Lawrence Bank (Pittsburg, PA)

Episode Information

Episode UID
9458813791079
Episode Type
Run → Suspension → Closure
Bank Type
trust
Bank ID
945881379 hash
Start Date
November 1, 1889*
Location
Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
1936f8c556983715

Response Measures

None

Description

Some papers incorrectly call it 'Lawrence National'; contemporaneous reports state it was chartered under state law.

Events (3)
1. November 1, 1889* Run
Cause
Bank Specific Adverse Info
Cause Details
Earlier rumors of unsoundness produced heavy withdrawals; additionally Long & Co. confessed judgment for $300,000 against the bank and bad investments weakened its position.
Measures
Paid out large withdrawals (about $250,000) to depositors prior to suspension.
Newspaper Excerpt
Some ten days ago a rumor was started...a run was made upon it. About $250,000 was withdrawn.
Source
newspapers
2. November 21, 1889 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Unable to meet obligations after heavy withdrawals and the $300,000 judgment confessed by Long & Co.; bank posted notice and suspended payment.
Newspaper Excerpt
Owing to the continued withdrawal of depositors we are compelled to suspend payment (notice posted on the door).
Source
newspapers
3. November 27, 1889 Receivership
Newspaper Excerpt
William M. McKelvey, the assignee of the Lawrence Bank...
Source
newspapers

Newspaper Articles (23)
1. November 22, 1889 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, November 22, 1889

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FAILED FOR $700,000. The Lawrence Bank, of Pittsburg, Closes Its Doors-Workingmen Caught. PITTSBURG, Pa., Nov. 21.-This city experienced a financial sensation this afternoon. The large iron firm of Long & Co., whose works are located at Chartiers, confessed judgement for $300,000 in favor of the Lawrence Bank, and the latter institution closed its doors. The first intimation which the business people received of the bank's inability to meet its obligations was a notice to the Union Bank, through which it clears, to return checks to the amount of only $11,000. It was first stated, this afternoon, that the closing of the bank was entirely due to the judgment confessed by Long & Co., and a consequent run upon the bank, and that it would be opened to-morrow. President Young stated to-night that he did not know when the bank would be opened. The failure of the iron firm, he said. had something to do with the failure of the bank, but not all. They had made some bad investments. None of the officers, he says. have defaulted. The bank's liabilities are given at $700,000. The assets are not known, It is, perhaps, questionable whether or not the amount of the judgments confessed by Long & Co. can be realized from the property. There are said to be other and prior liens. Some ten days ago a rumor was started that the Lawrence Bank was not sonnd. It is located in the Lawrenceville district of the city, where mechanics and ironworkers predominate, and a run was made upon it. About $250.000 was withdrawn. Hundreds of workmen, however, have still their all in the bank, and there is great excitement to-night in that portion of the city. The bank was organized in 1866. The capital stock of the company is $80,000; surplus, $45,000; undivided profits, $10,204.33. The officers are: President, W. W. Young; vice-president, Samuel McMahon; cashier, John Hoerr.

2. November 22, 1889 The Helena Independent Helena, MT
Article from The Helena Independent, November 22, 1889

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WORKINGMEN THE VICTIMS. A Pittsburg Bank Closes its Doors and Poor People are Caught, PITTSBURG, Nov. 21.-The Lawrence bank has failed to meet its obligations and closed its doors. The bank had a capital stock of $80,000. It was supposed to be one of the most solid in the city. It is thought the embarrassment will only be temporary. To-night President Young said he did not know when the bank would be opened. The failure of the iron firm of Long & Co., who confessed judgment to-day in favor of the bank for $300.000 had something to do with the failure, but not all. Some bad investments had been made. When a rumor of the bank's trouble was circulated a couple of weeks ago quite a run was made and nearly a quarter of a million was drawn, but hundreds of workman still have all their savings in the bank.

3. November 22, 1889 New-York Tribune New York, NY
Article from New-York Tribune, November 22, 1889

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FAILURE OF THE LAWRENCE BANK. COMPLETE COLLAPSE OF A PITTSBURG CONCERN WITH LIABILITIES OF $700,000. Pit.sburg. Nov. 21 (Special).-The Lawrence Bank, chartered under the State laws, failed to-day with liabilities of between $600,000 and $700,000. Its capital is $800,000, and its assets are an uncertain quantity. The first notification of trouble came when the bank's checks amounting to $11,000 to $12,000 were recalled from its clearing house correspondent. Then came a confession of judgment in $300,000 by Long & Co., of the Vulcan Forge and Iron Works, to the bank This was on three notes for $100,000 each. given last month. President W. W. Young of the bank declared to-night that the collapse was complete; that he had sunk all his own money and that of some of his friends, and he was ruined. He ascribed the failure to injudicious investments and declared positively that there was no dishonesty. Three weeks ago, it was rumored that the bank was shaky and a run began. Since that time $253,000 has been withdrawn by depositors. D. H. H. Clark withdrew $80,000 a few days ago and is to-night the happiest man in town. The bank carried over $800,000 in deposits, much being from persons who are unable to stand loss. E. Z. Wainwright is said to have had $40,000 in the bank, and Carnegie Brothers also a heavy deposit, but neither will be involved by the failure. The bank was organized in 1866, and at its last report had a surplus of $45,000 and undivided profits of about $11,000. Some of the directors say it will reopen and others say not.

