Bank of America - Chicago, IL

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: June 25, 1861
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: 452c5da2

Response Measures

None

Description

Article (New-York Daily Tribune, 1861-06-25) notes 'trouble at the Merchants' Bank at Macon, Georgia' and that its circulation (shinplasters) had been redeemed down to $30,000 with arrangements to redeem the remainder in a few days. The text describes heavy redemptions of the bank's notes but does not explicitly state a formal suspension, closure, reopening, or receivership. Classified as a run_only (heavy withdrawals/redemptions) with cause set to 'other' because the article gives no clear trigger (rumor, correspondent failure, or bank-specific insolvency).

Events (1)

1. June 25, 1861 Run

Cause Details: Article reports heavy redemption of the bank's circulation (notes) down to $30,000; no explicit cause given.
Measures: Article only states 'arrangements will be made to redeem it in a few days' (effort to redeem outstanding circulation).
Newspaper Excerpt: There is some trouble at Chicago in regard to been the Merchants' Bank at Macon, Georgia, which has one of the shinplasters of that region. The circulation is a bas been redeemed down to $30,000, where there hitch: but it is stated that arrangements will be made to redeem it in a few days.
Source: newspapers

Newspaper Articles (1)

1. June 25, 1861 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, June 25, 1861

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Article Text

90,197,459 8,683 130 37,5 22 402 118.290.181 June 1, 1861 87,656,760 8,963,007 36,837,025 17509,075 June 1861 June 15. 1361 115.494.821 31,280,211 8,707,318 87,992,191 87,602,343 June 22, 1861 113,667,640 33,480 189 8,444,830 At Baltimore, The American says: Financial and Commercial affairs show no decided improve durin the past week, *till, in some branches of tradew ment activity. The Money market cont ne unsetnote shade more concequ offering tled and depressed, and no paper of any street, and none would pare muster there save acb to on the be foo offer ug. On call money is offered pretty freely, seldom with satisfactory securities, at 647P n' The banks that doing nothing save in the of ewing all paper are Exchange on New York may be quoted at par and dull. matures Virginia Bank notes may be quoted at 11. and North Caroline do. at 12 P cent discount The city authorities of St. Louis have issued scrip to the amount of $50,000, in same of from $1 to $3, and made water and all city taxes payable in the same. Exchange on New-York js nominal at 12 & cent. Money, such 88 it b--bank notes-is plenty. The following is a fair specimen of the perfection to which Southern editors have arrived in the art of lying. The Memphis Argus says: The following statements are made by ns on authority which respect They were handed usbyagen. tieman is reliable . he in arrived every here on the Mary Patterson this morning, comes direct from Jefferson City: and Two who hundred thousand kegs of powder are now in or near Jefferson The following City. provisions have been made Guard for the raising of $5,000 000 for the 1st. by the suspension use of the of Missouri the State State School moneyer(al years. suspension of the State University fund, $50,000. 2d. The suspension of the Insane Asylum fund, $500,000. 3d. 4th. The The suspension of the payment of the semi annual State bonds due North (Wall street) $500,00 per year payable of the State bonds found d'64. in 5th installine The sespension to am 1862, '63, all a taxable there 6th. Tue placing of 15 per gent ad valorem tax on preperty. These, in the aggregate, bestow upon the Governor of the the State *5 000,000 applicable to military $3,000,000 purpose in addition to Certain bankers have offered abovest so interest of 6 per cent At Cincinnari, The Commercial saye: the There continues to be chance to report . variation chis a partic in financial affairs Most of the Banker found Withsome tone of day day imall depertar of their business. This together with cularly found to work a Hitle closer ten days fo exchange calculations is EOOD better demand during the next of interest, of remittances to meet July payo gots and an of it induces a closer account hosbanding of New York balances returned for this Some currer cy again being been to increase purpose Dealers them. pay If cent. freely, and 3-10 cent has some instances paid The Bank Commissioners of Illinois have made another call for additional securities from twenty-three is Banke. Their present circulation in the aggregate $2,484,084 and the estimated value of their securities, $2,112,755. This leaves seventeen Banks which are under call, as follows: not Alton Bank, Bank of America, Bank of Bloomington County Bank Bank, of Indemnity, City Bank Bank, of Ottawa, Highland Comberland Bank, International nal Bank, Tinkham Bank