Peoples Savings Bank - Petersburg, VA

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: savings bank
Start Date: September 23, 1873
Location: Petersburg, Virginia (37.205, -77.392)

Metadata

Model: gpt-5-mini
Short Digest: c8cb14ba

Response Measures

Borrowed from banks or large institutions, Full suspension

Other: Multiple Petersburg banks suspended; People's Savings Bank listed among suspended institutions in article. OCR errors corrected in notes.

Description

Article (Dispatch 1873-09-24) describes heavy withdrawals/run on Petersburg banks (including People's Savings Bank) following Wall Street troubles and seasonal crop/merchant strains; banks suspended payments. The article gives no information on a later reopening or permanent closure, so outcome is unclear.

Events (2)

1. September 23, 1873 Run

Cause: Macro News
Cause Details: Panic/financial troubles in Wall Street combined with seasonal merchant advances awaiting the cotton crop triggered heavy withdrawals from local banks.
Measures: Large withdrawals led to inability to meet demands; banks were closed and suspended payments.
Newspaper Excerpt: THE IMMEDIATE TROUBLE the run ... troubles in Wall street last week. ... On saturday over $10,000 were removed. on that day ... the demands of the frightened people could not be met
Source: newspapers

2. September 23, 1873 Suspension

Cause: Macro News
Cause Details: Following heavy withdrawals precipitated by Wall Street troubles and local liquidity strain, banks (including Peoples Savings Bank) suspended payments.
Newspaper Excerpt: the demands of the frightened people could not be met, and hence were closed and the suspensions followed.
Source: newspapers

Newspaper Articles (1)

1. September 24, 1873 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, September 24, 1873

Click image to open full size in new tab

Article Text

PETERSBURG SESPEND AND ANOTHER LINE-PAYMENT BANKS -EXCITEMENT IN AUSESOF THE SUSPENSION ECTTY any JOSES OVER TWO HUNDRED LABS ATLURE OF BUSIHOPES NO FEARS telegrate to the Dispatch September 23.-The MerBink. of which Mr. T. president: the Planters and Mark. of which Mr. S. A. at: the First National Mr. William R. Johnson is people's savings Bank. Richards is president. this morning. The which Mr. William R. is hile not formall susmake payments eccepti There was AMONG ALL CLASSIS inc suspensions crowds very NOT have these institutions. There monstration of any kind. while not wholly unexin feed fully anticipated discussed with the servity. There was no eard the another the suspension of but the officers quietly could not inpricent= that they :MM/DLATE CAUSE with the Merchants Bank was of the president to renew or due in New York for sixty which netes consequently yesterday. that it was define and expressed opinion receisioned by the operaallread ring." by which name people designated the party from the city in February, 1971 4,000 shares of preferred stock PETERS RAILBOAD COMPANY. at other times large quantities of and ADDITION stock. This opinion by and if not suggested the referred to, the that the directory Syndicate which in in national the silent Deenter last. were presidents of the banks while which have expended. However, can in 1.0 doubt but that public conbelence the tanks had been no little shaken the knowle how or belief that these genHemen were borrowing large amounts of for which they indorsed for each money. other. and with the funds thus with drown from general circulation made the pressure and the stringency more of crievous the more proximate cause the partie with quite different. Indeed, it known that there was in the banks Holle paper of the Petersburg Rail- of read company. nor has there been any also for several months. It is now known that thestock purchased by Mr. Rember Regined from time to time is still entered in his mine and is secure, while the company Red entirely solvent. To-day Mr. Housland has directed freight to be rewill by anybody who applied to his for it. whether or not the charges card i But there are large quantities in the bank on which the various paper paid railroad requested in the have money to carry their the presidents borrowed indorsement share of the railroad on the each other. And thus is the railroad the ted with the sudden collapse of asking in notions. THE IMMEDIATE TROUBLE the run ⑉ in motion on the banks by Retroubles in Wall street last week. The country perpose almost immediately taking decompeneed withdrawing their posites the run being on the Merchants Bank. On saturday over 810,000 were SO of removed. on that day the authorities the city endeavored to draw $10,000 on city account and could not do so and again attempted to draw $5,000, but talled. In this way the sare began, and to-day it became apparent that the demands of the frightened doors people cound not be met, and hence were closed and the suspensions followed. out The embarrasement arose not so much of any railroad operation as out of the fact that at this particular season the merchants, who have been making largeadvarces to the farmers on the security of liens on their crops farms, Act. were awaiting the cotton crop. which in a few days will begin to crowd into market. One house here--that of Mellwaine & Co.--is stated to have advanced bet ween two and three hundred thousand dollars to farmers of North Curoin for fertilizers, machinery, provisions, fur- &c. The money for these large advances was mished by the banks on negotiable notes, upon which when the panic commenced, nothing could be realized, and hence the collapse. If the people had kept their heads and waited till a month or thereabouts about five hundred thousand dollars would have come is in cotton and other produce, which would to meet all demands It is feared that a good of Love citis. sufficed and deal tided this money cannot be recovered, now that a number of good houses have been forced to the wall. At all events, there will be in all probability much mischief done, and before