Garfield Bank - Pittsburg, PA

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: October 1, 1891
Location: Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model: gpt-5-mini
Short Digest: da652a24

Response Measures

Full suspension, Books examined

Other: Receivers were appointed for Houtzdale bank; bank examiner took possession of Clearfield bank. Arrests of officers mentioned.

Description

The article (datelined Houtzdale, Pa., Oct. 1, 1891) reports furious depositors clamoring at the doors (a run/riot), appointment of receivers for the Houtzdale bank, and arrests of officers. The bank appears insolvent (vaults short of deposits) and a receiver was appointed, so this is a run leading to suspension/receivership (closure). The originally supplied city (Pittsburg) appears to be incorrect; the event is in Houtzdale/Clearfield region.

Events (3)

1. October 1, 1891 Receivership

Newspaper Excerpt: This afternoon receivers for the Houtzdale bank were appointed and they are now in charge.
Source: newspapers

2. October 1, 1891 Run

Cause: Bank Specific Adverse Info
Cause Details: Depositors discovered bank vaults held far less cash than deposits (less than $60,000 on $200,000 deposits), producing panic and furious crowds.
Measures: Strong police guard placed at doors; officers arrested on petition of a depositor (bail posted).
Newspaper Excerpt: This afternoon and tonight affairs have become alarming. Men and women clamored at the door; became so great that a strong guard of policemen was finally placed there
Source: newspapers

3. October 1, 1891 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Apparent insolvency / shortage of cash relative to deposits prompted appointment of receivers and examiners taking possession.
Newspaper Excerpt: receivers for the Houtzdale bank were appointed and they are now in charge. Bank Examiner Miller took possession of the Clearfield bank.
Source: newspapers

Newspaper Articles (1)

1. October 4, 1891 Daily Yellowstone Journal Miles City, MT

Article from Daily Yellowstone Journal, October 4, 1891

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Article Text

te cu BROKEN BANKS. ti le th The Depositors of Two Pennsylfo m vania Banks Excited Over w Their Failure. O t n More Contradictory Evidence in t the Penrose Case-Norwood's 8 Great Scheme. E b C Furious Depositors. I HOUTZDALE, Pa., Oct. 1.-Excitement over the suspension of the Gar field and Houtzdale banks continues. When the depositors were informed that they were likely to receive less than 50 per cent. of their money the lower classes formed in squads and shouted execrations and threats against the officers that would certainly have been put in execution had the latter been found. A large delegation of Houtzdale citizens called on President Dill at Clearfield tonight and demanded and pleaded with him that be make some satisfactory statement, They pointed out that the two towne were actually threatened with financial ruin, and other disasters in A the future from private individuals were to be feared unless be mades me statement, showing what he could and would do towards paying the vast r. army of depositors of the two banks. To all these pleadings President Dill returned answer that he was all right and the banks were all right, and if the depositors stood by him they would be all right. This afternoon receivers for the Houtzdale bank were appointed and they are now in charge. Bank Examiner Miller took possession of the Clearfield bank. At the time of suspension the Houtzdale bank bad deposite of $200,000. but there was less than $60,000 in the vaults. Thisafter noon and tonight affairs have become alarming. Men and women clamored at the door; became so great that à strong guard of policement was finally placed there, and ordered to beat th bowling crowa back with clubs, as i was feared the back would be demol ished and looted. President Dill an Cashier McGrath were arrested to night upon petition of one depo-ito and gave bail in the sum of $2,000.