20804. First National Bank (Memphis, TN)

View Charter #336 on SPMC

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
336
Charter Number
336
Start Date
September 25, 1873
Location
Memphis, Tennessee (35.150, -90.049)

Metadata

Model
gpt-5-mini
Short Digest
e8c737aa

Response Measures

Accommodated withdrawals, Capital injected, Full suspension, Books examined

Other: Stockholders/merchants subscribed funds (~$200–$320k) to recapitalize and enable resumption.

Description

Multiple contemporaneous newspaper reports (Sept 25, 1873) describe a heavy run and the First National Bank of Memphis suspending because it could not realize securities in New York (part of the nationwide Panic of 1873). The bank then reopened on/around Oct 2, 1873 after subscriptions/assistance and committee inspection. Later references (Jan 1874) note full resumption of business; I record the initial reopening in October as the reopening event.

Events (3)
1. September 25, 1873 Run
Cause
Macro News
Cause Details
Run driven by the nationwide financial panic centered in New York and inability of local banks to realize on securities there, producing heavy withdrawals.
Measures
Paid out currency early in the day; later closed doors and suspended payments; stockholders and merchants later subscribed funds to support the bank.
Newspaper Excerpt
There is great excitement in this city on account of the suspension of banks... The First National and the De Soto banks have closed to-day. There is a heavy run on the other banks.
Source
newspapers
2. September 25, 1873 Suspension
Cause
Macro News
Cause Details
Bank suspended because of inability to realize on securities in New York amid the financial panic (reports explicitly cite inability to realize on New York securities).
Newspaper Excerpt
The First National Bank of Memphis has suspended.
Source
newspapers
3. October 2, 1873 Reopening
Newspaper Excerpt
The First national bank has resumed. / In reopening the First National Bank for new business, after a brief suspension... its assets ample beyond question to meet all its liabilities.
Source
newspapers

Newspaper Articles (23)
1. September 25, 1873 Evening Star Washington, DC
Article from Evening Star, September 25, 1873

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THE TIDAL WAVE IN THE SOUTH. BANK SUSPENSIONS IN SOUTHERN CITIES. Bank Suspensions in Memphis 3 EMP818, Sept. 25.1 here is great excitem of in this city on account of the suspension or the banks which is due to inability to realIze on the securities in New York. The First N. tional and the Delso banks have closed the r doors' day, and it is rumored that the Freddman's Saving and Trust Company has also suspended. There is a heavy run on other banks. It is expected, however, that all the aspended banks will reopen when the panic subsides Suspensions in Augusta, Ga. AUGUSTA, Ga., Sept. 25 The National Exchange bank, the Merchants' and Planters' Losti and Savings bank have suspended. The THE OR the banks have been heavy, and especially this morning. Cotton is coming in freely, but there is no money to move it. Run on the Savanuah Banks, SAVANNAH, GA., Sept. 25. - A run commenced early this morning on the savings departments of the Savannah Bank and Trust Company and the Southern Bank of Georgia. Large crowds are congregated. The banks are paying dollar for dollar. Business is at a complete standstill for lack of currency. No Scare at Louisville. LOUISVILLE, Sept. 25.-There is some excitement here on account of the depressed condition of affairs in New York, but the banks are uniformly in good condition. No alarm whatever e sts among depositors, and there is no anticipation of a panic. The Trouble Over in Richmond RICHMOND, Sept. 25-1.30 p.m.-The panic has entirely subsided and there 18 no visible excitement on the street A meeting of bank officers this morning unanimously resolved to adopt the system of issuing loan certificates, as now in operation in New York. Philadelphia and Baltimore, so as to give relief to the commonth The reported failure of McLain & Co., of Petersburg, is contradicted. the Situation in St. Louis ST. Lovis, Sept. -Shipments of flour to the east having been virtually suspended by the recent advance in reitroad freights, the board of directors of the merchants' exchange have petitioned the railroad companies to restore the old rates during the present financial troubles. A slight run having been me de on the banks of this city, it was decided at a meetingJof bankers held last night to suspend the payment of checks or drafts, either in currency or exchange, until the excitement in the east subsides and the former condition of the markets is restored. The New Orleaus Banks Suspend. [By Automatic Telegrayh.] NEW ORLEANS, Sept. 25.-The New Orleans banks, with the exception of the Southern, have suspended currency payment.

2. September 25, 1873 The Daily State Journal Richmond, Alexandria, VA
Article from The Daily State Journal, September 25, 1873

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Purchase of Government Bonds Saspended-7-40 Bonds not to be Antici pated-More SuspensionsDry Goods Merchants Sound-A Run on the Savannah Banks-They Hold Out NEW YORK, September 25.-Mr. Hillhouse says he has exhausted the orders to purchase bonds, and will await further orders. A portion of the registered European mail, per the City of Montreal, was badly damaged by the breaking of a large bottle of iodine, which escaped the notice of the mailing clerk. A large number of letters containing checks, bonds, &c., are stained a deep brown, and the writing is rendered unintelligible. The dry goods merchants report trade dull but sound. The rumors of failures among them are groundless. The morning journals take a very hopeful view of the financial situation this morning, and it is the general impression that the panic is over. The members of the firm of Jay Cooke, & Co. meet daily, and have decided not to sacrifice their securities in order to meet their obligations, but to wait the restoration of public confidence. Mr. Howes, of Howes & Macy, say they have the best securities, but don't propose to sacrifice them at current rates. There is no stock board to-day. The following notice is on the door of the sub-treasury: "Purchases of bonds at this office are for the present suspended." In an answer to enquiries the sub-treasurer states that he cannot say whether any purchases will be made to-day, until he is advised from Washington. WASHINGTON, September 25.-It IS stated that Secretary Richardson declines anticipating the 7-40 bonds, which mature in December and January. The Washington City savings bank, known as J. R. Ruff's, after five days run, has posted the sixty days' notice clause. MEMPHIS, September 25.--The - First national bank of Memphis has suspended. SAVANNAH, GEORGIA, September 25.-A run commenced early this morning on the savings departments of the Savannah bank and trust company and the Southern bank of Georgia. They are paying dollar for dollar. Business is at a complete stand-still for lack of currency. Large crowds are congregated about the banks. BALTIMORE, September -Brown, Lancaster & Co., well-known bankers of this city, and agents of the Chesapeake and Ohio railroad, having branch houses in New York and Richmond, suspended yesterday afternoon.

