Article Text
PENNSYLVANIA. PITTSBURG, Nov. 11. The Duquesne Savings Bank in this city, and the savings and depositing bank of East Liberty, suspended today.
Duquesne Savings Bank (Pittsburg, PA)
Episode Information
- Episode UID
2475931590887- Episode Type
- Suspension → Reopening
- Bank Type
- savings
- Bank ID
-
247593159hash - Start Date
- November 11, 1873
- Location
- Pittsburg, Pennsylvania (40.441, -79.996)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
1ebeb81b382b0dce
Response Measures
None
Description
Contemporary reports describe a temporary suspension with planned installment payments; no explicit reopening article provided.
Events (1)
1.
November 11, 1873
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Heavy investment in mortgages and securities that could not be readily realized amid the contraction; inability to meet depositor demands.
- Newspaper Excerpt
- The Duquesne Savings Bank in this city ... suspended today.
- Source
- newspapers
Newspaper Articles (11)
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PITTSBURGH. VITIZA Suspension of the Duquesne Saving Bank and Deposit Bank of East Liberty--Attempt to Rob a Bank at Blairsville. PITTSBURGH, Nov. 11.-The Duquesne Savings Bank of this city and the Savings Deposit Bank of East Liberty suspended today. An attempt was made to rob the First National Bank at Blairsville, Pa., on Saturday morning about 2 o'clock. The burglars were discovered by two ladies who were sleeping in a room above the bank, and the robbery prevented.
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PITTSBURGH, Bank Suspension. PITTSBURGH, Nov. 11.-The Duquesne Savings Bank of this city suspended to-day. They claim that their suspension is only temporary and that their depositors are fully secured. Trial of Mail Robbers. In the United States Circuit Court the trial of W. R. Wales and R. L. Dudley, charged with robbing the mail, is progressing. These parties are also charged with defrauding the Adams Express Company at Albany, New York, on forged drafts.
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PITTSBURG, Nov. 11.-The - Duquence Savings Bank in this city and the Savings Deposit Bank, East Liberty, suspended today.
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SUSPENSIONS IN PITTSBURG. The Duquesne Savings Bank and East Liberty Savings and Deposit Bank Close Their Doors-The Depositors Sesured. PITTSBURG. Pa., Nov. 11, 1873. The Duquesne Savings Bank, John McMaster, President, on Fourth avenue, suspended this morning. The closing of its doors was rendered necessary from the fact that the institution dealt very heavily in mortgages and similar securities. Their securities, though perfectly good, could not be realized upon at a time convenient to the purposes of the bank, consequently suspension was determined on and carried into effect to-day. The cashier said this afternoon that the assets were fifty per cent in excess of the liabilities, and that the suspension was due to the gradual contraction, which had been drawing closer and tighter since the 17th of September. He says all they want is time to convert the securities into cash to pay the depositors. On the heels of the announcement of this suspension came that of the closing of the doors of the East Liberty Savings and Deposit Bank, and then there were rumors of the suspension of half-adozen other institutions of the same kind, which happily proved incorrect. The causes of the suspension of the East Liberty Savings Bank were the utter impossibility of collecting currency for notes and mortgages which had already fallen due, and the constant drain on their deposits. The bank has sustained no losses, unless the temporary lockup 01 some of its securities in Philadelphia be regarded a loss. An officer of the institution said to-day that the securities are all regarded as first class and are in excess of its liabilities $40,000; and beside this the stockholders, about thirty in number, are individually liable. So depositors can sustain no loss. What hastened this step on the part of the bank was the failure of Lloyd, Hamilton & Co.'s concerns in Westmoreland county and the suspension of Ira B. McVey & Co., of this city. A rumor was also on the streets today that the extensive firm of Carragie, Kloman & Co., manufacturers or steel springs, had suspended, but it is denied. The rumor arose from the fact that a few days ago the Cascade Iron Company and Escanaba Furnace, of Michigan, suspended, and will possibly go into bankruptcy. Mr. Kloman is a member of that concern, and as it is not an incorporated company stockholders are individually liable. Mr. Kloman is individually responsible for the debts of that concern, but he is the only member of the firm of Carragie, Kloman & Co., who is at all interested in it.
