17254. Mechanics & Traders Bank (Cincinnati, OH)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 15, 1854
Location
Cincinnati, Ohio (39.103, -84.515)

Metadata

Model
gpt-5-mini
Short Digest
59f6d64b

Response Measures

None

Description

Multiple contemporary dispatches (Nov 15, 1854) report the Mechanics & Traders Bank (branch of the State Bank of Ohio) failed/closed or suspended. Articles indicate this was a branch closing tied to the insolvency/financial failure of connected private houses (e.g., J.H. James) rather than a rumor-driven run; other branches were receiving its notes for redemption. No reopening is reported in the provided articles, so I classify this as a suspension leading to closure. Corrected OCR: newspaper text alternately spells Mechanics and Traders / Merchants' and Traders' but context consistently identifies Mechanics & Traders Bank (Cincinnati branch) as closed Nov. 15, 1854.

Events (1)
1. November 15, 1854 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Failure/insolvency linked to principal owners and related private house failures (e.g., J. H. James); branch closed by controlling board amid local bank failures and heavy withdrawals on connected firms/owners.
Newspaper Excerpt
The Merchants' and Traders' Bank of this city failed this morning. This is a branch of the State Bank of Ohio.
Source
newspapers

Newspaper Articles (11)
1. November 16, 1854 The Evansville Daily Journal Evansville, IN
Article from The Evansville Daily Journal, November 16, 1854

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TELEGRAPHIC! [Reported expressly for the Daily Journal.] BOSTON, Nov. 14 The Atlas of this morning sums up the result of the election as follows: In 308 towns, which is all but twenty-one in the State, Gardner has 71,845; Washburn 36,135: Bishop 13,195; Wilson 67,758; Walls 313; all others 755 votes, making for Gardner, Know Nothing, 31,925 majority.Simon Brown, of Concord, is chosen Lieut. Governor by a vote essentially as the above. Robt. W. Hall, of Plymouth, Buffalston, of Fall River, Dannell, of Dedham, Collins, of Roxbury, Burlingame, of Cambridge Davis. of Gloucester, Banks, of Waltham, Knapp, of Lowell. Dewitt, of Oxford, M rice, of Springfield, Tratton, of Westfield, are chosen Congressmen, all of whom are Know Nothings. Banks and Dewitt are the only members of present Congress. State Legislature has been swept in a surprising manner by some secret organization which has chosen all, and the probabilities are that every member of the senate, and out of 348 members in the House, 341 are Know Nothings Such a political revolution was never experienced before in this country. NEW YORK, Nov. 14 There was quite a fall of snow in Western New York this morning, and in Dunkirk it fell to the depth of 4 inches and still falling. One hundred and thirty-five passengers have been saved from the New Era to-day and twen'y yesterday from the wreck; 145 were lost, and 3 of the saved have since died. Official returns from 16 counties were taken as a bas's table in the Times this morning which showed 279 majority for Clark.We now fi_ure it out a majority for Seymour of 467. Nearly every return differs more or less from the first received, and the m jurity will therefore doubtless fluctuate from one side to the other until the returns from every county are received. BALTIMORE, Nov. 14. An excursion train left here this morning to go with a crowd of guests to participate in the opening of the Central Ohio railroad to-morrow. They expect to reach Wheeling midnight. CHICAGO Nov. 14 The Union Bank has closed. Elgin Bank bills again taken. There is great excitement. WASHINGTON, Nov. 14. The run upon the Exchange Bank continues to-day; the paper was redeemed promptly, but depositors were not allowed to remove their deposits. Bill bolders are paid in notes on the Trans-Alleghany Bank of Virginia, an institution said to belong to the same concern. Strong doubts are entertained as to the capability of the bank to sustain itself under such a heavy pressure. LOUISVILLE, Nov. 15. L. Bristow Whig elected to Congreas to fill vacancy in the 2d district. caused by the death of Priestly Erwing. NEW ORLEANS, Nov. 14. The vote yesterday resulted in 5,000 maj. in favor of Lyons, and for the Know No. thing ticket. NEW YORK, Nov. 15. The Arabia sailed at noon to-day, with 136 passengers and $282,000 in specie. CIRCINNATI, Fov. 15. The Merchants' and Traders' Bank of this city failed this morning. This is a branch of the State Bank of Ohio. The house of J. H. James, of Urbana, was mobbed last night. He failed last week, and was largely concerned in the M. and T. Bank of this city. CINCINNATI, Nov. 15, M. River fallen 4 inches. Weather cloudy with indications of rain. Flour in demand at 75a7 90. Whisky 29a30c; che se 1 'c; nothing doing in other articles. Provis ins, packers are cutting. Cloverseed 6a7c. NEW ORLEANS. Nov. 15. Deaths from fever for the week 38, weather cold, heavy frost. Interior of Texas papers say that Walker King's deposits consisted in the Stocks of Sussex Iron Co. which the State Treasurer accepted, Governor not yet assented. NEW ORLEANS, Nov. 14. Weather Cold with heavy trost last evening. Pork unchanged, Mess 16,50@17 Molasses declined to 18c. CINC NNATI, Nov. 15. The closing of the Mechanics and Trader's Bank caused great excitement in financial matters. The principal banking houses have failed, and we are now near the bot-

