6786. Merchants Bank (New Orleans, LA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
February 24, 1868
Location
New Orleans, Louisiana (29.955, -90.075)

Metadata

Model
gpt-5-mini
Short Digest
a49c7ac9ca8bd0ef

Response Measures

None

Description

Articles indicate Merchants' Bank (New Orleans) was resuming active operations (Feb 21, 1868 notice that it 'will resume active operations on Monday'), implying it had been suspended prior to that date. No article describes a depositor run. Earlier (1866) piece only quotes the market value of its notes. I infer a suspension followed by reopening; cause of suspension is not stated in the texts (likely related to postwar currency/operations) so classified as other/unknown for cause.

Events (2)

1. February 24, 1868 Reopening
Newspaper Excerpt
Merchants' bank will resume active tions on Monday. We notice that institution has adopted a somewhat feature in New Orleans banking. To vent the inconvenience ... the bank will purchase, or sell at its counter, the depreciated currency ... will confine its operations of this character to the ... requisitions of its de- (opened at 139...).
Source
newspapers
2. * Suspension
Cause Details
No reason given in the articles for the prior suspension; likely prior temporary cessation of certain operations but unspecified.
Newspaper Excerpt
Merchants' bank will resume active tions on Monday.
Source
newspapers

Newspaper Articles (2)

Article from New Orleans Daily Crescent, March 3, 1866

Click image to open full size in new tab

Article Text

Few Orleans Daily Quescent. New Orleans Money Market. CRESCENT OFFICE, No. 94 CAMP STREET, Friday Evening, March 2, 1866. The most prominent feature of the movement in financial circles to-day hasjbeen the decline of fully one per cent. in rates of Gold and Foreign Exchange. Gold opened dull and drooping under advices by telegraph of a decline of nearly two per cent. in the New York market yesterday. Offerings were very heavy throughout, but the demand was of an unusually restricted character, and the operations for the day have been limited to the following amounts at the prices annexed, viz: $5000 at 135;$5000 and $5000 at 1343/4; $20,000 at 134% $1000 and $10,000 at 134 1/2: $5000, $6000 and $17,000 at 1343/5; and $1000, $2000 and $3500 at 134. In Silver the only sale of any importance that transpired was $2000 American halves at 131. We now quote Gold at 134@1341/2, and Silver 130@131 for American coin, and 134@135 for Mexican dollars. Dispatches quoting a slight reaction at New York were received during the day, but failed to check the downward tendency. FOREIGN EXCHANGE has been very flat to-day. The market was more than amply supplied to meet the most general ordinary demand, while the inquiry was at no time much better than nominal, as nearly all the principal buyers still ab. sented themselves from the market, owing to the unfavorable tenor of New York advices. The transactions for the day have been restricted to the following sales, viz.: £500 at 146, £3000 at 1453. £14,000, in four lots, at 145, £6000 at 144)/@145, £1000 and £12,000, the latter taken by a bank, at 1441/2, £5000 at 1441/4 £2000, £2800 and £8000 at 144, and £2500 at 1433. Sales of Francs comprised 20,000f. at 3.883/f. 200,000f., in two lots, at 3.90f., and 100,000f. and 200,000f. at 3.91 1/f. The quotations at the elose of business this evening were: For bank sterling 147, clear bills 1443/1155/2, bill of lading bills 14314@14414, bank francs 3.821/@3.83}4. and outdoor francs 3.871/@3.92)/. DOMESTIC EXCHANGE-The movement in Domestic Exchange to-day has disclosed increased firmness, without developing, however, any quotable variation in rates. The demand at bank for sight checks on the Northern cities was active and general all day, and one of them refused, towards the close, to sell at the ruling figure of the day. Out of doors the supply of private and commercial exhibited but little, if any, increase, and the purchases by banks and bankers have been confined to the annexed trifling amounts, viz: $10,000, $20,000 and $25,000 New York sight, at % # cent. discount, $10,000, Boston do. at 1/2 78 cent. discount, and $20,000 New York and Boston, taken by one bank, at 7 cent. discount; $30,000 three days' sight at 3/2. $10,000 ten days at 2/18, and $15,000 fifteen days at 1 TO cent. discount. We now quote: New York sight at 1/4 73 cent. discount at bank, and F cent. discount out of doors; five and ten days' sight 78 cent. discount; fifteen and twenty days' sight 1@1% P cent. discount; thirty days' sight 11/2 cent. discount; and sixty days' 2 B cent. discount. STOCKS AND BONDS-The movement in securities has been quite limited since our last. The supply of favorite descriptions was light throughout, and the general run, though, as heretofore, abundant, continued neglected. The following embrace the whole of the operations that have come to our notice, via. 9 shares City Railroad Company (old stock) at 195; 50 and 50 shares do. (new stock), reported by two parties, one at 170 and the other at 180; $15,000 City Consolidated Bonds at 90: and $5000 do. at 901/2. UNCURRENT BANK NOTES-There has been a general suspension of operations in the notes of the liquidating banks to-day. Offerings were light from the opening to the close of the market, and the demand was at one time much better than nominal. Sales have been confined to driblets, and we still quote Bank of New Orleans, Crescent City Bank and Union Bank at 88@94c., Merchants' Bank at 77@82c., Louisiana State Bank at 73@76c., and Bank of Louisiana at 55@60c. TO dollar.


