9566. State Bank (St Louis, MO)

Bank Information

Episode Type
Run โ†’ Suspension โ†’ Unsure
Bank Type
state
Start Date
October 15, 1857
Location
St Louis, Missouri (38.627, -90.198)

Metadata

Model
gpt-5-mini
Short Digest
e3ca866acbf63efa

Response Measures

None

Description

Newspaper accounts report a heavy run on the State Bank in St. Louis around Oct 15, 1857 (panic related to runs/suspensions of other local banks such as James H. Lucas & Co.), and later reports (Oct 26) state the State Bank suspended. No article here documents a subsequent reopening or final receivership/takeover, so outcome is uncertain.

Events (2)
1. October 15, 1857 Run
Cause
Local Banks
Cause Details
Run occurred in the context of the Panic of 1857 and after the suspension of other houses (e.g., Lucas & Co.); depositors converting paper into gold following failures of other local banks.
Measures
Doors were kept open beyond usual hours to meet demand; officers attempted to sustain payments and reassure depositors.
Newspaper Excerpt
ST. LOUIS, Oct. 15.-A heavy run was made on the State Bank all the morning.
Source
newspapers
2. October 26, 1857 Suspension
Cause
Local Banks
Cause Details
Following the preceding run and widespread banking distress during the Panic of 1857 (multiple local bank failures/suspensions), the State Bank suspended payments on Oct 26, 1857.
Newspaper Excerpt
ST. LOUIS, October 26.-The State, Missouri, Merchant's and Southern bank suspended this A. M.
Source
newspapers

Newspaper Articles (7)
1. October 9, 1857 The Daily Gate City Keokuk, IA
Article from The Daily Gate City, October 9, 1857

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The Panic in St. Louis. The Republican of Tuesday says: "It needed only the stoppage of the banking house of James H. Lucas & Co., to wind up the financial horrors with which this city has been overwhelmed within the past three weeks. Business houses have suspended, to the surprise of every body; banking houses, supposed to be equally sound with that of Lucas & Co., have gone down, and confusion has been increased; but when the house of James H. Lucas & Co. was forced to suspend yesterday by the continual run upon it, as regular the rain which fell throughout the day, men were amazed and searcely knew what to think. The case is an extraordinary one. For at least thirty days the house had endured a regular, ceaseless draft upon it for coin. There was not a man, in all probability, who did not believe that his money was perfectly safe with them, but the great majority of depositors, either to answer the importunities of friends or to be sure that the gold was within their elutches, resolved to check it out, and it was done.We assume that a million of dollars of current deposits were thus extracted by little, and little, and yesterday between one and two P. M. the doors were closed. "It is not extravagant to say, that Mr. Lucas has an estate worth four millions of dollars, and the other members of the house can add a million or two more to it, SO that in no event can any loss be sustained by depositors. "The house in New York also suspended yesterday." On Monday there was a large meeting of Merchants on Change, at which resolutions in favor of taking and passing Illinois ourrency at 10 per cent. discount, and recommending a generous confidence in each other, were offered and referred to a committee composed as follows: Gen. Ranney, N. Wall, D. A. January, W. Crow, John Hogan, John How, Edward J. Gay, L. c. Garnier, James H. Lucas, Geo. Partridge, Wyllis King, Chas. L. Tucker, J. A. Browniee, R. M. Funkhouser, Gerard B. Allen, and J. H. Oglesby. This committee was instructed to report on Tuesday. Mr. Henry, Bank Commissioner of Illinois, was present and made a speech. said the object of his visit to Missouri was to concert measures for rescuing Missouri bonds from the disastrous depreciations they had recently suffered-a depreciation which was itself the cause of the depreciation of Illinois bank paper. Illinois currency was secured by State bonds, the greater portion of which were Missouri's. He stated the circulation of the Illinois banks at this time to be $5,500,000, secured by $7,900,000 state bonds, of which $4,900, 000 were Missouri bonds. He thought Missouri ought to suspend the further issue of bonds for the present, and re-commence the establishment of a clearing house in St. Louis for the redemption of Illinois currency. John Hogan deprecated the absurd adherence to a specie business when no specie was to:bahad, oursed the men whohoard gold and silver, recommended the restoration of confidence, and asked why Illinois currency would not buy produce in St. Louis as well as in Chicago. The Republican says the Committee met in the afternoon and was found to be equally divided on the proposition to adopt a par valuation instead of the standard of 10 per cent. discount. After the suspension of Lucas & Co. at 1 o'cloek, there was a slight run on other houses: and quite a erowd gathered at the State bank, anxiously converting fits paper into gold. A further run was anticipated on Tuesday, butit was hoped that & majority of

