banks of Baltimore - Baltimore, MD

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: November 22, 1860
Location: Baltimore, Maryland (39.290, -76.612)

Metadata

Model: gpt-5-mini
Short Digest: bb265506

Response Measures

None

Description

Multiple newspapers (Nov 22-24, 1860) report that the banks of Baltimore suspended specie payments. Articles attribute the action to political agitation and loss of confidence in Southern banknotes (broader macro/region-wide crisis). No runs, receivership, or reopening are reported in these clippings; historically this suspension was part of a broader (temporary) suspension tied to the 1860 political crisis, so I classify as suspension_reopening (suspension only, no run, presumed temporary).

Events (1)

1. November 22, 1860 Suspension

Cause: Macro News
Cause Details: Political agitations and regional panic: Southern bank notes discredited and general disturbance related to secession/political crisis causing suspension of specie payments.
Newspaper Excerpt: the banks of Baltimore, Md., and Richmond and Petersburg, Va., have suspended specie payments.
Source: newspapers

Newspaper Articles (5)

1. November 22, 1860 The New York Herald New York, NY

Article from The New York Herald, November 22, 1860

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general congratulation. It gives us pleasure to add that a large share of the credit of the new ar rangement is due to Mr. John A. Stevens, President of the Bank of Commerce, who proposed it, and urged it upon the other banks with energy and perseverance. The news from the South to-day is not encouraging for those who have interests in that section of the country. Southern bank notes are discredited, and cannot be passed above twenty-five per cent discount. By telegraph we hear that the banks of Baltimore, Md., and Richmond and Petersburg, Va., have suspended specie payments. This was generally expected. These banks have been in a weak condition for some time; the disturbance created by the political agitations of the day has proved fatal to them, as might have been anticlpated. The suspension of the South Carolina banks and most of the Southern banks, except those of New Orleans, is probably & mere question of time. From New Orleans learn by telegraph that sight bills on New York are held at & I premium not discount-a quotation which shows that cotton shipments have ceased and that gold must flow Northward. This panic and these political agitations are evidently going to inflict an amount of injury on the South that can hardly be estimated. it is to be hoped that the planters and merchants of those sections of the Gulf States where the corn rops falled this year have had the forethought to supply themselves in time with corn and provisions for their winter's consumption. Nothing would be wanting to complete the measure of the miseries of the South this winter but a famine, with the possible consequences among the slave popu lation. The only change that was noticeable to-day in the money market was a slight increase in the amount of money offered to the brokers on sall. Several old houses had more tendered to them today at seven per cent than they could use. Paper continues very hard of sale; rates range from 12 per cent upward, and at these figures buyers are scarce. Not even in 1857 