180. Bank of Mobile (Mobile, AL)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
October 26, 1842
Location
Mobile, Alabama (30.694, -88.043)

Metadata

Model
gpt-5-mini
Short Digest
28aa390e

Response Measures

Accommodated withdrawals, Public signal of financial health, Full suspension, Books examined

Description

Newspaper accounts (late 1842 into early 1843) describe runs/withdrawals and a panic in Mobile after branches refused Post Notes (causing depositors to draw funds). The Bank of Mobile stopped checking/drawing several times (suspension of normal redeeming operations) and later resumed checking in March 1843. I classify this as a run leading to suspension and eventual reopening. Dates are derived from article references (Oct 26, 1842 panic; Feb 4, 1843 large stoppage; resumed checking reported March 6, 1843). OCR in sources contained errors; I corrected obvious dates/phrasing where necessary.

Events (3)
1. October 26, 1842 Run
Cause
Local Banks
Cause Details
Branches (and a branch to the State Bank at Mobile) refused Post Notes, provoking depositors to withdraw funds and causing a panic in the city
Measures
Not explicitly described beyond attempts to effect arrangements; bank commissioners issued statements asserting ability to meet liabilities
Newspaper Excerpt
on the 26th ult. the Branch to the State Bank at Mobile and the Bank of Mobile ... refused ... caused that city, and that great excitement was thereby ... A panic ensued and deposits were drawn
Source
newspapers
2. February 4, 1843 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank ceased normal checking/drawing operations (stopped checking on New York), producing extreme exchange discounts and effectively suspending usual redemption operations. This appears driven by the bank's own operational/policy decisions and loss of confidence rather than a discrete rumor alone. (Also multiple stoppages reported.)
Newspaper Excerpt
The bank stopped checking, and on the 4th of February, the rate reached 32 per cent ... The bank then 'commenced checking' at 30 per cent.
Source
newspapers
3. March 6, 1843 Reopening
Newspaper Excerpt
The Bank of Mobile resumed checking on New-York at 25 on Saturday, dropping to 22 on Tuesday, and 20 the following day; she was not drawing yesterday. ... The Bank of Mobile resumed checking on the North week before last at 19 per cent. March 6 report: The Bank of Mobile resumed checking on New-York at 25 on Saturday ... March letter dated the 25th says ... The Bank of Mobile resumed checking on New-York at 25 on Saturday, dropping to 22 ... the Bank of Mobile resumed checking on the North week before last at 19 per cent.
Source
newspapers

Newspaper Articles (9)
1. August 27, 1842 The New York Herald New York, NY
Article from The New York Herald, August 27, 1842

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# CURRENT RATES OF BANK NOTES AND DOMESTIC BILLS Bank Notes. Exchange. July 1842. Safety Fund... ⅛a 1 Boston.... para⅛dis Security Banks... ⅛a 1 New England... ⅝a½ Philadelphia... par a¼ " U. S. Bank ¼a- Pensylvania ⅛a16 Baltimore.... para⅛ New Jersey ⅛a 1½ Richmond.. 1⅜a 1½ Maryland. 1½a 3 North Carolina 2¼a 2½ Virginia.. 2 a 2¼ Savannah 1¼al North Carolina.. - a 3 Augusta. 1½a 1⅝ Georgia... - a 3 Charleston 1⅛a 1⅜ South Carolina... 2⅛a Apalachicola -a- Florida a- Mobile -35 a36 Alabama 30 a37 New Orleans 2 a 3 Louisiana 10 a50 Louisville. 3 a 4 Kentucky 4 a- Nashville 4 a 4½ Tennessee 8 a10 Natchez a- Mississippi. -60 a90 St. Louis 3 a 4 Missouri. 9 a10 Cincinnati, 1¾a 2 Ohio. 15 a15 Indiana 5 a 6 Illinois -60 a65 Michigan 6 a40 Detroit 2⅜a 5 The improvement at the suspended points must keep pace only with the expurgation of the broken banks. At Mobile there seems to be some improvement. The Bank of Mobile is checking at sight on New York at 50 per cent premium, but there are but few applicants for checks at that rate. The checks of the Huntsville and Montgomery branches of the State bank on New York have been sold at 48¼, 47. The rates for specie have also proportionably declined, several lots having been disposed of at 47, 46, and 45 per cent. There is little probability of any improvement in rates, if the banks are permitted to go on in the suspended state. It is always argued that when the crops come forward exchanges will get better. Experience has proved, however, that the reverse is always the case when the banks, being suspended, advance on cotton or discount bills drawn against cotton, they never appropriate the proceeds of those bills to the redemption of their liabilities; on the contrary, they use it to speculate in their own funds, and exchanges invariably get worse, as the cotton comes forward. It is idle to suppose that there can be any amelioration of the depreciation so long as they are allowed to remain suspended. The manner of redemption and general policy pursued by the Indiana banks is fast drawing upon them the animadversions of dealers at Buffalo. Already have the banks in Cincinnati evinced a determination to throw out their bills altogether, after the first prox., unless a more liberal policy is adopted. Should the Indiana institutions still continue to pursue the present restrictive policy, and pay coin only to those residing within the State, their circulation will be most materially affected along the whole margin of the lakes. Dealers at Buffalo will of course be governed by the facilities to operate at Cincinnati, and adopt the line marked out by the banks there-through them out for the present. We learn from Ohio papers that the notes of the Franklin Bank of Columbus are now received at the collector's office in payment of canal tolls. The tariff bill creates quite a sensation. It is highly amusing to observe the speculations upon it in the Wall street papers. We copy the two following paragraphs from the Daily Express of to-day, both editorial and contained in the same column:- "The passage of a Tariff bill will relieve the embarrassments of the National Treasury to a very great extent, and will be a great feature in restoring credit in other matters. Public credit once confirmed will go far to restore confidence generally. A more destructive tariff for revenue and commerce has never been offered to our merchants-the duties on some articles will be 200 per cent above the first cost, consequently the imports thereof will be very much reduced. This may be considered to be the non-committal school of wisdom; however, none know better the operation of tariff than those who employed their youth in smuggling rum. In our article of yesterday we would not be understood to say that Seward & Co constituted the original Holland Land Co. That concern was owned abroad and sold out to the patriotic, speculating politicians who enticed the settlers into permitting their sinews and labor to be pawned to the paper mills for the benefit of the disinterested Governor and his people-loving satelites.