4. November 22, 1889 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, November 22, 1889

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FINANCIAL SENSATION At Pittsburg - Failure of the Lawrence Bank. A BIG IRON FIRM ASSIGNS And 11 Causes the Bank to Close Its Doors-Excitement Among Workingmen Who Had Deposited in the Institution. PITTSBURGH, Nov. 21.-This city exprienced a financial sensation t'is af ternoon. The large iron firm of Long & Co., whose works are located at Charconfessed judgment for three hun. tiers, drid thousand dollars in favor of the Liwrence Bank, and the latter institu. tion closed its doors. The first intimation business people received of the bank's inability to meet its obligations WAS it notice to the Union Bank, through which it clears to return checks to the amount of only $11,000. It WHN first states this afternoon that the closing of the bank was entirely due to the judgment confessed by Long & Co. and a cons quent run upon the bank, and that it would be opened to. President Young stated he not bank night that morrow. would be opened. aid know The failure when the to- of iron he the failure do the with firm, made said, of the had bank, something bad but invest. not to all. They had some ments. None of the officers, he said, have defaulted. The bank's liabilities are given at $700,000. The assets e not known. It is perhaps questionable whether or not the amount of the judgments confessed by Long & Co. can be realized from the property. There are said to be other and prior liens. Some ten days ago a rumor was started that the Lawrence bank was not sound. It is located in the Lawrencevilledistrict of the city, where mechaniesand iron workers predominate, and a FILL WHS made upon the bank. About $250.000 was withdrawn. Hundreds of workmen, however, have still their all inthe bank and there is great excitementionnight in that portion of the city. The bank was organized in 1866. The capital stock of the company was $80,000; the surplus in the last report WHO $46,000; undivided profits, $10,294 33. The dicers of the bank were nafollows: President, W. W. Young; Vice President, Samuel McMahon; Cashier. John Hour. -

5. November 22, 1889 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, November 22, 1889

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A BANK SUSPENDS. The Lawrence National of Pittsburg Closes its Doors. PITTSBURG, Pa., Nov. 22.-The Lawrence Bank, located at Penn avenue and Butler street, has failed to meet its obligations and has closed its doors. The Lawrence bank was organized in 1866 with a capital stock of $80,000, and was supposed to be one of the most solid in the city. All of its officials and directors are men of large wealth. Carnegie & Co. were the largest depositors. The principal business of the bank was, however, with small depositors. About three weeks ago rumors were afloat that the affairs of the institution were in a shaky condition, and a few depositors withdrew their fnnds. These troubles were tided over and confidence was restored. The failure has caused much surprise in financial circles. The opinion prevails that the embarrassment is but temporary.

6. November 22, 1889 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, November 22, 1889

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WORKMEN'S SAVINGS SWALLOWED. The Lawrence Bank, of Pittsburg, Forced to Suspend. PITTSBURG. Nov. 21.-The Lawrence bank has laned to meet its obligations and closed its doors. The bank had a capital stock of $800,000, and was supposed to be one of the most solid in the city. It is thought the embarrassment will be only temporary. Tonight President Young said he didnot know when the bank would be opened. The failure of the iron firm of Long & Co., who confessed judgment today in favor of the bank for $300,000, had something to do with the failure, but not all. Some bad investments had been made. When the rumor of the bank's trouble was circulated two weeks ago, quite a run was made and nearly a quarter of a million was drawn, but hundreds of workmen still have all their savings in the bank and great excitement prevails.

7. November 22, 1889 Pittsburg Dispatch Pittsburgh, PA
Article from Pittsburg Dispatch, November 22, 1889

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PITTSBURG, FRIDAY, NOV. 22, 1889. # YESTERDAY'S BANK FAILURE. The failure of the Lawrence Bank, which took place yesterday, created an unpleasant ripple in local finances. The investigation of the case, however, shows clearly that the failure is entirely local in its character, has no connection with the general condition of business, and can exercise no complicating effects on business at large. Depositors in the section where the bank was located may undergo inconvenience; the stockholders and officers of the suspended institution may suffer loss; but the generally prosperous condition of the city will hardly feel any drawbacks from a failure of so purely local an institution. With regard to the condition of the institution, exact statements are difficult to obtain at present. From the facts gleaned, it seems that the institution, alleged to be solvent, has been subjected to a steady drain caused by unfavorable and unfounded reports. On this withdrawal some $250,000 was paid out until the bank, unable to convert its assets, was forced to suspend. Of the deposits some $350,000 are reported unpaid, and it is supposed that the books of the bank, according to its last statement, should show much more than assets sufficient to meet that liability. On this statement it should be easy for the bank to pay dollar for dollar on its liabilities. The unfavorable feature so far discovered is the failure of a single firm whose liability to the bank is quite large. No intimations of speculation or irregularities are heard; but there is a practical confession of indiscretion in making loans which is not to be reconciled with careful banking management. Of course, with regard to such an event, everyone will hope that the settlement of affairs will turn out satisfactorily. However that may be, there is no reason to fear the extension of this complication of business at large.

