Citizens National Bank (Davenport, IA)

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Episode Information

Episode UID
167100885
Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
16710 national
Charter Number
1671
Start Date
September 26, 1873
Location
Davenport, Iowa (41.524, -90.578)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b15edc59ccc0cdb2

Response Measures

Partial suspension

Events (5)
1. May 4, 1867 Chartered
Source
historical_nic
2. September 26, 1873 Run
Cause
Macro News
Cause Details
Panic/derangement of financial matters in New York and Chicago led to heavy withdrawals and crowding at local banks.
Measures
Banks limited currency payments to $100 per depositor and issued certified checks for amounts above $100.
Newspaper Excerpt
There were excited crowds gathered about the banks all day, and business has been suspended to a certain degree.
Source
newspapers
3. September 27, 1873 Suspension
Cause
Macro News
Cause Details
Partial suspension/limited payments adopted because difficulty obtaining currency due to disruptions in larger cities (New York and Chicago).
Newspaper Excerpt
The derangement of financial matters...has compelled this bank to adopt, for the present...To pay only $100 in currency to each of our depositors
Source
newspapers
4. October 10, 1873 Reopening
Newspaper Excerpt
The banks of this city have all taken down their notices of limited payments or partial suspension, and have resumed in full.
Source
newspapers
5. October 15, 1906 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (4)
1. September 26, 1873 The Rock Island Daily Argus Rock Island, IL
Article from The Rock Island Daily Argus, September 26, 1873

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Article Text

THE MONEY PANIC Action of Rock Island, Moline and Daven$ port Banks. Last evening, (the 26th) a consultation of the officers of all the banks in Rock Island, Moline and Davenport. was held at the Rock Island National Bank in this city. The following were represented First National, Rock Island. Rock Island National. Rock Island. First National, Moline. 0 Moline National, Moline. e First National, Davenport. . Davenport National, Davenport. d Citizens National. Davenport. t The Davenport Savings Banks were also 1. informally represented. e After discussing the situation. Hon. e Hiram Price introduced the following: WHEREAS The partial suspension of the New York and Chicago banks has locked up the currency and other means of the banks of the West. so that we are unable for the present to procure currency to meet the demands of our customers; therefore Resolved. That the banks of Rock I-land, Davenport and Moline will, hereafter. and until further e. and better arrangements can be made, only pay in S currency our depositors $100 each. where the depositor has that much on deposit. and will certify d all other checks. which certified checks will be taken by all of said banks of Davenport, Rock 1-1or and and Moline. n The above resolution was agreed to and sk signed by all present except the Moline d National. the representative from that inle stitution being of the opinion that they d could weather the storm. no This action is simply following in the line ey of precedent set by secure banks in the nd Eastern states-not to pay out currency in he large amounts. When Chicago and St. ot. Louis banks refuse to pay out currency for the benefit of New York banks why should rt our banks do so? It seems to be a matter he of self-preservation for our banks to he pursue the course pursued elsewhere and ks wait a bit, for the clouds to clear away re rotten concerns will be wound up, but sound he ones will be all the better for being rid of ple the gamblers and speculators. Prices will not fall temporarily, and men who have cash acin their pockets can take advantage of the ur times and buy grain, stock. or other prop se erty at prices which will pay them a big re profit. Those who are not obliged to sell 10should keep quiet and wait for things to ex settle. is The strongest assurances are given tha ti each bank in this city has assets very large of ly in excess of its liabilities, and that bu little time will be required to resume i full. e is REMOVAL.- - Balch, Frazer & Co. hav removed their office to the old C., R. I. & un27dtf P. passenger depot. of

2. September 27, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 27, 1873

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Article Text

Special Dispatch to The Chicago Tribune. DAVENPORT, Ia., Sept. 20.-A meeting of bank officers and Directors of all the city banks was held last night. The session lasted until midnight. The result was that it was RESOLVED TO TEMPORABILITY SUSPEND, and on the opening of the banks this morning the following placard, signed by the officers and Directors, was posted on each National Bank: "The derangement of financial matters in the larger cities, with the consequent difficulty of obtaining currency on produce or other drafts, and of making exchanges between banks, has coinpelled this bank to adopt, for the preeent, the following course: 1. To pay only $100 in currency to each of our depositors who may have that amount due to them. 2. To give certified checks for all amounts above $100, which certified checks will be taken at par by any of the banks of this city on doposit or in payment of any debt due it, the same as cash. 4 This bank never was in a sounder or safer condition than now, and to any ono holding a certified check, who wishes it, either of us will give an individunl note. The above arrangement will not apply to currency deposited on and after this date, which currency will be paid on checks, in full, as usual," This arrangement was adhered to strictly. There were excited crowds gathered about the banks all day, and business has been suspended to a certain degree. The Rock Island and Molino banks adopted the same plan, paying no larger than $100 checks. All merchanta in the three cities FREELY TAKE CERTIFIED at par, thus preventing a total suspension of trade. There was considerable of a run on the savings banks to-day, but they declined, in most cases, to make immediate payments. At the close of business to-day the Davenport Savings Bank filed a statement of its condition, which showed resources amounting to $1,430,185 cash on hand, $52,055. The German Savings Bank also made a sworn state. ment, alowing resources amounting to $938,958; cash on hand, $35,281. SHIPMENTS OF GRAIN AND STOCK to the East have entirely ceased, and the markets are dead, buyers holding over all they have. The effects of the panic yesterday were to drain the banks of much-needed money, over $130,000 MORE THAN USUAL having been drawn out of the banks in Davenport and and Rock Island. The banks will continue business to-morrow, adhering to the same plan adopted to-day.

3. October 5, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, October 5, 1873

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Article Text

l'okin, is paying its depositora in full, either in currency or exchanges, AR its customors dictate, DUBUQUE. Special Dispatch to The Chicago Tribuna, DUBUQUE, In., Nov. 4.-Bank Examinor Magruder arrived horo to-day by direction of the Comptrollor of the Currency to deformino whether the Morchants' National Bank should be placed in the hands of a Rocolver. The depositors are signing n polition requesting the Comptroller to lot the Directors of the bank entile up its afTuirs, OR they believe by 80 doing they will the sooner be paid what in due them. The depositors of the Dubuquo Savings Institution hold a meeting to-day and agreed to the appointment of a Recolvor, and William G. Stewart, the present County Treasurer, hus been appointed. It 1A presumed that the assets of this bank will yield 30 per cent to depositors, and that the liability of the stockholders will yield 20 per cent more. DAVENPORT, IOWA. Special Dispatch to The Chicago Tribune. DAVENPORT, Oct. 4.-It has beon Retiled by bank mon hero that the banks of this city will, in all probability, resume full payments by next Thursday. Considorable trouble was experienced by employers in gotting their pay-rolls discharged to-day. It WAR apprehonded yesterday that there would be a run on the savings banks to-day, but such line not beon the case. Sinco yesterday, over 100 loaded cara of grain and stock have been shipped to Chicago.

4. October 10, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, October 10, 1873

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Article Text

DAVENPORT, IA. Special Dispatch to The Chicago Tribune. DAVENPORT, Ia., Oct. 0.-The banks of this city have all taken down their notices of limited payments or partial susponsion, and have reBumed in full. Thoy are now doing business in the usual manner, and, although a large amount of money is being drawn out this week, the banks are little the worse for the panic or for the resumption. The savings banks are also doing a fine businose now.