First National Bank (Cincinnati, OH)

Episode Information

Episode UID
2400886
Episode Type
Suspension β†’ Reopening
Bank Type
national
Bank ID
240 national
Charter Number
24
Start Date
October 14, 1873
Location
Cincinnati, Ohio (39.103, -84.515)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
72d411fffc51265c

Response Measures

None

Description

Suspension reported May 2–3, 1874 with statement assets likely cover liabilities; reopening/resumption in Oct 1873 was citywide. No clear evidence of permanent failure or receivershipβ€”additional sources could confirm outcome.

Events (4)

1. July 13, 1863 Chartered
Source
historical_nic
2. October 14, 1873 Other
Newspaper Excerpt
All the banks here resumed currency payments yesterday. There was no run.
Source
newspapers
3. May 2, 1874 Suspension
Cause Details
Article simply reports suspension; no cause given or run mentioned.
Newspaper Excerpt
A special from Medias to the Times reports the suspension of the First National Bank of that city this morning.
Source
newspapers
4. May 3, 1874 Suspension
Cause Details
Follow-up report emphasizes assets likely to pay liabilities; implies temporary suspension rather than insolvency.
Newspaper Excerpt
The First National Bank of that ci suspended this morning. Reported asso will pay all liabilities.
Source
newspapers

Newspaper Articles (13)

Article from Nashville Union and American, October 10, 1873

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WASHINGTON. Government Begins to Feel th Pinch Not Enough Greenbacks to Run the Machine. Some Nine Million to be Issued This Month. The Hand to Mouth Policy NEW YORK, Oct. 9-A Washington special says owing to the small receipts from revenue the Treasury officials say will be necessary to issue eight or nine lions of the forty -four millions reserve to meet the current expenses of the government the present month. Semi Official. WASHINGTON, Oct. 9.- The Treasury reserves are now being daily drawn on to pay only the actual expenses of the govern ment. There is no apprehension at the department that the draft upon $44,000,000 will be very heavy in the ordinary course of business. The outstanding legal tenders now shown to be over $356,000,000. will be reduced again to those figures at the ear liest moment, it may be before issue of next public debt The Secretary phatically asserts that the out standing legal tenders a are not exceed the minimum figures day more than the absolute demands of the government requires. The outstandir legal tenders are now $358,966,488 The Polaris Prisoners. The steamship Tallapoosa arrived last evening and was anchored in the stream No comm was permitted from shore with the Polarie survi vors. Secretary Robinson is making inquiries into the loss of the Polaris by an examination of the prisoners. The examination of Buddington's party will be chiefly in the interest of science. The party now here have several of the records of the lost ship. The Secretary of the Navy to-day said he did not credit the reports which have recently been renewed, that Capt. Hall's death was the result of foul means and it appears that all who were present at the former investiga ation are con vinced that the landing officer's death was from natural causes aione Grant's Little Tin Box. Special to the Louisville Courier-Journal WASHINGTON D. C. Oct. 8. The President's friends now assert that he had no funds on hand. either in the First National Bank or Jay Cooke & Co.'s, at the time of their suspension, but had slightly overdrawn his account This tardy denial may or may not be accepted. The National Metropolitan Bank. It is stated to-night that the examiner of the National Metropolitan. or leading ring bank in this city, has made report to Mr. Krox, in which he points out certain gross violations of law, one in the failure to have on hand the reserve of flegal tenders required by law; another in allowing Boss Shepherd to have advances largely in excess of the limit prescribed by law Efforts are mak ing to induce the examiner to modify his report. Foreign Fiscal Agents. It is remarked that the house of Rose. Morton & Co., which has just been elected for the foreign bankers of the United States, is like that of Henry Clewes & Co., conspicuous for its connection with the cart-baggers who have been plundering the Southern States: and some say that this is the secret of their favor with the President The South Carolina negro Legislature is about to be called together in extra session to levy the taxes to secure four millions of plunder to this house of Rose, Morton & Co. More Corraption. The New York Sun of to day publishes a letter making very serious charges against the Attorney General, purporting to be from a Republican source. One of the charges is that Mr Williams is owner of the fourth part of a granite quarry situated near Rich mond, Va., which has been supplying the Federal Government with granite. Bamsdell I's Oats, Ramsdell, the carpet-bag candidate of the Virginia Radicals for Lieutenant Governor, who has been claimed to be great capitalist, no mere carpet -bagger, turns out to be assessed with tax seven dollars and thirty -one cents on $568 of personal property, and to hold 200 acres of real estate, which has not been paid for. Special to the Cincinnati Gazette. Teachers Without Pay. When the question of paying the teachers in the public schools for the last month came up, it was discovered that $10,000, being the whole sum available for that upr pose, was in the First National Bank at the time of its failure. Four months' pay is now due the teachers. Schools Closed for Want of Coal. To-day eight schools were |dismissed by one of the trustees, because the weather was cold, and DO coal can be procured for the use of schools. Contractors refuse to make further delivery until some debts already due them are paid. The Government nt Running Itself Attorney General Williams said this evening that government affairs were now running so smoothly that no member of the Cabinet had any business to submit to the consideration of the President to day Cincinnati Special the to The Work for Congress. WASHINGTON, Oct. 7.-Even if the receipts from internal revenue should immediatel increase to an amount equal to the estimates and reasonable expectations of the Revenue Commissioner, for this season of the year, it would only have the effect of rendering unnecessary any further draft upon the legal tender reserve by the Secretary of the Treasury The most sanguine of the authorities here do not lead them to suppose that the Secretary of the Treasury will be able to replace, out of money received through the usual channels, the amount drawn from the forty four million legal tender reserve 1t is therefor strongly believed that Congress will be called upon to devise ways and means to replace the greenbacks taken from the reserve, or to authorize the S cretary of the Treasury to extend the legal tender circulation to the amount of the reserves issued. or probably to the extent of the entire forty four millions. For various good reasons the latter plan is the one most likely to be recommended to and adopted by Congress. Tests of Steam Boilers. would seem that the Commission to It y make tests of the strength of steam boilers. and to investigate and report upon the causes of boiler explosions, to be left entirely upon its own resources for ideas and suggestions of scientific character relating to the business and experiments intrusted The Commission has sent circulars to to all prominen practical engineers and scientists this country, requesting such views, ideas and as these gentlemen might see fit to submit but as yet no replies have been received by the Secretary of the Commission in this city. A meeting of the Commission will be held in New York on Monday or Tuesday next, when final will be made for teste and experiments, which begin at Sandy Hook about the 15th inst. CAL.