2. September 2, 1842 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, September 2, 1842

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MONEY MARKET. Sales at the Stock Exchange, Sept. 1. 105 20 Syr. & Utica R b60d 85 25 Del & Hud 85 25 Bost & Prov. R 17 12 Farmers' Loan 51 50 L. Island s10d 14 100 Harlem 51) do 50 14 do 50 cash 51 do 25 blod 14) do 100 b8d 51 do 100 s10d 142 do 100 85 s30d 143 do 25 150 Long Isl. Ias. Co cash 143 do 50 SECOND BOARD. 51 50 shares Long Island Railroad Commercial and Money Matters. THURSDAY P. M. There was not a large amount of business done at the Brokers' Board to-day, bnt things were generally firm.Long Island was firm ; Harlem also. At the Second Board, 15 b 6 mos. was offered for 500 shares, by a large operator. For Mobawk 384 offered, 39 asked. Delaware 851 offered, 851/2018 asked. The sale of State Stocks were at firm rates and to fair ex tent. Ohie 6s improved 1 per cent. The demand for State Stocks is increasing, especially for this State, and sales to the amount of $60,000 were made after the Board of State 7s, 1849, at 11 premium. About 20,000 City 7s were also taken at 17 a 11 premium. The following were the transactions: do 781 904 $1,000 $1000 N. Y. Gs, 1862 s10d 13 84 $4,000 III 6s, 1870 $2,500 N Y. 5s,1858 b3d 21 72A $2,000 Indiana 5s 10,000 Ohio 6s, 1860 78 $2,000 Kentucky 6s A forgery was yesterday successfully effected of a check on the Phonix Bank, purporting to be drawn by a German house, by which seventeen hundred dollars were obtained from the Bank. The receipts on the Housatonic Railroad last week were $2,241 63. The aggregate receipts of the road since the 16th of April are $23,607. This is supposed to be sufficient to pay all expenses and interest, and leave a dividend of 3 per cent to the stockholders. Judge Ford, the Loco-Foco Governor elect of Illinois, in answer to questions put to him before the election, declared that he considered the Banks incurable evils-that the sus pension has already continued beyond precedent-that, in his opinion, the State Bank never intends to resume specie payments-that the Banks are depreciating their own notes in order to swindle the people, and winds up by declaring that, if he is elected, he will never, under any circumstances, approve of a suspension law. He was elected, and DOW the Bank must stand up to the rack. The Bank of Mobile, we learn, had on the 24th ceased checking on the North, which she had been doing at 50 per cent., but, it was anticipated, would resume checking in a short time. Three of the branches have now stopped redeeming their issues in any way. The Planters' nd Merchants' Bank was selling 20 days date bills at one per cent premium for specie. The active debt of the State of Pennsylvania, exclusive of the United States surplus deposite, is estimated by Col. McCahen, a member of the Legislature, at thirty-nine and a half millions. He estimates that the Bank, Bridge aud Turnpike Stocks of the State would sell for $8,585,400; the Delaware division of the Pennsylvania Canal for $1,200,000 the Philadeiphia and Columbia Railroad for $4,000,000, and the main line from Philadelphia to Pittsburg for $10,000,000, making about $19,000,000. He thinks it bad policy to sell the main line, as it will pay $400,000 more than expensesHe estimates the revenue of the State for the next year, if the above assets are sold, not including the main line, at $8,012,000, and the estimated expenditures at $3,159,500, leaving $4,852,950 to be applied to the extinguishment of the debt.

