Home National Bank (Chicago, IL)

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Episode Information

Episode UID
204800885
Episode Type
Suspension β†’ Reopening
Bank Type
national
Bank ID
20480 national
Charter Number
2048
Start Date
September 24, 1873
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
781eac792f79c904

Response Measures

None

Description

The Home National Bank was part of the general suspension of currency payments by all Chicago banks during the Panic of 1873. While some banks failed, the general body of Chicago banks resumed full currency payments on October 13, 1873.

Events (4)
1. September 19, 1872 Chartered
Source
historical_nic
2. September 24, 1873 Suspension
Cause
Macro News
Cause Details
Systemic financial panic originating in New York (Panic of 1873) led to a currency shortage and the adoption of clearing house restrictions.
Newspaper Excerpt
The Chicago Clearing House Association held an important meeting last night... Resolved, That until further action... our members be recommended and authorized to suspend currency payments on any large demands
Source
newspapers
3. October 13, 1873 Reopening
Newspaper Excerpt
At the usual hour this morning every bank and banker in the Clearing-House Association, twenty-one in number, commenced full and unequivocal resumption. There was no excitement... the success of the first day of currency resumption had been complete.
Source
newspapers
4. December 7, 1897 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (24)
1. December 2, 1872 New-York Tribune New York, NY
Article from New-York Tribune, December 2, 1872

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THE CURRENCY. We complete to-day our extracts from the annual report of the Controller of the Currency, of which we printed a portion on Saturday. The limit of the National Bank issues in each State and Territory is fixed on the basis of population. resources, businees, and bank capital, as ascertained by the census. The last census required a new apportionment, as it showed a total increase in the population of the Union of more than 7,000,000 persons, and in wealth of nearly $14,000,000,000. An act was accordingly passed providing for an additional issue of $54,000,000. Of this the largest sum, $8,400,000, apportioned to any State, went to Illinois; Ohio and Kentucky each got over $5,000,000; Indiana, $4,000,000; Michigan and Louisiana each over $3,000,000; the distribution being made one-half on the population and one-half on the wealth of the country. It will be noticed that the increase all goes to the South and West, and more is yet needed to give those sections their due apportionment; to accomplish this, $25,000,000 is to be withdrawn and redeemed from the circulation of banks in New-York and New-England, and a corresponding amount authorized to banks in States that have not now their quota. It is a commonly received but somewhat erroneous opinon that the amount of currency in the hands of each individual member of the community has been on the average largely increased by the National Bank system; but this report only gives it now as, for the whole United States, $9 18 per capita, against $7 59 before National Banks existed: but the circulation of U. S. Treasury notes should be added before any conclusion is reached from these figures. The State of Rhode Island has the largest per capita circulation: $61 56; Mississippi the least:-one centexcept Florida and California, which have none. New-York has but $14 08. The National Banks have paid in the last eight years some $40,000,000 taxes to the United States; their State and national taxes for four specified years together amount to $71,000,000. The bank dividends are not so large on the average as is generally supposed: they do not exceed in the aggregate those of the old State banks; for the whole Union they but slightly exceed five per cent on invested capital. The great question of the proper reserve to be held by the National Banks is discussed in this report, and the conclusion reached that it is only the smaller and weaker banks that want to go below the present limit. Their necessities arise from putting out their funds at interest on deposit with Eastern banks-a condition which has more than once given riso to the most serious financial convulsions, as in 1857 - and a remedy proposed by the Controller is the issue of a new security by Government which will afford these banks the needful investment at interest. Not the least interesting feature of this report is the announcement that the Chicago banks, 80 far from being crippled as was anticipated after the fire by losses on discounted paper and the withdrawal of their balances, in point of fact steadily increased in business and profit, after resuming without embarrassment as soon as their safes were cool. There is a similar prospect in Boston, where the aggregate losses since the fire on bills receivable are estimated at less than three millions of dollars, which the bank surpluses will cover without touching capital or reserve. The question of usury is discussed. It appears that the penalty for its practice by National Banks is not clearly defined, and the Controller therefore declines to institute proceedings concerning it. A general law for the establishment of Savings Banks in the District of Columbia seems desirable. Locking up greenbacks is reprehended, and the New-York Stock Board and Clearing House are asked to discourage it. A table of the specie kept on hand by the banks shows it as less in October last than in many years before; as $10,000,000 against a usual average of $25,000,000. In the few cases of failure among the National Banks, the unfortunate institutions seem to be wound up with less ruinous loss to depositors and stockholders than has ever been re-

