18940. Bank of North America (Philadelphia, PA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
September 20, 1873
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini
Short Digest
529d8eac

Response Measures

None

Description

Multiple contemporary dispatches (dated Sept 20, 1873) report that the Bank of North America has suspended. Another dispatch (interview) indicates the bank's president claimed no run had occurred. The articles link the suspension to the wider Panic of 1873 (financial contagion/macro news). There is no explicit mention in these clippings of receivership or permanent failure; many other banks later resumed or were supported, so I classify this as a suspension with likely reopening (no direct evidence of permanent closure). If you want strict 'unknown outcome' categorization, we could change to suspension_closure, but the texts contain no evidence of a receiver or takeover.

Events (1)
1. September 20, 1873 Suspension
Cause
Macro News
Cause Details
Suspension occurred amid the broad financial panic of September 1873 (many bank failures and runs elsewhere); reported as part of market-wide crisis and bank suspensions on Sept. 20, 1873 in multiple dispatches to newspapers across cities and states.
Newspaper Excerpt
The Bank of North America has suspended.
Source
newspapers

Newspaper Articles (5)
1. September 20, 1873 The Daily State Journal Richmond, Alexandria, VA
Article from The Daily State Journal, September 20, 1873

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Article Text

THE FINANCIAL CRASH. More Failares-The Government Buys $10,000,000 Bonds. NEW YORK, September 20.-The presidents of the national banks held an informal meeting this morning, and resolved to support each other and disregard any restrictions in to-day's dealings. Wall street was crowded at an early hour, but, however, with less solicitude. The resolution of the banks to sustain each other and the purchase of ten millions of bonds by the treasury nerves matters. Two members from Jay Cooke & Co. are coming on the Russia, which is expected Monday, when a reliable statement of the affairs of the house will probably be presented to the public. WASHINGTON, September 20.-The following failures are reported this morning: Union banking company, of Philadelphia ; Union trust company, of New York ; A. B. White & Co., of New York; E. C. Broadhead, of New York, and Ketchum & Belknap, of New York. NEW YORK, September 20.-The stock exchange is closed, subject to the call of the president, to enable members to settle. The defalcation of the Union trust company is reported. Vanderbilt is closeted with the directors. Quotations of stocks are impossible. President Chapman, of the stock exchange, forbids outside operations by members, upon penalty of expulsion. WASHINGTON, Septemper 20.-A. G. Cottrell, agent of the syndicate at London, telegraphs to Secretary Richardson that their accounts are all in perfect order. ADDITIONALSUSPENSIONS. Saxe & Rogers, New York; National Bank of the Commonwealth, New York Quassig & Fisher, P. M. Meyers, Miller & Walsh, Laurens Josephs, Fearing & Dillinger, Brown, Wadsworth & Co. The Freedmans' bank has paid out $65,000. The officers declare themselves well fortified. There is only the usual Saturday afternoon crowd about the bank. NEW YORK, September 20.-The National trust company has closed its doors. Certificates of the Mechanics banking association and the Continental bank, are thrown out from the clearing office. The bank of North America has suspended. PHILADELPHIA, September 20.-It rumored that the Union banking house has suspended. ALBANY, September 20.-Itis rumored that Squires & Sons have suspended. The Crisis in London-Jay Cooke's Firm Honor All Demands. LONDON, September 20.-The firm of Jay Cooke, McCulloch & Co., in this city, has paid cash over their counter yesterday notwithstanding the rush on the house. EFFECT OF THE NEWS FROM NEW YORK. LONDON, September 20.-Financial re ports in the afternoon papers indicate an uneasy feeling, occasioned by the news from New York. The close of the marS ket, however, finds confidence partially restored, and at this hour London's financal condition is sound. There are no failures. WHAT THE LONDON PAPERS SAY. LONDON, September 20, 6 a. m.-The London Times, commenting on the financial panic in New York, says : "In view of : the extraordinary prosperity of the United States, and 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 such local P troubles as suspensions in New York seem to be merely the rank outgrowth of exu3. berant prosperity and accessories to progress, which does not for a moment halt.

