National Bank of Commerce (Chicago, IL)

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Episode Information

Episode UID
169300885
Episode Type
Run β†’ Suspension β†’ Reopening
Bank Type
national
Bank ID
16930 national
Charter Number
1693
Start Date
September 22, 1873
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a69d656a02859030

Response Measures

Accommodated withdrawals, Partial suspension, Full suspension

Other: The bank initially adopted a partial suspension policy (paying only sums under $100 and invoking 30/60 day notice clauses) before fully closing its doors on September 26, 1873. It later resumed business along with other clearinghouse banks.

Clearinghouse involved: Yes (loan, examination, or other measures)

Description

The bank suspended on September 26, 1873, during the Panic of 1873 following runs and a general currency stringency in Chicago; it resumed full currency payments on October 13, 1873.

Events (5)
1. July 1, 1869 Chartered
Source
historical_nic
2. September 22, 1873 Run
Cause
Macro News
Cause Details
Systemic financial panic originating in New York (Panic of 1873)
Measures
Invoked the 30 and 60 day notice rules for withdrawals and limited payments to sums under $100.
Newspaper Excerpt
There is considerable of a run upon some of the banks here to-day, but they are adhering to the resolution adopted yesterday to fall back upon the thirty and sixty day rule
Source
newspapers
3. September 26, 1873 Suspension
Cause
Macro News
Cause Details
General currency stringency and suspension of currency payments in other major cities during the Panic of 1873.
Newspaper Excerpt
The Union National, the Second National, the Manufacturers' National, Cook County National, and the National Bank of Commerce, all closed their doors on the morning of that day.
Source
newspapers
4. October 13, 1873 Reopening
Newspaper Excerpt
At the usual hour this morning every bank and banker in the Clearing-House Association, twenty-one in number, commenced full and unequivocal resumption. ... The National Bank of Commerce, suspended on Friday, declared its readiness to resume whenever other suspended banks took the initiative, and asserted its perfect solvency. ... The resumption of business by the Chicago banks was the subject of much congratulation, showing the panic had no serious effects on Western finance and stability. ... At the close of banking hours all acknowledged that the success of the first day of currency resumption had been complete. ... Of $462,000 in Clearing-House certificates, $165,000 were canceled to-day, leaving less than $300,000 of certificates unredeemed. ... Of the latter amount, under the action of the Clearing-House, 25 per cent will be redeemed to-morrow. and 25 per cent each week thereafter, for the purpose of equitably distributing the certificates. It was decided on Saturday that the banks should hold them until retirement in proportion to the business done by them respectively within a definite period therein named.
Source
newspapers
5. December 2, 1876 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (24)
1. October 18, 1871 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, October 18, 1871

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CHICAGO. by Lumber Attempted The Resumption.org Rebuilding the on Banks--The Work of attempt was Oct. 17.-An lumber dealers, lummade by a up the price but this yesterday, CHICAGO, to number carry per of thousand, larger of and at from $3 to $4 of the the was ber, was resisted respectable by many dealers, deteated. and Lumis selling at the old and filty millions tempted more ber extortion hundred prices. There the Italian sup- are of fully feet in two the continue yards in to this be abundant. city, and the will captured police have Peteri, who on keeper, week, in a Monday night stabbed two saloon ply The of Gregorio last saloon men on of to Buren street, at the Van He was found west of village this city. on death. about five miles dead bodies total held up inquests Of course Austin, which The number have been of when removed, to last the night, is ninety-two. burnt dietrict is debris in the be disovered. more will been made to-day the special removal of by many Aarrangements for the agent have of avenue the the Postoffice Church, PostDepartment the Wabash and Harrison office avenue for corner to Wabash will be occupied build that streets, and it the government Church can edifice purpose until building. This burned district, suitable the south line of the was considerably scorched, south is on division. but suffered It little or no of Trade injury inside. The directors this of morning, the Board for of the location. purhad a meeting settling the question it was deAfter to appoint a near the old cided a suitable lot, the Chamber pose to select of considerable and committee discussion on a rooms, Board tem- of of Trade rooms, and to erect thereon transaction of business. Sheridan to-day the porory their Commerce, General building, he for announces the issued contin- an There ad dress, peace in which and quiet violence of the city. since the disaster has uous been of Sunday no case night of and Monday morn- reing. The banks, national to-day. and The savings, calls settle- from sumed business were light for immediate to ascertain ment, as many what extent they depositors and to sought Many deposits could their or draw was no safely balance made. There hereafter. drafts on excitement the Savings were whatever. The and in many rush Bank were very light, made. There deposits were at the considerable many checks were confidence stances and excitement the thrown closing out. was the in- to hour, illustration of banks, we refer placed in Third public to-day's As an work: checked At the the out, and National, bank $72,000 pre$45,000 State dedeposited were rush, The but only Savings money, some forty the aghave gregate pared positors for of called a which for was their greatly exceeded been by deposits. contracts for building those who Many to-day. Among are William F. Wheeler, propose consummated to rebuild H. G. Powers, at once Armour, C.T. John Pot- B. Coolbaugh, George Walker, Mathew K. Drake, Boin Bros., of Drake Block, Laflin, J.C. C. H. Tuttle, Beck une ter Gregstin with, Palmer, Company, Edwin & Mackin, Hunt, &c. House Frederick Jas. The square H. entire Reese, from block Trib the on Court from Randolph streets, will Dr. Fowler, J. C. and John Drs. Union Depot land and street is to be east, by fronting Washington E. Goodell, Messrs. and others. of running Lake Charles Walker, The great be rebuilt scale. at at Quin- once once R. rebuilt at the toot and on a greatly were enlarged issued to-day thousand for A persons number leaving of passes the city. The number was The one action the of postoffice the postoflice on one-third authorities the South of the Side, in locating population where there surprise of the is less city and than and a good no gas, to deal have has of indignation, created great for the less accommodation regard seeming should of a mahad of the citizens than to-day, In number of of been jority lected. been. Brooklyn A various small $1,200 parts contributions was have New col- at from Committee State. telegraphed that in money ought to give Various New Chicago York are reported The $1,000,000 Boston England Massachusetts towns and for supplies. are reported $10,000 as a portion The registration for this the morning; election to-day Michigan. commenced registered 23,200. Germans November total was number of the leading for the purA meeting Hall to-night, element one pose held at of uniting the A German committee, was ap. organization. Apollo prominent Germans, Democ- includ. into ing many with the reform pointed racy for to the conter purpose of an alliance against

2. October 18, 1871 The Daily State Journal Richmond, Alexandria, VA
Article from The Daily State Journal, October 18, 1871

