5951. First National Bank (Jeffersonville, IN)

Bank Information

Episode Type
Run Only
Bank Type
national
Bank ID
956
Charter Number
956
Start Date
September 28, 1873
Location
Jeffersonville, Indiana (38.278, -85.737)

Metadata

Model
gpt-5-mini
Short Digest
5fe992a9

Response Measures

Accommodated withdrawals

Description

Multiple contemporaneous newspaper dispatches (Sept 28–29, 1873) report a run on the First National Bank of Jeffersonville. The bank paid checks and closed at the usual hour on Sept. 28, and on Sept. 29 opened an hour late and limited payment of checks to small amounts because of a scarcity of currency. There is no evidence in the articles that the bank formally suspended payments or entered receivership; thus classified as run_only. Cause attributed to the broader 1873 currency panic (scarcity of currency / systemic distress).

Events (4)

1. March 31, 1865 Chartered
Source
historical_nic
2. September 28, 1873 Run
Cause
Macro News
Cause Details
Part of the nationwide 1873 monetary panic / scarcity of currency; depositors withdrew funds fearing currency shortage.
Measures
Paid all checks presented and closed at the usual hour; later limited currency payments to small amounts.
Newspaper Excerpt
A run was made yesterday on the First National Bank, but all the checks were paid and the bank closed at the usual hour.
Source
newspapers
3. September 29, 1873 Other
Newspaper Excerpt
The First National Bank of this city opened an hour later than usual and declined to pay checks, except for small amounts, on account of the scarcity of currency.
Source
newspapers
4. March 1, 1932 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (10)

Article from New-York Tribune, September 29, 1873

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Article Text

THE SITUATION ELSEWHERE. A SCARCITY OF CURRENCY IN PHILADELPHIA-RESO LUTIONS OF THE BOARD OF BROKERS. PHILADELPHIA, Sept. 27.-Matters are quiet on Third-st., a scarcity of currency being the only trouble experienced from the panic. Many large manufacturing concerns have, with great exertions, raised a sufficient amount of currency to pay full wages to their employes, while other firms have been able to pay only 50 per cent of wages due. The city banks have generally paid out currency when needed to pay wages, and are discounting freely. giving an easier feeling in banking circles. The Board of Brokers passed a series of resolutions to-day, approving the action of the Secretary of the Treasury in his efforts to afford relief in the crisis of monetary affairs; urging upon him the of before a it law, through which our present eral necessity banking bringing Congress fully the the benefits plan growing for of inter- genpresent system may serve more ests of the country and further resolving that, in view of the sudden and wild decline in values without reasonable cause therefor, the Board deemed it its duty to arrest in every way the indiscriminate sacrifice of securities, and heartily condemned those who, for personal profit, attempt to aggravate the present distressing condition of affairs. ACTION OF THE CINCINNATI BANKS APPROVED-A BETTER FEELING MANIFESTED. CINCINNATI, Sept. 27.-The Cincinnati Chamber of Commerce, at a full meeting to-day, passed resotutions approving the action of the banks and bankers of the city in refusing to pay out large sums in currency; and declaring that merchants and business men have full faith and confidence in the solvency of their banking institutions and in the integrity and character of those who manage them, and that the banks and bankers be requested to extend all possible accommoda tions to the local merchants and manufacturera. At the close of business an improved feeling was plainly manifested. There was no particular change in the general markets to-day, and there is no hope of much doing antil there are better facilities for effecting exchanges. The banks and bankers generally report having passed through the day satisfactorily, RUN ON A JEFFERSONVILLE BANK-HUNDREDS OF WORKMEN DISCHARGED. JEFFERSONVILLE, Ind., Sept. 28.-A run was made yesterday on the First National Bank, but all the checks were paid and the bank closed at the usual hour. The Ohio Falls Car and Locomotive Company, employ ing 700 men, has stopped work in all the shops except the foundery, throwing about 400 men out of employ ment. The South-Western Car Company has also reduced its force. The stoppage of these business interests is due to inability to obtain currency to pay off the men. The ship-vards of Dawes, Howard & Co., employing a heavy force of men, succeeded in securing a limited amount of currency. and paid two-thirds of the wages due. A reduction of the force has been made, but the boats now on the stocks will be finished, notwithstanding the scarcity of currency. SEVEN TEMPORARY BANK SUSPENSIONS IN LOUISVILLE. LOUISVILLE, Sept. 27.-The following banks suspended payment temporarily to-day German Bank, Masonic Savings Bank, Weatern Bank, erman Insurance Bank, Louisville Banking Company, German Savings Bank, and Central Savings Bank. A run on these banks has been steadily increasing for the past three days. All of them have abundant resources, many being able to pay two dollars for every one on deposit out of their assets. The other banks in this city are heavily drawn on, but are all right. The suspended banks are all savings institutions, conducted and owned chiefly by Germans. The lack of systematic action tended to suspend these institutions, every bank looking out for its own safety. A BANK SUSPENSION IN SALT LAKE CITY. SALT LAKE CITY, Sept. 27.-There was considerable excitement here to-day because the First National Bank did not open its doors this morning. A notice on them states that the cause of the suspension of Eastern houses and Their liabilities are which cover $360,000, while are This is exclusive tain only is good the $277,000. currency. assets, failure of the amply the personal the inability liabilities secured property for to ob- by of Warren Hussey, who holds himself responsible all the bank indebtedness. The bank is a Government depository. The Salt Lake National and the Deseret National Banks are open and meeting all demands. Walker Bros. Wells, Fargo & Co., T. F. Tracy & Co., and White & McCormiek are also prepared to meet all emands. THE MOVEMENT OF BRITISH BULLION TO AMERICA. LONDON, Sept. 27.-The amount of bullion withdrawn from the Bank of England on balance to-day is £8,000. all of which is to be shipped to America. All the available gold in the street is also being bought up for shipment to America. The steamship Java, which sailed from Liverpool for New-York to-day, took £500,000 in bullion. FINANCIAL NOTES. The National People's Bank and Home Bank of Canton, III., have suspended payment until the financial erisis is over. The reason given is the recent action of the banks in Chicago, Cineinnati, and elsewhere. The Commercial National Bank of Dabuque was the only national bank in that city that met all demands in full in currency Saturday, and its deposits had considerably decreased. The Merchants' National Bank suspended payment entirely. The First National Bank paid in bills receivable and a small amount in currency The run on the German Savings Bank and the People's Savings Bank accured to have eatirely subsided


