German National Bank (Pittsburg, PA)

View Charter #2261 on SPMC View balance sheet

Episode Information

Episode UID
226101186
Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
22610 national
Charter Number
2261
Start Date
October 18, 1898
Location
Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
cf4b0c3025bbb7ce

Response Measures

Accommodated withdrawals, Public signal of financial health, Full suspension, Books examined

Other: Comptroller appointed temporary receivers and a committee to appraise assets; bank went into voluntary liquidation efforts and later resumed payment in full.

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

Description

Comptroller briefly appointed temporary receivers in Nov. 1898 but allowed voluntary liquidation efforts; bank ultimately resumed operations Jan 1899.

Events (6)
1. May 17, 1875 Chartered
Source
historical_nic
2. October 18, 1898 Run
Cause
Bank Specific Adverse Info
Cause Details
Failure of the bank's president Adolph Groetzinger precipitated depositors' withdrawals
Measures
Directors closed the doors to stem withdrawals and to place the bank in voluntary liquidation
Newspaper Excerpt
the failure of Mr. Adolph Groetzinger, the president of the bank, resulted in a run
Source
newspapers
3. October 18, 1898 Suspension
Cause
Voluntary Liquidation
Cause Details
Directors suspended payments and closed the bank to effect voluntary liquidation following the run
Newspaper Excerpt
the directors closed the doors for the purpose of voluntary liquidation...and the suspension followed
Source
newspapers
4. November 4, 1898 Other
Newspaper Excerpt
appointed the bank examiners of Pittsburg...temporary receivers of the German National bank of Pittsburg...This action...will not interfere with the efforts of the officers of these institutions to put these banks into condition for voluntary liquidation and the comptroller announces that he will consent to the voluntary liquidation of these institutions and will discharge the receivers when assured of the ability of the banks to meet their obligations in full, promised by their committee.
Source
newspapers
5. January 23, 1899 Reopening
Newspaper Excerpt
The German National bank...resumed business today with a capital of $250,000. There is enough cash on hand to pay every dollar the bank owes ($1,300,000), and all claims will be paid on demand.
Source
newspapers
6. November 19, 1934 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (20)
1. October 20, 1898 Evening Star Washington, DC
Article from Evening Star, October 20, 1898

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Article Text

The Pittsburg Bank Failure. Bank Examiner Young has reported to the controller of the currency that, in his judgment, the German National Bank of Pittsburg, which closed its doors Tuesday, is solvent. The report states that the failure of Mr. Adolph Groetzinger, the president of the bank, resulted in a run, and the directors closed the doors for the purpose of voluntary liquidation. The clearing house committee agreed with the directors that this was the best thing to do, and the suspension followed. The capital of the bank is $250,000, and at the time of the last report, September 30, the surplus amounted to $253,347; due individual depositors, $1,730,688; due national banks and bankers, $359,123; total resources, $2,637,708.

2. October 20, 1898 The Wilmington Daily Republican Wilmington, DE
Article from The Wilmington Daily Republican, October 20, 1898

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Article Text

German National Bank Solvent. Washington, Oct. 20.-Bank Examiner Young has reported to the comptroller of the currency that in his judgment the German National bank, of Pittsburg, which closed its doors on Tuesday, is solvent. The report states that the failure of Mr. Adolph Groetsinger, the president of the bank, resulted in a run, and the directors closed the doors for the purpose of voluntary liquidation. The clearing house committee agreed with the directors that this was the best thing to do, and the suspension followed.

3. October 20, 1898 The Evening Herald Shenandoah, PA
Article from The Evening Herald, October 20, 1898

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Article Text

German National Bank Solvent. Washington, Oct. 20.-Bank Examiner Young has reported to the comptroller of the currency that in his judgment the German National bank, of Pittsburg, which closed its doors on Tuesday, is solvent. The report states that the failure of Mr. Adolph Groetsinger, the president of the bank, resulted in a run, and the directors closed the doors for the purpose of voluntary liquidation. The clearing house committee agreed with the directors that this was the best thing to do, and the suspension followed.

