Banks of New York City (general suspension)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: September 20, 1873
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: c2d6661a

Response Measures

None

Description

Article describes the general suspension of New York City banks in September 1873 (Clearing House settlement, temporary suspension of specie/payments). This is a city-wide suspension tied to the 1873 panic; banks later resumed operations after the temporary suspension. No single-bank run on a named bank is described in these excerpts.

Events (1)

1. September 20, 1873 Suspension

Cause: Macro News
Cause Details: Panic stemming from failures of major firms, stock market collapse and broader 1873 financial crisis leading Clearing House to arrange suspension of payments in New York City banks.
Newspaper Excerpt: A meeting the HOUSE ASSOCIATION on and Saturday was called 20, a plan ... were unanimously ances adopted at the Clearing House the settlement of bal OF PAYMENTS THE CURRENCY SUSPENSION of banks to New and first confined followed large other to but tended York city
Source: newspapers

Newspaper Articles (1)

1. November 30, 1873 The New York Herald New York, NY

Article from The New York Herald, November 30, 1873

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Article Text

OF 1873. THE PANIC of Important Report of the Comptroller the Currency. WASHINGTON Nov The report or the Comptroller of the 29, 1873. has the following 1873:- with reference to the Currency panic of of crisis The monetary had its beginning in 1873 may be said to have a by the failure of the New York city on Septeriber pany and of two Warehouse Security Com to their regular business houser, which had left prises foreign thereto embark in enter the 13th by the failure which were followed on the of stock brokers On of large firm known the largest banking house 18th and 19th two country_ throughout the the city well las the negotiations of which were interested the same curities, also failed, ge amounts of railroad sefailures month the and on the 20th Company the the National Trust the Union Trust Company. banking anonwealth and three Bank houses were other well-known On the same day announced, NEW THE in closed time its for the first YORK STOCK EXCHANGE period they and doors notes legal which tender time during of 10 days. were not again opened for its premium commanded one iromone-jourth of over tifled checks deposits An active demand for per cent three 18th. 20th, and increased rapidly commenced on the Chiefly from country during the 19th and banks. and their drafts the tent, calling continued such an ex. that belor back their deposits in reduced. were alarmingly the reserves of the banks which upon $60,000,000. more than amoanting to THE CALL LOANS. funds in to the banks relied entirely an such emergency, the borrowers the means bie, because the with pledged great to a write, to relied they which the upon ordi. These funds their replenish been have could times nary at except ruinous sound. ment no market sold, but at the mo. there Had sacrifices. assothe checks upon would been market the have been payments which clated banks, general supply cash. would not have added to the A meeting the HOUSE ASSOCIATION on and Saturday was called 20, a plan lacilitating evening, September was unanimously ances adopted at the Clearing House the settlement of bal OF PAYMENTS THE CURRENCY SUSPENSION of banks to New and first confined followed large other to but tended York city, the not banks cities could York because corn to those their of spond demands these not in turn respond and could cities, or their demands otherw would which York. change on New The slight have premium. commanded and discount at a the of The suspension extent unavailable without in cities, other leading exception. or entire their partial therefore con until tinued days, pension measure was CITY OF YORK BANKS THE prediction day on the last financial made approach bae been its of immedi crisis there on there in were. the contrary are occurrence of The prosperity mort every bins or quite was harvest nearly lul were and granaries also and had pros. facturing was the and there good during year, perous mining The mann the fall bad that Which trade promise opened, as be previous during would as large years. VALUE THE THE by 1872 18 and hay tobacco estimated potatoes. the $ Department that It 18 supposed or the portion year. large present sale and for time ship this ready awaiting no vary men market the last above from estimate the An year. based upon or the probabi 1869. gives aggregate for products that marketable year of industry and $4,036,000,000 similar upon the and to upon same basis the Agri or gives cultural the for Ior 1868. amount 1,788,000,000 LOGIC It the to is not province led this which causes in plain the an to upon order would be to obtain data necessary the series years of the the industry issue ports, products of of other and evidences debt, rency general fact. The of immediate political economy cause ol the crisi had become money market railroad the cost of estimated paint beinge while $340,000.000 annually almost city, every species and town. mining sold been panies-had of to been disposed and stock had this and as markets foreign long extent in similar saje the tinued and offered amounts en additional be no such longer could and other the bonds of railroad enterprises in were nature which forced thus their home market until the upon impossible bank almost The negotiation of New York Were city ers of the not could respond with the load The numerous their creditors became country. tended throughout alarmed. the and the panic ENCES, de The a crisis may in great present financial be gree the entimate attributed the in the of New city banks York of the with the Stock Board than in more and cases one-fourth many the the one-third nears banks having since loans and demand brokers have which tendency Stock Board and or impede the of the Interest legitimate the the Stock country to said Board of have its and members was principle strictly organic only 150 stringent The and and bylaws. of the close found Stock Board 1,100, of men composed all from parts whom many had congregated adopting street, of rule their the business apt of Make Horace it Make honest): make The money you can law the State which had been tained restricting the had. unior that tunately mem to increase bers and enabled operations The the Stock Board are known to be frequently fletions these or a country great to fined country to this coun. tries and our with credit foreign nations. seriously THE and other FICTITIOUS DEBTS corporations up. and in have which London markets and other more duced the the list United the Congress hether the State States the not may re-enact similar tions with great inter. submitted respectfully ests of all parties is the of are Many reform measures proposed that the commit of the OI banks the others Unity be led thereatt the crisis may not in order among leading do cities great than any such for Congressional tions and shall unite of laws Congress to conducting the upon corporal be likely reference soon thereto such in operative their the many them. true spirit the become thus and of similar the are however to disinclined unite for such the required Congress outside York tain at the in their vanity of City of New will induce legitifor purposes not of needed remate business. of satistics The Comptrolier RETURNS the the condition late panic. just calling all the a,circular on reports banks" amount of the city New the day on notes the of legal tender York had the during and