10715. Boatmens Savings Institution (St Louis, MO)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
January 13, 1855
Location
St Louis, Missouri (38.627, -90.198)

Metadata

Model
gpt-5-mini
Short Digest
d79753a8

Response Measures

Accommodated withdrawals, Public signal of financial health, Capital injected

Description

Contemporary accounts (Jan 13-20, 1855) describe a run/heavy withdrawals on the Boatmen's Savings Institution triggered by the sudden suspension of other St. Louis houses (Page & Bacon, Loker, Renick & Co.). The Institution met all calls, paid out specie, and confidence was restored within a day or two; it did not suspend or close. Bank charter type not explicit in sources, so set to unknown.

Events (1)
1. January 13, 1855 Run
Cause
Local Banks
Cause Details
Panic/withdrawals were triggered by the sudden suspension of other St. Louis banks (Page & Bacon; Loker, Renick & Co.), producing an unnecessary run on otherwise solvent houses.
Measures
Paid out deposits and met every call; officers kept doors open late; stated loans were short-term and could be collected in a few days to replenish vaults.
Newspaper Excerpt
Soon after 9 o'clock A. M. it was manifest that a run had commenced upon ... the Boatmen's Savings Institution, and it was continued uninterruptedly ... the three establishments closed their doors for the day, having promptly met every call of their depositors.
Source
newspapers

Newspaper Articles (5)
1. January 19, 1855 The New York Herald New York, NY
Article from The New York Herald, January 19, 1855

