17232. First National Bank (Cincinnati, OH)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
24
Charter Number
24
Start Date
May 2, 1874
Location
Cincinnati, Ohio (39.103, -84.515)

Metadata

Model
gpt-5-mini
Short Digest
57ee817a

Response Measures

None

Description

Contemporary dispatches (May 2–3, 1874) report the First National Bank of Cincinnati suspended. No article describes a depositor run triggering the suspension; no reopening or receivership is reported in these clippings. An earlier 1873 article references the bank's failure in context of other items (likely reporting an earlier stoppage or related distress), but the May 1874 dispatches clearly state a suspension and give no follow-up. Cause is not specified in the articles (classified as 'other'). OCR errors corrected (e.g., 'Medias' likely 'Medina' or 'Media' dispatch; retained dates as reported).

Events (1)

1. May 2, 1874 Suspension
Cause Details
Article states the bank suspended; no cause (rumor, correspondent failure, government action, etc.) is given in the available clippings.
Newspaper Excerpt
BANK SUSPENSION. CINCINNATI, o., May 2.-A special from Medias to the Times reports the suspension of the First National Bank of that city this morning. and the probability that the assets will pay the Liabilities.
Source
newspapers

Newspaper Articles (4)

Article from Nashville Union and American, October 10, 1873

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WASHINGTON. Government Begins to Feel th Pinch Not Enough Greenbacks to Run the Machine. Some Nine Million to be Issued This Month. The Hand to Mouth Policy NEW YORK, Oct. 9-A Washington special says owing to the small receipts from revenue the Treasury officials say will be necessary to issue eight or nine lions of the forty -four millions reserve to meet the current expenses of the government the present month. Semi Official. WASHINGTON, Oct. 9.- The Treasury reserves are now being daily drawn on to pay only the actual expenses of the govern ment. There is no apprehension at the department that the draft upon $44,000,000 will be very heavy in the ordinary course of business. The outstanding legal tenders now shown to be over $356,000,000. will be reduced again to those figures at the ear liest moment, it may be before issue of next public debt The Secretary phatically asserts that the out standing legal tenders a are not exceed the minimum figures day more than the absolute demands of the government requires. The outstandir legal tenders are now $358,966,488 The Polaris Prisoners. The steamship Tallapoosa arrived last evening and was anchored in the stream No comm was permitted from shore with the Polarie survi vors. Secretary Robinson is making inquiries into the loss of the Polaris by an examination of the prisoners. The examination of Buddington's party will be chiefly in the interest of science. The party now here have several of the records of the lost ship. The Secretary of the Navy to-day said he did not credit the reports which have recently been renewed, that Capt. Hall's death was the result of foul means and it appears that all who were present at the former investiga ation are con vinced that the landing officer's death was from natural causes aione Grant's Little Tin Box. Special to the Louisville Courier-Journal WASHINGTON D. C. Oct. 8. The President's friends now assert that he had no funds on hand. either in the First National Bank or Jay Cooke & Co.'s, at the time of their suspension, but had slightly overdrawn his account This tardy denial may or may not be accepted. The National Metropolitan Bank. It is stated to-night that the examiner of the National Metropolitan. or leading ring bank in this city, has made report to Mr. Krox, in which he points out certain gross violations of law, one in the failure to have on hand the reserve of flegal tenders required by law; another in allowing Boss Shepherd to have advances largely in excess of the limit prescribed by law Efforts are mak ing to induce the examiner to modify his report. Foreign Fiscal Agents. It is remarked that the house of Rose. Morton & Co., which has just been elected for the foreign bankers of the United States, is like that of Henry Clewes & Co., conspicuous for its connection with the cart-baggers who have been plundering the Southern States: and some say that this is the secret of their favor with the President The South Carolina negro Legislature is about to be called together in extra session to levy the taxes to secure four millions of plunder to this house of Rose, Morton & Co. More Corraption. The New York Sun of to day publishes a letter making very serious charges against the Attorney General, purporting to be from a Republican source. One of the charges is that Mr Williams is owner of the fourth part of a granite quarry situated near Rich mond, Va., which has been supplying the Federal Government with granite. Bamsdell I's Oats, Ramsdell, the carpet-bag candidate of the Virginia Radicals for Lieutenant Governor, who has been claimed to be great capitalist, no mere carpet -bagger, turns out to be assessed with tax seven dollars and thirty -one cents on $568 of personal property, and to hold 200 acres of real estate, which has not been paid for. Special to the Cincinnati Gazette. Teachers Without Pay. When the question of paying the teachers in the public schools for the last month came up, it was discovered that $10,000, being the whole sum available for that upr pose, was in the First National Bank at the time of its failure. Four months' pay is now due the teachers. Schools Closed for Want of Coal. To-day eight schools were |dismissed by one of the trustees, because the weather was cold, and DO coal can be procured for the use of schools. Contractors refuse to make further delivery until some debts already due them are paid. The Government nt Running Itself Attorney General Williams said this evening that government affairs were now running so smoothly that no member of the Cabinet had any business to submit to the consideration of the President to day Cincinnati Special the to The Work for Congress. WASHINGTON, Oct. 7.-Even if the receipts from internal revenue should immediatel increase to an amount equal to the estimates and reasonable expectations of the Revenue Commissioner, for this season of the year, it would only have the effect of rendering unnecessary any further draft upon the legal tender reserve by the Secretary of the Treasury The most sanguine of the authorities here do not lead them to suppose that the Secretary of the Treasury will be able to replace, out of money received through the usual channels, the amount drawn from the forty four million legal tender reserve 1t is therefor strongly believed that Congress will be called upon to devise ways and means to replace the greenbacks taken from the reserve, or to authorize the S cretary of the Treasury to extend the legal tender circulation to the amount of the reserves issued. or probably to the extent of the entire forty four millions. For various good reasons the latter plan is the one most likely to be recommended to and adopted by Congress. Tests of Steam Boilers. would seem that the Commission to It y make tests of the strength of steam boilers. and to investigate and report upon the causes of boiler explosions, to be left entirely upon its own resources for ideas and suggestions of scientific character relating to the business and experiments intrusted The Commission has sent circulars to to all prominen practical engineers and scientists this country, requesting such views, ideas and as these gentlemen might see fit to submit but as yet no replies have been received by the Secretary of the Commission in this city. A meeting of the Commission will be held in New York on Monday or Tuesday next, when final will be made for teste and experiments, which begin at Sandy Hook about the 15th inst. CAL.


