10585. James H. Lucas & Co. (Saint Louis, MO)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
private
Start Date
October 5, 1857
Location
Saint Louis, Missouri (38.627, -90.198)

Metadata

Model
gpt-5-mini
Short Digest
1a8065e5

Response Measures

Public signal of financial health, Full suspension

Other: Prominent citizens published a guarantee card (public assurance) before the suspension; bank then closed doors after prolonged withdrawals.

Description

Multiple articles (NY Herald, New-Orleans Daily Crescent, local papers) report a continuous run of withdrawals on James H. Lucas & Co. in early October 1857, forcing the house to suspend/close its doors (reported Oct 5–6, 1857). No reopening is reported in the provided texts; therefore classified as suspension following a run resulting in closure. The bank is described as a banking house/bankers but not as a national/state bank, so classified as private.

Events (2)
1. October 5, 1857 Run
Cause
Macro News
Cause Details
Continuous withdrawals driven by the wider 1857 financial panic and loss of confidence; depositors withdrew coin over preceding weeks culminating in heavy withdrawals that closed the house.
Measures
Endured withdrawals for weeks; eventually closed doors and suspended payments.
Newspaper Excerpt
the house had endured a regular, ceaseless draft upon it for coin...yesterday between one and two P. M. the doors were closed.
Source
newspapers
2. October 5, 1857 Suspension
Cause
Macro News
Cause Details
Suspension/closure was triggered by the continual run and heavy drafts for specie amid the national panic of 1857 and loss of depositor confidence.
Newspaper Excerpt
James H. Lucas & Co., bankers here, have closed their doors.
Source
newspapers

Newspaper Articles (10)
1. October 6, 1857 The New York Herald New York, NY
Article from The New York Herald, October 6, 1857

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The Money Panic. WHAT WILL THE PENNSYLVANIA LEGISLATURE no HARRISBURG, Det 5, 1857. The town am med a lively appearable to-day, owing to the anival of of the Legislature. There will probably be a fu quo um of both houses in attendance to morrow morning. The Governor's message is a-aind with a great eal of anxiety Both houses will meet at 11 A M It is thought that he message will state the condition of the banks and comment on the financial embarrassments, but make no recom mendation in regard to either, leaving is to the Legislature to devise the meas. ures of relief. It is doubtful whether anything can be done for relief, M a small minority mav embarrass the majority to such an extent as to defeat heir measures. No predictions as to the result can be made THE DEMOCRATIC MEETING IN PHILADHLPHIA IN OPPOSITION TO THE LEGALIZATION OF THE BUS PENSION OF SPECIN PAYMENTS. Philadhuphia, ot 5. 1857. The meeting of the democrate in opposition to the legal ization of the suspension of specie payments was largely attended this evening, orincipally by working men Geo. L Wharton preeided, Resolutions were offered, which in substance are as follows:-That the pre ent financial em barrasoments, occurring at a period when wealth comes from all sources, overflowing and in abundance, are in consequence of over rading, imprudent investments and extravagance, which, in the opinion of this meeting, have been stimulated by improper expansions incidental to banking upon an insecure foundation; that we are in favor of the pol cy of usins metallic currency alone: that eattribute the present cerfect scundness of the affairs of the government to specie areactions; at the affairs f State and city should be similarly administered, and the treasury secarated and discounce ed from the banks as the treasury of the United States has been detaiched from such association; that le galization of be present suspension of specie paym nt by the banks would violate thefundam ntal principles of public and private mo ality, that the Legisla ure about to convens should leave the banks to the operation of existing laws, tempered by such forbearauce M the good sense of their creditors may suggest; that States should maintain a sound currency tu specie on such banks as are immediately redeomable in coin, and that no other should be panciloned; that we are on posed to bills of smaller denominations than the present; that we decomece and criminate bank presidents and directors as old fogies who shut their eyes to the interes's of the city and the State; and that we favor the adoption of the New York bank system, with the exception of the issue of small notes. Much enthusissm was caused by the mention of the name of Jackson, and the sen iments 10 spend leas; that extravagance bas been the cause of the present troubles; and that economy is the only redress, were received with applause. Although the meeting was large, it cannet be termed fail. Much dissatisfaction existed among portions of the democra , in regard to the measure Some of these, however, took part in the proceedings, in order to guard against going too far Volumary resolutions were attempted to be offered, but were overruled by the parties in power. One of the resoIntions asked the bank directors to resume specia pay ment or render a statement of their accounts to the peo. ple within thirty days. and save & pledge to vote for no man for the coming Legislature who was not-opposed to the present system of banking. the refusal to have this read caused much disturbance and confusion. Mr. Wharton, Gen. Cadwallsder and others spoke The opinions expressed were, that bank expanst na end in bankruptey and contractions shut up workshops. A riot occurred during the parade this afternoon, in the Seventeenth ward, between the mem hers of the Hibernia and Frasklin Hose companies. Three men were shot, one supposed mor ally. Another difficulty afterwards occurred down town, between the Moy amensing Hose company and the Fairmount Engine company, but nothing serious arose from it. The city bas been thronged with sirangers and firemen to-day, and this evening all places of amusement are throrged. FINANCIAL AFFAIRS IN BOSTON. BOSTON, Oct. 5, 1857. The money market, as far as the street is concerned, is unchanged. The banks have been liberal in their discounts to day, and public confidence is graduaily beingrestored. The banks paid their sem-annual dividends to-day, which are about an average of former years. Very few transactions took place in stocks, those of railroads showing the least depression. Bank shares were pressed. but there were no buyers. Rumors of heavy failures were current in the street, but only two firms, of small liabilities, are known to have suspended. The managers of the Eew England Worsted Co., of which Messrs. Lawrence, Stone & Oo, were agents, are endeavoring to make such arrangements as will enable them to continue the works at Saxonville, and thus contirue a large number of hands in their employ. Messr: Wells, Farge & Co. waived all right to day to the usual grace on seconds of drafts, received per the Star of the West, and also the sixty days notice on duplicate receipts of treasure lost in the Central America. STOPPAGE OF THE BANK OF CENTRAL NEW YOR!. UTICA, Oct. 5. 1857. The Bank of Central New York, of this city, did not open for business to-day. Thomas R. Walker has been appointed Receiver of its effects. SUSPENSION IN CINCINNATI. CINCINNATI, Ohio Oct. 5, 1887. Measrs. Dunbury, Drake & Co., bankers here, have suspended. SUSPENSION IN LOUISVILLE. LOUISVILLE, Ky, Oct. 5, 1857. W. E. Onlver, banker here, has suspended. No further failures are apprehended. FAILURE IN ST. LOUIS. Sr LOUIS, Oct 5, 1857. James H. Lucas & Co., bankers here, have closed their doors. REDEMPTION OF THE PUBLIC DEST. WASHINGTON, Oct. 5, 1857. But a few thousand dollars of public debt came to hand to day It is expected that to morrow's mall will doub: less bring a large amount CONDITION OF AFFAIRS IN NEW ORLEANS. Naw ORLEANS, Oct. 3, 1857. The heavy payments due at the banks to day were satis. factorily and resolutely met. The crisis is considered past, and he sky is brightening. Kennet, Dix & Oo, a commission house, failed to-day.

