19081. Keystone Bank (Philadelphia, PA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
September 22, 1873
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini
Short Digest
1c974d85

Response Measures

None

Description

Contemporary reports (Sept 23, 1873 papers) state the Keystone Bank (a State institution) on Chestnut St. suspended payment Monday morning because of inability to secure currency (greenbacks). Other dispatches indicate arrangements were made to resume operations, so classify as suspension with reopening. No discrete run on this specific bank is described.

Events (1)
1. September 22, 1873 Suspension
Cause
Macro News
Cause Details
Suspension took place amid the nationwide Panic of 1873 and inability to obtain currency (Greenbacks); bank refused to cash checks and suspended to treat depositors equally.
Newspaper Excerpt
The Keystone Bank, on Chestnut stteet, opposite the Mint, refused to cash checks, believing that justice would be better meted out to all by suspending at once
Source
newspapers

Newspaper Articles (5)
1. September 23, 1873 New Orleans Republican New Orleans, LA
Article from New Orleans Republican, September 23, 1873

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resultion he vielded to the clamor that mistake, beset him. and the would have made been nationalized instead narrow limits. panic of being would concentrated have within the Bonds Bought. $83,333.3 The total amount of bonds bought at the sub-treasury Evening Items. that the statement on Saturday Bank had been The of the Continental House was in thrown checks out at the Clearing confounded with The the error. it having been Commonwealth Continental National Bank Bank if the is and has been paying bonds as usual. Three million dollars in to this P.M by the sub- Treasurer up the bought hour. and more coming in at the suit of Judge National Fancher Bank, to-day. of this the city, property grant of the Union $10,000. ed Grocers' an attachment National Bank, against of Philadelphia, in this city for Co. overdrew their acA. D. Williams Bank & of North America te decount in the $450,000. To-day the still firm due an amount posited $250,000, of leaving are $200,000 now engaged in that sum. The endeavor bank authorities to compel the payment of Bank Failures.E of the National tion The executive committee concluded their investiga this at the found Trust of Company the affairs of the securities institution all corof the reet. ternoon. They and report sound, the condition and their keep- notify all accounted Company depositors perfectly that the funds for left to the in last dollar ing will total be assets are $5,350,000. loan certificates The Many bankers thick issued earlier, but should have this. been with the purchase greatly in of bonds agree the that government, has aided that there was no ter. New storing by confidence. apprehension and of further disas- this 97. for ground for York Central stock sold dividend, Bank afternoch. The report ex of the instability of a of number the of the customers to returning of North America of A. grew D. out Williams & that Co., firm on Saturday evening checks on the Bank of fright- North their certified Williams & Co. became account good America. failed to make their their securities. as that by ened turning and into has the been bank stated, in the bank reThis resulted. ports of heavy over-drafts attachment upon upon will and their taking one It is an stated this trouble Williams amicably & Co. arranged very soon. his -night be What Jay Gould Thinks. opinion Jay Gould safety expressed for the mercantile general com that the only general public is in the munity suspension and of the banks. From Milwaukee. the A diepatch from Milwaukee adjourned says until Wednesday Chamber of on Commerce account of the state of affairs. Action of the Government. September 22.-President Grant is at reasserts the security Jav WASHING Cooke Willards. of the London of the morning In the called house. course at the Treasury Secretary Department the Presi- Richdent and had a conference with ardson. result of it may be inferred Secretary from The that New the York Assostated the fact to the agent the of President the will do any ciated within Press that the law. but authority; in no particular he will the maintain the credit go thing beyond clear safety legal of the Treasury of De- the partment States and from protect the influences of general curfinancial United abarrassments. amount of will be a sufficient belonging to rency There in New York to to-morrow buy all the bonds of that the the go vernment offered The Secretary and will may be all that is necessary, hands Treasury out that has there is enough to in buy the every in the thing for sale. Judge of look the assistant shape treasurer of governmet Richard- bonds that is presented he will see that law, the government ard that he son does says its exactly duty within where the to get not, all the however, funds knows necessary He does talked that are word about the much part of the money intimate a reserve furnishing a treasurer at legal tender to go to the assistant New York. Department denies that the The Treasury fund has been transferred banks navy from Jay account Cooke, Mo Washington Culloch & savings Co. The run on comparatively the very slight. o-day was Richardson received the follow Secretary dispatch dated New York, as to-day usual ng Mercantile business progresses itself. The people Wall street is atulations already to the President stability. and oin in conj for their The cretary Stock Richardson Exchange will be opened on Wednesday Rock Banks Endeavor to CreThe Little ate a Panic. panic LITTLE Rock. September North, 22 the On banks account here f o-day the financial refused to take city money, circulation home at currency, which has and been as in a consequence ar for six years. prevailed. This money reat asalways excitement been received the same as greenacks. citizens' meeting was held in to the take after- the A which it was resolved impression is onn. at usual. The general to-morrow, honey as panic will be over by usual. nd hat the the money will be taken as Philadeiphia All Right. September There to-day. was III PHILADELPHIA, better feeling on the street & Co. much excitement in London- Jay Cooke Continue to Pay 22, Cash. 5 M.-Much LONDON. manifested September on all sides to Cooke, hear ixiety is from New York. Jay cash in rther eCulloch news & Co. continue over their to pay counter. to usual the manner rumors current in the England Stock mong one that the Bank of of rehange of Jay Cooke & Co. accept nces and that olde $300,000 Rathschilds has $100,000 of un same paper. M.-A dispatch announcing the 5:30 P. of the New York Gold Exchange 18 acosing been bulletined. This news is s just an indication of the gravity for of pted as situation. and the market merican e financial securities 18 again depressed. Cincinnati Feels Confident. 2.-The feeling for ma men CINCINNATI, confidence September which has prevaile during here mong financial and the trouble business in New York is e continued progress, of throughout to-day. have Applica- been ou the banks for discounts from the ha ons at light. and orders less than imparatively untry for currency have been th má encouraging :pected. The entire situation this afternoon than at any was ronger since and the more financial storm in the East as fairly de eveloped. th ser Suspensions in Philadelphia. de PHILADELPHIA, September institution. 22. at The No. Key- 1326 of pr one Bank, street, State suspended this morning, in hestnut inability to secure currency Ga Second of er nsequence he Citizens' of Bank and Race a State streets institution, enspended cor-