2. December 4, 1872 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, December 4, 1872

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# THE CURRENCY. The Report of the Comptroller of the Currency is an elaborate document. The topic of most interest referred to is that of a proposed increase of the national bank notes. The Comptroller recommends the repeal of the act of Congress which calls for the redistribution of twenty-five millions of national bank currency, by withdrawing that amount from the Middle and Eastern States and giving it to the South and West, and in lieu thereof to issue five millions a year additional circulation for the next five years, to meet the wants of those States which have not had their full proportion. It is a commonly received but somewhat erroneous opinion that the amount of currency in the hands of each individual member of the community has been on the average largely increased by the National Bank system; but this report only gives it now as, for the whole United States, $9,18 per capita, against $7,59 before National Banks existed; but the circulation of United States Treasury notes should be added before any conclusion is reached from these figures. The State of Rhode Island has the largest per capita circulation: $61,56; Missippi the least: one centβ€”except Florida and California, which have none. New York has but $14,08. The National banks have paid in the last eight years some $40,000,000 taxes to the United States; their State and national taxes for four specified years together amount to $71,000,000. The bank dividends are not so large on the average as is generally supposed; they do not exceed in the aggregate those of the old State banks; for the whole Union they but slightly exceed five per cent on invested capital. The great question of the proper reserve to be held by the National Banks is discussed in this report, and the conclusion reached that it is only the smaller and weaker banks that want to go below the present limit. Their necessities arise from putting out their funds at interest on deposit with Eastern banksβ€”a condition which has more than once given rise to the most serious financial convulsions, as in 1857β€”and a remedy proposed by the Controller is the issue of a new security by a Government which will afford these banks the needful investment at interest. Not the least interesting feature of this report is the announcement that the Chicago banks, so far from being crippled as was anticipated after the fire by losses on discounted paper and the withdrawal of their balances, in point of fact steadily increased in business and profit, after resuming without embarrassment as soon as their safes were cool. There is a similar prospect in Boston, where the aggregate losses since the fire on bills receivable are estimated at less than three millions of dollars, which the bank surpluses will cover without touching capital or reserve. The question of usury is discussed. It appears that the penalty for its practice by National Banks is not clearly defined, and the

3. September 16, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 16, 1873

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MONETARY. MONDAY EVENING, Sept. 15. Local finances word n little more quiet to-day than during last week. The country orders for burrency were considerably lighter, but the supply of currency in this markot in BO extremely scanty that the banks find it very difficult to moot oven the diminished domanda of their country customors. No considerable amounts of currency coino back from the country yet, and though the Chicago banks keep bringing currenby hore from Now York, all thoy get la in $100, 0500, and $1,000 bills, which are of but little uso In the country. Money is evidently becoming scarcer in this market AB the grain accumulates horo. It le estimated that the aggregate deposits of the Chicago banks havo fallen off between $2,000,000 and $3,000,000 in the last ten days. Now York exchange was much depressed again 10-day, owing to the pressure for currency, and was freely offored at $1.25 por $1,000 discount, with no buyers at that. EMBABRABSMENTS OF THE CANADA SOUTHERN. It is surmised in some quarters that the financial difficultion of the Canada Southorn Railroad, which were the cause of the susponsion of Kenyon, Cox & Co., of Now York, will intorforo with the construction of the Chicago oxtonlon of the road called the Chicago & Canada Bouthern." boing the line from Amherstburg, Canada (Detroit Rivor) to Chicago, in which case the main line and branches of the Canada Southorn already completed would have to dopend on the Michigan Southern and Tolodo, Wabash & Wostern for any connection with the great grain region of the West, instead of connecting at Chicago with the Rook Island and the Northwestern, as was intended by the projectors of the Canada Southern. It is oven not impossiblo that the confliot of intercete between the Michigan Southern and the Tolodo & Wabash on the one hand, and of the Rock Island and the Northwestern on the other, may have exercised wome influence to bring about the present financial difficulties. By Oct. 1 it is expected that the Canada Sonthorn will be operating 405 milos of road, viz. : The main lino and St. Thomas Branch in Canada, 292 miles; the Toledo, Canada Southorn & Detroit, which makes the connection with the Michigan Southorn, and also with the Tolodo, Wabash & Westorn, the Dayton & Michigan, the Pennsylvania Railroad branch leading to Pittsburgh, as well as with roads centering at Detroit, 58 miles; the Erie & Niagara, 31 miles: and the Michigan Midland and Canada, 14 miles. The Chicago & Canada Southern is finished 70 milos of the distance from opposite Amboratburg (Dotroit Rivor) toward this city. The noncompletion of this latter road would leave the main lino, Canada Southorn, with us principal Western connections at Tolodo instead of Chlcago. The opening of the Canada Southorn was delayed for some time by the non-completion of the International Bridgo over the Niagara River, a work over which tho Canada Southern had no control. In the menutime, arrangements have been made for the use of the Suspension Bridge, 15 miles bolow the International, and reached by the Erio & Niagara Railway, which is owned by the Canada Southorn. This routo has been, and will bo, used for freight business, but no through passenger trains will be put on until tho International Bridge is done. THE GAUGE OF THE GRAND TRUNK Railway will be changed to 4 foot 81/4 inches botween Toronto and Montreal, on Saturday, 4th of October next. IMPORTS AT NEW YORK AND BOSTON continuo light compared to previous years. At New York the imports for the wook ending Sept. 12 were: For the week. 1871. 1872. 1873, Entered at port $ 3,467,827 $ 3,492,058 $ 2,503,718 Thrown on market. 3,670,665 3,814,767 2,853,374 Since Jan. 1. 1871. 1873. 1873. Entered At port $101,134,535 $110,425,322 $90,487,529 Thrownon market. 99,070,410 104,345,101 92,910,729 At Boston, for the week ending Sept. 5, they were: 1873, 1872. $ 1,617,897 For the week ending Sept. 5 $ 1,288,197 Previously reported 43,867,776 50,456,133 845 156 079 Total

