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Saturday, February 10, 2024

"STRIPPED OF WEALTH BY PANIC OF 1893"

ONCE WEALTHY CITY CONTRACTOR FOUND GUILTY OF VAGRANCY

Washington, D.C. (JFK+50) On February 10, 1924, The Sunday Star reports 82 year old William H. Lawson "was arraigned by Judge McMahon in Police Court yesterday on the charge of vagrancy."

Mr. Lawson claims "he was stripped of wealth and position" as a result of the financial panic of 1893*.  Since that time, he "has been on a downward" spiral.

This unfortunate man plead guilty to the charge and was sent by the Court to Gallinger Municipal Hospital** for care and treatment.

According to the Star, Mr. Lawson had been a contractor who "erected many buildings" in Washington, D.C. including the German Orphan Asylum.

*Panic of 1893 was an economic depression occurring in the U.S. from 1893 to 1897 resulting in declining stock prices, closing of 500 banks & failure of 15,000 businesses.  Gold reserves also declined to dangerously low levels.

**Gallinger Municipal Hospital opened in 1922 in SE Washington, D.C. but closed in 1929.  It later re-opened & was re-named District of Columbia General Hospital in 1953.  It closed in 2001. 

SOURCE

"Victim of 1893 Panic, 82, Wealthy in His Day, Admits He Is Vagrant," The Sunday Star, Washington, D.C., February 10, 1924, Chronicling America, Library of Congress, www.loc.gov/

 
 
"The War of Wealth"
Broadway Melodrama based on
the Panic of 1893
Strobridge & Company
Library of Congress