19408. Lawrence Savings Bank (Pittsburgh, PA)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
September 24, 1873
Location
Pittsburgh, Pennsylvania (40.441, -79.996)

Metadata

Model
gpt-5-mini
Short Digest
a01d3b91

Response Measures

Full suspension

Other: Clearing House coordinated support and greenbacks were shipped to Pittsburgh to restore liquidity.

Description

In the Sept. 24–29, 1873 reports the Lawrence Savings Bank was hit by heavy withdrawals during the national panic/currency stringency, suspended on Sept 24 citing inability to procure bank notes and unexpected demands, and resumed paying by Sept 29 (articles also note full resumption by Oct 11). Classification: run led to suspension and subsequent reopening.

Events (4)

1. September 24, 1873 Run
Cause
Macro News
Cause Details
Heavy withdrawals triggered by the nationwide 1873 financial panic and local currency (greenback) shortage; depositors rushed savings banks.
Measures
None reported besides later suspension; bank held first-class paper and intended to meet maturities.
Newspaper Excerpt
The National Trust Company and the Lawrence Savings Bank were embarrassed to-day; it was but the foolishness of some of their depositors... On Saturday this bank paid out $145,000; Monday, $140,000; yesterday, $40,000making a total of $325,000 in three days.
Source
newspapers
2. September 24, 1873 Suspension
Cause
Macro News
Cause Details
Suspended because of inability to obtain currency (bank notes) amid the broader financial panic and the sudden demands by depositors.
Newspaper Excerpt
This forenoon the Lawrence Savings Bank suspended, as the President says, owing to the impossibility of procuring bank notes and the unexpected demands of depositors.
Source
newspapers
3. September 29, 1873 Reopening
Newspaper Excerpt
Skies Brightening at Pittsburgh.. Confidence fully Restored. PITTSBURGH Sept. 29 -... The Lawrence Savings Bank commenced paying its checks today.
Source
newspapers
4. October 11, 1873 Reopening
Newspaper Excerpt
The Lawrence Savings Bank, which suspended on the 24th of last month, resumed yesterday, and to-day was fully able to meet all demands made upon it.
Source
newspapers

Newspaper Articles (11)

Article from The New York Herald, September 25, 1873

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THE CRASH IN THE COUNTRY. A Better State of Affairs Apparent at Pittsburg Yesterday-The National Trust Company Paying All DemandsSuspension of the Lawrence Savings Bank. PITTSBURG, Pa., Sept. 24, 1873. The financial outlook to-day is such as to inspire confidence. and the national banks transact business after their usual fashion, and seem, as far as general appearance goes, to be undisturbed by the panic now raging. The National Trust Company and the Lawrence Savings Bank were embarrassed to-day; it was but the foolishness of some of their depositors. The former stopped payment when a check of $15,000 was presented, but later in the day the check was paid and payment resumed. On Saturday this bank paid out $145,000; Monday, $140,000; yesterday, $40,000-making a total of $325,000 in three days. There is hardly a bank in the city that could suffer such a run in the present contracted state of currency here, it not making any difference how many hundred thousand dollars worth of collateral reserve they might hold. The Trust Company has a great many stockholders, each of whom is individually liable. and whose aggregate property will foot up to $15,000,000. It is still paying out, and will continue to pay amounts to small depositors. A bank here, of the first standing, tried yesterday to get $40,000 from a New York bank, where it had three times that amount on deposit, and failed. Another bank telegraphed for $50,000, and an answer came back that it could have the money if it would be taken in $1,000 bills. This was accepted. This forenoon the Lawrence Savings Bank suspended, as the President says, owing to the impossibility of procuring bank notes and the unexpected demands of depositors. The securities held by the bank are made up wholly of strictly first class paper, the largest not having over four months to run, and the bulk maturing within that time: and if all the paper held is met at maturity, they can liquidate all claims against them in seventy days. In all probability they will resume at a very early day. Deposits with them amount to less now than $400,000, and is, every cent, amply secured to depositors, as each stockholder is individually liable for the whole amount of his stock. This morning there was a meeting at the Clearing House, when it was resolved unanimously by the banks comprising the Pittsburg Clearing House Association, all being represented, that they do not consider it necessary to make any change in their customary mode of doing business. From that it would seem that the leading financiers of the city do not think the situation demands any action on their part, which is doubtless a very sensible conclusion.


