6697. Bank of New Orleans (New Orleans, LA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 5, 1865
Location
New Orleans, Louisiana (29.955, -90.075)

Metadata

Model
gpt-5-mini
Short Digest
60b0ea84c4aca2ed

Response Measures

None

Description

Articles (Dec 5, 1865 and Mar–May 1866) state the Bank of New Orleans was under military liquidation/control and listed among 'banks in liquidation'. There is no description of a depositor run; rather the bank was taken into military custody/liquidation (government action) and treated as a liquidating/closed institution. I therefore classify this as a suspension/closure due to government action. OCR errors in Article 1 corrected (e.g., 'liquidation' and list of banks).

Events (4)

1. December 5, 1865 Suspension
Cause
Government Action
Cause Details
Taken into military custody and placed under military liquidation by the occupying commander; control not returned to civil authorities as of Dec 1865.
Newspaper Excerpt
I have endeavored without success to procure the transfer of the banks of New Orleans, now under military liquidation, from the control.of the Commander of this Department ... the banks thus unaccountably ciroumetanced, are the Bank of Louisiana State Bank, Merchants' Union, Crescent City and Bank of New Orleans.
Source
newspapers
2. March 3, 1866 Other
Newspaper Excerpt
UNCURRENT BANK NOTES-There has been a general suspension of operations in the notes of the liquidating banks to-day... we still quote Bank of New Orleans... at 88@94c.. .TO dollar.
Source
newspapers
3. May 10, 1866 Other
Newspaper Excerpt
UNCURRENT BANK NOTES-The movement in the issues of the several banks in liquidation has been almost wholly suspended to-day... $300 Bank of New Orleans at 96c. per dollar.
Source
newspapers
4. * Receivership
Newspaper Excerpt
banks of New Orleans, now under military liquidation ... listed among liquidating banks (Mar–May 1866 coverage).
Source
newspapers

Newspaper Articles (3)

Article from Baton Rouge Tri-Weekly Gazette & Comet, December 5, 1865

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Article Text

to parish Judgesystem as it existed under the Constitution of 1812, and to my diffident comprohension, return to that system will be as universally approved as seems to be the repudiation of an elective judiciary. If this be accepted admitted, and I thinkit will/not be disputed, the duties of Recorders could be performed by clerk of courts, who in turn, should be disqualified from the performance of judicial acts, unless in the absence of Judges. The olection of Judges, Recorders, Clerksand Sheriffs mainly from personal or political feeling rather than capacity and fitness of the individual for the trust, has shaken public confidence in the administration of justice, besides rendering it expensive, tardy, and to the last degree uncertain. Bred to the vocation of agriculture, I cannot speak on this subject with technical familiarity, nordo iaim at doing so, contented if I can embody in clear and comprehensiv recommendation present system know to exist, for your correction: Provision will have to be made to re build the State Penicentiary, and to erect a State house. The former will require all needful dispatch. In selecting a site for the latter. regard should be paid to the locality. Crowded or ill-ventilated places)ahould belavoided, and if need be, large and roomy space, capable of admit ting the erection, in detached shape, of all the public buildings necesbary for the State officers and archives, to be provided for suitably should/be obtained in the neighborhood of New Orleans. The thoroughfares and crowded streets of a great city are unsuited for such purposes. It is scarcely required that I should dwell upon the urgency of an immediate and perfect organization of the militia of the State. This cannot with/safety be deferred; for it is not compatible with the reconstruction policy of the Government to maintain armies in the States for the purpose of police. The reorganization of our State, which will be completely accomplished on the admission or our delegations to Congress,swill, without question, be speedily followed by the abolition of martial law within our borders, and the withdrawal of all troops not required for garrison or fort purposes. That this may not happen before a State force can supply its place, you will, am sure, fully guard I have endeavored without success to procure the transfer of the banks of New Orleans, now under military liquidation, from the control.of the Commander of this Department to the civil power. The banks thus unaccountablyciroumetanced, are the Bank of Louisiana State Bank, Merchants' Union, Orencent City and Bank of New Orleans. Why the military usurped the authority to take possession of these banks and regulate their administration any more than the reason for their continued retention of them. I have never been able to know or understand. As they stand in the relation to their creditors of insolvent institutions, I especially refer to them, so that you may take such action to have them administered in accordance with law and the just rights of all concerned, as cireumstances will warrant. The present condition of the New Orleans and Jackson and New Orleaus and Opelousas Railroads inspires uneasiness. The for mer road as, unexpectedly to me, handed over by the military authority to the ad ministration of a few man, who had conducted it after some fashion. They refuse to explain its affairs from the -occupation of this city by the National forces until the relinquishment of the road by the Commauding General Acting upon the gestions of President Johnson, who consid ered it should be a step precedent to the delivery of the roads to the control of loy al directorschosen by the stock holders, the Mayor of New Orleans called for new election by the stockholders of each pany His call was fully responded to, and directors of the highest respectability and reliability were chosen. he old directors of the New Orleans and Jackson Railroad fearing accountability or unwilling to re linquish their places, resisted the demand fora surrender of the control of the corporation and its affairs, and appealed to the lawsto sustain them. They hold possession and give no account of their stewardship. The large interest of the State in both of these important enterprises made it incum bent upon me to sustain the action of the Mayor of New Orleans, in his exertions to have their true present state exposed for public information. The New Orleans and Opelousas Railroad is still held and run by the military, who declinate relinquish it to its stockholders unless the Board of Directors release the Government from all Preclamations on socount of the enormoussum received by its officers since the road has been in their hands. Donations of land made by Congress to the Opelousas road are likely to lapse from a failure of condition,1f not attended to Your early attention to the roads and all connected with them is much demanded. Various public works, of greater or less importance, as well as the reparation of the vees, will have to be undertaken by the State. In connection with them, the creation of a Board of Public Works, or the adoption of some other way for planning and sepervising them will be requisite. Ex perience will be a safe guide as to which plan, that of a Board or of a Chief Engineer, is more preferable No other legislative bodies that have ever before been convened in this State have beene harged with the consideration of legslation embracing 80 many, various and momentous subjects. Upon their enlightned,just and prompt settlement, everything affecting the 1-being, happiness and prosperity of the people and State debends. Procrastination is ruin ; postponement is death The faithful oitizen, called by an wise nd omniscient Providence to administer his powerful Government, watches with offectionatesolicitudeyour proceedings. He ay great stress upon the course of Louisana is anxious she should take her true place in the Republic has manifested by numerous kindnesses of manner and acts 18 warm sympathy with us, and will be low to believe that we will ever disappoint him. The people have already given


