Article Text
Bank Suspension. NEW ORLEANS, March 1.--The Citizens Savings Bank has suspended. They will pay 15 per cent. on the dollar cash, and require sixty days' notice for the balance.
7610. Citizens Savings Bank (New Orleans, LA)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- savings bank
- Start Date
- March 1, 1879
- Location
- New Orleans, Louisiana (29.955, -90.075)
Metadata
- Model
- gpt-5-mini
- Short Digest
92acdb48
Response Measures
None
Description
The bank temporarily suspended payments in March 1879 as part of a widespread New Orleans banks' restriction due to a scarcity of currency/threatened panic. Later, in October 1879 the bank went into voluntary liquidation and receivers were appointed. Subsequent reporting documents alleged embezzlement by the cashier. No discrete depositor run on this specific bank is described in the articles, so this is classified as a suspension followed by permanent closure/receivership.
Events (4)
1.
March 1, 1879
Suspension
- Cause
- Macro News
- Cause Details
- Temporary suspension announced within a wider set of New Orleans banks due to scarcity of currency and to avert threatened panic; clearinghouse restrictions and currency shipments from New York were arranged.
- Newspaper Excerpt
- Bank Suspension. NEW ORLEANS, March 1.--The Citizens Savings Bank has suspended. They will pay 15 per cent. on the dollar cash, and require sixty days' notice for the balance.
- Source
- newspapers
2.
March 20, 1879
Other
- Newspaper Excerpt
- The following is a list of the New Orleans banks whose temporary suspension is announced: ... Citizens savings bank ... The order of suspension expires on the twenty-ninth instant. The action taken was to avert a threatened panic. Over one million dollars were sent to the New Orleans banks to-day from this city.
- Source
- newspapers
3.
October 4, 1879
Receivership
- Newspaper Excerpt
- IN LIQUIDATION. The Citizens' Savings Bank in the Hands of Receivers. Persons having business yesterday with the Citizens' Savings Bank ... appointing Messrs. E. V. Hitch and P. H. Legendre commissioners to take charge of the assets of the bank. The order ... indicates that the liquidation is voluntary on the part of the bank.
- Source
- newspapers
4.
October 23, 1879
Other
- Newspaper Excerpt
- THE CITIZENS' SAVINGS BANK. The Cashier Rearrested and Committed to the Parish Prison. Yesterday Milton Benner, late cashier of the suspended Citizens' Saving Bank, was rearrested ... The books of the bank show that on the day of Its suspension Benner drew one check of $7000 and another of $2900 to his own order ... It is stated Benner had overdrawn $17,000 a short time before the bank had suspended.
- Source
- newspapers
Newspaper Articles (14)
Click image to open full size in new tab
Click image to open full size in new tab
Article Text
A FINANCIAL EARTHQUAKE. New Orleans Banks Imposing Restrictions that Indicate an Alarming Shakiness-The Effect in St. Louis and New York. NEW ORLEANS, March 20.-The clearinghouse banks decide not to pay out on checks more than two hundred dollars to one depositer in one day, all other payments to be made by the certification of checks, which shall be received on deposit by the banks of the clearing house. The arrangement will be temporary. Collections for distant customers will be re.nitted for as heretofore in currency checks on New York. In effect, this action involves only local interests here, and has checked the panic, the pretext for which will be entirely removed in a day or two, when the currency arrives which is already ordered from New York. The banks held this morning about two million Etwo hundred thousand legaltenders and three million sight exchange on New York, Exclusive of their portfolios, with which to meet about ten millions due depositors, most of the banks to-day received more currency from depositors than they paid out. THE EFFECT IN ST. LOUIS. ST. LOUIS, March 20.-The news of the suspension of the banks at New Orleans had comparatively little effect on 'change other than in the southern provision jobbing trade, which was somewhat depressed owing to the belief that monetary affairs at New Orleans and adjacent towns which do their business through the New Orleans banks would be at least temporarily disturbed. The general business of the city and banks here will not be affected to any appreciable extent. NEW YORK COMING TO THE RESCUE. NEW YORK, March 20.