3. September 26, 1873 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, September 26, 1873

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NEW YORK. Robbery. NEW YORK. Sept. 25.-About midnight four masked men bound and gagged Seth W. Strage and wife of Yorktown, near Peepskill, and robbed the premises of $400 worth of valuables and escaped undetected. A Disputed Will. The will of Woodford Martin, the deceased grocery merchant, is disputed by three daughters. The estate is valued at $3,000.000. The daughters disputing the will claim that one of a later date than that offered for Probate is in existence. Ingenious Dodge. A newsboy was arrested to-day for crying out "Suspension of the First National Bank, "but was released on explaining that he meant the First National Bank of Memphis.

4. September 26, 1873 New Orleans Republican New Orleans, LA
Article from New Orleans Republican, September 26, 1873

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for checks upon banks e drawn. their to be optional on with but the they will certify hands sums. which they drawn are on balances Clearing in House only checks payable member through of the the Clearing such House A Each is required to deposit at all sociation accurities as will Government approved his clearings. value; rail the amount recei of at their bonds par and bills road bonds and are other received stocks and at eventy-five them by per the Certificates cent receivable of the are value fixed are on issued used by the the of balances committee, committee. which can between only be the bank$ render settlement are not negotiable. condition on Change quopanicky and Matters were in it that difficult to furnish feeling tations. to-day to There a was general no feeling cellers to stand of whatever on the but part of buyers and genea and are everything. still The action of the bank scussion here was of this rally consumed unexpected much time. ruinous. There The ecautionary prevailing believe the course that it was a obligation to banks the owe nity. measure, opinion is justified general by the banking commu Chicago Clearing House. The Chicago CHICAGO. September resolved until further condition Clearing House view of the disturbed other cities, and tion affairs and in in New York and balances into of difficulty of converting advice of the bank the and on the commended currency. that members! be currency paythem examiner. authorized to suspend demands made upon counters and ments from on any country large banks a over their New sav Haven savings 25.- Bank. The NEW HAVEN, September the legal delay se in rious run. paying ings banks depositors. are enforcing There has been no Excitement in Memphis. excite MEMPHIS, September account of the susment prevails of banks, here, caused on by the inability closed pension on securities. banks have to realize The following named Bank, De Soto Bank today: First National the Freedmen's Savings 13 and it is and reported Trust Company. There heavy Bank run on the others. all will reopen after It is expected that The excitement the panic subsides. On account this present intense. of the monetary city. panic two and a which run on have all the suspended. banks in business is almost at standstill. suspension in St. Louis. decided Sr LOUIS, September of bankers, 25.-It held was last drafts, night. at to the suspend meeting payment or on exchange, checks or until the either in currency in the East subsides restored. and a firmer excitement condition of the markets is Resolutions of the Associated Bank banks to-night At meeting of the associated the following at the Clearing House unanimous adopted: and resolution Resolved was That for the protection for the purpose of our commercial preventin interests, a drain of currency to adopt from sub- the banks, of we hereby plan agree adopted in New on stantially viz: the Not to pay out currency sums. the checks York. except for small the banks on to be optional with certify checks amount drawn, but we will payable drawn which on balances in our banks, the Clearing House. the through committee of management of The House were directed to issue of Clearing Clearing House the certificates aggregate immediate amounting in set between $500 to $2,000,000. each. for the the purpose banks: of each tling being balances entitled to a pro rata quarter. amount. bank the clearings for the last ample based certificates on to be secured by saided the the character and val of committee lateral lateral to be determined by This arrangement appointed to remain for that in force purpose. till November 1. Little Rock currency has LITTLE ROCK. September increased. The exeite ment over city The failure of the exeitement. banks in Financial Memphis caused are unusual the only topic of conversation. take matters all the merchants refused to the day Nearly to-day. and throughout by decity money a heavy run on the banks de positors. there was As vet they have met every mand promptly Savannah. AVANNAH, September 25.-The Company THE on Savannah Bank and Trust ceased the at noon. and continued on the South matters. ern The Bank Chamber of Georgia of Commerce to the close. is considering Atlanta. ATLANTA. September The Dalkon accure Savings Bank has suspended. The tics are ample. Augusta. ACGUSTA September The National Na Bank. Merchants and Planters tional change Bank Bank of Augusta and Planters and Savings Bank have suspended. The Loan run on the banks has been heavy, especially Cotton is this coming morning. in freely. but there is no money to move it. The cotton market has enspended opera no currency to buy it but there tions: The First National Bank to be paid no serious out as appears usual. on it. The president will pay as long as run there is dollar of currency in the vaults There is confidence that it will weather the storm. The suspended banks have ample 1:a assets. and will meet every dollar's bilities. No suspensions among the business men E and A large meeting of the merchants was held a exchange roome. appointed committ at the to wait upon the directors of the Georgia Railroad and Banking Company and other banks. to issue some medium of exchange to bridge over the present erisis. John J. Cohen & Sons have suspended assets are ample. Their Bonds and stocks can not be sold. There no market for the best securities even at sacrifice. Indianapolis INDIANAPOLIS Ind. September Con siderable excitement was caused here this morning by the announcement of the precautionary measures adopted by the Chi cago and Cincinnati bankers which were at first reported as having total Iv suspended. and the excitement was beightened at noon by the suspension of the private bank ing house of Woollen, Webb & Co., owing mainly to the return of their drafts on the suspended Trust Company of New York, and public confidence became so shaken there was run that on a quite Ritzinger's bank and on the Indianapolis savings banks, by a class of generally small depositors. and some few persons withdrew their money from other banks The First. National Bank. instead of closing at the usual hour. kept open an hour later to give any depositor all oppor tunity to withdraw his money if he wished, and when it closed it had received more There