2. September 23, 1873 Wilmington Daily Gazette Wilmington, DE
Article from Wilmington Daily Gazette, September 23, 1873

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The Keystone Bank-Its Suspension Monday Morning. The State financial institutions in Philadelphia are one by one suspending payment, in consequence of the inability on their part to secure currency. The one cry is "Greenbacks! Greenbacks!" to which, unfortunately, there in no response. This morning the Keystone Bank, on Chestnut stteet, opposite the Mint, refused to cash checks, believing that justice would be better meted out to all by suspending at once instead of paying on the start some tifteen or twenty depositors to the exclusion of the rest. The bank has on hand any amount of securities, but all are holding their greenbacks for their own particular purposes.The difficulty is not in the drawing out of large amounts, but all are retaining their deposits to meet their own payments, fearing that a call upon the bank would not be promptly met. The mational banks this morning were to have furnished certain amounts in currency, but instead they sent their cheeks. The officers have been mying to those who caffed with checks that they hoped to pay currency in the morning.-Telegraph of Monday. DIVIDENDS TO CREDITORS OF BANKRUPT NATIONAL BANKS. The Controller of the Currency is paying dividends of 25 percent. to the creditors of the First National Bank of Rockford, Illinois ; 100 per cent. to the creditors of the First National Bank of Fort Smith, Arkansas, and 35 per cent. to the creditors of the National Bank of Vicksburg, Mississippi. Dividends of 35 per cent. to the creditors of the First National Bank of Selma, Alabama, and of 15 per cent. to the creditors of the Atlantic National Bank of New York, will be paid as soon as the necessary schedules can be prepared. Dividends to the creditors to the First National and Crescent City National Banks of New Orleans, will also be made in the month of October.

