Peoples Savings Bank - Dubuque, IA

Bank Information

Episode Type: Run Only
Bank Type: savings bank
Start Date: September 20, 1873
Location: Dubuque, Iowa (42.501, -90.665)

Metadata

Model: gpt-5-mini
Short Digest: 2fc4bdc4

Response Measures

Accommodated withdrawals

Description

Multiple September 1873 dispatches report a small run on the Peoples Savings Bank in Dubuque during the Panic of 1873; the run subsided and the bank paid out promptly, with no suspension mentioned for this bank. Dates in articles span Sept 20–27, 1873; I use the initial reported date (Sept 20) for the run event.

Events (1)

1. September 20, 1873 Run

Cause: Macro News
Cause Details: Run occurred during the wider money panic of September 1873; deposit withdrawals linked to general stringency and local panic rather than bank-specific scandal.
Measures: Paid paper and deposits promptly; met demands and continued to pay out (run subsided).
Newspaper Excerpt: A small run has been made on the Peoples' Savings Bank, but all paper due is promptly paid, and even some not yet due.
Source: newspapers

Newspaper Articles (4)

1. September 27, 1873 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, September 27, 1873

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intention of suspending. They are well supplied with currency, and ready for any emergency. Beveral of them kept open until 5 o'clock this afternoon. There was no general run upon any of them, and n fow depositors withdrew their money. The universal fooling is that the banks are sound. The Savings Bank had a grenter demand upon it of any others, but met all the demands promptly. Special Dispatch to The Chicago Tribune. EAST BAGINAW. EART BAGINAW, Sept. 26.-At the opening of the banks this morning, a run was commenced on the Second National, the People's Savings Bank, and Thomas P. Sheldon & Co. The run was heaviest on Sheldon & Co., who do & savings business In connection with private banking business. An many as one hundred depositors, mostly of the poorer class, presented their claimn at once. It was rumored, during the afternoon, that the bank had suspended, but it kept open doors until the usual time of closing. In the afternoon, a meeting was held nt the Bancroft House, at which seven banks from East Saginaw, two from Baginaw City. four from Bay City, and one from Flint were represented. After a full discussion a series of resolutions were adopted, to which all the banks present acceded. The following resolutions embody the sense of the meeting : Resolved, That DA the views of the persons present that the boat interests of the country will be best promoted by bankers declining to pay currency pending the present crisis, beyond the actual necessities of business; banks and bankers to certify checks drawn against actual deposits when desired, such checks to be used, 80 far as the samemay be availablo, in the ordinary bustness of the country. Resolved, That we recommend to all savings banks to avail themselvos of the right of giving notice before paying depositors until the present excitement shall die away. MATTOON. Special Dispatch to The Chicago Tribune, MATTOON, Ill., Sept. 20.-Our banks here, the First National and Farmers' & Merchanica', are regarded by all our business men as financially sound, but on account of the action of the banks they refuse to pay any but small deposits. DUBUQUE. DUBUQUE, In., Sept. 20.-There has been more OXcitement here to-day than has been seen for a long time, At o'clock this morning, notice was posted on the door of the Merchante's National Bank that it would not be open for the transaction of business. The notice road as follows: This bank is temporarily suspended, BR it is impossible to procure currency for the transaction of business. By order of the Board of Directors. F. W. II. Shefield, President . A. Babbage, Cashier." This notice, of course, produced a commotion, and the nows spread through the town like wildfire. The Merchants' is the leading bank here, having the largest amount of depositors, doing mostly a commercial business, and it has preserved the unlimited confidence of the community. The immediate cause of its suspension hns been its inability to procure currency from Chicago, where a large balance is due. Its loans are of the best, and no one entertains n doubt but business will be resumed in a fow days. A meeting of the Directors will be held to-morrow to determine upon its futuro course, and will no doubt open as soon as the flurry is over. The First National Bank to-day pursued the same course as that adopted in Chicago, paying only email checks of $100 and less. This bank has a largo amount of balances in Chicago, Milwaukee, and other places, but none of it can be made available. The bank, consequently, pays small checks, and offers to depositors a choice out of its bills receivable to make them good, the bank indorsing them. The Commercial National Bank is paying everything in full, and say they will go through all right, as they have enough to meet all domands that can possibly be made agaist them. There was n emall run on them during the day, but at 3 o'clock their cash out was only $1,000 less than deposits mado in the course of the day. There has been a run on the Gorman Savings Bank all day, this bank having a largo number of depositors among poor people, but every dollar has been promptly paid, and the oflicers Bay they can meet every cent. In fact, they rather court a run to show how strong they are. The bank is certainly doing splendidly. A small run has been made on the Peoples' Savings Bank, but all papor due is promptly paid, and oven some not yet due. Deposits here, however, are quite equal to the amount paid out,