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# THE WRIT OF HABEAS CORPUS SUSPENDED IN SOUTH CAROLINA, &C. Washington, October 17.--The President to-day, after reciting the causes and quoting the laws under which he acts, issued a proclamation in which he suspends the writ of habeas corpus in Spartanburg, York, Marion, Chester, Laurens, Newberry, Fairfield, Lancaster, and Chesterfield counties, of South Carolina. The suspension extends to the arrest by the United States marshal, his deputies, any military officer of the United States, or any soldier or citizen acting under the orders of said marshal, deputy, or such military officer within said counties, of persons charged with any violation of the Ku-Klux act of Congress during the continuance of the "rebellion" in said counties. The Attorney-General has a dispatch from North Mississippi that five Ku-Klux with disguises complete have been captured. Seven hundred and fifty thousand dollars in revenue stamps were found safe in the government vault in Chicago. Secretary Boutwell has received the following dispatch from Chicago: "The Chicago banks are saved, and are paying every dollar on demand. A good feeling prevails. [Signed] H. R. Hurlbut, Comptroller of Currency." Mexican Affairs. Havana, October 17.-A steamer just arrived from Vera Cruz brings late dates from the Mexican capital. Juarez had been re-elected President by Congress, receiving 108 votes-all that were cast. The opposition abstained from voting. Everything was quiet in the city. The telegraph wire between the capital and Matamoras had been cut by Trevina. Telegraphic Summary. Eighty Catholic children have arrived at Cincinnati from Chicago, and have been committed to the care of the bishop. The cholera has again appeared in an epidemie form in Constantinople. Sixty deaths have occurred in two days, nine of whom are Englishmen. Hon. James McNab, Governor of Nova Scotia, is dead. The preparations for the exposition of the Industrial Association of Georgia, to be held in Savannah on the 21st of November, are nearly complete. A suit has been instituted in the Federal Court at Memphis, Tenn., against Gen. Forrest and others, by Capt. Houston, of the steamer Hester, for arms destroyed some years ago by disguised men. A dispatch from Raleigh states that the exhibition of the North Carolina State Fair at that place is unsurpassed in every respect. The sub-Ku-Klux Committee has been investigating at Montgomery, Ala., whence they go to Demopolis, in the same State, and thence return to Washington. Four deaths from yellow fever have occurred in Charleston during the past two days. The Security Insurance Company has suspended. Fires are raging in Deer and Harrison Creek Valley; extending to Jefferson county, Nebraska. The loss is estimated at $50,000. A later dispatch from Glocester, Canada, says an American fleet of four vessels is outside, and that any attempt to seize the "Horton" will meat with disastrious defeat. The vessels spoke the "Horton," but did not see the British gunboats.

3. October 19, 1871 The Tipton Advertiser Tipton, IA
Article from The Tipton Advertiser, October 19, 1871

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# THE CHICAGO FIRE considered a sufficiently large figure to cover all the losses. The number of acres actually burned over is about 2,500-comprising the most compact and thickly inhabited part of the city, and the great bulk of its business and substance. About 20,000 buildings were burned, one-fourth of which were of stone or brick. The actual loss of life was undoubtedly over 300. Concerning the situation and prospects, on Friday, the Journal said: "Chicago is not hopelessly down. Her capitalists and merchants are 'up and doing'-preparing for reorganization and reconstruction upon the old foundations -and it is very apparent to all intelligent observers, that all will soon be well, and that Chicago will, before long, be in rapid process of rebuilding, and that before many years she will in all respects be herself again. The fact, now positively stated, that the heaviest insurance companies at the East will promptly adjust and pay in full their losses by our Great Conflagration, is the most cheering news we have yet received since the Calamity. This will go far towards helping many of our people out of their troubles and setting them on their feet again." On Monday, it speaks yet more cheerfully, speaking of the announcement that the banks would resume business on the 17th, which is strengthened by a certificate from the United States Comptroller of Currency that the National banks of Chicago are solvent institutions, as follows: "The decision of the banks to abandon their fifteen per cent. installment policy, and resume business as usual to-morrow, has restored confidence in Chicago. The universal opinion now is that the grain business will soon be running as usual. At present the derangement in insurance is a hindrance to shipments. There is no speculative business attempted. It is believed that the permanent increase in the price of grain will be slight. We hear of scores of cases where merchants or capitalists are already fully determined to rebuild in the most substantial style on the old sites, and it is already very evident that the South Side will before many months be 'reconstructed' even more substantially than is was built originally." The peace of the city has been restored and is maintained. The papers deprecate the statements which are finding place in newspapers signifying a different state of things, and say that General Sheridan and the city authorities report no cases of outrage or serious disturbance.

4. October 26, 1871 Litchfield Enquirer Litchfield, CT
Article from Litchfield Enquirer, October 26, 1871

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Money is extremely scarce in Paris, and the Bank of France is issuing notes of small denominations. Favorable reports have been received from Algeria. Prince Napoleon has been mobbed in Valence. Germany.-A labor riot has occurred at Mayence. The new treaty with France has been approved by the Emperor William. ; Switzerland.-An international Workingmen's Congressis in session at Geneva. Turkey.-The deaths from cholera in Constantinople average 30 per day. China.-It is reported that 3,000 lives have been lost by the floods in China. Persia.-A terrible state of affairs pre) vails. The whole country is in a state of an arcby, and the capita! in posession of a band of insurgents. Southern America.-The Spanish Consul at Port-au-Priuce has demanded the surrender of the steamer Hornet, but the Haytian Government has refused to comply with the request. Juarez has been re elected President of Mexico. The Brazilian Senate has passed the Abolition bill. . Cabral's victory over Gen. Baez in San to Domingo is confirmed. North Pole.-The reports of the last German Expedition claim the discovery of an open Polar Sea, free from ice and swarming with whales. DOMESTIC. A fishing schooner which had been arrested by the Canadian authorities was cut out by the Americans and brought into Glouscester, Mass. last week. One prominent Mormon has been arres. ted for adultery and another for murder. Brigham Young's trial has not yet commenced. The Chicago banks have resumed business. A large number of shipwrecks have occurred on the lakes. The President has declared martial law and suspended the writ of habeas corpus in nine counties of South Carolina. Five Ku Klux have been arrested in Mississipbi while in disguise. Destructive forest fires have occurred in Kansas. One man has been killed and several injured, in New Orleans, by the explosion of a wagon-load of Union torpedoes. A church was blown down in Malone, N. Y., on Sunday. A steamer has foundered in Saginaw Bay, several lives being lost. The local insurance companies of Chicago are charged with fraud. Hawkins, the Mormon Elder, has been found guilty of adultery. A daring robbery has occurred on the Mobile and Ohio Railway. A committee of the National Police Convention has endorsed the St. Louis system of treating the Social Evil. Asteamboat's crew has been fired on near Mulatto Bayon, Red River, and seval of them wounded. Serious forests fires are reported in Nsw York and Kentucky. Active operations have been commenced against the South Carolina Ku-Klux, a large number of whom have been arrested.

