3935. Merchants National Bank (Chicago, IL)

View Charter #642 on SPMC

Bank Information

Episode Type
Run Only
Bank Type
national
Bank ID
642
Charter Number
642
Start Date
September 26, 1873
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
a6964bedb6ad0e98

Response Measures

Accommodated withdrawals, Public signal of financial health

Description

Contemporary 1873 articles report intense excitement and false rumors about suspensions; Merchants' National was named among banks rumored to have suspended on Sept. 26, 1873 but officers stated the rumors were false and the bank continued to do business. The bank later opened in a new office Dec 14, 1873. Later 1903–1904 items mention a receivership for a 'Merchants National, Chicago' insurance/banking entry, but that appears to be a separate later development not part of the 1873 panic episode described here.

Events (3)
1. December 24, 1864 Chartered
Source
historical_nic
2. September 26, 1873 Run
Cause
Rumor Or Misinformation
Cause Details
False/wild rumors of suspensions circulated on Sept. 26, 1873 and sparked heavy withdrawals/concern; bank officers asserted the rumors were untrue and the bank continued business.
Measures
Bank officers posted explanatory notices and continued paying demands; bank reported sufficient cash and collections to meet demands.
Newspaper Excerpt
Most of this excitement has been caused by false rumors. The following banks have temporarily suspended: ... Merchants' National ... they proved to be false. Each of these institutions has been doing business as usual during the day.
Source
newspapers
3. March 29, 1902 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (7)
1. September 27, 1873 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, September 27, 1873

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THE FINANCIAL SITUATION. Reports From Various Cities. : Bank Suspensions in Chicago. CHICAGO. September 26.-To-day has been one ofmost intense excitement in banking and business circles in this city; a day of wild rumors and suspended banks and other financial calamities Moet of this excitement has been cause ed by false rumors. The following banks have temporarily suspended: W. F. Coolbaugh Pres't; Second Union Note, National, Manufacturers' Cook NaBank of Commerce, National. Rumor Conunty tional, had it being this morning that uns are made the on banking German houses National of Preston, (Kenn & Co.. Bank, Corn Exchange National, City National, Merchants' National and Farmers but be Savings Merchants, Bank, they and proved Mechanics' to false. Each of these institutions has been doing business as the day. usnal during The officers of the National Bank of they have only closed for and it on Commerce, the day, say will depend the condition of affairs whether they open not. The banks are of en to-morrow keeping or doors other and National doing business as with of some few that are paying usual, only the exception email It is not banks have deposite. Savings suspended learned rumored that during that any the It has been a fearful run is being made on day. Chan Corn namerce, Exchange Bank, in and the excitement was 80 inten to require the interferance of the police, but it to Ibe false. proved There bank had out been a run for money on the 188 the greater part h ad been got rid 01 the banks had alr eady received $40,000 more than had been drawn cut, had not found it necessary vaults nor even the express of from open package money juet received and New York. All was quiet the bank tyment for provided p all than who in thought their money safer out the The bank as and while not court sets, vaults. they did had ample the excitement, they dia'n't tear a ran. An explanatory notice of the Union National made its solvent it'is periectly by president and states has that met with no loases by suspensions in the east and has in cash and paper maturing within sixty days sufficient to pay all liabilities to depositors stock without touching a dollar of its capital or Purplus. Bank officers of Merchants' Saving, Loan ank Trust Company say that all collections maturing in the next few and all remittances been but days exbausted expresses received its ability have to all demands it mitted to ar and de range meet equitably fully per with all poeitors. TERRE HAUTE, September 26.-A1 is financially here at d no runso The suspensions. quiet Prairie Clews City & Bank, t Co., correspondent of Henry New and Wooler, Co., of meets Indianapolin, York, promptly Webb & all OD drawn out pandemands Clews & Co, made its before deposite, the with ic overHaute indidrawn. and with Terre Wooler, Webb banks & Co. had vidual with but are as they deposits recognized Clews sound & and Co., there are no indications of a run. If one should occur on any bank all will close doors. OMAHA, September 26.-Omaha banks are suffering very little in con sequence of the panic, and are transacting business as nsual. LOUISVILLE, Sept. 26.-The money market is tight, but nothing serious is on hand is pressure apprehended. very light, The stock and the of pork could not have come in a more favorable time for the provision dealers, but unless money will gets curtailed easier the for business want of of packing be cash.

