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P 29 Bank Saspension in Memphis. MEMPHIS, Sept. 25.-The First National Bank | of Memphis has suspended,
First National Bank (Memphis, TN)
Episode Information
- Episode UID
33600885- Episode Type
- Run → Suspension → Reopening
- Bank Type
- national
- Bank ID
-
3360national - Charter Number
- 336
- Start Date
- September 25, 1873
- Location
- Memphis, Tennessee (35.150, -90.049)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
f0f80f71bde51aa1
Response Measures
Accommodated withdrawals, Capital injected, Full suspension
Other: Banks/chamber agreed to open exchange accounts to be paid in kind (to move cotton); merchants subscribed $320,000 and stockholders were assessed to recapitalize the bank.
Events (5)
1.
March 25, 1864
Chartered
- Source
- historical_nic
2.
September 25, 1873
Run
- Cause
- Macro News
- Cause Details
- Heavy withdrawals driven by the nationwide 1873 panic and inability to realize securities in New York
- Measures
- Paid out about $60,000 but doors closed again when run continued
- Newspaper Excerpt
- a run on Wednesday upon the First national bank ... paying out sixty thousand dollars
- Source
- newspapers
3.
September 25, 1873
Suspension
- Cause
- Macro News
- Cause Details
- Suspension due to inability to realize on securities in New York amid the national panic
- Newspaper Excerpt
- MEMPHIS, Sept. 25.-The First National Bank of Memphis has suspended
- Source
- newspapers
4.
October 1, 1873
Reopening
- Newspaper Excerpt
- The First national banks will reopen after the panic subsides. The First National bank has resumed. (reopened Oct. 1 for new business.)
- Source
- newspapers
5.
January 3, 1874
Reopening
- Newspaper Excerpt
- The resumption of business in full by the First National Bank ... resumption of business in full by the First National Bank, which was forced to suspend during the late panic
- Source
- newspapers
Newspaper Articles (18)
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NEW YORK. Robbery. NEW YORK. Sept. 25.-About midnight four masked men bound and gagged Seth W. Strage and wife of Yorktown, near Peepskill, and robbed the premises of $400 worth of valuables and escaped undetected. A Disputed Will. The will of Woodford Martin, the deceased grocery merchant, is disputed by three daughters. The estate is valued at $3,000.000. The daughters disputing the will claim that one of a later date than that offered for Probate is in existence. Ingenious Dodge. A newsboy was arrested to-day for crying out "Suspension of the First National Bank, "but was released on explaining that he meant the First National Bank of Memphis.
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for checks upon banks e drawn. their to be optional on with but the they will certify hands sums. which they drawn are on balances Clearing in House only checks payable member through of the the Clearing such House A Each is required to deposit at all sociation accurities as will Government approved his clearings. value; rail the amount recei of at their bonds par and bills road bonds and are other received stocks and at eventy-five them by per the Certificates cent receivable of the are value fixed are on issued used by the the of balances committee, committee. which can between only be the bank$ render settlement are not negotiable. condition on Change quopanicky and Matters were in it that difficult to furnish feeling tations. to-day to There a was general no feeling cellers to stand of whatever on the but part of buyers and genea and are everything. still The action of the bank scussion here was of this rally consumed unexpected much time. ruinous. There The ecautionary prevailing believe the course that it was a obligation to banks the owe nity. measure, opinion is justified general by the banking commu Chicago Clearing House. The Chicago CHICAGO. September resolved until further condition Clearing House view of the disturbed other cities, and tion affairs and in in New York and balances into of difficulty of converting advice of the bank the and on the commended currency. that members! be currency paythem examiner. authorized to suspend demands made upon counters and ments from on any country large banks a over their New sav Haven savings 25.- Bank. The NEW HAVEN, September the legal delay se in rious run. paying ings banks depositors. are enforcing There has been no Excitement in Memphis. excite MEMPHIS, September account of the susment prevails of banks, here, caused on by the inability closed pension on securities. banks have to realize The following named Bank, De Soto Bank today: First National the Freedmen's Savings 13 and it is and reported Trust Company. There heavy Bank run on the others. all will reopen after It is expected that The excitement the panic subsides. On account this present intense. of the monetary city. panic two and a which run on have all the suspended. banks in business is almost at standstill. suspension in St. Louis. decided Sr LOUIS, September of bankers, 25.-It held was last drafts, night. at to the suspend meeting payment or on exchange, checks or until the either in currency in the East subsides restored. and a firmer excitement condition of the markets is Resolutions of the Associated Bank banks to-night At meeting of the associated the following at the Clearing House unanimous adopted: and resolution Resolved was That for the protection for the purpose of our commercial preventin interests, a drain of currency to adopt from sub- the banks, of we hereby plan agree adopted in New on stantially viz: the Not to pay out currency sums. the checks York. except for small the banks on to be optional with certify checks amount drawn, but we will payable drawn which on balances in our banks, the Clearing House. the through committee of management of The House were directed to issue of Clearing Clearing House the certificates aggregate immediate amounting in set between $500 to $2,000,000. each. for the the purpose banks: of each tling being balances entitled to a pro rata quarter. amount. bank the clearings for the last ample based certificates on to be secured by saided the the character and val of committee lateral lateral to be determined by This arrangement appointed to remain for that in force purpose. till November 1. Little Rock currency has LITTLE ROCK. September increased. The exeite ment over city The failure of the exeitement. banks in Financial Memphis caused are unusual the only topic of conversation. take matters all the merchants refused to the day Nearly to-day. and throughout by decity money a heavy run on the banks de positors. there was As vet they have met every mand promptly Savannah. AVANNAH, September 25.