6799. First National Bank (Leavenworth, KS)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 182
Charter Number: 182
Start Date: September 30, 1873
Location: Leavenworth, Kansas (39.311, -94.922)

Metadata

Model: gpt-5-mini
Short Digest: 016da8a2

Response Measures

None

Description

Articles (late Sept. 1873) report the First National Bank of Leavenworth was ordered to suspend by its vice-president who simultaneously withdrew ~ $100,000 to support Scott & Co. This is reported as a suspension (temporary) and the bank and local press indicate plans/expectation to reopen once larger banks straighten out; no receivership or permanent closure is reported.

Events (1)

1. September 30, 1873 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Vice-president Lyman Scott ordered the bank to suspend and withdrew nearly $100,000 in currency to prop up Scott & Co. brokers (a partner of his), signaling internal misconduct/adverse bank-specific action.
Newspaper Excerpt: There is indignation among the stockholders and depositors of the First National Bank ... in consequence of the vice-president ordering the bank to suspend, and at the same time drawing from the bank nearly $100,000 in currency to sustain the credit of Scott & Co., brokers, of which firm Vice President Lyman Scott is a partner.
Source: newspapers

Newspaper Articles (10)

1. September 30, 1873 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN

Article from Memphis Daily Appeal, September 30, 1873

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te recommends that those having trades in options shall arrange between themsel ves for settlement or continuânce of the contracts until the property is paid for. LEAVENWORTH, KANSAS. LEAVENWORTH, September29.-There is much indignation among the stockholders and depositors of the First natioual bank here in consequence of the vice-president ordering the bank to stis= pend, and at the same time drawing from the bank ninety thousand dollars in currency to sustain the credit of Scott Con bankers, of which firm VicePresident Lyman Scott is a partner. The German Savings bank and Shyre & Co. reopened to-day, and are abundanily able to meet all demands. The other banks here are paying checks. VICKSBURG, MISS. VICKSBURG, September 29 - The Vicksburg bank, E. S. Butts cashier, continues business as Usual. CHATTANOOGA, TENN. From the Chattanooga Times.] Chattanooga is fortunate in having three banks of undoubted solvency and possessing the entire confidence of the community. There has been no run upon them, and there will be none; and they are transacting their accustomed business as well as they can, with their correspondents in every direction suspended. The banks of Chattanooga have always done a legitimate business and sustained the business men through many hard times, and the confidence inspired by their past course cannot be shaken. Ever since the crash began our merchants who had remittances to make, instead of sending the currency abroad and withdrawing their deposits, have been depositing their currency and checking upon it for exchange. In this way the community gets the benefit of the currency and our manufacturers are enabled to pay their hands promptly. With such a feeling existing between the banks and the people there can be no possibility of a panic here. The panic elsewhere will affect us temporarily, by curtailing our business with other points, but after passing through the burst of the Alabama and Chattanooga railroad, to say nothing of the flood and fire, we can stand anything but a lack of confidence in our own resources, and that is not likely to come. If there is any weak point in Chattanooga, it is modesty.

