Commercial Bank - Chicago, IL

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: September 29, 1873
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: 18130016

Response Measures

None

Description

Article (Wheeling Daily Intelligencer, 1873-09-30) reports that Commercial Bank (Chicago) 'opened their doors and resumed business' after the money crisis. The piece indicates banks had been closed earlier (suspended) and then resumed; there is no mention of a depositor run on this specific bank. Cause attributed to the general money crisis/scarcity of currency (broader panic of 1873).

Events (2)

1. September 29, 1873 Other

Newspaper Excerpt: opened their doors and resumed business at the usual hour this morning ... there has been nothing that could called have run upon either of them.
Source: newspapers

2. September 29, 1873 Suspension

Cause: Macro News
Cause Details: Money crisis / scarcity of currency in September 1873 (general financial panic) led banks to previously close and later resume business.
Newspaper Excerpt: The Union National, Cooke County National, and Commercial banks opened their doors and resumed business at the usual hour this morning, and although they have paid considerable money there has been nothing that could called have run upon either of them.
Source: newspapers

Newspaper Articles (1)

1. September 30, 1873 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, September 30, 1873

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Article Text

00 been made to meet the corporation pay rolls due the present month, amounting to $200,000 There has been no indication of alarm by savings bank depositors CHARLOTTESVILLE VA, Sept. 29 -In consequence of the money crisis the University of Virginia has made arrangements for credit toall students temporariembarrassed Financial Prospects Brightening Chicago. CHICAGO, Sept. 29. -The financial prospect in this city this morning is decidedly brighter, and although there are still some who are not so hopeful, the general feeling is unquestionably cheerful and confident. The Union National, Cooke County National, and Commercial banks opened their doors and resumed business at the usual hour this morning, and although they have paid considerable money there has been nothing that could called have run.upon either of them. while there been considerable deposits The influx of currency from New York and from the country continues to be large, not less than $3,000,000 having been received during Saturday and Sunday. Of this incoming currency a good proportion goes directly into the banks, the rest into the hands of commission merchants for the purchase of grain by outside parties; but it all tends to relieve the present stringency. So far as can belearned there is no urgent demand from country banks upon their correspondents here, and in all quarters confidence appears to be returning. This view of the situation is based upon interviews with a number of prominent bankers and business men. AFFAIRS AT JEFFERSONVILLE, IND. JEFFERSONVILLE, IND., Sept. 29.-The First National Bank of this city opened an hour later than usual, and declined to pay checks except for small mounts.or account of the scarcity of currency The Citizens' National Bank is meeting all de mands made upon it. It is said that the Ohio Falls Car and Locomotive Co. will suspend all opera tions, thereby throwing 700 men out of employment. THE READING BANKS MEETING ALL DEMANDS READING, PA. Sept. 29.-Business in this city is progressing quietly, and the banks are promptly meeting all demands Father Boreman yesterday announced in the St. Paul Cathedral (Catholic Church), that if his hearers had money in the banks and doubted its safety, he would guarantee its payment. NEW YORK, Sept. 29.-The governing committee met again at 1:30, and continued in session until 3 P. M. It was decided that on the resumption of business to morrow a committee will be appointed to whom claims will be referred, and sales under the rule, if necessary, will be made privately instead of publicly But three days of grace will be granted before going into the hands of the committee. Gold closed at 112g The Reserve Drawn on for Postal Purposes. WASHINGTON, Sept. -The refusal of the National Banks in Philadelphia to pay drafts upon them in currency having threatened to deprive the postal money order office in that city of the resources on which it largely depends for remit tances... from country offices, the Postmaster was o-day authorized to draw on the Department for a limited amount of the reserve deposited in the Stib: Treasury at New York City, Similar embarrass ments were foreshadowed by numer ons telegrams from western post masters Saturday, but they generally reto-day that the banks have resumed currency checks. The Patent office to day refused to receive payment of fees in certified checks, except on banks willing cash them. It is supposed that the fall ing off in internal revenue receipts today, as compared with last Monday, namely $200,000, is mainly, if not altogether attributed to the scarcity of currency for remittances. The Charleston Chamber of Com. merce Petitioning the Government to Buy Exchange for It. CHARLESTON, Sept. 20.-At a meeting of the Chamber of Commerce this morn ing, being the largest assemblage of bank ers and business men in Charleston for many years, the following resolution was unanimously adopted Resolved That the president be instruct ed to prepare a memoranda to the President of the United States and the Secretary of the Treasury, praying that the Secretary place and maintain on deposit with the Assistant Treasurer at Charles ton the sum of $500,000, to be used by him in the purchase from the banks of exchange on New York, and that such memorial be forwarded at oncet Wash ington in the name of the Chamber or Commerce of Charleston No Panic at Charlotte, N. C. CHARLOTTE, N.C. Sept. 29 The pan ic has had but little, If any, effect here All the banks, State and National, are open as usual, and loaning merchants money to buy cotton There isno disposition to withdraw deposite. On the con trary, the people are sustaining the banks with large deposits REASSURING NEWS FROM ALL QUARTERS. The Opening of the N.Y. Stock Exchange To-day. Business Improving at the Produce:Exchange.