19040. Fidelity Trust Company (Philadelphia, PA)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
September 19, 1873
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini
Short Digest
ad063dfc

Response Measures

Accommodated withdrawals

Description

Multiple contemporary reports (dated Sept 20, 1873) describe a heavy run on the Fidelity Trust Company on Sept 19, 1873. The bank continued to meet demands, stayed open late, and the run subsided; there is no indication Fidelity suspended or closed. The run was driven by the wider panic stemming from Jay Cooke & Co. and related failures (national financial shock).

Events (1)
1. September 19, 1873 Run
Cause
Macro News
Cause Details
Run occurred amid the wider financial panic following the failure/suspension of Jay Cooke & Co. and other New York institutions; depositor nervousness from national contagion.
Measures
Remained open late (until midnight if necessary) to meet demands; cashed checks through late afternoon; temporarily returned 4% interest deposits immediately rather than enforcing usual ten-day notice to reassure depositors.
Newspaper Excerpt
The Fidelity Trust Company did not close at three P. M., but continued to meet all demands, receiving checks as late as five o'clock, at which hour over $900,000 had been paid out.
Source
newspapers

Newspaper Articles (10)
1. September 20, 1873 The New York Herald New York, NY
Article from The New York Herald, September 20, 1873

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THE RUN ON PHILADELPHIA BANKS. PHILADELPHIA, Sept. 19, 1873. The Fidelity Trust Company did not close at three P. M., but continued to meet all demands, receiving checks as late as five o'clock, at which hour over $900,000 had been paid out. Mr. Browne, President, said he would keep open until midnight if it were necessary, to show depositors that that institution was in a sound condition and able to meet all claims. The Union Bauking Company was run upon up to the hour of closing, three o'clock, at which hour about $500,000 had been paid out. There was a run on the First National Bank, but it did not amount to much. TOUCHING BOTTOM. To-night there is a feeling prevailing that the worst has passed and that to-morrow will witness a decided change for the better. PUBLIC FUNDS SAFE. It is authoritatively stated that neither the State nor the city funds are disturbed, the State and city treasurers having no connection whatever with Jay Cooke & Co. nor any of the endangered houses. CALLING ON PRESIDENT GRANT. President Grant is in town to-night and was waited upon by prominent and influential gentlemen, who, it is said, urge the government to do something to strengthen the money market.

