Second National Bank (Cincinnati, OH)

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Episode Information

Episode Type
Suspension → Reopening
Start Date
October 1, 1873*
Location
Cincinnati, Ohio (39.103, -84.515)
Bank Type
national
Charter Number
32

Metadata

Episode ID
Bank ID
City ID
391066650
Model
gpt-5-mini
Short Digest

Events (3)
1. July 22, 1863 Chartered
Source
historical_nic
2. October 1, 1873* Suspension
Cause
Macro News
Cause Details
Collective suspension of currency payments by Cincinnati banks during the Panic of 1873
Newspaper Excerpt
since the action of the banks and bankers suspending currency payment
Source
newspapers
3. October 13, 1873 Reopening
Newspaper Excerpt
every bank and banker in the Clearing House Association... commenced full and unequivocal resumption; All the banks here resumed currency payments yesterday.
Source
newspapers

Newspaper Articles (10)
1. October 12, 1873 New Orleans Republican New Orleans, LA
Article from New Orleans Republican, October 12, 1873

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MISCELLANEOUS. # A Church Robbed of Gold and Jewels. BALTIMORE, October 11.--St. Luke and St. Paul churches were robbed of their altar furniture. A golden chalice, set with diamonds and rubies, valued at $2000, was taken from St. Paul's. # Silk Mille Suspended. PATTERSON, N. J., October 11.-Only one silk mill in this city is running on full time, and several have entirely suspended. # Running on Half Time. PHILADELPHIA, October 11.-A number of the Frankford cotton mills are ruuning on halt time, in consequence of the falling off of orders and the difficulty in procuring currency to pay wages. Campbell's mill, at Manayunk, is closed, by a strike of the operators. At the other milis work continues at a reduction. # Southwark Foundry Closed. The Southwark foundry is closed, and 600 of the former employes are now idle, refusing to work at the proposed reduction of wages. # Fire in Detroit. DETROIT, October 11.-A tire broke out this morning, in the sash, door and blind factory of J. F. Weber & Co., on Sherman street, which rapidly spread and in a few minutes several buildings were in flames. A strong northwest wind was blowing at the time, and a great conflagration was imminent. Through great exertion the fire was stayed after twelve buildings were destroyed, mostly frame dwellings. Weber's factory and Mann's brewery were completely destroyed. Loss $50,000..insurance trifling. # Louisville Exposition Closed. LOUISVILLE, October 11.--The exposition has closed for the season. The result is reported by the managers to be a great financial success. The contributions from this city for the relief of Memphis and Shreveport foot up $12,000, and subscriptions are still going on. # Destructive Fire. TERRE HAUTE, Ind., October 11.--A destructive fire occurred at Waveland, Indiana, at two o'clock yesterday morning, destroying several business houses and dwellings. Loss $30,000-insurance $10,000. # Cincinnati Banks to Resume Payment on Monday. CINCINNATI, October 11.--The Cincinnati Clearing House Association passed a resolution that all banks and bankers rerume full currency payments on Monday, the thirteenth instant. # Kidnapping a Crew. SAN FRANCISCO, October 11. The United States authorities will institute proceedings against the ship Baltic, from New York, to recover penalties for having kidnapped a crew there, composed of tailors, shoemakers, carpenters, barbers, soldiers and firemen, who knew nothing about sailing, and who say they were forced on board the ship in New York, # Acquitted. The jury in the case of Thomas Curtin, tried for killing William Johnson, the seducer of his daughter, returned a verdict of acquittal. The judge told Curtin that he did not regret the verdict. # Rough Weather. PROVIDENCE, R. I., October 11.-The Monongahela has arrived. She encountered rough weather off Nantucket and lost ber starboard cutter and split her saile. # Cotton and Money at Memphis. MEMPHIS, October 11.--The cotton market was steady throughout the day with a moderate inquiry. Money quiet. The banks are doing what they can to aid their regular depositors who have paper maturing, and aside from the usual amount of depositing and checking with some little exchange buying and selling, there is little or nothing doing in the money market. The banks are purchasing currency from merchants and others having a surplus, wishing to settle accounts due in the East, at half a cent premium, and commercial bills are taken from cotton buyers and others at one per cent discount on New York and a little higher on points further East, with slight concessions from these rates in favor of Boston in special instances. No change to report in general trade circles. # From Little Rock. LITTLE ROCK, October 11.-The State Medical Association adjourned to-day. The State fair, which commences on Monday, promises well, there being more entries now than ever made before. Weather warm. # The Defaulting Cashier. BOSTON, October 11.--John N. Pierce, the defaulting cashier of the Merchants' National Bank, at Lowell, was brought before the United States commissioner to-day, and waiving an examination, was held in $25,000 bail for trial. Bail was given. # A Drunken Man Kills his Wife. NEW HAVEN, Conn., October 11.---William G. Haughkirk, while drunk, to day, struck his wife with a flat-iron, crushing in her skull, from the effects of which she will probably die. Haughkirk was arrested. # Biglin's Challange. October 11.-A telegram has received from Biglin, of New York, offering to row Brown another race in a

