Whitney Central National Bank (New Orleans, LA)

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Episode Information

Episode UID
306901294
Episode Type
Run Only
Bank Type
national
Bank ID
30690 national
Charter Number
3069
Start Date
October 29, 1907
Location
New Orleans, Louisiana (29.955, -90.075)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
fd5efd7a35312b42

Response Measures

Fed/other loan, Partial suspension

Clearinghouse involved: Yes (loan, examination, or other measures)

Events (2)
1. October 26, 1883 Chartered
Source
historical_nic
2. October 29, 1907 Run
Cause
Macro News
Cause Details
Part of the nationwide financial panic of October 1907 that produced heavy withdrawals and precautionary restrictions by clearing houses
Measures
Clearing House certificates issued; limits on daily cash withdrawals; enforcement of sixty-day rule for savings; bank sought additional national bank note circulation
Newspaper Excerpt
The decision of the Clearing House here to issue Clearing House certificates, to restrict the daily withdrawals of cash, and to enforce the sixty-day rule for savings deposits
Source
newspapers

Newspaper Articles (7)
1. November 13, 1890 Delaware Gazette and State Journal Wilmington, DE
Article from Delaware Gazette and State Journal, November 13, 1890

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PANIC IN WALL STREET. Heavy and Steady Decline at the Opening of the Exchange--Money at 20 Per Cent and Very Tight--Vanderbilts Buy Heavily of Union Pacific. NEW YORK, Nov. 11-Wall street, 11 a. m.-The early London prices this morning were all materially higher than our figures of last evening and this market followed with advances of from 1 to 2g per cent, St. Paul, sugar and L. & N., showing the greatest gains. There was some hesitation for a short time when a perfect flood of stocks were quickly poured out upon the market and prices were quickly going downward at a most rapid rate. The Willard stocks seemed to bear the brunt of the attack and North American especially was subject to a severe twist and from 274 at the opening it dropped suddenly to 211. Northern Pacific preferred followed with a loss of 3 per cent. Richmond and West Point preferred and Illinois Central each 21, Chicago gas 21, Rock Island 21, St. Paul, Lackawanna and West Virginia each 2 per cent, and the rest of the list from 1 to 2 per cent generally. The appointment of the receivers for the sugar trust acted as a stimulant to that stock and it was advanced from 55 to 571 in the face of the weakness in the regular list, and was maintained at about 56 for the remainder of the hour. The low prices brought in more buying, however, and the force that opened the market up began again to show its influence and a smart rally took place. The strongest stock on the list was Union Pacific, which failed to go below the opening figure, and with the rally advanced to 48 against 44 at the opening. The rest of the list generally regained the early losses, and in almost every thing except the Villards, fractional advances were scored. Illinois Central rose to 92 against 90 at the opening, and 88 at the lowest. The market at 11 o'clock was still very active and unsettled at the improvement. After the announcement of the failure of G. M. Whitney and the break in North American the market rallied on the receipt of private cables announcing that £3,000,000 in gold were on the way to London from the continent and that money was easier in that centre. The Vanderbilt brokers were heavy buyers of Union Pacific. Charles M. Whitney & Co., represent here the Whitney National Bank of New Orleans and some other southern financial institutions. They have assigned to Mr. Quintard.

2. August 18, 1893 The Lake Charles Echo Lake Charles, LA
Article from The Lake Charles Echo, August 18, 1893

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THE New Orleans banks have adopted a heroic remedy in reference to the annual panic now on hand. They will not issue to any one depositor more than $50 each day, in cash. For BOIDS in excess of that amount they issue certfied checks which will be received on deposit by all the clearing house banks. This plan was adopted in 1873 and its effect is to prevent a drain OD the banks through any sudden scare, and also to put a stop to the drain OD them through currency being shipped away and lost sight of. In the last two or three weeks several million dollars have been drawn out and hidden away, and the above plan is sure to put a stop to it.

