Article Text
EA PITTSBURGH, Sept. 28.-The excitement relative to the Banks is subsiding. This morning the Mechanics' Bank suspended specie payment on all notes.
Mechanics Bank (Pittsburg, PA)
Episode Information
- Episode UID
365938590693- Episode Type
- Suspension → Reopening
- Bank Type
- state
- Bank ID
-
36593859hash - Start Date
- September 28, 1857
- Location
- Pittsburg, Pennsylvania (40.441, -79.996)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
b6a5f66e50a44c7d
Response Measures
None
Description
Articles show suspension during the 1857 panic but no clear follow-up about permanent closure or receivership; additional local reports could confirm reopening.
Events (1)
1.
September 28, 1857
Suspension
- Cause
- Macro News
- Cause Details
- Suspension triggered by the broader financial panic and banking suspensions across the region (September 1857 crisis).
- Newspaper Excerpt
- The Mechanics' Bank suspended specie payment on all notes.
- Source
- newspapers
Newspaper Articles (10)
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Monetary Matters in Pennsylvania, PHILADELPHIA, Sept. 28.-The Governor has not yet. determined on what course to pursue. Two committees, including one from the banks, are now in private conference with him. Much feeling is said to exist between the banks. Some of those which were incorporated under the old law, and do not forfeit their charters, are opposed to the call of the Legislature. It is said that unless the Governor countermands his order, a proclamation will be issued tomorrow morning. PITTSBURG, Sept. 28.-The excitement is subsiding. The Mechenics' Bank suspended today. Businese is paralyzed.
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V01 More Failures. THE Pittsburg, Sep 28-M The excitement relative to Banks is subsiding this morning. Mechanics' Bank suspended specie payments on all notes.
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PITTSBURG, Sept. 26.-The Bank excitement is subsiding. The Mechanic's Bank has suspended specie payment.
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BY THE NATIONAL LINE. [Reports Furnished by the Associated Press.] NEW ORLEANS, Sept. 26. Our Banks and Merchants are impregnable, and are in no sort of danger. PITTSBURG, Sept. 28.-The Bank excitement is subsiding. The Mechanics' bank has suspended specie payment. Philadelphia, Sept. 28.-It is understood that the Governor will call the Legislature together on the first Tuesday in October, to take action on the bank suspension. RICHMOND, Sept. 28.-No bank suspensions yet. The Northern suspensions cause much excitement. WASHINGTON, Sept. 28.-Several cases of yellow fever have occurred at Key West. PHILADELPHIA, Sept. 28.-There is still no concert of action among the banks. They paid specie on five dollar bills till 11 o'clock, when the North American bank suspended, The suspension is now expected to become universal. The Philadelphia bank has suspended. Alexandria, VA., Sept. 28.-The banks are paying specie on small notes only. WASHINGTON, Sept. 28.-The Metropolis bank has suspended. The Washington and Patriotic banks are still paying small bills Savannah, Sept. 28.-The banks demand the six daysnotice from depositors. Virginia bills five per cent. discount. Jewett & Co., publi-hers, have suspended. Sr. JOHNS, N. B., Sept. 28.-The screw steamer Jura has arrived with London dates of the 15:h. Consols 901. Money more stringent. Wheat advanced and firm. Corn active and steady. Flour buoyant ST. JOHNS, Sept. 28 -The steamer City of Washington arrived out on the 16th. The Emperor Alexander had arrived at Berlin. The cholera is raging at Hamburg, kholm and other places proving very fatal. The Bank of Holland has increased rates to 5 per cent. The election in the Principalities resulted favorable to the Union. The India mail has arrived with Delhi dates to the 29th. Several sorties were made, but , puls d with great loss to the rebels; 500 killed and wounded. The Nemuch mutineers reached Delhi. Gen. Nicholson was daily expected from Punjaub with reinforcements. Gen. Havelock occupied Bepho on the 17th without r. sistance. Lena Sahib escaped on the 29th. Havelock defeated 10,000 rebels on the road to Lucknow. British loss triffing. NEW YORK, Sept. 28.-There is a panie in the stock market. Philadelphia, Sept. 28.-Business is deranged by the vacillating course of the banks. ST LOUIS, Sept. 26.-J. J. Anderson & Co., and Darby & Barksdale, Bankers, have suspended. NEW ORLEANS, Sept. 28 -Cotton, sales 400 bales -easier; Receipts 8300 bales; Flour $5 50 to 6 00; Corn 70; nothing doing in freights; other articles unchanged; Exchange nominal. Deaths during the week 103. FURTHER FOREIGN NEWS. NEW YORK, Sept. 28.