6817. Traders Bank (New Orleans, LA)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
July 10, 1842
Location
New Orleans, Louisiana (29.955, -90.075)

Metadata

Model
gpt-5-mini
Short Digest
14554a01878c118a

Response Measures

None

Description

Articles show (1) Traders' Bank listed among 'suspended banks' in July 1842; (2) a heavy run on Traders' Bank following the announced stoppage of the Commercial Bank around 20 Feb 1843. No article confirms permanent closure or reopening, so suspension after runs is likely but final outcome is unclear.

Events (2)
1. July 10, 1842 Suspension
Cause Details
Article lists Traders' among suspended banks without specifying cause; general scarcity of money noted in market report.
Newspaper Excerpt
The rate of discount on the notes of the suspended banks varies ... Traders' to 17
Source
newspapers
2. February 20, 1843 Run
Cause
Local Banks
Cause Details
Run followed announcement of the stoppage (stoppage/failure) of the Commercial Bank, which triggered runs on other local banks including Traders' Bank.
Newspaper Excerpt
the stoppage of the Commercial Bank ... was immediately followed by a severe run upon the other Banks, more especially on the City and Mechanics and Traders' Banks
Source
newspapers

Newspaper Articles (2)
1. July 23, 1842 The Radical Bowling Green, MO
Article from The Radical, July 23, 1842

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Article Text

COMMERCIAL. New Orleans, July 10, 1842. Again we have a very dull market to notice. The stock of Western produce is much reduced as is usual at this period of the year; this added to the extreme scarcity of money, confines transactions within a very limited space. The prices we give below are very nearly the same as published in our notice of Saturday last, they are only nominal. Flour.-The receipts of this article for the past few days, exceeding the demand for city consumption, and in the absence of any export demand, the price has declined, and holders are willing to accept of lower rates than they insisted on last week or even the early part of this. We now quote superfine $41. and for large lots taken from the levee, we have no doubt $4 3-8 would be accepted. Bacon.--There appears to be very little done in this article. The sales are all of a retail character, and at former quotations, viz: lic for shoulders, 3c for sides, 34 a 4c for hams, canvassed 5 a 6c as in quality. Pork.-We have nothing encouraging to state in relation to this article. The same dullness which has existed for months past still prevails. We quote clear $8, mess $7, prime $41, P O $3 a 31, M O $51 a 51. Lard.-The receipts of this article during the present week have increased the stock somewhat. There is nothing above a retail demand, yet former prices are fully sustained. We place our quotations at 7 a 8, to embrace all qualities. Grain.-There is still an active demand for corn in the ear and in sacks. The former sells for 44 a 50c per bbl, the latter 36 to 38c per bushel in sack. We hear of no sales of oats. The price is from 32 to 34 by the quantity; retail price from store 37t. Whiskey.-The demand is very limited and prices are much reduced. We note sales made yesterday at 16c. The stock is light. The rate of discount on the notes of the suspended banks varies from hour to hour. The closing rates at 3 o'clock yesterday, (Brokers' selling prices,) nearly as follows: Union 17 dis; and Traders' to 17; to City, were Mechanics' 19; State, Consolidated, 11 12: 33 dis; 33 1-2; Citizens, 34; Carrollton 15; Canal and Commercial, 27 to 28 dis. Notes of the First and Second Municipalities

2. March 4, 1843 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, March 4, 1843

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Article Text

MONEY MARKET. Sales at the Stock Exchange, March 90 16,200 Ohio 65 1860 $1,000 City 5s, 1870 48 shrs Fulton Bk 101 2,000 State 6s, 1862 101 88 do Butch & Drov do 1,000 20 do Mecb Bk Asso's. 74 26 1,000 State 5ts, 1861 150 do Harlem R 89 5,000 State 5. 1859 18 85 65 do K'y Bk 3,000 Kentucky 6s 181 5 do Canton Co 5,000 Kentucky 5.1 bond 70 25 do 091 8,000 Ohio 6s, 1860 434 25 do Paterson R nw 691 5,000 do snw 691 3,000 do SECOND BOARD. 96 841 1,000 Kentucky 6s $1,000 State 51s, 1861 691 2,000 Ohio 6s, 1860 Commercial and Money Matters. FRIDAY, March 3. The operations at the Board were not large to-day, and the tendency was still downward. State 5s declined per cent; Ohio 6s 1; N Y Kentucky Bank improved 3 per cent; Canton Co. t; Paterson 1. Sterling is 54 a 6; Francs 5 45 a 5 421, with very little doing. Mobile is 22 a 23 per cent discount. The amountoffering is small. The N. O. Bee of the 21st says that the stoppage of the Commercial Bank, which was announced early on the 20th, was immediately followed by a severe run upon the other Banks, more especially on the City and Mechanics and Traders' Banks, continuing up to the cloie of bank kook Commercial Bank notes, however, which in the morning were sold as lo 65 a 40 per cent discount, recovered toward the close or the day, and may now be queted at 22 a 25 per cent discount. The following are the rates of discount on uncurrent and broken bank money, from "Thompson's Bank Note Re porter:" Broken Bank Money. Uncurrent Money 25 Commercial, Buffalo Eastern, bankable in Boston 4 Commercial, Oswego Albany, Troy, Schen. &C # Clinton County Jersey N Watervliet Philadelphia # United States Baltimore 25 Housatonic Railroad Safety fund and red back 40 Phoenix, Charlestown It a Virginia 70 4 3 Ohio Newbury port Bank 10 : Indiana Bank of Lyons 87 6 Bank of Bennington Michigan 2 North Carolina New Hope & Del. Br. Co. 20 62 Illinois Banks 11 South Carolina The following is the amount of Treasury Notes outstand. ing on the 1st inst. : Amount outstanding of the issues prior to the Sist of Augus, 1842, viz: As recorded in this office $8,666,736 24 Deduct canceled notes in hands 23,939 35-8,642,796.29 of the accounting fficers Notes i sued under the act of 31st Aug. 1842 3,025,554 89 Deduct amount redeemed and re. corded in this office $6,164 33 And in the hands of the accounting officers 5,800 00--11,964 33-3,013 590 96 Total $11,656,377.45 Counterfeit $10 and $50 notes on the Alabama StateBask at Tuscaloosa are in circulation in Mobile. The receipts for the last eight weeks on the Western Railroad amount to $48,461, being equal to $6,053 per wees. The following sales of stocks were made at Philadelphia at auction: 43 shares Bank of Penn Township, $16 25 95 de do, 16 37}; 19 do Kensington Bank, 36 50; 92 do Northern Liberty and Penn Township Railroad Co., 30; 34 do Spring Garden Insurance Co, 7 25, 92 do Germantown and Norristown Railroad Co, 871 cts per share; 24 do Southers Insurance and Trust Co, $15 paid, sold for $7. At Cincinnati the demand for Exchange has increased the rate is 11, with a prospect that it will rise Silvering demand at 1 per cent premium. Gold, American, is also in Hemand at 2 per cent premium, buying rate. Bankable paper, for the lax few days, has been nearly all $1 and notes of Indiana and Oaio. The Banks pay cut scaredly any thing larger than a two.