2. October 9, 1873 Eaton Weekly Democrat Eaton, OH
Article from Eaton Weekly Democrat, October 9, 1873

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Now is this thing calculated to make anybody overly glad? Let us see: Twelve hundred millions of our bonded indebtedness is held in Europe. Six months interest on this sum is thirty-six millions of dollars in gold. This sum is sent out of the country before it is due, to pay bondholders in Europe. Near an equal amount of these bonds are held in this country, and say thirty millions of dollars in gold is paid to the bond holders before it is due. Can the Editor explain how these things are calculated to give confidence and relief to our people just at this time? The money sent out of the country cannot aid us, and the holders of gold in this country will either hoard it up and keep it, or use it to oppress and crush those in cramped circumstances, so that the price of the relief to be attained in this way, is the ruin and bankruptcy of unfortunate debtors. The bond-holders seem to be the pets of President Grant, and their being paid before their claims are due, gives the REGISTER man confidence. We suppose he is one of those who believe that it is the duty of the Government to "take care of the rich, and the rich will take care of the poor." At any rate, the paying of the bond-holders before their money is due, is a striking practical application of the above motto. We are further told by the President's dispatch that the 44 millions of retired currency will be considered as in the Treasury if the emergency shall demand it. It is not said that it is in the Treasury, but it may be considered as in, whether it is there or not. Is not this a funny basis for giving men confidence in the finances of the country? If, however, the President and Treasurer of the United States, may indulge in the fiction that money is in the Treasury, which in fact is not there, then well may the suspended National Banks follow suit and ask their depositors to consider that their deposits are in the closed vaults of the Bank, whether they are there or not. If the depositors do so consider and believe, then they will be green enough to have confidence. If they will not so believe, then there will be that lack of confidence which the REGISTER fears. But he says that this dispatch of the President "together with the resumption of the Banks, is giving confidence everywhere." Well, Mr. REGISTER, what suspended Bank has resumed? Is it Jay Cook & Co., or Henry Clews & Co., both Government agents here and in Europe; or the First National Bank of Washington, or the Merchants National Bank of Chicago, or any other Bank that had broken suspended? The fact is, none of them have resumed. This was a REGISTER fiction to predicate confidence, upon which is to be followed by the "liveliest of times in a few days," according to its gladdening theory, notwithstanding the confidence which the REGISTER has, all we have to say, is, that the farmer who is expecting lively times and good prices to follow shortly on the heels of the present crisis will be doomed to disappointment. But we must pass to the second article on panics. The REGISTER thinks that there is a difference between broken money and broken banks—that panics heretofore, resulted from broken money, but now result from broken corporations and bankrupt

3. December 15, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, December 15, 1873

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THE MERCHANTS' NATIONAL BANK will open for business in its new office, on the northwest corner of LaSalle and Madison streets, OL Monday morning, Doc. 14. The business of this bank-like that of the First, Fifth, Corn Exchange, and Commercial Nationals, Merchants' Savings' Loan and Trust Company, and several others-is now larger than before the panic, and required a larger office. The one Into which the bank moves now is equal in point of size and elegance to any in the city. Messrs. Preston, Kean & Co. quote as follows this afternoon :