Article from Chicago Daily Tribune, October 14, 1873

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CINCINNATI. Special Dispatch to The Chicago Tribune. CINCINNATI, Oct. 13.-The wisdom of the dotermination of the banks of this city, on Saturday, to resumo full currency payments, has been vindicated by their experience to-day. At nearly all of the banks there was B gain in currency, and the business worked with unexpected smoothness. There were voluntarily retired $150,000 of Clearing-House certificates. The checking to-day was comparatively light, and the deposits of currency liberal. The banks are not generally discounting, but some of them took a little paper of depositora at @@10 per cont today. Outaldo of the banks there has been little done during the week, but there were some nogotiations of primo business paper at 11/4 por cent per month. It is not expected that the money market will be other than stringent for some time to come. INTERVIEWS WITH BANKERS. A reporter who interviewed the bankers this afternoon heard sufficient to indicate a feeling of unlimited confidence and such an absence of feverish anxiety on the part of depositors that bankers said they were not paying out as much as undor the old regime. This information was first received from William White, Cashier of the Fourth National Bank, who, in reply to the reporter's inquiry as to how resumption progressed, after the long rest through certified certificates, said: TheFourth National is working along finely. We are not paying out as much currency as before the panic, And depositors are largely in excess of those demanding cash for checks." With this favorable note to commence with, the representative 'stopped in Seasongood, Netter & Co.'s. The following conversation enBued Reporter-' Has the action of tho ClearingHouse on Saturday been followed by extraordlnary calls for cash Mr. Seasongood-" our business is quiet. Nothing unusual is manifested by those who have money on deposit. Our depositors this morning are in excess of the holders of checks. The banks will be a little reserved in loaning money, for those whom they have accommodated during the stringency will perhaps find it difficult to negotiato loans, but this will bo remodied in a few days." Mr. Seasongood added that that there was no uneasiness, and that the situation could not be more favorable. The Third National Bank was next called upon for its report, which was to this effect: Our business is fine, and deposits up to now are three to one in 0XC088 of those wanting currency. One prominent wholesale house placed on deposit this morning 830,000 in currency." Mr. Yerguson, Cashier of the Merchants' National, said: " Everything is quiet, with the best of signs for reatored confidence." A call upon Mr. Espy, of Eapy, Holdelbach & Co., resulted in ascertaining from that gentleman a confirmation of what had been obtained from other bankers. The depositors, as at other places, were in excess of check-holders, and the demand for currency was not as largo as in ordinary times. Tno First and Second National Banks had nothing out of the usual order to rolato, Their resumption was followed the confidence on warmest by the part of depositore, with no calls for aurronoy that could in the least be regarded as more than ordinary domands. Mr. Larkin, of Larkin, Wright & Co., Hald everything was working smoothly. Mr. Nettleton. of Nettleton & Co., replied to the reporter: There is no trouble at all. The Franklin and Lafayette Banks had the same good news to impart. [70 the Associated Press.] CINCINNATI, Oct. 13.-This has been the most notable day, financially, that the city has witnessed since the notion of the banks and the bankers suspending currency payments, save as to limited sums, in the discretion of the banks. The desiro to know when this embargo on the commerce of the city was to be removed has increased from day to day. Though thoro has been, as far as possible, an adaptation to the peouliar circumstances, still the pinch on the moreantile classes has increased in intensity as the duration of the suspension longthened. The merchants of the city have endured the privatious with great heroism, and generally without complaint. They mainly have accepted the situation as the best that could be onjoyed undor the circumstances, but there was still groat auxiety to have A day fixed for GENERAL RESUMPTION, and whon the announcement WAS made that the Clearing-House Association, at its meeting on Saturday evening, had determined on full and completo cuarency resumption, It was received whiswith the greatest satisfaction. The more pering on Change Saturday that the Association was to hold an important meeting at the close of the day, was construed into a hopeful


Article from Chicago Daily Tribune, May 3, 1874

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BANK SUSPENSION. CINCINNATI, o., May 2.-A special from Medias to the Times reports the suspension of the First National Bank of that city this morning. and the probability that the assets will pay the Liabilities.


Article from The Rutland Daily Globe, May 4, 1874

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Suspended CINCINNATI, May 3. A special to the Times from Medi says the First National Bank of that ci suspended this morning. Reported asso will pay all liabilities.