Bank of Grenada - Grenada, MS

Episode Information

Episode UID: 4165951190478
Episode Type: Suspension → Closure
Bank Type: state
Bank ID: 416595119 hash
Start Date: October 14, 1839
Location: Grenada, Mississippi (33.769, -89.808)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: d63ba312bf3c56bd

Response Measures

None

Description

Single brief 1839 notice says the bank is taking measures to wind up its affairs, more reporting would clarify legal steps and timing.

Events (1)

1. October 14, 1839 Suspension

Cause: Voluntary Liquidation
Cause Details: Article states bank is taking measures to wind up its affairs (voluntary winding up/liquidation).
Newspaper Excerpt: The Bank of Grenada (Miss.) is taking measures to wind up its affairs.
Source: newspapers

Newspaper Articles (1)

1. October 14, 1839 Morning Herald New York, NY

Article from Morning Herald, October 14, 1839

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Article Text

been stated that the exchange returned, endorsed by the U. S. Bank in New York, had been paid with damages. This is, however, not the case; up to last night they had not been settled. Mr. Wilder is now in Philadelphia endeavoring to make some settlement. In the mean time the bank there is extending its discounts, while its accomplice, the Girard Bank, has been obliged, in consequence of the Governor's manifesto, to redeem the small bills they have issued in specie. In these assets of the U. S. Bank may be discovered the germ of the irredeemable policy. Stocks have been falling for the last eight months, and every endeavor has been used to create a rally. The U. S. Bank has used every endeavor, by drawing specie, to place herself in such a position that a general suspension would be consequent upon her taking the lead. In such an event, stocks would rise, and their assets so far recover their values in an inflated currency, as to enable them to clear themselves. The firm position of New York, is the rock on which they split. Nothing but a suspension of the Bank of England can save the institution from utter insolvency. The banks and regular merchants of New York may rejoice at the destruction of a system which has been the prolific cause of all the disasters and fluctuations which they have encountered in the last five years. The artificial action of the U. States Bank has brought about the anomalous position in which we now are placed. The country is overflowing with produce; trade has been small, and the commercial debt due Europe is not large, and yet the banks cannot find means to pay their debts. This arises from no other cause than the great inflation of paper currency which can no longer be sustained, now broken down by its own weight, and crushing all those who attempted to support it. All others will go through the crisis unharmed. The commercial and financial character of New York will remain untainted while she will become the focus of all the foreign and internal trade of the United States. The stock holders of the State Bank of Boston have voted to reduce the capital of the Bank from $1,800,000 to 1,200,000 or 33 1/3 per cent. The Bank of Grenada (Miss.) is taking measures to wind up its affairs. All the banks in Newburyport have declared a dividend of three per cent. Gloucester three and a half. The following banks in Ohio are either broken or thought to be in an unsafe condition. Beware of their notes:—Bank of West Union; Farmers and Mechanics Bank of Steubenville; Urbana Banking Company; Bank of Chillicothe; Mechanics and Traders Bank of Cincinnati; Manhattan Bank. It is said that the Branch Banks at Lawrenceburg, Richmond and Madison, Indiana, will be arraigned before the next Legislature for alleged misconduct. Sales at the Stock Exchange. $2,000 Corporation Bonds 96 1/2, $1,500 do 96 3/4—85 shares U S Bank 70, 25 do 70 b30ds, 75 do 70, 50 do 70 b30ds, 50 do 70, 50 do 70 tw—20 do Fulton 111—30 do Dry Dock 68 1/2—10 do Atlan 85—25 do Mec Bk Ass 61—20 do Ohio Life & Trust 84—107 do Com 94 1/2, 10 do 94 1/4—10 do Am Ex 75—320 do Del & Hud 53, 75 do 52 1/4, 300 do 52 3/8, 5 do 52 1/4, 50 do 52 3/4, 125 do 52 3/4 nw, 160 do 53 1/4 50 do 53 nw, 25 do 52 3/4 nw, 15 do 52 3/4, 25 do 52 5/8, 50 do 52 3/4, 100 do 52 3/4 s10ds—180 do N A Trust 44 1/4, 75 do 44 1/4, 25 do 44 1/4 nw, 25 do 44 1/4, 50 do 44 3/8, 25 do 45, 70 do 45 1/2 s10ds—50 do Vicks 32 nw, 75 do 31 1/4—15 do Kentucky 66 1/4, 150 do 66, 25 do 66 nw, 25 do 66, 50 do 66 wed—25 do Illi 60 b60ds—5 do Utica & Schen 117 1/2, 50 do 115 s90ds, 50 do 115 s90after 10 ds, 50 do 115 s90after 15ds—10 do Canton 28, 20 do 27—5 do Mohawk 50, 10 do 49 1/2, 11 do 50, 50 do 49 1/4 s30ds—10 do Patter 50—21 do Bost & Prov 99—2,500 do Ex, Phil 91—100 do Harlem R R 37, 50 do 37 s6ms, 100 do 38 1/2, 125 do 38, 50 do 39 b30, 50 do 38, 50 do 37 3/4, 150 do 37 1/2, 50 do 37 1/2 s30, 150 do 38, 50 do 38 nw, 50 do 38 snw, 100 do 38 1/4 snw, 50 do 38, 110 do 38 1/4—20 do Utica & Syra 105.