2. October 1, 1873 New Orleans Republican New Orleans, LA

Article from New Orleans Republican, October 1, 1873

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BY TELEGRAPH. FINANCIAL New York. New YORK. September 30.-The customs receipte have diminished one half since the panic. Henry J. Brooks. !eather merchant, has failed. and vicinity is The members the crowded. The Stock Exchange flocked their around hats president's desk. waving and cheering. The president said: We are met again after a very moment. ous suspension for the purpose of resuming business. Your action in the interim has has me: with universal approbation, and been most satisfactory to yourselves." Business. be said. would be carried on under the rules adopted yesterday by the governing committee. which he read. and appointed a committee to settle the contracts of defaulting parties. In conclusion. the added **All I ask now is that von help each other to bear the burden that has fallen upon us. and to so conduct business as to enable the Exchange to carry on it# work successfully." Loud cheering greeted these remarks, and the members proceeded with business. A much better feeling appears to exist. and the opening prices of stocks show a feeling of confidence. Later. - Considerable pressure to sell. Stocks have declined 1 to 3 per cent from opening prices. Brokers are indisposed to operate for customers on margins until affairs are more settled. The impression prevails that all the lead ing houses will pull through. Sterling unsettled but improved. 3P. M.-Stock market still without exeitement and closes firm. Western Union Telegraph quoted at 66% Rock Island 91; Lake Shore 714: Union Pacific 1976: Pacific Mail 33. Application was made in the United States Circuit Court to-day for an order enjoining the Controller of the Currency and the receiver of the Bank of the Common wealth from proceeding further in the mat ters of that bank: also for citation to show cause why the receivership should not be vacated and the appointment declared null and void, on the ground that the bank never refused to redeem any of its circulating notes. The citation was granted, and made returnable October 7. It is stated, on the authority of a Clearing House official, that legal tenders were received from the interior of the country to-day in considerable amounts The sub-committee of the Stock Exchange reports that it has examined everything laid before it, and says that there is not single delinquent. Washington. WASHINGTON, September 30.-The banks houses associated .0 do more than certify but little while those not association have largely and nothing business, banking increased checks in their the do busipess, paying all checks upon them as usual. Among the latter is G. W. Riggs, who, since Saturday, has refused to receive 8800,000 on deposit, not earing to enlarge his business and employ additional clerks. Memphis. MEMPHIS, September 30.-At a large meeting of the Chamber of Commerce this to consider the from the a was to the effect that morning resolution received banks financial in of they addition situation. this would city not suspend, but would open, to the usual business, an exchange account. to be paid in kind, for the purpose of moving cotton, which was unanimously adopted by the chamber. The most responsible merchants of this city have subscribed and paid in $320,000 to the First National Bank, which will able it to pay all liabilities, and resume business as once. Charleston. CHARLESTON, September 30.-The Bank of the Union continues the payment of currency. The deposits exceed the disburse. ments three-fourths. There were cotton sales to-day for green. backs, instead of exclusively for eterling. as has been the case since the crisis. Leavenworth. LEAVENWORTH, September 30.-Indignation exists among the stockholders positors of the First National Bank of this city in consequence of the vice president ordering the bank to suspend and at the same time drawing from the bank nearly $100,000 in currency to sustain the credit of Scott & Co., brokers. of which firm Vice President Lyman Scott is a partner. St. Louis. Sr. LOUIS, September 30.-The financial situation here presents no new feature. All is apparently quiet with the banks. They still pursue the policy first marked out, and nothing has occurred to produce a jar or discord. The announcement that the Union National Bank of Chicago had gone into liquidation caused a profound sensation on Change and a depressed feeling followed, but no excitement occurred. There is, however. still much apprehension for the future in commercial circles: but. if things work out well in New York, it is the general belief here that business will revive and no more disasters occur. Richmond. RICHMOND. Va., September -The Bank of Commerce was organized to-day by Isaacs, Taylor & Williams, private bank ers. who suspended last week. The full amount of the capital was subscribed, and the bank will commence business at once. YELLOW FEVER

3. October 1, 1873 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, October 1, 1873

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Indignation against a Bank Officer. LEAVENWORTH. KANSAS, September 30. There is indignation among the stockholders and depositors of the First National Bank of this city in consequence of the vice-president ordering the bank to suspend, and at the same time drawing from the bank nearly $100,000 currency to sustain the credit of Scott & Co., brokers, of which firm VicePresident Lyman Scott is partner.

4. October 1, 1873 The Wheeling Daily Register Wheeling, WV

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

5. October 1, 1873 The Rutland Daily Globe Rutland, VT

Article from The Rutland Daily Globe, October 1, 1873

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A Smart Bank President. LEAVENWORTH, Kan., Sept. 30. There is much indignation among stockholders and depositors of the First National bank here in consequence of the vice president ordering the bank to suspend, and at the same time drawing from the bank nearly one hundred thousand dollars in currency to sustain the credit of Messrs. Scott & Co., brokers, of which firm Vice President Lyman Scott is a partner. The German savings bank, and Insley. Shire & Co., bankers, reopened yesterday, and are abandantly able to meet all demands. Other banks are paying checks in limited sums.

