National Exchange Bank (Augusta, GA)

View Charter #1860 on SPMC View balance sheet

Episode Information

Episode UID
186000885
Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
18600 national
Charter Number
1860
Start Date
September 25, 1873
Location
Augusta, Georgia (33.471, -81.975)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d5596c7afa1bf877

Response Measures

Accommodated withdrawals, Full suspension

Events (4)
1. August 10, 1871 Chartered
Source
historical_nic
2. September 25, 1873 Run
Cause
Macro News
Cause Details
Widespread financial panic originating in New York and inability to realize securities led depositors to make heavy withdrawals.
Measures
Payment of small checks continued where possible; larger settlements by certified checks/clearing-house certificates by banks in the region.
Newspaper Excerpt
The run on the banks has been heavy, especially this morning.
Source
newspapers
3. September 25, 1873 Suspension
Cause
Macro News
Cause Details
Suspension of specie/currency payments due to national panic and lack of currency and inability to realize securities in New York.
Newspaper Excerpt
The National Exchange Bank ... have suspended.
Source
newspapers
4. October 9, 1873 Reopening
Newspaper Excerpt
The banks here have resumed currency payments.
Source
newspapers

Newspaper Articles (18)
1. September 25, 1873 Evening Star Washington, DC
Article from Evening Star, September 25, 1873

Click image to open full size in new tab

Article Text

THE TIDAL WAVE IN THE SOUTH. BANK SUSPENSIONS IN SOUTHERN CITIES. Bank Suspensions in Memphis 3 EMP818, Sept. 25.1 here is great excitem of in this city on account of the suspension or the banks which is due to inability to realIze on the securities in New York. The First N. tional and the Delso banks have closed the r doors' day, and it is rumored that the Freddman's Saving and Trust Company has also suspended. There is a heavy run on other banks. It is expected, however, that all the aspended banks will reopen when the panic subsides Suspensions in Augusta, Ga. AUGUSTA, Ga., Sept. 25 The National Exchange bank, the Merchants' and Planters' Losti and Savings bank have suspended. The THE OR the banks have been heavy, and especially this morning. Cotton is coming in freely, but there is no money to move it. Run on the Savanuah Banks, SAVANNAH, GA., Sept. 25. - A run commenced early this morning on the savings departments of the Savannah Bank and Trust Company and the Southern Bank of Georgia. Large crowds are congregated. The banks are paying dollar for dollar. Business is at a complete standstill for lack of currency. No Scare at Louisville. LOUISVILLE, Sept. 25.-There is some excitement here on account of the depressed condition of affairs in New York, but the banks are uniformly in good condition. No alarm whatever e sts among depositors, and there is no anticipation of a panic. The Trouble Over in Richmond RICHMOND, Sept. 25-1.30 p.m.-The panic has entirely subsided and there 18 no visible excitement on the street A meeting of bank officers this morning unanimously resolved to adopt the system of issuing loan certificates, as now in operation in New York. Philadelphia and Baltimore, so as to give relief to the commonth The reported failure of McLain & Co., of Petersburg, is contradicted. the Situation in St. Louis ST. Lovis, Sept. -Shipments of flour to the east having been virtually suspended by the recent advance in reitroad freights, the board of directors of the merchants' exchange have petitioned the railroad companies to restore the old rates during the present financial troubles. A slight run having been me de on the banks of this city, it was decided at a meetingJof bankers held last night to suspend the payment of checks or drafts, either in currency or exchange, until the excitement in the east subsides and the former condition of the markets is restored. The New Orleaus Banks Suspend. [By Automatic Telegrayh.] NEW ORLEANS, Sept. 25.-The New Orleans banks, with the exception of the Southern, have suspended currency payment.

2. September 26, 1873 Elizabeth Daily Monitor Elizabeth, NJ
Article from Elizabeth Daily Monitor, September 26, 1873

Click image to open full size in new tab

Article Text

NEWS ITEMS. The national banks of Nashville have suspended. The Dollar savings bank of Atlanta suspended yesterday. Secretary Richardson says that beyond the purchases of bonds which have been made to aid the banks he has nothing to recommend. There is a run on the savings banks of Detroit, and they all insist upon thirty days' notice of intention to withdraw deposits. The report that Secretary Richardson had advised a temporary suspension of all of the banks is denied. The steamer Scandinavian left Liverpool for Quebec yesterday with five hundred thousand dollars in bullion. There was great excitement in Indianapolis yesterday and several private bankers suspended operations. There are large quantities of cotton in Augusta, but no money to move it. The run on the banks of Augusta has been heavy, and they have nearly all suspended. The banks of New Orleans have resolved that they will not pay any checks for more than one hundred dollars. The Charleston branch of the National Freedmen's Savings bank exacts sixty days' notice of desire to withdraw deposits. There was a run on the banks in St. Louis yesterday, and shipments of flour have been stopped. The Mutuals beat the Philadelphias in Philadelphia yesterday, 8 to 4. The Newark Democrats have nominated Nehemiah Perry for Mayor, Adolph Schalk for Water Commissioner, Wm. A. Schmidt for Tax Commissioner, and George Peters for Trustee of the Reform School. A. J. Hine, cashier of the National Bank of Ansonia, ten miles from New Haven, Conn., has been using the funds of the bank for speculation. The surplus of forty thousand dollars is all gone. Hine also loses his private fortune. The full extent of the losses is not as yet ascertained. The bank is supposed to be solvent. The Dean of Canterbury has been visiting the public schools of Albany, much his was at large of particularly to surprise astonished and pleasure. the in He all success the proportion schools, and feminine the perfect their teachers masculine with as which they governed well as feminine pupils. The session of the American board of missions at has curious reforeign a significance Minneapolis, when it Minn., is collected that this association organized while Minnesota was yet a howling wilThe board of foreign missions was more agoderness. formed it holds convention than sixty in years what now its was by means a western its over a of which a was journey no westward large part far is untraveled city territory yet when the association was born. Mrs. Henry L. Irwin returned from a week's visit to Red Bank to her home in Lincoln street, near Summit avenue, Jersey City, on Wednesday afternoon. Her husband had promised to meet her Saturday and go home with her, but he and she went afteron did without not, She threw four days ward him. open the house and found her husband in bed. thinking that he was sleeping she did not disturb him, but went quietly down stairs and supper. a seized premonition prepared her, found and she that Then called Mr. the neighbors. They Irwin was dead. The body was decomposed. The county physician's exam. ination showed that the Wednesday, hedied New Jersey of apoplexy. Midland are to resume of between the On road railroad Jersey City control and the state line at Unionville. Possession is claimed on account of the failure of the and Oswego Midland railroad to of their which a company New York lease, comply called with dollars for the payment terms of about two thousand per day for three months, or until the floating about two hundred thousand do:should be paid. have been kept promight debt, lars, instant, but This for when the contract the ceedings of the 18th New York Midland was thrown into and Abrah S. Hewitt was This out of the bankruptcy, control appointed assignee. company's virtually hands. took The New York company retain the Montclair division, which gives them an into New York ; but to form connection to over that a cars through ingress must pass portion Oswego of the the New Jersey Midland lying between the state line and Bloomingdale.