3. September 15, 1893 The Pascagoula Democrat-Star Pascagoula, MS
Article from The Pascagoula Democrat-Star, September 15, 1893

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Editorial and Otherwise. It will take 80,000,000 to move the cotton this fall. Grover Cleveland seems to be boss of the situation. "Silver lining" has gotten to be an obsolete expression. Hon. Hamilton Fish, ex-Secretary of State under grant. is dead. Many fond parent does not get to sleep until after the bawl is over. In all countries more marriages take place in June than in any other month. Some people are like poor umbrellas. They keep out the sunshine and let in the rain. The President only had tooth pulled and tion. it was magnified into a great surgical operaThe Democracy may be lacking in "sand" just now. but the people are all "out for the dust," and will have it. The Salt sea. which once covered the Yuma desert. was the home of oysters from 14 to 20 inches in diameter. Every man in Congress has scheme for increasing the circulating medium, except those who would contract it. The Clarion-Ledger suggests a "teachers' excursion" to the World.s Fair, to take place about the middle of October. The Constitution of the United States says Congress shall have power to coin money. regulate the value thereof.ete. A cow in Adrian county. Missouri, which lately lest her calf. has adopted and tenderly cares for small pig. said. The woman of the world is: queen matters little where you find her. If she It be mistress of herself. she is a ruler of men A newspaper in the Lone Star State speaks of "lady negro dentist." Civilization beyour the Rio Grandeis paralyzingly rapid. The Boston Herald thinks that the most "pressing need" nowadays is omething that ators. will squeeze the wind out of the financial Anniston. Ala., commenced shipping iron to Derby, England, by a regular New pig Orleans week. line of steamers the first part of the J.C. Riette, of Jackson. proposes to publish the military annals of the State. He calls rosters. on Confederate captains for records and Says the philosopher of the Summerville, Ga., News "Don't forget that while you are hustling round after dollars the devil is hustling around after you. The island where Robinson Crusoe monarch of all he surveyed is now inhabited was by about 60 people. who attend the herds of cattle that graze there. h. The outlook in New Orleans and in all cities in the cotton States is rapidly improving. The New Orleans banks expect to re sume full payment very soon. A seventeen-year-old boy at Holly Springs whe plead guilty to assaulting a five-yearg old for girl, was sentenced to the penitentiary ten years by Judge Johnson. le. that The police of Atlantic City have decided cigar the nickel-in-the-shut-machine run stores and saloons are gambling ar- by rangements and are raiding them. and While SO many women are devoting time it thought to woman's rights and woman's wrongs. some of them are forgetting that favorite old study of woman's duty. William B. Hornblower, of New York. said. will be appointed to fill the S. Supreme Bench, caused the the late Samuel death the The U. of report Blatchford, vacancy on by that girl curling her hair South Chicago, started the recent has been disproved and the , tion riety there secured conflagra- noto by Mrs. O 'Leary's cow has not been divided. A button which, it is asserted, was cut S, brave the coat of Stonewall Jackson when from the soldier fell mortally wounded Chancellorsville, Miss is in the possession of Bockius, of Richmond, Va. The Greenville Democrat says that the sidering itor of the Eupora Progress is seriously lication the matter of discontinuing trying of the paper for glory and playing poker for a living. 1 John Senator C. David B. Hill and Representative Black have both ot., the Federal elections law. of this country home giv repeal thought people the introduced rule. and bills t It repeal. to there will be no serious oppositio and billthe The Bland total cotnage of silver dollars tal act of 1878 way 389,933,374. unde S by known as the Sherman the act. act of July 14. 189 29,455,606. coinage under has amounted The in There are 59,178,000 silver dollar circulation. P. ly Mistletoe grows more luxurlantly In swamps where of Arkansas. perhaps, tl on part railroad in the the of else Gould in the country. A lady northeaster than travelli an mistletoe that State, counted fifteen clumps on single oak tree. NEVER HAPPY. When the sun is heatin'. Makes us sweat and When the rain comes beatin'. from Thin we're goin' to drown Ain't no use in tryin' Folks down here to THE Foamin' when they 're please fryin' An' fussin' when they freeze attention A lawsuit which is attracting consideral Peek in Chattanooga is that HS. against the Knoxville of W. was killed by cold all ning was road is responsible, claims Peck's the wife attracted lightning. and Southern s the erus is of by its telegraph one the queerest suits ever filed. L. the The scarcity Lake Charles Commercial T. of money has not reports lumber industries in that full and rice mills are All t business time, shingle section. affected running and their hands are deal regularly every month. receiving th è building is in earnings of progress. Besides sissippi Prof. Blenett Lee, a graduate of Miss.. and Agricultural College. of Starkvi Law also graduate of the ber of School, has just been elected Harva faculty of the me mild. son of Law School. of Chicago. versity the the Northwestern Prof. L the Lee, distinguished Gen. College. president of Mississippi Agricultu Stephen TY of the around Senator my Voorhees "I appeal body to th

