7639. Germania Savings Bank (New Orleans, LA)

Bank Information

Episode Type: Run Only
Bank Type: savings bank
Start Date: August 8, 1893
Location: New Orleans, Louisiana (29.955, -90.075)

Metadata

Model: gpt-5-mini
Short Digest: 5c8eb8ab

Response Measures

Accommodated withdrawals, Partial suspension

Other: Banks limited cash withdrawals to $50 per day and issued clearing house certificates for remainder.

Description

Multiple contemporaneous articles (Aug 8-10, 1893) report a short run on Germania Savings Bank in New Orleans in which about $80,000 was withdrawn. The bank promptly paid depositors and the run ceased after managers enforced the 60-day notice clause and clearing-house limits. There is no report that the bank suspended or closed permanently. I classify this as run_only. State chosen because it is a savings bank (likely state-chartered); if uncertain, could be 'unknown'.

Events (1)

1. August 8, 1893 Run

Cause: Macro News
Cause Details: General stringency of the money market and wider financial troubles/panic in August 1893 led depositors to withdraw funds; not attributed to a discrete false rumor.
Measures: Enforced the sixty-day notice clause; clearing house agreed to limit cash withdrawals to $50 per day and issue clearing-house certificates for the remainder; banks held more currency.
Newspaper Excerpt: A run was started on the Germania Savings Bank at New Orleans yesterday and $80,000 was drawn out. The presidents of the five savings banks have decided to require sixty days notice from depositors.
Source: newspapers

Newspaper Articles (11)

1. August 9, 1893 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, August 9, 1893

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TELEGRAPHIC BREVITIES. In Santa Catharina, Brazil, the federal soldiers have deposed the State authorities. Cincinnati is crowded with democrats, there to attend the State convention to nominate a Governor, &c. Among the failures reported to-day are the People's Bank, Waseca, Minn.; the Commercial Bank, Perry, Ia. and the Commercial Bank, Minneapolis. The small bank failures at the west and the continued heaviness of general electric led to a further decline in the New York stock market after midday. A run was started on the Germania Savings Bank at New Orleans yesterday and $80,000 was drawn out. The presidents of the five savings banks have decided to require sixty days notice from depositors. In a flt of anger, at 3:10 o'clock this morning, John H. Meister, aged 45, a prosperous baker, of Brooklyn, put an end to the life of quarrelling that he has led with his wife by shooting six bullets into her, killing her almost instantly and then committed suicide by shooting and hanging himself. There was some apprehension among the depositors in the Madison Square Bank in New York to-day when it was learned that the St. Nicholas Bank had refused to clear for it. About fifty people gathered around the building, but they were soon convinced that there was no cause for alarm and dispersed. The New York Central and Hudson River Railroad Company has decided to discontinue four of its trains each way between New York and Chicago, because there are too many trains in proportion to the travel between the two cities. The reported murder of a soldier by miners near Coal Creek, Tenn., occurred three miles from Fort Anderson. The murder was committed by miners but all is quiet in the Coal Creek region now and no trouble in feared. Howard Greer, Arthur Hancher and Jack Brock were arrested in Wichita, Kan., last night for the daring robbery of $7,600 from a wagon of the United States Express Company in that city on the night of July 29. Robert H. Coleman, the iron millionaire, of Lebanon, Pa., has executed a deed of assignment. The liabilities will approximate $3,500,000 and it is claimed they exceed the assets. The Linden Steel Company, one of the largest manufacturing concerns in Pittsburg, Pa., has suspended operations on account of the stringency of the times.

2. August 9, 1893 The Sun New York, NY

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Sixty Days' Notice in New Orleans. NEW ORLEANS. Aug. 8.-A run started on the Germania Savings Bank at noon to-day. and by 4 o'clock. the hour of closing. $80,000 had been drawn out. This evening the Presidents of the five savings banks have met and decided to require sixty days' notice from depositors.