2. September 20, 1873 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, September 20, 1873

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Article Text

LEXANDRIA GAZETTE AND VIRGINIA ADVERTISER. LOCAL BREVITIES. TS. -The following are the run on the Fourth National Bank precipitated TELEGRAPH. one on us, and one of our customers, Edward , V. M. & G. S. Railroad The Alexandria correspondent of the Haight & Co., overdrew their account to the 405 bushels, wheat 13,752, [SPECIAL DISPATCHES TO THE GAZETTE.] more Suo, of this morning, says, "in on amount $200,000 and did not make it good to 0, oats 905, potatoes 265, way train which left this city to-day the the extent of $170,000. Under these circumrn meal 120, flax seed 5, over thirty persons who were en route to THE GREAT FINANCIAL CRISIS. stances we thought it better to suspend. round sumac 20,160 lbs, ington to look after deposits there. Stocks opened with an advance of 4 to 6 on s 16, dried fruit 25 bbls STINL FURTHER FAILURES. the Government's announcement that it would Maj. J. R. Smoot has sent to this firkins, eggs 19 bbls and buy bonds, but fell 2 to 25 on the failures of specimens of enormous pippins from the CONTINUED EXCITEMENT, &c. lbs, leather 50 roles, ap ard of Mr, Charlee Stewart, formerly of the Union Trust Company and of the Commony 6 bbls, fowls 12 coops, wealth. York, but now a most worthy and ent WASHINGTON, Sept. 20.- quieter feeling boxes, cider 3 bbls, wax NEW YORK, Sept. 20.-11:30 a. m.-A ruing citizen of Culpeper county. $ bales, wool 19 sacks, ale prevails in financial circles to day, and coufimor is going round the street of a defalcation Mr. Courtland Johnson, formerly 0 pieces, spokes 50 bundles, dence in the various banks of this city is greatin the Union Trust Company. York, but for many years past the res B bars, cabbage 13 bags, Saxe & Rogers have suspended. ly restored. Everything is quiet at the bankowner and occupyer of the Mt. Eagle est s, syrup 3 casks, hair 2 NEW YORK, Sept. 20.-11:25 a. .-The ing house of Jay Cooke & Co. The runs on the opposite side of Hunting Creek, die eaches 2 bbls, sheep skios National Bank of the Commonwealth has just terday at the advanced age of 87 years. des 107 bundles, old iron the banks, mentioned iu your dispatches yessuspended. The announcemet of the death of Dr. T 3 lbs, horse shoes 7 kegs, terday, have nearly ceased, there being very NEW YORK, Sept. 20.-11:45 a. m.-The Miller, of Washington, which occurre exes, lumber 38,000 feet, Stock Exchange has closed. few in line at the Washington City Savings morning, will be read with regret by the eet, empty botties 2 bbls, NEW YORK, Sept. 20.-12:45 p. m.-The Bauk, all seeming perfectly satisfied that their friends of the deceased in this city. sheep 18 cars, stone 7 cars, National Trust Company have just closed their money is safe, which feeling is caused by the Letters addressed to The Keystone, doors. he following were the redelphia, Pa., and Edward Elzy, Marylan promptness with which all demands were met The certificates of the Mechanic's Banking 0. R. R.:-Wheat 3,968 detained in the postoffice here for W Association and Continental Bank have just yesterday. The run on the Freedmens Savings ats 646, rye 232, meal 198, postage. been thrown out of the clearing house. Bank continues this morning, but not near so bbls and boxes, butter 61 There was no truth in the rumor currer NEW YORK, Sept. 20.-12:50 p. m.-The heavy as yesterday. The officers of that insti66 bbls, sumac 5,545 lbs, Stock Exchange closed to enable the members ported on the streets to-day that the tra 3 bales, hides 5 bundles, tution stated this morning that they had paid the A. & F. R. R. had run off the to settle their accounts. It will help them. as es 30 head, horses 1, old over Occuquan Creek. many can settle outside without suspending. out a large amount and stiil have a large surlbs, wood 4 cars, cooper The Exchange bad so many stocks to sell under Mr. Benjamin Greenwood yesterday plus remaining ou deposit. It is thought that the rule that it was impossible to do it and sixty sora, in the marsh, at Hell Hole, the order telegraphed to the sub-Treasurer at keep up with the current business. the creek. He did not miss a single she -The following cases have New York at midnight last night by Secretary NEW YORK, Sept. 20.--1:08 p. m.-The After Monday next the 22nd inst. an ce headquarters since yesRichardson to purchase $10,000,000 of bonds Bank of North America has suspended. tion of ten per cent will be made to all 1 ter, colored, for assaulting NEW YORK, Sept. 20.-1 p. run on to-day will effectually break the panic, putting Corporation tax bills. s, in default of the paythe Fourth National Bank continues but up to a large amount of currency in circulation. No A flock of plovers was shot into on th fine, conscripted into the this hour the institution is paying all demands. further "runs" are reported. corner of Royal and Princess streets this is, OD complaint of John It seems to be the opinion that the Bank will ing and eight were killed. 