Article Text
From Washington, WASHINGTON, D. C., Sept. 19. There is an extensive run on the Washington City Savings Bank, but all checks are paid on demand. There is a light run, also,on the Bank of Washington, in the adjoining building.
1916. Bank of Washington (Washington, DC)
Bank Information
- Episode Type
- Run Only
- Bank Type
- state
- Start Date
- September 19, 1873
- Location
- Washington, District of Columbia (38.895, -77.036)
Metadata
- Model
- gpt-5-mini
- Short Digest
5da34fee
Response Measures
Accommodated withdrawals
Description
Multiple papers (dated 1873-09-19) report a light run on the Bank of Washington tied to the wider panic following the failure of Jay Cooke & Co. Banks are reported to be paying demands; no suspension, closure, or reopening is mentioned for this bank in the articles provided.
Events (1)
1.
September 19, 1873
Run
- Cause
- Macro News
- Cause Details
- Run provoked by the nationwide financial panic following the failure of Jay Cooke & Co.; articles state the Cooke failure caused a run on different banks of this city.
- Measures
- Bank paid checks on demand; president addressed depositors and reassured them.
- Newspaper Excerpt
- There is a light run, also, on the Bank of Washington, in the adjoining building.
- Source
- newspapers
Newspaper Articles (5)
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State securities are neglected. Government bonds are unsettled. Quotations are nominal. PHILADELPHIA, Sept. 19.-The run on the Fidelity Trust Co. continues among small depositors, but confidence is being restored. One depositor with five thousand dollars in the company applied for it, and the ten day notice was waived; after receiving the cash he deposited it again. This company has four thousand depositors and President Brown says is able to meet all demands. NEW YORK, Sept. 19.-E. D. Randolph & Co., bankers of the Penosylvania Central Railroad, and Wm. II. Connor have announced their suspension. WASHINGTON, Sept. 19.-There are no new developments in the failure of Jay Coooke & Co. this morning. No statement of the liabilities and assets can be obtained for several days yet. The failure caused a run on different banks of this city to-day. As early as six o'clock a line was formed in front of the Washington City Savings Bank waiting for that institution to open, the majority of those in line being women, who had small amounts on deposit. The President of the institution was on the ground and addressed the crowd, stating that the bank was perfectly able to pay all demands which is now being done. Later in the day several prominent depositors left the line, feeling perfect security in the institution. There was also a slight ruu on the Bank of Washington, immediately adjoining the Savings Bank, but it has entirely ceased. There is also a run on the Freedmens Bank. There is very little excitement. WASHINGTON, Sept. 19.--Elward L. Stanton, son of the late Secretary of War, has been appointed receiver of the First National Bank of this city.
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Other Failures Reported---Runs on Banks. INCIDENTS AT THE BOARD. Dav. Money 1-2 Per Cent Per eral Feeling. Condition of Other Securities The GenWALL STREET, Sept. Thursday. FINANCIAL DISASTERS. the dramatic intense Not since the chicago risen upon has a presented scene of of the by day hundreds tain of Wall interest street as that excited which was actors who. and their "bears, periormed respective the Stock Exchange. for 1871, parts "bulls" upon the boards there of was natural Real property cause had produced general October, deflection In of 1872 values. the Boston result. fire In both inbeen wiped althcugu ont. lesser the needle to the magresponding a stances similar, money, sensitive gympathetically to the condition net. of affairs became the PANIC. PHOTOGRAPH are To-day, however, beginning to their tell direful commerpurely no cial no fire, There wreck character. of of outside indusfortunes, obliteration and trial indeed, creative nothing, that wild as have should humors produce on six Wall the been last seen hours. street yet has tidal and And over wave swept engulled one its of firm pas that finanhouses-a greatest of the the United government of its much "gyndics vaunted of the embodiment States cially represented at home and abroad-a company whose head was CHRISTIAN GENEROSITY, is all written with over elsewhere, the and from manuer that other been recently and grace, ruin. but whose The details trail, which are they told agree given statements in it with other firms, would connection notice would apply obituary to It Died railroad.' the that London The remains intact. seem the public the same of too much branch new of the American house of are branches Philadelphia closed. show probably Jay asserted Cooke in & Washington Co. The ramifications and of themselves this iminnuences their present on and "runs" the present failure will week, but immediate shape of reported and banks of distrust portant within the next potency in trust companies here elsewhere; OF THE CREDIT CORPORATIONS, a and on not little money difficulty obtaining have been emicurities e heretofore regarded of The this nently event acceptable. probability or last was and one two were there night, who, and to-day stocks selling entering market of the full the made force .short," fortunes; of not the the "break" realized members and Stock eleven between Exchange It a was that then twelve scene ensued o'clock. at which only occurs Prices fortunately intervals. cent. ten three, could five, per Nobody receded be The would bulls when guess bottom touched. and their stood losses manfully. SOLD OUT WHIMPER on the to bulls, only other Bears, hand, became an be as hour troubled luctuations as they seemed Reports mysterious to had that other began houses circulate in the that rolled down. stating Telegrams at had Bank Washington suspended; of on were list (a Philadelpala fatal lig partnership in the York), New