Bank of Selma - Selma, AL

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: state
Start Date: September 25, 1873
Location: Selma, Alabama (32.407, -87.021)

Metadata

Model: gpt-5-mini
Short Digest: a68132e6

Response Measures

Full suspension

Description

The dispatch (cited in an 1873-10-03 paper) says the Bank of Selma suspended on the 25th 'in consequence of an extraordinary run by depositors.' This places a run immediately preceding a suspension. No mention of reopening or receivership is given. The broader article discusses the Panic of 1873, so I classify the cause as macro_news. I interpret the '25th' as 1873-09-25 given the Oct 3, 1873 publication date.

Events (2)

1. September 25, 1873 Run

Cause: Macro News
Cause Details: Extraordinary withdrawals by depositors amid the widespread financial panic (Panic of 1873) affecting many banks.
Measures: Led to suspension of payments (bank suspended)
Newspaper Excerpt: A dispatch from Selma, Ala., of the 25th the Bank of Selma suspended of an run by says in consequence Savings extraordinary had depositors.
Source: newspapers

2. September 25, 1873 Suspension

Cause: Macro News
Cause Details: Suspension was a response to extraordinary withdrawals tied to the broader panic of 1873.
Newspaper Excerpt: A dispatch from Selma, Ala., of the 25th the Bank of Selma suspended ... in consequence of an extraordinary run by depositors.
Source: newspapers

Newspaper Articles (1)

1. October 3, 1873 Dodgeville Chronicle Dodgeville, WI

Article from Dodgeville Chronicle, October 3, 1873

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Article Text

largery to the actual scarcity of money, an were from d. world and the n in Earnest appeals commercial there particular. grevious complaints Produce had been Exchange the mad grea a to the Government for relief, and resolution d been by the y to the Trrasury cur suggesting had adopted Produce the issue Exchange of to the banks and or e that gold had been deposited to evidence in rency the Bank of England bankers the credit of the United States to be used only d in buying exchange. The breadstuffs market was still under the influence of the block in exchange. d A Washington dispatch of the 25th says that the President had returned to that city permaAt a consultation held between the the of the and the the President, nently. Attorney-General, Secretary latter Treasury be officer redeemed held of 1874 could not before maturity. It was dethe could no cided legally that the that bonds Treasury take market, therefore further except steps to relieve the New York as it was affected by the regular trans actions of the Department. Dr. Leiderman, the Director of the Bureau of the Mint, had predicted that the effect of this stock panic would be to hasten the sumption of specie payments. He said that within a month, it was his belief, that silver and gold coin would be a medium of circulaat rates. In had ordered the mints to result tion he currency anticipation largely of this increase the coinage,a thatmore bullion would be coined during the next three months than at any previous time in the same period. Secretary Richardson had stated that it would for all the banks to suspend payments. be further good currency policy the was President rumored in Washington, on the 25th, that had been advised to call an extra session of Congress. A dispatch from St. Louis of the 25th says that the banks of that city had held a meeting on the evening of that day and resolved to adopt the plan of issuing Clearing-House certificates. A Newark, N. J., telegram of the 25th nounced that the State Bank of New Brunswick had suspended. This is the bank that was crippled by the irregularities of Appleton, the cashier. A dispatch from Nashville, Tenn., says that the National Banks of that city had suspended currency payments on all balances exceeding $200. A dispatch from Selma, Ala., of the 25th the Bank of Selma suspended of an run by says in consequence Savings extraordinary had depositors. All the banks of New Orleans partially suspended payment on the 25th, according to dispatch from that city. The suspension was to remain in force for thirty days. Telegrams from various cities in Georgia, of the 25th, say the following banks had susNational Exchange, the Merchants' National, the pended: and Planters' Planters' the Loan Savings banks, of Augusta, Ga.; Dollar Savings Bank, of Atlanta, Ga.; Savannah Bank and Trust Company and the Southern Bank of Georgia. Detroit dispatch of the 25th announced Schooner W. J. been at Green Haven, on the beached that A the Whaling Michigan, had forenoon of that day. Vessel and cargo were a total loss. Two of the crew were drowned. A Wapello, Iowa, dispatch of the 25th says that on the afternoon of that day Professor Boley made an ascent from the fair ground that place in his hot-air balloon. Just as the left the ground it took He had not secured on bar on which mouth. balloon the horizontal he his fire stands, footing did near not but the hanging by his hands, and see the fire until he was too to but hung on parently went let go up with safety, until high he hun- had an altitude of twelve or fifteen when the canvas at the mouth, from which hoop dred reached feet, that fell, he held was reaching sus- the pended, burned away, and he the earth a quarter of a mile from the point of starting. His body was frightfully man- hard gled, the fall driving his legs into the ground up to the knees. Life was extinct. A dispatch from Shreveport, La., of the 25th, says the fever which seemed to have abated on the preceding day had broken out with renewed violence. The interments numbered twenty-two. Inter-State Industrial Exposition was opened at Chicago on of formally The the thoroughly evening the 25th. The huge structure was 20,000 It was estimated that fully were in attendance. were made by U. S. persons packed. speeches others. Senator Dedicatory Logan, ex-Governor Oglesby, and New York dispatches of the 26th say that better feeling prevailed in that city on that in to finances. Henry Clews & Co and & Howes had proposed to day Macey regard accounts, their deto resume business on new the old to be settled as positors leaving securities upward can be negotiated. Gold had taken an turn. At one period during the day it had but it subsequently receded and closed at 113% More in Western as reached been 1131/2014 developed 1141/2, produce. activity low Prime had day sterling had sold as sight 104; commercial days, and 103 for bankers' 102 103, for and sixty sixty bills sight. at shape. 101@ The banks had cleared early and in good There had been few sales of stock, but the quotations were not considered reliable. The city had been drained of money at a lively rate The express companies had been carrying away currency at the rate of $2,000,000 day for nearly a week. It was rumored that Fisk & Hatch had perfected arrangements to resume at an early day. A Philadelphia dispatch of the 20th says in bankruptcy had been comJay Cooke of that firm lished proceedings menced statement against & Co. shows The liabilities pubof $7,939,409; assets, $15,966,211. from 26th liabilities of the National A dispatch that the Washington First of the Bank, says of that city, are about $1,250,000, of which $800,000 is due other National Banks. Its assets are not given. 26th was Chicago's Friday." The the Second the National, Cook NaManufacturers' Union The National, of National, County Commerce, tional, and the National Bank all closed their doors on the morning of that day. The Board of Trade of that city had adopted a resolution prohibiting dealing in for the present, on the ground dealings had a that grain such options tendency monetary to depress situprices. In view of the present and the difficulty of drawing city dethe Board of Public suspend work on ation, to posits, temporarily Works all had sewer A decided improvements not actually commenced. meethold