Mutual National Bank - New Orleans, LA

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 1898
Charter Number: 1898
Start Date: September 25, 1873
Location: New Orleans, Louisiana (29.955, -90.075)

Metadata

Model: gpt-5-mini
Short Digest: 72cb8cc6

Response Measures

None

Receivership Details

Depositor recovery rate: 82.8%
Date receivership started: 1897-01-27
Date receivership terminated: 1900-07-09
OCC cause of failure: Losses
Share of assets assessed as good: 32.7%
Share of assets assessed as doubtful: 54.1%
Share of assets assessed as worthless: 13.2%

Description

The Hibernia National Bank is listed among New Orleans banks that 'partially suspend[] the payment of currency upon their demand obligations' in response to suspensions in New York and correspondent/clearing problems. This is a coordinated, temporary (30-day) protective suspension rather than a depositor run; the statement indicates intent to resume, so classified as suspension_reopening.

Events (3)

1. November 10, 1871 Chartered

Source: historical_nic

2. September 25, 1873 Suspension

Cause: Correspondent
Cause Details: Partial suspension by associated banks of New York and refusal of Western banks to receive checks on New York; foreign exchange unsalable and heavy remittances depleted currency; protective 30-day suspension to preserve liquidity and move crops without price sacrifice.
Newspaper Excerpt: The undersigned, incorporated banks and bankers of the city of New Orleans, desire to inform the community of the motives that actuate them in partially suspending the payment of currency upon their demand obligations.
Source: newspapers

3. January 27, 1897 Receivership

Source: historical_nic

Newspaper Articles (1)

1. October 4, 1873 Rapides Gazette Alexandria, LA

Article from Rapides Gazette, October 4, 1873

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Article Text

The Banks of New Orleans. ADDRESS OF THE PRESIDENTS. The undersigned, incorporated banks and bankers of the city of New Orleans, desire to inform the community of the motives that actuate them in partially suspending the payment of currency upon their demand obligations. Owing to the partial suspension of currency payments by the associated banks of New York and other Northern cities, and the consequent refusal of Western and other banks to receive checks on New York, as in regular course in settlement of collections, made here for their account, it is ascertained that very large remittances hence have been made upon peremptory orders within the past five days. To such any extent, indeed, has this prevailed, that at the same rate only a few must before our would be entirely days community elapse vaults depleted and the of the means essential to the ordinary movements of trade. At the present moment, Foreign Exchange is unsalable in New York, and as we derive from this source our main supply of currency, we are now thus deprived of our only means of restoring the amounts lost by shipe ments to the West and to the interior. We have therefore taken this step, as a h means of self-protection, and for the benefit r of the agricultural as well as commercial e interests, and as the only manner through 11 which the incoming crops can be moved r without rninous sacifices in prices. The duration of this protective policy is al limited to a period of thirty days, during is which time we are confident the daily red ceipts of cotton and sugas will afford us a of prompt and ready relief, and compel eurVrency to seek this market. d CITIZENS' BANK. is UNION NATIONAL BANK. ed GERMANIA NATIONAL BANK. ry TEUTONTA NATIONAL BANK. rLOUISIANA NATIONAL BANK. nd HIBERNIA NATIONAL BANK. isBANK OF LAFAYETTE. esSTATE NATIONAL BANK. le NEW ORLEANS NATIONAL BANK. atBANK OF AMERICA. ey he N.O. NATIONAL BANKING ASSOCIATION for CANAL BANK. MUTUAL NATIONAL BANK. PEOPLE'S BANK. of PIKE, BROTHERS & Co., Bankers. all tes At a meeting of the Associated Banks the held this days, itawas. try Resolved, That all deposits made hereaf ter shall be paid its kind, and that againa previous deposits no check exceeding twen ion (25) dollars will be paid in curren the to any one depositor on the same day. LOWIS SCHNEIDER, inGEO JONAS, and PAT. IRWIN, ons Trustees. mClearing House, September 25, 187 nes