Second National Bank (Detroit, MI)

Episode Information

Episode UID
11600885
Episode Type
Run Only
Bank Type
national
Bank ID
1160 national
Charter Number
116
Start Date
September 25, 1873
Location
Detroit, Michigan (42.331, -83.046)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
12c7398d645fbcb5

Response Measures

Partial suspension

Description

Articles report a city-wide run on Detroit savings banks specifically; Second National not named.

Events (3)

1. October 27, 1863 Chartered
Source
historical_nic
2. September 25, 1873 Run
Cause
Macro News
Cause Details
Part of wider financial panic and multiple suspensions nationwide (Panic of 1873) leading to heavy withdrawals in Detroit savings banks.
Measures
Savings banks insisted upon thirty days' notice for large withdrawals.
Newspaper Excerpt
The run on the savings banks was quite extensive to-day. They all insist upon thirty days' notice for large amounts.
Source
newspapers
3. February 24, 1883 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (3)

Article from Elizabeth Daily Monitor, September 26, 1873

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Article Text

NEWS ITEMS. The national banks of Nashville have suspended. The Dollar savings bank of Atlanta suspended yesterday. Secretary Richardson says that beyond the purchases of bonds which have been made to aid the banks he has nothing to recommend. There is a run on the savings banks of Detroit, and they all insist upon thirty days' notice of intention to withdraw deposits. The report that Secretary Richardson had advised a temporary suspension of all of the banks is denied. The steamer Scandinavian left Liverpool for Quebec yesterday with five hundred thousand dollars in bullion. There was great excitement in Indianapolis yesterday and several private bankers suspended operations. There are large quantities of cotton in Augusta, but no money to move it. The run on the banks of Augusta has been heavy, and they have nearly all suspended. The banks of New Orleans have resolved that they will not pay any checks for more than one hundred dollars. The Charleston branch of the National Freedmen's Savings bank exacts sixty days' notice of desire to withdraw deposits. There was a run on the banks in St. Louis yesterday, and shipments of flour have been stopped. The Mutuals beat the Philadelphias in Philadelphia yesterday, 8 to 4. The Newark Democrats have nominated Nehemiah Perry for Mayor, Adolph Schalk for Water Commissioner, Wm. A. Schmidt for Tax Commissioner, and George Peters for Trustee of the Reform School. A. J. Hine, cashier of the National Bank of Ansonia, ten miles from New Haven, Conn., has been using the funds of the bank for speculation. The surplus of forty thousand dollars is all gone. Hine also loses his private fortune. The full extent of the losses is not as yet ascertained. The bank is supposed to be solvent. The Dean of Canterbury has been visiting the public schools of Albany, much his was at large of particularly to surprise astonished and pleasure. the in He all success the proportion schools, and feminine the perfect their teachers masculine with as which they governed well as feminine pupils. The session of the American board of missions at has curious reforeign a significance Minneapolis, when it Minn., is collected that this association organized while Minnesota was yet a howling wilThe board of foreign missions was more agoderness. formed it holds convention than sixty in years what now its was by means a western its over a of which a was journey no westward large part far is untraveled city territory yet when the association was born. Mrs. Henry L. Irwin returned from a week's visit to Red Bank to her home in Lincoln street, near Summit avenue, Jersey City, on Wednesday afternoon. Her husband had promised to meet her Saturday and go home with her, but he and she went afteron did without not, She threw four days ward him. open the house and found her husband in bed. thinking that he was sleeping she did not disturb him, but went quietly down stairs and supper. a seized premonition prepared her, found and she that Then called Mr. the neighbors. They Irwin was dead. The body was decomposed. The county physician's exam. ination showed that the Wednesday, hedied New Jersey of apoplexy. Midland are to resume of between the On road railroad Jersey City control and the state line at Unionville. Possession is claimed on account of the failure of the and Oswego Midland railroad to of their which a company New York lease, comply called with dollars for the payment terms of about two thousand per day for three months, or until the floating about two hundred thousand do:should be paid. have been kept promight debt, lars, instant, but This for when the contract the ceedings of the 18th New York Midland was thrown into and Abrah S. Hewitt was This out of the bankruptcy, control appointed assignee. company's virtually hands. took The New York company retain the Montclair division, which gives them an into New York ; but to form connection to over that a cars through ingress must pass portion Oswego of the the New Jersey Midland lying between the state line and Bloomingdale.


Article from The Rutland Daily Globe, September 26, 1873

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Article Text

AT DETROIT. DETROIT. Sept. 25 The run on the savings banks was quite extensive to-day they all insist upon thirty days notice for large amounts. AT THE SOUTH The Selma. Ala., savings bank has suspended. The run on the Sayannah banks has ceased. The banks at Nashville have suspended specie payment. The money stringency at Charleston, S. C., is increasing, but as yet there has been no run on the banks.


Article from The New York Herald, September 26, 1873

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Article Text

Excitement and Suspensions in Detroit, Mich. DETROIT, Mich, Sept. 25, 1873. The run on the savings banks was quite extensive to-day. They all insist upon thirty days' notice for large amounts. David Preston & Co. and F. L. Seitz & Co., bankers, have suspended.