Second National Bank (Pittsburg, PA)

Episode Information

Episode UID
77601286
Episode Type
Run Only
Bank Type
national
Bank ID
7760 national
Charter Number
776
Start Date
February 25, 1907
Location
Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
92dcb8debd61ae78

Response Measures

Accommodated withdrawals, Clearinghouse loan, Partial suspension

Clearinghouse involved: Yes (loan, examination, or other measures)

Events (3)

1. February 2, 1865 Chartered
Source
historical_nic
2. February 25, 1907 Run
Cause
Local Shock
Cause Details
Large downtown fire threatened the bank building, prompting depositors to demand their funds
Measures
Clerks placed books and cash into fireproof vaults; temporary banking room opened at the old Home Trust Company; police/detectives guarded entrance and dispersed crowd.
Newspaper Excerpt
During the height of a serious conflagration in Liberty avenue this morning many persons who said they were depositors of the Second National Bank tried to get into the institution, saying that they feared the building was doomed and they wanted to get their money out.
Source
newspapers
3. July 24, 1931 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (2)

Article from New-York Tribune, February 26, 1907

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Article Text

RUN ON BANK AT FIRE. Revolvers Drawn to Keep Crowds from Pittsburg Institution. [Bv Telegraph to The Tribune.) Pittsburg, Feb 25.-During the height of a serious conflagration in Liberty avenue this morning many persons who said they were depositors of the Second National Bank tried to get into the institution, saying that they feared the building was doomed and they wanted to get their money out. Clerks were busy getting the books and cash into the fireproof vaults, and the cordon of detectives which had been thrown about the entrance prevented all from entering. The crowd finally became so insistent that Detective Elmore, who was in charge of the guard, ordered his men to clear the sidewalks in front of the bank. The crowd then made a rush for the entrance, and the officers drew their revolvers, threatening to shoot any man who put a foot on the steps of the bank. A detachment of police was summoned, and the crowd dispersed. Within an hour the bank had opened a temporary banking room in the office of the old Home Trust Company, Wood street and 6th avenue. The fire was one of the most spectacular, troublesome and costly which the Pittsburg downtown district has had in several, years. For a time the entire square bounded by Liberty avenue, 8th and 9th streets and Exchange Alley, was threatened. but the flames were controlled after completely destroying the six story structure at No. 819 Liberty avenue, occupied by the Derby Desk Company, and the building at No. 817 Liberty avenue, occupied by the Baker Office Furniture Company. In addition to ruining the two buildings named the blaze wrecked the three upper floors of the building at No. 813 Liberty avenue, occupied by the Grier-Bush Company, wholesale notions and toys. The loss is estimated at $350,000. When the fire was believed to be under control, flames were seen issuing from the top floor of the Seventh Avenue Hotel. There was a wild scramble of the guests, but all got out safely. The building was saved, but the furnishings were ruined by water. A number of persons were slightly injured during the fire. and there were many harrowing escapes annd thrilling incidents. The cause of the fire is believed to have been crossed electric wires.


Article from Alma Record, November 6, 1907

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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