2. November 16, 1854 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, November 16, 1854

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From which it will be seen that the increase in receipt now amounts to 29,000 bales: the increase in exports to Great Britain, 8,000; France, 33,000. Total increase in exports, 41,000. The Arabia to-day took $1,282,650 in gold bars which is even larger than was expected, and the largest shipment for many months. It must be observed, however, in regard to this large shipment, that there will be no steamer on Saturday next, and that the next Cunarder goes from Boston. There Mint bars are selling at I P cent. discount. The Exchanges at the Clearing-House were $17,384,500. Among the suite commenced against the New-Haven Railroad Company, is one by Mr. Belmont for $65,000. Mr. Sandford has resigned as Director of this Road, and Judge Roosevelt has been elected in this place. The Judge is committed to the necessity of a judicial decision upon the false stock. The financial disasters of the day are the suspension of the Mechanics' and Traders' Bank of Cincinnati, a branch of the Ohio State Bank, and of Messrs. Matthews, Finlay & Co., Exchange bankers of NewOrleans. The latter is not an important house. The failure of the Ohio State Branch, in Cincinnati, the very nucleus of the panic, argues nothing against the solvency of the other branches. There is no connection between the branches excepting that each receives the notes of the others, and all are eventmally bound pro rata for any deficiency in the assets of a failed branch to meet its liabilities. Two or three dispatches from Messrs. Selden, Withers & Co., Washington, state that they are paying everything presented to-day. At Chicago the house of George Smith & Co. is sustaining a run, but Mr. Smith, who is in town, expresses himself entirely confident that nothing can exhaust bis ability to pay. Mr. Smith has been the mammoth banker of the West for several years, and has come out of several severe runs without injury. Unlike most owners of shinplaster banks, Mr. Smith has never shown any disposition to abandon his banks in days of trouble and throw a loss upon the public. In regard to the Circleville Bank The Circleville Herald says: We believe that the managers of the bank have the universal confidence of this community. This is evinced in the fact that most of our business men contibue to take the notes at par. To the bill-holders we would say, de not submit to a shave upon its paper. All you have will be redeemed. The assets of the bank exceed its liabilities by a large amount." A later dispatch states that as the copartnership of this house expires on the 24th inst., they have desided to suspend. The resources of the house are believed to be ample to meet its liabilities and leave a surplus without recourse to the private property of the partners. In regard to this house The Washington Star says: The partners in this establishment are Messrs. John Withers, of Alexandria, Va G. W. C. Whiting and Robert W. Latham, of this city, and L. P. Bayne, Esq., of Alexandria. The first named is certainly a man of great wealth -worth, at least, $600,000 in bona fide property. The rest of the members of the firm are regarded in this community as men of means, independent of their capital invested in this bank. A member of the firm assured us that without the means of Withers, their property, with the assetts of the house, is at least $300,000 above and beyond any and all liabilities of the concern. Mr. Selden, formerly known as one of the firm, withdrew from it sometime since, but left his name to be used by it as usual. The bank has on hand & large sum belonging to depositors." Money is decidedly more comfortable among the stock-houses, but general borrowers still find difficulty in making loans even at high rates. Paper without change and of right quality not pressing on the marhet. The Banks are not, as far as we can learn, making any important change in their leans. These institutions have increased their specie from the SubTreasury about $500,000 since Friday last, and to this must be added the receipts of gold from the West,