3. November 5, 1842 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, November 5, 1842

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MONEY MARKET. 4. Exchange, Nov. Sales at the Stock 60 Farmers' Loan $4,000 K'ky Sixes, Ohio Trust Co. 1,000 Y. City 7s. '52. 103 12 Atlantic M. Ins. 100 10 Syr. Utica R $5,000 Ohio Sixes, 1856. 10 Canton Co 41,700 do 1860. $15d 143 100 Harlem $5,000 Indiana Bonds 50 do $0 Mechanics Bank. $20d 100 25 Stonington R Union Bank do full 82 Bk of Cora 50 $50d :60d 86 Long Island Del Had 50 do b60d Kentucky Bank SECOND BOARD 49 Long Island ilroad 173 Canton Company New-York Sixes, 1862 15 Harlem Railroad 100 do do b6m 151 100 Commercial and Money Matters. There was a moderate amount FRIDAY. P.M. in rates. New.York Board without material difference of sales to-day at the Stocks State were firm. City Sevens sold at 103. Kentacky and Ohio Sixes declined 1/2 per cent. 13 Alabama continues at 13 with fair demand. specie is 2 per cent; Macon 24 per cent. Columbus 2 premium. the Southern Central is getting worse, 24 25 discount. Orleans By of mail we learn that on the 26th ult. the Branch to the State Bank at Mobile and the Bank of Mobile chanics refused Bank receive of the Post Notes of the Planters' and Me. caused that city, and that great excitement was thereby All efforts to effect an arrangement failed. A panic ensued and deposits were drawn had were the Post Notes were refused by the depositers, the checks for, and lished protested. The following statement has been pub Notes and Bills Discounted, $1,035,357 99; pended Debt, $364,722 Real Estate, $648,732.67 Sus sprance $22,956 Company Stock, $9100; Due from other Banks In 84; Notes of other Banks and Specie, Total, $2,114,463 Individual $33,592.01 Doe other banks, Deposits, $378,539.37 $501,526 $24,512 Circulation, $98,475. 50. The Bank Commissioners state that Total, their opinion the Bank will be able to meet all its liabilities. in The revenue on the Eastern Division of the Erie the week ending 29th October, was $2,431 74. Road Freight, 1,515,723 lbs. of The City Savannah has granted to the Monroe Rail read Fifty Thousand Dollars, InThe Oakland County Bank is about to be resuscitated The controlling stock is in the bands of the Firemans surance Company, Cleveland. Mebile Exchange on New-York, sight, was D cent At Charleston, percent. At Savannah, 1 a 12 per At Louisville, 11. At New-Orleans 4 per cent., with per much cent. better feeling Markete-Carefuli reported for The Tribune. quiet,about 10 ASHES-The market for Pots is rather FRIDAY, Nov. Is having been taken to-day at at which steady. For Pearls there is a fair demand they are the sales since our las are 75 to 100 bbls. at that at 374, and holders are asking 94, and small sale has been rate. made Most that rate, but buyers generally are not disposed to advance at about 250 bbis. The bills out to-day were but 500 bbls, and the receipts COTTON-T effect of the unfavorable foreign rices has been, as was expected, decline of full 1 ceat ad. lb., 400 and the market still beavy. The sales to-day are per bales, mostly, as y sterday, to spinners, exporters about having appeared in the market to any extent. We not fair Upland 74 a 8, fair Alabama 84 84. fair quote ja8f The prices are yet unsettled, but sales New-Orleans have been made to day at the above rates. FLOUR- The demand is about the same as yesterday, and we perceive no new feature in the market, excepting little additional firmness. Genesee sells freely at4 25 a 4 314 Michigan parcels and Ohio 181 a 25; the higher rates for prime Considerable lots are now going into store. sells 4 181 a 4 25. The receipts of round Ohio Troy musually light, but the inquiry is more limited continue than some days past. We quote S1, with occasionallo for a low as 4 18g. nant, and The market for Southern is perfectly The shippers not being willing to give stag nominal quotations are. Georgetown 4 50, prices asked. Braudy wine and 75 4 87, Richmond City 5 75, old do. $5, Richmon Country New-York Mills Petersburg 4 50, Alexandria, last sale, 431 37. There is mand for Rye Flour, and nearly all received. pretty good 400 bbls. de was taken 3371. at 83 a 3 12 for North River: Jersey at Meal without sales of importance. We held at 275 a 3 50 sey 2 69 a 2 811. Backwheat continues in moderate quote Jer- demand GRAIN-As far as we can learn there is no Wheat market There does not seem to be much demand. Il on the and Genesee is worth about85a 87 cents. Holders inois ley have generally given way, and sales to-day have been of Barmade of 4000 bushels, part for Philadelphia and part for tilling, at 424. Alot of 10,000 bushels six rowed sold,to disrive.at 51 cents. The arrivals of Corn are quite light, and arern (Jersey and Southern there is little or none here. North worth 53, weight, and 56 cents, measure. A lot of Ohio 1800 bushels Jersey sold at 56 cents, measure, and 2500 do. than brought 53 cents, measure. Rye sustains itself any other kind of Grain, in consequence of the better receipts. A lot of 1200 bushels sold at 62 cents, delivered. light 10,000 Oats are rather more plenty, but prices are firm. About bushels Canal sold at 28 cents. We quote 26 28 cents. There Shorts 5 a 6. Ship Stuffs are a little better, 83 a is not, however, much inquiry. SEEDS-A sale of SO bbl. Clover was made at 7 cents, for 63 export. The balance of the lot was offered at the same without buyers. The market is quite dull. A lot of tierces Rough Flaxseed brought $10. TALLOW-About 30,000 lbs. Western Rendered terday rally and to-day in 8 cents. Exporters sold yes will not give over 74a cents. City Rendered held genethe LEATHER-A an auct on sale in the Swamp yesterday prices show ed an advance of to eent per 1b. on was weights, compared with the last sale. The credit. however. all HOPS-We mos. iostead of mos., which made some difference. good lots quote Eastern 10 a 104; Western 11 a l l : can be had at the lower rates. doing, but there We bear of little is to-day a good inquiry for Havre and from some German houses PROVISION There is a steady demand for barrel tious. Provisions, and we notice 500 to 800 bbls at our 275a Prime Pork Mess 50; Prime seel,old queta. $3: new, Mess, new, 6 75 $7. Lard selling these in lots at7+a cents, but sbippers will not buy at is rates. There fair inquiry for Cheese at cents. For large parcel of Herkimer 64 was refused a of day. Butter is rather dull, and the stock fast accumulating to Holders 10 a IS, will not yield. Shippers is held at 7 9. Western Goshen pails 16 17 cents. HAY-The market is without change, S8 45 cents; fair lots 40 cents. siderable The shipping demand is very small, and conlots are going into store. HIDES-We notice sale of 2000 Buenos Ayres on prirate terms. TEAS-A sale of Teas was had to-day, but only some 500 packages sold, the balance being withdrawn, The owners sale were very firm in their demands for an advance on the last old which buyers would not accede to. It is doubtful if prices even could been obtained. The sales were Hyson-5 chests at 51 cents per lb.; 13 do. 50, (233 chests withdrawn.) Young Hyson- 100 half chests at 67 cents per 1b.;20do.65; 40 do. 60; 49 do. 50 chests 48:21 half 361; do. S5;15 do. 33:25 half chests, and 378 chests withdrawn Hyson do.32: (1229 chests 351; 25 do. 35; 20 do. S4, (172 chests Skin-25 Imperial-10 half chests at 63 cents per lb.: 25 13lb. withdrawn.) boxes 4 cents. Gunpowder-25 131b. boxes at 48 cents, (229 do. withdrawn. Souchong-5 chests at 454 : 30 do. 42: 5 do 411; 10 do. 254, (167 withdrawn.) contains b The Weekly Tribune for the present week the the admirable ADDRESS of Mr. COLBY, delivered and Broadway Tabernacle, on the Relations of Wealth Labor: Western Bluffs and Western Bottoms, by C. C Palue, most capital written expressly for this paper Conservatism, by Emerson, from the Dial: Literary Notices: State; Nominations of both Political Parties throughout the RIALS The Great Whig Rally at National Hall: EDITOon Our City, The Sub-Treasury, To the Friends of nameAmerican Industry. The Stop and Tax Policy, and

