Bank of Savannah - Savannah, GA

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: September 25, 1873
Location: Savannah, Georgia (32.084, -81.100)

Metadata

Model: gpt-5-mini
Short Digest: e4b80a13

Response Measures

None

Description

Articles (dated 1873-09-25) report a run on the Savannah Bank and Trust Company which has ceased and that the bank was thought able to meet all demands. I corrected the provided name 'Bank of Savannah' to the contemporaneous newspaper name 'Savannah Bank and Trust Company'. The run is described as part of the wider financial panic stemming from events in New York, and there is no mention of suspension or receivership for this bank.

Events (1)

1. September 25, 1873 Run

Cause: Macro News
Cause Details: Run occurred in the context of the wider financial panic of September 1873 (reports of New York/Chicago suspensions and money stringency).
Measures: Paid out as usual; bank continued meeting demands (no suspension invoked).
Newspaper Excerpt: The run on the Savannah Bank and Trust Company has ceased: ... Both are thought to be fully able to meet all demands.
Source: newspapers

Newspaper Articles (3)

1. September 26, 1873 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, September 26, 1873

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NO SUSPENSION OF THE ST. JOSEPII BANKS ST JOSEPH Sept. -The bankers of this city held a meeting to-day and resolved that there was no cause for a suspension on their part. They are all sound, able and willing to meet all demands on them. THE ACTION OF THE CHICAGO BANKS AP PROVED CHICAGO, Sept. 25-Despatches from the best informed sources received at the office of the Associated Press from most of the principal cities in Illinois and Iowa in reference to the present trouble here and in the East, concur in saying that the action of the Cuicago banks in following the course of the New York banks in sus. pending the payment of large amounts of currency is almost universally sustained and commended by bankers and business men as wise and timely and calculated to arrest the panic and pave the way to re; lief from the present difficulties. A meeting was held this evening a Rock Island, Ill., of the officers of the banks of that city, Davenport, Iowa, and Mohne, Ill. and it was agreed to restrict the payment of currency to checks of $100 or less for the present There is, however, no point heard from of any apparent panic or lack of confidence among any class of the community. HEALTHY STATE OF THINGS IN LOUISVILLE LOUISVILLE, Sept. 25.-The Courier. Journal of this morning contained several columns of the interviews of its reporters with the bankers of this city, giving a complete resume of valuable opinion as to their financial condition and the ef fect of the New York failures. These business interview, showed an entirely healthy and conservative condition of at fairs. Not a dollar is now loaned by bankers for anything with the look of speculation, and the disposition is to guard the depositors to the extent of their ability. The Courier-Journal of to-morrow will contain several columns of interviews with leading pork men, who, having a light stock this season and legitimate pleas at the bank counters, have no fears of any shading of their usual business. Every one of them is preparing to kill the usual number of hogs. Interviews with leading whisky concerns will also appear, showing a perfectly easy feeling, the only change being the orders from country distillers to sell only for cash. LETTER FROM CHARLESTON, S C. CHARLESTON, S. C., Sept. 25.-The money stringency is increasing. There has been no run upon the banks. The Charleston branch of the National Freedmens' Savings Bank is exacting 60 days notice from depositors, but all of the local banks are paying as usual. SUSPENSION OF A SAVINGS BANK AT SELMA SELMA, ALA., Sept. 25.-The Selma Savings Bank suspended to-day. Its as sets are believed to be ample to pay all its debts and liabilities and to save its capital stock nearly entire. EXCITEMENT DIMINISITING AT SAVANNAH SAVANNAH GA. Sept. 25.-The run on the 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. The other banks are proceed ing as usual and the excitement is dimin ishing. A meeting of the Chamber of Commerce to consider the state of affairs called for this evening RETURN OF THE PRESIDENT TO WASHING TON-CONFERENCE WITH SECRETARY RICHARDION-NO FURTHER DRAFTS ON HE TREASURY. WASHINGTON, Sept. 25. - President Grant and family arrived here this even ing, and immediately proceeded to the Executive Mansion. About eight o'clock Secretary Richardson called, and for more than an hour he and the President talked over the financial situation. They came to the conclusion that all the relief necessary had been afforded by the Treas. ury for the legitimate business of the country Consequently the Treasury will pay out no more currency than may be re quired in its ordinary disbursements That it will at present buy no more ling exchange or bonds. This information comes from an official source. The President and Secretary of the Treasury are satisfied that they have done all in their power legitimately to relieve the distress by the use of money accumulated in the Treasury. In the purchase of bonds not one dollar of the $44,000,000 reserve has been drawn or used by the Secretary, al though he repeats that he will use it to a very limited extent if it should become necessary to do SQ, not for the purpose of inflating the currency, but to pay ordinary expenses with the intention of restoring the amount as soon as circumstances will allow. The decision of the President and Secretary of the Treasury disposes of the report that the payment of the No vember interest, and the redemption of the January bonds would be anticipated. There is no such intention. NEW YORK Sept. 25 -A financial article of the Times says that outside of the working of the business at the banks, the stock brokers have made important progress in adjusting among themselves the suspended contracts of last week The Governing Committe have arranged for an informal comparison, and as far as practicable, clearance of the remaining contract to-morrow. of course as long as the Exchange remains closed, such clearances cannot be forced. But much good will be accomplished by ascertaining, as far as possible, the magnitude of the deficiencies yet in the wany of resuming regular business. The general feeling, however, is 'not impatient as to the time of opening the Exchange, espedally as the future means and medium of clearing stocks are yet undetermined. NEW HAVEN, Sept. 25.-It appears that A. J. Hine, Cashier of the National Bank of Ansoria, has been using the funds of the bank for speculation and the surplus of $40,000 is all gone. Hine also loses private fortune. The full extent of the not yet ascertained. The bank supposed to be solvent. NEW YORK Sept 25.-The Times, to

2. September 26, 1873 Nashville Union and American Nashville, TN

Article from Nashville Union and American, September 26, 1873

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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

3. September 26, 1873 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, September 26, 1873

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SAVANAH. SAVANNAH, Gn., Sept. 25.-The run on the Savannah Bank and Trust Company have 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. The other banks are proceeding as usual, and the oxcitement is diminishing. A meeting of the Chamber of Commerco, to consider the state of affairs, is called for this evening.