4. February 13, 1874 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, February 13, 1874

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MONEY AND COMMERCE. MONETARY. THURSDAY EVENING, Feb. 12. Notwithstanding the large amount of money absorbed in carrying grain and provisions in this market, the supply of loanable funds in the market is greater than finds employment. It is frooly offered on domand lonns nt 8 por cont, and on time loans at 10 ; but there seems scarcoly any inducement to put the rates of money lower than these figures. In this market, when a borrower wants money at all, he wants it bad enough to pay 10 or 8 per cent for it, and the difference of 1, or oven 2, por cont on short time loans would not be sufficient to induco him to embark in any onterpriso which be otherwise would not. In the Eastern markets it is different. Speculators BOOKER up 1001x0 ] U 01 [vop which fluctuato less in price than Western prodnote, and when the rate of interest ou money gets below the average rato of dividends on cortain stocks it is borrowed to carry the stocks or speculate in them. In this market, however, the supply of money, be it over 60 abundant, soldom puts the rate of money below 8 per cent on domand and 10 per cont on sixty or ninety days. What is not used at these ratos either lies idlo or Is sent East, where the Now York banks pay 4 per cent on current balances. Now York exchange continues weak at 75c por $1,000 discount. Currency shipments to the country are still pretty large. CHICAGO BANKS DISCUSSED IN LONDON. It scems that the Chicago banks are doomed to be belied in regard to the position they took during the panio last fall. Hero in the West, even our rivals, Cincinnati and St. Louis, were honorable enough to acknowledge that, while the banks in every other large city in the United States stopped currency payments, the Chicago banks continued to pay currency on demand of their depositors throughout the panic. The New York papers, however, with the exception of the Now York Journal of Commerce, ignored the fact, and said that all the banks in the United States suspended currency payments. An article on " The Panio," in Harper's Monthly Magazine, boldly asserted the falsehood that the Chicago banks suspended, as well as all others in the West. But now comes the most unconscionable misrepresentation of all, from the mouth of Mr. R. Potter, the President of the Grand Trunk RailGrand only JO " 1V 10 AUM Trunk Railway Company in London, reported in the Times of that city, Jan. 23, Mr. Potter dolivered bis report of the working and financial condition of the road. In this he took occasion to Bay that he sailed for America in September, and whon he arrived found that a great commercial storm had commenced, which swept over the whole country, reducing the value of almost overything. He then," BAYS the Times' report, described the state of things during the whole panic, both in New York and Chicago. For a whole mouth,' said Mr. Pottor, 'there 1008 only one bank that continued business in Chicago, and that was their Canadian bank, to which the American people brought their capital. If Mr. Potter is interested in the Canadian bank which has a branch in this city, he would this Sumplin Sujop 10 Suides 10J oppronold en was honorable to bring it into notice, But to tell in London a wholesale falsehood for the sake of giving his bank a prestige to which it was not entitled by any of the circumstances of the case, and in SO doing to misrepresent rival bank in the city, was not only dishonorable every in Mr. Potter, but doubly 80 from the prominent position ho occupies as President of a trunk line of railroad. If Mr. Pot- great tor had not been in Chicago during his visit to America, there might be some excuse for his statemoute, on the ground that he had heard such reports. But Mr. Potter was in Chicago, and must have known, if he know anything about Chicago during the pauic, that the First National, the Commercial National, the Morchants' National, the Corn Exchange National, the Fifth National, the Northwestern National, the Merchants' Savinga, Loan & Trust Company and several others, continued to pay currency on the demand-checks of their depositors throughout the whole panie, or and that, in order to do this, they brought

