Josiah Morris & Company (Montgomery, AL)

Episode Information

Episode UID
8344879991124
Episode Type
Run → Suspension → Reopening
Bank Type
private
Bank ID
834487999 hash
Start Date
August 12, 1893
Location
Montgomery, Alabama (32.367, -86.300)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
cd5d83439f484521

Response Measures

None

Events (3)
1. August 12, 1893 Run
Cause
Macro News
Cause Details
Sustained withdrawals by depositors over ~60 days driven by general financial conditions/panic rather than embezzlement or specific bank scandal.
Measures
Other Montgomery banks resolved to enforce the clearing-house system and issue clearing-house certificates.
Newspaper Excerpt
made an assignment ... It is due to the continued withdrawal of deposits during the last sixty days and large drafts being made to-day.
Source
newspapers
2. August 12, 1893 Suspension
Cause
Government Action
Cause Details
Assignment/suspension (private bank formally assigned) following heavy withdrawals; coordinated with other banks via clearing-house arrangements.
Newspaper Excerpt
Josiah Morris & Co., the leading private bankinghouse of the State, made an assignment this afternoon.
Source
newspapers
3. August 28, 1893 Reopening
Newspaper Excerpt
Josiah Morris & Co., who suspended payment two weeks ago, resumed business this morning and from the hour of opening till closing a heavy business was done.
Source
newspapers

Newspaper Articles (13)
1. August 13, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, August 13, 1893

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Article Text

Assignment at Montgomery. (By telegraph to the Dispatch.] MONTGOMERY, Ala., August 12.-Josiah Morris & Co., the leading private bankinghouse of the State, made an assignment this afternoon. It is due to the continued withdraws! of deposits during the last sixty days and large drafts being made to-day. This action caused a meeting of the other bank officers to-night and they resolved, commencing Monday morning, upon the clearing-house system. They have not yet announced what percentage they will pay. This will be made known Monday morning. In their card in the Advertiser to-morrow the bankers state that the as. sets of Morris & Co. will easily realize largely more than the liabilities. This 18 the general belief of those who are acquainted with the situation.

2. August 14, 1893 Grand Rapids Herald Grand Rapids, MI
Article from Grand Rapids Herald, August 14, 1893

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Banks Take Action. MONTGOMERY, Ala., Aug. 13.-Josiah Morris & Co., the leading private banking house of the state, made an assignment yesterday. It was due to the continued withdrawal of depositsduring the last sixty days and especially large drafts made yesterday. At a meeting of the other bank officers last night it was resolved commencing Monday morning to enforce the clearing house system.

3. August 14, 1893 Wheeling Register Wheeling, WV
Article from Wheeling Register, August 14, 1893

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Article Text

Private Banker Assigns. MONTGOMERY, ALA., August 13.Josiah Morris & Co., the leading private banking house of the State, made an assignment yesterday. It was due to continued withdrawal of depositors during the last sixty days, and especially large drafts made yesterday At a meeting of the bank officers last night it was resolved, commencing Monday morning, to enforce the clearing house system. The per centage they will pay will be known Monday morning.

4. August 14, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, August 14, 1893

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Article Text

Private Bankers Fail. MONTGOMERY, Ala.. Aug. 13.-Josiah Morris & Co., the leading private banking house of the state, made an assignment yesterday. It was due to the continued withdrawal of deposits during the last sixty days, and especially large drafts made yesterday. At a meeting of the other bank officers last night it was resolved. commencing Monday morning, to enforce the clearing-house system. The percentage they will pay will be made known Monday morning.

5. August 14, 1893 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, August 14, 1893

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will Enforce the System MONTGOMERY, Ala., Aug. 13.-Josiah Morris & Co., the leading private bankers, assigned yesterday owing to the continued withdrawal of deposits during the last sixty days, and especially large drafts made yesterday. At a meeting of the other bank officers last night it was resolved, commencing Monday morning to enforce the clearing house system. The bankers state that the assets of Morris & Co. will easily realize largely more than the liabilities.