1, for beating his wife, was PHILADELPHIA, Sept. The Union Bankhold out. The crowd is not greater than at the rge was not sustained; AnGypsy peddlars and Italian musicians opening of the Bank this morning. ing Company have failed. This bank is a ored girl, for breaking strolling about the streets of the city t NEW YORK, Sept. 20---1:05 p. -Notice State chartered affair, and bore a heavy run dismissed upon a prom"plying their vocations." was given that a general clearance cannot be afyesterday. bunt of damage; Sarah feeted to-day owing to the fact that many dealers To-morrow, the 21st inst., will be th rderly conduct, was fined find it impossible to get checks certified in the LONDON, Sept. -12:30 p. m.--News just when the sun crosses the equinoxial line, D McGuir, hailing from proper manner. All statements tickets, and storm will not be unexpected. received from New York by cable causes a betrly conduct, was dischargchecks will be returned to dealers on applicaThe arrival of the northern mail was ter feeling in American securities. tion at the gold exchange. Gold 11 p quit the city forthwith; late this morning. NEW YORK, Sept. 20.-The suspension of orderly conduct, and for PHILADELPHIA, Sept. is rumored Lent's circus, said to be one of the bes Fisk & Hatch is said to make probable the emMcGruder, both colored, that the Union Baking House of this city has travelling, will exhibit here on Monday imp, was fined and disbarrassment of the Hoboken Bank for savings. been compelled to suspend fora few days. Gen. Beauregard passed through this n, for appropriating CorALBANY. Sept. 20. --It is rumored that the A defalcation of nearly $70,000 was discoveryesterday evening, on his way north. discharged upon making Banking House of Squires & Son, of this city ed in this bank lately and the directors disposhas suspended. Fire. ed of some securities to make up the deficiency, NEW YORK, Sept. $2,483,000 of bonds Kerby, real estate DETROIT, Sept. 20.-A fire at Manist depositing with Fisk & Hatch for safe keeping. were accepted from 1.09 to 1.11-25. r, sold to-day, in front of $94.000 of the amount realized. The suspennight destroyed the post office, several NEW YORK, Sept. The Bank of North sion of that firm makes this sum unavailable and stores and other buildings. Loss $3 auction, a vacant lot ou America has not suspended. in urance $25,000. Cause-incendiary. at present. t There have been no transactions in State Asaph street, between NEW YORK Sept. Court of Genstreets, 36 L feet front by bonds. There was no price for money before Their Y. -Singing meeting to-m eral Sessions was adj burned early yesterday to ), the property of a colorthe closing of the Stock Exchange. Since then (Subbath) evening. at the rooms, at 5 o'cle give the jurors and court officers an opportunity $ Piper, to L Gentzberger it has ruled at 7 per cent. currency, there bethe purpose of learning new hymns for to look after their bank accounts and securities. d two story framed house ing DO demand for it, as no stock transactions ation Sabbath. All the members or the Ikes street, between Pitt A number of telegrams were received at the have taken place. ciation are invited to be present, and al Postoffice yesterday requesting the Postmaster ging to Emaline M. Norothers inteacsted NEW YORK, Sept. 20-1.25 p. is now to withhold the delivery of letters bearing the r $820; also a steam enreported that the defalcation in the Union FTER MONDAY, the 22d instant, sary appliances, belonging stamps of the firms sending messages and which A Trust Company will amount to fully a half a PER CENT will be added to all late Josiah H. Davis, to were addressed to Jay Cooke & Co. The PostCORPORATION TAX BILLS. million dollars; that they have been extending The sale of the tract of master could not comply with the request as over a considerable time and were committed OTICE TO GAS CONSUM he late W. B. Searce, to the postal regulations provide that after a letby one of the officers. While the story is genthe same time, was postter has passed from the mailing office the deerally credited it is denied by others. The culBil's for the quarter ending Septembe livery of it cannot be prevented or delayed by 11th, as only $6 per acre are now ready for delivery. prit is reported to have fied the city this wornthe alleged writer. All bills paid on or before October 1st V ing. at the rate of $3 per thousand; on all bill NEW YORK, Sept. -Bankers and brokThough some grumble there is general acquiafter October 1st ten per cent will be ers who generally do not come to business till 7 YEAR. --The Roshhasescence in the wisdom and propriety of closing The flow of gas will be stopped from the ten o'clock are agaio hasteuing to Wall street. the Stock Exchange until reason can assert N Yoar, as rec rded in the ises of all consumers who have not paid The feeling of solicitude is, however, less than herself. Ou the street considerable disappointthe 10th of October urs on Monday, Septemyesterday morning. ment has resulted, to outsiders who came In giving the above notice, I desire to a nies attending the occaConfidence prevails this morning based on the following remarks: down in considerable numbers during the day commenced on Sunday A custom has obtained in the collection the determination of the bauks to stand by to purchase stocks and take them away for in among the strictly orthobills, which has almost become law, of gr each other and Secretary Richardson's order vestment. million ands to day il the evening of Tuesindulge ice to consumers by which much