5. December 2, 1872 New-York Tribune New York, NY
Article from New-York Tribune, December 2, 1872

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THE CURRENCY. We complete to-day our extracts from the annual report of the Controller of the Currency, of which we printed a portion on Saturday. The limit of the National Bank issues in each State and Territory is fixed on the basis of population. resources, businees, and bank capital, as ascertained by the census. The last census required a new apportionment, as it showed a total increase in the population of the Union of more than 7,000,000 persons, and in wealth of nearly $14,000,000,000. An act was accordingly passed providing for an additional issue of $54,000,000. Of this the largest sum, $8,400,000, apportioned to any State, went to Illinois; Ohio and Kentucky each got over $5,000,000; Indiana, $4,000,000; Michigan and Louisiana each over $3,000,000; the distribution being made one-half on the population and one-half on the wealth of the country. It will be noticed that the increase all goes to the South and West, and more is yet needed to give those sections their due apportionment; to accomplish this, $25,000,000 is to be withdrawn and redeemed from the circulation of banks in New-York and New-England, and a corresponding amount authorized to banks in States that have not now their quota. It is a commonly received but somewhat erroneous opinon that the amount of currency in the hands of each individual member of the community has been on the average largely increased by the National Bank system; but this report only gives it now as, for the whole United States, $9 18 per capita, against $7 59 before National Banks existed: but the circulation of U. S. Treasury notes should be added before any conclusion is reached from these figures. The State of Rhode Island has the largest per capita circulation: $61 56; Mississippi the least:-one centexcept Florida and California, which have none. New-York has but $14 08. The National Banks have paid in the last eight years some $40,000,000 taxes to the United States; their State and national taxes for four specified years together amount to $71,000,000. The bank dividends are not so large on the average as is generally supposed: they do not exceed in the aggregate those of the old State banks; for the whole Union they but slightly exceed five per cent on invested capital. The great question of the proper reserve to be held by the National Banks is discussed in this report, and the conclusion reached that it is only the smaller and weaker banks that want to go below the present limit. Their necessities arise from putting out their funds at interest on deposit with Eastern banks-a condition which has more than once given riso to the most serious financial convulsions, as in 1857 - and a remedy proposed by the Controller is the issue of a new security by Government which will afford these banks the needful investment at interest. Not the least interesting feature of this report is the announcement that the Chicago banks, 80 far from being crippled as was anticipated after the fire by losses on discounted paper and the withdrawal of their balances, in point of fact steadily increased in business and profit, after resuming without embarrassment as soon as their safes were cool. There is a similar prospect in Boston, where the aggregate losses since the fire on bills receivable are estimated at less than three millions of dollars, which the bank surpluses will cover without touching capital or reserve. The question of usury is discussed. It appears that the penalty for its practice by National Banks is not clearly defined, and the Controller therefore declines to institute proceedings concerning it. A general law for the establishment of Savings Banks in the District of Columbia seems desirable. Locking up greenbacks is reprehended, and the New-York Stock Board and Clearing House are asked to discourage it. A table of the specie kept on hand by the banks shows it as less in October last than in many years before; as $10,000,000 against a usual average of $25,000,000. In the few cases of failure among the National Banks, the unfortunate institutions seem to be wound up with less ruinous loss to depositors and stockholders than has ever been re-

6. December 4, 1872 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, December 4, 1872

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# THE CURRENCY. The Report of the Comptroller of the Currency is an elaborate document. The topic of most interest referred to is that of a proposed increase of the national bank notes. The Comptroller recommends the repeal of the act of Congress which calls for the redistribution of twenty-five millions of national bank currency, by withdrawing that amount from the Middle and Eastern States and giving it to the South and West, and in lieu thereof to issue five millions a year additional circulation for the next five years, to meet the wants of those States which have not had their full proportion. It is a commonly received but somewhat erroneous opinion that the amount of currency in the hands of each individual member of the community has been on the average largely increased by the National Bank system; but this report only gives it now as, for the whole United States, $9,18 per capita, against $7,59 before National Banks existed; but the circulation of United States Treasury notes should be added before any conclusion is reached from these figures. The State of Rhode Island has the largest per capita circulation: $61,56; Missippi the least: one centβ€”except Florida and California, which have none. New York has but $14,08. The National banks have paid in the last eight years some $40,000,000 taxes to the United States; their State and national taxes for four specified years together amount to $71,000,000. The bank dividends are not so large on the average as is generally supposed; they do not exceed in the aggregate those of the old State banks; for the whole Union they but slightly exceed five per cent on invested capital. The great question of the proper reserve to be held by the National Banks is discussed in this report, and the conclusion reached that it is only the smaller and weaker banks that want to go below the present limit. Their necessities arise from putting out their funds at interest on deposit with Eastern banksβ€”a condition which has more than once given rise to the most serious financial convulsions, as in 1857β€”and a remedy proposed by the Controller is the issue of a new security by a Government which will afford these banks the needful investment at interest. Not the least interesting feature of this report is the announcement that the Chicago banks, so far from being crippled as was anticipated after the fire by losses on discounted paper and the withdrawal of their balances, in point of fact steadily increased in business and profit, after resuming without embarrassment as soon as their safes were cool. There is a similar prospect in Boston, where the aggregate losses since the fire on bills receivable are estimated at less than three millions of dollars, which the bank surpluses will cover without touching capital or reserve. The question of usury is discussed. It appears that the penalty for its practice by National Banks is not clearly defined, and the

