Fourth National Bank

Episode Information

Episode UID: 227701124
Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 22770 national
Charter Number: 2277
Start Date: August 17, 1893
Location: Boston, Massachusetts (42.358, -71.060)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: af74e640c5e1f313

Response Measures

None

Description

Article describes a citywide liquidity/stringency and banks enforcing 60-day notice; no specific bank named.

Events (3)

1. June 17, 1875 Chartered

Source: historical_nic

2. August 17, 1893 Suspension

Cause: Macro News
Cause Details: General financial stringency and scarcity of currency prompted banks to enforce 60-day notice on withdrawals
Newspaper Excerpt: The 60 days notice which the banks have enforced has prevented any runs on these institutions
Source: newspapers

3. August 28, 1912 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (1)

1. August 17, 1893 St. Johnsbury Caledonian Saint Johnsbury, VT

Article from St. Johnsbury Caledonian, August 17, 1893

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Article Text

LETTER FROM BOSTON. Some Fast Trotting.-Some Queer Features of the Financial Stringency.Winthrop's Coaching Parade. [Editorial Correspondence.] Ten thousand people endured Saturday's intense heat at Mystic park, Medtord, to see less than three minutes of fun. Within that time Nancy Hanks had trotted a mile to beat her record of 2.04. She failed to do it, but made the remarkable fast time of 2.081/4; first quarter, 321/4; half, 1.031/4; three quarters in 1.35 and the last and slowest quarter in 331/4 seconds. She trotted in beautiful shape, but tired herself before the home stretch was reached. Mr. Doble used the whip sparingly on the last quarter, but the great trotter was doing her best and could not keep up the fast time of the second and third quarters. Nancy Hanks was accompanied by a running mate and trotted in beautiful style. Thesameday Nelson, Maine's famous stallion, reduced his record to 2.09. One of the most curious features of the present financial stringency is the scarcity of currency. So much has been drawn out of the banks that they hate to part with any more, and 3 and 4 per cent premium was paid for currency last week. Thisis the first time since 1873 that such a premium has appeared and some people have netted snug sums by selling hoarded money to brokers and bankers. In many cases the banks refused to cash checks and two instances came to my knowledge where checks on Boston banks amounting to $25 and $90 could not be cashed at other Boston banks. At the office of register of deeds here checks of 65 cents are received for recording titles, owing to the scarcity of small change. The 60 days notice which the banks have enforced has prevented any runs on these institutions, but has been a great disapointment to the smaller stockholders. Many of the latter were women who were sure that their money was unsafe in the big Boston banks. Ofcourse in some cases the money was wanted for immeadiate use' In such cases the banks did all they could to accommodate their customers. A great many firm's are sailing very close to the winds and would be wrecked if they were hard pressed by either their creditors or the banks which hold their notes. But money is a little easier than it was last week and everybody is taking a more hopeful view of the situation. One of the prettiest suburbs of Boston is the town of Winthrop, five miles from the Hub, with eight miles of water front and three miles of ocean shore and beach. It is easily accessible by boat or rail from the city and is the permanent home of many Boston business men and the summer residence of thousands of