Louisiana National Bank (New Orleans, LA)

View Charter #1626 on SPMC View balance sheet

Episode Information

Episode UID
162601124
Episode Type
Run Only
Bank Type
national
Bank ID
16260 national
Charter Number
1626
Start Date
August 10, 1893
Location
New Orleans, Louisiana (29.955, -90.075)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
0673559a9f68b0f3

Response Measures

Accommodated withdrawals, Partial suspension

Other: Clearing-house banks substituted clearing-house checks for currency (limited daily cash payouts and certified checks for larger amounts).

Clearinghouse involved: Yes (loan, examination, or other measures)

Events (3)
1. December 30, 1865 Chartered
Source
historical_nic
2. August 10, 1893 Run
Cause
Local Banks
Cause Details
Runs and heavy withdrawals driven by failures/distress of other New Orleans banks and a general shortage of currency
Measures
Clearing-house limit on cash withdrawals to $50 per day; issuance of certified/clearing-house checks for larger amounts
Newspaper Excerpt
the clearing-house banks in deciding the limit of withdrawals to fifty dollars per day
Source
newspapers
3. October 2, 1905 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (5)
1. August 11, 1893 The Times Richmond, VA
Article from The Times, August 11, 1893

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Article Text

Indorsing the Clearing House. NEW ORLEANS, LA., August 10.-The commercial community uniformly approves the action of the clearing-house banks in deciding the limit of withdrawals to fifty dollars per day. Secretary Hester, of the Cotton Exchange, said that there was an apparent feeling of confidence, where yesterday there had been distrust. At the Stock Exchange there was a slight increase in Crossman bonds, and operators generally attributed it to the action taken yesterday. President Walmsey, of the Louisiana National Bank, said that any business man with powers of analysis has known for some time that the banks ultimately must be driven to the action taken yesterday. The shortage of money, he says, will affect all interests, rich and poor in proportion, but he believes that the limitation of currency withdrawals will obviate the necessity for the suspension of work on the part of the factories, and that thereby the laboring element will be directly interested. President Baldwin, of the New Orleans

2. August 11, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, August 11, 1893

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Article Text

NEW ORLEANS FINANCE. Approval of the Bank Limitation of Cash Withdrawals. (By telegraph to the Dispatch.] NEW OBLEANS, LA.. August 10 The com mercial community uniformly approves the action of the clearing-house banks in deciding to limit cash withdrawals to $50 per day. Secretary Hester, of the Cotton Exchange, said to-day that there was an apparent feeling of confidence where yesterday there had been distrust. At the Stock Exchange there was a slight increase in Crossman bonds, and operators generally attributed the improvement to the action taken yesterday. President Wesley. of the Louisiana National Bank, says that any business-man with powers of analysis has known for some time that the banks must ultimately be driven to the action taken yesterday. The shortage of money, he says, will affect all interests, the rich and the poor in proportion. but he believes that the limitation of currency withdrawals will obviate the necessity for the suspension of work on the part of factories and that thereby the laboring element will be directly benefited. President Baldwin, of the New Orleans National, does not think the laboring classes will be hurt to a serious extent. Mr. Baldwi says the present condition of affairs will continue in New Orleans so long as Congress neglects to take hold of the money question. Normal conditions will be restored when Congress acts definitely. Leading country bankers from the Mis. sissippi and Yazoo deltas in the city today express approval of the action taken yesterday. It largely affects them and will serve to restore confidence in the city. The action of speculators in withdrawing currency to be sent to other cities at a premium, and the fact that the supply of New Orleans was being steadily reduced, hastened the action of the Clearing-House Association taken yesterday in limiting currency withdrawals to $50 per day and substituting clearing-house checks for currency in general business transactions.

3. August 18, 1893 The Lake Charles Echo Lake Charles, LA
Article from The Lake Charles Echo, August 18, 1893

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Article Text

THE New Orleans banks have adopted a heroic remedy in reference to the annual panic now on hand. They will not issue to any one depositor more than $50 each day, in cash. For BOIDS in excess of that amount they issue certfied checks which will be received on deposit by all the clearing house banks. This plan was adopted in 1873 and its effect is to prevent a drain OD the banks through any sudden scare, and also to put a stop to the drain OD them through currency being shipped away and lost sight of. In the last two or three weeks several million dollars have been drawn out and hidden away, and the above plan is sure to put a stop to it.

4. September 15, 1893 The Pascagoula Democrat-Star Pascagoula, MS
Article from The Pascagoula Democrat-Star, September 15, 1893