2. October 16, 1857 Nashville Union and American Nashville, TN
Article from Nashville Union and American, October 16, 1857

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BY TELEGRAPH. NEW ORLEANS, Oct. 14--Affairs are very unsettled. It is supposed that the run will continue to-morrow. Great confidence is felt in all the banks now standing. Large deposites were made to-day No failures. Things look more cheerful than this morning. There are rumors that the "New Orleans Bank" will open in the morning. Notes of the bank of James Robb are taken by the Citizens and Southern Bank. The bank of James Robb was also kept open till 6 o'clock. There is not a doubt expressed as to it or the Southern. NFW ORLEANS, Oct. 15.-The run continues very heavy on the Citizens and Canal Banks, but less on the rest. There is much excitement and business is paralyzed. NEW YORK, Oct. 15.---The Steamer Vanderbilt has arrived. Inferior qualitis of Cotton declined one eighth; Stock in port 336,000 bales, of which 198,500 is American. Orleans fair 95; middling 9 3-16. Fair Mobile 93; middling 91; Fair upland 91 middling 8 15-16. Lard and Breadstuffs slightly declined. Consols 901; Corn declined 6 pence Wheat 2 to 3 pence. Western Canal flour 30 a 31 Provisions dull; Bacon firm. LONDON, Oct. 2nd.---Funds opened animated and experienced a rise, but the tone soon changed by a heavy sale of Consols. Foreign exchanges unaltered, notwithstanding the large arrivals of gold from Australia. the prospect in the money market is discouraging. NEW YORK, Oct. 15.---The City Banks have resolved to take all Country bank notes at par. There is a strng influence against an extra session of the Legislature. Stocks are better; money active, but in better supply Specie 2 to 5 premium. Breadstuffs decidedly advanced. The Union Bank at Augusta Ga., and the Farmers and Exchange Bank, at Richmond, have suspended. The Philadelpha Banks show a disposition to repudiate the relief bill matters are gloomy in Philadelphia, but more cheerful in N. York and Boston. NEW YORK, Oct. 15.-Cotton quiet; Flour buoyant; Wheat $1,22a1,40; Corn firm; Coffee-Rio 10} all}c.; Linseed Oil 68a70c. Foreign.-Since the reduction of the rate of interest in July the Bullion in the Bank of England has decreased 600,000 pounds. Liverpool, 3.-Cotton quotations barely maintained. Flour, Beef and Lard are heavy, with a slight decline. PHILADELPHIA, Oct. 15.-The indisposition of the Banks to aecept the late act of the Legislature casts additional gloom over the community. CINCINNATI, Oct. 15.-Flour $4,35a4,40; Whisky active at 15}c.; Wheat dull; Corn 40c. New corn deliverable between December and March sold at 25c.; Oats 30a32c. It is thought that the Kentucky, Ohio, and Indiana Banks will remain firm. ST. LOUIS, Oct. 15.-A heavy run was made on the State Bank all the morning. Opinions conflict as to the final ability to sustain it. BOSTON, Oct. 15.-A meeting of the Bank officers proposed to discount undoubted paper liberaly. WASHINGTON, Oct. 15.-The Secretary of the Interior instructs the Snperintendent of Indian Affairs at St. Louis and the agents to remove all intruders upon the Delaware Indians and other reserves in Kansas. The War Department requests that the troops in that Territory will co-operate for the above purpose. NEW YORK, Oct. 15.-Business affairs are more cheerful. Banks as usual, but paying no specie.Stocks are looking upwards. It is said that a special agent of the Rothchilds came in the Vanderbilt with orders to buy securities to a large amount. Specie is abundant and lacks buyers at one per cent. The Clearing House balances were settled in current funds. The Banks are working harmoniously, tending to a restoration of confidence and revival of business. LOUISVILLE, Oct. 15.-Everytaing is quiet. The Banks have no idea of suspending. River at Wheeling 4 feet in the channel. A rise of six feet or more is expected.