Article from The Wheeling Daily Intelligencer, October 13, 1873

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Business and Financial Matters. NEW YORK, Oct. 11.-Specie to-day 465,000; imports 50,000 pounds with 50,000 more expected this afternoon. Total imports for the week $7,219,707 of which $5,128,586 general merchandise and $2,091,112 dry goods. The Times thinks an action will be had today or Monday on the question at the Clearing House if such a resumption should be resisted by the weaker banks, and they should carry the majority of the association with them. The banks that are ready and anxious to accommodate their dealers with notes and to restore general confidence by resumption in greenbacks will still be left the alternative refusing to longer report their greenbacks subject to pooling operation. WASHINGTON, Oct. 11.-The outstanding legal tenders are $359,490,488. PHILADELPHIA, Oct. 11.-A number of the Frankfort cotton mills are running on half time in consequence of the falling off of orders and the difficulty in procuring currency to pay wages. Campbell's mill at Manyunk is closed by a strike of the operatives. At the other Manyunk mills work continues at a reduction. The South. work foundry has closed, and 000 men are idle, refusing to work at the reduction. PATERSON, Oct. 11.-Only one silk mill in Paterson is running on tull time. Sev. eral mills have entirely suspended, and others are running only a part of the time with reduced forces. LOWELL, MASS, Oct. 11.-The National Bank Examiner reports loss to the Merchant's National Bank by detalcation of the Cashier, at $63,701, with possible liability of $37,000 more. CINCINNATI, O., Oct. 11.-The Clearing House Association this afternoon, passed a resolution that all banks and bankers of the city resume full currency payment on Monday next, the 18th of this month. The N. Y. Tribune says that a private cable dispatch received Friday states that Thomas Scott has succeeded in negotia. ting forty-four millions of first mortgage bonds of the Texas & Pacific Railroad. The financial arrangements by which this result was reached were perfected during the height of the panic.


Article from The Daily State Journal, October 14, 1873

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OHIO. ### The Cincinnati Banks. CINCINNATI, October 14.-All the banks here resumed currency payments yesterday. There was no run.