3. September 23, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 23, 1873

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THE CRISIS ELSEWHERE. ANXIETY IN LONDON-AMERICAN SECURITIES DEPRESSED. LONDON, Sept. 22-5 p. m.-Much anxiety is manifested on all sides to hear further news from NewYork. Jay Cooke, McCulloch & Co. continue to pay cash in the usual manner over their counter, and the run on their house has ceased. Much sympathy is expressed for the firm by the leading bankers. A. G: Cattell has telegraphed to Secretary Richardson that the business of the Syndicate is not distorbed by the financial troubles. Among the rumors current in the Stock Exchange is one that the Bank of England holds $800,000 of Jay Cooke & Co.'s acceptances. and that the Rothsschilds have $100,000 of the same paper. 5-30 p. m.-A dispatch announcing the closing of the New-York Gold Exchange has just been bulletined. This news is accepted as an indication of the gravity of the financial situation, and the market for American securities is again depressed. TWO BANK SUSPENSIONS IN PHILADELPHIA. PHILADELPHIA, Sept. 22.-The NN. Citizens' Bauk, a State institution. corner of Second and Racests., suspended payment this morning. On Saturday they passed over the counter $100,000. The Keystone Bank, a State institution. at Nos. 1,826 and 1,328 Chestnut-

4. October 3, 1873 Perrysburg Journal Perrysburg, OH
Article from Perrysburg Journal, October 3, 1873

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Monday was carried through with a ritsh Government had purchased $10,000,000 in bonds, but this had not relieved the street. Everybody had bonds, and everybody wanted the cash for them. A run had been made on the First National Bank of Hoboken, but up to the hour of closing it had paid all demands. One reason for therun was the fact that it had $207,0 of its funds locked up in the Bank of the Commonwealth, which had suspended. The President had reached New York and had arranged for conference with the Secretary of the Treasury and leading New York financiers on the following day. The President had expressed full determination to use the power of the Treasury to the etc. tent of $16,000,000 balance and $44,000,000 reserves. Among others the following addid tional firms had failed Ketchum & Belknap E. C. Brodhead; Saxe & Rogers; Taussig & Fisher; P. M. Meyers; Miller & Walsh Lorenz Josephs; Fearing & Dillinger; Wil liams & Bostwick. The extent of the shrinkage in stock values for the week ending the 20th had been, on some of the leading lines, as follows: Harlem, 393 per cent.; Western Union, 35; Panama, 32: Wa bash, 23; Northwestern 19: Rock Island, 191/2 total shrinkage, according to the best authorities, of over $100,000,000. Telegrams from Philadelphia, of the 20th, state that since the preceding day a better feeling had prevailed in financial circles. It was thought that the crisis had been passed. The run upon the Fidelity Deposit had continued up to the time of closing the institution on the 20th, and every claim had been met. Dur ing the day over $950,000 had been paid out over the paying teller's desk. The Union Banking Company had suspended. The failure was said to have been bad one, and that it would not be able to settle up at over 50 cents on the dollar. San Francisco dispatches of the 20th say that, so far, the Pacific coast interests had not been compromised by the embarrassments in the East. No trouble was apprehenped to general business, except the increased degree of caution Incident to such state of things. A St. Louis dispatch of the 20th announced that the banking firm of Taussig, Gemp & Co. had suspended, in consequence of the suspension of Taussig, Fisher & Co. of New York, of which house it was branch. According to a dispatch from San Francisco of the 20th, fire had broken out in the Yellow Jacket Mine, In Nevada, In the 1,300 foot level. Six lives had been lost. At last accounts the fire had been got under control. A Memphis dispateh of the 20th says the ravages of the yellow fever in that city had been stayed somewhat. The disease had ap peared in New Orleans, and the dengue or break bone fever raged also as an epidemic, In