3. October 16, 1857 Daily Nashville Patriot Nashville, TN
Article from Daily Nashville Patriot, October 16, 1857

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BY TELEGRAPH. BY THE NATIONAL LINE. [Reports Furnished by the Associated Press.] NEW ORLEANS, Oct. 14-Affire are very UDFeltled. It supposed that the run will continue tomorrow. Great confidence is felt in all the banks DOW standing. Large deposites were made to-day. No failures. Things look more cheerful than this morning. There are rumors that the N. Orleans Bank will open in the morning. Notes of the Bank of James Robb are taken by the Citizens and Southern Banks. The Bank of James Robb was also kept open till 6 o'clock. There is not a doubt expressed as to it or to the Southern. NEW ORLEANS, Oct. 15-Therun continues very heavy on the Citizen's and Planter's Banks, but less on the rest. There is much excitement and business is paralyzed. NEW YORK, Oct. 15.-The steamer Vanderbilt has arrived. Interior qualities of cotton declined one eighth. Stock in port 336,000 bales; of which 198,500 is American. Orleans fair 9f; middling 9 3-16; fair Mobile 98; middling II; fair upland 93; middling 8 15-16. Lard and breadstuffs slightly declined. Consols 901 Corn declined 6 pence. Wheat 2 to 8 pence. Western canal flour 30a31s. Provisions dull. Bacon firm. LONDON, Sept. 2.-Funds opened animated and experienced a rise; but the tone 800n changed by a heavy sale of consols. Foreign exchanges unalto red notwithstanding the large arrivals of gold from Australia. The prospect in the money market is discouraging. New YOBK, Oct. 15.-The city Banks have resolved to take all country bank notes at par. There is a strong influence against an extra session of the Legislature. Stocks are better. Money active, but in better supply. Specie 2 to 5c. premium. Breadstuffs decidedly advanced. The Union Bank, at Augusta, Ga., and the Farmers' and Exchange Bank, at Richmond, have suspended. The Philadelphia Banks show a disposition to repudiate the relief bill. Matters are gloomy in Philadelphia but more cheerful in New York and Boston. NEW York, Oct. 15-Cotton quiet. Flour buoyant. Wheat 1 22+ 40 Corn firm. Rio coffee 10fall}. Linseed oil 68.70. Tallow 8.9. FOREIGN-Since the reduction of the rate of interest in July the Bullion in the Bank of England has decreased 600,000 pounds. LIVERPOOL, Sept. 3d.-Cotton quotations barely maintained. Flour, beef and lard are heavy with a slight decline. Rosin buoyant. Philadelphia, Oct. 15-The indisposition of the Banks to accept the late act of the Legisluture casts additional gloom over the community. CINCINNATI, Oct. 15.-Flour 4 35 a 4 40. Whiskey, active, at 154. Wheat, dull. Corn 40. New Corn deliverable between December and March, sold at 25 C. Oats 30 a 32. It is though. that the Kentucky, Ohio and Indiana Banks will remain firm. ST. LOUIS. Oct. 15.-A beavy run was made on the State Bank all the 0 orning. Opinions conflict as to the final ability to sustain it. BOSTON, Oct. 15.-A meeting of the Bank officers proposed to discount undoubted paper liberally. WASHINGT N, Oct. 15,-The Secretary of the Interior instructs the Superintendent of Indian affairs at St. Louis, and the agents to remove all intruders upon the Delaware Indians and other reServes in Kansas. The War Department requests that the troops in that Territory will co-operate for the above purpose. NEW YORK, Oct. 15.-Business affairs are more cheerful. Banks as usual, but paying no specie. Stocks are looking upwards. It is said that a special agent of the Rothschild's came in the Vanderbilt with orders to buy securities to a large amount. Specie is abundant and lacks buyers at one per cent. The clearing house balances were settled in current funds. The Banks are working barmoniously, tending to a restoration of confidence and revival of business. LOUISVILLE, Oct. 15.-Every thing is quiet. The banks have no idea of suspending. Riv. ฮ“ at Wheeling four feet in the channel; a rise of six feet or more is expected.