5. January 9, 1878 The Cairo Bulletin Cairo, IL
Article from The Cairo Bulletin, January 9, 1878

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the in nung United States during 1877. -There are 41,656 pupils in attendance on the public schools of Chicago. -Five steamers salled from New 1 ork : m on Saturday, carrying heavy freights. OT et -The Vine street brewery, Cincinnati, was damaged $15,000 by fire. on Satur167 day, oh -The mortuary list for Chicago for at OF 1877 foots up 8,026, being 547 less than O in 1876. -It is the Oriental savings bank, of IT New York city, not the Oriental bank, which is closing up its business. Il -Abraham Lipman, a well known nt pawnbroker at Chicago, has failed. Liaag W bilities, secured, $60,000, unsecured. $80por 000. W. et -At Memphis, Tenn., a negro teams hyi ster was found frozen to death on the sp. 1 morning of the 4th. ed aar -One of the Murphy orators refused 0 to speak at Sloux City because the All an people would not pledge themselves not rat to drink cider. or by -The suspension of Clemont, Morton an ( & Co., of Chicago, creates a had feeling in the woolen trade at New York. It Ful was a surprise. -The United States steamer Kears [ sage floated off Beacon Ledge, in Portstio mouth (N. H.) harbor, on the rise of the rear tide last Friday night. fide inf -The merchants' national bank, of ion dis Chicago, has paid out $40,000 in silver G. itv trade dollars within the past ten days, at edio a profit of $2,000 bus hos me -The Grand Trunk has purchased the and Chicago and Lake Huron road-rolling yo 0398 stock and all-and before spring, Chicas with go will have another outlet east. that 6b W my -There were 1.166 deaths by accident, 1 y disaster, suicide or violence im New York rept is city during 1877. There were 162 suiwi of e cides, 48 murders and 164 drownings. 16 -August Hemenway, class of 1875, Harvard college, has given that instituC tion sufficient money to erect a new gymnasium that will accommodate three hundred persons. IT -Louis E. Dorion, city treasurer of Quebec, has been suspended for advances fier to of public money, illegally made, to Peton eleb owd buildings. & Co., contractors on the new parliament bat of is -Four passenger conductors on the yo Galena division of the Chicago & Northvart western railroad have been caught a n't "knocking down," and discharged. It is sa reported that others are involved, and ife will be discharged. hest are for -The railroads sold under forcelosure Unit during the past year numbered fifty-tour. of F embracing 3,875 miles, and possessed capital stock of $79,045,700, their bonds 00 F and debts amounting to $198,984,400. -In Carthage, Mo., there is a row rell between two rival factions of the tempersh to ance people. One wears the red and the rgat on other the blue ribbon, and each claims the to be the only genuine reform club." th $1 pay -A verdict wasentered in Judge Blod inst gett's court at Chicago, Saturday SAI rume against Chauncey T. Bowen for $45.000 the debt, and $4,093.98 damages. This suit ben be was bought upon 455 shares of stock of heir PEC the Cook county national bank of Chi IOR eago, standing in the name of Bowen. to r aget you -At Bowling Green, Ky., on the 4th Addre Frank Briggs and Gus Sublett, two colELI ored men, were engaged in shooting paper wads at each other while on CO hunting. Briggs, forgetting to take hi suane Co ram-rod out of his gun, fired and in the at stantly killed Sublett. atiff a -The United States circuit court a MONT Count Chicago has enjoined the St. Louis bee Bland dit of eanning company from making or sellin the article known in

