Harrisburg National Bank (Harrisburg, PA)

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Episode Information

Episode UID
58000885
Episode Type
Suspension β†’ Reopening
Bank Type
national
Bank ID
5800 national
Charter Number
580
Start Date
September 28, 1873
Location
Harrisburg, Pennsylvania (40.276, -76.885)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e073b1934c5a91f7

Response Measures

None

Description

Articles state city banks (national and savings) suspended payments collectively; no individual bank named.

Events (2)
1. November 21, 1864 Chartered
Source
historical_nic
2. September 28, 1873 Suspension
Cause
Macro News
Cause Details
Suspension as part of the wider financial panic/credit stringency (Panic of 1873) affecting multiple cities and states.
Newspaper Excerpt
Representatives of all the banks and savings institutions of this city met to-night and unanimously agreed to suspend the payment of currency.
Source
newspapers

Newspaper Articles (9)
1. September 29, 1873 The Daily State Journal Richmond, Alexandria, VA
Article from The Daily State Journal, September 29, 1873

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y EXECUTIVE MANSION, WASHINGTON, September 28. To Messrs. H. Claftin and Charles L. Anthony ) Gentiemen-In response to the news t have communicated to me touching you present stringency in the money market the of the country, and the necessary trade steps ; restore confidence and legitimate the and to commerce, I have to communicate ) following The gavernment is desirous of doing all its power to relieve the present unsettled in condition of business affairs, is holding back the immense of the country now a to the resources transportation which seaboard awaiting of and the Confidence on the part is the first thing remarket. the people needed threat- to lieve this condition and to avert the ened destruction of business, with its the accompanying disasters to all classes of the To re-establish this feeling is willing to at its command, but it government people. measures take avail is all evident with- legal government efforts will banks that the no active co-operation of the and out corporations of the country. fourteen millions out in the purchase of paid With moneyed the the withdrawa govern- already ment indebtedness and the of their large deposits from the treasury the are now strong enough to adopt on their part, a a system of discounts to generous liberal banks policy and sustain by interests of should such a course be the business pursued the the country. fortyof reserve will be considered in the treasury to meet as the public necessity as four money millions of the the cir- deof the country may Close attention will be given to cumstances mands the require. course at those who have the means of rendering all pursued their command by its proper the aid to restore trade to and condition, with a the hands of strengthening channels necessary those who view Orders carry of the measures above indicated. out have already been issued for the prepayber. ment of the interest accruing in Novem(Signed) U.S. GRANT. NEW YORK. NEW YORK, September 28.-The amount of money which will be brought into the market by action of the treasury in paying interest on coupon bonds, of is estimated at ten millions, but as most these bonds are held in Europe, relief will not be felt for some which will result in from The amount them prompt bonds time. of interest on registered about four millions of will payment be all held dollars. in bonds are nearly The president here urges Registered National this country. bank immediate of the First resumption of specie payment, on the ground that such action will immediately add eighty millions of dollars of postive relief to the currency of the country. NEW YORK, September 29.-Jay Gould thinks the panic is over. Affairs at noon were more settled. There is considerable doing in stocks. Western Union, 63 asked. PENNSYLVANIA. PHILADELPHIA, September 28.-Bank presidents assure stock brokers they will do nothing to cause decline of securities at stock board. Bondholders are caring for themselves. Meanwhile products of the country rot at the depots. HARRISBURG, September 29.-The National and Savings banks have suspended currency payments. PHILADELPHIA, September 29.-Benjamin Bullock & Sons, wool dealers, failed. ILLINOIS. CANTON, September 29.-The banks here have suspended. GEORGIA. SAVANNAH September 29.-A panicky feeling exists here among bankers and merchants. MISSOURI. ST. LOUIS, September 29.-Curry & Kirby, at Jefferson city, and two banking houses at Chillicothe have suspended. VIRGINIA. CHARLOTTESVILLE, September 29.consequence of the money crisis in the cities, In the University of Virginia has made arrangements for credits to all students tempor arily embarrassed by the same. SOUTH CAROLINA. CHARLESTON, September 28.-A better feeling prevailed at the c'ose of the business Saturday, National banks having received larger amount of greenbacks on deposit than they paid out in checks. No suspensions have occurred beyond those announced on Friday. ENGLAND. LONDON, September -Consols unat 41 changed. Bank rate 5 per cent. Erie WASHINGTON

