Beloit National Bank

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 836
Charter Number: 836
Start Date: September 27, 1873
Location: Beloit, Wisconsin (42.508, -89.032)

Metadata

Model: gpt-5-mini
Short Digest: d948fb18

Response Measures

None

Description

Article (Chicago Tribune, Sept 29, 1873) reports that on Sept 27 five Grand Rapids banks including the First National published a notice limiting payment of checks/certificates for large amounts until further notice amid the financial crash of 1873. This is a temporary suspension (partial restriction) tied to the nationwide Panic of 1873; no permanent closure or receiver is mentioned and one bank (City National) rescinded its participation. Classified as a suspension with expected reopening.

Events (3)

1. February 23, 1865 Chartered

Source: historical_nic

2. September 27, 1873 Suspension

Cause: Macro News
Cause Details: Published notice limiting payment of checks/certificates for large amounts amid the financial crash / inability to obtain currency (Panic of 1873).
Newspaper Excerpt: Five banks in this city, namely: the First National, City National, Dutch Bank, Fuller's Bank, and Grand Rapide Savings, all joined in a published notice this morning that until further notice they would not pay checks or certificates for large amounts
Source: newspapers

3. October 2, 1873 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (1)

1. September 29, 1873 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, September 29, 1873

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Article Text

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