8. November 22, 1889 Evening Star Washington, DC
Article from Evening Star, November 22, 1889

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A PITTSBURG BANK FAILS. Gone Under With Its Stock Above Par and a Surplus on Hand. The Lawrence bank of Lawrenceville, Pittsburg, closed its doors yesterday, being unable to lift its checkeat the Union National bank, through which it did its clearings. These checks amounted to only $11,000. The Lawrence bank was the oldest institution of the kind in Lawrenceville and had always been considered sound until lately. About a month ago a run was made on it on account of ugly rumors regarding the conduct of one of its officers, who was accused of dissipating too much to attend to business. This flurry blew over, however, and on the 4th of this month a dividend was declared of 3 per cent from the earnings. It now develops that at that very time there were no earnings. The stock of the bank has since that time, however, been quoted at $60 per share, $10 above par. The bank did business up to closing time yesterday. Its friends say it will pull through and resume. Its capital stock was $800,000, surplus, $45,000; undivided profits, $10,294.33, according to the last report. Officials of the bank say they have paid out $253,000 to depositors during the past three weeks and that their assets will be found between $700,000 and $800,000. The immediate cause of the failure was the Vulcan iron company of Chartiers confessing judgment on notes aggregating $300,000. This failure of the Vulcan iron company will cause great distress, they employing about 350 men. A special to the New York Tribune from Pitts. burg says the liabilities of the Lawrence bank are between $600,000 and $700,000. Its assets are an unknown quantity. President W. W. Young, of the bank, declared last night that the collapse was complete; that he had sunk all his own money and that of some of his friends and he was ruined. He ascribed the failure to injudicious investments and declared positively that there was no dishonesty. The bank carried over $800,000 in deposits, much being from persons who are unable to stand loss. E. Z. Wainwright is said to have had $40,000 in the bank and Carnegie Brothers also a heavy deposit, but neither will be involved by the failure.

9. November 23, 1889 Pittsburg Dispatch Pittsburgh, PA
Article from Pittsburg Dispatch, November 23, 1889

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DEFINITE AT LAST. Director T. B. Stewart States Explicitly What the Outlook is-He Says the Assets Will Easily Overtop the Liabilities-Good Paper to be Event= ually Realized Upon-Confidence Somewhat Restored. Mr. T.B. Stewart, a director of the Lawrence Bank, was interviewed last night by a DISPATCH reporter on the standing of the bank. He said: "The liabilities of the bank, as far as we will not amount to more than the assets will Our securities are $500,000,and can discern, considerably all good. overIn estate our investment up top this amount. real will bank figure from $100,000 to $130,000. The propat the forks of the adjoining on erty property situated Butler the road, street and beto us. Then we have money in and other securities, longs stocks and invested the balance of the assets are paper which fall due in 30 days, 60 days, and at more extended periods of time. THE PAPER IS GOOD. "Most of the paper money that we have out loans will be paid back in due time. It fact, however, that some of the money loaned will never Our on the money the bank guarantees be loaned paid for back. Yet 30 days, or longer, generally were good. some of it we will lose. "At the meeting of directors, yesterday afternoon, a confident tone was manifest in said and done. We feel certain if do not press us, we can all that was depositors The only more fear than pay dollar for dollar. we entertain about paying our liabilities, is that depositors WILL GET AGITATED, and in their desire to get their money free will have to meet to do this will to of the The bank bank have their dispose claims. at a loss; we will it if we are to lose property upon naturally forced anxious sell to meet urgent and The only thing to depositors. be the done bank is for one who has a claim upon to and give us to ourevery patient, then time will gather selves together, and we pay every owe. If this is not bank possidollar will be we financially embarrassed, done, suspend and the and bly it will have to permanently settle for a percentage on the dollar. STOCKHOLDERS WILL MEET MONDAY. "We cannot tell yet accurately what the bank owes, but we feel confident that a half million dollars will more than cover At the meeting of stockholders on Monday these matters will be fully gone into. "There cannot be any doubt that a little on the part leave the bank in the at Money helped indiscretion it is in to present. of the has management mud been puddle loaned to irresponsible parties who could not furnish the security necessary for a bank which desires to place itself beyond the possibility of stringency. However, that is not the main cause of the bank's stoppage. It is the large amounts that HAVE BEEN WITHDRAWN the month. a run was made on within continual past For the two bank. weeks We that we were getting into a tight but this run ceased a were then able to The run returned, and place, t then we depositors for stand few straight clam- days, ored bank for their we again. at the deposits the until doors. were drained out and had to close Most of the deposits withdrawn were not small amounts, but heavy drafts, WHICH SOON TOLD bank's resources. We had not an of money otherwise could we It was to was unlimited out, supply impossible and convert have much much made of it of we money a So the moment's money. the paper notice. held into only alternative on was to close the doors and suspend payment. "Wedo not hope to reopen the bank's is up, is a faint reWe cannot then doors until there everything very tell cleared absolutely hope for the when and our various of be turned in soon, them opening. we can will realize other and assets; possibly securities some it will take years before of our can be converted into money." SOME MORE DEPOSITORS. Among other depositors and shareholders who are losers by the bank's failure is, John Wainwright, $1,500; John Ward, Butler street, $3,000. Wainwright Bros., of the Winterton Brewery, besides their deposits are shareto the amount of $2,000. The a sort of of street, holders Covert, shares are Forty-fourth family heirloom. the another bank share Dr. holder, said last night he felt good for anything it might owe. The directors, he said, were all wealthy men, and their own fortunes would more than cover the liabilities. Mr. private bank's William large Mackay stock of Forty-fourth street, is both a