4. September 22, 1873 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, September 22, 1873

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NEWS OF THE DAY. The Wisconsin State fair begins at Milwaukee to-day. The Texas editorial excursionists left Cincinnati last night for Louisville. The financial panic is reported to have seriously affected the narrow-gauge interests in Utah. The Chicago banks have taken advantage of the sixty-day privilege on their depositors. McClure's military academy, at Oakland, California, was entirely destroyed by fire Saturday night. Immediately after the cortes adjourns the Spanish government at Madrid will declare Spain in a state of seige. Thomas Tarwater, a brakeman, was run over and killed by a freight-train at Columbia, Tennessee, on the nineteenth instant. Pat Garnley, an insane man, set fire to a building in Jeffersonville, Indiana, yesterday, remained in it and was burned to death. Business generally will be suspended in Cincinnati to-day. it being proclaimed by the mayor. a holiday in the interest of the exposition. A strange and fatal disease at Kelter, in Utah, is very prevalent, producing great consternation. The patients die in a few hours. It resembles fever. Satisfactory arrangements have bee n perfected with the Ute and other tribes of Indians, hitherto in discontent, so that they will be settled upon their reservations. A Milwaukee dispatch says the financial panic of New York produces no disturbance there as yet, but the banks are preparing for any emergency that may occur the coming week. At Carbondale, Illinois, yesterday two negroes, Bill Smith and Frank Collins, remembered the Sabbath by playing cards, "fell out," resulting in the latter shooting the former through the heart. He's dead.

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

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senior partner, has disappeared, causing great anxiety to his famile and friends. Search has been made in fall directions. CHICAGO. CHICAGO, September 20.-The Franklin Bank, a private banking institution, closed its doors to-day, being unable to settle at the clearing-house. The amount short was only $9,000. The vice-president of the concern says the embarros-ment is only temporary. CHICAGO, September - There is considerable of a run upon some of the banks here to-day, but they are adhering to the resolution adopted yesterday to fall back on the thirty and sixty-day rule, and are only paying sums of less than 8100. The latest reports, public and private, from New York appear to have had the effect to lessen the anxiety. BALTIMORE. BALTIMORE, September 21.-While the excitement in the New York market is watched with interest, and the brokers' offices have been visited by crowds to observe the sway and wreck of stock prices, everything has gone on calmly, and business is done at our banks in the usual way. Money continues at 10 to 12 per cent. for best paper on the street, though negotiations are limited, and are for strictly business en. gagements. IOWA. BURLINGTON, IOWA, September 20.-The Orchard City Savings Bank suspended at 12:20. PITTSBURGH. PITTSBURGH, PA., September James T. Brady & Co., bankers, and the Security Trust Company. of this city, suspended today. THE FEELING IN ENGLAND. The London Times says: " In view of the extraordinary prosperity of the United States and the 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 stick local trouble as suspensions in New York seems to be merely the rank outgrowth of exuberant prosperity, ond accessories to progress which does not for a moment halt. LONDON, September 22.-5 P. M.-Much anxiety is manifested on all sides to hear further news from New York. Jay Cooke and McCultoch & Co. continue to pay cash in the usual manner over their counter. Among the rumors current in the Stock Exchange is one that the Bank of England holds $300,000 of Jay Cooke & Co.'s acceptances, and that the Roth-childs have $1,000,000 of. the same paper. LONDON, September 22.-4:30 P.M.10-40's are quoted at 904; new 58,911; Eries, 45. 5:30 P. M.-A dispatch announcing the closing of the New York Gold Exchange has just been bulletined. The news is accepted as an indiction of the gravity of the financial situation. and the market for American securities is again depressed.

6. September 23, 1873 The New York Herald New York, NY
Article from The New York Herald, September 23, 1873

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Run on the Chicago Banks. CHICAGO, Sept. 22, 1873. There is considerable of a run upon some of the banks here to-day, but they are adhering to the resolution adopted yesterday to fall back upon the thirty and sixty day rule, and are only paying on sums of less than $100. The largest assemblage appears to be gathered at the States Savings Institution, but so far the crowd has been very quiet and orderly. The latest reports, public and private, from New York, appear to have had the effect to lessen the anxiety which was manifested this morning among many bankers and business men.

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

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Georgia, to Hopkins, Dwight & Trowbridge; Deposit Savings Institution, Mobile, to Metropolitan National Bank The Brooklyn Banks. The Brooklyu bank presidents to resolved te sell $1,000,000 of U. S. securities in case of emergency. The majority were, however, of the opinion that there would be no run upon them. The Evening Post says: The day closed with an established improvement in general feeling; one day more with the Stock Exchange closed, will, it is thought, put everybody in such a condition, SO far as the exercise of reason is concerned, that it will be prudent for the brokers to again resume business. This afternoon money lent on the streets at : per cent., that rate having been paid by distressed brokers. President Rail, of the Bank of Commerce, said this afternoon that confidence had been very greatly improved and he Thought the action of the Government in buying 5-20s had been highly beneficial in loosening greenbacks. NEW York, Sept. 22.-When the doors of the Irving Savings Bank, 96 Warren street, were opened this morning, a crowd of depositors rushed in, clamoring for their money. The paying teller immediately set to work to satisfy their demands. When the majority, however, saw how willingly money was being paid out, they became quieted and left. Up to 2 o' clock the bank had paid out above $10,000, and had received a considerale amount in deposits. Feeling of Relief in New York. NEW YORK, Sept. 20.-The feeling among all classes is one of great relief. No runs on any of the national or state banks and the crowds on Wall street are mainly curious spectators. There are considerable inquirry for stocks on Wall street. Investors with greenbacks in hand are seeking to purchase, but the prohibition of Stock Ex: change drohibits transactions. The Chicago Banks. CHICAGO, Sept. 22.-There was a considerable run upon some of the banks here today, but they areadhering to the resolution adopted yesterday to fall back upon thirty and sixty days notice, and only paying sums of less than one hundred dollars. The largest assemblage appears to be gathered at the Statee Savings Institution, but so far the crowd has been very quiet and orderly. The latest reports, public and private from New York appear to have had the effect to lessen the anxiety. Chicago Savings Bank. CHICAGO, Sept. 22.-The Savings Banks give notice of the enforcement of thesixty days' notice. MEMPHIS, Sept. 22.-There were eight cases of yellow fever on Sunday. Philadelphia Banks. PHILADELPHIA, Sept. 22.-The run on the Savings] Banks has subsided. PHILADELPHIA, Sept. 2.-There is a much better feeling on the street to-day. The Stock Board is firmer. Pennsylvanias are holding ground at 40 to 50. A bank statement wili be out as usual to-day and will show a gratifying exhibit. The Situation in London. LONDON, Sept. 22-5 P. M.-Much excitement is manifested on all sides to hear further news from New York. Jay Cooke, McCulloch & Co. continue to pay cash in the usual manner over their counter. Among the rumors current in Stock Exchange is one that the Bank of England holds $400,000 of Jay Cooke Co.'s acceptances and that Rothschilds have $100,000 of the same paper. LONDON, Sept. 22-6:30 P. M. - dispatch announcing the closing of the New York Gold Exchanged has just been bulletined. This news is aceepted as an indication of the gravity of the financial situation and the market for American securities is again depressed.

