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BANK Suspension-The City Bank of Racine suspended payment on Monday last. It is said the bank will, after a little time, pay all its liabilities.
City Bank (Racine, WI)
Episode Information
- Episode UID
1068326290718- Episode Type
- Suspension → Reopening
- Bank Type
- state
- Bank ID
-
106832629hash - Start Date
- October 10, 1859
- Location
- Racine, Wisconsin (42.726, -87.783)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
657b5f7567e03bae
Response Measures
None
Description
Contemporary reports describe a temporary suspension with assurances holders are secured; no definitive reopening notice in these clippings.
Events (1)
1.
October 10, 1859
Suspension
- Cause
- Local Banks
- Cause Details
- Regional currency/credit distress in Wisconsin and western banks leading to suspension of payments; contemporaneous commentary links Wisconsin bank failures to currency issues.
- Newspaper Excerpt
- The City Bank of Racine suspended payment on Monday morning.
- Source
- newspapers
Newspaper Articles (11)
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Bank Suspension. The City Bank of Racine suspended payment on Monday morning. The Racine Journal says bill-holders need not feel uneasy as they are amply secured.
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Increase 23 per cept $17,217 The City Bank of Racine suspended payment on Monday morning. The Racine Journal says billholders are amply secured. The Concord and Portsmouth Railroad Company held its annual meeting on Thursday, at Portsmouth, N. H. An entire new Board of Directors was chosen, consisting of Messrs. Charles L. Frost, of New York; Charles Thompson, of Boston; Josiah Stevens, of Concord; S. Plumer Dow, of Newmarket; Aaron H. Hill, of Portsmouth. The directors chose Charles L. Frost, Esq., of New York, President, and William H. Hackett, of Portsmouth, Clerk. The receipts for the year, including former balance of $8,102 49, were $26,005 84, and the total expenditures $20,433 08; of which about $16,000 was for unsettled claims, damages, &c. Balance, $5,572 26; from which on the 1st instant there was paid a dividend of $2 25 on 2,289 shares, leaving $280 01. The directors think that nothing will hereafter prevent, while the road remains leased, the payment of regular semi-annual dividends of three per cent. From the annual message of Governor Harris to the Tennessee Legislature, we condense the following statement of the financial affairs of the State:I
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Total The Erie and Central Roads have agreed to reduce the freight of flour 5 cents P barrel The Reading Railroad, for the week ending October 13, brought down 38,554 tuns, a total since January 1 of 1,352,723 tuns, against 1,293, 919 the same period last year. The Schuylkill Navigation Company brought down 39.673 tune, making & total tunnage this season of 1,031,668 against 976,401 tuns last year, The Sinking Fond Commissioners of Ciocinnati have determined to advertise to purchase the bonds of the city due in 1865, to the amount of $200,000, issued to the Whitewater Canal Company and the Little Miami Railroad Company. These bonds bear 6 P cent interest. The Buffalo Daily Express reports the receipts of Wheat, by Lake Erie, at that port, during the first week in October, at 1,355,530 bush. This far exceeds the receipts of an entire month in any year until September, 1855, with the single exception of the famine year of 1848-as the following figures show: 1,477.800 1853, September, bush 11,117,000 1847, June, bush 1,169,000 1,012,000 1853, October 1847, October 1854, November 1,231,900 1,020,000 1848, Octocer 1,539,62 1,069,500 1855, September 1850, October It is understood that the Superintendents of the various lines of railway, east and west, will meet at Cleveland, on Tuesday next, 18th instant, for the purpose of arranging a new time-table for the Fall and Winter. The City Bank of Racine suspended payment OR Monday morning. The Racine Journal says billholders are amply secured. The following is the condition of the finances of Tennessee: Received into the Treasury from all sources from $1,843,094 # Oct. 1, 1857, to Oct. 1, 1859 Add to this, balance remaining in the Treasury on 36,496 06 Oct. 1, 1857 $1,884,500 H Which makes the total receipts Disbursements for all purposes, from Oct. 1, 1857, to 1,704,287 62 Oct. 1, 1859 Which leaves balance in the Treasury on Oct. 1, $180,303 $3 1859, of The aggregate expenditures of the two years ending Oct. 1, 1859, have been increased to the extent of $341,609 71, by various extraordinary expenses required by law to be paid out of the Treasury within that period. Take this amount from the gross aggregate expenditures of the two years, and it leaves, as the actual expenditures for the ordinary purposes of government, including the payment of interest on actual indebtedness of the State, the sum of $1,362,677 90. The aggregate taxable property of the State a mounts to $377 208,641, being an increase of taxable property, since Oct. 1, 1857, of $76,849,830; and that the receipts into the Treasury for the last two fiscal years have been considerably more than sufficient to meet the expenditures of the same period. fike State la en follows:
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SUSPENDED.-The City Bank of Racine, Wis., suspended on Monday morning, one week ago. The Racine Journal says billholders need not feel uneasy as they are amply secured.
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BANK SUSPENDED.-The City Bank, of Racine, Wis., has suspended. The Journal says that the bills are amply secured.