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

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Henry L. Fell Bro., No. 305 Walnut street, Many small houses are tottering, and will doubtless go under in a general crisis. Mr. Smith, President of the BANK OF MORTH AMERICA, assured me that the panic had caused no run there. He saya " We have 50 per cent above our liabilities instead of having only 25." At the Commerce, Commercial, Commonwealth, Western, Central, Farmers' & Mechanics', Philadelphia, and Provident Trust Banks everything looks colcur de rose. THE DAY IN STOCKS, About seventy brokers assembled in Board this morning at the Exchange, but nothing of importance was transacted. Pennsylvania Railroad sold to-day for 47 cash, tho decline being attributed to the panic. I called on Mr. Droxel, of Drexel & Co., and he smilingly told me that there was not the loast danger from them. I now turn to THE MONEY MARKET and the day's transactions. At the opening of busito-day in Philadelphia an improvement in city securities was noted in the recovery from yosterday's quotations to 1001/2 for cash sales of now Ga, but in Pennsylvania & Reading Railroad stock the stringency of money caused ANOTHER DOWNFALL, and upon the First Board the former stock fell to 171, while Reading was quoted as low as 50. Lehigh Valley was also affected by the panicky condition of the market, and fell to 5814. Government bonds are barely quotable, either horo or in New York. STOCKS WERE UNSETTLED AND EXCITED. The interest was centered on Pennsylvania & Roading Railroad shares, the former selling largely at 49 down to 475, closing at the latter, and the latter at 50@5015. City Gs, now, sold at 101@ 101% and Lehigh Navigation at 29. The sconesjin and around the Stock Board as the fluctuation stock rose and fell were raro indeed. There WAR need of but the numbers that visit the New York Stock Exchange to Breate. A PERFECT PANDEMONIUM. Every fow moments the intelligence that some well known firm of brokers had failed, would start anow the revolving whocl of excitement that found no time for abatement. THE FAILURE OF YERKES on Third street, was greeted with that most intense alarm, 58 it was the signal of the danger ahead. Yerkes held large quantities of Pennsylvania stock, the decline of which has been markedly steady throughout the day. The rapid succession with which the failures of the bankers along Third street was announced, created a perfect frenzy of excitement, not only within the precincts of the Stock Board. but without and along the street. Every one secmed Beized with paroxysms that have never been equalled in Philadelphia, at least by the operations of speculation. DeHoven's failure produced a consternation that was added to by the financial combustion of George H. North & Co., whose condition was brought about by the failure of Joseph Yerkes to meet a $000 demand that had been made upon him. Clarkson, Davis & Co. were next announced as contestants for the laurels 50 meagrely attached to extinction in the Board. Thoso who had ascaped the effect of the crash SUDDENLY TURNED THE TABLES of their notions about matters, and songs were sung in chorus, bids were made upon imaginary stock, and fortunes of a mythical nature changed hands every two minutes. The serious business of the day, that had beggared many,and temporarily staggered as many more, seemed to have no other effect than that of creating the most imbecile hilarity that can well be imagined. No shade of sorrow at the downfall of others Boomod to overspread the countenances of those who had survived the shock of this disastrous day. There were others in this Board, however, who did not look upon matters as did their mero fortunate fellows. The latter gathered around the clearing house, and, with nervous hands and palpitating heads, awaited their turn to redeem their balances, while hundreddollar bills, clutched by fingers that dreaded to part therewith, were thrust through the windows, and the clearance clerk was kept in the most intense flurry by the excited men, every one of whpm desired his business to be attended to first. THE BEARS ARE JUDILANT, owing to the immense amount of stock thrown on the market, principally that of the Pennsylvania Railroad. We all bope that to-morrow will bring & better state of things. If it doca not, there will be ruin and desolation in many homes. It is a matter of pleasure to note, notwithstanding our present painful condition, an advance in the amount of our subscriptions in aid of the Shroveport sufferers amounting to $3,482.

