19313. German National Bank (Pittsburg, PA)

View Charter #757 on SPMC

Bank Information

Episode Type
Run Only
Bank Type
national
Bank ID
757
Charter Number
757
Start Date
February 19, 1901
Location
Pittsburg, Pennsylvania (40.451, -80.016)

Metadata

Model
gpt-5-mini
Short Digest
eeb146cc

Response Measures

Accommodated withdrawals, Public signal of financial health

Description

Multiple contemporaneous newspapers report a panic-driven run on the German National Bank of Allegheny (Pittsburg) on Feb 19–21, 1901 caused by false/unfounded rumors. The bank paid out large sums and officials repeatedly stated they could meet all demands; there is no mention of a suspension or closure and the run subsided. OCR spellings (Allegheny/Alleghany, Pittsburg) preserved as in sources.

Events (1)
1. February 19, 1901 Run
Cause
Rumor Or Misinformation
Cause Details
Unfounded rumors (including alleged heavy endorsement for Pressed Steel Car Company and reports that the bank was insolvent) prompted depositors to withdraw funds.
Measures
Depositors were paid promptly; tellers paid out about $180,000. Officials stated they could meet all demands and had large reserves (cash/gold on counters; claimed ability to obtain $2,000,000 on short notice).
Newspaper Excerpt
False and unfounded rumors caused a run on the German National Bank of Allegheny to-day, during which $180,000 was paid out to frightened depositors.
Source
newspapers

Newspaper Articles (10)
1. February 20, 1901 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, February 20, 1901

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Article Text

DUE TO FALSE RUMORS PANICKY RUN ON THE GERMAN NATIONAL BANK, OF ALLEGHENY, PA. Nearly $200,000 Paid Out to Frightened Depositors-Woman Seriously Injured During the Crush. PITTSBURG, Pa., Feb. 19.-False and unfounded rumors caused a run on the German National Bank of Allegheny to-day, during which $180,000 was paid out to 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 woman, Mrs. Mary Fogal, was seriously bruised and injured internally. Several stories in circulation are given as the reason for the run. One was that the officials of the bank had indorsed too heavily for the Pressed Steel Car Company. Another was that when a man was refused a loan because he had no security he went to a German clubroom and reported the bank insolvent. 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 A1legheny, and Cashier Helm said to-night that every demand would be met promptly to-morrow or any day. With an hour's notice he can have $2,000,000 on hand for payment. He said most 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 Company 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.

2. 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.

3. February 20, 1901 New-York Tribune New York, NY
Article from New-York Tribune, February 20, 1901

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Article Text

RUN ON AN ALLEGHENY BANK. UNFOUNDED RUMORS THE CAUSE-WOMAN HURT IN SCRAMBLE OF DEPOSITORS Pittsburg, Feb. 19.-Unfounded rumors caused a run on the German National Bank of Allegheny to-day, 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 bank Mrs. Mary Fogal was seriously bruised and injured internally. Several stories in circulation are given as the reason for the run. One was that the officials of the bank had indorsed too heavily for the Pressed Steel Car Company. Whatever the cause of the trouble, it had no foundation in truth. The bank is thoroughly trusted by the business men of Allegheny. The cashier said that most all of those who withdrew to-day were foreigners, who had the impression that because F. N. Hoffstatt was president of the bank and also president of the Pressed Steel Car Company the ear 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.

4. February 20, 1901 Evening Journal Wilmington, DE
Article from Evening Journal, February 20, 1901

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Article Text

Causeless Rumors Caused Bank Run. Pittsburg, Feb. 20.-False and unfounded rumors caused a run on the German National bank, of Allegheny, yesterday, 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. One lady, Mrs. Mary Fogal, was seriously bruised and injured internally. The bank is one of the most reliable in the city.

5. 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.

6. February 20, 1901 Daily New Dominion Morgantown, WV
Article from Daily New Dominion, February 20, 1901

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Article Text

Run on a Bank. Pittsburg, Feb. 20.-A number of depositors made a run on the German Natonal bank, Allegheny City, Pa. About $180,000 was paid out. The reason was not absolutely known, but it was believed that the $5,000,000 bond issue by the Pressed Steel Car company caused apprehension. Frank H. Hoffstot is president of both concerns, and W. H. Schoen, vice president of the car company, is a director of the bank.

7. February 21, 1901 The Kalispell Bee Kalispell, MT
Article from The Kalispell Bee, February 21, 1901

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Article Text

RUMOR'S CAUSED A RUN. $180,000 Was Paid Out to Depositors Bank. Pittsburg, Feb. 19.-False and ungrounded rumors caused a run on the German National bank of Allegheny today, during which $180,000 was paid out to certain frightened depositors. The excitement at one time during the a.ternoon 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. Several stories in circulation are given as the reason for the run. One was that the officials of the bank had endorsed too neavily for the Pressed Steel Car company. Another was that when a man was refused a loan because he had no security, he went to a German club room and had declared the bank insolvent.

8. 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.

9. February 22, 1901 Wheeling Register Wheeling, WV
Article from Wheeling Register, February 22, 1901

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Article Text

PITTSBURG, Pa., February 21.-The run on the German National Bank, of Allegheny. is practically over. That all may have an opportunity to withdraw the institution will remain open to-morrow, Washington's birthday.

10. 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.