10. November 23, 1889 Pittsburg Dispatch Pittsburgh, PA
Article from Pittsburg Dispatch, November 23, 1889

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I cannot give you any statement as none can be made now." Mr. McCook also stated that he had advised liquidation, which statement accorded with his views expressed in the morning. Meantime the directors had scattered in all directions, and it was decided to go to the bank, and see Mr. Hoerr, it he could be barked up. There were evidences of life in the building, and more at the door, where little knots of people assembled from time to time to read the notice of suspension. Tapping on doors and windows elicited no response, and Mr. Hoerr's residence was visited. A lady came to the door and stated that Mr. Hoerr was not at home, had not been heard from sincethe morning previous, and that Mrs. Hoerr was sick and in bed. She was requested to ask Mrs. Hoerr if she knew the whereabouts of Mr. Hoerr and retired, but returned in 29 seconds, and stated that Mrs. Hoerr could add nothing to the stock of information already giveu. SOMEBODY INSIDE. The bank was again visited, and as by this time "the shades of night were falling fast" it was observed that the bank was aglow with light, and shadows fitfully flitting to and fro within, The inquirer again read the notice posted on the front door and then pounded on it, first gently and then vigorously, but without effect. A visit was then made to a door near the rear on the Penn avenue side and the rat-a-tat renewed. with knuckle and umbrella but. At length three faces appeared at a window, one of which was said to be that of Mr. Moke and a man with a shrill tenor voice asked what was wanted. "Is Mr. Hoerr within?" was asked. "No, he e isn't," was the reply, and the window went down with a bang, and the blind followed it. At Wainwright's brewery it was stated that the last heard of Mr. Hoerr was that he had taken a train on the Allegheny Valley Railroad at 2 o'clock P. M. on Thursday, and that the track had grown cold since. Another man said he had arranged to play a game of solitaire with Mr. Hoerr this evening, but could not state whether the engagement would be kept; he seemed to think it doubtful. SOME ARE HOPEFUL. There are still people who say they expect the bank to pay in full, others say they will sell their certificates for 50 cents on the dollar, and one man in Wainwright's brewery bluffed a man by offering him a deposit of $850 for 10 cents on the dollar. Those who have confidence in the bank can get certificates of deposit for 50 per cent enough to paper a small-sized house. The gloom along Butler street is still so dense that it can be molded into nightmare, phantasmagoria and despair in bricks to suit any requirement. Said one man: "I didn't get any license, I've lost $2,000 in the Lawrence Bank, and my rent is as high as ever," but the wails of business men are cheerful compared with those who have earned the price of a little surplus bread in the sweat of their brows who look forward to the winter of age with foreboding hearts. White-headed men, who must begin life anew, are talking in bitterness of spirit, but their views have so far not taken definite shape.

11. November 23, 1889 Pittsburg Dispatch Pittsburgh, PA
Article from Pittsburg Dispatch, November 23, 1889

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THE TOPICAL TALKER. The Bank Failure of To-Day Recalls Incldents of a Grand Predecessor - Col. McCaull's Affairs-An Idyl of the Sixth Street Bridge. EVERYBODY was talking of bank failures yesterday; retailing experiences and bits of gossipabout the Penn Bank smash and other dark financial days. One story of that awful Penn Bank collapse that was told to me has never been in print, although a good many people know it. Among the depositors in the bank was a young railroad clerk. He had accumulated $1.600, and every cent of it was in the Penn Bank when it suspended payment for the first time. When that institution reopened its doors and reports were given out by the friends of the bank that large sums had been lent to it to tide over the rough weather, the young man whose savings were at stake was urged by his companions in the office to draw his money ont. But he refused to very manfully; he was satisfied to let his money rest, he said, now that the bank had all the money it needed, and the support of so many wealthy men. We know how misplaced that confidence was now, but it is surprising at this day to know how many smart men of business were deluded into a belief of the Penn Bank's solvency after its first suspension. A VERY shrewd business man had some $70,000 in the Penn Bank when it went under the first time. A brother of his had $10,000 or $12,000 also on deposit in the same place. When the doors were thrown open the depositor of the smaller sum was among the first to get it from the tottering bank's clutches. His elder brother made sport of him, accusing him of timidity unworthy a business man for 24 hours or more. The $70,000 were allowed to remain intact-ostensibly-in the Penn Bank. The next day the situation was reversed, but the lucky younger brother had not the heart to plague his hard hit senior. Happily the Lawrence Bank failure seems to lack the most distressing features of the catastrophe which shook Pittsburg to its center in 1883. THE report that Col. McCaull is to retire from the management of his opera company, particulars of which including the denial of its truth will be found on the local page, would have had more probability if the redoubtable impresario had not such able agents to look after his interests, as Mr. B. D, Stevens and Madame Cottrelly. Col. McCaull's ill health has been a very serious drawback to him for the last two or three years. He has done a deal of good in his time for the lighter opera of our stage, and at many times he has had to fight very hard for his professional life, It will be a loss to the American stage when Col. McCaull drops out of the managerial ranks. THE wind blowing from the southwest with a vicious force made the passage of the Sixth street bridge last evening very unpleasant. The rain was nearly sleet, and it stung one's face like small shot. As usual, the lower side of the bridge walk was under water. Under one umbrella, just in front of me, crossing the bridge bravely, were a youth and a maiden, the latter presumably fair. Anyhow, she had a musical voice-a thing a man will notice under any circumstances, even in a rain-storm. Said she: "This is dreadful, Charlie!" Said he: "Yes-but it ought "to cheer you to think that I am sheltering you. This umbrella is my love-and the Allegheny is the world's wild stream, and the storm the trials and troubles we are sure to meet, my dear." "That's all very well," she replied, with a laugh, "but imagination won't keep my feet dry-and, sir, if your love is no bigger and no = better able to protect me than your umbrella, I I won't promise to cross the river of life with you." W And then a gust of wind, I suppose, pressed A the umbrella very close to the girl's head, and t the pursuit of sentiment under difficulties was ] t taken beyond my ken.