2. September 20, 1873 New Orleans Republican New Orleans, LA
Article from New Orleans Republican, September 20, 1873

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WHOLE NUMBER 1981. weather the storm. The president of the physician, was attacked with the dis to-day company asserts that it can pay two dollars for every one of its indebtedness. The Fever in Key West. A Washington dispatch says: Henry D. WASHINGTON, September -The in Cooke says their house will soon resume department has advices from Key W and depositors lose nothing. He also says that the cases of yel'ow fever on the P the suspension of the Washington house nee are improving. No fever at Key W was a matter of expediency, and that time or aboard the Sanguis (Shawmut?). will show them to be in a sound condition. Secretary Richardson. who is advised as to the cause of the suspension of Jay Cooke WASHINGTON. & Co. expressed the opinion that the susCrew of the Polaris. pension will be temporary, and that their assets will be found in excess of their lia S WASHINGTON. September 19.-The bilities. Department has ordered the consul I Excitement at Washington. dee to pay the Polaris crew's expenses, send them home. WASHINGTON, September 9.-Dispatches from all cities report long lines of depositors The Charges Against R. T. Merrick crowding the bank doors. This city is no vestigated. exception. The committee of the bar association There is quite a rush on the Washington the District of Columbia, appointed at City Savings Bank, and a slight demonstrarequest of R. T. Merrick, Esq., to inv tion on the Freedmen's Bank. Both give gate certain charges made against him assurances of their ability to meet all deI Benjamin E. Green, son of General mands. The Freedmen's Savings Bank reGreen, and formerly of this city, made port that they had this morning $80,000, of report to-day. which only $20,000 had been drawn. f The report contains copious extracts There are about seventy-five persons in a the evidence. It sets forth that the char line at this bank. have been shown to be without the sli There is no excitement about the other est foundation, and that Green knew th banks. to be false when he published them, Action of the Authorities at the Capitol. that the committee is forced to this con sion by Green's own testimony, taken Various rumors have been in circulation der oath before the committee. The throughout the day as to the action the troversy arose out of some transact Secretary of the Treasury would take in that took place while Mr. Merrick was order to relieve the financial pressure in ing as counsel for Green in prosecut New York and elsewhere, and telegrams suits to recover property for Green in were sent hence by private parties professdistrict, and of which he had been depri ing to give the programme adopted by during the war. The suit was prosect him. after. it was alleged, a conto success by Mr. Merrick, and since ference with Grant, who was reported for $75,000. to be in Washington. The President was Return of the Juniata. not in Washington, but at 10:30 A. M. General Babcock called at the Treasury The Juniata has returned to St. Jo Department and had a private interview from her search for the Polaris, where with the Secretary. Subsequently numerwill wait for the Tigress and return her. ous inquiries were made of the Secretary, Ten Millions of Bonds. to which he uniformly replied he had not determined what he should do in the premThe Secretary of the Treasury, at a ises, as he saw no reason as yet why he hour to-night, telegraphed the assis should interfere. and at eleven o'clock to treasurer at New York to purchase night. being interrogated on the same sub000,000 of bonds on Saturday. jeet. he remarked that there was no authority for the various statements and rumors concerning his acts or intentions on finanTHE POLARIS. cial subjects. as he had determined on nothing. The Polaris Party at Dundee. During the afternoon and evening he was LONDON, September 19. -The stea in telegraphic correspondence with the Arctic brought to Dundee ten member treasury officers in New York and also the Polaris expedition, whose names are with the President, He said at the latest follows: Buddington, sailing master; interview that if he should to-night detersels, chief of scientific corps; Chester, mine upon any measure he would furnish mate; Morton, second mate; Schun the information to the press. chief engineer; O'Dell, second engin At half-past eleven o'clock the Secretary, Campbell, freman; Simous, Hobby in company with General Babcock and Mr. Hays, seamen. All are in excellent liea Conant, the chief of the loan division, were Three others were transferred by at the telegraph office together. when he Ravenscraig to the whaler Intrepid, W telegraphed to the