Central Savings Bank (Louisville, KY)

Episode Information

Episode UID
3297723090885
Episode Type
Run → Suspension → Unsure
Bank Type
savings
Bank ID
329772309 hash
Start Date
September 24, 1873
Location
Louisville, Kentucky (38.254, -85.759)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8e1366792bab4b6e

Response Measures

None

Description

The bank suspended following a three-day run during the Panic of 1873; articles mention a plan for resumption but do not confirm it.

Events (3)
1. September 24, 1873 Run
Cause
Macro News
Cause Details
The run was part of the broader Panic of 1873 affecting savings banks in Louisville.
Measures
The presidents met and agreed to close the banks to prevent further withdrawals on a heavy business day.
Newspaper Excerpt
A run has been steadily increasing on these banks for the past 3 days.
Source
newspapers
2. September 27, 1873 Other
Newspaper Excerpt
The officers of the suspended banks met this evening to devise measures of relief... with a view of early resumption.
Source
newspapers
3. September 27, 1873 Suspension
Cause
Macro News
Cause Details
Suspended payment temporarily due to the increasing panic and run among small depositors.
Newspaper Excerpt
Central Savings Bank, refuse to cash checks this morning and close their doors at 10 m.
Source
newspapers

Newspaper Articles (10)
1. September 27, 1873 Public Ledger Memphis, TN
Article from Public Ledger, September 27, 1873

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Article Text

n LATEST TELEGRAMS. it h AMERICAN PRESS ASSOCIATION. VIA N. P. ANDEA. TELEGRAPH COMPANY. Specials to the Ledger. THE PANIC. suspensioner the Louisville Banks, LOUISVILLE, September 27, 9 a.m.-All the German banks of this city, eight in number, the Masonic Savings Bank and y Central Savings Bank, refuse to cash I checks this morning and close their , doors at 10 m. LATER. $ 12 m. - The Louisville Insurance h Bank, Theodore Harris, President, closed doors at 11 o'clock. The German National and the German Security Banks are not closed. ST. PAUL, September 27.-Inquiry last evening shows that our banks are not disposed to follow the example of the banks in turning or certifying checks. There is still an anxious feeling. The bankers are confident they can continue as usual, except they decline to discount new paper under orders from Mil waukee and Chicago. The purchases of wheat have stopped, and quotations throughout the State are nominally very low. Limited sales are reported at fifty cents. DES MOINES, IOWA, September 27.-No panic has been felt here as yet. Banks have resolved net to pay out more than $100 per day to depositors. Buying and selling of exchange has ceased, and but few outsiders' stocks are taken on deposit. Merchants and business men have every confidence in the banks, and are increasing their deposits, The grain and live stock trade has almost entirely ceased. All classes are anxiously watching the course of the panic, and until it is settled all branches of trade will be light. $ CHICAGO, September 27. - Another meeting of the Clearing House Association was held last evening, at which all the banks were represented. The t president stated that he believed the meeting had been called to take action on the advisability of issuing Clearing e House certificates to settle balances. j After a long discussion, a resolution was passed that the Clearing House issue certificates as a last resource. A committee of five was appointed to suggest a t form of certificates, but their use not to f be compulsory. The meeting then ad1 journed. f

2. September 28, 1873 The Cairo Bulletin Cairo, IL
Article from The Cairo Bulletin, September 28, 1873

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Article Text

FROM LOUISVILLE, BANKS SUSPENDED LOUISVILLE, September 7-The following banks suspended payment temporarily to-day Masonic Saving bank, Western German Insurance bank, Louisville Banking company, Western German Savings bank and Central Savings bank. A run has been steadily increasing on these banks for the past 3 days. The presidents met last night and knowing Saturday being an ordinarily heavy day for checks,and the panic among depositors increasing, they agreed to close their respective banks in the morning. All of them have abundant resources, many being able to pay two dollars for every one on deposit out of the assets. Other banks in the city were heavily drawn on, but are all right, and will not be affected. Tho suspended banks are all savings banks, conducted and owned chiefly by Germans, with large lines of small German depositors. It is believed there will be no more trouble, as confidence seems to prevail. The officers of the suspended banks met this evening to devise measures of relief. Nothing of importance was done save the appointment of a committee to devise and report a plan to facilitate exchange among banks, with a view of early resumption.