Article from The New York Herald, September 29, 1873

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nounce that they will resume business in the morning, opening as unual at ten o'clock. The following gentlemen, resident directors, have signed a card pledging themselves for the payment of deposits now on hand or that may be made hereafter:-John V. Farweli, W. F. Coolbaugh, David Thompson, C. T. Wheeler, Asa P. Kelly, James Woodle, Albert. A. Munger, C. Briggs and AVE Dow. The card of the officers is strong in defen 8 of the course of the bank in suspending, but ackne gyledges they deem it necessary to bow to public sentiment. They say they exhausted every m eans in their power to secure united action an long the bankers before suspending. They yet believe it impossible to permanently me intain any different positions from that cepted by more than 2,000 national banks of the United States, and hope that this unity of action may be secured. Believing it to be a solemn duty in this emergency to share the common lot of their stomers and to act with them in sustaining, by all legitimate means in their power, the commercial inte rests of the country, they have determined to open their doors at once for the resumption of business. The Cook County National Bank resumes in the morning. The papers speak in hopeful terms of the situation, and mention an influx of currency to Chicago the for the purchase of grain. They eay true source of relief is the prod.u that or the country. The Tribune says banks remain closed with large amounts of currency in their vaults are the worst enemies to business in times like these, and call on the Comptroller of the Currency to take steps to compel them to settie their affairs under the National Bank act. The Inter-Oceanic will in the morning urge the Prestdent to call a special session of Congress to amend the Bankrupt act. The Financial Situation in Indiana. JEPPERSONVILLE, Sept. 28, 1873. Quite a run was made yesterday ou "the First National Bank, but all the checks were paid, and the bank closed at the usual hour. At the Citizens' National Bank considerable excitement existed among the many that crowded around the doors, but no run occurred. The Ohio Falls Car and Locomotive Company. employing 700 men, has stopped work in all the shops except the foundry, throwing about 400 men out of employment. The Southwestern Car Company have also reduced their force. The stoppage of these business interests is due to their inability to obtain currency to pay off their men. The shipyards of Dawes, Howard & Co., employing a heavy force of men. succeeded in securing a limited amount of currency, and paid two-thirds of their wages. A reduction of the force has been made, but the boats now on the stocks will be finished, notwithstanding the scarcity of currency. At Barmore's shipyard no reduction of the force has been made. The First National Bank of Memphis. MEMPHIS, Sept. 28, 1873. The report of the committee to examine the condition of the First National Bank makes a much better exhibit than was expected, and steps have been taken looking to the immediate resumption. According to the reports its demand liabilities are $374,000 against unquestioned and available assets of $555,000. The doubtful and unavailable assets are $101,000, making the total assets of $656,000. Alter paying all the liabilities the stockholders can realize par on their shares. On reading the report of the committee $200,000 were subscribed towards enabling the bank to resume. A Better Feeling in Charleston, S. C. CHARLESTON, S. C., Sept. 1873. A better feeling prevailed at the close of business on Saturday, the national banks having received a larger amount of greenbacks on deposit than they paid out in checks. No suspensions have occurred 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. Suspensions in Canton, 111. CANTON, Sept. 28, 1873. The National People's Bank and Home Bank, of this city, have suspended payment until the financial crisis is over. The reason given is the recent action of the banks in Chicago, Cincinnati and elsewhere.


