Orchard City Savings Bank - Burlington, IA

Bank Information

Episode Type: Suspension → Reopening
Bank Type: savings bank
Start Date: September 20, 1873
Location: Burlington, Iowa (40.808, -91.113)

Metadata

Model: gpt-5-mini
Short Digest: c388e6de

Response Measures

None

Description

The bank suspended on Sept 20, 1873 during the nationwide panic of 1873 (several articles report the suspension). It later resumed operations (reported April 21, 1874) after settling liabilities in full. No article describes a depositor run specifically on this bank—its suspension appears driven by the broader financial panic.

Events (3)

1. September 20, 1873 Other

Newspaper Excerpt: A destructive fire ... The Orchard City Savings Bank had suspended. / According to a dispatch ... the Orchard City Savings Bank, of that city, had failed.
Source: newspapers

2. September 20, 1873 Suspension

Cause: Macro News
Cause Details: Suspension occurred amid the nationwide financial panic of September 1873 (failures/suspensions such as Union Trust, National Bank of the Commonwealth reported contemporaneously).
Newspaper Excerpt: The Orchard City Savings Bank suspended at 12:20 p. m.
Source: newspapers

3. April 21, 1874 Reopening

Newspaper Excerpt: The Orchard City Savings Bank, which suspended during the panio last September, has settled its liabilities in full without rebate. The District Court yesterday ... directed him to pass the assets over to the stockholders.
Source: newspapers

Newspaper Articles (5)

1. September 22, 1873 The Rock Island Daily Argus Rock Island, IL

Article from The Rock Island Daily Argus, September 22, 1873

Click image to open full size in new tab

Article Text

Wadsworth, Brown & Co. have failed. The latest suspensions are the National Bank of the Commonwealth, Saxe and Rogers, Ketchum & Belknap, and E.C. Broadhead. The defalcation in the Union Trust Company is said to be $500,000, and the Secretary, Charles Carleton, is the reported defaulter. The Manhattan Bank honors the Union Trust Company's drafts as fast as presented. Laussig, Gemp & Co., of this city, closed doors this afternoon after the announce ment of the failure of their New York house, Laussig, Fisher and Co. ALBANY, Sept. 20.-T. C. Squire & Co. bankers, announce their temporary suspension until further advices from New York. PHILADELPHIA, Sept. 20.-The Union Banking company did not open to-day, A placard on the door states that owing to the heavy demand, a suspension of a few days had been resolved upon. BURLINGTON, Ia., Sept. 20.-The Orchard City Savings Bank suspended at 12:20 p. m. BURLINGTON, Ia., Sept. 20.-At one A. M. a fire was discovered in the cellar of a Swede named Solomon, on Jefferson street, between Sixth and Seventh, and spread with great rapidity. One of the largest lumber yards of Gilbert, Hedge & Co., containing six million feet and worth $120,000, was completely destroyed: Twentyfour buildings, mostly wooden structures. and situated between Fifth and Eighth streets, were burned. The total loss will reach $200,000. Telegrams to our sister cities were dispatched for their fire depart ments and Monmouth, Galesburg, Quincy and Ottumwa responded promptly. The fire was got under control at five A. M., after devouring two and a quarter blocks. SAN FRANCISCO, Sept. 20.-A fire broke of out in the Yellow Jacket Mine. in Nevada of in the 1,300 foot level, and six lives were to lost. The fire is under control. Particu18lars will be sent soon. uted DES MOIMES, Ia., Sept. 20. - -Last April of William Riley and Ursula Spangler were diarrested on a charge of murdering their its irted into the ing bastard it babe, breaking Cedar river neck from and the throw rail ty, road bridge at Cedar Falls. Riley ha been held for the murder, and found guilty of murder in the first degree, which, under ew the new code, means imprisonment for life et, with no pardon by the Governor. ion for SPRINGFIELD, Ill., Sept. 19.-W. U The Parsons, of Tazewell county, late Unite atStates Deputy Collector, is reported a de few faulter to the amount of $4,000, and cuwarrant was issued for his arrest an cial placed in the hands of Deputy Marsha on Prettyman, who left to-day to execute it