4. October 20, 1898 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, October 20, 1898

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Article Text

WILL PAY OUT. German National of Pittsburg Said to Be Solvent. Washington, Oct. 20.-Bank Examiner Young has reported to the comptroller of the currency that in his judgment the German National bank of Pittsburg, which closed its doors is solvent. The report states that the failure of Mr. Adolph Groetzinger, the president of the bank, resulted in a run and the directors closed the doors, for the purpose of voluntary liquidation. The clearing house committee agreed with the directors that this was the best thing to do and the suspension followed. The capital of the bank is $250,000 and at the time of the last report, September 30, the surplus amounted to $253, 347; due individual depositors $1,730,688; due national banks and bankers $359,123; total resources $2,637,708.

5. October 22, 1898 Martinsburg Herald Martinsburg, WV
Article from Martinsburg Herald, October 22, 1898

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Article Text

German National Bank Solvent. Washington, Oct. 20.-Bank Examiner Young has reported to the comptroller of the currency that in his judgment the German National bank, of Pittsburg, which closed its doors on Tuesday, is solvent. The report states that the failure of Mr. Adolph Groetsinger, the president of the bank, resulted in a run, and the directors closed the doors for the purpose of voluntary liquidation. The clearing house committee agreed with the directors that this was the best thing to do, and the suspension followed.

6. October 22, 1898 The Weekly Intelligencer Lexington, MO
Article from The Weekly Intelligencer, October 22, 1898

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Article Text

The German National bank, of Pittsburg, Pa., has "busted." It was considered the strongest bank in the state. It defuncted October 18, because it had so much money on hand it could not pay its debts. If this bank goes up the flue, just imagine the condition of some of the weaker concerns. These fool banks have not yet learned that McKinley is president and confidence is restored. They seem to think the Cleveland panic is at work.

7. November 4, 1898 Richmond Daily Palladium Richmond, IN
Article from Richmond Daily Palladium, November 4, 1898

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Article Text

Bank Receivers Appointed. WASHINGTON, D. C.,November 4.- The comptroller of currency appointed bank examiners of Pittsburgland New York respectively, temporary receivers of the German national bank of Pittsburg and Traders national bank at New York. With the comptrollers assent both institutions will go into voluntary liquidation.

8. November 5, 1898 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, November 5, 1898

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Article Text

AGAINST OTHER PROCEEDING BANKS. Washington, Novemebr 4. -Owing to the decision of Judge Lacombe of New York that an execution can be levied against the assets of a national bank in the bands f the comptroller of the currency at any time prior to his formal appointment of a receiver, and to the fact that suits are being prepared by others in New York against the Tradesmen's National bank in Pittsburg and against the German National bank for the purpo-e of levyin ex ecution and judgment which 5 ould, if Judge Lacomb's decision is upheld, prefer certain creditors to the damage of other creditors unjustly, Charles G. Dawes, comptroller of the currency has, today. appointed the bank examiners of Pittsburg and New York temporary receivers of the German National bank of Pit burg and the Tradesmen National bank of New York, re-pectively. This action on the part of the comptroller will not interfere in any way with the efforts of the officers of these institutions to put these banks into condition for voluntary liquidation and the comptroller announces that he will consent to the voluntary liquidation of these institutions and will discharge the receivers when assured of the ability of the banks to meet their obligations in full, promised by their committee.

9. November 9, 1898 Watertown Republican Watertown, WI
Article from Watertown Republican, November 9, 1898

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Article Text

APPOINTS RECEIVERS. Comptroller Dawes Takes Steps to Protect the Creditors of Two Banks. Washington, D. C., Nov. 4.-Owing to the decision of Judge Lacombe of New York that an execution can be levied against the assets of a national bank in the hands of the comptroller of the currency at any time prior to his formal appointment of a receiver, and to the fact that suits are being prepared by others in New York against the Tradesmen's National bank and in Pittsburg against the German National bank for the purpose of levying execution and judgment, which would, if Judge Lacombe's decision is upheld, prefer certain creditors to the damage of other creditors unjustly, Charles G. Dawes, comptroller of the currency, today appointed the bank examiners of Pittsburg and New York to be temporary receivers of the German National bank of Pittsburg and the Tradesmen's National bank of New York respectively. This action on the part of the comptroller will not interfere in any way with the efforts of the officers of these institutions to put these banks into condition for voluntary liquidation, and the comptroller announces that he will consent to the voluntary liquidation of these institutions and will discharge the receivers when assured of the ability of the banks to meet their obligations in full as promised by their committees now making efforts to put the bank into a condition justifying the comptroller in assenting to liquidation.

