Citizens National Bank - Alexandria, VA

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 1716
Charter Number: 1716
Start Date: September 29, 1873
Location: Alexandria, Virginia (38.818, -77.082)

Metadata

Model: gpt-5-mini
Short Digest: 26f43277

Response Measures

Accommodated withdrawals, Public signal of financial health

Description

Article (Alexandria Gazette, 1873-09-29) describes heavy local withdrawals during the financial stringency (panic of 1873). Citizens' National Bank reported it was stronger to-day than when the panic begun and would pay depositors for legitimate business but would refuse large cash withdrawals intended to move currency out of town. No suspension or closure is mentioned.

Events (2)

1. October 8, 1870 Chartered

Source: historical_nic

2. September 29, 1873 Run

Cause: Macro News
Cause Details: Part of the wider financial stringency/panic of 1873 producing heavy withdrawals and demand for currency in Alexandria.
Measures: Refused to pay large checks intended to draw currency away; would cash small/business checks and pay wages; offered certified checks on other cities as needed.
Newspaper Excerpt: The Citizens' National Bank says that it is stronger to-day than when the panic begun, and is amply able to pay every cent due depositors ... It will not, however, pay large checks designed to draw currency away from the town, or for the purpose [of] speculation, but will cash, at call, the checks of all depositors drawn for legitimate business purposes
Source: newspapers

Newspaper Articles (1)

1. September 29, 1873 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, September 29, 1873

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Article Text

CON Night-The Conservatives of the various wards of the city are to meet at 8 o'clock toat the in the Gazette, for the purpose of delegates to county conto meet ou to night. vention elsewhere leeting places the designated attend 11th proximo the in the notice nominate caudidates for the House of Delegates. THE FINANCIAL SITUATION IN ALEXANDRIA. -The week which closed with Saturday was fullest of trial to the business community, the which, perhaps, has ever occurred in our local history, and it is to be hoped will ever occur again. and it is but justice to say that both on the part of the merchantile and manufacturing community, and the banks, was met in a manwhich must command the public respect, past net sul issure this city confidence have, during in the the future. week, The banks paid currency out 01 more than all the banks in Balti- man the same every money on for currency, to carplied or more firm during having has been period, deposit, paid and enough who has apon ordinary business operations, pay off all and support no has an instance IY his hands banks establishment showed his family. ballance, whose In credit failed single acat the a to get. count on demand, either all that he had in bank, that was to pay statement to the contrary or Any of course an shadow all foundation. needed Of bank off is could all without his employer hands. draw the who had no money iu the not anyout. It is said with perfect truth that DO man went home last Saturday night because of any on part of Alexandria banks. any it is not just to The prospects for the present laboring unpaid, left it. the unpaid stringency If blame the employee week banks the may was for be stated as follows: The First National Bank will coutinue to pay in currency all checks of small amountsdesigned to be used for business purposes or the needful operations of life, and will cash all checks of depositors given to laboring meo for wages actually due them. All other deposites will be represented, if desired, by certified checks upon Alexandria, New York, Philadelphia or Baltimore. The Citizens' National Bank says that it is stronger to-day than when the panic begun, and is amply able to pay every cent due depositors and leave a large surplus. It will not, however, pay large checks designed to draw currency away from the town, or for the pur pose speculation, but will cash, at call, the checks of all depositors drawn for legitimate business purposes, and here, as at the first National Bank, if any depositor will give any employe a check on the bank for wages actualIs due, it will be paid at once, The Farmers' and Mechanics Savings Bank is based upon the following agreement, which all the regular depositors have signed : Pepositors shall have the right to withdraw their deposits at any time by giving thirty days' notice, in writing, of their intention; but this notice may be dispensed with, in the discretion of the President or Cashier, and the same be aid o demand but no less sum than five dolhas of the capital of any depositor shall be wildrawn, unless the whole sum deposited be less than that amount. The notice required by this rule is not now dispensed with. all cases where special agreements in writing have been made checks for the payment of laborers will be paid on presentation. Burke & Herbert coutinue, as last week, to pay a all depositors in currency and meet promptly all demands. Corse & Co. are paying small checks for business purposes. City Treasurer Corse is paying the July interest on the Corporation bonds, and all large demands on Corporation account in certified checks. The teachers of the public schools, junitors, police, laborers, &c., of the Corporation will be paid in currency. This statement is based upon the statements f the leading gentlemen connected with the various banks and banking houses, and may be viewed as a fair exposition of the financial situation.