8. September 25, 1873 Evening Star Washington, DC
Article from Evening Star, September 25, 1873

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LATER. More Good News! CONFIDENCE FULLY RESTORED. YORK, Sept. 25-1.10 p. m -A tour among New the banking firms and Sroker's offices, shows and a visit to the sub-treasury this p. m., Constill further improvement in feeling. fidence a is much restored, and the belief is that matters will soon assume a decided improvement. There is considerable activity in stocks, the and they are bought and sold now for first time in four days on certified checks. The following are the quotations at this hour: Union Pacific, 19a20; Western Union 58; Paci York Mail, 29a30; Wabash, 40%a42 New fic Central, 89a90; Ohio and Mississippi, 28 bid, North Western, 39a40; Lake Shore, offered at 75: Rock Island, 85a86; Harlem, 108 bid; St. Paul, offered at 32. Everything is quiet up town. The runonthe savings banks is subsiding. A Better Feeling in Philadelphia. PHILADELPHIA, Sept. 25 -There is a more the hopeful feeling among merchants, and Third prices of goods continue very steady. street is quiet. All the national banks, savings banks, and such of the state banks as did not suspend pursue business in the usual manner. and The board of brokers continue in session adopted the following resolution: Resolved, That until otherwise ordered certified checks or due bills on any of the associated banks will be received in settlement of contracts between the members of the board. Precautionary Measures in the West IN CINCINNATI. CINCINNATI, Sept. 25. The Cincinnati clearing house association has just adopted the following resolution: Resolved, That for the protection of our commercial interests and for the purpose of preventing a drain of currency from the banks and bankers of this city, we do hereby agree New to adopt substantially the plan adopted in York, viz. They will not pay out currency on the checks except for small sums to be optional with the banks upon whom they are drawn, but they will certify checks drawn on balance in their hands payable through the clearing house only. IN CHICAGO. CHICAGO, Sept. The Clearing House Association held an important meeting last night an to consider the financial situation. After animated discussion, which lasted till near one o'clock this morning, the following resolution was Resolved, adopted: That until further action, and in in view of the disturbed condition of affairs New York and other cities, and the difficulty in converting balances into currency, and on allvice of the bank examiner, our members be recommended and authorized to suspend made currency payments on any large demands over upon their, either from country banks or their OWE counters. Salt Lake City Out of the Storm. SALT LAKE, Sept. 24.-The financial crisis in New York has not affected the situation here; but, in view of possibilities, several English companies have offered assistance. The Situation Abroad. LONDON, Sept. 25,3.30 p. m.-The bullion in the Bank of England has decreased €376,000 during the past week. The amount gone Erie into the bank on balance to-day is Β£12,000. railway shares active. Last sales at 44% LONDON, CLOSING Sept. 25, RATES 5 p. IN m.-The LONDON. rate of discount in open market for three months' bills is 4 per cent. The rate for money at the Stock Exchange on government securities is 21/6 per cent. Consols, 92% for both; bonds of 1865,old, 95%; 1865,95 10-40's, 90%; new fives, 91% THE PANIC THE ROAD TO SPECIE PAYMENT. LONDON, Sept.25.-The Daily News believes that the financial panic in New York will lead to the resumption of specie payment. THE MEETING CALLED BY MR. WATSON to consider the affairs of the Erie railroad company, took place to-day, and was attended by one thousand persons. The meeting was described as stormy. A resolution of thanks to Mr. Watson was unanimously adopted. The names of Bischoflshein & Henry were greeted with a storm of mingled hisses and cheers. Mr. Watson, in the explanation of the affairs of the company, said there was some apparent dubiousness about accounts, but he believed they were correct. They wanted $30,000,000 immediately to finish improvements already commenced, and to lay a third rall. The meeting was attended by many Americans. MORE SPECIE FOR NEW YORK. LONDON, Sept. 25--185,000 pounds of bullion was shipped from Liverpool for New York today. The steamship City of Brussels took 15,000 pounds, the Adriatic 35,000. Another Ocean steamer Wrecked. OFFER Sant with The

9. September 25, 1873 The Rock Island Daily Argus Rock Island, IL
Article from The Rock Island Daily Argus, September 25, 1873

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# Banks In Chicago all Suspended. Telegrams received here this afternoon, announce that all the Chicago banks have suspended. This is probably by a united agreement to suspend until some plan of action can be agreed on. Things look blue, and there is great probability that the panic will become general and extend all over the country.