Article from The Wheeling Daily Intelligencer, September 26, 1873

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[Signed Citizen's Bank N. o. Nt Bank Bank America Union Ntl Bank Germania Nu Bank Ntl Banking A TeutoniaN Bank Canal Bank Mutual Ntl Bank Louisiana Ntl Bank America Hibern an Ntl Bank People's Bank Bank of Lafayette State Ntl Bank Fike Bro &Co, bankers Clearing house certificates at the rate of 75 cents on the dollar will be issued collaterals deposited by banks and certified checks. Clearing house checks will be used instead of currency. STATEMENT FROM CLEWS & CO. NEW YORK, Sept. 25,-Henry Clews & Co. state that the liabilities which their London house describes as incurred on the account of the New York house, are largely acceptances under commercial credits for the account of various merchants in this city and elsewhere, to whom draits will be returned and who will meet them, being prepared to do so by having goods placed in their posses sion, against which acceptances were given. The apparent liabilities, there tore. of the London house will be reduced to the extent to which the acceptances under these credits are provided by the parties on whose account they were issued BRIGHTER SKIES AT PITTABURGH-LARGE ARRIVAL OF GREENBACKS. PITTSBURGH, Sept. 25 -It is learned from authentic sources that three hundred and fifty thousand dollars in greenbacks arrived here to day from New York and Washington city Other large sums are on the way which are expected to arrive to-morrow, and there is a well founded hope that the greenback stringency will be over by Saturday morning if not soon er. The entire outlook is more bright and there is reason for saying that the temporary derangement of our financial houses is to be of very brief duration. The run on the various Savings banks has stopped and no new movement of the kind is apprehended. The Security Trust Company is making arrangements to resume. The officers say that they expect to be open by Monday next. The Lawrence Savings Bank, which suspended yesterday, will resume in a few days RUMORED ASSIGNMENT AT TOLEDO. TOLEDO, Sept. 25.-The rumor is current o-night that the banking house of Krans & Smith, has made an assignment. A FLURRY AT INDIANAPOLIS. INDIANAPOLIS Sept. Considerable excitement was caused here this morning by the announcement of the precautionary measures adopted by the Chicago and Cincinnati banks, which were at first reported as having totally suspended, end this excitement was heightened at noon by the suspension of the private banking house of Woolen, Webb & Co. Owing mainly to the return of their draits on the suspended Trust Company of New York and public confidence became so shaken that there was quite a heavy run on Ritzingers' Bank and on the Indianapolis Savings Banks by a class of generally small depositors, and some few persons withdrew their money from other banks The First National Bank, instead of closing at the usual hour, kept open an hour later to give any depos itor an opportunity to withdraw his money if he wished, and when it closed it had received moremoney than it had paid out. The unquestionable solvency of all our banks, together with the fearless way in which they met the excitement, seems to have sent home the crowds who thronged the streets after the banks had closed in a better state of feeling. and it is now anticipated that there will be no fur ther trouble. The banks previous to the excitement had, after a conference together, decided to go ahead in the usual way, and this determination will be carried out. AMOUNT OF BONDS PURCHASED NEW YORK, Sept. actual dis bursement of greenbacks for the purchase of bonds by the Sub-Treasury, since Sat Furday, is $13,300,000 There is a rumor that the Jersey City Savings Bank closed this morning Hoboken banks are all quiet, and there has been no run on the Savings banks of Brooklyn or this city, to-day. AT SUSPENSION OF A BUSINESS HOUSE ATLANTA ATLANTA, Sept. 25.-The Dollar Sav ings Bank of this city suspended to-day. BANK SUSPENSION AT NEWARK, N. J. NEWARK, N. J., Jept. 25.-The State Bank of New Brunswick suspended to day. This is the bank that was crippled by the irregularities of Appletons cash ier. THE BALTIMORE BANKS TAKING IN SAIL CITY FINANCIAL INSTITUTIONS AND COMMERCE ON A HEALTHY BASIS. BALTIMORE, Sept. 5-The officers of the associated banks of Baltimore met this afternoon and resolved in view of the present financial situation not to pay out money on checks except what may be re quired for legitimate business purposes of the banks and to certify all good checks which can be used in business transac tions. It is confidently believed here that the banks in the city were never in a more sound condition than at the present, and their action this afternoon Is recognized as a prudent precaution against any panic. The mercantile and commercial interests of the city, while suffering in some de gree from the general pressure and tight ness in money are regarded as being on safe and sound basis. The trade fs very limited. The feeling to-day sympathizing with favorable dispatches from New York, is much better than for several days previous, and it is confidently expected that business will soon revive. THE LITTLE ROCK BANKS HOLDING OUT. LITTLE ROCK, ARK., Sept. 5.-The ex citement over the city currency and the reported suspension of banks in Memphis caused unusual excitement. Financial matters are the only topic of conversation. Nearly all the merchants refused to take the city money to-day, and through out the day there was a heavy run on the banks by the depositors. As yet they have met every demand promptly, and claim that they can weather the storm.