2. October 7, 1857 The Evansville Daily Journal Evansville, IN
Article from The Evansville Daily Journal, October 7, 1857

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Financial. NEW ORLEOct 5-M Basiness still restricted by 4upossibility of getting Exchange. Smites of bills ou New York have been mad 134@1/2 premium. No sales of sterlexchange have been reported. Vocrhes, Griggs & Co 's susbn is annonnced, but it is supposed onlibe temporary. NEW YORKG-M Willet & Co.," hardware mers, have suspended. DETROITS_M The Farmer & Mechanic's Bank city Athas been placed under injunction torney General. CINCINNATI, M Money matters more unsettled. on the East firmer aad tending upwa ange @6 per cent. prem. generally asked. BOSTON, Of At the instance of the Bank Com,ners, temporary injunctions have beeed on the Western Bank, Springfield. NEW York, Oct 6 The bills of the Lee Bank, Mass., M tile, Charter Oak and Exchange Biq Hartford, Ct., and the Bank of Wate N. Y., have been thrown out. The following is the comparative statement: Decrease in loans, $1,855,934; decrea specie, $1,926,292; decrease in deposit 338,954; increose in circulation, $77,794. tal specie, $11,400,113. The loss in specie has been occasioned gether by hoarding, in consequence 0 panic. The bank statement has not been favo received. ST. Louis, O Messrs. James H. Lucas & Co., bar closed to-day. LOUISVILLE, O Wm. E. Culver, banker. has suspend