7. September 16, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 16, 1873

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MONETARY. MONDAY EVENING, Sept. 15. Local finances word n little more quiet to-day than during last week. The country orders for burrency were considerably lighter, but the supply of currency in this markot in BO extremely scanty that the banks find it very difficult to moot oven the diminished domanda of their country customors. No considerable amounts of currency coino back from the country yet, and though the Chicago banks keep bringing currenby hore from Now York, all thoy get la in $100, 0500, and $1,000 bills, which are of but little uso In the country. Money is evidently becoming scarcer in this market AB the grain accumulates horo. It le estimated that the aggregate deposits of the Chicago banks havo fallen off between $2,000,000 and $3,000,000 in the last ten days. Now York exchange was much depressed again 10-day, owing to the pressure for currency, and was freely offored at $1.25 por $1,000 discount, with no buyers at that. EMBABRABSMENTS OF THE CANADA SOUTHERN. It is surmised in some quarters that the financial difficultion of the Canada Southorn Railroad, which were the cause of the susponsion of Kenyon, Cox & Co., of Now York, will intorforo with the construction of the Chicago oxtonlon of the road called the Chicago & Canada Bouthern." boing the line from Amherstburg, Canada (Detroit Rivor) to Chicago, in which case the main line and branches of the Canada Southorn already completed would have to dopend on the Michigan Southern and Tolodo, Wabash & Wostern for any connection with the great grain region of the West, instead of connecting at Chicago with the Rook Island and the Northwestern, as was intended by the projectors of the Canada Southern. It is oven not impossiblo that the confliot of intercete between the Michigan Southern and the Tolodo & Wabash on the one hand, and of the Rock Island and the Northwestern on the other, may have exercised wome influence to bring about the present financial difficulties. By Oct. 1 it is expected that the Canada Sonthorn will be operating 405 milos of road, viz. : The main lino and St. Thomas Branch in Canada, 292 miles; the Toledo, Canada Southorn & Detroit, which makes the connection with the Michigan Southorn, and also with the Tolodo, Wabash & Westorn, the Dayton & Michigan, the Pennsylvania Railroad branch leading to Pittsburgh, as well as with roads centering at Detroit, 58 miles; the Erie & Niagara, 31 miles: and the Michigan Midland and Canada, 14 miles. The Chicago & Canada Southern is finished 70 milos of the distance from opposite Amboratburg (Dotroit Rivor) toward this city. The noncompletion of this latter road would leave the main lino, Canada Southorn, with us principal Western connections at Tolodo instead of Chlcago. The opening of the Canada Southorn was delayed for some time by the non-completion of the International Bridgo over the Niagara River, a work over which tho Canada Southern had no control. In the menutime, arrangements have been made for the use of the Suspension Bridge, 15 miles bolow the International, and reached by the Erio & Niagara Railway, which is owned by the Canada Southorn. This routo has been, and will bo, used for freight business, but no through passenger trains will be put on until tho International Bridge is done. THE GAUGE OF THE GRAND TRUNK Railway will be changed to 4 foot 81/4 inches botween Toronto and Montreal, on Saturday, 4th of October next. IMPORTS AT NEW YORK AND BOSTON continuo light compared to previous years. At New York the imports for the wook ending Sept. 12 were: For the week. 1871. 1872. 1873, Entered at port $ 3,467,827 $ 3,492,058 $ 2,503,718 Thrown on market. 3,670,665 3,814,767 2,853,374 Since Jan. 1. 1871. 1873. 1873. Entered At port $101,134,535 $110,425,322 $90,487,529 Thrownon market. 99,070,410 104,345,101 92,910,729 At Boston, for the week ending Sept. 5, they were: 1873, 1872. $ 1,617,897 For the week ending Sept. 5 $ 1,288,197 Previously reported 43,867,776 50,456,133 845 156 079 Total

8. September 22, 1873 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, September 22, 1873

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NEWS OF THE DAY. The Wisconsin State fair begins at Milwaukee to-day. The Texas editorial excursionists left Cincinnati last night for Louisville. The financial panic is reported to have seriously affected the narrow-gauge interests in Utah. The Chicago banks have taken advantage of the sixty-day privilege on their depositors. McClure's military academy, at Oakland, California, was entirely destroyed by fire Saturday night. Immediately after the cortes adjourns the Spanish government at Madrid will declare Spain in a state of seige. Thomas Tarwater, a brakeman, was run over and killed by a freight-train at Columbia, Tennessee, on the nineteenth instant. Pat Garnley, an insane man, set fire to a building in Jeffersonville, Indiana, yesterday, remained in it and was burned to death. Business generally will be suspended in Cincinnati to-day. it being proclaimed by the mayor. a holiday in the interest of the exposition. A strange and fatal disease at Kelter, in Utah, is very prevalent, producing great consternation. The patients die in a few hours. It resembles fever. Satisfactory arrangements have bee n perfected with the Ute and other tribes of Indians, hitherto in discontent, so that they will be settled upon their reservations. A Milwaukee dispatch says the financial panic of New York produces no disturbance there as yet, but the banks are preparing for any emergency that may occur the coming week. At Carbondale, Illinois, yesterday two negroes, Bill Smith and Frank Collins, remembered the Sabbath by playing cards, "fell out," resulting in the latter shooting the former through the heart. He's dead.

9. September 23, 1873 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, September 23, 1873

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Financial matters are feverish but business men and brokers are confident no serious embarrassment will be experienced here. The suspension of Burt & C., is only temporary and was occasioned by the failure of held. their drafts, for which ample securities were The banks of discount without a single exception appear to be doing the usual amount of this kind of business, In several cases they received more money than had been paid out in checks. PHILDELPHIA, Sept. 22.- The Philadelphia banks have taken no aetion with regard to the issuing of certificates in the place of legal tenders for settlement at the clearing house. The banks are all in good condition and suspension is deemed unnecessary. Third street is very quiet and no suspensions are reported. Run ou Chicago Bants. CHICAGO, Sept. 22. Considerable run on some banks here to-day, but they are adhering to the resolution adopted yesterday to fall back upon the 30 and 60 days laws. Latest reports public and private from New York appear to have bad the effect to lessen anxiety manifested this morning among many bankers and business men. Chicago Banks to Stand By Each OtheCHICAGO, Sept. 22.-At a meeting of the Presidents of the National banks to night there was a general feeling that affairs were in much better condition in New York today than on It Saturday, and it thought the worst is over. was the general opinion that there is no-reason in to fear any trouble, but it was agreed that case any should arise the banks will stand by each other to the end. The disposition shown less this morning to run on the savings bank Is marked this afternoon, and there is apparent- the ly very little excitement or alarm among people. The Government Policy. WASHINGTON. Sept. 22.-The President with had another interview of more than au hour Secretary Richardson at the White House this Postmorning at which Secretary Delano and It has master General Cresweil were present Na been decided to send $20,000,000 from the Hilltional Treasury here to assist Treasurer house in New York to enable that officer to buy all bonds that may be offered. The President will feels encouraged at the news to-day and he be governed by circumstances as to whether will leave to-night. Secretary Richardson Firm. Richardson has been receiving dur- telegrams from Secretary New York every few minutes the day, posting him as to the condition on affairs ing there. In reply to interrogations this forenoon be said that everything is more would encouraging; he had plenty of money and bonds give it out to all who came with their When the question was asked whether or not this money to pay for bonds would come mind from the legal reserve? he answered "never Govabout that, I will attend to getting it; the so.' ernment is all right and intends to keep Ran Subsiding. The run on the Freedman's and Washington not savings banks have nearly subsided, City more thnn a dozen persons being at either place at one time during the day. A Contradiction. Secretary of the Treasury contradicts been the statement The that the Navy account has transferred from Jay Cooke, McCulloch & Co., in London. Congratulations. Secretary Richardson received the following despatch from New York to-day: Mercantile street business progressing as usual. Wall clearing itself. The people join in congratula Richardtions to the President and Secretary exchange son for their stability. The stock will be opened on Wednesday. The Pranic at an Ead. In a conversation today Secretary Richardsou that in his belief the panic is now stated and there need be no further apprebension disaster reend, He had no fear of any of from this as the country is condition which was shown was prosperous sulting trouble. there in a by very the that throughout the panic assistthe National Treasury ance no from New York, a a still less one from Philadelphia, fact call except upon slight South for Washing- one there from From the East, West and had n too. been no request for aid. and he further idea had that there would be any. continue He to that the Government would offeted stated bonds as long as they were offered but purchase he did not suppose they would be many days. New York banker sent a telegram today bad A the prompt action of the President markets a beneficial that influence in all European to day The Secretary of the Treasury Sustained. the The Secretary of the Treasury received Vice following telegram this afternoon from President Wilson: BOSTON, Sept. 22d. To William A. Richardson, Secretary of here the Treasury, Washington, D.C.: Every one HENRY praises your action. Stand like a rock. WILSON. (Signed) The Situation at Cincinnati. Sept. -Confidence coutinued banks thronghout CINCINNATI, the day. Applications at the and orfor discount were comparatively for currency light were less ders from expected. the country The entire situation this after- than than was stronger and more encouraging in the at noon at any time since the financial storm east was developed. the Panic. Railway Contr nets Cancelled Owing to ST. CATHARINES, Ont., Sept. 22. -The owing Cana- to Railway Company have, obliged da Southern cricis in New York, been have the cancel financial all contracts for the present, and emto the discharge all workmen not of this ordered ou the regular traius. The cause Drew's ployed to be complications in Dan'l the comaffairs, is reported he being a large stockholder in pany. Apprehens on Abroad. Sept. 22.-A despatch announcing Exchange LONDON, of the New York Gold the closing been bulletined. The news is financial accepted has just indication of the gravity of the securisituation, as an and the market for American ties is again the depressed. ramors current on the stock holds exAmong is one that the Bank of England and change of Jay Cooke & Co.'s acceptances, same $30,000 that the Rothschilds have $10,000 of the paper.