Article from Chicago Daily Tribune, September 29, 1873

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THE COUNTRY BANKS. MANSFIELD, o. Special Dispatch to The Chicago Tribune. MANSFIELD, Sept. 28.-Yesterday was a day of considerable eveitement on account of the failure of the First National Bank, and of the admittod inability of the others to stand a run. A meeting of officers and Directors of the remaining banks was held, and a resolution adoptod to suspend currency payments exceeding $50 on all balances. At o'clock a. m., a public meeting was held in Miller's Hall, in which the financial condition was discussed, and a resolution finally passed unanimously to sustain the banks in their course, and to still continuo deposits. It is thought this stop was all that saved the banks. All Horts of rumors are afloat about the condition of the suspended bank, but as no statement has yet been made nothing is known definitely about its liabilities and assets. A statement is looked for to-morrow. The excitement is gradually dying away. JEFFERSONVILLE, IND. JEFFERSONVILLE, Ind., Sept. 28.-The financial excitement line produced its effect in this city. The unexpected and capricious state of the money market in Louisville has increased the already intenso fooling among depositors here, and quito a run was made during Saturday on the First National Bank, which paid all checks and closed its doors at the usual hour. At the Citizens' National Bank, considerable excitement existed, Many crowded around its doors, discussing the financial situation, but no run was made. The Ohio Falle Car and Locomotivo Company employing 700 men, has suspended work in all its departments except the foundry, thus throwing out of employment about 400 mon. This firm failed to secure enough currency to pay off its employes, although they offered the bost paper. It was consequently obliged to suspend. The Southwestern Car Company have also roduced their force. BLOOMINGTON, ILL. Special Dispatch to The Chicago Tribune. BLOOMINGTON, Ill., Sept. 28.-Saturday in this city was marked by no unusual event in financial matters. The banks still continue to pay only a part of checks calling for large amounts. On soveral of the roads leading into this city, numbers of extra men are being discharged, to reduco expenses during those times of stringency. SPRINGFIELD, ILL.. SPRINGFIELD, III., Sept. 28.-The banks hero have taken no action, doing business BH usual. There is no excitement whatever, and overybody is easy. The deposits were larger in amount yesterday evening at the closing than at the opening in the morning. It is thought no bank here will entertain the suggestion of BUBpending. [To the Associated Press.] SPRINGFIELD, Ill., Sept. 28.-Our banks linvo taken no action, but are doing business as usual. There is no excitement whatever, and everybody is easy. Deposits were larger in amount yesterday evening at the closing than at the opening in the morning. It is thought no bank hore will entertain the suggestion of suspending. PEONIA, ILL. PEORIA, Ill., Sept. 28.-Financial matters is tho all-absorbing topic of conversation in businees circles as well as social. All tho banks of the city, private as well as National, except Davis & Hogue and the Gorman Savings Bank, have partially exispended-that is thoy only pay small checks. The two latter pay all demands of their dopoHitors in full, preferring to pay the currency to certifying to the checks of their depositors. This morning's National Democrat contained the following card from Davis & Hogue, bankors: To Our Customers: We have continued to transact our buslueen as usual. Our drafts are honored in Chicago and New York, and our depositors' checks are paid at the counters, Asking our customers to transact their business as heretofore, we remain, very respectfully, DAVIS & HOGUE. Business on 'Change yesterday was light, yet there was a much bettor feeling manifested than the day provious, and more business was transneted. The ability of Davis & Hogue and the German Savings Bank to pay all domands has done much to quiet the norves of thomo who wore most tried, and will go far toward helping our manufactories to go on with a full force of workmen, as before. DENVER, COL. Special Dispatch to The Chicago Tribune. DENVER, Col., Sept. 28.-The banks all closed in good condition yesterday. All of them are well supplied with currency. SENATOR SHERMAN, OF OHIO, ON


Article from Memphis Daily Appeal, September 30, 1873

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JEFFERSONVILLE, IND. JEFFERSONVILLE, September 29. The First national bank of this city opened an hour later than usual and declined to pay checks, except for small amounts, on account of the scarcity of currency. The Citizens national bank is meeting all demands made upon it. It is reported that the Ohio Falls car and locomotive company will suspend all operations at that mammoth concern, thereby throwing seven hundred men out of employment.


Article from The Wheeling Daily Intelligencer, September 30, 1873

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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.