3. October 7, 1857 New Orleans Daily Crescent New Orleans, LA
Article from New Orleans Daily Crescent, October 7, 1857

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Prescent. Daily THE COMMERCIAL DEPARTMENT. Hew Orleans Money Market. CRESCENT OFFICE, No. 70 Camp street, Tuesday Evening, Oct. 6, 1857. } It is hardly to be expected that with such inclement weather as has prevailed to-day, we should have much to say about money matters-yet we have something to remark on. The offerings in Bank to-day for discount were very large, and very heavy, but take the market all around, It was no tighter than on yesterday, particular as it wasacted on by the very inclement weather. It is hardly necessary to say much about paper this evening. There was very little offering, and of course very little done outside of Bank. Lenders, in general, appear to have closed their pockets unless at exorbitant rates, but it does not really seem to affect the general course of trade. The money in the city is not yet all in the hands of a dozen individuals. Exchange was quiet to-day. The elements outside seemed to have great influence. Some sales of Bank checks were made at 11/4 premium, and some sight drafts at 11/2011/4 premium. In time bills we did not learn of a transaction. Sterling without change. If there was any change to-day, it was to the disadvantage of sellers. In stocks there were no transactions. The general market closes about as gloomy as we have known it for many days, and of course our remarks must be brief. A writer in the New York Times, of the 30th inst., on the present embarrassments, alludes to the ever memorable era of 1825. As many of our old citizens bear in mind those events, we draw largely on the communication. Those events are fresh in our memory The Banks of New York should take warning from the conduct of the Bank of England in 1825. The great panie of 1825 in England was caused by the Bank of England contracting its issues to the extent of three and a half millions in the short space of six months. From the years 1819 to 1824 an enormous influx of gold took place in England, which gave rise to many speculations. In 1824 a reflux had set in, and the Bank of England suddenly found its treasure leaving its vaults. In April, 1825. when six millions and a half of their treasure had left them, they began to tighten the screw, (as the Banks of New York are now doing,) and contracted their issues. This they did with an unsparing-an unfeeling hand-(as the Banks of New York are now doing.) From November, 1824, to September. 1825, ten millions of treasure had left the Bank's vaults, d and only three millions remained. They began toscrew tighter. All was dark and gloomy as New York is now. Persons of undoubted wealth and real capital were walking distracted in the city seeking to get loans. Men who had money kept it in their pockets they followed the example of the Bank of England. If the king turns his back on the enemy, will not the soldiers of flee? The crisis grew fearful; the country Banks begar to fall. The Bank of England said (88 the Banks of New York now say.) if we afford accommodations to the public, we shall only be causing further exports of gold and driving the exchanges ag-inst the country " One country Bank after another broke down; the evil did not stop there. On the 12th of December, one of the oldest and largest private Bankers in London stopped payment a dreadful run immediately took place. a panic seized upon the public-the most honorable merchants of London were begging for money, but not a penny was to be had, even on the best securities: the question was not who it should fall, but who could stand. At this moment, the Bank of England saw its errors. After having doggedly refused aid up to Tuesday afternoon, the 13th of December, 1825, they com menced a new era on Wednesday they then commenced to dis count, and that to the extent of millions of pounds. The great panic was caused by the Bank of England withdrawing its accommodations to the public to the extent of three and a half millions sterling in the short space of six months. The great panic ceased to exist when the Bank re-extended their accommodations to the public to twice that amount in six days-the Bank of England distributed in currency the value of fifty millions of dollars in less than eleven days. The Banks of New York ought to coalesce and purchase ten millions of gold in England or elsewhere-th they can easily do from the capitalists of Europe. Suppose they gave ten per cent. for the loan-suppose they gave a premium for it, as the Bank of France has 80 wisely done-would it not be well? Must tens of millions be sacrificed when for a million in interest, the a. panic can be quieted and confidence restored? Fourteen millions of geld is not sufficient for the Banks of New York-they ought to have twenty millions of a specie basis at least. I believe one of the causes of the periodical panics that take place in late years arises in consequence of the Banks not being allowed to issue their notes, their promises to pay,' except to as 17 the amount of securities deposited in Albatty. When, therefore gold becomes scarce, they have to send their notes in and get the securities back and sell them for the purpose of obtaining gold. The Bank of England is ues its notes to the extent of es $100,000,000. The Banks of New York, with an immense capestal, issues only $8,000,000, and that it can only do by deposit:8ing securities for the amount in Albany. The Banks of New York have really not the privilege of a small merchant-the lata ter can issue $5,000 in notes of hand in promises to pay-but the all Banks cannot issue one dollar unless depositing its value in Albany. In my opinion the Banks should be allowed by right to issue to the extent of third of its capital, without depositing the value in securities. Now the $100,000,000 worth of bank H, notes of the Bank of England acts in the place of gold-it is a on new and borrowed power, but all borrowed powers are not necessarily weak nay, the steam-engine is a borrowed power, iz: but it is a stronger power than manual. The great warrior Jack. son said "Those who trade on borrowed capital ought to re break :" but the greatest fortunes have been obtained by borrowed capital. If an enemy comes to worry and to tear, and to cause ruin and misery, must the enemy be suffered to have his own way must not means be got? The borrowed assistance of loans from France did great service at the time of the Revolution in this E 888 capital. country. The greatest fortunes have been obtained by borrowed np The Banks of New York ought to act liberally now and the y panic would immediately cease. The demand for money in ordinary times is for the purpose of putting it in circulation-the N. demand for the same in time of panic is to withhold it from cia circulation. Let the Banks show a liberality to the public, confidence will then be restored. Gold left the Bank of England when they acted illiberally, but when they restored confidenco, nd by suddenly discounting. gold flooded into the Bank-specie that was hoarded away in corners found its way into the Bank's vaults. The screw should be reversed-should be eased just now-but the Banks up to this moment have tightened the screw, and by their conduct have made money scarce. Let them act as the Bank of England finally acted in 1825, liberus ally, then the panic will be at an end. The telegraph on yesterday advised of the suspension of the 1/4. heretofore considered strong house of J. H. Lucas & Co., Lucas & Simonds. To corroborate the impressions existing, and to remove all doubt of the house being able to sustain the storm, we append the following card, which we look upon as aguaranP. tee for the payment of the deposits and accounts of all persons erhaving transactions with the house. This card is dated on the 28th September, and yet on the 5th October, one week afterwards, the telegraph dvises that the house of Lucas & Co. has suspended payments. Capt. Simonds, we believe, is the partner, lb. and if our memory serves us correct, was engaged in the steamlb. boat business, in the trade between this portand St. Louis, about lb. twenty two or twenty years ago. The house has no .connections in this city, its business having been transacted through and with the Bank of Louisiana A CARD.-The undersigned, believing that there is nothing in Ethe condition of affairs to instify a want of confidence on the onpart of the community in the so vency of the several Banking houses of St. Louis, do hereby, in order to allay the apprehennd sions of depositors, and to prevent the inconvhniences which tes might result from R run by them on their depositors (without intending by their action in any way to intimate a distrust of any other house,) guarantee and assure to all persons having accounts with the banking house of James H. Lucas & Co., the safety of their respective deposits. L. Witness the hands and seals of the undersigned, the 28th of September, 1857, at St. Louis, Mo. W. Renshaw, Jr., James E. Yeatman, S. M. McCune, James Harrison, John How. D. A. January & Co., D. H. Armstrong, R. J. Lockwood,

