Article Text
Bank Suspensions. ST. LOUIS, October 26.-The State, Missouri, Merchant's and Southern bank suspended this A. M. The Mechanics' is still firm. Kansas Elections.
Southern Bank (St Louis, MO)
Episode Information
- Episode UID
5186909790694- Episode Type
- Run → Suspension → Unsure
- Bank Type
- state
- Bank ID
-
518690979hash - Start Date
- October 26, 1857
- Location
- St Louis, Missouri (38.627, -90.198)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
42105e6de9cd11ce
Response Measures
None
Description
Multiple articles report suspension after a short run on Oct 26, 1857; no articles here state a reopening or final closure.
Events (2)
1.
October 26, 1857
Run
- Cause
- Macro News
- Cause Details
- Part of the widespread October 1857 financial disturbances that produced runs and suspensions in many banks; Southern suffered a heavy run lasting about an hour.
- Measures
- Paid out a large amount of specie during the run before suspending
- Newspaper Excerpt
- the Southern, after sustaining a run of an hour or more
- Source
- newspapers
2.
October 26, 1857
Suspension
- Cause
- Macro News
- Cause Details
- Joined other St. Louis banks in suspending specie payments amid the broad panic and pressure from other banks' suspensions
- Newspaper Excerpt
- The Bank of the State of Missouri, the Merchants' Bank and the Southern Bank suspended this morning
- Source
- newspapers
Newspaper Articles (12)
Click image to open full size in new tab
Click image to open full size in new tab
Article Text
More Bank Suspensions. ST. LOUIS, Oct. 26.-The bank of the State of Missouri, Merchants' Bank, and Southern Bank, suspended this morning. The Mechanics' is still firm.
Click image to open full size in new tab
Article Text
St. Louis Bank Suspensions. ST. LOUIS. Oct. 20.-The Bank of the State of Missouri, the Merchants' Bank and the Southern Bank suspended specie payments to-day. The Mechanics' Bank still continues firm.
Click image to open full size in new tab
Article Text
SUSPENSION OF BANKS IN BT. LOUISState Bank cf Missouri Gone. St. Louis, Oct. 26. Bank the State of Missouri, Merohants Bank, and Southern Bank suspended this 8. m. Mechanics' still firm.
Click image to open full size in new tab
Article Text
Sucpeneium of Banks ⑉ Sc. Louis. Sr. Lovis, Oct 26 Bank of the State of Missouri, Merchants Bank, and Southern Bank suspended this A M. Mechanics' still firm.
Click image to open full size in new tab
Article Text
20 2/099 TOT RIZO Sr. Louis, Oct. 26. SUSPENSED.-The Bank of the State of Missouri, Merchants' Bank. and Southern Bank suspended this morning. Mechanics' Bank still firm.
Click image to open full size in new tab
Article Text
ST. LOUIS, Oct. 26-9 P. M. Bank of the State of Missouri, Merchants Bank. and Southern Bank, suspended this morning; Mechanics still firm. .
Click image to open full size in new tab
Article Text
Suspension of Banks in St. Louis. Sr. LOUIS, Oct. 26. Bank of the State of Missouri, Merchants' Bank, and Southern Bank suspended this A. M. Mechanics' still firm.