3. September 26, 1873 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, September 26, 1873

Click image to open full size in new tab

Article Text

SUGGESTIONS FROM THE N. Y. PRODUCE EX CHANGE. NEW YORK, Sept. 25.-The Produce Exchange adopted the following resolutions: WHERAS, The critical condition of the commercial interests of the country requires immediate relief by the removal of the block in the negotiation of Foreign Exchange, Therefore be it Resolved, That we respectfully suggest to the Secretary of the Treasury the tollowing plans for relief in this extraordinary emergency: 1st. That currency be immediately issued to banks or bankers upon satisfactory evidence that gold has been placed on special deposit in the Bank of England by their correspondents in London, to the credit of the United States, to be used solely in purchasing Commercial Bills of Exchange, and that the President of the United States and the Secretary of the United States Treas ury are respectfully requested to order im mediate prepayment of the outstanding loan of the United States due January 1st 1874 The Steamer Cambria brought $132, 500. NOTICE REQUIRED BY NEW HAVEN SAYINGS BANKS. NEW HAVEN, Sept 25.-The managers of the Savings Banks of this city have voted it prudent to require notice of the the withdrawal of large deposits, but will continue to pay small amounts on demand. Thus far there has been no run on any of the Sayings Banks, National Banks, State Banks, Trust Companies, or private banks in the city, but the course of the Savings Banks has been followed to protect borrowers and depositors alike. Every Savings Bank in the city has a handsome surplus above its liabilities, and the depositors feel no uneasiness The Augusta National Exchange Bank Merchants & Planters' National Bank, of Augusta, and the Planters' Loan and Savings Banks have suspended. The run on the banks has been heavy, especially this morning. Cotton is coming in freely but there is no money to move it. PANIC SUBSIDED AT RICHMOND. RICHMOND, Sept. 5.-The panic has entirely subsided and there is no visible excitement on the street. The bank officers this morning unanimously resolved to adopt a system of issuing loan certificates as is now in operation in New York, Philadelphia and Baltimore, so as to give relief to the community. The failure of Mclivaine & Co., of Petersburg, is contradicted. A CONFERENCE AT THE TREASURY DEPARTMENT WASHINGTON, Sept 25.--The Secretary of the Treasury with Assistant Secretary Sawyer and Attorney General Williams. have been in consultation at the Treasury Department for a long time to-day, it is supposed upon the legality of further use of currency by the government for the purchase of bonds. First Comptroller Taylor was present during part of the conference. Several bankers of Abia city called on Secretary Richardson to day for the pur pose of obtaining currency to meet their demands; but, though their bonds were offered here, no purchases were made The employes of the several departments are being paid off at the request of Governor Sheppard, for the purpose of easing the market in this district. SEC'Y RICHARDSON UNABLE TO VISIT NEW YORK NEW YORK, Sept. 25.-A telegram from the Secretary of the Treasury states that his official duties prevent him from visiting New York and consulting with the Clearing House Committee. A LUCKY HIT FOR THE U. T. CO During the examination this morning, of the large safe of the Union Trust Co., a box belonging to the missing Secretary was opened and found to contain $25,000 in United States bonds, which were sup posed to have been lost. RUN ON SAVINGS BANKS AT DETROIT DETROIT. Sept. 25.-The run on the savings banks is quite extensive to-day They all insist upon thirty days notice for large amounts. David Preston & Co. and F. L. Seitz & Co., bankers, have suspended. MORE OF THE TREASURY CONFERENCE THE LEGAL RESERVE NOT TO BE USED WASHINGTON, Sept. 25. conference between the Attorney General and Secretary of the Treasury to day lasted nearly two hours. There was a full and complete exchange of views on the prevailing financial troubles and the propriety of further action by the government. It seems certain that a determination was reached and concurred in by all present that the government should not use any portion of the legal tender reserve for the purchase of additional bonds, although this resolution may be temporarily encroached upon for thewants of the gov ernment, but then not to any great extent and not with any view to inflate the'currency, as the Secretary, even if forced by circumstances to put out any portion of legal tenders. beyond the $356,000,000, will, as he did in the first two or three months of his administration, reduce the amount to that standard again at the ear liest and most practicable time. The present understanding is that the Department believes it has helped the banks as far as the public service and consistency will ad mit So that at present there is no intention of issuing additional instructions for bond purchases RUMORS CONTRADICTED. Rumors have reached Washington from the South, as well as from New York and other places, that the Secretary of the Treasury has advised a temporary suspension of all the banks. but there is not the slightest indication that such a policy has been or will be advised. Secretary Rich ardson asserts that, further than helping banks by the bond purchases which have been made, he has nothing to advise. He only looks to the interest of the Government. The situation, so far as the Government is concerned, is unchanged since yesterday when purchases of bonds were stopped.