4. October 7, 1857 The New York Herald New York, NY
Article from The New York Herald, October 7, 1857

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There were returned to the Bank Department for one cellation during the last week over $1,550,000 of bank bills. The amount of securities surrendered was over $1,000,000. The amount of notes still In packages, net counted, (included in the above,) was about $830,000. The amount of notes returned for cancellation for the last 'hree days of the week susceeding the recent decision of Judge Harris, was over $1,100,000, and the amount of se curities returned during the same period was within a fraction of $800,000. The Albany Statesman mentions a report that a young man who has for some time been engaged in the freight department on the Boston Railroad, in that city, is missing, and is supposed to be a defaulter to the amount of $10,000 or $12,000. By telegraph we have information of the suspension of Measra. Dentury, Drake & Co., of Cincinnati; W. E. Culver, of Louisville; James H. Lucas & Co., of St. Louis; and Kennet, Dix & Co., of New Orleans. The banks of Providence, R. I., have made arrangements for the settlement of their exchanges, and have adopted the following rules:1. That each bank shall pay out its own bills and no other. 2 That each bank shall make its deposit at the clearing banks, before ten o'clock. A. M, daily. 3. That John R. Bartiett, Shuosel Hutchias and Benjamin While constitute a committee, to advise in segard to what they consider an excessive issue of bills by the banks, and to have a general supervision of the exchanges and D. nathers a: the clearing banks. The following banks la New Jersey are operated under the general banking law, and every bill Issued is counter. signed by the State Treasurer:-

5. October 8, 1857 The Evansville Daily Journal Evansville, IN
Article from The Evansville Daily Journal, October 8, 1857

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MR. J. II. Lucas. whose Banking House Suspen led in St. Louis on Mondav. was the wealthiest man and largest tax payer in the «city. His property was valued at $3.000,000 or $4,000,000. and he probably has ten dollars in value for every dollar of liability. But property in times like these is of no avail to pay debts. The Republican says: It nee led only the stoppage of the banking h use of James H. Lucas & Co., to wind np the financial horrors with which this city has been overwhelmed within the past three weeks. Business houses have suspended. to the surprise of every body; banking houses. supposed to be equally sound with that of Lu as & Co., have gone down. andeonfusion has been increased ; but when the house of James H. Lucas & Co. was forced to suspend yesterday by the continual run upon it. as regular as the rain which tell throughout the day men were amazed and searcely knew what to think. The case is an extraordinary one. For at least thirty davs the House had endured a regular. ceaseless draft upon it for coin. There was not a man. in all probability who did not believe t at his money was safe with them but the great ma ority of de-positors either to answer the importunities of friends or to be sure that the gold was within their clutches, resolved to check it out and it was done. We assume that a million of dollars of current deposits were thus extracted by little and little. and vesterday between one and two P. M. the doors were closed.