-Hyderabad was quiet on the 14th of August. It was expected that Delhi would soon fall. Gens. Havelock and Neil were advancing upon Lucknow. Three regiments of Bengal native infantry revolted and fled to Reeve river. They were pursued by General Floyd, and 800 of the mutineers killed. The mutineers also were routed at Juibalpore and other places. Mutineer's plots were discovered at Benares and Hamulock. Sir Colin Campbell has assumed command. Nena Sahib's attrocities at Cawnpore beggar description. He massacred 400 persons, including 70 wolden and 120 children. The Court-yard fronting bis head-quarters was swimming with blood. Sahib escaped, but subsequently drowned himself and family. NEW YORK, Sept. 28 -There is no truth in the reports of the failure of Clark, Dodge & Co., and Phelps, Dodge & Co. The Metropolitan, Republic, Merchants', Ameri C D Exchange, Union and Phoenix banks have issued circulars stating their intention to maintain a specie basis. The Norfolk and Richmond Banks are firm. The Staunton bank and bank of the Valley of Virginia have suspended. NEW YORK, Sept 28.-Money very stringent. The Banks are firm. Some very heavy failures are reported. ALBANY, Sept. 28 There has been a run upon the Savings bank by small depositors. BOSTON, Sept. 28-The Suffolk bank refuses to redeem the bills of New England county banks NEW YORK, September 28, P. M.-Cotton is dull. Flour $5 10 to $5 25 Wheat has declined 6 to 10 cents. Corn is offered at 70 cents. Park has declined 10 cents. Chicago Beef has declined 25 cents Bacon, 12c. for hame, and ile. for shoul ers. Whisky, 24c. Coffee quiet. Sugar heavy. PITTSBURG, September 28.-Every bank except the Pittsburg Bank, have suspended. The officers of the banks adopted & resolution to the effect that a & mporary su-pension of the payment of coin was necessary to protect business men. The excitement has nearly subsided, CINCINNATI, September 28. Business is paralized. Exchange on the East, in sums of $5000, is
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T NCIAL The Very Latest from the La Ea PITTLBURGH, Sept. 28 The relative to banks is subsiding this morn Mechanics' Bank has suepended 4 die payment on all notes Pinladelphica Sept. 28 is und stood that the Governor will have a pi lamation ture to morrow; calling the Legi together on the Restrimently in Lober, sion. to action upon the bank susp There is still B3 concert of action any bant They commenced this morning pay bank five dollar billys hut melork North America. which previor redeemed all notes, suspected specie uriversal. ments. The same course will now been I The Philadelpi is Bank suspended eie payments and redeemed checks / notes. Other banks following course. W 11 II ASHINGTON not per on the bank the Metropolis, says bank panic created by the suspension of o mand having caused # much larger for specie than was (M) icipated, institution is under the painful necessit suspending ent specie payments for the P The trustees say they will make ev exertion to resume, and that the bank I out 865 On Saturday. The Bank of Washington and L Patri Bank, which paid out small sums on urday, have not altogether suspended. Savings Banks pay either in city bank Virginia money, and demand SIX days tice from depositors. Virginia money is at a discount of per cent., and the tendency is still do ward. Businesssie nearly paralyzed, uncurrent money is unsaleable. BOSTON, Srpt. 7.-Messrs. Jewelt & publishers, of this city have suspen with liabilities amounting to $100,000 ALEXANDRIA, Va. Sept.-The b here only. are paying out small sums of sp RICHMOND, Sept. 26.--No bank sus sion yet. There is much excitements bank suspensions at the North. 11 NEW York, Sept. 28. -The rum failures of Clark, Dodge & Co., n true. Phelps, Dodge & Co., are entirely k Exchange on Philadelphia ten per Rates for money on the street in some ses are six/per cent. per month y The assignment of the Ohio Trust ( A pany was unexpected. President Ste d returns to Cincinnat to-morrow, to cure A The Metropolitan. Pepublic and h of New York, Mechanics merican Exchange, Union and Pho he Banks, have issued cirenlars assuring Public of their abil ty and determine to tion. maintain a-specie basis for their eine and es pressing the opinion that tendency of specie and produce to ct point present wills pressure. causes of d The money market benefits very strin M tions. but the hanks renzain firm in their to Some very lieavy failures are repo Advices the from Albany mention a un Savings spartment by sm di (de the tors. There is nepressure dent. bill holders is quiet Norfolk, V Sept. 28 Some is manitested ere about the Balti and Philadelphia suspensios, but banks 80 fire: have remained firm. RICHMOND, Va, Sept. 28.