10. September 23, 1873 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, September 23, 1873

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senior partner, has disappeared, causing great anxiety to his famile and friends. Search has been made in fall directions. CHICAGO. CHICAGO, September 20.-The Franklin Bank, a private banking institution, closed its doors to-day, being unable to settle at the clearing-house. The amount short was only $9,000. The vice-president of the concern says the embarros-ment is only temporary. CHICAGO, September - There is considerable of a run upon some of the banks here to-day, but they are adhering to the resolution adopted yesterday to fall back on the thirty and sixty-day rule, and are only paying sums of less than 8100. The latest reports, public and private, from New York appear to have had the effect to lessen the anxiety. BALTIMORE. BALTIMORE, September 21.-While the excitement in the New York market is watched with interest, and the brokers' offices have been visited by crowds to observe the sway and wreck of stock prices, everything has gone on calmly, and business is done at our banks in the usual way. Money continues at 10 to 12 per cent. for best paper on the street, though negotiations are limited, and are for strictly business en. gagements. IOWA. BURLINGTON, IOWA, September 20.-The Orchard City Savings Bank suspended at 12:20. PITTSBURGH. PITTSBURGH, PA., September James T. Brady & Co., bankers, and the Security Trust Company. of this city, suspended today. THE FEELING IN ENGLAND. The London Times says: " In view of the extraordinary prosperity of the United States and the high price of Government bonds the present must be regarded as a simple effort of the financial system to get rid of its dishonest element." The Daily Telegraph says stick local trouble as suspensions in New York seems to be merely the rank outgrowth of exuberant prosperity, ond accessories to progress which does not for a moment halt. LONDON, September 22.-5 P. M.-Much anxiety is manifested on all sides to hear further news from New York. Jay Cooke and McCultoch & Co. continue to pay cash in the usual manner over their counter. Among the rumors current in the Stock Exchange is one that the Bank of England holds $300,000 of Jay Cooke & Co.'s acceptances, and that the Roth-childs have $1,000,000 of. the same paper. LONDON, September 22.-4:30 P.M.10-40's are quoted at 904; new 58,911; Eries, 45. 5:30 P. M.-A dispatch announcing the closing of the New York Gold Exchange has just been bulletined. The news is accepted as an indiction of the gravity of the financial situation. and the market for American securities is again depressed.

11. September 23, 1873 The New York Herald New York, NY
Article from The New York Herald, September 23, 1873

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Run on the Chicago Banks. CHICAGO, Sept. 22, 1873. There is considerable of a run upon some of the banks here to-day, but they are adhering to the resolution adopted yesterday to fall back upon the thirty and sixty day rule, and are only paying on sums of less than $100. The largest assemblage appears to be gathered at the States Savings Institution, but so far the crowd has been very quiet and orderly. The latest reports, public and private, from New York, appear to have had the effect to lessen the anxiety which was manifested this morning among many bankers and business men.

12. September 24, 1873 Knoxville Weekly Chronicle Knoxville, TN
Article from Knoxville Weekly Chronicle, September 24, 1873

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Georgia, to Hopkins, Dwight & Trowbridge; Deposit Savings Institution, Mobile, to Metropolitan National Bank The Brooklyn Banks. The Brooklyu bank presidents to resolved te sell $1,000,000 of U. S. securities in case of emergency. The majority were, however, of the opinion that there would be no run upon them. The Evening Post says: The day closed with an established improvement in general feeling; one day more with the Stock Exchange closed, will, it is thought, put everybody in such a condition, SO far as the exercise of reason is concerned, that it will be prudent for the brokers to again resume business. This afternoon money lent on the streets at : per cent., that rate having been paid by distressed brokers. President Rail, of the Bank of Commerce, said this afternoon that confidence had been very greatly improved and he Thought the action of the Government in buying 5-20s had been highly beneficial in loosening greenbacks. NEW York, Sept. 22.-When the doors of the Irving Savings Bank, 96 Warren street, were opened this morning, a crowd of depositors rushed in, clamoring for their money. The paying teller immediately set to work to satisfy their demands. When the majority, however, saw how willingly money was being paid out, they became quieted and left. Up to 2 o' clock the bank had paid out above $10,000, and had received a considerale amount in deposits. Feeling of Relief in New York. NEW YORK, Sept. 20.-The feeling among all classes is one of great relief. No runs on any of the national or state banks and the crowds on Wall street are mainly curious spectators. There are considerable inquirry for stocks on Wall street. Investors with greenbacks in hand are seeking to purchase, but the prohibition of Stock Ex: change drohibits transactions. The Chicago Banks. CHICAGO, Sept. 22.-There was a considerable run upon some of the banks here today, but they areadhering to the resolution adopted yesterday to fall back upon thirty and sixty days notice, and only paying sums of less than one hundred dollars. The largest assemblage appears to be gathered at the Statee Savings Institution, but so far the crowd has been very quiet and orderly. The latest reports, public and private from New York appear to have had the effect to lessen the anxiety. Chicago Savings Bank. CHICAGO, Sept. 22.-The Savings Banks give notice of the enforcement of thesixty days' notice. MEMPHIS, Sept. 22.-There were eight cases of yellow fever on Sunday. Philadelphia Banks. PHILADELPHIA, Sept. 22.-The run on the Savings] Banks has subsided. PHILADELPHIA, Sept. 2.-There is a much better feeling on the street to-day. The Stock Board is firmer. Pennsylvanias are holding ground at 40 to 50. A bank statement wili be out as usual to-day and will show a gratifying exhibit. The Situation in London. LONDON, Sept. 22-5 P. M.-Much excitement is manifested on all sides to hear further news from New York. Jay Cooke, McCulloch & Co. continue to pay cash in the usual manner over their counter. Among the rumors current in Stock Exchange is one that the Bank of England holds $400,000 of Jay Cooke Co.'s acceptances and that Rothschilds have $100,000 of the same paper. LONDON, Sept. 22-6:30 P. M. - dispatch announcing the closing of the New York Gold Exchanged has just been bulletined. This news is aceepted as an indication of the gravity of the financial situation and the market for American securities is again depressed.