Click image to open full size in new tab

Article Text

CO. New York and St Louis, will continue to conduct, but within their own control, the immensely large and profitable business in gold shipments, which they have secured in California. It is supposed by many that, if they had had this ar. rangement all along, and their business certainly justified it, the recent ill fate would not have befalien them. PUBLIC CONFIDENCE. If capital can restore fully the public confidence in relation to monetary affairs at this time, we presume the following card, subscribed by many of our wealthiest citizens, must have that effect The gentlemen who pledge themselves and guarantee their property to make good the deposits in the banking houses named, repre sent at least eight will ons of dollars. This 13 certainly sufficient for the most panic stricken depositor. Besides the money basis which this subscription presents, it exhibits 11. moral power worthy of the highest consideration. Men. impelled by an honorable motive to protect the character and standing of our city, both as regards her commercial credit and the quiet of the commun ty, have volunteered their private fortunes for the purpose, and no one can require stronger evidence of the entire safety of his funds:TO THE PUBLIC The undersigned, knowing and relying on the ample ability of the following bank houses, in the city of St. Louis, and with & view of quieting the public mind in regard to the safety of deposits made with them, hereby pledge themselves. and offer as a guarantee their property, to make good all deposits with either of said banking houses, to wit:-Messrs Lucas & Simonds, Bogy, Miltenberger & Co., Tessen & Danjen, L A. Benoist & Co John J Anderson & Co., Darby & Barksdale, and Boatmen's Savings Institution. J. O'Failen, D. A January, John How, Ed Walsh, James Harrison, Louis A. Labeaume, J. B. Brant, Andrew Christy, Charles P. Choutsau. L. M Kennett, ST. LOUIS, January 15, 1855. PANIO ON CHANGE. SATURDAY EVENING, Jan. 13. Transactions to-day, on Change, were extremely 11mited, emounting, indeed, to but few lots of grain, and these principally to feeders. Our entire population was in an excitement of an unusual character, growing out of a financial erisis Such another scene has never before been witnessed in St. Louis. Since the suspension of Belcher & Brother, some doubt has been entertained relative to the ability of a few houses here and elsewhere, to maintain their credit; and when this morning we announced the failure of Page & Bacon, & panic seized the citizens, to a greater or less extent,au a run upon our bankers was the consequence A large amount of deposits was withdra during the day; but up to the hour of closing business (4 o'clock), the dif ferent houses had maintaine their standing to the public satistaction. Several of the bankers kept open doors until dark, exhibiting thereby their willingness as well as capacity to meet promptly every liability We suppose, from the manner in which depositors have been ensured of the safety of their funds, that all excitement ceased at the close of the day, and that we may not anticipate a continuance of the run 00 Monday. There is certainly no just ground or a want of confidence at present. Messrs. Page & Bacon state their assets as entirely ample for the liquidation of every demand against them, and all must be aware that Lucas & Simonds, as well as other houses, are fully prepared, even it a short time be required for the purpose, to redeem, 10 the utmo- farthing, their indebtedness. The whole difficulty is a mere matter of time. The Boatmen's Saving Institution have their money out on short loans, and a few days ar only requisite to collect these loans and replenish the vaults of that institution with cash to the full extent of its liabilities. There is no in tention to swindle a single depositor, and we are confident that with the exercise of proper confidence and cool reflection, the smallest loss will not be sustained. CARD OF LOKER, RENICE & CO. A CARD.— undersigned, while they deeply regret the difficulties alfuded to in their notice yesterday, basten to assure - their depositors and customers LUCAR BOOK pay all their liabilit and that at an early day they will resume pay nent in part, if not in whole. Those having notes or drafts left here for collection, will please call and get them. LOKER, RENICK & CO. St. Louis, Jan. 13, 1855. [Correspondence of the St. Louis Republican.] THE SCENES OF SATURDAY. How useless, and at the same time how injurious, are the panies sometimes got up in communities! People seem bereft of their ordinary quet senses, and rush in a state of alarm to acts which, un ier other circumstances, they would never commit. A. B. has suspended, therefore all seem to conclude no body can pay, and they all rush to make their apprehensions good, not recollecting that the means of every man, in order to be made useful, must be actively employed, and if so employed cannot in a moment be made available without notice. There has been some money excitement in our city today-let us calmly examine its basis, and I think every candid inquirer will agree with me that it was a most unnecessary excitement. No one of the houses on which any run has been mide has been unable to meet all the calls made; they have all stood the rush, and I think all can stand a great deal more than can possibly be presented against them. But let us contemplate the matter. The Boatmen's Savings Institution is a place of deposite for gain-that is, persons place their money there that it may be sale, and at the same time may earn 802 ething. Now everybody knows that money must be loaned, that it may make interest; and bence the institution has discounted paper, which is abundantly secured, and will be paid at maturity; but can depositors suppose the officers can have the money on hadd, ano yet have it loaned out, making money for them? Of course they must see the impossibility of this thing. And yet they go to draw their money. Why, this money could not be safer anywhere-there are no bad debts made, the notes are all good, they can all be called in within ninety days, and all depositors can be paid. But what can these persons do with the money they have drawn to-day? It may be said it is safe in their own hands. Possibly it may be; but it would have been quite as safe where it was this morn. ing, and where most of it doubtless will again be placed on Monday morning-the Boatmen's Savings Instit Now look into toe banking house of Lucas & Semonds: how strange it is that there-should be a Fan on them, as there was to day could any one for one moment sup. pose that they were not a safe depository ?-abundantly good for all they owe to their depositors? No one who will re flect, can for & moment suppose they are other. wise than secured for any amount the house may owe. But they had no reason to expect last night that to day they would be called on to pay all moneys deposited with them why should they expect 117 Pnere was no reason They bad cash on ban! sufficient to meet all legitimate demand-more they need not have had But without notice, or reason to expect, they are called on by some to pay, and therefore, others are alarmed, and they come also. All who come are paid, but many others come, with confidence unimpaired in th solveney and ability, and integrity of the house, and they deposit largely. Thus, probably, even this day, the deposits largely exceed th payments. And why should it not be so? Contemplate the immense wealth of this houselook at the head of it-worth millions, unencombered. All the members of the house with immense means: why should confidence be impaired They do only a legitsmate business-are not engaged in speculation. Nothing could be safer than deposits with them, and when the people have a moment to redect, they will see the folly of becoming wild. So also with Lewis A. Benoist. He 18 also immensely wealthy, nor does he engage in any hazardous specula-

