People's Bank (Canton, IL)

Episode Information

Episode UID
8708009390885
Episode Type
Suspension → Reopening
Bank Type
trust
Bank ID
870800939 hash
Start Date
September 27, 1873
Location
Canton, Illinois (40.558, -90.035)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
769a82ed59c8df9f

Response Measures

None

Events (2)
1. September 27, 1873 Suspension
Cause
Macro News
Cause Details
Temporary suspension prompted by the recent actions of banks in Chicago, Cincinnati and elsewhere amid the national financial crisis.
Newspaper Excerpt
the 1st National, Peoples' Bank and Home Bank, of this city, have temporarily suspended payment until the crisis is over.
Source
newspapers
2. September 30, 1873 Reopening
Newspaper Excerpt
The First National, the People's, and the Home Banks of this city resumed business this morning, and are paying all checks over their counters in currency.
Source
newspapers

Newspaper Articles (3)
1. September 29, 1873 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, September 29, 1873

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Article Text

A Quiet Day at St. Louis--A Health"er Tone Prevailing. ST. LOUIS, Sept. 27.-The day passed in financial and commercial The excitement of subsided, has circles. quietly almost entirely previous and there days was positively an improved feeling among The prices on and some all fened classes. materially articles 'Change commence- brought stifhigher figures than since the the A number of banks this afternoon that ment announced of panic. against they will the pay all the currency checks new currency deposits, and certify checks against deposits in checks. A fair amount of currency has been paid the merchants and manufacturers for wages, and no great dissatisfaction is expressed by any one SQ far as learned. On the whole, a much healthier tone prevailed, which greatly increased the hopefulness manifest on all sides. Partial Suspension at Dubuque--I Run on Savings Banks Subsided. DUBUQUE, Sept. 27.-The Commercial National Bank of Dubuque is the only bank in this city meeting all the demands in full in currency to-day. The deposits have considerably decreased, the Merchants' National having suspended payment entirely, and the First National paying in bills receivable and a small amount in currency. The run on the German and Peoples' Savings Banks seem to have subsided. Little Rock Tied in a Knot. LITTLE ROCK, Sept. 27.-The money panic continued to-day. Never in the history of the city has money been so stringent. It is impossible to get any with any sort of collaterals. A Better Feeling at Augusta, Ga. a AUGUSTA, GA, Sept. 27.-There is better teeling here to-day, but otherwise the situation is unchanged. There is nothing doing in cotton for want of curSome few bales of middling were cents. It is forced rency. at fitteen be believed able to that rethe suspended banks will sume currency payments early next week. The Banks Paying Liberally at Baltimore. BALTIMORE, Sept. 27.-The day closed in this city without additional excitement or reports of failures. The stringency in money continues, but all the banks have paid out liberally on small checks to supply business demands, Suspensions at Canton, Ills. CANTON, Sept. 27.-The 1st National, Peoples' Bank and Home Bank, of this city, have temporarily suspended payment until the crisis is over. The reason is the recent action of the banks of Chicago, Cincinnati and elsewhere. Business not Much Affected at Cairo. CAIRO, ILLS., Sept. 27.-The financial panic does not seem to affect business here to any great extent. The two National and Savings banks are doing business as usual, and the officers confidently predict that there will be no run or necessity for suspension.