5. September 26, 1873 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, September 26, 1873

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ESTABLISHED 1840. T The Daily Appeal has a larger circu. lation than all the other Memphis daily THE PANIC ABROAD papers combined. THEPANICINTRECITY YESTERDAY. It was too much to expect that so Latest from all the Leading Cities thoroughly commercial a point as Memand Money Centers of the phis would fail to respond to the panic Country. which for a week has prevailed at New York and ail but prostrated her energies. We are so intimately The Backbone of the Panic connected with that great center of Broken in New Yorktrade and capital that we could not but Careful Review. share in her troubles, yet it was hoped by our bankers, who a month ago prepared for the dreaded emergency, that Decline in Gold-Shipments from they were so well "fixed" as to be able to pull through, and be ready for the England-Street Transiccotton season, only postponed on account tions in Gold, Stocks of the prevalence of the fever. But the and Bonds. fever itself proved their stumbling-block. When fifteen or twenty thousand people rush panie-stricken from home, The Dry Goods, Produce, Grocery pell-meil, helter-skelter, they are and Other Branches of usually possessed of but two ideas, Trade Unaffected. "money" and "safety." The first, being necessary to the continuance of the latter. becomes the essential. Our frightThe Conduct of the Secretary of eaed thousands, conscious of this, and the Treasury Severely with a view to fortifying themCriticised and Deselves against any contingency, before their departure lined nounced. their pockets, and it is calculated took with them not less than one million dollars. So large a sum as this could The Banks and Bankers of the not be taken from Memphis without, Southern and Western especially at so critical a juncture, enCities - What They dangering not only the stability of our Have Done. banks, but with them many of our largest concerns. The knowledge of the withdrawal of so large an amount had its New Orleans, Little Rock and effect, and as the news from New York Nashville in the Toilsspread from day to day, a feeling of inHow they Worked security grew, which, fed by the panOut. icky state of the public mind in regard to the fever, at last culminated in a run on Wednesday upon the First national bank, one Tae Outlook - Prospect for Toof the best conducted and most liberal day-What we May Exinstitutions in the Union. This was pect-Confidence Still sustained to the extent of paying cut Coming. sixty thousand dollare, but, on opening the doors yesterday and finding the run still likely to continue, they were Etc. Etc., Etc., Etc., closed again and suspension announce d

6. September 26, 1873 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, September 26, 1873

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MEMPHIS. Suspension of the Frst National and De Soto Bauks. MEMPHIS, September 25.-There is great excitement in this city on account of the suspension of the banks. caused by their inability to realize on their securities in New York. The following are the names of the banks that have closed up to to-day First National Bank and De Soto Bank. It is reported that theIFreedmen's Savings and Trust Company has suspended. There is a heavy run on the other banks. It is expected that they will reopen after the panic subsides. The excitement is intense.

7. September 26, 1873 The Rock Island Daily Argus Rock Island, IL
Article from The Rock Island Daily Argus, September 26, 1873

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TELEGRAPHIC Suspension Everywhere Waiting to get a New Start. The British Rushing in with Cash to get Bargains. Opening of the Chicago Ex position. Another Fatal Experiment with a Balloon. The U. P. Quarrel About Termini. Other Items of Interest. transpires CHICAGO Sept. It that excited meeting of the Clearing House lasting Association was held last evening. which it made National Henry The point declar the Bank would morning yards and the railroad have issued orders points the On street full. of the country e extremely light being supplying the wants the retail trade Transactions now made only for cur rency feature of the day the arrival several Canadians loaded with United States to buy grain. There trace of panic here Ithough busi in grain and live stock is interfered with SPRINGFIELD III. Sept. 25 There little among but the men and more among bankers, The usual Presidents holding but learn the question the bankers nivided feeling local regarding serious stand come banks Chicago way to speedy PEORIA Ill Sept. 25 Our banks have resolved suspension of such payments would legitimate feeling The general that the banks the right taken LOUIS. run slight been Kansas in bankers payment of checks drafts, either until the dopted this evening New practiced Clearing House issued DESMOINES. The Sept. deal interest. The the people the the Des the dent without tional One the savings owned private banks the President Bank Public has Chicago confidence not in single one but for the temporary stagn and stock trade. nothin usual course of trade would noticed here COUNCIL BLUFFS, Sept There little but here distu ef the bance of business beyond stoppage Our banks the and course the the Chicago and will adopt should measures the occasion seem en quire it. un INDIANAPOLIS Sept. -Considerable caused here this by the of able the adopted by the Chicago and einnati banks, and this pension of the vate banking house of W ooden. Webb Co. ohn MEMPHIS. Sept 25 There is great citement in this city on account of the L pension of banks caused by their inabili realize on securities in New York following named banks have closed day First National Bank. DeSoto Bar Savir and it is reported the Freedman's and Trust Company. There is heavy: on the others NASHVILLE Tenn. Sept. 25 -The tional Banks have suspended payment all checks exceeding $200 SALMA, Ala. Sept. 25 The SelmaS: TH. ing Banks suspended o-day ATLANTA Ga. Sept 25 The Doll Saving Bank this city, suspended day It has securities g't Nation AUGUSTA Ga Sept. 25 The Exchange Bank Merchants' and Plante: National Bank Augusta and the Pla ers Loan and Savings Bank havesusper ban the NEW ORLEANS ,Sept 25 All have suspended currency ments ent. ba A meeting this morning of all the Presidents in the city except two resolv to pay no checks for more than $100 the larger checks be certified the rangement to continue for thirty days The generally approve of per ! course the banks have determined upon BALTIMORE Sept. 25 -The officers the Associated Banks of Baltimore this afternoon and resolved in view present financial panic, not pay money on checks except what may be quired for legitimate business purposes