2. January 19, 1855 The New York Herald New York, NY
Article from The New York Herald, January 19, 1855

Click image to open full size in new tab

Article Text

Page mg Houses-Ohlo & Bacon's and Mississippi RailroadThe Solvency of St. Louis Bankers-Standmg of Page & Bacon, die. CIRCULAR OF PAGE & BACON. 1955. 13, Jan. Sr. LOUIS, It becomes our painful duty to transmit you the card below, issued in our St. Louis papers this morning. At the present writing, we can add nothing except on matters in which you have a personal interest, and for which you may resonably have some solicitude. We beg leave to state that we have madearrangements to place all enclosures for collection from toreign correspondents. both those now in our hands and all received - and after this date, at the Bank of the State of Misseuri, for the credit of or remittance to the proper parties. All collections and moneys received on and after this date, from home and country correspondents having current accounts with us, will be placed in the hands of our esteemed and responsible fellow citizen, Robert M. Henning, Esq., who will directly advise of and account for the same. Re soon as possible, our books will be written up, and every correspondent advised of the state of his account. So soon, too, as we can cast about us and ascertain our precise situation, we shall make & full statement of our affairs; meanwhile, we ask the indulgence of our friends for the amount of time requisite for this, with a house whose operations are as extended as ours, assuring them all, that the deepest and sincerest emotion we have at this unfortunate juncture, is one of less solicitude for ourselves, than of regret for the temporary inconvemience and misrortune of such as may be involved with as. PAGE & BACON, NOTICE. All outstanding drafts drawn on Page & Bacon by J. Bunn, of Springfield, ill., will be duly honored on pre. sentation at the office of Henning & Woodruff. ST. LOUIS, January 15, 1855. [From the St. Louis Republican, Jan 15.] THE MONETARY AFFAIRS OF ST. LOUIS. The announcement contained in our yesterday's issue, of the suspension of the banking house of Page & Bacon, created a wide-spread sensation in our community, which was not diminished, but rather increased, by the fact that Messrs. Loker, Renick & Co., bankers, did not open their doors. Ordinary business was left unattended to, and the public mind seemed absorbed at first in the public calamity of the stoppage of Page & Bacon, and afterwards in the run which 00 mmenced on the other banking houses of the city. Scon after 9 o'clock A. M. it was manifest that a run had commenced upon Lucas & Simonds, L. A. Benoist & Co., and the Boatmen' Savings Institution, and it was continued uninterruptedly, but without any manifestation of unpleasant feeling, until 4 the usual hour of closing on Saturdays- when those three estabMohments closed their doors for the day, having promptBy met every call of their depositors. Other banking houses were subjected to somewhat more than ordinary salls, and all sustained themselves without faltering Many persons presented the notes of the Bank of. the State of Missouri at ITH counter, and received specie for them; but, thanks to the fact that in the most trouDied times we have ever bad, that institution has never failed in a single instance to meet. in gold and silver, all demands upon it and to the further fact, well kno vn to exist, that it has ample means at hand for any emergency, nothing like a run upon it was attemptel, nor have we the least idea there will be. It was evident throughout the day that the panic was not, to any considerable extent, among the substantial merebants of our city. Some of them doubtless, drew their deposits. but more to meet the liabilities of the day than from any fear with regard to the safety of their money No observer in the different houses could have failed to see, as we are advised the fact was, that it was the small depositors that composed the bulk of the srowds. Indeed, we know of many of our citizens, having thousands on deposit where others had tens, who did not craw a check, or make any move indicative of uneastates of feeling; but on the contrary expresse openly their regret they had not the means to increase their deposits. It mas & marked leature in the street conversaMcns that no expressions of unkind feeling towar is the bankers were heard; showing a deep-seated convistion in the minds of depositors that their money was in the hands of men of the highest integrity, who, whatever might be the resnlt of the day's pressure, were above all suspicion of any unworthy desire, purpose or act. We look back upon the proceedings of the day with a feeling of unmingled regret that, without, as we conceive, any sufficient reason, such an excite ment, leacing to such