16286. National Bank (New York, NY)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
September 20, 1873
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
636eeed2

Response Measures

Accommodated withdrawals

Other: Articles describe multiple New York banks (Union Trust, Bank of North America, Fourth National, Commonwealth) with runs and some suspensions; clearinghouse notices and loan certificates were discussed.

Description

Newspaper text (Sept 1873) describes runs and heavy withdrawals in New York following the Union Trust Company defalcation. The cited Fourth National institution is said to be paying all demands, indicating a run occurred but the bank remained open and continued to pay depositors. Classified as run_only. OCR errors in the articles corrected when extracting quoted phrases.

Events (1)

1. September 20, 1873 Run
Cause
Local Banks
Cause Details
Panic triggered by the defalcation/failure of Union Trust Company and related bank failures in New York, causing heavy withdrawals from other banks.
Measures
Paid out demands; continued to pay depositors despite heavy withdrawals
Newspaper Excerpt
The run on the Fourth National institution is paying all demands
Source
newspapers

Newspaper Articles (2)

Article from Evening Star, September 20, 1873

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Article Text

outside under to 107 sell stocks rule that it was many Exchange had so impossible many to do it and k pup with the current business RESPENDED. YORK, BANK OF NORTH Sept. AMERIC m.-The Bank SURGING of New North America has suspended. CROWDS. ml At this hour are vest multitudes NEW YORK, Sept.20,1:30 sarging to and frothrough and streets, the Wall, Nassau. New and and Broad lower Broadway, recalling A general Exchange Place scenes of the firing on feeling Fort Sumter or the July riots. of the stock exat the closing who are of relief is expressed by the brokers, from the change of escape. through any means Stock Exchange glad pressure. The firmer, and tremendous open on Monday. Gold advices relative to a will probly under Washington is now 112 % advancing, further issue of currency. The price the NOTICE FROM THE LEARING-HOUSE been issued by The following Notice notice has is hereby given that a clearing-house: clearance cannot be effected the dealers this day, find general owing to the fact that their many checks of certified in a it impossible manner. to get All statements, tickets appli- and checks proper will be returned to the dealers on cation $10,000,000 to the bank. IN LOAN CERTIFICATES. afternoon NEW YORK, Sept. The bank presidents resolution at their to issue meeting immediately this ten millions in loan THE GONE certificates. NATIONAL SAN OF THE COMMONWEALTH NEW commonwealth YORK, Sept. has just The suspended. National bank of the BANK. RUN ON THE FOURTH The run en the NEW YORK, Sept. bank continues, but up to this Fourth Natioral institution is paying all demands, STREET. The hour the THE EXCITEMENT IN excitement in the NEW YORK, Sept. which followed the suspen Bank on of Stock Exchange Urion Trast company and escription. the The of Commonwealth was the beyond mad a house, and the exchange re embled blocked a ith people, all laboring Prices tumstreets under great were excitement and trenzy. and stocks were bled from 2 to 16 per cent., apparent regard to slaughtered without upon cheer any followed from the ADDITIONAL brokers value. Cheer when the Stock Exchange closed. a. 11:45 snsm. New NEW YORK, Taussig Sept. Fisher, P. M Meyers, Del- Mil pensions: Lawrens Josephs, Fearing & head. linger, ler & Walsh, Williams & Bostwick, and E.C. BroadA DEPALCATION exists in the Union Trust Company; cannot say to what extent. BANK OF NORTH AMERICA. certifiNEW THE YORK, Sept. Bank of North p. America have cations drawn of the out of the clearing house, which been rise to the rumor of its suspension. DEPALCATION gave TRUST COMPANY in THE NEW UNION YORK, Sept. amounts defalcation to $500,000. the Union Trust Company Charles F Carleton, is said to be the defaulter. The secretary He has not been seen since yesterday afternoon. NATIONAL TRUST COMPANY till say that THE they could then have have kept been up payment short. They Monday, the but street would with an amount of currence at a discame on but could find no buyers ef used to sixes, of 30 to 40 per tent and they for better count sacrifice, and suspended Have sell at such of themselves and customers. protection no advances on railroad securities. THE BANK OF that the run on the 4th National customers Bank says ipitated on US, and one of our their account pr Edwerd Haight Co.) overdrew make it amount of $200,000. and did Under not these to the the extent of $170,000. STOCKS OPENED circumstances good to we thought it best to suspend." govenment's with an advance of 4 to 6 on the buy bonds, but announcement the that failures it would of the nion Trust DEFAULTING fell 2 to 25 on Company and of the Commonwealth. SECRETARY YORK, THE Sept. Carlton, the default had NEW of the Union Trust ng secretary friends and relatives, on securimade loans to regarded sdoubtful, luding ties which were father, Rev. Dr. Carla loan of @20,000 to his priety. of the Method Book Concern others ton, The secretary for one loan is good; the are of no value. IN ALBANY. ALBANY, FAILURE Sept. is rumored that the banking house of Squires & Son, of this city, hrs spspended. STOCK QUOTATIONS YORK, LATES Sept. The follow ing were the the NEW quotations before the closing of ock latest stock board, as well as could be ascertain Central, Island, 87, cash; Ohio's, New York Lake Western Union, 57: Pacific mail, 32; Erie, 87: 89: Union Pacitic, 18; Harlem, 103 44. 55 Shore, St. Paul, 32%; C. C. and C., 20; Wabash, $2,483,000 BONDS ACCEPTED. NEW YORK, 483,000 of bonds were accept 1.rom 109 to 111.25. STATE BONDS no was There price There have been no transactions for money in before state bonds. the closing of the stock exchange. there Since being then ruled at per cent. currency. no it demand for it, as no st ock transactions have taken place. HALF MILLION DEPALCATION. NEW YORK, Sept. 20, 1:25 p. It is now rethat the defalcations in the Union Trust Company ported ill amount fully half million of a that they have been extending over do lars; iderable time, and were committed by one or officers. While the story is generally is of the lit d. it is deni d by others. The culprit cr reported to have fled city this morning. UNION TRUST COMPANY REVIVING. YORK, Sept. Checks drawn upon NEW Union Trust Company are now (half-past the (wo o'clock) being cashed by the Manhaitan Barking Company. CLOBING PRICE OF GOLD. New YORK, Sept. -Gold close at 11136 The payments that are being made by the Mauhattan Banking Company on account of the diUrion Trust Comp .ny are on checks drawn on them prev OUS to this morning, and r against et money deposited by the Trust Company. The Situation in Philadelphia. FAILURE OF THE UNION BANKING COMPANY. PHILADELPHIA, Sept. 20. The Union Bankcompany have failed. This bank is a state chartered ing affair, and bore a heavy run yesterday. THE SUSPENSION TEMPORARY. PHILADELPHIA, Sept. 20 Third street is comparative quiet this morning. The run on the Fidelity Trust company has almost subsided. The Union banking company, at 4th door stated that and Chestnut streets, did not open today, owing but to a placard demands on the suspension of a few days had heavy been r olved on. It sustained a heavy run yesterday, paying out about $700,000. It is a state institution issuing no notes, and its suspension only affects depositors. AT JAY COOKE'S BANK matters are progressing quetly the which clerks W be- II be laid ing busy before in preparing the meeting a statement, of the members of the firm, which cannot take place until arter the arrival of the steamer Ru sia, on board of which two members of the firm are pas engers. The Russia is expect d to arrive on Mo: day. the