3. September 28, 1873 Nashville Union and American Nashville, TN
Article from Nashville Union and American, September 28, 1873

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Article Text

Banks Louisvilie-Half-a-Dozen Suspend Against Paying Wages. LOUISVILLE, Sept. 37-The following banks have suspended payment. temporarily to-day: The German Bank, Masonic Savings Bank, Western German Insurance Bank, Louisville Banking Company, Western German Bank and Central Savings Bank. The run had been steadily increas ed on the banks for the past three days. The Presidents met last evening, and knowing Saturday to be a heavy day for small manufactories, and the panic among small depositors increasing, they agreed to close the banks in the morning. All of them have abundant assets; many able to pay two dollars for every one on deposit out of the assets. The other banks of the city were heavily drawn on, but are all right and will not be affected. The suspended banks are all Savings banks condueted and owned chiefly by Germans with large lines ofsmall German deposit ors. It is believed there will be no more trouble as confidence seems to prevail. The officers of the suspended banks met this evening to devise measures of relief. Nothing of importance was done save the appointment of a committee to devise and report a plan to facilitate exchange among banks with a vie to early resumption. The lack of systematic action among the bankers has tended to suspend these banks. Every bank is looking out for its own safety. The suspended banks will place all collections to the credit of owners as special deposits, and receive deposits as special deposit banks subject to the drafts of depositors. There is no prospect of a run on these banks Monday, as all others have prepared for an emergency. Baltimore. BALTIMORE, Sept.26.-The - day closed in this city without additional excitement or reports of tailures. Stringency in money continues, but all banks have p-id out lib. erally on small checks to supply business demands. Allentown, Pa. ALEENTOWN, PA., Sept. 27.-The bank. crs have resolved to follow the example of o her cities, and adopt the system of certi fication of checks instead of paying currency in larger amounts. The Frst National all Right. MEMPHIS, Sept. 27.-The report of the committee's examination into the condi-

4. September 28, 1873 The New York Herald New York, NY
Article from The New York Herald, September 28, 1873

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Article Text

Banks Suspended in Louisville. LOUISVILLE, Sept. 27, 1873. The following banks suspended payment temporarily to-day :-German Bank, Masonic Savings Bank, Western Bank, German Insurance Bank, Louisville Banking Company, German Savings Bank and Central Savings Bank. A run on these banks has been steadily increasing for the past three days. All of them have abundant resources, many being able to pay two dollars for every one on deposit out of tneir assets. The other banks in the city are neavily drawn on, but they are all right. The suspended banks are all savings institutions, conducted and owned chiefly by Germans. The lack of systematic action tended to suspend these institutions, every bank looking out for its own safety.

5. September 28, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 28, 1873

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Article Text

LOUISVILLE, LOUISVILLE, Sept. 27.-Considerable exoitement prevailed to-day, caused by the suspension at an early hour of the following bauks: German Security, German Insurance, Masonio Savings, Western Bank, Central Savings, German Bank, and Louisvillo Banking Company. Business in general is quiet and prices nominal for all leading articles. No run at the close of banking hours upon any other banks.

