Second National Bank (Boston, MA)

Episode Information

Episode UID
32201013
Episode Type
Run Only
Bank Type
national
Bank ID
3220 national
Charter Number
322
Start Date
May 16, 1884
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c47796ef0af22845

Response Measures

Accommodated withdrawals, Clearinghouse loan

Clearinghouse involved: Yes (loan, examination, or other measures)

Events (2)

1. March 16, 1864 Chartered
Source
historical_nic
2. May 16, 1884 Run
Cause
Local Banks
Cause Details
Runs and suspensions of other Boston firms/banks (suspension of F. A. Hawley & Co. and related failures) prompted heavy withdrawals
Measures
Clearing house arranged purchases to meet the Second National's debts and pay depositors
Newspaper Excerpt
the rush at the second national There The has about stopped. The bank 148 depositors up to noon to pay clearing were house has arranged all the second national debts.
Source
newspapers

Newspaper Articles (2)

Article from The Salt Lake Herald, May 16, 1884

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Article Text

call here rendering such Brown franson highly profitable. stery actions reduced the rates on Iii Brothers g bills to 487 long 489 short B a decline of 1 cent. the first hour of business only this In failure was announced, and firms one not involved any other resConfidence has is being gradually few and among financiers to tored faces are met. It seems worst anxious be generally acct pted that the are over and many capitalists as beginning is to discuss the question time to whether now je not the buying to for a rise; some few are of buy This relieves the situation of one viz., most dangerous elements, marwithholding its capital from the ket. dispatch from Boston reports & A suspension of F. A. Hawley not the firm which, although good. heavy Co, a dealers, was regarded as baiHotchkiss & Burnhain are to resume ancing their accounts and expect quiet It is 1145 at that reigns more apparent every the crisis suspension has passed. of Hawley & Co., on The was caused by a of run the of Boston, banking department only house. the It is believed to be THE THE hour teller presenting THE paying the first man in line in and money. At noon the number his was not over 25, principally lady line and clerks. Only one atboys among the last. She was was in widow's weeds. Her money gratered tification on draw plain. was out funds bank. ing ing for the future of the rush at the second national There The has about stopped. The bank 148 depositors up to noon to pay clearing were house has arranged all the second national debts. purchases of stocks Field and Foreign are heavy. Cyrus W. that it bonds the worst is over and came says, was a good thing this crash just it did. as general manager of the bank Co The and merchants Te 'egraph & ers the suspension of Dimick says Co. will not involve the company. ded Fisk and Hat h have suspo stated that the bank deb- of Commerce It was this morning was a over tor at the clearing house for one and a half million. the Associ- leadA Press visited most of the street. ated commission houses on the are no ing invariably said there financial They elements in the experisituation. dangerous Many think the of the past few days will prove comence beneficial to the speculative munity. & Hatch were composed Stock of Fisk Hatch, president of the The A.S. and Harvey Fisk. dealers in Exchange, has been the heaviest It government firm bonds on the street. considered staunch, conserva- rewas and reliable, and has been the & cognized tive as fiscal agents here of system, their the suspension came of on lhe Exchange William Lummis derbolt is now acting as president Hatch's the Exchange, owing to vailure. of resulting from his disability There was a decline of 1 to 5 points. bonds weakness of government of The S explained by the suspension his firm. The Supreme Court granted an order giving the Chicago & Atlantic Railway Company leave to prosean sction against Receiver other cute T. Davis, jointly with adJulien as the company may be parties, for the purpose of obtaining ree vised, to which it was entitled relief to notes or 0 her securities 0 a heretofore ating belonging to the railway or company, and held, negotiated, firm therwise disposed of, by the S Grant & Ward. The complaint & r makes f Grant & Ward, John Hay J. W. Seligman & Co., Drexel, & c Co., & Co, P. W. Faullandet Life 0 Morgan Reed & Smith, Equitable United Assurance Co., Society of the E u Orient Bank, Columbia & a States, New York, Lake Erie and Bank, Vestern Railway Company, dether corporations and banks alfe endants The company eges that in September, Loan 1883, a delivered to the Farmer's and Trust Company of this city f George J. Bippus, Huntington, its as trustees, a mortgage bonds on oad nd., to sccure issue of coupon of the corporation to the amount p f 5,000,000 known as secured mort- last bonds. In the autumn of S0 u age negotiations took place be- & ear the company and Grant ween Vard for negotiation for upon these in- in ti


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