First National Bank (Philadelphia, PA)

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Episode Information

Episode UID
100885
Episode Type
Run → Suspension → Unsure
Bank Type
national
Bank ID
10 national
Charter Number
1
Start Date
September 19, 1873
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
71e4ab61383e8c97

Response Measures

Full suspension

Description

Some articles report only a minor run while another source later states the First National suspended; no clear reopening/closure record in these items.

Events (3)
1. June 20, 1863 Chartered
Source
historical_nic
2. September 19, 1873 Run
Cause
Macro News
Cause Details
Runs in Philadelphia triggered by the Jay Cooke & Co. failure and the broader 1873 financial panic.
Newspaper Excerpt
There was a run on the First National Bank, but it did not amount to much.
Source
newspapers
3. September 27, 1873 Suspension
Cause
Macro News
Cause Details
Suspension appears linked to the wider panic following failures (Jay Cooke & Co.) affecting Philadelphia banks.
Newspaper Excerpt
the suspension of the First National Bank of Philadelphia
Source
newspapers

Newspaper Articles (5)
1. September 20, 1873 The New York Herald New York, NY
Article from The New York Herald, September 20, 1873

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Article Text

THE RUN ON PHILADELPHIA BANKS. PHILADELPHIA, Sept. 19, 1873. The Fidelity Trust Company did not close at three P. M., but continued to meet all demands, receiving checks as late as five o'clock, at which hour over $900,000 had been paid out. Mr. Browne, President, said he would keep open until midnight if it were necessary, to show depositors that that institution was in a sound condition and able to meet all claims. The Union Bauking Company was run upon up to the hour of closing, three o'clock, at which hour about $500,000 had been paid out. There was a run on the First National Bank, but it did not amount to much. TOUCHING BOTTOM. To-night there is a feeling prevailing that the worst has passed and that to-morrow will witness a decided change for the better. PUBLIC FUNDS SAFE. It is authoritatively stated that neither the State nor the city funds are disturbed, the State and city treasurers having no connection whatever with Jay Cooke & Co. nor any of the endangered houses. CALLING ON PRESIDENT GRANT. President Grant is in town to-night and was waited upon by prominent and influential gentlemen, who, it is said, urge the government to do something to strengthen the money market.