Article from New-York Tribune, October 14, 1873

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FINANCIAL NOTES. A dispatch from Berlin announces that several failures have occurred in that city. The Cincinnati banks resumed currency payments yesterday, in accordance with the decision of the Clearing-house on Saturday. Five hundred and fifty-seven thousand dollars in specie was shipped from Plymouth for New-York, on Saturday, by the steamship Westphalia. The steamship Kron Prinz Frederick Wilhelm, which sailed from Southampton on the same day for New-York, took $15,000. The Controller of the Currency issued, yesterday, circulars calling upon all the National banks for a report of their condition at the close of business on Friday, Sept. 12, 1873. The Bank Superintendent of the State of New-York has already called for a report of the condition of all the State banks of this State for the same day, so that complete statistics of all the banks, State and National, in the city and State of New-York can be compiled from the returns when received. The Controller has also selected this day in order that he may be able to furnish complete statistics of the condition of the National banks of the whole country just previous to the beginning of the panic. As the call for the report has been delayed for ten days beyond the usual time, it is urgently requested that the bank officers will respond as promptly as possible to the circular of the Controller.


Article from The Daily Dispatch, October 15, 1873

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Fatlures-Suspensions-Resumption. NEW YORK, October 14.-Gillespie, Trowbridge & Co., tea-dealers, have failed. W. M. Whittemore, banker, and William Hoge & Co., bankers. have suspended. CINCINNATI, October 14.-All the banks here resumed currency payments yesterday, There was no run. BOSTON, October 14.-Burger, Hurlburt & Livingstone's sugar-house have suspended; it is said, only temporarily.


Article from The Grange Advance, October 15, 1873

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LATE NEWS ITEMS. The National Trust Company has resumed business. -They are trying Stokes for the third or fourth time in New York. -Patrons hold your wheat. The foreign demand was never greater, and the prospect for a good price is the very best. -Somebody has tried to garnishee old Pom's 7,000 bribery money. Some of his creditors are anxious to find out to whom it belongs. -Injunctions have been removed from the sale of stocks, but there are, instead of reaching their old prices. constant declines and reactions. -Specie is being shipped in large quantities from Europe to this country, and the resumption of specie payment is being discussed by those in authority. -The iron workers in Philadelphia resist a reduction in their wages, and are standing out manfully for their rights. Subscriptions have been taken ! to aid them. -Henry H. Boody has been charged with pocketing the neat little sum of $245,000 which he had, as Treasurer of the Rockford, Rock Island and St. Louis Railroad Co. There is not always honor among thieves. -A great change for the better is reported this morning, Oct., 5th, for the condition of Memphis, only eighteen deaths from yellow fever yesterday Liberal contributions have flowed in from all parts of the country. -A special meeting of the County Union, P. of H., of Olmsted County is to be held October 15th, in Rochester, to attend to several matters of interest. J. L. Wright is Master, and S. D. Hillman, Secretary. -The Union National Bank of Chicago*has resumed business; so have the banks of Cincinnati. Thus resumption causes no excitement. If men had kept as cool all the time there would have been in many instances no need of suspension. -It is now stated that Senator Conkling will not accept the office of Chief Justice if tendered him. He is going to retire from public life and apply himself to practicing law and laying up a fortune. If this be true there must be reform somewhere, for whoever heard of a man's declining an office in this age, when offered. They do sometimes modestly decline before it is offered. -Three shots were fired at Senator Pomeroy while walking up one of the streets in Washington on the 11th. One shot passed through his hat and one took effect in his breast, but proved to be only a flesh wound. The shooter gave us a reason for shooting he ruined myself and family." The Senafor says he never had any difficulty and does not know why the fellow shot him. It is probably because he had taken a liking to him. 6 THE CONTESTED DSAGE LANDS -LARGE MEETINGS OF SETTLERS. The settlers on the Osage lands in Kansas held a meeting on Wednesday at which 5,000 people were present. Resolutions were adopted calling on Congress to early next season, an act conDistrict authorizing Attorney pass, and for requiring Kansas, the in U. S the on to junction settlers with the the attorney Osage lands, U.S. selected file by a bill in chancery in the Circuit Court to set aside and annul the patents heretofore issued to railroad on of companies, said roads have the ground any grant that of neither lands Lands; within the calling limits upon of the the legislature Osage Ceded of to the an to cause, passage Kansas the of such memorialize and pledging act; Congress renewing unflaggingly for fealty to Gov. Osborne, Congressman them. highest prosecute tribunal the of the claims land shall until decide the