8. September 26, 1873 The New York Herald New York, NY
Article from The New York Herald, September 26, 1873

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Banks Suspended at Memphis, Tenn. MEMPHIS, Tenn., Sept. 25, 1873. There is great excitement in this city on account of the suspension of banks, which is due to inability to realize on their securities in New York. The First National and the De Soto banks have closed to-day. and it is rumored that the Freedmen's Savings and Trust Company has also suspended. There is a heavy run on the other banks. It is expected, however, that all of the suspended banks will reopen after the panic subsides.

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

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BRIGHTER PROSPECTS AT PITTABURGH PITTSBURGH, Sept. 25.-It is learned from authentic sources that $350,000 in greenbacks arrived here to-day from New-York and Washington, and other large sums are on the way, which are expected to arrive to-morrow, and there is a hope that the greenback stringency will be over by Saturday morning, if not sooner. The entire outlook is brighter, and there is reason for saying that the temporary derangement of financial houses here wild be of brief duration. The run on the savings banks has stopped, and no new move ment of the banks is threatened. The Security Trust Company is making arrangements to resume. The of ficers say that they expect to open by Monday next. The Lawrence Savings Bank, which suspended yesterday, will resume in a few days. IN TENNESSEE. SUSPENSION OF THREE MEMPHIS BANKS. MEMPHIS, Sept. 25.-There is great excitement in this city on account of the suspension of banks, which is due to inability to realize on their securities in New-York. The First National and the Do Sote banks have closed to-day. and it is rumored that the Freedmen's Savings and Trust Company has also suspended. There is a heavy run on the other banks. Itisexpected, however, that all the suspended banks will reopen after the panic subsides. 6. p.m.-The excitement this morning over the suspension of the First National Bank was intense. Crowds gathered in front of the bank building in Madison-st. and attempted to break in the iron doors and shutters but they were scattered by the police. The liabilities of this bank are about $400,000, of which $350,000 is due depositors. Among its assets are overdrafts of solvent firms amounting to nearly $100,000. It is believed the bank can resume if able to realize on its assets. An effort is making to have W. W. Thatcher, its own cashier, appointed receiver. The excitement over the suspension of the First National caused a heavy run on the De Soto Bank, and at 101 its doors were closed. Its liabilities are about $150,000, and its officers claim that their assets are ample to meet all demands if they can realize on them. The State National Bank had an abundance of currency, and weathered the storm to-day. The Union and Planters' also endured a heavy run without flinching, as did also the German National, the Bank of Commerce, and the Fourth National. The Freedmen's Bank was compelled to suspend. The check on business is complete, and the planters will necessarily be greatly inconvenienced, as a failure to sell cotton and receive currency and capital will render laborers dissatisfied and unruly. Financial affairs are the all-engrossing subjects of conversation, and little attention is paid to the yellow fever, which is surely abating. PARTIAL SUSPENSION OF THE NASHVILLE BANKS. NASHVILLE, Sept. 25.-The National Banks of this city, four in number, in view of the present state of financial affairs have agreed to suspend currency payments on all balances exceeding $200. The Board of Trade, at a large and full meeting [to-day unanimously approved of the course of the banks and adopted a resolution that merchants and business men would continue to deposit with and aid the banks by every means in their power. A general good feeling prevails among business men, and there are no symptoms of a panic.

10. September 26, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 26, 1873

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MEMPHIS. TENN. Special Dispatch to The Chicago Tribune. MEMPHIS, Sept. 25.-The yellow jack panio was forced to give way to-day, to & certain extent, by the almost instantaneous collapse or suspension of the prominent banks. When the first bank-the Freedmen's Savings and Trust Company-bung out their suspending card, the report about the street was that every National Bank in the city had failed, and this report spread over the city. A most alarming DEPRESSION WAS FELT IN COTTON CIRCLES, and since the bulk of Eastern exchange Was most interested, middlings, which only a few days ago had brought 18 centa, lapeed to 14 cents. More than one of our enterprising merchants wore long faces as the report of bank failures continued spreading, casting a gloom over the feelings of the largest cotton, grocery, and commission merchants, and also over the humbler homes of the mechanic and the cottage of the laborer. At this time A GREAT RUSH to Madison street was made; and by half-past 10 o'clock over 1,500 persons were collected along the sidewalks, in front of the bank buildings on the thoroughfare. The corner of Main and Madison streets was thronged by an anxious crowd, every one talking about drafts, deposits, assets, exchange, liabilities, honesty, etc. The true cause of all this excitement was apparent, over half a million dollars owned by parties in Memphis was now locked in the safes of these banks. By looking to the door front of THE FIRST NATIONAL BANK, was to be seen a placard stating that this bank had auspended. The eager looks of the excited crowd also observed a similar placard stating that THE DE SOTO BANK had suspended. This necessarily increased the excitement, the fascinating intensity of which charged every casual pedestrain and enchained hundreds of loafers to the spot. The crowd was wild with excitement. From the four quarters of the city, hundreds of gentlemon were soon rushing to the Wall street of Memphis, each bearing a check of from $2,000 to $20,000. Seeing the condition of affairs, and giving credence to the wild rumor, the depositors in other banks lost no time in ponning drafts and presenting them in person for liquidation. THE EXCITEMENT WAS INDESCRIBABLE, and was worthy of the great financial convulsion in New York. The morcurial temperament of rash speculators overcame the discretion of sensible men and honest tradasmon who have never known defeat or met with embarrassment in financial relations. A mob of excited depositors made a rush upon the Union and Planters' Bank, and the most AWFUL CONFUSION over witnessed in Memphis ensued. Many persons who had never deposited & cent in any bank joined the crowd, and lent their tongues and wild looks to the excitement of the occasion. So fast, indeed, did the crowd assomble and press upon the bank, that two POLICEMEN HAD TO GUARD THE DOOR, and the persecutions to which the policemen were subjocted cannot be told in this connection. By this time tho bank officers had prepared their office for a successful fight. One by one the deposi. tora were allowed to enter. Each draft was duly honored and every check was paid. Bo the run continued until 3 o'clock in the afternoon, when the door closed as usual, the public being given to understand they would OPEN AGAIN IN THE MOUNING. They may, but when their country depositors learn of the other suspensions, the run will be even greator than that of to-day. The Gorman National was another that withstood the pressure, paying out thirty or forty thousand dollars during the day. The assets of this bank largely exceeded its liabilities from every conceivable source, and no interruptions will rosuit to its regular business or commercial relations. When we remember THE CUTTON INTERESTS or AEMPHIS amount to $37,500,000, out of the city's latest transnotions, and a trade of $100,000,000, we may all readily