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BANK SUBPENSION.-The City Bank of Ra Wis., suspended payment on Monday orning. The Racine Journal says bill olders need not feel uneasy as they are : mply secured. will overl the SPEAST own
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Telegraphic and other News Items. Mr. OTERO, delegate to Congress from New Mexico, arrived at St. Louis, on the 14th instant, and gives it as the general impression that the various Indian tribes on the plains design making an attack on the settlements in New Mexico this winter ; that the Camanches and Kiowas have joined for this purpose, and that in order to prevent an open war, sufficient troops should be sent there without unnecessary delay. ADVICES from Havana, Cuba, state that a number of persons have been tried for the crime of advocating annexation of the island to the United States," and three of them were convicted and sentenced to eight years confinement in prison. IT is stated on good authority, that Col FORNEY, of the Press has received notice from his legal adviser, that President BUCHANAN intends instituting a prosecution for libel against him on account of the terrible editorial article on BRODERICK'S death in FORNEY'S Press of the 10th inst. A DISPATCH from La Crosse of the 13th instant, states that two prisoners, one known as JACK RIDGELY imprisoned for burglary, and KNEIFER the German who murdered WM. DENNISON, escaped from the jail of that place, the night before, by digging through the wall. HEENAN and MORRISSEY came very near having a rough and tumble fight in New York on the 13th. It appears they came in contact at the Astor House, where HEENAN offered to bet MORRISSEY $500 that he could whip him any way, and urged that they go over into the park and settle the matter at once. Both repaired to the park and were about engaging in a pitched battle when their respective friends interfered and prevented it. MORRISSEY has accepted HEENAN'S challenge to fight him for $5,000 a side-the fight to come off in from four to six months after HEENAN'S contest with SAYERS, the English champion. A POOR woman at Niagara Falls received a letter from the post office a few days since containing a draft for $4,600. It was part of a fortune left her by a brother recently deceased at New Orleans. THE City Bank of Racine, Wis., has suspended. The Journal says that the bills are amply secured.
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SUSPENDED.-The City Bank, Racine, suspended payment on Monday last. The bill-holders are amply secured.
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GRANT COUNTY HERALD. SATURDAY, October 22, 1859 -The First Baptist Charch in Chicago, a few days since, after hearing a St unon on the necessity of freeing the church from debt received a subscription of $12,000 on the spot. -Horace Greeley reached home on the night of the 26tb. Last spring he prom ised to deliver an agricultural address in Wyoming County (N. Y.), on the 28th, "if he was still alive." To keep his promise, he took the cars immediately on his landing--not even taking time to visit his family ! He delivered his promised address at the appointed hour. This is characteristic of the man. -Within i years, in Indiana, there have been erected twenty-seven hundred school houses, at the expense of eleven hundred thousand dollars. In the last year, six hundred and fifty school houses were built, at a cost AN three hundred thousand dollars. This sum was paid by the people with cheerfulness. -Mr. Hiram Brooks, a conductor on one of the freight trains of the La Crosse & Mil. R. R.; was instantly killed at Hartford, on Saturday the 8th, while attempt. ing to couple bis train. He leaves a wife. -The City Bank of Racine suspended payment on Monday morning last, the 10th inst. The Racine Journal savs bill holders need not feel uneasy, as they are amply secured. -The imports of dry goods at New York, for the nine months to October 1st, have been $93,485,980, nearly twice as large as last year, and eleven and a half millions greater than in 1857. The total imports at Boston for the month of September, were $2,315,377.
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Illinois Currency. Some papers are predicting a burst up in Illinois currency. We do not think there is any danger. Thompson's Bank Note Reporter is one of the croakers. It says: It is really a difficult thing to stop at the right place. Preachers don't do it-the importers don't do it-stock gamblers don't do it-bankers don't do it. Half the bankers of Missouri rushed ahead almost to destruction last spring and summer. Illinois and Wisconsin are now going it too strong, and the chances are that the coming winter will find their currency discredited, and a panic contraction forced upon them. Their argument is, that the produce movement will call into use their currency, and the fall of exchange is quoted toiprove this position. Our reasoning is adverse to this theory; the produce will not be sold at present prices, except for money to meet pressing claims; it follows, then, that the currency will be immediately used with merchants or bankers, who, in turn, must convert it into exchange. In a money point of view, the West is poorer than it has been at any time since the revulsion. While the autumnal activity lasts, currency will stay out; but as the winter sets in, exchange will rise, and there will be close scraping. The independent farmer will hold no money, for he will withhold his grain. The merchant will collect and borrow to the utmost extent, for his Atlantic creditors are not to be put off another year. Under such a state of things, there must be a conversion of currency, into either exchange or specie, that will cause a contraction. Had produce brought war prices, the reverse would have been the condition of the West. Wisconsin is very foolishly making war on Illinois currency; the result is, that Wisconsin banks begin to fail first (vide City Bank of Racine). The facts are against Mr. Thompson.Produce is sold at the present prices, and over $100,000 a day is being paid out in this city to producers for flour and grain alone, irrespective of that paid for cattle and hogs. There are 1,000 cattle slaughtered in Chicago, for packing, every day, and these represent $25,000. The truth is, that the country is being filled up with money, and a large portion of the wheat crop, nearly all the corn, and very nearly all the hogs, yet remain to be sold.-Chicago Democrat.