19516. Beloit National Bank (Beloit, WI)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
836
Charter Number
836
Start Date
September 29, 1873
Location
Beloit, Wisconsin (42.508, -89.032)

Metadata

Model
gpt-5-mini
Short Digest
6a1f38193a6b43da

Response Measures

None

Description

Articles (Chicago Tribune, Sept 28–29, 1873) report Beloit National Bank suspended operations because of inability to obtain currency; its securities were said to be ample and suspension described as temporary, implying eventual reopening.

Events (3)

1. February 23, 1865 Chartered
Source
historical_nic
2. September 29, 1873 Suspension
Cause
Correspondent
Cause Details
Impossibility of obtaining currency (shortage/credit strain with correspondents/redemption agents) led the bank to suspend temporarily.
Newspaper Excerpt
DELOIT, WIB. Special Dispatch to The Chicago Tribune. BELOIT, Wis., Sept. 29.-Owing to the impossibility of obtaining currency the Boloit National o Bank decided to suepend business to-day. Its securities are ample. Susponsion only tomporary.
Source
newspapers
3. October 2, 1873 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (2)

Article from Chicago Daily Tribune, September 28, 1873

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Article Text

This will throw ILL. out suffering must CARLINVILLT ensue. man of of employment them will 000 or down 800 mon, and great Tribune. of special Dispatch to Sept. The Chicago this meeting city, YOB CARLINV officers LLE, of the III., three to adopt banks the of following their deposit- plan torday, the they agreed of themsolves and no currency on for the bonofit That they pay out This agreement checks ors, viz.: or drafts of Presidonte over $100. or Cashiers of all was signed by the banks are sound. the banks. Our MORRIR, ILL Tribune. Special Dispatch to The 27 Chicago In money mai from tters Monnes Ill., temont, Sept. nothing different cannot buy there is no day, excitem except the checks corn men are paid the by First the or any move other corn. All National small Bank, has and romoved Cash- to National, Grundy County of Honoca, deposit hositora which in first full. flurry the supwith Morris, of this pays bank all its having currency at the in abundance. plied for himself CEDAR to HAPIDA, The Chicago 1A. There Tribune. is very Special RAPIDS, Dispatch In., Sopt. yo! 27.- over the businobe financial little CEDAR excitement The banks here as are transacting by no months dogituation. as usual. and Business all look mon are for a clearer sky soon, hoping spondent, that the worst PEORIA, is over. ILL. Chicago Tribune. Special Dispatch 27.-The to The monetary and excite- panicfrom PEORIA, gradually III., Sept. woaring regaining away, their BOURCH. their thing working ment atricken is depositors here are Blowly are recovering days will 800 everyOTTAWA embarrassmont The banks smoothly, and a fow without question. Chicago Tribune. are OTTAWA Special Ill. Dispatch Sept. to their 27. The Banks legitimate in Ottawa homobust- for specuhave . open and They and attending will refuso not to to cash advance no drafts foar money of on results. Chicago or lation, other cities. They JACKSONVILLE Chicago ILL. Tribune Dispatch to The Our banks all BOOTO JACKBONVILLE, Special Sept. 27.- quietly gone about even think their in the State. business. of closing to be sorono, or I am susponding, and not have award being that the they strongest BELOIT WIS. Chicago Tribune, decided Special Wis., Dispatch Sept. currency to 20.- The Owing the Beloit to to-day. the National impos- Its socurities Bank are ample. sibility BELOIT, of obtaining to Huspond Suspension business only tompomuch rary. DURUQUE, Iowa. Sept. to-day in money almost is matters a died run feeling horo of ventorday experienced has a better excitement the banks few anxious The and none of There classes were at the BBY- and out, amounting from to the laboring out but little, banks, but they withdrew their same of those it back to-day away The torday brought it was drawn checks ings some depository who took in the money presented First pack- you- il National ages in which to-day paid to all their its Bizo. sizo. Every optorday bank in the city out. The which without waspaying reference to only day those took of in a small more monoy in doposit BUSmorning, than was Merchants paid National still Bank, has prosent. sdoors closed The ponded Friday will not be met opened this forenoon, at charge and of ap: all and thoy of Directors H. Booth to take of the bank the nasets, Government will be here on and pointed Board the Gen. books, o. and Ho Examiner accounts his arrives report Mon- and the looks until over its at affairs. once make out It is said that imday, and it will to Washington rosume, but the it. general There are there bank forward will shortly town is against this bank, but them. a prossion thousand is not around rumors a shadow relative of truth to in hardly one of this CANTON, ILL. The First National of have CANTON, III., Bank, Sept. and 27 Home until Bank the finanThis Bank. People tempori susponded course was suggested Cincincity, cial orisis action is over. of the alsowhero banks in and Chicago, concluded the Directors the nati, by the Peoria, and consultation, tisfactory to ma all after a would careful provo the The most susp opsion was has scarcely not course parties interest affected and it. there The they depositors well without torially excitement for attending such an event, wore as powerless throughout to know any were prepared that those co-operation institutions with banks city act the country ATCHIBON, KAN. banks of this and do ATCHIBON, Sept. 27.-The as usual to to-day, suspend all doing do not action has ATO tha they business Their intend and there fully our- was 08- of rency clare payments. public confidence, of them Three this eventablished run on any open until 5 o'clock are ready for hear- an tily no the banks kopt that they of the city not They declare The business deto to suspond. emergency ing. Bilatain the banks in their RANDWICH, ILL The Sandwich will it Bank BO the SANDWIOH, susponded Ill., Sept. payment 27 keep in full, up nor We strong think has not as the Chicago are banks quart warreling, the weaker once. the Chicago bank to wipe out the Northwest the business of Chicago the gether and them. To long cadeavoriu of must country pull to- from ruin, HAVE the business the business men men of must support DURLINGTON 27 IOWA -There WAR city some- this on the banks small thing conflued by the morning, BURLINGTON, business of a run mon Ia., stood mostly Sept. in than to the banks of panic-stricker WAB this depositors. faithfully, over, and and The put more money 12 clock the in run xcolleut condi- has drew the banks out. It is By finished bolieved the that day the panic here ended tion. for good. MOLINE, ILL have amounts two banks to III., Sept. currency 27.-Wo in email selling exMOLINE are paying customer tomora, and are of them is opin- sellthat accommod on New York. But ono A liversity Chicago of banks, iug iou oxists with much anxiety is folt change exchange on rei reference Chicago respecting to the their ability and to Bail through. ILL does panic nl., Sept. business OATRO. The hero financial to banks any great are doing oxCAIRO, to affect and savings confident prodict ALTON, ILL. tont. not business seem The that as National usual, there will and be the no run officers or necessity for of the suspension. III., Sopt. 27 not had all suspension unfavorable and our of banking St. ALTON, Louis banks There has is domands no oxcitemout, on them, and our banks feet here. are business meeting goos all on as usual. ABROAD. Liv at leaving to-day of et LONDON Sept. for 27. Now The York stoamor took £500,000 bullion W erpool bullion. LONDON, Sont. the 27 Bank The of amount England shipment on bal- to is also being is ithdrawn to-day from is £8,000, available all gold for in the to Amer- street ica. BC ancoH America. All bought the up for shipment