a run upon our bankers, should have sprung up. The suspension of two of our back. line bouses, with whom the others had no connection whatever, constituted no ground for a run upon the latSer. While the day lasted, it was however, man.festly of no aval to attempt to produce any ex ended counter Impression on the public mind. Unfortunately, pecu niary excitements seem to deprive many men of the espacity as well as disposition to look calmly at, or to reason dispassionately upon, the circumstances of the hour. But the day, with all its anxieties and events, bae closed, and day of rest intervenes, whizh we hope will lead to something like serenity and reflection Every hour that this excitement continues is a detriment to all the interests of our city; every man who con tributes to keep it alive assumes weight of responsibility from which he might well shrink. Every citizen who labors to calm the public mind down to sober and reasoning basis, deserves the thanks of the whole community. We unhesitatingly declare our conviction that this panie has not proceeded from any impression on the public mind that Lucas & Simonds, Benoist & Co., or the Boatmen's Institution, were, in themselves, unable . meet all legitimate demands upon them in the reguhar course of business. Not one man who withdrew late deposits from them, if he could have ans wered easy. would have affirmed that his ast WOR the resalt of anything but the suspension of the other houses. Every depositor with Lucas & Simonds knew. as the whole community does, that the senior member of that bouse is this day worth, upon moderate estimate, two and a bali millions of dollars, to say nothing of the pro perty of the other members, and the assets of the firm. It is equally well known that Benoist & Co. are men of large wealth, who have conducted their business with great prodence; and that the Boatmen's Institution is managed by some of the most careful and upright busimess men in our city, and that its loans are in every in stance on short paper, secured by three names Yet, with these facts well known, and without any single indieation of inability or indiaposition in these houses to meet all the demands of their bu iness, the apprehenalon caused by the disaste. of oth ers, led to the results we have mentioned. We are thankful that, 80 far, no injury has resulted from these untoward movements, and if depositors will make any attempt at sober consideration of what has passed. and of what their duty is under the circumstao$08, we feel an undousting certainty that confidence will be immediately restored and matters assume their prented course. OHIO AND MISSISSIPPI RAILROAD. We notice some anxiety in the community relative to the present condition of this road. The in expressed must the suspension of Page & Bacon, the financial agents of the company, will stop work upon the road, and deBy its completion to Vincennes. We do not, he vever, apprehend any such result. It is to be remembered that there is no financial consection between the Illinois division and the eastern division of this great work. The former tands alone; its stock has never been consoli dated with that of the eastern end, and is by a large per centage more valuable, the cost of con truction per mile being immensely less than in Indiana and Uhio. We have no official information of the amount of money required to complete the road to Vincennes, but expect to hear of a speedy meeting of the Board of Directors, and report from the Chief Engineer. We understand, however, from reliable authority, that less than $100,000 will fully prepare the road bed for the laying of the track, and that the monthly receipts of the road, now from $12 000 to $15,000, will, after dedu ting cost of operation, leave sufficient funds in the hands of the company to pay for laying the track. Sufficient iron is on hand here and at Vincennes to complete the road. Assuming the above to be we have no doubt the report of the Chief Engineer will corroborat every statement-the question at once arises: shall the road, under any state of the money market, be allowed to stop for a day? One hundred thousand dollars gives us & di. meet communication with the Eastera cities, shorter, (even with the temporary diverging right angle to Terre Haute,) by seventy five or eighty miles, than the present round about journey by Chicago One hundred thousan dollars gives us a good paying road, taking, from the day of its completion, more than half the travel of the Chi eago and Mississippi Railroad, probably two thirds'ef all that Eastern travel which is now compelled to pass through Chicago on its way to the Southeast Nor in this all The heavy subscription of the city and county of St. Louis to this road, in which every cit zen basan interest. must be protected. The completion of