6. August 15, 1893 The Atlanta Constitution Atlanta, GA
Article from The Atlanta Constitution, August 15, 1893

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Article Text

Josiah Morris & Co. Suspend. Montgomery, Ala., August 12-Josiah Morris & Co., the leading private banking house of the state made an assignment late this evening. It is due to the continued withdrawal of deposits during the last sixty days and large drafts made today. d

7. August 15, 1893 The Times Richmond, VA
Article from The Times, August 15, 1893

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NOT DUE TO BAD MANAGEMENT. Failure of Josiah Morris & Co. Has No Bad Effect-Other Failures. MONTGOMERY, ALA., August 14.Business opened here as usual to-day, the assignment of Josiah Morris & Co. producing no run on any other bank, and there is no apprehension of such a thing. B. Trimble & Co., private bankers, assigned. Their business is small, and the assignment created no excitement or trouble. The entire business element and community are receiving the clearing house certificates. A meeting of the depositors of Josiah Morris & Co. was held in the records court-room at 11 o'clock. Hundreds were present, including nearly every prominent business man in the city, and many from outside. It was the unanimous expression of opinion that the assignment was due to the general condition of the country, and not to any bad management of the banks. Resolutions, without any opposition, were passed, expressing confidence in ability and integrity of F. M. Billing and B. J. Baldwin, bank owners, and in abundant ability of the bank to discharge all indebtedness in a short time. Committees were appointed to investigate the condition of the bank, and to formulate plans by which its owners could take place of assignees and straighten up its affairs. Not a dissenting voice was made to this programme, and the committee is to report Thursday. It is believed that the situation is really only a suspension, and not a failure. All leading business men are confident that the proposed plan will go through, and that Billing will quickly be put in charge of assets, and that in a short time the bank will resume. SPRINGFIELD, MO., August 14.-The Bank of Springfield, with a capital stock of $100,000, failed to open its doors this morning. The St. Louis and San Francisco rallroad generally had a large deposit in this bank. JACKSONVILLE, FLA., August 14.The bank of Leesburg, Yager Brothers proprietors, made an assignment to-day. Its liabilities are about $40,000, and as+ sets fully $90,000. A steady withdrawal of deposits during the past ten days forced it to shut down. Depositors will be paid in full, but it will take a year or more to realize on assets. Business Embarrassments CINCINNATI, OHIO, August 14.-May Brothers & Co., wholesale dealers and manufacturers of clothing, 90 west Pearl street, assigned this morning. Assets and liabilities about $100,000. CHICAGO, ILL., August 14.-The A. R. Beck Lumber Company, with yards and offices in South Chicago, assigned this morning to the Equitable Trust Company. The assets are placed at $511,000; liabilities, $250,000.

8. August 15, 1893 The Morning News Savannah, GA
Article from The Morning News, August 15, 1893

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Article Text

DEPOSITORS MEET. Morris & Co.'s Assignment Co nsidered by Interested Citizens. Montgomery, Ala., Aug. 14.-A meeting of the depositors of Josiah Morris & Co. was held in the records court room at 11 o'clock. Hundreds were present, including nearly every prominent business man in the city and many from other cities. The unanimous opinion was that the assignment was due to the condition of the country, and not to any bad management of the bank. RESOLUTIONS OF CONFIDENCE. Resolutions without any opposition passed. expressing confidence in the ability and integrity of F. M. Billing and B. J. Baldwin, the bank owners, and in the abundant ability of the bank to discharge all indebtedness in a short time. Committees were appointed to investigate the condition of the bank and to formulate plans by which its owners could take the place of the assignees and straighten up its affairs. UNANIMOUS ASSENT GIVEN. Not a dissenting voice was made to this programme and the committee is to report Thursday. It is believed that the situation is really only a suspension and not a failure. All our leading business men are confident that the proposed plan will go through and that Mr. Billing will quickly be put in charge of the assets, and that in a short time the bank will resume. BUSINESS GOING RIGHT ALONG. Business opened here as usual to-day, the assignment of Josiah Morriss & Co. producing no run on any other bank, and there is no apprehension of such a thing. PRIVATE BANKERS ASSIGN. B. Trimmel & Co., private bankers, assigned. Their business is small, and the assignment created no excitement or trouble. CLEARING HOUSE CERTIFICATES. The entire business element and community are receiving the clearing house certificates.

