10841. Union Bank (St Louis, MO)

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: October 7, 1861
Location: St Louis, Missouri (38.627, -90.198)

Metadata

Model: gpt-5-mini
Short Digest: ff1ce275

Response Measures

Accommodated withdrawals

Description

Multiple contemporaneous newspapers (Oct 7–11, 1861) report a heavy run on the Union Bank of St. Louis. The bank redeemed its own notes and branch notes at heavy discounts (7%, later payable at 10% and finally 90 cents on the dollar). One dispatch (NY Tribune) says the bank failed, but the majority of reports describe redemption at discount rather than an immediate suspension or receivership. No clear evidence of a suspension, permanent closure, reopening, or receiver assignment is given in these articles, so this episode is classified as run_only.

Events (1)

1. October 7, 1861 Run

Cause: Rumor Or Misinformation
Cause Details: Word circulated that the Union Bank would pay specie on its notes and branch notes at a heavy discount (reported 7%), prompting depositors/holders to rush to redeem notes.
Measures: Redeemed its notes and branch notes at 7% discount; later raised discount to 10% and toward the close paid 90 cents on the dollar.
Newspaper Excerpt: The most exciting feature of the money market to-day was the run on the Union Bank...the Bank redeemed its notes and the notes of its branches at seven per cent discount...toward the close of the run the bank would pay but ninety cents on the dollar.
Source: newspapers

Newspaper Articles (10)

1. January 19, 1861 New Orleans Daily Crescent New Orleans, LA

Article from New Orleans Daily Crescent, January 19, 1861

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New Orleans Daily Crescent. FINANCIAL AND COMMERCIAL DEPARTMENT Hew Orleans Money Market. CRESCENT OFFICE. No. 70 Camp street Friday Evening, Jan. The tone of the money market in general is unchanged; though scarcity of the needful and high rates of usanee appear to be paramount on the minds of people, yet there is a surplus of uzemployed means. If holders thereof do not choose to let it out, it will not prevent the sun from rising as usmal to-morrow. There were negotiations and loass effected to-day at the rate of 12 Oct. per annum on A1 paper having ninety days to run. Mortgage securities are negotiated at from 10@12 and 15 Oct. There is no money, however, to be realized, borrowed, raised or advanced for speculative purposes. True, a buyer of paper does not care how money loaned or proceeds of paper are invested, so long as he can realize cent per cent. There is very little inquiry or demand for money or loans among the tonsors. There is no business going on that will justify 2, 21@3 Oct. per month, and we have no transactions to note within this range of figures, though there may have been. In stocks the transactions have been light during the week. Sales of Louisiana State Bank at 160 are the only movements we have heard of, excepting the sale of Canal Bank at 1051. There have been some few shares of some of the free banks at 90@95, but not sufficient to warrant the usual table of quotations. The sales of the State Bank were 50 shares at 160. There are some movements in insurance stock, otherwise called scrip. Rates OT prices vary. Some dealers are paying one price, and other dealers are paying other prices. Whether some of the companies are not buying their own issues, we cannot say. But five or six companies are pretty flush, and can move to great advantage, as well as harmoniously, premising that the general money market is in a harmonious position. There are a good many outside remarks about operations in scrip, intimating that some parties have more free access than others. It may, however, be nothing more than a contest between Bulls and Bears. The general Exchange market to-day was rather quiet, though at some of the banks there was a good demand for checks on New York at 1/2 dis. Double A1 drawers sold at @ discount, the general rate outside ranging from 1@1 discount. The banks were buying at all fractional rates, say from 1@1 to 1 discount for good sight on New York. There were sales of one day sight at THE discount for special purposes. Sales of ten days sight at 1 dis. Sales of sixty days sight at 3} dis., which is all we can say about sixty day bills of the very best, good and indifferent. In sterling there were transactions at 102@103 up to 104, which were the highest figures large dealers were paying. Some of the banks are out of the market for the nonce. There were sales or purchases for remittance at 104@105 about £20,000. Other little bills at 1051. Francs appear to be more in demand. We note sales of A1 on Paris direct at 5.40, making extreme quotations to range from 5.55@5.50 to 5.40. 5.40 will hardly pay to sell in New York, but that is nothing to us. We desire the flow of gold to continue hither. The financial and commercial connections between St. Louis and New Orleans are so extensive, and we hope mutually beneficial, that we often allude to the money market of St. Louis. It is well known that the banks of St. Louis led off in the race of suspending coin payments, that is, five out of the six placed themselves in this predicament without any cause or reason; in fact, we have not is met with any justification of the course, and it with some surprise that we observe that five banks in St. Louis have declared dividends to stockholders while under suspension. This may be called the very essence of banking on wind and paper. Five banks, which do not pay coin, make dividends of 5 Pct. The sixth, the Exchange Bank, which has not suspended, pays 4 Pct. We take it for granted that this Exchange Bank is something of a garden spot, or perhaps more accurately speaking, a diamond institution. We published two days since the very satisfactory statement of this Exchange Bank. Its connections and correspondents all over the country are, it is presumed, of the same character, that is, so far as its agency and connection in this city are concerned, which agency is our Southern Bank, another of the ultra-bullion institutions of the country. It is a new era in banking for banks to be declaring dividends while in a state of suspension. It looks as though they were desirous of getting on the " anxious seat." The following is the statement of one of the suspended or inanimate banks of St. Louis. It is called the Union Bank, and appears to go for the union of suspension of of the

