First National Bank (Chicago, IL)

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Episode Information

Episode UID
800932
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
80 national
Charter Number
8
Start Date
August 31, 1877
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
0f1da6fdc44c8e5a

Response Measures

Full suspension

Description

The First National Bank of Chicago failed during the panic of 1877 following the collapse of the State Savings Institution.

Events (4)
1. June 22, 1863 Chartered
Source
historical_nic
2. August 31, 1877 Run
Cause
Local Banks
Cause Details
The failure of the State Saving Institution triggered a general run on all Chicago banks.
Newspaper Excerpt
A general run is being made on all the Chicago banks and some more of them may close their doors before the panic is over.
Source
newspapers
3. September 1, 1877* Suspension
Cause
Local Banks
Cause Details
Suspended following the general panic and runs in Chicago in late 1877.
Newspaper Excerpt
The Comptroller of the Currency has declared a dividend in favor of the creditors of the First National bank of Chicago
Source
newspapers
4. January 30, 1878 Receivership
Newspaper Excerpt
payable as soon as schedules received from receivers are examined.
Source
newspapers

Newspaper Articles (4)
1. September 12, 1877 Clearfield Republican Clearfield, PA
Article from Clearfield Republican, September 12, 1877

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Article Text

AN AWFUL "BUST Up."-The State Saving Institution, at Chicago, closed its doors on Friday. The concern is a million of dollars short. The assetts foot up at their face $2,337,496.23 while the true value is only $869,000. The amount due depositors is $3,050,017.17. All the available cash to be found in the Bank was about $24,000 out of the millions deposited by the 15,000 depositors. The Cashier, David D. Spencer, is in Europe. His own individual note for $500,000 was found among the assets. A general run is being made on all the Chicago banks and some more of them may close their doors before the panic is over. But, then Chicago can stand almost anything.

2. January 30, 1878 The Princeton Union Princeton, MN
Article from The Princeton Union, January 30, 1878

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Article Text

Dividends Declared. The Comptroller of the Currency has declared a dividend in favor of the creditors of the First National bank of Chicago of 45 per cent., and to the creditors of the Central National bank of 25 per cent., payable as soon as schedules received from receivers are examined. He has also declared a dividend in favor of the creditors of the following banks: First National bank of Delphi, Ind., 25 per cent., making in all 50 per cent,; First National bank of Duluth, Minn., 20 per cent., making 65 per cent. in all.

3. January 31, 1878 The Worthington Advance Worthington, MN
Article from The Worthington Advance, January 31, 1878

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Article Text

Dividends Declared. The Comptroller of the Currency has declared a dividend in favor of the creditors of the First National bank of Chicago of 45 per cent., and to the creditors of the Central National bank of 25 per ccnt., payable as soon as schedules received from receivers are examined. He has also declared a dividend in favor of the creditors of the following banks: First National bank of Delphi, Ind., 25 per cent., making in all 50 per cent,; First National bank of Duluth, Minn., 20 percent., making 65 per cent. in all. French Protectorate for San Domingo. Late Havana advices give out the rumor that Spain will sign a treaty with San Domingo at the end of this month, assuring a protectorate over that island, causes great excitement in San Domingo and Hayti, and serves to increase the unpopularity of President Bolz. The-rumor is somewhat strengthened by the appointment of New Spanish Consuls at several parts of the Domingan Republic.

4. January 31, 1878 River Falls Journal River Falls, WI
Article from River Falls Journal, January 31, 1878

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Article Text

Dividends Declared. The Comptroller of the Currency has declared a dividend in favor of the creditors of the First National bank of Chicago of 45 per cent., and to the creditors of the Central National bank of 25 per cent., payable as soon as schedules received from receivers are examined. He has also declared a dividend in favor of the creditors of the following banks: First National bank of Delphi, Ind., 25 per cent., making in all 50 per cent,; First National bank of Duluth, Minn., 20 per cent., making 65 per cent. in all.