3. January 19, 1855 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, January 19, 1855

Click image to open full size in new tab

Article Text

with them, hereby pledge themselves and offer, as & guarantee their property, to make good all deposits with either of said bank houses, to-wit: Mesers. Lucas & Simonds Bogy Miltenberger & Co,' "Tessen & Danjen A Benoist & Co Jno. "J. Anderson & Co Darby & Barkedale," and Boatmen's Savings Institution D A JANUARY, J. O'FALLON, JOHN HOWE ED. WALSH LOUIS BEAUME JAMES HARRISON, ANDRE CHRISPY JB. BRANT. CHAS P. CHOUTEAU. L M. KENNETT, St Louis Jan. 15. 1855 These gentlemen are believed to represent aggre. gate wealth to the extent of eight or ten millions of dollare. The St. Louis Republican of Monday has the following remarks upon the ffect in that city of Messrs. Page & Bacon's suspension: "The announcement contained in our Saturday's issue of the suspension of the banking house of Page & Bacon, created & wide-spread sensation in our community, which was not diminished, but rather in by the fact that Messrs Loker, Regick & Co., bankers, did not open their doors. Ordinary business was left unattended to, and the public mind seemed absorbed at first in the public calamity of the stoppage of Page & Bacon, and afterward in the IUD which commenced OD the other banking houses of the city Soon after 9 o'clock A M it was manifest that a TUD bad commenced upon Lucas & Simouds, L. A. Beneist & Co. BLO the Boatmen's Savi Instit ation, &IG it was contin ued unintermittedly but without any manifestation of pleasaot feeling until 4 o'clock the usual hour of closing on Saturda s-wher th are three establishments closed their doors for the day, having promptly met every call of their depositors. Other banking houses were subjected to more than ordinary calls and all sustained them with out falter. ing. Many persons presented the notes of the Bank of the State of Missouri at its counter and received specie for them: but thanks to the fact that in the " oet troubled times we have ever had that Instita. tion has never failed in & single instance to meet in geld and silver all derhands upon it, and to the far ther fact, well known to exist, that it has ample mesns at hand for any emergency, nothing like a run upon it was attempted, nor have we the least idea there will be. It was evident throughout the day that the panic was not, to any considerable extent, among the substantial mer bants of our city. Some of thein, do the less crew their deposits, but more to meet the liabilities of the day, than from any fear with regard to the safety of their money. No obsever in the different houses could have failed to see, 88 we are advised the fact was, that it was the small depositors who composed the bulk of the crowds. Indeed we know of mary of our citizens, having thousands on deposit where others had tens who did not draw a check, or make any move indicative of unessimess of feeling: but on the contrary, expressed openly their regret they had not the means to increase their deposits. It was a marked feature in the street conversations that no expressions of unkind toward the bank618 were beard: showing a deep seated conviction in the minds of depositors, that their money was in the hance of men of the highest integrity, who, whatever mig ht be the result of the day 8 pressure, were above all suspicion of any unworthy desire, purpose or act. We unbesitatingly declare our conviction that this panic has not proceeded from any impression on the public n-ino that Luess & Simonds, Benoist & Co., or the Boatmen Institution were, in themselves, uaable to meet all legitimate demands upon toem in the regular course of business. Not one man who withdrew his deposits from them. if be could have answered coolly, would have affirmed that his act WAS the result of anything but the suspension of the eiber houses. Every depositor with Lucas & Simonds knew, as the whole community does, that the senior member of that house is this day worth, upon & m dtrate estimate two and A half millions of dollars, to say nothing of the property of the other embers, and the assets of the firm. It is qually well known that Benoist & Co. are men of large wealth, who have conducted their business with great prudence: and that the Boatmen's Institution is madaged by some of the most careful and upright business men in our city, and that its loans are in every instance on short paper, secured by three Dan Yet with these facts well known and with out any single indication of inability or indisposition in these houses to meet all the demands of their basiDess the apprehension caused by the disasters of others led to the results we have mentioned. The following cards are published in the same pa. per: ST LOUIS January 13, 1855 We beg leave to state that we have made arrangements to place all inclosures for collection from foreign correspondents both those now in our hands and all received on and after this date. at the Bank of the State of Missouri, for the credit of or remittance to the proper parties All collections and moneys ved OD and after this date from home and country corres pondents having current accounts with us, will be placed is the hands of our esteemed and responsible fellow citizen. Rob ert M Henning, E.q who will directly advise of, and account for the same As BOOD as possible our books will be written up and every correspondent advised of the state of his accounts So soon, 100, as we can Cast about us and ascertain our precise situation, make a full statement of our affairs: meanwhile we ark the indulgence of our friends for the amount of time re quisite for this with house bose operations are extend ed & ours, accuring them all that the deepest and sincerest emotion we have at this unfortunate juncture La one of less soltcitude for ourselves than of regret for the temporary inconvenience and misfortune of such as may be invo with us BACON. & PAGE Yours truly NOTICE-Al outstanding drafts drawn on Page & Bacon, by J. Bunn. of Springfield. Illinois will be duly honored on presentation at the office of Hening & Woodruff. J. BUNN January 15. 1855. The New Orleans failures, under the telegraphie head this morning, are not new. Messrs Loker, Renick & Co. state that their assets are sufficient to pay their liabilities, and that they hope SOOD to resume. The Bank of Missouri is strengthening itself with gold from the east. A remittance was made yesterday of $100 000 to them. and to-day $100,000 was sent to & New-Orleans bank. The subscription to the new Illinois Central loan reaches $1 000-which is more than enough to bind the subscriptions. The Maboney and Shamokin Coal stock which Mr. Draper will sell to-morrow, (Friday at the Mercbents Exchange at 12} o'clock, is the property of Mr Gouverneur Morris, and is only sold in consequenee of the embarrassment Mr. Morris has experienced from the failure of the Schuylers, and from the recent stringency in the money market The following description of the property has been handed us for publication: Mahoneyand Shamokin Improvement Company.This Company own lands at Trevorton, in Northamberland County, Pennsylvania, fourteen miles from the Susquehanna River-2,064 acres of the richest Coal lands-a semi-anthracite, free-burning fuel. The lands contain ten veins, measuring in thickness from six to twenty four feet each, which have already been opened and proved, and are now being worked.

