10687. Western Bank (St Joseph, MO)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
November 28, 1860
Location
St Joseph, Missouri (39.769, -94.847)

Metadata

Model
gpt-5-mini
Short Digest
f75f0c3c

Response Measures

None

Description

Articles (Nov 29 and Dec 3, 1860) report the Western Bank (called Western Bank of Missouri) at St. Joseph suspended specie payments after the St. Louis banks suspended. No run is described and no explicit reopening/closure is reported in these clippings. Many banks that suspended specie in late 1860 did so temporarily; because there is no evidence of permanent closure in the provided articles, I classify this as a suspension with likely reopening. Date of suspension inferred as ~1860-11-28/29 from the reports; exact day not stated explicitly in the first article.

Events (1)

1. November 28, 1860 Suspension
Cause
Macro News
Cause Details
Suspension followed the mass suspension of specie payments by St. Louis banks amid the extraordinary political and financial crisis; Western Bank suspended upon hearing of the St. Louis suspensions.
Newspaper Excerpt
The suspension includes the Farmers Bank, at Lexington, and the Western Bank, at St. Joseph
Source
newspapers

Newspaper Articles (2)

Article from Glasgow Weekly Times, November 29, 1860

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Article Text

IMPORTANT FROM ST. LOUIS. SVAHI All the Banks Suspended Specie Payment, except the Exchange. A private dispatch received last evening from St. Louis, via Boonvllle, announces that all the City Banks, except the Exchange. suspended Specie Payment, yesterday. The suspension includes the Farmers Bank, at Lexington, and the Western Bank, at St. Joseph: the Merchant's Bank having represented them. The extraordinary political and financial crisis through which the country is passing, has induced this step, which seems to meet with general favor by business men. We doubt the policy of the movement, to say nothing of other more import tant views that suggest themselves in this COLnection. -Of course, note ho ders inderstand that a suspension does not affect the value of the notes. In an ultimate closing up, the note holders must be first secured. Hence all can rest quiet; the notes of all our Banks are perfectly good, and worth the full amount of their face. Holders should recollect this, and submit to no sacrifice or shave.


Article from Cincinnati Daily Press, December 3, 1860

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Article Text

MONETARY AND COMMERCIAL. Financial Affairs. In Monetary matters a further improvement is looked for this week, and increased animation in general business. If the Pork market be as active as anticipated, the Bills thrown on the market will cause a decline in Eastern Exchange-perhaps to ½ prem. Gold will, of course, rule as Exchange. It is in little request now, and is accumulating in the Banker's vaults. The Monetary market continues close, of course, and nothing can be predicted of the future; so many and various are the financial influences at work in other parts of the country. Cincinnati is safe and strong, and if matters were settled in the South, we should now be enjoying a very brisk trade. Uncurrent Money will probably improve this week, though not so much as it did last week. The rate is now about 5 discount for all Notes that are deemed solvent and safe, while the Western Banks rule higher. Unless there are new disturbing causes, Hogs will, we think, advance somewhat this week, and holders will obtain $5 20, in a day or two, without difficulty. At that price the market closed on Saturday, but buyers would not pay the figure. Our New York mailfailed yesterday morning, and we are without Friday evening's advices from that city. Saturday's St. Louis Reputlican remarks: There is a more cheerful feeling in business circles since the recent action of our Banks. Discounts are somewhat easier. In the Exchange market the supply was reported as rather better. The rates of drawing with the Savings Institutions continued at five per cent., -but the Bank rates are lower, customers being supplied, though sparingly. Currency is in supply, but the rate of discount, from two to three per cent., is unchanged. The Western Bank of Missouri, at St. Joseph, suspended Friday, on hearing of the suspensions at St. Louis. It is said that the Farmers' Bank, at Lexington, has suspended also. Some of the institutions are considering the question of liability under the law of dealing in the notes of suspended Banks. Saturday's St. Louis papers say of Hogs on Friday: Hogs were considered somewhat firmer, with but few offering. 1,500 to 2,000 head have been sold within three days, at 5½, 53/4 and 6c., the last for hogs of 200 lbs. weight, and for still heavier weights $6 12½ per 100 pounds. About 11,000 head have been slaughtered in St. Louis up to this date. Our Saturday's Chicago exchangesobserve: There is no alteration worth reporting in Eastern Exchange. Rates are stiff at 7 per cent. from the Banks, but very little is being made by shipments of produce to the East, nor is there likely to be much made so long as prices of grain, flour and provisions remain so low at the seaboard. Yet many think that the worst is past, and that in a short time the market will react, and both Financial and Commercial matters improve. The same papers thus refer to Friday's market: The Grain and Flour market continues dull, and Wheat 1@1½c. lower than on Wednesday, The reports from New York this morning show no improvement, and buyers show nodisposition to operate unless they can buy at a decline. Flour remains about the same as on Wednesday: a few sales were reported at $4@4 15 for extra brands of spring wheat. Corn dull and ne-