2. September 23, 1873 Pioche Daily Record Pioche, NV

Article from Pioche Daily Record, September 23, 1873

Click image to open full size in new tab

Article Text

Telegraphic Dispatches SPECIAL TO THE PIOCHE DAILY RECORD Eastern Dispatches, The Financial Condition-More Suspensions and Failures - Yellow Fever Abating-A Better Feeling in Financial Circles-The Yellow Fever on the Wane-5020 Hondst be Purchased. NEW YORK, Sept. 20. The Union Trust Company has suspended. The sub-Treasurer has been instructed to purchase ten millions of bonds to-day This strengthens the market and creates better feeling. Prominent men think the worst is over. The Union Bank at Philadelphia has failed. Stocks are going up and down lively. The State and city funds are untouched, they having no connection with Jay Gould & Co. The suspension of Fisk Hatch will probably emba rrass Hoboken Savings Bank, which had a large sum deposit with Fisk & Hatch for safe keeping. The failures of Kitcham & Belknap and E. c. Morehead are the latest reported. The National Bank of the Commonwealth has suspended, also Saxe Rogers. PHILADELPHIA, Sept. 20. The excitement here is subsiding and confidence is returning. The Union Banking Company has suspended for a few days. Jay Cooke's clerks are preparing statement to lay before the members of the firm on the arrival of the steamer Russia with two members on board. NEW YORK, Sept. 21. New suspensions-Toussi & Fisher, P. M. Myers, Miller & Walsh, Joseph Laurens, Fearing & Dellinger, Williams & Bostwick. MEMPHIS, Sept. 20. Weather favorable for sufferers of yellow fever. The physicians think the disease abating. NEW YORK, Sept. 21. The Bank of North America has not suspended. The announcement of the suspension of the Union Trust Company and the Bank of the Commonwealth created an excitement beyond discription. The Stock Exchange resembled a madhouse. There were some cool and levelheaded men who conceived the idea of imitating the Vienna plan of closing the exchange and governing committee. Immediately after the board was called to order the exchange closed till further orders. This was received with joy, and the exchange resounded with cheers. $2,863,000 in bonds were accepted from 9 to 111/4. All offers of bonds under 11 1/4 are accepted by the Government. a BOSTON, Sept. 20. The financial alarm in New York is the principal topic here, but so far it don't interfere with business. ALBANY, Sept. 20. is T. C. Squire & Co., bankers, have s pended till further advices from New York. it NEW YORK, Sept. 20. e A Committee of Bank Presidents, apBe rpointed to perfect plan of relief in the n present conditions of affairs, is composed of T. D. Tappan, C. B. Levergne, Geo. d S. Coe, and C. F. Hunter. ot Secretary Richardson has instructed the Assistant Treasurer here to purchase e ten millions of bonds at private sales. e Similar instructions have issued in Phila1 delphia. A committee of bank men have ly perfected plan for the protection of the banks in the present panic. The effect of this action is to enable all the solvent part of the financial community to conft vert their assets into money, and without any sacrifice to themselves. This gave rise to a feeling of confidence on the street, and no additional failures are likely to occur, and the impression is that r the panic is over. it ST. LOUIS, Sept. 20. aat Taussig, Gemp & Co. have suspended. of It is announced that they will resume in he few days. to CHICAGO, Sept. g be The panic in New York has slightly is affected the price of grain, and caused en dullness on Change, but has caused ccomparatively little excitement. ty BURLINGTON, Iowa, Sept. 20. he m A fire early this morning destroyed the extensive lumber yard of Gilbert, Hedge & Co., valued at $120,000. and 24 houses. he The entire loss is about $200,000. The Orchard City Savings Bank has suspended. 18 NEW YORK, Sept. 22. hg The clearing house statement shows in he that all the banks have made their clearer ing satisfactorily. by The general feeling is decidedly better, s. and there is considerable inquiry for by stocks. de All foreign markets strong, with a better feeling. in MEMPHIS, Sept. 22. ot There was a marked falling off in eb deaths from yellow fever yesterday, the total number of interments being 13, which 9 only died of yellow fever. Leaded ing physicians think the abatement of ag the disease certain. of New YORK, Sept. 22. he The business of the Union Trust Co. 1: is in the bands of a receiver, and stateas ment of its affairs is being prepared to lay before the creditors. A better feeling prevails, but there is ll no telling what an hour may bring forth. The following notice has been issued: of The New York Stock Exchange will remain closed to-day. A meeting of the Governing Committee will be held to-

3. September 23, 1873 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, September 23, 1873

Click image to open full size in new tab

Article Text

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.