-The Company THE on Savannah Bank and Trust ceased the at noon. and continued on the South matters. ern The Bank Chamber of Georgia of Commerce to the close. is considering Atlanta. ATLANTA. September The Dalkon accure Savings Bank has suspended. The tics are ample. Augusta. ACGUSTA September The National Na Bank. Merchants and Planters tional change Bank Bank of Augusta and Planters and Savings Bank have suspended. The Loan run on the banks has been heavy, especially Cotton is this coming morning. in freely. but there is no money to move it. The cotton market has enspended opera no currency to buy it but there tions: The First National Bank to be paid no serious out as appears usual. on it. The president will pay as long as run there is dollar of currency in the vaults There is confidence that it will weather the storm. The suspended banks have ample 1:a assets. and will meet every dollar's bilities. No suspensions among the business men E and A large meeting of the merchants was held a exchange roome. appointed committ at the to wait upon the directors of the Georgia Railroad and Banking Company and other banks. to issue some medium of exchange to bridge over the present erisis. John J. Cohen & Sons have suspended assets are ample. Their Bonds and stocks can not be sold. There no market for the best securities even at sacrifice. Indianapolis INDIANAPOLIS Ind. September Con siderable excitement was caused here this morning by the announcement of the precautionary measures adopted by the Chi cago and Cincinnati bankers which were at first reported as having total Iv suspended. and the excitement was beightened at noon by the suspension of the private bank ing house of Woollen, Webb & Co., owing mainly to the return of their drafts on the suspended Trust Company of New York, and public confidence became so shaken there was run that on a quite Ritzinger's bank and on the Indianapolis savings banks, by a class of generally small depositors. and some few persons withdrew their money from other banks The First. National Bank. instead of closing at the usual hour. kept open an hour later to give any depositor all oppor tunity to withdraw his money if he wished, and when it closed it had received more There
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ESTABLISHED 1840. T The Daily Appeal has a larger circu. lation than all the other Memphis daily THE PANIC ABROAD papers combined. THEPANICINTRECITY YESTERDAY. It was too much to expect that so Latest from all the Leading Cities thoroughly commercial a point as Memand Money Centers of the phis would fail to respond to the panic Country. which for a week has prevailed at New York and ail but prostrated her energies. We are so intimately The Backbone of the Panic connected with that great center of Broken in New Yorktrade and capital that we could not but Careful Review. share in her troubles, yet it was hoped by our bankers, who a month ago prepared for the dreaded emergency, that Decline in Gold-Shipments from they were so well "fixed" as to be able to pull through, and be ready for the England-Street Transiccotton season, only postponed on account tions in Gold, Stocks of the prevalence of the fever. But the and Bonds. fever itself proved their stumbling-block. When fifteen or twenty thousand people rush panie-stricken from home, The Dry Goods, Produce, Grocery pell-meil, helter-skelter, they are and Other Branches of usually possessed of but two ideas, Trade Unaffected. "money" and "safety." The first, being necessary to the continuance of the latter. becomes the essential. Our frightThe Conduct of the Secretary of eaed thousands, conscious of this, and the Treasury Severely with a view to fortifying themCriticised and Deselves against any contingency, before their departure lined nounced. their pockets, and it is calculated took with them not less than one million dollars. So large a sum as this could The Banks and Bankers of the not be taken from Memphis without, Southern and Western especially at so critical a juncture, enCities - What They dangering not only the stability of our Have Done. banks, but with them many of our largest concerns. The knowledge of the withdrawal of so large an amount had its New Orleans, Little Rock and effect, and as the news from New York Nashville in the Toilsspread from day to day, a feeling of inHow they Worked security grew, which, fed by the panOut. icky state of the public mind in regard to the fever, at last culminated in a run on Wednesday upon the First national bank, one Tae Outlook - Prospect for Toof the best conducted and most liberal day-What we May Exinstitutions in the Union. This was pect-Confidence Still sustained to the extent of paying cut Coming. sixty thousand dollare, but, on opening the doors yesterday and finding the run still likely to continue, they were Etc. Etc., Etc., Etc., closed again and suspension announce d
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MEMPHIS. Suspension of the Frst National and De Soto Bauks. MEMPHIS, September 25.-There is great excitement in this city on account of the suspension of the banks. caused by their inability to realize on their securities in New York. The following are the names of the banks that have closed up to to-day First National Bank and De Soto Bank. It is reported that theIFreedmen's Savings and Trust Company has suspended. There is a heavy run on the other banks. It is expected that they will reopen after the panic subsides. The excitement is intense.