4. November 8, 1842 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, November 8, 1842

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C at 89, an improvement of S per cent on the last sales. State Stocks were firm ; City 7's sold at 3 per cent. There is not a great deal doing in Foreign Exchange-We quote Sterling 5 a 6; Francs 5 45. Alabama has improved slightly. There is some demand and very 1 tile offering. Sales at 13 discount. Pianters' & Merchants which was selling at 20 in the evening went up suddenly to 30 a 35 discount. Some doubt was felt at Mobile 00 the solvency of the Bank of Mobile. The Cashier of the Bank writes to a Cashier in Wall street, that the bank has & dollar in specie for every dollar of its obligations, circulation, deposites, and all. The Farmers' and Mechanics' Bank at Hartford, Conn., as declared a dividend of 31 per cent. I The amount of frauds perpetrated by Esborn Husted, mentioned this morning, is supposed to be nearly $60,000.The Seventh Ward Bank has come in for a share, and has attached all Husted's property. The amount of flour and wheat passing Rochester for the east, including shipments at Rochester, from October 20 to November 4, were 56,186 barrels flour, and 31,375 bushels wheat-of which 13,874 barrels of flour were shipped at Rochester. J. Irwin has been appointed Receiver of the Wisconsin Bank. At New Orleans the increased activity in the exchange market has continued unabated, and the rates have further improved. The demand is good for the season, and bills are disposed of without difficulty at our present quotations, which are for Sterling par to 1 per cent discount; Francs 5{70,New York 60 days sight 6 a 61 per cent discount, 30 to 10 days sight 44 a 4 per cent discount. The proposition of the Leuisiana State Bank to issue certificates in exchange for her notes, has injured them and they have declined to 12 per cent. The amount of outstanding Treasury Notes on the 1st was$10,039,056 18-a considerable increase on last month. Correspondence of the Tribune. BUFFALO, N. Y.,Nov.1,1342. We have entered upon the eight and our last month for navigation of the lakes. Trade in all its various branches is actively prosecuted. Freights upon the lake and canal advanced considerably, and it is evident that a large amount of western produce will have to lie over for want of facilities to get it to the seaboard. At Cleveland and other ports in Ohio and on lake Michigan, vast quantities of corn, grain, and other provisions are stored awaiting shipment for this pert-the Canadian dealers having almost entirely deserted the market. Of wheat alone the quantity landed at this port during the month of October was 384,000 bush.: of flour 135,300, and 30,000 bush. of corn. The receipts ex. ceeded those of 1842 some 10,000 busbels of wheat and 10,000 barrels of flour. The amount of business transacted at the Canal Collector's office during the last week in October was greater than was ever before done in this city. The excess in tolls over the corresponding week in 1841, being the enormous sum of $12,460 42. The tolls exhibit a gain over 1841 of $4,051 up to the 1st November. The quantity of flour cleared during the month was 144,079 bbls-of wheat 378,945. Severance, of the Firemen's Insurance Company of Cleveland has become a Controlling Agent in the Oakland County Bank ot Michigan, and in connexion with Romain, proposes to resuscitate it. In lieu of Ohio funds it may obtain a circulation, but not where the institution is ALPHA. known. Markets-Carefuliy reported for The Tribune. MONDAY, Nov. 7. ASHES-There is rather more activity and sales of 150 bbls. Pots have been made at $5 50, and 25 do. Pearls at $587 at $591. COTTON-The sales to-day are quite small, some 200 bbls., and the market heavy. There is some inquiry from shippers. FLOUR-The market, (in consequence of small supplies, is very firm, although not very active. The receipts are some 6000 bbls. Genesse we quote $4 25 at $4.311, many holders being firm at the higher rate. Ohio and Michigan $4183 a 25. It is rather more difficult to buy at the lower rates. Troy is $4183 a $4 25, with sales 300 to 400 bbls. a $4.25. In Southern there is no activity. The only sales we hear of 900 Lbls. Petersburg on terms not transpired. We quote noninal, Georgetown $4.50 a $4.56|; Brandy wine $4 75 a $4874; Richmond City $5.75. For Rye Flour there is a moderate demand-sales 300 bbls, North river at $3. Meal is quiet. GRAIN-No Wheat yet offering. Illinois and Genesee good would probably bring 85 a 87c. Corn is not plentysales 1000 bush. North river at 35c. meas. A parcel of Southern is offering. Sales 3500 bush Barley at 45c. Rye is still scarce, 1400 bush in the ship sold at 62c. Oats are selling at 27 a 29c. WHISKY-We notice sales about 500 bbls. State Prison t 20 a 21c. New-York Cattle Market-Nov. 7. [Reported for The Tribune. At Market, 850 head of fresh Cattle-250 from Pa., balance