2. September 29, 1873 The New York Herald New York, NY
Article from The New York Herald, September 29, 1873

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curred beyond those announced on Friday. Suggestions from the Philadelphia Mint. PHILADELPHIA, Sept. 28, 1873. In view of the present condition of financial exchange, the Superintendent of the Mint recommends that parties ordering coins of a minor denomination remit in currency or Post Office orders for the same. Action of Bank Officials at Harrisburg. HARRISBURG, Pa., Sept. 28, 1873. Representatives of all the banks and savings institutions of this city met to-night and unanimously agreed to suspend the payment of currency. Financial Matters in Indianapolis. INDIANAPOLIS, Ind., Sept. 28, 1873. Financial matters remain quiet. No further run on the banks is expected.

3. September 29, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 29, 1873

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# HARRISBURG, PA. Harrisburg, Pa., Sept. 28. - Representatives of all the banks and savings institutions of this city met to-night, and unanimously agreed to suspend the payment of currency.

4. September 30, 1873 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, September 30, 1873

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NEW YORK. NEW YORK, September 20.-Resolutions to the following effect were adopted by the Stock Board No member shall be rules, solvent comabsolved with at the from close the of Board, failing Members to ply contracts then existing, shall be declared insolvent. Contracts shall be settled by certified checks through the clearinghouse. No demands for greenbacks or currency shall be allowed. The Governing Committee of the Stock Exchange have decided that upon the resumption of business to-morrow a committee to whom claims will sales if necessary. instead shall be referred, be appointed will But be and made privately under all the rules, of publicly. three days grace will be given before the cases go into the hands of the committee. Glenham Co., extensively engaged for tifty years past in the conduct of woollenmills, have suspended. Wall street and Broadway were comparatively quiet to-day. The usual gatherings of outside dealers in stocks assembled on the walks and in the street, and some few sales were made no extitement, however, The regular brokers have been arranging their affairs at their offices preparatory for to-morrow's opening of the Stock Exchange. The feeling is generally hopeful. It is anticipated, however, that there may be quite a number of small firms who will be unable to meet their obligations even under the rules adopted by the Governing Committee. and doubtless several within the next three days will be sold out under the rules. There is, however, no panicky feeling, and there appears to be a general disposition to make all settlements as easy as possible under the circumstances. This afternoon there was more activity. The improvement was consequent upon the anticipated action of the banks with a view to buy sterling. This action was as follows: At a meeting this afternoon of the ClearingHouse Association, Messrs. Dawes & Humphreys, in behalf of the Produce Exchange, made the following proposition: That the Clearing-House Association appoint it committee of five, representing as many different banks, to buy commercial bills with bills of lading attached. and make a requisition on the loan committee for the issue of clearing-house certificates for the benefit of shippers. The proposition was referred to the loan committee, which will probably report to-morrow. CHARLESTON. CHARLESTON, September 29.-At a meeting of the Chamber of Commerce this morning, which included the largest assemblage bankers and business men that has met Charleston for many years, the followin resolutions were unanimously adopted as indication of the policy thought most likely to facilitate the movement of southern produce to market and enable southern debtors to settle promptly with their northern creditors, thus relieving the money pressure all around: "1. Resolved, That the president be instructed to prepare a memorial to the President of will on the the place of Treasury the and United maintain prayi States that and deposit the the Secretary Secretary with Assistant Treasurer at Charleston the sum of tive hundred thousand dollars, to be used by him in the purchase from the banks of exchange on New York; and that such memorial be forwarded at once to Washington with the name of the Chamber of Commerce of Charleston. "2. Resolved, That mean while the President of this chamber be authorized to forward the substance and purpose of such memorial by telegraph to the proper person in Washington." At the close of banking hours to-day all the banks had received more money than they had paid out. Currency is scarce. Assistant Secretary Sawyer telegraphs the president of the Chamber of Commerce that Charleston will have all the relief afforded other places. GEORGIA. AUGUSTA, September 29.-All the banks here have partly resumed currency payments, but the cotton market continues dull and nominal. Only fifty-two bales were sold today. SAVANNAH, September 20.-A panicky feeling exists here among bankers and merchants. SAVANNAH, September 29.-The Merchants National Bank and Anderson the banker continue to pay currency. ILLINOIS. CANTON, September 29.-The banks here have suspended. CAIRO, September 29.-The banks here have suspended currency payment. NORTH CAROLINA. CHARLOTTE, September 29.--The banks here continue paying currency as usual to move cotton. MISSOURI. ST. LOUIS, September 29.--Curry & Kirby, at Jefferson city, and two banking houses Chillicothe, have suspended. PENNSYLVANIA. HARRISBURG, September 29.-The National and Savings banks have suspended currency payments. PIIILADELPHIA, September 29.-Benjamin Bullock & Sons, wool dealers, have failed. VIRGINIA.