assistant Treasurer at t is expected at Dundee in two or New York to purchase on Saturday $10,weeks. Their names are: Bryan, astr 000,000 of bonds. This is a special sale in J mer and chaplain; Mauch, seaman; addition to the regular sale next week. Booth, fireman. The Effect in Philadelphia. What They Say. PHILADELPEIA, September -The folThe reseued of the Polaris party re that after separation from Tyson and Iowing have suspended: H. H. Douglass a companions, the Polaris was finally Bayard, J.H. Yerkes, John L. Lloyd, Gildoned in a sinking condition by Cap baugh & Co. all small firms except Gilbaugh. Buddington and the remainder of the.e 1 The feeling here is that the worst is past, dition. The party wintered in Life and that to-morrow will witness a decided Cave, where they built a timber h change for the better. which they covered with sails. The wi It is authoritatively stated that neither passed without event, except the breal u the State nor city funds are disturbed. out of seurvy, which, however, was tended by severe symptoms. Plentiful s Run on the Philidelphia Banks. plies of walrus' liver for food were obta The Fidelity Trust Company did not from the natives, and to this diet is at close at 3P. M. but continued to meet all uted the mildness of the disease. demands. receiving checks as late as five In the spring two boats were built of o'clock. at which hour over $900,000 had boards taken from the cabin of the Pol been paid out. Mr. Brown, the president, In these the whole party embarked as said he would keep open until midnight, if as the ice opened, and sailed soutHw it was necessary, to show depositors that On the third of June they sighted the institution was in sound condition and York, and on the twenty second were pi able to meet all claims. up by the Ravenscraig. The Union Banking Company was run as Mr. Chester, first mate, is regarded upon up to the hour of closing. three one who did most to save the party o'clock, at which hour about $500,000 had the rescued men speak in the highest té been paid out. There something of a of his exertions. They also say that run on the First National also, but it did tain Hall enjoyed the confidence of e not amount to much. one, and his death, which was unexped The Matter is Circinnati was deplored by all on board. CISCINNATI. September News con Dr. Bessel's Statement. eerning the New York failures has been GOTHA, September --Dr. Petermani sought to-day with a great deal of interest, received a private dispatch from Dr. but has produced no excitement. There is Bessel, chief of the scientific corps of a feeling of general security with reference Polaris, announcing the safe arrival to our banks here, and no apprehensions the remainder of the Polaris expeditio are felt concerning our dealers in stocks. Dundee. The dispatch briefly states The transactions in stocks during the last the party experienced great hardships one or two months are said to have been had narrow escapes before they were unusually small. The impression appears cued by the Ravenscraig. general in our financial circles that the reg. ular business interests of the country will How They Were Rescued. not be seriously affected. DUNDEE, Scotland, September 19 crew of the Polaris were making their No Excitement in Sit. Louis. south in boats, made from the ship, ST. LOUIS, September 19.-There was they were seen by the whaler Ravens no excitement here today from the and taken aboard that vessel. They panic in New York Business on all well. 'Change was very quiet, and outside of a Civil War in Morocco. small decline in wheat and bacon, from A civil war has broken out in Mor local causes. nothing unusual is noticeable between a son and brother of the dece In monetary circles and among banks and Sultan, and the trade of the count brokers everything is calm and confident. paralyzed. None of our banks have large balances in New York; what they have are in old corNEW YORK. porated institutions, therefore no fears are entertained of losses. There has actually been no effect here m any department of Board of Steam Navigation. trade other than a slight pause, which will NEW YORK, September 19.-The Nat be too temporary to produce serious results. Board of Steam Navigation elected Ca Dick Woolfolk, of Louisville. vice presi The London House All Right. The board passed resolutions against LOXDON, September 19. -Jay Cooke, Mcrenewal of patents and in favor of the Culloch & Co., of this city, have paid over ernment controlling the Louisville can the counter all day the run on the house. Declines. P.P. firm of Jay Cooke, McCulVice President Wilson declines the loch & Co., of this city, paid cash over dency of the Cuban League. its counter all day. notwithstanding the run on the house. Marine. Arrived New York Angela