2. September 20, 1873 New Orleans Republican New Orleans, LA
Article from New Orleans Republican, September 20, 1873

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Article Text

WHOLE NUMBER 1981. weather the storm. The president of the physician, was attacked with the dis to-day company asserts that it can pay two dollars for every one of its indebtedness. The Fever in Key West. A Washington dispatch says: Henry D. WASHINGTON, September -The in Cooke says their house will soon resume department has advices from Key W and depositors lose nothing. He also says that the cases of yel'ow fever on the P the suspension of the Washington house nee are improving. No fever at Key W was a matter of expediency, and that time or aboard the Sanguis (Shawmut?). will show them to be in a sound condition. Secretary Richardson. who is advised as to the cause of the suspension of Jay Cooke WASHINGTON. & Co. expressed the opinion that the susCrew of the Polaris. pension will be temporary, and that their assets will be found in excess of their lia S WASHINGTON. September 19.-The bilities. Department has ordered the consul I Excitement at Washington. dee to pay the Polaris crew's expenses, send them home. WASHINGTON, September 9.-Dispatches from all cities report long lines of depositors The Charges Against R. T. Merrick crowding the bank doors. This city is no vestigated. exception. The committee of the bar association There is quite a rush on the Washington the District of Columbia, appointed at City Savings Bank, and a slight demonstrarequest of R. T. Merrick, Esq., to inv tion on the Freedmen's Bank. Both give gate certain charges made against him assurances of their ability to meet all deI Benjamin E. Green, son of General mands. The Freedmen's Savings Bank reGreen, and formerly of this city, made port that they had this morning $80,000, of report to-day. which only $20,000 had been drawn. f The report contains copious extracts There are about seventy-five persons in a the evidence. It sets forth that the char line at this bank. have been shown to be without the sli There is no excitement about the other est foundation, and that Green knew th banks. to be false when he published them, Action of the Authorities at the Capitol. that the committee is forced to this con sion by Green's own testimony, taken Various rumors have been in circulation der oath before the committee. The throughout the day as to the action the troversy arose out of some transact Secretary of the Treasury would take in that took place while Mr. Merrick was order to relieve the financial pressure in ing as counsel for Green in prosecut New York and elsewhere, and telegrams suits to recover property for Green in were sent hence by private parties professdistrict, and of which he had been depri ing to give the programme adopted by during the war. The suit was prosect him. after. it was alleged, a conto success by Mr. Merrick, and since ference with Grant, who was reported for $75,000. to be in Washington. The President was Return of the Juniata. not in Washington, but at 10:30 A. M. General Babcock called at the Treasury The Juniata has returned to St. Jo Department and had a private interview from her search for the Polaris, where with the Secretary. Subsequently numerwill wait for the Tigress and return her. ous inquiries were made of the Secretary, Ten Millions of Bonds. to which he uniformly replied he had not determined what he should do in the premThe Secretary of the Treasury, at a ises, as he saw no reason as yet why he hour to-night, telegraphed the assis should interfere. and at eleven o'clock to treasurer at New York to purchase night. being interrogated on the same sub000,000 of bonds on Saturday. jeet. he remarked that there was no authority for the various statements and rumors concerning his acts or intentions on finanTHE POLARIS. cial subjects. as he had determined on nothing. The Polaris Party at Dundee. During the afternoon and evening he was LONDON, September 19. -The stea in telegraphic correspondence with the Arctic brought to Dundee ten member treasury officers in New York and also the Polaris expedition, whose names are with the President, He said at the latest follows: Buddington, sailing master; interview that if he should to-night detersels, chief of scientific corps; Chester, mine upon any measure he would furnish mate; Morton, second mate; Schun the information to the press. chief engineer; O'Dell, second engin At half-past eleven o'clock the Secretary, Campbell, freman; Simous, Hobby in company with General Babcock and Mr. Hays, seamen. All are in excellent liea Conant, the chief of the loan division, were Three others were transferred by at the telegraph office together. when he Ravenscraig to the whaler Intrepid, W telegraphed to the assistant Treasurer at t is expected at Dundee in two or New York to purchase on Saturday $10,weeks. Their names are: Bryan, astr 000,000 of bonds. This is a special sale in J mer and chaplain; Mauch, seaman; addition to the regular sale next week. Booth, fireman. The Effect in Philadelphia. What They Say. PHILADELPEIA, September -The folThe reseued of the Polaris party re that after separation from Tyson and Iowing have suspended: H. H. Douglass a companions, the Polaris was finally Bayard, J.H. Yerkes, John L. Lloyd, Gildoned in a sinking condition by Cap baugh & Co. all small firms except Gilbaugh. Buddington and the remainder of the.e 1 The feeling here is that the worst is past, dition. The party wintered in Life and that to-morrow will witness a decided Cave, where they built a timber h change for the better. which they covered with sails. The wi It is authoritatively stated that neither passed without event, except the breal u the State nor city funds are disturbed. out of seurvy, which, however, was tended by severe symptoms. Plentiful s Run on the Philidelphia Banks. plies of walrus' liver for food were obta The Fidelity Trust Company did not from the natives, and to this diet is at close at 3P. M. but continued to meet all uted the mildness of the disease. demands. receiving checks as late as five In the spring two boats were built of o'clock. at which hour over $900,000 had boards taken from the cabin of the Pol been paid out. Mr. Brown, the president, In these the whole party embarked as said he would keep open until midnight, if as the ice opened, and sailed soutHw it was necessary, to show depositors that On the third of June they sighted the institution was in sound condition and York, and on the twenty second were pi able to meet all claims. up by the Ravenscraig. The Union Banking Company was run as Mr. Chester, first mate, is regarded upon up to the hour of closing. three one who did most to save the party o'clock, at which hour about $500,000 had the rescued men speak in the highest té been paid out. There something of a of his exertions. They also say that run on the First National also, but it did tain Hall enjoyed the confidence of e not amount to much. one, and his death, which was unexped The Matter is Circinnati was deplored by all on board. CISCINNATI. September News con Dr. Bessel's Statement. eerning the New York failures has been GOTHA, September --Dr. Petermani sought to-day with a great deal of interest, received a private dispatch from Dr. but has produced no excitement. There is Bessel, chief of the scientific corps of a feeling of general security with reference Polaris, announcing the safe arrival to our banks here, and no apprehensions the remainder of the Polaris expeditio are felt concerning our dealers in stocks. Dundee. The dispatch briefly states The transactions in stocks during the last the party experienced great hardships one or two months are said to have been had narrow escapes before they were unusually small. The impression appears cued by the Ravenscraig. general in our financial circles that the reg. ular business interests of the country will How They Were Rescued. not be seriously affected. DUNDEE, Scotland, September 19 crew of the Polaris were making their No Excitement in Sit. Louis. south in boats, made from the ship, ST. LOUIS, September 19.-There was they were seen by the whaler Ravens no excitement here today from the and taken aboard that vessel. They panic in New York Business on all well. 'Change was very quiet, and outside of a Civil War in Morocco. small decline in wheat and bacon, from A civil war has broken out in Mor local causes. nothing unusual is noticeable between a son and brother of the dece In monetary circles and among banks and Sultan, and the trade of the count brokers everything is calm and confident. paralyzed. None of our banks have large balances in New York; what they have are in old corNEW YORK. porated institutions, therefore no fears are entertained of losses. There has actually been no effect here m any department of Board of Steam Navigation. trade other than a slight pause, which will NEW YORK, September 19.-The Nat be too temporary to produce serious results. Board of Steam Navigation elected Ca Dick Woolfolk, of Louisville. vice presi The London House All Right. The board passed resolutions against LOXDON, September 19. -Jay Cooke, Mcrenewal of patents and in favor of the Culloch & Co., of this city, have paid over ernment controlling the Louisville can the counter all day the run on the house. Declines. P.P. firm of Jay Cooke, McCulVice President Wilson declines the loch & Co., of this city, paid cash over dency of the Cuban League. its counter all day. notwithstanding the run on the house. Marine. Arrived New York Angela