2. October 13, 1873 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, October 13, 1873

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Article Text

Business and Financial Matters. NEW YORK, Oct. 11.-Specie to-day 465,000; imports 50,000 pounds with 50,000 more expected this afternoon. Total imports for the week $7,219,707 of which $5,128,586 general merchandise and $2,091,112 dry goods. The Times thinks an action will be had today or Monday on the question at the Clearing House if such a resumption should be resisted by the weaker banks, and they should carry the majority of the association with them. The banks that are ready and anxious to accommodate their dealers with notes and to restore general confidence by resumption in greenbacks will still be left the alternative refusing to longer report their greenbacks subject to pooling operation. WASHINGTON, Oct. 11.-The outstanding legal tenders are $359,490,488. PHILADELPHIA, Oct. 11.-A number of the Frankfort cotton mills are running on half time in consequence of the falling off of orders and the difficulty in procuring currency to pay wages. Campbell's mill at Manyunk is closed by a strike of the operatives. At the other Manyunk mills work continues at a reduction. The South. work foundry has closed, and 000 men are idle, refusing to work at the reduction. PATERSON, Oct. 11.-Only one silk mill in Paterson is running on tull time. Sev. eral mills have entirely suspended, and others are running only a part of the time with reduced forces. LOWELL, MASS, Oct. 11.-The National Bank Examiner reports loss to the Merchant's National Bank by detalcation of the Cashier, at $63,701, with possible liability of $37,000 more. CINCINNATI, O., Oct. 11.-The Clearing House Association this afternoon, passed a resolution that all banks and bankers of the city resume full currency payment on Monday next, the 18th of this month. The N. Y. Tribune says that a private cable dispatch received Friday states that Thomas Scott has succeeded in negotia. ting forty-four millions of first mortgage bonds of the Texas & Pacific Railroad. The financial arrangements by which this result was reached were perfected during the height of the panic.