5. March 7, 1843 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, March 7, 1843

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Commercial and Money Matters. MONDAY, March 6. The business of the Board was small to day, at very few variations in prices. Paterson went up ; New-Jersey declined 1 per cent. Foreign Exchanges are beavy. Sterling 51 a 6; Francs 545 a 542j. Mobile 18 a 20 discount; very little offering. A letter dated the 25th says--" Rates have been gradually but steadily receding, and are now 7 a 8 per cent lower than last week Early in the week there was DO demand of consequence, and drawers, anticipating a decline, were anxious to sell Cotton bills could not be passed in large sums at any figure near the current rate of the day. On Tuesday some im provement in the request took place, which has since been maintained, the business being on each day to a fair extent The Bauk of Mobile resumed checking on New-York at 25 on Saturdry, dropping to 22 on Tuesday, and 20 the following day; she was not drawing yesterday. Specie and New. Origans funds bave been scarce, and have ruled comparatively higher than other funds. The market closed yesterday tolerably steady, although the tendency evidently is still downward." Another letter gives the quotations 16 a 161 for sixty day bills, 19 a 19 for sight; and says that the relief question being disposed of, the currency has become more settled. Large quanities of Cotton had come in; same of the planters were shipping to Liverpool and Havre, and some were demanding specie; but it was the general impression that the balance of the crop would be sold for State Bank money. Can it be true that a member of the new Board stopped on a difference of 1 per cent on two shares of State Stocks? Such a ridiculous rumor was prevalent in the street. We were also told, although we can't believe it, that a promi nent member refused to fulfil a contract, on the ground that the sale was only made in fun; and when the buyer very liberally offered him $100 to come outside the ropes and be is thrushed, declined to come at that low price. Rows ri2," and one can't afford to be thrashed at such a picayune rate. This report is no doubt, however, weak invention of the enemy," the old Board. The Hon. Ransom H. Gillet has been appointed by the Chancellor, upon the application of the Bank Commissionsioners, receiver of the St. Lawrence Bank. A new emission of an old counterfeit on the Bank of Auburn has been made. Twos, letter A, No. 2079; pay S. Wing. J. S. Seymour, Cashier; E. Beach, President. Counterfeit $5 bills on the State Bank of Indiana are in circulation. The handwriting of V. Anderson, Cashier, is so well imitated that the best judges of money might easily be imposed upon. Counterfeit money is in pretty active circulation in Mobile. A fellow was arrested there few days ago for pass. inz off a $10 and a $50 note of the Branch Bank of Tuscaloosa. The following is the situation of the New-York City Sinking Fand, according to the late report of the Comptroller: All monies received from the following sources are pledged, appropriated and applied to, and form the Sinking Fund, for the redemption of the entire City Debt, and are kept separate and distinct from all other Revenues and Ex. penditures of the City Government: $127.76 Butcher Stands Bonds Secured by Mortgage, (Old States Prison) 14,388.00 13,470 87 Commutation of Water tents 53,478.70 Fire Loan Stock 18,210.00 Floating Debt Stock 795 00 Ground and House Rent 42,942.35 Interest 6,951.56 Licenses 10,778.50 Market Cellars 28,016 39 Market F.es 13,925.00 Sales of Real Estate 2,065.66 Water Lot Rents 12.560 % Water Loan Stock 2,024.61 Street Vaults $219 722 36 Total Receipts during the year 1842 Of the above amount, the Commissioners of the Sinking Fund have drawn and invested $191,000 in the Water Loan Stock of 1880, bearing interest at 5 per cent, and redeemable i 1880. They have also paid $1,000 for the redemption of an equal amount C1 Fire Loan Stock, redeemable in 1811, but not called for until 1842. They have also drawn a warrant for $80, to return an equal amount of Market Fees, paid in in error. The Commissieners of the Sinking Fund had standing in thei. name, on the Sist December, 1842, the following amounts of Stocks: $91,400.00 N. Y. City Stock of 1820 and 1829 15,000.00 Public Building Stock 150,000.00 Floating Debt ock 122,700.00 Fire Indemnity Stock $220 870 00 Water Loan Stock of 1850 " 77,052 00 1870 " " " 1880 $11,500 00-609,422.00 $988,522.00 Total of Stocks, December S1st, 1642 $50,453 85 Balance in Bank, Dec. 31st, 1842 10,500 00-19,953.35 Less onts:'d'g warrant Aggregate Staking Fund, equivalent to the re$1,008,475.00 duction of so much Debt A bill is before the Maryland House of Delegates, providing for the sale of the Chesapeake and Ohio Canal, for not less than five millions in State bonds. It is supposed that