11. September 27, 1873 The Osceola Times Osceola, AR
Article from The Osceola Times, September 27, 1873

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Money. 1 Our readers will have, long before this paragraph meets their eye, heard all about the fearful money panic that is deyastating the financial centers of the country. Under radical rule these "panics" have become a part and parcel of the financial system of the country, without which, at least once a year, the favorites of the court of Ulysses could not well get along. The only remedy that we can suggest to our people is to live on corn bread and bacon for one year, work hard and at the end of that time we can sit and look on at the wreck of the leviathans of commerce and trade ery much as old Noah may be apposed to have done from the indows of the ark upon drowning manity at the deinge. The City Chester yesterday evening ght the news of the suspension First National, Desoto and man's banks at Memphis, the rumors of worse to come.

12. September 27, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 27, 1873

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any means. Those having remaining deposite in the unsuspended banks felt much easier this morning, when, from behind awning-posta and lamp-poets, they behold the doors of their depositories open, and the clerks and officers file in one by one and arrange for the day's business. The run to-day was very light-80 light, in fact, that one of the banks reports deposits greater than the checklug, and might add that confidence has to a great extent been restored, though trado will Buffer for days yet. Thore are NO COTTON DALER, and the planters can get no means with which to pay their laborers, consequently they nro lenving the fields for the settlements and towns. The order trade here is fairly active, however, in nearly every branch,-dry goods, boots and ahoos, and groceries,-and In fact the notion trafilo is fair, and were the money market to let up, business would spring up at once in epito of yellow fever. The defunct banksthe DeSoto and First National-atill have their bannors hung on the outer walls, but nothing hns an yet transpired that will throw Any light upon their future course. A Receiver will, it is rumored, be appointed for the First National, and (ho*DeSoto folks say they can pay their $178,000 deposits in a few days. MEMPHIS, Sept. 20.-The financial panio WAR not resumed to-day. At n meeting of the stockholders of the First National Bank, it was shown to have an abundance of first-class assets, and measures were taken to placo the bank on n better basis than before.

13. September 28, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 28, 1873

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MEMPHIS. Special Dispatch to The Chicago Tribune. MEMPHIS, Sept. 27.-The financial situation here has undorgono no marked change eluco yestorday, except nn increased fooling of caso occasioned by the probability of the early rosumption of payment by one or more of the suspended banks,-the First National and Do Boto,-which is most flattering. A mooting of the business mon and leading merchants of the city was hold this morning, attended by n majority of the depositors of the First National Bank, nt which it was decided by the bank dopositors to permit their monoy to remain in the bank untouched for eithor sixty or ninoty days, 80 that the bank might resumo within the time limited by law. The solid men of the city, or that portion of them who have not scanipored away on account of yellow fevor. camo up and subscribed loans varying from 81,000 to $15,000 each. the total subscription or lonu to the bank footing up over $200,000. which, with the nogotlable paper now owned by the bank, will place it again upon n substantial basis and permit its resumption immodiately upon the books being straightened. The additional bank failures reported in to-day's dispatches created littlo if any excitement hero to-day, and business was not disturbed in the lonst by the reports. The ruu upon the solvont banks was very light compared to that of yestorday or the day before, and in nearly every instance the DEPOSITS BROWED A MARKED INCREASE, for the first time in nearly two weeks, and the banke receive Eastern exchange on other institutions than their own correspondents, 0110 bank alone, the State National, taking nearly 840,000, which again insures 8 movement in cotton, and to n great extent will restoro to plantore in this immediate vicinity tho labor they have lost by not being able to get means from their morchauts to pay their hands, for which reason the cotton-pickors in numerous instances have loft the fields with not ono-teuth of the crop gathered.

