN I [ASSOCIATED PRESS DISPATCH DENVER, March 23.-With - $900,000 cash in the banks and vaults and ai! its securities still undisposed of, the German American Trust company will open its doors tomorrow to meet the third day of an inexplicable run

4. March 24, 1914 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, March 24, 1914

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Article Text

A run was started at Denver on the German-American Trust Company, no reason being known for the move of several hundred small depositors.

5. March 24, 1914 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, March 24, 1914

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Article Text

RUN ON BANK ENDS. Denver Institution Pays All Depositors Who Demand Funds. Denver, Colo., March 24-"We have the situation absolutely in hand," declared Godfrey Schirmer. president of the German-American Trust Company, today. discussing the run of yesterday, in which several hundred small savings depositors withdrew their accounts. At noon there was no line in front of the bank. All patrons were handled as they came. Many offers of assistance were received from banks and individuals outside of Denver, one offer coming from Idaho. To all President Schirmer expressed his thanks but informed them that the bank had ample funds to meet all demands.

6. March 24, 1914 Las Vegas Optic Las Vegas, NM
Article from Las Vegas Optic, March 24, 1914

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Article Text

BANK HAS FUNDS TO MEET DEMAND GERMAN-AMERICAN TRUST COMPANY IN DENVER IS PAST THE CRISIS Denver, March "We have the situation absolutely in hand," eclared Godfrey Schirmer, president of the German-American Trust company, today, discussing the run of yesterday in which several hundred small sayings depositors withdrew their accounts. Mr. Schirmer said that not one of the checking accounts had been closed out; that at least a dozen depositors today re-deposited the money withdrawn vesterday states there to front of the bank, all patrons being handled inside the doors. Today each of the women patrons was presented with a carnation. As depositors reached the tellers' windows they were informed that their money was absolutely safe, but that if they desired they could have it at once. Many left deposits, while a few with drew their savings. Many offers of assistance were received from banks and individuals outside Denver, one offer coming from Idaho. To all President Schirmer expressed his thanks, but informed them that the bank had ample funds to meet all demands.

7. March 24, 1914 The Evening Herald Albuquerque, NM
Article from The Evening Herald, March 24, 1914

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Article Text

STRAIN ON DENVER TRUST COMPANY IS RELIEVED TODAY [By Leased Wire to Evening Herald.] Denver, March 24.-"We have the situation absolutely in hand," declared Godfrey Schirmer, president of the German-American TrustCo., today, discussing the run of yesterday in which several hundred small savings depositors withdrew their accounts. Mr. Schirmer said that not one of the checking accounts had been closed out, that at least a dozen depositors today re-deposited the money withdrawn yesterday. At noon there was no line in front of the bank. all patrons being handled inside the doors. Today each of

8. March 24, 1914 The Daily Sentinel Grand Junction, CO
Article from The Daily Sentinel, March 24, 1914

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Article Text

BANK TROUBLE IN DENVER AT AN END Associated Press. Denver, March 4.-"We have the situation absolutely in hand." said Godfrey Schirmer, president of the German American Trust Company, today in discussing the run on that institution in which several hundred small depositors yesterday withdrew their deposits. Schirmer said that not one checking account had been closed and that at least a dozen savings depositors reopened their accounts today. Many offers of assistance were received from banks and individuals outside of Denver, but to all Schirmer replied that the bank had ample funds to meet the demands.

9. March 24, 1914 The Salt Lake Tribune Salt Lake City, UT
Article from The Salt Lake Tribune, March 24, 1914

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Article Text

SMALL DEPOSITORS DRAW OUT SAVINGS Run on German-American Trust Company of Denver; Bank Pays All Comers. DENVER, Colo., March 23.-Several hundred small depositors were lined up before the doors of the German-American Trust company when the doors were opened for business at 10 o'clock today and at once began drawing out their deposits, Just before the doors opened Godfrey Schirmer, president of the institution, declared it is in excellent condition, adding. "We will pay over money to the depositors as fast as it is requested and meet all demands." The Denver Clearing House association, through J. C. Mitchell, its president, today issued the following statement: "Owing to current rumors relating to the condition of the German-American Trust company of this city, the Denver Clearing House association, after inquiring into the affairs of the said trust company, is satisfied of its solvency and the Denver Clearing House association is prepared to render such assistance to the sald company as will enable It to meet any demands that may be made upon it," "The German-American Trust company is absolutely sound," was the statement made at the office of the state bank examiner. A statement of the German-American Trust company issued March 4, gave total deposits of $4,673,147.35. and resources, including cash, loans and bond investments, aggregating $5,189,080.67. Godfrey Schirmer, president of the bank, stated just after the closing hour that approximately $300,000 had been paid out during the day. "Not a single checking account was closed out," Mr. Schirmer added. "The run was participated in only by patrons of the savings department. We have received the most loyal support from business men in Denver and throughout the state." During the day the bank officers provided chairs for the women waiting in the long line of depositors. Hundreds of sandwiches were distributed by the institution at the luncheon hour.

10. March 26, 1914 The Tabor Independent Tabor, SD
Article from The Tabor Independent, March 26, 1914

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Article Text

DEPOSITORS IN RUN ON BIG DENVER BANK All Are Being Paid and Clearing House Is Convinced of Solvency. Denver, Colo., March 24.-Several hundred small depositors were lined up before the doors of the GermanAmerican Trust company when the doors opened for business at 10 o'clock today and at once began drawing out their deposits. Just before the doors opened, Godfrey Schirmer, president of the institution, declared it is in exceHent condition, adding: "We will pay over money to the depositors as fast as it is requested and meet all demands." The Denver Clearing House association. through J.C. Mitchell, its president, today issued the following statement: "Owing to current rumors relating to the condition of the German-American Trust company, of this city, the Denver Clearing House association, after inquiring into the affairs of the said trust company, is satisfied of its solvency and the Denver Clearing House association is prepared to render such assistance to the said company as will enable it to meet any demands that may be made upon it."

11. March 26, 1914 The Citizen-Republican Scotland, Parkston, SD
Article from The Citizen-Republican, March 26, 1914

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Article Text

DEPOSITORS IN RUN ON BIG DENVER BANK All Are Being Paid and Clearing House Is Convinced of Solvency. Denver, Colo., March 24.-Several hundred small depositors were lined up before the doors of the GermanAmerican Trust company when the doors opened for business at 10 o'clock today and at once began drawing out their deposits. Just before the doors opened, Godfrey Schirmer, president of the institution, declared it is in excellent condition, adding: "We will pay over money to the depositors as fast as it is requested and meet all demands." The Denver Clearing House association, through J. C. Mitchell, its president, today issued the following statement: "Owing to current rumors relating to the condition of the German-American Trust company, of this city, the Denver Clearing House association, after inquiring into the affairs of the said trust company, is satisfied of its solvency and the Denver Clearing House association is prepared to render such assistance to the said company as will enable it to meet any demands that may be made upon it."