4. September 12, 1896 The Daily Morning Journal and Courier New Haven, CT
Article from The Daily Morning Journal and Courier, September 12, 1896

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This is the fourth New Orleans bank that has failed within a few days. Only yetserday the Mutual National bank closed its doors. On Wednesday the Union National did the same thing, and it in turn had been preceded by the American National. The result has been that the city is on the verge of a panic, especially in banking circles. There are many rumors that dishonesty has been discovered on the part of officers of two of the banks, and this tends to add to the panicky feeling that is continually becoming more evident. The Asosciated Banks at a meeting held on Wednesday night adopted the rule of not paying more than $100 per day to any single depositor, and late the same night all the principal savings banks adopted sixty-five day clause. It was thought that this action would enable the banks to withstand the panic, but the failure to-day will probably make it necessary that they adopt other and more stringent measures. The run on all the banks began originally when small depositors alarmed over the political situation commenced to withdraw their money from circulation.

5. October 3, 1907 The Plymouth Tribune Plymouth, IN
Article from The Plymouth Tribune, October 3, 1907

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1066-Norwegians defeated the English at Fulford. 1198-Richard I. defeated the French at the battle of Gisors. 1327-Edward II. of England murdered in Berkeley Castle. 1356-English defeated the French at the battle of Poitiers. 1415-Owen Glendower, the Welsh patriot, died at Monnington. 1628-John Endicott's colony arrived at Salem, Mass. 1630-Boston, formerly Trimountain, Mass., named. 1653-New England colonists declared war against the Niantick Indians. 1665-The great plague of London reached its height. 1675-Bloody Brook massacre at Deerfield, Mass. 1697-King William's war ended by the treaty of Ryswick. 1710-Expedition against the French sailed from Boston for Port Royal. 1714-George I. landed in England. 1745-Battle of Prestonpans between the Royal troops and the Jacobites. 1747-Marquis de Beauharnais ended his twenty-one year term as governor of Canada. 1759-Quebec capitulated to the British. 1762-St. John's, Newfoundland, retaken from the French by the British. 1776-The first Trinity church, New York, destroyed by fire. Built in 1698. 1777-Continental Congress left Philadelphia on the approach of the British.... British victorious at battle of Saratoga.... British defeated the Americans at Paoli, Pa. 1792-Meeting of the first Parliament of upper Canada. 1793-George Washington laid the corner stone of the national capitol at Washington. 1801-Robert Emmet, Irish patriot, hanged for treason. 1821-Central American States declared their independence. 1823-Samuel L. Southard of New Jersey became Secretary of the Navy. 1838-Opening of the London and Birmingham railway.... Anti-Corn Law League formed at Manchaster, England. 1841-Railway opened between London and Brighton. 1847-Shakspeare's house, Stratford-on-Avon, bought for the British nation. 1850-President Fillmore signed the fugitive slave law. 1854-Allies defeated the Russians at the battle of Alma. 1856-The last national convention of the Whigs met at Baltimore. 1857-Massacre at Mountain Meadow, Utah.... Delhi captured by the British. 1860-The American tour of the Prince of Wales began at Detroit. 1861-New Orleans banks suspended specie payment. 1862-Battle of Antietam ended. 1863-Gen. Bragg began the siege of Chattanooga.... First day of the battle of Chickamauga. 1864-Gen. Sheridan victorious at battle of Winchester.... Gen Fremont withdrew as a candidate for President. 1868-Revolution in Spain commenced. 1870-The Germans invested Paris. 1871-Lincoln's body removed to its final resting place at Springfield, Ill. 1873-Financial panic precipitated by the suspension of Jay Cook & Co. 1881-Chester A. Arthur took the oath as successor to President Garfield. 1891-The St. Clair tunnel under the Detroit river opened to traffic. 1894-Chinese defeated with heavy loss at battle of Ping Yang, Korea. 1895-Peary Arctic relief expedition left St. John's, N. F., on return home. 1898-Spanish forces began the evacuation of Porto Rico.... French minister of war ordered the prosecution of Col. Picquart, in connection with the Dreyfus case. 1899-Anti-trust conference at Chicago ended.

