20588. Bank of America (Clarksville, TN)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
January 23, 1861
Location
Clarksville, Tennessee (36.530, -87.359)

Metadata

Model
gpt-5-mini
Short Digest
513b12d6

Response Measures

Full suspension

Other: Articles report a heavy run followed by suspension of specie payments; suspension described as temporary with bank holding bonds and judgments; no clearinghouse or external loan mentioned.

Description

Contemporary reports (Jan 24 and Jan 26, 1861 issues) state the Bank of America, Clarksville, 'after sustaining a heavy run' suspended specie payments. Papers describe the suspension as likely temporary and urge holders not to sacrifice notes, but no explicit reopening is reported in the provided articles. There is a minor date inconsistency: one article (Jan 24) says it suspended 'yesterday' (Jan 23), another (Jan 26) says it suspended 'last Monday' (Jan 21). I record the suspension as Jan 23 per the earliest explicit report and mark outcome as unsure.

Events (2)
1. January 23, 1861 Run
Cause Details
Articles report a 'heavy run' but give no clear trigger (rumor, correspondent failure, or bank-specific scandal not mentioned).
Measures
None specified beyond subsequent suspension of specie payments; press urged holders not to sell notes.
Newspaper Excerpt
After sustaining a heavy run suspended specie payments on yesterday.
Source
newspapers
2. January 23, 1861 Suspension
Cause Details
Suspension followed heavy withdrawals (run); press describes suspension as temporary with assets (judgments, bonds) expected to cover liabilities. Exact legal cause not specified.
Newspaper Excerpt
This Bank suspended payment last Monday. The suspension will be but temporary... they have only about $7,000 out in circulation...
Source
newspapers

Newspaper Articles (3)
1. January 24, 1861 Daily Nashville Patriot Nashville, TN
Article from Daily Nashville Patriot, January 24, 1861

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Article Text

Commercial. DAILY PATRIOT OFFICE, Nashville, January 24th, 1851. The weather yesterday was very unfavorable. Rusiness, however, maintained a considerable degree of ac ivity. FINANCIAL. The demand for money is still brisk. The old Banks are checking freely for their customers at 1 per cent. Outside buying rates 2 per cent selling 1@2 per cent The only change we note in uncurrent money was an advance in North Carolina, which we now quote at 8c. discount. An interesting communication from the Comptroller upon the finances of the State, laid before the House of Representatives to-day, will be found amongst our Legislative reports. It mentions the fat that the Bank of Tennessee has refused to pay into the Treasury a heavy sum, stating the reasons therefor. It me. tions also that the Edgefield and Kentucky Railroad and the Winchester and Alabama Railroad did not meet the January interest on she bonds endorsed by the State for them. and that the State therefore hai to pay for the former $23,180,015; and for the latter $13,259 90. It has also paid $10,605 00, interest upon bonds of the City of Memphis, endorsed by the State and loaned to the Memphis and Litlle Rock Railroad. The two lormer roads are now in the hands of the State. The Louisville Journal of yesterday says-Money matters rem in in staru quo, with not much doing in the way of discounts by the banks, and but few accommodations asked. Tennessee money has improvod, the brokers now taking it at 21/23 per cent discount. Exchange is plentiful on all points at 3/4 per cent. premium. In New York, on the 221 inst , at the Stock Exchange, Tennessee Bonds sold at 76c, as reported by telegraph. BANK OF AMERICA.-The Clarksville Jeffersonian of yesterday says-" After sustaining a heavy run suspended specie payments on yesterday. We knew nothing of the condition of this institution, and therefore do not pretend to speak" COTTON-Sales of 135 bales, ranging from 7 1/2 to 914c. TOBACCO-Sales of 6 hhds, as follows: 285,325, 30, 4 00, 5 60, 5 80. PROVISIONS-We heard of one sale of Bicon from country of extra quality at 10c, round. Lard from store we quote at 12c. PLOUR-Sales at $6@6 50 for superfine to extra. It bags $3 50. CORN-Sales from store, sacks included, at 70 @75c for yellow and white. GROCERIES-Sales of Sugar at 61/2 to 8 1/2c 78 hhd. Molasses 30 to 33c. Coffee 13 to 14c for Rio. Cheese 111/2 cents. POTATOES-S lesat $2 as bb! from store. MEAL-Sales at 70c. BRAN-Sales at $1 10 8 100 lbs.