Article from The Wheeling Daily Intelligencer, September 30, 1873

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Intell Wheeling WHEELING AOTUESDAY MORNING. SEPTEMBER 30 18 THE the banks. The tightness in the money resolved that nothing in the action of the been made to meet the corporation pay market is likely to cripple business in SIS. governing committee of the New York rolls due the present month, amounting Fall Races at bullion and Cores for a few weeks, comStock Exchange shall be considered as to $200,000 There has been no indicaNASHVILLE, Sept. pelling the suspension of the smelters absolving any member from his obliga tion of alarm by savings bank depositors ing of the Blooded improved Condition of Affairs at tions to the rules that all parties CHARLOTTESVILLE, VA., Sept. Cincinnati. to existing unsettled contracts who consequence of the money crisis the UniYoung CINCINNATI, Sept. has been were present at the closing of the versity of Virginia has made arrangeolds, dash Exchange, but who shall refuse to a well defined improvement here day ments for credit toall students temporarithe render satisfactory principal, or furnish embarrassed in teeling with reference to the financial anic second horse securities shall be disturbances of the country. The day' Prospects Financial insolvent; that so much banks has been the most entries started Mallon Chicago. Chatham's chil Vatiltre since the commencement of the article of the by -laws as authorizes an the to contracts CHICAGO, Sept. financial close the Board 1 Parlee V of officer troubles. The deposits of currency in pect in this morning is decidedly Ballet, Cadwallader's and of parties in default be suspended number of banks have been quite, equal for brighter, and although there are still some to the demand upon them existing contracts during three at who so hopeful, the general Bridget Martin, the opening of the Exchange The Presicurrency A good deal old paper Won by ing cheerful and confident appoint a committee of three maturing has been renewed, and dent. The Union National, Cooke County second, and Bridget Mar which shall be in session from 2:15 some instances new paper discounted National, and Commercial banks opened 1:51 each day to determine on an equitable Another noticeable feature has been the be shall their doors and resumed business at the to which r Use margins market price Second race, Link's disposition of private parties who have deteralso and usual hour this morning, and although made conform Green; three year olds; been the habit of allowing their money the price they have paid considerable money there subscription; the associal the street, but who of late have $50 second horse. disposition to do anything, to started that Hardi DIS. inquiry of street lenders as to the considerable deposits been as certified through good checks Guild, tled by upon which money can be placed of currency from New York and the the Clearing House, but where the check general market A better feeling country continues to be large, not ams Somerset, Balle is tendered upon a bank which not manifest, but still little has yet been ancial than $3,000,000 having been received ona, Gallilee ch Jackson satisfactory the parties must upon done remove the dead lock into during Saturday and Sunday. Of Summary Madera. fallen. Orders have matters shall be satisfactory, but no demand d beincoming currency a good proportion Somerset 2. distanced for greenbacks or currency shall be are here specially for provisions, but ancial goes directly into the banks, the rest move Metz 4, 8; Kitty Guild lowed, and that all Government coupon dis the hands of commission merchants for lee and Jonas Taylor. bonds on which interest is payable every the purchase of grain by outside parties; Time 1:514,1584,1:08 generally vember the 1st, shall be called ex nd bebut all tends to relieve the present 1; Third race-Dash of may soon from tomorrow. Very many uoyant stringency. So far as can be learned there tion purse, $150. The of commerce in motion, among some of the oldest and has et urgent demand from country banks dest of the Exchange hold to the and this is done lively trade anthe of upon their correspondents here, and Madison ticipated yet too early to in motio urities quarters confidence appears to be Planchette, Cheatham' the wheels of the Stock Exchange Wm. Ernst, President of the Northern c, and Malone's ch. turning. This view of the situation Bank of Kentucky, Covington, chinery, assuming that altbough uoted, based upon interviews with number McGibbons' Sham a degree of confidence has been restored communication in to-morrow's cases prominent bankers and business men. by Shamford biscentre as evidenced by the checking claim which he says the hat of AFFAIRS AT IND second, Planchette thir runs on the banks, banking hour troubles with e banks, and that lvance Robinson & Morgan's JEFFERSONVILLE, IND. Sept. and savings institutions, yet throu and prompt action by them eir ac out the favorite in the firs country First National Bank of this city opened efficacious and immediate remedy lvance in withdrawn. must New York banks fix ecome security feeling The track was very hea pay checks excep definite time, say the of October, nge the On dered account of tendance good, consideri when resume currency payquanCitizens' National Bank is meeting all that the moment stocks can be upon like action it. in dismands made upon traded in legitimately, greenbacks or the principal cities of the country EXCITEMENT IN its n is said that the Ohio Falls Car and COURT Then banks outside ol New rency, which have been hoarded duri mount Locomotive Co. will suspend all opera the last week or ten days, will besent York promptly respond, pledging alation tions, thereby throwing 700 men out here for purchase of stock, and thus hearty co-operation and resumption A Criminal on Trial Issuing employment. general circulation again, and eventi the same day. Confidence, he adds, stand His Wife splace find their way into banks, thus THE READING BANKS MEETING ALL DEquickly result That being accomplished Wrong Man. rency; MANDS ing their reserves currency will again circulate, and dead ons ST. LOUIS, Sept. 29 Business is decidedly improving at READING, PA., Sept. Business in excitement occurred late e use Produce Exchange, and much be in this way, and no other. this city is progressing quietly, and the the Criminal Court, at the in hopeful feeling.is expressed. In fact, banks are promptly meeting demands A Much More Confident Feeling one time to be tragical sleep inessissaid be getting back into St. Louis. Father Boreman yesterday announced to kill hen the gloomy in the St. Paul Oathedra on hatchet ST. LOUIS, Sept. The financial foreign exchange appear to be yield Church), that his hearers had money in mar June, on trial. he ing to brighter prospects. the banks and doubted its safety, examined at great of the much more confident teeling has been meeting of the Clearing House Asso would guarantee its payment in nearly all circles. There from the witness many held at the Merchants Bank NEW YORK, Sept. governing lack of currency with which on only to action take this afternoon, committee met again at 1:30, and contin by Many transact business and discounting is quite Colcord, one of her coun was deci3 until session ued the proposition submitted to have seized cut limited, but the banks are mostly paying the Committee of the Produce Exchange ded that on the resumption of business to the and instant checks in kind, and there is a decidedly denity to the Committee of Bank Presidents morrow committee will be appointed, force. more trenguil and hopeful tone. On morning with a view of aiding foreign to whom claims be referred, the Court SatChange there was more buoyant spirit, change. David Dows and Mr. Humphrey sales under rule, if necessary, will be cha his whole and although the volume of business arm, represented the Produce Exchange and made privately instead of publicly But there was more disposition the boring spoke in behalf of their plan. They de three days of grace. will be granted before stru exists. operate and nearly all kinds of