19258. Bank of Pittsburg (Pittsburg, PA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
October 5, 1857
Location
Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model
gpt-5-mini
Short Digest
a7e3624f

Response Measures

None

Description

Articles describe the Bank of Pittsburg suspending specie payments during the 1857 monetary crisis. There is no explicit description of a depositor run on this specific bank in the provided clippings. A later article (Nov 5, 1857) refers to stockholders of suspended Pittsburg banks accepting a relief bill, which suggests a rescue and likely eventual resumption of operations; evidence of an actual reopening is not explicit, so classification assumes relief led to reopening. OCR spellings (Pittsburg vs Pittsburgh) preserved as in source.

Events (2)

1. October 5, 1857 Suspension
Cause
Macro News
Cause Details
Part of the widespread monetary crisis/panic of 1857 and coordinated temporary suspension of specie payments by banks in response to heavy withdrawals and pressure on reserves.
Newspaper Excerpt
Among the Pennsylvania Banks that have now suspended specie payments are the Bank of Pittsburg
Source
newspapers
2. November 5, 1857 Other
Newspaper Excerpt
A meeting of the stockholders of the suspended banks of Pittsburg was held on Monday, and it was resolved to accept the provisions of the relief bill.
Source
newspapers

Newspaper Articles (3)

Article from Democrat and Sentinel, September 30, 1857

Click image to open full size in new tab

Article Text

The Monetary Crisis. The Philsdelphia Enquirer" of Saturday last says: Yesterday was a day of extraordinary excitement in this city. Soon after the opening of the doors of the Bank of Pennsylvania, it was deemed expedient to close them. Immediately the intelligence spread with the greatest possible celerity, and crowds soon assembled in Second and Third streets. and indeed in the neighbôrhood of all our leading monetary institutions. All sorts of speculations were indulged, and many extravagant reports were circulated. The effect was, to produce a run upon the banks generally for specie All of them. except the Bank of Pennsylvania, paid out, either in whole or in part, until three o'clock, the usual hour of closing. Meanwhile the Presidents of the Banks assembled in council at one o'clock, and after disucssing the condition of affairs, adjourned to meet again at four o'clock. During the day, the specie that was withdrawn from the various institutions, amounted to something like a MILLION AND HALF OF DOLLARS. There was however little or no confusion or disorder, atd those who made their demands, did so in a cheerful and good-natured spirit. At 4 o'clock. the Presidents of the Banks rs-assembled, and renewed their disussion of the condition of affairs. They eat. for nearly two hours, when views pro and con were given, all in a frank and kindly spirit-the object expressed on all hands being to pursue the course best caleulated to protect and assist the community. A resolution was finally adopted, and with entire, unanimity, RECOMMENDING A TEMTORARY SUSPENSIOM OF SPECIE PAYMENTS BY ALL THE BANKS OF PHILADELPHIA. Depositors. note-holders, and stockholders, need not feel the least alarm. The banks have been exerting themselves to the utmost for the last fortnight, to sustain themsolves, and most of them would still be able to pay their entire circulation and deposit, but in doing so, they would be compelled to withhold all assistanoe from their customers, and thus, in fact, to cripple the community and retard the general prosperity. They have perferred the policy of temporary suspension, and in this we think they have acted wisely. It appears by Philadciphia papers received this morning, that the excitement still continues, and the banks are censured for want of concert of action. The Pittsburg Banks, with the exception of the Bank of Pittsburg." have suspended. All the Banks of Baltimore, the Harrisburg, York and Reading Banks have also suspended specie payment. The New York City and New England Banks, with the exception of those of Providence, Rhode Island. still remain open and seem determined to bear up against the pressure. In another column will be found the Proclamation of the Governor, calling an extra session of the Legislature. We are not well enough posted to hazard an opinion with regard to propriety or impropriety of the measure. The members of the Legislature during the extra session, will receive only three dollars per day aud mileage.