3. September 20, 1873 Evening Star Washington, DC
Article from Evening Star, September 20, 1873

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outside under to 107 sell stocks rule that it was many Exchange had so impossible many to do it and k pup with the current business RESPENDED. YORK, BANK OF NORTH Sept. AMERIC m.-The Bank SURGING of New North America has suspended. CROWDS. ml At this hour are vest multitudes NEW YORK, Sept.20,1:30 sarging to and frothrough and streets, the Wall, Nassau. New and and Broad lower Broadway, recalling A general Exchange Place scenes of the firing on feeling Fort Sumter or the July riots. of the stock exat the closing who are of relief is expressed by the brokers, from the change of escape. through any means Stock Exchange glad pressure. The firmer, and tremendous open on Monday. Gold advices relative to a will probly under Washington is now 112 % advancing, further issue of currency. The price the NOTICE FROM THE LEARING-HOUSE been issued by The following Notice notice has is hereby given that a clearing-house: clearance cannot be effected the dealers this day, find general owing to the fact that their many checks of certified in a it impossible manner. to get All statements, tickets appli- and checks proper will be returned to the dealers on cation $10,000,000 to the bank. IN LOAN CERTIFICATES. afternoon NEW YORK, Sept. The bank presidents resolution at their to issue meeting immediately this ten millions in loan THE GONE certificates. NATIONAL SAN OF THE COMMONWEALTH NEW commonwealth YORK, Sept. has just The suspended. National bank of the BANK. RUN ON THE FOURTH The run en the NEW YORK, Sept. bank continues, but up to this Fourth Natioral institution is paying all demands, STREET. The hour the THE EXCITEMENT IN excitement in the NEW YORK, Sept. which followed the suspen Bank on of Stock Exchange Urion Trast company and escription. the The of Commonwealth was the beyond mad a house, and the exchange re embled blocked a ith people, all laboring Prices tumstreets under great were excitement and trenzy. and stocks were bled from 2 to 16 per cent., apparent regard to slaughtered without upon cheer any followed from the ADDITIONAL brokers value. Cheer when the Stock Exchange closed. a. 11:45 snsm. New NEW YORK, Taussig Sept. Fisher, P. M Meyers, Del- Mil pensions: Lawrens Josephs, Fearing & head. linger, ler & Walsh, Williams & Bostwick, and E.C. BroadA DEPALCATION exists in the Union Trust Company; cannot say to what extent. BANK OF NORTH AMERICA. certifiNEW THE YORK, Sept. Bank of North p. America have cations drawn of the out of the clearing house, which been rise to the rumor of its suspension. DEPALCATION gave TRUST COMPANY in THE NEW UNION YORK, Sept. amounts defalcation to $500,000. the Union Trust Company Charles F Carleton, is said to be the defaulter. The secretary He has not been seen since yesterday afternoon. NATIONAL TRUST COMPANY till say that THE they could then have have kept been up payment short. They Monday, the but street would with an amount of currence at a discame on but could find no buyers ef used to sixes, of 30 to 40 per tent and they for better count sacrifice, and suspended Have sell at such of themselves and customers. protection no advances on railroad securities. THE BANK OF that the run on the 4th National customers Bank says ipitated on US, and one of our their account pr Edwerd Haight Co.) overdrew make it amount of $200,000. and did Under not these to the the extent of $170,000. STOCKS OPENED circumstances good to we thought it best to suspend." govenment's with an advance of 4 to 6 on the buy bonds, but announcement the that failures it would of the nion Trust DEFAULTING fell 2 to 25 on Company and of the Commonwealth. SECRETARY YORK, THE Sept. Carlton, the default had NEW of the Union Trust ng secretary friends and relatives, on securimade loans to regarded sdoubtful, luding ties which were father, Rev. Dr. Carla loan of @20,000 to his priety. of the Method Book Concern others ton, The secretary for one loan is good; the are of no value. IN ALBANY. ALBANY, FAILURE Sept. is rumored that the banking house of Squires & Son, of this city, hrs spspended. STOCK QUOTATIONS YORK, LATES Sept. The follow ing were the the NEW quotations before the closing of ock latest stock board, as well as could be ascertain Central, Island, 87, cash; Ohio's, New York Lake Western Union, 57: Pacific mail, 32; Erie, 87: 89: Union Pacitic, 18; Harlem, 103 44. 55 Shore, St. Paul, 32%; C. C. and C., 20; Wabash, $2,483,000 BONDS ACCEPTED. NEW YORK, 483,000 of bonds were accept 1.rom 109 to 111.25. STATE BONDS no was There price There have been no transactions for money in before state bonds. the closing of the stock exchange. there Since being then ruled at per cent. currency. no it demand for it, as no st ock transactions have taken place. HALF MILLION DEPALCATION. NEW YORK, Sept. 20, 1:25 p. It is now rethat the defalcations in the Union Trust Company ported ill amount fully half million of a that they have been extending over do lars; iderable time, and were committed by one or officers. While the story is generally is of the lit d. it is deni d by others. The culprit cr reported to have fled city this morning. UNION TRUST COMPANY REVIVING. YORK, Sept. Checks drawn upon NEW Union Trust Company are now (half-past the (wo o'clock) being cashed by the Manhaitan Barking Company. CLOBING PRICE OF GOLD. New YORK, Sept. -Gold close at 11136 The payments that are being made by the Mauhattan Banking Company on account of the diUrion Trust Comp .ny are on checks drawn on them prev OUS to this morning, and r against et money deposited by the Trust Company. The Situation in Philadelphia. FAILURE OF THE UNION BANKING COMPANY. PHILADELPHIA, Sept. 20. The Union Bankcompany have failed. This bank is a state chartered ing affair, and bore a heavy run yesterday. THE SUSPENSION TEMPORARY. PHILADELPHIA, Sept. 20 Third street is comparative quiet this morning. The run on the Fidelity Trust company has almost subsided. The Union banking company, at 4th door stated that and Chestnut streets, did not open today, owing but to a placard demands on the suspension of a few days had heavy been r olved on. It sustained a heavy run yesterday, paying out about $700,000. It is a state institution issuing no notes, and its suspension only affects depositors. AT JAY COOKE'S BANK matters are progressing quetly the which clerks W be- II be laid ing busy before in preparing the meeting a statement, of the members of the firm, which cannot take place until arter the arrival of the steamer Ru sia, on board of which two members of the firm are pas engers. The Russia is expect d to arrive on Mo: day. the