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The DeSoto and First National banks of Memphis have suspended,
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Banks Suspended at Memphis, Tenn. MEMPHIS, Tenn., Sept. 25, 1873. There is great excitement in this city on account of the suspension of banks, which is due to inability to realize on their securities in New York. The First National and the De Soto banks have closed to-day. and it is rumored that the Freedmen's Savings and Trust Company has also suspended. There is a heavy run on the other banks. It is expected, however, that all of the suspended banks will reopen after the panic subsides.
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Money. 1 Our readers will have, long before this paragraph meets their eye, heard all about the fearful money panic that is deyastating the financial centers of the country. Under radical rule these "panics" have become a part and parcel of the financial system of the country, without which, at least once a year, the favorites of the court of Ulysses could not well get along. The only remedy that we can suggest to our people is to live on corn bread and bacon for one year, work hard and at the end of that time we can sit and look on at the wreck of the leviathans of commerce and trade ery much as old Noah may be apposed to have done from the indows of the ark upon drowning manity at the deinge. The City Chester yesterday evening ght the news of the suspension First National, Desoto and man's banks at Memphis, the rumors of worse to come.
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any means. Those having remaining deposite in the unsuspended banks felt much easier this morning, when, from behind awning-posta and lamp-poets, they behold the doors of their depositories open, and the clerks and officers file in one by one and arrange for the day's business. The run to-day was very light-80 light, in fact, that one of the banks reports deposits greater than the checklug, and might add that confidence has to a great extent been restored, though trado will Buffer for days yet. Thore are NO COTTON DALER, and the planters can get no means with which to pay their laborers, consequently they nro lenving the fields for the settlements and towns. The order trade here is fairly active, however, in nearly every branch,-dry goods, boots and ahoos, and groceries,-and In fact the notion trafilo is fair, and were the money market to let up, business would spring up at once in epito of yellow fever. The defunct banksthe DeSoto and First National-atill have their bannors hung on the outer walls, but nothing hns an yet transpired that will throw Any light upon their future course. A Receiver will, it is rumored, be appointed for the First National, and (ho*DeSoto folks say they can pay their $178,000 deposits in a few days. MEMPHIS, Sept. 20.-The financial panio WAR not resumed to-day. At n meeting of the stockholders of the First National Bank, it was shown to have an abundance of first-class assets, and measures were taken to placo the bank on n better basis than before.
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FROM MEMPHIS. A NEW REMEDY. MEMPHIS, September 30 - -At a large meeting of the chamber of commerce this morning to consider the financial situation, resolutions from the banks of the city were received to the effect that they would not suspend. but would open in addition to their regular business, an exchange account to be paid in kind for the purpose of moving cotton, which were unanimously adopted by the chamber. FIRST NATION BANK. The most responsible merchants of the city have subscribed and paid in to the First National bank $320,000, which will enable it to pay all liabilities, and resume business at once.
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MEMPHIS, October 2.-The First national bank has resumed. LOUISVILLE, October 2.-The Planters bank, the Peoples bank, and the Louisville City National bank, withdrew from the clearing house on the ground that there was no necessity for the combination, and the clearing house has been abolished by mutual consent. NEW YORK, October 2.-G. B. Grinnell & Co., brokers and bankers, have suspended. The Danforth locomotive works are working half time. They have plenty of money in bank, but can't get checks cashed.
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Financial Affairs. LONDON, Oct.2.-The - Bank of England directors posted their card, stating that no change in the rate of discount has been made. LONDON, Oct. 2-3:30 p. m.-The bullion in the Bank of England has decreased ££,904,000 during the past week. NEW YORK, Oct. 2. --- The suspension of George B. Grinnell & Co. bankersand brokers, has just been announced in the Stock Exchange. LONDON, Oct. 2-4 p. m. - The rate of discount in open market for three months' bills is 4 15.16 per cent. PARIS, Oct. 2.--The specie in the Bank of France has increased 4,000,000 francs during the past week. MEMPITS, Oct. 2. - --The First National Bank reopened for business yesterday.