3. September 22, 1873 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, September 22, 1873

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PHILADELPHIA. The Financial Position. PHILADELPHIA, September 20. .-The Fidelity Trust Company, did not close at three o'clock yesterday afternoon. but continued to meet all demands, re= ceiving ohecks as late as five, at which time over nine hundred thousand had been paid out. Mr. Brown, the President, said be would keep open until midnight if it was necessary to show depositors that that institution was in a sound condition, and able to meet all claims. The Union Banking Company was run upon up to the hour of closing, at which time about five hundred thousand dollars had been paid out. There was a run on the First National Bauk, but it did not amount to much. It is said that neither the State nor the city funds are disturbed, the State and City Treasurers having no connection weatever with Jay Cooke & Co., or any of the endangered houses Thurd street is comparatively quiet this morning. The run on the Fidelity Trust Co, has almost entirely subsided. The Union Banking Company did not open to-day. A placard on the door states that owing to the heavy demand a suspension of a few days had been resolved upon. It sustained a heavy run yesterday, paying out about seven hundred thousand dollars. It is stated that the institution is issuing no notes, and the suspension only affects depositors. At Jay Cooke & Co's the clerks are preparing a statement to be laid before the meeting of the members of the firm on the arrival of the steamship Russia, on board of which are two of the partners.