4. January 20, 1855 The New York Herald New York, NY
Article from The New York Herald, January 20, 1855

Click image to open full size in new tab

Article Text

to compel the freedom of the poor Yucatan Indians, sold into bondage by General, President, Dietator, and to be Emperor, Santa Anna, and to prevent their introduction in future, unless by strictly voluntary emigration, is confirmed. had an opportunity of seeing the State prisoners yesterday, who remain without knowledge of what may be intended for them by this government, and are as comfortable as men can be under such circumstances. We have nothing of moment of political character, and every one Feems as occupied with business projects as if revolution and disturbing powder at Baracoa were a thousand years removed. The morning issues I send. D. The steam is up, and am off. The Monetary Affairs of St. Louis. THE PANIC SUBSIDED-MERTING BECOMMENDED-EX CITEMENT IN THE COUNTRY, ETC. We take the following extract from the St. Louis In. telligencer of the 16th inst.:CONFIDENCE RESTORED. As we hoped, a day's cool reflection worked a bene. ficial result, and the panic of which the journals of yesterday werefull is already amongst the things that were. Quiet and confidence are restored, and to day scarce a ripple will remain upon the surface to remind one of the storm which 80 suddenly rose, and was no less suddenly lulled. to disturb but for a brief day the current of our affairs. S me few, principally those attracted from the coun. try by exaggerated rumors borne from the city during Saturday presented themselves at the counters of the brokers during yesterday morning, and something like a run was continued for a brief period upon the Boatmen's Savings Institution, but the number that came to deposite was greater than that which came to draw, and before noon every thing that betokened uneasiness was completely gone. We point to the events of these days with pride. The wave which, passing over other large business communities of the country, has left ruin and desolation behind it, reached us at a moment when it was least expected; the critical period was supposed to have gone by, when, without moment's warning, it burst upon us, but it swept away with it nothing but the ill-defined doubts and fears which the rumors of distant disaster had created here. Our banking institutions, unaided, stood the shock, and are at this moment firmer than before it care. At no period has the confidence of our citizens in the banking houses of St. Louis been so strong as as the close of the panic of which Saturday morning saw the and Saturday night the end. This is a matter not merely of cong ratulation, but worthy of note and remembrance at home and abroad. The evil announced in our issue of Saturday morning stopped where it began. The temporary suspension of Messrs. Page & Bacon, and Loker, Renick & Co was followed by an unexpected and unnecessary run upon other banking institutions. Sudden as these suspensions were, no warning was or could be given to any one, no opportunity was afforded for the slightest preparation to meet this unusual and utterly uncalled for run, and yet, in no banking house was a demand for deposits made that was not most promptly and cheerfully met. There was no opportunity for mutual unders tanding, or any ar rangement for mutual support in this emergency, which none foresaw and for which none were bound, or could be reasonably expected, to be prepared; the stronger could no come to the support of the weaker, nor those upon whom no unneual calls were made presume upon this circumstance to afford ammunition to comrade, for it was impossible to tell what direction this panic-ut terly unjustifiable, groundless and unreasoning as it might *Dy moment take. Each one was compelled by the necessity of the case to stand by his own locker, and, survive or perish, to rely wholly upon his own re. sources. Yet, not one, for one single moment, faltered or showed any signs of giving out. Draft after draft was made, in steady succession, from the earliest moment of commencing business till evening closed; the risis, as luck would have it, came on a day when it is the custom for banking houses to keep open to a later hour and when the last haul was made, no sign of botom had as jet been seen, and is was evident enough to he most sceptical that the attempt to exhaust the resources upon which such a persevering attack had been made, was utterly vain. This, in itself. had direct tendency to restore confidence The peop had taken the occasion to try these institutions, and they had stood a trial under circum stances than which none more unfavorable to them ould be conceived, without manifesting the most dis ant sign of giving out. But when the leading men of wealth of the