Farmers & Mechanics Bank - Philadelphia, PA

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: November 24, 1860
Location: Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model: gpt-5-mini
Short Digest: 63f1ce09

Response Measures

Full suspension

Other: Episode classified as a suspension of specie payments by banks (systemic), Bank of North America is mentioned as having paid out large sums of coin before suspension.

Description

Newspaper reports large specie payments (about $90,000) by the Farmers' and Mechanics' Bank amid a broader suspension of specie payments elsewhere. This describes heavy withdrawals but no suspension or closure of the bank; the bank is described as still flush and meeting drafts. Date taken from article context (week of Nov 24, 1860).

Events (1)

1. November 24, 1860 Run

Cause: Macro News
Cause Details: Broader suspension of specie payments and political uncertainty (effort of New York banks to pay specie and Southern political movements) prompted heavy coin withdrawals.
Measures: Paid out coin in response to withdrawals; paying teller promptly met demands and paid drafts in gold.
Newspaper Excerpt: The Farmers' and Mechanics' lost about $90,000; ... Notwithstanding heavy payments on Thursday, the banks are still flush
Source: newspapers

Newspaper Articles (1)

1. November 26, 1860 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, November 26, 1860

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Article Text

The Philadelphia Ledger of Saturday says: The banks are doing very little, and we presume will not venture much. if at all, until it is seen what the success of the effort of the New York banks to pay spacie may be, and u. til the political movements South assume a more pacific charao ter. The suspension of specie payments IS taken very quietly by those to whom the banks are debt ore-note holders and depositors. The most complaint comes from debtors to the banks, who insist on further accommodations. What my be done ultimately in their behalf, we cannot say-as yet, however, the banks. we learn, are pursuing pretty much the #ame policy as before suspension, except that they pay out coin only in small amounts, as the necessities of the case may seem to require for the supply of change. The banks, on Thursday, before suspension, paid out about half a million in coin The Farmers' and Mechanics' lost about $90,000; the Bank of North America $60,000; the Girard Bank some a 30.00, and all of them more or less, the amoun of about five hundred thousand. The large amount paid out by the Farmers' and Mechanics' was not in consequence of any greater press for specie at its counter than at the other banks. for the crowd was greater atthe Bank of North America but hecause the paying teller at the former was more prompt in meeting thedemand-be wasted notime in unnecessary examination and counting. as was done at some other banks. Notwithstanding heavy payments on Thursday, the banks are still flush, 88 was proved yesterday at the Girard Hank, by the payment in gold of a d:aft of the State for $70,000. This was & heavy sum, but it was promptly met, as was also a draft for $5 000 by the Farmers' and Mechanics' Bank, on a draft from the same source. The domestic exchanges are so much deranged that we find it difficult to arrive at any quotations, except on the following more imp stant points New York exchange 16 quoted at 1½@3 per cent premium. and Boston %a2%. Baltimore is at a discount of 1 to 3 per cent The wide difference between the buying and the selling rates proves how very unsettled the market is. The notes of our interior banks were bought vesterday at a difference of 2 per cent. in city bills for all current bills this side of the mountains, and at 3 per cent. for ail bilis issued by the banks west of the mountains. American gold is bought in small amounts at 1½ to 2 per cent. premium or, what is more tru hful, the bills of the city banks, with which the brokers buy gold, are at a discount of 1/202 per cent.Gold is nota a premium. For small lots the low est difference 18 allowed, but for large lots of large gold, the difference IS 2 per cent in favor of the gold. The selling price is 3@4 per cent difference against the paper money. Silver IS worth about 1 per cent. more than the bills of the Philadelphia banks, which. Dy a sort of common consent, are made the standard by which inferior paper and gold are measured The bills of our own banks are what 18 termed currency. and every thing else bearing the name of money is worth more or less. NEW YORK. Nov. Flour is firm-sales of 10, 000 barrels- State $4.75@4 95; Ohio $5.30@5.4u; Southern $52)@5.56. W heat is firm-sates of 15,0:0 bushels Chicago Spring at $1 10; red Western $125 Corn firm-sales of 15.000 bushels-yellow Southern 67c Lard is dull. Pork 18 firm-mess $1675@17. Whiskev isdull at PHILADELPHIA. Nov. 24.-Flour is quiet at 850 525 Wheat 18 steady at $1 1501 27 for red. Corn has a declining tendency old yellow 650.biskey is selling at 20c. MOBILE. Nov. 24.-Sales yesterday of 3500 bales cotton at 10 ets. Sales for the week, 23,500 bales; receipts 26 000 against 25,500 same period 19st year. Exports 14,000 bales. Steck 139,000 Dales. Freights to Liverpool 17-32@9-16; to Havre 1@3 16 Sterling E xchange 95@98; on New York ½01 per cent. prem. CHARLESTON, Nov. 23.-Sales to-day of 2,300 bales of cotton; market unsettled. Baltimore Cattle Market. BALTIMORE, Nov. 23.-The offerings of Beef Cattle at the Scales yesterday. amounted to 1400 head, of which 250 head were driven to Philadelp ia and New York, 53 sold to country gramters 150 left over unsold, and the remainder purchased by Baltimore butchers at prices ranging trom $2.25 to $3.75 per 100 pounds, and averaging $3 12½ decline of fully 31% cents per 100 pounds on the rates of last week The markst closed dull and heavy to-day, Sheep $2.50 @ $3.50 per head, as to quality. Hogs show a decline of 25 cents per 100 pounds; sales have been made this weekat 87 @ $8 per 100 pounds for good to prime.