10704. Bank of the State (St Louis, MO)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
October 15, 1857
Location
St Louis, Missouri (38.627, -90.198)

Metadata

Model
gpt-5-mini
Short Digest
f6d20ef3

Response Measures

Accommodated withdrawals, Full suspension

Other: Multiple articles describe an initial heavy run (mid-Oct 1857) followed by suspension of specie payments Oct 26, 1857.

Description

Multiple contemporary dispatches report a heavy run on the Bank of the State (called in articles Bank of the State of Missouri) on Oct 15-16, 1857, followed by suspension of specie payments on Oct 26, 1857. Articles describe suspension but do not report a subsequent reopening or an appointed receiver; classification chosen as run_suspension_unsure. OCR variants (Misouri) corrected; bank identified as a state bank from name.

Events (2)
1. October 15, 1857 Run
Cause
Macro News
Cause Details
Heavy withdrawals driven by the national financial crisis and general panic following multiple bank suspensions in New York and elsewhere (Oct 1857).
Newspaper Excerpt
Sr. LOUIS, Oct. 16.-There has been a heavy run on the Bank of the State of Missouri.
Source
newspapers
2. October 26, 1857 Suspension
Cause
Macro News
Cause Details
Directors suspended specie payments as part of the broader October 1857 panic; articles note cessation of specie redemption and coordination with other St. Louis banks.
Newspaper Excerpt
The Bank of the State of Missouri ... suspended specie payments this morning.
Source
newspapers

Newspaper Articles (20)
1. October 16, 1857 Evening Star Washington, DC
Article from Evening Star, October 16, 1857

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Article Text

TELEGRAPHIC NEWS From the Associated Press Agent. The Financial Crisis. NEW YORK, Oct. 15.-Business affairsare look. ing more cheerful to-day. The banks are going cie. on as usual, excepting that they pay out no speIt is said that a special agent of Rothschilds came passenger in the Vanderbilt. with orders to buy securities to a large amount. Specie is now abundant and lacks buyers at 1 per eent. The clearing-bouse to-day agreed that all balances may be settled in current funds instead of specie. The banks are working harmoniously together, and things are tending greatly toward a restoration of confidence and revival of business. BOSTON, Oct. 15.-Money continues stringent here. nearly as much so as at any former period. All the mills at Fall River have suspended, and over ment. three thousand operatives are out of employAn adjourned meeting of the bank presidents was held to-day to arrange a plan for facilitating the business of the clearing-house. Their proposed course to discount undoubted paper will furnish great relief to our business men, who are beginning to bend beneath the pressure. Messrs. Little, Alden, & Co. have not suspended, but ask an extension only in behalf of several mills for which they are agents. At Concord, N. H., the banks have not suspended At Manchester, N. H., the banks have suspended. LAWRENCE, Mass., Oct. 11-The banks of this dav. city, and also those in Methuen, suspended toThe Pacific corporation was unable to pay off their hands. SYRACUSE, N. Y., Oct. 14.-A large meeting of the business men and other citizens of this city was held here this evening. Resolutions were passed approving the suspension of specie pay. ments by the banks; pledging themselves to receive and to give currency to the bills of sound State banks for the sake of the business interests of the country, and joining in the request to the Governor to convene the Legislature. All the banks in the city, with the exception of the Manufacturers payments. and Traders', have suspended specie Pratt & Co., a large hardware house, temporarily suspended to-day. BANGOR, Me., Oct. 14.-At a meeting of bank directors, held here this afternoon, it was voted to suspend specie payment during the present crisis. Resolutions were also passed expressing confidence in the Suffolk Bank system, and refusing to take bills not redeemed in Boston. NEW ORLEANS, Oct. 14.-There was considerable excitement here to-day, and three banks were compelled to suspend specie payments. The announcement of this fact increased the panie, but no material run on the other banks followed, except on the Citizens', which experi enced a heavy drain during the balance of the day, but paid everything promptly. LOUISVILLE, Oct. 15.-The Kentucky banks await the action of the New Orleans banks. If the latter suspend the Kentucky banks will do the same. cheerful. The feeling in money matters is generally quite PETERSBURG, Oct. 15.-The branches of the to-day. Virginia and Exchange Banks here suspended RICHMOND, Oct. 15.-The Bank of Virginia here suspended this morning. [SECOND DISPATCH.] NEW ORLEANS, Oct. 5 -The Union and the Mechanics' and Traders' banks, and the Bank of New Orleans, suspended yesterday. Sales of cotton at 9 % a10c. Sr. LOUIS, Oct. 16.-There has been a heavy run on the Bank of the State of Missouri. The ability of the banks to hold out is doubted by some. NASHVILLE, Oct. 16.-The Bank of Tennessee has suspended. The Legislature is considering a bill for legalizing the suspension. NORFOLK, Oct. 16.-The banks here have suspended specie payments this morning.

