Exchange Bank - New Orleans, LA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: April 8, 1844
Location: New Orleans, Louisiana (29.955, -90.075)

Metadata

Model: gpt-5-mini
Short Digest: 043c5a5e

Response Measures

None

Description

Article (1844-04-08) states the Louisiana legislature passed a bill to wind up the affairs of the Exchange Bank of New Orleans and requires commissioners to sell and close all affairs prior to Jan 1 — government-ordered winding up (closure). No run is mentioned.

Events (1)

1. April 8, 1844 Suspension

Cause: Government Action
Cause Details: Louisiana legislature passed a bill ordering commissioners to sell and close up all affairs of the Exchange Bank prior to January 1; statutory winding up/closure.
Newspaper Excerpt: The Legislature of Louisiana on the last day of the session, passed a bill to wind up the affairs of the Exchange Bank of New Orleans. The provisions of the bill require the commissioners to sell and close up all the affairs of the bank previous to 1st January next, and such debts and assets as are not realized, are to be sold at pub.
Source: newspapers

Newspaper Articles (1)

1. April 8, 1844 The New York Herald New York, NY

Article from The New York Herald, April 8, 1844

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Article Text

The closing prices on many descriptions were much lower than those ruling through the week. Pennsylvan 5's advanced to 651, an improvement of 21 per cent from Thursday. Confidence in this stock has lately increased, in consequence of the lower house of the legislature having passed a resolution, evincing their determination not to adjourn until some provision was made for the creditors of the State. We see little foundation for the least hope that the legislature will eventually do any thing. There are so many propositions before that body that they hardly know which to act on first. The friends of each, wish to push their measure through, and we fear the whole will result in an adjournment without having accomplished anything. The receipts of specie at Mobile on the 29th ult, amounted to $110,000, all from New York, per brig We tumpka. A bill to extend the charter of the Brooklyn Insurance Company, passed the Assembly of this State, by a vote of 22 to 3. The Atlas Insurance Company, of Boston, has declared a semi-annual dividend of four per cent. The Bank of Westbrook, Mass., has declared a dividend of three per cent. The Farmers' and Drovers' Bank of Erie county, of Buffalo, has been engaged lately in financial operations of a very peculiar nature. The Bank was formed under the Free Banking Law, and all of its bills in circulation, countersigned by the Comptroller of this State, are undoubtedly good; but from reports that reach us from the west, we should judge the parties connected with that institution, were not entitled to any further credit from the community, than what the face of the good bills rep resent. A Buffalo paper of the 5th instant, says:We saw this morning a package of its bills, to the amount of $450, that had been protested for non-payment. People at the west who are taking checks on the Wisconsin Fire and Marine Insurance Co. of Grant county, relying upondrafts upon the bank herefor their redemption, can draw their own conclusions. We hope they will get their pay That a fraud is contemplated is manifest by the use that is made of the name of the W. F. & M. Insurance Company, an institution of good reputation, located at Milwaukie." The books for subscription to the capital stock of the Massachusetts and Vermont Railroad, were opened at Brattleboro', on the 3d instant, and in the course of two hours $60,000 were subscribed. It is estimated that $500,000 will be subscribed in the towns west of Fitchwhich will ensure of at NewOrleans on burg, The receipts specie the construction of the the road. 28th March, amounted to $219,694, as follows :$115,494 Per ship Wabash, from New York 50,000 Timoleon, from Boston 46.200 Steamer J. M. White, from St. Louis 8,000 Felician2, from Madison $219,694 $5,604,152 Total receipts since Sept, 1st Considerable excitement existed in New Orleans on the 25th ult. in relation to Texas. The accounts from the North struck holders of Texas securities with a panic.We give the quotations before and after the effects of the reports :TEXAS SECURITIES. March 29th. March 27th. 121 a 13 Texas Treasury Notes. 17 a 18 14) a 17 22 a 24 Texas Bonds The Legislature of Louisiana on the last day of the session, passed a bill to wind up the affairs of the Exchange Bank of New Orleans. The provisions of the bill require the commissioners to sell and close up all the affairs of the bank previous to 1st January next, and such debts and assets as are not realized, are to be sold at pub.