2713. John H. James (banker) (Atlanta, GA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
private
Start Date
September 26, 1873
Location
Atlanta, Georgia (33.749, -84.388)

Metadata

Model
gpt-5-mini
Short Digest
78ce09c2

Response Measures

None

Description

Multiple contemporaneous newspaper dispatches (Sept 26-27, 1873) report John H. James suspended payments but expected to resume in a few days; subsequent reports (Oct 3–4, 1873) state he resumed business. No run on the bank is described. The suspension is presented as a precaution amid the nationwide financial convulsion (Jay Cooke collapse/panic of 1873). Articles state his assets exceed liabilities and local businessmen guaranteed liquidity.

Events (2)
1. September 26, 1873 Suspension
Cause
Macro News
Cause Details
Precautionary suspension amid the national financial convulsion/panic of 1873 (Jay Cooke collapse and related credit disturbances).
Newspaper Excerpt
John H James, banker, has suspended, but will resume in few days. His assets double his liabilities. Leading business men and bankers guarantee the solvency and reliability of James to the amount of $200,000.
Source
newspapers
2. October 3, 1873 Reopening
Newspaper Excerpt
John H. James, the banker, resumes to-morrow. / John H. James, the banker, resumes business to-day.
Source
newspapers

Newspaper Articles (7)
1. September 27, 1873 Evening Star Washington, DC
Article from Evening Star, September 27, 1873

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Article Text

THE FINANCIAL CONVULSION. Summary of Last Night's News, FROM STATEMENT AND statement of the assets and lities of of Jay Cooke Co. of Philadelphia, York and Washington. has been prepared them to be to their creditors. The fol lowing insur bank and ance other stocks. estate Loans to Northern railroad company to of and in of still to all to secure FIRM FORCE BANK from A last house Cooke the W house of of the act drawn yesterday filed. SHOW CAUSE. of the United State able firm the this upon the to taken minst them those of ing be through in Phillade THE of be the The the prop since real es against TO In alluded to with Mr late of of C Mr and the to creditor in Chief Chase, in the the had been special de of the Fidelity Trust com this pand, ON THE THE PRODUCT New At York the condi ithout the whole, on Prices, change et large decline first been have change of the whose hitherto been first class, and which has been in consequence of trouble in the export trade. GOLD which was the feature the 15 o'clock th price 1 o'clock heavy sales made The for borrowing gold, and the fact that much ot the gold on the really being hoarded. created large d mands and drew the feeling from the way of stocks, for which there The of prices. in the intense, few gold minutes prices spreading to Gold at 114. 113 % COM The committee which has examined into the accounts of the Union Trust report to amounting held order of the courts and deposited by indi viduals, are correctly unted for due the company, according to the books, Including one and half millions on demand against the Lake Shore and Michiga Southern railroad be found for 500,and it that the amount has been abstracted by the late secretary The balance due the company and the 1.141.616. is The debt Shore company believed, will settled early day the company forced to securities other than Lake Shore the loss would not exceed 8250 than five cent., the eventual loss be below this figure The amount of the company' liabilities for deposits and credits balance when placed in the hands of the ceiver. as appears from the books is The committee believe this amount correct, and entertains the confident hope that the receive soon be able to realize from the assets the company funds sufficient to meet its liabil it ties and enable it to resume its business, but is evident that no day for this purpose can now be named. HEAVY DISCHARGE OF WORKMEN The Todd & Rafferty manufacturing compa ny,at Paterson, New Jersey discharged ninety three men from their bofler and machine shops yesterday. Still further red autions are con templated The employés of the Pennsylvania railroad at Mount Holly struck on account of n order reducing working hours to eight hours per day. SUSPENSION AT ATLANTA, GA has John H James. banker at Atlanta, Ga., suspended, but will resume in few days. His assets double his liabilities. Leading business men and bankers guarantee the olvency and reliability of James to the amount of $200,000. WHAT THE THUNDERER says