6. March 24, 1843 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, March 24, 1843

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Commercial Exchange Association. $1,000 Ohio 6, 1860 bow 81,000 la $1 bads, 23y uso 251 do 1,000 2.3 2,000 Illinois 6s, 1870 do $10d.70 2,038 b10d 222 do 1,000 do 1.000 85% 1,000 Kentucky 6s 70 75 shrs Del & Had 904.88 1,000 Ohio 6s, 1860 630d 19 25 do Moh'k R nw 70 2,000 do 50 do I.I Rr'd 70 484 2,000 do 50 do Cantos Co. b10d It 701 do 6,000 Commercial and Money Matters. THURSDAY, March 23. The operations at the Board were not very large to-day. Ohio Sixes fell off 1; Kentucky 1. Mechanics' Bank im. proved 1; Delaware and Hadson 4. Exchanges are firm, although not active. Sterling 5ja 51; Francs 5 42+ a 5:45. Alabama 18 a 18 At Mobile rates were getting worse The Bank of Mobile stopped drawing on the 18th. Sight bad gone up to 17 a 18; 60 days 16 a 161. A new fraud was put in circalati. last evening-Seal tered from some asknown back to Frontier Bank, East= port, Mc.-well executed plate. but the words Frontier" and Eastport" badly put on. Another new conaterieit has also appeared-S of the Grafton Bank, Haverbill, N.H. -Murry, Draper, Fairman & Co.'s plate-dated August 2 1841; payable to E. C. Browa; No. 743; John L. Bance, Casbier; Will's Olcott, President-impression very poor. John L. Bance is Cashier of the Phenix Bank, Hartford. We have received a copy of the law lately passed by the Kentucky Legislature, to amend the charters of the Ken. tucky Banks. The main enactments of the bill are, that the Bank of Louisville shall establish within three months two branches, one to be at Padocab-in consideration of which the charter of the Bank is extended to 1863, if the stock. holders wish such extension; the Bank is permitted to purchase $150,000 of her stock payable in Treasury Notes OF debts due from stockholders; he Bank is allowed to loan money and purchase bills on mortgage of real estate. All the Banks are restored to their corporate privileges endan. gered by suspension of specie payments. The Bank of Louisville, the Bank of Kentucky and the Northern Back Kentucky are required to lean to the people of each Congrassional District $100,000 in FUNIS not over $1,000 to each applicant, to be repaid in instalments. Upon making these loans the Government is authorized to receive from Bank of Keotucky a million 5 per cents of Keutucky an duce the stock of the Bank belonging to the State to same amount, the Bank giving up its claim for $125,000 in terest due by the State. The same arrangement with the Northern Bank of Kentucky to the amount we $750,000. The Banks are permitted to issue notes smaller than $5 until 1846. The Government is authorized, alter the Bank stocks of the State have been thus exchanged, to sell $1,750,000 Kentucky Fives 30 years and invest tax pros ceeds in the stocks of the Banks, provided the stock et 06 Northern Bank of Kentacky and the Bank of Louisdileyan be bought for ten dollars less than the Fives canbe sold for, and the Bank of Kentucky at twenty dollars less; the div. identis on these stock, to belong to the sinking roud. The Northern Bank of Kentucky is allowed to establish is branch in any town at present without a Bank It sirts ukibat this exchange of stock for stock is rather a good operation for the State, when the Bank stocks are with about 50 and the State Fives 72 to 75, more especially when the Bank of Kentucky is obliged to reliequish, in addition. a claim of $125 000 for back interest, thus paying in fact $350 000 for $500,000 of her stock. If we adarstand the operation of the bill, it seems to be the most ridiculous schemeev.r concocted in the brain of a politician, or an attempt to oferce the Banks into making the State a douseur to a Inage account. In either case, it it takes effect, it must have wa unfavorable bearing on the value of the stock of the Bank. By giving up these stocks they are deprived of to much immediate assets, available at any moment, to maintain them in case of being pushed. These a-sets are withdrawn at the time that the Banks are required to extend their circulation about a million or a million and a half. What it be the effect of this bill and the throwing of nearly two mile lions of Kentucky SLOCK upon the market, cannot be judged with certainty, but probably IL will depreciate to some tent both the State and Bank stocks. 1. is said that the bill was the result of an understanding with the Banks by which the Legislature agreed to kilt the project of the Commonwealth Bank. The Northern Bank, it is supposed, will not accept the right to establish a branch.

