6827. Workingmens Bank (New Orleans, LA)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
June 1, 1874*
Location
New Orleans, Louisiana (29.955, -90.075)

Metadata

Model
gpt-5-mini
Short Digest
db5afdfa6067ddcb

Response Measures

None

Description

Articles from June 1874 describe (1) a court appointment of a receiver (June 25) in a suit alleging insolvency and (2) reports that a run took place but officers met withdrawals and that the court later dismissed the petition (June 28) and decided in favor of continuing the bank. OCR preserved; corrected bank name to include apostrophe. Cause of run appears bank-specific (lawsuit/solvency allegations). Receiver appointment was by court (government action).

Events (3)
1. June 1, 1874* Run
Cause
Bank Specific Adverse Info
Cause Details
Run followed public suit/allegations and apparent insolvency claims in Wallace Wood v. Workingmen's Bank that created depositor distrust.
Measures
Officers 'promptly and easily met the demand' (paid withdrawals).
Newspaper Excerpt
The effect of the action originally taken in the premises by Mr. Wood, had a natural tendency to create distrust on the part of depositors, and up to the present time there has been quite a run upon the bank. We are assured by the officers of the institution, however, that they have promptly and easily met the demand upon them.
Source
newspapers
2. June 25, 1874 Receivership
Newspaper Excerpt
In the suit of Wallace Wood vs. the Workingmen's Bank, Judge Hawkins yesterday appointed Alfred Shaw, Esq., receiver of that institution. The suit was for the winding up of its affairs and it was shown to be insolvent.
Source
newspapers
3. June 28, 1874 Other
Newspaper Excerpt
Judge Hawkins dismissed his petition yesterday morning, and decided in favor of the bank... Now that the courts have decided in favor of continuing the bank under its original charter, we presume that its former prestige will not suffer by this temporary lack of confidence.
Source
newspapers

Newspaper Articles (2)
1. June 25, 1874 The New Orleans Bulletin New Orleans, LA
Article from The New Orleans Bulletin, June 25, 1874

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Article Text

THE COURTS. Superior District Court. In the suit of Wallace Wood vs. the Workingmen's Bank, Judge Hawkins yesterday appointed Alfred Shaw, Esq., receiver of that institution. The suit was for the winding up of its affairs and it was shown to be insolvent. Allegations were also made that the charter had been openly and frequently violated by the direction. Fifth District Court. Mr. J. Curtis Waldo has filed a suit against Jos. Raymond, Esq., claiming $15,000 as his share of the profits accruing from the building of the Second Street Market. He alleges that he entered the speculation with Raymond and that he is entitled to the above remuneration.

2. June 28, 1874 The New Orleans Bulletin New Orleans, LA
Article from The New Orleans Bulletin, June 28, 1874

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Article Text

The Workingmen's Bank. In the case of Wallace Wood vs. The Workingmen's Bank, Judge Hawkins dismissed his petition yesterday morning, and decided in favor of the bank. The effect of the action originally taken in the premises by Mr. Wood, had a natural tendency to create distrust on the part of depositors, and up to the present time there has been quite a run upon the bank. We are assured by the officers of the institution, however, that they have promptly and easily met the demand upon them. Now that the courts have decided in favor of continuing the bank under its original charter, we presume that its former prestige will not suffer by this temporary lack of confidence.