10. September 26, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 26, 1873

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New-York Daily Tribune. FOUNDED BY HORACE GREELEY. FRIDAY, SEPTEMBER 26, 1873. At a stormy Erie meeting in London, President Watson received a unanimous resolution of thanks, and announced that his road wanted $30,000,000 at once. The French Conservatives claim a majority of 20 in the Assembly in favor of a monarchical restoration; the Republican members threaten to resign in a body. The Spanish Government has demanded of England the release of the Vitoria and Almanza. = The U. steamer Tigress is still searching for the Polaris crew. Secretary Richardson, Attorney-General Williams, and other officials determined, it is said, after long consultation, that the Government should not use any portion of the legal-tender reserve for the purchase of additional bonds. The banks of Chicago, Cincinnati, Baitimore, Nashville, and New-Orleans have suspended the currency payment of large demands. In St. Louis the bank suspension appears to be total. Failures are reported in New-Brunswick, N.J., Selma, Ala., Indianapolis, MemThe schooner Whiting phis, Atlanta, and Augusta. was wrecked at Grand Haven, Mich., all the crew but one being Descued after a thrilling fight with the waves. = An Anti-Kellogg Convention has been called, to meet at New-Orleans Nov. 24. There were no further suspensions in Wall-st., although aid from the Government in the purchase of bonds was entirely withdrawn. The difficulty in getting foreign exchange has affected the export trade somewhat disastrously. The Stock Exchange endeavored, by the appointment of a Committee, to force settlements upon last week's transactions. The Bank Presidents did not favor the theory of the Stock Exchange 10 regard to the resumption of business. ==== Sprague's attorneys endeavored to show that the money for his investments was borrowed from the Brooklyn Trust Company. The Grand Jury issued a public call for testimony. The District-Attorney refused to announce his intentions concerning the jail frauds. The Committee on investigating department affairs or- The Liberal Republican General Commitganized. tees made arrangements for holding primaries, and listened to Gen. Coctrane's remarks on the issues of the campaign. The Kings County Democratic primaries were held. The Newark Democratic Convention made municipal nominations. = An effort to act on the Police Justice nominations falled in the Board of Aldermen. - The Protestant Episcopal Diocesan Convention was addressed by Bishop Potter. - Prominent delegates to the Conference of the Evangelical Alliance, and Wilkie Collins, arrived. Damaging testimony was adduced in the baby-farming examination. The Harlem Rowing Club's Fall races were pulled, and entries for the National Amateur Regatta were announced. = The New-Jersey section of the NewYork and Oswego Midland Railroad is to return to its

11. September 26, 1873 The True Northerner Paw Paw, MI
Article from The True Northerner, September 26, 1873

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# True Northerner. PAW PAW, MICHIGAN, Sept. 26, 1873. # Local Department. Hon. Wilder D. Foster, Representative in Congress from the Fifth District of Michigan, died in Grand Rapids Sept. 20. H. P. McFarlin will hold an Auction Sale at the residence of Fdward Stowman, two miles north-west of Glendale P. O., Oct. 11. We advise every young man or lady who wish to qualify for business to attend the Kalamazoo Business College. The Ann Arbor Courier says the seating capactity of the new University Hall is 3,000, and by the use of temporary seats 4,000 can be accommodated. Charles Smolk has removed his Sewing Machine Depot to the new building on the corner of Main and Niles streets, adjoining the residence of T. A. Granger. The Fair of the Paw Paw Valley Agricultural Society commenced last Wednesday and closed to-day. We will give a more extended notice of it in our next issue. REV. R. C. WELCH, who has been assigned by the Michigan Conference to the charge of the M. E. Church in this place for the ensuing year. preached his first sermon on Sunday morning last. All the Banks of Chicago entered into an arrangement by which they closed their doors yesterday morning, and take thirty days in which to pay depositors. A genral derangement of business must be the result. The South Haven Sentinel says: "The condition of religion is good." That is just as we had supposed, and we are right glad to see that fact verified in so public a manner, for the past season has been unusually sickly. The Government Printing office in the City of Washington, in the Territory of Columbia, is one of the largest printing offices in the world. Six colored compositors are employed at the case in that concern. The Lapeer Clarion wants the fat men to stand back in future and give the lean men of the State a chance to hold a convention and get a good, square meal out of East Saginaw or some other philanthropic city. At a public gathering lately one of the gentlemen present was called upon for a speech, and this is how he responded: "Gentlemen and women, I ain't no speecher. More'n 20 years ago I came here a poor idiot boy, and now what are I?" On Saturday last, Miss Emma Pugsley left for Ann Arbor to enter the State University. She is a graduate of the school here, and is an excellent scholar. There are now two young ladies attending the University from this village, the other being Mies Emma Andrews. who has been there for the past two years. The Circuit Court has been in session during the past week. On Monday the Matteson case came up on a motion for change of venue, which motion, after a hearing and the reading of affidavits in support of the motion and counter affidavits opposed to it, was denied. The time for the trial will probably be set down for the next term of the Court. The most important other matter before the Court was a case between A. M. Merrifield and Philo Reed. LAWRENCE, Sept. 16, 1873. TRUE NORTHERNER: DEAR. SIR, I have been away all summer, and have but just returned. The first newspaper I saw after getting home was yourself going "Up in a Balloon." If a little money will save you, the enclosed Two Dollars will help. Keep the thing flying till they all respond, and keep the paper coming. Can't keep house without it. Yours Truly, The State Fair, held at Grand Rapids last week, was a success as regards the magnitude of the exhibition in all its departmentst-he Lumber of people who attended and financially. We learn that the receipts exceeded thirty thousand dollars. Our own Van Buren County maintained the ascendency she had heretofore attained. She bore off the highest prize for her County Collection of Fruit; the township of South Haven took the first prize for her Township collection of Fruit; and the Williams' process for evaporating fruit was pronounced superior to the Alden process. Mr. Williams. the inventor, is a resident and fruit grower of South Haven, in this countv. Our worthy and honored friend. Judge Monroe. met with a very serious mishap on Saturday night last, by which he is now lying in a critical condition. He had arrived here on the nine o'clock train on his way home from Grand Rapids, where he had been attending the State Fair. He started for his home, aboat eight miles from town, on foot and leading a ball by a cord attached to a ring in his nose. When about one-half mile from town the bull became somewhat refractory and refused to go. the Judge meanwhile pulling him along by the cord, when the animal suddenly attacked nim, throwing him to the ground and trampling him under his feet, bruising and lacerating him very seriously about the chest, side and bowels. fter becoming released the Judge crawled to the house of Mr. Clancy and aroused the inmates. who took him in and cared for him until he was taken home, Sunday morning. Ir not unfrequently happens that a party political convention is moved to deliberately falsify history in their platforms, declarations and resolves, as was the case of the Ohio in ther recant numatform adopted by