2. September 27, 1873 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, September 27, 1873

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1010, 014 Dates corresponding time last year, 231 bales. Exports, 14 bales. Stock. 140 bales stock same time last year, 270 bales. Receipts at all the ports ending September 1, 1873, 3,930,508 bales-being an increase of 926.557 as compared with the year 1871-72. Rev. William M. Robinson, of Chesterfield, will preach Sunday at the Byrne-Street Baptist church. The pastor. Rev. J.E. Hutson, is in attendance on the Portsmouth Associatioa, now in session at Norfolk Mr. George Hawks has taken charge of the jail as the deputy of Sheriff Stevens. The regular monthly meeting of the Board of Overseers of the Poor was held this afternoon, but no report of its proceedings has been received. ROBIN ADAIR. ATLANTA, GA. ATLANTA, September 26.-A meeting of business men has resolved to assist the banks by free deposits and light drafts. John H. James, banker, has suspended, but will resume in a few days. His assets are double his liabilities. Leading business men and bankers guarantee the solvency and reliability of Mr. James to the amount of $200,000. CHARLESTON, S.C. CHABLESTON, September 26.-The People's Bank of South Carolina, the People's Savings Bank, and the South Carolina Loan and Trust Company have suspended currency payments. The national banks and other State banks pay as usual. The suspended banks represent less than one-quarter of the banking capital of Charleston. The three national banks and the Union Bank pay all demands in full, and claim to be stronger to-night than yesterday. There is no excitementand no failure. COLUMBIA. COLUMBIA, September 26.-There is no run on the banks here, netwithstanding the exeitement elsewhere Cotton is being disposed of readily. MONTGOMERY, ALA. MONTGOMERY, September 26.-At a large meeting of merchants to-day it was resolved to pay all maturing obligations as promptly as the deranged financial situation would permit, and the banks and bankers holding paper were requested to obtain an extension if it should become necessary, and a similar request is made of all parties abroad who hold their paper. Resolutions of confidence in the local banks and institutions were adopted. Cotton has been coming in freely, but not a bale sold for want of currency ; hence these resolutions. MOBILE. MOBILE, September 26.-The National Park Bank of New York will pay all checks drawn by the Mobile Savings Bank on Howes & Macy, of New York. NEW ORLEANS. NEW ORLEANS, September 26.-The banking-houses have joined in an address giving the reasons for partial saspension of currency payments for thirty days, by which time they think the movement of cotton au 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 Westand East, and there is no pros pect of their drafts for currency being honored. The banks will pay drafts under one hundred dollars. NASHVILLE, TENN. NASHVILLE, September 26.-The bank have suspended currency payments upon checks of over $200. The Board of Trade approves the action. SAVANNAH, GA. SAVANNAH, September 26.--In accordance with the resolutions of the Chamber of Commerce, the banks are certifying checks bu withholding currency. CHICAGO. CHICAGO, September Second Na tional and the Manufacturers National Bank are closed. CHICAGO, September 26.-Five national banks have suspended. PHILADELPHIA. PHILADELPHIA, September 26.-A state ment is made of the assets and liabilities d Jay Cooke & Co., of Philadelphia, Nev York, and Washington, placing the liabil ties at slightly over $7,900,000. The assets including bills receivable, bank stocks, bonds real estate, loans to the Northern Paciti railroad, &c. are shown to be nearly S16. 000,000, half of which appears to be North ern Pacific stock. ENGLAND. LONDON, September 20.-Consols, 921 99 Erie, 44. Later.-Erie, 414. LONDON, September 26---4 o' Clock P. M American securities are excited. Large bu siness doing, with wide fluctuations an much uneasiness. Later.-American securities flat, and de clined heavily. It is believed that the heavy shipments 0 gold to America, already reported, are no made in consequence of the low nomina rate of exchange, but to settle liabilitie that bankers here Incurred before the finan cial troubles in New York begun. by A collision occurred near Carlisle which several persons were killed. Sebastiano Olozaga, the well-known Span ish statesman, is dead. THE GOVERNMENT LOSES $200,000 BY CLEW & CO. A Washington dispatch says The loss to the Government by the suspension of Clews, Habicht & Co. will not b large even if the suspension prove a failure The only relation which this firm held to the Government is that of fiscal agents for the State Department in Europe. The dis bursements of this firmasagents of the State Department are not made through advances direct from the Treasury. Under the new consular law consuls are required to deposit all fees with the agent designated by the Government, and are not permitted even to retain their salaries. These fees are deposited with Clews, Habieht & Co., and at the end of each quarter consuls and diplomatic officers draw against them for their salaries and expenses. The general aggregated average of these fees is not equivalent to the salaries and expenses of the consular and diplomatic officers, and it usually happens that at the end of the quarter the balance i in favor of Clews, Habicht & Co. This sus pension having occurred before the close o the quarter it is probable that considerable amount of fees have been deposited with th drafts have not been

