16719. German National Bank (Pittsburg, PA)

View Charter #2261 on SPMC

Bank Information

Episode Type
Run Only
Bank Type
national
Bank ID
2261
Charter Number
2261
Start Date
February 19, 1901
Location
Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model
gpt-5-mini
Short Digest
c1598c075a64b99f

Response Measures

Accommodated withdrawals, Public signal of financial health

Description

Multiple contemporary newspaper reports (Feb 19–20, 1901) describe a run on the German National Bank of Allegheny (Pittsburg, PA) caused by false/unfounded rumors. Approximately $180,000 was paid out; the bank continued to pay demands and stayed open (even remained open on a holiday to allow withdrawals). No suspension, receivership, or permanent closure is mentioned.

Events (3)
1. May 17, 1875 Chartered
Source
historical_nic
2. February 19, 1901 Run
Cause
Rumor Or Misinformation
Cause Details
$180,000 paid out after false and unfounded rumors circulated about the bank; panic/crush at door; many withdrawals by frightened depositors.
Measures
Paid out depositors promptly (about $180,000); kept bank open (including remaining open on holiday) and officials stated they could meet all demands and had large reserves available.
Newspaper Excerpt
False and unfounded rumors caused a run on the German National Bank of Allegheny today, during which $180,000 was paid out to the frightened depositors.
Source
newspapers
3. November 19, 1934 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (10)
1. February 20, 1901 Waterbury Democrat Waterbury, CT
Article from Waterbury Democrat, February 20, 1901

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Article Text

GERMAN NATIONAL BANK. The Run On the Allegheny Bank Still Continues. Pittsburg, Pa, Feb 20.-The run on the German National bank of Allegheny was continued to-day. When the bank opened at 9 o'clock this morning there was a line of depositors waiting to get their money. Two policemen were on duty, but there was an absence of the exciting scenes of yesterday afternoon and the depositors desiring to withdraw their funds were paid as promptly as the tellers could wait upon them. The bank's officials expressed confidence in their ability to meet all demands. Business men generally believe the institution has ample funds and deprecate the run.

2. February 20, 1901 The Age-Herald Birmingham, AL
Article from The Age-Herald, February 20, 1901

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Article Text

Run on German National Bank. Pittsburg, Februaary 19.-False and unfounded rumors caused a run on the German National Bank of Allegheny today, during which $180,000 was paid out to the frightened depositors. The excitement at one time during the afternoon was intense, causing almost a panic and giving the police all theey could do to prevent an outbreak. The bank is a staid national bank and one of the most reliable in the city. It is thoroughly trusted by the business men of Allegheny and Cashier Helm said tonight that every demand be met promptly tomorrow or any other day. With an hours' notice, he says, he can have $2,000,000 on hand for payment.

3. February 20, 1901 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, February 20, 1901

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Article Text

A Bank Panic. Pittsburg. Pa., Feb. 19.-False rumors caused a run on the German National Bank of Alleghany, Pa., today. during which $180,000 was paid out to frightened depositorss. The excitement at one time during the afternoon was intense. In the crush around the door Mrs. Mary Fogal was seriously bruised and injured internally. Cashier Helms said tonight that every demand will be met promptly, tomorrow, or any day.

4. February 20, 1901 Daily Inter Mountain Butte, MT
Article from Daily Inter Mountain, February 20, 1901

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Article Text

RUSH FOR THEIR MONEY. Alegheny Bank the Victim of a Wild Riot. Pittsburg, Fab. 19.-Unfounded rumor caused a run on the German National bank of Allegheny today during which $180,000 was paid out. The excitement at one time was intense causing almost a panic and giving the police all they could do to prevent an autbreak. In the crush around the door of the institution, one lady, Mrs. Mary Fogel, was seriously bruised. The bank is a state and national bank and one of the most reliable in the city. Cashier Helsm said tonight that every demand would be met promptly tomorrow or any day within an hour's notice, as, he says, they have $2,000,000 on hand for payment. He said most of the raiders today were foreigners who had somehow got the impression that because of the fact that J. F. Hoffstett was president of the bank and also president of the Pressed Steel Co., the car company was receiving unwarranted favors. On the contrary, he said, the car campany was one of the heaviest depositors and had never negotiated of asked for a loan.

5. February 21, 1901 Daily Inter Mountain Butte, MT
Article from Daily Inter Mountain, February 21, 1901

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Article Text

WILL WORK ON HOLIDAY. To Give Fearful Depositors Chance to Withdraw Money. Pittsburg, Feb. 21.-The run on the German National Bank of Allegheny, which began Tuesday afternoon is practically over. Only a few depositors were on hand when the bank opened today. In order that all who desire may have an opportunity to withdraw their money, however, the bank will remain open tomorrow (Washington's birthday).

6. February 21, 1901 Wheeling Register Wheeling, WV
Article from Wheeling Register, February 21, 1901

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Article Text

THE RUN ENDED. German National Bank of Allegheny Paid All Demands-Stock Not Atfected. PITTSBURG, Pa., February 20.-The run on the German National bank, of Allegheny, was continued to-day. When the bank opened at nine o'clock this morning there was a line of depositors waiting. Two policemen were on duty. Depositors were paid as promptly as the tellers could wait upon them. High stacks of the bank notes and large sacks filled with gold were piled upon the counters. To-night the run is ended and all the depositors seem satisfied with the good showing of the bank. The run did not create even a flurry on the stock exchange to-day. Bids of $350 for the bank shares $100 par, were freely offered but there were no sales. The other Allegheny banks were not affected in the slightest by the run.