6. October 8, 1857 The Davenport Daily Gazette Davenport, IA
Article from The Davenport Daily Gazette, October 8, 1857

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BANK FAILURE IN Sr. Lovis.-Private advices from St. Louis announce the suspension of the banking house of James H. Lucas & Co., of St. Louis. The house was supposed to be one of the strongest in the country. Mr. Lucas, the senior partner, is an old citizen of St. Louis, and immensely wealthy. We have heard his real estate in St. Louis, alone, estimated at five millions of dollars. It was only a little while ago that he made the munificent donation of $100,000 towards the establishment of an Astronomical Observatory in his own city. The failure of this house cannot fail to affect still more disastrously the business men of St. Louis. Indeed we have heard of the subsequent suspension of some well known houses already.-Chicago Press.

7. October 9, 1857 The New York Herald New York, NY
Article from The New York Herald, October 9, 1857

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Hickox & Starr, hats, New York city, suspended. Drey & Sancers, findings, New York city, failed; Habilitica about 860 000 West, Caldwell & Co. hat findings, New York city, sur. pended; atk an extension, and will undoubtedly pay in full. Ballard, Sbute & Do., furs New York city, suspended, a on extension of eight month. and offer to pay to full. Starr & Underbill, hats, New York city, surprinded. Townsend, Romar & Oo., fancy goods, New York city, tus enced Walker, Worth & Co., grocers, New York city, sus pended. Sargent, Brother & Oo., hardware, New York city, suspended Van Valkenburgh & Oo., straw goods, New York city, suspended Frank & Strauss cio bing, New York city, suspended. A 0 Evans & Oo drugs, Now York city, suspended A G. Perry & Oo., jowellers, New York city, sus pended. Samuel Hotaling & Oo., salt, New York city, suspended. 8 Swan & B.O., dry g ods, New York only, suspanded. Vanderburgh, Bonnett & 30., fancy goods, New York city, sustended. James Cropsey, dry goods, New York city, failed and assigned. A. Peckbam, joweller, New York city, suspended. R. E. Halch, dry goods, New York city, failed and assigred. W. B. Mackenzie, mantillas, New York city, failed and comprombed. McCormick & Simpson, dry goods, New York city, fail. ed. John M. Clark, butter, New York city, failed. Charles 8 Mattbows, hotel, New York city, suspended. Brooks & Armstrong, dry goods, Now York city, sue rended Ide, Felt & Hall, straw goods, New York city, suspended Rors, Newell & Oo., fancy goods, New York city, failed. Blake & Brown, silks, New York city. suspended Harford & Brother, blothing, New York city, suspended. McArtbur, By rne, Gibbons & Co., dry goods, Now York city, surpended. Gage, Dater & Sloans, dry goods, New York city, sus perded. Livingston & Ballard, grocers, New York city, gus. perded. Ely, Bowen & McDonnell, dry goods, New York city, suspended, ask on extension, and propose to pay in full Yelverton & Welber grosers, New York city inspended. Chapman. Pike & Co., fancy goods, New York city, sus. rended, with l'abilities of $250,000, but have a nominal surplus of s 00,000. Lee, Murphy & Avery, straw goods, New York city, suspended. Melliss & Ayers, importers, New York city, suspended Willets & Co., bardware, New York city, susponded. Bowen, McNamee & Co, New York city, suspenied; ok an exten.ion; have a large surplas, propose to pay in full, wih interest. SP susten, Albany, N Y., assigned. John Morris Utice, N. Y., assigned. Edward Rogers, West Troy, N Y. assigned Recheater Nove Works, Rocher ter. N. Y., assigned. W. H Morgan Son. Plattsburg, N. Y. assigned. Poxell, Ramadell & Co., burg, v. Y, sea ended. Philip B Lingford, Rome, N. Y. anigaed. Charles O Hart, Binghampton, N Y., suspended. L. W Storms. Le Roy. N Y, assigned. Andrew Oatenon, Pulaski, N Y., assigned. Sold mon Rathbun, Verona, N. Y, assigned. wis Warren, Riga, N Y ass'gued. George Warren. Riga, N. Y., Alfred J. Wagner, Fort Plain, N. Y a signed. U. W. Churchnai & Oc., dry goods commission, Palladelphia, uspended. Regere, Sepnickron & Oo., coal, Philadelphia, suspended Lippinoctt, Coffee & Co., dry goods, Philadel, his, suspended White. Stevens & Co., sugar. Philadelobia, su pended. John Ely & Co., dry goods, Philadelphia. suspeaded. Alibone & Jenks, oil, Philadelphia suspended. J. Halacy & Moore, dry goods, Philadelpbis suspended. E Arnold, dry goods, Philacelphia, suspended. Lucien Foots, Penn, assigned. J M. Heghes, Westchester, Penn, failed. R H. Wascn. s'arnah, Geo., failed and assigned. Kennet, Dix Co, New Orieans. La, suspended. E W. Clarke A Bro, bankers, St. Louis, suppended. James H. Lucas & Oo., bankers, St. Louis, Mo., onepended. Chotean, Harrison & Valle, at Louis, Mo, suspended. George M. Willing Fulion, Mo., suspended. Hutchings & Co., bankers. Locisville, Ky., assigned. John Smid & Co, bankers. Locisville. Ky., suspended; nominal arsets $119,532, and liabilities $98,084; will probably BOOD resume. Simon Steinan, Louisville, Ky., suspended and assigned. Denlovy, Drake & Co, bankers, Cincinnati, Ohio, sus pended. Shreeve, Steele & Co., Circinnall, Ohio, iron, suspended; is thought temporarily M.A Raymond, Cincinnali, Ohio, assigned. I. P. B Jeweli, Cleveland, Ohio, assigned to G. E Herrick. A. & L. Smith & Co., Varion, Obto, assigned. V. C. Hanna, Indianapolis, Ind assigned Swift, Brother & Johnsion, bankers, Chicago, III, sur pended. Moore, Hollenbush & Co., bankers, Quiney, III., suspended R'shard B Landom, Roomington, III, failed; liabilities about $00.000 Burdell & Sarger, Rock Ioland, III, assigned Conner & Jolley, Fultos City, III., suspended and as. signed. Davis & Barton, Janesville, Wis., assigned. D. 8 Durile, Madison, Wis., assigned. Green, Thomas & Co., Barlington, Iowa, suspended. Wickersham & Wilrams, Daveaport, Iowa, aseigned.] Young. Smith & Jones, Oskelocsa Iowa, resigned H. H. Breit, backer, Toronto, C. W., assigned. W.B Alken, Oakville, C. failed and left the place.