2. October 17, 1857 Evening Star Washington, DC
Article from Evening Star, October 17, 1857

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TELEGRAPHIC NEWS From the Associated Press Agent. The Financial Crisis. BOSTON, Oct. 16-A meeting of the bank directors and of the leading merchants was held to-day. They discussed the policy of the extension of money facilities. Messrs. William and Nathan Appleton advocated the policy of increasing the loan $13,000,000. The bank officers PXpressed an earnest desire for the relief of the business community, when the meeting adjourned till to-morrow. The money market is quiet, waiting the result of the bank suspension. The majority of those holding the notes of the Pacific Mills agree to an extension. The Lowell banks suspended to-day. BRIDGEPORT, Conn., Oct. 16.-All the banks here have suspended specie payments. CINCINNATI, Oct. 15th -The money market of this city is in an unsettled condition consequent upon the news from New York and elsewhere It is the general opinion that the banks of the States of Kentucky, Indiana, and Ohio will not generally suspend, for the present, at least. Sr. LOUIS, Oct. 16.-There has been a heavy run upon the Bank of the State of Missouri all the morning. Opinions differ as to the ability of the Bank to hold out. The reported suspension of Messrs. Dean, King & Co., of this city, isautho itatively contradicted. They are regarded as among the most solvent and responsible houses. NEW ORLEANS, Oct. 16-There has been a run to-day on all the banks except the Southern. All demands have been promptly met, except at the Citizens' Bank, which pays specie for their notes but refuses it for deposits. The other banks are expected to follow suit. The excitement has now subsided. No further failures are reported. There is nothing doing in exchange, alvzed. and business has been completely parNone of the suspended banks have resumed, but their bills are taken at par in trade. SECOND DISPATCH: Philadelphia, Oct. 17-A rumor was prevalent here that the Pennsylvania Bank has made an assignment, causing much alarm and'futtering in stocks. It is, however, authoratively contradicted by the Director, whodeclares that the subject has never been broached in the board, nor entertained by any member of it. NEW YORK, October 17.-Messrs. Winslow, Lanier & Co., extensive bankers, have suspended and will go into liquidation. They have a large surplus. AUGUSTA, October 17.-All the banks of our city suspended this morning.

3. October 17, 1857 The Davenport Daily Gazette Davenport, IA
Article from The Davenport Daily Gazette, October 17, 1857

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The Financial Crists. CINCINNATI, Oct. 16. Money matters are quite unsettled in consequence of the news from New York and elsewhere. Some banking houses refuse to take the notes of the suspended banks, while others take the notes of all good banks. Ex. change nominal at 6 per cent. It is thought that Kentucky, Ohio and Indiana banks will not suspend now. Sr. Louis, Oct. 16. There is a heavy run on the Balik of the State of Missouri all this morning. Opinions conflict as to the Bank's ability to hold out. Otherwise the city is quiet. BOSTON, Oct. 16. At an adjourned meeting to-day for the purpose of arranging plans for facilitating businees at the Clearing House, it was proposed to discount liberally on undoubted paper, so as to furnish relief to business men who are beginning to bend beneath the pressure. PHILADELPHIA, Ost. 16. The disposition manifested by banks not to accede to the provision of the late act of the Legislature, has caused additional gloom upon the business community.

4. October 17, 1857 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, October 17, 1857

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ST LOUIS, Oct. 16.-There is a heavy run on the Bank of the State of Misouri. The ability of the banks to hold out is doubted by some. SUSPENSIONS IN TENNESSEE. - - - A I in