10. November 19, 1898 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, November 19, 1898

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Article Text

Fate of a Bank. WASHINGTON, Nov. 18.-For the purpose of enabling him to decide more Intelligently the question of the selvency of the German National Bank of Pittsburg Comptroller Dawes has appointed a committee, consisting of John B. Jackson, president of of the Fidelity Title and Trust company, Pittsburg, and John W. McDonald, of Washington, as his personal representatives, and Hugh Young, national bank examiner of Pittsburg, to appraise carefully all the assets of the bank. Upon receiving the report the comptroller will decide as to whether there is any possibility of the bank going into voluntary liquidation or whether a permanent receiver shall be appointed.

11. January 3, 1899 Twice-A-Week Plain Dealer Cresco, IA
Article from Twice-A-Week Plain Dealer, January 3, 1899

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Article Text

HAPPENINGS OF 1898. A Chronological Array of the Most Prominent Events. STORY OF SPANISH-AMERICAN WAR. Brief Mention of Financial Failures, Startling Catastrophes and Crimes-Necrology of Year - Politics and Sport. BANK FAILURES. Jan. 17-State, Elmwood, Ill., $60,000. 24-National, Paola, Kan., suspended. 81-First national, Larimore, N. D., $71,754. Feb. 24-Bank of Southern Baltimore, $170,000. Mar. 16-Home savings, Sioux City, Ia., $60,000 Benson savings, Waterford, Pa., $40,000. 24-Bank of Merriam Park, St. Paul, Minn. People's state, Philadelphia, nearly $1,000,000. 25-Guarantors' Finance Co., Philadelphia, $1,047,500. Jun. 7-Delaware national, Delhi, N. Y., $25,000. 29-Thomas J. Kirby, private, Abilene, Kan., $283,000. Jul.20-Commercial state, Marshalltown, Ia. 21-German savings, Doon, Ia., $59,474 Northern, Lexington, Ky. (suspended). 23-Tawas savings, Tawas City, Mich. (suspended). Aug. 11-Bank of Waverly, Ill., $150,000. 27-Fillmore county, Preston, Minn., $150,000. Sep. 14-D. F. Parsons, private, Burr Oak, Mich., $100,000. 15-Jasper, Ala., bank, $65,000. 26-Allegheny, at Clifton Forge, Va., liabilities, $50,000. Oct. 4-Tradesman's national, at New York, $2,000,000 due depositors. Liabilities placed at $3,800,000. 13-Tioga national, of Oswego, N.Y., closed. 19-First national of Neligh, Neb., liabilities $108,000 German national of Pitts burgh, Pa., liabilities, $7,000,000. 21-First national, of Lisbon, O., capital $50,000-closed; resumed on Nov. 15. 29-Second national, of Springfield, O., goes into liquidation. Nov. 5-First national, of Flushing., O., suspends. 16-First national, of Emporia, Kan., closed. President suicides an hour later. 28-Bank of Hornersville, N. Y., closes doors with liabilities of $75,000. 30-Second national, of Toledo, O., goes into voluntary liquidation. Dec. 5-American savings, at Charleston, S. C., placed in hands of receiver. Liabilities, $100,000.

12. January 7, 1899 The Cape Girardeau Democrat Cape Girardeau, MO
Article from The Cape Girardeau Democrat, January 7, 1899