5. September 30, 1873 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, September 30, 1873

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are nearly all held in this country. The President of the First National Bank urges the immediate resumption of specie payment.ru the ground that such action will immediately add 880.000,000 of positive relief to the currency of the conntry. The United States coupons, maturing in November, will be paid on and after Monday, September 29, upon a rebate of interest at the rate of six per cent. per ponum. The bank officers and private backers held 12 musting to-night and confirmed the action of last night. A committee of six were appointed who will certify the checks of each. The banks holding aloof are the Bank of Washington, the Bank of the Republic, the Farmers' and Mechanics' Bank of Georgetown, and Riggs' Bank. The members of the combination are confideut that the above banks will be forced into compromise before Monday night. MEMPHIS, September 28.-Twentytwo yellow fever interments yesterday. Total for the week ninety-eight, against 128 the week previous. CAIRO, September 28 -Considerable neesiness is manifested at the prevalence of what has heretofore been denominated congestive bilious fever, but which physiciaus now pronounce yellow fever, modified by the Northern climate. There have been only six or eight fatal cases so far. The city is more unhealthy than for many years. Sr. Louis, September 29.-Curry & Kerley. at Jefferson City, and two bank ing houses at Chillieothe, have sugpended. PHILADELPHIA, September 29.-Janies Gibbone, late President of the Fenian Brotherhood, is dead; aged seventy.tive CHARLOTTESVILLE, V.1, September 25 In consequence of the money crisis in the cities, the University of Virginia has made arrangements for credits to all students temporarily embarrassed by the same NEW HAVEN, September 29.-Severai large factories. usable to get curreney to pay their hunds, have stopped work. HARRISBURG, September 29.-The tional and savings banks have suspended curreucy payments. The Cauton, Ill banks have also suspended. SAVANNAH, September 20.-There a panicky feeling here among bankers and merchants. MEMPHIS, September 29.-Sixteen yellow fever deaths yesterday. PHILADELPHIA, September 29.-Benj Bullock & Soes, wool dealers, have failed. NEW YORK, Sept inber 20.-An illicit distillery has been discovered in SingSing prison. The conviet distiller says the keepers of the prison were among bis best customers. Jay Gould thinks the panic is over. SAVANNAH, September 29.-The Merchants', National and Anderson Banks continue to pay currency. CHARLOTTE, N. C., September 29.The banks are paying as usual to move cotton. MONTGOMERT September 29.-One death from yellow fever and five cases in the last orty-eight hours. PATTERSON, N. J., September 29.The Grant Locomotive Works have discharged 175 men; the Danforth Works 100. CAIRO, September 20.-The banks have suspended specie payments. WASHINGTON, September 29.-Gov. Kellogg, of Louisiana, and Collector Casey, of New Orleans, are here. Secretary Richardsou declines the advice of a New York financier, that he should drown himself. A special agent of the Post Office De. partment is in charge of the Pittsburg office. Hon. Thomas Parkin Scott, Chief at Baltimore, contracted Judge is of dying the Supreme from disease Bench, by in Warren. to the Judge long Seott imprisonment President refused give Fort parole required by Lincolu's order No. 1, regarding State prisoners, and remained long after many of his fellows left. Probabilities-For the South Atlantic States, partly cloudy weather, lower temperature, winds veering to Southwest and North-west, and rain areas. AUGUSTA, Septemper 29.-All tue banks have partially resumed currency payments, but the cotton market continues dull and nomical; only 52 bales sold to-day. BOSTON, September 20.-$40.000 defalcation in the Bingham National Bank. CHARLESTON, September 29.-At A meeting of the Chamber of Commerce business assemblage this morning, of which bankers included aud the largest men that has met in Charleston for