4. September 20, 1873 Wilmington Daily Commercial Wilmington, DE
Article from Wilmington Daily Commercial, September 20, 1873

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JENKINS & ATKINSON. Publisher. WILMER ATKINSON, w For Terms, Etc., See Second Page. Latest General News. Very little remains to be added to the telegrams in last evening's COMMERCIAL, in reference to yesterday's development, in the finanwere no in or cial either flurry. Philadelphia There New further York, suspensions, of any important houses, except that of E. D. Randolph & Co., in the latter city. Quite a number of brokers, and small "operators," squeezed in the stock decline. The run on the Fidelity Trust Company, in Philadelphia, was fairly met, and the bank remained open an hour after time, to meet it. In New York, the Union Trust Co,, and the 4th National Bank were now open. but both declared their soundness and met all demand. At a meeting of Na tional Bank Presidents in New York last night, it was decided to units in support of each other, and disregard the reserved restrictions into-day's dealings. This is expected to relieve the financial community and assist in restoring confidence. A despatch from Washington, received after midnight. announces that the Secretary of the Treasury has directed the Assistant Treasurer at New York to buy $10,000,000 of bonds to day. A dinner in honor of the Army of the Cumberland was at on given Pittsburg, Thursday night. General Sheridan presided, and among those present were President Grant, Generals Sherman, McDowell, Hooker, and other distinguished persons. The President on entering the room Was received with great enthusiasm. President Grant and family will return to Washington in the latter part of next week, to remain for the season. Prof. King's Buffalo bailoon landed. on Thursday evening. near Oxford, in Chenango county, N.Y. The Grand Treasurer of the Grand Lodge of O d Fellows yesterday transferred, through the Western Union Telegraph, a gift of $400 from the Grand Lodge for the suffering of Odd Fellows of Shreveport. The engineers are at length at work, surveying the proposed route of the Breakwater & Frankford R. R. Mr. Jno. B. Wingate and assistant are to run three separate lines and submit estimates of cost of construction before either line is decided upon. The yellow fever continues its ravages in Memphis. and all the trains leaving that city are filled with fugitives. New CASES of fever are reported in all parts of the city, and the Life Associations have forty to fifty persons engaged in attending the sick. The house of William Crouch, near Williamstown. Ky., was burned, on Tuesday night, and hie wife, two children and an orphan, named Dann, were burned to death. At Saxonville, Mass., on Thursday evening, Josiah Bigelow plunged a knife into his wife's throat. inflicting a wound that will probably prove fatal. He then gave himself up to the police. Pierrepont Thayer, a well-known actor. committed suicide at Pioche, Cal., on Thursday, by taking poison. The Terre Haute Iron and Nail Works, at Terre Haute, Ind. was burned yesterday morning. Loss. $175,000. Insurance. $73,000. including $5000 in the Franklin, of Philadelphia.

5. September 20, 1873 Gold Hill Daily News Gold Hill, NV
Article from Gold Hill Daily News, September 20, 1873

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EASTERN DISPATCHES. [SPECIAL TO THE GOLD HILL DAILY NEWS.] DOMESTIC.INTELLICENCE Purchase of Bonds by the Government Announced. NEW YORK. Sept. 20.--The Union Trust Company suspended at half past ten o'clock this morning. The Sub-Treasurer has posted a notice up. stating that he has been instructed by the Secretary of the Treasury to purchase $10,000,000 In bonds to-day This prompt response of the Government to the request made for relief parently, by banks additional yesterday, strength gives the to weak. ap- the strong and encouragement to A better feeling now prevails, and it looks as If the worst is over. Defalcation and Probable Suspension. NEW YORK, Sept. 20.-The suspension of Fisk & Hatch is said to make probable the embarrassment of the Hoboken Bank for Savings. A defalcation of nearly $70,000 was discovered in the bank lately and the directors disposed of securities to make up the deficiency, depositing with Fisk & Hatch for safe keeping $94,000 of the amount realized. The suspension of the firm makes this sum unavailable at present. Numerous Additional Failures. The failures of Ketchum & Belknap and E.C. Moorhead are the latest reported. The National Bank of the Commonwealth has suspended, and Saxe & Rogers have suspended. A meeting of the creditors of Jay Cooke & Co., will be held next Monday. PHILADELPHIA, Sept. 20. - Third street is comparatively quiet. The run on the Fidelity Trust Company has almost entirely subsided. The Union Banking Company did not open to-day. A notice was placed on the door, which states that owing to heavy demands a suspension of a few days was resolved upon. It sustained a heavy run yesterday. paying out $700,000. It is a State institution. no notes, and the supension only effects depositors. At Jay Cooke's clerks are preparing a statement to be laid before the members of the firm on the arrival of the steamship Russia, on board which are two of the pardners. Still Further Suspensions. NEW YORK. Sept. 20.-New suspension are Toussig & Fisher, M. Meyrs, Miller & Wolsch, Laurens. Joseph Fearing & Dellinger, Williams & Bostwick.