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

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NEW YORK. GREAT IN WALL EXCITEMENT STREET. Suspension of Several Prominent Banking Houses. Suspensions in Philadelphia I I The National Panks to Stand by Each Other. Better Feeling Reported in London. Government Aid Urgently Demanded. 1 A Rush on the Banks. NEW YORK, Sept. 19. -The following suspensions are announced this morning Robinson & Ruydan, Richard Shell, Fisk & Hatch, White, Defrees & Rathbone, Geo. Burns & Edwards, Eugene Jackson. Opdyke & Co. have not suspended. No price at all for money. Gold, 1.12% Exchange, long, 1.0SH short, 1.09% bonds Governments dull and irregular. State dull: no bids nor offers. The wildest excitement followed the Fisk & Hatch failure. Wall street was in its shirt gleeves and bare headed. Stock fell ten per cent. and is still sinking. Dehaven & Co., of Philadelphia, have failed. The additional New York failures are Thos. Reed & Co., W. H. Warren, Greenleaf & Morris, and George B. Alley. LATER.-The following additional fail ures have occurred: Theo. Biddle, A. M. Kidder. Western Union Telegraph stock opened There at 178c., but is now down to 681c. like fluctuations in the whole list. Jay Cooke & Co., have assurances from their London house and correspondents in ed. other cities that their bills will be protectWASHINGTON, Sept. 19.-Dispatches from all cities report long lines of depositors crowding bank doors. This city is no There is quite a rush exception. the Washington City Savings on Bank, and a slight demonstration on the Freedman's bank Both of them give assurance of their ability to meet all demands. The Freedman's Savings Bank report that they had this morning, $80,000, of which only $20,000 had been drawn. There are about seventy-five persons in line at this bank. There is no excitement about the other banks. More Failures. E. D. Landolph & Co., bankers, of the Pennsylvania Central railroad, and Wm. H. Counerare annouuced as suspended. Mr. Fahnestock, of Jay Cooke Co., said, in an interview this afternoon, that firm hoped to pay all its liabilities. Mr. the Garland, another member of the firm, said the London house will have a large surplus after the payment of all its debts, the unless there is a great shrinking in value of their securities. The latest rumor on the street is that the Government will come to the rescue to-morrow, by buying five million bonds. all The grain and provision markets are unsettled by the Wall street panic. The State and railroad bonds and city bank shares have been practically neglected, while dealings in raifroad stocks continued on an enormous scale this afternoon. Suspension in Philadephia The following firms have suspened: H. H. Douglass, Bayard H. Yerkes, John Floyd, Gilbough & Co. The firms were all small except Gilbough. A List of the Suspended Houses. NEW YORK, Sept. 20. The Presidents of National Banks held an informal meeting to-day, and'resolved to support each other in and disregard the reserve instructions o- day's dealings. Wall street crowded at an early hour to-day. Less solicitude however, and the resolutions of the banks to sustain each other, and the sale of ten million bonds by the Treasury nerves matters. Two members from Jay Cooke &Co., are coming on the Russia, which is expected next Monday when a reliable statement be of the affairs of the house will probably presented to the public. President Chapman, of the Stock|Exchange forbids outside operations by members upon penalty of expulsion. The Bank of North America has suspended. The suspension of Saxe & Rogers, New York, National Bank of the Common weath, New York, Quassig & Fisher, M. Meyers, Miller & Walsh, Louis Joseph, Fearing & Dillinger, and Brown, Wadsworth & Co, is announced. Dr. Miller, a noted physician of this city is dead. The Stock Exchange is closed, subject the to the call of the President, to enable members to settle the defalcation of the Union Trust Company. It reported that Vanderbilt is closeted with the directors. There is no quotation of stock to-day, The National Trust Company have closed their doors. Certifications of the Mechan1cs' Banking Association and Continental Bank were thrown out of the Clearing Office. WASHINGTON, Sept. 20.-The agent of the Syndicate at London telegraphs Sec. retary Richardson that their accounts are in perfect order. The Freedmen's Savings Bank has paid out sixty-five thousand dollars. The t C officers declare themselves well fortified. afterThere is only the usual Saturday le noon's crowd about the bank, o The following houses have failed Union Banking Company, of Philadeld phia; Union Trust Company, of New N York; A. B. White & Co., of York: New York E. C. Broadhead, of New P Ketchum & Belknap, of New York. de PHILADELPHIA, Sept. 20.-It is rumor-