Article from New Orleans Daily Crescent, March 3, 1866

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Article Text

Few Orleans Daily Quescent. New Orleans Money Market. CRESCENT OFFICE, No. 94 CAMP STREET, Friday Evening, March 2, 1866. The most prominent feature of the movement in financial circles to-day hasjbeen the decline of fully one per cent. in rates of Gold and Foreign Exchange. Gold opened dull and drooping under advices by telegraph of a decline of nearly two per cent. in the New York market yesterday. Offerings were very heavy throughout, but the demand was of an unusually restricted character, and the operations for the day have been limited to the following amounts at the prices annexed, viz: $5000 at 135;$5000 and $5000 at 1343/4; $20,000 at 134% $1000 and $10,000 at 134 1/2: $5000, $6000 and $17,000 at 1343/5; and $1000, $2000 and $3500 at 134. In Silver the only sale of any importance that transpired was $2000 American halves at 131. We now quote Gold at 134@1341/2, and Silver 130@131 for American coin, and 134@135 for Mexican dollars. Dispatches quoting a slight reaction at New York were received during the day, but failed to check the downward tendency. FOREIGN EXCHANGE has been very flat to-day. The market was more than amply supplied to meet the most general ordinary demand, while the inquiry was at no time much better than nominal, as nearly all the principal buyers still ab. sented themselves from the market, owing to the unfavorable tenor of New York advices. The transactions for the day have been restricted to the following sales, viz.: £500 at 146, £3000 at 1453. £14,000, in four lots, at 145, £6000 at 144)/@145, £1000 and £12,000, the latter taken by a bank, at 1441/2, £5000 at 1441/4 £2000, £2800 and £8000 at 144, and £2500 at 1433. Sales of Francs comprised 20,000f. at 3.883/f. 200,000f., in two lots, at 3.90f., and 100,000f. and 200,000f. at 3.91 1/f. The quotations at the elose of business this evening were: For bank sterling 147, clear bills 1443/1155/2, bill of lading bills 14314@14414, bank francs 3.821/@3.83}4. and outdoor francs 3.871/@3.92)/. DOMESTIC EXCHANGE-The movement in Domestic Exchange to-day has disclosed increased firmness, without developing, however, any quotable variation in rates. The demand at bank for sight checks on the Northern cities was active and general all day, and one of them refused, towards the close, to sell at the ruling figure of the day. Out of doors the supply of private and commercial exhibited but little, if any, increase, and the purchases by banks and bankers have been confined to the annexed trifling amounts, viz: $10,000, $20,000 and $25,000 New York sight, at % # cent. discount, $10,000, Boston do. at 1/2 78 cent. discount, and $20,000 New York and Boston, taken by one bank, at 7 cent. discount; $30,000 three days' sight at 3/2. $10,000 ten days at 2/18, and $15,000 fifteen days at 1 TO cent. discount. We now quote: New York sight at 1/4 73 cent. discount at bank, and F cent. discount out of doors; five and ten days' sight 78 cent. discount; fifteen and twenty days' sight 1@1% P cent. discount; thirty days' sight 11/2 cent. discount; and sixty days' 2 B cent. discount. STOCKS AND BONDS-The movement in securities has been quite limited since our last. The supply of favorite descriptions was light throughout, and the general run, though, as heretofore, abundant, continued neglected. The following embrace the whole of the operations that have come to our notice, via. 9 shares City Railroad Company (old stock) at 195; 50 and 50 shares do. (new stock), reported by two parties, one at 170 and the other at 180; $15,000 City Consolidated Bonds at 90: and $5000 do. at 901/2. UNCURRENT BANK NOTES-There has been a general suspension of operations in the notes of the liquidating banks to-day. Offerings were light from the opening to the close of the market, and the demand was at one time much better than nominal. Sales have been confined to driblets, and we still quote Bank of New Orleans, Crescent City Bank and Union Bank at 88@94c., Merchants' Bank at 77@82c., Louisiana State Bank at 73@76c., and Bank of Louisiana at 55@60c. TO dollar.