6. September 20, 1873 The New York Herald New York, NY
Article from The New York Herald, September 20, 1873

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THE CRASH IN PHILADELPHIA. General Withdrawal of Deposits-A Serious "Run" on the Fidelity Trust Company-Fallures of Several Houses. PHILADELPHIA, Sept. 19, 1873. In my telegram to the HERALD last evening I said that a rumor was afloat announcing the failare of the banking house of De Haven & Co., and in stating it I had every assurance of its truth from more than one party. They announce their temporary suspension in the following card:We regret to be compelled to announce to-day that, in consequence of a great run upon us for money, we are obliged to suspend payment temporarily. We are abundantly aple to pay all we owe. DE HAVEN & BRO., No. 40 South Third street. They were the Philadelphia agents for placing the bonds of the Union Pacific Railroad Company, and have also been engaged in other large enterprises. If the canard about their suspension had not been given currency, they would undoubtedly have been able to weather the storm, and there is now every assurance that they will be able to make good their promise to meet all their liabilities-dollar for dollar. THE FRIGHTENED CROWDS. It is impossible for me to give you any idea of the intense excitement which is every where apparent in all business thoroughfures to-day. Yesterday, though the doors of the house of Jay Cooke & Co. were barred at noon, the news of the great disaster failed to reach the ear of many persons until towards evening, when it was entirely too late for them to follow their inclination in reference to withdrawing their deposits. This morning, and even up to a late hour of the day, Third street was a sea of excited men, and every banking house in town has been subjected to a constant and constantly increasing "run." WITHDRAWING DEPOSITS. About the Fidelity Trust Company's buildings the crowd was immense, and a steady line of men passed in and out the broad and lofty entrances. They besleged the cashier's desk in great numbers; but as each check was rapidly passed in it was with equal rapidity cashed. Although it was perfectly evident that the Fidelity was all right, a large percentage of the deposits being from the middle and poorer classes, the great excitement of the depositors could not be subdued, and hence the "run" has been kept up all day long. THE COMPANY SOUND. Mr. Browne, the President of the Fidelity Company, says that the "run" cannot possibly affect the concern, for they have on hand sufficient sums to meet any demand that could possibly be made. He says that the failure of Jay Cooke & Co., E. W. Clark and De Haven & Co. has no bearing whatever upon the Trust Company, because every dollar that has ever been placed in their hands was amply secured by good collaterals. The Fidelity, in order to prove to the public the groundlessness of their fears, departed from their regular rules concerning deposits which receive four per cent interest, and have returned them to the depositors upon their immediate application instead of subjecting them to give a notice of ten days before they could be drawn, as the rule requires. EXCITEMENT ON THE STREET. on Third street, which to a very saint extent cor