9. August 15, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, August 15, 1893

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MONTGOMERY'S BUSINESS UNHURT. Clearing-House Certificates Generally Recoived-The Morris Suspension. [By telegraph to the Dispatch.] MONTGOMERY, ALA., August 14.-Business opened here as usual to-day, the assignment of Josiah Morris & Co. producing no run on any other bank and there being no apprehension of such a thing. B. Trimble & Co., private bankers, assigned, but their business is small and the assignment created no excitement or trouble. The entire business element and community are receiving the clearing-house certificates. A meeting of the depositors of Josiah Morris & Co. was held in the Records Court room at 11 o'clock. Hundreds were present, including nearly every prominent business-man in the city and many from outside. It was the unanimousexpression of opinion that the assignment was due to the general condition of the country and not to any bad management of the bank. Resolutions, without any opposition, were passed expressng confidence in the ability and integrity of F. M. Billing and B. J. Baldwin, the bank owners, and in the abundant ability of the bank to discharge all indebtedness III a short time. It is believed that the situation is really only a suspension and not a failure.

10. August 17, 1893 The Morning News Savannah, GA
Article from The Morning News, August 17, 1893

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# gia-The "Old Time Darky" at Ocala's Encampment. GEORGIA. Brunswick Times-Advertiser: The editors have all treated the fever sensation at Brunswick in a spirit of sympathy, and with the utmost fairness to our city. God bless the Georgia editors. Middle Georgia Progress: Peaches were being sold at a dollar a bushel on the streets last week. Seedling trees appear to have borne abundantly this year, but the peaches are not as finely flavored as usual, most of them being insipid. Lagrange Graphic: A woman will cling to a man until his character is as black as the ace of spades, but the minute a soiled spot no larger than a grain of sand touches the fair name of woman man at once forsakes her and leaves her upon the cold charity of the world. Talbotton New Era: If some of our farmers in Talbott county would plant a few acres in English walnuts and choice pecans, they would yield a handsome income after the trees begin to bear. It takes eight or ten years to begin, but they rarely fail to produce a full crop. Thomasville Times-Enterprise: While the smartest men in the country are wrestling with the silver question and trying to solve it, there are hundreds of people right here in Thomasville who think they know all about it, and if only in congress could settle the matter in twenty minutes. Waycross Herald: The recent action of the colored citizens of Waycross in regard to the matter of outrages by their race has met with many favorable comments throughout the state. If the action taken here is followed up by others we believe much good will result. Our colored friends should be encouraged to proceed with the good work. Brunswick Times-Advertiser: We are sorry for those of our citizens who have endured any hardships on account of their wild flight from Brunswick. And feeling fully the pity that we express, would advise them to come back before they contract worse troubles than they have run from. Come back and again regale yourselves in the salt breeze of fair and frolicsome Brunswick. Come back and be happy. Some concern is reported to be felt in places along the Carolina side of the Savannah river on account of the appearance in considerable numbers of caterpillars, but thus far the destructive insect has done little damage, and confines that little to points just outside of Georgia. No fears, we think, need now be felt by our own agriculturists. The caterpillar has probably appeared too late for his own advantage. Columbus Enquirer-Sun: As an evidence of how easy it is to break a bank, the case of Josiah Morris & Co., in Montgomery, is cited. There is a bank, whose assets, according to the best authority, allowing for all shrinkages, will amount to two dollars for every dollar of indebtedness. Why was this bank bankrupted? It was not because of its lack of sound securities, because the statement is made that its assets, allowing for the large shrinkages incident to such occurrences, amount to over twice the liabilities. It was simply a lack of confidence on the part of the people. Milledgeville Union-Recorder: How long can a gopher live without air, light or food? Prof. W. E. Reynolds has a gopher which he brought to this city four years ago. Last August or September while the gopher was burrowed in the ground a heavy rain came up, and washed the soil over him so deep that he could not get out. The professor thought his pet would never turn up again. But the heavy rain of the 6th released the gopher and he came out after having been buried about a year. Now, if Prof. Reynolds will only tell the people how they may live like his gopher it will be an unfailing remedy for hard times and save much worry over the grave financial questions. Trouble is alleged to be brewing between two distinguished gentlemen of Wilkes, growing out of Tom Watson's recent meeting at Washington. The parties are Judge E. M. Anthony, populist, and Captain Irvin, democrat. Judge Anthony, the recognized leader of the third party in Wilkes, wrote a card to the Constitution immediately after the great excitement in Washington, denouncing the democratic presidential committee, of which Captain Irvin was a member, and claiming that the populists came to Washington with no intention of trouble. The card was lengthy, bitter and denunciatory. In the answer to this Captain Irvin published in a Washington paper and the Constitution a reply which dealt with Judge Anthony and his card in no uncertain terms. Dalton News: Our local team of ball players were challenged by the Cincinnati Reds, a nine composed of women. The challenge was accepted, and the 23rd of August has been appointed for the game. There is something indelicate, of course, in the idea of women playing ball-it is not expected that ladies would seek fortune or fame in that direction-but the management cannot afford anything less than perfect decorum while the female players are on the ground. If they remain here after the game, the town authorities will do less than their duty if they fail to keep them under strict surveillance during their stay. It is believed that the game can be played without the occurrence of anything to offend decent society here. A number of the Social Circle young men it is said, will be on hand to take in the game in full.