12. November 23, 1889 Evening Journal Wilmington, DE
Article from Evening Journal, November 23, 1889

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PITTSBURG'S BANK FAILURE. A Director Says Depositors will Eventually Be Paid in Full. PITTSBURG, Nov. 23,-The Lawrence bank did not open for business in the morning, as was anticipated by some of the more sanguine stockholders and depositors, Long before the hour for commencing business a crowd of interested people gathered at the bank steps discussing the situation. Promptly at 9 o'clock Assistant Cashier Moke tacked the following notice on the door and immediately disappeared: "Owing to the continued withdrawal of depositors we are compelled to suspend payment, feeling assured that with time and patience all will be reimbursed. By order of the president." There was considerable murmuring and numerous threats were heard about what would be done in case any of the officials dared to show their faces, Director Samuel McMahon said to a re porter: "We will pay dollar for dollar. The depositors will not lose a cent. although they may be compelled to wait until we are able to realize enough to meet their claims. Long & Co., of the Vulcan Iron works, against which the Lawrence bank holds judgments aggregating about $300,000 and whose property is now in the hands of the sheriff, positively refuses to make any state ment for publication. The following estimates of the bank's condition are as accurate as obtainable: assets, $800,000; liabilities said to be $600,000.

13. November 23, 1889 Telegram-Herald Grand Rapids, MI
Article from Telegram-Herald, November 23, 1889

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A BANK FAILS. A Financial Institution at Pittsburgh Goes Under with Liabilities of $700,000. PITTSBURGH, Pa., Nov. 23.-This city experienced quite a sensation Thursday afternoon. The large iron firm of Long & Co., whose works are located at Chartiers, confessed judgment for $300,000 in favor of the Lawrence Bank, and the latter institution closed its doors. The first intimation which the business people received of the bank's inability to meet its obligations was a notice to the Union Bank, through which it clears, to return checks to the amount of only $11,000. The bank's liabilities are given at $700,000. The assets are not known. About ten days ago a rumor was started that the Lawrence Bank was not sound. It is located in the Lawrenceville district of the city, where mechanics and iron-workers predominate, and a run was made upon it. About $250,000 was withdrawn. Hundreds of workmen, however, have still their all in the bank, and there is great excitement in that portion of the city.

14. November 27, 1889 Pittsburg Dispatch Pittsburgh, PA
Article from Pittsburg Dispatch, November 27, 1889

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ISASTOCKHOLDI W. W. Young Gives Assignee McKelvey's Position. YOUNG NOT IN LONG & CO. Depositors Will Try to Have the Assignee Removed AND A RECEIVER CHOSEN INSTEAD Cashier Hoerr, Although Under Secrecy's Seal, Talks Hopefully GENERAL GOSSIP OF A LIVELY DAY President Young of the Lawrence Bank, was visited last evening by a reporter for THE DISPATCH, and he said "I have no more to do with the bank than your hat. This afternoon I signed the papers for Mr cKelvey, who is the Presi dent of the Third National, of Allegheny It seems that Mr McKelvey is not known, but he is a thoroughly reliable and everybody who knows him has dence in him. This afternoon when out of Mr. McCook office, in the Diamond members of the kicking commitep oppointed last night, who were anxious to know who Mr McKelvey was, and whether it were true that he is stock holder 'Is Mr McKelvey, the assignee, stock holder of the bank?' was the direct ques tion put. "He is. He was in fact stockholder before went into the institu tion. He has been stockholder ever since For 15 years Mr. McKelvey has been stockholder HE IS NOT IN THE FIRM. Confronted with the statement published evening paper that he was "8 member of the firm of Long & Co Mr. Young re plied most emphati eally and strongly am not now and never have been, member of the firm of Long & Co. I most positively deny ever having been either active silent partner of this firm. As to the bank's affairs, viewed from any other standpoint than the false one just alluded they are now altogether out of my con trol, everything being in the hands of the assignee, Mr McKelvey Concerning the report that there were close ties of consanguinity between the family of President Young and the firm of Long & Co. may be stated that the elder Mr. Long is related by marriage to Mrs Young, and that Mr Browne, of Long & Co., is nephew of the same lady MR HOERE TALKS AT LENGTH. Cashier John Hoerr was interviewed last evening by DISPATCH reporter During the conversation Mr Hoerr evidently felt s position. He was nervous, and his voice was tremulous with emotion He said instructions from Assignee McKe He gave the officials liabilities assets obey. Mr Hoerr, being give the stood, idea how quickly we can. Mr. Hoerr asked to state the be could liabilities: not divulge the amount, and again referred the reporter for further information to the assignee. BIG DEPOSITOR SERENE the Mr. John Matthews depositor in Lawrence Bank to the tune of $51,900, seen last night. He said depositors' meeting at the Fifteenth was which the failure to the HE CAME TO THE RESCUE meeting the hour. help the bank out. as had Under the same conditions would that money in by any that question. DEPOSITORS WANT RECEIVER The representing the Lawrence met depositors yesterday Bank While nothing was given out officially that decided the services of two attorneys to prepapers court the removal of the assignee, William M. McE elvey, and in appoint receiver to wind up the affairs of the bank also decided to send committee Harrisburg ask Gen. Kirkpatrick to the State the depositors believe the laws of the have The committee solicited violated ment or the condition of the bank from Mr Hoerr, but the latter refused give it. The committee met again last evening in the office of Senator U Upperman and decided send the committee to Hrrrisburg to-day call was issued for meeting of the de positors on Friday evening at the Lawrence School Representatives of the Lawrence School Board made formal demand upon Presi dent Young yesterday for the school's money amounting $1,600. which Mr. Young had in his possession Treas urer of the Board Mr. Young promised to return to-day to-m norrow. William M. McKelvey, the assignee the Lawrence Bank brother John the lead white H. McKelvey, the firm Armstrong & McKel present living his brother's house Negley avenue, the Nineteenth ward. He visited last evening by reporter THE DISPATCH. but declined anything concerning the Bank, saying that he had been worn importunities of the day and desired for the responsibilities of the morrow. INCIDENTS OF THE DAY. The choice of William M. McKelvey of President of the Third Bank Allegheny assignee the Bank, appears to give about much other any that as would Messrs. Michael Flanagan, William F Eichenlaub Charles F. Hilger, R J. Rich ardson and Senator John Upperman were busily engaged vesterday trying the plumb and square on his reputation. and far as beard from stood right, and weighed 16 ounces to the pound. They will not probably make any move until after he ha