city came forward, and private property of bose in no way directly interested in the matter, was pledged to the amount of six millions for the security of deposits n the brokers' hands, and it was understood that millions more -that the whole property of the city. indeed, if need be-was pledged for this, and it was felt how entire was the solidarity of interest and feeling be. tween our merchants, manufacturers and bankers, how complete was the confidence of the former in the latter, and how devoted each and all were to the maintenance for our city of that spotless fame which has made her the envy of the mercantile world, and raised her to so proud an eminence, bigh above the troubled waves of these stormy times-then, indeed, the timid began to blush at their fears, and it was felt that the credit of our city and of our be nkers was impregnable as a rock. The panic in St. Louis will be found to have been productive of nought but good. The vessel which has been tried by a hundred fold pressure upon a part selected at pleasure by those determined to test it to the utmost, may be safely trusted thereafter to withstand ail ordina. ry strains, and he is a fool that thepeefor.b doubts its strength. Our banking houses will from this time stand higher than ever in the esteem of all; they have been weighed in the balance and not found wanting. THE BEGINNING OF GOOD NEWS. It will be seen by the card of Page & Bacon, that the Bank of America, New York, the first banking institution in the country, has at once come forward to the aid of Page & Bacon. This we set down as but a first instalment of cheering announcements. We learned the worst at first, and, as we said in giving it to the public, matters turn out to be not as bad as they seemed at the outset. From this temporary check, our honored and enterprising fello citizens will but gather new force to continue their heroic exertions, which have already brought them through difficulties that few but they would have dared to face. We make this publication with joyous hearts; it will give the S acerest pleasure to thousands who bave no direct pecuniary interest in the matter, and must still further confirm that confidence which the events of yesterday sufficed to restore. There is no Western man that will not give his sincerest sympathy to Page & Bacon in this struggle in which they have been involved by their zeal for the interests of the West, and no Western heart that will not rejoice that FO powerful an arm has been stratched out to them in the hour of need. TO BUSINESS MEN IN THE COUNTRY. We cannot too earnestly warn our readers in the country against the exaggerated rumors that are spread abroad as to the supposed excitement and faibures in St. Louis. We assure our readers everywhere, that there has not been. nor will there be a failure of single banker in St. Louis. A guaranty of our men of wealth, amounting now to near $8. 000 000 in amount, fixes that fact beyond peradventure. The suspension of Page & Bacon-an event much to be regretted, but nevertheless generally believed to be of very temporary duration-led to cons derable excitement for a few hours on Saturday, but on yesterday it all subsided, and before night the city was as quiet, as busy about its regular duties, and as confident as we ever knew it to be. It was amusing, however, to see and bear of the persons in the country, who had deposits in the banking houses in the city. They came driving into the city, with all speed, and breathless, and pale with emotion, having heard that every banker in St. Louis was broke, and every merchant gone to the d--1. It was a thunderstroke of surprise, when they got in, to find the banks with open doors, the cashiers behind the counters paying occasional checks, and deposites rolling in with far larger and steadler stream than ever before seen on Monday. It was a complete "sell;" " and the surprised, and we may add delighted, countrymen, stammered an apology for their abrupt call-inquired confusedly after the health of the ban and the banker's family, and re. tired to jog along home again, wondering at the equanimity of St. Louis, and at the world's propensity for "agonies MEETING TO SUSTAIN PAGE & BACON. We have never known a more spontaneous and hearty outburst of sympathy towards any men than has been manifested universally in this community towards Page & Bacon in their present reverse. They were struggling in the service of St. Louis, and they had for months and almost years, been carrying a gigantic burden; and all for the honor and prosperity of this city. They have made unparalleled exertions; but the misfortunes of the country have, for the time, crushed their efforts. But shall they fail? Never-never. Let the citizens of St. Louis meet and give, if not their

