Accommodated withdrawals, Borrowed from banks or large institutions, Fed/other loan, Capital injected, Full suspension, Books examined
Receivership Details
Depositor recovery rate
24.4%
Date receivership started
1874-12-10
Date receivership terminated
1879-05-14
OCC cause of failure
Losses
Share of assets assessed as good
2.9%
Share of assets assessed as doubtful
95.5%
Share of assets assessed as worthless
1.5%
Notes
Multiple distinct episodes: a March 1873 misinformation-driven run, a Sept 1873 suspension with a short resumption, and an Oct 1874 suspension that led to receivership (known 1874-12-10).
Events (7)
1.November 15, 1869Chartered
Source
historical_nic
+3.3 years
2.March 20, 1873Run
Cause
Rumor Or Misinformation
Cause Details
A hasty/ill-advised local item in the Salt Lake City Mining Journal prompted the run.
Random Run
Yes
Random Run Snippet
Hasty, ill-advised Mining Journal item caused the run (false)
Measures
All demands were promptly paid; bank paid withdrawals and restored confidence.
Newspaper Excerpt
A run this morning on the First National Bank created an excitement. All demands, however, were promptly paid.
Source
newspapers
+6 months
3.September 29, 1873Suspension
Cause
Correspondent
Cause Details
Scarcity of legal tender and failure/difficulty with Eastern houses and correspondents made currency unavailable.
Newspaper Excerpt
The First national bank, which suspended on Saturday, is strengthening its resources, and will undoubtedly resume in a few days.
Source
newspapers
+26 days
4.October 25, 1873Reopening
Newspaper Excerpt
The First National Bank of Utah, at Salt Lake City, resumes payment to-day. ... The bank resumes business in stronger condition financially, than that of any national bank in the Pacific States and Territories.
Source
newspapers
+12 months
5.October 28, 1874Suspension
Cause Details
Articles report suspension but do not specify a clear immediate cause beyond general financial tightness; later known receivership follows.
Newspaper Excerpt
The First National Bank of this city suspended payment this afternoon, but hopes to resume again in a few days.
Source
newspapers
+43 days
6.December 10, 1874Receivership
Source
newspapers
same day
7.December 10, 1874Receivership
Source
historical_nic
Newspaper Articles (25)
1.March 21, 1873Eureka Daily SentinelEureka, NV
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COAST PIN FROM CALIFORNIA
SAN FRANCISCO. March 20. On the departure of Ben. Holladay for Portland this morning. a battery of heavy guns was planted at the wharf. and a parting salute fired in his honor. A man who had Leen aggrieved. in some way, by the Editor of the Post. met that gentleman in front of his office to-day. and commenced abusing him. Mr. George resented with blows. but being much smaller than his antagonist. accomplished no more than a *forced recomoissance." No arrests. Robinson, in the Oakland Jail. still insists upon the truth of the charges preferred by him against Gordon, and says it his liberty were offered him. he would not change his story. The body of O. L. Shafter, who died at Florence, Italy, a few weeks since, has been brought to this city for interment. Win Sherman. the newly appointed Assistant United States Treasurer. will qualify April 1st. The Pilot Commissioners have reVoised the license of Captain Diggs, the pilot by whose negligence the ship Patrician was wrecked. He did not take the vessel clear of the bar and she struck the bottom. Los ANGELES, March 20. Advices from Prescott. Arizona, state that Augustus Swain and Joseph McDonald were surprised and killed by Apaches on Tuesday. the 11th, nine miles below Wickenturg. The bodies were horribly mutilated, stuck with arrows. and shot through and through with bullets. The Indians are supmosed to be a band of Apache Yumas. The bodies were brought into Wickenourg and buried. A party have started in pursuit. Swain was one of the first white settlers in Arizona, and widely known as a Government guide. SALINAS CITY. March 20. An attempt at suicide occurred yesterday afternoon on Corral de Tierra rancho, ten miles from this place, by J. 11. Gordon, an old and well-known citizen of this county. The immediate cause of the attempt was from anlicipate d trouble in regard to the title to the ranch now occupied by Gordon and his brother. Gordon fired two shots, one through the muscular tissue of the neck. and the other was tired into the month, and entered the pard portion of the ralate. The wounds will in all probability prove fatal. NEVADA. PALISADE. March 20. Wells, Fargo & Co. shipped by today's exp ress sixty bar- of silver bullion. weighing 8.304 pounds. from the Meadow Valley Mining Company, Pioche, to San Francisco. UTAH. SALT LAKE CITY, March 20. Mrs. United States Senator Logan left he re to-day for the East, with the remains of her father, Captain Cunningham. A run this morning on the First National Bank created an excitement. All demands, however, were promptly paid. and, bef reclosing. confidence was fully restored, the bank having, as reported, a cash surplus of nearly $100000.00 Letters from parties in London express much concern in regard to the management of Utah mines owned by them. It is stated that English capitalists are losing confidence, not as to the intrinsie value of the mines, but on account of the sharp speculative practices of parties interested in this Territory.