2. October 9, 1861 Cincinnati Daily Press Cincinnati, OH

Article from Cincinnati Daily Press, October 9, 1861

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lished could we all outfrom we rate, learn, think the following a fair quotation: West. ern, Farmers' and Union Banks, 35 per cent. discount; and other banks 10@20. No changes in price of Exchange or Gold at St. Louis and Chicago. The St. Louis Democrat, of Tuesday, has the following in relation to the Union Bank: "The most exciting feature of the Money market to-day was the run on the Union Bank. Word got out this morning that the Union Bank would pay specie on its notes, and those of its branches, at 7 per cent. discount, and forthwith holders of that money set their faces Union Bank-wards. The run commenced soon after bank hours in the morning, and continued withoutintermission until the close of the market. But early in the afternoon, the Bank, fearing perhaps a too heavy drain upon its specie, commenced raising the rate of discount until it reached 10 per cent. "But the crowds, nothing daunted, kept 'going in,' and 90 cents on a dollar of Missouri promise-to-pay, on demand, 100 cents, is all that could be obtained. Thus we have a fair illustration of Missouri 'bankable fund' banking-a bank buying its own notes at a discount of 10 per cent. over its own counter, in a civilized community, in the nineteenth century, and in broad daylight. We sincerely hope, for the sake of the people, who can not afford to stand such a shave, that no other city bank will follow the despicable example of the Union Bank." The New York Times of Monday says: "There was a more active demand for Money on call to day, arising to some extent, doubtless, from the large operations in the Stock market. The bulk of the Loans are now made at 6 per cent. We have no change to note in the market for Paper. The business of the Clearing-house to-day was $18,037,405 58." For rates of Uncurrent Funds, see table below:

3. October 9, 1861 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, October 9, 1861

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of the Board dead. CICISNATL-The Gazette of this morning says Currency continues in good supply, and the money market is easy, acceptable paper going readily at 10@12 9 cent. The $700,000 of demand notes disbursed by the Government here, has had a good effect: and when the remainder of the $2,600,000 due here shall be paid over to contractors, the financial machinery of the city will work without a jar. There was a fair demand for exchange to-day, and balances being on the decline, the market was firmer. Dealers were free buyers at par, and in some cases a email premium was allowed. The selling rate was in premium. Gold was in limited request only. We quote: Enying. Selling. New York par. prem. Gold prem. prem. ST. Losts.-The Democrat says of Monday's market: The money market tc-day was in a flutter, and we could get no one to eet a price on exchange or gold. In the absence of better authority, we shall quote the market stiff at Saturday's rates-6 1061/2 per cent. premium for exchange, and 7 to 7/6 for gold. We wish no one to be misled by our quotations, for we bave but little confidence in them 10-day ourselves. The most exciting feature of the money market to-day was the run on the Union Bank. Word got cut this morning that the Union Bank would pay specie on its notes, and those of its branches, at g cent. discount, and forthwith holders of that money zet their faces Union Bank-wards. The run commenced soon after bank hours in the morning, and continued without intermission until the close of the market. But early in the afternoon, the bank, fearing perhaps a too heavy drain upon its epecie, commenced raising the rate of discount until it reached 10 per cent. But the crowds, nothing daunted, kept "going in," and 90 cents on a dollar of Missouri promise to pay, on demand, 100 cents, is all that could be obtained. Thus we have a fair illustration of Missouri "bankable fund" banking-3 bank buying its own notes at a discount of 10 per cent. over its own counter, in a civilized community, in the Nineteenth century, and in broad daylight.

4. October 10, 1861 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, October 10, 1861

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There was a bank panic at St. Louis on Monday. The Union Bank failed, and the merchants had concluded to follow the example of Chicago in wiping out all depreciated currency. O.1

5. October 10, 1861 New-York Daily Tribune New York, NY

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There was a bank panic at St. Louis on Monday. The Union Bank failed, and the merchants had concluded to follow the example of Chicago in wiping out all depreciated currency. The Cincinnati Gazette of the 8th says: Currency continues in good supply. and the money market easy, acceptable paper going readily at 1212 P cent. The $700,000 of demand notes disbursed by the Government here ha. had a good effect. and when the remainder of the $2,000,060 due here sh 1 be paid over to contrictors, the financial mechinery of the city will work without jar. The Treasury notes take well. Bankers have entire confide Ce in theus. and are to other currency. Ou Saturday and to sums were taken into pay day they considerable preferred farmers the interior will to be in for caitle, produce, &c., and pretty #OOD possession of promises to pay that they can sleep upon with as much security as if their means were to gold eagles. There fair demand for exchange to-day and balances b. OD the decline, the werket as firmer. Designs were f 00 buyers at par, and in some cases is amail premium was allowed. The seling rate was : premium. Gold was in limited request only. Bridgeport, Conn., has subscribed $99,000 for the National loan. Nearly $100,000 has been subscribed to the loan in Stamford, mostly in large amounts. In Fall River, Mass., the banks have taken $100,000, and the popular subscriptions amount to $50,000 more. The Boston Post, in its weekly financial review, says of the new loan: The banks ought to take the third "fifty millions" of the loan at once, securing the interest from the present time. and with a view, If need be, 10 80 the public sales that foreigners shall be made to pay . premium for what would readily bring 5 to 10 P cent advance, If it could not be bad for less. and if men of reputed intelligence did not allow them selves to be frightened out of an appreciation of the facts of the cause. Under any circumstal ces, the United States is.ues are a. good as anything can be, and should they finally amount to one thousand millions, they would have more wealth and energy bebind them than any other public debt in the world. Let the banks, then, be wise enough to buy the remaining fifty millions at par. at once: they will make money by getting interest on money that cannot be called for, by the nature of things, for sixty days; ad they will make money by charging a premium to Europe for a security which is richly worth it and which will quickly bring it. when it is not offered at par, and so BOOD as foreigners come to their seuses as to its true and surpassing minis One effect of the new loan. we think. will be to practically advance the legal interest in our cities to its OWD standard at least until it seils at a considerable advance Already there is a distriction to take collateral loans, except at high rates, considering the c noition of the general market Business paper of & ,od quality scarce-more trade than usual is done for cash, and consequently floating credit is abuskant But for some time to come, as it seems to us. Government securities will be the leading element of bank loans. and even firstclass notes will lose their prestige with bank managers, unless they can be had at rates approximating to that paid by the Na tional loan. Inferior paper and collateral loans will be strictly serutioized, and the long effect of this course cannot but be exceedingly beneficial to the body mercantile. The best authorities in England and France put down the deficit in their respective crope to be such, that the former must import 64,000,000, and the latter 84,000,000 bushels of grain, to have a supply equal to ordinary consumption. This is at the rate of nearly 3,000,000 bushels weekly up to the year ending August 31, 1862. The United States is looked to, to make up the greatest part of the deficit. Their crops would enable them to do much towards this, were not the movement of these soon to bechecked by the closing of navigation on the great canal and the lakes. Enormous amounts, however, will come forward before the winter sets in, while the railroads will be actively employed for the whole season. The ability to supply the demand is really only a matter of price. With rates sufficiently remuneraling, almost the entire crop may be moved during the winter, even with the lakes closed by ice and the Miseissippi by the blockade.