grain sired Clearing House Association going hands of the committee. price. There is still more cur New on the forehead, cutting Gold closed at 112 appoint committee of five, representing kr to coming to the city than going out, inches long, and nearly buy different banks, The Reserve Drawn on for Postal and the banks would discount more tleman Fare bills of lading openPurposes. the Commit Loan seized by the Marshal an freely and Ivance on consignments busimake eeling ness would the ev WASHINGTON, Sept. The refusal struggle, dur 1124, Lee issue of Clearing Honse dences of the panic soon disappear. clothes-were torn/ the National Banks in Philadelphia cates the benefit of shippers. The Washington Free from Excitement taken from the Court roo pay drafts upon them in currency having referred Loan Commit urned stored. threatened to deprive the postal money WASHINGTON, Sept. city egulatee report at a future meeting, order in that city of the resources from the financial excitement orrow will probably be held to-morrow MISSISSIE Trust on which it largely depends for remit ctions recent statements received from the north Wesley, receiver of the Union tances from country offices, the Postmas improved condition in affairs have hange Company, this morning, denied T he Proposed Electic ter-was.to-day authorized to draw on the tranquilizing effect in Washington days Commodore Vander bad returned legal by the Attorne Department for a limited amount of the to such an extent that several gentlemen sup Company their loan to the Lake Governor. reserve deposited in the Stib Treasury with the banking combination Shore railroad Weak New York City, Similar embarrass course of a few days checks for order MEMPHIS, Sept. 29. The Loan Committee of the Clear ments were foreshadowed by numer amounts will be cashed instead of yment Jackson special says tha House this morning to conclude the ons telegrams from western post cable red with General Morris certified. Another favorable sign that issue certificates. Manager masters Saturday but they generally looked Governor of Mississippi gold many of the large depositors in the Wash to-day that the banks have resumed the and the public, and he ington Savings Bank are concerting lamation declaring his currency checks. The Patent office to the to the resumption of its business rectness of his opinion, losing could no reason for further disaster. day refused to receive payment of fees in beThe Tribune Calls f the ing the constitution The Glenham Manufacturing Company certified checks, except on banks willing a owing held until November, Resamption of Specie Payments. flourishing corporation for more than It supposed that the York Congressmen, State Offic NEW YORK, Sept. -The Tribune 15 years, having extensive mills its office and elected. York New re75a ing internal revenue receipts toGlenham, morrow will contain a leader advocating Mail day, compared with Monday, people of the State, and Broadway suspended this President immediate-resumption of specie pay namely $200,000 is mainly, if not altoion 66 the officers of the State will s Dart said that it was due to the depres gether attributed to the scarcity of curific 20 counties to aid him in ca business directly The,country.ispussing itsgrandest rency for remittances. from tical effect the provisions portunity since the war. There has not will n The Charleston Chamber of Com. tion bearing on this vented the merchants from going on been since the passage of the legal tender merce Petitioning the Government ons in (Ames' organ financial situation or crisis that they otherwise would previous to the dis for The outlook to Exchange for It. existproclamation as incendia turbance in Wallstreet its hands inviting to resumption. The crisis calls for tionary CHARLESTON, Sept 29.-At meeting business good. He was not prepared this of the Chamber of Commerce this g clear head and a determined to make even an approximate statement, PHILADEL sub and tell whether ing, being the largest assemblage of bank purpose. That all. opportunity mittee, ers and business men in Charleston for would final or only temporary, before country, for the dominant party Death of Barnum's R done for President Let him issue his learning the disposition of creditors many years, the following resolution New Masonic of ent unanimously adopted be unable to say whether the proclamation convening Congress in an gold Sept. Resolved, That the president be instruct session eight or creditors were chiefly individuals or corFHULDDREPHIA here. morn ed to prepare memoranda to the Presiwith the sole object distinctly stated porations, as a present dent the United States and the Secrewhere the paper of the company The Grand Chapter of legislation for the immediate Treasury, praying that at placed. The company was organized Masonic Temple was ded resumption of specie payment ten Secretary place and maintain on deposit noon with appropriate 1820, by Peter H. Schneck grandfather days past the people have done almost with the Assistant Treasurer at Charles Grand High Priest Chas. President Dart. James Dart, brother ancial nothing but stand in front of their balton the sum of $500,000, to be used latter, treasurer, the organiThis morning visiting effect ance sheets and inventories, and see The family the purchase from the banks wholly rious directions inspect ks are shrinkage in values, was $140,000, capital when no original knowing exchange on New York, that such recauThe dedicatory services memorial be forwarded once to Wash been maintained at figure, ead of this evening A grand or when for the simple is hard financial no there pan. but Mr. Dart said that at least that ington in the name of the Chamber place a the Temple, turing Commerce of Charleston had been expended on the Company's rk go Chapter of Pennsylvan Some we must go back to specie. No Panic at Charlotte, N. C. find a property which could not be replaced guests. A Knights Ten admitted. Why not now When The Company owns tion occurs to-morrow. nufacbe a better time? When would CHARLOTTE, Sept. 29. The acres land at Glenham with ones ic has had but little, any. effect the whole country be more benefitted by factories the manufacture Man Arrested at Eri cannot now! There ought to be statesAll the banks, State and National, are dwelling houses for all'of their astern ERIE, PA. Sept. manship enough in Congress to devise open as usual, and loaning merchants five hundred operatives. Mr. Dart scount alias Frank McCarthy money to buy cotton. There is no disposimple, practical method. Let President unable to say whether the suspension en no Grant settle it so far as he concerned sition to withdraw deposite. On the con rested here to-night for would result in throwing all these operaeach the people are sustaining the banks Quinn on board the by convening Congress and putting upon tives out of work, as this would largely fairs. large deposits. it the responsibility of meeting the emerCampbell, at Chicago, gency." depend the action of the creditors. the 21st inst. Coshma Skies rightening at Pittsburgh striking the fatal blow. The Charleston Banks Receiving of the Confidence fully Restored. Moie than They Pay Out. finds in REASSURING NEWS Coshman time PITTSBURGH Sept. financial CHARLESTON, Sept. the shipped aboard r wise. condition in Pittsburgh is brighter close of business day banks had QUARTERS nie Young and came h and recei more money than they had paid day than it has been at any time during and was hid nearly all di base of the recent panic, Confidence seems to be out. Currency isscarcer. Assistant Sec. the schooner Jessie Cong fully restored, and business is being trans retary Sawyer telegraphs the President of The Opening of the Stock acted as usual A full meeting the Wash, the Chamber of Commerce that CharlesGerman Singing Social Clearing House was ton will have all the relief afforded to Exchange To-day. other places. morning to consult on the present mone. rmers' tary situation, It was resolved that in LOUISVILLE, Sept 29. Resumption at Augusta, Ga. leorge Business Improving the ATIGITATA GA. Sent the banks Louis, view of the brightening prospects, no a