7. September 22, 1873 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, September 22, 1873

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PHILADELPHIA. The Financial Position. PHILADELPHIA, September 20. .-The Fidelity Trust Company, did not close at three o'clock yesterday afternoon. but continued to meet all demands, re= ceiving ohecks as late as five, at which time over nine hundred thousand had been paid out. Mr. Brown, the President, said be would keep open until midnight if it was necessary to show depositors that that institution was in a sound condition, and able to meet all claims. The Union Banking Company was run upon up to the hour of closing, at which time about five hundred thousand dollars had been paid out. There was a run on the First National Bauk, but it did not amount to much. It is said that neither the State nor the city funds are disturbed, the State and City Treasurers having no connection weatever with Jay Cooke & Co., or any of the endangered houses Thurd street is comparatively quiet this morning. The run on the Fidelity Trust Co, has almost entirely subsided. The Union Banking Company did not open to-day. A placard on the door states that owing to the heavy demand a suspension of a few days had been resolved upon. It sustained a heavy run yesterday, paying out about seven hundred thousand dollars. It is stated that the institution is issuing no notes, and the suspension only affects depositors. At Jay Cooke & Co's the clerks are preparing a statement to be laid before the meeting of the members of the firm on the arrival of the steamship Russia, on board of which are two of the partners.

8. September 22, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 22, 1873

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THE PANIC ELSEWHERE. ITS EFFECTS IN EUROPE. LONDON, Sept. 30.-Dispatches from Frankfort, Hamburg, Bremen, and Vienna, say DO failures have occurred in those cities on account of the NewYork panie, but that much anxiety exists in financial circles. THE SYNDICATE ACCOUNT-QUIET RESTORED IN WASHINGTON. WASHINGTON, Sept. 20.-The following was received from London to-day: Hon. WITHLIAM A. RICHARDSON, Secretary of the Treasury, Washington, D. C.: The Syndicate account is in perfect order. There is universal kind feeling toward Jay Cooke, McCulloch & A. G. CATTEL. Co., who continue business as usual. The members of the firm of Jay Cooke & Co. in this city have prepared a statement of the situation of the Washington branch of the house, and are awaiting a similar statement from the other branches of the firm. The Receiver of the First National Bank took formal possession to-day, and will at once proceed to liquidate its affairs. The run on the savings banks bas spent its force. The Freedman's met everything with great promptness, and by 2:30 they had not a depositor left at the desk. Manv who had came for their money left without taking it. At the Washington Savings Bank the run was over by noon, and the bank sound. SUSPENSION OF THE UNION BANKING COMPANY OF PHILADELPHIA. PHILADELPHIA, Sept. 20.-Third-st. is comparatively quiet this morning. The run on the Fidelity Trust Company has almost entirely subsided. The Union Banking Company, corner of Fourth and Chestnut-sts., did not open to-day. A placard on the door states that owing to the heavy demande a suspension of a few days had been resolved upon. It sustained a hea vy run yesterday, paying out about $700,000. It is a State institution, issuing DO notes, and the suspension only affects depositors. At Jay Cooke's matters are going on quietly. The clerks are busy preparing a statement to be laid before the meeting of the members of the form, which cannot take place until after the arrival of the steamer

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

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NO GENERAL PANIC- CA NUT PENSIONS-WASHINGTON LOSSES-A LEATHER HOUSE GONE UNDER-THE LATEST ADVICES. ST.LOUIS. ST. Louis, September 20.-The feeling here to-day regarding monetary affairs in York has been more anxious and an. than it was prehensive New yesterday, but still The there suspension has been no of alarm Taussy, or Gemk excitement. & Co. no owe produced perceptible effect. They little or nothing here, and therefore nobody will be hurt. The banks have curtailed their discounts but slightly. A majority of all good paper is passed promptly, and there seems to be little or no distrust. The markets on "Change to-day were a good deal unsettled. Corn and oats have declined a cent or two, and it was difficult to self any article; but this was the result of an uneasy feeling and a desire to hold of until steadiness is again restored rather than alarm. There has been no panicky feeling whatever. CINCINNATI. CINCINNATI, September 20.-The feeling in financial affairs here continues to be one of confidence. Third street to-day has been free from excitement, though inteiligence from New York has been watched with great interest and has been freely discussed. No paper has gone to protest, and the banks generally have been carrying for their customers. PHILADELPHIA. The Philadelphia Telegraph o. Saturday evening says: .. There is no such thing as borrowing money. lenders holding tenaciously to what they possess, or exacting impracticable terms from borrowers. The suspension of the Union Banking Company, it State corporation, has had an injurious effect upon the market, and caused a renewal of the 'run' at the Fidelity Trust Company, The teeling in all circles is very unsettled. In the stock market this morning prices were lower, as a rule, though it opened stronger. PHILADELPHIA, September 22.-A much better feeling prevails on the street to-day. The Stock Board is firm. Pennsylvania railroad is holding ground at 49 to 50. The bank starement will be out as 11 ual to-day, and will show a gratifying exhibit. PHILADELPHIA, September 22.-.-The normal condition of finances is rapidly improving in this city. Concerning the several banks that have suspended, it is said that all are solvent, but experienced some annoyance from the scarcity of currency. They ascribe their tumble to the refusal of the national banks to accept their checks, thus throwing them upon their own resources. Several are expected to resume to-morrow. BOSTON. BOSTON, September 20 -The firm of Horace Conu & to., of Woburn, Mass. exten. -ive leather manufacturers, suspended payment. Their liabilities amount to $100,000, and it is estimated that their assets are $150,000. s , Since the suspension, Horace Cene, the