Article from The Daily Dispatch, October 5, 1857

Click image to open full size in new tab

Article Text

far Southern as neighbors. they express confidence in their ability to maintain specie payments. The Nicaragua Transit Company. as the Ameri can. Atlantic and Pacific Canal Company, is popu larly called. has made an assessment of 85 on what are known as the Canal rights. We understand that the British Bank of North America has ordered gold from England and will remit its bills for collection instead of selling then at the present low rates. The amount of gold t cover its operation will reach £500,000 per month of which £100.000 has been ordered. The New York Journal of Commerce of Friday aftenoon, says: We regret to announce the suspension of P Choutou Jr. & Co., fur dealers. with large liabili ties. The house of P. Choutou Jr., Sanf & Co. dealers in iron, although composed of several o the same partners. is a different concern with dis tinet interests and is not affected by the above sus pension. The suspension of the house of Brum mel & Roysters. tobacco dealers. is also announced This respectable firm were winding up their affair preparatory to going out of busines. but have beer caught in the storm. Messrs Swift, Ransom & Co bankers are also reported. The same paper of Saturday afternoon, has th following: The pressure to-day is not greater than expected nor the financial disasters altage unexpected Some who have stood heretofore unshaken hav gone down but the most of the suspensions hav occurred among those who were widely known Messrs. E. W. Clarke, Dodge & Co., bankers and co lecting agents. after making every possible effor to sustain themselves have at last stopped pay ment. The primary cause was the large advance required by their Boston house. J. W. Clarke & Co but they had also large connections with the west both with railroads and business firms. and hav become 80 much involved that they could not easil disentangle themselves. They have been ver) much respected. with a wide circle of friends, an will have much sympathy in their misfortunes. We also notice with regret the suspension o Messrs Gage. Dater & Sloan dry goods jobbers it Chambers street. enjoying a fair credit, and o Messrs L Bauer & Co., in the hosiery trade. The failure of Messrs. Powell, Ramsdell & Co o Newburg has been followed by the suspension 0 the Powell Bank of that city. Foreign Exchange continues inactive. with considerable quantity floating upon the market and but few buyers. Bills on London. draw against produce, have been sacrificed at 90a95 pe cent but bankers rates are quoted at 100a103. The Tribune of Saturday gives a list of the note thrown out of the banks there: The following Banks are thrown out to-day The Farmers' Bank and Hudson River Bank. at Hud son; Old Saratoga Bank. N. Y.; Thompson Bank Conn.: Phillipsburg Bank, N. J.; Bass River Bank Mass.; and Stark Bank, Vt. Many of the uncurren money dealers have been unwilling to purchase Eastern currency to-day, and buy State only to moderate extent at 1 to 2 per cent. discount. The American Exchangeand Metropolitan Banks, how ever. continue to receive as usual at 1-10 for Eas tern, and 1/4 per cent. for State, from their dealer and correspondent Banks. and we are assured the will continue to receive as long as the New York Banks sustain specie payments. THE SUSPENSION AT WILLIAMSBURG, N. Y. The Farmers' and Citizens' Bank of Williams burg, L. I., which suspended in consequence of on Thursday, had $103,000 on deposit, and about $277. discounted paper in its possession $225,000 of the latter is considered perfectly good Depositors have been assured that they will no lose in the slightest degree, although they may have to wait a short time for their money. The circulation of the Bank was $100.000, and as this i secured by State stocks, the bill-holders canno suffer. It is believed that the Bank will very soor redeem all its circulation. dollar for dollar. MARYLAND. The Baltimore Patriot of Saturday, learns th following: Our banks are discounting only to a limited ex tent, and disposed to restrict their lines as much a possible-hence mercantile accommodations ar less than generally supposed. As much, however, is being done as can be with prudence and due regard to the future. Quite large amount of good business paper is offering or the street, but capitalists being backward-not posed at present to invest largely-negotiation are consequently, restricted. Good to first clas notes may be quoted nominally at to 2 per cent a month-very little under the highest name figure and difficult to sell at that. Second clas meets with but little consideration. Money on call ranges from 13/4 to 2 per cent. Exchange on the North has materially advanced and is now selling at to 10 per cent. premium We quote Virginia bank notes (old) at 3a 4 pe cent. discount, and other descriptions at 5 a 6 pe cent. discount. North Carolina difficult of sal at 5 to 6 and 7 per cent. discount. Ohio and West ern bank notes are not selling to any considerabl extent. Specie in demand. Gold has advanced. and sell to-day at 7 to 10 per cent. premium. as to amounts &c. Silver is also in pressing request, and som banks have been selling it in small sums to mee exigencies. at to 6 per cent. premium. This ad vance in price is caused by an absolute necessit for small change in the way of convenience to pa laborers and others. The banks. we learn, are obtaining as much of it a they possibly can to accommodate their customers Great difficulty and much distress exists amongs the poorer classes. Many of them are forced t sacrifice, comparatively speaking. much of thei earnings, in order to procure small change, or us the money given for services rendered. IN PENNSYLVANIA. The Philadelphia Ledger of Saturday. says: Monetary affairs here. are more quiet. but mone is as hard to command as ever. and if there is les excitement. it is only because there is lessened et fort to resist the seemingly overwhelming difficult ties that threaten to whelm in ruin SO many of on active, though unwisely extended, business men.Our banks are acting with more uniformity and i is hoped a good understanding may be establishe among them by the time the legislature goes int session. Coin is already fast hiding itself from view. The difference between coin and paper still 5 per cent., with a moderate business a these rates. Among the Pennsylvania Banks that have no suspended specie payments are the Bank of Pitts burg, the Honesdale Bank. the Wyoming Bank and the new Bank of Catasqua. FORWARDING CROPS TO MARKET. The Chicago Tribune of the latest date state that several of the leading banks of that city have entered into an arrangement to advance currenc for the purchase of grain, taking the bills of lad 10g in the name of the bank making the advance and selling the grain on account of the home pur chaser The Tribune says: The obj of this arrangement is, of course. to


Article from Evening Star, November 5, 1857

Click image to open full size in new tab

Article Text

THE BANK OF PITTSBURG.-A meeting of the stockholders of the suspended banks of Pittsburg was held on Monday, and it was resolved to accept the provisions of the relief bill. The stockholders of the Merchants and Manufacturers' Bank have appointed a commit tee to investigate the affairs of the bank, and publish the same.