Dollar Savings Bank (Atlanta, GA)

Episode Information

Episode UID
375052990885
Episode Type
Suspension → Reopening
Bank Type
savings
Bank ID
37505299 hash
Start Date
September 25, 1873
Location
Atlanta, Georgia (33.749, -84.388)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
de3c3a1b0df1e81d

Response Measures

None

Description

Contemporary reports describe the suspension as temporary and likely to be resolved, but no explicit reopening date is given in the provided clippings.

Events (1)
1. September 25, 1873 Suspension
Cause
Macro News
Cause Details
Suspension occurred amid the national financial panic of September 1873 and related runs/suspensions in other cities; Treasury/bond market disruptions noted.
Newspaper Excerpt
The Dollar savings bank of Atlanta suspended yesterday.
Source
newspapers

Newspaper Articles (10)
1. September 26, 1873 Elizabeth Daily Monitor Elizabeth, NJ
Article from Elizabeth Daily Monitor, September 26, 1873

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NEWS ITEMS. The national banks of Nashville have suspended. The Dollar savings bank of Atlanta suspended yesterday. Secretary Richardson says that beyond the purchases of bonds which have been made to aid the banks he has nothing to recommend. There is a run on the savings banks of Detroit, and they all insist upon thirty days' notice of intention to withdraw deposits. The report that Secretary Richardson had advised a temporary suspension of all of the banks is denied. The steamer Scandinavian left Liverpool for Quebec yesterday with five hundred thousand dollars in bullion. There was great excitement in Indianapolis yesterday and several private bankers suspended operations. There are large quantities of cotton in Augusta, but no money to move it. The run on the banks of Augusta has been heavy, and they have nearly all suspended. The banks of New Orleans have resolved that they will not pay any checks for more than one hundred dollars. The Charleston branch of the National Freedmen's Savings bank exacts sixty days' notice of desire to withdraw deposits. There was a run on the banks in St. Louis yesterday, and shipments of flour have been stopped. The Mutuals beat the Philadelphias in Philadelphia yesterday, 8 to 4. The Newark Democrats have nominated Nehemiah Perry for Mayor, Adolph Schalk for Water Commissioner, Wm. A. Schmidt for Tax Commissioner, and George Peters for Trustee of the Reform School. A. J. Hine, cashier of the National Bank of Ansonia, ten miles from New Haven, Conn., has been using the funds of the bank for speculation. The surplus of forty thousand dollars is all gone. Hine also loses his private fortune. The full extent of the losses is not as yet ascertained. The bank is supposed to be solvent. The Dean of Canterbury has been visiting the public schools of Albany, much his was at large of particularly to surprise astonished and pleasure. the in He all success the proportion schools, and feminine the perfect their teachers masculine with as which they governed well as feminine pupils. The session of the American board of missions at has curious reforeign a significance Minneapolis, when it Minn., is collected that this association organized while Minnesota was yet a howling wilThe board of foreign missions was more agoderness. formed it holds convention than sixty in years what now its was by means a western its over a of which a was journey no westward large part far is untraveled city territory yet when the association was born. Mrs. Henry L. Irwin returned from a week's visit to Red Bank to her home in Lincoln street, near Summit avenue, Jersey City, on Wednesday afternoon. Her husband had promised to meet her Saturday and go home with her, but he and she went afteron did without not, She threw four days ward him. open the house and found her husband in bed. thinking that he was sleeping she did not disturb him, but went quietly down stairs and supper. a seized premonition prepared her, found and she that Then called Mr. the neighbors. They Irwin was dead. The body was decomposed. The county physician's exam. ination showed that the Wednesday, hedied New Jersey of apoplexy. Midland are to resume of between the On road railroad Jersey City control and the state line at Unionville. Possession is claimed on account of the failure of the and Oswego Midland railroad to of their which a company New York lease, comply called with dollars for the payment terms of about two thousand per day for three months, or until the floating about two hundred thousand do:should be paid. have been kept promight debt, lars, instant, but This for when the contract the ceedings of the 18th New York Midland was thrown into and Abrah S. Hewitt was This out of the bankruptcy, control appointed assignee. company's virtually hands. took The New York company retain the Montclair division, which gives them an into New York ; but to form connection to over that a cars through ingress must pass portion Oswego of the the New Jersey Midland lying between the state line and Bloomingdale.

