7695. Mutual National Bank (New Orleans, LA)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 1898
Charter Number: 1898
Start Date: March 20, 1879
Location: New Orleans, Louisiana (29.955, -90.075)

Metadata

Model: gpt-5-mini
Short Digest: fdfb51a7

Response Measures

None

Description

Multiple contemporary newspaper dispatches (dated March 20–21, 1879) report the Mutual National Bank of New Orleans among many leading New Orleans banks that 'temporarily suspended' due to a scarcity of currency and to avert a threatened panic. The suspension was explicitly described as temporary and the suspension order was said to expire March 29, 1879; no permanent closure or receivership is mentioned. No discrete depositor run on this specific bank is described in these articles (rather, clearinghouse restrictions and limited payouts were imposed), so this is classified as a suspension with expected reopening.

Events (1)

1. March 20, 1879 Suspension

Cause: Local Shock
Cause Details: Scarcity of currency and threatened local panic; clearinghouse imposed payout limits and certification of checks to conserve specie until shipments from New York arrived.
Newspaper Excerpt: The following is a list of New Orleans banks whose temporary suspension was announced to-day: ... Mutual National Bank ... The order of suspension expires on 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.
Source: newspapers

Newspaper Articles (10)

1. March 21, 1879 New-York Tribune New York, NY

Article from New-York Tribune, March 21, 1879

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EFFECT IN THIS CITY. VERY LITTLE EXCITEMENT IN FINANCIAL CIRCLESOVER $1,000,000 SENT TO NEW-ORLEANS BY NEW-YORK BANKS. The news of the suspension of all the New-Orleans banks did not cause much excitement in this city yesterday, and bankers declared that it would be temporary. The suspension of one or two of the banks with small capital precipitated action by the New-Orleans Clearing House. The resolution to suspend was followed by telegraph orders upon the New-York correspondents for the balances here to be forwarded in legal-tender notes. The only regret manifested by bankers was that the suspension, even though temporary, should have occurred at this time. It was stated by a leading banker that between March 15 and April 1 was the general settling season between the banks of New-York, Pennsylvania and a part of New-England. Last year at this season $4,000,000 was sent away from this city, against $15,000,000 during the same time in 1877. It was not expected that much over $5,000,000 would be required this year, some of which had been forwarded. The Boston and Philadelphia banks are reported as well supplied with legal-tender notes, and exchange on New-York was quoted yesterday at a discount. The banks yesterday made demands for call loans to meet the drain of $1,000,000 sent to New-Orleans. It was feared that this would make a poor showing on this week's bank statement. The legal-tender surplus last week was less than $4,000,000, and it was feared that on Saturday it would run down to below $3,000,000. The New-York correspondents of the banks which have temporarily suspended are as follows: For the German National of New-Orleans, the Fourth National and Importers' and Traders' Banks of NewYork; for the Hibernia National, the Importers' and Traders'; for the Louisiana National, the Third National Bank: for the New-Orleans National, the American Exchange and Hanover Banks; for the State National, the Bank of New-York and Park Bank; for the Union National, the Park Bank ; for the Bank of Lafayette, the American Exchange Bank; for the Citizens' Bank of Louisiana, the Metropolitan Bank: for the Mechanics' and Traders', M. Morgan's Sons; for the New-Orleans Canal and Banking Company, M. Morgan's Sons; for the People's Bank, the Merchants Bank; for the Workingmen's Bank, the Park Bank: for the Mutual National, the City and Mechanics' Banks. Over $1,000,000 was sent to New-Orleans yesterday from this city. Seven banks in the city which hold the deposits of the New-Orleans banks were called on for money and promptly responded. The following are the amounts sent by the several banks:

2. March 21, 1879 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN

Article from Memphis Daily Appeal, March 21, 1879

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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

3. March 21, 1879 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, March 21, 1879

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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.

