Union Bank - Georgetown, DC

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: September 13, 1814
Location: Georgetown, District of Columbia (38.905, -77.062)

Metadata

Model: gpt-5-mini
Short Digest: 316f1e0b

Response Measures

None

Description

Article recounts historical events in 1814: deposits removed and banks of the District resolved to suspend specie payments after other major banks suspended following the British capture of Washington. The text implies a temporary suspension (banks removed deposits until Sept 3) and later resumption; no explicit permanent closure or receivership is mentioned. Bank charter type not stated in article, so set unknown.

Events (1)

1. September 13, 1814 Suspension

Cause: Local Banks
Cause Details: Following the British capture of Washington and because banks of New York, Philadelphia and Baltimore had suspended specie payments, the District banks (including Bank of Columbia) resolved on September 13, 1814 to suspend specie payments as well.
Newspaper Excerpt: the banks of the District ... in joint meeting held September 13, 1814; resolved to do likewise.
Source: newspapers

Newspaper Articles (1)

1. January 6, 1919 Evening Star Washington, DC

Article from Evening Star, January 6, 1919

Click image to open full size in new tab

Article Text

# Statements of Deposits. The statement of the banks as to their deposits follows: Union Trust Company, $5,372,564.62; decrease since the last call, $222.863.63. American Security and Trust Company, $12.089,447.64; increase, $1,190,201.98. National Savings and Trust Company. $8,822,326.07; increase. $868-553.52. Lincoln National Bank, $4,465.446.02; increase, $710,580.71. Columbia National Bank, $3,000-106.57: increase, $41.311.52. Federal National, 35.151.700; decrease, $122.000. District Nationai, $6,546,476.09: increase $581 151.77. Commercial National, $12.101.760.20: increase, $1.142.965.15. Dupont National, $1.335,701.67; increase, $71.136.04. National Metropolitan Bank, $8,- Piers National, $21,500,000; increase. $575,000. Northwest Savings Bank, $306.264.30; increase, 523.257.03. Franklin National (7982), $2,933-497.48; increase, $191,283.35. Home Savings, $9,705.450.72: in- $1.167,057.68. (2610), $7.962-031.99: increase, $185,280.39. s good and busi-nee prospeels are bright. That is the weight of opinion among the men of business in the capital. Steek and bond quotations are not as cheering as they might be, but the reason for that lies not so much in the corpога ions on which those stocks and bonds are based as in the attitude of the government toward corporate business. There is a measure of uncertainty as to what the government will do, how corporations will be affected by what the government finsily concludes to co jand what the effect will be when the government does it. # People Shun Uncertainties. People do not like to buy into un-certainties. Many people already in them like to gel ont. Therefore there is more pressure to sell than to buy. a condition that puts security prices down just as it puts down the price of land and bouses, groceries, steel rails or bonbons Running through securities that are really securities and not insecurities is a line of value based on the reс-ord of earnings. management, territory, character of output and the normal or average worth of money. The price of securities hunts that line of value. At times and under certain conditions or combinations of circumstances prices fall far below that line; at other times prices rise above it. The price swings up and down across the line of value Where judgment and knowledge play their part is in the determination of that line of value. The preponderance of opinion is that the price of many proved securities is below their line of value. # Opinion of Gloomsters. There is some contrary opinion. It may be that a part of that opinion is sound, but the financial world has its gloomsters just as these pests are to be found in the commercial world. But a gloomster is nearly always broke. To him the future is sprinkled with troubles and every little trouble looks as big as a disaster. When prices are going down he chortles that they must go lower. "The bottom is not reached yet," he says, and waiting for the bottom to be reached he misses his market. When prices turn upward he puts on a solemn look and says: "They can't go any higher; they're at the top now." # Another Prediction Goes Wrong. When that prediction goes wrong day after day, perhaps a little bit of belated enthusiasm whispers to him to buy because they may still go a little higher and let him make a quick profit. Then the chances are that he does get in so close to the top that instead of getting out he gets closed out. The moral is, learn something about values and don't be a gloomster either in finance or trade. Look up! The United States is a bull proposition! # Bit of Ancient History. The Bank of the Metropolis, now the National Metropolitan Bank, was not the only bank in this city which caused its deposits to be removed to a point outside of the District on the approach of the British in August, 1814. The records of the Bank of Washington show that its deposits were also removed. There is in print a booklet entitled "A Few Facts and Glimpses of the Past and Present of the Oldest Bank in the National Capital-the National Bank of Washington." it was written by Clarence F. Norment, president of the National Bank of Washington, in 1909. that year being the 100th anniversary of the bank. In that interesting little book is this: "On August 14, 1814. the British captured Washington, and on the morning of that day Mr. Bradley removed all the effects of the bank to Brookville. Md., where they remained until Monday, September 3. The banks of New York, Philadelphia and Baltimore having suspended specie payments, the banks of the District at that time, viz., the Bank of Alexandria, the Bank of Columbia. the Bank of Washington, the Union Bank of Georgetown, the Mechanics' Bank of Alexandria, the Bank of the Metropolis and the Farmers and Mechanics' Bank of Georgetown, in joint meeting held September 13, 1814; ге-solved to do likewise." Outlook for Narrow Market. One of the market wire letters post-