2. September 29, 1873 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, September 29, 1873

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of intrinsic values is entirely forgotton, there. fore, Be it Resolved, That we heartily endorse the action of the Secretary of the Treasury in his efforts to stay the tide of ruin by affording temporary relief, and in his wise discrimination in the use of the resources at his command. RESOLVED, That we urge upon him the necessity of bringing before Congress a plan for a general banking law through which the benefits of our present system may be more generally extended, and serve more fully the growing interests of the country. RESOLVED, That the great sources of wealth of our crops and general productions are more promising than ever, and that therefore the enterprises of the country have a greater chance for profit and success; that the sudden and wild decline in the values is the result of the panic, and without reasonable cause. RESOLVED, That we deem it our duty to avert in every way the indiscriminate sacrifice of securities, and to express our hearty condemnation of those who by personal profit attempt to aggravate the evils and cause a still greater decline in value at the board. John Barker, George S. For, and Thomas A. Biddle were appointed a committee to confer with the hank officers on the situation of affairs. Baltimore, 27. The day closed without additional excitement or reports of any failures. The stringency in money continues, but all the banks paid out liberally on small checks to supply the business demand. Knoxville, Tenn., 27. The Exchange Deposit and Knoxville Banks have suspended payment of checks for currency this morning in consequence of the sudden demands of depositors. The commercial banks also suspended payment of all large amounts. Augusta, Ga., 27. There is a better feeling in this city to-day, but otherwise the situation is unchanged. Nothing is doing in cotton for want of currency; some few bales of middling were forced at 15 cents. It is believed the suspended banks will resume currency payments early next week. Allentown, Pa., 27. The bankers of this city resolved to follow the example of New York and other cities. New York, 27. A committee of the produce exchange have been appointed to confer with the loans committee and clearing house committee with a view of effecting an arrangment by which the moving of foreign exchange may be accomplished. Salt Lake, 27. There was considerable excitement here to-day. The first National bank did not open their doors. A notice states that the cause of suspension was owing to the failure of the eastern houses and their inability to obtain currency. Their liabilities are amply secured. Washington, 27. The Secretary of the Treasury, will not for the present, issue his programme for the sale of gold and the purchase of bonds next month. Louisville, Ky., 27. The following banks have supended payment temporarily to-day: German bank, Masonic savings bank, Western bank, German insurance bank, Louisville banking company, German savings bank, and the Central savings bank. A run on this bank has been steadily increasing for the past three days. All of them have abundant resources; many being able to pay two dollars for one on deposit. The other banks in the city are heavily drawn on, but are all right. The suspended banks are all savings institutions, conducted and owned principally by Germans. The lack of systematic action tended to the suspension of these banks. Every bank is looking out for its own safety. Dubuque, Ia., 27. The Commercial National Bank of Dubuque, in this city, is the only National bank that is meeting demands in full in currency, and to-day their deposits considerably decreased. The Merchants' National bank is paying in bills receivable, and small amounts in curren. cy. The run on the German savings bank and Peoples' savings bank seems to have entirely subsided. Chicago, 27. Business continues very quiet on the exchange, but there was more inquiry for cash grain, mainly by outsiders, who have brought in currency with which to buy at the present low rates, and prices were firm and generally higher.

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

Article from The Rutland Daily Globe, September 29, 1873

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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.

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

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Latest Financial LOUIVVILLE, Sept. 27. SUSPENSIONS The following banks suspended payment temporarily to-day German Bank. Ma. onic savings bank, Western bank. German Insurance bank. Louisville Banking Co., German savings bank, and Central savings bank. The run on these banks has been steadily increasing for three days. All have abundant resources. Other banks have heavily drawn on the suspended banks All the savings institutions are owned chiefly by Germans. PANIC CONTINUES. LITTLE Rock, Sept. 27. The money panic continued to-day. Never in the history of the city has money been so stringent. It is impossible collaterals. to get any money with any sort of CONFIDENCE. CHICAGO, Sept. 25. People generally are taking matters very quietly and there seems to be considerable confidence among bankers that with prudent management and no further trouble East they will be able to pull through. AT CINCINNATI. 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 deposits, and certify checks in checks. A currency against deposits fair mechanics amount of currency has been paid to 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 national bank in this city that is meetdemands in full in currency. only ing all 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. AT PHILADELPHIA. PHILADELPHIA. Sept. 27. A committee of the stock board had a this afternoon bank at which the latter it presidents, conference with stated the that was not the intentions of banks to force any securities upon the market and they would not do anything that would tend to cause a decline of securities of the stock board. AT CHICAGO. CHICAGO, Sept. 27. The clearing house association held adjourned meeting last night. The committee on Friday night to a plan, submitted appointed report two consider reports and which were essentially the same, the only difference being that one recommended the of the New York adoption recommended plan in all the its details: while the other adoption of something similar to it. After e a prolonged discussion both reports were 1 tabled by a majority vote. The situation 1 here is therefore essentially unchanged. currency a of which went has been no serious e or savings S either and large Considerable there portion national arrived into yesterday, institutions. drain the banks upon e Some suspended banks promise early resumption, and only one, the Manufacturers' National admits it will go into a liquidation and this will pay dollar for dollar.