interest that Schell, Richard Douncement of & New were York, E. National W. Clark house, & Co., by the and way, at last and came the firm among of Suydam, Robinson the was and up likewise sufferers. announced a to late hour believed THE THE TREASURY SECRETARY to the by come would street depositof the with ing York New several millions the was Suband not done, This banks. however, of he that any aware stated Treasurer the tion on Mr. such chardson. the Should thought. father to it is not critical, unlikely the upon govern. be will ment for relief; wish was only become brought more compel to bear to dificult take active to the banks, are with that condition the pressure such as to and yet many is of "ancy" which already of add dare responsisecurities, by their bility loans. extending of in be will that there calling measures understand how loaded their down weight It is surmised loans the of and while generous.counts. morrow, squaring the that have reports citement generated and near, gone may deposiinduce already tors to make the upon various are which their credits that however, no while necessity of a to be somewhat 80 an by alarmed important of that tution much clusters 80 of no keynote of excitement, The firm failure actual which that any rests only dabbles unfinished on that might It has occurred expected. naturally of The such before; innaence be an will manimarket always test, and to-day GONE DOWN SHARES 18 it the only their among history. est igures in to are and which causes in temporary response which elastic possess cidental, and may have ctionary power. are with not gone them. These dividual, disand calm general misfortunes, will the view situation passionate the see that credpublic the its more world great in of side Wall crops street failing, to the the me pay rehant, unable producer to the pay unable country jobber, merchant to the the pay unable jobber importeroff, ruin and falling merally, exports to folly first magnify impending. half score breaking There panic. at this this than we To let gay, ment. therefore, try to Wall street of the gard our up country clearing Full the details be of the elsefound where. THE STOCKS of the shares 400,000 being and Westleading features ern Shere Union, Wabash, New Rock Erie, Northwest and Paul. to-day reached Pacinc the Mail, commettern Lake Union
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The Situation Elsewhere. A Run on the London House. LONDON, Sept. 19-The firm of Jay Cooke, McCulloch & Co., of this city, have paid cash over their counter all day, notwithstanding the run on the house. The financial reports in the afternoon papers indicate an uneasy feeling, occasioned by the nows from New York. The close of the market, however, finds confidence partially restored, and at this hour London's financial condition is sound. There have been no failures. Help from Paris. NEW YORK, Sept. 19.--Munroe & Co., of Paris, cable to their New York house that they will protect all bills of Jay Cooke & Co. upon them. They offered this morning to discount Cooke's immatured bills at the bank rate. Philedelphia. PHILADELPHIA, Sept. 19.-The following was posted this morning at the door of Jay Cook & Co. To our depositors: Some little time is required to adjust our accounts and to hear from our different offices, when a statement will be prepared, showing the condttion of our affairs which will be forwarded to you through the posto.lice Until then we beg your kind indulgence, assuring you that every effort will be made to liquidate our entire indebtedness with the least possible deJay Cook & Co. lay. Safe Banking. This firm received a dispatch this morning that the feeling in London toward Jay Cooke, McCulloch & Co. is very friendly. I. must be remembered that the liabilities of the London house, unlike those of the American branches, are not all due on demand, but at regular, well-known dates, so that they know exactly how much money is needed each week. Philadelphia Failures. The following brokers have suspended: H. V. Douglass, C. W. Boyard, J. H. Yerkes, John Lloyd, and Gilbourgh, Bond & Co., a large concern. The panic has caused a run on the Fidelity Safe Deposit and Trust Company and there is a long line of depositor drawing out their checks. The directors are confident in their ability to meet all demands. The distrust is caused by the suspension of Messrs. Clark who are promicent officers of the company. Bank Runs at Washington. WASHINGTON Sept. 19.-Hundreds of persons formed in line this morning at the Washington City Savings Bank. There was also a run on the Bank of Washington adjoining the Savings bank. There was a run on the Freedmans' Savings bank; the officers say there is not the slightest danger. Al demands will be promptly met. The National Savings bank has taken advantage of the provisions of their charter requiring depositors to give thirty days notice of withdrawsl. There is comparatively very little excitement in the neighborhood of other banking houses. Cincinnati Keeps Cool. CINCINNATI, Sept. 19.-The news of the New York failures has been sought to-day with a great deal of interest, but has produced no excitement. There is a feeling of general security with reference to our banks here, and no apprehensions are felt concerning our dealers generally in stocks. The transactions in stocks during the last one or two months are said to have been unusually small. The impression appears general in our financial circles that the regular business interests of the country will not be seriously affected. Chicago Panicky. CHICAGO, Sept. 19.-The New York panic creates considerable excitement and has had the effect to unsettle the grain market and depress prices. New Orleans as Quiet as Usual Under the Kellogg Regime. NEW ORLEANS, Se. t. 19.-There is much anxiety in commercial circles regarding the