Article from New Orleans Republican, February 22, 1868

Click image to open full size in new tab

Article Text

Orleans Republican. ICIAL JOURNAL OF THE UNITED STATES. CIAL JOURNAL OF THE CITY OF NEW ORLEANS CIAL JOURNAL OF THE REPUBLICAN PARTY. onetary and Commercial. MONETARY. NEW ORLWANS REPUBLICAN OFFICE,1 FRIDAX EVENING, February 21, 1868. he money market continues easy, at for all Al paper, the offerings of which hardly equal to the available capital king employment. The banks discount good business paper offered by their tomers, and are free lenders on solid laterals. On the street good paper, satstorily secured, can be readily uego1@1 cent IS month. Mortgage are quoted at 12@15 8 cent annum. class names are hard to pass even at time rates, lenders prefering less profit greater security. Merchants' bank will resume active tions on Monday. We notice that institution has adopted a somewhat feature in New Orleans banking. To vent the inconvenience of running the town to sell or purchase city the bank will purchase, or sell at its the depreciated currency at the inter, rates; but, we understand, will conling its operations of this character to the rings or the requisitions of its deopened at 139{@1393, against 1392 eving, and after settling down to 139 ed an active impulse from the rise at York predicated on the political news Washington, and closed at 1404@140 sales included $10,000 at 1394g $15,000 $10,000 at 1393. and $1000 at 1401. ver we noticed sales of 2000 Mexican at 1421. At the close American halfwere quoted at 1321@133, and Mexdollars at 143 in currency, and 2@2} mm in gold. offerings of foreign exchange were to extent, and rates were without any rial variation until after the receipt of referred to above, when they adto the The sales of sterling York. in proportion rise of included gold at and a larger amount early in the day for Al; £2000,A1 and similar amount : £1006 and £2000 at 152; £10,000 at £6900 at 1524; £1000 and £1200 at 16000 bank (£2000 and £3000) at 1534; bank at 1631; £1500 Al at 1081 in noticed gold, 1092. In francs we first-class subsequently £1400 170,000 and at 80,000 before the (25,000, news, and 30,000) at 3.70. Sterling may be at 1611@1521 for Al bili of lading 163 for first-class, and 154@1541 and francs at 3.731@3.711 for for AI eial, 3.70 for first-class, and 3.67} tic exchange was rather firmer, continued to check on New York s discourt at which they sold in- a cent aunt The sales of commercial $200,000 in several amounts to banks at count; bank check for $100,000 $300,000 in several sums as above $4000 and $40,000 in two sums at 4. sight was also passed at sales of stocks included 66 50 Mechan- shares of New Orieans at $28 $49 75: 60; and at the 25 shares railThe last sale of last Traders at $110. evening bank at $188. at Crescent City city reported was bonds included 17 Jackson at sales of mortgage bonds and for 11) the ad first bonds are quoted at 79@80 railroad City and 66@67 for the 50 Opedated, board last evening changed At first mortgage bonds at 48. little variation to at have notes. Dealers and railroad but the bought notice sold in treasury and 5% for the small, large fornier and 5 for the sold the (two lots of $10,000 $10,000 small board last evening sales for and the each) The latter; at $2000 large at 13. discount. 61 and included $7000 at 29 and $3500 notes last evening $500 of no in board at 294. We hear which hands Bank of Louisiana notes, for inal at 30@35c. it dollar.