6. October 11, 1861 The New York Herald New York, NY

Article from The New York Herald, October 11, 1861

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The St. Louis Democrat of Tuesday says:There was quite a run on the Union Bank of this city today, and the bank redeemed its notes and the notes of its branches at seven per cent discount in coin. The run continued with little abatement until the close of the banking hours. Towards the close of the run the bank would pay but ninety cents on the dollar, and the people seemed to be satisfied to get that. Several merchants have arranged to take Missouri money hereafter at its quoted value in coin each day, and a circular was put in circula. tion to obtain the names of those who will go into such an arrangement. The Cincinnati Gazette of Tuesday says:Currency continues in good supply, and the money market is easy, acceptable paper going readily at 10 a 12 per cent. The $700,000 of demand notes disbursed by the government here has had a good effect, and when the remainder of the $2,000,000 due here shall be paid over to contractors, the financial machinery of the city will work without a jar. The Treasury notes take well. Bankers have entire confidence in them, and they are preferred to other currency. The people also take to them keenly, and their standing as a circulating medium is firmly estab. lished. Saturday and to-day considerable sums were taken into the interior to pay for cattle, produce, &c., and pretty soon farmers will be in possession of promises to pay that they can sleep upon with as much security as if their means were in gold eagles. The citizens of the West. ern States particularly, who have suffered so much from an inferior currency, will welcome the appearance of the Clessary notes. In relation to the circulation of these demand notes, the Boston Post, the proclivities of which are altogether in favor of a specie currency, remarks:We admit all that can be said against a paper circulation; but it prevails over the loyal States, notwithstanding, for good or evil, and as we can't abolish it, we would improve it. Now, this can be done at the West by an infusion of government notes. These notes may come home for redemption rapidly, since their holders may be forced to part with them to pay their debts. But in time many will remain with the people to prevent the income of any more of the trash by which the West has lost 80 heavity. Meanwhile the government will have the use of whatever money can be kept out, and save a considerable sum in the express service for the unnecessary transport of gold. As to the redemption, we have good reason to know that Mr. Chase fully understands his position, and is over-careful, if anything, in making full provision for it. And with regard to panies and inflations, we have no idea that the gradual issue of fifty millions of government bills will have any such result. The West needs currency, and would gradually obtain it. It would not be gold, and it would be paper, good or bad. Now the evertment paper is the best that can be made, and, the elore, we advocate it for the West, under the circumstances. The West will not have a dollar more of it than she earns-she will not keep a doliar more than she can afford-but th pres nce of such an issue will prevent the creation of many local banks an the final repetition of the losses of 1860. How much of a government business can be sustained time will show; but we have no idea it will be much used as a circulation, except at the West. Ever there it will have its largest use, perhaps, as a convenient and readily gathered specie remittance to New York and Boston. With paper circulations all over the land, there will be dangerous inflations from time to time; but we have no idea that these inflations depend upon the volition of the manufacturers of the paper money itself. They rather depend upon the means, business and circum stances of the people. Now an intlation may come after a government issue, but we have 110 notion that it will re. sult from such issue. Other things being equal, a government issue would drive out and diminish a poorer one; and if it did not. if the whole body of paper circulation after wards increase 1 until it became disturbing and injurious, the increase would arise from some change in the facts of the people, and not from any gove. nmental action. The paper would have increased even if government had not issued one dollar. For the inflation of a paper-currency no one is exactly responsible, and for this reason, among others, we heartily condemn it. Once existing, it is almost beyond control. But the issue of paper by government is nothing worse, to say the least, than the issue of a new bank. Neither will increase the aggregate of pap afloat, unless the tacts of the people call for the increase. And with such facts we believe the previous issues world have furnished an equal increase if neither government por new banks got Out a dollar. We condemn the use of paper as a circulation; but ns paper is universally used and in the same fluctuating system, we have no fear of the issue of a limited amount of better paper than any heretofore exhibited.