2.March 21, 1873The New York HeraldNew York, NY
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SALT LAKE
SALT LAKE CITY, March, 20, 1873. The wife of United States Senator Logan left here to-day for the East with the remains of her father, Captain Cunningham. There was a run this morning on the First National Bank and much excitement in consequence, but all the demands were promptly paid, and before the closing of the concern public confidence in its solvency was fully restored, the bank having, it was understood, a cash surplus of nearly $100,000. Letters from parties in London express much concern in regard to the management of mining property in Utah owned by them. It is stated that the English capitalists are losing confidence, not in the intrinsic value of the mines, but on account of the sharp speculative practices of parties interested in this Territory.
3.March 21, 1873Chicago Daily TribuneChicago, IL
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UTAH
Personal-- on a Bank-English Distrust in Utah Mining Management. SALT LAKE, March 20.-Mrs. Sonator Logan left here to-day, for the East, with the remains of her fathor, Capt. Cunningham. The run, this morning, on the First National Bank, produced considerable oxcitement ; but in consequenco of all demands being promptly paid. confidence WAH fully rostored before closing, the bank having, an reported, a cash surplus of nearly $100,000. Lotters from parties in London express much concern with regard to the management of the Utah mines owned by them. It is stated that English capitalists are losing confidence, not RB to the intrinsic value of the mines, but on aocount of the sharp speculative practices of parties interested lu this Territory.
4.March 23, 1873The New York HeraldNew York, NY
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or the Smalpox-Governor Ravages Woods To Be Succeeded by General Connor. SALT LAKE CITY, March 22, 1873. A correspondent of the News reports a terrible state of affairs in San Peto county owing to the ravages of the smallpox. It is alleged that the carelessness of the people in not adopting proper sanitary regulations is the main cause of the alarming spread of the disease. There has been an increased number or cases of smallpox in this city, creating general public uneasiness. Business seems to have been in no way unsettled by the late monetary panic, which culiminated in a run on the First National Bank. All the banks, however, took warning, and telegraphed for currency, large amounts or which arrived here tonight. Private advices from Washington indicate that Governor Woods, who, it is generally supposed, the President intends to send abroad, will be succeeded by General P. Edward Connor, formerly commander of this district.
5.March 24, 1873Daily Kennebec JournalAugusta, ME
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FROM SALT LAKE
Salt Lake, 22. A correspondent of the News reports a terrible state of affairs in San Peter County, owing to ravages of the small pox. It is alleged that the carelessness of the people in not adopting proper sanitary regulations is the main cause of the disease. There has been an increased number of cases of small pox also in this city, creating general public uneasiness. Business seems to have been in no way unsettled by the late momentary scare which culminated in a run on the First National Bank. All the banks however took warning and telegraphed for currency, large amounts of which arrived here to-night.
6.March 24, 1873The Portland Daily PressPortland, ME
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Ravages of Small Pox-Business
SALL LAKE, March 22.-A correspondent of the News reports a terrible state of affairs in San Peto county, owing to ravages of the small pox. It is alleged that the carelessness of the people in not adopting the proper sauitary regulati ns is the main cause of the disease. There has been an increased number of cases of small pox also in the city creating general public uneasiness. Business seems seems to have been in no way unsettled by the late monetary scare, which culminated in a run on the First National Bank. All the banks, however, took warning, and telegraphed for currency, large amounts of which arrived here to-night.