Article from New-York Tribune, September 26, 1873

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IN PENNSYLVANIA. PHILADEEPHIA HOPEFUL AND TRANQUIL. PHILADELPHIA, Sept. 25.-A. mote hoveful feeling exists here among merchants, and the prices of goods continue very steady. Third-st. is quiet. All the national banks, savings banks, and such of the State banks as did not suspend, pursue business in the usual manner. The Board'of Brokers continues in session and has adopted the following resolution: Resolved. That untiBotherwise ordered certified checks OF due bills on any of the associated basks wilf be received in settlement of contracts between members of the Board. BRIGHTER PROSPECTS AT PITTSBURGH PFTTBBURGH, Sept. 25.-It is learned from authentic sources that $350,000 in greenbacks arrived here to-day from New-York and Washington, and other large sums are on the way, which are expected to arrive to-morrow, and there is a hope that the greenback stringency will be over by Saturday morning, if not sooner. The entire outlook is brighter, and there is reason for saying that the temporary derangement of financial houses here wild be of brief duration. The run on the savings banks has stopped, and no new movement of the banks is threatened. The Security Trust Company is making arrangements to resume. The officers say that they expect to open by Monday next. The Lawrence Savings Bank, which suspended yesterday, will resume in a few days.


Article from New-York Tribune, September 26, 1873

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BRIGHTER PROSPECTS AT PITTABURGH PITTSBURGH, Sept. 25.-It is learned from authentic sources that $350,000 in greenbacks arrived here to-day from New-York and Washington, and other large sums are on the way, which are expected to arrive to-morrow, and there is a hope that the greenback stringency will be over by Saturday morning, if not sooner. The entire outlook is brighter, and there is reason for saying that the temporary derangement of financial houses here wild be of brief duration. The run on the savings banks has stopped, and no new move ment of the banks is threatened. The Security Trust Company is making arrangements to resume. The of ficers say that they expect to open by Monday next. The Lawrence Savings Bank, which suspended yesterday, will resume in a few days. IN TENNESSEE. SUSPENSION OF THREE MEMPHIS BANKS. MEMPHIS, Sept. 25.-There is great excitement in this city on account of the suspension of banks, which is due to inability to realize on their securities in New-York. The First National and the Do Sote banks have closed to-day. and it is rumored that the Freedmen's Savings and Trust Company has also suspended. There is a heavy run on the other banks. Itisexpected, however, that all the suspended banks will reopen after the panic subsides. 6. p.m.-The excitement this morning over the suspension of the First National Bank was intense. Crowds gathered in front of the bank building in Madison-st. and attempted to break in the iron doors and shutters but they were scattered by the police. The liabilities of this bank are about $400,000, of which $350,000 is due depositors. Among its assets are overdrafts of solvent firms amounting to nearly $100,000. It is believed the bank can resume if able to realize on its assets. An effort is making to have W. W. Thatcher, its own cashier, appointed receiver. The excitement over the suspension of the First National caused a heavy run on the De Soto Bank, and at 101 its doors were closed. Its liabilities are about $150,000, and its officers claim that their assets are ample to meet all demands if they can realize on them. The State National Bank had an abundance of currency, and weathered the storm to-day. The Union and Planters' also endured a heavy run without flinching, as did also the German National, the Bank of Commerce, and the Fourth National. The Freedmen's Bank was compelled to suspend. The check on business is complete, and the planters will necessarily be greatly inconvenienced, as a failure to sell cotton and receive currency and capital will render laborers dissatisfied and unruly. Financial affairs are the all-engrossing subjects of conversation, and little attention is paid to the yellow fever, which is surely abating. PARTIAL SUSPENSION OF THE NASHVILLE BANKS. NASHVILLE, Sept. 25.-The National Banks of this city, four in number, in view of the present state of financial affairs have agreed to suspend currency payments on all balances exceeding $200. The Board of Trade, at a large and full meeting [to-day unanimously approved of the course of the banks and adopted a resolution that merchants and business men would continue to deposit with and aid the banks by every means in their power. A general good feeling prevails among business men, and there are no symptoms of a panic.


Article from The New York Herald, September 26, 1873

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Relief Arriving in Pittsburg. PITTSBURG, Pa.. Sept. 25, 1873. It 18 learned from authentic sources that $350,000 in greenbacks arrived here to-day from New York and Washington, and other large sums are on the way, which are expected to arrive to-morrow. and there is a hope that the greenback stringency will be over by Saturday morning, if not sooner. The entire outlook is more bright, and there is reason for saying that the temporary derangement of our financial houses will be of very brief duration. The rua on the savings banks has stopped, and no new movements of the banks is threatened. The Security Trust Company are making arrangements to resume. The officers say that they expect to be open by Monday next. The Lawrence Savings Bank, which suspended yesterterday, will resume in a few days.