was mercantile paper more difficult to dispose of than it is at present. Several failures arefreported to-day-a dry goods house of some character and standing, and several houses on the Corn Exchange. The receivers of breadstuffs seem to be the most conspicuous sufferers by the present panic. Four prominent dealera at Albany are reported to have failed. Though this was not packet day, the Bank Committee for the purchase of produce exchange recelved quite 2 number of applications, and made arrangements for the purchase of about £40,000 sterling of bills. Business on the Stock Exchange commenced this morning with a better feeling on State stocks, but less inquiry for the speculative railroad shares. After the first board the usual difficulties were experienced in obtaining stock for delivery, and C slight advance ensued. In the afternoon some rumor of the proceedings of the banks reached the care of the jobbers, and a very smart upward movement began, which lasted till five o'clook, with a general recovery in prices. United States 5's advanced 1 per cent; the advance in Virginias was equal to 11, in Missouris to 1, in Tennessees to &. New York Central was done as low as 71 in the morning; it railled to 72 between the boards, sold at 74 after the second board. and was wanted at 742 afterwards. Since the present panic began over 12,000 shares of Central have been sent to the country. Hudson River was hammered down to 39 this morning; it sold afterward at 41, and closed 411, against 43 yesterday. Among the Western shares Galena was the most mercurial. It sold at 56 this morning; in the middle of the day the astounding news arrived that the directors had met and declared a dividend of five por cent; on the strength of this the stock advanced to 60, 61, and finally 631 bid, against 57 yesterday. The other Western shares were lower in the morning, but better after the rumors about the bank movement began to circulate. Comparing the prices of this evening with those of last evening, we note an advance of 11 in Erie, 1 in Reading. 25 in Michigan Central, 2 in guaranteed, è in Panama, 1,1 in Illinois Central, 1 in Toledo, I in Rock Island, 3 in Burlington, I in Pacific Mail. The market closed strong, the following being the qnotations:-United States 5's 1974, 96 a 98; Vir. ginia 6's, 791 & 80; Missouri 6's, 69 a Tennessees, 76 a 80: Canton, 14 a 10; Cumberland Coal preferred. 81 a #: Pacific Mail, 74.] a #: New York Oentral, 741 a + Erie, 281 a 1: Hudson River, 412 a 42; Harlem, 141 a 15: do. preferred, 323 a 33: Reading. 331 a 34]: Michigan Central, 49 a 50; Michigan Southern and Northern Indiana, 131 a 14: do. guaranteed, 29 a 1: Panama, 1091 a 110; Illinois Central, 55 & 1: Galena and Chicago, 634 3 #: Cleveland and Toledo, 27 a 1: Chicago and Rock Island, 52d a 54: Chicago, Burlington and Quincy, 671 a 68% The business of the Sub-Treasury to day was as follows: $145,918 67 Receipts 44,000 00 -For customs 674.236 89 Payments 4 93 Balance The following is a statement of the movements of cotton for the last week and since 1st of September last, compared with the five preceding years Exports Past Week Receipts 2b Great Since e Part Sept. 1 Britain Week France Oth.F.P 19,000 724.000 92060 12,000 1868.6 10,000 26,000 788,000 8,000 101 000 1856-7 6,000 TO COO 31,000 115 000 3,000 1857-8 6,000