6. October 30, 1907 New-York Tribune New York, NY
Article from New-York Tribune, October 30, 1907

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PROSPERITY IN SOUTH WILL BRING IN GOLD. New Orleans Exchanges Close as Precautionary Measure. New Orleans, Oct. 29.-That the South is financially safe and in position to benefit greatly the other portions of the United States was the opinion expressed to-day by New Orleans bankers and business men. The immense exports of cotton and also sugar and rice are relied on shortly to bring in gold from abroad. An index of the South's prosperity was the amount of shipping at this port to-day. There were fifty seagoing vessels in the harbor, and in addition scores of river craft piled high with sugar, molasses, cotton and rice. The harbor activity was all the more significant because it followed on the heels of a month's strike of ten thousand levee men. In the last twenty-four hours alone twenty seagoing vessels have arrived. Partly as a guarantee for the unhampered movement of the crop staples, speculative activity involving any unnecessary risks in other lines of business was to-day suspended in New Orleans, both local stock exchanges closing until Monday. The Cotton Exchange continued open. The Louisiana Exchange will suspend all business without reservation, but on the floor of the New Orleans Stock Exchange state and city securities will be dealt in during the period through which the temporary suspension is in effect. Reports came in to-day from rural districts in Mississippi, Alabama, Arkansas and Tennessee that small banks have followed the lead of the cities and have taken united action to protect depositors from loss of money or confidence. Following a conference of New Orleans bankers, Charles Godchaux, president of the Whitney Central National Bank, to-day gave out the following statement: New Orleans and the South can be of great benefit in relieving the situation throughout the country-if the East will assist by allowing some of the currency deposited with it by the government to come this way in order to move the cotton and sugar crops. The cotton movement is slow, owing to inability of the banks here to supply the necessary cash. The banks are buying foreign exchange liberally, getting New York exchange in payment thereof. but they will soon be at a standstill, as currency cannot be brought down to supply their wants. If some plan can be found to remedy this conditions in New Orleans and the immediate neighborhood will be greatly improved. This will also place New York banks in possession of foreign exchange with which to obtain gold from abroad. The sugar crop. which promised to be large, is not a disappointment, and the yield of sugar per ton of cane is fully up to expectations. The decision of the Clearing House here to issue Clearing House certificates, to restrict the daily withdrawals of cash, and to enforce the sixty-day rule for savings deposits, has met with unanimous approval of the community at large Henry B. Schreiber, president of the New Orleans Board of Trade, said: Conditions throughout the South, as reflected in the finances and commerce of New Orleans, are most encouraging The large movement of cotton through the ports of New Orleans, Galveston, Savannah, Wilmington and Norfolk, and large sales of other commodities to foreign points, are exerting a healthful Influence, and we are most sanguine as to the showing the South will make for the year 1907 The Clearing House Association of Little Rock, Ark., has adopted the rule that no bank shall pay out over $50 a day to any one depositor. Montgomery (Ala.) banks decided today to limit withdrawals to $25 a day for the time being. though any amounts can be paid through the Clearing House. There is money enough to meet all the local demands, and much more, but it was thought best to provide against outside pressure. The Mobile Clearing House voted yesterday to issue certificates, limiting the amount of withdrawals and putting into effect the sixty-day clause. Similar action was taken by Mississippi and Texas concerns 00