4. September 26, 1873 Nashville Union and American Nashville, TN
Article from Nashville Union and American, September 26, 1873

Click image to open full size in new tab

Article Text

Let and compel currency to seek this market." Clearing House certificates at the rate of 75 cents on the dollar will be issued on col latterals deposited by the banks, and certifled checks or Clearing House certificates will be used instead of currency. Indianapolis Unappalled. INDIANAPOLIS, Sept. 25 Considerable excitement was caused here this morning by the announcement of the precautionary measures adopted by the Chicago and Cincinnati banks, which were at first reported as having totally suspended, and this excitement heightened at noon by the suspension of the private banking house of Wallen, Webb & Co., owing mainly to the return ot their drafts on the suspended Trust Company of New York, and public confidence a became so shaken that there was quite heavy run on Ritzinger's Bank and on the of Indianapolis Savings banks by a class generally small depositors, and some few persons withdrew their money from other banks. The First National 1Bank instead of closing at the usual hour kept open an hour later to give any depositor an opportunity to withdraw his money if he wished, and when it closed it had received more money than it had paid out The unquestionable solvency of all our banks, together with the fearless way in which they met the excitement seems to have sent home the crowds who thronged the streets until after the banks had closed, in better state of feeling anditisnotnow anticapted there will be any further trouble. The banks previous to the excitement had after a conference together, decided to go abead in the usual way, and this determination will still be followed Washington Washing WASHINGTON, Sept. 25 The it ton City Savings Bank announces that wiii require sixty days' notice for payments of depositors, in accordance with a provision in its charter. Several bankers of this city called on Secretary Richardson to-day for the pur pose of obtaining currency to meet their demands, bat though bonds were offered here, of no purchases were made. The employes the several departments are being paid off at the request of Gov. Shepherd, for the purpose of leasing the market in this district. Richmond Simmers Down. RICHMOND, VA., Sept. 25.-The panic has subsided, ended, and there is no visible excitement on the sreets. The bank officers. to this morning, unanimous resolved adopt the system of issuing loan certificates &S now in operation in New York, Philadelphia and Baltimore, so as to give relief to the community The reported failure of McElvain & Co., Petersburg, is scontradicted South Carolina- Cotton Immovable CHARLESTON, Sept. 24.-Money is so stringent here that no obligations are contracted, and all business is limited in amount. There is some demand for cotton at low figures, but the difficulty in negoti ating exchange stops sales, and relief from that source is slow in coming. Factors would at moment accept the low rates for most articles of produce. Paper falling due is renewed in full, or with small payment on account, and creditors are disposed to be indulgent. No failures have been reported The banks pay checks as usual, and there has not been the first symptoms of a run. Savannah. SAVANNAH, Sept. 25 A run commenced early this morning on the Savings Department of the Savannah Bank and Trust Company of the Southern Bank of Georgia. Large crowds are congregated The banks are paying dollar for dollar. Business is a a complete standstill for want of currency. The run on Savannah Bank and Trust Company has ceased. That on the Bank of Georgia continued up to the hour of closing. Both are thought to be fully able to meet all demands. Others are proceeding as usual, and all excitement is diminish ing. A meeting of the Chamber of Commerce to cosider the state of affairs is called for this evening. Augusta. AUGUSTA, Sept. 25 The National Ex. change Bank, Merchants & Planters' Na tional Bank, of Augusts, and the Planters Loan and Savings banks have suspended The run on the banks has been heavy, especially this morning. Cotton is coming in freely, but there is no money to move it. Business here is blocked. Cotton market suspended operations, aud there is no currency to buy cotton. The First Nation al Bank paid out as usual. Suspended banks have ample assets and will meet their liabilities when the pressure lightens up There have been no suspensions among business men. At large meeting which the merchants held at the Exchange rooms, committee was appointed to wait upon the Directors of the Georgia Railroad and Banking Company and other banks, and request them to issue some medium ot exchange to bridge over the present crisis. The banking house of Coohens & Sons suspended. Assets are ample. No market for best securities even at sacrifice. Selma. SELMA, ALA., Sept. .-Savings bank suspended to-day. Assets believed to be ample to pay all its debts and liabilities, and to save the capital stock. Atlanta. ATLANTA, GA., Sept., The Dollar Savings Bank of this city, suspended to day. Ample securities. Memphis MEMPHIS, Sept. The great excitement in this city on account of the suspenre. sion of the banks caused by inability to alize on securities in New York. The fol lowing named banks have closed to day: is First National Bank, DeSoto Bank and it reported the Freedmen's Savings Bank and Trust Company, with a heavy run on the others. It is expected that all will reopen after the panic subsides. The excitement at present is intense. The panic in New York and consequent failure of some banks to respond to the ca of for currency, occasioned the suspension the First National Bank of this city this morning, which was followed by a run on all banks, and led to the suspension of the DeSoto within an hour. The run contin ued several hours. It is rum ored to-night that one or two of the smaller banks are in deep water, and that other failures will occur to-morrow. The suspensions were seemingly from want of currency, and both concerns claim assets largely in excess of liabilities. The collections and general business of the two banks were turned over to the State National Bank, which suffered no run and is believed to have been solvent. The run on the Union and Planters' ceased at M., after which hour it received deposits of nearly two-thirds of the sum drawn out. New Haven. NEW HAVEN, CONN., Sept. 25.-The managers of the Savings banks of this city have voted at prudent to require notice of