6. September 30, 1873 New Orleans Republican New Orleans, LA
Article from New Orleans Republican, September 30, 1873

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|CONTINUED FROM FIRST PAGE. meeting of the Clearing to consult House on Association, the present held this morning situation, it was resolved that, in monetary of the brightening prospects, of con no view required in the manner and change was the business of the banks dacting House. The Lawrence Savings Bank Clearing commenced paying its checks to-day. Albany. ALBANY, September 29.-The banks are working under the New York plan. Ford & Fuller, bankers, have suspended London. LONDON, September 29.HH a million week. sterling for America is engaged this the banks The demand for discounts at cent. the streets is heavy at 5 β‚½ and Six on hundred and thirty eight the thousand Bank pounds sterling were drawn from Β£124,000 goes of England to-day, whereof Germany. America, and the balance to to Three brokers have failed on account of the Erie decline. failure is reported from Hamburg One that additional suspensions to-morrow will It is expected be announced in London morning. of typhoid fever in this city are is Cases increasing in number. and alarm daily felt in some infected quarters. Havana. HAVANA, September 29.-A panicky mer- feel ing exista here among bankers and chants. Charleston. CHARLESTON, September 29.-At a meetof the Chamber of Commerce this morning which included the largest assemblage met of ing, bankers and business men that has for many years, the following in adopted, of a policy thought dication was Charleston unanimously which Southern most is likely the pro- in- to facilitate the movement of to market, and enable Southern debtduce to settle promptly with their Northern creditors, ors thus relieving the money pressure all around: Resolved, That the president be instructed of prepare a memorial to the President of the the to United States and the Secretary place that the Secretary OR deposit with Charleston the sum of Treasury, treasurer and maintain at praying the assistant from $500,000. the to be used by him in the purchase and that banks of exchange on New York, to memorial be forwarded at once Washington, this in the name of the Chamber of Commerce of Charleston. That in the meanwhile the preResolved, of this chamber be authorized to of eident the substance and purpose Presisuch forward memorial by telegraph to the dent in the Washington close of business to-day all the they At had received more money than banks out. Currency is scarce. Assistant paid Sawyer telegraphs to the presi- that Secretary of the Chamber of Commerce, dent Charleston will have all the relief afforded other places. Concord. CONCORD, N. H., September 29.-The banks have suspended except for local pur poses. Cincinnati. CINCINNATI, September 29.-There has well defined improvement here the to been in a the feeling with reference to The day financial disturbances of the country. the work with the banks has been day's most satisfactory since the commencementof the trouble. The deposits of currency in a number of banks have been quite equal to the demand for currency. A good deal of old paper has been renewed, and in come instances maturing new paper has been discounted. the Another noticeable feature has been of private parties who have the habit of letting go but who have not of disposition been the in street, their money late on a to do anything. to make of street lenders as to any shown inquiry disposition placed the in terms the which money can be general upon market. A better feeling was manifest, still, but little has been done to remove fallen. the dead lock to which matters have Orders are here, especially for provisions, to but there is very little disposition to Holders move the circumstances. d of are generally firm, may soon transpire something under stocks existing hoping to and set when that the wheels of commerce in motion, 1. this is done a lively trade is anticipated. d. William Ernst. president of the Northern Bank of Kentucky at Covington, publishes communication to-morrow in the Commer cial, in which he says the remedy for our is with the banks, and a bold. and prompt action by decisive troubles that theur remedy. will be an efficacious and immediate Ie says: Let the New York banks fix a definite time, say the tenth of October. will resume currency payments. upon a like action the let cities of the country: conditional when principal they York promptly then in he banks outside of New no pledging a hearty co-operation and resump ion on the same day. Contidence, he add's, will be quickly restored. That being ac. omplished, currency will again circulate reely and the dead lock will be removed. Ie says this work can be accomplished in his way and no other New Haven. ba fro NEW factories, HAVEN, being September unable :-:-Several to get curth to arge ency to pay their hands, have stopped york. Harrisburg. En de HARRIBBURG, September 20-The na S onal and savings banks have suspended rency payments.

