Article Text
THE FINANCIAL CRISIS. Purchase of Government Bonds Snspended-7-40 Bonds not to be Antici. pated-More Suspensions-Dry Goods Merchants Sound-A Run on the Savannah Banks-They Hold Out Venue a .. .....
Merchants National Bank (Savannah, GA)
Episode Information
- Episode UID
164000885- Episode Type
- Suspension → Reopening
- Bank Type
- national
- Bank ID
-
16400national - Charter Number
- 1640
- Start Date
- September 26, 1873
- Location
- Savannah, Georgia (32.084, -81.100)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
4112558baa6a6da9
Response Measures
None
Events (3)
1.
March 7, 1866
Chartered
- Source
- historical_nic
2.
September 26, 1873
Suspension
- Cause
- Macro News
- Cause Details
- Part of the nationwide financial crisis/panic of 1873 leading Savannah banks to withhold currency and partially suspend specie payments.
- Newspaper Excerpt
- SAVANAH, September 26.-In accordance with the resolutions of the chamber of commerce, the banks are certifying checks but withholding currency.
- Source
- newspapers
3.
January 14, 1919
Voluntary Liquidation
- Source
- historical_nic
Newspaper Articles (3)
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Article Text
THE FINANCIAL CRISIS, NEW YORK. NEW YORK, September 26.-Twentyfour hours' notice is to be given before the stock exchange opens. The Sun says that Adams express company has carried daily to the interior $1,500,000, and the United States express company has been carrying out about $500,000 daily. NEW ORLEANS. NEW ORLEANS, September 25.-The banking houses have joined in an address giving the reasons for partial suspension of currency payment for thirty days, by which time they think the movement of cotton and sugar will place them in a position to fully resume. Sterling exchange, the usual source of currency, at this moment, is not available except at ruinous rates. Heavy drafts have been made upon them for the usual balances from the west and east, and there is no prospect of their drafts for currency being honored. The banks will pay drafts under one hundred dollars. CHARLESTON. CHARLESTON, September 26.-The Peoples bank of South Carolina, the Peoples savings bank, and the South Carolina loan and trust company have suspended currency payments. The national banks and other state banks pay as usual. NASHVILLE. NASHVILLE, September 26.-The banks have suspended currency payments upon checks of over $200. The board of trade approves the action. ATLANTA. ATLANTA, September 26.-A meeting of business men has resolved to assist the banks by free deposits and light drafts. SAVANNAH. SAVANAH, September 26.-In accordance with the resolutions of the chamber of commerce, the banks are certifying checks but withholding currency. CHICAGO. CHICAGO, September 26.-Five national banks have suspended. WASHINGTON. WASHINGTON, September 26.-The following suspensions are announced this morning : Wooten, Webb & Co., Indianapolis ; Krans & Smith, Toledo; Bank of Ansonia, New Hampshire Fant, Washington & Co., of Washington. ENGLAND. LONDON, September 26.-American securities are excited. Large business doing with wide fluctuations and much uneasiness. LATER.-American securities flat and declined heavily. The Daily Telegraph, in an article on the American crisis, savs it cannot be too strongly enforced that there is nothing radically unsound here or in the United States. The great mass of capitalists are not affected by the trouble. The Daily News remarks that in the absence of a system of long credits, the materials for a panic among American trading houses do not exist. It believes that the worst in over. It is said that bullion to the amount of £500,000 sterling will be withdrawn from the bank to be sent to America by next Saturday's steamer.
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Article Text
bank abroad, home be met only of also and checks, by of the assets giving statement of the This and bank. old and this popcourse, a by combiular unof wholly nation of the the for by officers looked bank itself morning, Thursday but temand stated, 110 made home assets and good of excess due falling force pay at this on the time, to the damage It is the city. will the bank in ten currency days the with We intimate the for bank past no hesihis the and assertion of and the institution, now pursued believe dethe to was secure best very interest of our city, of the in will result and ultimate good. busiThe regular resume all and certifies morning, which depositors.comments as the Kanfrom We the following showsas City ing leading it is and only cities, not had to be Lanks the same course. pursued of of the Kan bankers meeting sas evening, City, Q. Wednesday WatMr. 1873, 24th, J. Mr. and September kins ng presidential D. follow adoptsecretariously That during the deem present it definancia of the insirable that of terests this from panic the reachingsee city paired of the uniming of all until drinking have values passed elsewhere be away; of decline First. resolveyment our or counters, checks in or ther exchange. balances Second, of sevto the be shall of per cent ty-five collaterals. the That above resolutions be published iu morning Bank, Bank, Co., signed Third, by each and bank, evening papers. Smart ComCity mercial First the National City National Kansas Watkins Association, Drovers' Kansas National Bank, Savings ValMissouri Long, Kansas Co., Savingarmers' the Mastin and Bank, Grant & Co., and tothe meeting ley Bank, Bank, Stock Yard adjourned Bank. subject The President, Secretary. OF CHAMBER call of its J. 26. -The September adjournchamber at ed night, meeting the receive SAVANNAH of late hour report last of the was which followingdopted: and the bankbanks be recoming houses to meet to be committee Resolved, That of Savannah the demands used of derequire, until and moved, and exchange be re lated currency mended the positors necessities the by of difficulties may can gived be be regu- re- to the crops. that also report had banks they bankers it met to move The committee on the the resolu- with tion the read then and resolution ankers: of of all parts their adopted following view by the the New unpreceden York and dented paraly aralyzing affecting panie purlegitim business, the of comm pose prevailing In in the country, and for the ercial protecting and of communitions banking essential enabling interests the furnish facilities of the country the to city That all the the banks will only and bank- meet