11. August 19, 1893 The Irish Standard Minneapolis, Saint Paul, MN
Article from The Irish Standard, August 19, 1893

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OUT OF CASH. Many Banks in Various Localities Forced to Close Their Doors. WASHINGTON, Aug. 12.-Only two banks suspended yesterday, viz.: The National bank at Waxahachie, Tex., and Beatty's bank at Mansfield, Ill. WASHINGTON, Aug. 13.-The bank. failures reported yesterday were: The Prairie City bank at Terre Haute, Ind., and Josiah Morris & Co., the leading private banking house in Alabama, at Montgomery with liabilities of $1,100,000 and assets of $2,000,000, the People's at Lewisburg, Tenn., the Bank of Plaquemine, La., and the First national at Gadsden, Ala. WASHINGTON, Aug. 15.-The comptroller received notice yesterday of the following failures: Citizens' national at Attica, Ind., Bank of Springfield at Springfield, Mo., and the People's, Citizens' and Commercial banks at Pulaski, Tenn. WASHINGTON, Aug. 16.-Notice was received yesterday that the Hartford bank of Phoenix, A. T., had assigned, and that Johnson, Buck & Co., bankers at Ebensburg, Pa., with branch banks at Carrolltown and Hastings, had closed their doors.

12. August 24, 1893 Grant County Herald Lancaster, WI
Article from Grant County Herald, August 24, 1893

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OUT OF CASH. Many Banks in Various Localities Forced to Close Their Doors. WASHINGTON, Aug. 11.-The following bank failures were reported yesterday: The American national at Nashville, Tenn., the Hamilton county state bank at Webster City, la., the Caldwell county exchange bank at Kingston, Mo., the Exchange bank at Polo, Mo., and Johnston, Buck & Co., of Ebensburg, Pa., conducting banks at Ebensburg, Carrollton and Hastings. WASHINGTON, Aug. 12.-Only two banks suspended yesterday, viz.: The National bank at Waxahachie, Tex., and Beatty's bank at Mansfield, III. WASHINGTON, Aug. 13.-The bank failures reported yesterday were: The Prairie City bank at Terre Haute, Ind., and Josiah Morris & Co., the leading private banking. house in Alabama, at Montgomery with liabilities of $1,100,000 and assets of $2.000,000, the People's at Lewisburg, Tenn., the Bank of Plaquemine, La., and the Firstnational at Gadsden, Ala. WASHINGTON, Aug. 15.-The comptroller received notice yesterday of the following failures: Citizens' national at Attica, Ind., Bank of Springfield at Springfield, Mo., and the People's, Citizens' and Commercial banks at Pulaski, Tenn.

13. August 29, 1893 The Roanoke Times Roanoke, VA
Article from The Roanoke Times, August 29, 1893

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More Bankers Resume. MONTGOMERY, Ala., Aug. 28.-Josiah Morris & Co., who suspended payment two weeks ago, resumed business this morning and from the hour of opening till closing a heavy business was done. The old depositors of the bank came forward to make deposits and open accounts with the firm. This incident in the history of the country is without a parallel. The entire community rejoices over the resumption.