19298. Farmers Deposit Savings Bank (Pittsburg, PA)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
January 29, 1916
Location
Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model
gpt-5-mini
Short Digest
692f924a

Response Measures

Accommodated withdrawals

Description

Multiple contemporary articles (late Jan–Feb 1916) describe a run triggered by baseless rumors. The bank paid demands, kept doors open during business hours, summoned police and extra tellers, and offered rewards to find rumor-makers. There is no evidence in these articles that the bank suspended payments or closed permanently — only that it 'closed at 9 o'clock Saturday night' (normal closing) and continued to meet withdrawals. OCR spelling 'Pittsburg' preserved as in source.

Events (1)

1. January 29, 1916 Run
Cause
Rumor Or Misinformation
Cause Details
Baseless/malicious rumors about the bank's condition circulated and provoked large withdrawals; officials called them 'malicious report' and offered rewards for arrest.
Measures
Paid all legal demands; for larger savings accounts paid $100 and asked for 30-day notice for remainder (in some cases paid full amounts); summoned police to keep crowd in line; employed extra tellers; offered $5,000 reward for arrest and prosecution of rumor-makers.
Newspaper Excerpt
Officials of the Farmers' Deposit Savings Bank on which a run was started Saturday at noon ... bank had plenty of money on hand to meet every demand.
Source
newspapers

Newspaper Articles (10)

Article from Harrisburg Telegraph, January 31, 1916

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Article Text

WILL PROSECUTE MEN WHO STARTED BIG RUN ON BANK 3,000 Line Up to Continue Withdrawals From Pittsburg Institution MEETING ALL DEMANDS String of Depositors, Four Blocks Long, Continue Raid as Result of Rumor By Associated Press Pittsburgh, Pa., Jan. 31.-Officials of the Farmers' Deposit Savings Bank on which a run was started Saturday at noon and continued until the bank closed at 9 o'clock Saturday night announced to-day that persons responsible for the baseless rumors concerning the bank's condition would be prosecuted under the Pennsylvania law. The law which was passed in 1909 to cover just such cases, provides maximum penalties of $5,000 fine and five years' imprisonment. Detectives, it was announced, are now working on the case, and arrests are expected soon. When the doors were thrown open at 9 o'clock fully 3,000 persons had been lined up by the policemen who had been summoned in anticipation of a continuance of the run. The line extended four deep from the Fifth Avenue entrance to the bank to Wood street, along Wood street to Oliver avenue, and up that thoroughfare to Smithfield street. Ropes had been sctretched and the sidewalks, with the exception of the portion next to the building was kept free for pedestrians. Bank officials said they had plenty of money on hand to meet every demand and as soon as the doors were opened extra tellers began paying all who appeared. As on Saturday, the bank did not take advantage of the law which limits demand withdrawals of savings accounts to $100 but closed out all accounts where the full deposit was asked. Members of the Clearing House committee said the bank was in position to take care of the run, but, if the time came when it could not meet withdrawals, the Clearing House has made every arrangement to pay the obligations.


Article from The Daily Telegram, January 31, 1916

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Article Text

BANK RUN IS ON AFRESH IN PITTSBURG, PA While Twenty-Five Foot and Mounted Police Keep the Crowd in Line. (BY ASSOCIATED PRESS) PITTSBURG, Jan. 31.-The run which started Saturday afternoon on the Farmers' Deposit Savings Bank continued today. Twenty-five foot and mounted policemen kept the crowd in line and there was no excitement. All legal demands were met in the bank but depositors whose accounts exceeded $100 were given that amount and asked to sign the required thirty day notice for the remainder. Announcement was made at noon that the bank had offered $5,000 reward for the arrest and conviction of the persons who had circulated false stories which had started the run and $100 reward for the persons who circulated such stories. It was understood the bank proposes to prosecute under the law which provides for maximum penalties of $5,000 fine and five years' imprisonment. T. H. Given, president of the bank, said that he had been overwhelmed with telegraph and telephone offers of assistance from all parts of the country. Other Pittsburg banks showed their sympathy by refusing to accept for deposit money withdrawn from the Farmers.