-The h there are paying specie, and it is beli hat they have determin There Staunton B the Central and bay the Valley have suspended D and PITTSBURGH, Pa., Sept. banks but the Pittsbi the Act a' meeting of the Executive officer the banks to-day, resolutions were ade red for that a temporary suspension of the the ment of coin is necessary to protect the business men and enabling the bank tate the discount paper and exchangethe cashiers of The respective banks he peremptorily instructediby their board resume when a similar action is add to by the Eastern banks. the The excitement/has 0004 be PHILADELPHIA, September 28 tied Governor has not yet decided abo the proclamation for an extra session o legislature. There 1st much 11 felling tween the banks and there is, a pre 5 sion. for and against the calling of a specia Boston, Sep. 28.-The Snffolk adw refuses to redeem bills of the New En the country banks, act, StraLouis, Sept.28--The banking b Ohio. of Darby & Barksdale, and J.J. A son & Co, have suspended. NASHVILLE, Sept. 28 The Bar iday Vashville suspended this morning. A meeting of the merchants mended the Union, Planters) and re Bank to suspend but they refused. Several of the free Banks were th out today bale Confidence is felt that the Bank of : their dise villle, plus. will pay, and have a large THE LATEST. BOSTON, Sept. 28. P. M.-The S Bank refused to redeem bills of the bal try banks of New England, for indiv Sins "the alleged Trason that the am uppresented wasgreaterthan the clerks attend to. who elec- 42. The deposits of country money
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Pittsburgh Banks. Pittsburg, Sept. 28.-The Mechanies' Bank suspended this morning.Business is nearly paralized.
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PENNSYLVANIA BANKS. PHILADELPHIA, Sept. 29 -The City and Southwark Banks are paying specie for small notes. De. spite the agreement yesterday. they receive the notes of other Banks on deposit, except the Bank of Pennsylvania. The Directors of the Banks of Middletown, Pennsylvania, individually pledge their private fortunes for the redemption of all the notes of that Bank in circution. Hon. Simon Cameron, the President, is very wealthy. PITT-BURG, Sept. 28.-The bank excitement is sub. siding. The Mechanics' Bank suspended this morning. Business is nearly paralized.
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resumption at an early day. There has been a considerable amount of deposits in. the Patriotic and Washington Banks since their suspension. SUBPENSION OF THE PITTSBURG BANKS. PITTSBURG, Sept: 26.-There is no concert of action am Sigst the banks of this city in regard to their future policy. All continue to pay coin on small demands. The Merchants' and Manufacturer's Exchange, and Citizens' Banks are paying small demands made by laborers, operators, and others, but refusing the demands of banks and brokers. The Bank of Pittsburg has resolved to pay in full. FURTHER SUSPENSION OF COUNTRY BANKS. HARRISBURG, Sept. 26.-The banks of this place, Lancaster, York end Reading have all suspended specie payments. THE TRENTON BANKS. TRENLON, Sept. 26.-There has been a steady. moderate run upon all our banks, each having paid out about $8000 in specie. They are in good condition, and will probably weather the storm. THE VIRGINIA BANKS. RICHMOND, Va., Sept. 26.-No bank suspensions have occurred here yet. There has been much excitement occasioned by the news of the bank crises at the North. AFFAIRS AT CINCINNATI. CIRCINNATI, Sept. 26.-The Ohio Life and Trust Co. has made an assignment. Rates of exchange are nominal. Sight drafts on New York cannot be bought for less than 5 per cent. premium. No failures-have occurred, and our-merchants stand firm. PITTSBURGH, Sept. 28.-The Bank excitement in this city is subsiding. The Mechanics' Bank suspended payment this morning. Business was completely paralyzed during the day. PITTSBURGH, Sept. 28.-Evening.