-The following is a list of the New Orleans banks whose temporary suspension is announced: Germania national bank, Hibernia national bank, Louisiana national bank, Mutual national bank. New Orleans national bank, State national bank, Union national bank, bank of Lafayette, Citizens bank of Louisiana, Citizens savings bank, Louisiana savings bank, Metropolitan bank, New Orleans canal and banking company, Peoples bank, and Workingmen's bank. Many orders for currency were received here to-day from New Orleans, and large amounts shipped. The order of suspension expires on the twenty-ninth instant, and before that time funds from this city will have reached the banks. The action taken was to avert a threatened panic. Over one million dollars were sent to the New Orleans banks to-day from this city. Mr. Hendricks's Position. Indianapolis Journal: "We are not authorized to speak for Governor Hendricks, nor is Montgomery Blair, and when he says that Mr. Hendricks is for the old ticket of Tilden and Hendricks he does not speak authoritatively. That may be Mr, Hendricks's second choice. It is not fair play, however, for eastern Democrats to assume to speak by authority and place Mr. Hendricks second on the ticket. Hailing from the only State north of Mason and Dixon's line carried by the Democrats last year, he is entitled to fair play in the canvass. Natal Railwav Accident
Click image to open full size in new tab
Article Text
Wholesale Suspension of New Orleans Banks. NEW YORK, March 20.-The following is a list of the New Orleans banks whose temporary suspensions were announced to-day: Germania National Bank, Hebernia National Bank, Louisiana National Bank, Mutual National Bank, New Orleans National Bank, State National Bank, Union National Bank, Bank of Lafayette, Citizens' Bank of Louisiana, Citizens' Savings Bank, Louisiana Savings Bank, Metropolitan National Bank, New Orleans Canal and Banking Company, People's Bank, Workingmen's Bank. Many orders for currency were received here to-day from New Orleans and large amounts were shipped. The order of suspension expires on the 29th inst., and before that time the funds from this city will have reached the banks. The action taken was to avert a threatened panic. NEW York, March 20. -Over - one million dollars were sent to the New Orleans banks to-day from this city.
Click image to open full size in new tab
Article Text
FINANCIAL FLURRY. Temporary Suspension of the National and State Banks of New Orlean-Scarcity of Currency and Threatened Panic the Cause -Large Currency Shipments from New York. NEW YORK, March 20.-The following is a list of New Orleans banks whose temporary suspension was announced to-day: Germania National bank, Hibernia National bank, Louisiana National bank, Mutual National bank, New Orleans National bank, State National bank, Union National bank, Bank of Lafayette, Citizens' Bank of Louisiana, Citizens' Savings bank, Louisiana Savings bank, Metropolitan bank, New Orleans Canal and Banking company, Peoples' bank, and Workingmen's bank. Many orders for currency were received here today from New Orleans, and large amounts were shipped. The order of suspension expires the 29th inst., and before that time funds from this city will have reached the banks. The action taken was to avert a threatened panic.
Click image to open full size in new tab
Article Text
Merchants Convention at Forest. By a circular from Mr. J. T. O'Ferrall, Secretary of a Merchants' meeting at Newton, we learn that it is proposed to hold one at Forest on the first Monday in April, for the purpose of selecting a committee to confer with the Directors of the Vicksburg and Meridian Railroad on the subject of a reduction of the freight tariffs of the said road. All the towns on the line of the road are urged to appoint delegates to the Convention. THERE is great trouble among the New Orleans Banks, the following is a list of those whose suspension has been announced: Germania National Bank, Hibernia National Bank, Louisianą National Bank, Mutual National Bank, New Orleans National Bank, State National Bank, Union National Bank, Bank of Lafayette, Citizens' Savings Bank, Louisiana Savings Bank, Metropolstan Bank, New Orleans Canal and Banking Company, People's Bank, Workingmen's Bank.