4. October 2, 1873 Iowa Voter Knoxville, IA

Article from Iowa Voter, October 2, 1873

Click image to open full size in new tab

Article Text

cover to the Treasury all sums undrawn, or publicly or privately renounced. The West. The Pacific Mail steamer Costa Rica, from Honolulu, was wrecked at Diablo Point at the entrance of San Francisco harbor on the night of the 17th. She was trying to come in with a full head of steam, but a dense fog prevailed and she struck the land with tremendous force, making a hole in her bow through which the water rushed in torrents. The passengers took to the boatsan all eventually reached the docks in safety. On the 19th, the suspension of the banking house of A. C. & O. F. Badger, of Chicago, had been announced. In anticipation of a run upon their institutions, the Inter-Ocean of the 22d says that the Presidents of the fourteen savings banks of Chicago had a conference on the 21st, and mutually agreed to hereafter insist upon requiring thirty days' notice for the withdrawal of deposits, according to their respective rules. A San Francisco dispatch of the 20th says that, 80 far, the Pacific coast interests had not been compromised by the embarrassments in the East. No trouble was apprehended to general business, except the increase decree of caution incident to such a state of things. A St. Louis telegram of the 20th announced that the banking firm of Taussig, Gemp & Co. had suspended, in consequence of the suspension of Taussig, Fisher Co., of New York, of which house it was a branch. A dispatch from Burlington, Iowa, dated September 20, says that a destructive fire had in the of one o'clock the broken out in morning heart of that the city day, at which swept over two squares before it could be checked. The estimated loss reached $200,000. According to a dispatch from Burlington, Iown, of the 20th, the Orchard City Savings Bank, of that city, had failed. On the 20th came the intelligence that the Franklin Savings Bank, of Chicago, an institution of no sort of consequence, had suspended. A dispatch from San Francisco of the 20th says that a fire had broken out in the Yellow Jacket Mine, in Nevada, in the 1,300 foot level. Six lives had been lost. At last accounts, the fire had been got under control. In Chicago, on the 22d, the impression prevailed that the worst had been reached. Money was very light, but no further failures had been announced. For the first time in the commercial history of that city, the usual order of things was reversed in prices. There was scarcely any dealing in "options" on the Board of Trade. Cash wheat sold at $1.05, while seller October ran as high as $1.07 to $1.071/2. "Had it not been for the panie," remarked a leading dealer to a reporter, "before the month closed the difference would have been greater the other way." In Chicago, on the 23d, opinions were freely expressed by leading financiers that the bottom had been reached. The feeling on the Produce Exchange was excited and peculiar. In the morning every one seemed to think that the day would look brighter, and the market opened somewhat buoyant. It could not be kept up, however, and prices dropped till wheat got below one dollar per bushel. The long expected prize fight between Allen and McCoole came of at Chateau Island, fourteen miles above St. Louis and nearly opposite Mitchell Station, on the 23d. The contest lasted twenty minutes, seven rounds were fought, and Allen was declared the victor. It was a brutal affair and the dispatch stated that McCoole had been terribly punished. A full meeting of the Chicago ClearingHouse Association was held on the evening of the 24th, at which the following resolution was adopted: Resolved, By the Chicago Clearing-House Aeso clation of the city of Chicago, 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, and on the advice of the Bank Examiner, 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. A Milwaukee, Wis., dispatch, of the 24th, says the Chamber of Commerce of that city had suspended, and that there would be no trading in grain until further notice. On the afternoon of the 23d, Mr. G. G. Lyon, of the Chicago publishing house of Adams, Blackmer & Lyon, committed suicide by throwing himself in front of an approaching locomotive at Oak Park, Illinois. Physical and mental depression is said to have superinduced the tragedy. The Democratic and Reform State Conventione of Wisconsin united at Milwaukee on the 24th and nominated the following State ticket:

5. April 22, 1874 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, April 22, 1874

Click image to open full size in new tab

Article Text

FINANCIAL. Affairs of the Atlantic Delaine Company, of Providence. PROVIDENCE, R. I., April21.-At the first meeting of the creditors of the Atlantic Delaine Company, this morning, it was voted to place the property in the hands of a Trustee, to not under the inspection and direction of a committee of creditors, as provided in the forty-third section of the Bankrupt bill. Robert II. Northam was nominated for Trustee, and James Y: Smith, Royal C. Taft, and Goorge C. Nightengale BOlected ns the committee of the creditors, subject to confirmation by the Court. The amount of claims presented to-day was $2,100,000. A Burlington, In., Savings Bank Resumes Operations. BURLINGTON, Ia., April 21.-The Orchard City Savings Bank, which suspended during the panio last September, has sottled its liabilities in full without rebate. The District Court yesterday, on the Assignee's stating this fact, directed him to pass the assets over to the stockholders.