5. September 26, 1873 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, September 26, 1873

Click image to open full size in new tab

Article Text

stated Richardson deblines anticipating the '74 bonde, which mature December and January. The City Savings Bank. known as J. Ruff's, after five days' ran, posted the R. sixty days' notice clause. The President and Secretary of the Treasury, in conference this evening, out decided that the Treasury will pay no more corrency. excent for ordinary disbursements. $2,000,000 in currency remain Richard- in the for current purposes. draw on the Treasury will only 40,000,000 Governson for necessities of the serve He has helped the banks by issuing ment. $12,000,000 for bonds and they must now take care of themselves. CHARLESTON, September 25.-There run on the banka. The Freed- days' is men's no Savings Bank exacts sixty usual. notice; the other banks pay as SELMA, AIA, September 25.-The Selma Savings Bank has suspended; assets believed ample. SAVANNAH, GA., September 25.-A on commenced early this morning, Savanrun departments of the and Trust Company, nah the savings Bank and and large the Southern Bank of Georgia, crowds are congregated. The banks is are at dollar for dollar. Business a stand-still, for paying rency. complete 25.-The lack of cur- run SAVANNAH, September Cowthe Savannah Bank and Trust on cased at noon, but continued the OD pany Southern Bank of Georgia to close. the The Chamber of Commerce is considering the matter. AUGESTA, September 25.-The and Na. tional Exchange Bank, Merchants' Planters' National Bank of Augusta, and Planters' Loan and Savings banks Bank have suspended. The run on the has been heavy, especially this morning. Cotton is coming in freely, but there Na 18 to move it. The Bauk paid out us usual, to be no serious run on tional no money First but it; there the 11 will pay as long as appears President vaults, there and is of currency in the that it will The snspended dollar the there storm. is confidence banks weather dollar have ample assets, and will meet every off. liabilities when the pressure eases of Commercial circles are hopeful, and amoug A meeting of men. there areno large suspensions merchants business com- at the Exchange rooms appointed a the mittee to wait upon the directors of Railroad and Banking Com and other bank', issue some medium Georgia pany, them to and of exchange request The to bridge over the present crisis. banking house of John J. Cohen & euepended; their assets are but bonds and stocks as there is no market ample, Sons sold, has for cannot the best be securities, even at a sacrifice. ATLANTA, Septembe. 25.-The Dollar Savings Bank has suspended; ample curities. NEW ORLEANS, September 23.-A of all the bank presidents exresolved to pay 110 over meeting cept two certified. obecks This $100; larger checks to be lasts thirty days. MEMPHIS, September 25.-The First National Bank of Memphis suspended. DETROIT, September 25.-Two bank ers have failed. CHICAGO, September --The Chi Clearing House has resolved, until and in view of affairs in cago turbed further condition action, the of New difficulty the York disand in other cities. and in converting balauces in currency, and advice of the Bank Examiner, our on members be recommended and authorized to suspend currency payments on large demands made upon them, any either from country banks or over their counters. ST. LOUIS, September 25.-It was decided at a meeting of the brokers, held last night, to suspend payments of checks or drafts, either in currency or exchange, until the excitement in the East subsides, and a firm condition in the market is restored. MEMPHIS, September 25.-The bank failures are attributed to inability to realize upon securities in New York. The First National and Kelso Banks have suspended; there is 8 run on the others. CINCINNATI, September 25.-The Cincinnati Clearing House Association has just a resolution, ofsour protection adopted commercial that interests, for the and for the purpose of preventing a drain of currency from the banks and bankers of this city. we do hereby agree to adopt substantially the plan adopted in New York, viz: They will not pay out currency on checks except for stanli sams, to be optional with the banks whom they are drawn; but they will checks drawn on in their hands, payable upon certify through balances the Clearing House only.

6. September 26, 1873 The New York Herald New York, NY
Article from The New York Herald, September 26, 1873

Click image to open full size in new tab

Article Text

NEW carpet company, the details of which were presented in the HERALD some weeks ago. Appleton, it appears, made large advances to Woodworth on securities which are not now considered sound. The bank officers decline to furnish press representatives any statement, but It is declared in New Brunswick financial circles that the entire surplus and capital were swept away by the deficit. and that papers are now out for the apprehension of Appleton and Woodworth. The Boston Banks Conservative. BOSTON, Mass., Sept. 25, 1873. The course of the Boston banks during the existing financial crists in New York appears to be simply cautious and conservative, restricting and reducing loans as far as possible. even at a large interest, and keeping as much currency as possible for cashing checks in the regular course of trade. Philadelphia Getting Back to Business. PHILADELPHIA, Sept. 25, 1873. A more hopeful feeling exists here among merchants : nd prices of goods continue very steady. Third street is quiet. All the national banks, savings banks and such of the State banks as did not suspend pursue business in the usual manner. The Board of Brokers continues in session, and have adopted the following resolution:Resolved. That, until otherwise ordered, certified checks or due bills on any of the associated banks will be received in settlement of contracts between members of the Board. Chicago Imitates the Example of New York. CHICAGO, III.. Sept. 25, 1873. The Clearing House Association held an important meeting last night to consider the financial situation. Alter an animated discussion, which exlsted till nearly one o'clock this morning, the following resolution was adopted: :Resolved, That, until further action and in view of the disturbed condition of affairs in New York and other cities, and the difficulty in converting balances into currency, and on the advice of the Bank Examiner, our members be recommended and authorized to suspend currency payments on any large demands made upon them, either from country banks or over their counters. the of Action Cincinnati Clearing House. CINCINNATI, Ohio, Sept. 25, 1873. The Cincinnati Clearing House Association has just adopted the following resolution:Resolved, That, for the protection of our commercial interests and for the purpose of preventing a drain of currency from banks and bankers of this city, we do hereby agree to adopt, substantially, the plan adopted in New York, viz. -We will not pay out currency on checks except for small sums, to be optional with the banks upon which they are drawn. but will certify checks drawn on balances in their hands, payable through the Clearing House only. Each member of the Clearing House Association is required to deposit such sum in approved securities as will at all times cover the amount of his clearings. Government bonds are received at their par value. Railroad and other stocks and bonds and bills receivable are received at seventy-five per cent of the value fixed on them by the committee. Loan certificates are issued by the committee, which can only be used in the settlement of balances between the banks and are not negotiable. Bank Suspensions in Augusta, Ga. AUGUSTA, Sept. 25, 1873. The National Exchange Bank, the Merchants and Planters' National Bank, of Augusta, and the Planters' Loan and Savings Bank have suspended. The run on the banks has been heavy, especially this morning. Cotton is coining in freely, but there is 20 money to move it.

7. September 26, 1873 The New York Herald New York, NY
Article from The New York Herald, September 26, 1873

Click image to open full size in new tab

Article Text

Bank Suspensions in Augusta, Ga. AUGUSTA, Sept. 25, 1873. The National Exchange Bank, the Merchants and Planters' National Bank, of Augusta, and the Planters' Loan and Savings Bank have suspended. The run on the banks has been heavy, especially this morning. Cotton is coining in freely, but there is 20 money to move it.