4. September 22, 1873 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, September 22, 1873

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ADDITIONAL TELEGR APH. for with great interest and has been freely discussed. No paper has gone to protest, and the banks generally have been caring s for their customers. Though the past few days have been spent in preparing for every possible emergency, the merchants P and monied men of the city almost uniformly believe that Cincinnati will not be seriously affected by the storm which is raging in the East. The Run on Banks at Washington. WASHINGTON, Sep. 30 -The run on the Freedmen's and Washington City Sav. ings Banks continues to-day, but is much leas than yesterday. The former has paid out $65,000. There are about seventy. five persons, the majority being colored, awaiting their turn at the counter, and the actuary says it is about the usual Baturday afternoon crowd. WASHINGTON, Sep. though much interest was to day manifested in the exciting news from New York and Philadelphia, it had no apparent effect on the benking institutions in this city, The run on the Freedmen's and ashington City Savings Banks continued, but not to the extent of yesterday. No Disturbance of Business at Boston Bosron, Bep. 20.-The financial alarm to New York in the principal subject of discussion, but 80 far does not interfere with business. Only Serves to Induce Cantion at Montreal. MONTHEAL, Sept. 20.-The only effect here of the panic in New York has been to make #: bankers more cantious and leas willing to let out their tunds, which are ample for all their legitimate commercial demands. The discount rates vary from 7 to per cent, according to the standing of the names. A Suspension at Toronto. TORONTO, Sept. 20.-H. J. Morse & Co. bankers and brokers in this city, have suspended, owing to the failure of Cooke & Co., and other prominent houses. A Temporary Suspension at Albany. ALBANY, Sept. 20.-T. Squire & Co.' bankers, announce their temporary sus. pension until further orders from New York. Suspension or a Branch of Taussig & Co. in St. Louis. Sr. Louis, Sept. 20 -Taussig, Gemp & Co., this city, closed doors this afternoon, after the failure of their New York house, Tauseig, Fischer & Co. They confldent or being able to resume in a few days, and state that no one will lose a dollar by them. This house dealt pretty ex tensively in railroad securities on their own account. Suspension of a Private Bank in Chicago--No Excitement in Financial or Commercial Circles There. CHICAGO, Sept. 20.-The Franklin Bank, a private banking institution on the corner of Madison and Dearborn streets, closed its doors to-day, being unable to settle at the clearing house. The amount short was only $9,000. Fernando Jones is President of the concern and S. A. Briggs, Vice President. The latter states that their embarrassment is merely temporary and as it is not known to have been in any way connected with any of the suspended New York houses there would appear to be no reason why it should not resume soon. It is stated that a majority of the teachers of the public schools of the city are depositors in the bank. Its early resumption is, therefore, the more to be hoped for. The suspension creates no excitement or feeling whatever in t financial or commercial circles. Matters in Philadelphia Better Feeling in the Evening. PHILADELPHIA, Sept. 20.-The Fidelity Trust Company did not close at 3 o'clock 8 this afternoon, but continued to meet all demands, receiving checks as late as 5 o'clock, at which hour over over $900,000 had been paid out. Mr. Brown, the President, said be would keep open until midnight it it was neccessary, to show the depositors that the institution was in sound condition and able to meet all claims against it. The Union Banking Company was run upon up to the hour of closing, at which time about $500,000 had been paid out. There was a run on the First National Bank, but it did not amount to much. It is authoritatively stated that neither the State nor city funds are disturbed, the State and city Treasuries having no connection with Jay Cooke & Co. or any u of the endangered houses. p PHILADELPHIA, Sept. 20.-Third street is comparatively quiet this morning. The run on the Fidelity Trust Company has almost entirely subsided. The Union Banking Company did not open to-day. tl A placard on the door states that owing to the heavy demands n suspension of alow days had been resolved on. It sustaineda heavy run yesterday, paying out about $700,000. It is a Stateinstitution, issuing no notes, and the suspension only affects the depositors. At Jay Cooke's the clerks are preparing a statement to be laid be fore a meeting of the members of the firm, on the arrival ot the steamship Russis, on board of which are two of the n partners. Priladelphia, Sept. 20 -Evening.Tuo excitement over the failures has abated and matters are beginning to as. sume a right shape, although the stock market was somewhat feverish to day; yet the affairs on the street were 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 conoern and its failure cannot possibly affect other institutions. The Fidelity Trust and Safe Company met all its obligations to day. The run was not as heavy as yesterday, only about $400,000 being paid out. Prudential Step Taken by Chicago Savings Banks. CHICAGO, Sept 31 meeting of the officers of the different Savings Banks in this city was held to-day, at which all the Savings Bank institutions in the city

5. September 30, 1873 Wilmington Daily Commercial Wilmington, DE
Article from Wilmington Daily Commercial, September 30, 1873

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On Saturday last, the Chester Valley National Bank of Coatesville suspended. It is understood that this movement was influenced mainly through the suspension of the First National Bank of Philadelphia, in which it had considerable deposits. Parties supposed to be acquainted with the situation of the bank, give it as the'r opinion that the suspension will be but of tem porary duration.