Third National Bank - Chicago, IL

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 236
Charter Number: 236
Start Date: October 17, 1871
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: c9415469

Response Measures

None

Description

Contemporary 1871 articles report Third National resumed business after the Chicago fire with more deposits than withdrawals (no run). Later 1902 articles state the Third National Bank has been in the hands of a receiver since 1872, indicating it was placed in receivership (i.e., suspended and closed) in 1872. No newspaper text in the provided set describes an actual depositor run causing the suspension; the suspension/receivership appears to be a government action in 1872.

Events (3)

1. October 17, 1871 Other

Newspaper Excerpt: At none of the various national banks was there anything like a run...the Third National for instance, paid out some forty five thousand dollars and received on deposit seventy-two thousand.
Source: newspapers

2. January 1, 1872* Receivership

Newspaper Excerpt: The Third National bank of Chicago has been in the hands of a receiver since 1872. For thirty years the government has been running the concern. The creditors were paid ages ago, but the stockholders ... refused to let him surrender. (1902 article recounting the receivership.)
Source: newspapers

3. January 1, 1872* Suspension

Cause: Government Action
Cause Details: Placed in hands of a receiver by the Controller of the Currency in 1872; government-run receivership began then.
Newspaper Excerpt: The Third National bank of Chicago has been in the hands of a receiver since 1872.
Source: newspapers

Newspaper Articles (5)

1. October 18, 1871 Nashville Union and American Nashville, TN

Article from Nashville Union and American, October 18, 1871

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Article Text

CHICAGO. The Progress of Rehabilitation. Banks Receiving More Deposits than Checks. Ninety-Two Inquests Held. Sound as a Dollar. WASHINGTON, Oct. 17.-The follwing dispatch was received to-day, dated Chicago: Hon. Geo. S. Boutwell: Chicago banks are sound and paying every dollar on demand. Good feeling prevails. H. R. HULBURD, Comptroller of Currency. Efforts to Advance the Price of Lum. ber. CHICAGO, Oct. 17.-An attempt was made a number of on to up the price yesterday by carry lumber dealers of lumber from $3 to $4 per 1,000, but was ed of the larger and more by many this extortion respecta- resistble dealers, and the attempted was defeated. Lumber is selling at old prices. There are fully 250,000,000 feet in the yards in this city, and the supply will continue abundant. A Desperate Saloonist. The police have captured the Italian saloon-keeper, Gregorio Peteri, who on Monday of last week, in a saloon on Van Buren stabbed two men the of Austin, found street, at village dead. about He was five miles west of this city. Ninety-two Inquests. number of dead bodies on have been up is Of course night, which The inquests total ninety-two. held when to last the debris in the burnt district is removed many more will be discovered. Postoffice in a Church. have been the agent of the Arrangements special Postoffice made to-day Depart- by the removal of the Avenue Church, corner ment Wabash for postoffice and of it Wabash will to the be and Harrison street, for that purpose Avenue occupied until suitable the building. government builds a new and edifice is on the of south the This burnt church district, division. south little line It was or considerably scorched, but suffered no injury inside. The Board of Trade. of the Board of Trade had this morning for the of meeting The directors location. purpose After a the question of discussion it was to a committee on rooms a settling considerable appoint to decided select lot near the old of the Chamber of suitable rooms Board Commerce, of Trade and for to erect thereon a temporary building the transaction of their business. Peace and Quiet. issues an in he announces the Gen. which Sheridan to-day continued been address peace no and quiet of the city. There has case of violence since the disaster of Sunday night and morning. Opening of the Banks More Deposits than Checks. The National and Savings banks resumed to-day. The tors for immediate use. business light calls from deposi- Many to ascertain their to what they could safely sought were extent balances draw and There hereMany deposits were made. was excitement or rush after. no on whatever. The drafts the Savings banks were very light and in many instances deposits were made. the There was considerable excitement at clearing house and many checks were thrown out. As an illustration of the confidence the the banks, we refer to work of the Third to-day's public placed in National $72,000 Bank. de$45,000 was checked out, and The State Savings are pre- defor arush, but only some posited. pared Bank aggregate forty positors called for money, the of which was greatly exceeded by the deposits. Rebuilding at Once. contracts for been to-day. Among consummated Many rebuilding those have Wm. who F. to rebuild at once, are H. G. Power, propose Coolbaugh, John T. B. Wheeler, Drake, Brown Bros., Geo. Armour, of the Drake block, J. C. Walker, Potter Palmer, Mathew Laflin, C. H. Beckwith, Edward Hunt, F. Tuttle, Regstin McKin, Jas. H. Reese, Tribune Company, etc. The entire block fronting on Court from the east running to Washington from House Randolph Square and streets of J.C. will be rebuilt at once. By the map Dr. Fowler, R. E. John Quinland and Chas. Walker, and Gadell, others, of Lake Dr. the great Union Depot at the foot street is to be at once rebuilt and on a greatly enlarged scale. The number of passes issued to-day for persons leaving the city was one thousand The action of the post authorities in locating the postoffice on the south side, where there are less than one-third the of the city and is no gas, surprise and a good population created great seeming deal to have has of indignation. Less regard the been had for the accommodation of majority of the citizens than should have been.

