Citizens National Bank (Indianapolis, IN)

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Episode Information

Episode UID
61700885
Episode Type
Suspension β†’ Reopening
Bank Type
national
Bank ID
6170 national
Charter Number
617
Start Date
September 26, 1873
Location
Indianapolis, Indiana (39.768, -86.158)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
664e409255adb11b

Response Measures

None

Events (4)
1. December 9, 1864 Chartered
Source
historical_nic
2. September 26, 1873 Suspension
Cause
Macro News
Cause Details
City-wide coordinated, precautionary two-day partial suspension by the Indianapolis clearinghouse amid the 1873 financial panic.
Newspaper Excerpt
The Indianapolis Clearing-house, at their meeting this morning, resolved to adopt for two days substantially the same plan adopted in New-York.
Source
newspapers
3. October 21, 1873 Reopening
Newspaper Excerpt
The banks of Indianapolis have decided to resume full currency payments.
Source
newspapers
4. November 11, 1884 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (3)
1. September 27, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 27, 1873

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Article Text

IN INDIANA. A PARTIAL TWO DAYS' BANK SUSPENSION AT INDIANAPOLIS. INDIANAPOLIS, Sept. 26.-The financial excitement continues, but in a much milder form than heretofore. The Indianapolis Clearing-house, at their meeting this morning, resolved to adopt for two days substantially the same plan adopted in New-York. Chicago, and Cincinnati. It is hoped that by that time confidence will be fully restored. The,run still continues on Retzinger's Bank by a class of depositors mostly German, and their claims are being paid in full as fast as presented. No doubt exists asite the ability of the bank to meet promptly all the demands.

2. October 3, 1873 Burlington Weekly Free Press Burlington, VT
Article from Burlington Weekly Free Press, October 3, 1873

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Article Text

The Action of the Banks. The New York banks, in order to prevent further drain of greenbacks, and new lock-ups of currency, already in too scanty supply, found it necessary to refuse payments of large checks and drafts, while still holding themselves prepared to cash small checks, drawn in the ordinary course of business. Similar action at once became necessary in other monetary centres. Thus the Boston banks found that New Yorkers were picking up Boston checks, and that large sums of greenbacks, were being sent from Boston to New York. They at once held a meeting for concerted action and adopted the same measure of partial saspension. The same causes led to the same precautionary measure] on the part of the banks in Philadelphia, Baltimore, Chicago, Cineinnati, Indianapolis, and other large cities. Probably a majority of the banks of the principal cities of the Union have by this time followed the example of New York. The country banks are not in equal danger of drains of currency, and probably do not in many cases find it necessary to give formalinotice of similar precautions. Yet their attitude, in the nature of things, must be substantially the same. While all goes on quietly and on the usual course of business, they will make no difference in their mode of doing business; but they would unquestionably meet any concerted or unusual demand for currency, by a refusal to pay greenbacks and a tender of some other form of payment, as certified checks, or drafts. Our Burlington banks are sound and strong ; and as long as our business men and community generally keep their heads, and make no unnecessary or unusual demands. they will unquestionably keep right on in the ever. tenor of their way, responding as usual to all ordinary demands. While the banks tbus do their duty, it is for the community to remember that a duty also rests with them. No one should hoard greenbacks, or needlessly withdraw them from circulation. Let every one that has cash use what he needs, and thus keep it moving; and deposit what he does not need in the banks, to help keep up their supply of currency. With such wise action, there need not be, and we suppose there will not be, any disturbance of the usual course of business among us.

3. October 22, 1873 Elizabeth Daily Monitor Elizabeth, NJ
Article from Elizabeth Daily Monitor, October 22, 1873

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Article Text

The storms caused high water and destruction of property in New Hampshire, New York, and Pennsylvania, and damaged shipping on Lakes Erie and Ontario. The Memphis mortuary reports show about one death per hour from yellow fever. The National Board of Trade began its sixth annual convention at Chicago, yesterday. Secretary Richardson denies rumors that the government will issue more of the greenback reserve. The Cubans attacked the town of Baive, but were repulsed by the Spanish troops. Marshals Canrobert and LebΕ“uf and Gen. Ladmirault gave damaging evidence against the accused in the Bazaine court martial. President MacMahon has replied to members of the Assembly that he may resign under certain contingencies, and promises to co-operate with the conservative majority. The Spanish insurgents' squadron is still off Valencia and has captured merchantmen. The banks of Indianapolis have decided to resume full currency payments. Dullness reigned in Wall street yesterday, the only incidents occurring to break the monotony of the day being the suspension of the National Life Insurance company of New York, and a series of rumors relating to the proposed action of the Treasury department with respect to the purchase of foreign exchange and the issuing of the forty-four million dollars legal-tender reserve. The Grinnell failure has assumed another phase, and it is now feared that a controversy will arise in regard to the legality of settlements and contracts made when the firm were in imminent danger of bankruptcy. The subject of the resumption of currency payments by the banks is attracting much attention in financial circles. Gov. Dix recommends Thursday, Nov. 27, as a day of Thanksgiving and prayer. The Indiana Supreme Court has declared the Indiana liquor law constitutional. A game of base ball, played in Baltimore yesterday, between the Boston and Baltimore clubs, was won by the former clubβ€”17 to 13. The Fishback puddle and rail mills in Pottsville, Pa., have suspended work for the present. Six hundred hands are thrown out of work. Jeremiah Wilkins of Peekskill, after abandoning his wife, committed suicide on Monday. Dissipation is said to have been the cause of the act. SAN FRANCISCO, Oct. 21.β€”On Sunday last a slight earthquake was felt at Seattle, Washington Territory, and at four o'clock on the same day an eruption from the summit of Mount Rainer occurred. Thomas Nolar, an old man with only one leg, who kept a small grocery in North street, Boston, was robbed on Sunday night of four thousand dollars, the savings of many years. He kept his money in a trunk in his chamber, in which he placed the four thousand dollars on Sunday, nine hundred dollars being in greenbacks, one hundred dollars in gold, and three thousand dollars in United States bonds. An old lady who ran away from Memphis to escape the plague says: "I kept a boarding house in Memphis. I had thirty-one boarders. Thirty of them died, and the last one took sick, and I just left the premises and am going as far north as I can get."