2. September 26, 1873 Wilmington Daily Commercial Wilmington, DE
Article from Wilmington Daily Commercial, September 26, 1873

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JENKINS & ATKINSON. WILMER ATKINSON, Publisher. For Terms, Etc., See Second Page. Latest General News. The financial situation is simply a calm-perhaps it might be termed a stagnation. The President and Secretary of the Treasury have come to the conclusion that all the necessary relief has been afforded by the Treasury for legitimate business, and consequently the Treasury will buy no more bonds ot present, nor any sterling exchange. Neither will the payment of the November interest be anticipated. Those opposed to the State Government of Louisiana propose to hold a Mass Convention in New Orleans, on November 24th. Its object is to "institute measures looking to the amelioration of the condition of the people, and to memorialize Congress." The discovery of an "immense" mine in Little Cottonwood, Utah, is reported. It is said to be 25 feet in depth, "exposing large deposite of mineral." It was the schooller Whiting that went ashore at Grand Haven. on Wednesday night. Two men were drowned, the others being rescued. The cholera is disappearing in Paris, the deaths being only twenty per day from that cause. The ceremony of turning the first rod for the first railway in Persia took place recently at Reshd. The meeting called by President Wateon. of the Erie Railway, of persons interested in that road, was held yesterday in London, and attended by about a thousand persons. The proceedings were stormy. Mr. W. stated that the road wanted $80,000.000, immediately, to complete improvements and lay a third rail. Worlen, Webb, & Co., Indianopolis: the Selma Saving Bank. Selma, Ga., the State Bank, New Brunswick. N. J., three banks and one banking house at Augusta, Ga., the first National and De Soto Banks, Memphis. the dollar Saving Bank, Atlanta, Ga., David Preston & Co., and F. & L. Seats & Co., Detroit; all suspended yesterday. The grand "Tournai" of the Knights Templar, at the Academy of Music, in Philadelphia, last evening, was a bandsome affair, and attended by a large number of persous.

3. September 26, 1873 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, September 26, 1873

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The Financial Crisis. Stock Exchange Still Closed. New York, 25. Henry Clews & Co. state that the liabilities which their London house e describe as incurred for the account of the f New York house are mainly acceptances under commercial credits for the account of various merchants in this city and elsewhere, to whom the drafts will be returned, and who will meet them, being prepared so to do by having the goods in possession against which e the acceptances were given. The apparent liabilities therefore of the London house will be reduced to the extent to which the acceptances render. Their credits are provided by parties on whose account they were issued. Washington, 25. Rumors have reached here that the Secretary of the Treasury advised a temporary suspension of all banks. Secretary Richardson asserts that further than helping the banks by bond purchase which have been made, he has nothing to advise and only to look to the interest of the Government. Other wild rumors were circulated to-day, a large number of which can be traced to no solid foundation. The situation, 80 far as the f Government is concerned, is unchanged since the close of business yesterday, when the purchases of bonds stopped. The arrival of the President to-night may possibly result in additional instructions, but this is merely problematical. There will be a Cabinet meeting to-morrow which will have the weight of financial matters for general consideration by the Heads of Government Departments, and considerable interest is felt in the result. No official here has any idea thnt there will be a called session of Congress, with a view to relieve the financial difficulties. Detroit, Mich., 25. The run on the Savings banks was quite extensive to-day. They all insist upon thirty days notice for large assets. David Preston & Co. and F. L. Seitz & Co. have suspended payment. New York, 25. A meeting of the governcommittee of the stock exchange was held at two P. M., at the call of H. G. Chapman, President. It was resolved to appoint a committee of seven from the body of the exchange to effect clearances of stock. Members will be required to send in a list of all I stocks they may have going in and going out the notice of the committee. It has been suggested that the stock exchange should open for general business, leaving the settlement of contracts growing out of Friday and Saturday's business, and sales under the rule in obeyance. This, it is claimed, would give investors a chance to buy stock and would bring money into the street. There was no meeting of the Erie Railroad Directors to-day, no quorum being present. It is said&that the bulk of street stock business is bogus. Yesterday_there were several purchasers of stock at cash, at the low prices, but the bogus sellers did not make their deliveries. The day closed without any further failures or any fresh outbreak of excitement. The banks to-day in the Clearing House association, pooled their legal tender notes as provided by yesterday's resolutions. The creditors of the National Bank of the Commonwealth had a meeting this afternoon, but pending the investigation by the receiver, no action was taken. h There was no meeting of the Chamber of Commerce this afternoon, the call therefor having been decided illegal. The actual disbursements of greenbacks for the purchase of bonds by the Sub-Treasury since Saturday, was $13,300,000 The Dollar Savings Bank of Atlanta, Ga., and the State Bank of New Brunswick, N.J. suspended to-day. Baltimore, Md.. 25. The banks to-day voted not to pay out money on checks except those required for legitimate business. New Orleans, 25. At a meeting of the Bank officers to-day, it was voted partially to suspend payment owing to the action of the banks in New York and the refusal of western banks to receive checks on New York. Also that the demands upon currency here have been 80 large that all will be exhausted in a few days if the demand continue from the outside.