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Jay Gould's Opinion. Somebody writes a:letter for Mr. Grant. The Suffering at Shreveport from Yellow Fever. A Call for Aid. A Panic in Texas in regard to Yellow Fever. al CHICAGO, Sept. 29 Business seems most to have resumed its regular channel l'he Cook County, the Union National and Bank of Commerce, resumed payments to-day. without any run The Union reports the receipts of one deposit of $54. 000. while the Cook County has been the recipient of like confidence on the part of the public. The Third will not open today.its collections being made by the Commercial National The streets are bustling with business and large crowds are in at tendance on the Exhibition. The Deputy Comptroller of the Currency is looking into the financial situation here. With a little forbearance on the part of large depositors, the panic here will end to-day The feeling continues to improve and the market exhibits more activity. particularly in the way of settlement. The open ing of banks tends to restore confidence. while the liberal arrivals of currency for investment assists in strengthening the markets. Four millions in greenbacks have been received by express within forty eight hours ST. PAUL, Sept. 29 The St Paul banks respond to all demands in currency and ng have no thought of doing otherwise. There is no excitement or alarm here. CINCINNATI Sept. -There has been a well-defined improveme here to -day in the feeling with reference to the financial disturbances of the country The deposits tie of currency in number of the banks have ex been quite equal to the demand upon them for currency is ST. LOUIS, Sept. 29. The financial sit ale in uation has been very quiet to day and much more confident feeling is being manin ifested PITTSBURG, Sept. 29 The financial out use look in Pittsburg is brighter to-day than it has been any time during the recent panic ons Confidence seems fully estored and busithe ness is being transacted as usual wool Benj. Bullock & Son. extensive cry dealers, suspended this morning for large and sum. but they have ample assets to pay all eles their obligations. nat W ASHINGTON. Sept. 29 The Farmers us and Merchants National Bank of George town. First National Bank of the Repub Sa lic, the Bank of W Washington.and the bank for ing houses of Riggs & Co. and Middleton ver & Co., are paying all demands upon them any as usual. Other banks and banking houses in combination formed last night to certirust fv checks instead of paying currency, will as not pay the smallest check to-day. nth to NEW Y ORK, Sept. 29. All advices ace. day touching the financial situation at home it and abroad, are of reassuring character The reopening of the Stock Exchange to ON. morrow is an event attended with much so apprehension than has heretofore been the omcase, owing to many private settlements ible and to the manifest disposition towards for ttle, bearance and generous dealing between the man and man proTORONTO, Sept. 29.-The Government has ordered half a million sterling in gold ene from England It has also received in the formation that million sterling has been a shipped for New York and considerable sums for Canadian banks The feeling able England is confident and hopeful. LONDON, Sept. 29. Two hundred an with twenty five thousand pounds sterling bullion were shipped from Plymouth fo New York, Saturday, and the steamship then which sailed from Southampton the same day, took out £16,000. Engagement have been made for the shipment of $50 88. 000 by the steamship from Southampton to-morrow It is said £500. .000 are booked for ship titu ment this week. The amount of bullio withdrawn from the Bank of Fngland balance to-day is £638.000. The director ling of the Bank of England have fixed th e of minimum rate of discount at 5 per cent This announced increase in rate cause onic much surprise in financial circles. Bit The failure of three brokers in cons def quence of the fall in Erie shares has bee the announced ility NEW YORK Sept. 29 Jay Gould. bein us of asked for his views concerning the finar the cial situation, gave them as follows genthink the panic over. I have every fait Kunnow in an advance in prices, and believ rk of the market will be more buoyant than f thers uable a long time W all street has been clear out of great part of the worthless stoc vol and o-called securities by the purgir process of the panic, and there are cor Drug paratively few stocks now quoted exce Rock those of real value. In all cases pric John are now too low. and in that of good di dend paying stocks very large advance necessary to bring them up to their act worth. The reasons for an advance XIST that the money market will become ea as soon as the Stock Exchange is opene The owing to the very large quantities of by A backs which have been disbursed by government in its late bond purchase GE that an immense amount of capital h been put into circulation by the action the banks in issuing clearing house cert cates which displace corresponding qua tity of currency that England is send over millions of gold, which will come Rock active use immediately on arrival day that speculation has had such long sle dent, that will be all the more lively when wakes up again. The following letter from Presid Grant appeared yesterday EXECUTIVE MANSION, Sept. 28, 1873 Measrs. H. B. Claftin and L. Antho le GENTLEMEN In response to the vie you have communicated as to the using NED the President the currency to restore e buse.) fidence and legitimate trade and merce, have the honor to communic ices will the following The government is desir OWN. of doing all in its power to relieve dtf present unsettled condition of busin affairs, which is holding back the imme resources of the country now await transportation to the seabo bard and man Confidence on the part of the people is 0., first thing needed to relieve this condit and avert the threatened destruction business, with the accompanying disas to all classes of people. To estab this feeling the government is willing take all legal measures at its comma but evident that no urgent efforts