3. August 10, 1893 The Morning News Savannah, GA

Article from The Morning News, August 10, 1893

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A RUN AT NEW ORLEANS. Savings Bank Depositors Find the 60day Clause Enforced. New Orleans, Aug. 9.-A run was started yesterday on the Germania Savings Bank and all who came were promptly paid. When the doors of the Germania were opened this morning there was a motley group of people waiting on the outside with their deposit books grasped tightly in their hands. They had not heard of the new order of things. Last night the savings bank managers decided to enforce the 60-day clause; this action has apparently had the effect of allaying the fears of depositors and the rur has ceased. CURRENCY TO BE HELD. The Clearing House Association at meeting to-day, agreed to hold currency as much as possible and to carry on business more largely with checks. No depositor will be allowed to withdraw more than $50 per day in currency, but the banks are issuing clearing house certificates for the remainder. Money may be deposited for withdrawal. A PRESIDENT'S VIEWS. Speaking of the financial situation, President Bald win of the New Orleans National said: suppose that each of the leading banks in the city has been affected by the present trouble to a slight extent. Probably $50,000 has been withdrawn from us and a similar amount from other large financial institutions here. Some of the business men and the timid depositors are alarmed and withdraw their money quickly. But instead of losing in the aggregate of business we have been gaining and there is unlimited confidence in the sound condition of the New Orleans banks,"

4. August 10, 1893 Asheville Daily Citizen Asheville, NC

Article from Asheville Daily Citizen, August 10, 1893

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That Saving Clause. : : NEW ORLEANS, Aug. 10.-A run was started Tuesday on the Germania Savings bank, and all who came were promptly paid. Today the savings bank managers decided to enforce the sixty day clause.

5. August 10, 1893 New-York Tribune New York, NY

Article from New-York Tribune, August 10, 1893

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CURRENCY SCARCE IN NEW-ORLEANS. New-Orleans, Aug. 9.-A run was started yesterday on the Germania Savings Bank, and all who came were promptly paid. Last night the bank officers decided to enforce the sixty days clause. This action has apparently had the effect of allaying the fears of depositors, and the run has ceased. The Clearing House Association, at a meeting to-day, agreed to hold currency as much as possible, and to carry on the business more largely with checks. No depositor will be allowed to withdraw more than $50 per day in currency, but the banks are issuing Clearing House certificates for the remainder. Money may be deposited for withdrawal.