2. September 29, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 29, 1873

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Article Text

Special Dispatch to The Cincago Thound. KEOKUK, In.. Sept. 27.-The Commercial Bank suspended yesterday. In consequence thereof there was a. run to-day on all the other banks of the city. EAST SAGINAW. Special Dispatch to The Chicago Tribune. EAST SAGINAW, Mich., Sept. 27.-The banks of the Saginaw Valley, at a meeting hold hero yesterday, at which fourteen banks were represonted, having resolved to pay out no more curroncy than the necessity of trade demanded, a meeting of citizens representing a largo portion of the business mon of this city and millions of dollars was held this ovening to indorse the action of the banks. The meeting was unanimous, and resolutions expressing confidence in the banks, and a pledge to stand by them, was adopted without a diesenting voice. At a meeting of the lumbermon and BATT manufacturers, held at Bay City. to-day, it was resolved to reduce the price of labor 121/2 por cent for mon employed in the woods this winter. Unless other action is taken, the same will apply to mill-hands and salt-boilera next season. The Directors of the Tittabattageo Boom Company, who operato the most exto nsivo booms in the country, took the same action at a meeting in regard to the price of labor. GRAND RAPIDS. Special Dispatch to The Chicago Tribune. GRAND RAPIDS, Mich., Sept. 27.-Five banks in this city, namely: the First National, City National, Dutch Bank, Fuller's Bank, and Grand Rapide Savings, all joined in a published notice this morning that until further notice they would not pay checks or certificates for large amounts, but at 2 o'clock the City National published a notice rescinding its part in that arrangement, announcing its roadlness to pay in full all checks drawn against doposits horeafter. OBIHOSIT. Special Dispatch to The Chicago Tribune. ORHKOSI, Sept. 27.-The financial crash causes great apprehension among mill mon. Thus far our banks have honored all domands, and hope to weather the storm. Many of the milla were unable to pay more than half their liabilities, and if the present stringency continues many of thom will shut down. This will throw out of employment 600 or 800 men, and great sufforing must ensue. CARLINVILLE, ILL. Special Dispatch to The Chicago Tribune. CARLINVILLE, III., Sept. 27.-At a meeting of 8 the officers of the three banks of this city, yese terday, they agreed to adopt the following plan r for the bonefit of themsolves and their depositn ors, viz.: That they pay out no currency on 1 checks or drafts of over $100. This agreement was signed by the Presidents or Cashiers of all the banks. Our banks are sound. DELOIT, WIB. Special Dispatch to The Chicago Tribune. BELOIT, Wis., Sept. 29.-Owing to the impossibility of obtaining currency the Boloit National o Bank decided to suepend business to-day. Its 0 securities are ample. Susponsion only tomporary. is CANTON, ILL. of CANTON, Ill., Sept. 27.-The First National y Bank. l'eople's Bank, and Home Bank, of this city, have temporarily suspended until the fiuaucial crisis is over. 3.

3. October 1, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, October 1, 1873

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Article Text

in the solvancy of the banks of this city, and the integrity and character of their managers. The meeting complimented the bankers on the payment of all checks, and removed, further, that the business men should continuo their deposite as herotofore, and not check currency except for daily business transactional 80 long ns the present money stringency exists: and that they should mako foreign remittances in oxchange only, and not give checks to foreign business houses on our banks, thus allowing our currency to be withdrawn from circulation. While caution for the futuro WAR counsoled, the statements were mudd that Lawrence County and the Hanging Rock iron region was nover in n better condition to meet B stringency in the money market than now. There line beon no symptoms of a run on our banks, and they have been doing business nH usual, and the utmost confidence is felt of their ability to meet all doinands. OTTAWA, ILL. OTTAWA, III., Sent. 80,-The Business Association of Ottawn last evening passed the following resolution: Resolved, That this Association conours in, and opproves of, the action of our banks during the past week, belloving that they are perfectly solvent. We hereby pledge oursolves to extend n helplug hand, both to allay the provailling excitement and assist in depositing all the currency at our command, 80 that legitimate business can be carried on as unual. CANTON, ILL. CANTON, Ill., Sept. 30,-The First National, the Yooplo's, and the Ilomo Banks of this city resumed bualnear this morning, and are paying all checks over their counters lu currency. There has been no paulo hero, depositors and business mon having full confidence in the banks. For some weeks past our bankers have been very consorvativo in their discounts, a and have closely acrutinized all paper. This was procautionary measure doomed proper by reason of the reported shortness of the corn and pork crops in this vicinity, threatoning a stringency in money and a depression of business. There is no reason to believe that the corn crop is not 80 short, and hoge not 80 scarce, as represented to the pross some weoks since, and business prospecta are better now than two years past. The news of the resumption of the Chicago banks has had n most choering effect, and the early subsidence of the panic has resulted In no derangement of busi11 whatovor, except to stop certain speculative movements in grain and pork, and that is to the geteral good. The weather here is raw, cold, and damp, with licavy frosts nightly.