Article from Delaware State Journal, September 27, 1873

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Article Text

brief the of the situa financial of on the to close Saturto the Monday's supplement in -Itement and panic failures of and several additional in New York which appeared reported, and the rumor a of later aturday nston of all unwas city entirely banks of the formed that one of Weare it in late ed tion it suppose papers printed now regrets its and of on Wall street unprece- ca used to the inheard stock exresort of closing the ctions depted measure street tran is of change and forbidding expul-Ion But the panic finated power believed to have culn universal ly the Union Trust our The defale: leation in Saturday' disC. pirt in of its Secretary on the believed now to be and is $500,000. The Na $400 000 which also closed, Company perfectly able to resume as realize on its securiwealth the of Common doors Bank did so on account of cappel dly on account and Edward Haight & Co. that firms had overdrawn 000 the effort of the Treasury Department purchase of The distress by the $10, for. alled much of but only 32.672,and the purchasing 112, which will from 109 to the money banks and the of legal tenders. that market about $8,000,000 so few bonds stock in the market bonds are offered, the generally not small and distressed for held by those who are ularly at such a present cling money and who, partici to their boude the nothing can seriously relief step towards further the banks and theotheers of debanks, Associ tion have the Clearing House 1-t of November the Clearing House have any bank in the privilege of shall good asset as may be taking such of its of the Clearing issue to a committee to that bank House, to the shall amount of seventy assets, five of the cash value of shall such be acsettlement that uch certificates Clearing cepted the place of legal The iiii in extent to which this is is used present at be to to They resolved further and notes. tender their legal any attempt of these extent to the necesof banks the issue the of use legal the taking certificates was much the failure day except that were Banking Company Union Banks passed con. the excitement day the but were failures bank private to there excitement reported ington, Richard in Avenue Hotel, Sunand night, ausultation at the :ference nford, Sena it. in to them on to thus preto failure his under the circumof the of the Secrethe that at bonds the par to be bought was relief of the exnight last plan the far by CORD restore public financial the thing past. to make certain The with meddles special grate. not for his losing his Adwhich things bring the busi pass. to he commit the brokers. of Govthe the about hold to violate stocks is was ever in Reds wildest the For resisting the owe people of the