Article from The Wheeling Daily Intelligencer, September 30, 1873

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resolved that nothing in the action of the governing committee of the New York Stock Exchange shall be considered absolving any member from his obligations to the rules that all parties to existing unsettled contracts who were present at the closing of the Exchange, but who shall refuse to surrender satisfactory principal, or furnish margin/in/cash.or securities shall be regarded as insolvent: that so much of article 25 of the by laws as authorizes officer of the Board to close the contracts of parties in default be suspended as to existing contracts during three days the opening of the Exchange The President shall appoint a committee of three which shall be in session from 2:15 until 2:45 each day to determineo an equitable market price to which margins shall be made to conform and also to determine the market price at which the contracts of defaulting parties shall be settled, and that all con tracts shall beset tled by checks certified as good through the Clearing House, but where the check is tendered upon a bank which is not satisfactory the parties must agree upon what shall be satisfactory, but no demand for greenbacks or currency shall be allowed, and that all Government coupon bonds on which interest is payable No vember the 1st shall be called ex CO pons from tomorrow. Very many, and among them some of the oldest and shren dest heads of the Exchange hold to the lief that it is yet too early to set in motion the wheels of the Stock Exchange ma chinery, assuming that although a grea degree of confidence has been restored thiscentre as evidenced by the checking runs on the banks, banking house and savings institutions, yet through out the country a longer time must necessarily elapse feeling of security can b engen dered On the other hand, it is claimed that the moment stocks can be regular traded in legitimately, greenbacks or cu rency, which have been hoarded duri the last week or ten days, will besent here for purchase of stock, and thus gain a general circulation again, and event ally find their way into banks, thus swel ing their reserves Business is decidedly improving at the Produce Exchange, and a much more hopeful feeling is expressed. In fact, bus inessissaid.to be getting back into ok channels and the gloomy apprehension as to foreign exchange appear to be yield ing to brighter prospects A meeting of the Clearing House Asso ciation was held at the Merchants Bank this afternoon, to take action on the proposition submitted to it by the Committee of the Produce Exchange to the Committee of Bank Presidents this morning with a view of aiding foreign exchange. David Dows and Mr. Humphrey represented the Produce Exchange and spoke in behalf of their plan They de sired the Clearing House Association to appoint a committee of five, representing as many different banks, to buy commer cial bills with bills of lading attached,and make a requisition on the Loan Commit LEE for the issue of Clearing Honse certi cates for the benefit of shippers The pro position was referred to the Loan Commit tee for report at a future meeting, which will probably be held to-morrow Wesley, receiver of the Union Trust Company this morning. denied the report that Commodore Vanderbilt bad returned to the Company their loan to the Lake Shore railroad The Loan Committee of the Clearin House met this morning to conclude the issue of the loan certificates. Manager Camp said that everything looked favorable-10 the banks and the public, and he could see no reason for further disaster The Glenham Manufacturing Company a flourishing corporation for more than 15 years, having extensive woolen mills Glenham, New York and its office