6. July 15, 1903 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, July 15, 1903

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Fire Ins. Co., Chicago, same as above; Merchants and Manufacturers, Dover, Del., Chicago, not licensed; Mercantile F. and M., Washington, D. C., pro- ceedings to annul charter com- menced; Mercantile Ins. Co., Wilming- ton, Del.; Merchants Ins. Co., Charles- ton, W. Va.; Merchants Underwriters at Indemnity Exchange, Chicago, Lloyds; Merchants National, Chicago, in receiver's hands; Mt. Vernon, Alex- andria; Mutual Trust Co., Dover, Del.; Millers Mutual Ins. Co., Kansas City; Mercantile Fire Ins. Co., Indianapolis; Merchants Fire Underwriters, Chicago, Lloyds; Northwestern Fire Ins. Co., Chicago, not licensed; National Fire Ins. Co., Chicago, not licensed; *Na- tional Ins. and Investment Co., Dover, Del., Chicago, not licensed; Northwest- ern Fire Ins, Co., Chicago, not licensed; National Republic Fire Ins, Co., Chicago, not licensed; People's Fire Insurance Co., Kenosha, Wis., Prairie State Ins. Co., Chicago, incorporated W. Va., not licensed; Pulaski Kans. Co., Chicago, in receiver's hands; People's Ins. Co., Dallas; Regal Ins. Co., Chicago, not li- censed; Southern Ins. Co., Corsicana; Security Mutual Ins. Co., Omaha, in hands of receiver; Skane F. & M., New York; Star Fire and Burglary, Scot- land; Southern Fire Ins. Co., Atlanta, Ga., charter expired, not licensed; Se- curity F. and M. Ins. Co., Washing- ton, D. C., incorporated W. Va., suit of ouster pending; Traders Fire Lloyds, New York: Texas Fire Ins. Co., Waco, Texas; Threshermen's Protective As- sociation, New York; Union Fire Ins. Co., Charleston, W. Va.; Underwriters at Standard Lloyds, New York; Union Fire Co., Chicago, not licensed; Ver- non Ins. and Trust Co., Indiana, re- ceiver; Western Fire Ins., Chicago, not licensed; Western Illinois Ins. Co., Chicago, not licensed; Washington Fire, D. C., Western Fire, Marine and Plate Glass, Chicago, in receiver's hands; Western Ins. Co., Aurora, same company as above; Western Consoli- dated Underwriters, Chicago, Lloyds. * Special charter. The examination of candidates for advancement in the National Guard took place on Tuesday morning at 10 o' clock in the office of Adjutant Gener- al A. B. Farnham. The board consisted of Gen. Frank L. Hoyt, Lewiston; In- spector General, Col. L. H. Kendall, Biddeford, commanding the first regi- ment, and Col. E. E. Newcomb, East- port, commanding the second regiment. The examination lasted until 12.30 o'clock and when over it was an- nounced that all those who had ap- peared before the board passed. Fol- lowing is the list of those who took the examination: ### FIRST INFANTRY. Major William O. Peterson, (re-elec- ted Major). Capt. William C. Good- win (re-elected Captain) Co. K. Ser- geant Preston J, Carver, (Second Lieu- tenant-elect) Co. C. Second Lieut. Al- lie O. Pillsbury, (First Lieutenant- elect) Co. H. Q. M. Sergeant James F. Carver, (Second Lieutenant-elect) Co. H. Sergt. D. J. Lawler (First Lieu- tenant-elect) Co. L. ### SECOND INFANTRY. Major Frank M. Hume, (Lieutenant Colonel-elect). Captain Fen. B. Thompson, (Major-elect). First Sergt. Chase Pulsifer, (First Lieutenant-elect) Co. D. Second Lieut. Daniel B. Belch- er, (First Lieutenant-elect) Co. K. Sergeant Joseph F. Norton, (Second Lieutenant-elect) Co. K. A hearing was held by the fish and game commissioners at Springvale, Monday, on the petition of the Spring- vale Fish and Game Club for the clos- ing of brooks and streams tributary to Mousam and Square ponds in Acton and Shapleigh. The petition was granted. These ponds are well stocked with salmon and trout, the trout having been placed there only within a few years, but this year fish weighing 12 pounds have been taken in these ponds. The members of the club informed the commissioners that it was the best fishing season this year ever known by them at these waters. Percy H. Richardson, a well-known civil engineer of Portland, was at the room of the railroad commissioners all day, Tuesday, on business. The members of the board of railroad commissioners are at Portland, this week, attending the annual convention of the railroad commissioners of the country. The following are among the recent visitors to the fish and game depart- ment: Henrietta H. Johnson, Winthrop Cen-