6. September 29, 1873 The Rutland Daily Globe Rutland, VT
Article from The Rutland Daily Globe, September 29, 1873

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Latest Financial LOUIVVILLE, Sept. 27. SUSPENSIONS The following banks suspended payment temporarily to-day German Bank. Ma. onic savings bank, Western bank. German Insurance bank. Louisville Banking Co., German savings bank, and Central savings bank. The run on these banks has been steadily increasing for three days. All have abundant resources. Other banks have heavily drawn on the suspended banks All the savings institutions are owned chiefly by Germans. PANIC CONTINUES. LITTLE Rock, Sept. 27. The money panic continued to-day. Never in the history of the city has money been so stringent. It is impossible collaterals. to get any money with any sort of CONFIDENCE. CHICAGO, Sept. 25. People generally are taking matters very quietly and there seems to be considerable confidence among bankers that with prudent management and no further trouble East they will be able to pull through. AT CINCINNATI. CINCINNATI, Ohio, Sept. 27. The day has passed quietly in financial and commercial circles. There was positively an improved feeling among all classes. Prices on change stiffened materially, and some articles brought higher figures than since the panic. A number of banks have announced that they would pay all currency checks against new deposits, and certify checks in checks. A currency against deposits fair mechanics amount of currency has been paid to and manufacturers for wages, and no great dissatisfaction was expressed by any one. A much healthier tone has prevailed, and greatly increased hopefulness has been manifested on all sides. AT DUBUQUE. DUBUQUE. I., Sept. 27. The Commercial National Bank is the national bank in this city that is meetdemands in full in currency. only ing all The Merchants' National Bank has suspended. The First National Bank is paying in bills receivable and small amounts of currency. The run on the German Sayings Bank and the Peoples' Sayings Bank has subsided. AT PHILADELPHIA. PHILADELPHIA. Sept. 27. A committee of the stock board had a this afternoon bank at which the latter it presidents, conference with stated the that was not the intentions of banks to force any securities upon the market and they would not do anything that would tend to cause a decline of securities of the stock board. AT CHICAGO. CHICAGO, Sept. 27. The clearing house association held adjourned meeting last night. The committee on Friday night to a plan, submitted appointed report two consider reports and which were essentially the same, the only difference being that one recommended the of the New York adoption recommended plan in all the its details: while the other adoption of something similar to it. After e a prolonged discussion both reports were 1 tabled by a majority vote. The situation 1 here is therefore essentially unchanged. currency a of which went has been no serious e or savings S either and large Considerable there portion national arrived into yesterday, institutions. drain the banks upon e Some suspended banks promise early resumption, and only one, the Manufacturers' National admits it will go into a liquidation and this will pay dollar for dollar.

7. September 29, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 29, 1873

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LOUISVILLE, LOUISVILLE, Sept. 27.-Considerable excitemont prevailed to-day, caused by the suspension at an early hour of the following banks: German Security, German Insurance, Masonio Savings, Western Bank, Central Savings, Gorman Bank, and Louieville Banking Company. Business in general is quiet and prices nominal for all leading articles. No run at the close of banking hours upon any other banks.

8. October 3, 1873 The True Northerner Paw Paw, MI
Article from The True Northerner, October 3, 1873

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In the South. MEMPHIS, Sept. 25.-Nearly every bank in the city has been forced to suspend. The utmost excitement and confusion prevailed in the vicinity of the banks, as the eager depositors gathered about the institutions, and in some instances the police had to guard the doors. Advices from Atlanta, Ga., state that cotton is arriving freely, but there is no money to move it. Every bank in Augusta, Ga., has suspended. The Dollar Savings Bank, of Atlanta, has suspended. The Selma (Ala.) Savings Bank has also collapsed. SAVANNAH, Ga., Sept. 25.--There is quite a run on the banks, which are paying dollar for dollar. Business is at a complete stand-still for want of currency. LITTLE ROCK, Sept. 26.-The excitement continues. Everything is at a stand-still. Very few parties take city money, and no greenbacks are in circulation. VICKSBURG, Sept. 26.-The banks have suspended for thirty days as a precautionary measure. COLUMBIA, S.C., Sept. 26. There is no run on the banks here, notwithstanding the excitement elsewhere. Cotton is being disposed of rapidly. MONTGOMERY, Ala., Sept. 26.-Cotton has been coming in rapidly, but not a bale has been sold for want of currency. LOUISVILLE, Sept. 29.-In order to prevent an anticipated "run" on their institutions, the following banks have temporarily closed their doors: German Bank, Masonic Savings Bank, Western Bank, German Insurance Bank, Louisville Banking Company, Western German Savings Bank, Central Savings Bank. The suspended banks are all savings banks, conducted and owned chiefly by Germans, with long lines of small German depositors. All of them have abundant resources, many of them being able to pay $2 for every $1 on deposit out of the a: sets. The banks in the city were heavily drawn on, but are all right, and will not be affected. NEW ORLEANS, Sept. 29.-Except symptoms of a general slight asphyxia caused by a scarcity of currency, there is little change in our financial affairs. The banks continue to pay $25 per day to each depositor that demands it. LITTLE ROCK, Sept. The money panic continues. Never in the history of the city has money been so stringent. It is impossible to get any with any sort of collateral.