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PITTSBURCH. Special Dispatch to The Chicago Tribune, FAILURES AND BUMORS OF FAILURES. PITTSBURGH, Nov. 11.-This has been a day full of mumors of suspensions of prominent banks and merchante; but, 80 far as known, only two reports of fallarea are found to have any foundation in fact, and these were of banks which will undoubtedly again While it may be truthfully sald that rome others are spniowhat shaky, and that soveral loading iron frina are reported to have paper overdue, it can also be said that, while nearly all the leadIng firms share in the present embarransment, not because they are not amply responsible, but because the banks refuse to discount, and consequently the largo manufacturers are pushed. The difficulty is not to meet the obligations falling due, but to provure money from time to time to pay hands, It is well known that FITTSBURGH MERCHANTS enjoy unlimited credit abroad, and the forbo of circumatances has compolled some of them to nele for extensions, which have not failed to be granted. While such is the case, our leading merchants are much chagrined that, through some rejaunderstanding, the Associated Press 468 telegraphed over the entire country that 10,000 mem haye boon thrown out of employment by the shutting down of blast.furnaces, when in fact only 1,100 are employed altogether in that branch of industry, only 100 of whom are out of work, and that through their own fault, because they refused to accept a 10 per cent reduction of wages. SAVINGS BANK FAILURES. This morning the East Liberty Havings and Deposit Bank failed to open its doore. The reason they healight for their suspension is P failure of their creditors to meet their obligations, and espocially their Philidelphia correspondents, They are simply able to meet All Mabilities, The stockholders nold H meeting want. when Some decided action will be taken, and a full statement made. The Duquesue Savings Bank, on Fourth street, also stopped payment to day. This lan regular discount and Rephail, as well aa paying banit. it hold dopoalte Whilbh were drawable by check, without notice. While they carried on this business, they invested all their eurplus in first mortgages, which for the present are unavailable. This institution kept its doors open, and made n clear and concise statement to all depositorn, saying that a full and clear exhiLit of their resources and liabilities would La made in A few days, THIS MEASHN, M'VAY are busily engaged preparing their statement to be prosented to a mueting of their creditors on Friday. Mr.
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FAILURES OF PITTSBURG BANKS.-The failure on Tuesday, of the Duquesne Savings Bank and the Deposit Bank of East Liberty, both at Pitta burg. caused quitean excitement as the Iron City. and considerable apprehension was felt of a run upon the banks there. The suspension of the Daquesne, ii is said, was brought about by the inability of the directors to malize upon the securities held, consequently rendering them unable to meet the demand of the depositors, which has been constart and unremitting since the setting in of the panic.
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THE Duquesne Savings Bank, of Pittsburg, and the Savings Deposit Bank, of East Liberty, suspended Nov. 11.
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On Saturday last another iron steamship for the Facitic Mail Steamship Company, was launched from Roach's yard's, at Chester. William Neyle committed suicide in a dis. reputable house in New York on Saturday night. He was from South Carolina, and lost a fortune by the rebellion. Eight prominent participants in the recent shooting affray in Lonake county, Arkansas, have been arrested at Little Rock and are now in Jail. Reopened.-S. L Eastburn has reopened his grocery store at 507 King street, and is now selling goods at the lowest market rates. The Duquesne Savings Rank, of Pittsburg, and the Savings Deposit Bank, of East Liberty, suspended on Tuesday. It is stated that the payment of amounts due to laborers employed by the Board of Public Works in Washington will begin to-day, and that about $250,000 will be disbursed. Daniel Jones, who murdered Jacob Nelson in Highland Township, Chester county, in Allgust last, was arrainged at West Chester, on Monday morning, and pleaded not guilty. A Change.-Adair & Woodward have leased the Graves' building at the corner of Fourth and King streets, and will open with an extensive assortment of furniture. They are enterprising men and well calculated to do a large business. The Eastern race horses, True Blue, Wheatleigh and Weathercock, arrived at San Francisco on Tuesday night, and will go into training for the $30,000 race to take place on the 15th. Returns from all the counties in Illinois have been received. Fifty-one counties have been carried by the Earmers, eighteen by the Democrats, and fourteen by the Republicans. In thirteen of the counties there was no party issues. George Armpreister, a freight conductor on the Baltimore and Ohio railroad, was run over ist Locust Point switch, Baltimore, on Tuesday, and instantly killed. Five heavily loaded cars passed over his neck, completely severing his head from his trunk. Four hundred laborers were on Monday discharged from the department of public works in New York, and two hundred more will be discharged on Saturday next. The appropriations set aside for them are now exhausted.