6. August 10, 1893 The Times Richmond, VA

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nim Summit TO selling the ore and makes monthly settlements with the holders of the stock. There are many furnaces which use this ore, and these are also divided among the heirs, Robert H. Coleman has the three Colebrook furnaces. two anthracite furnaces and the Coleman furnaces. Robert H. Coleman is also a joint owner of the North Lebanon furnaces and an important member of the firm of Coleman & Brock, manufacturers of pig iron. Other Business Troubles. MINNEAPOLIS, MINN.. August 9.The Commercial Bank of this city closed its doors this morning. NASHVILLE, TENN., August 9.-The First National Bank of this city suspended after banking hours this afternoon. A statement has not yet been given out. After the suspension of the First National Bank this afternoon the directors of the Fourth National had a meeting, those present représenting several millions of property, and signed a guaranty pledging themselves and their individual estates to the payment of all deposits. They further state that the bank is able to meet all of its obligations. The directors of the City Savings Bank held a meeting to night and unanimously decided to suspend payment for sixty days. The suspension is caused by the stringency of the money market. The bank is considered solvent. and will pay depositors and stockholders in full. Deposits, $40,707.90; assets, $151,499.92; ninety per cent. of which is good. The directors of the bank have personally pledged themselves and their estates to the payment of all deposits in full. Edgar Jones, president of the Union Bank and Trust Company, says in an interview with a reporter that his bank will open as usual to-morrow. John M. Sperry, president of the Merchants' National. in an interview says his bank will also open to-morrow as usual. PITTSBURG. PA., August 9.-The Linden Steel Company. one of the largest manufacturing concerns in Pittsburg has suspended operations on account of the stringency of the times and the difficulty in procpring discounts and inability to make collections. All employees, about eighty, have been discharged. ROCHESTER, MINN., August 9.-The Union National Bank closed temporarily this morning. There is no statement. The bank is solvent, and will resume without the appointment of a receiver. The other banks are all considered solid COLFAX. WASH., August 9.-The Bank of Colfax has closed. Capital $100,000; assets exceed liabilities two to one. MINNEAPOLIS, MINN., August 9.The Commercial Bank closed its doors this morning. The bank is a small local institution, doing business in this city. Capital, $200,000: deposits, $400,000. and its time deposits $222,000. The loans and discounts at the last statement amounted to $642,000. It is stated by the officers that depositors will be paid in full. NEW YORK, August 9.-Fuller Brothers, commission merchants at 139 Greenwich street, assigned to-day. They are said to be the largest wholesale dealers in nalls in this city, and the oldest concern in that line here. They have always been regarded as conservative and reliable. Members of the firm said that the assignment was the result of the terribly hard times. As commission merchants they had dealings with many nail mills, had made advances to them, and now were unable to collect from them. The firm had been absolutely unable to raise money to meet their obligations coming 01 su ou DATE pinoo show "anp their condition, but the totals will be large. A Run Avoided. NEW YORK, August 9.-A crowd of small depositors gathered before the doors of the closed Madison Squars Bank this morning and anxiously inquired as to the safety of their money. Large depositors, It was stated, had full confidence in the bank and were not on hand. About 11 o'clock Harry Goldstein, a son of Isaac Goldstein, a millionaire dealer of Sixty-second and Hudson streets, stated to depositors that his father had authorized him to say he would bond himself in $300,000 to pay all depositors. He did this because he was a friend of President Blant and was confident the affairs of the bank were all right. Ten minutes later the janitor appeared and stated that one of the directors was on hand with $40,000, prepared to settle with the depositors on the spot at ninety cents on the dollar. If they were willing however. to wait, every cent would be paid. No one took up the offer and the crowd dwindled away. Depositors Become Quiet. NEW ORLEANS, LA., August 9.-A run was started yesterday on the Germania Savings Bank, and all who came were promptly paid. When the doors of the Germania were opened this morning there was a motly group of people waiting on the outside with their deposit books grasped tightly in their hands. They had not heard of the new order of things. Last night the Savings Bank managers decided to enforce the sixty-day clause. This action has apparently had the effect of allaying the fears of depositors and the run has ceased.

7. August 10, 1893 Fort Worth Gazette Fort Worth, TX

Article from Fort Worth Gazette, August 10, 1893

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AT NEW ORLEANS. NEW ORLEANS, La., Aug. 9.-A run started yesterday on the Germania Savings bank. All were promptly paid who asked for their deposits. When the doors opened this morning there was a motley group waiting outside with deposit books in their hands, which had not heard of the decision of the bank to take advantage of the sixty-day clause. This action apparently had the effect of allaying the fears of depositors and the run ceased.