7. August 29, 1843 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, August 29, 1843

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Iem s. Mohawk t. Not much doing in Exchanges. Sterling is9a91; Francs 5.264 5.25. There will be some specie shipped by the next French packet, but probably not large amount. Mexican Dollars are worth 3 premium; Spanish 3 a 6; Five Franc pieces 93;a 932c. It is stated that the Oakland County Bank, Michigan, has been bought up by the Bank of St. Clair. This latter Bank is mainly owned by Jesse Smith, of Ohio, and having already as large a circulation as the law allows, the Oakland County Bank is to be used as a sort of tender to increase the facilities. Smith is very large operator in Banks, produce, &c &c., has his head quarters at Newark, Ohio, and, it is said, carries all his accounts, books, &c. in his head and hat.Rather a loose method, it must be admitted, of keeping the details of an immense business like his. of A considerable proportion of the Bank note circulation Ohio and Michigan consists of Bank of St. Clair paper. J. The Mechanics' Insurance Company of Newark, N. has declared semi-annual dividend of 5 per cent., payable cathelst of October The owner of the New-York State Security Bank, with a view of going to Europe, has, since last January, ceased loaning and issuing notes. On the 1st of July last the CITculation was reduced to $486. The excess of rolls on the Public Works of Ohio for the five weeks ending July 31st over the same period last year amounts to $39,365 78, certainly a most encouraging and remarkable result. The Banks of New-York are in debt to the Philadelphia Banks one million of dollars; and it IS in contemplation to put New-York funds at discount. The following letter from the Receiver of the Clinton County Bank, addressed to Thompson's Bank Note Reporter, will be of interest to the creditors of that Bank: PLATT$BURG, August 10th, 1843. J. THOMPSON, Esq.: Dear Sir: According to my report of the 30th of July, 1842, filed with the Clerk of the Fourth Circuit, the estimated net value of the real and personal estate and debts due to the Clinton County Bank, amounted to the sum of $106, 252. From this amount should be deducted $40,000, the timated value of the Comstock and Melatyre mortgage, the Commissioners of the Canal Fund having & prior lien to the value of the property. Since that report, it is pretty well ascertained that this amount cannot be realized, unless the creditors of the Bank and bill-holders avail themselves of the liberal order of the Vice Chancellor, allowing them to purchase the property and effects by paying only one-third of the purchase money in current funds, and the balance in the bills of the Bank, or claims allowed against it. This, as yet, has not been done to any extent. The debts due the Bank are collected with a great deal of difficulty, and, in order to make a final close of this matter, it is contemplated, this fall or winter, to apply to the Vice Chancellor for an order, authorizing me to dispose of the remaining effects and securities of the Bank, due or not due. at public auction, when the creditors can have an opportunitv. they choose. to purchase rather than have the property sacrificed for nothing. The claims presented and allowed against the Bank, prior to the first Monday in March last, amount to only about $20,000. The large bill-holders, having been previously secured for their interest, did not present their bills to the Receiver, which accounts for the small amount of claims allowed. Thus you will perceive that, if the property of the Bank is not sacrificed by the negligence of the creditors, there will be more than sufficient to pay off all the claims allowed, and leave balance for the benefit of the Safety Fund. 1 am, respectfully, yours, &c. H. K. AVERILL Receiver of the Clinton County Bank. By the official report of the Bank of Silver Creek, the circulation 18 $75,329; deposits, $30,977; due Banks, $1,470; $12, profits, $3,124; loans and discounts, $72,253: specie, 256; Bank notes, $7,815; due from Banks, $24,343. The receipts on the Buffalo and Attica Railroad for the four weeks ending August 20, were $6,310 94, exclusive of mail transportation. The number of passengers was 9,630. Expenses of the Road, $1,305 76. The Road is 32 miles in leagth, and cost $259,366. The personal property of the Company is worth $31,307 The Carthage (Ohio) Convention passed an unanimous resolution that the nominees to the General Assembly be instructed to oppose any increase of the public debt of Ohio, and to use their best exertions to provide for the prompt paymeat of the interest and speedy redemption of the principal of said debt. a The shipments of Coal up to the present period show considerable decrease from last year. Ther are as follows: 1843. 1842. 331,455 307,647 Schuylkill 100,875 104,235 Lehigh 100,000 Lackawana 100,000 25,000 40,000 Susquehanna 50,000 100,000 Overstock April 607,330 687,882 Total The Buffalo Commercial Advertiser says, very pertinently, that the counterfeiters are now engaged in the most extensive frauds which have marked them for many years.Scarcely any of the Banhs which obtained bills under the new law but what have been counterfeited in the new emissions. The country is full of this trash, and dealers must be keen or they will be confoundedly gulled with it. The by. latest detected were 3s and 5s on the Exchange Bank, AlbaPaper white and flimsy. At New-Orleans, on the 19th, there was no material inoff crease in the amount of Bills offeriug, but a further falling in the demand has produced a decline in the rates, particularly for Sterling, which We now quote at S st per cent. premium. Francs, also, have given way a little, the high ratus asked having induced some considerable remit. tauce in specie, which would already have been carried to greater extent but for the fact that holders of Mexican dollars now demand & per cent premium. : Mobile, on the 19th, with an extremely limited quest, and adequate supply, the market for Exchange has rebeen downward. very quiet the decline for two in weeks that past, period with gradual tendency both in Bills and Specie; the little inquiry being which all per 18 cent enced being for New York Bills and New-Ocleans Funds. experiThe Bauk of Mobile resumed checking on the North week before last at 19 per cent. MORE NEW COTTON,-! bale of new Cotton was ceived in Macon on the 19th inst. and sold at 6 cents. re. In Savannah, on the 21st inst., a bale of new Cotton was E. ceived from Macon. It was grown on the plantation of Henderson, lb. Esq. of Houston County, and sold at S cents It was fair. On the 16th inst. bale was received Montgomery, Ala., from Henry Lucas, Esq., which was syid ei S; cents. Another bale of new Cotton was received at New-Orleans on the 19th by the steamer De Soto, Capt. Scott, from the plantation of P. H. Harbone, Point Coupee. The first bale was received on the 6th of and on the 19th had been 260 bales, with sales of 143 28/c the last receipts year August, bales at per 1b. for parcels of good middling to fair. Markets-Carefully reported for The Tribune. MONDAY. August 28. ASHES.-There is a good demand for Pots at 371, bbls. have been made to-day at that rate In Pearls we hear of 100 Holders are very from. bbls. 5311. The market is rather easier for this description. market is firm at the The disposed to press their stocks on the market fac have been but moderate 11 tors not being consequence COTTON.-The operations of very to-day, advance, partly about this firmuess. The stock is estimated bales. We continue our quotations. and FLOUR the AND MEAL.-There is fair demand lots market. having been nearly cleared of the occasiona to-day do not offering sell at low rates, IS more firm. The large receivers or W. but shippers do not give the market den quote for England, at current rates. There are yet some unfilled price Genecee 411, with fair sales; Michigan and Ohio