at 293 Broadway suspended this P M President Dart said that it was due to the depres sion of business, and resulted directly from the financiallpanic which had prevented the merchants from going on as they otherwise would previous to the dis turbance in Wallstreet The outlook for business was good. He was not prepared to make even an approximate statement, and could not tell W whether the suspension would be final or only temporary, before learning the disposition of his creditors. be was also unable to say whether the creditors were chiefly individuals or corporations, as it is impossible a present to tell where the paper of the company placed. The company was organized 1820, by Peter H. Schneck. grandfather of President Dart. James Dart, brother of the latter, is treasurer, and the organization is wholly a family affair The original capital was $140,000 It has al ways been maintained at that figure but Mr. Dart said that at least $1,000,000 had been expended on the Company's property which could not be replaced for that sum. The Company owns two. dred acres of land at Glenham with large factories for the manufacture of woolen goods, and dwelling houses for all'of their five hundred operatives. Mr. Dart was unable to say whether the suspension would result in throwing all these opera tives out of work, as this would largely depend upon the action of the creditors Skies Brightening at Pittsburgh.. Confidence fully Restored. PITTSBURGH Sept. 29 -The financial condition in Pittsburgh is brighter to day than it has been at any time during the recent panic, Confidence seems to be fully restored, and business is being trans acted as usual A full meeting of the Clearing House Association was held this morning to consult on the present mone tary situation It was resolved that in view of the brightening prospects, no change was required in the manner of conducting the business of the banks and clearing house. The Lawrence Savings Bank commenced paying its checks day.


Article from The Wheeling Daily Intelligencer, September 30, 1873

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condition in Pittsburgh is brighter today than it has been at any time during the recent panic, Confidence seems to be fully restored, and business is being trans. acted as usual. A full meeting of the Clearing House Association was held this morning to consult on the present mone. tary situation. It was resolved that in view of the brightening prospects, no change was required in the manner of conducting the business of the banks and clearing house. The Lawrence Savings Bank commenced paying its checks today Matters Improving at Louisville. LOUISVILLE, Sept. 29.-The German banks, seven in number, closed doors on Saturday, and made application for mem bership in the Clearing House to-day and were received. Two other banks were admitted, making 21 in all. The banks are paying out a limited amount of currency to day. The merchants generally are satisfied with the certified check basis Manufacturers anticipated inconvenience in getting funds to pay their hands, but the banks pledge themselves to look After their interests as far as possible. It is generally believed the pressure will be of short duration. Panic at Salt Lake City Subsided. SALT LAKE, Sept. 20.-The financial situation has greatly improved. The panic has apparently completely subsided. A few certificates from the mining camps and some accounts were presented and paid by the banks to-day. The banking houses are perfectly confident of meeting every liability. The First National Bank which suspended Saturday is strengthen. ing its resources, and will undoubtedly resume in a few days. The national bank examiner, N. P. Longford, of the Pacific Coast, is here examing into the affairs of