7. August 17, 1893 The Sun New York, NY
Article from The Sun, August 17, 1893

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Suspended Banks Reopen Their Doors. KANSAS CITY. Aug. 16. - The Armourdale Bank at Armourdale. which suspended business in the financial crash in the two Kansas cities one month ago yesterday. has reopened its doors and resumed business. FORT SCOTT, Kan., Aug. 16-The First National Bank of this city. which suspended on July 18, resumed business this morning. Bank Examiner Latimer of Sedalia. who has been in charge since it closed. has issued a notice to depositors saying that the institution is in good financial condition. WASHINGTON. Aug. 16.-The First National Bank of Rico, Col., which suspended payment June 30. 1893. having complied with the conditions imposed by the Comptroller of the Currency. and its capital stock being unimpaired. has been permitted to-day to reopen its doors for business. CLEVELAND. Aug. 16.-The Cardington Banking Company. at Cardington. O., closed its doors this afternoon. Theassets approximate $100. 000 and are said to be sufficient to meet the demands of the creditors. The President of the bank. Major W. G. Beatty. was obliged to make an assignment. and the bank could not weather the trouble brought on by his embarrassment. CARROLLTON. Pa.. Aug. 16.-The banks of Johnston. Bucks county. at Ebensburg. Carrollton. and Hastings. which suspended payments until they could get more money. will open again on Monday morning.

