Lawrence Bank - Pittsburg, PA

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: September 1, 1873*
Location: Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model: gpt-5-mini
Short Digest: 25eb5738

Response Measures

None

Description

Article (dateline Sept. 29, 1873) states The Lawrence Bank closed its doors last week and reopened this morning. There is no explicit mention of a depositor run; the closure appears linked to the wider 1873 panic, so classified as a suspension followed by reopening.

Events (2)

1. September 1, 1873* Suspension

Cause: Macro News
Cause Details: Closed during the financial distress/panic of 1873 affecting the city; mentioned in context of recent panic and Clearing House discussions.
Newspaper Excerpt: The Lawrence Bank, which closed its doors last week, reopened this morning and transacted business as usual.
Source: newspapers

2. September 29, 1873 Reopening

Newspaper Excerpt: The Lawrence Bank, which closed its doors last week, reopened this morning and transacted business as usual.
Source: newspapers

Newspaper Articles (1)

1. September 30, 1873 The New York Herald New York, NY

Article from The New York Herald, September 30, 1873

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Article Text

Pittsburg Refuses to Suspend Currency Payments. PITTSBURG, Pa., Sept. 29, 1873. Everything in a financial way wore a bright, cheerful and natty look to-day, and the painful depression and gloom of the past week which pervaded in commercial as well as financial circles seem to have given way before the united and vigorous efforts of financiers and the public generally. The Clearing House Association met this morning and discussed the matter in hand of using certified check, a system among themselves in accordance with the New York plan. It was said at the meeting that the majority of the cities had adopted the rule, and as Pittsburg rather stood isolated as a currency-paying city an effort would ultimately be made to drain the city of currency and at such a distance that it would be a long time before it would return, and most disastrous results might follow to the general business interests of the city. But alter a careful consideration of the question, and in view of the brightening prospects throughout the country, a majority of those present were against suspension. The action of Chicago in resuming was indicative of a healthy return of the ola business relations as they existed before the panic, consequently the following resolution met with unanimous endorsement:At a full meeting of the Clearing House of Pittsburg, be it resolved. that no change was required in the manner of conducting the business of the banks and Clearing House. John D. Scully, of the First National Bank, was very decided in his opposition to following in the footsteps of other cities as to suspending currency payments. He said that instead of Pittsburg being drained of her currency by suspended cities about her, the result will be that she will gain in currency, as she will be doing business upon this basis, and will be careful of what she receives. Mr. Harper, of the Pittsburg Bank; Mr. Martin, of the Mechanics' National Bank, and also the President of the Exchange Bank, all agree with Mr. Scully. They think that now the panic is so near over it will redound far more to the credit of Pittsburg not to suspend, even If every other city should do so. The Lawrence Bank, which closed its doors last week, reopened this morning and transacted business as usual. The Board of Directors of the Security Trust Company are still busy at work, but have not yet completed their arrangements to resume. The Diamond Savings Bank, by prompt action, succeeded in getting all funds checked out that were in the hands or Clews & Co. This morning a circuiar was received from them stating that they were continuing business and would pay all indebtedness as fast as they could realize on collaterals, and that they were receiving deposits which would be used in the most judicious manner possible.