15. November 28, 1889 The Stark County Democrat Canton, OH
Article from The Stark County Democrat, November 28, 1889

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ITS DOORS REMAIN CLOSED. Depositors Notified That the Lawrence Bank will Not Do Business for the Present. PITTTBURG, Nov. 28.-Early in the morning a notice was posted on the doors of the Lawrence bank that, owing to the unusual run on the funds of the bank, the institution is compelled to stop payment for the present, but it assured the depositors that with a little time and patience all would receive their money, A. crowd, numbering probably 200 people, was gathered in groups strung along Butler street, opposite the bank, discussing the failure. They appeared to take their misfortune philosophically. The disappearance of Cashier Hoerr causes it good deal of talk. He left the bank shortly before the close of regular banking hours, and has not been seen since, His wife is greatly worried over his absence from home. and claims that she has not heard from him, nor does she know his present whereabouts. President Young claims that the cashier is no way implicated in the failure. The rumor that President Young had lost heavily in speculation is still denied, and claims that the failure is due entirely to bad loans. In a statement, Mr. Young says that "wo will be able to pay every cent on the dollar. We may not be able to do ao for a few days yet, but it will be paid. I am alone responsible for the present condition of affairs. The directors did wrong in allowing me to do as I did, but I think we will be able to pay the depositors in full. I have sold all my property and put It into the bank as funds to run on, and now 1. am without a dollar in the world." Many skilled mechanics have all their savings in the bank, and they will feel the failure much worse than others. Long & Co.'s iron plant is In the hands of the sheriff. The judgment confessed in favor of the defunct bank Was 8800.000, but It is claimed by the fhem that the actual amount is not over $150,000.