8. March 4, 1933 Evening Star Washington, DC
Article from Evening Star, March 4, 1933

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# EARLY U. S. ACTION # PLANNED ON BANKS New York and Illinois Declare Holidays-Only Four States Unrestricted. (Continued From First Page.) Connecticut took similar action, bring- ing to 43 the list of States in which restrictions on withdrawals are opera- tive in some form or another. Only Montana, Colorado, North Da- kota and South Carolina remained without restrictions at noon today. Delaware's banks were open, but the State Legislature has already taken emergency action. These developments had brought from Representative Rainey, the next Speaker of the House, the prediction that "an extra session of Congress will be called at the earliest possible time." He said he felt that early next week, possibly Tuesday, would not be too soon. Pre- viously Rainey had told House mem- bers-elect to remain in Washington. Others at the Capitol said the session probably would begin Wednesday. The Federal Reserve Bank of New York was closed with all other bank- ing institutions of that State. The Federal Reserve Bank at Philadelphia also closed, under a holiday declared throughout Pennsylvania by Gov. Pin- chot. Later in the day the Minne- apolis Federal Reserve Bank suspended business. The closing of the New York Federal Reserve Bank meant the tying up of its huge gold reserve for the period of the holiday against withdrawal by either domestic or foreign agencies. In discussing the banking relief pro- gram, Senator Robinson said: "We do not know just when it will be completed, but it will be expedited all possible. The details can not be announced right now but you may be assured there will be no delay." Wagner Plans Action, Previously Senator Wagner, Demo- crat, of New York, had told newspaper men he would carry immediately to Democratic leaders an appeal for imme- diate emergency banking moves. In- formed at his hotel here of banking moratoria in New York and Illinois. Wagner said he would appeal this morn- ing to Democratic leaders to begin working out a program and some time this afternoon would call on Mr. Roose- velt with the same objective. A bank holiday, he said, "is the only thing to do" to meet the emergency of the banks themselves, but he added quick steps are necessary to enable them to reopen and continue opera- tions. Harvey Couch, Democratic member of the Reconstruction Finance CorpoΠ³Π°- tion, was the first White House caller this morning. He said after a brief conference with President Hoover he had discussed "matters incident to the banking situation," but declined to give details. Couch conferred last night with President-elect Roosevelt. Officials in Conferences. High officials both of the outgoing Republican and incoming Democratic administrations were in conference most of the night. Secretary of the Treasury Mills said afterward the Hoover administration would have no statement, but that governors of the Federal Reserve banks in Chicago and New York would have announcements. Demands Impossible. The hours between midnight and dawn saw banking officials in many States struggling with the problem, made acute by the flurrying of nervous- ness on the part of depositors. As a statement by the New York Clearing House Committee put it: "The unthinking attempt of the pub- lic to convert over $40,000,000,000 of deposits into currency at one time is, on its face, impossible." The statement added that the condi- tion clearing house banks is such that "they could, through the facilities of the Federal Reserve Bank, pay on de- mand every dollar of their deposits," but that withdrawals throughout the country as a whole have increased so that a "halt" is necessary "to enable the proper authorities to consider and adopt remedies to meet this situation, not for New York primarily, but for the Nation as a whole." Only a few States remained today in which restrictions on withdrawals had not been invoked. No Holiday in Virginla. In Virginia, Gov. Pollard said no general banking holidays would be de- clared because the State's laws already protect the banks and their depositors. In Maryland, the General Assembly early today approved the emergency banking legislation without a dissenting vote in either House. Gov. Ritchie signed it this morning, but said that the banking institutions of the State will not reopen Monday. The resources of the Reconstruction Finance Corporation earlier had been made available to hard-pressed, but solvent banks in States that have imposed moratoria on withdrawals. This was one of a number of de- velopments yesterday that included introduction of legislation to allow postal savings checking accounts and to confer upon the incoming admin- istration sweeping authority to main- tain the security of deposits. Reconstruction Corporation officials said their policy called for lending in- stitutions if the loans were well secured enough money to pay the percentage of deposits that could be withdrawn, provided the banks did not have the funds immediately available. It was emphasized this was not a new departure, but was simply the ap- plication of regulations decided upon for individual instances in the past to a situation spread into a number of States. Pinchot's Statement. Gov. Pinchot of Pennsylvania here for the inauguration issued the follow- ing statement: "Because of the declaration of a bank holiday in New York, Illinois and most of the other States, similar action in Pennsylvania has become unavoidable. "Were our banks to remain open, the demands upon them would impose an impossible burden. "Therefore, upon specific recom- mendation of Gov. Norris of the Phila- delphia Federal Reserve Bank, I hereby declare a bank holiday throughout Pennsylvania on Saturady, March 4, 1933, and Monday, March 6, 1933." Exchange Statement. A statement issued by the Govern- ing Committee of the New York Stock Exchange said: "The Governing Committee at a meeting held this morning in order to give full effect to the banking holiday declared by the Governor of the State of New York directed: "First, that the exchange be closed during such holiday: "Second, that members and firms registered on the exchange be pro- hibited from making any contracts for the purchase or sale or the borrowing or lending of any securities, and also from permitting their offices or facili- ties to be used for the purpose of mak- ing or carrying out any such contracts; "Third, that all deliveries be suspend- ed on all member contracts, except on such contracts as may be cleared by or settled through the Stock Clearing Corporation, and that in such cases deliveries shall be made as the Stock Clearing Corporation shall direct

9. March 4, 1933 The Daily Courier Connellsville, PA
Article from The Daily Courier, March 4, 1933

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GOVERNOR ORDERS TWO-DAY HOLIDAY FOR STATE BANKS By International Nows Service. PHILADELPHIA, March 4.-Governor Gifford Pinchot. from his temporary residence at Washington, D. C., today proclaimed mandatory twoday hollday for all Pennsylvania banks. The proclamation issued at 8:30 this morning through Dr. William D. Gordon, State Secretary of Banking, directs all banks in the Commonwealth to remain closed Saturday and Monday. George W. Norris, governor of the Federal Reserve Bank in Philadelphia at whose behest leading Philadelphia financiers assembled in the early Lours the morning to consider decisive action, said the step was made necessary by the growing list state bank holidays. Although it was believed Penneylvania banks could have remained open under the emergency legislation passed by the Legislature last Monday, of holidays by the governors of New York and Illinois and several other states early today precipitated the crisis, Norris explained. "Because of the declaration of bank holiday in New York, Illinois and other states similar action in Pennsylvania has become unavoidable," the Governor declared in his "Were our banks to remain open the demands on them would impose an impossible burden." "Therefore, on the specific recommendation of Governor George W. Norris of the Philadelphia Reserve Bank, hereby declare bank hollday throughout for Saturday, March 5, and Monday, March 6," the proclamation concluded.