2. November 23, 1860 Staunton Vindicator Staunton, VA

Article from Staunton Vindicator, November 23, 1860

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All the banks of Richmond, Petersburg, and Baltimore have suspended specie payments.

3. November 23, 1860 New Orleans Daily Crescent New Orleans, LA

Article from New Orleans Daily Crescent, November 23, 1860

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Dew Orleans Daily Crescent. FINANCIAL AND COMMERCIAL DEPARTMENT New Orleans Money Market. CRESCENT OFFICE, No. 70 Camp street, Thursday Evening, Nov. 22,1860 The movements in the money market to-day were, as they have been for several days, confined to a few discounts and a renewal in part of obligations maturing. The New York market was considerably agitated on Monday and Tuesday last. and had relapsed yesterday, and things were reported to be looking better. There was nothing beyond the intent that the banks of New York city intend to take care of themselves if the course pursued turns up favorable, well and good; if it should not, the adverse results would have very little effect on our community. The telegraphic dispatches to-day announce the suspension of specie payments on the part of the banks of Baltimore. Suspension appears to be progressing Northward, and possibly other banks will be announced in a day or two. In the meantime, much stress appears to be placed on the ac. tion in New York, and great results are expected to follow the movement of the fifteen banks of that city. It is hardly reasonable to suppose that the great solvent banks, such as the Merchants' Bank, Chemical Bank and Bank of America are going to turn the amount of the coin in their vaults into a general association of, say only 15 banks, to constitute a general fund to invest in exchange, and sustain the general produce market. There are so many diversified dispatches received by this or that party, relating to cotton and the market, that it is difficult to ascertain what degree of reliance should be given to them. For it appears that almost every Wall street operator who conceives an idea, forthwith forwards a dispatch to some prominent point in the South to create a feeling for or against, as the views of the sender may range. The banks and bankers in Wall street, in general, continue very nervous. This is more than apparent by the nature of the private dispatches. The Exchange market was a shade firmer to-day, resulting in sales of clear sterling at 100@100 up to 100$ and 101. Then again there were transactions at 99 down to 96 for document bills. A good deal of sterling has been taken on speculation. The banks are taking a few thousands from day to day. The latest advices from New York do not indicate any improvement in rates, as the best of bankers' sixty days drafts on London were difficult to move at 102@103. In francs to-day there were sales at 5.70@5.65. There were sales at 5.60 on Paris direct. Before the close of business the highest offer was 5.65. We quote from 5.75@5.60. In domestic bills there were sales of sight on New York from 1@1 prem. the counter rate was 1@1 prem. The demand was very feeble at the counter for checks, and rates must recede before long. Short sight ruled from @ prem. It is very difficult to give any real quotation for sixty days sight. Drawers sell the best way they can at from 3@3 and 4 Pet. dis., even down to 41@5 Oct. dis., while some tip-top signatures are taken in small amounts at from 2}@21 dis. The figures cannot be called a real quotation, but sales are made daily at 3 off and inside. A good deal of cotton is being shipped on planters' account for Liverpool, advances being made by responsible parties, so by financiering and obtaining only moderate facilities, many factors and holders will be relieved; but the pinch in money and general negotiations continues in full force, and the pressure for negotiations is as strong as ever, without any prospect for general relief, at least for some time to come. LOUISVILLE MONEY MARKET, Nov. 19. There was a large demand for money to-day, and it was with great difficulty that first-class paper was negotiated. Short paper can be used at 1 to 2 90t. F month, but it is impossible to use long paper on any terms. The pressure in the money market was severely felt to-day and we heard that several protests were made. The excitement in regard to uncurrent money that has been raised by the brokers is somewhat dying out. The rates for Southern and Illinois have-slightly advanced, and at the close the following were the brokers' quotations: For North and South Carolina, Alabama and Georgia, 10@15 Oct. Illinois and Wisconsin 4 @10 Pct., and Missouri 2@3 # ct. dis. As we have said before, the issues of those banks are as good to-day as they ever have been. The excitement intended for the purpose of getting up a brokers panic. A large number of our merchants are advertising to take all currency at par. There was a great demand for Exchange, both on the East and New Orleans, at c. prem. The supply was sufficient to meet the demand. and in all cases it was readily met at our quotations. The Supreme Court of Illinois has decided that banks are required to redeem their notes in whole packages as presented and that redeeming one note at a time is equivalent to a refusal and that on the failure to redeem a package and protest. it is the duty of Auditor of State to wind up the bank and sell the securities. This decision, it will be perceived, makes it easier than heretofore to with the Illinois banks. The wild cats among them will feel its effects, while those managed on correct principles, and located where the community demand them, will not be affected. From Cincinnati we have the following Nov. 19.- The week opens with an active money market, and at most of the houses with pretty full applications for discounts. The offerings are mainly in behalf of the hog packing interest, and consequently cause a heavy outward drain of money towards the country. This is beginning to have a very appreciable effect on the supply of currency, but not yet to such an extent as to bring about a condition of stringency. Those institutions which are not under obligations to their customers or to the law as rates of interest, are placing their rates of discount for first-class borrowers at 12 Act., but the bulk of paper is done at not to exceed 10 Pet. In the condition of the market, there is no unusual feature to notice, and its present activity is nothing more than nominal. The Exchange market is steady in about the condition reported for it ON Saturday QUOTATIONS. Selling Buying New York Sight prem prem. Gold 1@ prem. %@1c.prem. New Orleans par@14 prem. 14@ prem. Some change in regard to uncurrent funds is noticed, Illinois being reduced to 7 Pet. dis., Missouri increased to 2 act. dis., and South Carolina and Georgia reduced to 5 Pet. dis. The further depreciation of Missouri funds is reduced by the scarcity of exchange in that market, our bankers having