6. October 1, 1873 The Daily Phoenix Columbia, SC

Article from The Daily Phoenix, October 1, 1873

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Governing Committee, appointed committee to settle contracts of defaulting parties. In conclusion, he, added, "all.,I 10, Madyou Help each other 10.50am the burden that has fullen upon us, and to 80 conduct business as to enable the Exchange to carry on its work successfully." Loud cheering greeted these remarks, The members then proceeded with business. Much better feeling appears to exist, and the opening prices of stocks show a feeling of confidence. later despatch says there was considerable pressure to sell stocks, at a decline of one to thieaper cent. from the opening prices. Brokers are indisposed to operate for customers on margins, until affairs are more settled. CHICAGO, September 30.-The Union National Bank has intoliquidation. MEMPHIS, September 30.-Ata large meeting of the Chamber of Commerce, this morning, to consider the financial sitnation, a resolution was received from the banks of this city, to the effect that they would not suspend, but would open, in addition to the usual business, an exchange account, to be paid in kind, for the purpose of moving cotton, which was unar nously adopted by the Chamber. WASHINGTON, September 30.-At the Cabinet meeting to-day, the business was routine. Present, Fish, Cresswell, Williams and Richardson. Probubilities-For the South Atlantic States, increasing Northerly to Easterly winds, generally cloudy weather, and rain accompanying the disturbance on the Gulf, which will probably move North-eastward into the former. Application was made in the United States Circuit Court to -day for an order enjoining the Comptroller of the Currency and the Receiver of the Bank of the Commonwealth from proceeding further in the matters of the bank; also, for a citution to show cause why the receivership should not be vacated, and the appointment declared null and void, on the ground that the bank never refused to redeem auy of its circulating notes. The citation was granted, and made returnable ou the 7th of October. The banks and banking houses asso ciated to do nothing more than to certify checks, do but little business, while those not in the association have largely increased their business, paying all checks upon them as usual. Among the latter is Geo. Riggs, who, since Satarday, has refused to receive $800,000 on deposit, not caring to eularge his business, and employ additional clerks. LEAVENWORTH, September 30.-There is great indiguation among the stockholders and depositors of the First Na tional Bank of this city, in consequence of the Vice-President ordering the bank suspended, and ut the same time drawing from the bank nearly $100 000 in currency to sustain the credit of Scott St Co., brokers, of which firm Vice-President Scott is is partner. LITTLE ROCK, September 30.-The Attorney-General yesterday withdrew the suit against Gov. Baxtere and the Governor issued his order disbanding the militia. NEW YORK, September 30.-The resumption of Smith & Severs was received with cheers at the Stock Board. The impression prevails that all the leading houses will pull through. CHARLESTON, September 30.-The Union Bank continues the payment of currency. Its deposits exceed its disbursements by $3,000 or $4,000. Cotton sales o-day for greenbacks, instead of exclusively for sterling, as has been the case since the crisis. MONTGOMERY, September 30.-One yellow fever death to-day. Five mild cases are under treatment. A spread not apprehended. Telegraphie-Commercial Reports. LONDON, September 30.-5s91. Eries 425/. The Donan takes £136,000 to America. PARIS, September 30.-Rentes 56f. 40c. LIVERPOOL, September 30-Noon.Cotton 9)/@914;sales12,000 bales; speculation and export 2,000; sales of uplands, basis of low middling, delivered September, 15-16. FRANKFORT, September 30.-Bonds 961/2 LONDON, September 30.-The demind for discounts ut the baukand on the streets is active, at 5. NEW YORK, September 30-Noon.Go.d opened at 12% Stocks dull and very feverish. No price for money. Gold 117/ Exchange-long 61; short 734. State bonds quiet. Cotton quiet; sales 230 bales-uplands 181; Orleans 19. Futures opened: October 1714

