Western Bank (Louisville, KY)

Episode Information

Episode UID
6213199990885
Episode Type
Run → Suspension → Reopening
Bank Type
state
Bank ID
621319999 hash
Start Date
September 27, 1873
Location
Louisville, Kentucky (38.254, -85.759)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
04de32d5210b5ed1

Response Measures

None

Description

Articles call the suspension temporary and state suspended banks expected to resume.

Events (2)
1. September 27, 1873 Run
Cause
Local Banks
Cause Details
Depositors in Louisville made increasing withdrawals affecting multiple local savings banks, producing a run over several days.
Newspaper Excerpt
A run on these banks has been steadily increasing for the past three days.
Source
newspapers
2. September 27, 1873 Suspension
Cause
Local Banks
Cause Details
Temporary suspension of payment by Western Bank and several other Louisville savings banks in response to heavy withdrawals and local panic.
Newspaper Excerpt
The following banks suspended payment temporarily to-day ... Western Bank ...
Source
newspapers

Newspaper Articles (10)
1. September 28, 1873 The New York Herald New York, NY
Article from The New York Herald, September 28, 1873

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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.

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

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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.

3. September 29, 1873 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, September 29, 1873

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of intrinsic values is entirely forgotton, there. fore, Be it Resolved, That we heartily endorse the action of the Secretary of the Treasury in his efforts to stay the tide of ruin by affording temporary relief, and in his wise discrimination in the use of the resources at his command. RESOLVED, That we urge upon him the necessity of bringing before Congress a plan for a general banking law through which the benefits of our present system may be more generally extended, and serve more fully the growing interests of the country. RESOLVED, That the great sources of wealth of our crops and general productions are more promising than ever, and that therefore the enterprises of the country have a greater chance for profit and success; that the sudden and wild decline in the values is the result of the panic, and without reasonable cause. RESOLVED, That we deem it our duty to avert in every way the indiscriminate sacrifice of securities, and to express our hearty condemnation of those who by personal profit attempt to aggravate the evils and cause a still greater decline in value at the board. John Barker, George S. For, and Thomas A. Biddle were appointed a committee to confer with the hank officers on the situation of affairs. Baltimore, 27. The day closed without additional excitement or reports of any failures. The stringency in money continues, but all the banks paid out liberally on small checks to supply the business demand. Knoxville, Tenn., 27. The Exchange Deposit and Knoxville Banks have suspended payment of checks for currency this morning in consequence of the sudden demands of depositors. The commercial banks also suspended payment of all large amounts. Augusta, Ga., 27. There is a better feeling in this city to-day, but otherwise the situation is unchanged. Nothing is doing in cotton for want of currency; some few bales of middling were forced at 15 cents. It is believed the suspended banks will resume currency payments early next week. Allentown, Pa., 27. The bankers of this city resolved to follow the example of New York and other cities. New York, 27. A committee of the produce exchange have been appointed to confer with the loans committee and clearing house committee with a view of effecting an arrangment by which the moving of foreign exchange may be accomplished. Salt Lake, 27. There was considerable excitement here to-day. The first National bank did not open their doors. A notice states that the cause of suspension was owing to the failure of the eastern houses and their inability to obtain currency. Their liabilities are amply secured. Washington, 27. The Secretary of the Treasury, will not for the present, issue his programme for the sale of gold and the purchase of bonds next month. Louisville, Ky., 27. The following banks have supended payment temporarily to-day: German bank, Masonic savings bank, Western bank, German insurance bank, Louisville banking company, German savings bank, and the Central savings bank. A run on this bank has been steadily increasing for the past three days. All of them have abundant resources; many being able to pay two dollars for one on deposit. The other banks in the city are heavily drawn on, but are all right. The suspended banks are all savings institutions, conducted and owned principally by Germans. The lack of systematic action tended to the suspension of these banks. Every bank is looking out for its own safety. Dubuque, Ia., 27. The Commercial National Bank of Dubuque, in this city, is the only National bank that is meeting demands in full in currency, and to-day their deposits considerably decreased. The Merchants' National bank is paying in bills receivable, and small amounts in curren. cy. The run on the German savings bank and Peoples' savings bank seems to have entirely subsided. Chicago, 27. Business continues very quiet on the exchange, but there was more inquiry for cash grain, mainly by outsiders, who have brought in currency with which to buy at the present low rates, and prices were firm and generally higher.