4. November 24, 1860 Evening Star Washington, DC

Article from Evening Star, November 24, 1860

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neighborhood last Sunday, to visit theNew Yorkavenue Presbyterian Church, (Rev. Dr. Gurley's;) and though it would be presump tious after the beautiful description of that edifice given in the Star, to add more than has already been written as to the chaste architecture, yet there is one feature noticed that I think deserves commendation, and must needs make the church itself popular, so far as strangers and itinerant visitors are concerned. I mean that feature of a diagram in the vestibule where each pew is designated by a number. and although seen there by whom the same is rented, yet there is only a corresponding number on the pew, without a name; hence there appears a welcome to a stranger, and when a pew-holder invites a friend, he has only to look at the card and hecan join those he wishes. It isgenerally conceded that all the churches ke strangers welcome, and yet they are not partfal to the name system. There is a pleasant point in the simple query of the child: "Ma, cannot you find the way to the pew without seeing pa's name And vet the habit perpetuated is not intended to exhibit ostentation in a sacred place. AMERICUS. THE SECOND MEETING OF BUSINESS MEN IN ALEXANDRIA. Gazette of this morning says: The merchants and business men of this city, pursuant to adjournment, met again at the Corn Exchange yesterday morning, at nine o'clock, when Mr. A. W. Gray, chairman of the committee to prepare business for the meeting, stated that since the meeting on Thursday circumstances had 03curred which had rendered it unnecessary for the meeting to take further action. The banks of Baltimoreand Philadelphia had suspended specie payment, which would alter the aspect of financial affairs and probably have a favorable effect upon exchanges. In view of thischange the committee deemed it useless to prepare any business for the action of the meeting, and would merely submit the following report: Your committee to whom was assigned the duty of preparing business for this meeting, believe it to be inexpedient and unnecessary to take further action in reference to the financial interests of the community A motion to adopt the report was put and carried, and the meeting then adjourned sine die THE CLARENDON HOTEL-This fine new house has been reopened for the season, under the proprietorship of Mr. D. T. Norris. Ameng the alterations and improvement that have been made during the recess we notice the establishment of a first-class restaurant in and the removal of the bar to the basement, leaving the former bar-room for an elegant sitting and reading room. These improvements render the establishment a most complete and desirable hotel to stop at. Runaway AND SMASH UP.-Aboutnoon to-day, a horse attached to a light wagon started on the Avenue, near Tenth street, and ran at a fearful rate down the Avenue, causing considerable alarm to pedestrians and owners of coaches along the route. The frightened animal turned into market space, and brought the wagon to which he was attached in contact with another, by which both jured. were damaged. Fortunately no person was in" INTERIOR ADORNMENTS." See what John Markriter, 486 Seventh st., has to say under this head. His stock of upholstery goods, paper hangings, &c, are really superb, and we have never known a customer of his to complain that he was not well done by. In fact, his reputation for good work and fair dealing is the secret of his great business success. THE THEATER - To-night the Howard family make their last appearance, on which occasion will be presented the "Lamplighter, "Page of History, and "Dutch Richard The bill is an excellent one, and will no doubt draw an overflowing house. Remember that this is the last chance to see little Cordelia Howard. "SAVE THE DISCOUNT Place to Buy Boots and Shoes "See advertisement of C. F. Cummins & Co., 347 Seventh street, at the big blue sign. He has a good stock, sells cheap, and, what is a good deal to the purpose just now, accommodates his customers by taking solvent bills at par. PHOTOGRAPHS of H. R. H., Prince of Wales and suite, at Whitehurst's, 434 Pa. av. Also just received original photographs of Prince Albert, Queen Victoria, the Emperor and Empress of France, and Garibaldi. This establishment has It reduced its prices almost fifty per cent. CENTRAL GUARD-HOUSE CASES-Frank Smith, colored, selling liquor without license; fine and costs, $21 58 John Thomas John Lemon, John Ross, disorderly; $6.15 each; they were retained modated. until this morning. Three lodgers were accomTHE WASHINGTON LIGHT INFANTRY will find a military order in another column. We understand the object of the meeting ordered to be, to make arrangements for the reception of the Putnam Phalanx. WE SEE by an advertisement that Smith, No. 460 Seventh street, opposite the Post Office, offers to take Virginia money at par for clothing, furnishing goods, hats and caps Give him a call, It and he will give you a bargain. SEE NOTICE, in another column, of a large sale at auction of fancy goods, boots, shoes, embrellas, guns, &c., by Bontz & Griffith, on Wednesday morning next. SEE NOTICE of a singing school to open in the lecture room of the New- York-avenue Presbyterian church, this (Saturday) evening, for the general cultivation of sacred music. ABOUT 900 beef cattle were offered at Drovers' Rest yesterday; 400 were sold at from $2 25 to $3 25 per 100 lbs gross; 200 driven on to Baltimore; 200 to the country; and 100 lay over. OUR GEORGETOWN READERS will see by Tenney's advertisement that he wants Virginia money for groceries. WANTED. $10,000 Virginia, Corporation, or Washington money wanted, in exchange for all kinds of Dry Goods, at Matthews & Gore's, 358 if S venth street, between I and K, east side. MARRIED. On the 221 instant, at the residence of the bride, by the Rev. E. Nugent, JOHN P. PRATER, to SARAH A. BROWN, all of this city ParOn the 15th instant, at MoKendree Chapel

5. November 30, 1860 Vermont Watchman and State Journal Montpelier, VT

Article from Vermont Watchman and State Journal, November 30, 1860

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SOUTHERN BANKS SUSPENDING. The banks of Richmond and Petersburgh, Virginia, and Baltimore, Md., have suspended specie payments. 17 The Philadelphia Banks have suspended specie payments.