Click image to open full size in new tab
Article Text
A NEW ORLEANS dispatch announces the temporary suspension of the following banks: The Germania National Bank, the Hibernia National Bank. the Louisiana National Bank, the New Orleans National Bank, the State National Bank, the Bank of Lafayette, the Citizens' of Louisiana, the Citiz ns' Savings Bank of Louisiana, the Savings Bank, the Metropolitan Bank, the New Orleans Bank. the New Orleans Canal and Banking Company, the Peoples Bank, and Workingmen's Bank. Collections for distant customers will be remitted for. as heretofore, in currency checks on New York. The effect of this action only involves local interests and has checked a panic the pretext for which will be entirely removed in 11 day or two when the currency arrives which is already on its way from New York.
Click image to open full size in new tab
Article Text
IN LIQUIDATION. The Citizens' Savings Bank in the Hands of Receivers. Persons having business yesterday with the Citizens' Savings Bank, located at the corner of Gravier and Baronne streets, found the doors closed, and posted in one of the windows a copy of an order which issued from the Fifth District Court late on Thursday evening, appointing Messrs. E. v. Hitch and P. H. Legendre commissioneers to take charge of the assets of the bank. The order was issued on the application of E. V. Hitch, who alleged violation of charter and failure to meet checks, etc. The bank, in answer to the petition of Hitch, denied violation of charter, but admitted the other charges, and submitted the matter to the court, and thereupon the order issued. The order, in addition to appointing the gentlemen named as receivers, designates Messrs. Geo. Paifrey and F. A. Luminais as the ap/ praisers. The condition of the affairs of the bank could not be ascertained, but the character of the proceedings indicate that the liquidation is voluntary on the part of the bank.
Click image to open full size in new tab
Article Text
that mens the of rich gold and silver ore and argue sooner we had an Indian war and th savages be for were exterminated the better it woul the country, and the frontiersme ces particularly. Seeing that serious consequer Schurz would follow the invasion of their domai into asked Congress for authority to ente States negotiations for cession to the Unite of the reservation of the Utes that and might be thrown open to settlers and miners this request was also disregarded. The scene of Thornburgh's disaster is o the which edge of the reservation at Milk Creel runs into Painted Rock Creek. Thorn burgh co and was formerly stationed at San Francis man. Alaska. Agent Meeker is a Colorado BALTIMORE, Oct. 2.-A box containing from $28,000 worth of bonds, which were stole the National Bank of Baltimore in Sep tember, 1878, was unearthed a few days age near Woodbury by some young men while hunting. stolen Thirty-five thousand dollars were from the bank at the same time, and have not yet been recovered. NEW YORK, Oct. 2.-The joint executive railroad committee voted an advance in eas bound 40 rates to the basis of 35 cents on grain cents on fourth class, and 50 cents on live hogs, from Chicago to New York, to take ef fect October 13th. NEW YORK, Oct. 2.-The Chamber o from Commerce meeting to-day received a lette be in DeLesseps informing them that he would this country shortly to look after the that proposed Darien Canal. It was suggeste him the officers of the Chamber should mee on his arrival. The matter was referre to a committee. NEW ORLEANS, Oct. 2.-The Citizen' Savings Bank to-day went into voluntar liquidation. No loss to depositors. CONNELSVILLE, Pa., Oct. 2.-Bank block $17,000. burned to-day. Loss, $30,000; insurance PHILADELPHIA, Oct. 2.-The steamshi Pennsylvania, which arrived to-day, ha among other passengers John Henry Pulestor member of English Parliament. WASHINGTON, Oct. 2.-On account of th S Indian immediately. troubles Secretary Schurz will retur BUFFALO, Oct. 2.-Judge Hammondto-da fined Henry Locke 150 dollars for placin e obstructions on the passenger track of th Lake Shore railroad. WASHINGTON, Oct. 2.