9. October 9, 1873 Eaton Weekly Democrat Eaton, OH
Article from Eaton Weekly Democrat, October 9, 1873

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In the South. MEMPHIS, Sept. 25.-Nearly every bank in the city has been forced to suspend. The utmost excitement and confusion prevailed in the vicinity of the banks as the eager depositors gathered about the institutions, and in some instances the police had to guard the doors. Advices from Atlanta, Ga., state that cottonis arriving freely, but there is no money to move it. Every bank in Augusta, Ga., has suspended. The Dollar Savings Bank, of Atlanta. has suspended. The Selma (Ala.) Savings Bank has also collapsed. SAVANNAH, Ga., Sept. 25. -There quite a run on the banks, which are paying dollar for dollar. Business is at a complete stand-still for want of currency. LITTLE ROCK, Sept. 26.-The excitement continues. Everything is at a stand-still. Very few parties take city money, and no greenbacks are in circulation. VICKSBURG, Sept. -The banks have suspended for thirty days as a precautionary measure. COLUMBIA, S. C., Sept. 26.-There is no run on the banks here, notwithstanding the excitement elsewhere. Cotton is being disposed of rapidly. MONTGOMERY, Ala., Sept. 26. -Cotton has been coming in freely, but not a bale has been sold for want of currency. LOUISVILLE, Sept. 29.-In order to prevent an anticipated "run" on their institutions, the following banks have temporarily closed their doors: German Bank, Masonic Savings Bank, Western Bank. German Insurance Bank, Louisville Banking Company, Western German Savings Bank, Central Savings Bank. The suspended banks are all savings banks, conducted and owned chiefly by Germans, with long lines of German depositors. All of them have abundant resources, many being able to pay $2 for every $1 on deposit out of the assets. The banks in the city were heavily drawn on, but are all right, and will not be affected. NEW ORLEANS, Sept 29. -Except symptoms of a slight asphyxia caused by a scarcity of currency, there is little change in our financial affairs. The banks continue to pay $25 per day to each depositor that demands it. LITTLE Rock, Sept. 29.-The money panic continues. Never in the history of this city has money been so stringent. It simpossible to get any with any sort of collateral.

10. October 10, 1873 The Andrew County Republican Savannah, MO
Article from The Andrew County Republican, October 10, 1873

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IN THE SOUTH. MEMPHIS, Sept. 25.-Nearly every bank in the city has been forced to suspend. The utmost excitement and confusion prevailed in the vicinity of the banks as the eager depositors gathered about the institutions, and in some instances the police had to guard the doors. Advices from Atlanta, Ga., state that cotton is arriving freely, but there is no money to move it. Every bank in Augusta, Ga., has suspended. The Dollar Savings Bank, of Atlanta. has suspended. The Selma (Ala.) Savings Bank has also collapsed SAVANNAH, Ga.. Sept. 25.-There is quite a run on the banks, which are paying dollar for dollar. Business is at a complete stand-still for want of currency. LITTLE Rock, Sept. 26.-The excitement continues. Everything is at a stand-still. Very few parties take city money, and no greenbacks are in circulation. VICKSBURG, Sept. 26.-The banks have suspeuded for thirty days as a precautienary measure. COLUMBIA, S. C., Sept. 26.-There is no run on the banks here, notwithstanding the excitement elsewhere. Cotton is being disposed of rapidly. MONTGOMERY, Ala., Sept. 26.-Cotton has been coming in freely, but not a bale has been sold ror want of currency. LOUISVILLE, Sept. 29.-In order to prevent an anticipated "run" on their institutions, the following banks have temporarily closed their doors: German Bank, Masonic Savings Bank, Western Bank, German Insurance Bank, Louisville Banking Company, Western German Savings Bank, Central Savings Bank. The suspended banks are all savings banks, conducted and owned chiefly by Germans, with long lines of small German depositors. All of them have abundant resources, many being able to pay 82 for every 81 on deposit out of the assets. The banks in the city were heavily drawn on, but are all right, and will not be affected. NEW ORLEANS, Sept. 29.-Except symptoms of a general slight asphyxia caused by a scarcity of currency, there is little change in our financial affairs. The banks continue to pay $23 per day to each depositor that demands it. LITTLE Rock, Sept. 29. - The money panic continues. Never in the history of this city hais money been 80 stringent. It is impossible to get any with any sort of collateral.