16. November 28, 1889 The Stark County Democrat Canton, OH
Article from The Stark County Democrat, November 28, 1889

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NEWS OF THE WEEK. BOSTON, Nov. 22.-[Speciel.].]-Sullivan has received a telegram that the San Jose, Californio, Athletic Association will puup fifteen thousand for finish fight bet tween him and the negro Jackson, He will accept and will telegraph his accept ance. NEW YORK, Nov. 22,-[Special.]-A highly sensational shooting affray occurred here this morning on Fulton street. Stephen L. Pattens, secretary and treasurer of the Brooklyn Elevated Road and a Brooklyn Bridge trustee, was shot and instantly killed by Mrs. Hannah Southworth. The weapon used was a 88-calibre self-cocking revolver. All five chambers were discharged and every bullet took effect. Pettens had just left the ferry, when a woman, richly dressed, very handsome and thickly yeiled, stepped behind him and began firing at him. Pettens was married man, but has no children. It seems for some years past Mrs. Southworth has given Pettens a vast amount of trouble, She assaulted him once before In Brooklyn. At that time she broke an umbrella over his head. She was then arrested and put under bonds for good behavior. Some time ago she brought suit against him for a large amount, alleging he had seduced her, and asking big money as compensation. Pettens fought the case, which is still pending. Mrs. Southworth is still under arrest. Pettens was wealthy. The affair creates a great sensation throughout the eny, owing to the prominence of Pettens. PITTSBURG, Nov. .-[Special. ]--A twostory frame house was blown to atoms at Braddock, Pa., this morning by the explosion of natural gas. Mrs. Peter Keish, wife of the owner, was in bed with an infant. Both are believed to be fatally ourned. Charles Householder is also faally burned. Five other members of the Kelsh family who were in the house are ba By injured. The MITH WAS leaking in the basement kitchen,where Householder, in the employ of the gas company, called repair the leak. His light ignited the gas, and the whole side of the house was town out. Tue explosion shook up the whole town. HELENA, Montana, Nov. 22,-[Special. B. Olds, Republican Senatorand very prominent man, says he in opposed to the methods the Republicans have used to noure control of the Legislature, and that he will oppose it. He says that his party neither law nor justice on its side and feeling in his county among his own party is that the business should stop just where it is and the Democrats be allowed organize the Legislature and elect the United States Senator. His position creconsternation among the Republicans. MASSILLON, Nov. 22. [Special.]- WilHam T. Clay, a prominent citizen of this Jace, died 1108 morming Trom a parsy, ''' troke receive d Wednesda moved to orn in Plain township and father of Massillon in 1836. He is the of this aylor Clay and Mrs. John o The den funeral city, He was 78 years old. will be held Sunday at 2 p. m. PHILADELPHIA Nov. 22.-[Special.]-It now said that Wigton, manager of the Glanmorgan Iron Co. has doctered notes the amount of fifty thousand dollars and that he admits making alterations to amount. The officers of the company fear still larger defalcations. WASHINGTON, Nov. 22.-[Special.]-A N. venerable appearing man named 1. not Alexander, evidently 60 years of age, overly well kept, is here looking for the bilice of District Attorney for Northern Dhio, now held by R. S. Shields This is from Van Wort, Ohio, and Senator Sherman is backing him. There is tremendous opposition to his appointment, and serious charges have been filed against him, and strong protests from Poledo and Cleveland against his appointment. Sherman is said to be hesiating, but knowing ones think Alexander will get the appointment. PITTSBURG, Nov. 22.-[Special]- Presilent Smith of the Lawrence busted bank they will be able to pay all liabilities full. No other banks are affected. RIO JANERIO, Nov. 20.-The Provisional rovernment has issued a decree declaring miversal suffrage in the United States of Brazil. It goes into operation at the next general election. Tranquility prevails. CHICAGO, III., Nov. is enveloped in a ever known. It is impossible and to recognize pedestrians on the streets, cable roads are running on a walk. PHILADELPHIA, Nov, 21. -[Special.]The funeral of ex-Attorney Lewis C. Cas. took place this morning from his late residence. There was a large attendance of prominent lawyers and politicians. HAMILTON, O., Nov. 20.-Chairman Neal being asked if Calvin S. Brice, of the Nalonal Democratic Committee, aided him the Ohio campaign, said: "I asked for assistance and he gave it." WASHINGTON, Nov. 21.-[Special.]-The Bolivian minister will be presented the President to-morrow morning by Secretary Blaine. NEWARK, N.J., Nov. 21. -[Special.]President Alfred A. Reeves of the Globe Fire Insurance Co. of New York City died here this morning aged 54. He left a arge estate. ALBANY, N. Y., Nov.21.--[Special.]--Tolay Gov. Hill commuted the sentence of Charles Giblin, the murderer of Mrs. Valontine Goetz, to life imprisonment. CHICAGO, Nov. 21.-[Special.]-In the Cronin trial this morning the defense coninued the work of proving analibi for the prisoners and also attempted to prove the White horse of Dinans was not one that carried off Dr. Cronin from rooms on the fatal night of his disapbearance. WASHINGTON, Nov. 21.-[Special.]-The Brazilian delegates to the Pan-American Marine Congresses, have been notiby the new government to continue their duties in both Congresses, just as if accident had happened to Dom Pedro. WASHINGTON, Nov. 21.-[Speclal.]-The President has appointed Thomas Clay McDowell collector of internal revenue to succeed the late William Cassius Goodloe Lexington, Ky. McDowell is the sonin-law of Col. Goodloe. COLUMBUS, O., Nov. 21.-[Special.]Estimates made here from letters and dispatches from all parts of the state indithat the contest for Senator in between Col. Cal Brice, of Lima, and Hon. John H. Thomas, of Springfield, and Foster, that

17. December 4, 1889 The Helena Independent Helena, MT
Article from The Helena Independent, December 4, 1889

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SPARKS FROM THE WIRES. Cyrus Fillmore, a brother of ex-President Fillmore, died yesterday, aged 87 years. The board of appeals of the American Trotting association began its session at Chicago yesterday. The Agassiz Mining company of Leadville, Col., has made an assignment. Liabilities, $114,000; assets, $200,000. There are 28,000 persons suffering from influenza in St. Petersburg. The malady affects people more or less in all the towns in Russia. Dr. Taylor, son of the late Maj. Taylor, United States army, and the son-in-law of ex-United States Senator Caldwell, committed suicide yesterday. The Love Sewing Machine company of Pennsylvania assigned yesterday. The 88 sets and liabilities are unknown. The failule was caused by the suspension of the Lawrence bank of Pittsburg. The capital stock of the company is half a million. Secretary Windom has appointed Special Agents Spaulding, Montgomery and Clance a commission to investigate the charges made by Boston merchants against Dr. Edward Sherer, the chemist of the sugar laboratory at the New York custom house. The charges against Sherer affect his integrity and also his competency. The United Steamer Enterprise, now in English waters, and under orders to come home, has been ordered by the navy department to proceed to Antwerp to receive the remains of ex-Minister Pendleton and convey them to the United States for burial.

18. December 4, 1889 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, December 4, 1889

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The Lawrence Bank Case. PITTSBURGH, Dec. 3.-The depositors of the Lawrence Bank went into faurt to-day and presented 4 potition signed by Auditor McOamant, of Pennsylvania, asking for the removal of the assignee, and the appointment of a receiver. The court reserved its decision.

