North American Bank - New York, NY

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: September 21, 1873
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 7b39ce8a

Response Measures

None

Other: Clearing House 'threw out the certifications' of the North American Bank (rejected responsibility for its credit). No explicit suspension or run on this specific bank described in the excerpt; broader panic and multiple failures mentioned.

Description

Article (NY Herald, 1873-09-21) reports the Clearing House threw out the certifications of the North American Bank, producing alarm and large crowds. No explicit suspension, closure, receivership, or reopening of this specific bank is mentioned in the text, so classified as a run-only episode in the context of the 1873 crash.

Events (1)

1. September 21, 1873 Run

Cause: Macro News
Cause Details: Part of the wider financial crisis/panic following the 1873 crash; Clearing House refusal to certify the bank alarmed depositors.
Newspaper Excerpt: The news that the Clearing House threw out the certifications of the North American Bank ... had a very alarming effect at first, but a much quieter feeling eventually succeeded.
Source: newspapers

Newspaper Articles (1)

1. September 21, 1873 The New York Herald New York, NY

Article from The New York Herald, September 21, 1873

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Article Text

day Cooke, - ee OR London, Collapsed. Failures Throughout the Country Consequent Upon the Great Crash. Yesterday was another day of intense commotion in Wall street. More important failures startled the street, and between the fast recurring announcements of suspensions came a rumor of a heavy defalcation in the Union Trust Company. Fraud and lailure went hand in hand. The news that the Clearing House threw out the certifications of the North American Bank, the Mechanics' Association and Bank of the Commonwealth, in other words declined to be responsible for the credit of these institutions, had a very alarming effect at first, but a much quieter feeling eventually succeeded. There were the same large crowds as on the day before, perhapseven larger, for the weather was every way desirable, and everybody who had time to spare made it a point to look in at Wall street for a moment or two. The phrase, "The bottom has fallen out of the street," suffered nothing from repetition yesterday. It seemed to be in every man's mouth who had any opinion to give. It would be an improvement on the idea conveyed by this expression to say, "The false bottom has fallen out of the street," and the solid one remains for all good and practical purposes. The best experienced men who can control their thoughts at this juncture and look a little before and behind, have no apprehensions of the future. Frothy speculation will disappear after this crisis is over. Honest and legitimate banking business will be more honored and regarded. Wildcat railroad bonds will be relegated to the sawdust operators. The street will be swept of the decoy ducks who have made our financial practices the reproach of the world. It will do no good for people to cherish unnecessary alarm over what has happened, and the truth is every way the eye glances something is to be met of assurance that the collapse of a few banking firms does not imperil the prospects of the community. The country was never so rich, and the present flurry will be soon ended if there is patience and moderation in an average degree. In the succeeding columns will be found the fullest particulars of the day's doings, the trouble with the Union Trust Company, the continued run on the Fourth National Bank, the suspension of the National Trust Company, of the Bank of the Commonwealth and the embarrassment of the Mechanics' Association. The principals of the suspended firms and the presidents of the most prominent Wall street banking firms and the management of the Stock Exchange, as will be seen, have been interviewed and their opinions and statements given. Mr. Vanderbilt, as may be observed, is not disposed to be too communicative. He is satisfied that the Union Trust Company. unless a defalcation has happened in its accounts, is able to meet its engagements. The following are the names of firms that have failed or suspended:NEW YORK FAILURES. Jay Cooke & Co., No. 5 Nassau street. Fisk & Hatch. White, Defreitas & Rathborne. Beers & Edwards. Eugene J. Jackson. Thomas Reed & Co. W. H. Warren. George Bolton, Alley & Co. Greenleaf, Norr 8.& Co. Theodore Berdell. Amos M. Kidder, S. H. Smith & Seaver. Day & Morse. Hay & Warner. Vernam & Hoy. Fitch & Co. W. E. Conner. Whittemore & Anderson. Jacob Little & Co. E. D. Randolph & Co. C. G. White & Co. Ketchum & Beiknap. W. Moorehead & Co. Saxton & Rogers. Williams & Bostwick. Miller & Walsh. E. Height & Co. Lawrence Joseph. P. M. Myers & Co. Tansig, Fisher & Co. Fearing & Dunning. C. G. White. Marvin & Brothers. Union Trust Company. National Trust Company. Bank of The Common&ealth Bank of North America. LONDON FAILURE. Jay Cooke, McCulloch & Co. PHILADELPHIA FAILURES, E. W. Clarke & Co. De Haven & Bro. Gelbough, Bond & Bro. George H. North. J. S. & H. E. Yerkes. Charles P. Bayard.