12. September 27, 1873 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, September 27, 1873

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Action of Banks Approved. CHICAGO, Sept. 26.-Despatch-s from the best informed sources received at the office of associated press in this city, from most of the principal cities in Illinois and Iowa, in reference to the present financial troubles in the east, concur in saying that the action of the Chicago banks in following the course of the New York banks in suspending payments of large sums of currency is almost universally sustained and commented by bankers and business men, as wise and timely, and calculated to arrest the panic and find tbe way to relief them from the present difficulties.

13. September 30, 1873 The New York Herald New York, NY
Article from The New York Herald, September 30, 1873

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Pittsburg Refuses to Suspend Currency Payments. PITTSBURG, Pa., Sept. 29, 1873. Everything in a financial way wore a bright, cheerful and natty look to-day, and the painful depression and gloom of the past week which pervaded in commercial as well as financial circles seem to have given way before the united and vigorous efforts of financiers and the public generally. The Clearing House Association met this morning and discussed the matter in hand of using certified check, a system among themselves in accordance with the New York plan. It was said at the meeting that the majority of the cities had adopted the rule, and as Pittsburg rather stood isolated as a currency-paying city an effort would ultimately be made to drain the city of currency and at such a distance that it would be a long time before it would return, and most disastrous results might follow to the general business interests of the city. But alter a careful consideration of the question, and in view of the brightening prospects throughout the country, a majority of those present were against suspension. The action of Chicago in resuming was indicative of a healthy return of the ola business relations as they existed before the panic, consequently the following resolution met with unanimous endorsement:At a full meeting of the Clearing House of Pittsburg, be it resolved. that no change was required in the manner of conducting the business of the banks and Clearing House. John D. Scully, of the First National Bank, was very decided in his opposition to following in the footsteps of other cities as to suspending currency payments. He said that instead of Pittsburg being drained of her currency by suspended cities about her, the result will be that she will gain in currency, as she will be doing business upon this basis, and will be careful of what she receives. Mr. Harper, of the Pittsburg Bank; Mr. Martin, of the Mechanics' National Bank, and also the President of the Exchange Bank, all agree with Mr. Scully. They think that now the panic is so near over it will redound far more to the credit of Pittsburg not to suspend, even If every other city should do so. The Lawrence Bank, which closed its doors last week, reopened this morning and transacted business as usual. The Board of Directors of the Security Trust Company are still busy at work, but have not yet completed their arrangements to resume. The Diamond Savings Bank, by prompt action, succeeded in getting all funds checked out that were in the hands or Clews & Co. This morning a circuiar was received from them stating that they were continuing business and would pay all indebtedness as fast as they could realize on collaterals, and that they were receiving deposits which would be used in the most judicious manner possible.

14. September 30, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 30, 1873

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LAWRENCE, KS. Special Dispatch to The Chicago Tribune. LAWRENCE, Ks., Sept. 20.-Financial matters are looking brighter. The news of resumption by the Chicago banks is hailed with delight. Our banks have paid without suspension through the panic.

15. September 30, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 30, 1873

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SAN FRANCISCO. Special Dispatch to The Chicago Tribune. SAN FRANCISCO, Sept. 20.-To-day was devoted almost exclusively to collections and legitimate channels, and the result inspirod confidence. Tho resumption of business by the Chicago banks was the subject of much congratulation, showing the panic had no serious effects on Western finance and stability. This, with the promptness with which to-day's matured obliga- tions were mot, has reopened the current of exchange, which resumed with some briskness. Coin drafts on New York sold at ΒΎ to 1 por cent; telegraphic transfers at 2 por cent. The panic has fully demonstrated the unadvisability of stock speculations. Capitalists are more unwilling than ever to invest in outside real estate, preferring legitimate enter- prises and staple products. The panic is charged

16. October 2, 1873 The Saline County Journal Salina, KS
Article from The Saline County Journal, October 2, 1873

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There was a bett er state of feeling financially yesterday than there has been since the commencement of the panic. The reports that the Chicago and St. Louis banks would resume this morning was interpreted as a cheering indication that the worst was over. This is probably the case. Indeed, there are evidences on all sides that reason is resuming its sway. Currency is flowing in a steady stream to the West, and mon. ey will soon be abundant.-Lawrence Journal, Sept. 30th.

