10833. State Bank (St Louis, MO)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
December 4, 1860
Location
St Louis, Missouri (38.627, -90.198)

Metadata

Model
gpt-5-mini
Short Digest
e0f26767

Response Measures

None

Description

Articles state the State Bank yielded to the resolution to suspend (Dec 1860) as part of a citywide suspension amid money stringency. By Oct 1861 the State, Mechanics', Merchants' and Southern banks had come to an understanding to take each other's notes and resume specie payments, indicating reopening/resumption. No discrete depositor run is described for this specific bank in these articles.

Events (3)
1. December 4, 1860 Suspension
Cause
Macro News
Cause Details
Citywide money stringency, scarcity of currency and exchange pressures amid broader financial disruptions led the banks to resolve to suspend payments.
Newspaper Excerpt
The State Back yielded to the resolution to suspend
Source
newspapers
2. October 24, 1861 Other
Newspaper Excerpt
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.
Source
newspapers
3. October 24, 1861 Reopening
Newspaper Excerpt
The other four banks ... in a state of legalized suspension, have come to an understanding ... and take and exchange each other's notes as formerly. We are glad to know that it is the intention of the Mechanics' Bank to resume specie payment ... and the same is said of the Merchants' Bank; ... Farmers' and Western banks ... will probably result in at once placing these two banks on on equal footing with the other banks- position which they should have all the time occupied. (St. Louis reporting cited in Oct 1861 papers.)
Source
newspapers

Newspaper Articles (3)
1. December 4, 1860 The New York Herald New York, NY
Article from The New York Herald, December 4, 1860

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Article Text

an'ARDSJOUT nouncing the suspension of the banks of that city, ith the exception of the Exchange Bank, remarks:It was by no meane a uninimous feeling, as some were stronger, better able to hold out, or differently situated from others. The State Back yielded to the resolution to suspend, though she had 70 per cent of COID for all her circulation, and the Werchants' Back showed 72% per cent coin Saturday ovening. The Exchange Back, having redected is a more liberal manner all along than the others, and consequently having less notes in the hands of the brokers team the Rters, feels able to weather the gale in the manner who has been dolog. At least, not having missi last evening been in full consultation with the other banks' fffloors, she will take some more time in considering the matter. The St. Louis Republican of the same day says:-This was expected, sad therefore oen stoned no sur prise, 1: meets the general approbation of the business community. As yet 1b nge have not adjusted themselves to this change, and we report the exchange market with. out alteration. The nominal selling rates of the banks are 116 premium ORL New Orlenne, sad two on New York. Sales by the Bostmen's Savings Institution were at the rate of three për dent premium, but the State Savinga was drawing st Gro, are the latter WAS nearer the peo. valling rate Currency 18 not abandant, and with cireaInter as usual through the ordinary chemacia of trade. " 1a received by the institutions dealing in 18, and mgainst to kind Sales are nt from two to three per onct discount from bankable funds. I: to not available for exchange. The Boston Traceller of Saturday says:The money stringency shows DO improvement, and remains without any abatement. The higher FRIOR of In. tereet HIP continue to be paid for loans and discounts in the open market Tue bank specie declared $27,800 soday, leaving $3,486,100 M the Aggregate holding. The bighret GOUBS this year was $6 168,418, in July. the Stock market in heavy and inactive, under a pressure of eel'ers and . sceraity of buyers-the general inspression being that priors with be lower before they are bigner. Same of the purchasers in the early part of the week have since sold at a loss. The Milwaukee Sentinel of Thursday remarks:-There 18 no use in disguising the fact that the money market bero in most close. Esstern exchange is nominally five per ount premium, but " cannot be borght from the banks at any price, because they have hone to scil. Although there is a good deal of ourrenoy to circulation, pork packers and grain desiers duan plate of difficulty in ostableg it to narry on their Dusi. Deas ou such onlisterale M time bills 63 100 Rast and on Europe They could begitiate their paper at Chicago very realtly, trus that world not help them any, 0004000 they could not use Illinois currency here. The Detroit Daily Adcertiser of Saturday says:-As for some weeks past there bas been few or no ship modia of produce from this port, Eastero exchange has been quite source. As yet the rate regmine % per cent, though the market in extremely close and an advance 18 not at all improbable. Currency, having to be remitted so create exchange, has also become scarce. We read in the Philadelphia Doening Bulletin:Recent indications from Pittsburg show that the people of the ony and of Alleghony county are becoming more decidedly in (nvor of the payment of the reilrous bonds, which now weigh an leavily SPOR them. In response to those indications, a meating of the bondholders was called for to-day at No. 90 Exchange. The attradance was very foll. Mr. Howard and Mr. Fry were also very

2. October 24, 1861 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 24, 1861

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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-

3. October 24, 1861 The New York Herald New York, NY
Article from The New York Herald, October 24, 1861

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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.