19271. Citizens Bank (Pittsburg, PA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
December 31, 1861
Location
Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model
gpt-5-mini
Short Digest
2c25a9b7

Response Measures

None

Description

Multiple newspapers (Dec 31, 1861 / early Jan 1862) report the Citizens' Bank of Pittsburgh suspended specie payment on Dec 31, 1861. No articles mention a run, receiver, or permanent closing; no reopening is reported in these clippings but many Civil War–era suspensions were temporary. I therefore classify as suspension_reopening as the most likely outcome without evidence of permanent failure. 'Pittsburg' spelling follows the sources (historical spelling often without final 'h').

Events (1)

1. December 31, 1861 Suspension
Cause
Macro News
Cause Details
Suspension occurred in the context of wider banking suspensions (New York banks suspended; multiple Pittsburgh banks also suspended) amid Civil War–era financial stress reported in newspapers; not attributed to a specific bank scandal or rumor in these articles.
Newspaper Excerpt
The Citizens' Bank suspended specie payment to-day.
Source
newspapers

Newspaper Articles (7)

Article from Cleveland Morning Leader, December 31, 1861

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Article Text

FROM PITTSBURGH. PITTSBURGH, Dec. 30. The news of the suspension of the Eastern banks was not wholly unexpected here, and created little or no alarm. The banks have not generally suspended. Three of them, it is understead, have suspended, and but four are paying specie, viz.: Old Bank of Pittsburgh, Mechanics, Citizens, and Iron City Bank.


Article from The Daily Gate City, January 1, 1862

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Article Text

BANK SUSPENSION. Pittsburg, December 31. The Citizens' Bank suspended specie payment to-day.


Article from Cleveland Morning Leader, January 1, 1862

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Article Text

SUSPENSION. PITTSBURG, Dec. 31. The Citizens' Bank suspended specie payment to-day.


Article from New-York Daily Tribune, January 1, 1862

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Article Text

The Citizens' Bank of Pittsburgh. PITTSBURGH, Tues day, Dec. 31, 1861. The Citizens' Bank suspended specie payment


Article from St. Cloud Democrat, January 2, 1862

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Article Text

VERY LATEST. ENGLISH NEWS. JOHN BULL WANTS WAR WHETHER OR NO. NEW YORK, Dec. 31. The Atna from Liverpool 18:h, and Queenstown 19th, arrived here at 8 A. M. The Presidents' Message had been received in England, and excited much comment especially his silence with regard to the Trent affair. They consider the message warlike. The report of the Secretary of the Navy is ridiculed, and the Times denounces as an impartial alleged crime, the project of blocking up ports by sunken vessels. The Adriatic, with nearly 1400 troops of the Grenadier Guards, and the Parana, with about 1000 of the Scott Fusilier Guards, left Southampton on the 20th for British North America. The steamer Clcopatra would leave Liverpool on the 21st for Queenstown, there to embark over 500 men of the 17th regiment. Tbe Magdalena would embark about 1000 men at Southampton on the 21st. The mail steamers about 50, are to be armed, and large numbers of gun-boats are being prepared. WASHINGTON, Dec. 31. Our government is making arrangements for the construction of iron clad steam batteries. Mason and Slidell will probably be sent in the mail steamer which leaves next Wednesday week. The banks of New York suspended specie payment on last Monday, and the Cit.izens Bank of Pittsburg, on Tuesday.This is said to have produced great relief in business circles. Price has settled down with his army in Springfield, Mo.


Article from Daily Ohio Statesman, January 3, 1862

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Article Text

More Bank Suspensions, The Northern Bank of Kentucky, at Louisville, has suspended specie payment. The Pittsburgh Post, of Jan. 1, states that the Citizens', Exchange, Merchants' and Manufacturers, and Allegheny Banks had suspended the day previous.


Article from Western Reserve Chronicle, January 8, 1862

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Article Text

DEATH BY DROWNING.-On Sunday last several boys being upon Shockolog Pond, in Copley, sliding and skating. Norman Bosworth, aged about 15 years, a son of Delos Bosworth, Esq., broke through the ice and was drowned.-Alron Beacon. The debt of Aleghany county, Pa., including Pittsburgh and Alleghany City, is nearly seven million, seven hundred thousand dollars, and the value of the tax able property is but twenty-eight millions. BANK SUSPENSION.-The Northern Bank of Kentucky, at Louisville, and the Citizens, Exchange, Merchants, and Manufacturers, of Pittsburgh, and Allegheny Banks, have suspended specie payments. The Lake Officers resident in Buffalo are moving to organize an Independent Naval Corps, to be about 300 strong, and the seamen of Oswego are organizing a Naval School in that city. The Ohio State Board of Agriculture will hold its annual session at Columbus on the 8th of January. The Sorghum State Convention will be held at Columbus the day previous. THE STATE BANK.-The State Journal says that at a meeting of the Board of Control of the State Bank of Ohio held on Friday, it was resolved not to suspend specie payment. The French transport ship, the Resource, bound to Callao, 40 miles south foundered of Valparaiso. She had over 600 souls on board 'only 5 or 6 of whom were saved. Mrs. L. Udell, of Freedom, Portage Co., was SO badly burned by her clothes accidentally taking fire on Friday, that her life is despaired of. A wedding occured at a church in Boston, at which the bride appeared in white, and the two bridesmaids respectively in red and blue. The Bank of Tennessee, at Nashville, is issuing notes from one dollar do wn to five cents! Themas Francis Meagher has been appointed a Brigadier General.