6765. Louisiana National Bank (New Orleans, LA)

View Charter #1626 on SPMC

Bank Information

Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
1626
Charter Number
1626
Start Date
August 10, 1893
Location
New Orleans, Louisiana (29.955, -90.075)

Metadata

Model
gpt-5-mini
Short Digest
86c2fcad292b5ab2

Response Measures

None

Description

Newspaper reports describe clearing-house banks (including Louisiana National Bank) imposing a limit of $50 per day on cash withdrawals on Aug 10, 1893 to stem a money shortage. This is a collective partial suspension of cash payments (limitation), not a run or permanent closure; articles show it as a confidence-restoring measure. No later articles indicate closure or receivership.

Events (3)
1. December 30, 1865 Chartered
Source
historical_nic
2. August 10, 1893 Suspension
Cause
Macro News
Cause Details
City-wide shortage of money and large withdrawals/sending currency to other cities prompted clearing-house banks to limit cash withdrawals to $50 per day to restore confidence and conserve specie/currency supply; governor action by clearing-house rather than a single-bank insolvency noted in articles. (Described as affecting the whole city and due to money shortage.)
Newspaper Excerpt
the clearing-house banks in deciding the limit of withdrawals to fifty dollars per day
Source
newspapers
3. October 2, 1905 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (2)
1. August 11, 1893 The Times Richmond, VA
Article from The Times, August 11, 1893

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Article Text

Indorsing the Clearing House. NEW ORLEANS, LA., August 10.-The commercial community uniformly approves the action of the clearing-house banks in deciding the limit of withdrawals to fifty dollars per day. Secretary Hester, of the Cotton Exchange, said that there was an apparent feeling of confidence, where yesterday there had been distrust. At the Stock Exchange there was a slight increase in Crossman bonds, and operators generally attributed it to the action taken yesterday. President Walmsey, of the Louisiana National Bank, said that any business man with powers of analysis has known for some time that the banks ultimately must be driven to the action taken yesterday. The shortage of money, he says, will affect all interests, rich and poor in proportion, but he believes that the limitation of currency withdrawals will obviate the necessity for the suspension of work on the part of the factories, and that thereby the laboring element will be directly interested. President Baldwin, of the New Orleans

2. August 11, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, August 11, 1893

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Article Text

NEW ORLEANS FINANCE. Approval of the Bank Limitation of Cash Withdrawals. (By telegraph to the Dispatch.] NEW OBLEANS, LA.. August 10 The com mercial community uniformly approves the action of the clearing-house banks in deciding to limit cash withdrawals to $50 per day. Secretary Hester, of the Cotton Exchange, said to-day that there was an apparent feeling of confidence where yesterday there had been distrust. At the Stock Exchange there was a slight increase in Crossman bonds, and operators generally attributed the improvement to the action taken yesterday. President Wesley. of the Louisiana National Bank, says that any business-man with powers of analysis has known for some time that the banks must ultimately be driven to the action taken yesterday. The shortage of money, he says, will affect all interests, the rich and the poor in proportion. but he believes that the limitation of currency withdrawals will obviate the necessity for the suspension of work on the part of factories and that thereby the laboring element will be directly benefited. President Baldwin, of the New Orleans National, does not think the laboring classes will be hurt to a serious extent. Mr. Baldwi says the present condition of affairs will continue in New Orleans so long as Congress neglects to take hold of the money question. Normal conditions will be restored when Congress acts definitely. Leading country bankers from the Mis. sissippi and Yazoo deltas in the city today express approval of the action taken yesterday. It largely affects them and will serve to restore confidence in the city. The action of speculators in withdrawing currency to be sent to other cities at a premium, and the fact that the supply of New Orleans was being steadily reduced, hastened the action of the Clearing-House Association taken yesterday in limiting currency withdrawals to $50 per day and substituting clearing-house checks for currency in general business transactions.