7. February 22, 1901 The True Northerner Paw Paw, MI
Article from The True Northerner, February 22, 1901

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Article Text

RUN ON A BANK Unfounded Rumors Caused Depositors to Become Frightened, Pittsburg, Feb. 20.-False and unfounded rumors caused a run on the German National Bank of Allegheny Tuesday, during which $180,000 was paid out to certain frightened depositors. The excitement at one time during the afternoon was intense, causing almost a panic and giving the police all they could do to prevent an outbreak. In the crush around the door of the institution one lady, Mrs. Mary Fogal, was seriously bruised and injured internally. Whatever the cause of the trouble, it had no foundation in truth. The bank is a state and national bank and one of the most reliable in the city. It is thoroughly trusted by the business men of Allegheny, and Cashier Helm said that every demand will be met promptly to-day or any day. With an hour's notice he can have $2,000,000 on hand for payment. He said most all of the raiders to-day were foreigners who had somehow got the impression that because F. N. Hoffstott was president of the bank and also president of the Pressed Steel Car Co., the car company was receiving unwarranted favors. On the contrary, he said the car company was one of the heaviest depositors and had never negotiated or asked for a loan.

8. February 23, 1901 The Van Buren Press Van Buren, AR
Article from The Van Buren Press, February 23, 1901

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Article Text

RUN ON AN ALLEGHENY BANK. Depositors Withdrawing Their Money From the National Bank of Allegheny. Pittsburgh, Pa., Feb. 21.-The run on the German national bank of Allepheny, begun Tuesday, was continued. When the bank opened, at nine o'clock there was a line of depositors waiting to get their money. Two policemen were on duty, but there was an absence of the exciting scenes of Tuesday afternoon and the depositors seeking to withdraw their funds were paid as promptly as the tellers could wait on them, and the bank officials expressed confidence in their ability to meet all demands. Business men generally believe the institution has ample funds to pay dollar for dollar, and deprecate the unwarranted run. Those withdrawing their money were mostly interest depositors.

9. February 28, 1901 Mineral Point Tribune Mineral Point, WI
Article from Mineral Point Tribune, February 28, 1901

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Article Text

Domestic. Rear Admiral Sampson is ill. Fire caused a loss of $500,000 at Atlanta The run on the German National bank of Allegheny continues. T. E. Wood of the U. S. express company is dead in New York. Imitators of Carrie Nation smashed windows in three Chicago saloons. The famous Harvard pump was blown up by a bomb after seventy years' service. J. Edward Addicks gained four votes in the senatorial contest in the Delaware legislature. Mrs. Carrie Nation will remain in Topeka and become editor of the Smashers' Mail. Arthur Hyer robbed a bank cashier at Fisher. III., stole a freight train, and was arrested. Frank Hamilton was convicted of manslaughter at Minneapolis for killing Leonard Day. New York customs authorites seized $21,000 worth of diamonds for undervaluation. Colonel John F. Tobias, a Philadelphia millionaire aged 75, sued for breach of promise. The twelve national banks in Chicago gained $14,880,024 in deposits from Dec. 13 to Feb. 5. Hugo C. Schultze, banished from Germany for criticising Bismarck. died in poverty at Chicago. Thomas J. Fallon jumped from a window in Boston and killed himself while sick with the grip. The joint conferees on the war revenue reduction bill are apparently still hopelessly deadlocked. Washington dispatches say Babcock's anti-trust free trade move will not have a result this session. Fifteen families of Amish believers left Tazewell county, III., for homes in the west, the result of the feud in the church. Major George A. Armes charged the secretary of war and General Corbin win destroying official records. Mrs. H. W. Linter of Cedar Rapids, Ia., identified the murderer of her husband in court at Burlington, la. Miss Clara E. Longworth of Cincinnati, was married to Count Adelbert de Chambrun of France. The heirs of the two Italians lynched in Louisiana in 1899 are to be paid $4,000 by the government. James Callaban has been arrested in Omaha and identified by Edward Cudahy. Jr., as one of his abductors. Leonard Deweese and Mat Barnes. who were kidnapped near Petersburg. nd., wère found in Evansville, Ind. The Chicago. company was Incor-

10. March 28, 1901 The Bamberg Herald Bamberg, SC
Article from The Bamberg Herald, March 28, 1901

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Article Text

THOUSANDS DRAWN OUT. Falso Rumors Cause Heavy Run On a Staunch Pennsylvania Bank. False and unfounded rumors caused & run on the German National bank of Allegheny, Pa., Tuesday, during which $180,000 was paid out to frightened depositors. The excitement at one time was intense, causing almost a panic and giving the police all they could do to prevent an outbreak. The bank is a state and national bank, and one of the most reliable in the city. It is thoroughly trusted by the business men of Allegheny, and Cashier Helm said that every demand would be met promptly.