Banks of Baltimore - Baltimore, MD

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: September 24, 1873
Location: Baltimore, Maryland (39.290, -76.612)

Metadata

Model: gpt-5-mini
Short Digest: 901d12ef

Response Measures

None

Description

Article (Sept 24, 1873) reports that The banks of Baltimore... have suspended currency payments as part of the wider financial panic following Henry Clews & Co.'s failure. This describes a coordinated suspension during the panic; no specific run, permanent closure, or receivership of Baltimore banks is mentioned, so I classify as a suspension (temporary) likely later resumed.

Events (1)

1. September 24, 1873 Suspension

Cause: Macro News
Cause Details: Suspension occurred as part of the wider financial panic triggered by the failure of Henry Clews & Co. and resulting market stringency across commercial centers.
Newspaper Excerpt: The banks of Baltimore, and also virtually those of New York, have suspended currency payments.
Source: newspapers

Newspaper Articles (1)

1. October 1, 1873 Watertown Republican Watertown, WI

Article from Watertown Republican, October 1, 1873

Click image to open full size in new tab

Article Text

THE FINANCIAL PANIC. The failure of Henry Clews & Co. the extensive brokers and private bankers, of New York, on the 23d inst. has caused the suspension of their corresponding house in London, and of a banking house at Wilkesbarre, Pa., The Geneea! effect of the Clews suspension has been to check the favorable reaction in New York and elsewhere. The last and only important suspension in New York is that of Howes & Macy, an old brokerage and banking concern. The banks of Baltimore, and also virtually those of New York, have suspended currency pay ments. The great difficulty just now is to turn even good securities into cash. The consequence is a continued stringencyin all the commercial centers and uneasiness everywhere. NEW YORK, September 24-10:30 a in -The Governing Committee has decided not to open the Stock Exchange to-day. No Government bonds have been offered at the Sub-Treasury up to this time. The feeling on the street is rather nervous. Brokers are congregrated in front of the Stock Exchange, but are doing little or no business. A meeting of bank Presidents is now in session, considering measures to be taken in the present emergency. Howes & Macy have suspended. This is the first effect of the suspension, yesterday. of Henry Clews & Co. It was one of the houses mentioned in rumor as likely not to weather the present storm, andits suspension causes other houses. reported as being embarrassed, to be closely watched, rumor having been right this time. NEW YORK, September 24-noon.The Sub-Treasury has bought, this morning, almost $1,000,000 worth of bonds. The Bank Presidents have decided to issue another $10,000,000 of loan certificates. NEW YORK, Septen.ber 24.-The slight run upon some of the savingsbanks, noted from day to day since the beginning of the crisis, has ceased entirely. The principal banks below Fourteenth street were visited this morning, but most of them were unmolested, except by occasional depositors, At the Bowery Savings Bank there were some persons withdrawing small sums. but the demand was nothing in comparison with that of a day or two ago. Some persons who crew their money during the early days of the panic have deposited their amounts again. Two prominent stock houses are receiving their stocks, which they have been !unwilling to do since the closing of the Stock-Exchange. Brokers are beginning to think they can see daylight. Money is about 1 per cent. per diem. There are more failures to report today, and the feeling, although not cheerful, is not disheartening, as at the close yesterday.