17. October 2, 1873 The Leavenworth Weekly Times Leavenworth, KS
Article from The Leavenworth Weekly Times, October 2, 1873

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AN OPEN QUESTION. Speaking of the determination of the At chison banks, to pay out currency on de mand of depositors, and comparing that course with the course adopted by the Leavnworth banks, the Champion finds cause for much local gratification. At first glance one may think that suspension for a few days, or even the payment of checks for a limited amount, is an acknowledgement of weaknessupon the part of banks adopting the policy, but a deliberate second thought will convince one that the measure is now calculated to promote the business interests of a city. In Chicago, the adoption of that course was strongly advised by the immediate representative in that city of the currency bureau of the Treasury Department, and fully approved and endorsed by gentiemen best quelified to form an intelligent judgment as to its consequences. In St. Louis, the solid old bankers accepted the course to protect the mercantile interests of their city. It is a fact worth considering that dispatches were received by Leavenworth merchants from their Eastern creditors, offering five per cent. discount and payment of charges, wherever remittances were made in currency by express. The immediate result of such transactions would be a drain of currency from the west. The euspension in Leavenworth, qualified as it is, will be only temporary. Early next week the banks expect to resume regular business transactions. There is no panic here. No alarm is felt. Depositors feel perfectly secure. No one questions the ability of our banks to pay every dollar due depositors. Currency is coming here inclood of having, and in the end the window description

18. October 2, 1873 Ottumwa Weekly Courier Ottumwa, IA
Article from Ottumwa Weekly Courier, October 2, 1873

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On Monday evening last the following action was had by Chicago bankers : The Chicago Clearing House association of banks and bankers resolve that until further action, and in view of the disturbed condition of affairs in New York and other cities, and the difficulty of converting balances into currency, its members be recommended and authorized to suspend currency payments on any large demands made upon them, either from country banks or over their counters. Dispatches of last night show that this action of the Chicago bankers is commended in Keokuk and Des Moines, Iowa,"also by those of Quincy and Peoria, III. The excitement throughout the whole country is great, and yet everybody expresses the utmost confidence in the banks, except such as have been dealing in railroad stock. The opinion prevails that banks generally must suspend until the people settle quietly down. Our produce which had commenced moving, is about totally checked. Eastern banks refuse to send currency west, and as a consequence no produce can be bought. This certainly cannot last long, for the starving must have bread and the currency depot must be unlocked in the East.

19. October 3, 1873 Burlington Weekly Free Press Burlington, VT
Article from Burlington Weekly Free Press, October 3, 1873

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SUSPENSION OF THE CHICAGO BANKS. - A A telegram received Saturday from Chicago announces that all the banks in that city have suspended.

20. October 9, 1873 Iowa Voter Knoxville, IA
Article from Iowa Voter, October 9, 1873

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The West. The Chicago Journal of the 25th says that it had become necessary to say that the banks of Chicago had not suspended payment or closed their places of business. The action of the preceding night was not in consequence of a panic but to prevent a panic. They had not ceased business, were continuing to receive deposits and pay out such sums as might be needed for ordinary business transactions, but where sums were demanded to board or withdraw from business operations they had resolved to delay the payment of these until the financial storm had passed. The currency stringency in that city had had the effect to bring the extensive hog and cattle trade to a stand still, it being impossible to make cash sales. The Union Live Stock Yards contained 30,000 hogs and 10,000 head of cattle, all that the yards could possibly accommodate, and the live stock commission merchants had notified the railroads and country shippers that no more live stock would be received until further notice. The Cincinnati Clearing-House Association adopted on the 25th a resolution substantially the same as that adopted on the 24th by the banks of Chicago. A dispatch from Kansas City, Mo., of the 25th, says that the banks of that city had suspended. A dispatch from St. Louis, of the 25th, says that the banks of that city had held a meeting on the evening of that day and resolved to adopt the plan of issuing Clearing-House certificates. A Detroit dispatch of the 25th announces that the schooner W. J. Whaling had been beached at Grand Haven, Michigan, on the forenoon of that day. Vessel and cargo were a total loss. Two of the crew were drowned. The Inter-State Industrial Exposition was formally opened at Chicago on the evening of the 25th. The huge structure was thoroughly packed. It was estimated that fully 20,000 persons were in. Dedicatory speeches were made by U.S. Senator Logan, ex-Governor Oglesby and others. The 26th was Chicago's "Black Friday." The Union National, the Second National, the Manufacturers' National, Cook County National, and the National Bank of Commerce, all closed their doors on the morning of that day. The Board of Trade of that city had adopted a resolution prohibiting dealing in grain options for the present, on the ground that such dealing had a tendency to depress prices. In view of the present monetary situation and the difficulty of drawing city deposits, the Board of Public Works had decided to temporarily suspend work on all sewer improvements not actually commenced. A meeting of the associated banks had been held in the afternoon to discuss the question of issuing loan certificates, but no conclusion had been reached. A dispatch from San Francisco of the 26th says the Independent State Convention had nominated E. W. McKenstry for Justice of the Supreme Court. The Convention adopted resolutions that the opponents of organized corruption form themselves into a political

