3129. German American Savings Bank (Muscatine, IA)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
March 4, 1903
Location
Muscatine, Iowa (41.424, -91.043)

Metadata

Model
gpt-5-mini
Short Digest
f84ccda7ed8131af

Response Measures

None

Description

Multiple contemporaneous newspapers (Mar 3–5, 1903) report a run on the German American Savings Bank of Muscatine triggered by a false report that a stockholder lost heavily on the Chicago Board of Trade. The bank paid checks as presented, did not suspend, other local banks came to its aid, and the panic subsided within hours. OCR minor: some articles spell German-American with hyphen or show OCR errors (e.g., 'Gerraan-Anerican'); corrected here.

Events (1)
1. March 4, 1903 Run
Cause
Rumor Or Misinformation
Cause Details
A false report circulated that a (or one) stockholder had lost heavily on the Chicago Board of Trade, precipitating depositors to withdraw funds.
Random Run
Yes
Random Run Snippet
false report that stockholders lost heavily on Board of Trade
Measures
Bank paid checks as presented; prominent business men deposited large sums; about $100,000 received by express; other Muscatine banks came to the rescue.
Newspaper Excerpt
circulation of a false report to the effect that the stockholders had lost heavily on the Chicago Board of Trade.
Source
newspapers

Newspaper Articles (7)
1. March 4, 1903 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, March 4, 1903

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Article Text

RUN ON A BANK. Idle Rumor Starts a Flurry in Muscatine Financial Circles. Special to Times-Republican. Muscatine, March 4. - Emanating wholly without cause, a run was precipitated upon the German-American Savings Bank yesterday that for a time threatened to be serious. However, as prominent business men continued to push their way into the bank and deposit sums as high as $5,000 and $10,000 at a time, it cooled the ardor of the excited depositors who were asking for their money, and within two hours all signs of the excitement had vanished. Directors of the bank and prominent capitalists state that it is in the best of condition, and that depositors will be given every dollar they have in it, with interest. There was some money withdrawn yesterday, but it was mostly in very small amounts, and was taken out by excited women and persons unacquainted with the real affairs of the bank. Many business men from all parts of the city hurried their deposits to the bank and it is estimated that for every dollar withdrawn there was $5 deposited. Rumors regarding the bank began to circulate Monday afternoon. There were all kinds of rumors in the air, which when traced down were proven to be without foundation. As the night wore on it was seen that there would probably be a flurry among the smaller depositors, and the officials of the bank at once began making arrangements to meet any possible demands that might be made. About $100,000 was received by express during the night and early the next morning and at 9 o'clock, the hour for opening, there was a pile of money ready for business that would take a dray to haul away.

2. March 5, 1903 The Telegraph-Courier Kenosha, WI
Article from The Telegraph-Courier, March 5, 1903

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Article Text

Run on a Muscatine Bank. Davenport, Ia., March 4. - A run started on the German-American bank, of Muscatine, yesterday. The direct cause was the circulation of a false report to the effect that the stockholders had lost heavily on the Chicago Board of Trade. President Geisler announced that every depositor would be paid in full. Other Muscatine banks came to the rescue.

3. March 5, 1903 Ottumwa Semi-Weekly Courier Ottumwa, IA
Article from Ottumwa Semi-Weekly Courier, March 5, 1903

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Article Text

DEPOSITORS UNEASY START RUN ON MUSCATINE BANKING HOUSE. German American Savings Bank Pays Checks as Fast as Presented-Fear Caused by Reported Loss of Stockholder on Board of Trade. Muscatine, March 3.-(Special.)-A run was started on the German American Savings bank this morning because of the report that one of the stockholders had lost a large sum on the Chicago Board Trade. Hundreds of depositors lined up in front of the building. The bank is paying as fast as the checks are presented and is inviting all to get their money. The crowd is orderly, but uneasy. The Bank Does Not Suspend. The run is practically over. The bank does not suspend payment.

4. March 7, 1903 Eagle River Review Eagle River, WI
Article from Eagle River Review, March 7, 1903

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Article Text

Run Starts on Iowa Bank. A run started on the German-Anerican Bank of Muscatine, Iowa. The direct cause was the circulation of a false report to the effect that the stockholders had lost heavily on the Chicago Board of Trade. President Geisler announced that every depositor would be paid in full. Other Muscatine banks came to the rescue.

5. March 7, 1903 Chicago Eagle Chicago, IL
Article from Chicago Eagle, March 7, 1903

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Article Text

Unfounded Bank Scare. A run started on the German-American Bank of Muscatine, Iowa. The direct cause was the circulation of a false report to the effect that the stockholders had lost heavily on the Chicago Board of Trade. President Geisler announced that every depositor would be paid in full. Other Muscatine banks came to the rescue.

6. March 11, 1903 Vernon County Censor Viroqua, WI
Article from Vernon County Censor, March 11, 1903

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Article Text

Run Starts on Iowa Bank. A run started on the Gerraan-Anerican Bank of Muscatine, Iowa. The direct cause was the circulation of a false report to the effect that the stockholders had lost heavily on the Chicago Board of Trade. President Geisler announced that every depositor would be paid in full. Other Muscatine banks came to the rescue.

7. March 12, 1903 The Hocking Sentinel Logan, OH
Article from The Hocking Sentinel, March 12, 1903

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Article Text

Unfounded Bank Scare. A run started on the German-American Bank of Muscatine, Iowa. The direct cause was the circulation of a false report to the effect that the stockholders had lost heavily on the Chicago Board of Trade. President Geisler announced that every depositor would be paid in ful. Other Muscatine banks came to the rescue.