4. October 20, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 20, 1857

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impossible to negotiate any paper both upon foreign the almost Exchanges continue unsettled, banks street. domestic. The stockholders of most of when the they and hoid their annual meeting next month, regard to a will e what course will be pursued in laid down determ: of specie payment at the time number of the resemption recent act of the Legislature. A and we unin the of the interior banks are here, hose of this Presidents will hold a conference to day with will be derstand when their course of action for the future there city, At the Stock Board this morning City decided little upon. more firmness, but without activity. The Sixes was & are heavy, but State Fives have improved. fancies attract but little attention. From The Toledo Blade Yester." 'ay a drove of cattle passed through our city cuto the Eastern markets which were all & the on their way They numbered 280 head, and came northern riority. from Texas. They were gathered in the forward way of Texas late last Fall, and driven Illinois, part Kansas and Missouri to Jacksonville, and Sumthrough where they were kept through the Winter From that to be fattened and prepared for market. Road, mer they came forward on the Wabash Valley in point will soon be on the tables of the gentlemen ten New. and York, after an adventurous journey of over order, They are all nearly of a size, in good length months. not heavy. and are remarkable for the from of but horns. In this respect they differ materially and their cattle. Their hores are, in fact. enormous, have our particularly dangerous and pokish appearance. our We cannot & help noticing in this connection how railroads are changing the course of trade, and drawing supplies for the East from the most remote regions. of the the Wabash Road, this destination has Without of the far West could not be. But this road made cattle it possible for New-York to draw supplies of beef from Texas, and we shall doubtless have many examples of what is now & novelty. The Portsmouth (N.H.) Gazette says: Business appears to be going on in a quiet which safe and there has not been a single failure Our would way, not have occurred in ordinary times. banks are managed with judgement, and have as good first & specie basis as any in the country. On the the Monday in September the liabilities, including capital stock, of the four banks of deposit and discount which in this city amounted to $1,281,032 16, to meet there were assets to the amount of $1,363,290 36, having a surplus of $82,258 20. On Monday last, October 12, the four banks of this city presented & statement, by which it appears that at that time the liabilities were $1,159,582.69, being a redu tion of $121,449 47 since September; $101,and the assets, $1,261,154 59-8 reduction of 635 77. Of these liabilities, the sum of $691,000 composes the capital stock of the banks. On Wednesday morning, intelligence having been received by telegraph of the suspension of specie payments of the banks in Boston and New York, the officers of the several banks immediately convened, to and unanimously resolved to cease for the present specie for their liabilities, and to use their exer- as tions pay to resume specie payments at as early day possible." From The St. Paul Minnesotian, Oet.14. The markets have presented no material Business change since last week, except in some particulars. and has seems be again resuming & better state, trade. become quite brisk in several departments their of Fall Many of our merchants have now received supply of goods. There is not, however, that liveliness and activity which would be prevalent at this season of the year were the money market in better condition. Though business has revived from the dull state of Summer necessarily, yet & general stagnation and pressure affairsseem to pervade it. As soon as the financial the derangement of which has caused this temporary embarraesment and apathy-become in & better state, which will doubtless be ere long, the markets will pre- is sent some features of interest. At present there scarcely enough doing to make a report on. From The St. Louis Democrat Oct. 16 was marked by some little excitement State in Yesterday mattere, growing out of a run upon the money Bank of Missouri. The demands upon the other chartered banks were not very unusual. The State Bank sustained the rush made upon her counters with a great deal of composure; and to show what she could do, her doors were kept open until one-half or threequarters of an hour beyond the usual time. The run will probably be entirely exhausted to-morrow, for im- the test made to day upon her specie seems to have parted a great desl of confidence regarding her Our re. sources and her real gold and gilver strength. business men feel more confident, too, and are pleased to contemplate the prospect of our banks going entirely through the mill, and sustaining their credit as specie paying concerns, while other banks in the country have been obliged to succumb. As business is almost at a dead stand-still, we have nothing at all to say of exchange. It is almost impossible to sell or buy bills at any price. Currency is unchanged. Illinois bills are getting scarcer, and in the retail circles are received with more favor, being preferred in many instances to Kentusky and other East. ern money, about which there is just now 80 much uncertsinty. No change to be noticed in currency. Illinois money is scarce, and is still passing freely among retail traders at to 15 P cent discount. A few trans. on actions for currency *ock place this morning change. It will not buy wheat or flour. From The Cleveland (Ohio) Herald, Oct. 16. We are hourly strengthened in our belief of the abundant solvency of our city banks. We have. in the last few issues. given facts, too, upon which our confidence is grounded. and mean neither to deceive ourselves nor our readers.

