3753. City National Bank (Chicago, IL)

View Charter #818 on SPMC

Bank Information

Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
818
Charter Number
818
Start Date
September 26, 1873
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
68c3e172f61a26f5

Response Measures

None

Receivership Details

Depositor recovery rate
77.5%
Date receivership started
1876-05-17
Date receivership terminated
1885-02-28
OCC cause of failure
Losses
Share of assets assessed as good
44.5%
Share of assets assessed as doubtful
47.1%
Share of assets assessed as worthless
8.4%

Description

Contemporary dispatches (26–27 Sept 1873) report the City National Bank of Chicago among institutions that closed their doors or suspended amid the panic of Sept. 1873; other lines in dispatches also state officers had paid demands, producing contradictory short-term accounts. No article describes a depositor run specific to City National; the disruption is part of the wider panic (macro_news). There is no explicit mention of receivership or permanent failure in these clippings; many suspensions at this date were temporary, so I classify as suspension_reopening while noting the primary source ambiguity.

Events (3)
1. February 18, 1865 Chartered
Source
historical_nic
2. September 26, 1873 Suspension
Cause
Macro News
Cause Details
Wider financial panic of late September 1873 (reports of multiple bank suspensions across cities; currency shortage and loss of confidence following failures).
Newspaper Excerpt
The Cook County, City National and National Bank of Commerce, have followed the example of the Union National Bank, and closed their doors.
Source
newspapers
3. May 17, 1876 Receivership
Source
historical_nic

Newspaper Articles (3)
1. September 27, 1873 Eureka Daily Sentinel Eureka, NV
Article from Eureka Daily Sentinel, September 27, 1873

Click image to open full size in new tab

Article Text

ILLINOIS. CHICAGO, Sept. 26. It is just announced that the Union National Second National and Manufacturers' National Banks. have suspended. A notice on the dcor of the former savs the bank has abundant securities, but is compelled to suspend payment on account of lack of currenev until able to realize. Nothing has been lost from failures. and depositors will be made safe. The Cook County, City National and National Bank of Commerce, have followed the example of the Union National Bank. and closed their doors. There was a run for an hour on coin at the Exchange Bank. but. as everything was paid. the run stopped. Some who drew have redeposited. This bank is considered very strong The other National Banks are paying regularly. There is considerable excitement among business men, and the grain trade shows the effect. Coolbaugh, President of the Union National Bank. IS severely censured by other bankers and the whole community. It is suggested that there must be something rotten in his bank. though it has been regarded as very strong.

2. September 27, 1873 Pioche Daily Record Pioche, NV
Article from Pioche Daily Record, September 27, 1873

Click image to open full size in new tab

Article Text

Telegraphic Dispatches SPECIAL TO THE PIOCHE DAILY RECORD. Eastern Dispatches. The Finances-- Disappointment at the Action of the Government--Lo Bonds Found-Alabama Bank Suspended-=Georgia Financies-Phila delphia Races: Goldsmith Maid Heats Fullerton - New Jersey Bank Suspends-913,000,000 - of Greenbacks Disbursed since Saturday - Arrival of Wilkie Collins-Banks Suspended - Bank Closed in Washington. NEW YORK, Sept 25. There has been no panic on Wall street but a quiet The action of pression. to-day, the feeling Government of dein its bond even suspending purchases, intense if it is to be temporary, creates A of the states disappointment. Secretary Treasury telegram from that vis- the his official duties will prevent him from iting New York and consulting with the Clearing House Committee. the examination During this Union morning Trust of the large safe of the a box belonging to Company, found the missing to Secretary was opened and contain $25,000 in United States bonds which had been supposed to be lost. Howes & Macy have resolved to open their doors and solicit special deposits on trust obligations, to be paid as fast as they can realize on the securities of foreign exchange. NEW YORK, Sept. 25. The London Times of the 12th has the from Verdun, dated 11: "An incident Sept. following telegram occurred become yester- pubwhich did not or it might day licly known, happily have produced much excitement. At 11 o'clock, at the moment when financial questions were believed to be entirely settled, the Germans suddenly declared that another million francs was due them for having kept up the postoffice on behalf of the French Government during the occupation of French departments. On being asked to give details of this claim they replied that they had accurately estimated what was due them, and if the million was not paid they would prolong the ocThe matter was cupation. to Government, and immediately referred the upon an order from Versailles the Receiver of Taxes at Verdun this morning paid the sum claimed. SELMA, Ala., Sept. 25. The Selma Savings Bank suspended to-day. Assets are believed ample to pay all liabilities, and save the capital stock nearly entire. SAVANNAH, Ga., Sept. 25. on the and Trust has on The Company run Savannah ceased. Bank That the Bank of Georgia continued up to the hour of closing. Both are thought to be fully able to meet all demands. Other banks are proceeding as usual, The ex25 eitement is diminishing 680 100 100 trustee To wart Thos, Truste Hart Than PHILADELPHIA, Sept. 25. The race for a purse of $5,000, bey a tween Goldsmith Maid and Judge Fulr. lerton was won by lhe Maid. Timele 2:22, 2:21 1/2, 2:23 1/4 ATLANTA, Ga., Sept. 25. y The Dollar Savings Bank suspended to-day. ror NEWARK, N. J. Sept. 25. The State Bank at Brunswick suspenThis is the bank crippled e by of ded the to-day. irregularities Appleton, Cashier. is NEW YORK, Sept 25. k The actual disbursements of greene backs for the purchase of bonds by the Sub Treasury since Saturday, are $13, ot 000,000 r. h, Wilkie Collins is among the arrivals is from Europe to-day. eCHICAGO, Sept. 26. e, It is announced Union just that the s, Second National, National 1facturers' National, banks have and suspend Manuay ed. A notice on the door of the former atsays the bank has abundant securities, ce but is compelled to suspend payments, in on account of the lack of currency until nt it will be able to realize. Nothing has ne been lost from the failures, and deposito tors will be made safe. The Cook County, City National, and National Bank of Commerce have fol ay lowed the example of the Union National n8 and closed their doors. There was he run for an hour on the Commercial Ex