7. October 31, 1907 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, October 31, 1907

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CONDITIONS NEARLY NORMAL. Many National Banks Are Adopting Suggestions to Take Out Additional Circulation. Treasury Officials Agreeably Surprised -Bankers Seem to Think it Will Have Good Effect. New York, Oct. 31.-The restoring of public confidence is indicated by the diminished interest taken in the financlal situation, which tries to readjust Itself to a normal basis. The gold engagements were increased today by 1,500 000, bringing the total up to $23,750,000. The Bank of England's increased rate to 5% was fully expected and was better than expected as the advance was 6 per cent when the Bank of England protected its gold stock against withdrawals from the United States. The stock market fluctuations did not differ materiallly from those of ordinary times. The market in general was very strong. Several of the banking institutions which have experienced difficulty held meetings during the day and readjusted their affairs and resumed business, an a few runs which have been going on amounted to nothin The first prices of stocks showed a tendency towards a reaction at some points from yesterday's buoyant closing Some stocks showed sharp advances but the volume of transactions was small. Hocking Valley preferred sold at a decline of 15 points from the price of the preceding sale three weeks ago. Delaware & Lackawanna and Western sold at 400 a recovery of yesterday's 30 point decline. National Bisult was up 2. National Lead prreferred and Toledo, St Louis & Western 1½ and Reading, Manhattan and Distillers' Securities 1 Prices moved towards recovery at the first few minutes and the opening declines were mostly wiped out in the course of the first half hour's operation. Canadian Pacific rose 114 over last night Unit ed States Pipe preferred sold at a decline of 3½. Call money was offered for loans at 40 per cent on the stock exchange at 10:40 a m but found no borrowers. WILL TAKE BUT CURRENCY. Washington, Oct 31.-Treasury officials are agreeably surprised at the number of banks throughout the country which have already indicated their purpose to comply with the suggestion of the comptroller of the currency that additional currency be taken out Although the suggestion was made only yesterday afternoon a large number of telegrams were received at the department as early as 9 o'clock this morning asking for additional circulation varying in amounts from a few thousand dollars to $2,000,000. George E. Roberts, former director of the mint and now president of the Commercial National Bank of Chicago, is here and has engaged $2,000,000 additional circulation for his bank Sol Wexler vice president of the Whitney Central National bank of New Orleans, is also here and is making arrangements to materially increase his holdings Other prominent bankers through Washington representatives, are arranging to deposit the necessary securities preparatory to taking out national bank notes to the limit of their capital stock. The comptroller now has in his vaults national bank curreney to the amount of $167 000,000 and while a considerable portion of this belongs to banks that have already reached their limit under the law a very large sum is available for bank. that carry only a comparatively small amount when compared with their capital. One large New York bank could under the law it is said. take out $10,000 000 additional circulation and in all probability will soon ask for a material increase Mr Ridgely today expressed the opinion that within the next 10 days the outstanding circulation of banks will have been increased from 000 000 to $30,000.000 or more There are indications that New York banks which have no United States bonds on hand to de posit as security for circulation. are borrowing from other banks that have a surplus on hand or have already reached their limit In many instances these requests for accommodations of this character are being complied with and there seems to be a general inclination among banks to assist one another in the effort to materially increase the amount of bank circulation PLAN WILL HELP. Chicago, Oct. 31 Speaking of the plan of Comptroller Ridgely to in crease the bank note circulation. Prest John J. Mitchell of the Illin is Trust & Savings bank of this city aid "There is no doubt that it will have is substantial effect and will relieve the situation very materially At sume time however the stress of the inneial dtuation is today nothing 11 mapris in with what it has been he people have largely recovered from their slight hysteries and the situation is brighter in every way I have no idea how much the increase 1 exculation will be in this city, but will be several millions Prest George M Reynolds of the Continental National bank said "The plan will be a very great help if the banks will avail themse OR of it. In my opinion it will greatly relieve the situation. There 18 no tellIng at present how much the Chicago banks would increase their circulation, but probably in the neighborhood of three millions Busin 88 condit ns are steadily improving, an the general situation is much more tav rabl now that at the opening of the week ST. LOUIS APPROVES. St. Louis. Oct. 81.-Concerning the statement Issued by Comstroller Ridg 1y with regard to a plan for the immediate Increase or national bank note circulation, several expressions were ors. made this morning by St. Louis banks J.J McCleaney, vice president of the State National bank said: all think IL is very good scheme, and