Western German Savings Bank

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: savings bank
Start Date: September 7, 1873
Location: Louisville, Kentucky (38.254, -85.759)

Metadata

Model: gpt-5-mini
Short Digest: 38b7c70f

Response Measures

Full suspension

Other: Committee appointed to devise plan to facilitate exchange among banks (relief measure). Note: multiple German-run savings banks suspended together.

Description

Multiple contemporary papers report an increasing run on several Louisville savings banks and that they 'suspended payment temporarily' on Sept 7 (reported in papers dated late Sept 1873). The suspension is described as precautionary/temporary with officers meeting to devise plans for early resumption, so classified as a run leading to suspension with eventual reopening (no evidence of permanent closure). Cause attributed to the broader money panic/scarcity of currency occurring in Sept 1873.

Events (2)

1. September 7, 1873 Run

Cause: Macro News
Cause Details: Part of the wider September 1873 money panic and scarcity of currency causing depositors to withdraw; runs increasing over several days.
Measures: Officers met, agreed to close banks in the morning to prevent further withdrawals; appointed committee to devise plan to facilitate exchange and early resumption; banks reported abundant resources (able to pay $2 for every $1).
Newspaper Excerpt: A run has been steadily increasing on these banks for the past 3 days.
Source: newspapers

2. September 7, 1873 Suspension

Cause: Macro News
Cause Details: Temporary suspension of payments by multiple Louisville savings banks as precautionary measure amid currency scarcity and depositor panic during the 1873 crisis; described as temporary with expectation of resumption after exchange facilitation measures are devised.
Newspaper Excerpt: The following banks suspended payment temporarily to-day ... Western German Savings bank. ... The presidents met last night ... they agreed to close their respective banks in the morning.
Source: newspapers

Newspaper Articles (4)

1. September 28, 1873 The Cairo Bulletin Cairo, IL

Article from The Cairo Bulletin, September 28, 1873

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Article Text

FROM LOUISVILLE, BANKS SUSPENDED LOUISVILLE, September 7-The following banks suspended payment temporarily to-day Masonic Saving bank, Western German Insurance bank, Louisville Banking company, Western German Savings bank and Central Savings bank. A run has been steadily increasing on these banks for the past 3 days. The presidents met last night and knowing Saturday being an ordinarily heavy day for checks,and the panic among depositors increasing, they agreed to close their respective banks in the morning. All of them have abundant resources, many being able to pay two dollars for every one on deposit out of the assets. Other banks in the city were heavily drawn on, but are all right, and will not be affected. Tho suspended banks are all savings banks, conducted and owned chiefly by Germans, with large lines of small German depositors. It is believed there will be no more trouble, as confidence seems to prevail. The officers of the suspended banks met this evening to devise measures of relief. Nothing of importance was done save the appointment of a committee to devise and report a plan to facilitate exchange among banks, with a view of early resumption.

2. October 3, 1873 The True Northerner Paw Paw, MI

Article from The True Northerner, October 3, 1873

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Article Text

In the South. MEMPHIS, Sept. 25.-Nearly every bank in the city has been forced to suspend. The utmost excitement and confusion prevailed in the vicinity of the banks, as the eager depositors gathered about the institutions, and in some instances the police had to guard the doors. Advices from Atlanta, Ga., state that cotton is arriving freely, but there is no money to move it. Every bank in Augusta, Ga., has suspended. The Dollar Savings Bank, of Atlanta, has suspended. The Selma (Ala.) Savings Bank has also collapsed. SAVANNAH, Ga., Sept. 25.--There is quite a run on the banks, which are paying dollar for dollar. Business is at a complete stand-still for want of currency. LITTLE ROCK, Sept. 26.-The excitement continues. Everything is at a stand-still. Very few parties take city money, and no greenbacks are in circulation. VICKSBURG, Sept. 26.-The banks have suspended for thirty days as a precautionary measure. COLUMBIA, S.C., Sept. 26. There is no run on the banks here, notwithstanding the excitement elsewhere. Cotton is being disposed of rapidly. MONTGOMERY, Ala., Sept. 26.-Cotton has been coming in rapidly, but not a bale has been sold for want of currency. LOUISVILLE, Sept. 29.-In order to prevent an anticipated "run" on their institutions, the following banks have temporarily closed their doors: German Bank, Masonic Savings Bank, Western Bank, German Insurance Bank, Louisville Banking Company, Western German Savings Bank, Central Savings Bank. The suspended banks are all savings banks, conducted and owned chiefly by Germans, with long lines of small German depositors. All of them have abundant resources, many of them being able to pay $2 for every $1 on deposit out of the a: sets. The banks in the city were heavily drawn on, but are all right, and will not be affected. NEW ORLEANS, Sept. 29.-Except symptoms of a general slight asphyxia caused by a scarcity of currency, there is little change in our financial affairs. The banks continue to pay $25 per day to each depositor that demands it. LITTLE ROCK, Sept. The money panic continues. Never in the history of the city has money been so stringent. It is impossible to get any with any sort of collateral.