Article from Chicago Daily Tribune, September 29, 1873

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Article Text

Special Dispatch to The Cincago Thound. KEOKUK, In.. Sept. 27.-The Commercial Bank suspended yesterday. In consequence thereof there was a. run to-day on all the other banks of the city. EAST SAGINAW. Special Dispatch to The Chicago Tribune. EAST SAGINAW, Mich., Sept. 27.-The banks of the Saginaw Valley, at a meeting hold hero yesterday, at which fourteen banks were represonted, having resolved to pay out no more curroncy than the necessity of trade demanded, a meeting of citizens representing a largo portion of the business mon of this city and millions of dollars was held this ovening to indorse the action of the banks. The meeting was unanimous, and resolutions expressing confidence in the banks, and a pledge to stand by them, was adopted without a diesenting voice. At a meeting of the lumbermon and BATT manufacturers, held at Bay City. to-day, it was resolved to reduce the price of labor 121/2 por cent for mon employed in the woods this winter. Unless other action is taken, the same will apply to mill-hands and salt-boilera next season. The Directors of the Tittabattageo Boom Company, who operato the most exto nsivo booms in the country, took the same action at a meeting in regard to the price of labor. GRAND RAPIDS. Special Dispatch to The Chicago Tribune. GRAND RAPIDS, Mich., Sept. 27.-Five banks in this city, namely: the First National, City National, Dutch Bank, Fuller's Bank, and Grand Rapide Savings, all joined in a published notice this morning that until further notice they would not pay checks or certificates for large amounts, but at 2 o'clock the City National published a notice rescinding its part in that arrangement, announcing its roadlness to pay in full all checks drawn against doposits horeafter. OBIHOSIT. Special Dispatch to The Chicago Tribune. ORHKOSI, Sept. 27.-The financial crash causes great apprehension among mill mon. Thus far our banks have honored all domands, and hope to weather the storm. Many of the milla were unable to pay more than half their liabilities, and if the present stringency continues many of thom will shut down. This will throw out of employment 600 or 800 men, and great sufforing must ensue. CARLINVILLE, ILL. Special Dispatch to The Chicago Tribune. CARLINVILLE, III., Sept. 27.-At a meeting of 8 the officers of the three banks of this city, yese terday, they agreed to adopt the following plan r for the bonefit of themsolves and their depositn ors, viz.: That they pay out no currency on 1 checks or drafts of over $100. This agreement was signed by the Presidents or Cashiers of all the banks. Our banks are sound. DELOIT, WIB. Special Dispatch to The Chicago Tribune. BELOIT, Wis., Sept. 29.-Owing to the impossibility of obtaining currency the Boloit National o Bank decided to suepend business to-day. Its 0 securities are ample. Susponsion only tomporary. is CANTON, ILL. of CANTON, Ill., Sept. 27.-The First National y Bank. l'eople's Bank, and Home Bank, of this city, have temporarily suspended until the fiuaucial crisis is over. 3.