3. October 14, 1873 The New York Herald New York, NY
Article from The New York Herald, October 14, 1873

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Article Text

THE CINCINNATI BANKS. The Embargo Removed by the/Clearing House and Full Currency Payments Resumed. CINCINNATI, Oct. 13, 1873. This has been the most notable day, financially, that this city has witnessed in many years. Since the action of the banks and bankers suspending currency payment, save as to limited sums in the discretion of the banks, the desire to know when this embargo on the commerce of the city was to be removed has increased from day to day. Though there has been, as far as possible, an adaptation to the peculiar circumstances, still the pinch on the mercantile classes was increased in intensity as the period of suspension lengthened. The merchants of the city have borne the privations with great heroism, and generally without complaint. They mainly have accepted the situation as the best that could be enjoyed under the circumstances, but there was still great anxiety to have a day fixed for a general resumption, and when the announcement was made that the Clearing House Association, at its meeting on Saturday evening, had determined on a full and complete currency resumption, it was received with the greatest satisfaction. The mere whispering on Change on Saturday that the Association was to hold an important meeting at the close of the day was construed into a hopeful indication and thereby gave a tone to the general markets that was an improvement over the preceding days. While there was great confidence in the solvency of our banks, there was much interest felt to see what developments would be made during the earlier hours of the opening day. At the usual hour this morning every bank and banker in the Clearing House Association-twenty-one in number-commenced full and unequivocal resumption. There was no excitement. There was nothing about the appearance of the banks that indicated a run. The business of the day commenced and continued to the close with a degree of quiet that was remarkable. so far as is known, not an anxious depositor presented himself at the bank. The amount drawn by the depositors was probably less than usual on Monday: certainly it did not exceed the usual demands of the first business day o! the week. While this was true the deposits of currency were liberal and beyond the expectation of the banks. The larger number of bankers report that they received more currency than they paid out. One national bank received, in currency, $100,000 more than they were called upon to pay. The satisfactory results of the forenoon put a new face on the merchants who assembled on 'Change. The attendance was larger than had been for days, and every person seemed to be encouraged. The general markets were improved in tone, and the impression prevailed that we had entered fully upon the work of recuperation, and that restoration would proceed with rapidity. At the close of banking hours all acknowledged that the success of the first day of currency resumption had been complete. of $462,000 in Clearing House certificates, $165,000 were cancelled to-day, leaving less than $300,000 of certificates unredeemed. Of the latter amount, under the action of the Clearing House, twentyfive per cent will be retired to-morrow and twenty-five per cent each week thereafter. For the purpose of equitably distributing certificates it was decided on Saturday that the banks should hold them until retirement in proportion to the business done bo them respectively within a definite period therein named.

4. October 14, 1873 The Daily State Journal Richmond, Alexandria, VA
Article from The Daily State Journal, October 14, 1873

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OHIO. The Cincinnati Banks. CINCINNATI, October 14.—All the banks here resumed currency payments yesterday. There was no run.

5. October 14, 1873 New-York Tribune New York, NY
Article from New-York Tribune, October 14, 1873

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FINANCIAL NOTES. A dispatch from Berlin announces that several failures have occurred in that city. The Cincinnati banks resumed currency payments yesterday, in accordance with the decision of the Clearing-house on Saturday. Five hundred and fifty-seven thousand dollars in specie was shipped from Plymouth for New-York, on Saturday, by the steamship Westphalia. The steamship Kron Prinz Frederick Wilhelm, which sailed from Southampton on the same day for New-York, took $15,000. The Controller of the Currency issued, yesterday, circulars calling upon all the National banks for a report of their condition at the close of business on Friday, Sept. 12, 1873. The Bank Superintendent of the State of New-York has already called for a report of the condition of all the State banks of this State for the same day, so that complete statistics of all the banks, State and National, in the city and State of New-York can be compiled from the returns when received. The Controller has also selected this day in order that he may be able to furnish complete statistics of the condition of the National banks of the whole country just previous to the beginning of the panic. As the call for the report has been delayed for ten days beyond the usual time, it is urgently requested that the bank officers will respond as promptly as possible to the circular of the Controller.