2. October 19, 1871 The Weekly Ottumwa Courier Ottumwa, IA

Article from The Weekly Ottumwa Courier, October 19, 1871

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Article Text

ILLINOIS. Resumption of Business in Chicago-Arrest of Pietri, the Murderer. CHICAGO, Oct. 17. The resumption of business by the city banks today, both national and savings institutions, was regarded with great interest by business mon and the citizens generally. Someapprehension was felt that there might a run and the State's ors, be upon the banks savings by deposit- institution had made preparations for such a state of affairs by providing an extra number of tellors, and having a force of policemen stationed at the entrance to prevent a rush. These precautions appeared rather ludicrous when, instead of a frenzied crowd eager to obtain funds, a solitamost a ry man, individual, would walk quietly frequently up and ask wofor from five to twenty dollars, while quite frequently the callers were seeking the receiving instead of the paying tellers desk. At none of the various national banks was there anything like a run, but on the contrary in many instances, more money was deposited than drawn out-the Third National for instance, paid out some forty five thousand dollars and received on deposit seventy-two thousand. The beneficial effects of confidence thus exhibited in banks by the people, cannot be overestimated, and in spite of the miles of blackened and still smoking ruins, laying spread out before them, the people to-night are feeling almost jubiiant. The police to-day succeeded in arresting Pietri, the italian saloonkeeper who stabbed and killed three men, a week ago last night. Many "contracts for re building in the burned district of the South Side, have been signed to-day, including an entire block on the east side of Clark, betwen Randolph and Washington streets, also Drake's block, and many first-class buildings. The Chicago relief subscriptions to date are Baltimore $197,000, and Boston $40,300. Liberal provisions are Wisconsin. being made Binghampton, for Micbigan N w w and York, $50,000; Cazenovia, $10,000; officers and employees of the Boston navy yard $3,638.