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Article Text

Editorial and Otherwise. It will take 80,000,000 to move the cotton this fall. Grover Cleveland seems to be boss of the situation. "Silver lining" has gotten to be an obsolete expression. Hon. Hamilton Fish, ex-Secretary of State under grant. is dead. Many fond parent does not get to sleep until after the bawl is over. In all countries more marriages take place in June than in any other month. Some people are like poor umbrellas. They keep out the sunshine and let in the rain. The President only had tooth pulled and tion. it was magnified into a great surgical operaThe Democracy may be lacking in "sand" just now. but the people are all "out for the dust," and will have it. The Salt sea. which once covered the Yuma desert. was the home of oysters from 14 to 20 inches in diameter. Every man in Congress has scheme for increasing the circulating medium, except those who would contract it. The Clarion-Ledger suggests a "teachers' excursion" to the World.s Fair, to take place about the middle of October. The Constitution of the United States says Congress shall have power to coin money. regulate the value thereof.ete. A cow in Adrian county. Missouri, which lately lest her calf. has adopted and tenderly cares for small pig. said. The woman of the world is: queen matters little where you find her. If she It be mistress of herself. she is a ruler of men A newspaper in the Lone Star State speaks of "lady negro dentist." Civilization beyour the Rio Grandeis paralyzingly rapid. The Boston Herald thinks that the most "pressing need" nowadays is omething that ators. will squeeze the wind out of the financial Anniston. Ala., commenced shipping iron to Derby, England, by a regular New pig Orleans week. line of steamers the first part of the J.C. Riette, of Jackson. proposes to publish the military annals of the State. He calls rosters. on Confederate captains for records and Says the philosopher of the Summerville, Ga., News "Don't forget that while you are hustling round after dollars the devil is hustling around after you. The island where Robinson Crusoe monarch of all he surveyed is now inhabited was by about 60 people. who attend the herds of cattle that graze there. h. The outlook in New Orleans and in all cities in the cotton States is rapidly improving. The New Orleans banks expect to re sume full payment very soon. A seventeen-year-old boy at Holly Springs whe plead guilty to assaulting a five-yearg old for girl, was sentenced to the penitentiary ten years by Judge Johnson. le. that The police of Atlantic City have decided cigar the nickel-in-the-shut-machine run stores and saloons are gambling ar- by rangements and are raiding them. and While SO many women are devoting time it thought to woman's rights and woman's wrongs. some of them are forgetting that favorite old study of woman's duty. William B. Hornblower, of New York. said. will be appointed to fill the S. Supreme Bench, caused the the late Samuel death the The U. of report Blatchford, vacancy on by that girl curling her hair South Chicago, started the recent has been disproved and the , tion riety there secured conflagra- noto by Mrs. O 'Leary's cow has not been divided. A button which, it is asserted, was cut S, brave the coat of Stonewall Jackson when from the soldier fell mortally wounded Chancellorsville, Miss is in the possession of Bockius, of Richmond, Va. The Greenville Democrat says that the sidering itor of the Eupora Progress is seriously lication the matter of discontinuing trying of the paper for glory and playing poker for a living. 1 John Senator C. David B. Hill and Representative Black have both ot., the Federal elections law. of this country home giv repeal thought people the introduced rule. and bills t It repeal. to there will be no serious oppositio and billthe The Bland total cotnage of silver dollars tal act of 1878 way 389,933,374. unde S by known as the Sherman the act. act of July 14. 189 29,455,606. coinage under has amounted The in There are 59,178,000 silver dollar circulation. P. ly Mistletoe grows more luxurlantly In swamps where of Arkansas. perhaps, tl on part railroad in the the of else Gould in the country. A lady northeaster than travelli an mistletoe that State, counted fifteen clumps on single oak tree. NEVER HAPPY. When the sun is heatin'. Makes us sweat and When the rain comes beatin'. from Thin we're goin' to drown Ain't no use in tryin' Folks down here to THE Foamin' when they 're please fryin' An' fussin' when they freeze attention A lawsuit which is attracting consideral Peek in Chattanooga is that HS. against the Knoxville of W. was killed by cold all ning was road is responsible, claims Peck's the wife attracted lightning. and Southern s the erus is of by its telegraph one the queerest suits ever filed. L. the The scarcity Lake Charles Commercial T. of money has not reports lumber industries in that full and rice mills are All t business time, shingle section. affected running and their hands are deal regularly every month. receiving th è building is in earnings of progress. Besides sissippi Prof. Blenett Lee, a graduate of Miss.. and Agricultural College. of Starkvi Law also graduate of the ber of School, has just been elected Harva faculty of the me mild. son of Law School. of Chicago. versity the the Northwestern Prof. L the Lee, distinguished Gen. College. president of Mississippi Agricultu Stephen TY of the around Senator my Voorhees "I appeal body to th

5. September 12, 1896 The Daily Morning Journal and Courier New Haven, CT
Article from The Daily Morning Journal and Courier, September 12, 1896

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Article Text

This is the fourth New Orleans bank that has failed within a few days. Only yetserday the Mutual National bank closed its doors. On Wednesday the Union National did the same thing, and it in turn had been preceded by the American National. The result has been that the city is on the verge of a panic, especially in banking circles. There are many rumors that dishonesty has been discovered on the part of officers of two of the banks, and this tends to add to the panicky feeling that is continually becoming more evident. The Asosciated Banks at a meeting held on Wednesday night adopted the rule of not paying more than $100 per day to any single depositor, and late the same night all the principal savings banks adopted sixty-five day clause. It was thought that this action would enable the banks to withstand the panic, but the failure to-day will probably make it necessary that they adopt other and more stringent measures. The run on all the banks began originally when small depositors alarmed over the political situation commenced to withdraw their money from circulation.