Workingmens Bank (New Orleans, LA)

Episode Information

Episode UID
9187586390951
Episode Type
Suspension β†’ Reopening
Bank Type
state
Bank ID
918758639 hash
Start Date
March 20, 1879
Location
New Orleans, Louisiana (29.955, -90.075)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d3c129548efa9b21

Response Measures

None

Description

Suspension imposed by New Orleans clearing-house due to currency scarcity; explicitly temporary to expire March 29.

Events (2)
1. March 20, 1879 Suspension
Cause
Local Shock
Cause Details
Temporary suspension ordered by the New Orleans Clearing House to avert panic due to scarcity of currency; payments limited and currency ordered from New York.
Newspaper Excerpt
A growing scarcity of currency caused the temporary suspension here of the following banks: ... Workingmen's bank.
Source
newspapers
2. March 29, 1879 Reopening
Newspaper Excerpt
The order of suspension will expire on the 29th inst., and before that time funds from New York will have reached the banks.
Source
newspapers

Newspaper Articles (10)
1. March 21, 1879 New-York Tribune New York, NY
Article from New-York Tribune, March 21, 1879

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Article Text

EFFECT IN THIS CITY. VERY LITTLE EXCITEMENT IN FINANCIAL CIRCLESOVER $1,000,000 SENT TO NEW-ORLEANS BY NEW-YORK BANKS. The news of the suspension of all the New-Orleans banks did not cause much excitement in this city yesterday, and bankers declared that it would be temporary. The suspension of one or two of the banks with small capital precipitated action by the New-Orleans Clearing House. The resolution to suspend was followed by telegraph orders upon the New-York correspondents for the balances here to be forwarded in legal-tender notes. The only regret manifested by bankers was that the suspension, even though temporary, should have occurred at this time. It was stated by a leading banker that between March 15 and April 1 was the general settling season between the banks of New-York, Pennsylvania and a part of New-England. Last year at this season $4,000,000 was sent away from this city, against $15,000,000 during the same time in 1877. It was not expected that much over $5,000,000 would be required this year, some of which had been forwarded. The Boston and Philadelphia banks are reported as well supplied with legal-tender notes, and exchange on New-York was quoted yesterday at a discount. The banks yesterday made demands for call loans to meet the drain of $1,000,000 sent to New-Orleans. It was feared that this would make a poor showing on this week's bank statement. The legal-tender surplus last week was less than $4,000,000, and it was feared that on Saturday it would run down to below $3,000,000. The New-York correspondents of the banks which have temporarily suspended are as follows: For the German National of New-Orleans, the Fourth National and Importers' and Traders' Banks of NewYork; for the Hibernia National, the Importers' and Traders'; for the Louisiana National, the Third National Bank: for the New-Orleans National, the American Exchange and Hanover Banks; for the State National, the Bank of New-York and Park Bank; for the Union National, the Park Bank ; for the Bank of Lafayette, the American Exchange Bank; for the Citizens' Bank of Louisiana, the Metropolitan Bank: for the Mechanics' and Traders', M. Morgan's Sons; for the New-Orleans Canal and Banking Company, M. Morgan's Sons; for the People's Bank, the Merchants Bank; for the Workingmen's Bank, the Park Bank: for the Mutual National, the City and Mechanics' Banks. Over $1,000,000 was sent to New-Orleans yesterday from this city. Seven banks in the city which hold the deposits of the New-Orleans banks were called on for money and promptly responded. The following are the amounts sent by the several banks:

2. March 21, 1879 The Cheyenne Daily Leader Cheyenne, WY
Article from The Cheyenne Daily Leader, March 21, 1879

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Article Text

LOUISIANA. A General Suspension of Banks. New Orleans, March 20.-A growing scarcity of currency caused the temporary suspension here of the following banks: Germania National Bank, Hibernia National, State National, Union National, Bank of Lafayette, Citizen's Bank of Louisiana, Citizens' Savings bank, Louisiana Savings bank, Metropolitan bank, New Orleans Canal and Banking company, People's bank and Workingmen's bank. Orders for currency have been sent to New York and large amounts were shipped to-day. The order of suspension will expire on the 29th inst., and before that time funds from New York will have reached the banks. The action taken was to avert a threatened panic. The banks held this morning about $2,200,000 in legal tenders and $3,000,000 sight exchange on New York, exclusive of their portfolios, with which to meet about ten millions due depositors. Most of the banks to-day received more currency from depositors than they paid out. Collections for distant customers will be remitted for as heretoforein currency checks on New York. The effect of this action involves only local interests here and has checked the chances for a panic, any pretext for which will be entirely removed in a day or two when the currency arrives.