7. December 23, 1904 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, December 23, 1904

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Headache Biliousness, sour stomach, constipation and all liver ills are cured by Hood's Pills The non-irritating cathartic. Price 25 cents of all druggists or by mail of C. Hood & Co., Lowell, Mass. Columbia Ins. Co., Chicago. Not 11censed. Central Ins. Co., Chicago; incorporited. W. Va. Not licensed. Commercial Fire Ins. Co., Chicago. Not licensed. Commercial Fire Ins. Co., Philadelphia. Commercial Fire Ins. Co., Wilmington, Del. Continental Fire Asso., Fort Worth, Texas. In hands of receiver. Commerce. New Albany, Ind. Special charter; mandamus to compel report pending. Commonwealth Ins. Co., W. Va., Chieago. Not licensed. Continental Underwriters, Chicago. Not licensed; a Lloyds. Capitol Ins. Co., Jackson, Miss. in hands of receiver. Delaware Trust & Ins. Co., Wilmington. Del. Equitable Fire Ins. Co., Wilmington, Del. Equitable, Indianapolis. Special char'er; mandamus suit to compel report ending. Elgin National Ins. Co., Chicago. No vidence that this company is doing business. Not authorized. Fire Association, New York. Lloyds. Fort Wayne Ins. Co., Fort Wayne, ind. receiver. Georgia Indemnity Asso., Atlanta. Ga. Georgia Industrial Ins. Co., Chicago. Not licensed. German Union. Wilmington. Del. Germania Fire Ins. Co., Chicago. Inorporated W. Va. Not licensed. Great Britain Ins. Co., of London. Chicago. Not licensed. Illinois Ins. Co., Chicago. Ne evtdence that this company is trying to do any business. Not authorized. Interstate Ins. Co., Chicago; incorporated in W. Va. Imperial of Chicago. Not licensed. Independent Fire Underwriters, Springfield, III. Lloyds. Indiana Underwriters. Indianapolis. Received. Inter Ocean Ins. Co., Chicago. Lloyds. Kenosba Fire Ins. Co., Kenosba, Wis. London Fire Office. Lincoln Ins. & Banking Co., Hamnond, Ind. Receiver. Lincoln Fire, Chicago. Not licensed. Lloyd's Fire of Sweden. Mercantile Fire Ins. Co., Chicago. Claims not to be an Illinois corporation. Not licensed. Mutual Ins. & Industrial, Dover, Del., Chicago. Not licensed. Mercantile Fire Ins., Chicago. Same as above. Merchants & Manufacturers, Dover. Del., Chicago. Not licensed. Mercantile. F. & M., Washington, D. C. Proceedings to annual charter commenced. Mercantile Ins: CoaWlmington, Del. Merchants Ins. Co., Charleston, W. Va. Merchants Underwriters at Indemity Exchange. Chicago. Lloyds. Merchants National, Chicago. In reeiver's hands. Mt. Vernon. Alexandria. Mutual Trust Co., Dover, Del. Miller's Mutual Ins. Co., Kansas City. Mercantile Fire Ins. Co. Indianapois. Merchants Fire Underwriters, Chicago. Lloyds. Northwestern Fire Ins. Co., Chicago. Not licensed. National Fire Ins. Co., Chicago. Not licensed. National Ins. and Investment Co., Dover. Del., Chicago. Not licensed. Northwestern Fire Ins. Co., Chicago. Not licensed. National Republican Fire Ins. Co., Chicago. Not licensed. People's Fire Ins. Co., Kenosba, Wis. Prairie State Ins. Co., Chicago; incorporated in W. Va. Not licensed. Pulaski Mutual Ins. Co., Chicago. In receiver's hands. Peoples' Ins. Co., Dallas. Regal Ins. Co., Chicago. Not licensed. Southern Ins. Co., Corsicana. Security Mutual Ins. Co., Omaha. In hands of receiver. Skam F. & M., New York. Star Fire and Burglary, Scotland. Southern Fire Ins. Co., Atlanta, Ga. Charter expired. Not licensed. Security F. & M., Ins. Co., Washington. D. C.; incorporated, W. Va.: suit of ouster pending. Traders Fire Lloyds, New York. Texas Ins. Co., Waco, Texas. Threshmen's Protective Asso., New York. Union Fire Ins. Co., Charleston, W. Va. Underwriters at Standard Lloyds, New York. Union Fire Co., Chicago. Not licensed. Vernon Ins. & Trust Co., Indians. Received. Western Fire Ins. Co., Chicago. Not licensed. Washington Fire, D. C. Western Fire. Marine Plate Glass, Chicago. In receiver's hands.