13. September 25, 1873 The Rock Island Daily Argus Rock Island, IL
Article from The Rock Island Daily Argus, September 25, 1873

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# Banks In Chicago all Suspended. Telegrams received here this afternoon, announce that all the Chicago banks have suspended. This is probably by a united agreement to suspend until some plan of action can be agreed on. Things look blue, and there is great probability that the panic will become general and extend all over the country.

14. September 26, 1873 Public Ledger Memphis, TN
Article from Public Ledger, September 26, 1873

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FINANCIAL AND COMMERCIAL. PUBLIC LEDGER OFFICE, } MEMPHIS. TENN.. September 26, 1873. MONEY. NEW YORK, September 26.-The stock exchange remains closed. Twenty-four hours' notice will be given before reopening. The People's Bank and South Carolina Trust Company, of Charleston, have suspended. The Second Manufacturers' National Bank, of Chicago, has closed. The Chicago City National Bank of Commerce and the Cook County National Bank have closed. LONDON, September 26.-Β£428,000 in sovereigns and Β£51,000 in gold bars were withdrawn from the Bank of England to-day for shipment to America.

15. September 26, 1873 The True Northerner Paw Paw, MI
Article from The True Northerner, September 26, 1873

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# True Northerner. PAW PAW, MICHIGAN, Sept. 26, 1873. # Local Department. Hon. Wilder D. Foster, Representative in Congress from the Fifth District of Michigan, died in Grand Rapids Sept. 20. H. P. McFarlin will hold an Auction Sale at the residence of Fdward Stowman, two miles north-west of Glendale P. O., Oct. 11. We advise every young man or lady who wish to qualify for business to attend the Kalamazoo Business College. The Ann Arbor Courier says the seating capactity of the new University Hall is 3,000, and by the use of temporary seats 4,000 can be accommodated. Charles Smolk has removed his Sewing Machine Depot to the new building on the corner of Main and Niles streets, adjoining the residence of T. A. Granger. The Fair of the Paw Paw Valley Agricultural Society commenced last Wednesday and closed to-day. We will give a more extended notice of it in our next issue. REV. R. C. WELCH, who has been assigned by the Michigan Conference to the charge of the M. E. Church in this place for the ensuing year. preached his first sermon on Sunday morning last. All the Banks of Chicago entered into an arrangement by which they closed their doors yesterday morning, and take thirty days in which to pay depositors. A genral derangement of business must be the result. The South Haven Sentinel says: "The condition of religion is good." That is just as we had supposed, and we are right glad to see that fact verified in so public a manner, for the past season has been unusually sickly. The Government Printing office in the City of Washington, in the Territory of Columbia, is one of the largest printing offices in the world. Six colored compositors are employed at the case in that concern. The Lapeer Clarion wants the fat men to stand back in future and give the lean men of the State a chance to hold a convention and get a good, square meal out of East Saginaw or some other philanthropic city. At a public gathering lately one of the gentlemen present was called upon for a speech, and this is how he responded: "Gentlemen and women, I ain't no speecher. More'n 20 years ago I came here a poor idiot boy, and now what are I?" On Saturday last, Miss Emma Pugsley left for Ann Arbor to enter the State University. She is a graduate of the school here, and is an excellent scholar. There are now two young ladies attending the University from this village, the other being Mies Emma Andrews. who has been there for the past two years. The Circuit Court has been in session during the past week. On Monday the Matteson case came up on a motion for change of venue, which motion, after a hearing and the reading of affidavits in support of the motion and counter affidavits opposed to it, was denied. The time for the trial will probably be set down for the next term of the Court. The most important other matter before the Court was a case between A. M. Merrifield and Philo Reed. LAWRENCE, Sept. 16, 1873. TRUE NORTHERNER: DEAR. SIR, I have been away all summer, and have but just returned. The first newspaper I saw after getting home was yourself going "Up in a Balloon." If a little money will save you, the enclosed Two Dollars will help. Keep the thing flying till they all respond, and keep the paper coming. Can't keep house without it. Yours Truly, The State Fair, held at Grand Rapids last week, was a success as regards the magnitude of the exhibition in all its departmentst-he Lumber of people who attended and financially. We learn that the receipts exceeded thirty thousand dollars. Our own Van Buren County maintained the ascendency she had heretofore attained. She bore off the highest prize for her County Collection of Fruit; the township of South Haven took the first prize for her Township collection of Fruit; and the Williams' process for evaporating fruit was pronounced superior to the Alden process. Mr. Williams. the inventor, is a resident and fruit grower of South Haven, in this countv. Our worthy and honored friend. Judge Monroe. met with a very serious mishap on Saturday night last, by which he is now lying in a critical condition. He had arrived here on the nine o'clock train on his way home from Grand Rapids, where he had been attending the State Fair. He started for his home, aboat eight miles from town, on foot and leading a ball by a cord attached to a ring in his nose. When about one-half mile from town the bull became somewhat refractory and refused to go. the Judge meanwhile pulling him along by the cord, when the animal suddenly attacked nim, throwing him to the ground and trampling him under his feet, bruising and lacerating him very seriously about the chest, side and bowels. fter becoming released the Judge crawled to the house of Mr. Clancy and aroused the inmates. who took him in and cared for him until he was taken home, Sunday morning. Ir not unfrequently happens that a party political convention is moved to deliberately falsify history in their platforms, declarations and resolves, as was the case of the Ohio in ther recant numatform adopted by