3. November 17, 1854 Plymouth Advertiser Plymouth, OH
Article from Plymouth Advertiser, November 17, 1854

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# Monstary. The Cincinnati Gazette of Tuesday says: The Exchange Bank of Buffalo, Farmers' Bank of Chicago, and Woodbury Bank of Ct., have been discredited. The Urbana and Champaigne County Insurance Co., at Urbana, closed on Friday. Gold is selling here at five per cent. premium. The notes of the Bank of Kanawha sold to-day at 25 per cent discount. Bank of Circleville at 50; Kentucky Trust Co. at 70, and Newport Safety Fund at 80. There few sellers of Circleville, however. There is a good deal of confidence in the Bank. The notes of the Clinton Bank of Columbus were again refused, to-day. Indiana Stock notes are selling at 25 to 30c discount, but a list of 50 of them will be better in a few days. The notes of the Clinton Bank of Columbus, will be taken hereafter by the Trust Company. Thompson's Reporter says-The Woodbury Bank, Connecticut, was thrown out by the New York Banks od Thursday. The house of P. S. Marsh, of Buffalo, reported suspended, is still paying a large amount of acceptances, on property which has come forward, and all bonafide creditors will be fully paid, Over $20,000 worth of paper was paid on presentation on Saturday, and $15,000 to-day. The Farmers' Joint Stock Bank is not redeemed at its agency here, and Bank shut, Tuesday. There was much excitement, but the impression was that the notes would be redeemed fully. Merchants' and Mechanic's Bank of Chicago, is closed. The Napierville Bank and Bank of Elgin are refused in that city. The City Bank of Chicago closed Nev. 14. The private banking house of Geo. Milne & Co., Cincinnati, stopped payment; Tuesday Merchants' Bank of LaFayette, Indiana, Trans-Allegheny Bank, Va., and the Farmers' Bank, Half-Moon, N. Y., all broke. The Dayton papers contradict the report that the Miami Bank of Dayton, has failed. The Mechanic's and Traders' Bank of Cincinnati failed, Weduesday morning. It being a branch of the State Bank, the notes will not be sacrificed. A crowd of persons incensed by the failure of the Champaign Insurance Co., mobbed the house of the President, Mr. John H. James, in Urbana, on Tuesday night. Mr. J. was largely concerned in the Merchants' and Traders' Bank, Cincinnati. From the Sandusky Register of Thursday, we clip the following: CINCINNATI, Nov. 14. The closing of the Meachants' & Traders' Bank has increased the excitement already prevailing, and financial matters are now worse than ever. Confidence is decidedly weak; but we are happy to state we have no mercantile failures to report. Gold is 8 per cent premium, and there is a large amount of money olering outside, in small parcels, by those who are afraid to hold it. More relief is experienced in this way, than when the funds are in the hands of the brokers. The principal banking houses having failed, we are now near the end of our difficulties. It is hoped the three heavy bankers that remain, are above suspicion, and these, with the Trust Co., are receiving all the business, and the deposites are very heavy. All that is required to make money easier is confidence. In the general markets, very little business is being transacted. The notes of the Mechanics' and Traders' Bank are received on deposit, the other branches of the State Bank being bound for their redemption. On Tuesday, the Sheriff of Cuyahoga Co., forced the vault of the Canal Bank of Cleveland, to sceure the special deposits. Dr. H. A. Ackley, one of the Trustees of the Lunatic Asylum at Newburgh, placed in the Canal Bank some $9,000 of the State Funds, as a special deposit, to be checked out as the wants of the institution might require. When the Bank failed, he called to remove the moneys, but was told by the Cashier that the amount was included in the general assignment. The upshot of the matter was, an attachment was issued, and, upon the Bank's refusing to deliver up the deposits, the vault was forced, and contents taken possession of by the Sheriff. A compromise was effected, afterwards the Bank protesting against the whole proceedings. The Free Banks of Indiana are rapidly redeeming their circulation. From Monday morning to Wednesday night, last, $76,000 of their notes were returned to the Auditor's omce and cancelled--the parties receiving back an equal amount of the Stock Securities. The circulation is now reduced to $5,000,000, and is being redeemed at the rate of $50,000 every day. # A SAD SIGHT. A London paper states that since the battle of Alma, the different military depots of London, in Pall Mall, Charing Cross, Picadilly and Knightsbridge have been thronged with old men, women and chtldren, seeking