14. September 29, 1873 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, September 29, 1873

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Another Meeting of the Chicago Clearing House Association. RESTORATION OF QUIET AND CONFIDENCE IN THE CITY. CHICAGO, Sept. 27.-The Clearing House Association of this city held an ad journed meeting to might, which was at tended by representative of all the banks belonging to the Association, including those that suspended yesterday and today. The committee appointed last night to consider and report a plan similar to that adopted in New York and other cities, providing for the issue of loan certificates and the payment of checks through the Clearing House, only submitted two reports, which were essentially the same, the only difference being that the former recommended the adoption of the New York plan in all/its details, while the lat ter recommended the adoption of the New York plan, or something similar to it. After a prolonged and somewhat irregular discussion, in which the representa tives of some of the stronger banks opposed the adoption of either of the re ports, both reports were tabled by a ma jority vote. The situation here is therefore essentially unchanged. A considerable amount of currency has come in to-day, a good portion of which went into the banks, and there has been serious drain upon either National or Savings Institutions. Some of the suspended banks promise an early resumption, and only one, the Manufacturers National, dmits that it will go into liquidation, and asserts that it will be able to pay dollar for dollar. The people generally are taking matters very quietly, and there seems to be considerable confidence among bankers that with prudent management and no further trouble east they will be able to pull through. Flurryat SaltLake/City--1stNation al Bank Closed. SALT LAKE, Sept. 27.-There is con siderable excitement here -day. The First National Bank did'nt open its doors to-day. The notice on its doors states the cause of the suspension, failure of eastern houses, and inability to obtain currency. The liabilities are amply secured by good assets. Depositors need not feel any uneasiness as to ultimate loss. The assets are over $360,000. Liabilities $277,000, exclusive the personal property Warren Hussy ho holds himself responsible for all bank indebtedness The bank was a Government depository The Salt Lake National and Deseret National are open and meeting all demands. Walker Bro's., Wells, Fargo & Co., T. F. Tracy Consand White and McCormick also prepared to meet demands. A slight run commenced on the latter, but no fear of succumbing LATER AND BETTER -CONFIDENCE RE STORED. SALT LAKE, Sept. 97.-The excitement in financial circles has génerally subsided. The run on White & McCormick was brief. Confidence is restored. The firm will meet all demands and have a surplus. All the banking institutions are in the best condition. Warren Hussey, president of the First National Bank, says the institution is perfectly solvent has met no losses: is amply able to pay Windebtedness; capital and surplus are unimpaired, end but little time is required make No trouble need be apprehended by the bankers. Progress toward Resumption at Memphis. MEMPAIS, Sept. 27-The report of the committee to examine into the condition of the First National Bank was received to-day. It presents a much better exhibit than was anticipated, and steps have been adopted looking to its immediate resumption. According to the report its demand liabilities are $824,000, against available assets. of $655,000, the doubtful and unavoidable assets being $101,000, making total assets of $656,000. Atter paying all liabilities the stockhold can realize par of their shares. On the reading of the report of the commit $900,000 was subscribed towards ena bling the bank to resume.

15. September 29, 1873 The New York Herald New York, NY
Article from The New York Herald, September 29, 1873

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nounce that they will resume business in the morning, opening as unual at ten o'clock. The following gentlemen, resident directors, have signed a card pledging themselves for the payment of deposits now on hand or that may be made hereafter:-John V. Farweli, W. F. Coolbaugh, David Thompson, C. T. Wheeler, Asa P. Kelly, James Woodle, Albert. A. Munger, C. Briggs and AVE Dow. The card of the officers is strong in defen 8 of the course of the bank in suspending, but ackne gyledges they deem it necessary to bow to public sentiment. They say they exhausted every m eans in their power to secure united action an long the bankers before suspending. They yet believe it impossible to permanently me intain any different positions from that cepted by more than 2,000 national banks of the United States, and hope that this unity of action may be secured. Believing it to be a solemn duty in this emergency to share the common lot of their stomers and to act with them in sustaining, by all legitimate means in their power, the commercial inte rests of the country, they have determined to open their doors at once for the resumption of business. The Cook County National Bank resumes in the morning. The papers speak in hopeful terms of the situation, and mention an influx of currency to Chicago the for the purchase of grain. They eay true source of relief is the prod.u that or the country. The Tribune says banks remain closed with large amounts of currency in their vaults are the worst enemies to business in times like these, and call on the Comptroller of the Currency to take steps to compel them to settie their affairs under the National Bank act. The Inter-Oceanic will in the morning urge the Prestdent to call a special session of Congress to amend the Bankrupt act. The Financial Situation in Indiana. JEPPERSONVILLE, Sept. 28, 1873. Quite a run was made yesterday ou "the First National Bank, but all the checks were paid, and the bank closed at the usual hour. At the Citizens' National Bank considerable excitement existed among the many that crowded around the doors, but no run occurred. The Ohio Falls Car and Locomotive Company. employing 700 men, has stopped work in all the shops except the foundry, throwing about 400 men out of employment. The Southwestern Car Company have also reduced their force. The stoppage of these business interests is due to their inability to obtain currency to pay off their men. The shipyards of Dawes, Howard & Co., employing a heavy force of men. succeeded in securing a limited amount of currency, and paid two-thirds of their wages. A reduction of the force has been made, but the boats now on the stocks will be finished, notwithstanding the scarcity of currency. At Barmore's shipyard no reduction of the force has been made. The First National Bank of Memphis. MEMPHIS, Sept. 28, 1873. The report of the committee to examine the condition of the First National Bank makes a much better exhibit than was expected, and steps have been taken looking to the immediate resumption. According to the reports its demand liabilities are $374,000 against unquestioned and available assets of $555,000. The doubtful and unavailable assets are $101,000, making the total assets of $656,000. Alter paying all the liabilities the stockholders can realize par on their shares. On reading the report of the committee $200,000 were subscribed towards enabling the bank to resume. A Better Feeling in Charleston, S. C. CHARLESTON, S. C., Sept. 1873. A better feeling prevailed at the close of business on Saturday, the national banks having received a larger amount of greenbacks on deposit than they paid out in checks. No suspensions have occurred beyond those announced on Friday. Suggestions from the Philadelphia Mint. PHILADELPHIA, Sept. 28, 1873. In view of the present condition of financial exchange, the Superintendent of the Mint recommends that parties ordering coins of a minor denomination remit in currency or Post Office orders for the same. Action of Bank Officials at Harrisburg. HARRISBURG, Pa., Sept. 28, 1873. Representatives of all the banks and savings institutions of this city met to-night and unanimously agreed to suspend the payment of currency. Financial Matters in Indianapolis. INDIANAPOLIS, Ind., Sept. 28, 1873. Financial matters remain quiet. No further run on the banks is expected. Suspensions in Canton, 111. CANTON, Sept. 28, 1873. The National People's Bank and Home Bank, of this city, have suspended payment until the financial crisis is over. The reason given is the recent action of the banks in Chicago, Cincinnati and elsewhere.