7. October 11, 1861 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, October 11, 1861

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9,042 09 7,398 04 June $46,791 02 Total $66,232 99 $19,441 97 Showing net-earnings of Which have been disposed of as follows: $2,841 27 Paid Receiver of Indiana portion of the road 3,325 00 Paid on englue No. Paid interest second mortgage, six months, due 10,500 00 1860.. Dec. 31, Paid interest on third mortgage, six months, due 2,590 6 00 Dec. 31, 1860. $19.256 27 Total $185 7 Balance in Treasury Mr. Le Grand Lockwood was to-day elected Treasurer of the Stock Board, vice Mr. Bleccker deceased. The business of the Clearing-House was $19,928,665. The amount of Loan Certificates issued to banks which are carrying less than twenty-five cent of specie to net deposits, is only about $1,200,000, showing some decrease from the highest point touched. The public continne to come up freely to the aid of the Government by taking the National Loan. At the Sub-Treasury, to-day, the subscriptions exceed $400,000, in addition to $450,000 received from agencies. Of this, $200,000 came from Troy, and $100,000 from Albany. The country agencies have now instructions to deposit weekly with Mr. Cisco. The city agencies are doing well. At Read, Drexel & Co.'s, the subscriptions to-day exceed $100,000, and reach $650,000 since the 4th inst. Messre. Ketchum, Sen & Co. average $30,000 per day, and the others are doing quite as well. Demand Notes come in freely for redemption and are paid out again when practicable. They are received daily from the West in large quantities. The Bank of Commerce has exchanged $50,000 in gold for these Notes, and are using them over the counter AS currency. The Bank of Commerce has no circulation of its own. Mr. Cisco will refund to the Banks to-morrow about $1,400,000 for Treasury Notes sold, and will make a call of 4 P cent, or $1,400,000 on the Thirtyfive Million loan. There has been a large amount of drafts on the Sub-Treasury advertised, including one for some $600,000 in favor of a New-York institution, probably for redeemed Six P cent Treasury Notes, and the balance to the credit of the Treasury proper, would fall below a working point unless strengthened by another call. The following is a statement of the tolls collected OH all the canals for the month of September, and from the opening of navigation to the 1st inst.: 15 $157,652 1 Fourth week in September 1861 121,143 51 Fourth week in September, 1860 $36,498.84 Increase 574,072.83 Month of September, 1861 469,515 50 Mouth of September, 1860 $104 557 30 Increase 2,495,210.00 From opening of Canal to Oct. 1, 1001 2,033,411 92 From opening of Canal to Oct. 1860 $461,790 17 Increase The statements of the banks of the three principal cities of the Union for the last week compare with the previous one, and the corresponding time of 1860, as follows: Deposits. specie. Circul's. Loans. N Y. Oct. 5 $148,545,488 $ $120,607,549 $ 39,809,901 $8,884,006 6,707,701 23,171,040 6,415,856 Bost. Oct. 7.. (3,684,238 2,833,739 20,331,970 5,383,277 30,499,119 Phile., Oct. 7. $242,728,845 117,830,496 Total. I 215,104,971 132,938,689 49,066,148 17,172,382 Last week 216,122,957 112,868,088 30,023,684 20,527,439 e Last year e The Pittsburgh, Fort Wayne and Chicago Railroad is advertised to be sold on the 14th of October. The lowest sum for which it can be bought is fixed at $500,000. 3 The following shows the receipts of the Morris Canal for the week and season, compared with that of 1860: $258,404 94 Total to Sept. 29. 1360 9,898 89 Week ending Oct. 1860 $268,303 c $196,037 03 Total to Sept. 28, 1861 7,925 95 Week ending Oct. 5, 1861 $203,962 96 ; $64,349 Decrease in 1861 The Street Railroads feel the pressure of the times keenly. At Cincinnati their earnings the past few e months have been about 25 P cent less than during 6 the corresponding period last year. Their expenses, however, are ten to fifteen P cent less now than then. The business of the Philadelphia and New-York d Passenger Railways shows a very similar result. A comparison of the footings of the weekly Bank statement of the Boston Banks with those of last week exhibits an increase of $1,421,510 in the items of loans and discounts, $2,128,862 in deposits, $368,772 in circulation, and $696,562 in specie. We annex the principal footings for the past two weeks with the corresponding week last year: Oct. 8, 1860. Oct. 7, 1861. Sept. 30. 1861. $64,671,820 $63,684,238 Loans and Dis. $62,262,728 5,315,909 6,415,855 5,719,294 Special 20,811,889 23.171.040 20,042,678 a Deposits 7,951,078 6,707,701 6,338,929 Circulation The Boston Traveller of last evening says: Subscriptions to the national Loan are now coming in faster than at any former period. Last.week the sum of $644,301 45 was taken in this city. The trustees of the Scars estate subscribed for $100,000 of the loan; the trustees of the Francis estat . also took a large amount. b 8 The St. Louis Democrat of Tuesday says: There was quite run on the Union Bank of 'this city to day. t and the bank redeemed its notes and the notes of Ite branches at 7 cent discount in coin. The run continued with little , abatement until the close of the banking hours. Toward the A close of the run, the bank would pay bat 90 cents on the dollar, and the people! seemed to be satisfied to get that. , Several merchants have arranged to take Missouri money hereafter at its quoted value in coin each day, and a circular y was pat in circulation to obtain the names of those who will el go into such anarrangement. r The Mihaaukee Sentinel says: r Yesterday business at the banks was as lively as they could desire, and the demand for currency so great that in some instances they were obliged to restrict customers to as narrow limits as possible. The current rate of exchange was , cent premium at the banks, and 101 P cent outside. Gold y 11@15 prenium. The Chicago Tribune of the 8th says: , Discounts on strictly business paper are readily obtained

