10818. Southern Bank (St Louis, MO)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
October 24, 1861
Location
St Louis, Missouri (38.627, -90.198)

Metadata

Model
gpt-5-mini
Short Digest
fa1b1b6e

Response Measures

None

Description

Articles (Oct 1861) state Southern Bank was one of four city banks operating on the bankable fund system, and in a state of legalized suspension. No article describes a depositor run on Southern Bank; banks reached an understanding to take and exchange each other's notes again — implying suspension with intent/ability to resume operations. Classified as suspension_reopening. 'State' chosen because name lacks 'National'/'Trust' and context refers to city/state banks.

Events (1)

1. October 24, 1861 Suspension
Cause Details
Operating under the 'bankable fund' system and in a 'legalized suspension' with mutual arrangement among city banks to exchange notes; not described as triggered by rumor or correspondent failure.
Newspaper Excerpt
the Mechanica', Merchants', Southern and State Banks, and their branches, will constitute the bankable fund list, and take and exchange each other's notes as formerly ... operating on the bankable fund system, and in a state of legalized suspension
Source
newspapers

Newspaper Articles (2)

Article from New-York Daily Tribune, October 24, 1861

Click image to open full size in new tab

Article Text

Bays Financial matters are in all respects in a satisfactory condition, there being an adequate supply of currency for all legitimate purposes, and a disposition ou the part of capitaliate to invest freely in good commercial paper, based on current ope. rations. The Exchange market is close, the contraction of shipping facilities restricting the supply of commercial bills, while the demand is somewhat above the average. Gold is quite dull, and round sums could be bought at s prem. The Chicago Journal says: Eastern Exchange is less active, and the market is steady at @ per cent premium. Currency is scarce. The receipts and shipments of Wheat at Milwaukee last week were the largest ever known for a single week at that city, amounting to more than 600,000 bushels received, and over a million forwarded. The receipts were: Barley, Rye, Corn, Oats, Wheat, Flour, bush bush. bush. bush. bush. bbis. 200 1,188 904 4,672 608,338 10,238 Total Same week 1,170 4,442 1,117 1,069 569,969 14,497 in 1860 Total since Jan. 1 376,181 10,615,550 70,118 81,858 35,429 62,235 Same time in 1860..107,860 6,093,329 148,864 107,355 64,253 24,234 Same time in 1359 1.142,871 3,314,290 201,236 137,450 101,178 9,554 The shipments were: 14,394 bbls. Flour, 961,900 bush. Wheat, 2,600 bbls. Beef, 402 Hides, 228 bales Wool. Shipments of Flour and Wheat from January 1 to October 19, in the years 1860 and 1861, compare as follows: 4,794,815 287,550 1860 10,694,586 530,380 1861 5,893,771 242,630 Increase The St. Louis Republican says: MERCHANTS' AND MECHANICS' BANKS.-The misunderstanding between banks, which led to the discrimination against each other's paper, has been, we are gratified to say, removed, and the banks receive each other's paper as formerly, This settles, as it seems to us, the only gap between the State, Mechanics', Merchants' and Southern banks; and the paper of these banks will hereafter constitute our circulating medium. THE FARMERS' AND WESTERN BANKS-Ar arrangement is in progress, we understand, which will probably result in at once placing the Farmers' and Western banks on on equal footing with the other banks- position they should have all the time occupied. The Democrat says: Two of the city banks have been, perhaps, permanently discredited, viz.: The Union Bank and the St. Louis Bank. The other four banks which have been operating on the bankable fund system, and in a state of legalized suspension, have come to an understanding, we are teld, and hereafter the Mechanica', Merchants', Southern and State Banks, and their branches, will constitute the "bankable fund" list, and take and exchange each others' notes as formerly. The Exchange Bank is doing an independent business on a strictly specie basis, it never having suspended. The Missouri State Convention, just adjourned, has authorized an issue of bonds to the amount of $1,000,000, carrying 7 cent, and payable in ten years-the interest to be provided for by setting aside specially for its payment $70,000 from the State revenue yearly. It bas also authorized the creation of Auditor's warrants to the amount of $1,000,000, in sums of $5, $10, $20, $50, $500, and $1,000. These warrants are payable for military services or sup-


Article from The New York Herald, October 24, 1861

Click image to open full size in new tab

Article Text

The St. Louis Democrat of Monday furnishes the following information relative to the present position of the banks of that city:Two of the city banks have been, perhaps, permanextly discredited, viz: the Union Bank and the St. Louis Bank. The other four banks which have been operating on the bankable fund system, and in a state of legalized suspension, have come to an understanding, we are told, and hereafter the Mechanics', Merchants', Southern and State banks, and their branches, will constitute the "bankable fund" list, and take and exchange each other's notes as formerly. The Exchange Bank is doing an independent business on a strictly specie basis, it never having suspended. This agreement by the banks will probably enhance the price of their money, and probably exchange will be furnished ere long at a trifting premium. We are glad to know that it is the intention of the Me. chanics' Bank to resume specie payment at the earliest practicable moment, and the same is said of the Merchants' Pank; but of this we cannot speak so positively. Relative to the Farmers' and Western banks, the St. Louis Republican remarks:An arrangement is in progress, we understand, which will probably result in at once placing these two banks on an equal footing with the other banks-- position which they should have all the time occupied. They are owned and managed by the most wealthy and respectable gentlemen in the most commercial part of this State, and are as sound, we are assured, as any of our banks. A letter from the cashier of the Farmers' Bank, dated at Lexington, Mo., on the 17th inst., states that the bank has burned, of its circulation in that place, $912,680. This is in addition to what has been consumed at the branches and at the office of the Bank Commissioner in St. Louis.