4. November 17, 1854 Richmond Daily Whig Richmond, VA
Article from Richmond Daily Whig, November 17, 1854

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POSTSCRIPT. DELA ARE ELECTIONS. WILMINGTON, Nov. 15.-Au election took place In this State yesterday for Governor. members of the Legislature and Congressional Representatives. The candidates for Governor and for Congress were: Wm. Burton, dem., and Peter F. Causey, know nothing, for Governor, and George R Riddle, dem., and Elisha D. Cullen, know nothing, for Congress. The result, as far as the returns have been received, are as follows: This city gives Causey, know nothing for Governor, 311 majority. majority, and Cullen, know nothing, for Congress, 194 andywine Hundred gives Causey 14 majority and a tie vote for the Congressional candidate. Christians Hur drei gives Barton, dem. for Governor, 10 majority; and Riddle, dem. for Congress, 22 maj. White Cisy Creek Hundred gives Burton, dem. 88 maj. and Riddle. dem. 87 maj. Mill Creek Hundred gives Burton, dem. 26 maj and Riddle, dem. 48 maj. New Castl Hundred gives Causey, k. D. 14 maj. and Riddle, dem. 5 maj. Tae ole know nothing county ticket is elected in New Castle Red Lion Hundred gives Burton, dem. 20 maj., and R ddle, dem maj Cullen St George's 85. Hundred gives Causey, k. n. 38 maj. and All the above are embraced in New Castle co. Appoquinimink Hundred gives Causey 140 maj., and Callen 123 maj -completing New Castle co. Kent county gives Causey and Cullen about $25 maj. and elects the whole k. n. county ticket. Sursex county, as far as heard from, gives Causey and thing Cullen county 270 in tick rity, and also elects the whole know-no1. The majorities in the foregoing despatch foot up as fol. lows: Causey, k. n., for governor, 968 maj., and Cullen, k.n, for Congress, 801 unj rity. Sussex county, though not complete cannot this result. MONEY MATTERS AT CINCINNATI-MARKETSSTATE OF THE OHIO RIVER. CINCINNATI, Nov. There were no further failures here to-day, and but little excitement. John R. Mortou & Co. have resumed business. The markets are dull. Eastern Exchange 1-2 premium Hogs are selling at $3 62 1-2. As yet there is no rise in the Obio. [SECOND DESPATCH.] CINCINNATI, Nov. 15.-- The Mechanics and Traders Bank O this City failed to-day. This is a branch of the State Bank of Ohio. The house of J. II. James, at Urbans, was mobbed last night. He failed list week, and was largely concerned in the Mechanics and Traders Bank. [THIRD DESPATCH.] CINCINNATI, Nov. 15, evening closing of the Mechanics and Traders Bank has caused an increased excitement, and financial matters are worse than ever. Public confid new is weak, bus -- hear of no mercautile failures. A lar to amount of money has been offering to day outde he banks in smill lots by parties who are afraid to hold and more relief is xperienced in this way than whe, the funds were in the hands of bankers. T DT neipal banking house having failed, we are near '0 bottom of the d fliquity. The three heavy private bin emaining, are above suspicion and these with the Trust Company, are receiving nearly all the business. The leposits are heavy an all that is required to make mone easier here is CO fidence. In the general market very little businers is doing The otes of he Mechanica' and Traders Bank are being recelved ON deposite by the other brauches of the State Bank, the State Bink being bound for their redemption. Eastern xchange to day 11 2 premium. HIGHLY IMPORTAN FROM HAVANA TWO AMERI CAN VESSELS TAKEN AT BARACOA WITH ARMs -ALL ON BOARD IMPRISONED REPORTED OUTBREAK AT PUERTO PRINCIPE. CHARLESTON, Nov. II ivans dates per steamer Governor Dudeley, to the 11th instant, have been received The correspondent of the Courier say that two American schooners with arms and ammunition on board have been. seized at Baracoa, (a sesport Dear St. Jago.) and that all parties concerned with the vessels were imprisoned. It "as rumored also, that 300 men had been landed, but the report lacked COI firmation. General Muiscano, second in commind at Havana, left there on the 9th to inves igate the affair. A popular outbreak is reported to have occurred at Puerto Principe, but no details bad been received. It has le d out that seve ral parties pardoned by Pcguelia hay been arrested on the charge of being concern ed in lending arms at Baracos. There WAS ice at Charleston and Savannah last night. The steamer Isabel has arrived from K y-West. LATER AND IMPORTANT FROM MEXICO-DEFEAT OF THE REVOLU IOSISTS NEW ORLEAN Nov. 11.