8. September 26, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 26, 1873

Click image to open full size in new tab

Article Text

New-Orleans Nat'al Bank. Citizens' Bank. Bank of America. Union National Bank. Germania National Bank. New-Orleans Nat. Banking Association. Teutonia National Bank. Canal Bank. Louisiana National Bank. Mutual National Bank of Hibernian National Bank. America. Bank of Lalayette. State National Bank. People's Bank. Pike Bros. & Co., bankers. Clearing-house certificates at the rate of 75 cents on the dollar will be issued on collaterals deposited by banks, and certified checks of the Cleaning-house will be used instead of currency. IN GEORGIA. AUGUSTA BANKS SUSPENDED-NO MONEY TO MOVE COTTON. AUGUSTA, Sept. 25.-The National Exchange Bank, the Merchants' and Planters' National Bank of Augusta; and the Planters' Loan and Savings Bank, have suspended. The run on the banks has been heavy, especially this morning. Cotton is coming in treely, but there is DO money to move it. A BANK SUSPENSION AT ATLANTA ATLANTA, Sept 25. - -The Dollar Savings Bank of this city suspended-to-day. It has ample securities.

9. September 26, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 26, 1873

Click image to open full size in new tab

Article Text

AUGUSTA, CA. AUGUSTA, Gs., Sept. 25.-The National Exchange Bank, the Merchants' and Planters' National Bank of Augusta, and the Planters' Loan and Savings Bank have suspended. The run on the banks has been heavy, especially this morning. Cotton is coming in freely, but there is no money to move it.

10. September 30, 1873 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, September 30, 1873

Click image to open full size in new tab

Article Text

are nearly all held in this country. The President of the First National Bank urges the immediate resumption of specie payment.ru the ground that such action will immediately add 880.000,000 of positive relief to the currency of the conntry. The United States coupons, maturing in November, will be paid on and after Monday, September 29, upon a rebate of interest at the rate of six per cent. per ponum. The bank officers and private backers held 12 musting to-night and confirmed the action of last night. A committee of six were appointed who will certify the checks of each. The banks holding aloof are the Bank of Washington, the Bank of the Republic, the Farmers' and Mechanics' Bank of Georgetown, and Riggs' Bank. The members of the combination are confideut that the above banks will be forced into compromise before Monday night. MEMPHIS, September 28.-Twentytwo yellow fever interments yesterday. Total for the week ninety-eight, against 128 the week previous. CAIRO, September 28 -Considerable neesiness is manifested at the prevalence of what has heretofore been denominated congestive bilious fever, but which physiciaus now pronounce yellow fever, modified by the Northern climate. There have been only six or eight fatal cases so far. The city is more unhealthy than for many years. Sr. Louis, September 29.-Curry & Kerley. at Jefferson City, and two bank ing houses at Chillieothe, have sugpended. PHILADELPHIA, September 29.-Janies Gibbone, late President of the Fenian Brotherhood, is dead; aged seventy.tive CHARLOTTESVILLE, V.1, September 25 In consequence of the money crisis in the cities, the University of Virginia has made arrangements for credits to all students temporarily embarrassed by the same NEW HAVEN, September 29.-Severai large factories. usable to get curreney to pay their hunds, have stopped work. HARRISBURG, September 29.-The tional and savings banks have suspended curreucy payments. The Cauton, Ill banks have also suspended. SAVANNAH, September 20.-There a panicky feeling here among bankers and merchants. MEMPHIS, September 29.-Sixteen yellow fever deaths yesterday. PHILADELPHIA, September 29.-Benj Bullock & Soes, wool dealers, have failed. NEW YORK, Sept inber 20.-An illicit distillery has been discovered in SingSing prison. The conviet distiller says the keepers of the prison were among bis best customers. Jay Gould thinks the panic is over. SAVANNAH, September 29.-The Merchants', National and Anderson Banks continue to pay currency. CHARLOTTE, N. C., September 29.The banks are paying as usual to move cotton. MONTGOMERT September 29.-One death from yellow fever and five cases in the last orty-eight hours. PATTERSON, N. J., September 29.The Grant Locomotive Works have discharged 175 men; the Danforth Works 100. CAIRO, September 20.-The banks have suspended specie payments. WASHINGTON, September 29.-Gov. Kellogg, of Louisiana, and Collector Casey, of New Orleans, are here. Secretary Richardsou declines the advice of a New York financier, that he should drown himself. A special agent of the Post Office De. partment is in charge of the Pittsburg office. Hon. Thomas Parkin Scott, Chief at Baltimore, contracted Judge is of dying the Supreme from disease Bench, by in Warren. to the Judge long Seott imprisonment President refused give Fort parole required by Lincolu's order No. 1, regarding State prisoners, and remained long after many of his fellows left. Probabilities-For the South Atlantic States, partly cloudy weather, lower temperature, winds veering to Southwest and North-west, and rain areas. AUGUSTA, Septemper 29.-All tue banks have partially resumed currency payments, but the cotton market continues dull and nomical; only 52 bales sold to-day. BOSTON, September 20.-$40.000 defalcation in the Bingham National Bank. CHARLESTON, September 29.-At A meeting of the Chamber of Commerce business assemblage this morning, of which bankers included aud the largest men that has met in Charleston for