8. October 11, 1861 The Hancock Jeffersonian Findlay, OH

Article from The Hancock Jeffersonian, October 11, 1861

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ST. LOUIA October 7.-A tele. graph has been ordered to be built along the North Miesouri railroad. The wire is already here for the work. Great indignation is felt that Washington correspondents should harp on Fremont's removal. This impairs his credit here and hampers his movements. This topic has been general to-day. It would be a relief to have the question whether Fremont shall follow Price or be removed. decided. There is a rumor that the Union Bank failed to day. The bank re deemed till one p. m. at seven per. cent., and then till three p. m. at ten per cent. discount for gold. The result is a panic in Missouri funds, and Merchants are moving as they did in Chicago to make bills receivable at specie value only.

9. October 12, 1861 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, October 12, 1861

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tween 64 but on the publication of the paragraph from th Fatric there was a rapid fall to 25 Many of the operators, however, still manifested full confidence, and purcuases were renewed on a considerable scale, causing & rebound to 26. Ultimately the tendency to dullness The predominated, and the final bargains were 251 arrangement of the account will commence to-morrow, and much agitation is likely to be agaia manifested, the recent The range of price having been between about 21 and 21. closing price from Paris this evening was 69f. 20c., showing a decline of nearly a quarter per cent. About £51.000 in gold, chiefly bars, was bought by the Bank day. The Eastern exchanges continue with very satisfactory tendency. At Calcutta the rate is without material alteration, but both at Canton and Shanghai there has been further favorable movement of 1 P cent, the respective quotations being 4/5 and 6/24. Although the French purchases of Wheat in the English market have much diminished, they are still continued on a moderate scale. The London Money Market Review says: We are not disposed to attach too much importance to the rise of cent (namely. from 5 to 51) announced this week in the rate of discount of the Bank of France. inasmuch as that market is now pressed upon by a cause which is peculiar to itself. and from which we can be made to suffer in only & very minor degree- we mean the deficiency in the French harvest Nevertheless, when the discrepancy between the rates of the Bank of England and the Bank of France as much as cent, as it is now, there is sure to be a transfer of some amount of capital from the cheaper for employment in the dearer market. Easy and satisfactory as the present condition of our money market is, we cannot expect to be entirely unaffected by these financial movements abroad. There is some reason to believe that for the present the value of money has reached its lowest point. We are now just at the turn of the quarter, when a good deal of money be comes displaced. This is usually attended with some effect upon the general market. Hitherto the influx of revenue to the Bank has been very slow, and the ordinary contraction of the circulation has thus been little felt. We have reason to believe that the Government, mindful of the inadequacy of their balances in the Bank of England, havejust made arrange ments with that establishment for a loan of considerable amount on the Deficiency bills, in the face of the coming dividend period. While the Bank have the Government for a customer in this way, they will be the bet. ter enabled to keep up their rate of discount. The London Economist of the 28th, says: The demand for money this week has been unusually mod. erate for the present period of the year, and transactions have taken place in the general market at 21 P cent., while to-day, notwithstanding that there was rather more