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Money and Business THE PROSPECT OF HARD TIMES Some of the features in the condition of trade are encouraging. Stocks have advanced from five to eight per cent. since the close of last week. Exchange is firmer. Apprehensions of panic in London are well-night dissipated. Bat, says the New York Times, "while facts like these indicate a diminution in the intensity of the disturbance, and a tendency to recover in certain branches, the evidence continues to accumulate that the embarrassment of trade 18 slowly including new branches. and steadily increasing the number of people thrown out of work. While, therefore, the worst of what may be called the panic is over, the prospect for 'hard times' during the winter is, we think, more than ever established. AID FOR LABORING MEN. The board of assistant aldermen of New York city yesterday passed a resolution requesting the board of estimate and appropriation to appropriate a sufficient sum to continue public improvements begun but suspended for want of funds. Five hundred laborers were set to work yesterday by the Brooklyn board of city works. The officers of German steamers have received a large number of applications from emigrants who came to this country to work their passage back, having no employment and no money to pay for their passage. PARTIAL PAYMENTS. The officers of the Duquesne Savings bank of Pittsburg made a statement yesterday giving the assets at $236,782, and the liabilities at $153,013. They propose to pay the indebtedness in instalments of 20 per cent. each. A RAILROAD DEFAULTER. A rumor was circulated in Wall street yesterday afternoon to the effect that a deficiency to the extent of $600,009 had been discovered in the accounts of an officer of a western railroad. The New York Times will publish a report to the effect that the defaulter is David Crawford, of the Missouri, Kansas and Texas road. PAYING INTEREST PROMPTLY. The Richmond and Petersburg and the Petersburg and Weldon railroads, Reuben Rog. land president, met promptly the November interest on their bonds yesterday. The Richmond and Danville and Piedmont air-line railroad, Col. A. S. Buford, president, extending from Richmond to Atlanta, Ga., paid up the Novem ber interest on their bonds Wednesday.
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PITTSBURGH. PITTSBURGH, Nov. 18.-The case of Dudley & Wales, indicted for conspiracy against the Government, robbing the mails of drafts, &c., and forging signatures thereto, which has been on trial in the United States Circuit Court, was concluded to-day. They were found guilty as indicted. The officers of the Duquesue Savings Bank, which suspended day before yesterday, submitted a statement of the condition of the institution to-day. Assets, consisting principally of bonds, mortgages and real estate, $226,782.90; liabilities, $153,013 86. They propose to pay their entire indebtedness in five installments of 20 per cent each, in 4,7, 10. 13 and 10 months from the 17th of November, with interest on the whole amount of indebtedness until fully paid. This proposition has been submitted to the creditors; the direc. tors feeling confi dent that every dollar of the indebtedness can be paid if accepted. At a meeting of coal miners in this city to-day a resolution was adopted accepting a reduction of 10 per cent of $3 60 per hundred bushels. Martin M. Bratt, a passenger conductor on the Allegheny Valley Railroad, met with a terrible accident at Reynoldsville to-day. He was coupling the locomotive to the train when he was thrown under the wheels of the locomotive, which rolled over both legs, almost completely severing them, causing his death.