Insley, Shire & Company (Leavenworth, KS)

Episode Information

Episode UID
8231973890885
Episode Type
Suspension โ†’ Reopening
Bank Type
trust
Bank ID
823197389 hash
Start Date
September 26, 1873
Location
Leavenworth, Kansas (39.311, -94.922)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b508b6fe7cee526b

Response Measures

None

Events (2)

1. September 26, 1873 Suspension
Cause
Macro News
Cause Details
Temporary suspension prompted by the nationwide financial panic/pressure following the New York/Chicago banking disturbances
Newspaper Excerpt
LEAVENWORTH this city resolved Kan., to-day to suspend payment First National, Second National, Leavenworth Savings, Clark Co., Insley, Shire & Co., & State
Source
newspapers
2. September 29, 1873 Reopening
Newspaper Excerpt
The German's Savings Bank and Insley, Shire & Co., bankers, re-opened yesterday and are abundantly well able to meet all demands.
Source
newspapers

Newspaper Articles (5)

Article from Chicago Daily Tribune, September 27, 1873

Click image to open full size in new tab

Article Text

WEST. SPRINOFIELD. Tribune. Special Dispatch to The 20.- Chicago The financial all situation day, SPRINGFIELD, III., quiot Sept. run on the banks of a crowd here has there been has a been demands no appearance were promptly met was paid and at out rush though anywhere. All meant to say that than money business pur of were coveral by run each it is of only the banks made for other as usual, and at days some proceding. poses. Doposita they wore greater than 4 on o'clock, the is doors enfo of to the banks At the closing were hour, shut, freer and it than at any the banking all interested houses There breat is dread of a the run morrow on the any that during the day will not be trange earnest yet to-night If time sides. It the morning in will be the case. prodicted, banks is begins no evidence in is that but such one result still to there be is not all one its it there should come, would there all suspond, abundant! and able to Whether meet there the of them banks but what could is realize adopted on its assets by the bank to-night officers will liabilities be uncertain, any if line of though policy they night hold an a informal meeting State National, meeting is to yet exchange Mr. views. Cullom' Last course room of at action the HAVE should to pay be the with with but was demands held did as not in to until agree the possibility more upon ser a lous of especially A panic. been in connection discussed of law, made, The financial suspensi situation, of reference the banks, to has & which paragraph reads merchant, here 39 largely of the Dankrupt a banker, broker, has raudulenti and Sec. Or who manufac being facturer, has or stopped miner or suspended paper withdays trader, stopped payment payment who of his commercial comm shall be deemed further to have proin not resumed period of act fourteen of bankruptcy a bankrupt and whore on the claims peIt vides committed that hesball all or more be dindged of his petition creditors is filed is within thoug six tition shall amount of after one to the $250, act If of add the bankrupter much to the fourteen perploxity days, of months that this provision if it shall will not banks happen will be within at the will of any resuming after that time creditor the or creditors. ovil as disposed BLOOMINGTON, ILL. Tribune. Special Dispatch Ill., Sept. to The -Some Chicago morning excitement over the of finan- pre- the BLOOMINGTON here last night and the this sonsational reports the bauk vailed situation, caused by evening, & meeting of except the rulo Chicago cial Times. was hold. Last All were determined represented and to adopt to pay the giving This First Presidents National. of It other was cities, certified plan checks was same only email checks, the except balance the First will National, cont inue which to 80 pursued desired-! to-day in by full, all and declares the day it In the drew morn- their do so. paid all All was checks of niet coal-miners during department and others of The the People's leading in of ing deposits number from the savings was even threatened of confidence merchan banks of the city. Bank, ante but no have run passed There resolution is general feeling confidenco the this evening. LA SALLE, ILL. Tribune. Special Dispatch to The Operations Chicago in grain under are LASALLE, Ill., Sept. and business is nows generally from Chicago. groatly restricted owing to the financial various points accuston along the