-Mexican dates to the 4th have need received here by the arrival of the steamor Oriziba. A battle had been fought near Campo De Guerero, in which the revolutionists were routed with a loss of 200 men. Santa Anna's health is restored. Gen. Almonte is going to Vien a as Ambas dor. Arrango, who is now Consul at New Orleans, will take his place. from The Vera Am Cruz. rican barque Crew saved Avalanche foundered 75 miles There have been terr bie storms on the Mexican coast, doing great damage. The storm was severest in the reof Acapulo. gion The schooner Santa Anna had been wrecked, and 70 of her passengers and ciew were lost. THE WRECK OF THE NEW ERA. New YORK, Nov. 15.-A disputed from the Highlands of Neversink states the bodies of eight women, two men and two children were washed ashore there last night from the wreck of the ship N ew Era. Nothing further from the wreck has been received this morning. Nine of the bodies which were washed ashore OD Monday night remained upon the beach on Tuesday more"g uncared for. Fifty dead bodies in all have been picked up or. the shore. Considerable amounts of money have been found upon the bodies which been washed ashore, and the same have been taken in charge by responsible parties. HEALTH OF NEW ORLEANS-THE PACIFIC RAILROAD PROJECT-COLD EATHER. NEW ORLEANS Nov 18.-The deaths from fever during the past week were only 38 The We ther is coll and we have heard of heavy frosts in the interior. The Texas papers in referring to the Walker and King r ilroad scheme, ays the deposit proposed to be madejwith the State as security for the faithful completion of the road onsists of the stock of the Sussex Iron Company, which the State treasurer accepted but the Governor has not yet given his assent NEW ORLEANS, Nov.14-The weather continues cold with beavy frosts extending through this State and Alaba m and Mississippi. suspended. Mathew Finley & Co., private bankers of this city, have FROM BERMUDA-A BRITISH FLEET CONCENTRA TING IN THE WEST INDIES ULTY AP PREHENDED RELATIVE TO THE DESTRUCTION OF GREY NEW Y RK, Nov. 15 -Bermuda date 8 to the 8th state the Edglish line of battle ship Boseamer of 70 guns sailed from hat port for Greytown on the h. The Bermudian states that the British Government is collecting power ful thet in the West Indies and apprehends serious difficulty in relation to the destruction of Greytown. FROM RIO. NEW YORK. Nov. 15 -Arrived this evening. ship Agnes, from Rio, with dates to the 26th of September She reports that the barque Swan, for Biltimore, sailed ew days previous, and that 810 left in port the barques Virginia and Antelope. from Baltimore. The U. S ship Massachusetts sailed from Ri, on the 25th of S-ptember 10 Cape Town, but returned with loss of spars, having expirienced a heavy gale when but one day out N ATION AL KNOW NOTHING COUNCIL CINCINNATI, N venber 13.-1: 14 reported here that a National Know N thing Council is to meet in this city at noon or the 15:b ins., for the purpose of making arrang nients for the Presidential election. It is expected that candidate will be sdeeted fre m three prominent individu als, wh se pames will be presented to the council S m Houstor of Texa :J Cib B oom, of Pennsy Ivania, and M.I. lard Fit more, of New Y k; are the three. John M. Ciay. tos, it is said, is ou; of the question. Twenty eight States -even California- be represented. WISCONSIN ELECTION. Sr. LOUIS, Nov. 15 -Billinghurst, the fusionist candidate for Congressin the 3d ais., Wisconsin, has 6,000 majority. Dabiel Wells, jr., dem. is re-elected by 1,851 104 jority in the 1st district, and C. C. Washburn, fasionist, in the 2d district. Including Senators who hold over, the new Senate, as far as heard from, stands 10 democrate and 9 fusionists. House, 14 democrats, 18 fusionista, and 8 independents. The election of a U. S. Senstor in place of Henry Dodge, dem., who voted against the Nebrasks bill, will devolve upon this Legislature.