Article from The Grange Advance, October 15, 1873

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LATE NEWS ITEMS. The National Trust Company has sumed business. -They are trying Stokes for the third or fourth time in New York. -Patrons hold your wheat. The foreign demand was never greater, and the prospect for a good price is the very best. -Somebody has tried to garnishee old Poin's 7.000 bribery money. Some of his creditors are anxious to find out to whom it belongs. -Injunctions have been removed from the sale of stocks, but there are, instead of reaching their old prices. constant declines and reactions. -Specie is being shipped in large quantities from Europe to this country, and the resumption of specie payment is being discussed by those in authority. -The iron workers in Philadelphia resist a reduction in their wages, and are standing out manfully for their rights. Subscriptions have been taken to aid them. -Henry H. Boody has been charged with pocketing the neat little sum of $245,000 which he had, as Treasurer of the Rockford, Rock Island and St. Louis Railroad Co. There is not always honor among thieves. -A great change for the better is reported this morning, Oct., 5th, for the condition of Memphis, only eighteen deaths from yellow fever yesterday. Liberal contributions have flowed in from all parts of the country. -A special meeting of the County Union, P. of H., of Olmsted County is to be held October 15th, in Rochester, to attend to several matters of interest. J. L. Wright is Master, and S. D. Hillman, Secretary. -The Union National Bank of Chicago*has resumed business so have the banks of Cincinnati. Thus resumption causes no excitement. If men had kept as cool all the time there would have been in many instances no need of suspension. -It is now stated that Senator Conkling will not accept the office of Chief Justice if tendered him. He is going to retire from public life and apply himself to practicing law and laying up a fortune. If this be true there must be reform somewhere, for whoever heard of a man's declining an office in this age, when offered. They do sometimes modestly decline before it is offered. -Three shots were fired at Senator Pomeroy while walking up one of the streets in Washington on the 11th. One shot passed through his hat and one took effect in his breast, but proved to be only a flesh wound. The shooter gave us a reason for shooting he ruined myself and family." The Senafor says he never had any difficulty and does not know why the fellow shot him. It is probably because he had taken a liking to him. 6 THE CONTESTED OSAGE LANDS -LARGE MEETINGS OF SETTLERS. The settlers on the Osage lands in Kansas held a meeting on Wednesday at were were on Resolutions which 5,000 people adopted calling present. Congress to pass, early next season, an act authorizing and requiring the U. S District Attorney for Kansas, in conby the on to junction settlers with the the attorney Osage lands, selected file a bill in chancery in the U. S. Circuit Court to set aside and annul the patents to on neither companies, said roads heretofore have the ground issued that of railroad lands of any grant within Ceded Lands; of the calling limits upon of the the legislature Osage Kansas to memorialize Congress for the passage of such an act; renewing fealty to the cause, and pledging unflaggingly to the decide highest prosecute tribunal the of the claims land shall until them Gov Osborne Congressman


Article from Daily Kennebec Journal, October 16, 1873

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GENERAL NEWS. Frederick Chase Hutchinson, one of the family of singers, is dead. Pere Hyacinthe has been elected one of the three cures in Geneva by the Old Catholics. It is expected that the New York banks will resume currency payments next week. Newton has decided to cast off its swaddling clothes and become a city, the 17th in Massachusetts. The King of Italy has presented to the Empress of Austria a costly set of jewelry made in Rome. Christian Unity was practically illustrated in New York last Sunday. An Episcopal Bishop administered the Sacrament in a Presbyterian Church. T. Parkin Scott, Judge of the Supreme Bench of Maryland, died at Baltimore Monday morning, aged 70. The Chicago Post says that "if a son of Henry H. Wise is making speeches against his father, he must find himself compelled to change his politics several times a day." Many delegates to the Evangelical Alliance visited Philadelphia Monday and were entertained with a public reception and a banquet at the Continental Hotel, by the Philadelphia branch of the Alliance. The Cincinnati banks resumed payment of currency Monday. There were no runs and no excitement, and business men are very cheerful over the result. Most of the banks received more on deposits than they paid out. The republicans of the French Assembly paid M. Thiers a congratulatory visit Monday. The meetings of the several factions for the designation of members of the general committee of management will be held at various times next week. They have a calf out in Oregon who sports a nice little pair of wings. These ornamental appendages are about the size of turkey wings and crop out just behind the shoulders. Thomas A. Ridgely, formerly Medical Director on General Grant's Staff, was on Monday sentenced to three years' imprisonment in State Prison for breaking into a dwelling house in the daytime and stealing books, which he sold for liquor. "You ought to let me pass here free of charge, considering the benevolent nature of my profession," said a physician to a toll-gate keeper. "Not so," was the reply, "you send too many dead heads through here now." The doctor did not stop to argue the point, but paid his toll and passed on. In the naval battle off Cartagena thirteen men were killed and forty-seven wounded on the rebel fleet. Senor Mayer, a member of the Junta, was killed on board the Numancia. The Richmond Enquirer is attempting, at this late day, to fire the Virginia heart by printing, day after day, in capitals, such par-