4. September 26, 1873 The Rutland Daily Globe Rutland, VT
Article from The Rutland Daily Globe, September 26, 1873

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Suspensions. AT NEWARK. NEWARK, Sept. 25. The State bank at New Brunswick, N.J., suspended to-day. AT ATLANTA. ATLANTA. Ga., Sept. 25. The Dollar Savings Bank suspended today. It has ample securities. AT INDIANAPOLIS. INDIANAPOLIS. Sept. 25. The private banking house of Woolen, Webb & Co. has suspended, which occasioned a run on other banks, but all demands were met, and it is thought there will be no further trouble.

5. September 26, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 26, 1873

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New-Orleans Nat'al Bank. Citizens' Bank. Bank of America. Union National Bank. Germania National Bank. New-Orleans Nat. Banking Association. Teutonia National Bank. Canal Bank. Louisiana National Bank. Mutual National Bank of Hibernian National Bank. America. Bank of Lalayette. State National Bank. People's Bank. Pike Bros. & Co., bankers. Clearing-house certificates at the rate of 75 cents on the dollar will be issued on collaterals deposited by banks, and certified checks of the Cleaning-house will be used instead of currency. IN GEORGIA. AUGUSTA BANKS SUSPENDED-NO MONEY TO MOVE COTTON. AUGUSTA, Sept. 25.-The National Exchange Bank, the Merchants' and Planters' National Bank of Augusta; and the Planters' Loan and Savings Bank, have suspended. The run on the banks has been heavy, especially this morning. Cotton is coming in treely, but there is DO money to move it. A BANK SUSPENSION AT ATLANTA ATLANTA, Sept 25. - -The Dollar Savings Bank of this city suspended-to-day. It has ample securities.

6. September 27, 1873 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, September 27, 1873

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INTERMENTS AT SHREVEPORT. SHREVEPORT, September 26.-The interments to-day are as follows: Freeman, 33; C. Doherty, 30; A. P. Page, 68; Chris. Cosgrove, Ella Hunsicker, Wm. Nesbit, 16; Mrs. E. Hall, 36; Rebecca Kendall, 17; Jack Holton, Samuel C. Peters, colored, 38; J. W. Gaylor, 69; Miss Monroe, Miss Adeline Tarry, 30. All white but one. TELEGRAPHIC BREVITIES. The cholera is on the decrease in Paris. Wilkie Collins arrived at New York yesterday from Europe. The distinguished French astronomer, Jean Chacornae, is dead. The Masonic temple at Philadelphia was dedicated yesterday. A horrible case of infanticide occurred t at Louisville yesterday. The Dollar Savings Bank at Atlanta, Georgia suspended yesterday. Ben Hogan has agreed to fight Tom Allen on the twenty-eight of October. A deaf boy was run over and killed by a railroad-train near Louisville yesterday. Brooklyn, New York, has employed a corps of experts on the investigation of the financial affairs of that city. A mass-meeting of citizens opposed to the Kellogg reign in Louisiana is called for thetwenty-fourth of November. A collision occurred near Carlisle, England yesterday which resulted in several persons being killed and injured. Actual disbursements of greenbacks for purchase of bonds by the sub-treasury at New York since Saturday, $13,300,000. Reinforcements for the Spanish army in Cuba will be forwarded by the steamer sailing from Cadiz for Havana next week. The banks in nearly all the cities heard from last night have resolved to cease paying out currency except on small amounts. At Toledo, Ohio, last night a rumor e was current that the banking house of Kraus t Smith, the oldest in that city, had made an assignment. George F. Beach, of Selma, is a defaulting deputy-collector of West Alabama. The extent of his defalcation is nearly ten thousand dollars. Daniel J. Bookstover, a well-known merchant and citizen of San Francisco, committed suicide there yesterday by shooting himself through the heart. A Washington telegram yesterday says that the President hastendered the office of chief-justice to Senator Conkling, and that the senator will accept. The ceremony of turning the sod for the first railway in Persia took place recently at Reshd, in the presence of the leading Persian officials and foreign consuls. Dissensions in the ranks of the Carlists continue. Don Carlos has ordered General Saballo to present himself at headquarters to answer the charge of disobedience of orders. The President signed the postal convention between the United States and the government of Newfoundland for an exchange of postal-cards by the addition of one cent postage. Sixty cars, containing over three thousand passengers, passed through Indian&polis last Wednesday night and Thursday morning, over the I, B. and W. railroad, bound or Kansas and Nebraska by the Quincy and the Burlington route. John Masken, a supposed resident of Harrisburg, Kentucky, and believed to be crazy, jumped from the steamer Davenport about four miles above Alton, Illinois, last evening, and was drowned. The body was recovered at Alton. George Dighton, conductor on the Toledo division of the Lake Shore and Michigan Southern railroad, was killed yesterday at Elyria, Ohio. He slipped and fell between the cars, was dragged some distance and horribly mangled, Deceased resided at Erie, Pennslyvania,

