gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8a4d05cdd72c9478
Response Measures
None
Description
Suspension appears to be part of broad specie-payment suspensions tied to secession panic; no reopening/closure follow-up in these articles.
Events (1)
1.November 22, 1860Suspension
Cause
Macro News
Cause Details
Suspension of specie payments amid widespread financial pressure related to the secession crisis and regional panic.
Newspaper Excerpt
The Farmers' Bank of Norfolk has also suspended.
Source
newspapers
Newspaper Articles (10)
1.November 22, 1860East Saginaw CourierEast Saginaw, Saginaw, MI
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Article Text
specie payment. The Farmers' Bank of Norfolk has also suspended. Boston, Nov. 22. No serious results have yet attended the financial pressure, and remittances from the hottest part of the South con tinue to come in as usuul. The statements of repudiation by southern creditors are untrue NO far as this city is concerned. Should the emergency require it, the Directors of all the Boston banks propose to disconnt to the amount of five million dollars, which will speedily niake money easy in this city. WHEELING, Va., Nov. 22. The banks of this city suspended specie payment this morning, WASHINGTON, Nov. 22. There have been no special meetings of the Cabinet to consider the questions growing out of the secession movement. Harmony has hitherto characterized their proceedings. Tt was to-day anthentically stated that nothing has recently occurred in their deliberations to produce distraction. The resignation of the U.S. Marshal for South Carolina was received by the President to-day. A. Armistong, of Ga., has resigned as a Lieutenant in the navv.
2.November 23, 1860Richmond EnquirerRichmond, VA
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Article Text
Suspended Specie Payment. NORFOLK, Nov. 22.-The branches of the Virginia Bank at Norfelk and Portsmouth, and the Farmers' at Norfolk, have suspended specie payment.
3.November 23, 1860Worcester Daily SpyWorcester, MA
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Article Text
Items. NEW York, Nov. 22.-The Bienville from Havana, 18th, has arrived. Sugars unchanged; No. 12, 9½ reals. No freights offering for American vessels. NEW York, Nov. 22.-No signs of the Africa at 10 o'clock. FORT KEARNEY, Nov. 21.-The pony ex. press from Francisco, Nov. 10, passed here at 4 this morning. The agent of the associated press failed to get possession of the report. CHICAGO, Nov. 22.-The oil store of Fuller & Co., Franklin street, was burnt this morning. The building was owned by Hugh Bark. ley. The total loss is $100,000. Insured for $50,000. WASHINGTON, Nov. 22. - The Norfolk branches of the Virgin ia Bank, the Norfolk, Portsmouth, and Farmers' of Norfolk, have suspended. The Washington banks suspended specie payments to-day.
4.November 23, 1860Evening StarWashington, DC
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Article Text
The Financial Pressure. Philadelphia, Nov. 22 -The action of the Bank Presidents suspending specie payments during the present exigency is generally regarded with favor by our business men and the press, having been determined on as a precautionary measure to enable the banks to expand their discounts and preventive of a panic like that of 1857. An immediate meeting of the Legislature has been suggested for the double purpose of relieving banks from the operation of the banking laws and considering the legislation of the State on the Fugitive Slave law. The Bank of Chester County will suspend to. morrow, and all the country banks of this State will probably takethe same course. NORFOLK, Nov 22 -The Branches of the Vir. ginia Banks at Norfolk and Portsmouth and the Farmers' Bank of Norfolk have suspended specie papment. WHEELING, Nov. 22.-The Banks of this city all suspended specie payments this morning. NEW ORLEANS, La., Nov. 22.-It is reported that several produce firms of this city have suspended payment to-day. NEW YORK, Nov. 22.-Our financial editors express the opinion that the condition of affairs this afternoon evidence a healthy state of trade. There is more cheerfulness among business men, and there has been more discounting to-day than any day for two weeks past, The Banks are manifesting every disposition to accommodate and no failures are reported. The quotations for specie are unsettled, but they may be rated at 3 to 5 per cent. The latter for small purchases. AUGUSTA, Nov. 22.-It is reported in bank circles to day, that Gov. Brown will veto any law sanctioning the suspension of banks, unless the State of Georgia secedes. There are rumors also, that one or more Charlestou banks have suspended, and also a large cotton house. The names are not given, but the report needs confirmation.
5.November 23, 1860The Daily DispatchRichmond, VA
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Article Text
Suspension of Virginia Banks. NORFOLK, Nov. 22-The branches of the Bank of Virginia, here and at Portsmouth, and the Farmers' Bank, here, have suspended specie payment.
Suspension of the Virginia Banks. NORFOLK, November 22.-The branches of the Virginia Bank at Norfolk and Portsmouth have suspended specie payment. The Farmers' Bank of Norfolk has also suspended.
8.November 24, 1860The Evansville Daily JournalEvansville, IN
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Financial. WHEELING, Nov. 22.-The - banks of this city suspended specie payment this morning. They are in undoubtedj condition, and will keep their notes good currency. PHILADELPHIA, Nov. 22.-The Bank Presidents met at noon to-day to consider the propriety of suspension. WASHINGTON, Nov. 22.-The Washington banks suspended this morning. NORFOLK, Va., Nov. 22.-The branches of the Virginia Bank at Norfolk and Portsmouth have suspended specie payment. The Farmers' Bank of Norfolk has also suspended. BOSTON, Nov. 22.--No serious results have yet attended the financial pressure, and remittances from the hottest parts of the South continue to come in as usual. The statements of repudiation by Southern creditors are untrue, so far as this city is concerned. Should the emergency require it, the Di. rectors of all the Boston Banks propose to discount to the amount of $5,000,000, which will speedily make money easy in this city.
9.November 24, 1860Richmond Daily WhigRichmond, VA
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The meeting then adjourned until Monday night, THE NORFOLK BANKS. The Norfolk Herald, noticing the suspension of the Richmond Banks, "under the pressure of an Insane panic," and the yielding of the Farmers' Bank, in Norfolk, to the "storm" says: "The Exchange Bank of Virginia and Branch of the Virginia Bank at Norfo k, have not suspended-and will not, If it be postble to molilly or to resist the powers which are brought aga nit them. We understand that unless the claim extends to al classes, and both d positors and b.ll-holders unite with the brokers to force suspension, that these Banks can maintain there credit. And why not? Surely no sane person can doubt their ability to meet all their engagements, so that no possible loss can occur. Let it be remembered that before any one can lose a cop er, the stockholde.s must sacrifice upwards of six millions of dollars. Remember their untouched capital; their large contingent fund, and, " neral resources Those who may desire to speculate upon the Banks, 10 deprive them of their ability to extend or continue their loans, and those whose nervous timidity would force them to demand specie which they do not require. may place the Banks on their defence; but no one can lose a sixpence unless he chooses to be shaved. Let the Banks be sustained by the community, and the Banks will and can sustain the community. This cloud is transfect and must pass away; for it cannot be that with overflowing wealth and Europe indebted to us, a reaterisis cal exist." I
10.November 24, 1860Nashville Union and AmericanNashville, TN
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Bank Suspensions. NORLOLK, Va., Nov. 22.-The branches of the Virginia Banks at Norfolk and Portsmouth have suspended specie payments. The Farmers' Bank at Norfolk has also suspended. From Chicaga.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
