Planters and Mechanics' Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: September 23, 1873
Location: Petersburg, Virginia (37.205, -77.392)

Metadata

Model: gpt-5-mini
Short Digest: 1e9fa56f

Response Measures

None

Description

Article (Sep 23, 1873) reports that Planters and Mechanics' Bank of Petersburg 'suspended this morning' as part of multiple Petersburg bank suspensions during the Panic of 1873. The piece gives no information about a depositor run or later reopening; I classify this as a suspension without evidence of reopening and (given lack of later reopening info) mark as suspension_closure while noting outcome is not explicitly stated in the article.

Events (1)

1. September 23, 1873 Suspension

Cause: Macro News
Cause Details: Wider financial panic / heavy commercial failures and general crisis (Panic of 1873) leading Petersburg banks to suspend payments
Newspaper Excerpt: The Merchants' National Bank, the Planters and Mechanics' Bank, the Peoples' Bank, and the First National Bank, all of Petersburg, suspended this morning
Source: newspapers

Newspaper Articles (1)

1. September 26, 1873 South Branch Intelligencer Romney, WV

Article from South Branch Intelligencer, September 26, 1873

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Article Text

The Panic in Petersbury- - The Situation in Richmond, Virginia. RICHMOND, September 23 - -The Mer. chants' National Bank. the Planters and Mechanics' Bank, the Peoples' Bank, and the First National Bank, all of Petersburg, suspended this morning The Citizens' Bank of Petersburg, though not suspended, declines payment. Rumers of beavy commercial failures are rife in that city. The banks of Richmond are all quiet. There is considerable excitement here over the news from Petersburg. The city of Petersburg had over two hundred thousand dollars in the suspended banks. MCILWAINE & Co., of that city, one of the largest commission firms in the State, are reported suspended. The directors of the Citizens' Bank of Petersburg have decided to suspend to-morrow. NEW YORK, September 23 -The Presidents of nearly all the prominent banks express the opinion that the crisia is over, the Government having done the best it could under the circumstances. -A PECULIAR throat disease in Luzerne county Pennsylvania, is mentioned by the Scranton Times as having proved fatal to upward of sixty children within the space of a fortnight. -IT is stated that an attempt will be made to repeal the Bankrupt act at the next session of Congress It exempts property to the amount of $3,000 in Virginia, $5,500 in Mississippi, and $7,500 in Florida, Arkansas and California respectively. The Yellow Fever has made its appearance at Vicksburg. Three fatal cases occurred there on Tuesday last. President Grant will exhibit nine horses at the Missouri State Fair. Another stage robbery in Nevada. U. S Paymaster one of the victims.