5. October 17, 1857 The Ottawa Free Trader Ottawa, IL
Article from The Ottawa Free Trader, October 17, 1857

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New York. Oct. 12. No improvement to day in money affairs. Besides the Grocers' Bank suspension there a few unimportant failures of merchants. There is a rumor that a party of business have gone to Albany to urge the Govto call an extra session of the legislature. At the clearing house to-day it was resolved to maintain specie payment at all hazards. The failure of the Grocers' Bank created excitement. The other banks will conto receive its bills on deposit There a renewal this morning of the run on the Brooklyn Savings Bank, but all demands were promptly met. There was also a slight run on the Marine Bank. New York, Oct. 13. To-day has been a very exciting one in financial matters. Up to two o'eloc k fifteen Banks had suspended. The following a revised list: Bank of New York, Artisans', St. Nicholas, Chatham, Ocean, Market, Butchers' & Drovers', Merchants' Exchange, Irving, Citizens', Tradesman. Bulls Head, North River, and Marine. Wall Street, at o'clock, was crowded with an anxious of people. The steps of all the banks were also bloc ked up by people forcing their way into the banks. At the American Exchange, David Leaaddressed the crowd, assuring them all the banks would pay all to the last dollar. The following are, in substance, the offiresolutions passed at the meeting of the Bank Presidents: That the Banks of N. Y. suspend specie payment, as far as paying it over their counis concerned, but make regular exchangof one another's bills at the Clearing House. That a committee be appointed to confer with the Governor of the State in reference calling an extra session of the legi lature legalize the suspension. That such committee leave for Albany at oclock to-morrow. The whole number suspended to-day, with those that were included in the returns of yesterday, is sixteen. New York, Oct. 13. There is a general run on the Wall street banks, and intense excitement in the streets Policemen are stationed at many of the banks to preserve order. New York, Oct. 14. The aspects of affairs is decidedly more cheering. Merchants, bankers, &., look upon the bank suspensions as a relief. Wall street was comparatively quiet toThere has been a moderate run on the various savings banks, but all demands promptly met. All the institutions in city, but three in Brooklyn were obligto close their doors. At last accounts officers of the New York savings banks were holding a consultations on their future course. They propose, it is said, to pay ten cent. on deposits. The Bank of America and Chemical Bank continue to pay specie. The Manhattan, it said, is doing the same, and it is belie ved other banks will follow suit. A partial statement of the specie paid yesterday by city banks, not including the savings banks, foot up nearly twomi lions. A notice was posted to-day at the various banks which are enabled to do business, stating that business will be continued as heretofore, excepting the paying of specie. Checks WITH be received on deposit in the yment of notes, and bank notes will be paid and received as usual. Many of the banks have still a large amount of specie on hand. Gold is selling the brokers at and 5 per cent. premium. Trenton, N. J., Oct 14. The suspension of the banks here producno excitement, and there was a favorable feeling towards them. They accomm date public with specie for change. There some talk about convening the Legislato repeal or modify the stringent law against bank suspensions. Boston, Oct. 14. The suspension of the banks did not cremuch excitemedt. It is probable the suspension will extend throughout New Engla d wi " few xceptions. The Banks New Bedford, Fair Haven, Worcester, and other principal towns have suspended. At Nantu ket and Lowell, the Banks paid sp through the day. The Boston Banks will pay their balance at the clearing house. Petersburg, Va., Oct. 14. The Farmers' Bank of Petersburg, has nded, but the Bank of Virginia and the Exchange Bank are still paying specie. New Orleans, Oct. 14. The branch mint has pu chaled from the $2,000,000 of silver buttion, paying gold, attording some relief. The Union Bank has suspended. There is a heavy run on all free bar ks.Great excitement. Richmond, Va., Oct. 15. The Farmers' and Exchange banks here uspended yesterday. The Bank of Virginstill holds out. Ci cinnati. Oct. 15. Money matters are quite unsettled in conequence of the news from New York and Isewhere. Some banking houses refused take the notes of suspended banks, while thers take the notes of all good banks; exhange nominal at 5 per cent. It is thought Kentucky, Indiana and Ohio banks will intsuspend now. St. Louis, Oct. 15. There wasa heavy run on the Bank of the State of Missouri this morning. Opinions onflict as to the bank's ability to hold out therwise the city is quiet. Nashville, Oct. 15. The Bank of Tennessee has suspended.The legislature is considering a resolution to egalize a general suspension; actions doubtThe Planters and Union Banks will out to the last unless authorized to uspend. Philadelphia, Oct. 15. The disposition manifested by the banks to accept the provision of the late act of legislature, has cast additional gloom the business community. Boston, Oct. 15. An adjourned meeting was held to-day for he purpose of arranging plans for facilitatbusiness at the clearing house, and it proposed to discount liberally on unoubted paper, SO as to turnish rehef to bumen who are beginning to bend bethe pressure.