7. October 2, 1873 The Leavenworth Weekly Times Leavenworth, KS

Article from The Leavenworth Weekly Times, October 2, 1873

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Mr. H.-Whenever confidence can be restored. CLARK & co. At Clark & Co.'s Bank our reporter found the teller, Mr. G. H. Hyde, willing to anwer questions. Mr. A. M. Clark is in Salt Lake, and Mr. M. E Clark in St. Louis. Our reporter tackled Mr. Hyde in this fashion: Reporter-How are depositors feeling to day ? Mr. Hyde-Feeling good. They seem to be well satisfied. Reporter-Have you any idea, Mr. Hyde, bowlong this thing will continue Mr. H.-It is hard to tell. The government could easily remedy this trouble by a free banking system, 80 that a man could exchange bonds for currency when currency wanted, and convert his currency into bonds when currency was over-plentiful. Reporter-What per cent of the deposits of Leavenworth could to-day be paid in carrency by the banks? Mr. Hyde-I thi at the outside 25 per cent. Our currency balances are locked in the vaults of Eastern banks. Reporter-What can business men do this trouble lasts ? Ir.H-They can use certified checks. Reporter-Ar your country correspond, ents drawing their balances? Mr. -Not to any great extent. INSLEY, SHIRE & CC. Our reporter found Col. Insley ready to receive conundrums, and pay out answers on demand. f Reporter-When do you expect to pay checks, Colonel? Col.-We did expect to open next Monf day, and would open to-morrow, it we could f obtain our currency deposits in Eastern banks. Reporter-How will the suspension of the banks affect trade in the city. Col. -It will not have a serious result. Certified checks can be exchanged until the banks are ready to pay currency. Reporter-Is there DO way of avoiding hardships among the laboring classes who have email deposits in the banks, and need their money for the necessaries of life? Col.-Our bank would favor a plan to pay small checks, and thus relieve distress, and hope to make an early arrangement to do 80. Reporter-What is your opinion about the German Savings Bank--will it be able to reopen on the day appointed for its resumption? Col.-I do not see how they can open before the other banks of the city resume. NEWMAN & HAVENS. Without any extra ceremont our reporter entered into conversation with Mr. Paul Havens. Oar interviewer had talked with 80 many bankers that he began to believe he knew more of the banking business than the man who invented currency, and bence approached Mr. Havens with the confidence of one who knew what he was talking about. In thisstyle the trouble commenced. Reporter-If l had $10,000 in U. S. bonds, Mr. Havens. how much currency could I get from you by depositing my bonds as se curities? Mr. Havens-Yo couldn't get a dollar. Reporter-Why? Mr. H. Because bonds are plenty and currency scarce. (Havens found out someway that the reporter didn't have the bonds). Reporter-Are the country banks generally calling for their currency? Mr. H.-At this season of the year their balances are very light, but they have been calling it in. Reporter-How do your depositors feel over the suspension? Mr. H.-They recognize the necessity of it. The situation was unavoidable. When the St. Louis and Kansas City anksdeclined payment we had to resort to the same course to save ourselves from the effects of a run. Reporter-Is there any way to assist the needy depositors? Mr. H.-I would favor the plan of paying email checks. Reporter-How will this suspension affect merchants? Mr. II.-They can use certified checks, The banks have agreed to make settlements every Saturday evening. (Here Levi Wilson interfered by teiling how a man met him on the streets and inquired when his "damn'd hole" up town would open again, saying that he had $2,000 in it. Levi says he looked at the fellow and replied, "You d- pauper, you never had twenty cents in a bank in your life. That closed conversation between Levi and the discontented citizen.) FIRST NATIONAL Late in the evening our reporter hailed in found out other the the cashier among telegraph of the office, things First and that National the government deposits at the First National amounted to $225,000, which was amply secured be U. S bonds, The information was obtained that the First National hadnot loand ed a dollar of depositors money and would reopen as soon aw the New York banks could get straightened out. ( Here our interviewing man suspended.

8. October 2, 1873 The Leavenworth Weekly Times Leavenworth, KS

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Told What Bank Officers Times Reporter. in of The Currency Amount Leavenworth. Thouand One Fifty Hundred From Taken sand the Dollars Banks This Week. the for Benefit Checks Certified of Merchants. is the Again. Come Currency Cry. For that thought all to the meet demands but the feeling thought banker* duced the and consider meeting was meeting When last, before dispatches and St. Louis New from York, those cities the banks that saying Chicago, balances holding Leavenworth for not meet could currency bankers in the of the view, therefore difficulties in of way fund impossibility obtaining agreed bankers getting currency and to of protection themselves the to decline depositors OF CHECK their East the make the until could corretheir Western settlements, and agreement #nondente. Na. the all First city the the & and and Co., Scott tional signed, the of did the not doors First National and the hours opening yesterday, would that Scott ROOM known became their available currency the of branch town demanda, had "open First National to had need its as the down resolved who and check* house, pay the bank. upon with open by not were paid other houses banking RCOTT that and cur the we day, during certific rency exchange of deposit. of the classes, to depositors and the to they crisis "chance resolved of Mr. the bank, the teller to meet able amply Continution in all is Mr now Scott Lucien ad and New here his firms York, keeping of rised great financial about money cilled the the Mr. the Mr. and Stone, Mr. stated. the banka New York Reporter IMM Borland banks will able within Borland, Report the of Mr Borland to There enough currency measure. the the event meet depositors our obtain balances from have the already Eastern New have houses currency structed firms That is instead We the would draining currency only pay elsewhere. Do banks Reportersmall checks the de pcorer among Mr Borland be should ment favor would generally Your bank Reporter pository, but the the secured Mr. Borland. are amply bonds. HINES the Oar Mr. called Hines, reporter Bank, Leavenwo of Mr. the had questions ability confidence withstand among Reporter Mr. witors, Hines, few had more I there in much the depositors, we much You pee, alarm. ccording our doors our the Mr. H.-Not night, and Our larger keep meeting last formation. our they Calla are and them many Among creditors exhibiting the the least the "necessity women, of they I amppose or eventy person action. seem be most sixty explained the cause Mr. the FOR Hines, think, Bank able to ta the contract the terma of they can Louis until German York, able are Mr. the get since H.-1 bank New currency. They they collections well fixed closed, making now now n city for currency Mr. me can illines have been and probably bank the you give the an Reportike currency estimate all in by the aggregate H pay should been since has probably last shout $150,000. Tuesday What deposReporter have means cannot Mr. H. knowing make guest, Report what in Mr. the that would deposits all city, told, amount million the banks dollar the by held securities Reporte in that value equal banks different is that amply hand current and doing Mr. hank that has of healthful its depos perfectly business. Mr Where Reporter reckoned legitimate ing the entrency H New held Mr. York, We banke cannot Chicago the banks country bal Mr. Their the this are light. thin! the Leav adopt the be to. will will Mr. think they obliged is

