9153. First National Bank (Grand Rapids, MI)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
294
Charter Number
294
Start Date
September 27, 1873
Location
Grand Rapids, Michigan (42.961, -85.656)

Metadata

Model
gpt-5-mini
Short Digest
c1601e72

Response Measures

Partial suspension

Other: Later articles (1900, 1933) show the bank was placed in receivership and subject to legal/receiver proceedings.

Description

An 1873 dispatch reports a run on banks in Grand Rapids after another bank (Commercial) suspended; the First National joined with other local banks in publishing a notice limiting payment of large checks (a partial suspension). No permanent closure or receivership is reported; restrictions appear temporary. Later articles (1927, 1933) mention the bank in other contexts but do not change the 1873 episode classification.

Events (4)

1. February 29, 1864 Chartered
Source
historical_nic
2. September 27, 1873 Run
Cause
Local Banks
Cause Details
Run triggered by suspension of the Commercial Bank in the city, producing runs on other banks including First National.
Measures
Joined with other banks in publishing a notice that they would not pay checks or certificates for large amounts (limit payouts).
Newspaper Excerpt
The Commercial Bank suspended yesterday. In consequence thereof there was a. run to-day on all the other banks of the city.
Source
newspapers
3. September 27, 1873 Suspension
Cause
Local Banks
Cause Details
Banks limited payments in response to runs triggered by the Commercial Bank's suspension and ensuing citywide nervousness; a coordinated restriction on large payouts (partial suspension).
Newspaper Excerpt
Five banks in this city, namely: the First National, City National, Dutch Bank, Fuller's Bank, and Grand Rapids Savings, all joined in a published notice this morning that until further notice they would not pay checks or certificates for large amounts
Source
newspapers
4. February 24, 1883 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (4)

Article from Chicago Daily Tribune, September 29, 1873

Click image to open full size in new tab

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.