3. September 27, 1873 The New York Herald New York, NY
Article from The New York Herald, September 27, 1873

Click image to open full size in new tab

Article Text

REPORTS FROM THE COUNTRY. Additional Suspensions in Chicago. CHICAGO, Sept. 26, 1873. The Board of Directors of the Board of Trade, at a full meeting this morning, unanimously passed the following resolution, the reading of which to the Board of Trade was greeted with applause and universally approved:Resolved, That all the rules of the Board anthorizing the Board of Directors to consider and act or complaints for violation of contract be suspended so far as such complaints are based on contracts for the delivery of property in future made between the passage of this resolution and the further order of the association: and, lurther, that the Board shall not entertain complaints for the violation of contracts claimed to have been closed during the time indicated by reason of the non-deposit of a margin, provided that this resolution shall in NO case be held to apply to any trades made in the settlement of existing contracts. The following banks continue to transact business as usual:-The Commercial National, Third National, Montreal, Central National, Corn Exchange, Fifth National, First National, Fourth National, Germania. International, Merchants' National, Illinois, Northwestern, Traders', Chicago, Union Stock Yards, Merchants' Loan and Trust Company, German National, Mechanics' and Marine. There has been no run upon any of these institutions, although some of them have paid out considerable amounts of currency. To the above list should be added the City National Bank, the officers of which say that they have paid all demands on presentation. There appears to be very little excitement among the people or the street beyond the intense feeling of indignation against Mr. Coolbaugh, President of the Union National Bank, who is bitterly denounced by many as having unnecessarily precipitated this suspension of to-day. It is authoritatively stated that Mr. Coolbaugh this morning received a telegram from his New York correspondent authorizing him to draw for the entire amount of his balance there and $500,000 additional, which offer he refused. The Cook County, the City National and the National Bank of Commerce have closed their doors. There was a run of an hour on the Corn Exchange Bank. but as everything was paid the run soon stopped. Some who drew have returned and deposited their money again. The bank is considered very strong. The other National banks are paying regularly. There is considerable excitement among the business men, and the grain trade shows the effect. Suspension of sh Washington Firm. WASHINGTON, Sept. 26, 1873. Fant, Washington & Co. posted a notice on the closed door of their banking house to-day, saying:'We are compelled to suspend payment for the present." The Savannah Banks. SAVANNAH, Ga., Sept. 26, 1873. The Chamber of Commerce had an adjourned meeting at ten o'clock last night to receive the report of its committee, who reported the following:Resolved, That the banks and banking houses of Savannah be recommended to meet the demands of depositors by certifications, to be used as the necessities of holders may require_unti the temporary difficulties be removed, and until exchange can be regulated and currency be received to move the crops. The report was received and adopted, and the committee was instructed to communicate the action of the Chamber to the banks and bankers. The committee reported that they had waited on the banks and bankers, had submitted the resolution of the Chamber to them, and that it met with their acquiescence, and read the following preamble and resolution, which were received as information in compliance with the request of the Chamber:In view of the unprecedented panic prevailing in New York and affecting all parts of the country, paralyzing legitimate business: and for the purpose of protecting the commercial interests of our community and enabling the banking institutions of the city to turnish the tacilities essential to forwarding the crops of the country with safety to all parts: Resolved, That the banks and banking houses of Sa. vannah will only meet demands of depositors by certification of checks, to be used as the necessities of the holders may require, until the temporary difficulties are removed and until exchange can be negotiated or currency be received to move the crops. The banks to-day are acting according to this resolution. Suspension of Banks in Charleston, s.c. CHARLESTON, S. C., Sept. 26, 1873. The People's Bank of South Carolina, the People's Savings Bank and the South Carolina Loan and Trust Company have suspended currency payments. The national banks and the other State banks pay as usual. A Correction. PETERSBURG, Va., Sept. 26, 1873. To THE EDITOR OF THE HERALD:The telegram in your paper of the 25th inst. from Richmond, of the intended suspension of the Bank of Petersburg, is entirely without foundation, as we have not and will not fail to meet any demands that may be made upon us. Will you please, therefore, make the correction. Yours, very re neatfully LONIO