4. 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.

5. September 29, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 29, 1873

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THE SITUATION ELSEWHERE. A SCARCITY OF CURRENCY IN PHILADELPHIA-RESO LUTIONS OF THE BOARD OF BROKERS. PHILADELPHIA, Sept. 27.-Matters are quiet on Third-st., a scarcity of currency being the only trouble experienced from the panic. Many large manufacturing concerns have, with great exertions, raised a sufficient amount of currency to pay full wages to their employes, while other firms have been able to pay only 50 per cent of wages due. The city banks have generally paid out currency when needed to pay wages, and are discounting freely. giving an easier feeling in banking circles. The Board of Brokers passed a series of resolutions to-day, approving the action of the Secretary of the Treasury in his efforts to afford relief in the crisis of monetary affairs; urging upon him the of before a it law, through which our present eral necessity banking bringing Congress fully the the benefits plan growing for of inter- genpresent system may serve more ests of the country and further resolving that, in view of the sudden and wild decline in values without reasonable cause therefor, the Board deemed it its duty to arrest in every way the indiscriminate sacrifice of securities, and heartily condemned those who, for personal profit, attempt to aggravate the present distressing condition of affairs. ACTION OF THE CINCINNATI BANKS APPROVED-A BETTER FEELING MANIFESTED. CINCINNATI, Sept. 27.-The Cincinnati Chamber of Commerce, at a full meeting to-day, passed resotutions approving the action of the banks and bankers of the city in refusing to pay out large sums in currency; and declaring that merchants and business men have full faith and confidence in the solvency of their banking institutions and in the integrity and character of those who manage them, and that the banks and bankers be requested to extend all possible accommoda tions to the local merchants and manufacturera. At the close of business an improved feeling was plainly manifested. There was no particular change in the general markets to-day, and there is no hope of much doing antil there are better facilities for effecting exchanges. The banks and bankers generally report having passed through the day satisfactorily, RUN ON A JEFFERSONVILLE BANK-HUNDREDS OF WORKMEN DISCHARGED. JEFFERSONVILLE, Ind., Sept. 28.-A run was made yesterday on the First National Bank, but all the checks were paid and the bank closed at the usual hour. The Ohio Falls Car and Locomotive Company, employ ing 700 men, has stopped work in all the shops except the foundery, throwing about 400 men out of employ ment. The South-Western Car Company has also reduced its force. The stoppage of these business interests is due to inability to obtain currency to pay off the men. The ship-vards of Dawes, Howard & Co., employing a heavy force of men, succeeded in securing a limited amount of currency. and paid two-thirds of the wages due. A reduction of the force has been made, but the boats now on the stocks will be finished, notwithstanding the scarcity of currency. SEVEN TEMPORARY BANK SUSPENSIONS IN LOUISVILLE. LOUISVILLE, Sept. 27.-The following banks suspended payment temporarily to-day German Bank, Masonic Savings Bank, Weatern Bank, erman 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 their assets. The other banks in this city are heavily drawn on, but 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. A BANK SUSPENSION IN SALT LAKE CITY. SALT LAKE CITY, Sept. 27.-There was considerable excitement here to-day because the First National Bank did not open its doors this morning. A notice on them states that the cause of the suspension of Eastern houses and Their liabilities are which cover $360,000, while are This is exclusive tain only is good the $277,000. currency. assets, failure of the amply the personal the inability liabilities secured property for to ob- by of Warren Hussey, who holds himself responsible all the bank indebtedness. The bank is a Government depository. The Salt Lake National and the Deseret National Banks are open and meeting all demands. Walker Bros. Wells, Fargo & Co., T. F. Tracy & Co., and White & McCormiek are also prepared to meet all emands. THE MOVEMENT OF BRITISH BULLION TO AMERICA. LONDON, Sept. 27.-The amount of bullion withdrawn from the Bank of England on balance to-day is £8,000. all of which is to be shipped to America. All the available gold in the street is also being bought up for shipment to America. The steamship Java, which sailed from Liverpool for New-York to-day, took £500,000 in bullion. FINANCIAL NOTES. The National People's Bank and Home Bank of Canton, III., have suspended payment until the financial erisis is over. The reason given is the recent action of the banks in Chicago, Cineinnati, and elsewhere. The Commercial National Bank of Dabuque was the only national bank in that city that met all demands in full in currency Saturday, and its deposits had considerably decreased. The Merchants' National Bank suspended payment entirely. The First National Bank paid in bills receivable and a small amount in currency The run on the German Savings Bank and the People's Savings Bank accured to have eatirely subsided

6. 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.