7.March 26, 1873Pioche Daily RecordPioche, NV
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The Salt Lake City Mining Journal, through a hasty and ill-advised local item, caused an exciting run on the First National Bank of that city. The run only proved the strength and stability of the institution; and the Journal, naturally enough, feels ashamed of itself.
8.September 29, 1873The Petroleum Centre Daily RecordPetroleum Center, PA
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The First National Bank, of Salt Lake City suspended Saturday. -
SALT LAKE, UTAH. SALT LAKE, September 29. - The financial situation has greatly improved, the feeling of panic having completely subsided. A few certificates from the mining camps and some accounts have been presented and paid by the banks and banking-house Bankers are perfectly confident of meeting every liability. The First national bank, which suspended on Saturday, is strengthening its resources, and will undoubtedly resume in a few days. The national bank examiner, N. P. Langford, of the Pacific coast, is here, examining the affairs of the banks. H. Wadsworth has become agent for Wells, Fargo & Co. The tightness in the money market is likely to cripple business in bullion and ores for weeks, compelling the suspension of smelters.
10.September 30, 1873The Cairo BulletinCairo, IL
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FROM SALT LAKE
SALT LAKE, September 29.-The finan cial situation is greatly improved the fee'ing of the panic apparently completely subsided, and few certificates from mining companies and some accounts presented and paid by banks and banking houses. Bankers are confident of meeting every liability. The First National bank which suspended on Saturday, is strengthening i s resources and will undoubtedly resume business in a few day. National Bank Examiner N. P. Longford, for Pacific coast, is here examining the affairs of the banks. Lightness of the money market will likely cripple business in bullion, and for a few weeks compel the suspension of smelters. H. Wadsworth became Co. agent of Welle, Fargo
11.September 30, 1873The New York HeraldNew York, NY
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Financial Affairs in Utah
SALT LAKE CITY, Sept. 29, 1873. There is a greatly improved feeling in the financial situation to-day. The panic has apparently completely subsided. A few certificates from mining camps and some accounts presented were paid by banks and banking houses. Bankers are perfectly confident of meeting every liability. The First National Bank, which suspended on Saturday, is strengthening its resources and will undoubtedly resume in a few days. National Bank Examiner N. H. Langford, from the Pacific coast, is here examining into the affairs of the banks. H. Wadsworth has been appointed agent for Wells, Fargo & Company at this place. The tightness in the money market will be likely to cripple business in bullton and ores for the next few weeks, and consequently compel the suspension of smelters.
12.September 30, 1873Chicago Daily TribuneChicago, IL
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SALT LAKE
SALT LAKE, Sept. 29.-The financial situation is greatly improved. The pauio feeling has apparently completely subsided. A few certificates from mining companies, and some accounts, were presented and paid by the banks aud banking houses, and bankers are perfectly. confident of meeting every liability. The First National Bank, which suspended on Saturday, isstrengthening its resources, and will undoubtedly resume in a fow days. The National Bank Examiner, N. P. Langford, is here, examining the affairs of the banks. H. Wadeworth hus become the agent of Wells, Fargo & Co. The tightness in the money market is likely to cripple the business in bullion and orea for a fow weeks, compelling the suspension of the smolters.
13.October 2, 1873The Stark County DemocratCanton, OH
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toward enabling the bank to resume.
Some excitement was caused in Salt Lake on Saturday by the temporary suspension of the First National bank. The cause of the suspension is the failure of Eastern houses and the difficult to obtain currency. Their liabilities are amply secured by good assets. The assets cover $360,000, and the liabilities are only $277,000. This is exclusive of the personal property of Warren Hussey, who holds himself responsible for all the bank indebtedness.