6. October 15, 1873 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, October 15, 1873

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[Press Report.] NEW ORLEANS, October 14.-All in- coming vessels report encountering a heavy hurricane on the 5th and 6th. The ship Carondelet, from Liverpool, lost all but her main mast, mizzen and mizzen topmast, but arrived at South- west Pass She was yesterday in com- pany with an unknown ship. The ship Bremen has arrived and reports having seen a bark with her main- mast carried away, and two full rigged ships with the loss of topmasts and yards. The New Orleans Clearinghouse as- sociation has established two per cent premium as the rate to be collected for exchange for the present upon bills and notes which are made payable with exchange on New York. MEMPHIS, October 14.-Latest news indicates a slight check in the fever. The new cases are less malignant. BALTIMORE, October 14. The jour- neymen tailors are preparing for a strike. MADRID, October 14. There were thirteen killed and forty-seven wound- ed in the naval battle off Carthagena, on the rebel tieet. PARIS, October 14. The council of war before which Rane was summoned to appear, has declared him guilty and passed sentence of death in contumacy. CINCINNATI, October 14. All the banks resumed currency payments yes- terday. There was no run. PARIS, October 14.-Journal de Paris declares that the recent elections de- monstrate the necessity for the restor- ation of a monarchy to prevent im- pending anarchy. The trial of Bazaine was resumed at noon to-day. The at- tendance larger than on any day since the opening. The President of the court began his examination of the ac- cused, stating that he should consider that the prisoner's responsibility com- menced with the 12th of August. He, however, put several questions in re- gard to events before that date. In reply to questions concerning the dis- aster of Forbach, Bazaine said he had no knowledge that orders were given to the Generals direct. He was pres- ent at the council of war held by the Emperor on the 9th of August. It was then resolved that his army should be brought to the walls of Metz, and the movement in that direction began on the 11th. After reaching the city he received no orders to obtain ammunition. He complained of the carelessness of the intelli- gence service. He did not receive precise information of McMahon's situation until the thirteenth, and the orders to throw a bridge across the Mo- selle reached him only the day before. He denied that he could be held re- sponsible for the delay and subsequent failure to destroy the bridges to pre- vent the enemey's pursuit. Telegraph dispatches were read showing taat Ba- zaine intended to counteract the flank movement of the Germans, but the Emperor prevented it. The Marshal in answer to further questions espe- cially concerning the 15th of August, stated that he agreed with the Empe- ror to march to Verdun, but delay was caused by battle and he was otherwise hindered. He was unaware that the Emperor left any special orders. It was well understood, how- ever, that in the event of a strong resistance the army was to remain at Metz a few days, and not go beyond Verdun in any case. After the battle of the 16th, Le Bouf and Canrobert agreed with him that it was impossible to advance. Responsible odicers in- formed him that his supplies were in- sufficient. He said that he gave Can- robert all the aid he asked at St. Per- vats. He blamed L'Admirault for not calling up the reserve. In justification of his conduct after the 18th of August, he cited the orders he had received to be cautious. The accused betrayed much excitement at the beginning of the examination, which was long and searching. NEW YORK, October 14. The Fire Department of this city has sent five thousand dollars to Memphis. George Francis Train Las returned. BOSTON, October 14. The Grange composed of grain and commission merchants having been ordered to disband by the Grand Master of the National Grange, on the ground that it was not a Farmers' Grange, has re- fused, and threatens to carry the mat- ter before the National Grange. The Grange retains its books and initiates its members upon the pass words and grips of the Order.

7. October 15, 1873 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, October 15, 1873

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Fatlures-Suspensions-Resumption. NEW YORK, October 14.-Gillespie, Trowbridge & Co., tea-dealers, have failed. W. M. Whittemore, banker, and William Hoge & Co., bankers. have suspended. CINCINNATI, October 14.-All the banks here resumed currency payments yesterday, There was no run. BOSTON, October 14.-Burger, Hurlburt & Livingstone's sugar-house have suspended; it is said, only temporarily.

8. October 16, 1873 Fayette County Herald Washington Court House, OH
Article from Fayette County Herald, October 16, 1873

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# Resumption. The banks in Cincinnati resumed currency payments in full, on Monday morning, thus gladdening the hearts of many of the business and working men of the city and of Southern Ohio especially. The Gazette of Tuesday says in relation to the resumption in that city: The resumption of the Cincinnati banks yesterday resulted as was anticipated in our remarks favoring that course. It was accepted by the public as evidence of the winding up of the panic and as making the beginning of rapid and full recovery. The banks left off business in the afternoon largely stronger than when they opened their doors. Much currency that has been withheld was returned to the banks, while there was no withdrawels except in the regular course of business. Within the last few weeks bank discounts have been largely reduced. This, in the face of the financial condition, is pretty conclusive evidence of the stability of the business classes, and affords assurance of comparatively smooth sailing in the future. After a little while, judging from the present outlook, there will be more demand for good paper than for money.

