Banks in 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: b0d5bd7f

Response Measures

Accommodated withdrawals

Description

Article (Eaton Weekly Democrat, Oct 9 1873) reports a run in Savannah on Sept 25, 1873 with banks 'paying dollar for dollar'. No suspension or closure of Savannah banks is mentioned. The event is part of a wider regional/national money panic, so classified as systemic (macro) cause.

Events (1)

1. September 25, 1873 Run

Cause: Macro News
Cause Details: Part of a wider money panic/scarcity of currency affecting many Southern cities in late September 1873; systemic liquidity shortage rather than bank-specific failure.
Measures: Banks were 'paying dollar for dollar' to depositors (continued payments despite run).
Newspaper Excerpt: SAVANNAH, Ga., Sept. 25. -There quite a run on the banks, which are paying dollar for dollar.
Source: newspapers

Newspaper Articles (1)

1. October 9, 1873 Eaton Weekly Democrat Eaton, OH

Article from Eaton Weekly Democrat, October 9, 1873

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Article Text

In the South. MEMPHIS, Sept. 25.-Nearly every bank in the city has been forced to suspend. The utmost excitement and confusion prevailed in the vicinity of the banks as the eager depositors gathered about the institutions, and in some instances the police had to guard the doors. Advices from Atlanta, Ga., state that cottonis arriving freely, but there is no money to move it. Every bank in Augusta, Ga., has suspended. The Dollar Savings Bank, of Atlanta. has suspended. The Selma (Ala.) Savings Bank has also collapsed. SAVANNAH, Ga., Sept. 25. -There quite a run on the banks, which are paying dollar for dollar. Business is at a complete stand-still for want of currency. LITTLE ROCK, Sept. 26.-The excitement continues. Everything is at a stand-still. Very few parties take city money, and no greenbacks are in circulation. VICKSBURG, Sept. -The banks have suspended for thirty days as a precautionary measure. COLUMBIA, S. C., Sept. 26.-There is no run on the banks here, notwithstanding the excitement elsewhere. Cotton is being disposed of rapidly. MONTGOMERY, Ala., Sept. 26. -Cotton has been coming in freely, but not a bale has been sold for want of currency. LOUISVILLE, Sept. 29.-In order to prevent an anticipated "run" on their institutions, the following banks have temporarily closed their doors: German Bank, Masonic Savings Bank, Western Bank. German Insurance Bank, Louisville Banking Company, Western German Savings Bank, Central Savings Bank. The suspended banks are all savings banks, conducted and owned chiefly by Germans, with long lines of German depositors. All of them have abundant resources, many being able to pay $2 for every $1 on deposit out of the assets. The banks in the city were heavily drawn on, but are all right, and will not be affected. NEW ORLEANS, Sept 29. -Except symptoms of a slight asphyxia caused by a scarcity of currency, there is little change in our financial affairs. The banks continue to pay $25 per day to each depositor that demands it. LITTLE Rock, Sept. 29.-The money panic continues. Never in the history of this city has money been so stringent. It simpossible to get any with any sort of collateral.