German National Bank (Pittsburg, PA)

View Charter #2261 on SPMC View balance sheet

Episode Information

Episode UID
226101214
Episode Type
Run Only
Bank Type
national
Bank ID
22610 national
Charter Number
2261
Start Date
February 19, 1901
Location
Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a6aeee81d44db3c3

Response Measures

Accommodated withdrawals, Public signal of financial health

Events (4)
1. May 17, 1875 Chartered
Source
historical_nic
2. February 19, 1901 Run
Cause
Rumor Or Misinformation
Cause Details
False and unfounded rumors (including claims about heavy endorsements for the Pressed Steel Car Company and a man's declaration in a club) led depositors to withdraw $180,000.
Measures
Bank paid out withdrawals promptly, officials displayed large cash and gold on counters and declared they could meet all demands; remained open additional days to allow withdrawals.
Newspaper Excerpt
Unfounded rumors caused a run on the German National Bank of Allegheny today, during which $180,000 was paid out to certain frightened depositors.
Source
newspapers
3. February 21, 1901 Other
Newspaper Excerpt
The run on the German National bank of Allegheny ... is practically over.
Source
newspapers
4. November 19, 1934 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (12)
1. February 20, 1901 Evening Star Washington, DC
Article from Evening Star, February 20, 1901

Click image to open full size in new tab

Article Text

RUN ON ALLEGHENY BANK. German National's Officials Say Institution is Solvent. PITTSBURG, Pa., February 20.-The run on the German National Bank of Allegheny was continued today. 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. High stacks of bank notes and large sacks filled with gold were piled upon the counters, 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.

2. February 20, 1901 The Morning Astorian Astoria, OR
Article from The Morning Astorian, February 20, 1901

Click image to open full size in new tab

Article Text

RUN ON ALLEGHENY BANK. Unfounded Rumors Cause Depositors to Draw Out $180,000. PITTSBURG. Feb. 19.-Unfounded rumors caused a run on the German National Bank of Allegheny today during which $180,000 was paid out. Cashier Helms 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.

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

Click image to open full size in new tab

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

Click image to open full size in new tab

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.

5. February 20, 1901 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, February 20, 1901

Click image to open full size in new tab

Article Text

BANK RUN CONTINUES. Long Line of Depositors Waiting For Their Money. Pittsburg, Pa., Feb. 20.-The run on the German National bank of Allegheny, which began yesterday afternoon, was continued today. 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 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.

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

Click image to open full size in new tab

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.

7. February 21, 1901 Americus Times-Recorder Americus, GA
Article from Americus Times-Recorder, February 21, 1901

Click image to open full size in new tab

Article Text

ARE MEETING ALL DEMANDS Bank Officials Declare the Run Is Unwarranted. PITTSBURG, Feb. 20.-The run on the German National bank at Allegheny was continued toda When the bank opened at 9 O'clock this morning there was a line of depositors waiting to get their money. There was no especial excitement, and the depositors wishing to withdraw their funds were paid as promptly as the tellers could wait upon them. The bank officials expressed confidence in their ability to meet all demands. Those withdrawing their money were mostly interest depositors. The men generally believe the institution has ample funds to pay dollar for dollar, and deprecate the unwarranted run.

8. February 21, 1901 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, February 21, 1901

Click image to open full size in new tab

Article Text

RUN IS OVER. Allegheny Bank Emerges From It With Colors Flying. 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 for their money when the bank opened its doors today and at no time was the crowd large. In order that all who desire may have an opportunity to with draw their money the institution will remain open tomorrow, Washington's birthday. The bank has received many telegrams from financial institutions offering assistance, but the officials said the bank was amply able to take care of itself.

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

Click image to open full size in new tab

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.

10. February 28, 1901 Northern Wisconsin Advertiser Wabeno, WI
Article from Northern Wisconsin Advertiser, February 28, 1901

Click image to open full size in new tab

Article Text

Domestic. Fire caused a loss of $500,000 at Atlanta. Theodore Roosevelt left Colorado Springs for home. Two men were shot in street fight at McCormick, S. C. General Otis assumed charge of department of the Dakotas. Rear Admiral Sampson is ill. Ex-Senator S. M. White of California died at Los Angeles. 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, Ill., 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 with destroying official records. Mrs. H. W. Linter of Cedar Rapids, Ia., identified the murderer of her husband in court at Burlington. Ia. Miss Clara E. Longworth of Cincinnati, was married to Count Adelbert de Chambrun of France. The heirs of the two Italian , lynched in Louisiana in 1899 are to be paid $4,000 by the government. James Callahan 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, Ind., were found in Evansville, Ind. The Chicago company was incor-

11. October 26, 1903 Daily New Dominion Morgantown, WV
Article from Daily New Dominion, October 26, 1903

Click image to open full size in new tab

Article Text

The disturbances caused by the suspension of the Baltimore and Pittsburg banks which recently went out of business, have subsided and no further trouble is anticipated. The country is all right and it will not go to the bow-wows just at present.

12. November 6, 1907 Alma Record Alma, MI
Article from Alma Record, November 6, 1907

Click image to open full size in new tab

Article Text

AS OTHERS SEE IT The following appeared as an ediorial in this mornings Grand Rapids Herald and in a clear and concise statement of the facts as relative to the present financial Hurry: "The end of the financial disturbance is believed to be in sight. The trouble originaed in New York. The "collapse of the copper corner pinched some of the brethren of high finance. Their embarrassment involved some of the banks with which they were connected. In a flash New York had a panic on hand. The New York banks. for their own protection. applied the 60-day rule for withdrawal of deposits and resorted to the use of clearing house certificates. This action was not necessarily an evidence of weakness. but was deemed essential to safety to prevent a blind. unthinking. unreasoning rush for money to be locked up in vaults or hoarded." New York is the country's great financial center. its money reservoir. When New York tied itself up in a knot. other cities were soon in a tangle, not through any fault of their own nor because of "local conditions.", but simply bceause New York had failed them. Chicago was the first to follow the New York example in applving th* 60-day rule_and resorting to clearing house certificates. And then Detroit. Pittsburg. Cleveland. Buffalo, St. Louis and the banks of nearly every other city did likewise. The banks of Grand Rapids are among the very few in the country that have continued to do business under anything approaching normal conditions. The banks here still pay cash on demand to satisfy all legitimate needs, but at the same time they are doing all they can to conserve their supplies of currency by the use of checks, certificates of deposit and exchange on New York and Chicago. But as stated, the end of the trouble. it is believed, is now in sight. The national banks all over the country are taking out additional circulation. is coming out of Washington at the rate of $1,000.000 to $1,500,000 a day. The government mints are working overtime on new coniage. and this money is being put into circulation as rapidly as possible. The greatest, factor of immediate relief. however. is the arrival of gold from Europe. The Kron Prinzessin Cecile brought $8,000,000 into New York yesterday. The Lusitania will arrive Friday with $10.000,000. Other ships are on the way