8. October 9, 1857 The Daily Gate City Keokuk, IA
Article from The Daily Gate City, October 9, 1857

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The Panic in St. Louis. The Republican of Tuesday says: "It needed only the stoppage of the banking house of James H. Lucas & Co., to wind up the financial horrors with which this city has been overwhelmed within the past three weeks. Business houses have suspended, to the surprise of every body; banking houses, supposed to be equally sound with that of Lucas & Co., have gone down, and confusion has been increased; but when the house of James H. Lucas & Co. was forced to suspend yesterday by the continual run upon it, as regular the rain which fell throughout the day, men were amazed and searcely knew what to think. The case is an extraordinary one. For at least thirty days the house had endured a regular, ceaseless draft upon it for coin. There was not a man, in all probability, who did not believe that his money was perfectly safe with them, but the great majority of depositors, either to answer the importunities of friends or to be sure that the gold was within their elutches, resolved to check it out, and it was done.We assume that a million of dollars of current deposits were thus extracted by little, and little, and yesterday between one and two P. M. the doors were closed. "It is not extravagant to say, that Mr. Lucas has an estate worth four millions of dollars, and the other members of the house can add a million or two more to it, SO that in no event can any loss be sustained by depositors. "The house in New York also suspended yesterday." On Monday there was a large meeting of Merchants on Change, at which resolutions in favor of taking and passing Illinois ourrency at 10 per cent. discount, and recommending a generous confidence in each other, were offered and referred to a committee composed as follows: Gen. Ranney, N. Wall, D. A. January, W. Crow, John Hogan, John How, Edward J. Gay, L. c. Garnier, James H. Lucas, Geo. Partridge, Wyllis King, Chas. L. Tucker, J. A. Browniee, R. M. Funkhouser, Gerard B. Allen, and J. H. Oglesby. This committee was instructed to report on Tuesday. Mr. Henry, Bank Commissioner of Illinois, was present and made a speech. said the object of his visit to Missouri was to concert measures for rescuing Missouri bonds from the disastrous depreciations they had recently suffered-a depreciation which was itself the cause of the depreciation of Illinois bank paper. Illinois currency was secured by State bonds, the greater portion of which were Missouri's. He stated the circulation of the Illinois banks at this time to be $5,500,000, secured by $7,900,000 state bonds, of which $4,900, 000 were Missouri bonds. He thought Missouri ought to suspend the further issue of bonds for the present, and re-commence the establishment of a clearing house in St. Louis for the redemption of Illinois currency. John Hogan deprecated the absurd adherence to a specie business when no specie was to:bahad, oursed the men whohoard gold and silver, recommended the restoration of confidence, and asked why Illinois currency would not buy produce in St. Louis as well as in Chicago. The Republican says the Committee met in the afternoon and was found to be equally divided on the proposition to adopt a par valuation instead of the standard of 10 per cent. discount. After the suspension of Lucas & Co. at 1 o'cloek, there was a slight run on other houses: and quite a erowd gathered at the State bank, anxiously converting fits paper into gold. A further run was anticipated on Tuesday, butit was hoped that & majority of