Click image to open full size in new tab
Article Text
fidence of its correspondents generally, receiving daily remittances and bills for collection heretofore, With ite undoubted capital and reputation for integrity, the -eq u! ou basy **) JO spares pos upon u! united 002 regain Appeads TIME # Suisey person 2001 08 seq 7! esuangar Messrs. Win-low, Lanier & Co. will, on and after Monday next, pay the following coupons then falling due, VIZ Indiana Central Railroad Company P cent let Mortgage Bonds; the City of Cleveland P cents, issued to the Cleveland, Painaville cad Ashtabula Railroad Company. The bills of the Woodbury Bank, Conn., will be redeemed at the Mercantile Bank, New York, at 1 # cent discount. The following sales of stocks and bonds were made by Albert H Nicolay at the Merchants Exchange: $3,000 T Haute ton 1st Mort. cent. Int.added 50 tst OL papps sup 1879 enp spuog ques 4110 00018 200 aberes American Guano Company, $100 each sol 10 abares Phenix Insurance Company, $50 each {001 yese $29 nottud sereqe 04 The Philadelphia Ledger of this morning says the sq uo 20109 useq seq quick eqL Directo TH of the Bank of Pennsy Ivania, into its affairs, has been brought near 8 close. " We understand that the exhibit is not favorable. -man punos 01 9089 eq: 10 1 94L bers. independent of capital stock, we are informed, is 928 there yours 19901 02-218[10] Jo OM1 moor assets appraised at one and three-quarter millions. If this appraisement and amount of liabilities are correct, the bank would seem to be unable to pay its debts, leaving nothing for stockholders. The bank holds, we believe, about $175,000 of its own sto 8 portion of this however, has been pledged to one or more of the interior banks, through the agency of a third party, who now stands liable to the interior banks for the amount. The Committee representing the city banks in this 08:08 eq 01 ST ''' ge B 10 Aou Indications eqt pare 18 attentis TB 04 are that it will go into liquidation, and probably out of existence, leaving as little for its shareholders as did '80 % perjun em 10 Bank the " Noteholders and depositors will probably be paid.' Accounts from St. Louis of Detober 26, stateths the suspension of the Bank of the State, the Merchants and the Southern Bank, created but little excitement, The former voted to suspend on Saturday after the close of back hours; the Merchants' at the opening of the bark on Monday, and the Southern, after sus. taining a run of an hour or more. The Mechanics' continued to pay specie. It is expected that the Leglature will legalize the suspensions. The State Bank petuees suotenedens 1887 " crisis eq: poossion A to have no effect on the produce market. The Milwankee Wisconsin says: Throughout the pineries of Wisconsin they are dis charging their hands. Lamb has not been in large 1850' eouts 0.08 Jo Imp Os pus Kiddns -Ens beeq emergen V 01 bard pus chico at pended, and hence the glut in the market. The same JO sperpung 100 Michigan JO interies the 10 enn SI comember the 18 Jo no 1+ 012 1901 ment of the winter." We earn that there will be comparatively little lumber cut in Maine durit the coming Winter. The dn pasn being unag Jan 81 year pueq uo 10018 The Philadelphia American and Gazette considers it certain that the revenue for the ensuing year will not equal the expenditure by many millio and that a loan is inevitable. It bases its conclusion on the following statements: Only eleven months ago the late Secretary of the Treasury, Mr. Guthrie, in submitting his last annual report to Congress, stated the resources of the Government for the current fiscal year as follows: 00 000 000'99* Charges mo/1 00 From Lands L9 018 910 L9 [810] am at estimated pps quite OL 18 June 30, 1857 88 092'098'96$ jo was our Mathin 18 our Jo the JO "I the last ession of Congress. large importations were made and warehoused previous to the 1st of July, to profit by the reduction of duties. Hence, during July, August and the early part of September, the receipts from customs largely exceeded the average of Mr. Guthrie's estimato, made before the law Wds passed. That about twenty millions of revenue from cus toms were collected in all the ports of the United we,des JO 9391 pus sins jo 1ST TII between States ber, and allowing two millions from lands, of the sales of which no official statement has been published, 8 jough guess may be made at the state of the Treasury on the 1st of January next, when the first half of the current fiscal year will have expired. The receipts from customs have fallen down to half a million a week, or less than one third what they were a month ago, and they are not likely to increase materially for some time to come, no matter what may be the expecgue 07 100 81 I 10 tation cipate that the receipts from the public domain will be cut off almost entirely for a year or two-not because emigration to the West will be diminished, for we th LK, under existing causes, it will be considerably and substantially increased, but because the immense bodies of lands now held on speculation in the ne 7 States and Territories will be forced into market, to JO departments present pus competition serious em the Government. ano 'perate assuments 11 nodu that estimate for the six months of the present fiscal year is 8. follows: Balance in Treasury on Is: July, 1857 000'000'02 Revenue from Customs to 5th Sept THE 181 01 adas 4191 won smoteng mon Reverne 000'009'9 '8931 0000000'2 Revenue from Landsto 1st Jan 1858 000'009'81$ Total. 