4. March 21, 1879 Wheeling Register Wheeling, WV

Article from Wheeling Register, March 21, 1879

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Financial Flurry in New Orleans. NEW YORK, March ).-The following is the list of New Orleans banks whose temporary suspension was announced to-day: Germania National Bank, Mutual National Bank, New Orleans National Bank, State National Bank, Union National Bank. Bank of Lafavette, Citizens Bank of Louisiana, Citizens Savings Bank, Louisiana Savings Bank, Metropolitan National Bank, New Orleans Canal and Banking Company, People's Bank andWorkingmen's Bank. Many orders for currency were received here to-day from New Orleans and large amounts shipped. The order of suspension expires ou 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 Collections for distant customers will be remitted 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 dav or two, when the currenev arrives which is already ordered from New York. The banks hold this morning about $2,200,000 in legal tenders and $3,000,000 of sight exchange on New York, exclusive of their portfolios, with which to meet about $10,000,000 due depositors. Most of the banks to-day received more currency from depositors than they paid out.

5. March 21, 1879 Daily Globe Saint Paul, MN

Article from Daily Globe, March 21, 1879

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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.

6. March 21, 1879 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, March 21, 1879

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NEW YORK. Recial Dispatch 10 The Tribune. NEW YORK, March 20.-The news of the action of the New Orleans Cluaring-House was early received on the street, but produced no apparent effect. Business went on as usual, and no apprehension was felt of trouble here in the future arising from the difficulties of the Now Orleans banks. The prlucipal cause of the fluancial troubles in Louisiana is here held to be Democratic misrule, and the probability of repudiation, which sent Louisiana bonds from S3 to 48 within the past six weeks. Between $1,500,000 and $2,000,000 left this city to-day for New Orleans. Some of the New Orleans banks made no call on their correspondents, though having large balances on deposit here. The New Orleans banks are nearly all in excellent condition as regards their New York accounts, and bankers here generally express their belief that the paute will subside without serious results to the Southern banks. The effeet of the withdrawal of 80 much currency just at this time, when New York bank reserves are down to $4,325,723 above the legal limit, and Government bond settlements, growing out of the marketing of the 4 per cent loan and the dunual settlements of the farmers of Eastern and Middle States are about to occur, was seriously discussed 'n financial circles. It was suggested that the Secretary of the Treasury be requested to change the place of payment of the called bonds to New York from Washington, to anticipate the payment of the April interest, and the payment of all called bonds maturing before April 15, making payment hero without robate, to agree to call on National banks for money only after nctual payment of checks given for called bonds, and to allow National banks to satisfy calls upon them for money by turning into the Treasury any past-due called bonds, they to be credited on account. These measures will probably be proposed to the Secretary, and no apprehensions are felt that he will refuse to act upon them, as bankers any he has given them personal assurance of his intention to prevent, by any legitimate means, the possibility of a monetary stringency here. Tothe Wastern Associated Press. New YORK, March 20.-The following is n list of the New Orleans banks whose temporary suspension is announced to-day: Germania National Bank, Ilibornia National Bank, Louisiana National Bank, Mutual National Bank, New Orleans National Bauk, State National Bank, Union National Bank, Bank of Lufayette, Citizens' Bank of Louisiana, Citizens' Savings Bank, Louisiana Savings Bank, Metropolitan Bank, Now Orlenus Canal & Banking Company, People's Bank, 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 29th inst., and before that time funds from this city will have reached the banks. The netion taken was to avert a threatened panie.

7. March 22, 1879 Daily Press and Dakotaian Yankton, SD

Article from Daily Press and Dakotaian, March 22, 1879

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The following New Orleans banks suspended on Wednesday: German National bank, Hibernia National, Louisiana National bank, Mutual National, New Orleans National, State National, Union National, Bank of Lafayette, Citizens bank, Louisiana Savings bank, Metropolitan bank, New Orleans and Banking Company's bank, Workingmen's bank.

8. March 26, 1879 The Weekly Clarion Jackson, Meridian, MS

Article from The Weekly Clarion, March 26, 1879

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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.