9. October 23, 1873 Iowa Voter Knoxville, IA
Article from Iowa Voter, October 23, 1873

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# The West. A dispatch from Northwestern Iowa, of the 10th, says that great devastation had been caused on the preceding day by the accidental starting of a prairie fire near Kossuth. At last accounts the destroyer was still sweeping over Kossuth, Hancock and Winnebago counties, with little prospect of its ravages being stayed immediately. Vast quantities of hay, stock, farm machinery, and, in some cases, houses and stables had been burned. Dispatches from Oregon of the 13th say that the election for Congressman had passed off quietly. It was thought that Nesmith had been elected by a small majority. A San Francisco dispatch of the 13th says that Delche, a notorious Apache chief, had left the reservation with 1,000 warriors, and gone upon the war-path. General Crook had started in pursuit. A Cincinnati dispatch of the 13th announced that all the banks in that city had resumed currency payments. There had been no run, and the deposits had been liberal and beyond expectation. A dispatch from San Francisco of the 14th says the troops under command of Lieutenant Schuyler had come up with the Apaches under Delche, killed fourteen warriors and dispersed the band. Returns from Iowa up to midnight of the 14th indicated that Carpenter, the Republican candidate for Governor, had been elected by from 30,000 to 40,000 majority. On the County, local and Legislative tickets there had been desperate contests, and some of the strong Republican counties had gone for the "Anti Monopolists." Mahaska County, heretofore giving 1,000 Republican majority, is reported as giving 12,000 "Anti-Monopoly" majority. There had been general scratching of tickets all over the State. In Ohio the election on the 14th passed off quietly. A dispatch from Columbus says the Democrats laid claim to large gains, and asserted that the Legislature was sufficiently Democratic to secure the re-election of Senator Thurman. The Republicans had claimed the State for Governor Noyes by a majority of from 10,000 to 15,000. There seemed to be little doubt at midnight that the Republicans had been successful on the State ticket, though the Legislature was extremely doubtful, and its political complexion could only be determined by the official count. The election in Indiana, on the 14th, was for local officers only, and passed off without excitement. It could scarcely be said to have had political significance. No returns had been received at midnight of the 14th. The election in Nebraska on the 14th passed off quietly. At midnight scarcely any returns had been received. The probability was that the Republicans had elected their ticket. A Carlinville, Ill., dispatch of the 14th says the Board of Supervisors of Macoupin County had been served with notice to appear at Springfield, in January, and show cause why they should not be attached for contempt for refusing to include in the tax-levy certain judgments obtained in the United States Courts against the county. A dispatch from Columbus, Ohio, of the 15th, says the Legislature of that State has been conceded to the Democrats by well-informed Republicans. The prospects of Allen, Democrat, for Governor, were more favorable than on the preceding day, although it was generally believed that Noyes had been elected by a reduced majority. A San Francisco dispatch of the 15th says that McKinney, independent candidate for Supreme Judge, had probably been elected. A dispatch from Springfield, Dakota, of the 15th says a war party of 200 Sioux had attacked the Poncas on the morning of that day. The fight began on the bluffs back of the Agency, and the Sioux were repulsed with a loss of four killed. Subsequently they renewed the attack, and fighting was going on at the date of the dispatch. The Poncas had four killed at that time. A Toledo, Ohio, dispatch of the 15th says the seventh reunion of the Army of the Tennessee had been held in that city on that day. General Sherman presided, and General Logan delivered an oration. The President and about 400 officers were present, and participated in its ceremonies.

10. November 8, 1873 Evening Star Washington, DC
Article from Evening Star, November 8, 1873

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SPECIE FOR NEW YORK. $385,000 in specie were shipped from Liver-pool for New York to-day. CONSIDERING THE CAPTURE OF THE VIRGINIUS AT MADRID. MADRID, November 8. - President Castelar and Minister Sickles were in close conference for a considerable time yesterday. The subject of the capture of the Virginius is understood to have been under consideration. Resumption of Currency Payment by the Cincinnati Banks. CINCINNATI, November 8.- The clearing-house committee of banks of this city, to whom was entrusted the issuing of clearing-house certificates, have asked to be discharged, as the certificates have all been returned and by the committee canceled and destroyed, and the securities received have been returned to the parties depositing them. This closes up an arrangement by which the banks have made common cause to check the panic. In every way the management of the affair has been a success, not a bank here having failed, and only the sum of $450,000 clearing-house certificates having been necessary to tide over the period of the panic.