Article from Fayette County Herald, October 16, 1873

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# Resumption. The banks in Cincinnati resumed currency payments in full, on Monday morning, thus gladdening the hearts of many of the business and working men of the city and of Southern Ohio especially. The Gazette of Tuesday says in relation to the resumption in that city: The resumption of the Cincinnati banks yesterday resulted as was anticipated in our remarks favoring that course. It was accepted by the public as evidence of the winding up of the panic and as making the beginning of rapid and full recovery. The banks left off business in the afternoon largely stronger than when they opened their doors. Much currency that has been withheld was returned to the banks, while there was no withdrawels except in the regular course of business. Within the last few weeks bank discounts have been largely reduced. This, in the face of the financial condition, is pretty conclusive evidence of the stability of the business classes, and affords assurance of comparatively smooth sailing in the future. After a little while, judging from the present outlook, there will be more demand for good paper than for money.


Article from The Lambertville Record, October 22, 1873

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There has been a gradual but decided improvement in financial matters during the last week. On Saturday, in New York and Philadelphia, confidence had-been largely restored and business was moving with almost its accustomed activity. It now appears that the worst effects of the panic have been limited to banking and speculative interests, and to those branches of manufactures that depend upon railroad enterprises for most of their work. These have had a pretty hard time, and many fortunes have been lost or greatly impaired. But the dealers in produce and general merchandise seem to have lost little of their trade, and as currency gets into circulation again they resume their usual business. The agricultural interests of the country have suffered little or nothing. The panic of course could not effect the amount of their products, and it has not perceptibly changed the market rates. Prices are certainly not tending downward, nor are they likely to do so. Thus the farmer, who apparently makes money slowly, is shown to be engaged in the safest of all occupations. The New York and Philadelphia banks have not yet fully resumed the payment of currency to their depositors. Those in Chicago and Cincinnati have done so, while the banks of Pittsburg never suspended. As soon as the eastern instituti ons redeem their obligations, as they must do at an early day, the usual current of affairs will be promptly resumed.


Article from Evening Star, November 8, 1873

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SPECIE FOR NEW YORK. $385,000 in specie were shipped from Liver-pool for New York to-day. CONSIDERING THE CAPTURE OF THE VIRGINIUS AT MADRID. MADRID, November 8. - President Castelar and Minister Sickles were in close conference for a considerable time yesterday. The subject of the capture of the Virginius is understood to have been under consideration. Resumption of Currency Payment by the Cincinnati Banks. CINCINNATI, November 8.- The clearing-house committee of banks of this city, to whom was entrusted the issuing of clearing-house certificates, have asked to be discharged, as the certificates have all been returned and by the committee canceled and destroyed, and the securities received have been returned to the parties depositing them. This closes up an arrangement by which the banks have made common cause to check the panic. In every way the management of the affair has been a success, not a bank here having failed, and only the sum of $450,000 clearing-house certificates having been necessary to tide over the period of the panic.


Article from Chicago Daily Tribune, May 3, 1874

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BANK SUSPENSION. CINCINNATI, o., May 2.-A special from Medias to the Times reports the suspension of the First National Bank of that city this morning. and the probability that the assets will pay the Liabilities.


Article from The Rutland Daily Globe, May 4, 1874

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Suspended CINCINNATI, May 3. A special to the Times from Medi says the First National Bank of that ci suspended this morning. Reported asso will pay all liabilities.