Shreveport the fever exhibited no abate ment. New cases were not so numerous, but the ratio of deaths had been fully as great as at any time since the appearance of the scourge. A telegram from Burlington, Iowa, dated September 20, says that a destructive fire had broken out in the heart of the city at one o'clock in the morning of that day, which swept over two squares before it could be checked. The estimated loss reached $200,000. The Grand Lodge of the I. O. of O.F., in session at Baltimore, Md., adjourned on the 20th, having first voted to hold the next annual Communication at Atlanta, Ga. to News from Washington on the 21st was the effect that the Comptroller of the Currency had directed the collection paper of the First National Bank of Washington to be deposited with the National Metropolitan Bank for collection. The result of the conference held in New York on the 21st, between the President and Secretary of the Treasury and leading financiers, had been the issuance of an order directing the purchase of all five-twenties offered at private sale. It was thought that this measure would release $20,000,000 to $25,000,000 greenbacks, without touching the reserves. The bank statement for New York appeared on the evening of the 20th. From that it appeared that they had sustained loss of $1,579,700 specie and $2,409,300 legal tenders, contraction of $6,114,500 in loans and $9,277, 400 in deposits, during the week ending on that date. In anticipation of a run upon their institutions, the Inter-Occan of the 22d says that the Presidents of the fourteen savings banks of Chicago had conference on the 21st, and mutually agreed to hereafter insist upon requiring thirty days' notice for the with drawal of deposits, according to their respective rules. An Augusta, Ga., dispatch of the 22d says that on the 19th a terrific storm passed over Florida in the vicinity of Tallahassee. A large number of dwellings had been blown down, and the crops in all that section ruined. Three or four lives had been lost, several persons persons injured and large number of cattle killed. The town of St. Marks had been completely washed away, only two houses being left standing, and twenty families had been made homeless. The town of Newport had also been swept out of existence. A telegram from Philadelphia, of the the 22d, says that the financial horizon had better and clearer outlook, and that by the following day matters would resume their normal condition. The Citizens', the Iron, the State and the Keystone banks had temporarily suspended, but arrangements had been made to enable them to resume immediately. A New York dispatch of the 22d says that the financial atmosphere had become much clearer. The business of the day had developed remarkable strength in the banks, only two of them finding it necessary to call for loan certificates at the Clearing House. The Stock Exchange had not been opened, though set tlements were making on generally satisfacin tory terms. It was thought that business the stock line would speedily be resumed. A Washington dispatch of the 22d says that the President and Secretary of the Treasury had reached that city. The President felt confident that the right method had been hit upon to afford help from the Treasury, and the general conclusion reached by the informal interchange of views was, that if further help appeared to be needed it should be given 80 far as it was possible for the Treasury to act. It had been decided to send $20,000,000 to New York, to enable the Assistant Treasurer in that city to buy all the bonds that may be offered. In Chicago, on the 22d, the impression prevailed that the worst had been reached. Money was very tight, but no further failures had been announced. For the first time in the commercial history of that city the usual order of things was reversed in prices. There was scarcely any dealing in "options' in the Board of Trade. Cash wheat sold at $1.05, while seller October ran as high as $1.07 to $1.071/4. "Had it not been for the panie, remarked a leading dealer to reporter, "before the month closed the difference would have been greater the other way.' Ou the 22d, the President appointed Oscar