Article from Chicago Daily Tribune, September 30, 1873

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PITTSBURGH. Special Dispatch to The Chicago Tribune. PITTSBURGH, Sept. 29.-The financial situation assumed a much brighter aspect to-day, and much more business was done in stocks and at botter prices. This morning, the ClearingHouse Association hold a meeting and it was rosolved that the present prospect demanded no chango, and that the banks would contique to pay out currency on all chocks as heretofore. There was some $4,000,000 additional currency from Now York received by the banks to-day. [To the Associated Press.] PITTSDURON, Pa., Sopt. 20.-The financial outlook in Pittsburgh is brighter to-day than it has been any time during the recent panic. Confldonce seems fully restored, and business is being transacted as usual. A full meeting of the Clearing-House Association was hold this morning to consult on the present monotary situation. It was resolved that in view of tho brightening prospects no change was required in the manner of conducting the business of the banks and Clearing-House. The Lawrence Savings Bank commenced paying its checks to-day.


Article from The Wheeling Daily Register, October 1, 1873

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CURRENCY CONDENSITIONS CAIRO,ILL-The banks have adopted the certified check system. TORONTO.-The Government has ordered £500,000 of gold from England PITT6BURGE-Outlo much improved. The Lawrence Savings Bank resumed to-day. MILWAUKEE.-Chamber of Commerce adjourned till to-day without doing any business. CONCORD, N. H.-Currency payments suspended No apprehensions of serious trouble. PATTERSON, N.J.-The Grant Locomotive Works to-day discharged 175 men, and the Danforth works 100. CHARLOTTE, N. C.-The banks are doing business as usual, and the people sustain them by large deposits. LOWELL, Mass.-The banks to-day adopted the prevailing plan in regard to currency payment There is no alarm. READING, PA-Business in this city is quietly, and banks are meeting progressing promptly all demands. the SALT LAKE-Situation greatly improved and panicky teeling subsiding First National, suspended Saturday, preparing to resume. Sr. PAUL, MINN.-There is no exor alarm here, and the of the citement stoppage purchase aside of wheat from business goes on as usual. CHARLESTON, S. C.-The Chamber of the Secretary of to lurnish to be Commerce Treasury petitions $500,000 the ueed in the purchase of New York ex. change. CHARLOTTEVILLE, VA.-In conseof the money crisis quence made the Univer of Virginia has arrangefor credit to all ments sity students temporarily embarraesed. JEFFERSONVILLE, IND.-The First National Bank declines to pay currency,except in small amounts The Cit izens National Bank is meeting all demands mands made upon it. LEAVENWORTH.-The Vice President of the First National Bank drew out $100,000 and then ordered a suspension -much indignation. German Savings Bank resumed payment. COLUMBUS, O.-The financial trouble has had a very upon While all the are thie city. yet slight effect banks prepared for a run, thus far the precaution has proved unnecessary. BosToN.-Owing to the defalcation of $40,000 by the cashier of the Hingham National Bank. that institution has been closed by the National Bank Examiners. The Savings banks require notice. INDIANAPOLIS - Financial matters quiet. No further run anticipated. LITTLE Rock-Money panic continued; greatest stringency ever known. MONTGOMERY, ALA.-No run on Sat arday. Deposits exceeds withdrawale DUBUQUE, Iowa.-Commercial Na the bank mands in tional is currency. only Merchants meeting First all de- Na- Na. tional entirely suspended tional paying partially. Savings banks runs subsided. SPRINGEIELD, ILL.Banks have taken no action, and are doing business as usual. HARRSBURG, PA-All met and unanimously agreed to suspend pay ment of currency. BALTIMORE-Saturday closed without additional excitement or reports of failures. ATCHISON, KAN- banks doing business on Saturday, and declare they will not suspend. Sr. Louis-Express lines are bring= ing a much larger amount of currency than they are taking away. NEW HAVEN, Coxx-Manufacturing. establishment obliged to suspend, for lack of currency to pay hands. AUGUSTA, Gs.-Believed the BUEW pended banks will be able to resume currency payments early this week. LOUISVILLE-Twelve banks met Saturday night and adopted clearinghouse articles. not PHILNDELPRIA-Bankere the resolved market, to force any securities on and not to do anything to cause a decline of securities at the Stock Board