7. October 2, 1873 The Stark County Democrat Canton, OH
Article from The Stark County Democrat, October 2, 1873

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BOSTON. BOSTON, Sept. 27.-Bank presidents this city have decided to make only small currency payments, and to issue ten millions of loan certificates. The Farmers' National Bank of Newcastle, Del., suspended on Saturday. The steamer Java, which sailed from Liverpool on Saturday, took £500,000 in gold for New York. David Preston & Co., bankers, of Detroit Mich., resumed business yesterday, after suspension of two days. The Secretary of the Treasury will not for the present issue a programme for the sale of gold and the purchase bonds next month. The Allentown, Pa., banks have decided to the of checks Enstead of out currency in adopt system paying of certification large amounts. United States coupons maturing Nov. will be paid on and after Monday, Sept. 29, upon a rebate of interest at the rate of six per cent per annum. The Milwaukee banks are doing businest as usual, except that they have stop. ped advances on produce until the Eastern banks are ready to respond. The panic continued in Little Rock on in of this so city money Saturday. has money Never been the stringent. history It is impossible to get any with any sort collaterals. A feeling of confidence provails in Cleveland, and there is searcely a that the banks will get through coubt all right. but The savings banks have adopted the sixty days' notice plan, The Exchange, Deposit, and Knoxville banks of Knoxville, Tenn., have suspended the pay- of checks for currency. The Commercial Bank has suspended on all large amounts. At: meeting of the bank presidents of Boston on Saturday it was decided to adopt the New York plan, that is, to make only small currency payments, and to issue $10,000 000 of loan certificates. The Commercial National Bank of Dubuque is the only national bank of that city that is meeting all demands in full in currency. The Merchants' National Bank has suspended payment entirely. The National People's Bank and Home Bank of Clinton, III., have suspended payment until the financial crisis 18 over. The reason given 18 the regent action of the banks in Chicago, Cincinnati, and elsewhere. In Toledo the banks passed over Saturday in good condition. Several are stronger than at any time since the beginning of the run. The failure of Kraus & Smith has had less effect than was apprehended. An arrangement has been made by which the London house of Jay Cooke, McCulloch & Co., will honor all Government drafts on the London house of Clews, Habicht & Co. Beyond this there has been no change in the agency. A better feeling prevailed in Charleston S.C. at the close of business on Saturday, the national banks having received a larger amount of greenback on deposit than they paid out in checks. No suspensions have occurred beyond those announced on Friday. Bushing & Brothers, brokers, of Reading, Pa., who are carrying over $2,000,000 in a on The counSaturday. deposits, were paid sustained $50 depositors and heavy from the drain The try no more. city merchants received certified checks on this firm for produce. The banks of Atchison, Kansas, are doing business as usual and declare they do ot intend to suspend currency payments. Three of the banks kept open until five o'clock yesterday. Business men heartily sustain the banks in their determination not to suspend. The Cincinnati Chamber of Commerce passed resolutions on Saturday praising the for to sums in banks in currency, refusing expressing for all possible pay confidence out banking large them, and asking accommodation for merchants and manu facturers. There is little prospect of an end to the stagnation in forwarding until exchanges can be effected. The following Louisyille savings banks suspended payment temporarilly on Saturday. 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 speedily increasing for the pagi three days All of them have abundant resources. The committee to examine the condition ot the First National Bank Memphis re port its demand liabilities at $374,000. against unquestioned and available assets of $555,000. The doubtful and unavailable assets are $101,00C. After paying all the liabilities the stockholders can Iealize par on their shares. After the reading of the report $200,000 was subscribed

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.