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Article Text

BANK FAILURES. Jan. 17-State, Elmwood, III $60,000. 24-National, Paola, Kan., suspended. 31 - First national, Larimore, N. D., $71,754. Feb. 21-Bank of Southern Baltimore, $170. 000. Mar. 16-Home savings, Sioux City, Ia., $60, 000 Benson savings, Waterford, Pa., $40,000. 24-Bank of Merriam Park, St. Paul, Minn. People's state, Philadelphia, nearly $1,000,000. 25-Guarantors' Finance Co., Philadelphia, $1,047,500. Jun. 7-Delaware national, Delhi, N. Y., $25,000. 29-Thomas J. Kirby, private, Abilene, Kan., $283,000. Jul. 20-Commercial state, Marshalltown, Ia. 21-German savings, Doon, Ia. $59,474 Northern, Lexington, Ky. (suspended). 23-Tawas savings, Tawas City, Mich. (suspended). Aug. -Bank of Waverly, Ill., $150,000. 27-Fillmore county, Preston, Minn., $150, 000. Sep. 14-D. F. Parsons, private, Burr Oak, Mich, $100,000. 15-Jasper, Ala., bank, $65,000. 26-Allegheny, at Clifton Forge, Va., liabilities, $50,000. Oct. 4-Tradesman's national, at New York, $2,000,000 due depositors. Liabilities placed at $3,800,000. 13-Tioga national, of Oswego, N. Y., closed. 19-First national of Neligh, Neb., liabiliGerman national of Pitts ties $108,000 burgh, Pa., liabiliteis, $2,000,000. 21-First national, of Lisbon, O., capital $50,000-closed; resumed on Nov. 15. 29-Second national, of Springfield, O., goes into liquidation. Nov. 5-First national, of Flushing_2., suspends. 16-First national, of Emporia, Kan., closed. 28-Bank of Hornersville, N. Y., closes doors with liabilities of $75,000. 30-Second national, of Teledo O., goesinto voluntary liquidation.

13. January 13, 1899 The Holly Chieftain Holly, CO
Article from The Holly Chieftain, January 13, 1899

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Article Text

BANK FAILURES. Jan. 17-State, Elmwood, III., $60,000. 24 -National, Paola, Kan., suspended. 31 - First national, Larimore, N. D., $71,754. Feb. 24-Bank of Southern Baltimore, $170, 000. Mar. 16-Home savings, Sioux City, Ia., $60, 000 Benson savings, Waterford, Pa., $40,000. 24-Bank of Merriam Park, St. Paul, Minn. People's state, Philadelphia, nearly $1,000,000. 25-Guarantors' Finance Co., Philadelphia, $1,047,500. Jun. 7-Delaware national, Delhi, N. Y., $25,000. 29-Thomas J. Kirby, private, Abilene, Kan., $283,000. Jul. .20-Commercial state, Marshalltown, Ia. 21-German savings, Doon, 1a., $59,474 Northern, Lexington, Ky. (suspended) 23-Tawas savings, Tawas City, Mich. (sus pended) Aug. 11-Bank of Waverly, III., $150,000. 27 -Fillmore county, Preston, Minn., $150,000. Sep. 14-D. F. Parsons, private, Burr Oak, Mich., $100,000. 15-Jasper, Aia., bank, $65,000. 26-Allegheny, at Clifton Forge, Va., lia bilities, $50,000. Oct. 4-Tradesman's national, at New York, $2,000,000 due depositors. Liabilities placed at $3,800,000. 13-Tioga national, of Oswego, N. Y., closed. 19-First national of Neligh, Neb., liabiliGerman national of Pitts ties $108,000 burgh, Pa., liabiliteis, $2,000,000. 21-First national, of Lisbon. O., capital 350,000-closed; resumed on Nov. 15. 29-Second national, of Springfield, 0, goes into liquidation. Nov. 5-First national, of Flushing., O., suy. pends. 16-First national, of Emporia, Kan., closed. 28-Bank of Hornersville, N. Y., closes doora with liabilities of $75,000. 30-Second national, of Toledo, O., goes into voluntary liquidation. Dec. 5-American savings, at Charleston, S. C., placed in hands of receiver. Liabilities, $100,000.