11. October 1, 1873 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, October 1, 1873

Click image to open full size in new tab

Article Text

CURRENCY CONDENSITIONS CAIRO,ILL-The banks have adopted the certified check system. TORONTO.-The Government has ordered £500,000 of gold from England PITT6BURGE-Outlo much improved. The Lawrence Savings Bank resumed to-day. MILWAUKEE.-Chamber of Commerce adjourned till to-day without doing any business. CONCORD, N. H.-Currency payments suspended No apprehensions of serious trouble. PATTERSON, N.J.-The Grant Locomotive Works to-day discharged 175 men, and the Danforth works 100. CHARLOTTE, N. C.-The banks are doing business as usual, and the people sustain them by large deposits. LOWELL, Mass.-The banks to-day adopted the prevailing plan in regard to currency payment There is no alarm. READING, PA-Business in this city is quietly, and banks are meeting progressing promptly all demands. the SALT LAKE-Situation greatly improved and panicky teeling subsiding First National, suspended Saturday, preparing to resume. Sr. PAUL, MINN.-There is no exor alarm here, and the of the citement stoppage purchase aside of wheat from business goes on as usual. CHARLESTON, S. C.-The Chamber of the Secretary of to lurnish to be Commerce Treasury petitions $500,000 the ueed in the purchase of New York ex. change. CHARLOTTEVILLE, VA.-In conseof the money crisis quence made the Univer of Virginia has arrangefor credit to all ments sity students temporarily embarraesed. JEFFERSONVILLE, IND.-The First National Bank declines to pay currency,except in small amounts The Cit izens National Bank is meeting all demands mands made upon it. LEAVENWORTH.-The Vice President of the First National Bank drew out $100,000 and then ordered a suspension -much indignation. German Savings Bank resumed payment. COLUMBUS, O.-The financial trouble has had a very upon While all the are thie city. yet slight effect banks prepared for a run, thus far the precaution has proved unnecessary. BosToN.-Owing to the defalcation of $40,000 by the cashier of the Hingham National Bank. that institution has been closed by the National Bank Examiners. The Savings banks require notice. INDIANAPOLIS - Financial matters quiet. No further run anticipated. LITTLE Rock-Money panic continued; greatest stringency ever known. MONTGOMERY, ALA.-No run on Sat arday. Deposits exceeds withdrawale DUBUQUE, Iowa.-Commercial Na the bank mands in tional is currency. only Merchants meeting First all de- Na- Na. tional entirely suspended tional paying partially. Savings banks runs subsided. SPRINGEIELD, ILL.Banks have taken no action, and are doing business as usual. HARRSBURG, PA-All met and unanimously agreed to suspend pay ment of currency. BALTIMORE-Saturday closed without additional excitement or reports of failures. ATCHISON, KAN- banks doing business on Saturday, and declare they will not suspend. Sr. Louis-Express lines are bring= ing a much larger amount of currency than they are taking away. NEW HAVEN, Coxx-Manufacturing. establishment obliged to suspend, for lack of currency to pay hands. AUGUSTA, Gs.-Believed the BUEW pended banks will be able to resume currency payments early this week. LOUISVILLE-Twelve banks met Saturday night and adopted clearinghouse articles. not PHILNDELPRIA-Bankere the resolved market, to force any securities on and not to do anything to cause a decline of securities at the Stock Board

12. October 1, 1873 Knoxville Weekly Chronicle Knoxville, TN
Article from Knoxville Weekly Chronicle, October 1, 1873

Click image to open full size in new tab

Article Text

Suspension of New Orleans Banks. NEW HAVEN, Sept. 24.-The Savings banks are enforcing the legal delay in paying depositors. There is no serious run. NEW ORLEANS, Sept. 25.-A meeting of all the bank Presidents except two, resolved to pay no checks over $100. The larger checks to be certified. This lasts thirty days. MEMPHIS, Sept. 25.-The First National Bank of Memphis has suspended. AUGUSTA, Sept. Business is blocked, the cotton market has suspended operations on account of no currency to buy cotton. The First National Bank paid out as usual, but there appears to be no serious run on it. The President will pay as long as there is a dollar in currency in the vault. There is confidence that it will withstand the storm. The suspended banks have ample assets and will meet every dollar of their liabilities when the pressure eases off. Commercial circles are hopeful. There have been no suspensions of business men. ATLANTA, Sept. 25.-The Dollar Savings Bank has suspended, but has ample securities. AUGUSTA, Sept. 25. - The National Exchange Bank, the Merchants' and Planters' National Bank of Augusta and the Planters' Loan and Savings Bank have suspended. The run on the banks has been heavy, and especially this morning. The cotton is coming in freely but there is no money to move it. JACKSON, MISS., Sept. 25.-On account of the monetary panic and the run on all the banks in this city, two of which have suspended, business is almost entirely suspended.

13. October 2, 1873 Edgefield Advertiser Edgefield, SC
Article from Edgefield Advertiser, October 2, 1873

Click image to open full size in new tab

Article Text

The Situation in Augusta. There were very perceptible indications yesterday of a continued diminution of the panicky feeling created in commercial circles in Augusta on Thursday by the suspension of currency payments by several of our banking institutions. Depositors, where assured of the solvency of the institutions with which they were doing business, begin to appreciate the utter fol. ly of lashing themselves into a mid-summer perspiration simply because they can not get possession of their entire deposits in so that they may lock it up in their own a every coutingency currency, that strong they boxes will against require remote dollar for business purposes They begin to realize that upon just such food panics and increase and their grow have strong made up minds their tobe breadth, to satis an fied with a sufficiency of currency swer their most exhibition of of this pressing disposition demands. has been The incalculable financial relief. throughout the city and adjacent country, in encouraging our suspended banking institutions to resume and continue the payment of small checks, affording 111 the aggregate great relief to a class of depositors which otherwise must have experienced severe deprivations, from lack of money to purchase food supplies and seasonable clothThe even payments ing. permeate benefits the of whole these community, small and gradually find their wav back to the individual or institution making them. A MOST GRATIFYING SHOWING. The National Bank of Augusta, W.E. Jackson, President, throughout yesterday stood the pressure just as if it were veritable financial " Stonewall"-meeting all demands of depositors Among its heaviest payments were $8,300 to the Augusta Factory, to pay the operators of that establishment; between $5,000 and $6,000 to the city of Augusta, to pay th canal hands; and $1,200 on a check of the Orphan Asylum in favor of W. H. Goodrich. In addition, a number of checks for smaller amounts were paid to merchants and other depositors. And yet, at the its of were the close currency of day's business, $7,000 to the $8,000 depos- in excess of the amount of currency with which the bank commenced business the morning. The Georgia Railroad Bank remained firm and unyielding as Gibralter," waxall ing while still honoring stronger in checks its currency of depositors. supply, This institution is a recognized king of the present monetary crisis, and just about as safe and stroug as human institutions get to be. The Merchants and Planters National Bank, ex-Gov. C.J Jenkins, President, resumed the vent in currency of small checks yesterday, and effected settlement of larger amounts by certified checks, now current in the city. This institution expects to be firmly on its legs next week, doing busines as usual. The National Exchange Bank, Alfred Baker President, continued to pay small checks in currency yesterday, and make settlements with depositors desiring to accept first class securities. Messrs. John J. Cohen & Son, bankers, paid. in currency all demands made on them yesterday, and will gradually be to currency to dollar for prepared dollar pay deposited with depositors them. They will resume business on Monday under the same schedule as run yesterday. will be arrangements Deposits having received been and made checks by them sold, for the same. The Commercial Insurance and Banking Company continued to meet all demands of depositors The Freedman's Savings Bank remains in currency, under possession the sixty of its days' supply notice of rule. But few notices have been filed by depositors, and by the time the sixty days. run out, they will doubtless be fully satisfied to leave their deposits where they are. Commercial circles promise to weather the storm, and our merchants are heroi cally addressing themselves to the labor of the the can. trade-doing turning poorly very greased best they wheels of local The aspect of affairs is certainly encouraging and hopeful. Money is expected from New York by some of our cotton men about the middle of the present week, with which to purchase cotton, when general contraction of lengthened countenances will follow.-Constitutionalist,