21. October 14, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, October 14, 1873

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ovor proceding days. While thero was gront con- fidence in the solvency of our banks, thoro was much intorost folt to see what developments would be made during the carlior hours of the oponing-day. At the usual hour this morning overy bank and banker in the Olearing-Houso Association, twonty-ono in number, commenced full and unequivocal resumption. # THERE WAS NO Ξ•Ξ§ΞŸΞ™Ξ€Ξ•MENT, thero was nothing about the appearance of the bank that indicated a run; the business of the day commenced and continued to the close with a degroo of quiet that was remarkable. So far as is known, there was not an anxions depositor presented himself at the banks. The amount drawn by depositora was probably less than usual on Monday. Cortainly it did not ex- coed the usual demands of the average busi- noss day of the week. While this was true, the deposits of currency were liboral and boyond the expectation of the banks. Tho largost number of the bankers report that they recoived more currency than they paid out. Ono of the National Banks received in currency $100,- 000 more than they were called on to pay. The entisfactory results of the forenoon put # A NEW FACE ON THE MEROHANTS who assembled on 'Change. The attendance was larger than it had been for days, and overy per- son seemed to be encouraged. The gen- eral markots woro improved in tone, and the impression prevailed that we had en- torod fully upon the work of recuperation, and that restoration would proceed with rapidity. At the close of banking bours all acknowlodged that the success of the first day of curronoy ro- sumption had been comploto. # THE LOAN-CERTIFICATES. Of $462,000 in Clearing-House certificates, $165,000 wero canceled to-day, leaving less than $300,000 of cortificates unredeemed. Of the lattor amount, under the ac- tion of the Clearing-House, 25 por cont will be redeemed to-morrow. and 25 per cent each week thereafter, for the purpose of equitably distributing the cortificatos. It was decided on Saturday that the banks should hold them until retirement in proportion to the business done by them respectively within a definite period theroin named.

22. October 22, 1873 The Lambertville Record Lambertville, NJ
Article from The Lambertville Record, October 22, 1873

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There has been a gradual but decided improvement in financial matters during the last week. On Saturday, in New York and Philadelphia, confidence had-been largely restored and business was moving with almost its accustomed activity. It now appears that the worst effects of the panic have been limited to banking and speculative interests, and to those branches of manufactures that depend upon railroad enterprises for most of their work. These have had a pretty hard time, and many fortunes have been lost or greatly impaired. But the dealers in produce and general merchandise seem to have lost little of their trade, and as currency gets into circulation again they resume their usual business. The agricultural interests of the country have suffered little or nothing. The panic of course could not effect the amount of their products, and it has not perceptibly changed the market rates. Prices are certainly not tending downward, nor are they likely to do so. Thus the farmer, who apparently makes money slowly, is shown to be engaged in the safest of all occupations. The New York and Philadelphia banks have not yet fully resumed the payment of currency to their depositors. Those in Chicago and Cincinnati have done so, while the banks of Pittsburg never suspended. As soon as the eastern instituti ons redeem their obligations, as they must do at an early day, the usual current of affairs will be promptly resumed.

23. August 30, 1877 New-York Tribune New York, NY
Article from New-York Tribune, August 30, 1877

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EFFECT UPON BUSINESS IN THIS CITY. The failure of the State Savings Bank of Chicago had no perceptible effect here, and bankers generally regarded it as a temporary matter, not likely to create a panic or disturb the standing of other Chicago banking institutions. A private dispatch received yesterday afternoon stated that the run on the banks was not heavy, that the larger institutions were promptly meeting all demands, and that savings banks were insisting on the rule that for the withdrawal of larger amounts than $10, thirty days notice must be given. It is not believed by the officers of the leading banks in this city that there is any immediate danger of a serious time with the Chicago Banks, and in no case could it much affect banks 111 this city. The State Savings Bank of Chicago is reported to have total resources of $2,724,000, with liabilities of $2,988,339. This is believed to be a low estimate of the deficiency, which, it is thought, will be increased somewhat on account of the shrinkage in values of real estate, of which the bank holds $1,435,315. A Wall-st. banker stated that the financial embarrassment of the State Savings Bank has been a matter of discussion for a long time, and gross mismanagement has been charged against its executive officers. He stated further that D. D. Spencer, the president, was reported to have been a heavy operator in grain, and had by the decline lost the money of the depositors with which he had been operating. Mr. Spencer 18 reported as having left Chicagoon Saturday for this city, but up to last night he had not been seen or heard of, and the presumption among bankers is that he laid over in Canada, or went in a westerly direction. The members of the Produce Exchange were somewhat anxious yesterday morning to obtain full intelligence. Advices were received throughout the day, and they all tended to show that the market, as yet, had not been affected to any extent in Chicago, and there were, therefore, no fears to be entertained of trouble here. A prominent member of the Exchange stated to a TRIBUNE reporter that unless there was a very heavy run on the Chicago banks, causing a money panic, there would be no trouble 111 the produce market here. The Exchange in this city was governed almost entirely by the news from London, and not by the Chicago market, which was too speculative. If, he said, there were any heavy failures there, it would then probably have a disastrous effect on New-York merchants.

24. September 12, 1877 Clearfield Republican Clearfield, PA
Article from Clearfield Republican, September 12, 1877

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AN AWFUL "BUST Up."-The State Saving Institution, at Chicago, closed its doors on Friday. The concern is a million of dollars short. The assetts foot up at their face $2,337,496.23 while the true value is only $869,000. The amount due depositors is $3,050,017.17. All the available cash to be found in the Bank was about $24,000 out of the millions deposited by the 15,000 depositors. The Cashier, David D. Spencer, is in Europe. His own individual note for $500,000 was found among the assets. A general run is being made on all the Chicago banks and some more of them may close their doors before the panic is over. But, then Chicago can stand almost anything.