19. December 4, 1889 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, December 4, 1889

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FORCED TO SHUT UP SHOP, A Heavy Failure Growing Out of the Lawrence Bank Crash. PITTSBURG. Pa., Dec. --The capital stock of the Love Manufacturing company, of Rochester, Pa.. which made an assignment to-day, is $500.0 O. J. B. Young, president of the company. is a large stockholder. and is also a director and stockholder in the Lawrence bank. The bank held several notes of considerable amount against the Love company. which the latter were unable to pay on maturity, and were forced to make an assignment. Supt. F. C. Biggert, who was made assignee. will make no estimate regarding liabilities. The works cover three acres, and give employment to 125 men. OBJECTIONABLE TO DEPOSITORS. This afternoon Attorney George C. Wilson, representing the depositors of the Lawrence bank. appeared in the common pleas court and filed a bill in equity. stating that the assignee. W. M. McKelvy, selected by the directors of the bank was objectionable to the depositors, and asked for the appointment of a receiver. Willis F. McCook replied on behalf of the bank, claiming that the conditions of the act of the assembly governing such cases had not been complied with in this case, and that the depositors had no legal right to make the application. Judge Stone will render his decision in the matter to-morrow.

20. December 5, 1889 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, December 5, 1889

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Petition Refused. PITTSBURGH, Dec. 4.-The petition of the depositors of the Lawrence bank asking for the dismissal of the assignee and appointment of a receiver was refused by Judge Stowe, of the County Court. to-day, on the ground that it was illegal.

21. December 6, 1889 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, December 6, 1889

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Virginia Courtesy Remembered. RICHMOND, VA., Dec. 6.-A handsomely engrossed resolution of thanks was laid before the Senate from the Irish party in the British House of Commons for the courtesies extended to Sir Thomas Esmonde during his visit here a year ago. The total amount of insurance involved in the recent Boston fire, as officially reported to date, is $2,304,900. Col. J. H. Rathbone, the founder of the Order of Knights of Pythias, who is lying ill at Lima, Ohio, can not recover. The Bureau of Adjustments adjudicating losses by the Lynn fire will complete its labors during the early part of next week. Only one life was lost by the burning of Farmer Madler's house at Kingston, Ont., that of the farmer himself, John Madler. His wife and child escaped. Jeff Davis's condition has decidedly improved in the past forty-eight hours. Mrs. Davis, who is constantly at his bedside, declares that he is going to get well, Judge Stowe of Pittsburg has refused to appoint a receiver for the Lawrence Bank. President Young and Cashier Hoerr, charged with embezzlement, waived a hearing for court. A grand wrestling tournament will begin at the Aquarium in London on Monday, Cannon will be one of the contestants and a valuable champion belt will be the prize contested for.

22. December 17, 1889 Pittsburg Dispatch Pittsburgh, PA
Article from Pittsburg Dispatch, December 17, 1889

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# THE LAWRENCE BANK MUDDLE. The resignation of Assignee McKelvy, of the Lawrence Bank, yesterday, is a rather peculiar outcome of the discussion over the failure of that institution. Mr. McKelvy's resignation is to take effect to-day, when his successor will be appointed. It is intimated by Mr. McKelvy's friends that this will delay the distribution of assets which might have been made soon, if Mr. McKelvy had remained in his place. It is necessary to remark that Mr. McKelvy shows rather extreme sensitiveness in applying to himself, personally, the criticisms which have grown out of the bankruptcy. If we mistake not, the depositors who have asked for a receiver have taken pains to avow that they have no objection to Mr. McKelvy; but that they wish the affairs of the bank settled by one who is subject to the public obligations of a receiver rather than by one who represents the stockholders of the concern. The remarks, which could not fail to be made, as to the delay in the appearance of a statement, were not any impeachment of the assignee; but were pertinent for their indication of the confusion that must exist in the accounts of the bank. It is also a little hard to believe, as is said to be asserted by the attorney of the bank, that if Mr. McKelvy has assets in his hands from which he could have distributed $100,000 among the depositors, his successor cannot take up the work where he leaves it. It should be recognized that such an assertion comes nearer to giving grounds for criticism of the assignee's course than anything else that has been said in the matter. For it represents that a man who has undertaken a duty and has the means of performing it promptly and satisfactorily throws it down on account of some criticisms which do not apply to him personally; and lets the depositors who are entitled to their money go without it for a prolonged period when he might have furnished the most complete answer to all criticisms by publishing a statement and making a material dividend. We must decline to believe that Mr. McKelvy has taken any such ill-judged action as that, except upon the clearest proof. Whatever truth, or otherwise, there may be in these conflicting views, it seems to point to the necessity of the settlement of the affairs of the bank by a receiver, under judicial supervision.

23. October 1, 1890 Pittsburg Dispatch Pittsburgh, PA
Article from Pittsburg Dispatch, October 1, 1890

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court room. Judge White discontinued the trial and sent the girl back to jail. Sentence, will prebably be suspended. THE suit of William B. Anderson against the Pittsburg and Lake Erie Railroad Company for damages caused by a house catching fire from sparks from the locomotive and burning down, is on trial before Judge Ewing. IN the suit of Elizabeth. Edward P. and Catharine Flinn against the Allegheny Heating Company, for damages for injuries caused by a natural gas explosion, a verdict was given yesterday for the plaintiffs in the sums of $75, $100 and $162. THE Fidelity Title and Trust Company, as assignee of the Lawrence Bank, yesterday obtained the permission of the Court to sell at public sale the bank building at the corner of Penn avenue and Butler street which was appraised at $20,000. THE suit of. George W. Parker and John Potts against the steamer Acme was argued before Judge Acheson in the United States Court yesterday. The defendants claim the United States Courts have no jurisdiction in the case as the boat is a ferry-boar in the Beaver river, which is not navigable. Decision was reserved.