14. January 13, 1899 Barton County Democrat Great Bend, KS
Article from Barton County Democrat, January 13, 1899

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HAPPENINGS OF 1898. A Chronological Array of the Most Prominent Events. STORY OF SPANISH-AMERICAN WAR. Brief Mention of Financial Failures, Startling Oatastrophes and Crimes-Necrology of Year - Politics and Sport. / BANK FAILURES. Jan. 17-State, Elmwood, III., $60,000. 24-National, Paola, Kan., suspended. 31-First - national, Larimore, N. D., $71,754. Feb. 24-Bank of Southern Baltimore, $170,000. Mar. 16 Home savings, Sioux City, Ia., $60,000 Benson savings, Waterford, Pa., $40,000. 24-Bank of Merriam Park, St. Paul, Minn. People's state, Philadelphia, nearly $1,000,000. 25-Guarantors' Finance Co., Philadelphia, $1,047,500. Jun. 7-Delaware national, Delhi, N. Y., $25,000. 29-Thomas J. Kirby, private, Abilene, Kan., $283,000. Jul.20-Commercial state, Marshalltown, Ia. 21-German savings, Doon, la., $59,474 Northern, Lexington, Ky. (suspended). -Tawas savings, Tawas City, Mich. (suspended). Aug. 11-Bank of Waverly, Ill., $150,000. 27-Fillmore county, Preston, Minn., $150,000. Sep. 14-D. F. Parsons, private, Burr Oak, Mich., $100,000. 15-Jasper, Ala., bank, $65,000. 26-Allegheny, at Clifton Forge, Va., liabilities, $50,000. Oct. 4-Tradesman's national, at New York, $2,000,000 due depositors. Liabilities placed at $3,800,000. 13-Tioga national, of Oswego, N. Y., closed. 19-First national of Neligh, Neb., liabilities $108,000 German national of Pitts burgh, Pa., liabilities, $7,000,000. 21-First national, of Lisbon, O., capital $50,000-closed; resumed on Nov. 15. 29-Second national, of Springfield, O., goes into liquidation. Nov. 5-First national, of Flushing., O., suspends. 10-First national, of Emporia, Kan., closed. President suicides an hour later. 2S-Bank of Hornersville, N. Y., closes doors with liabilities of $75,000. S-Second national, of Toledo, O., goes into voluntary liquidation. Dec. 5-American savings, at Charleston, S. C., placed in hands of receiver. Liabilities, $100,000.

15. January 22, 1899 Wheeling Sunday Register Wheeling, WV
Article from Wheeling Sunday Register, January 22, 1899

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BANK TO REOPEN. Pittsburg, Pa., January 21.-The German National bank, which suspended payment on October 18 last, will resume business on Monday with a capital of $250,000. There is enough cash on hand to pay every dollar the bank owes ($1,300,000), and all claims will be paid on demand.

16. January 22, 1899 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, January 22, 1899

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Sound as a Dollar. PITTSBURG, Pa., Jan. 21.-The German National bank, which suspended payment on Oct. 18 last, will resume business on Monday, with a capital of $250,000. There is enough cash on hand to pay every dollar the bank owes ($1,300,000) and all claims will be paid on demand.

17. January 22, 1899 The Record-Union Sacramento, CA
Article from The Record-Union, January 22, 1899

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Will Resume Business. PITTSBURG, Jan. 21.-The German National Bank which suspended payment on October 18th last, will resume business on Monday with a capital stock of $250,000.

18. January 23, 1899 The Providence News Providence, RI
Article from The Providence News, January 23, 1899

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WILL PAY ALL DEBTS. Pittsburg, Jan. 23.-The German National bank, which suspended payment Oct. 18 last, resumed business today with a capital of $250,000. There is enough tash on hand to pay every dollar the bank owes ($1,300,000), and all claims will be paid on demand.

19. January 26, 1899 Reporter and Farmer Webster, SD
Article from Reporter and Farmer, January 26, 1899

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Bank to Reopen. Pittsburg, Jan. 24.-The German Ns tional bank, which suspended payment on Oct. 18, will resume business to-da with a capital of $250,000. All claims will be paid on demand. Qn open ac counts 6 per cent interest will be pai from the date of suspension.

20. January 26, 1899 The Princeton Union Princeton, MN
Article from The Princeton Union, January 26, 1899

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Bank to Reopen. Pittsburg, Jan. 24.-The German National bank, which suspended payment on Oct. 18, will resume business to-day with a capital of $250,000. All claims will be paid on demand. On open accounts 6 per cent interest will be paid from the date of suspension.