Second National Bank (Cincinnati, OH)

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Episode Information

Episode UID
3200886
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
320 national
Charter Number
32
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
a4432399ee23a209

Response Measures

None

Events (3)
1. July 22, 1863 Chartered
Source
historical_nic
2. October 14, 1873 Reopening
Newspaper Excerpt
All the banks here resumed currency payments yesterday. There was no run.
Source
newspapers
3. * Suspension
Cause
Macro News
Cause Details
Panic of 1873 and broader financial crisis led banks to suspend specie/currency payments and use clearing-house certificates
Newspaper Excerpt
the clearing-house committee of banks ... issued clearing-house certificates
Source
newspapers

Newspaper Articles (10)
1. October 13, 1873 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, October 13, 1873

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Article Text

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.

2. October 14, 1873 The Daily State Journal Richmond, Alexandria, VA
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.

3. October 14, 1873 New-York Tribune New York, NY
Article from New-York Tribune, October 14, 1873

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Article Text

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.

4. October 15, 1873 The Daily Dispatch Richmond, VA
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.

5. October 15, 1873 The Grange Advance Red Wing, MN
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

6. October 15, 1873 The Grange Advance Red Wing, MN
Article from The Grange Advance, October 15, 1873

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Article Text

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

7. October 16, 1873 Daily Kennebec Journal Augusta, ME
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-

8. October 16, 1873 Fayette County Herald Washington Court House, OH
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.

9. October 22, 1873 The Lambertville Record Lambertville, NJ
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.

10. November 8, 1873 Evening Star Washington, DC
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.