Planters & Mechanics Bank (Petersburg, VA)

Episode Information

Episode UID
3284103390885
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
328410339 hash
Start Date
September 23, 1873
Location
Petersburg, Virginia (37.205, -77.392)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
2d8a6da5603a39da

Response Measures

None

Description

The bank suspended during the Panic of 1873; while other banks in the region eventually reopened, these articles only confirm the initial suspension and local commercial distress.

Events (1)
1. September 23, 1873 Suspension
Cause
Macro News
Cause Details
The bank suspended during the Panic of 1873, amid rumors of heavy commercial failures in Petersburg and general financial crisis.
Newspaper Excerpt
The Merchants' National bank. the Planters' and Mechanics' bank, the People's bank and the First National bank, all of Petersburg, suspended this morning.
Source
newspapers

Newspaper Articles (10)
1. September 23, 1873 Evening Star Washington, DC
Article from Evening Star, September 23, 1873

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Article Text

The Quaker City All Right Again. PHILADELPHIA, Sept. 23.-The financial erisis is over. Banks and brokers are transacting business as usual. All the state banks that were under temporary difficulties have resumed except the Union and Citizens. The latter will soon resume. All the national banksstood firm, and no doubts were entertained of their stability. The Situation in Jersey. BAD EFFECTS OF THE CRI818 AT PATERSON. PATERSON. N. J., Sept. 23. In consequence of the financial crists in New York and the general depreciation of new railrosi securities, orders for locomotives for three months ahead at Rogers' locomotive works, in this city, have been canceled, and eighty-five of the workmen were discharged to-day. It is feared that five hundred more will be discharged at the same works, and several hundred at the Danforth and at the Grant works. ALL RIGHT IN TRENTON. TRENTON, N. J., Sept. -There has been no run to-day on the banks of any consequence. There have been no failures in this city. Broke out in a New Place. SUSPENSION OF THE BANKS IN PETERSBURG, VA. RICHMOND. VA., Sept. 23.-The Merchants' National bank. the Planters' and Mechanics' bank, the People's bank and the First National bank, all of Petersburg, suspended this morning. The Citizens' bank of Petersburg, though not suspended, declines payment. Rumors of heavy commercial failures are rife in that city. The banks of Richmond are all quiet. There is considerable excitement here over the news from Petersburg.

2. September 23, 1873 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, September 23, 1873

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Article Text

Bank Suspensions in Virgilia. RICHMOND, VA., Sept. 23.---The Merchants National Bank, the Plauters' and Mechanics Bank, the Peoples' Bank and the First National Bank, all of Petersburg, suspended this morn ing. The Citizens' Bank of Petersburg, though not suspended, declines payment. Rumors of heavy commércial failures are rife in that city. The bank of Richmond are all quiet. There is considerabie excitement here over the news from Petersburg.

3. September 24, 1873 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, September 24, 1873

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BY TELECRAPH NEWS SUMMARY. Appearance of the Yellow Fever at Vicksburg. VICKSBURG, Miss., September 23.The Board of Health reports three fatal cases of yellow fever. RICHMOND, Va., September 23.-The Merchants National bank, Planters and Mechanics bank, Peoples' bank and the First National bank all of Petersburg, suspended this morning. Citizens Savings bank of Petersburg, though not suspended, declines payment. Rumois of heavy commercial failures are rife in that city. The banks of Richmond quiet. CINCINNATI, September 23.-General Superintendent, Van Horne, sends the following dispatch from Louisville: "Twenty deaths occurred in Shreveport yesterday. The disease is spreading in the surburbs." ST. LOUIS, September 23.-2000 people left for the prize fight. Allen won the fight in nine rounds, lasting twenty minutes. BOSTON, September 23.-Holley's mill burned; loss $40,000. HALIFAX, September 23.-The boat race was postponed on account of bad weather. GIBRALTAR, September 23.-The steamer Boombaugh exploded to-day. Four killed. WASHINGTON, September 23.-William B. Shaw, an old and leading Washington correspondent, has purchased the National Iron Works in Pennsylvania. [Note.-A storm south of here prevented the reception of our usual night dispatches.]

4. September 24, 1873 Nashville Union and American Nashville, TN
Article from Nashville Union and American, September 24, 1873

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The Situation Elsewhere. / Four Banks Suspend in Petersburg, Virginia. RICHMOND, VA., Sept. 23.-The Merchants' National Bask, the Planter3' and Mechanics' Bank, the People's Bank and the First National Bank, all of Petersburg, suspended this morning. The Citizens' Bank, of Petersburg, although not suspend ed, declines payment. Rumors of a beavy commercial failure are rife in that city. The banks of Richmond are all quiet, but there is consider able excitement here over the news from Petersburg. Result of the Panic on Locomotives. PATTERSON, N. J., Sept. 23.-In consequence of the general depreciation of new railroad securities, orders for locomotives for three months ahead at Rogers' Locomotive Works in this city, have been cancelled, and five hundred and eighty workmen were discharged to-day. It is fe red that five hundred more may be discharged from the same works and several hundred at the Danforth and at the Grant works. Confidence Unshaken in Canadian Railroads. OTTAWA, Sept. 23-The Government has received advices by cable stating that Mr. Tilley, Finance Minister, has successfully placed on the London market five per cent loan of two millions sterling for Inter-Colonial railways. The bids amounted to four millions sterling, at an average premium of 412 per cent. The interest is to begin from the 1st of October. Trenton Easy. TRENTON, Sept. 23.-There is no run of consequence here and no failures. Poughkeepsie. POUGHKEEPSIE, N. Y., Sept. 23.-Information from Amenia, states that the iron ore men are making & run on the bank there, and that the bank is standing it well. BRE A Reaction at Albany. ALBANY, N. N., Sept. 23.-The run on the Albany Savings Bank closed this noon, and the deposits at the close were much larger than the amount paid out. The panic is over here. Philadelphia on its Feet. PHILADELPHIA, Sept. 23.-The financial eris 8 here is over, and the bankers and brokers are transacting business as usual. All the State banks that were under temporary difficulties have resumed, except the Union and Citizens'. The latter will soon resume. All the National banks stood firm. Chicago. CHICAGO, Sept. 23.-A report gained circulation here to-day that there were rumors in New York of the failure of heavy grain dealers in this city. There is not the slightest foundation for the report. The slight run which began on some of the savings banks yesterday has entirely subeided, and they are now paying without asking thirty day's notice. LATER-The news of the failure of Clews & Co. had the effect to depress the