Co.'s Marine Bank McLean County Bank, Mechanics Union Bar Mahalwe k. Merchants' Bank, Pittsfield Bank, Reapers' Bank, Bank. The circulation of these seventeen banks is $1,470, 207, and the estimated value of securities $1,514,605. The basis of valuation of the stocks of all the banks is: Northern State stocks, par; United States stocks, Ken- at 85c.; Tennessees, at $35; Virginias, at 421; tuckys, at 77; North Carolinas. at 511; Missouris, at in 38; and Louisianas, at 54. The following bank 8 are voluntary liquidation, their circula ion amounting to $11,600,053: Bank of America (Chicago), Bank of Northern Illinois, Bank of Ottawa, Bank of Peru, Chicago Bank, Exchange Bank of Tucker, Kane County Bank. Notes of these banks are redeemed by the auditor at par, in gold. The Chicago Tribune says: whom circulation shall be secured by United Stockast States will Stocks Banks 85c., or their market value or enter Northern into central State redemopar, on the 1st of July, and who the late bank law, will not tionou the term# In estimal specified log in the value of securities, disc rimina invover ion of encourage ject to call. will hereafter be made by the Bank Commissioner ment conditions with the Illinois Stocks and every given to banks entering into central re- of public interest will be it believed will increase the value demption. This and at the policy. same time secure healthy circulation. Illinois bonds, Judge Wright of the Sapreme Court of Iowa has of granted an injunction restraining the City Council for Davenport from levying or collecting any taxes of the the purpose of paying the interest or any part principal of the $298,500 bonded debt of that city. The proceeding was commenced in the Scott County large District Court by Mr. Hubbell, in behalf of a number of the most wealthy taxpayers of the city. Among the items of this indebtedness are $50,000 to bonds issued to the C. & R. R.Co., and $75,000 the M. and M. R. R. Co., which, it is contended, were unconstitutionally issued, because the Constitution does not authorize a city to build railroads in another State: and, secondly, because the city has no constitutional power to issue bonds to build any railroad in the State. In regard to closing the Auditor's office Springfield, which had a favorable effect on the Stock Exchange dis to-day, on State bonds, The Chicago Tribune receipt says: of Considerable anxiety was felt to-day on more the bills would be received patebra from the Springfield, Auditor's Office stating af that or Saturday night, is, that for Treasurer the next tendays or two weeks. The rearon week assigned to pay the July interest, Butler guesto New-Ye ork next open for the delivery of bond and the office cannot be kept possible and all COL with his dudes. wr hope during bis absence If it this is ision will be changed. currency Within would the be timespecified at least million will Illinois be sold to the broker and retired. Probably decline that amount 10 P cent while the Auditor' Office is it will certainly That would be a dead loss to the matters people of 60 sa to save closed. State Officers, car you arrange are already tayed Mears. little item to your constituente They Spare us, we alive; that and not few are effectually brokers laid are buying to-day entreat you. Some of the news, leading very sparingly, and others a already winee the receptive offering 10 P of cent the less on yeaterday's rates. There is some trouble at Chicago in regard to been the Merchants' Bank at Macon, Georgia, which has one of the shinplasters of that region. The circulation is a bas been redeemed down to $30,000, where there hitch: but it is stated that arrangements will be made to redeem it in a few days. The San Francisco Shipping List by the Ariel says: demand for money is more active than at the date by of some our this last report. The A brisk be iness in di-e, and speculation has contribute now looked to up in mint certificates during the loatis pret begine to a large upon bullion. amount The limited shipments 0 treasure deposits a the Mint. month have tended gleamy coluage must be waited for some two where the process to the pre-se This best charac three week according of securities of the very the require increased offering in rates and no ulgency, in cent Weebserve no change are therefore continued at wast Long loans, ments. for first-clase Out collaterals quotations and good commercial paper. In our last advices from New York they are quoted 845 of treasure from the interior continue of our a upon review the usas) and meale Receipts but the causes operating at ala the ge date accomulation of vold hale, theil alluded to, moderate, have prevented and with the pro-pect of an Increase of realiz The supply is to morrow, holders are confident have ruled at Sight Exchange ou the East has not ing demand least for 800 tine shipments per. Sales since varied last steamer since our last. The