8. September 18, 1843 The New York Herald New York, NY
Article from The New York Herald, September 18, 1843

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Here is a very accurate table of the movements of this bank. The great movement was in January and February. Up to the close of December, the bank checked at 10 per cent, and cotton was then at its lowest point. The bank stopped checking, and on the 4th of February, the rate reached 32 per cent, and cotton had risen prepor. tionately. The bank then "commenced checking" at 30 per cent. Now what prevented the operators from sending men and clearing the broker's tables of their cotton at the close of December. Then to "stop checking,' and sell three weeks after, when the rates had risen inmensely ? The property of all the planters of southern Alabama, of all holders of bills, and all who had dealings at Mobile, depended upon the sovereign edict, "the bank checks to-day," or "the bank does not check to-day." After a while this juggling was discovered. The bank then turned virtuous, and refused to deal any more in suspended paper, and henceforth is to do an upright but siness. What is the actual operation, however? is it not to get up a great corner in Alabama money ? There are outstanding $4,250,000 of the State bills. The Alabama planters owe the State Banks $16,401,873, whereof $8,852,135 is called good debts. The bills are likewise receivable (or State dues. Now, then, the movement of the Mobile Bank is to discredit these bills, until they reach very low rates. They will then buy them up by extending their own bills, payable on demand. In this way, they will absorb a large proportion of Alabama bills, and then when the planters wish to buy them to discharge the State dues and their debts to the bank, they must give as near par as the Mobile Bank chooses to dictate, in cotton at specie prices. The operation will yield a million of dollars profit. If the planters choose to be gulled, what will be the result? The Bank of Mobile may, in buying the State bills, push out its circulation to $1,000,000. It will then have say $1,500,000 State money in its possession. This money it will sell to the planters, not for its own bills back, but for cotton worth $2,000,000 specie prices. The Bank will then owe $1,000,000 for circulation, and have $2,000,000 in cotton. Do you planters suppose, that those who have fleeced you for years, will, when they have got you on "the pinhook" appropriate that cotton to the redemption of the circulation ? Not one penny. As long as the circulation floats among you instead of specie, which your neighbors in Lousiana will have in their pockets, it will be good; but the finale will be bankruptcy, and the circulation will be utterly valueless. Look to this in time, and let the coming legislature take away the charter of the miserable little mon. ster in Mobile.

9. September 20, 1843 The New York Herald New York, NY
Article from The New York Herald, September 20, 1843

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The arrivels of specie there for the week ending Sept. 9, were $36,300, most from Mexico. This position of exchange gives but little indication of a foreign demand for spense. The abundance of money may be illustrated by the fact, that the cashier of a Hartford Bank who came to this city to seek investments, applied to an eminent house to loan money. "What is your rate? "Well, about 4 per ceat." "4 per cent? PH lend you $100,000 at 31. The cashier walked off. Thus it is in all sections, the varalization of trade has caused accumulation of money in all g marters, for which there is no employment. The amount of the Ohio 7 per cent loan recently taken, will, in its dis tribution through Ohio, give an impulse to business, and assist in stimulating future productions. The low price of goods and foreign produce are a protection our spe eie now. When prices run high here under a paper infla tion, the United States becomes the instrument of remitta nce to England from South America. The Brazils are a'great market for English wares, but owing to the shocking state of its irredeemable paper currency, and the rest rictive system el England, great difficulty is experienced in getting returns. A paper inflation in the United States smoothes the way at once, The English merchant th en buys his coffee, sends it to New York, forces it off at auction, and carries home the coin. This cannot now be done to advantage a sarge of coffee was offered to day on English account, and about 2,000 bags sold. The low range of price however, and the specie currency, prevents it from being done to advantage.This pressure upon th English merchants will soon force further modificat ons of the tariff from that government. We lately allu- ed to the state of affairs in Mobile, and the manner j. . which that concern has kept the market of Mobile in a continued agitation throughout the year. The b ank, having the confidence of (the Mobile mer* chants, received from them the power to do mischief. It was the active means given it by the deposites of the merchants, which constituted the medium of ruin to the latter. If the merchants would at once withdraw their deposites from the concern, the market would become steady and regular, because the institution would no Ionger have the means of agitating it. The bank would, to favor its own operations, check upon New York for a length of time at 9 a 15 per cent, and encourage operations. The moment a little confidence was imparted, they stopped short and the rate rose to 37 a 40 per cent. being a direct robbery of all those who had northern remittances to make. Cotton followed the movement of exchange, and herein consisted "the pickings" of the wire pullers. How easy was it for those persons in the secret to buy largely of the cottons OL the market during the time the bank checked. When for some weeks the concern had been checking, prices got down very low: the wire pullers then determine on a certain day to cease checking, and in the mean time employ agents to buy up all the cotton they can lay hands on. Some brokers would, to be sure, refuse to sell the cotton of their friends such low rates, but enough were found that were obli. geat These purchases greatly increased the supply of bills, and thereon the bank stops drawing; immediately a panic takes place in the market, and holders of money are eager to buy cotton with it, which accordingly goes up cent per lb. in a few days in the hands of these persons, without moving a bale. It was the notoriety of these facts that induced the viriuous institution to abandon the suspended paper and conclude to pay specie, in order to get up a stupendous " corner" in Alabama money, that the State Bank system may go off in a grand explosion At New Orleans during the past year there has been a specie currency, and no means existed to agitate the market. Now nothing is easier than to compare the progress of business in the two cities. For this purpose we have compiled the following table, showingTHE RATES OF STERLING, AND NEW YORK CHECKS. AND OF FAIR COTTON AT NEW ORLEANS, FROM TIME TO TIME, AND ALSO AT MOBILE ON THE CORRESPONDING DAYS. Sealina