6. October 21, 1857 Semi-Weekly Standard Raleigh, NC
Article from Semi-Weekly Standard, October 21, 1857

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Bank Suspensions. NEW ORLEANS.-The Bank of Orleans, Union, Mechanices' and Traders' Banks have suspended. Cotton nine and a half to ten cts. Sr. LOUIS.-A heavy run is being made on the Bank of the State of Missouri. The ability of the Banks to hold out is doubted by some. NASHVILLE.-The Bank of Tennessee has suspended. 'The Legislature is engaged in considering the legalization of the policy.

7. October 21, 1857 The New York Herald New York, NY
Article from The New York Herald, October 21, 1857

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Media Bank Medium. Trey City Bank Proy. Central Bans of New York of Usian. dreems. Homilt a Exchange Bank the Rhode Island Bank Commissioners are following their inve sigation of the banks of that State very dis. gently The Providence papers complain that their bills are excepted from the arrangement that admit: the redempsion of all others in New England at the Suffalk Bank. The private property of the stockholders belog liable for them, gives them a better ulimate security than those of Commection: and New Hemoshire, where, as in other Eastern States, there is nothing but the corporate responsibility to full back on. The value of merchandise warehoused in the port of Bostom for be week ending One 17, 1867, was as fbllows $92,910 Dry goods All other merchandise 246,156 $439,196 Wareboused in transit for Canada $7,045 Dry goods 8,107 All other merchandise $10,752 $449,878 Total value Memore W. & M H. Ward, No 47 Ecchange'place, ad vertise in our columns that they continue 60 purchase and sell valiroad securities on commission Having alwars confined their dealings in rail-oad securities to a commis aton business. they are perfectly free from any ratiroad involvements, and are, there'ore, in an excellent position to serve the interests of their customers. The annexed is a comparative statement of the exports (exclusive of specte) from New York to foreign porte for the week and since January 11867 1858 1856. $2,184,121 $1,580.79% Total for the week. $',007.706 62,091 487 56,240,11 Previously reported 48,525,094 Since Jan. 1 $68 532 284 $05,872,248 $50,032,802 The meeting of stock and boad holders of the Delaware Lackswans and Western Ratiroad Company at the Mer cantile Library to morrow (Wednesday) ovening should not be forgoiten. The stockholders in the Amherst and Beichartown Rail road held a meeting in the former place, Dat. 12, to cona der how they can best meet the large indebtedness of the company accruing next January. It appears the mortgage bonds to the amount of $60,000, and floating debta amounting to $80,000, become pay able next January. As the floating debts are secured by. a pleage of the equip ment of the road, and as the bonds are on the franchise of the road Itself, a failure to meet these payments would transfer the property to two different parties, between whom, it is feared, the road would be smorificed. It was, therefore, decided to petition the Legislature for leave to issue $100,000 of preferred stock, of which 60,000 should bear eight per cent interest and the balance six per cest, the former class to be offered to the bondholders in lion of beir present securities, and the latter to be tendered to the towns of Amberst and Beichertown, to be taken by them to proportion to their respective valuations. The Quebec Board of Trade, on the 16th, unanimously adopted a resolution "that the banks of Canada should forth with suspend specie payments." This action does not seem to be responded to by other cities. The Toronto Oolonist says:The rumor mentioned in the Montreal Commercial Adver(sser that the Grand Crunk Railway has £60,000 of sterling exchange returned under protest, is quise correct, but needs some explanation. the bills were protested for non acceptance, not for non pay ment, in consequence of there heing an irregularity in the manner in which they wore drawn. The Grand Trunk Company has deposited ample funds for the purpose of mee ing the bills. A meeting of the bankers of Cincinnati was held on Saturday, at which It was revolved to receive at par the notes of the New Orleans banks, and the notes of all banks also that are bankable in New York, Boston, Philadelphia, Pittsburg and Baltimore. The Troy City Bank has gone into liquidation, but Ms stock is considered sound. It is one of the old Safety Fund banks, and has not perhaps been managed with as nameh prudence as 18 should have been. The latest intelligence from St. Louis (to Saturday last) is that the Bank of the State of Missouri still continues to pay specie. The directors feel confident of an ability to continue the payment. The run upon the bank is said to have ceased. The Springfield (Ullimois) Journal says:Several weeks since the Bank Commissioners made a call upon a number of the stock secured banks of this State for additional securities in order to protect their lesues. This step was rendered necessary in consequence of the depreciation of stocks in the New York market We are glad to state that the following banks have already responded to this call:-

8. October 24, 1857 The Weekly Minnesotian Saint Paul, MN
Article from The Weekly Minnesotian, October 24, 1857

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ST. LOUIS, Oct. 15. There is a heavy run on the Bank of the State of Missouri all this afternoon. Opinions conflict as to the Bank's ability to hold out. Otherwise the city is quiet.