16. October 1, 1873 New Orleans Republican New Orleans, LA
Article from New Orleans Republican, October 1, 1873

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BY TELEGRAPH. FINANCIAL New York. New YORK. September 30.-The customs receipte have diminished one half since the panic. Henry J. Brooks. !eather merchant, has failed. and vicinity is The members the crowded. The Stock Exchange flocked their around hats president's desk. waving and cheering. The president said: We are met again after a very moment. ous suspension for the purpose of resuming business. Your action in the interim has has me: with universal approbation, and been most satisfactory to yourselves." Business. be said. would be carried on under the rules adopted yesterday by the governing committee. which he read. and appointed a committee to settle the contracts of defaulting parties. In conclusion. the added **All I ask now is that von help each other to bear the burden that has fallen upon us. and to so conduct business as to enable the Exchange to carry on it# work successfully." Loud cheering greeted these remarks, and the members proceeded with business. A much better feeling appears to exist. and the opening prices of stocks show a feeling of confidence. Later. - Considerable pressure to sell. Stocks have declined 1 to 3 per cent from opening prices. Brokers are indisposed to operate for customers on margins until affairs are more settled. The impression prevails that all the lead ing houses will pull through. Sterling unsettled but improved. 3P. M.-Stock market still without exeitement and closes firm. Western Union Telegraph quoted at 66% Rock Island 91; Lake Shore 714: Union Pacific 1976: Pacific Mail 33. Application was made in the United States Circuit Court to-day for an order enjoining the Controller of the Currency and the receiver of the Bank of the Common wealth from proceeding further in the mat ters of that bank: also for citation to show cause why the receivership should not be vacated and the appointment declared null and void, on the ground that the bank never refused to redeem any of its circulating notes. The citation was granted, and made returnable October 7. It is stated, on the authority of a Clearing House official, that legal tenders were received from the interior of the country to-day in considerable amounts The sub-committee of the Stock Exchange reports that it has examined everything laid before it, and says that there is not single delinquent. Washington. WASHINGTON, September 30.-The banks houses associated .0 do more than certify but little while those not association have largely and nothing business, banking increased checks in their the do busipess, paying all checks upon them as usual. Among the latter is G. W. Riggs, who, since Saturday, has refused to receive 8800,000 on deposit, not earing to enlarge his business and employ additional clerks. Memphis. MEMPHIS, September 30.-At a large meeting of the Chamber of Commerce this to consider the from the a was to the effect that morning resolution received banks financial in of they addition situation. this would city not suspend, but would open, to the usual business, an exchange account. to be paid in kind, for the purpose of moving cotton, which was unanimously adopted by the chamber. The most responsible merchants of this city have subscribed and paid in $320,000 to the First National Bank, which will able it to pay all liabilities, and resume business as once. Charleston. CHARLESTON, September 30.-The Bank of the Union continues the payment of currency. The deposits exceed the disburse. ments three-fourths. There were cotton sales to-day for green. backs, instead of exclusively for eterling. as has been the case since the crisis. Leavenworth. LEAVENWORTH, September 30.-Indignation exists among the stockholders positors of the First National Bank of this city in consequence of the vice president ordering the bank to suspend and at the same time drawing from the bank nearly $100,000 in currency to sustain the credit of Scott & Co., brokers. of which firm Vice President Lyman Scott is a partner. St. Louis. Sr. LOUIS, September 30.-The financial situation here presents no new feature. All is apparently quiet with the banks. They still pursue the policy first marked out, and nothing has occurred to produce a jar or discord. The announcement that the Union National Bank of Chicago had gone into liquidation caused a profound sensation on Change and a depressed feeling followed, but no excitement occurred. There is, however. still much apprehension for the future in commercial circles: but. if things work out well in New York, it is the general belief here that business will revive and no more disasters occur. Richmond. RICHMOND. Va., September -The Bank of Commerce was organized to-day by Isaacs, Taylor & Williams, private bank ers. who suspended last week. The full amount of the capital was subscribed, and the bank will commence business at once. YELLOW FEVER

17. October 1, 1873 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, October 1, 1873

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THE FINANCIAL OUTLOOK Symptoms of Returning Confidence. WASHINGTON, September 30.-There is an improved feeling in financial circles. The banks and banking houses outside the combination are doing an increased business, while those in the combination are certifying and declining to cash the smallest checks. Faut, Washington & Co. had paid threefourths of their depositors last week, when, owing to their inability to realize on ample securities, they were obliged to suspend payment. An arrangement has nearly been perfected with the re. maining depositors by which they expect soon to resume business. It is stated at the Treasury Depart= ment that the Department statement to-morrow will exhibit a fair reduction in the public debt, notwithstanding the revenues of the North have been very light. The Treasury disbursements for the usual expenses of the Government for the month ending to-day, have been below the average expenses for the last three or four months. MEMPHIS, September 30.-At a large meeting of the Chamber of Commerce this morning, to consider the financial situation, a resolution from the banks of the city was received to the effect that they would not suspend, but would open, in addition to their usual business. an exchange account to be paid in kind for the purpose of moving cottoo, which was unanimously adopted by the Chamber. The most responsible merchants of the city have subscribed and paid in three hundred and twenty thousand dollars to the First National Bank, which will enable it to pay all liabilities and resume all business at once. CHICAGO, September 30 -The Directors of the Union National Bank after paying out about four hundred thousand dollars yesterday. decided at a meeting last night to go into ] quidation. The officers state that the assets of the bank are abundantly sufficient to pay all liabilities in full. ST. LOUIS, September 30.-The City Council have passed an ordinance authorizing the issue of three hundred thousand dollars treasury scrip with which to pay the current expenses of the city during the lock up of the currepcy. There is much difference of opinion among business men as to the expediency of this issue, some holding it will work barm by pushing that much currency out of circulation, that it will greatly depreciate and will be ignored by the banks, while others think it will relieve the present great pressure for currency. HARRISBURG, September 30.-The manufacturers here have adopted rese lutions approving the action of the banks, in preventing a drain of currency a8 conducive to their best interests as well as the interests of the public at large.