14.October 3, 1873Bozeman Avant CourierBozeman, MT
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Monetary Affairs in Salt Lake
SALT LAKE, September 29, The financial situation is greatly improved and feeling ot panic apparently completely subsided. EA few certificates from running camps and some accounts were presented and paid by the banks and banking houses. The bankers are perfectly confident of meeting every liability. The First National Bank, which suspended Saturday, is strengthening its resources and will undoubtedly restume business in a fewdays. Bank Examine, N. P Langford of the Pacific Coast, is here examining the affairs of the banks. The tightness of the money market is likely to cripple the bieliness in bullion and ores for a few weeks, compelling x suspension of smelters.
15.October 25, 1873Wilmington Daily CommercialWilmington, DE
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Daily Commercial
JENKINS & ATKINSON. Publisher. WILMER ATKINSON, For Terms, Etc., Bee Second Page. Latest General News. The Spanish Legation at Washington, it is stated, has been raised to an embassy, and Senor Figueras has been appointed Ambassador. The First National Bank of Utah, at Salt Lake City, resumes payment to-day. In Memphis, yesterday, 24 yellow fever deaths were reported. There WAH a severe frost on Thursday night, which made ice one-quarter of an inch thick. A yellow feyer nurse killed a pat;ent, on Thursday, by giving him carbolic acid in mistake. George Welf, a wealthy farmer, living near Hopkineville, Ky., was mudered in his bed, on Thursday night. A sudden change in the weather at Shreveport, on Wednesday night, caused the death of all yellow fever patients who were in & critical condition, and developed several new cases of the disease. Four deaths from yellow fever were reported in Montgomery, Ala., yesterday. The yellow fever appeared in Bainbridge, Ga., a week since, and is now epidemic there. Business is suspended in the town, and there is talk of closing up many of the stores. At the meeting of the House of Bishops in New York yesterday afternoon, Rev. John S. Spaulding. of Erie. Pa, was elected missionary Bishop of Colorado and New Mexico. The Crow and Ute delegations in Washington paid their respects to the Preident yesterday, and received some good counsel from their "Great Father." The Canadian Parliament has adjourned until Monday. The Royal Commission, in their report on the Pacitic Railroad scandal. decline to express any opinion upon the testimony.
16.October 25, 1873National RepublicanWashington, DC
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BRIEF TELEGRAMS I Gold closed In New York yesterday at 103' t Three inches of snow have fallen at Negaunce, Michigan, and seven inches at Fort Garry. The schooner Meridan is ashore on Lyster : reef. off Green bay, Lake Michigan, and is probably 2 total wreck. ) The First National bank at Salt Lake resumes to-day. The announcement inspires a buoyant feeling among business men. The ship Three Brothers carries 4,300 tons of wheat, and IS the largest sailing vessel in the world. Her cargo is valued at $199,000. The official majority in Pennsylvania for Gordon, (Rep) for judge of the Supreme Court, is , 14,294, and for Mackay, for State treasurer, 25,852 It is reported that the Spanish Legation at Washington has been raised to the rank of an embassy, and Figueras appointed ambasaador. During the past 24 hours snow has fallen between Laramie and Green river to the depth of four inches, and It is now snowing in Cheyenne. There has been no detention of trains. a It is reported that, in view of the fact that a British line of steamers will commence to run 8 between Australia, Honolulu and San Francisco, the American line over the same route will not be reopened. # It is said that the manufacturing interests of 8 Connecticut are in an unfortunate condition. r From fifteen to twenty thousand operatives and factory hands have already been thrown out of employment. Capt. c. W. Ford, for many years connected with the United States Express Company at St. Lonis, and formerly collector of internal revenue for the St. Louis district, died in Chicago last a night of billous pneumonia. The Congressional excursion party, numbering about a dozen members of Congress, represeutatives of the press. and several invited guests left St. Louis by the Atlantic and Pacific railroad this morning. The Atlantic mills at Lawrence, Massachusetts, have closed for the remainder of the and will in run only four days the week for week, the present. The ball mills of the Bay State iron works have suspended operations, and two hundred and f sixty men have been discharged. A meeting of cotton factors and shippers was e held at New Orleans last evening to consider the recommendations made by the conference of 1 factors and bankers. A resolution was passed t to sell cotton for currency only after November 10 next. All sales are now made for certified 8 checks.