Article from Daily Kennebec Journal, September 30, 1873

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The Financial Panic. EASIER STATE OF AFFAIRS. Stock Exchange Opens To-day. Chicago, 29. The financial prospects in this morning were of resumed business usual no run either of hour. the city There banks this has been brighter. upon at the Most them while there has been considerable deposits made. The influx of currency from New York and from continues not less than received and Of this Sunday. $3000. the country being incoming during large, currency, Saturday good into the banks, and rest into the hands merchants the proportion for goes directly of commission the purchase of grain by outside parties, but it all tends to relieve the present stringency. So far as can be learned there is no urgent demand from the country banks upon their correspondents here, and in all quarters confidence is returning. This view of the situation is based upon an interview with a number of prominent bankers and business men. 29. The first National to checks Jeffersonville, bank declines Ind., pay except small amounts, on account of the scarcity of currency. It is reported that the Ohio Falls Car Co. will throwing seven men out suspend hundred operations of employment. thereby Washington, 29. The refusal of the National banks in Philadelphia to pay drafts upon them in currency having threatened to order office in that city resources on it for country the was authorized to draw for a deprive master remittances of the postal to from day money which offices. largely depends postlimited amount of the department reserve deposited in the Sub-Treasury at New York. Similar embarrassments were forshadowed by numerous telegrams from Western postmasters on the situation, but they generally report to-day that the banks have resumed currency payments. The Patent office to-day refused to receive payment fees in certificate checks except upon banks willing to cash them. It is supposed that the falling off in internal revenue receipts to-day as compared with last Monday, namely, $200,000 dollars, is mainly if not altogether attributable to the scarcity of currency remittance. New York, 29. There has been no excitement the brokers have been their affairs at their and for to-morrow's counting arranging to-day, of houses the preparatory regular offices opening stock The and cheerful. It is that there be ticipated generally however, is hopeful exchange. may feeling quite ana who will unable to even under the rules and adopted number meet their by of the obligations small governing firms be the next three days sold out under the rules. is no and doubtless will however be several panicky within feeling, committee, there There appears to be a general disposition to make all settlements as easy as possible under the cir. cumstances. Both Clews & Co. and Howes & Macy have done a good business to-day, a large number of depositors having resumed business with them. There is nothing new relative to Fisk & Hatch or Jay Cook & Co. It is stated that men of this on as as 4 and 5 a to money to meet the several Saturday month heavy last obtain paid business high pressing city per house issued a to customers two engagements. circular One its large dry goods offering pe. cent. a month discount on all paper due them for cash. The Glenham Woolen Manufacturing Company of Glenham, New York, suspended today. Its President is not disposed to make any statement. Its capital is estimated at over a owns two acres at with large for 500 hundred factories million The dollars. and of dwellings land The Company Glenham, operatives. was over 50 old. of B. Bullock & in was caused the susPhiladelphia The suspension Company to-day by years Sons pension of the Glenham Company, which owes the firm about $600,000 dollars. At the produce exchange to-day there was a decidedly improved feeling, and business is working back into the old channels. The apprehensions as to difficulties in obtaining exchange is gradually being dispelled. Louisville, Ky., 29. A majority of the banks a house association yesterday, to suspend currency amounts. banks that formed in and large resolved clearing The paying on are ments enter house association. The suspended bank to of the Saturday clearing making arrangeKentucky declines to go into the ascociation, and continues to meet the demands upon it. There is no run upon it. There is no excitement in financial circles, and the action of the clearing house association was approved by the Board of Trade today. Toronto, Canada, 29. The Lender says it is authorized to state that the Government has a from England. that a million has ordered Also half New million sterling sterling gold been shipped for York, and considerable sums for Canadian banks. The feeling in England is confident and hopeful. Savannah, Ga. 29. The Merchants' National bank and Edward C. Anderson, banker, continues currency payments. Salt Lake, 29. There is an improved financial feeling to-day. The first National bank will resume in a few days. Albany, N. Y., 29. The banks here are working under the New York plan. Ford Fuller have suspended


Article from New-York Tribune, September 30, 1873

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let the banks outside of New-York promptly respond, pledging hearty cooperation and resumption on the same day." SUSPENSION OF A PHILADELPHIA FIRM. PHILADELPHIA, Sept. 29.-Benjamin Bullock's Sons, extensive wool dealers, suspended this morning for a large sum, but they have ample assets to pay all their obligations. Their suspension was caused by the failure of the Glenham Manufacturing Company of New-York, who owe them about $600,000. Joseph Bullock, one of the firm, is a director of the Corn Exchange National Bank, but they owe that institution only $45,000, which is covered with collateral for twice that amount. This failure has caused no unusual excitement, and in business circles generally there is a confident tone. FINANCIAL NOTES. The National banks of Cairo, III., have adopted the certified check plan. A private dispatch from Zaldo & Co. of Havana contradicts the report of their failure. The Albany banks are working under the New*York plan. Ford & Fuller, brokers, announce their suspension until further notice. In consequence of the money crisis the University of Virginia has made arrangements for credits to all students temporarily embarrassed by the same. The savings banks officials of Boston and Charlestown have resolved to enforce the by-laws of their respective institutions concerning the withdrawal of deposits. The report that the Harrisburg banks had suspended is denied, as they have merely adopted the certified check plan, and pay only small demands in currency. The banks in Concord, N. H., have adopted the course taken by the banks in other places in regard to paying currency only in small amounts for the accommodation of local business. There is no apprehension of serious embarrassment. All the St. Paul, Minn., banks respond to all demands upon them in currency, and have done 80 all the time, with no thought of doing otherwise. There is no excitement or alarm there, and aside from the stoppage of wheat purchases, business goes on as usual. Business in Reading, Penn., is going on quietly, and the banks are promptly meeting all demands. Father Borneman yesterday announced, at St. Paul's Roman Catholic Church, that if his hearers had money in the banks, and doubted its safety, he would guarantee its payment. The bank officials of Lowell, Mass., decided, yesterday, to follow substantially the action of the banks in Boston and other cities in regard to currency payments. Ample provision has 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. The express lines centering at St. Louis are taking to the city a much larger amount of currency than they carry away. The banking-house of Curry & Kirby, at Jefferson City, and two at Chillicothe, suspended on Saturday. They are all regarded as solvent, and no losses will be sustained. The banks in other parts of the State still hold out, as far as is known. The Chamber of Commerce of Charleston, S. C., resolved yesterday to prepare and forward at once a memorial 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 Charleston, the sum of $500,000, to be used by him in the purchase from the banks of exchange on NewYork. The First National Bank of Jeffersonville, Ind., opened its doors one hour later than usual yesterday, and declined to pay checks except for small amounts, on account of the scarcity of currency: The Citizens' National Bank met all the demands made upon it. It is reported that the Ohio Fails Car and Locomotive Company will suspend all operations, thereby throwing 700 men out of employment, The Milwaukee Chamber of Commerce met yesterday, but adjourned until noon to-day, under the following resolution: Resolved That this Board stood adjourned under the existing resolutions until Tuesday, Sept. 30. provided that their further adjournment shall not prevent the transaction of any new business, and this committee recommends that parties having trades in option shall arrange between themselves for a settlement or a continuance of contracts until the property can be paid for.