9. October 3, 1873 The True Northerner Paw Paw, MI

Article from The True Northerner, October 3, 1873

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news came that the banks of Chicago and Cincinnati had followed the example of New York. They at once yielded to the pressure. There is no apparent excitement on the streets. CHICAGO, Sept. 27.-Yesterday the financial tidal wave caused the first real damage in this city. At 10 o'clock a. m. it was announced from the Clearing-House that, on account of the extraordinary situation, no deposits would for the present be received and no checks would be paid by the following banks: Union National Bank, Cook County National Bank, Second National Bank, Manufacturers' National Bank, National Bank of Commerce. These banks all claim that their suspension is only temporary, that they have ample assets to meet all demands, and that they will resume business SO soon as they can convert those assets into currency. There is a strong belief that the crisis of the panic has been reached and passed, and that there will be no more suspensions. The mercantile classes do not seem to have been thus far affected, and have been able to meet all their obligations as they matured. Deposits are still made in all the banks. That there has been a withdrawal of currency for the purpose of hoarding it in private safes is obvious: but if the banks continue to meet the requirements of their customers a few days longer, most of this hoarded currency will come forth. The receipts of currency here by express are large. The country must have the breadstuffs and the provisions which are packed in our warehouses and stock-yards, and to get them the money must be sent here. A dispatch from Leavenworth, Kan., announces the temporary suspension of the following banks: First National, Second National, Leavenworth Savings, Clark & Co., Insley, Shire & Co., Newmans & Havens. Good feeling prevails among merchants, all seeming to appreciate the situation. CHICAGO, Sept. 29.-The two most important developments of Saturday were the suspension of the Third National Bank, and the announcement that the Cook County National, which closed on Thursday, would resumeo Monday (to-day). The suspension of the Third National, though not unlooked for in banking circles- the run on it having been heavy-created a feeling of depression in the community. The bank was the second largest in the city, its deposits amounting to about $4,000,000. It is said the institution will soon resume, as its securities are all right, and can be made available with little delay. All the banks, with the exception of those that had suspended, passed the ClearingHouse with flying colors. This fact, added to the cheerful news received from abroad. served to re-establish confidence, and renew and strengthen the spirit of moderation that has been generally manifested since the panic began ; and it came to be the accepted theory that the suspension of the Third National marked the turning-point of the crisis, that the storm had spent its fury, and the sunlight was about to break through the dark clouds. An immense volume of currency is flowing into the city. Over $4,000,000 has been received by express in the past forty-eight hours. The total assets of the Union National (familiarly known as Coolbaugh's Bank, and the largest in the city), which suspended last week, are given at $5,600,000; liabilities, $4.300,000. There is little or nothing doing at the stockyards. There is over a million dollars' worth of stock in the yards, and the pens are so full that no more can be received for the present. CINCINNATI, Sept. -Thefinancialsituation here to-day appears to be improved. At the close of business an improved feeling was plainly manifest. Sr. LOUIS, Sept. .29.-Quietnessreigns among the banks here. All are paying checks under the rule, and everybody seems cheerfully to acquiesce in the "arrangement. The feeling on Cliange was better, and prices for some articles are stiffened materially. OTHER POINTS. Detroit, Cleveland, Toledo, Milwaukee, Dubuque, Keokuk, DesMoines, and in fact every Western city and town heard from, report an improved feeling in financial circles. CHICAGO, Sept. 30.-About $4,000,000 in currency has been received in this city within the last 48 hours, making about $11,000,000 for the last five days. Three of the suspended banks have resumed. The Union National (Coolbaugh's) has gone into voluntary liquidation. Produce markets active. Wheat and corn are advancing. The storm is practically over, everything is serene, and people wonder why they allowed themselves to become so excited.

