Dollar Savings Bank (Atlanta, GA)

Episode Information

Episode UID
375052990885
Episode Type
Suspension → Reopening
Bank Type
savings
Bank ID
37505299 hash
Start Date
September 25, 1873
Location
Atlanta, Georgia (33.749, -84.388)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e0b6aae77a7bf4d4

Response Measures

None

Description

Contemporary dispatches report a precautionary suspension during the 1873 money panic; reopening not documented in provided articles.

Events (1)
1. September 25, 1873 Suspension
Cause
Macro News
Cause Details
Part of the wider financial panic of Sept. 1873 and regional runs/suspensions leading banks to suspend payments as a precaution.
Newspaper Excerpt
AT ATLANTA. ATLANTA. Ga., Sept. 25. The Dollar Savings Bank suspended today. It has ample securities.
Source
newspapers

Newspaper Articles (10)
1. September 26, 1873 Wilmington Daily Commercial Wilmington, DE
Article from Wilmington Daily Commercial, September 26, 1873

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Article Text

JENKINS & ATKINSON. WILMER ATKINSON, Publisher. For Terms, Etc., See Second Page. Latest General News. The financial situation is simply a calm-perhaps it might be termed a stagnation. The President and Secretary of the Treasury have come to the conclusion that all the necessary relief has been afforded by the Treasury for legitimate business, and consequently the Treasury will buy no more bonds ot present, nor any sterling exchange. Neither will the payment of the November interest be anticipated. Those opposed to the State Government of Louisiana propose to hold a Mass Convention in New Orleans, on November 24th. Its object is to "institute measures looking to the amelioration of the condition of the people, and to memorialize Congress." The discovery of an "immense" mine in Little Cottonwood, Utah, is reported. It is said to be 25 feet in depth, "exposing large deposite of mineral." It was the schooller Whiting that went ashore at Grand Haven. on Wednesday night. Two men were drowned, the others being rescued. The cholera is disappearing in Paris, the deaths being only twenty per day from that cause. The ceremony of turning the first rod for the first railway in Persia took place recently at Reshd. The meeting called by President Wateon. of the Erie Railway, of persons interested in that road, was held yesterday in London, and attended by about a thousand persons. The proceedings were stormy. Mr. W. stated that the road wanted $80,000.000, immediately, to complete improvements and lay a third rail. Worlen, Webb, & Co., Indianopolis: the Selma Saving Bank. Selma, Ga., the State Bank, New Brunswick. N. J., three banks and one banking house at Augusta, Ga., the first National and De Soto Banks, Memphis. the dollar Saving Bank, Atlanta, Ga., David Preston & Co., and F. & L. Seats & Co., Detroit; all suspended yesterday. The grand "Tournai" of the Knights Templar, at the Academy of Music, in Philadelphia, last evening, was a bandsome affair, and attended by a large number of persous.

2. September 26, 1873 The Rutland Daily Globe Rutland, VT
Article from The Rutland Daily Globe, September 26, 1873

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Article Text

Suspensions. AT NEWARK. NEWARK, Sept. 25. The State bank at New Brunswick, N.J., suspended to-day. AT ATLANTA. ATLANTA. Ga., Sept. 25. The Dollar Savings Bank suspended today. It has ample securities. AT INDIANAPOLIS. INDIANAPOLIS. Sept. 25. The private banking house of Woolen, Webb & Co. has suspended, which occasioned a run on other banks, but all demands were met, and it is thought there will be no further trouble.

3. September 26, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 26, 1873

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Article Text

New-Orleans Nat'al Bank. Citizens' Bank. Bank of America. Union National Bank. Germania National Bank. New-Orleans Nat. Banking Association. Teutonia National Bank. Canal Bank. Louisiana National Bank. Mutual National Bank of Hibernian National Bank. America. Bank of Lalayette. State National Bank. People's Bank. Pike Bros. & Co., bankers. Clearing-house certificates at the rate of 75 cents on the dollar will be issued on collaterals deposited by banks, and certified checks of the Cleaning-house will be used instead of currency. IN GEORGIA. AUGUSTA BANKS SUSPENDED-NO MONEY TO MOVE COTTON. AUGUSTA, Sept. 25.-The National Exchange Bank, the Merchants' and Planters' National Bank of Augusta; and the Planters' Loan and Savings Bank, have suspended. The run on the banks has been heavy, especially this morning. Cotton is coming in treely, but there is DO money to move it. A BANK SUSPENSION AT ATLANTA ATLANTA, Sept 25. - -The Dollar Savings Bank of this city suspended-to-day. It has ample securities.

4. September 27, 1873 Eureka Daily Sentinel Eureka, NV
Article from Eureka Daily Sentinel, September 27, 1873

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Article Text

GEORGIA. ATLANTA Sept. 26. The Dollar Savings Bank suspended to-day.