14. October 10, 1873 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, October 10, 1873

Click image to open full size in new tab

Article Text

FINANCIAL. Banks Resume Greenback PaymentsHeavy Grain Receipts, etc. NEW YORK, Oct. 9.-The down town banks virtually resumed the payment of greenbacks yesterday. The step was mainly taken in consequence of the fiattering exhibit of legal ten ders made at the clearing house yesterday morning. Mr. Camp, manager of the clearing house, said that since the issue of the loan cer titicates there has not been so many greenbacks as were seen in the morning when clearances were made. All grains received from the west during the week, aggregating over a million bushels, more than any week in the history of the country, have been paid for in legal tenders. It is onderstood that measures have been taken by the managers of the Unlon Trust Company, whereby loans which were made to delinguent customers will be taken up and the company be enabled to resume business be fore the 15th. NEW YORK, Oct. 9. - Mr. Camp, manager of the clearing house, says he cannot give his opinion as to when there will be a resumption of currency payments by the banks, because he is not prepared to admit that the banks have suspended currency payments. They have, he says, only refused to pay out legal tenders for checks. Legal tenders are rapidly increasing in the banks of this city and the banks are now paying all regular and legitimate demands upon them. AUGUSTA, Ga., Oct 9. -The banks here have resumed currency payments. There have been heavy receipts of cotton, but money is too scarce to save the crops. About $500 hve been forwarded for the relief of Shreveport and Memphis. There has been a light frost throughout this section. CINCINNATI, Oct. 9. - -The Clearing House Association to day decided to issue no additional clearing house certificates, and also returned 50,000 already issued, thus reducing the aggregate to 450,000. President Cook was instructed to correspond with cities in the West and South relative to the mode and time of currency resumption. CHICAGO, Oct. 9.-The Third National Bank, which suspended September 7th, resumed business yesterday. with gratifying results to the officers. ST. LOUIS, Oct. 9.-The directors of the Union National Bank of this city have decided to go into liquidation. The assets are said to be largely in excess of the liabilities and nobody will lose anything. The cause assigned for the action of the directors is the scarcity of currency.

15. October 10, 1873 Wilmington Daily Commercial Wilmington, DE
Article from Wilmington Daily Commercial, October 10, 1873

Click image to open full size in new tab

Article Text

Business and Commercial Items. -The banks of Augusta. Ga., have resumed payment. The receipts of cotton in Augusta are large, but money is still too scarce to move the crops. -The Third National Bank of Chicago, which suspended on the 27th ult., resumed business on Wednesday. -It is announced from Washington that the Treasury reserves are drawn upon only to pay the actual expenses of the Government, and the outstanding legal tenders will be reduced again to three hundred and fifty-six millions at the earliest possible momont-ti may be before the issue of the next debt statement" The draft on the reserves 18 caused by the smallness of the revenue receipts. -The Cincinnati Clearing House Association decided, yesterday, to retire enough of the certiticates issued to make the aggregata only $45.000, and to issue no more certificates. They al80 instructed their President to correspond with the Clearing Houses of other cities concerning the mode and time of currency resumption. -The Biltimore and Ohio Railroad Company announces a semi-annual dividend of 5 per cant on the main stem. payable November 15. and 5 per cent on the Washington Branch, payable October 31. -The amount of currency coming Eastward to the large cities from the West is said to be double the amount moving in an opposite direction. This, if true, will soon relieve the difli sulties experienced in all the Atlantic seaboard cities arising from a want of currency. --As an evidence of the stringency at New York one of the largest dry goods houses there offered by a circular to allow two per cent. a month discount on all notes due them for cash in band. As high as four per cent. a month was also paid.

16. October 10, 1873 Nashville Union and American Nashville, TN
Article from Nashville Union and American, October 10, 1873