-All the Banks of this city, excepting the Pittsburgh Bank have suspended. At a meeting of the executive officers of the Banks to-day. resolutions were adopted, expressing the opinion that the suspension of the payment of coin, is necessary to protect the business men, in enabling the Banks to continue to discount local paper and exchange and peremptorily instructing the Cashiers of the respective Banks, to resume payment of specie, when similar action has been adopted by the Eastern Banks. The excitement produced by the panic, has nearly subsided. WASHINGTON. Sept. 28-A notice posted on the Bank of the Metropolis says that the panic created by the suspension of other banks having caused a much Targer demand for specie than was anticipated. that institution is under the painful necessity of suspending specie payments for the present. The trustees remark that they will make every exertion to resume. The bank paid out $65,000 on Saturday. The Bank of Washington and the Patriotic Bank which paid out small sums on Saturday, have now altogether suspended. The Savings Banks pay either in city banks or Virginia money, and demand the six days' notice from depositors. Virginia money is h at's discount of 5 per cent., and the tendency is, still downward. Business is nearly paralysed and uncurrent money is upsálable. BOSTON, Sept. 28.-The Suffolk Bank refused to redeem the bills of the country New England Banks for individuals, for the alleged reason that the amount presented was greater than the clerks could attend to. The deposn its of country money sent from other Banks are promptly redeemed. The country Banks generally are well protected, and will retain the public confidence. CINCINNATI, Sept. 28.-The excitement in consequence of the unfavorable advices (rom the East has paralyzed business in this city. New York exchange is quoted at par, but only small smounts will be purchased at this b rate. The paper of an iron house and a shoe and g leather house has been protested. J. B. Holmes, manufacturer, has assigned. al n NASHVILLE, Sept, 18.-The Bank of Nushville suspended this morning. At a meeting of merchants which was held to-day, it: was recommended to the Directors of the Union. Planters', and State Banks to suspend also, d but they refused. Several "free" Banks were thrown out today. Confidence is felt that the Bank of Nashville will pay, and have a large surplus. PROVIDENCE, R. I., Sept. 28.-The banks of this city have resolved to suspend specie payments. Their liabilities to the public are not over one-quarter of their capital. PROVIDENCE, Sept. 28.-An injunction on the Hopkinton Bank has been obtained.
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Consolidation Bank, Nov. Bank of Chambersburg, Nov. Reading Savings Bank, Bank of Danville, Nov.1 Western Bank, ,Nove South Wark Bank Nov. Miners' Bank of Pottaville, WE Tradesmen's Bank of Philadelphia, Nov, Farmers' and Mechanics' Bank of Ponasylvania, Nov: Mechanics' Bank of Pittsburg, AGA Bank of Penn township, Nov: Kensington Bank, Nov, Farmers' Bank of Reading, Nov. Lebanon Bank, Nor: Laneaster County Bank, Nov Girard Bank, Nor Easton Bank, Nov, Allentown Bank, Nov, Bank of Lawrence county, Novi Wyoming Bank at Wilkesbarre, Nor, Anthracite Bank of Tamaqua, Nov, Farmers' Bank of Easton, Nov. Doylestown Bank, Nov. Lock Haven Bank, Nor Commercial Bank of Pennsylvania, Nov. Bank of Germantown, Nov. Farmers' Bank of Lancaster, Nov. Merchants' and Manufacturers' Bank of Pittsburg. Nov. Mochanies' Bank of Philadelphia, Nov Harrisburg Bank, Nov. Bank of the Northern Liberties, Nov, Bank of Middletown, Nov. Mauch Chunk Bank, Nov. Columbia Bank, ,Now, Bank of Commerce. Nov Six Penny Savings Institution, of Philadelphia, Nov / Bank of North America, Nov City Bank, (Philadelphia,) Nov Nov Exchange Bank of Pittsburg, Bank 0: Gettysburg, Nov Manufacturers' and Mechanica' Bank of Philadelphia, Nov Nov Citizens' Deposit Bank of Pittsburg, Honesdale Bank, No Bank of Delaware county, Nov. Nov Bank of Montgomery County, Bank of Pennsylvania, NW York Bank, Nov1 York County Bank, Nor] Nor] Philadelphia Saving Fund Society, Lewisburg Bank, Nov West Branch Bank, Nor Not Bank of Choster County, Penn'a Co. for Insurance on Lives and Granting Annuities, Nov.] National Safety, Insurance and Trust Co., Nov Western Saving Fund Society of Philadelphia, Nov. Central Insurance Co., Harrisbarg, Nov War. en County Bank, Not No further notice of acceptance have be received at the Auditor General's office (4 several days past, and it is therefore preus ble that those Banks that have not signition their accaptance, have declined the provi ions of the law. Woobserve, however. fre the newspapers. that the Erie City Back au the Bucks County Bank, bad taken to accept, but no notice to this effect has : been received at the Author's Department The law allowed the Banks thirty days ter the date of suspension, to accept the pr visions, and required them to give notice the Auditor General of the factor acceptant All the new Banks pay specie. Mr. C. McLain, Bank clerk of the depart ment, is entitled to our thanks for his tesy in giving access to the books from which we have derive di our statement We append a list of the Banks and Savings Institutions, from hom no notice of servy tance has been received, as follows :-