7. September 27, 1873 Eureka Daily Sentinel Eureka, NV
Article from Eureka Daily Sentinel, September 27, 1873

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GEORGIA. ATLANTA Sept. 26. The Dollar Savings Bank suspended to-day.

8. September 27, 1873 Pioche Daily Record Pioche, NV
Article from Pioche Daily Record, September 27, 1873

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Telegraphic Dispatches SPECIAL TO THE PIOCHE DAILY RECORD. Eastern Dispatches. The Finances-- Disappointment at the Action of the Government--Lo Bonds Found-Alabama Bank Suspended-=Georgia Financies-Phila delphia Races: Goldsmith Maid Heats Fullerton - New Jersey Bank Suspends-913,000,000 - of Greenbacks Disbursed since Saturday - Arrival of Wilkie Collins-Banks Suspended - Bank Closed in Washington. NEW YORK, Sept 25. There has been no panic on Wall street but a quiet The action of pression. to-day, the feeling Government of dein its bond even suspending purchases, intense if it is to be temporary, creates A of the states disappointment. Secretary Treasury telegram from that vis- the his official duties will prevent him from iting New York and consulting with the Clearing House Committee. the examination During this Union morning Trust of the large safe of the a box belonging to Company, found the missing to Secretary was opened and contain $25,000 in United States bonds which had been supposed to be lost. Howes & Macy have resolved to open their doors and solicit special deposits on trust obligations, to be paid as fast as they can realize on the securities of foreign exchange. NEW YORK, Sept. 25. The London Times of the 12th has the from Verdun, dated 11: "An incident Sept. following telegram occurred become yester- pubwhich did not or it might day licly known, happily have produced much excitement. At 11 o'clock, at the moment when financial questions were believed to be entirely settled, the Germans suddenly declared that another million francs was due them for having kept up the postoffice on behalf of the French Government during the occupation of French departments. On being asked to give details of this claim they replied that they had accurately estimated what was due them, and if the million was not paid they would prolong the ocThe matter was cupation. to Government, and immediately referred the upon an order from Versailles the Receiver of Taxes at Verdun this morning paid the sum claimed. SELMA, Ala., Sept. 25. The Selma Savings Bank suspended to-day. Assets are believed ample to pay all liabilities, and save the capital stock nearly entire. SAVANNAH, Ga., Sept. 25. on the and Trust has on The Company run Savannah ceased. Bank That the Bank of Georgia continued up to the hour of closing. Both are thought to be fully able to meet all demands. Other banks are proceeding as usual, The ex25 eitement is diminishing 680 100 100 trustee To wart Thos, Truste Hart Than PHILADELPHIA, Sept. 25. The race for a purse of $5,000, bey a tween Goldsmith Maid and Judge Fulr. lerton was won by lhe Maid. Timele 2:22, 2:21 1/2, 2:23 1/4 ATLANTA, Ga., Sept. 25. y The Dollar Savings Bank suspended to-day. ror NEWARK, N. J. Sept. 25. The State Bank at Brunswick suspenThis is the bank crippled e by of ded the to-day. irregularities Appleton, Cashier. is NEW YORK, Sept 25. k The actual disbursements of greene backs for the purchase of bonds by the Sub Treasury since Saturday, are $13, ot 000,000 r. h, Wilkie Collins is among the arrivals is from Europe to-day. eCHICAGO, Sept. 26. e, It is announced Union just that the s, Second National, National 1facturers' National, banks have and suspend Manuay ed. A notice on the door of the former atsays the bank has abundant securities, ce but is compelled to suspend payments, in on account of the lack of currency until nt it will be able to realize. Nothing has ne been lost from the failures, and deposito tors will be made safe. The Cook County, City National, and National Bank of Commerce have fol ay lowed the example of the Union National n8 and closed their doors. There was he run for an hour on the Commercial Ex