3. March 21, 1879 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, March 21, 1879

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Article Text

Wholesale Suspension of New Orleans Banks. NEW YORK, March 20.-The following is a list of the New Orleans banks whose temporary suspensions were announced to-day: Germania National Bank, Hebernia National Bank, Louisiana National Bank, Mutual National Bank, New Orleans National Bank, State National Bank, Union National Bank, Bank of Lafayette, Citizens' Bank of Louisiana, Citizens' Savings Bank, Louisiana Savings Bank, Metropolitan National Bank, New Orleans Canal and Banking Company, People's Bank, Workingmen's Bank. Many orders for currency were received here to-day from New Orleans and large amounts were shipped. The order of suspension expires on the 29th inst., and before that time the funds from this city will have reached the banks. The action taken was to avert a threatened panic. NEW York, March 20. -Over - one million dollars were sent to the New Orleans banks to-day from this city.

4. March 21, 1879 Wheeling Register Wheeling, WV
Article from Wheeling Register, March 21, 1879

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Article Text

Financial Flurry in New Orleans. NEW YORK, March ).-The following is the list of New Orleans banks whose temporary suspension was announced to-day: Germania National Bank, Mutual National Bank, New Orleans National Bank, State National Bank, Union National Bank. Bank of Lafavette, Citizens Bank of Louisiana, Citizens Savings Bank, Louisiana Savings Bank, Metropolitan National Bank, New Orleans Canal and Banking Company, People's Bank andWorkingmen's Bank. Many orders for currency were received here to-day from New Orleans and large amounts shipped. The order of suspension expires ou the 29th inst. and before that time funds from this city will have reached the banks. The action taken was to avert a threatened panic Collections for distant customers will be remitted for, as heretofore, in currency checks on New York. In effect this action involves only local interests here, and has checked the panic, the pretext for which will be entirely removed in a dav or two, when the currenev arrives which is already ordered from New York. The banks hold this morning about $2,200,000 in legal tenders and $3,000,000 of sight exchange on New York, exclusive of their portfolios, with which to meet about $10,000,000 due depositors. Most of the banks to-day received more currency from depositors than they paid out.

5. March 21, 1879 Daily Globe Saint Paul, MN
Article from Daily Globe, March 21, 1879

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Article Text

FINANCIAL FLURRY. Temporary Suspension of the National and State Banks of New Orlean-Scarcity of Currency and Threatened Panic the Cause -Large Currency Shipments from New York. NEW YORK, March 20.-The following is a list of New Orleans banks whose temporary suspension was announced to-day: Germania National bank, Hibernia National bank, Louisiana National bank, Mutual National bank, New Orleans National bank, State National bank, Union National bank, Bank of Lafayette, Citizens' Bank of Louisiana, Citizens' Savings bank, Louisiana Savings bank, Metropolitan bank, New Orleans Canal and Banking company, Peoples' bank, and Workingmen's bank. Many orders for currency were received here today from New Orleans, and large amounts were shipped. The order of suspension expires the 29th inst., and before that time funds from this city will have reached the banks. The action taken was to avert a threatened panic.

6. March 21, 1879 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, March 21, 1879

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Article Text

NEW YORK. Recial Dispatch 10 The Tribune. NEW YORK, March 20.-The news of the action of the New Orleans Cluaring-House was early received on the street, but produced no apparent effect. Business went on as usual, and no apprehension was felt of trouble here in the future arising from the difficulties of the Now Orleans banks. The prlucipal cause of the fluancial troubles in Louisiana is here held to be Democratic misrule, and the probability of repudiation, which sent Louisiana bonds from S3 to 48 within the past six weeks. Between $1,500,000 and $2,000,000 left this city to-day for New Orleans. Some of the New Orleans banks made no call on their correspondents, though having large balances on deposit here. The New Orleans banks are nearly all in excellent condition as regards their New York accounts, and bankers here generally express their belief that the paute will subside without serious results to the Southern banks. The effeet of the withdrawal of 80 much currency just at this time, when New York bank reserves are down to $4,325,723 above the legal limit, and Government bond settlements, growing out of the marketing of the 4 per cent loan and the dunual settlements of the farmers of Eastern and Middle States are about to occur, was seriously discussed 'n financial circles. It was suggested that the Secretary of the Treasury be requested to change the place of payment of the called bonds to New York from Washington, to anticipate the payment of the April interest, and the payment of all called bonds maturing before April 15, making payment hero without robate, to agree to call on National banks for money only after nctual payment of checks given for called bonds, and to allow National banks to satisfy calls upon them for money by turning into the Treasury any past-due called bonds, they to be credited on account. These measures will probably be proposed to the Secretary, and no apprehensions are felt that he will refuse to act upon them, as bankers any he has given them personal assurance of his intention to prevent, by any legitimate means, the possibility of a monetary stringency here. Tothe Wastern Associated Press. New YORK, March 20.-The following is n list of the New Orleans banks whose temporary suspension is announced to-day: Germania National Bank, Ilibornia National Bank, Louisiana National Bank, Mutual National Bank, New Orleans National Bauk, State National Bank, Union National Bank, Bank of Lufayette, Citizens' Bank of Louisiana, Citizens' Savings Bank, Louisiana Savings Bank, Metropolitan Bank, Now Orlenus Canal & Banking Company, People's Bank, Workingmen's Bank. Many orders for currency were received here to-day from New Orleans, and large amounts shipped. The order of suspension expires on the 29th inst., and before that time funds from this city will have reached the banks. The netion taken was to avert a threatened panie.