000 000 $1 Revenue fr m Customs from Jan. to July 1853 000'009'19$ Total. This estimate is some $31,000,000 below that of Mr. Guthrie. The appropriations for carrying on the Gov. einment next year amount to over $80 000,000; or nearly $20,000,000 II ore than the estimate of The Ameri. can and Gazette. The necessity of some measures for bringing forward the grain and produce of the West is daily more pressing. In the present state of financial affairs, the crops jo the Jo suveur &[ao 14" 918 the West to the seaboard cities. There is scarcely money enough in the West for the daily transaction of their own business. In & little more than a month, at the longest, the means of transportation in an7 quantity commensurate with therequirements of commerce, will be seriously impeded, if not rendered impossible. Last year, in the months of August, September and October, millions of dollars worth of produce were forwarded from the West to the seaboard. This year, October has nearly passed, and we have as yet comparatively nothing. Not & third 80 much has been
Click image to open full size in new tab
Article Text
BANK SUSPENSION. Met ST. LOUIS, Oct. 26.-The State Bank of Missouri, the Merchants' Bank, and the Southern Bank suspened this morning. The Mechanics' Bank is still firm. in terms eti)
Click image to open full size in new tab
Article Text
From the St. Louis Evening News. Missouri Banks Suspended. The public were taken considerably by surprise, this morning, on learning that the Bank of the State of Missouri, though opening its doors at the regular hour, had ceased to pay specie on its notes. Of course this fact announced to the world the inability of the Bank to redeem its bills, for the course of the Directors had been deliberately taken to redeem as long as the Bank "had a dollar" in her vaults. This purpose of the Bank was not to be construed literally of course, The Bank had, on Saturday last, it is said, as much as $40,000 in specie. But depositors had as much, if not more, than this sum in the keeping of the Bank, and the institution could not claim as its own what it had on hand. The Directors saw that suspension was inevitable, and invited a conference with the other Banks of the city, with a view to genoral suspension. The Representatives of the Mechanics' Bank did not feel authorized to vote for suspension, and so the conference failed. It is understood that CLAIBORNE F. Jackson, the very faithful and efficient Bank Commissioner, was in the city and gave his opinion decidly in favor of suspension. Mr. JACKSON posse ssed personal knowledge of the fact that the Banks had kept themselves clearly within the letter of the law; that they had resisted every appeal to suspend while they had coin to redeem their notes with; that they had used extraordinary exertions to keep themselves supplied with coin; and that they only yielded, at last, to the unparalleled pressure, after nine-tenths of the strongest Banks of the Union had suspended. Under these circumstances Mr. JACKSON conceived that their whole duty had been done, and that the Banks could stand before the legislature with clean hands and an honest front to know the will of the legislature in regard to their fate, whether they should be closed up under the provisions of the Banking Law, or have an act passed legalizing their temporary suspension. Influenced by these considertions, and feeling that they had done their whole duty, the Directors of the Bank of Missouri, suspended the redemption of their notes in specie, this morning. The Merchants' Bank, knowing of this determination, opened, but did not pay specie. The Southern Bank also opened, as usual, but after suffering a heavy run, and paying out a large amount of specie, was obliged to submit to the common fate, and suspend specie payments. This leaves only the Mechanics Bank to decide upon its course. What it will do remains to be seen. If it does not suspend it will soon have no notes in circulation.
Click image to open full size in new tab
Article Text
Bank Suspensions. St. Louis, October 26.-The State, Missouri, Merchant's and Southern bank suspended this A. M. The Mechanics' is still firm.