9. October 24, 1857 The Weekly Minnesotian Saint Paul, MN
Article from The Weekly Minnesotian, October 24, 1857

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Sr. LOUIS, Oct. 15. There is a heavy run on the Bank of the State of Missouri all this afternoon. Opinions conflict as to the Bank's ability to hold out. Otherwise the city is quiet.

10. October 27, 1857 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, October 27, 1857

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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.

11. October 27, 1857 Evening Star Washington, DC
Article from Evening Star, October 27, 1857

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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.

12. October 27, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 27, 1857

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THE ST. LOUIS BANKS. Sr. LOUIS, Monday, Oct. 26, 1857. The Bank of the State of Missouri, the Merchants' Bank and the Southern Bank, suspended specie payments this morning. The Mechanics' Bank is still firm.

13. October 28, 1857 The Washington Union Washington, DC
Article from The Washington Union, October 28, 1857

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A despatch from St. Louis dated the 26th says: 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. Ciannox

14. October 28, 1857 The Davenport Daily Gazette Davenport, IA
Article from The Davenport Daily Gazette, October 28, 1857

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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.

15. October 28, 1857 The Day Book Norfolk, VA
Article from The Day Book, October 28, 1857

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St. Louis Banks Suspensions. ST. LOUIS, Oct. 26,-The Bank of the State of Missouri, the Merchants' Bank and the Southern bank suspended specie payments to-day. The Mechanics' Bank still continues firn.

16. October 29, 1857 Carroll Free Press Carrollton, OH
Article from Carroll Free Press, October 29, 1857

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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.

17. October 29, 1857 The National Era Washington, DC
Article from The National Era, October 29, 1857

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St. Louis Bank Suspensions. St. Louis, Oct. 26.-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.

18. October 30, 1857 American Union Morgantown, WV
Article from American Union, October 30, 1857

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Business in Philadelphia.-The bu siness of Philadelphia shows symptoms of revival, though the predominant phrase is one of great depression.-There's much complaint of the continued high prices of market produce. New York, Oct. 25 - The statement of the Banks of this city for the week past shows an increase of specie of 2,568,000; increase of loans 1,652,000 ; decrease in circulation 1,202,000; increase of deposits 4,635,000. St. Louis. Oct, 26.-The Bank of the State of Missouri, Merchants' Bank. and Southern Bank suspended this morning. The Mechanics' Bank still firm.

19. November 5, 1857 Glasgow Weekly Times Glasgow, MO
Article from Glasgow Weekly Times, November 5, 1857

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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.

20. November 20, 1857 The New York Herald New York, NY
Article from The New York Herald, November 20, 1857

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Commenting upon this exhibit, the St. Louis Republican says:At the date of the statement in August last, the liabilities of the President and directors of the Bank of the State of Missouri, at St. Louis, in all shapes, amounted to $268,231 02. At the date of the last statement in October, the liabilities of the same parties were $252,036 39, or $16,194 63 less than in August. But it is to be observed that during the interval three of the directors, or their firms, were placed under disability, and their account was reduced $21,498 77; and this being considered, the statement shows that the other managers helped themselves to $5,304 34 more than they had in August. What of this? Let other figures answer. On the 5th day of September, the date which approaches nearest to that when the liabilities of the President and directors were made up, the discount line of the bank was $1,382,070 15; and on the 17th or October, the date of the last published statement, that discount line was reduced to $855,974 34, or $527,005 71. This was the amount of the curtailment demanded and paid by merchants, mechanics, manufacturers and other men in sixty days; while the bank managers themselves, instead of standing the curtailment as other people were compelled to do, shot their accounts a little ahead of their liabilities when there was a smooth sea, and no one anticipated that there were such breakers in store as the next two months presented. Is it any wonder that they continued to act upon the presumption that there was DO extraordinary demand for money, outside of the bank partor, when they sat there contentedly and witnessed the payment of more than half a mtilion of dollars by our panic stricken citizens, and quietly increased the aggregate of their liabilities several thousand dollars. The receipts at tide water of the principal articles of produce from the opening of the canals, to and including the 14th inst., have been as follows:-