New Orleans National Bank (New Orleans, LA)

View Charter #1778 on SPMC View balance sheet

Episode Information

Episode UID
177801124
Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
17780 national
Charter Number
1778
Start Date
August 8, 1893
Location
New Orleans, Louisiana (29.955, -90.075)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
5271ff6b03cb4992

Response Measures

Accommodated withdrawals, Partial suspension

Other: The bank, as part of the New Orleans Clearing House Association, limited cash withdrawals to $50 per day and issued clearing-house certificates/checks for the balance of withdrawals.

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

Description

The bank experienced a run and partial suspension (limiting currency withdrawals to $50/day) as part of a city-wide Clearing House action during the Panic of 1893.

Events (5)
1. January 30, 1871 Chartered
Source
historical_nic
2. August 8, 1893 Run
Cause
Macro News
Cause Details
Systemic financial panic (Panic of 1893) and currency shortage leading to withdrawals by timid depositors.
Measures
The bank, via the Clearing House, limited currency withdrawals to $50 per day and issued clearing-house certificates for the remainder.
Newspaper Excerpt
Speaking of the financial situation President Baldwin, of the New Orleans National Bank, said: I suppose that each of the leading banks in the city has been affected by the present trouble to a slight extent. Probably $50,000 has been withdrawn from us
Source
newspapers
3. August 9, 1893 Suspension
Cause
Macro News
Cause Details
City-wide agreement to limit cash withdrawals due to systemic currency shortage and panic.
Newspaper Excerpt
The Clearing-House Association at a meeting to-day agreed to hold currency as much as possible... No depositor will be allowed to withdraw more than $50 per day in currency
Source
newspapers
4. September 15, 1893 Reopening
Newspaper Excerpt
The New Orleans banks expect to resume full payment very soon. (Note: Article date Sept 15 indicates the crisis was subsiding and full payments were being restored).
Source
newspapers
5. July 15, 1919 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (7)
1. August 10, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, August 10, 1893

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Article Text

NEW ORLEANS BANKS. A Run Disposed Of--ClearingHouse Action. [Bytelegraph to the Dispatch.] NEW ORLEANS, August 9.-A run was started yesterday on the Germania Savings Bank, and all who came were promptly paid. When the doors of the Germania were opened this morning there was a motly group of people waiting on the outside with their depositbooks grasped tightly in their hands. They had not heard of the new order of things. Last night the Savings Bank managers decided to enforce the sixtyday clause. This action has apparently had the effect of allaying the fears of depositors and the run has ceased. The Clearing-House Association at a meeting to-day agreed to hold currency as much as possible and to carry on business more largely with checks. No depositor will be allowed to withdraw more than $50 per day in currency, but the banks are issuing clearing-house certificates for the remainder. Money may be deposited for withdrawal. Speaking of the financial situation President Baldwin, of the New Orleans National Bank, said: "I suppose that each of the leading banks in the city has been affected by the present trouble to a slight extent. Probably $50,000 has been withdrawn from us and a similar amount from other large financial institutions here. Some of the businessmen and timid depositors were alarmed and withdrew their money quickly. But instead of losing in the aggregate of business we have been gaining, and there is unlimited confidence in the sound condition of the New Orleans city banks."

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 11, 1893 The Morning News Savannah, GA
Article from The Morning News, August 11, 1893

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Article Text

THE BANKS' ACTION APPROVED. And a Revival of Confidence at New Orleans. Now Orlenns, Aug. 10.-The commercial community uniformly approves the action of the clearing house banks in deciding to limit cash withdrawals to $50 per day. Secretary Hester, of the stock exchange, says 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 Walmslee of the Louisville National bank said that any business man with powers of analysis has known for some time that the bank ultimately, must be driven to the action taken yesterday. ALL ALIKE NATURALLY AFFECTED. 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 National, does not think the laboring classes will be hurt to a serious extent. IT ALL DEPENDS ON CONGRESS. Mr. Baldwin 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 Mississippi Yazoo Delta, in this city to-day express approval of the action taken yesterday. It largely affects them and serves to restore confidence in the city. The action of speculators, in withdrawing currency to be sent at & premium, and the fact that the supply of New Orleans was being steadily reduced, hastened the action of the clearing house association in limiting currency withdrawalsto $50 per day and substituting clearing house checks for currency in general business transactions.

4. 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.

5. 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

6. 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.

7. October 3, 1907 The Plymouth Tribune Plymouth, IN
Article from The Plymouth Tribune, October 3, 1907

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1066-Norwegians defeated the English at Fulford. 1198-Richard I. defeated the French at the battle of Gisors. 1327-Edward II. of England murdered in Berkeley Castle. 1356-English defeated the French at the battle of Poitiers. 1415-Owen Glendower, the Welsh patriot, died at Monnington. 1628-John Endicott's colony arrived at Salem, Mass. 1630-Boston, formerly Trimountain, Mass., named. 1653-New England colonists declared war against the Niantick Indians. 1665-The great plague of London reached its height. 1675-Bloody Brook massacre at Deerfield, Mass. 1697-King William's war ended by the treaty of Ryswick. 1710-Expedition against the French sailed from Boston for Port Royal. 1714-George I. landed in England. 1745-Battle of Prestonpans between the Royal troops and the Jacobites. 1747-Marquis de Beauharnais ended his twenty-one year term as governor of Canada. 1759-Quebec capitulated to the British. 1762-St. John's, Newfoundland, retaken from the French by the British. 1776-The first Trinity church, New York, destroyed by fire. Built in 1698. 1777-Continental Congress left Philadelphia on the approach of the British.... British victorious at battle of Saratoga.... British defeated the Americans at Paoli, Pa. 1792-Meeting of the first Parliament of upper Canada. 1793-George Washington laid the corner stone of the national capitol at Washington. 1801-Robert Emmet, Irish patriot, hanged for treason. 1821-Central American States declared their independence. 1823-Samuel L. Southard of New Jersey became Secretary of the Navy. 1838-Opening of the London and Birmingham railway.... Anti-Corn Law League formed at Manchaster, England. 1841-Railway opened between London and Brighton. 1847-Shakspeare's house, Stratford-on-Avon, bought for the British nation. 1850-President Fillmore signed the fugitive slave law. 1854-Allies defeated the Russians at the battle of Alma. 1856-The last national convention of the Whigs met at Baltimore. 1857-Massacre at Mountain Meadow, Utah.... Delhi captured by the British. 1860-The American tour of the Prince of Wales began at Detroit. 1861-New Orleans banks suspended specie payment. 1862-Battle of Antietam ended. 1863-Gen. Bragg began the siege of Chattanooga.... First day of the battle of Chickamauga. 1864-Gen. Sheridan victorious at battle of Winchester.... Gen Fremont withdrew as a candidate for President. 1868-Revolution in Spain commenced. 1870-The Germans invested Paris. 1871-Lincoln's body removed to its final resting place at Springfield, Ill. 1873-Financial panic precipitated by the suspension of Jay Cook & Co. 1881-Chester A. Arthur took the oath as successor to President Garfield. 1891-The St. Clair tunnel under the Detroit river opened to traffic. 1894-Chinese defeated with heavy loss at battle of Ping Yang, Korea. 1895-Peary Arctic relief expedition left St. John's, N. F., on return home. 1898-Spanish forces began the evacuation of Porto Rico.... French minister of war ordered the prosecution of Col. Picquart, in connection with the Dreyfus case. 1899-Anti-trust conference at Chicago ended.