Article from Belmont Chronicle, October 2, 1873

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BETWEEN MAN AND MAN, All ad vices touching the financial situation at home and abroad are of an assuring character. The reopening of the Stock Exchange to-morrow is an event anticipated with much less ap prehension than has hereto!ore been the case, owing to many private settiements and to the manifest disposition toward forbearance and geuerous dealing bet ween man and man. WASHINGTON. D. C., Sept. 29.-The President and Secretary Richardson were in consultati n to-day on financial matters. There was drawn from the Freedmans and Washington City Savings Bank within ten days $575,000. and from other banks in the city about $800,000. Friday one person alone drew from the National Bank of Metropolis $16,000 and placed it in the Safe Leposit company. Most of the money drawn remains with the drawers. CINCINNATI, Sept. 29.-There has been a well defined improvement here to-day in the feeling with refer euce to the financial disturbances of the country. The day's work with the banks has been the most satisfactory one since the commencement of the trouble; deposits of currency in a number of banks have been quite equal to the demand upon them for currency. PITTSBURG, Sept. 29.--The financial outlook in Pittsburg is brighter to day than it has been at any time during the recent panic. Confldence seems fully restored. and business is transacted as usual. A full meeting of the Clearing House Association was held this morning to consult on the present monetary situation. It was resolved in view of the brigtening prospects, that no change was required in the manner of conducting the business of the banks and Clearing House. The Lawrence Savings Bank commenced paying its checks to day.


Article from Chicago Daily Tribune, October 15, 1873

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91¼ buying, 02¼ solling. The British ship Weatherstield cleared yesterday for England with 34 centals wheat, valued at $70,000. Other vessels depart to-morrow, heavily loaded with wheat and barley, for England. There will be a heavy exportation in a short time. # PITTSBURGH. Special Dispatch to The Chicago Tribune. PITTSBURGH, Oct. 11.-The scarcity of curren- cy is still severely felt here, though all excite- ment is over and very little is said of the finan- cial situation by business-men. The Lawrence Savings Bank, which suspended on the 24th of last month, resumed yesterday, and to-day was fully able to meet all demands made upon it. # THE BRADY FAILURE. The Security Trust Company will resume in a week or two, with an entire new capital of $200,- 000. The stock which James T. Brady held in the bank, $132,000, has all been given up by him. He has settled his indebtedness with the bank by six, twelve, eighteen, twenty- four, and thirty months' notes, giving as se- curity Tennessee lands and Northern Central Railroad of Ohio bonds. The land he placed at $10 per acre, and the bonds at 70 cents; and in the same manner he settled with all his cred- itors. He is now in New York, where he has gone into the brokerage business in Wall street. J. F. Brady, a short time before his failure, turned over considerable real estate to his mother, including his dwelling and furniture, and placed an annuity of $1,500 per year upon her. # COTTON MILLS CLOSED. All the cotton-sheeting mills of Allegheny closed to-day, throwing out of employment some 1,500 hands. They expect to resume in about two weeks. They say that necessary repairs to their machinery demand the stoppage, but this question naturally occurs: Why do they all need repairing at the same time?