3. September 27, 1873 The Rock Island Daily Argus Rock Island, IL
Article from The Rock Island Daily Argus, September 27, 1873

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these deposits only in payment of your respective checks against the new accounts. NEW YORK, Sept. 26.-The banks cleared to-day in good shape. Their relative condition is unchanged. PHILADELPHIA, Sept. 26.-A statement of the assets and liabilities of the firm of Jay Cooke & Co., of Philadelphia, New York and Washington, has been prepared by them, which is to be submitted to their creditors. The following is the summary: Liabilities, $7,939,409; assets, bills receiv able, bank insurance, and their stock. bonds and real estate, $7,867,640 loans to Northern Pacific Railroad Company are $3,750,000; stock of Oregon Steam Navigation Company, $1,500,000; loans to Northern Pacific R. R. Co., on bonds of company, $4,068,215; second mortgage railroad bonds, stocks, &c., $2,530,356 total, $15,966,211. The above exhibit of liabilities isinclusive of $7,101,140 loans of the firm, which are fully secured by good collaterals. The excess of collaterals upon these loans have been estimated and included in the assets. The firm expects soon to submit a proposition for settlement with its creditors, which, it believes, will be acceptable to the latter, although it will, of course, require time in the conversion of its assets. The handsomeshowing made leaves no doubt of its ability to pay every dollar of its indebtedness with interest and still have a surplus of several millions of dollars. PHILADELPHIA, Sept. 26.-During the existing dearth of currency, banks will in the future pay out no currency, except what is actually needed for the payment of wages. WASHINGTON, Sept. 26. -Fant, Wash e ington & Co. posted a notice on the closed door of their banking house to day, saying We are compelled to suspend payment for the present. The Governing Committee has decided to give twenty four hours notice of the reopening of the stock exchange. Mr. Fant, of the firm of Fant, Washihgton &Co., expresses the belief that they will be able to resume business when the panic is over. e VICKSBURG, Miss., Sept. 26. -The Banks in this city have suspended for the period of thirty days as a precautionary measure. ATLANTA, Ga., Sept. 26.-John H James, banker, who suspended, will re a sume in a few days. CHARLESTON, S. C., Sept. 26.-The be People's Bank of Charleston, and the nSouth Carolina Loan and Trust Company have suspended. WASHINGTON, Sept. 26. -There was no regular meeting of the Cabinet to-day only three members being in town, Secre taries Delano and Richardson, and Attor ney General Williams, re n. PITTSBURG, Pa. Sept. 26.-The Pitts of burg t-office was taken possession o a this afternoon by Major Pethbridge, Chie isof the Special Service Bureau of the Post e. office Department. and Colonel John H ds Stewart. post-master, was arrested as a de faulter to the amount of $33,000. He gay ry of bail in the sum of $60.000. to CHICAGO, Sept. 26.-S. P. Beldine, lat in book-keeper of H. E. Malloy & Co., at th Union Stock Yards, is a defaulter to th ex amout of $4,000. the NEW ORLEANS, Sept. 26. -There is no the a single case of yellow fever under treat nd ment here. not OMAHA, Neb., Sept. 26.-The woo 1 a work of one entire span of the Union Pa oncific railroad bridge was destroyed by fir rothis afternoon. It will be fixed by t dimorrow.