10. September 23, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 23, 1873

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PHILADELPHIA. Special Dispatch to The Chicago Tribune. PHILADELPHIA, Sept. 22.-1t is currently rumored here that President Grant refunes to allow the reserve in the Treasury to be drawn upon in aid of the banks. THE EXCITEMENT IS INTENSE. Fears are entertained of a general suspension. A majority of the banks still continue payments. The run on the Fidelity is continued. On the receipt of a New York telegram, stating that the banks there had all suspended, one would have supposed that the bankers and brokers here had gone mad. A later telegram, just arrived, states that the formeria A FABRICATION. The alarm is but slightly allayed. The Stock Exchange remains closed until further notice from the President of the Board. The Union Bank refused to give any statement this morning. They have pasted on their closed doors the following: A Card.-Payments of all notes, drafts, etc., Intely held here can be made at the Girard National Bank. I am almost certain they will never rank in banking circles again. THE EXCITEMENT SUBSIDES. The excitement is somewhat allayed. The State Bank resumed payment about an hour since. Depue, Cashier, thinks they will now be able to meet the demand. The Board has opened at the Exchange. ANOTHER DISPATCH. Special Dispatch to The Chicago Tribune. PHILADELPHIA, Sept. 22.-This evening the excitement is considerably toned down. The city is full of strangers, called hither probably to take part in the dedications of the Masonic Temple. I might almost say there was no extra unusual excitement TOWARDS THE CLOBE OF BANKING HOURS, except among brokers. The people, whose confidence in some institutions has been shaken to such an extent as to cause A desire to draw their funds, have become satisfied that matters are not so bad as might bave been expected, and the run has almost ceased. About 11 o'clock a rumor of the suspension of all the banks in Now York gained some circulation, and for a time created quite a commotion. Of course, such action would have caused a very considerable change in the state of affairs. The National Banks, which have not felt any unusual pressure thus far, would have been affected, and would probably have been compelled to suspend also. Inquiries addressed to authentic sources in New York wore at once made, and the rumor was found to be untrue. THE FAILURES IN THIS CITY were not nearly 80 many as was anticipated. This fact ehowed how strong were our different financial firms, to be able to withstand NO well such a panio as has burst upon us. To the Fidelity Trust Company, which stood the brunt of the battle, our banks and other similar institutions owe a world of gratitudo; for, had it auccumbed, a general run and crash must have inevitably followed. As it is, many weak and flashy concerns have been cleaned out. This will make A far more healthy condition of affairs. Things remain in statu quo with THE UNION BANKING COMPANY. The doors are closed, and the future course of tho firm has not yet been determined upon. A meeting of the Directors was hold at 8 p. m. for the purpose of considering the state of affairs, but no statement was issued save the card sent in a previous dispatch. There 18 TROUBLE AMONG THE STATE BANKS. These institutions are obliged to make their colloctions through the National Banks. They have considorable country custom, and the genoral habit has been to deposit the checks received from the country banks, and then draw against them. As the State Bauke are not banks of issue, they must necessarily get their greenbacks through National Banks. In an interview with the officers of one of the State banks, this morning, they stated that on Saturday the National Banks refused to receive on deposit the checks of the country banks, and this refusal left the State banks without cash to