9. March 27, 1879 The Saline County Journal Salina, KS

Article from The Saline County Journal, March 27, 1879

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MISCELLANEOUS. THE CATTLE QUESTION. A petition in relation to the cattle export trade has been sent to Secretary Evarts, from New York. It is signed by many railroad presidents, insurance and bank presidents and prominent merchants. It suggests that certain sanitary precautions be adopted by the British government, acting in concert with this government, whereby no danger need be apprehended from exportation of our cattle and whereby the present burdensome edict may be removed or at least robbed of many of its oppressive features. Evarts is urged to secure the relief asked for in the petition at the earliest possible moment, as the question is one of national importance and threatens the destruction of one of our greatest commercial enterprises. ST. PATRICK DAY. No name stirs the Irish Catholic heart more deeply than the name of St. Patrick. It appeals at once to their patriotism and to their religious zeal, and now, after more than fourteen centuries since the landing of the saint as a missionary on the shores of Ireland, the return of St. Patrick's day is hailed by the Catholic Irishman everywhere as one of the gladdest of the year. The day throughout the width and breadth of the land, so far as have been heard from, was observed in the usual way. So far no disturbance has been reported from any point. NEW ORLEANS BANK SUSPENSION. All of the leading banks of the city of New Orleans have temporarily suspended for want of currency. The following is a list of the banks: Germania National Bank. Hibernia National Bank. Louisiana National Bank, Mutual National Bank, New Orleans National Bank, State National Bank, Bank of Layfayette, Citizens' Bank of Louisiana, Citizens' Savings Bank, Louisiana Savings Bank, Metropolitan Bank, New Orleans Canal and Banking Company. People's Bank and Workingman's Bank. ELECTRIC LIGHT COMPANY. S. D. Field, superintendent of the Electrie Light Company. San Francisco, has combined the principles of several electric machines so as to work electric light and telegraph lines at the same time. In the Western Union office of San Francisco one of his machines worked 15 lines of circuits varying from 100 to 408 miles, including one duplex 198 miles. It is the first time the experiment has succeeded in working telegraph circuits. TEN DOLLAR CERTIFICATES. The Treasury department has by amended circular, invited all collectors of customs, surveyors of customs, acting also as collectors and receivers of public moneys, postmasters of money order offices, and all other public officers of whatsoever character. to become agents for the ten dollar 4 per cent refunding certificates, authorized to be issued by act of February last. A commission will be allowed and a bond required. POTTER NEEDS INVESTIGATING. The Indianapolis Journal publishes a letter from Hon J. L Evans, late Congressman from Indiana, to Hon. Clarkson N. Potter. charging the latter with being a party either to the opening or copying a private letter addressed to Evans by Consul Bullock, at Cologne, concerning the cipher telegrams published in the New York Tribune. The letter is very severe. BOND REDEMPTION. The treasury department will now redeem the called bonds embraced in the 76th and 80th calls inclusive, paying interest to the day of redemption, or it will redeem at once the bonds included in said calls with interest to date of maturity and apply the proceeds to the payment of any subscriptions for the four per cent. consols. WILLIAM WINS. Surrogate Colvin. in concluding a very lenghthy discustion in the Commodore Vanderbilt will case, says: "I am of the opinion that the probate of the will and codicil should in all things be confirmed. Let a form of decision or a decree be presented for settlement and signature on two days' notice."

10. March 27, 1879 The Leavenworth Weekly Times Leavenworth, KS

Article from The Leavenworth Weekly Times, March 27, 1879

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The New Orleans Panic. 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 Savings Bank, Louisiana Savings Bank, Metropolitan Bank, New Orleans Canal and Banking Company, People's and Workingmen's Bank. Money orders for cur rency were received here to day from New Orleans, and large amounts shipped. The order of suspension expires the 20th inst. and before that time funds from this city will have reched the banks. The action taken W88 to avert the threatened panic. NEW ORLEANS, March 20-Collections from distant customers will be remitted 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 legal-tender, and three million sight exchange, on New York, inclusive of their port folio, with which to m et about ten millions due depositors. Most of the banks to-day received more currency from depositors than they paid out