3. October 9, 1873 Eaton Weekly Democrat Eaton, OH

Article from Eaton Weekly Democrat, October 9, 1873

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Article Text

In the South. MEMPHIS, Sept. 25.-Nearly every bank in the city has been forced to suspend. The utmost excitement and confusion prevailed in the vicinity of the banks as the eager depositors gathered about the institutions, and in some instances the police had to guard the doors. Advices from Atlanta, Ga., state that cottonis arriving freely, but there is no money to move it. Every bank in Augusta, Ga., has suspended. The Dollar Savings Bank, of Atlanta. has suspended. The Selma (Ala.) Savings Bank has also collapsed. SAVANNAH, Ga., Sept. 25. -There quite a run on the banks, which are paying dollar for dollar. Business is at a complete stand-still for want of currency. LITTLE ROCK, Sept. 26.-The excitement continues. Everything is at a stand-still. Very few parties take city money, and no greenbacks are in circulation. VICKSBURG, Sept. -The banks have suspended for thirty days as a precautionary measure. COLUMBIA, S. C., Sept. 26.-There is no run on the banks here, notwithstanding the excitement elsewhere. Cotton is being disposed of rapidly. MONTGOMERY, Ala., Sept. 26. -Cotton has been coming in freely, but not a bale has been sold for want of currency. LOUISVILLE, Sept. 29.-In order to prevent an anticipated "run" on their institutions, the following banks have temporarily closed their doors: German Bank, Masonic Savings Bank, Western Bank. German Insurance Bank, Louisville Banking Company, Western German Savings Bank, Central Savings Bank. The suspended banks are all savings banks, conducted and owned chiefly by Germans, with long lines of German depositors. All of them have abundant resources, many being able to pay $2 for every $1 on deposit out of the assets. The banks in the city were heavily drawn on, but are all right, and will not be affected. NEW ORLEANS, Sept 29. -Except symptoms of a slight asphyxia caused by a scarcity of currency, there is little change in our financial affairs. The banks continue to pay $25 per day to each depositor that demands it. LITTLE Rock, Sept. 29.-The money panic continues. Never in the history of this city has money been so stringent. It simpossible to get any with any sort of collateral.

4. October 10, 1873 The Andrew County Republican Savannah, MO

Article from The Andrew County Republican, October 10, 1873

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Article Text

IN THE SOUTH. MEMPHIS, Sept. 25.-Nearly every bank in the city has been forced to suspend. The utmost excitement and confusion prevailed in the vicinity of the banks as the eager depositors gathered about the institutions, and in some instances the police had to guard the doors. Advices from Atlanta, Ga., state that cotton is arriving freely, but there is no money to move it. Every bank in Augusta, Ga., has suspended. The Dollar Savings Bank, of Atlanta. has suspended. The Selma (Ala.) Savings Bank has also collapsed SAVANNAH, Ga.. Sept. 25.-There is quite a run on the banks, which are paying dollar for dollar. Business is at a complete stand-still for want of currency. LITTLE Rock, Sept. 26.-The excitement continues. Everything is at a stand-still. Very few parties take city money, and no greenbacks are in circulation. VICKSBURG, Sept. 26.-The banks have suspeuded for thirty days as a precautienary measure. COLUMBIA, S. C., Sept. 26.-There is no run on the banks here, notwithstanding the excitement elsewhere. Cotton is being disposed of rapidly. MONTGOMERY, Ala., Sept. 26.-Cotton has been coming in freely, but not a bale has been sold ror want of currency. LOUISVILLE, Sept. 29.-In order to prevent an anticipated "run" on their institutions, the following banks have temporarily closed their doors: German Bank, Masonic Savings Bank, Western Bank, German Insurance Bank, Louisville Banking Company, Western German Savings Bank, Central Savings Bank. The suspended banks are all savings banks, conducted and owned chiefly by Germans, with long lines of small German depositors. All of them have abundant resources, many being able to pay 82 for every 81 on deposit out of the assets. The banks in the city were heavily drawn on, but are all right, and will not be affected. NEW ORLEANS, Sept. 29.-Except symptoms of a general slight asphyxia caused by a scarcity of currency, there is little change in our financial affairs. The banks continue to pay $23 per day to each depositor that demands it. LITTLE Rock, Sept. 29. - The money panic continues. Never in the history of this city hais money been 80 stringent. It is impossible to get any with any sort of collateral.