-At a meeting € the letter Washington Monument Society to-day y was read from Dom Pedro, Emperor e Brazil, formally presenting to the Society th € stones which he has sent to this country to b it placed in the monument. e TOPEKA, Ks., Oct. 2.-Two of the witnesse n for the Memorialists in the Ingalls briber d case flitted out to-day and the trial seem ie likely to do the same. d NEW YORK, Oct. 2.-Tilden denies that h y r. ever in uttered the statements imputed to hit a recently published interview criticisin he the blundering policy of the South. d SAN FRANCISCO, Oct. 2.-Salvador, the In d dian who murdered Paul Ryger in Mari licounty this last spring, was hanged at San Rafa afternoon. He confessed to five othe le murders but met his death with firmness. ne RAWLINS, Oct. 2.-No news received fro d from Payne's command to-day. The mail carrie the Ute Agency, due here to-night, ha nnot arrived yet. All sorts of rumors ai n. afloat, but the only rehable information r of ceived is the statement of a ranchman name leMorgan, who arrived here to-day from h ty the ranche on Snake river. On the morning of 30th, the day after the fight he heard heav firing in the direction of the battle ground ar General Merritt, with 350 cavalry, left her ve at 10:30 this morning. He will be followe by the infantry to-morrow. Merritt was a he companied by the scout Rankin. Great e: of citement prevails here. Settlers from the he vicinity of the Ute reservation are arrivir in hourly. Many white men, freighters at arhunters, were known to have been in tl ad neighborhood of the Ute Agency and fea ent are entertained for their safety. nd OTTAWA, Oct. 2.-About fifty million fe ell of lumber, purchased by foreign dealers ed this city, have not been delivered some dif at culty having been experienced in procuru ans on boats for conveyance of the lumber. Freight owing to increased demand for transport tion, have advanced from 25 to 50 cents nd thousand. There is not a single steamer p dly Chaudiere at present as the entire fleet is e tly ald chasers. gaged in delivering lumber for American pu de ed, COUNCIL BLUFFS, Oct. 2.-This eveni ain Lieut. Gilbert, with 240 soldiers from Fo the Snelling, arrived over the North Western a tle took a special train over the Union Pacific f hat the scene of the recent Indian fight in which ge, Major Thornburgh was killed. The soldie ucwere all in good condition and spirits. en WASHINGTON, Oct. 2.-General Knap agChief Clerk of the Post-office Departmer his received to-night the following reply to h telegram to the postmaster at Laramie aski the information relative to First Asst. Postmast sdo General Tyner and party: ks. LARAMIE CITY, Oct. 2. and To W. A. Knapp, Chief Clerk P. O. D. ent A party has just arrived who saw Gener ajor Tyner and party on Big Creek about fifte ted miles from Tinkham's ranche at the entran amto North Park. A messenger has been se on, to warn them of the danger from Indian and Think they are all right. Will telegraph y when I hear from them. (Signed) C. W. SPAULDING, 'OVActing Postmaster. es. and This places General Tyner and friends o arhundred and fifty miles east of the scene ere Thornburgh's disaster with a mountain ran rses the between them and free from danger unle eral outbreak among the Indians is more ge eral than now supposed. ediST. LOUIS, Oct. 2.-The Committe on M gent itary education reported to the Military Co yes vention certain recommendations to be la ildbefore Congress and the people. They clude military schooling in public
Click image to open full size in new tab
Article Text
time ran high, and threats of lynching were freely indulged in, but finally better counsel prevailed. Cochran delivered himself up, and was committed to jail, but the following day was out attending to business as usual. Judge Hayden will be buried Sunday, and Cochran will have his examination Tuesday. Although the murder occurred Thursday, nothing was known of the affair outside of Centralia until to-day. KU-KLUXISM. GALVESTON, Oct. 11.