5. September 25, 1873 Edgefield Advertiser Edgefield, SC
Article from Edgefield Advertiser, September 25, 1873

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The Bank of North America has surpended. The Freedman's Savings Bank paid out $65,000. The officers declared themselves well fortified. Only the usual Saturday afternoon's crowd about the bank. PHILADELPHIA, Sept. 20. It is rumored that the Union Banking House has suspended. NEW YORK, Sept. 20. Carlton, the defaulting Secretary of the Union Trust Company, had made loans to his friends and relatives on securi ties which were regarded as doubtful, one loan of $20,000 to his father, Rev. Dr. Carlton, of Metiodist Book Concern notoriety. The security for one loan 19 good, the others are of no value. Carlton has had almost entire management of this great financial institution. Alluding to the suspension of operations by the members of the Stock Exchange, the Evening Express says: "Too much praise can't be awarded to the men who conceived and carried out this master stroke of policy Bedlam was running loose and the craze was rapidly communicating itself to the outside Nothing remains but to shut the door and try to bring back the bulls and bears alike to their senses There is a defalcation in the Union Trust Co. to the amount of half a million dollars. The Bank of North America is not suspended. The day closed with betterfeeling among the banks, and with the belief that affairs will mend early next week. The closing of the Stock Exchange is generally applauded, and the opinion is expressed that the Governing Committee should, after making some arrangements for settlement among the brokers of the contracts falling due to dav and Monday, keep the Exchange closed fora few days. Bank statement not out. There is much difference in the amounts of the defalcation of Carlton, Secretary of the Union Trust Company, the figures given ranging all the way from $250,000 to $500,000. The institution sold ten million bonds to the Government to-day, which places it in funds for next week; and it has also over 200,000 call loans, which have been called, and this money will also be avaliable next week. The fact that the checks of some banks have been thrown out of the Clearing House does not necessitate their failure in the present deranged condition of affairs.