9. October 9, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 9, 1857

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A. G. Peckham, Jeweler," New-York City, suspended. R. E. Hatch, Dry Goods," New.York City, failed and assigned. W. B. McKenzie, Mantillas," New-York City, failed and compromised. McCormick & Simpson, Dry Goods," City, failed. John M Clark. Butter New York City, failed. Charles S. Matthews, Hotel," New. York City, suspended. Brooks & Armstrong, Dry Goods," New. York City, suspended. Ide, Felt & Hall, "Straw Goods." New. City. suspended. Ross, Newell & Co., Fancy Goods," New. York City, failed. Blake & Brown, "Silks." New York City. suspended. Hanford & Brother, "Clothing," New York City, suspended. McArthur, Byrne, Gibbons & Co., Dry Goods," New-York City, suspended Gage, Dater & Sloans, Dry Goods, New-York City, suapended Livingston & Ballard, Grocers," New York City, susvended. Ely, Bowen & McConneli, Dry Goods," New York City, suspended. ask an extension, and propose to pay in full Yelverton & Walker, Grocers,' New York City, suspended. Chapman, Pike & Co., Fancy Goods," New York City, suspended, with liabilities of $250,000, but have a nominal surplus of $100 000. Lee, Murphy & Avery, Straw Goods," New.York City, suspended. Melliss & Ayers, Importers," New-York City, suspended. Willets & Co., Hardware," New-York City, suspended. Bowen, McNamee & Co., New-York City, suspended; ask an extension; have a large surplus; propose to pay in full, with interest. S. P. Burton, Albany, N. Y., assigned. John Mornis, Utica, N. Y., assigned. Edward Rogers, West Troy, N. Y., assigned. Rochester Novelty Works, Rochester, N. Y., assigned. W. H. Morgan & Son, Plattsburgh, N. Y., assigned. Powell, Ramsdell & Co., Newburgh, N. Y, suspended. Philip B. Langford, Rome, N. Y, assigned. Charles C. Hart, Binghamton, N. Y., suspended. L. W. Storms, Le Roy, N. Y, assigned. Andrew Outtenon, Pulaski, N. Y, assigned. Solomon Rathbun. Verona, N. Y., assigned. Lewis Warren, Riga, N. Y., assigned. George Warren, Riga, N Y., assigned. Alfred J. Wagner, Fort Plain, N. Y., assigned. C. W. Churchman & Co, Dry Goods Commission," Phila delphia, suspended. Rogers, Sennickson &;Co., "Coal," Philadelphia, suspended. Lippincott, Coffin & Co., Dry Goods," Philadelphia, suspended. White, Stevens & Co., Sugar," Philadelphia, suspended. John Ely & Co., Dry Goods." Philadelphia, suspended. Allibone & Jenks, Oil," Philadeiphia, suspended. J. Halsey & Moore, Dry Goods,' Philadelphia, suspended. E. Arnold, Dry Goods, Philadelphia. suspended. Lucien Scott, Scranton, Penn, assigned. J. M. Hughes, Westchester, Penn. failed. R. H. Watson, Savannah, Geo., failed and assigned. Kernet, Dix & Co., New Orleans La, suspended. E. W. Clarke & Bro., Bankers," St. Louis, suspended. James H. Lucas & Co., Bankers," St. Louis, Mo., suspended. Choteau, Harrison & Valle, St. Louis, Mo., suspended. George M. Willing, Fulton, Mo., suspended. Hutchings & Co., Bankers," Louisville, Ky, assigned. John Smidt & Co., Bankers," Louisville, Ky., suspended; nominal assets $119,582, and liabilities $98,084; will probably scon resume. Simon Steinan, Louisville, Ky., suspended and assigned. Dunlevy, Drake & Co., "Bankers," Cincinnati, Ohio, suspended. Shreeve, Steele & Co., Cincinnati, Ohio, "Iron," suspended; it is thought temporarily. M. A. Raymond, Cincinnati, Ohio, assigned. I.P. B Jewett, Cleveland, Ohio, assigned to G. E. Herrick. A. & L. Smith & Co., Marion, Ohio, assigned. v. C. Hanna, Indianapolis, Ind., assigned. Swift Brother & Johnston, 'Bankers," Chicago, III., sus* pended. Moore, Hollenbush & Co., "Bankers," Quincy, III, suspended. Richard B. Landon, Bloomington, III., failed; liabilities about $90,000. Burdett & Sanger, Rock Island, Ill, assigned. Conner & Jolley, Fulton City, III., suspended and assigned. Davis & Barton, Janesville, Wis, assigned. D.S. Durrie, Madison, Wis, assigned. Green, Thomas & Co., Burlington, Iowa, suspended. Wickersham & Williams, Davenport, Iowa, assigned. Young, Smith & Jones, Oskaloosa, Iowa, assigned. R. H. Brett, Banker," Toronto. C. W., assigned. W. B. Aiken, Oakville, C. W., failed and left the place. The same paper has the following remarks on the Dry Goods Trade: Trade is brought to a stand in the midst of the Fall season. Collections are impossible, from the want of exchange in the interior of New-York, and the same want impedes remittances to take up notes payable in New-York, thus compelling the jobbers to take up both sides of their bill-book. Such a necessity as this imposes a heavy burden upon merchants. Many are staggering under it, and it is no wonder that many have succumbed. The orders sent out to Europe for the Spring importations are very small. The market is very irregular as to prices, both for foreign and home-made goods. In domestic goods there annears to be a very general suspension of production, which must in the end bring down the price of cotton, and induce an advance in the price of goods."