Article from New Orleans Daily Crescent, May 11, 1866

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Article Text

New Orleans Daily Crescent. FRIDAY MORNING, MAY 11, 1866. # New Orleans Money Market. CRESCENT OFFICE, NO. 94 CAMP STREET, Thursday Evening, May 10, 1866. The Gold market has been moderately active to- day at yesterday's closing rates. Offerings, though not heavy, disclosed nevertheless, a considerable Increase of cash Gold, most of which was absorbed in the order annexed, viz: $2000 at 129½; $5000 at 129⅝: $5000 and $6000 at 129¾; $5000 at 129⅞, and $3000, $8000, $10,000 and $22,000 at 130. Nothing beyond driblets has transpired in Silver, and we still quote Gold at 129¾@130, and Silver at 117@120 for American coin, and 129@130 for Mexican dollars. FOREIGN EXCHANGE. - The only material altera- tion to report in foreign bills to-day was an ad- vance in bank drawing rates of about 1 per cent. The outdoor supply and demand ruled throughout as for several days past, of a very limited charac- ter, and the total movement, so far as sales have been verified, will be found depicted in the sub- joined statement: £500 at 137, £5000 and £8000 at 137¼, £2800 at 128½, £6000 Bank Sterling at 140, £4000 do. at 141, £1000 at 142, and some small bills over the counter at 142@143; also £1100 sold by a bank for Gold at 109. Sales of Francs, 60,000f for Gold at 5.25f, 25,000f. and 45,000f. sold for cur- rency at 4.00f, and a few other lots at our quota- tions which now rule as follows, viz: Bank Ster- ling 142@143, Clear Bills 138@140, Bill of Lading Bills 136@137, Bank Francs 3.95@3.92½f. and out- door Francs 4.05@4.00f. DOMESTIC EXCHANGE- The movement in Domes- tic Exchange still exhibits an upward tendency. Two of the banks advanced the rates this morning to ½ P cent. premium for sight checks on the Northern cities, while all of the others demanded ¾ P cent. premium over the counter, although one or more of them sold round amounts during the morning at ½ P cent. premium. Offerings of pri- vate and commercial continued exceedingly re- stricted, and the purchases by banks and bankers have been limited to the following amounts, viz: $30,000 New York sight at ½ P cent. premium, $110,000 at ½@¾ P cent. premium, $10,000 and $28,000 at ¾ P cent. premium, $50,000 and $75,000 bank checks sold to banks at the same, and $50,000 do. at 7-16 P cent. premium, $30,000 three days' sight at ¾ P cent. premium, and $45,000 ninety days' sight (a new style of bill just now) at 2¼ P cent. discount. The closing rates this evening are for New York sight ½@¾ P cent. premium at bank and ¾@1 P cent. premium out of doors. STOCKS AND BONDS-There is no material varia- tion of any kind to notice in the movement in se- curities. Offerings of most favorite securities are still very light, and the demand and prices of a few of them show some little abatement, while the lower grades, which are rather abundant, con- tinue almost wholly neglected. The following are the only actual sales of which particulars have transpired since our last, viz.: 35 shares City Rail- road Stock at 200½, 15 do. at 201, and 5, 25, 25 and 36 do. at prices that have not transpired, and 3½ shares Union Bank at 51½. No sales of Bonds have been reported since yesterday, and asking rates for the latter remain unchanged. UNCURRENT BANK NOTES-The movement in the issues of the several banks in liquidation has been almost wholly suspended to-day. Offerings were at no time much better than nominal, and the only sales that transpired were one of $100 Louisiana State Bank at 85½c., which shows a de- cline, and $300 Bank of New Orleans at 96с. per dollar.