18. October 1, 1873 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, October 1, 1873

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scrip, with which to pay current expenses of the city during the lock up of currency. There is much difference of opinion among business men as to the expediency of this issue. The Situation in Cincinnati. CINCINNATI, Sept. 30. - There was 110 very particular change in the situation of financial affairs here to-day. The opening of the New York Stock Excliange was looked to with a great deal of interest and the work of the day has been received with much favor. This, however, has been somewhat counteracted by the unfavorable turo a ffairs took in Chicago, with refereuce to the Union National Bank. More orders for provisions were received here to-day than for a number of days, aud more has been done in the jobbing line. There is, however, but little disposition to do much till the improve ment generally shall become more clearly defined. With the banks and at the clearing house matters proceeded in about the same way as yesterday. Everything in connection with the clearing house is reported as entirely satisfactory. Improved Feeling. CHARLESTON, S. C., Sept. 30.-There is an improved feeling in money circles here. The National Banks and Union Bank pay currency deposits larger than disbarsements. Twothirds of the cotton sales to-day were for greenbacks. instead of exclusively for exchange as had been the case si nce the crisis commenced. Will not Suspend. MEMPHIS, Sept. 30.-At a meeting of the Chamber of Commerce this morning to co!sider the financial situation a resolution was received from the banks of the city to the effect that they would not suspend, but would open in addition to the usual business an exchange account to be paid in kind for the purpose of moving cotton, which W3S unanimously eudors ed by the Chamber. Standing in the Breach. The most responsible ma rehants in this city have subscribed and paid in $320,000 to sustain the First National Bauk, which will enable it to pay all liabilities and resume business.

19. October 2, 1873 The Daily State Journal Richmond, Alexandria, VA
Article from The Daily State Journal, October 2, 1873

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MEMPHIS, October 2.-The First national bank has resumed. LOUISVILLE, October 2.-The Planters bank, the Peoples bank, and the Louisville City National bank, withdrew from the clearing house on the ground that there was no necessity for the combination, and the clearing house has been abolished by mutual consent. NEW YORK, October 2.-G. B. Grinnell & Co., brokers and bankers, have suspended. The Danforth locomotive works are working half time. They have plenty of money in bank, but can't get checks cashed.

20. October 2, 1873 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, October 2, 1873

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Financial Affairs. LONDON, Oct.2.-The - Bank of England directors posted their card, stating that no change in the rate of discount has been made. LONDON, Oct. 2-3:30 p. m.-The bullion in the Bank of England has decreased ££,904,000 during the past week. NEW YORK, Oct. 2. --- The suspension of George B. Grinnell & Co. bankersand brokers, has just been announced in the Stock Exchange. LONDON, Oct. 2-4 p. m. - The rate of discount in open market for three months' bills is 4 15.16 per cent. PARIS, Oct. 2.--The specie in the Bank of France has increased 4,000,000 francs during the past week. MEMPITS, Oct. 2. - --The First National Bank reopened for business yesterday.

21. October 3, 1873 Public Ledger Memphis, TN
Article from Public Ledger, October 3, 1873

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BANK. TO THE PUBLIC ! THE FIRST NATIONAL BANK. MEMPHIS. TENN.. October 2, 1873. In reopening the First National Bank for new business. after a brief suspension. made necessary by the sudden financial panic, which prevented us from realizing currency on our abundantassets, it is due the public, which has heretofore sogenerously patronized this Bank, that we should assure it we have made a searching examination of its condition, serutinising its assets and fixing a safe estimate on each, and we unhesitatingly pronounce its assets ample beyond question to meet all its liabilities and leave a surplus of from One Hundred and Fifty to Two Hundred Thousand Dollars ($150,000 to $200,000) to the credit of the stock holders. In our opinion a short time only will be necessary to enable us to realize on our paper, when depesitors and all others will be paid in full, of which due notice will be given. Reliable arrangements have been made for the accomplishment of this end. No creditor will lose a dollar or be subject to much delay. In the meantime we bespeak the confidence and patronage of its friends, assuring all that deposits made from this day will be subject to draft, and payable on demand in kind. W. P. PROUDFIT, Of the firm of Day & Proudfit. JOHN C. FIZER, Of the firm of Estes, Fizer & Co. THAD S. ELY. Of the firm of Ely, Harvey & Richardson. W. W. GUY, Of the firm of Guy. McClellan & Co. T. B. DILLARD, Of the Board of Directors.

22. January 4, 1874 Nashville Union and American Nashville, TN
Article from Nashville Union and American, January 4, 1874

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MEMPHIS. Monetary. MEMPHIS, Jan. 3.-The resumption of business in full by the First National Bank, which was forced to suspend during the late panic, causes much rejoicing in monetary circles, as the bank has always been one of the most liberal and popular in the city. Its friends now claim that it will be stronger than ever. Mardi-Gras. Extensive preparations are making for the carnival festival. The Mayor Elect. Jno. Logue, the Mayor-elect, will not be installed until the 14th,

23. January 4, 1874 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, January 4, 1874

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The First National Bank of Memphis Resumes Business. MEMPHIS. Jan. 3.-The resumption of business in full by the First National Bank, which was forced to suspend during the late panic, causes much rejoicing in monetary circles, as the bank has always been one of the most liberal and popular in the city. Its friends now claim that it will be stronger than ever.