5. September 24, 1873 Elizabeth Daily Monitor Elizabeth, NJ
Article from Elizabeth Daily Monitor, September 24, 1873

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Article Text

The slight run that began on some of the savings banks yesterday has entirely subsided, and the banks are now paying those who do call for their deposits without asking any notice. RICHMOND, Sept. 23.-The Merchants National Bank, Planters' and Mechanics' Bank. People's Bank, and First National Bank, all of Petersburg, suspended this morning. The Citizens' Bank of Petersburgh, although not suspended, declines payment. Rumors of heavy commercial failures are rife in that city. ALBANY, Sept. 23.-The run on the Albany Savings Bank here closed this noon, and the deposits at the close were much larger than the amount paid out. The panic is over here. PATERSON, Sept. 23.-In consequence of the financial crisis in New York, and the general depression of new railroad securities, orders for locomotives for three months ahead at the e Rogers' Locomotive Works, in this city, have been cancelled, and five hundred and eighty-five of the workmen were discharged to-day. It is feared that five hundred more may be discharged at the same works and several hundred at the Danforth and at the Grant Works. PHILADELPHIA, Sept. 23.-T he financial crisis here is over, and the bankers and brokers are transacting business as usual. All the State banks that were under temporary difficulties have resumed, except the Union and Citizens. The latter will soon resume. All the national banks stood firm, and no doubts were entertained of their stability.

6. September 24, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 24, 1873

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IN VIRGINIA. SUSPENSION OF FOUR BANKS AT PETERSBURG-EXCITEMENT IN RICHMOND. RICHMOND, Sept. 23.-The Merchants' National Bank, Planters' and Mechanics' Bank, People's Bank and First National Bank, all of Petersburg, suspended this morning. The Citizens' Bank of Petersburg, although not suspended, declines payment. Rumors of heavy commercial failures are rife in that city. The banks of Richmond are all quiet, but there is considerable excitement here over the news from Petersburg.

7. September 25, 1873 Ellsworth American Ellsworth, ME
Article from Ellsworth American, September 25, 1873

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ALBANY. Sept. 23. Tue run on the Auburn Savings Bank here. ceased this noon. and the deposits the close were much larger than the amount paid out. The panic is over here. RICHMOND, VA. Sept. 23. The Merchant- Nat., Bank. Planters & Mechanics Bank. People's Bank, and 1st Nat.. Bank. all of Petersburg, suspended this morning. The Citizens Bank of Petersburg although not su-pended, decline payment. Rumors of heavy commercial failures are rife in that city, There is considerable excitement here over the news from Petersburg. PHILADELPHIA, Sept. 23. The financial crisis is over and bankers and brokers are transacting business as usual. All the State Banks that were under temporary difficulties have resamed, except the Union & Citizens, and the latter willsoon restime. The National Banks stand firm. and nodoubts are entertained of their stabilly, CHICAGO, Sept. 23. A report gained circulation here today that there were rumors from New York of failures among several of the grain dealers in this city. There is not the -lightest foundation for the reports as there has been neither failures nor rumors here.

8. September 26, 1873 South Branch Intelligencer Romney, WV
Article from South Branch Intelligencer, September 26, 1873

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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.

9. September 27, 1873 The New North-West Deer Lodge, MT
Article from The New North-West, September 27, 1873

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THE SECOND FINANCiAL STORM. -Henry Clows & Co. Go Down Before It. New York, Sept. 23.-Henry Clews & Co. have suspended. The firm say they have no statement to make, except that it has been deemed advisable by the firm to suspend for the present. Henry Clews & Co. state that during the past four days they have paid out one and a half million dollars in money, and made the utmost effort to-day to raise the money on securities; but finding it impossible to do so were compelled to suspend. The failure of Henry Clews & Co. tends to revive the excitement. The firm paid $1,250,000 in legal tender to de assitors during the past few days, and it was the general expression that they would pull through. But 10-day the Fourth National Bank refused to clear their check, although the firm had $800,000 securities deposited, against which $200,000 had been drawn. Richmond, Va, Sept. 23. . The . Merchants' National Bank, the Planters' and Mechanics' Bank, all of Petersburg, suspended this a. m. The Citizens' Bank, although not suspended, declines payment. Rumors ot heavy commercial failures are rife in that city. The banks of Richmond are all right but are in considerable excitement on acs court of the news from Petersburg. Buffalo, Sept. 23.-H. W. Bart & Co., private bankers and brokers, closed this afternoon.

10. October 1, 1873 Knoxville Weekly Chronicle Knoxville, TN
Article from Knoxville Weekly Chronicle, October 1, 1873

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Respension of Virginia Banks. RICHMOND, Sept. 23.-The Merchants' National Bank, Planter's and Mechanics' Bank, People's Bank and First National Bank, all of Petersburg, suspended this morning. The Citizens' Bank of Petersburg, though not suspended, declines payment. Rumors of heavy commercial failures are rife in that city. The banks of Richmond are all quiet. There is considerable excitement here over the news from Petersburg.