7. March 22, 1879 Daily Press and Dakotaian Yankton, SD
Article from Daily Press and Dakotaian, March 22, 1879

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Article Text

The following New Orleans banks suspended on Wednesday: German National bank, Hibernia National, Louisiana National bank, Mutual National, New Orleans National, State National, Union National, Bank of Lafayette, Citizens bank, Louisiana Savings bank, Metropolitan bank, New Orleans and Banking Company's bank, Workingmen's bank.

8. March 26, 1879 The Weekly Clarion Jackson, Meridian, MS
Article from The Weekly Clarion, March 26, 1879

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Article Text

Merchants Convention at Forest. By a circular from Mr. J. T. O'Ferrall, Secretary of a Merchants' meeting at Newton, we learn that it is proposed to hold one at Forest on the first Monday in April, for the purpose of selecting a committee to confer with the Directors of the Vicksburg and Meridian Railroad on the subject of a reduction of the freight tariffs of the said road. All the towns on the line of the road are urged to appoint delegates to the Convention. THERE is great trouble among the New Orleans Banks, the following is a list of those whose suspension has been announced: Germania National Bank, Hibernia National Bank, LouisianΔ… National Bank, Mutual National Bank, New Orleans National Bank, State National Bank, Union National Bank, Bank of Lafayette, Citizens' Savings Bank, Louisiana Savings Bank, Metropolstan Bank, New Orleans Canal and Banking Company, People's Bank, Workingmen's Bank.

9. March 27, 1879 The Stark County Democrat Canton, OH
Article from The Stark County Democrat, March 27, 1879

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Article Text

TEMPORARY BANK SUSPENSIONS. New Orleans Banks Suspend a Few Days to Avert a Panic. New Orleans, March 20.-The Clearing House banks decide not to pay out on checks, more than $200 to any one depositor on one day. All other payments will be made by certi fication of checks, which shall be received on de posit by the banks of the Clearing House. The arrangements will be temporary. Collections for distant customers will be remitted as heretofore in currency checks on New York. In effect this action involves only local interests here and has checked a panic, the pre. text for which will be entirely removed in a day or two when currency arrives, which is already ordered from New York. The banks held this morning about two millions two hundred thousand legal ten ders and three millions sight exchange on New York, exclusive of their deposits with which it will meet about $10,000,000 due depositors. Most of the banksto-day received more currency from depositors than they paid out. New York, March 20.-Following is a list of New Orleans banks whose temporary suspension was announced to day: The Germania Nat'l Bank, Hibernia National Bank Louisiana Nat'l Bank, Mutual National Bank, New Orleans Nat'l Bank, State National Bank, Union National Bank, Bank of Lafayettee, Citizens Bank of Louisiana, Citizens Savings Bank, Louisiana Savings Bank, Metropolitan National Bank, New Orleans Canal and Ba king Company, Peoples' Bank, Workingmen's Bank. The suspension has had but little effect in other cities. Many orders for currency were received here to-day from New Orleans, and large amounts shipped. The order of suspension expired on the 29th inst., and before that time funds from this city will have reached he bank The action taken was to avert a threatened panic.

10. March 30, 1879 The Weekly Elko Independent Elko, NV
Article from The Weekly Elko Independent, March 30, 1879

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Article Text

A NEW ORLEANS dispatch announces the temporary suspension of the following banks: The Germania National Bank, the Hibernia National Bank. the Louisiana National Bank, the New Orleans National Bank, the State National Bank, the Bank of Lafayette, the Citizens' of Louisiana, the Citiz ns' Savings Bank of Louisiana, the Savings Bank, the Metropolitan Bank, the New Orleans Bank. the New Orleans Canal and Banking Company, the Peoples Bank, and Workingmen's Bank. Collections for distant customers will be remitted for. as heretofore, in currency checks on New York. The effect of this action only involves local interests and has checked a panic the pretext for which will be entirely removed in 11 day or two when the currency arrives which is already on its way from New York.