depression, Grain shippers here notified and not at to make consignees, the tends and the to our restrain chases. advanco river financial have upon news been merchants drafts from all upon parts from Chicago of making the country their usual purAURORA. feago Tribune. special plapately to The As yet money we have matters. experienced and All AUROHA, Ill., in Sept. regurd to our good. Merchants deposits and checks our no excitement banks here are perfectly make their usual con idence is oxcitizens the business are men honored. in general The in greatest regard to the solidity and propeed good-standing by of our PEOBLA, banks. ILL. advised last to night, stand the by PEORIA, Ill., Sept. last 26.-As evening panic, and agreed and, as a currency procaubankers here in met the event of not a to pay Action out is looked tionary one another measure, consideral resolved amount AS This a wise step, lock-up and no in for on any by depositors ensue generally from the The tem bank morary will resume in a trouble which business will is as placed. more currency is received. few days, as BOOLL DANVILLE, ILL. Chicago Tribune. Bank Special Dispatch 26.- to The The Exchange all deposit of J. DANVILLE & Co. Ill. while Hept. safety amply this able afternoon to pay amounts decided until the to C. refuse dollar Short for all checks dollar, subsides. on for them A for couple large of days will probananicky bly make feeling all things FOND all right DU The LAC, Chiengo WIS, Tribune. no tions Special Dispate ispatch Sept to -There are The banks Indica are farmers rangements FOND of DU financial LAO, Wis. troubles in in Northern this city. Wisconsin to hold their are strong. The all necessary are offered. wheat making until good prices GRAND RAPIDS. Tribuno, Emercant Special Dispatch Mich., The Sept. Chicago 26.- lie. No manufactur- disturbance of the pressure GRAND has RAPIDS, yet operati appeared in here. No Indications deposits in. and croased torday usual banking ing, whatever or banking on banks. On to-day the contrary, The only facilities variaIn Chicago, from checks the on refused banks payment Since thus the tion is that and other citics are order business. New York, the Detroit, the postal financial money troubles in to strength croasing beginning of the moved cautiously the siming Chicago associabanks their here position. have The surprise, action of but no alarm. reis eu ted banks caused COUNCIL some BLUFFS, 26. IOWA. Financial matters interest quiet the COUNCIL BLUFFR, here, although Sept. progrees considerable and withdrew result of their the mani main feated elsowhere. concern A lug few two of depositors our banks ticipated. to-day, One but of papio money from one was or made, or is this evening had doors ou nothing like the run close of than business when it opened its are able to boast our banks nearly at $4,000 more several other inst: of stutions public could dence. hand in the morning, of a corresponding and degree WAYNE. the FORT Sept 20.-AS alarmed yet neither with the FORT WAYNE, the people Ind. have York bren and at all other cities. demand, Our banks financial nor crisis in New deposit ouitors whatever had they happoued banks are paying going all ours Fort if nothing Wayne lianks National say Mor- they and musiness Presidents of and the First National have dollar. No all from chanta The National, paying as long nB of they uncasiness. favorable Report or undo not change favorable, 11 the least. will one shows continue parte the least of the symptoms country, the condition whether of affairs here OMAHA Tribune. Special Dispair/ the the banks Chicago in 10cates this city as are present- holded. is There demand. ing OMAHA out and Sept. pay no 26.-All Ing general checks rush and for cer money, but a steady LEAVENWORTH, KAN. Tribune. of banks Special Dispatch to Sept. The Chicago 26.-The following temporarily: LEAVENWORTH this city resolved Kan., to-day to suspend payment First National, Second National, Leavenworth Savings, Clark Co., Insley, Shire & Co., & State It Newman is expected Havens. that this the course banks as throughout a measure Good the of feeling prowill genorally themselves adopt and depositors. seeming to appreciato prova tection to among more First all and Second deposits National amountthe vernment situation. deposits The rice, are amply and hold secured by bonds. ing to $300,000, which ATOHISON he banks of this city are ATORITON, Kan., as Sept. usual, 20.- and declare they have no doing business


