19264. Bank of Secured Savings (Pittsburg, PA)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
November 1, 1907
Location
Pittsburg, Pennsylvania (40.451, -80.016)

Metadata

Model
gpt-5-mini
Short Digest
704badd4

Response Measures

None

Description

Multiple contemporaneous newspapers (Nov 1–2, 1907) report a small run at the Bank of Secured Savings in Allegheny/Pittsburg started by a detrimental report. OCR variants seen (Bank of Security Savings, Secured SavIngs); corrected to Bank of Secured Savings as provided. No suspension, receivership, or reopening mentioned — only brief withdrawals by mostly foreign depositors.

Events (1)
1. November 1, 1907 Run
Cause
Rumor Or Misinformation
Cause Details
A detrimental report/rumor about the bank prompted small depositors (mostly foreigners) to withdraw funds.
Newspaper Excerpt
A report detrimental to the Bank of Secured Savings, in Allegheny, was responsible for a small run on that institution by foreigners today.
Source
newspapers

Newspaper Articles (7)
1. November 2, 1907 New-York Tribune New York, NY
Article from New-York Tribune, November 2, 1907

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Article Text

CHECK CURRENCY IN PITTSBURG. Manufacturers and Merchants Agree to Plan for Relieving Stringency. [By Telegraph to The Tribune.] Pittsburg, Nov. 1.-The $1,000,000 daily payroll of the Pittsburg district is to be paid by check until the present financial stringency is ended, according to an agreement reached this afternoon between the leading manufacturers of the city and the Pittsburg Clearing House committee. In future the manufacturer will draw a check on his bank for the total amount of his payroll. The bank will issue checks of $5. $10 and $20 value, guaranteed by and payable only through the Pittsburg Clearing House. The employes will be paid with these checks, receiving smaller amounts in cash. Merchants of all classes have agreed to accept the checks, which will thus become currency for the time being. A report detrimental to the Bank of Secured Savings, in Allegheny, was responsible for a small run on that institution by foreigners today. The bank is a small one and the run had no effect. The run on the All Nations Bank, also started by foreigners, has ended. The Stock Exchange remained closed to-day. Kansas City, Mo., Nov. 1.-Bankers of Kansas City announced to-night that they would issue cashiers' checks to-morrow to the amount of $300,000 to be used for payrolls. The checks will be in small denominations and will pass current among mer-

2. November 2, 1907 The Fairmont West Virginian Fairmont, WV
Article from The Fairmont West Virginian, November 2, 1907

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Article Text

Will Require Less Real Money PITTSBURG, Pa., Nov. 2. - The Pittsburg Clearing House Committee last night announced the details of a plan upon which it has been working for some days, whereby the vast industrial army of the Pittsburg district is to be paid in bank checks of small denomination in lleu of currency. The object sought to be attained by the action is to insure the steady operation of all mills and factories in the district during the existing money stringency and to continue the present prosperity. It was decided to have the various manufacturing establishments pay their workingmen with checks in denomfnations of $5, $10 and $20 in place of cash. These checks when properly signed by employers, will be used as currency and will be accepted as cash by tradesmen. The payroll of the Pittsburg district now exceeds $1,000,000 a day and Is fast growing and the belief of the bankers is that this plan will keep many thousands of workingmen in steady employment who might otherwise be denied work this winter. The plan which has met the unanimous approval of bankers and merchants and manufacturers has been thoroughly systematized and will become universal at once. It is made necessary by the fact that Clearing House Associations of other cities especially New York, have prevented the return of currency from these points to Pittsburg, and the idea of Pittsburg bankers is to protect Pittsburg manufacturers and merchants, shopkeepers and workingmen against this-policy of other cities. The check plan was devised merely as a convenience to enable the larger manufacturing establishments to pay employes without the necessity of requiring so much cash. The check under the plan is to answer every purpose of a bank note and is expected to be accepted as cash in all stores. When a manufacturer has made up his pay roll he will give his check to his own bank and reserve in return the checks for the amounts due each individual employe in denominations of $5, $10 and $20, add amounts being taken care of with cash. The Clearing House Committee in its announcement states, knowing the good sense of employers, as well as the men employed in this large center we realize that they will understand at once the necessity of doing all they can to assist the banks in their endeavor to keep as many employed as possible, and to this end we ask the co-operation of all, both employes and workingmen. The Pittsburg stock exchange remained closed yesterday. A run was started on the Bank of Secured Savings. a small institution located in Allegheny, but it made no impression