Article from Chicago Daily Tribune, September 30, 1873

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tho they do. No leaf tobacco month. has been in Nashville good market in the past WESTERN COUNTRY BANKS. CEDAR RAPIDS, 1A. Dispatch to The Chicago Tribune. CEDAR Special RAPIDS, Ia., Sept. 20.-Privato announcing dis- repatches from Chicago to-day, had a very by some of the banks there, manifost sumption encouraging effect here. Bank latter officers portion of less anxiety than currency during in the some of the banks inlast week, and rather than diminished restored. to-day, dicating has increased that confidence is being FOND DU LAO, WIS. Dispatch to The Chicago Tribune. Special LAC, Wis., Sept. 29. business response men to FOND DU by a large number of of Fond a call signed heaviest depositors. the bankers emal and the decided this morning to pay receive only for du Lao in currency, and to certify on each and other. The sums all purposes has passed certified quietly, checks the plan working well, with day no indications of a run. BLOOMINGTON ILL. in Dispatch to The Chicago Two Tribune. Special Ill. Sept. 20.- banks and BLOOMINGTON, rosumed full payments to-day, this city financial looks hopeful hore. everything BPRINGFIELD The Chicago ILL. Tribune. Special Dispatch to 29 :-There was no oxciteSPRINGFIELD, to-day Sept. at all, and tho is banks believed moved that is fully confidence mont on smoothly here and confidently. rostored, It and no further some unlooked-for trouble is anticipated unless The deposits to-day were largely event should in excess happen. of DUBUQUE, the amounts IA. paid out. Tribune. this one Special Dispatch to The 29. Chicago The banks of DUBUQUE, In., exception Sept. of the Merchants' Nor BB usual. to-day city, tional with and the Dubuque Savinga The Banks, panto are is doing over. with the National business A committee of the Merchants Examinor, M. O. Dering, are of United States Bank the condition engaged to-day in examining disparaging to the of management well that bank. A thousan the bank rumors are afloat, and it Thore is to founded. doop feeling be feared somo of of them insecurity are among depositore. is The truth will BOOLL be known. MINN. ST. PAUL. Chicago Tribune. Special Dispatch 29. to The The financial situation is unchanged. ST. PAUL, Sept. City banks to-day than Inst were week. more The oral with their Minneapolis customers banks were expecting contrareport that suspend o-day is explicitly confident foolSaturday to commorcial circles a and dictod. In that the worst is over, from all Chicago. classes ing prevails are encouraged by to-day's reports MCGREGOR IA. Tribune. Special Dispatch Sopt. to The 29. Chicago Il checks that have McGREGOR, In. to the First National The Bank bank been presented been paid promptly. meet all this in city good have condition, and fully able to domands. SAGINAW, Sept. SAGINAW, banks, 22. MICH. which Everything are doing is their quiet regular at our business two in cities the old discloses way. the of visit to the during banks the of the excitement the of banks Friday were and Saturday, fact that, the deposits of of nine the currency drain out. considerably in excess KEOKUK. of 20.-The excitoment KEOKUK, has In. given Sopt. way toa feeling of confidence no furSaturday There have been the monand encouragement indications of a run on the banks, almost entirely business ther oy drawn out having been transactions. used The deposbanks for have ordinary been larger than usual, than and at the the opening had its more money The at news the close from all quarters the general is roof business. with much satisfaction, and AURORA. conviction colved here is that the panic is over. very Ill., Sept. Financial Merchants nro matters are dousual, AURORA, quiet in Aurora to-day. and taking 08positing in the to draw banks as as little as possiblo deposit from t social pains Orders have been given Burlington to & the banks. earnings of the Chicago, National, of this the Quincy Railway in the ordore. First The Company will city, commence until paying further their employes at will the pay eastern about end of the road, the month and it is as expected usual. The corporation, distribuas early 8100,000 in from this railroad people to tion of in Aurora, causes our with interest. each study month, the pocuniary prospecte of this Company YONKVILLE, ILL B III., Sept 29 No bank-suspension and too to here. YORKVILLE, Too much grain in this make region, it necessary to much money Thirty flowing -loade in of corn aud oatswere A. Godsuspend. from this place last week by J. this week. y shipped and thirty more will be shipp than ed two weeks dard, Prices are but a fow cents being lower made upon the past o 22 conts. week's ago. Settlements transactions, are with corn at 30, and oats at COLUMBUS, o. The trouble financial of COLUMBUS had o. but Sept. very alight effect upon propared this d city. has as While yet all the banks precaution have been has proved for a run, thus Instead far this of disastronaly affecting unnecessary. establishments, there is the usual find manufacturing and all skilled mechanics d work going their on, labor. New manufactories full are demand for and all old ones are running being of built. and cannot fill their orders. caud sets hands, banks buy Eastern exchange very Our and discount scarcely any paper. tionely, been no concorted action among the its is own affairs. bankers, There has each firm proferring to attend to JEFFERSONVILLE, IND. 20 First The ir JEFFERBONVIL Ind., Sept an hour later National Bank of this city opened declined to pay 10 this morning, and account of than usual except for email amounts, on National ly a checks scarcity of currency. The Citizens' upon it. the meeting all demands made Car & 10 la Bank It is is reported that the Ohio Falls all oporations Lo- nt that to mammoth comotivo Company concern, will suspond thoreby throwing 700 to men out of employment. ILL oPEORIA, Ill. Sept. PEORIA, 29. Our banks had here occurred. are toin day doing business general BB if nothing thing, run larger than to 0The the amounts deposits, drawn, ne a and confidence in the solvoncy of our bauks is fully ILL. rostored. Sept. CAIRO, 20. In compliance this with morn- the to to banks ly resolutions CAIRO, III., adopted by the Chamber suspond currency g. ing. requesting the two the National Banks of this adopted city an 80 payments, will to-day adopt a plan other similar citios, to giving that certified drafts in Cincinnati or exchange and in payment of chocke. DEB MOINES, IA. all Special D{spatch to The 39. Chicago Monoy Tribune. matters ed DES MOINES, to-day. Sept. A large majority all of the amounts lown In to the panio, banks quiet here have not stopped paying nearly out all the emaller the depositcities, co. go sized during towns, and in banks some large of amounts on timen, ors checks are drawn owing to the purchase grain, live stock, and goods. on he ABROAD. LONDON, Sept. 20 £225,000 in bullion were a-