10. October 17, 1857 The Weekly Minnesotian Saint Paul, MN
Article from The Weekly Minnesotian, October 17, 1857

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THE STAMPEDE CAUSED BY THE SIGHT OF A GHOST.When a herd of Buffaloes, from real or imaginary cause, become panic stricken, they make a concerted and concentrated rush, often from the spot of safety into the sloughs and swamps of destruction. This buffalo movement is called a stampede. It is generally set on foot by some member of the herd imagining it sees a ghost. The present Financial panic is of the same character. The Banks have seen a ghost, and they have started a stampede. They have rushed headlong from a position of safety into the vortex of destruction. They have in their downward course swept every barrier of safety, and leaped the fatal precipice. The Banks have seen a ghost! What else could be seen ? Politically, the country never was more quiet commercially, never more firm, till this stampede commenced; agriculturally, never so laden with wealth; financially, up to the time of this stampede, never so sound, railroading excepted. What but a Bark stampede could have suggested a contraction of four millions per week for successive weeks, in this city alone! What but a stampede could induce bank officers to boast of their contraction in September, and of their power to contract in October :What but a panic stricken bank stampede could justify the wreck and ruin every where spread around. And now, what do we hear? Bank officers gloating over their ability to sustain specie payments. Ah! and what greets the other ear? Bank tellers insulting creditors for having asked for specie. Verily, the Banks have seen a ghost-they have done their worst, and now let us all to work and repair the damage. Energy, ecohomy, forbearance, and kindness are the ingredients wanted. The foundation is goodthe country is safe-help up the trodden down, encourage the timid, and forgive the poor banks, for they knew not what they were doing. P. S.- David Leavitt has come down from Berkshire, full of Green Mountain talent and vigor. He has seized a Buffalo by the horns-the stampede is stopped-we have seen the worst-we now see bottom. Serious defalcations have been discovered in the Agency of the Gore Bank, at London, C. W. The Teller, Mr. Lucas, has absconded, and suspicions of a grave character have been thrown upon another officer connected with the institution. The intelligence received yesterday of the stoppage of the Banking House of James H Lucas & Co., of St. Louis, created a good deal of sensation. No Banking House in the country, has ever enjoyed a higher reputation for honor and responsibility. The St. Louis Republican of the 6th inst., says: It needed only the stoppage of the banking house of James H. Lucas & Co., to wind up the financial horrors with which this city has been overwhelmed within the past three weeks. Bnsiness houses have suspended, to the surprise of every body; banking houses, supposed to be equally sound with that of Lucas & Co., have gone down, and confusion has been increased but when the house of James H. Lucas & Co. was forced to & uspend yesterday by the continual ran upon it, as regular as the