3. November 2, 1907 The Fairmont West Virginian Fairmont, WV
Article from The Fairmont West Virginian, November 2, 1907

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Article Text

Will Require Less Real Money PITTSBURG, Pa., Nov. 2. - The Pittsburg Clearing House Committee last night announced the details of a plan upon which it has been working for some days. whereby the vast industrial army of the Pittsburg district is to be paid in bank checks of small denomination in lieu of currency. The object sought to be attained by the action is to insure the steady operation of all mills and factories in the district during the existing money stringency and to continue the pres. ent prosperity. It was decided to have the various manufacturing establishments pay their workingmen with checks in de1 nominations of $5, $10 and $20 in place of cash. These checks when properly signed by employers, will be used as currency and will be accepted as cash by tradesmen. The payroll of the Pittsburg district now exceeds $1,000,000 a day and is fast growing and the belief of the bankers is that this plan will keep f many thousands of workingmen In steady employment who might other1 wise be denied work this winter. The plan which has met the unanimous approval of bankers and merchants and manufacturers has been thoroughly systematized and will become universal at once. It is made necessary by the fact that Clearing I House Associations of other cities especially New York, have prevented the return of currency from these points to Pittsburg, and the idea of Pittsburg bankers is to protect Pittsburg manufacturers and merchants, shopkeepers and workingmen against this policy of other cities. The check plan was devised merely S as a convenience to enable the larger 1 manufacturing establishments to pay employes without the necessity of requiring so much cash. The check under the plan is to answer every purpose of S a bank note and is expected to be accepted as cash in all stores. When R manufacturer has made up his pay roll he will give his check to his own bank and reserve in return the checks for the amounts due each individual employe in denominations of $5. $10 and $20. add amounts being taken care of with cash. The Clearing House Committee in its announcement states, knowing the good sense of employers, as well as the men employed in this large center we realize that they will understand at once the necessity of doing all they can to assist the banks in their endeavor to keep as many employed as possible, and to this end we ask the co-operation of all, both employes and workingmen. The Pittsburg stock exchange remained closed yesterday. A run was started on the Bank of Secured SavIngs, a small institution located in Allegheny, but it made no impression

4. November 2, 1907 Arizona Republican Phoenix, AZ
Article from Arizona Republican, November 2, 1907

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Article Text

STARTED FROM A REPORT. Pittsburg, Nov. 1.-A report detrimental to the Bank of Security Savings, located in Allegheny, is responsible for a run on that institution today. The bank is a small one and depositors who withdrew their deposits are mostly foreigners.

5. November 2, 1907 Daily Arizona Silver Belt Globe, Miami, AZ
Article from Daily Arizona Silver Belt, November 2, 1907

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Article Text

Run on Allegheny Bank PITTSBURG, Pa., November 1.-Reports detrimental to the Bank of Secured Savings, located at Allegheny, were responsible for a run on that institution today. Small depositors who withdrew their deposits were mostly foreigners.

6. November 3, 1907 Bryan Morning Eagle Bryan, TX
Article from Bryan Morning Eagle, November 3, 1907

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Article Text

Detrimental Report Starts Run. Pittsburg. Nov. 2-A report detrimental to the Bank of Secured Savings at Allegheny was responsible for a run on that institution. The bank is a small one. and the depositors who withdrew their deposits were foreign ers.

7. November 3, 1907 The Caucasian Shreveport, LA
Article from The Caucasian, November 3, 1907

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Article Text

Detrimental Report Starts Run. Pittsburg, Nov. 2.-A report detrimental to the Bank of Secured Savings at Allegheny was responsible for a run on that institution. The bank is a small one, and the depositors who withdrew their deposits were foreigners.