17.October 25, 1873The Petroleum Centre Daily RecordPetroleum Center, PA
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NOTES OF THE DAY
Three inches of snow at Negunee, Miobi/ gan, and seven inches at Fort Gray, Manitobe. yeaterday. Ontstanding legalitendere, $360,259,888. Four yellow fever deaths in Montgomery yesterday. The First National Bank of Salt Lake ) City has resumed. E. W. Clark & Co., of Philadelphia will resume business to-day. Four yellow fever deaths at Shreveport yesterday. The trial of Frank L. Tainter, defaulting cashier of the Atlantic National bank, bus been adjourned until Monday, owing to the burning last night of the residence of one of the jurors The case of Mr. Sbanks, city editor of the Tribune, was adjourned until Monday. Two children of W. R. Corfioe, living near Carbondale, Illinois, fall into a tub of boiling water, Wednesday evening. One died and the other cannot recover. Eightb champion game between the Boar tons and Athletics at Philadelphia, yester/ day-Bostons, 4; Athletics, 5. During the past twenty-four hours snow has tell to the depth of four Inches. It is now snowing at Cheyenue. No deleation to traias. The Atlantic Mills at Lawrence, Massas cbusetts, have commenced running four days in the week, and the nail mills of the Bay State Works have suspended, making necessary the discharge of three hundred and sixty men. A Washington dispatch says the Supreme Court docket is very full and under the new law allowing appeals and writs of error from State Courts wherever a Federal quee/ tion is raised on test, must continue to increase, and perhaps even to such an extent as to require a remedy. The official returns give Gordon for Supreine Court Judge a majority of 14,284, and Mackey for State Treasurer, 25,352.
18.November 6, 1873The Idaho WorldIdaho City, ID
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RESUMES BUSINESS
-The First National Bank of Salt Lake City, of which Warren Hussey is President, has resumed business, and N. P. Langford, National Bank Examiner, publishes n card, to the public, in the Sult Lake Herald announcing that after a careful exam. ination be finds that the original capital and surplus of the bank are not only unimpaired, but that the resources, alrendy more than sufficient to meet every obligation. "have been largely augmented from the individual resources of Mr. Warren Hussey. the President." He also says that the bank resumes business in stronger condition financially, than that of any national bank in the Pacific States and Territories. The cause of the suspension of this bank appears not to have been on account of financial embarraesments affecting its capital and resources, but owing entirely to the scarcity of legal tenders, which could not be procured, even. on the best and most approved securities, so put demands of buriness.in that
The weather is clear and beautiful to-day, Suspendel, SALT LAKE CITY, Oct. 28. The first National Bank of this city suspended payment this afternoon, but hopes to resume again in a few days. It has been snowing here all day,
L Suspension of a National Bank. SALT LAKE, October 28.-The First National Bank of this city suspended payment this afternoon but hopes to resume again in a few days. It has been snowing here all day.
22.October 29, 1874Daily Kennebec JournalAugusta, ME
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UTAH
Salt Lake, October 28. The first National bank suspended payment this afternoon, but hope to resume again in a few days. It has been snowing all day here.
The first national bank of Salt Lake has suspended payment, but hopes to resume again in a few days. The brotherhood of locomotive engineers, in convention at Atlanta, adjourned Wednesday to meet at New York next year. Senator Carpenter is recovering from his serious illness, the effect of a scrofulous boil on his neck. He has gone to his home in Milwaukee. His life at one time was almost despaired of. At the election in Baltimore Wednesday. for members of the first branch of the city council, democratic candidates were elected in each of the twenty wards of the city. Total vote 25,223; democratic 17,490, republican 7,733.
24.November 3, 1874Los Angeles Daily HeraldLos Angeles, CA
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From Salt Lake
SALT LAKE, October 28th.-The First National Bank of this city suspended payment this afternoon, but hopes to resume again in a few days. It has been snowing here all day.
25.November 12, 1874The Vinton RecordMcArthur, OH
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THE First National Bank of Sall Like City has suspended payment.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
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First National Bank of Utah · Episode ID 169500879