8. August 10, 1893 San Antonio Daily Light San Antonio, TX

Article from San Antonio Daily Light, August 10, 1893

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LATE TELEGRAMS BOILED DOWN FROM PRIVATE SPECIAL AND OTHER SOURCES. People's bank at Alvord assigns Laredo has the heaviest rainfall of years. Severe earthquake shock at Santa Rosa, Cal. Steamer Lahn sails with $3,382,500 gold for New York. Treasury holds $3,957,954 gold, in excess of the $100,000,000. That Wyoming senatorship will not be immediately filled. Traffic on the Mexican National road is practically resumed. Three of the suspended Louisville banks will reopen this month. Another Indian prince and his son arrive at the World's fair. Parnellites at Dublin denounce the Gladstone Home Rule bill. Another five foot rise in the Arkansas floods lower Pueblo, Col. Socialist congress at Zurich approves the eight hour workday. Henry Starr pleads not guilty of train robbery at Fort Smith, Ark. Steamer from Roumania to Malta has cholora on board and one death. Bucharest advices show cholera prevalent in Zoolini and Brahilow. Indians are making trouble with the settlers in Southern Colorado. The recent washouts in New Mexico damaged the railways $50,000. John Mackay operated on for vermiform appendix and is doing well. Dr. Wing, the noted Chinese medicine man of New York, is dead. Atlanta Constitution wails over the message as a Republican document. Cordage makers outside of the National company talk of forming a trust. The Hawaian crown lands will be vested in the provisional government. Ohio Democrats are divided between Cleveland and the Chicago platform. Scheme to blow up the Frankfort, Ky., penitentiary discovered and frustrated. Cotulla reports another lively shower that does great good to vegetation. Short run made on the Germania Savings bank at New Orleans, but it soon stops. Sutton county bank, a small private institution, closes its doors owing $15,000. Pueblo state employes give two per cent of their salaries to the government debt. General electric company arranges to meet its $4,000,000 outstanding debt. Two deaths from yellow fever at Pensacola, Fla., and 1,500 people leave the city. Farm implements depot burned at Kansas City; loss $125,000, insurance $72,000. Houston holds a mass meeting and instructs Hutchinson to vote for silver repeal. Mail has been delayed four days over the New Mexico lines on account of washouts. Revolutionist plot to blow up Carthegena| frustrated and the leaders will be shot. Public sentiment in Rio du Sol favors the revolutionists, and government is powerless. Missouri Pacific salaries of over $100 a month are cut ten per cent; under that sum, no change. Ten deaths from cholera at Nanles vesterdav. Steamer Hes-

9. August 10, 1893 Richmond Dispatch Richmond, VA

Article from Richmond Dispatch, August 10, 1893

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NEW ORLEANS BANKS. A Run Disposed Of--ClearingHouse Action. [Bytelegraph to the Dispatch.] NEW ORLEANS, August 9.-A run was started yesterday on the Germania Savings Bank, and all who came were promptly paid. When the doors of the Germania were opened this morning there was a motly group of people waiting on the outside with their depositbooks grasped tightly in their hands. They had not heard of the new order of things. Last night the Savings Bank managers decided to enforce the sixtyday clause. This action has apparently had the effect of allaying the fears of depositors and the run has ceased. The Clearing-House Association at a meeting to-day agreed to hold currency as much as possible and to carry on business more largely with checks. No depositor will be allowed to withdraw more than $50 per day in currency, but the banks are issuing clearing-house certificates for the remainder. Money may be deposited for withdrawal. Speaking of the financial situation President Baldwin, of the New Orleans National Bank, said: "I suppose that each of the leading banks in the city has been affected by the present trouble to a slight extent. Probably $50,000 has been withdrawn from us and a similar amount from other large financial institutions here. Some of the businessmen and timid depositors were alarmed and withdrew their money quickly. But instead of losing in the aggregate of business we have been gaining, and there is unlimited confidence in the sound condition of the New Orleans city banks."

10. August 12, 1893 The Opelousas Courier Opelousas, LA

Article from The Opelousas Courier, August 12, 1893

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There was n run, on the Germania savings bank of New Orleans last Tuesday, and on Wednesday all the savings banks of the city published a notice requiring depositors to give sixty days notice of their intention to withdraw money.

11. August 12, 1893 The Lafayette Gazette Lafayette, LA

Article from The Lafayette Gazette, August 12, 1893

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The news reached here Tuesday that a heavy run was being made on the Germania Savings Bank of New Orleans, and caused uneasiness among some of the depositors, especially the Railway Trainmen, who have a goodly sum deposited in that bank. Judge Bowen left for New Orleans. Tuesday to withdraw the trainmen's deposit, but before he reached the city the bank had availed itself of the sixty-day clause.