Click image to open full size in new tab

Article Text

FINANCIAL New York Begins to Talk of Resumption. The Banks Shutting Down on the Gambiers Producing a Healthy Depression If the Government Don't Spoil it All. NEW YORK, Oct. 19-Some banks have virtually resumed payment of greenbacks. Mr. Camp, manager of the clearing house, said that since the issue of loan certificates there has not been seen so many greenbacks as were seen yesterday when the clearances were made. Mr. Camp was or dered to-day to give his opinion as to when there will be a resumption of currency paymente by the banks, and said he could not, because he was not prepared to admit that the banks had suspended currency payments. They had only refused to pay out legal tenders for checks. Legal tenders, he added, are increasing in the banks of the city, and the banks are now paying all regular and legitimate demands upon them. A Wall street bank president, spoken to on the subject, said he thought greenbacks had become sufficiently numerous to allow of resumption. In case, however, the pressure became too great, the banks would no doubt fall back to the plan followed during the past two weeks, as a matter of safety. There seemed no reason, he said, why the payments of legal-tenders should not go on. Trade was prosperous. The produce men were paying for and receiving larger quantities of grain than had been received at any time before. The shipments of grain from the West had been faily 1,000,000 bushels more the past week than during any week in the history of the country. All this had been paid for in legaltenders. William Orton was to-day re-elected President of the Western Union Telegraph Company. s Failure. The failure of Gibson, Cassandra & Co., and J. B. Head, is announced on the Stock Exchange. They say their suspension is one of the results of the recent panic. Depositors drew out their funds, and the se curities became unavailable. People indebted to the house were unable to pay, and in some cases failed. Added to this a large amount of capital was locked up in fa new railroad. They express belief in their ability to pay in fuil. Wall Street Depressed The day opened in Wall street with a feeling of depression under which there was a decline in gold,foreign exchange, government bonds, railroad and miscellaneous shares. Soon after the inauguration of business there were rumors of mercantile failures, money became close and banks pressed brokers to take up loans which had been standing since the panic. This started a selling movement at the Exchange, chiefly for cash, and the general share list dropped defrom 10 10 per cent. The greatest cline was in Western Union, which was pressed on the market for cash, by the difficulty in making loans. This heavy decline dragged down the entire list. Late in the day the mercantile failures were denied, the Rock Island dividend was declared and Washington advices stated that the government would encroach on the $44,000,000 reserve this month to the extent of $9,00,000. On all these things the feeling changed somewhat and matters improved, Stock Exchange speculation rising from 1 to 42 per cent while foreign exchanges were steadier and gold advanced to per cent from the lowest point. In bank circles an increased supply of legal tenders was reported again, but notwithstanding this, the premium remains at 1@1 per cent. There is still considerable business doing over the counters of brokers on Wall street Some banks are pursuing a more liberal policy in regard to paying currency and are cashing larger checks than of late. It is reported that the National Trust Company will resume on Monday next and the Union Trust Company between Oct. 15 and Nov. 1. The directors of both companies were in session this evening. Cincinnati Resuming. CINCINNATI, O., Oct 9.-The Clearing House Association, at a meeting this P. M., decided to issue no additional clearing house certificates, and also retired $50,000 already issued, thus reducing the aggregate to $450,000. They also appointed a committee to devise a plan for settlement between the banks while the process of retiring certificates shall be proceeding, and instructed President Cook to correspond with the clearing houses of New York and of the cities in the West and South, in relation to the mode and time of currency resumption. New Orleans NEW ORLEANS, Oct. 9.-Gold 112. Carrency 4@5. Sterling nominal, bank 191/4 Light 1@1 premium. Suspension at Reading. & READING, PA., Oct. -Bushong Brothers, bankers, suspended this morning. The bank will remain open for the adjustment of accounts. Its assets will meet all liabilities. "Docked" Women on the Strike, PHILADELPHIA, Oct. 9.-A number of female operatives in Campbell's mill, Mo noyunk have struck in consequence of areduction of wages and five days work in a week. They are visiting the mills to induce a general strike. Resumed. AUGUSTA, Ga., Oct. -The banks resumed currency payments to-day. Cotton receipts heavy, but money too scarce to move crops. Light frost throughout this section to-day.

17. October 10, 1873 Elizabeth Daily Monitor Elizabeth, NJ
Article from Elizabeth Daily Monitor, October 10, 1873

Click image to open full size in new tab

Article Text

s'eard NEW , ITEMS The Chicago Third National Bank, which suspended Sept. 27, has resumed. The issue of the currency reserve in the United States Treasury has reached about five million dollars. The First Controller decides that back pay and salaries not drawn within two years revert to the treasury as unexpended balances. The Boston and Washington base ball clubs played in Boston yesterday. The game resulted in a victory for the Bostons, twenty-five to six. Charles Boyd, a colored convict, who escaped from Snake hill penitentiary on Saturday, was recaptured in Jersey City yesterday, and sent back to prison. The Augusta, Ga., banks have resumed currency payments. There have been heavy receipts of cotton, but money is too scarce to move the crops,

18. October 10, 1873 The New York Herald New York, NY
Article from The New York Herald, October 10, 1873

Click image to open full size in new tab

Article Text

TELEGRAPHIC NEWS ITEMS. At the Fourth Judicial District Democratic Convention, in Saratoga, yesterday, Judge Jesse Gay, of Clinton, received the nomination. Bushong & Brothers, bankers, of Reading, Pa., suspended yesterday morning. They will keep their bank open for the adjustment of accounts. The Third National Bank, of Chicago, III., which suspended September 27, resumed business on Wednesday, with gratifying results to the officers. Joel Cook, Sr., aged eighty-two years, died in Philadelphia yesterday. He was at one time an Aiderman of Philadelphia from the Chestnut ward. The banks of Augusta, Ga., have resumed currency payments. There have been heavy receipts of cotton, but money is too scarce to move the crops. Chicago yesterday observed the second anniversary of the great confagration by a partial suspension of business and a liberal display of bunting. Joel L. Redner, an old and respected grain commission merchant, of Philadelphia, died in that city yesterday. The Corn Exchange Association passed resolutions of respect. The republicans of the Senatorial district composed of Dutchess and Columbia counties, N. Y., yesterday nominated John c. Hogeboom, of Hudson, for Senator, by acclamation. Captain Allen A. Cobb, of the schooner E. P. Furber, of Boston, died suddenly in Hampton Roads yesterday. He had been on board another vessel and took dinner, returned to his vessel at one o'clock, and died half an hour afterwards. The King of Norway and Sweden has presented Captain McLeod, of the ship Chili, of Yarmouth, N. S., through the Swedish Consul at Halifax, with a splendid telescope, suitably inscribed, for saving the crew of the Norwegian ship Byron, wrecked in December last. The different Posts of the Grand Army of the Republic, in Middlesex county, Mass., had a grand reunion and parade in Lowell yesterday. They appeared with full ranks. A dinner at Huntington Hall followed the parade. Many private and public buildings were decorated. The Conductors' Convention at Boston yesterday amended their bylaws so that no member of another insurance association could hold office in the Conductors' Association. and inability to ner-