Masonic Bank (Pittsburg, PA)

Episode Information

Episode UID
6978431991013
Episode Type
Run Only
Bank Type
trust
Bank ID
697843199 hash
Start Date
May 22, 1884
Location
Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
267480c36bbea5c8

Response Measures

None

Events (1)
1. May 22, 1884 Run
Cause
Local Banks
Cause Details
Contagion/fear from runs and weakness reported at other local banks (Penn Bank and People's Bank) prompted a small run.
Measures
Bank received net deposits of $30,000; no suspension or special restriction reported.
Newspaper Excerpt
The Masonic bank, on which there was a small run yesterday, received deposits this morning of $30,000 more than it paid out.
Source
newspapers

Newspaper Articles (3)
1. May 23, 1884 Savannah Morning News Savannah, GA
Article from Savannah Morning News, May 23, 1884

Click image to open full size in new tab

Article Text

THE PENN BANK SECURE. Its Doors to be Reopened This Morning with $600,000 on the Counters. PITTSBURG, May 22.-A more complete understanding of the exact condition of the Penn Bank and the feeling that it will be able to pay all its liabilities, together with the concerted action of the bankers last night, has had a reassuring effect, and confidence to a large extent has been restored. It was feared that there would be runs on several banks that were reported on the street last night as in a weak condition, but a visit to the alleged shaky institutions at noon to-day showed that all was serene with the checking out not much greater than usual. Bankers expressed themselves as perfectly able to meet the demands made on them. The officials of the Penn Bank are busy to-day getting their affairs in shape for resumption to-morrow. Their clearances were made good to-day, and to-morrow they will open their doors with $600,000 In cash on the counters. Many of the largest depositors have signified their intention of allowing their money to remain in the bank. The Masonic Bank, on which there was a small run yesterday, received deposits this morning of $30,000 more than was paid out. st Mckeesport a run was inaugurated on the People's Bank, but by noon confidence was restored. The deposits exceeded the cash drawn out by $24,000. The situation improves here with every hour, and the general impression prevails that there will be no more trouble, Penn Bank stock is quoted at y per cent. above par. In order to accommodate customers the Penn Bank was open this afternoon to receive deposits.

2. May 23, 1884 Fort Worth Daily Gazette Fort Worth, TX
Article from Fort Worth Daily Gazette, May 23, 1884

Click image to open full size in new tab

Article Text

RUNS ON OTHER BANKS. PITTSBURG, May 22,-The Masonic bank, on which there was a small run yesterday, received deposits this morning of $30,000 more than it paid out. At McKeesport a run was inaugurated on the People's bank, but by noon confidence was restored, and deposits exceeded the cash drawn out by $24,000. The situation improves every hour, and the general impression prevails that there will be no more trouble. Penn bank stock is quoted at seven dollars above par. In order to accommodate its customers the Penn bank opened this afternoon, but resumption of payment will not begin until tcmorrow.

3. May 23, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, May 23, 1884

Click image to open full size in new tab

Article Text

THE PENN BANK. Getting Its Affairs in Shape Preparatory to Resuming Business. PITTSBURG, May 22.-A more complete understanding of the condition of the Penn Bank, and a feeling that it will be able to pay all liabilities, together with the concerted action of the bankers last night, has had a reassuring effect, and confidence, to a large extent, has been restored. It was feared that there would be a run on several banks, reported on the street last night as in a weak condition, but a visit to the alleged shaky institutions at noon found all serene, with the checking out not much greater than usual. Bankers expressed themselves as perfectly able to meet all demands made on them. Officials of the Penn Bank are busy to-day, getting affairs in shape for resumption to-morrow. Their clearance was made good to-day, and to-morrow they will open their doors with $600,000 in cash on their counters. Many of the largest depositors have signified an intention of allowing their money to lay in the bank, and long before the regular hour for opening this morning a number of the heaviest depositors forced their way to the side entrance, and insisted on making deposits. The bank refused to accept them, however, until it resumes to-morrow. The Masonic Bank, on which there was a small run yesterday, received deposits this morning of $30,000 more than was paid out. At McKeesport a run was inaugurated on the People's Bank, but by noon confidence was restored, and the deposits exceeded the cash drawn out by $24,000. The situation improves with every hour, and a general impression prevails that there will be no more trouble Penn Bank stock is quoted $7 above par. The stockholders of the Penn Bank have been in session all day. This evening announcement was made that business would be resumed tomorrow noon with $680,000 cash on the counter and a reserve of $450,000 for emergencies. The amount liable to draft by depositors, is $100,000, but depositors representing $150,000 have signed an agreement not to withdraw.