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Finance and Politics at Memphis. MEMPHIS, Nov. 26.-The First National Bank, which was forced to suspend on the 20th of September from the effects of the panic, yellow fever and other causes, but re-opened October 1st for new business, has completed arrangements for resumption on its old basis, and is now awaiting the proper form of authority from Washington. Owing to the exigencies of the times, bills receivable have not been realized upon to the extent anticipated, many debtors claiming extensions. But the deficiency is to be made good by an assessment on the stockholders. A citizens' meeting last night ratified Busby's nomination for Mayor, and declared Charles G. Locke nominated for City Tax Collector and Police Sergeant Rodgers for Wharimaster. There are several other candidates for the latter office, and there will be another candidate for Mayor, either John Overton, Jr., or John Loague.
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An Increase of 815,000 Legal Tenders in One Day. NEW YORK, Nov. 26.-The Associated Banks hold $35,700,000 legal tenders, an increase of $815,000 since yesterday. 82,600 for $20,000. Brown Bros. have obtained an order in the United States District Court empower ing them to sell $2,600 of Lake Shore stock held by them as security for $20,000 loaned to Dodge, Grinnell & Co. Buoyancy on the Stock Exchange. The report from Washington that the Spanish question would be settled by restitution of the steamer Virginius, in connection with the increase of $1,000,000 in legal tender circulation, caused a very buoyant market on the Stock Exchange during the afternoon, and a decline in the gold premium. Memphis First National. MEMPHIS, Nov. 26.-The First National Bank, which was forced to suspend on the 25th of September from the effect of the panic, yellow fever, etc., but reopened Oct. 1. for new business, has completed arrangements for resumption of old business, and is now awaiting proper form of authority from Washington. Owing to the exigencies of the times bills receivable have not been realized upon to the extent anticipated, many debtors claiming extensions, but the deficiency is to be made good by assessment on the stockholders.
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MEMPHIS. Monetary. MEMPHIS, Jan. 3.-The resumption of business in full by the First National Bank, which was forced to suspend during the late panic, causes much rejoicing in monetary circles, as the bank has always been one of the most liberal and popular in the city. Its friends now claim that it will be stronger than ever. Mardi-Gras. Extensive preparations are making for the carnival festival. The Mayor Elect. Jno. Logue, the Mayor-elect, will not be installed until the 14th,
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The First National Bank of Memphis Resumes Business. MEMPHIS. Jan. 3.-The resumption of business in full by the First National Bank, which was forced to suspend during the late panic, causes much rejoicing in monetary circles, as the bank has always been one of the most liberal and popular in the city. Its friends now claim that it will be stronger than ever.
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A Financial Crisis in Cuba. HAVANA, Jan. 3.-The wharf laborers and trade-orgauizations demand pay in gold or its quivalent in currency. and propose to strike on Monday unless their terms are complied with. The draymen and coachmen will join in the strike. The Junta of the Debt has been in session today discussing means to relieve the financial situation, but without result. Proprietors of newspapers also held a meeting to consider the question of raising their subscription rates. The First National Bank of Memphis Resumes Business. MEMPHIS, Jan. 3.-The resumption of business in full by the First National Bank, which was forced to suspend during the late panic, causes much rejoicing in monetary circles, 33 the bank has always been one of the most liberal and popular in the city. Its friends now claim that it will be stronger than ever. Resumption of New York Manufacturing Firms. NEW YORK, Jan. 3.-Prentice's hat factory, in Brooklyn, which closed during the recent panic, will be in operation on Monday, giving employment to 500 persons. The Planet Mills will reopen the same day. One Hundred and Fifteen Railroads in Default. NEW York, Jan. 3.-The entire number of railroads which are in default is more than 115, representing an indebtedness on their interest account of more than $27,000,000. National Finances. WASHINGTON, D. C., Jan. 3.-Internal revenue receipts for December, $1,195,521; for fiscal year, $19,022,999.
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city treasury. SOUTH. The municipal election in Memphis, on Jan. 1. resulted in the election of John Logue (Rep.) for Mayor, by 800 majority, and the entire Republican ticket. The Texas Pacific Railroad was completed to Texarkana, the proposed junction with the Cairo and Fulton road, on Dec. 29, and it was announced that regular trains would commence running at once. The First National Bank of Memphis and the First National Bank of Kansas City, both of which suspended during the panic, have resumed payment. The Louisiana Legislature convened on Jan. 5. Gov. Kellogg in his message states that the total debt of the State is $24,283,336,