Fidelity Trust Company - Portland, ME

Bank Information

Episode Type: Run Only
Bank Type: trust company
Start Date: September 22, 1873
Location: Portland, Maine (43.661, -70.255)

Metadata

Model: gpt-5-mini
Short Digest: 01f0afc7

Response Measures

Accommodated withdrawals

Other: Pennsylvania Railroad Company offered to lift paper for relief; offer declined by bank.

Description

Article (Portland Daily Press, 1873-09-22) reports a run on Fidelity Trust Company that paid out about $400,000 but the bank met all obligations and remained open. The run seems driven by local bank failures/excitement rather than misinformation.

Events (1)

1. September 22, 1873 Run

Cause: Local Banks
Cause Details: General excitement over recent failures in the city (failure of the Union Banking Company) and broader market fears led depositors to withdraw funds.
Measures: Met all obligations and paid out about $400,000; declined a $175,000 tender offered by the Pennsylvania Railroad Company.
Newspaper Excerpt: The Fidelity Trust Company met all obligations to-day. The run on this institution was not as heavy as yesterday. Only about $400,000 being paid out.
Source: newspapers

Newspaper Articles (1)

1. September 22, 1873 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, September 22, 1873

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Article Text

Excitement Abating. The excitement over the failures has abated and matters are assuming a right shape although the stock market is somewhat feverish to-day,yet affairs ou the street are more settled, owing no doubt to the promise of the Secretary of the Treasury to make use of $44,000,000 of the reserve fund if desired. The failure of the Union Banking Company of this city had but little effect on the public mind as it was a small concern. The Fidehty Trust Company met all obligations to-day. The ruu on this institution was not as heavy as yesterday. Only about $400,000 being paid out. Indications are that Mouday will see an active change for the better in money matters here. Oa the first day's run on the Fidelity the Pennsylvania Railroad Company promptly lifted its paper to the amount of $175,000, and generously tendered this large amount of money for the relief, but the offer was thankfully declined. The company knowing its resources to be ample.