10. October 10, 1873 The Andrew County Republican Savannah, MO

Article from The Andrew County Republican, October 10, 1873

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Cincinnati had followed the example of New York. They at once yielded to the pressure. There is no apparent excitement on the streets. CHICAGO, Sept. 27.-Yesterday the financial tidal wave caused the first real damage in this city. At 10 o'clock a. m. it was announced from the Clearing-House that, on account of the extraordinary situation. no deposits would for the present be received and no checks would be paid by the following banks: Union National Bank, Cook County National Bank, Second National Bank, Manufacturers' National Bank, National Bank of Commerce. These banks all claim that their suspension is only temporary, that they have ample assets to meet all demands, and that they will resume business 80 soon as they can convert those assets into currency. There is a strong belief that the crisis of the panic has been reached and passed, and that there will be no more suspensions. The mercantile classes do not seem to have been thus far affected, and have been able to meet all their obligations as they matured, Deposits are still made in all the banks. That there has been a withdrawal of currency for the purpose of hoarding it in private safes is obvious: but if the banks continue to meet the requirements of their customers a few days longer, most of this hoarded currency will come forth. The receipts of currency here by express are large. The country must have the breadstuffs and the provisions which are packed in our warehouses and stock-yards, and to get them the money must besent here. A dispatch from Leavenworth, Kan., announces the temporary suspension of the following banks: First National, Second National. Leavenworth Savings, Clark & Co., Insley, Shire & Co., Newman & Havens. Good feeling prevails among merchants, all seeming to appreciate the situation, CHICAGO, Sept 29.-The two most important developments of Saturday were the suspension of the Third National Bank, and the announcement that the Cook County National. which closed on Thursday, would resume on Monday (to-day). The suspension of the Third National, though not unlooked for in banking circles the run on it having been heavy-created a feeling of depression in the community. The bank was the second largest in the city, its deposits amounting to about $4,000,000. It is said the institution will soon resume, as its securities are all right, and can be made available with little delay. All the banks. with the exception of those that had suspended, passed the ClearingHouse with flying colors. This fact, added to the cheerful news received from abroad. served to re-establish confidence, and renew and strengthen the spirit of moderation that has been generally manifested since the panic began: and it came to be the accepted theory that the suspension of the Third National marked the turning-point of the crisis, that the storm had spent its fury. and the sunlight was about to break through the dark clouds. An immense volume of currency is flowing into the city. Over $4,000,000 has been received by express in the past forty-eight hours. The total assets of the Union National (familiarly known as Coolbaugh's Bank, and the largest in the city), which suspended last week. are given at $5,600,000; liabilities, 84,300,000. There is little or nothing doing at the stockyards. There is over a million dollars' worth of stock in the yards, and the pens are 80 full that no more can be received for the present. CINCINNATI, Sept. 29. The financial situation here to-day appears to be improved. At the close of business an improved feeling was plainly manifest. ST. LOUIS, Sept. 29. Quietness reigns among the banks here. All are paying checks under the rule. and everybody seems cheerfully to acquiesce in the arrangement. The feeling on "Change was better. and prices for some articles are stiffened materially. OTHER POINTS. Detroit, Cleveland, Toledo, Milwaukee, Dubuque. Keokuk, DesMoines, and in fact every Western city and town heard from, reports an improved feeling in financial circles. CHICAGO. Sept. 0.-About $4,000,000 in curreney has been received in this city within the last 48 hours. making about $10,000,000 for the last five days. Three of the suspended banks have resumed. The Union National (Coolbaugh's) has gone into voluntary liquidation. Produce markets active. Wheat and eorn are advancing. The storm is practically over, everything is serene, and people wonder why they allowed themselves to become 80 excited.