Article from The Wheeling Daily Register, October 1, 1873

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CURRENCY CONDENSITIONS CAIRO,ILL-The banks have adopted the certified check system. TORONTO.-The Government has ordered £500,000 of gold from England PITT6BURGE-Outlo much improved. The Lawrence Savings Bank resumed to-day. MILWAUKEE.-Chamber of Commerce adjourned till to-day without doing any business. CONCORD, N. H.-Currency payments suspended No apprehensions of serious trouble. PATTERSON, N.J.-The Grant Locomotive Works to-day discharged 175 men, and the Danforth works 100. CHARLOTTE, N. C.-The banks are doing business as usual, and the people sustain them by large deposits. LOWELL, Mass.-The banks to-day adopted the prevailing plan in regard to currency payment There is no alarm. READING, PA-Business in this city is quietly, and banks are meeting progressing promptly all demands. the SALT LAKE-Situation greatly improved and panicky teeling subsiding First National, suspended Saturday, preparing to resume. Sr. PAUL, MINN.-There is no exor alarm here, and the of the citement stoppage purchase aside of wheat from business goes on as usual. CHARLESTON, S. C.-The Chamber of the Secretary of to lurnish to be Commerce Treasury petitions $500,000 the ueed in the purchase of New York ex. change. CHARLOTTEVILLE, VA.-In conseof the money crisis quence made the Univer of Virginia has arrangefor credit to all ments sity students temporarily embarraesed. JEFFERSONVILLE, IND.-The First National Bank declines to pay currency,except in small amounts The Cit izens National Bank is meeting all demands mands made upon it. LEAVENWORTH.-The Vice President of the First National Bank drew out $100,000 and then ordered a suspension -much indignation. German Savings Bank resumed payment. COLUMBUS, O.-The financial trouble has had a very upon While all the are thie city. yet slight effect banks prepared for a run, thus far the precaution has proved unnecessary. BosToN.-Owing to the defalcation of $40,000 by the cashier of the Hingham National Bank. that institution has been closed by the National Bank Examiners. The Savings banks require notice. INDIANAPOLIS - Financial matters quiet. No further run anticipated. LITTLE Rock-Money panic continued; greatest stringency ever known. MONTGOMERY, ALA.-No run on Sat arday. Deposits exceeds withdrawale DUBUQUE, Iowa.-Commercial Na the bank mands in tional is currency. only Merchants meeting First all de- Na- Na. tional entirely suspended tional paying partially. Savings banks runs subsided. SPRINGEIELD, ILL.Banks have taken no action, and are doing business as usual. HARRSBURG, PA-All met and unanimously agreed to suspend pay ment of currency. BALTIMORE-Saturday closed without additional excitement or reports of failures. ATCHISON, KAN- banks doing business on Saturday, and declare they will not suspend. Sr. Louis-Express lines are bring= ing a much larger amount of currency than they are taking away. NEW HAVEN, Coxx-Manufacturing. establishment obliged to suspend, for lack of currency to pay hands. AUGUSTA, Gs.-Believed the BUEW pended banks will be able to resume currency payments early this week. LOUISVILLE-Twelve banks met Saturday night and adopted clearinghouse articles. not PHILNDELPRIA-Bankere the resolved market, to force any securities on and not to do anything to cause a decline of securities at the Stock Board