16. September 27, 1873 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, September 27, 1873

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PANIC PARAGRAPHS. The New York stock exchange remained closed yesterday. I IThe Vicksburg banks have suspended for thirty days as a precautionary measure. A Washington telegram yesterday announced the suspension of the banking firm of Faut, Washington & Co. Cincinnati financial matters have resolved into a state of delightful quietude beautiful to contemplate. The governing committee of the New York stock exchange have resolved to give twenty-four hours notice of its opening. Fort Wayne, Indiana, boasts that quiet reigns in financial circles, and that banks are and will continue business as usual. The Peoples' bank of South Carolina, the Peoples' savings bank, and the South Carolina loan and trust company, at Charleston, have suspended. Currency payments at the National bank and other State banks pay as usual. At Little Rock, yesterday, the excitement continued over the city money. The reported suspension of banks in St. Louis and other places continues. Everything is at a standstill. Very few parties take city money, and no greenbacks are in circulation. At Baltimore yesterday, William Fisher & Sons, who are among the leading stock and gold brokers of that city, closed their doors, and say they have been forced by the delinquencies of their customers to suspend business until they can collect what is due them. They expect to pay every obligation in full, and only ask a short indulgence. In New York, yesterday, Senator Morton, being asked to give his opinion as to the present financial panic, said that his conviction was that the worst was over. "I do not expect the affair to subside all at once," he added, "but my feeling is entirely hopeful." Referring to the suggestion that the government ought to come to the reseue, he said the government will do all It can, but it must not evade the law. In New York yesterday the police were called upon to disperse all groups which threatened to interfere with sidewalk traffic. The brokers were by this means driven into the road, but they fared no better there. The police ordered trucks to be driven through the crowd, and so compelled the brokers to scatter in all directions. Driven from the road, some of the most inveterate speculators and curb-stone brokers adjourned to the gold exchange court, and held high carnival there for about rifteen minutes when the sergeant of the police, with half a dozen men, drove them helter-skelter from their refuge. A Chicago telegram yesterday announced that the Union national, Second national and Manufacturers' national banks have suspended. A notice on the door of the former says that the bank has abundant securities, but is compelled to suspend payment on account of the lack of currency until able to realize. Nothing has been lost from the failures, and depositors will be made safe. The Cook county City national and National Bank of Commerce have followed the example of the Union national and closed their doors. There was a run for an hour on the Corn Exchange bank, but as everything was paid the run was soon stopped. Some who drew have redeposited. The bank is considered very strong. Other national banks are paying regularly. There is considerable excitement among business men, and the grain trade shows some effect. Coolbaugh, president of the Union national, is severely censured by other bankers and the whole community, As his extreme course was wholly unnecessary, it is suggested that there must be something rotten in his bank, though it has been regarded very strong.

17. September 28, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 28, 1873

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Coolbaugh's language. a brief summary of his views la thus given. The President ot the Union National is perfeatly confident of the wisdom of the course adopted by the Bank; he fully appreciates the harsh criticisms that have been passed upon him since the suspension, and realizes fully that he has encrificed temporary reputation and Allpremacy, but hazards his reputation upon the wisdom of the courHO adopted, and the sequence to rosult. No ono, he HAYA, more regrets the financial neconsity that compelled tho susponsion than himsolf and the other officers of the Bank, but, in their united judgment, it WaH forced upon them by advorso circumstances beyond their control. It was utterly impossible for the banks of Chicago to hold out with currency payments when overy other city in the country hind suapended, and currency was hold at a premium. Had there been concorted action on the part of local banks, developing soine temporary remedy for pending difficulties, though hazardous, the chasni between suspension and full payment might have been bridged over. But when such construction could not be accomplished, proparation for: the fanoled inovitable behooved every consorvativo and safe investing interest. It was as impracticable for the banks of Chicago to maintain business on a currency basis nt premium in this hour of uncertainty and gloom as it would bo to attempt special resumption ou the part of one city while the balance of the nation was doing business on legalized promises to pay. IIo had little doubt that the financial problem was as yet in the inauguration of its propounding to the country, and that its solution would require time and governmental interference, the latter to be exoused, if not justified, by the past accoptod plea of public necessity. The nows yestorday morning of tho suapeusion of the Boston banks was received by Mr. Coolbough as confirmation of the prophocios he had inado, and confirming justification of the course adopted by the Union National. Mr. Coolbaugh hazards no prediction of the outcome of the present situation, but stands ready to coincide with any action of the banks that, in his opinion. will afford any pormanent relief. THE MEROHANTS' AND NORTHWESTERN. The Moroliants' National and the Northwestorn National were in perfect confidence and security. Thoro was nothing at either indicative of anything but serenity and safety. The same course regarding debtors and creditors, both classes being represented in the same individual, as observed in the Commorcial, Fourth, and Fifth, and First National Banks, were here obsorved,and officers expressed the completest confidence in the future. THE NATIONAL BANK OF COMMERCE, suspended on Friday, declared its readiness to resume whenever other susponded banks took the initiativo, and asserted its perfect solvency. Their suspension had not been forced by the desolation of their vaults, but dictated by the same financial views that had directed the course of the Union National. THE GERMAN NATIONAL and its energetic President, Mr. Groonebaum, were doing business, paying and receiving money as usual, and Mr. Greenebaum believed the excitoment would quickly subside. Ho intended to keep on with his business as herotofore.

18. September 28, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 28, 1873

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in currency, and Mr. S. B. Cobb deposited over 8200,000 in another prominent bank. Such public-spirited and plucky citizens deservo infinito crodit. If others would put out their money Instend of hoarding it, the stringency would moon coase. Actions like those are noble, and do not look like a lack of confidence in Chicago business. PERSONAL. In the list of Directors of the Union National Bank who pledged themselves as personally liablo for the obligations of the bank the name of Daniel Thompson, one of its most responsiblo representatives, was unintentionally omitted in yesterday's issue. THE SUSPENDED. The only suapension of Chicago banks yesterday was that of the Third National. Every other bank cleared on Friday passed enfely through the Clearing-House yesterday. The list of B116pended numbers six, as follows Union National, Manufacturors' National, Second National, National Bank of Commerce, Cook County National, and Third National. LINCOLN PARK WAS crowded with people listoning to the music, and there was as many teams and carriages as on any other Saturday. This shows that the panic has not seized the people, whomo exomplification of common BOUBO in the crisis we have passed through was the finest over shown by any people. AN UNFOUNDED RUMOR. The rumor on the street yesterday that Field, Letter & Co. had recalled from the railway depots goods once platformed for shipment to country purchasers was uttorly unfounded. To a TRIBUNE reporter Mr. Leiter yesterday stated that the firm was doing business as usual; had refused no shipments, discharged no employes, and saw no necessity for either measure.