- A News special from Dallas says: The cabin of a negro WCman named Esther, on Aldridge's plantation, early this morning was visited by a band of forty disguised men who demanded her son, Charley. Upon refusal the door was fired into and a girl wounded. A freedman inside fired on the attacking party, wounding one. The door was forced open, and Esther and family with a negro from a neighboring cabin carried away. Several negroes escaped. Esther and her son Charley were shot dead, Several arrests have been made. A DESPERATE ORGANIZATION. NEW YORK, Oct. 11.-The Herald's Atlanta special says the judge of Baldwin county, and a delegation of citizens, reached here this morning to ask the government for a military force to suppress the Georgia Tigers, a desperate organization, who were fully described in the columns of the Herald a year ago. They hold possession of half the county, and defy arrest. They killed two men Tuesday and burned several houses. They have killed in the past three years twenty men and women, mostly negroes. The governor sent some of his staff and a number of detectives down, and will send the militia if needed. Members of the legislature in adjoining counties have been telegraphed by their families, and have gone home. The feeling here is intense. The scene of disorder is only a day's ride from this city. BOLD ROBERY. NEW YORK, Oct. 11.-Dr. N. C. MacLean, London, arrived in this city with his wife a few days ago and took rooms at twentyfour East Twentieth street. Last night during the absence of the doctor and wife one of their trunks were broken open and $15,000 in bank of England notes stolen. SENTENCED. PHILADELPHIA, Pa., Oct. 11.-John Cannon, the stolen bond receiver, has been sentenced to pay a fine of $500 and to imprisonment in the penitentiary for ten years. DISHONEST BANK OFFICIAL. NEW ORLEANS, Oct. 11.-Milton Benners, cashier of the Citizens' Savings' bank, in voluntary liquidation, has been arrested on the affidavit of J. W. Fairfax, a depositor, charging Benners and others with defrauding him of securities, etc. He gave bail in $4,000. INDICTED. BOSTON, Oct. 11.-The grand jury has indicted Chas. Demond for embezzling $229,000, the property of the Massachusetts Home Missionary society.
Click image to open full size in new tab
Article Text
NEWS OF THE CITY. THE CITIZENS' SAVINGS BANK. The Cashier Rearrested and Committed to the Parish Prison. Yesterday Milton Benner, late cashier of the suspended Oltizens' Saving Bank, was rearrested on the motion of counsel of Mr. John W. Fairfax. who represented that the bond furnished by Benner to secure his attendance in Court to answer to the charges of embezzlement and perjury was not sufficient to hold him. The bond was increased. but Benner fail_ ing to furnish it, Judge Sheeban committed him to the Parish Prison. An investigation of the circumstances on which the charges are based developed the following: All the directors of the bank, excepting Mr. Thos. Hasam. have been absent from the city for months, and Mr. Hasam having tendered his resignation. though It was never formally accepted, severed his connection with the affairs of the bank some time ago, Benner has had full and undisputed control of the business and funds of the concern. On the first of September Benner published a statement of the condition of the bank. making a most favorable showing. This statement in the original was sworn to, and, subsequent events tending to show It to be false, It furnishes the foundation for the charge of perjury. As to THE CHARGE OF EMBEZZLEMENT. the books of the bank show that on the day of Its suspension Benner drew one check of $7000 and another of $2900 to his own order. and this notwithstanding the fact that his account was already overdrawn to the extent of $8000 or more. The books further show that on the same day he drew the balances of his two daughters. amounting together to $76, and that he cashed H check of one of the employes of the bank for $250, The books further show that at the time of the panic, on the twenty-seventh of March, Benner drew out of the bank $36,277 60, being 88000 in excess of the balance to his credit. Beveral of the books of the bank are missing. but the others. as well as the papers, are being Investigated by the receivers. It will be some time. however, before any statement of the condition of the institution can be prepared and submitted to the depositors.