2. January 26, 1861 Daily Nashville Patriot Nashville, TN
Article from Daily Nashville Patriot, January 26, 1861

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Article Text

Commercial. DAILY PATRIOT OFFICE, Nashville, January 26th, 1861. The river continues to recede rap diy, with sufficient water, however, for navigat on. The we ther yesterday was quite cold. The large number of coa'-boatmen in the city gave the streets quite a lively appearance. FINANCIAL The supply of Exchange on New Orleans and New York is sufficient for all purposes. The old Banks continue to check at 1 per cent; other Banks and brokers 1@1) per cent. The demand for money does not abate, though our principal Banki g institutions are discounting liberally, one of which, we learn, dis. counted more than $30,000 yesterday. Tenne SSee 6 per cent. Bonds were a coted in New York on the 22d at 75c. The Loui ville Journal of yesterday saysere is not ing new to notein monetary affairs, the states ringency being servable Excha geis 0.00 supply, air. but little demail at % 89 cant. premium 0.1 ew Yo k and New Orleans. BANK OF AMERICA SUSPENDED -This Bank suspended paym at last Monday. We learn that the suspension will be bu: tem borary, as they have (weare infor.ie:) on y ut $7,000 out in circul ti 11, and there is four times that amou due th Ba kin judgments; be-i es a la ge amou t of bonds, not S. ac., which are h dd by the Bank. We would advi-e th Se who hold the r otes not to sicritice them, as we fe-1 ass red they will be redeemed in ashort time -Clarksville Chronicle. COTTON-Sa'es of 17 bales at 91/2, 34 at 91/4, 7 at 9, at 83, and 1 at 7 cents. A bett r feeli. g w.s observab e in the me ket, owing to fav rable foreign ad. vices. S lers reluc andy submit to tue decline, but buyers are u willing to advance prices. TO ACCO-No sales repo ted. P. OVISIONS-B con offering in limited quantities f om cou try. Sales at 01/c for clear Sides and H ms, and 81/4 for S coulders, La d quiet but firm, wit siles a 12c from store. FLOUR-rales at $5, $5 75, $6, and $6.50 for low Su p rfin , extra do, Extra, and ext a Family. In bags $3@3.50 fo Superfil e and ex ra Family. GRAI -Sales of Coru from store at 70,@75c for yellow and white. Outs 45c. Wheat-red, $1.12% white, $1 5. GROC RIES-Sales of Sugar at 61/28 1/2c for New Or eans; crushed and powde ed 12@12. M lasses 30@33c in barrels and halves. Coffee 13)2@14c WHISKY-Very dull. We quote rectified 16@18c, Tennessee White 17@19c, Robe tson County 85@60c, as to age. CHEE F-Sales of W. R. at 11 1/212c. CANDLES-Sales at 17@18c for Star and 12c for Tallow. SOAP-Sales at $2 @ 2 40 per box of 30 and 36 bars. NAILS-Sales at $325@4, inclusive, HAY-Sal S from store at $25 per ton. Ell-Sale Clover and Timothy at $6 and $350. TATOES AND ONE -Sales from store at $2 and $2 25 per brl. M AI-Siles from store at 70c. DRIED FRUIT-Sales of Apples at 40c. Peaches $115. Extremely dull. FFATHERS--Very dull. Small sales at 321/c for prime. BEESWAX-Sales at 25c. BRAN-We quote at $1@1 10 7 100 lbs.

3. January 29, 1861 Cincinnati Daily Press Cincinnati, OH
Article from Cincinnati Daily Press, January 29, 1861

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Article Text

specific duties, if passed before the expiration of his term. The arrival of the California steamer with $1,246,000 in Bullion, additional to the $1,080,000 from England, announced last evening, caused a further rise in Exchange on London to 1063/@107 per cent., the market for Saturday's mail leaving off firm this afternoon, the leading Brokers asking 107 per cent. They have been influenced, in part, to this advance, by private intelligence from London or Liverpool, that preparations were still going on, when the Niagara left, for further shipments of Gold the following week by the several screw-steamers of the 16th and 17th of January. It is possible, however, that these arrangements may be countermanded, in part, at least, by the news to the 9th of January from this side, when Bankers' Exchange had risen to 105 1/2 per cent. The Bank of America, Tennessee, has, as we have said, suspended payment. The Clarksville Chronicle learns that the suspension will be but temporary, as they have only about $7,000 out in circulation, and there is four times that amount due the Bank in judgments, besides a large amount of bonds, notes, &c., which are held by the bank. We would advise those who hold their notes not to sacrifice them, as we feel assured they will be redeemed in a short time. Yesterday's Louisville Courier says Saturday's Provision Market: In the Provision Market to-day but little was done. There seemed to be a general disposition on the part of both holders and buyers to hold off, though the market closed very firm. Mess Pork was held at $17 50, but there were no transactions to-day. At the close of the market there was an upward tendency in prices, and the general opinion was that prices would rule higher, which caused an increased firmness on the part of holders, so that the market closed buoyant. The dispatches received to-night were very favorable. Bacon was quiet, with only a small demand at former quotations. The demand for bulk Meats was moderate, the only sales reported being 50,000 lbs. clear bulk Sides at 91/2c. Lard was quiet with nothing doing,