5. September 27, 1873 The New North-West Deer Lodge, MT
Article from The New North-West, September 27, 1873

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Article Text

Miscellaneous. The house of E. Randolph, whose suspension is noticed, was Tom Scott's New York house. Randolph is a son-in-law of Scott. Edwin L. Stanton, son of the late Secretary of War. has been appointed Receiver of the First National Bank of Washington City. London, September 18.-The London firm of Mr. Cooke responds to his suspen. sion by stating that all drafts and letters of credit on them issued by Jay Cooke & Co. will be duly honored. A fire in the Belcher Company's blacksmith shop on the 1800-feet level of the Yellow Jacket shaft, Comstock Jode, last Saturday, spread to the timbers and caused an explosion, resulting in the death of Louis Louiseile, James B. Waters, W. S. Broadwater, Jas. E. Niles, Tom. Cusic and Goo. B. Mudd. At Jay Cooke's the clerks are preparing a statement to be laid before the members of the firm on the arrival of the steamship Russia, on board of which are two of the partners. New York, September 22.-Pitt Cooke and Hugh McCullough, connected with the suspended bouse of jay Cooke & Co., are rived in the Egypt and are expected at the office of the company by 1 o'clock. The Dollar Savings Bank, Atlanta, Ga., suspended Thursday. The State Bank of New Brunswick, New. ark, N. J. suspended Thursday. The Sub-Treasurer at New York bought $13,000,000 of U. S. bonds since last Saturday. Wilkie Collins reached New York on Thursday.

6. October 1, 1873 Knoxville Weekly Chronicle Knoxville, TN
Article from Knoxville Weekly Chronicle, October 1, 1873

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Article Text

Suspension of New Orleans Banks. NEW HAVEN, Sept. 24.-The Savings banks are enforcing the legal delay in paying depositors. There is no serious run. NEW ORLEANS, Sept. 25.-A meeting of all the bank Presidents except two, resolved to pay no checks over $100. The larger checks to be certified. This lasts thirty days. MEMPHIS, Sept. 25.-The First National Bank of Memphis has suspended. AUGUSTA, Sept. Business is blocked, the cotton market has suspended operations on account of no currency to buy cotton. The First National Bank paid out as usual, but there appears to be no serious run on it. The President will pay as long as there is a dollar in currency in the vault. There is confidence that it will withstand the storm. The suspended banks have ample assets and will meet every dollar of their liabilities when the pressure eases off. Commercial circles are hopeful. There have been no suspensions of business men. ATLANTA, Sept. 25.-The Dollar Savings Bank has suspended, but has ample securities. AUGUSTA, Sept. 25. - The National Exchange Bank, the Merchants' and Planters' National Bank of Augusta and the Planters' Loan and Savings Bank have suspended. The run on the banks has been heavy, and especially this morning. The cotton is coming in freely but there is no money to move it. JACKSON, MISS., Sept. 25.-On account of the monetary panic and the run on all the banks in this city, two of which have suspended, business is almost entirely suspended.

7. October 2, 1873 Wood County Reporter Wisconsin Rapids, WI
Article from Wood County Reporter, October 2, 1873

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Article Text

ther currency payments. It was rumored, in Washington, on the 25th, that the President had been advised to call an extra session of Congress. A dispatch from St. Louis, of the 25th, says that the banks of that city had held a meeting on the evening of that day, and resolved to adopt the plan of issuing Clearing-House certificates. A Newark (N. J.) telegram of the 25th announced that the State Bank of New Brunswick had suspended. This is the bank that was crippled by the irregularities of Appleton, the Cashier. A dispatch from Nashville, Tenn., says that the National Banks of that city had suspended currency payments on all balances exceeding $200. A dispatch from Selma, Ala., of the 25th, says that the Savings Bank of Selma had suspended in consequence of an extraordinary run by depositors. All the banks of New Orleans partially susper led payment on the 25th, according to a dispatch from that city. The suspension was to remain in force for thirty days. Telegrams from various cities in Georgia, of the 25th, say the following banks had suspended: National Exchange, the Merchants' and Planters' National, the Planters' Loan and Savings Bank, of Augusta, Ga.; the Dollar Savings Bank, of Atlanta, Ga.; Savannah Bank and Trust Company, and the Southern Bank of Georgia. A Detroit dispatch of the 25th announces that the schooner W. J. Whaling had been beached at Grand Haven, Michigan, on the forenoon of that day. Vessel and cargo were a total loss. Two of the crew were drowned. A Wapello, Iowa, dispatch of the 25th says that on the afternoon of that day Professor

8. October 3, 1873 The State Rights Democrat Albany, OR
Article from The State Rights Democrat, October 3, 1873

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TELEGRAPHIC GLEANINGS. The Dollar Savings Bank of Atlanta has suspended. Faut, Washington & Co., of Washington City, have suspended. Wilkie Collins was among the arrivals from Europe on Thursday. The failure of the banking-house of Krause & Smith, of Toledo (Ohio), is announced. A telegram says the President has tendered the office of Chief Justice to Senator Conkling, and that the Senator will accept. It is said that bullion to the amount of £500,000 will be withdrawn from the London banks to be sent to America by next (this) Saturday's steamer. The actual disbursements of greenbacks for the purchase of bonds by the Sub-Treasury since Saturday was $13,000,000. During an examination Thursday afternoon of a large safe of the Union Trust Company, of New York, a box belonging to the missing Secretary was opened and found to contain $25,000 in U. S. bonds, which had supposed to be lost.

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.