7749. Workingmens Bank (New Orleans, LA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
June 25, 1874
Location
New Orleans, Louisiana (29.955, -90.075)

Metadata

Model
gpt-5-mini
Short Digest
43503eb2

Response Measures

Accommodated withdrawals

Description

Articles in June 1874 show a run on the Workingmens Bank (officers met withdrawals) and a receivership was appointed (Judge Hawkins appointed a receiver, cited insolvency and charter violations). A later article (June 28) reports the suit dismissed and the bank continued under its charter, but the sequence includes a receiver appointment (closure/receivership) following runs and insolvency allegations. Suspension (temporary stopping of payments) is not explicitly mentioned, but the receivership indicates effective closure; classified as run leading to suspension/closure.

Events (3)
1. June 25, 1874 Other
Newspaper Excerpt
Judge Hawkins yesterday appointed Alfred Shaw, Esq., receiver of that institution. The suit was for the winding up of its affairs and it was shown to be insolvent. Allegations were also made that the charter had been openly and frequently violated by the direction.
Source
newspapers
2. June 28, 1874 Other
Newspaper Excerpt
Judge Hawkins dismissed his petition yesterday morning, and decided in favor of the bank... Now that the courts have decided in favor of continuing the bank under its original charter...
Source
newspapers
3. June 28, 1874 Run
Cause
Bank Specific Adverse Info
Cause Details
Action by a plaintiff and allegations of insolvency and charter violations created distrust and led depositors to withdraw funds.
Measures
Officers promptly met withdrawal demands (paid depositors)
Newspaper Excerpt
there has been quite a run upon the bank. We are assured by the officers of the institution, however, that they have promptly and easily met the demand upon them.
Source
newspapers

Newspaper Articles (2)
1. June 25, 1874 The New Orleans Bulletin New Orleans, LA
Article from The New Orleans Bulletin, June 25, 1874

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Article Text

THE COURTS. Superior District Court. In the suit of Wallace Wood vs. the Workingmen's Bank, Judge Hawkins yesterday appointed Alfred Shaw, Esq., receiver of that institution. The suit was for the winding up of its affairs and it was shown to be insolvent. Allegations were also made that the charter had been openly and frequently violated by the direction. Fifth District Court. Mr. J. Curtis Waldo has filed a suit against Jos. Raymond, Esq., claiming $15,000 as his share of the profits accruing from the building of the Second Street Market. He alleges that he entered the speculation with Raymond and that he is entitled to the above remuneration.

2. June 28, 1874 The New Orleans Bulletin New Orleans, LA
Article from The New Orleans Bulletin, June 28, 1874

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Article Text

The Workingmen's Bank. In the case of Wallace Wood vs. The Workingmen's Bank, Judge Hawkins dismissed his petition yesterday morning, and decided in favor of the bank. The effect of the action originally taken in the premises by Mr. Wood, had a natural tendency to create distrust on the part of depositors, and up to the present time there has been quite a run upon the bank. We are assured by the officers of the institution, however, that they have promptly and easily met the demand upon them. Now that the courts have decided in favor of continuing the bank under its original charter, we presume that its former prestige will not suffer by this temporary lack of confidence.