5. January 20, 1855 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, January 20, 1855

Click image to open full size in new tab

Article Text

The Clearing-House business to-day was $14,257,092. At a meeting of the Directors of the Sixth Avenue Railroad Company held yesterday afternoon, Sidney Mason, Esq., was elected President, and Gideon De Angelis, Esq., Cashier of the People's Bank, Treasurer. The deposits at the New-Orleans Mint, in December, were $66,201. The total deposits for the year were $2,450,898, and the total coinage $4,520,500. Telegraphic dispatches from St. Louis, to the 18th, state that everything was quiet, and no further failures had taken place. The St. Louis Republican of Tuesday says: "We are glad to announce that the panic which seemed to reign in our monetary circles at the close of last week, has entirely subsided. The prompt payment of all deposits that were called for at the private banking houses, and at the Boatmen's Sav. ings Institution, and the generous manner in which a number of our wealthiest citizens pledged their private property to secure the depositors of these institutions against all loss, restored confidence entirely; and confidence was all that was wanting to enable money matters to resume their wonted course. Although there were some indications of a 'run' yesterday morning, yet they soon disappeared; and after 12 o'clock, we presume that there was more money deposited in the Banking Houses than withdrawn from them. "A feeling of renewed security seems to prevail in our community. The crisis of Saturday, though it seemed for & time about to resolve itself into fearful public calamity, has, in reality, been productive of much good. It has developed resources in St. Louis which were before latent. "The two houses which suspended on Saturday will, we are informed, resume operations at any early day. Messrs. Loker, Renwick & Co. will probably resume, in part, at least, on Monday next. We hope that Messrs. Page & Bacon, of St. Louis, will be able to open their doors soon. "Lucas & Simonds-The ordeal which this house has just passed through has only increased public confidence in their strength and solvency. On Saturday last, so great was the rush to their counters, that they paid out to depositors the large amount of $260,000. On Monday, bowever, 80 completely was confidence restored that the amount of money deposited with them exceeded the amount withdrawn by more than $56,000. As the card of yesterday issued by many of our responsible citizens, guaranteeing the banking houses of the city, omitted several firms, (E. W. Clark & Brothers and Haskell & Co., for instance,) we deem it proper to state that the omission was not intended 0 imply any want of confidence in the ability of those