Farmers Deposit Savings Bank (Pittsburg, PA)

Episode Information

Episode UID
4175400791393
Episode Type
Run Only
Bank Type
savings
Bank ID
417540079 hash
Start Date
January 29, 1916
Location
Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
255dcb8de6306cf9

Response Measures

None

Events (1)
1. January 29, 1916 Run
Cause
Rumor Or Misinformation
Cause Details
Baseless/malicious rumors circulated that the bank was in financial difficulties; described as started by 'foreigners' and 'malicious report'.
Measures
Paid all legal demands; waived notice; paid up to $100 for larger accounts with 30-day notice for remainder; offered $5,000 reward and prosecuted rumor-spreaders.
Newspaper Excerpt
The run on the Farmers Deposit Savings Bank which began this afternoon when excited foreigners crowded into the institution demanding their money
Source
newspapers

Newspaper Articles (10)
1. January 30, 1916 The Sunday Telegram Clarksburg, WV
Article from The Sunday Telegram, January 30, 1916

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Article Text

RUN ON BANK IN DRENCHING RAIN IS MADE In the City of Pittsburg by Foreigners as Result of False Rumors. (BY ASSOCIATED PRESS) PITTSBURG, Jan. 29.-The run on the Farmers Deposit Savings Bank which 'began this afternoon when excited foreigners crowded into the institution demanding their money, reached large proportions late today. A force of twenty-five policemen kept in line the hundreds of depositors, who stood in a drenching rain. Until the regular Saturday night closing hour every demand was met in full, the bank waiving its right of notice. A statement was issued tonight by the bank's officers and confirmed by the clearing house committee saying that the institution "is perfectly sound and strong in resources and cash." The run was declared to be inspired by rumors having no basis in fact. The bank has 20,000 depositors and on January 12 last it reported to the state banking commissioner deposits of $6,395,252.

2. January 31, 1916 Harrisburg Telegraph Harrisburg, PA
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.

3. January 31, 1916 The Daily Telegram Clarksburg, WV
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.

4. January 31, 1916 South Bend News-Times South Bend, IN
Article from South Bend News-Times, January 31, 1916

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Article Text

BANK RUN CONTINUES Officials Offer Reward For Person Who Started Rumor. International News Service: PITTSBURGH, Pa., Jan. 31.-The run on the Farmers' Deposit Savings bank, started Saturday by the circulation of rumors that the bank was in financial difficulties, continued today. Crowds that gathered before the bank were so great that police reserves were necessary. Throughout the morning depositers were paid off steadily. Five thousand dollars reward was offered today by the bank's officials for the arrest of the person or persons who started what they term "the malicious report." One hundred dollars is offered for the arrest of persons circulating the report.

5. February 1, 1916 Norwich Bulletin Norwich, CT
Article from Norwich Bulletin, February 1, 1916

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Article Text

RUN ON A SAVINGS BANK IN PITTSBURGH. Crowd of 3,000 Depositors Kept in Line by 25 or 30 Policemen. Pittsburgh, Pa., Jan. 31.-When the doors 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 that night, were thrown open today, fully 3,000 persons were waiting to withdraw their deposits. The crowd was kept in line by 25 or 30 policemen. Bank officials said they had plenty of money on hand to meet every demand, and when 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 had made every arrangement to pay the remaining obligations. It was announced today that persons responsible for the baseless rumors concerning the bank's condition would be prosecuted under the Pennsylvania law which provides maximum penalties of $5,000 fine and five years' imprisonment.

6. February 1, 1916 The Sun New York, NY
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

7. February 1, 1916 Harrisburg Telegraph Harrisburg, PA
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.

8. February 1, 1916 The Washington Herald Washington, DC
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."

9. February 1, 1916 The Daily Telegram Clarksburg, WV
Article from The Daily Telegram, February 1, 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, Feb. 1.-The run which started Saturday afternoon on the Farmers' Deposit Savings Bank continue dMonday. 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.

10. February 1, 1916 New Britain Herald New Britain, CT
Article from New Britain Herald, February 1, 1916

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Article Text

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.