inquiry, the general rate was only about cent. The supply of capital for discount purposes continues large, but the amount of commercial bills offering is only moderate. There appears a general impression that no further rednction in the value of money will be witnessed for the present, owing in a great degree to the action of the Bank of France. On the Stock Exchange there has been less ease, partly from the calling in of loans before the end of the quarter, and partly from some large sales of stock for immediate delivery, and the rate to-day has risen to 3@31 cent. At St. Louis the rate of exchange is 7@8 P cent. There was a run on the Union Bank, andsome of the other banks were throwing out its notes. The large Government disbursements at Cincinnati were having their natural effect upon the money market. Treasury demand notes were circulating freely. Exchange on the East was 1 premium. The Chicago Tribune says: There is no change to notice to-day in financial matters. The ease heretofore noticed continues, with no immediate prospect of any stringency. Everything is moving along quietly and comfortably. New York exchange continues abundant. Shippera are seiling at par@g; bank rates gold for round lots; smaller parcels, W@1. Demand not large. The Milwaukee Sentinel says: Money matters were unchanged yesterday, and business at the banks more quiet than usual, owing to the dullness in the produce market and comparatively light shipment. We quote exchange plenty at P cent premium at the banks, and 1.01 outside. Buying rates par to t per cent premium. Gold sold at 11 premium for Wisconsin currency. Currency is close, all the resources of the banks being taxed to meet the demands of wheat operators. From The London Economist. MARK LANE, FRIDAY EVENING.-Most of the leading mar kets have been seasonably supplied with English Wheat. For all kinds, the demand has ruled heavy, owing to a falling off in the inquiry for France, and prices have given way 1 to p quarter. There has been less passing in foreign Wheat than for some time past, and the quotations have had a drooping tendency. All descriptions of Barley have found buyers a fair extent, on former terms, while the sale for Malt has continued firm. The supplies of oats having increased to some extent, the Oat trade has been much less active, at drooping currencies. Beans and Pens have moved off steadily but the value of Flour has been with difficulty supported. 1 On the Continent. wheat is selling at high rates but buyers have operated with caution: bence, the business done has been only moderate. All Spring corn has commanded extreme rates, with a fair export demand. The latest advices from New York state that increased quantities of wheat and flour were in progress of shipment to England and France, and that prices were well supported. The new whents continue to appear in very fine condition but most accounts agree in stating that the yield is by no means full average one. Barley, oats. beans, and peas, es. pecially the two formar articles, are turning out extremely well. In Scotland, there has been much less activity in the demand for wheat and most other articles of produce, and, in some instances, prices have had a drooping tendency. Har vest work has progressed steadity. In Ireland the inquiry for Wheat has been much restricted nevertheless, no change of importance has taken place in the quotations. Barley and Oats have commanded full prices, but other produce has met @ dull inquiry. At Mark lane, to-day, there was a fair supply of English Wheat, for which the demand ruled heavy, at barely late rates. Foreign Wheat sold slowly, on former terms. Barley was dull, and rather cheaper. In the value of Oats Beans, and Peas, no change took place; but the trade for them was in sluggish state. Flour supported former prices. . Markets-CARRFCLLY REPORTED FOR Tax N. Y. TRIBUNE. FRIDAY. Oct. 11. 1861. in request at $5 for

