New Orleans National Bank - New Orleans, LA

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 1778
Charter Number: 1778
Start Date: August 9, 1893
Location: New Orleans, Louisiana (29.955, -90.075)

Metadata

Model: gpt-5-mini
Short Digest: 53d98939

Response Measures

Accommodated withdrawals, Partial suspension

Other: Clearing-house issued clearing-house certificates to substitute for currency and limited cash withdrawals to $50 per day.

Description

August 1893 panic context. Articles report modest withdrawals (~$50,000) from New Orleans National and a citywide run on some banks; clearinghouse limited cash withdrawals to $50/day and issued certificates. No suspension or closure of New Orleans National is mentioned.

Events (3)

1. January 30, 1871 Chartered

Source: historical_nic

2. August 9, 1893 Run

Cause: Macro News
Cause Details: Citywide shortage of currency / broader financial disturbance (August 1893 money panic) prompted depositors to withdraw funds.
Measures: Clearing-house limit of $50 per day in currency; issuance of clearing-house certificates for remaining amounts; enforcement of 60-day clause by some savings banks.
Newspaper Excerpt: Probably $50,000 has been withdrawn from us... and No depositor will be allowed to withdraw more than $50 per day in currency
Source: newspapers

3. July 15, 1919 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (3)

1. August 10, 1893 Richmond Dispatch Richmond, VA

Article from Richmond Dispatch, August 10, 1893

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Article Text

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."

2. August 11, 1893 Richmond Dispatch Richmond, VA

Article from Richmond Dispatch, August 11, 1893

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Article Text

NEW ORLEANS FINANCE. Approval of the Bank Limitation of Cash Withdrawals. (By telegraph to the Dispatch.] NEW OBLEANS, LA.. August 10 The com mercial community uniformly approves the action of the clearing-house banks in deciding to limit cash withdrawals to $50 per day. Secretary Hester, of the Cotton Exchange, said to-day that there was an apparent feeling of confidence where yesterday there had been distrust. At the Stock Exchange there was a slight increase in Crossman bonds, and operators generally attributed the improvement to the action taken yesterday. President Wesley. of the Louisiana National Bank, says that any business-man with powers of analysis has known for some time that the banks must ultimately be driven to the action taken yesterday. The shortage of money, he says, will affect all interests, the rich and the poor in proportion. but he believes that the limitation of currency withdrawals will obviate the necessity for the suspension of work on the part of factories and that thereby the laboring element will be directly benefited. President Baldwin, of the New Orleans National, does not think the laboring classes will be hurt to a serious extent. Mr. Baldwi says the present condition of affairs will continue in New Orleans so long as Congress neglects to take hold of the money question. Normal conditions will be restored when Congress acts definitely. Leading country bankers from the Mis. sissippi and Yazoo deltas in the city today express approval of the action taken yesterday. It largely affects them and will serve to restore confidence in the city. The action of speculators in withdrawing currency to be sent to other cities at a premium, and the fact that the supply of New Orleans was being steadily reduced, hastened the action of the Clearing-House Association taken yesterday in limiting currency withdrawals to $50 per day and substituting clearing-house checks for currency in general business transactions.

3. August 11, 1893 The Morning News Savannah, GA

Article from The Morning News, August 11, 1893

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Article Text

THE BANKS' ACTION APPROVED. And a Revival of Confidence at New Orleans. Now Orlenns, Aug. 10.-The commercial community uniformly approves the action of the clearing house banks in deciding to limit cash withdrawals to $50 per day. Secretary Hester, of the stock exchange, says that there was an apparent feeling of confidence where yesterday there had been distrust. At the stock exchange there was a slight increase in Crossman bonds, and operators generally attributed the improvement to the action taken yesterday. President Walmslee of the Louisville National bank said that any business man with powers of analysis has known for some time that the bank ultimately, must be driven to the action taken yesterday. ALL ALIKE NATURALLY AFFECTED. The shortage of money, he says, will affect all interests, rich and poor in proportion, but he believes that the limitation of currency withdrawals will obviate the necessity for the suspension of work on the part of the factories, and that thereby the laboring element will be directly interested. President Baldwin, of the New Orleans National, does not think the laboring classes will be hurt to a serious extent. IT ALL DEPENDS ON CONGRESS. Mr. Baldwin says the present condition of affairs will continue in New Orleans SO long as congress neglects to take hold of the money question. Normal conditions will be restored when congress acts definitely. Leading country bankers from the Mississippi Yazoo Delta, in this city to-day express approval of the action taken yesterday. It largely affects them and serves to restore confidence in the city. The action of speculators, in withdrawing currency to be sent at & premium, and the fact that the supply of New Orleans was being steadily reduced, hastened the action of the clearing house association in limiting currency withdrawalsto $50 per day and substituting clearing house checks for currency in general business transactions.