First National Bank - Dubuque, IA

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 317
Charter Number: 317
Start Date: September 27, 1873
Location: Dubuque, Iowa (42.501, -90.665)

Metadata

Model: gpt-5-mini
Short Digest: 7db6770b

Response Measures

Accommodated withdrawals, Capital injected, Partial suspension, Books examined

Other: Committee report and subscription of $200,000 to enable resumption.

Description

Multiple contemporary reports (dated Sept. 27–28, 1873) state First National Bank of Dubuque was only partially meeting demands, paying in bills receivable and small amounts of currency while deposits decreased. Merchants' National had suspended, indicating a wider panic; First National did not suspend. Classified as a run only (bank remained open, partial payments).

Events (2)

1. March 15, 1864 Chartered

Source: historical_nic

2. September 27, 1873 Run

Cause: Macro News
Cause Details: Wider financial panic of late September 1873 (multiple banks in the city affected; Merchants' National suspended), causing withdrawals and reduced deposits.
Measures: Paid out in bills receivable and small amounts of currency; stockholders subscribed funds toward resumption (reported in one account).
Newspaper Excerpt: The First National is paying in bills receivable and a small amount in currency.
Source: newspapers

Newspaper Articles (3)

1. September 28, 1873 Nashville Union and American Nashville, TN

Article from Nashville Union and American, September 28, 1873

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Article Text

tion of the First National Bank, reported to day a much better exhibit than anticipated, and resolutions were adopted looking to its immediate resumption. According to reports its d mand liabilities are $324,000 against unquestioned and availab e assets of $555,000. The doubtful and unavailable assets being $101,000, making total assets of $656,000. After paying all liabilities the stockholders can realize par on their shares. On reading the report of the committee $200,000 was subscribed towards enabling the bank to resume. Dabuque. DUBUQUE, IA., Sept. 27 The Commercial National Bank of Dubuque is the only National Bank in this city that is meeting all demands in full in currency, and to-day their deposits have considerably decreased. The Merchants' National has suspended payment entirely. The First National is paying in bills receivable and a small amount in currency. The run on the German Savings and Peoples' Savings Banks seems to have entirely subsided.

2. September 29, 1873 The Rutland Daily Globe Rutland, VT

Article from The Rutland Daily Globe, September 29, 1873

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Article Text

CINCINNATI, Ohio, Sept. 27. The day has passed quietly in financial and commercial circles. There was positively an improved feeling among all classes. Prices on change stiffened materially, and some articles brought higher figures than since the panic. A number of banks have announced that they would pay all currency checks against new currency deposits, and certify checks against deposits in checks. A fair amount of currency has been paid to mechanics and manufacturers for wages, and no great dissatisfaction was expressed by any one. A much healthier tone has prevailed, and greatly increased hopefulness has been manifested on all sides. AT DUBUQUE. DUBUQUE, I., Sept. 27. The Commercial National Bank is the only national bank in this city that is meeting all demands in full in currency. The Merchants' National Bank has suspended. The First National Bank is paying in bills receivable and small amounts of currency. The run on the German Sayings Bank and the Peoples' Sayings Bank has subsided.

3. October 1, 1873 The Wheeling Daily Register Wheeling, WV

Article from The Wheeling Daily Register, October 1, 1873

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Article Text

CURRENCY CONDENSITIONS CAIRO,ILL-The banks have adopted the certified check system. TORONTO.-The Government has ordered £500,000 of gold from England PITT6BURGE-Outlo much improved. The Lawrence Savings Bank resumed to-day. MILWAUKEE.-Chamber of Commerce adjourned till to-day without doing any business. CONCORD, N. H.-Currency payments suspended No apprehensions of serious trouble. PATTERSON, N.J.-The Grant Locomotive Works to-day discharged 175 men, and the Danforth works 100. CHARLOTTE, N. C.-The banks are doing business as usual, and the people sustain them by large deposits. LOWELL, Mass.-The banks to-day adopted the prevailing plan in regard to currency payment There is no alarm. READING, PA-Business in this city is quietly, and banks are meeting progressing promptly all demands. the SALT LAKE-Situation greatly improved and panicky teeling subsiding First National, suspended Saturday, preparing to resume. Sr. PAUL, MINN.-There is no exor alarm here, and the of the citement stoppage purchase aside of wheat from business goes on as usual. CHARLESTON, S. C.-The Chamber of the Secretary of to lurnish to be Commerce Treasury petitions $500,000 the ueed in the purchase of New York ex. change. CHARLOTTEVILLE, VA.-In conseof the money crisis quence made the Univer of Virginia has arrangefor credit to all ments sity students temporarily embarraesed. JEFFERSONVILLE, IND.-The First National Bank declines to pay currency,except in small amounts The Cit izens National Bank is meeting all demands mands made upon it. LEAVENWORTH.-The Vice President of the First National Bank drew out $100,000 and then ordered a suspension -much indignation. German Savings Bank resumed payment. COLUMBUS, O.-The financial trouble has had a very upon While all the are thie city. yet slight effect banks prepared for a run, thus far the precaution has proved unnecessary. BosToN.-Owing to the defalcation of $40,000 by the cashier of the Hingham National Bank. that institution has been closed by the National Bank Examiners. The Savings banks require notice. INDIANAPOLIS - Financial matters quiet. No further run anticipated. LITTLE Rock-Money panic continued; greatest stringency ever known. MONTGOMERY, ALA.-No run on Sat arday. Deposits exceeds withdrawale DUBUQUE, Iowa.-Commercial Na the bank mands in tional is currency. only Merchants meeting First all de- Na- Na. tional entirely suspended tional paying partially. Savings banks runs subsided. SPRINGEIELD, ILL.Banks have taken no action, and are doing business as usual. HARRSBURG, PA-All met and unanimously agreed to suspend pay ment of currency. BALTIMORE-Saturday closed without additional excitement or reports of failures. ATCHISON, KAN- banks doing business on Saturday, and declare they will not suspend. Sr. Louis-Express lines are bring= ing a much larger amount of currency than they are taking away. NEW HAVEN, Coxx-Manufacturing. establishment obliged to suspend, for lack of currency to pay hands. AUGUSTA, Gs.-Believed the BUEW pended banks will be able to resume currency payments early this week. LOUISVILLE-Twelve banks met Saturday night and adopted clearinghouse articles. not PHILNDELPRIA-Bankere the resolved market, to force any securities on and not to do anything to cause a decline of securities at the Stock Board