5. October 17, 1873 The Opelousas Journal Opelousas, LA
Article from The Opelousas Journal, October 17, 1873

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A Weekly Retrospect of Events. Appleton's Journal.] having September [From Old 19.-Dr. Catholics Wolck of late France war, charged having the provoked the the other French in with Pere Hyacinthe from and the congress. succeeded delegates retire R. Brunot has from the Ute Indians of obtaining Mr. Felix a relinquishment nearly 4,000,000 acres of Colorado. an unsuccessful attempt, at Sarmiento, Dispatch Buenos-Ave President of A. R., to of the ArgenDr. tine C.T Republic. Carlton, secretary New York of the absconds funds. Union Trust Company of the company's attack Solosa, with force $428,000 of Carlists Spain; they are A of Guipuzcoa slaughter. deteated capital with great Tallahassee, much Fla Violent storm at deaths, doing away causing to several crops, and sweeping day Twenty cases village damage of St. Mark's of yellow fever a at Shreveport, La. -Panic in Wall the Street Union September Suspension of Trust ComTrust continues. and Company, Bank of Natio Commonwealth the Khiva, pany, New York City. insurrection against at the Dispatch and in of Geneduring the comman- GeneRussians, the by Toorkistan, ral Kaufman, of rebellion imperialist Khokan, absence quelled command. der-in-chief; ral Vereffkin, second that Frederick in consents William, to e of territory to in . his right electorate nounces Elector annex Intelligence his Hesse- Cassel, of Prussia, annuity and the re- of revenues of grants the him an 3, of Carlist t 8 2,000,000 Government thalers. forces open fire on the town deBerga, Internationals at Cartagena on condition clare The they will of capitulate the insurgent soldiers than - that the lives and some other general to enter :Martinez are spared, Campos the head appointeR of the troops. Republican troops no . n e e the city at under opposition. Gene- town Carlists raise 38 ral The Pavia enter Malaga blockade of the the ship of Olot, Gerona. of loss at sea coolies of perished. 's al i- Indus.coolie-lader Dispatch France, of surgeon. Auguste in Nelaton, Death, an at eminent Paris, the ellow-Jacket French mine, SExplosion six lives 21.-If Intelligence lost. of the crew that of Mr. and a portion have been ye n Nevada; Stuart September released the of September vacht by the -Death the wife ay e- is Prince Yellow Bismarck. fever is abating in Memphis, which by en Tenn. Spanish steamer Murillo, Northfleet, ory ran The down the Dover; emigrant-ship detained there by une ders arrives at from the admiralty. Alicante refuses commands the The Governor of who Numanica, er summons insurgent of Cabreras, man-of-war city and acknowledge the surrender the Cartagena nd inthe to independence of of Keystone Bank and Suspension Bank, of Philadelphia. at a September M. Jean Jacques el, nd France, French to loan as Citizens' celebrated of 23. Death, naturalist. Government. Coste, 100,000, Paris, a Bank of France agrees the Spanish Santo us in are to 000 Monte francs Cristo to and the Guayabin, hands of the in revolutionistanic Domingo, continues, and Henry exalFinancial parts of the country suspend; many in om will suspensions Clews tends to & all Co., of New bankers York, and banks Broom different cities. the steamer four Explosion miles on from Gibraltar; haught,100 killed, many scalded. of loss arn ed persons September 24. brigantine Hound, deaths from of starvalar and exposure. & Ige Suspension City, and Habitch & ed, tion Nova of the New Scotia; York three of Howes Clews, of Macy, the murders London bank Co. ury ers, banking-h of robberies and on the lisAdvices of on U. S. citizens adunt Mexican committed border of the Episcopal City. Diocesan was Ige. Opening New York steamer Addie and atConvention, Intelligence that by the Precursor, issunk twelve lives at sea lost. 25.-All the American Ameri rou disallowed by sum of end Claims British. claims September Commission: the British $2,300, of New rles to Brunswick its cashier. 000 can Suspension to be paid N. of the J.; the State $250,000 Bank misapproat nst. if the The with Great Almanza are the priated ruptivitio Madrid by Government and Britain, threatens Captain fri no out wn placed gates Dispatch in its of control. the of death the remnants of of George, Nations. the head the on all the Six panic continues Western run an ped banks Financial of nearly cities; all run the on New York Chicago. banks Southeterminated of Inter-state Indus ever 26.- Railway killed: trial Inauguration September at seven collision colli nea fou at Carlisle, Midland England Railway, N. J; atesion killed. on called by Don Britis Carlo General for Saballabordination surrenders insur Iry. to Admiral answer Yelverton to Spanish Govern gents iron-clads Philadelphia ment. Masonic Temple, of death of th vetrlier alustians of Jean Chacon ting hivalso, Spanish of death, at of reputation. have Clainac, dedicatestatesman.Sa astronomeweek Advices there Olozaga Englan bee es of During shipments the of gold from large to the United States,