Article from New-York Tribune, May 24, 1900

Click image to open full size in new tab

Article Text

REAL ESTATE. # FULTON-ST. BUILDING SOLD-RESULTS # OF AUCTION OFFERINGS. Daniel B. Freedman has bought from the Owen Jones estate No. 174 Fulton-st., a five story brick building, 236x77. Bryan N. Kennelly & Co. are said to have been the brokers in the transaction. Solomon Marcus has sold for Ida E. Moore to an investor the five story apartment house, 33x95x100, at the northwest corner of Seventh-ave. and One- hundred-and-eleventh-st.; also for a client to Ida E. Moore the plot of nine lots extending from One-hundred-and-seventh-st. to One-hundred-and- eighth-st., 100 feet west of Manhattan-ave., being six lots on the north side of One-hundred-and-sev- enth-st., 100 feet east of Columbus-ave., and three lots adjoining in the rear on the south side of One- hundred-and-eighth-st., 175 feet east of Columbus- ave. The buyer will erect a nine story fireproof warehouse and automobile storehouse. The above transactions are not a trade. Mr. Marcus was also the broker in the sale of Samuel Quincy's apart- ment house in Central Park West, between Ninety- second and Ninety-third sts., reported last week. James J. Etchingham has sold for E. L. M. Bris- tol No. 159 West Sixty-sixth-st., a five story flat- house, plot 28.6x100.5. The seller took it in a trade in 1895. Frank R. Sharrott has sold for a client to an in- vestor Nos. 70 and 72 West One-hundred-and-forty- second-st., two five story flathouses, at about $40,000. Porter & Co. have sold for J. F. Lawrence, re- ceiver of the First National Bank of Grand Rapids, Mich., No. 2,066 to No. 2,072 Seventh-ave., four five story flathouses, on plot 74x80. Abraham Baudouine is the buyer of No. 26 East Sixty-first-st. He owns the adjoining corner of Madison-ave. Charles Griffith Moses & Bro. have sold for Robert B. Saul the four story dwelling house No. 185 Convent-ave. Leonard Moody, of Brooklyn, has sold for Mary Hennessy to Thomas Clark the four story brown- stone dwelling house, 25x65x131, No. 71 First Place, Brooklyn, and for Aifred T. Carhart to James J. Campbell the three story brownstone dwelling house, 17x45x100, No. 803 President-st., Brooklyn. J. B. M. Grosvenor, who now occupies Colonel Jay's house, No. 14 East Seventy-second-st., is the lessee of No. 723 Fifth-ave., the renting of which for a long term of years by William Waldorf Astor was reported on Tuesday. Gardner & Reyner, of this city, have leased the Pine Grove Hotel at Patchogue, Long Island, and are now in possession. T. B. Scanlon has leased the Columbian Hotel at Saratoga Springs. The leases were made through Matthew J. Ward, hotel broker. The principal attraction at the New-York Real Estate Salesroom yesterday was the several par- ceis offered by Richard V. Harnett, in partition. There was a large attendance, and the bidding at times was quite active, although confined to but few, and apparently in interest of the heirs. The results of the day's offerings are as follows: By Peter F. Meyer & Co.-No. 120 East Third-st., south side, 325 feet west of Avenue A, 25x90, five story double brick tenement house, with store, un- divided one-half interest; Astor leasehold; public auction sale, to Charles Geyer for $2,200. No. 232 West Sixty-first-st., south side, 450 feet west of Amsterdam-ave., 25x100.5, five story brick tenement house; executor's sale, to J. H. Stewart for $10,000. No. 770 West End-ave., east side, 91.11 feet south of Ninety-eighth-st., 18x100, three story brick dwelling house; foreclosure; to J. Frank Lugar for $17,400. By McVickar & Co.-No. 257 Hudson-st., west side, 345.1 feet south of Spring-st., 26.8x80, to an alley running out of Renwick-st., x26.10x80, with right of way to said alley, five story brick tenement house with stores; foreclosure, to the plaintiff for $23,500. No. 58 East One-hundred-and-sixteenth-st., south side, 130 feet east of Madison-ave., 20x100.11, five story brick flathouse; foreclosure, to the plaintiff for $20,000. By L. J. Phillips & Co.-No. 231 West End-ave., west side, 68.5 feet south of Seventy-first-st., 16x82.10, five story brick dwelling house; foreclosure, to the plaintiff for $24,125. By Bryan L. Kennelly & Co.-No. 27 West Ninety- fifth-st., north side, 293 feet west of Central Park West, 17x100.8½, three story, basement and cellar brownstone dwelling house; public auction sale to close an estate, bid in at $17,750. No. 4 West Twenty-second-st., south side, 100 feet west of Fifth-ave., 26.3x98.9, four story and basement high stoop brownstone building; exec- utor's sale, to J. T. Lewis for $79,750. No. 55 East One-hundred-and-twenty-third-st., north side, 177.2 2-3 feet west of Park-ave., 19.5 1-3x 100.11, three story, basement and cellar brownstone dwelling house; public auction sale, to John Becker for $12,750. No. 325 West Eighty-fourth-st., north side, 291 feet west of West End-ave., 18x102.2, three and a half story high stoop brownstone dwelling house; public auction sale, to P. McDonnel for $18,700. By D. Phœnix Ingraham & Co.-No. 160 West One-hundred-and-twenty-second-st., south side, 138 feet east of Seventh-ave., 19x100.11, four story stone front dwelling house; foreclosure, to the plaintiff for $20,150. By Philip A. Smyth-No. 963 to 967 Columbus-ave., east side, 25.2 feet north of One-hundred-and-sev-


Article from The Grand Rapids Press, February 5, 1927

Click image to open full size in new tab

Article Text

BANK BALANCES Feb. First National bank the result excitethe closing brought out lines and those positng funds. Depositors spectators before bank but by every business firm in the city had made Prominent addressed the crowd. the bank's Deposits in the closed banks otaled about


Article from The Grand Rapids Press, July 12, 1933

Click image to open full size in new tab

Article Text

CHARGES BANK "DECEIVED" from First Page.) there may among the First National officials about the used Talbot "little, modest aspermitted the First National open. Witness Rebuked. The the bankers followed by Judge Harry Keidan, the grand federal official refused testify the law seen such and to allow the witness to Brown, forFirst tional an assistant federal peared his who the Brown could questioned details his present work, during his March the testimony be his previous connections Won't Stand Dictation. going to have any no matter and tell this testify about and testify about, Judge Keidan. not the habit court That for National and Schram National Bank refused before the declaring had no refusal Harry Toy the treasury for an order their testimony and reply Washington that such not after torney former federal warned that he could be questioned his association with bank prior as attorney for the federal that If the rule the of the the receivers to the Judge Calls Recess. were appointed. but the proseabout what they did or what experience the have such spectacle judge called recess, and Brown his left together Brown. according Prosecutor failed called to stand then, but attorney what points the witness could Brown was called, room, but five minutes later. He took usual and Toy, brief interruption, formed the of the attorney the day ing he find out of treasury department, and "give