Article from Alexandria Gazette, September 30, 1873

Click image to open full size in new tab

Article Text

TELEGRAPH. [SPECIAL DISPATCHES TO THE GAZETTE.] Finance al Affairs. NEW YORK, Sept. 30-12:30.-There is considerable pressure to sell and realize on stocks and prices have declined from one to three per cent, from the opening quotations. The following are the prices at this hour, the market being feverish and unsettled : New York Central, 90; Pacific Mail, 33. Brokers gener; ally display disinclination to operate for custo mers on margins before affairs become more settled. LONDON, Sept. 30-3:30 p. m. -The of bullion withdrawn from the Bank of Eng. land on balance to-day is ยฃ50,000. LEAVENSWORTH, Ks., Sept. 20.-There is much indiguation among the stockholders and depositors of the First National Bank in this city in consequence of the Vice-President or7 dering the bank to suspand and at the sametime drawing from the bank nearly $100,000 in currency to sustain the credit of Scott & Co., brokers, of which firm the vice-President. Lyman Scott. is a partner. The German's Savings Bank and Insley, Shire & Co., bankers, re-opened yesterday and are abundantly well able to meet all demands. The other banks here are paying checks in limited sums. LONDON, Sept. 30--5 p. m.-The demand for discount at the Bank of England, as well as in open market to day has been heavy at the rate of 5 per cent. NEW YORK, Sept. 30. The sub-Treasurer paid out $6,500 on discount of the November interest. Smith & Seaver, who were reported suspended on the 19th inst., announce that they will pay all demands in full and continue business as heretofore. LONDON, Sept. 30.-A special dispatch from Berlin to the London Hour hints at financial troubles in Germany. Fancy stocks and bank shares are not saleable, and some have fallen as much as 20 per cent. There is some talk of government interference. CHICAGO, Sept. 30.-The directors of the Uuion National Bank, after paying out about $400,000 yesterday, decided at a meeting last night to go into liquidation. The officers state that the assets are abundantly sufficient to pay all liabilities in full. NEW YORK. Sept. 30.-The announcement was made iu the Stock Exchange that Smith & Seaver would pay in full in cash all claims against them. This was received with cheers and hailed as a good omen. The impression now prevails that all the leading houses will pull through. There was a decided improvement in foreign exchanges, which was looked upon as a favorable symptom of returning confidence Leading bankers advanced their rates to 1.064 for sixty days sterling and 1071 for sight, but actual business was at a reduction from these rates. Gold has been weak and lower. The price declined from 1124 to 111 and then recovered to 1124. At the opening loans in gold were made flat to 1 32 for use, but afterwards 1 32 was paid for carrying gold. Southern State securities are dull and without a feature. CHICAGO, Sept. 30.-The City Council have passed an ordinance authorizing the issue of $300.000 in Treasury scrip with which to pay the current expenses of the city during the lock up of currency. There is much difference of opinion along business men as to the expe dieney of this issue. MEMPHIS, Sept. 30. - At a large meetiug of the Chamber of Commerce this morning to cousider the financial situation, a resolution was received from the banks of the city to the effect that they would not suspend but would open in addition to the u ual business an exchange account to be paid in kind for the purpose of moving cotton, which was unanimously adopted by the Chamber. PROVIDENCE, R. I., Sept. 30.-An adjourned meeting of the Providence banks, this noon, received and adopted the report of the committee recommending a liberal policy on the part of the banks toward each other and their customers, that each bank should request its depositors to draw checks payable through the clearing house and should certify checks payable through the clearing house; that deposits made in the banks in currency be paid out to such depositors in currency, and that deposits made in certified checks be paid in kind. LONDON, Sept. 30.-The steamship Donau, which sailed from Southampton for New York to-day. took 136.000 pounds in bullion. LONDON, Sept. 30. ..-The 50,000 pounds drawn from the Bank of England on balance to-day is to be shipped to New York.


Article from The Leavenworth Weekly Times, October 2, 1873

Click image to open full size in new tab

Article Text

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.


Article from The True Northerner, October 3, 1873

Click image to open full size in new tab

Article Text

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.


Article from The Andrew County Republican, October 10, 1873

Click image to open full size in new tab

Article Text

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.