4. September 27, 1873 The Rutland Daily Globe Rutland, VT
Article from The Rutland Daily Globe, September 27, 1873

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Condensed Despatches. John H. James, a banker of Atlanta, Georgia, who suspended. will resume in a few days Nearly a million bushels of wheat are stored at Milwaukee. At Buffalo everything in financial and commercial circles wears a cheerful aspect. No run on banks and but one failure. The merchants of Montgomery,Alabama, have resolved to pay all maturing obligations as promptly as the deranged financial situation will permit. Salustian Olozza, a well known Spanish statesman, died yesterday. Two of the Bank of England forgers are to be transported each to a different Penal colony. James Gardner, a pilot, was instantly killed at Newburgh, N. Y., yesterday. by falling between two boards. Ex-president Fillmore will preside at the opening of the industral exhibition in Buffalo, October 1st. It is asserted in Paris that the Assembly will declare in favor of A monarchy before November.

5. October 4, 1873 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, October 4, 1873

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The Financial Situation. Reports More Favorable. New York, 3. The money market has tended towards further ease. The highest rates on call loans to stock brokers to-day was 1-16, and the lowest 7 per cent. per annum. Yesterday the highest rate was 1-18. The best mercantile paper is quoted at 12 per cent. The banks are gaining currency, and the hoarded legal tenders are returning to the market. The premium to-day on them is 1-2 to 1 per cent. The loan committee of the clearing house, at their meeting to-day resolved upon a withdrawal of loan certificates. One milliou of which were cancelled to-day. A still further reduction will be made as fast as it is prudent. There have been considerable purchases for the export of grain and breadstuff. A part of the gold which is coming to this country from England is on account of loans negotiated therefor before the proceeds of what in one case having been intended to be applied to the purchase of steel rails, but which is has since been termed to apply to the purchase of the companies securities here at the panic prices. The disturbance and low rates in the foreign exchange market have the last week induced some of the foreign banks who trade between this and the foreign markets to import gold, there being at times a profit of 2. to 4 per cent. by so doing. This accounts for the greater part of the importation thus far ordered. Columbus, O., 3. The Commercial Bank has not closed its doors. It is paying small checks to poor people. Several large manufacturing establishments that feared being compelled to reduce their force have been assured by the National banks that they can have all the money they need on 60 or 90 days paper. The feeling is now easier than this morning. Atlanta, Ga., 3. John H. James, the banker, who suspended, resumed business to-day.

6. October 4, 1873 New Orleans Republican New Orleans, LA
Article from New Orleans Republican, October 4, 1873

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FINANCIAL New York. NEW YORK, October 3.-The governing committee of the Stock Exchange has appointed a sub-committee to examine the dealings between E. D. Haight & Co., the Bank of the Commonwealth and D. Williams & Co., and John Bonner with the Bank of North America. Grinnell & Co. have been expelled from the Stock Exchange. The firm was largely long in Vanderbilt stock. Columbus. COLUMBUS, October 3.-The bankers here refused to agree upon any plan for mutual protection, and this news becoming public, the small depositors made a general run upon all the banks. The following have suspended in consequence: Richley's Bank and the Commercial Bank. Other suspen. sions will probably occur soon. The report that the Commercial Bank had closed its doors this morning was premature. This arose from the fact that they refused to pay large checks and certificates. The bank is still paying small checks and certificates of deposit to women and poor persons who really need their money for immediate use. Other banks are feeling hopeful. Several large manufacturing establishments that feared being compelled to reduce their force, have been assured by the national banks that they can have all the money they need on sixty or ninety days' paper. The feeling is more easy than this morning. Atlanta. ATLANTA, October 3.-John H. James, the banker, resumes to-morrow. Cincinnati. CINCINNATI, October 3.-This has been a day of comparative financial quiet. There was some anxiety early concerning the re. sulta of the day at the New York Stock Exchange, but this soon disappeared in the face of the favorable news both from the movement of stocks and the financial field generally in New York. At the close of banking hours to-day bankers were very much encouraged. All classes are growing elamorous for eurrency resumption in New York, in the belief that it would quickly be followed by a re. sumption throughout the country and the early restoration of confidence.

7. October 4, 1873 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, October 4, 1873

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An Atlanta Banker to Resume ToDay. ATLANTA, GA, Oct. 3.-John H. James, banker, who suspended, will resume business to-morrow.