Click image to open full size in new tab
Article Text
# MINOR TELEGRAMS. Two women returning from a visit to Monticello, N. Y., were found dead in the road yesterdaymorning, beside their overturned buggy. Milton Benner, late cashier of the Citizen's savings bank, of New Orleans, has been surrendered by his bondsmen and sent to prison. It is stated that Benner had overdrawn $17,000 a short time before the bank had suspended. Walter Paine, the Fall River defaulter has been again arrested in Quebec, this time on a civil process. The Porte has prohibited the exportation of cereals. The rumor has been revived in London that Parliament will meet in December. The political relations between Germany and Russia have improved. It is reported that the Hungarian Budget shows a deficiency of 17,000,000 florins.
Click image to open full size in new tab
Article Text
# Bank Matters. Milton Benner, late cashier of Citizens Savings Bank, New Orleans, was surrendered by his bondsmen and sent to prison. It is stated that Benner has overdrawn $17,000, a short time before the bank suspended.
Click image to open full size in new tab
Article Text
Crimes and Casualties. # STEAMER BURNED AT SEA-FORTY LIVES LOST AND ONE BOAT LOAD OF PEOPLE SAVED. HAVANA, October 23.-Forty of the pas- sengers and crew of the steamer Pajara del Oceana, which was destroyed by tire on the voyage from Porto Rico to St. Thomas, were lost. The fire caught in the cargo among boxes of petroleum, and in five minutes the steamer was all ablaze. Only one boat load of people escaped. NEW ORLEANS, October 23.-The steamer Louise H. has brought here a part of the crew of the burned steamer Pajara del Oceana, whom she picked up in the Babama channel on the 18th. They number seven- teen men, including the captain. # A BANK-MANAGER SURRENDERED BY HIS BONDSMEN. NEW ORLEANS, October 23.- Milton Ben- ner, late cashier of the Citizens Savings Bank, who gave bonds to answer criminal charges, was yesterday surrendered by his bondsmen and placed in the parish prison. It is stated Benner overdrew his account seventeen thousand dollars a short time be- fore the bank of which he is the principal manager suspended. # PRISONERS HUNG BY A MOB. CINCINNATI, October 23.-A special from Grayson, Ky., states that 200 men rode into Martersburg, Elliott county, in that State, Monday night, surrounded the jail, over- powered the jailer, and took two prison- ers-John W. Kendall and William McMil- lan-to a tree near, and hanged them until they were dead. The men who were hang- ed were known to belong to a gang of out- laws. # KILLED HER HUSBAND. BRIDGEPORT, CONN., October 23.-The grand jury to-day presented an indictment for murder in the first degree against Mary E. Lounsberry for killing her husband, Rev. Dexter L. Lounsberry, in Stratford, on September 24th. Mrs. Lounsberry hav- ing been confined to ber bed since her in- carceration, will not be called upon to plead until the approach of the trial, the time for which has not yet been assigned. # GUILTY OF MURDER. PHILADELPHIA, October 23.-Isaac Jacob- son, a sailor on the ship Sea King, was this morning found guilty of the murder of Charles D. Brooks, mate of that vessel, while at sea, on the night of August 15th. Several other seamen are charged with com- plicity in the murder, and will receive sep- arate trials. Sentence was deferred, it be- ing understood that a new trial will be applied for. The trial of John Clark, an- other of the sailors who joined in the mur- der, was immediately proceeded with. # OPERA TROUPE ROBBED. CHICAGO, October 23.-A concerted effort seems to have been made last night to rob members of the Strakosch Opera Troupe while the opera was in progress at McVick- ers's Theatre. Diamonds and other valua- ble jewelry, said to be worth $1,000, were taken from the room of Miss Teresa Singer at the Grand Pacific Hotel, and the rooms of other members of the company at the Commercial Hotel were entered and a con- siderable amount of valuables secured. No trace of the thieves has yet been obtained. The police have been keeping the matter quiet.
Click image to open full size in new tab
Article Text
Mr. Milton Benner, formerly cashier of the suspended Citizen's Savings Bank of New Orleans, has been tried and acquitted on a charge of embez- zling funds belonging to the bank.