Article from The Topeka State Journal, February 1, 1916

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Article Text

BANK MEETS HEAVY RUN Offers Reward of $5,000 to Find Out Who Started It. Pittsburg, Pa., Feb. 1.-The run which began Saturday on the Farmers Deposit Savings bank was still on today, although the crowd had dwindled to less than a thousand. All demands were promptly paid. A reward of $5,000 offered by the bank for the apprehension and conviction of the persons who started the run had much to do with quieting the excited people.


Article from The Sun, February 1, 1916

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Article Text

NEW RUN ON PITTSBURG BANK $5,000 Reward Offered for Person Who Started Wild Reports. PITSBURG. Jan. 31 - With resumution of the run on the Farmers Deposit Savings Bank to-day, announcement was made by the officials that it reward of $5,000 would be paid for the arres and conviction of the party or who originated rumors which bronght about the run. It also was that $100 reward would be paid arrest and conviction of any person has aided in the circulation of rumors. Thousands of men and women classes stood in line during a steads drizzle of rain. from an early hourstop morning until the bank closed To line was three abreast, and blocks long. An extra force of were engaged to pay off the deposities President T. H. Given said this noon that offers of assistance had received from several banking concerns in different parts of the country New York banks were especially anxious to aid the institution. All offers, however were declined


Article from Harrisburg Telegraph, February 1, 1916

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Article Text

Run on Pittsburgh Bank Continues; $5,000 Reward By Associated Press Pittsburg, Pa., Feb. 1. - The run which began Saturday on the Farmers' Deposit Savings Bank and was continued throughout yesterday was still on to-day, although the crowd of several thousand anxious depositors had dwindled to less than 1,000. A reward of $5,000. offered by the bank for the apprehension and conviction of the persons who started the run, had much to do with quieting the excited people.


Article from The Washington Herald, February 1, 1916

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Article Text

RUN ON BANK CONTINUES. Pittsburgh Officials Offer $5,000 for Source of "Malicious Report." Pittsburgh, Pa., Jan. 81.-The run on the Farmers' Deposit Savings Bank, started Saturday by the rumors that the bank was in financial difficulties, continued today. The crowds before the bank were so great that police reserves were called out. Throughout the morning depositors were paid off steadily. The bank officials today offer a reward of $5,000 for the arrest of those who started what they term "the malicious report."


Article from New Britain Herald, February 1, 1916

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Native eggs, 33c doz. Russell Bros. RUN ON BANK. Pittsburgh, Feb. 1.-The run which began Saturday on the Farmers' Deposit Savings bank was still on today. The crowd of depositors was less than a thousand. All demands were promptly paid, but persons who sought to place their money in other banks met with decisive refusal.


Article from The Bridgeport Evening Farmer, February 1, 1916

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Article Text

RUN ON BANK CONTINUES. Pittsburgh, Feb. 1-The run which began Saturday on the Farmers' Deposit Savings Bank, was still on today. The crowd of depositors was less than a thousand. All demands were promptly paid but persons who sought to place their money in other banks met with decisive refusal.