19. September 30, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 30, 1873

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LAWRENCE, KS. Special Dispatch to The Chicago Tribune. LAWRENCE, Ks., Sept. 20.-Financial matters are looking brighter. The news of resumption by the Chicago banks is hailed with delight. Our banks have paid without suspension through the panic.

20. September 30, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 30, 1873

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SAN FRANCISCO. Special Dispatch to The Chicago Tribune. SAN FRANCISCO, Sept. 20.-To-day was devoted almost exclusively to collections and legitimate channels, and the result inspirod confidence. Tho resumption of business by the Chicago banks was the subject of much congratulation, showing the panic had no serious effects on Western finance and stability. This, with the promptness with which to-day's matured obliga- tions were mot, has reopened the current of exchange, which resumed with some briskness. Coin drafts on New York sold at ΒΎ to 1 por cent; telegraphic transfers at 2 por cent. The panic has fully demonstrated the unadvisability of stock speculations. Capitalists are more unwilling than ever to invest in outside real estate, preferring legitimate enter- prises and staple products. The panic is charged

21. October 2, 1873 Ottumwa Weekly Courier Ottumwa, IA
Article from Ottumwa Weekly Courier, October 2, 1873

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On Monday evening last the following action was had by Chicago bankers : The Chicago Clearing House association of banks and bankers resolve that until further action, and in view of the disturbed condition of affairs in New York and other cities, and the difficulty of converting balances into currency, its members be recommended and authorized to suspend currency payments on any large demands made upon them, either from country banks or over their counters. Dispatches of last night show that this action of the Chicago bankers is commended in Keokuk and Des Moines, Iowa,"also by those of Quincy and Peoria, III. The excitement throughout the whole country is great, and yet everybody expresses the utmost confidence in the banks, except such as have been dealing in railroad stock. The opinion prevails that banks generally must suspend until the people settle quietly down. Our produce which had commenced moving, is about totally checked. Eastern banks refuse to send currency west, and as a consequence no produce can be bought. This certainly cannot last long, for the starving must have bread and the currency depot must be unlocked in the East.

22. October 3, 1873 Burlington Weekly Free Press Burlington, VT
Article from Burlington Weekly Free Press, October 3, 1873

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SUSPENSION OF THE CHICAGO BANKS. - A A telegram received Saturday from Chicago announces that all the banks in that city have suspended.

23. October 9, 1873 Iowa Voter Knoxville, IA
Article from Iowa Voter, October 9, 1873

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The West. The Chicago Journal of the 25th says that it had become necessary to say that the banks of Chicago had not suspended payment or closed their places of business. The action of the preceding night was not in consequence of a panic but to prevent a panic. They had not ceased business, were continuing to receive deposits and pay out such sums as might be needed for ordinary business transactions, but where sums were demanded to board or withdraw from business operations they had resolved to delay the payment of these until the financial storm had passed. The currency stringency in that city had had the effect to bring the extensive hog and cattle trade to a stand still, it being impossible to make cash sales. The Union Live Stock Yards contained 30,000 hogs and 10,000 head of cattle, all that the yards could possibly accommodate, and the live stock commission merchants had notified the railroads and country shippers that no more live stock would be received until further notice. The Cincinnati Clearing-House Association adopted on the 25th a resolution substantially the same as that adopted on the 24th by the banks of Chicago. A dispatch from Kansas City, Mo., of the 25th, says that the banks of that city had suspended. A dispatch from St. Louis, of the 25th, says that the banks of that city had held a meeting on the evening of that day and resolved to adopt the plan of issuing Clearing-House certificates. A Detroit dispatch of the 25th announces that the schooner W. J. Whaling had been beached at Grand Haven, Michigan, on the forenoon of that day. Vessel and cargo were a total loss. Two of the crew were drowned. The Inter-State Industrial Exposition was formally opened at Chicago on the evening of the 25th. The huge structure was thoroughly packed. It was estimated that fully 20,000 persons were in. Dedicatory speeches were made by U.S. Senator Logan, ex-Governor Oglesby and others. The 26th was Chicago's "Black Friday." The Union National, the Second National, the Manufacturers' National, Cook County National, and the National Bank of Commerce, all closed their doors on the morning of that day. The Board of Trade of that city had adopted a resolution prohibiting dealing in grain options for the present, on the ground that such dealing had a tendency to depress prices. In view of the present monetary situation and the difficulty of drawing city deposits, the Board of Public Works had decided to temporarily suspend work on all sewer improvements not actually commenced. A meeting of the associated banks had been held in the afternoon to discuss the question of issuing loan certificates, but no conclusion had been reached. A dispatch from San Francisco of the 26th says the Independent State Convention had nominated E. W. McKenstry for Justice of the Supreme Court. The Convention adopted resolutions that the opponents of organized corruption form themselves into a political

24. October 14, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, October 14, 1873

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ovor proceding days. While thero was gront con- fidence in the solvency of our banks, thoro was much intorost folt to see what developments would be made during the carlior hours of the oponing-day. At the usual hour this morning overy bank and banker in the Olearing-Houso Association, twonty-ono in number, commenced full and unequivocal resumption. # THERE WAS NO Ξ•Ξ§ΞŸΞ™Ξ€Ξ•MENT, thero was nothing about the appearance of the bank that indicated a run; the business of the day commenced and continued to the close with a degroo of quiet that was remarkable. So far as is known, there was not an anxions depositor presented himself at the banks. The amount drawn by depositora was probably less than usual on Monday. Cortainly it did not ex- coed the usual demands of the average busi- noss day of the week. While this was true, the deposits of currency were liboral and boyond the expectation of the banks. Tho largost number of the bankers report that they recoived more currency than they paid out. Ono of the National Banks received in currency $100,- 000 more than they were called on to pay. The entisfactory results of the forenoon put # A NEW FACE ON THE MEROHANTS who assembled on 'Change. The attendance was larger than it had been for days, and overy per- son seemed to be encouraged. The gen- eral markots woro improved in tone, and the impression prevailed that we had en- torod fully upon the work of recuperation, and that restoration would proceed with rapidity. At the close of banking bours all acknowlodged that the success of the first day of curronoy ro- sumption had been comploto. # THE LOAN-CERTIFICATES. Of $462,000 in Clearing-House certificates, $165,000 wero canceled to-day, leaving less than $300,000 of cortificates unredeemed. Of the lattor amount, under the ac- tion of the Clearing-House, 25 por cont will be redeemed to-morrow. and 25 per cent each week thereafter, for the purpose of equitably distributing the cortificatos. It was decided on Saturday that the banks should hold them until retirement in proportion to the business done by them respectively within a definite period theroin named.