5. October 21, 1857 Evening Star Washington, DC
Article from Evening Star, October 21, 1857

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Financial Matters, &c. BOSTON, Oct. 19.-The following failures are announced : W. Greenough & Co., hardware; J. M. Holden, hardware; George Forsaith, chairs; Keith & Thornton, clothing; J. W. Carter & Co., grocers, and W. P. B. Brooks, furniture. ST. LOUIS, Oct. 20.-The State Savings Institution has opened a depository for the currency of the adjoining States; also of New York and the New England States, and the notes of the Banks of the cities of Philadelphia, Pittsburg and Baltimore. The weekly statement of the banks shows a decrease of 50 per cent. in the coin. The circulation and deposits of the State Bank have decreased during the week nearly 70 per cent., and its general decrease of coin is in a still greater ratio. MOBILE, Oct. 19.-None of the Alabama Banks are affected by the pressure, Cotton is dull; middling quoted at 10 per lb. Sterling exchange flat SAVANNAH, Oct. 19.-Cotton is quiet and receipts light. Sterling exchange fair. NEW ORLEANS, Oct. 19.-Everything in the monetary line is more cheering. The Bank of New Orleans is paying some specie, and will resume entirely next week. Messrs. Oakey & Hawkins will resume on Monday. Messrs. J. A. Doherty & Co., dealers in Western produce, suspended yesterday.

6. October 26, 1857 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, October 26, 1857

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Bank Suspensions. ST. LOUIS, October 26.-The State, Missouri, Merchant's and Southern bank suspended this A. M. The Mechanics' is still firm. Kansas Elections.

7. October 27, 1857 The Evansville Daily Journal Evansville, IN
Article from The Evansville Daily Journal, October 27, 1857

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Financial. ST. LOUIS, Oct 26-P M The STATE BANK, MERCHANTS' BANK, and SOUTHERN BANK Suspended this morning. NEW YORK, Oct 26-p M The Bank Statements of the week show an increase of specie $2,568,000; decrease of loan $1,652,000; decrease of circulation $1,202,000; increase of deposits $4,635,000. CINCINNATI, Oct 26-p M Missouri paper will continue to be taken, notwithstanding the suspension. Exchange on New York nominally the same. Rusiness moderately good.