Article from The Patriot, February 12, 1916

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Article Text

Driggs-Seabury Ordnance corpora tion, in Sharon, need 800 expert mechanics. New war munition orders are being delayed because of the lack of workmen. For digging up the streets in Beth lehem without a permit, E. J. Bradley, superintendent of the Allentown Bethlehem Gas company, was fined $15 and costs. Scantilly attired, the body of Mrs. Katharyn Johnson, a well-known resi dent of Wilcox, was found near Oil Creek, northwest of her home, mys teriously dead. The Pennsylvania railroad has given notice of intention to build its big new freight station at Harrisburg this spring. It will cost a quarter of a million dollars. Cumberland county poor directors have asked for an additional appropriation of $11,000 to make needed improvements and changes at the county asylum. Dr. William N. Davidson, superintendent of public instruction, announced that he has prepared a plan for military instruction in the high schools of Pittsburgh. Big coal companies that drain mine water into Nescopeck and Black creeks are preparing to install mammoth filters to remove sulphur and other fish-killing materials. Two-thirds of the thirty-six brides who got marriage licenses in Bucks county last month were holding positions, and almost one-half were under twenty-one years of age. Dauphin county farmers were told at farmers' institutes at Gratz that they must be good sellers as well as good raisers to be successful. Similar talks will be given at Halifax. The run on the Farmers' Deposit Savings bank of Pittsburgh has ceas ed. Other banks are refusing to ac cept the accounts of foreigners withdrawn from the harried bank. Little William Horlacher, of Hazleton, may go blind from an eye puncture from an elder sister's hatpinpenalty of hurriedly trying to kiss her after she had donned the hat. After ordering a drink at a hotel in Mahanoy City while on the way home from work in the mines, George Engle, thirty-two years old, a volunteer fire man, fell dead as he grasped the glass. The "dry" element of Venango borough is incensed by a huge banner flung across the street, reading: "We want Crawford county wet." The court has been petitioned to have it removed. County Treasurer W. R. Adamson, at Pottsville, has taken in $260,000 for liquor licenses for this year. The government's fees for licenses and stamps will raise this sum to more than $400,000. Members of the state board of public grounds and buildings will determine next week where to place the paintings brought to the capital from the state building at the Panama- Pa cific exposition at San Francisco. Mrs. Miriam Moyer, of Harrisburg, holds the record for attendance at the Pine Street Presbyterian Sunday school, which celebrated its fifty eighth anniversary, she having miss ed only one day in twenty-one years. The Erie Dispatch, which announced some time ago that it would sus pend publication on January 31, did not go out of existence, arrangements having been made to continue its pub. lication under the management of J. J. Parshall. Fire Chief Hoy, of Norristown, in his annual report, shows that in 1915 less than $4500 damage was done in half a hundred alarms of fire, and the damage was covered by $28,000 insurance. The loss was only fifteen cents per capita. Iron and steel plants report a great shortage of unskilled labor. All concerns in the Shenango and Mahoning valleys are scouring the country for common labor, in many instances paying wages higher than ever before in their history. Engineers operating fans in the mines of the Lehigh Coal and Navigation company, at Nesquehoning, are denied their demand for a wage in crease by a decision given by Charles P. Neill, umpire of the anthracite conciliation board. Five hundred children have been thrown out of employment and forced back into the public schools in Pitts burgh by enforcement of the new state child labor law, which requires that children between the ages of fourteen and sixteen years attend school eight hours a week. Officials of the state bureaus in charge of workmen's compensation matters believe that it will only be a short time until virtually every company doing liability insurance in the state will unite in the central inspec. tion and rating bureau, of which the state insurance fund is a member. The Pennsylvania Institute for Deaf and Dumb at Mt. Airy is bequeathed $500 by the will of Fayette Miller, widow of James Miller, of Slatington. Another $500 is set aside to educate some poor pupil. The Trinity Evan gelical church of Slatington is willed $100 to be used for missionary Dur-


Article from The Alaska Daily Empire, February 21, 1916

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SEARCH GOES ON FOR PERSON RESPONSIBLE FOR RUN ON PITTSBURGH BANK PITTSBURGH, Pa., Feb. 21.-Off. cials of the Farmers' Deposit Savings Bank, on which a run was started on Saturday last at noon and continued until the bank closed at 9 o'clock Saturday night, announced today that persons responsible for the baseless rumors concerning the bank's condition will be prosecuted under the Pennsylvania law. The law which was passed in 1900 to cover just such cases, provides the miximum punishment penalties of $50.000 fine and five years' imprisonment. Detectives, it was announced, are working on the case, and arrests are expected soon.