3. October 20, 1871 The Emporia News Emporia, KS

Article from The Emporia News, October 20, 1871

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Article Text

ITEMS FROM CHICAGO. An attempt was made on Tuesday by a number of Chicago lumber dealers to carry up the price of lumber from three to four dollars per thousand feet, but this was resisted by a number of the and more and larger the attempted respectable extortion defeated. dealera, Lumber is selling at the old prices. There are fully two hundred and fitty million feet in the yards in the city, and the supply will be abundant. -The total number of bodies upon inquests have been held up to Tuesday was ninety-two. denight. in the district When has been the bris burnt removed, it 18 thought many more will be discovered. -Robbert Bonner, of the New York Ledger, has given ten thousand dollars to the needy editors, reporters and printers of Chicago. -Subscriptions to the Chicago relief fund are still progressing in England. The subscriptions received at the Mansion House,London, already amount to $138,000. -The Caledonia club, of New York, has sent $3,000 each to the Chicago and Michigan sufferers. -Baltimore su bscriptions to date are $187,000, liberal provisions being made for Michigan and Wisconsin; Boston $403,000; Birmingham, N. Y., $5,000: officers and employees of the Boston navy yards gave $3,608. The executive committee of the chamber of commerce relief asked the general committee for power to use a portion of the donation for sufferers in Michigan and Wisconsin. -Arrangements have been made by a special agent of the post office department for the removal of the postoffice to the Wabash avenue church, corner of avenue street, and it will be purpose Wabash occupied and builds Harrison for that and until the government a new suitable building. -The banks, national and savings, resumed business Tuesday. Call from depositors were for immediate use. Many sought to ascertain their balances, and to what extent they could safely draw hereafter. Many deposits were made. There was no excitement or rush whatever. The drafts in savings banks were very light, and in many instances deposits were made. There was considerable excitement at the clearing" house, and many checks were thrown out. In the Third National bank $45,000 were checked out and $72,000 deposited. The State Saving's bank prepared for a rush, but only some forty depositors called for money, the aggregate of which was greatly exceeded by deposits. -Many contracts for rebuilding were consummated Tuesday. Among those who propose to rebuild at once, are Win. F. Coolbaugh, H. G. Power, C.T. Wheeler, Brown Bros., Geo. Armour, John Drake, of Drake block, J. C. Potter & Palmer, Matthew C. H. Brekwith, Lafflin, Walker, Edward Hunt, & Tribune Company, Reese, Fred Tuttle, Gregstein Mackin, etc. The J.H. enon house from the east, and tire quare block fronting running court streets, from will to Washington at once. The be Randolph rebuilt Union to Depot be at at the foot of Lake street, is once rebuilt, and on a greatly enlarged scale. The number of passes issued Wednesday for person leaving the city was one thousand. The action of the postal authorities in locating the post office on the South side, where there are than one third less gas, bas of the popula- created tion of the city, and DO and a good great surprise seeming deal to of have indignation, less regard been had for the accommodation of a majority of the citizens than there should have been. -A furious gale prevailed in Chicalast, the They alarmed go on Sunday city. night which thought greatly down the eneire city would either be blown or destroyed by fire. Fortunately, # had rained in the twenty.four hours

4. August 5, 1902 The Minneapolis Journal Minneapolis, MN

Article from The Minneapolis Journal, August 5, 1902

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Article Text

RUN BY THE GOVERNMENT BANK A CHICAGO OF STORY The Stockholders Pleased to Have Uncle Sam in Charge for Thirty Years. From The Journal Bureau, Room 45. Post Building, Washington, Washington, Aug. 5. - The Third National bank of Chicago has been in the hands of a receiver since 1872. For thirty years the government has been running concern. the The creditors were paid ages ago, but the stockholders were so well pleased with the management of the controller of the currency that they refused to let him surrender. For years Huntington W. Jackson was receiver and managed the business; on his death his partner, Colonel Henry Lyman was appointed. The main Impediment to winding up the receivership was a refusal to sell a lot of real estate on the south side, bordering on Jackson Park. J. Irving Pierce, of Sherman House fame, never would give his consent. During world's fair times an offer of a million dollars was made for the property, but Pierce wanted more. Now that the veteran hotel proprietor is dead, the controller has hopes that the trust can be wound up. -W. W. Jermane.

5. August 8, 1902 The Billings Gazette Billings, MT

Article from The Billings Gazette, August 8, 1902

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Article Text

RUN BY THE GOVERNMENT. Uncle Sam in Charge of a Chicago Bank for Thirty Years. Washington, Aug. 5.-The Third National bank of Chicago has been in the hands of a receiver since 1872. For 30 years the government has been running the concern. The creditors were paid ages ago, but the stockholders were so well pleased with the management of the controller of the currency that they refused to let him surrender. For years Huntington W. Jackson was receiver and managed the business; on his death his partner, Colonel Henry Lyman was appointed. The main impediment tc winding up the receivership was a refusal to sell a lot of real estate on the south side, bordering on Jackson park. J. Irving Pierce, of herman house fame, never would give his consent. During world's fair times an offer of a million dollars was made for the property, but Pierce wanted more. Now that the veteran hotel proprietor is dead, the controller has hopes that the trust can be wound up.