10. October 12, 1861 The Burlington Weekly Hawk-Eye Burlington, IA

Article from The Burlington Weekly Hawk-Eye, October 12, 1861

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# KENTUCKY TO BE THE BATTLE-FIELD. The fact that Senator Breckinridge has thrown off the mask, and taken the field against the Government, is significant of what may be attempted and expected in Kentucky. Such a step would not have been taken but upon the confident expectation that this State was safe for the rebels. All their power will be put forth to overrez and hold it, to prevent which, 50,000 national troops should at once be moved upon its soil. The die being cast here, no half-way measures will be resorted to by the rebels. The invasion of the State was not accidental, but a thoroughly preconcerted measure, undoubtedly in the belief that it could be made entirely successful. The importance of Kentucky to both parties cannot be over-estimated. If the rebels can hold it, they can winter their armies there. If we can drive them from it, we can force them to disband. Both parties understand this. The contest there will be on a scale corresponding to the magnitude of the stake nvolved. FIRST IOWA CAVALRY REGIMENT. -The second detachment of Col. Fitz Henry Warren's First Iowa Cavalry Regiment, numbering two hundred men with horses, reached this city Friday morning, by the steamer Jeannie Deans. The first instalment reached here a few days ago by the Hannibal City, and the remainder will follow in a day or two from Keokuk, by the Die Vernon. That portion of the regiment now here is composed of noble looking men, mounted on splendid horses, and well equipped.-[St. Louis Republican. A HOTEL TO BE BUILT AT BULL RUN.-It is stated that George Leary, Esq., of Staten Island, son of Leary, the New York hatter, is owner of the extensive tract of land upon which the late battle of Bull Run was fought, and if the government should fail to assert its power over Virginia, Dr. Leary would lose an immense estate there. As soon as the war is over, certain parties, with the consent of Mr. Leary, intend building an immense hotel there to accommodate the curious who will flock thither to inspect the battle field GEN. MCCLELLAN GETS A NEW RIG.-Much foolish gossip has been created by the fact that Gen. McClellan has ordered showy uniforms for himself and Staff. Heretofore he has been distinguished by the plainness of his attire, but as he is soon to take the field, it is desirable that the men should know him at a glance from the line and other officers of the army under his command. Like "Cousin Joe" in the play, he will be "buttons all over," and gold lace ad libitum. There is a necessity for this, as all military men will understand. -N. Y. World Correspondence. Bah! RUN ON THE UNION BANK. There was quite a run on the Union Bank of this city to-day, and the bank redeemed its notes and the notes of its branches at seven per cent. discount, in coin. The run continued with little abatement until the close of the banking hours. Crowds of people were choked off by the inevitable 8 o'clock. What effect this little episode will have on the money market, is hard to tell; but one thing is certain, if the Union Bank can stand up to the pressure and redeem all its circulation at seven per cent., it will make a nice thing of it. And if that would end the concern, it would be a cheap riddance. LATER.-Toward the close of the run the bank would pay but ninety cents on the dollar, and the people seemed to be satisfied to get that. - Missouri Democrat.