4394. Exchange Bank of H.a. Tucker & Company (Chicago, IL)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
September 26, 1873
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
db49220c

Response Measures

Accommodated withdrawals

Description

Newspapers (Sept 26/27, 1873) describe a short one-hour run for coin on the Exchange Bank in Chicago that stopped after the bank paid withdrawals; the bank was considered strong and continued paying. The run was contemporaneous with multiple national banks in Chicago suspending, so withdrawals were triggered by distress at other local banks.

Events (1)

1. September 26, 1873 Run
Cause
Local Banks
Cause Details
Run occurred amid suspensions of several Chicago national banks (Union National, Second National, Manufacturers' National, etc.), prompting withdrawals at the Exchange Bank.
Measures
Bank paid out withdrawals in full; customers redeposited funds.
Newspaper Excerpt
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.
Source
newspapers

Newspaper Articles (2)

Article from Eureka Daily Sentinel, September 27, 1873

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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.


Article from Puget Sound Dispatch, October 2, 1873

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Article Text

banks in stopping payments almost of of Chicago large balances in currency, is uliversally endorsed. LONDON, Sept. 26. -The Daily American Telein an article on the strongly engraph, it cannot be too radically erisis, forced says that there is nothing United States. insound here or in the are not mass of capitalists New York. The great by the trouble in absence The effected Daily News remarks that in materials system of long credits, trading of a panics among American that for do not exist. It believes that bulhouses is over. It is said will be the worst the amount of £500,000 sent to lion to from the bank to steamer. be America witharawn by next Saturday's ATLANTA, Ga., Sept. 25.--The Dollar Savings Bank suspended to-day. NEWARK, N. J., Sept. 25.-State to-day. Bank of New Brunswick suspended actual NEW YORK, Sept. 26.-The for purbonds disbursement of by greenbacks the Sub- Treasury since chase Saturday, of was $13,000,000. has Governing Committee decid ed The to give 24 hours notice of re-opening the Stock Exchange. Sept. 26.--It is just announ Second CHICAGO, that the Union National. Na ced and the Manufacturers A notice National Bank, have suspended. the bank tional door of the former, says compelon the abundant securities but is of has to suspend payment on account to real led lack of currency until able failures ize. the Nothing has been lost by safe. and depositors will be made City and Bank of have followed the doors. Commerce Cooke County, example of the Union National and closed the There was a run for an hour on Exchange Bank, but us severything who it soon stopped. was have re-deposited. drew, Corn paid regularly. Other Some Na tional Banks are paying CHICAGO, Sept. 26.-The in Industrial a mag Exposition opened to-night Lake Shore building erected on people neficent Not less than 20,000 exceeds for its use. in attendance. Exhibition II are expectation of all. The space by the building, which is 800 feet long of 200 the feet wide, is filled with products nature and art in the country. accident occurred at Wa Iowa, to day. A hot air named while a in baila, A terrible fire balloonist bands balloon caught was han ging by his and be Bailey, air to a trapeze attached, of mid precipitated from an altitude every 10,000 was feet to the ground crushing bone in his Ohio, body. Sept. 26. _Failure of is TOLED?, banking house of Krauz & Smith, announced the this morning, an assignment hours. having been made after banking WashWASHINGTON, Sept. 26.-Fant, the & Co. posted a notice on house ington dcors of their banking to closed to-day, saying: We are compelled suspend payment for the present." telegram says the President has to A the office of Chief Justice Senator tendered Senator Conkling, and that the will accept. NEW YORK, Sept. 26.-San Francisco home, Cadets left Boston yesterday for sailing on the steamer Colina. Wilkie Collins is among the arrivals from Europe yesterday. We learn that Mr. Robt. H. Vance has invested pretty heavily in lands the who this vicinity, and who is now in stock in States organizing a joint for the purpose of saw mill and lumber company Eastern a business establish- the on ing large scale here, is impressing on a minds of Congressmen the importance and great necessity of making all ap- out propriation for removal of the jams the Nootsack River. In connection about of with this matter. we will add that would of an appropriation Nootasck navigable thereby affording an sixty $100,000 make miles, the of the for outlet most over the inexhaustable forests or to valuable timbers on the Pacific Slope perhaps in the United States.-Bellingham Bay Mail. sedit s The proprietor of a young ladies' acadamy in Illinois has utterly rnined