9. September 27, 1873 The New North-West Deer Lodge, MT
Article from The New North-West, September 27, 1873

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Miscellaneous. The house of E. Randolph, whose suspension is noticed, was Tom Scott's New York house. Randolph is a son-in-law of Scott. Edwin L. Stanton, son of the late Secretary of War. has been appointed Receiver of the First National Bank of Washington City. London, September 18.-The London firm of Mr. Cooke responds to his suspen. sion by stating that all drafts and letters of credit on them issued by Jay Cooke & Co. will be duly honored. A fire in the Belcher Company's blacksmith shop on the 1800-feet level of the Yellow Jacket shaft, Comstock Jode, last Saturday, spread to the timbers and caused an explosion, resulting in the death of Louis Louiseile, James B. Waters, W. S. Broadwater, Jas. E. Niles, Tom. Cusic and Goo. B. Mudd. At Jay Cooke's the clerks are preparing a statement to be laid before the members of the firm on the arrival of the steamship Russia, on board of which are two of the partners. New York, September 22.-Pitt Cooke and Hugh McCullough, connected with the suspended bouse of jay Cooke & Co., are rived in the Egypt and are expected at the office of the company by 1 o'clock. The Dollar Savings Bank, Atlanta, Ga., suspended Thursday. The State Bank of New Brunswick, New. ark, N. J. suspended Thursday. The Sub-Treasurer at New York bought $13,000,000 of U. S. bonds since last Saturday. Wilkie Collins reached New York on Thursday.

10. October 11, 1873 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, October 11, 1873

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AFFAIRS IN ATLANTA.- occa-ional correspondent-C. A. C., Jr.-sends us a glowing acccount of a parade of the Knights of Pythias in that city, a few days ago. It is claimed to have been the finest and most showy procession since the war: The financial panic which has swept over the country like a besom of destruction, left Atlanta almost unscathed. The only bank which has really suspended is the Dollar Savings, and even its suspension, I am told, will cause no loss, but merely a temporary embarrassment to the depositors. The bank of John H. James, whom you probably knew as a to also endeavoring, up the South abort Carolina time Railroad, ago, buy suspended payment; but the citizens and the next of them rushed day about to his twenty assistance, pledged themselves, in amounts varying from $50,000 to $10,000, to the payment of all the great banker's liabilities. Expressions of confidence poured in on every hand, and it must have been indeed a recompense for his troubles to see. what implicit trust the people placed in his integrity. His certified checks are now circulating as currency, and are bankable, bearing interest as other deposits. So, on the whole, though there has been some delay in moving the crops and some diminution of expenses in some establishments, the mercantile palse is good, and everything will soon resnme its wonted channel. Politics are running high here just now. An election for Olerk of the Superior Court took place last week, and the municipal election will soon occur. Of course, Democracy rules the roast here, and it is only a choice of men in the elections. The "Rads" have a powwow now and then, but their sayings and doings are of so little consequence in the Empire State as not to disturb the equanimity of even the most excitable. The weather, for the past few days, has been very variable. Monday and blasts Tuesday, keenly, and the clouds chilling whistled of dust, as high as the house-tops, were scurrying along all over the city. It really seemed as though the wind had rushed off from the towering summit of Kennesaw Mountain, some twenty-four miles off, and, reserving all its force and frigidness intact, passed over the intervening space and bestowed all its favors on Atlanta. Overcoats and wrappings of all sorts were hastily hunted up; but to-day the weather has moderated, and everything looks bright and cheerful.