5. November 17, 1854 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, November 17, 1854

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[THIRD DISPATCH.] CINCINNATI, Nov. 15-Evening.-The closing of the Mechanics' and Traders' Bank has caused an increased excitement, and financial matters are worse than ever. Public confidence is weak, but we hear of no mercantile failures. A large amount of money has been offering to-day outside of the banks in small lots by parties who are afraid to hold it ; and more relief is experienced in this way than when the funds were in the hands of bankers. The principal banking house having failed, we are near the bottom of the difficulty. The three heavy private bankers, remaining, are above suspension; and these, with the Trnst Company, are receiving nearly all the business. The deposits are heavy and all that is required to make money easier here is confidence.

6. November 18, 1854 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, November 18, 1854

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666'698'1$ Surplue. The reported failure of the Mechanics' and Traders' Branch at Cincinnati, is a small matter. It is merely the closing of a branch under the conservative powers of the controlling board. This branch has been in process of closing up for some time. In August last its capital had been reduced to $60,000, and its entire circulation to $47,339. The failure or the suspension of the principal owner of the bank, made it expedient to close it up. Deposits and circulation, we are informed, are paid without interruption. The people of Ohio were never in a more healthy condition, financially, than now. Traders, merchants and railroads are hard pressed for money, and must make great sacrifices, and many of them may perhaps fail. An abundance of money would, to such as have overtraded, only postpone awhile the day of reckoning which so surely awaits them. The effect of the failure of private bankers will be much less than generally supposed. The quarterly statement of the Mutual Life Insurance Company gives the receipts of the company for the quarter at $161,340 55, and the disbursements of all kinds $106,064 29, showing a balance of $55,276 26, which, added to the amount on hand at the commencement of the quarter, makes the present assets amount to $2,674,622 60, the bulk of which is invested in bonds and mortgages. The amount at risk on the 1st inst. was $21,511,877 34, showing an increase of $402,450 for the quarter. The number of policies outstanding is 2,982, showing an increase of 148. The correspondent of The Courier at Washington gives the following statement of the duties on imports at the principal Custom-Houses during the month of October in 1854 and 1853:

7. November 18, 1854 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, November 18, 1854

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months Twelve The Exchanges at the Clearing House were $15,598,000. We stated a few days since, in justice to Mr. Au+ ditor Dunn, of Indiana, that in a letter to The Louisville Journal he denied by implication that he had allowed any January coupons to be cut from the securities deposited in his office. We have seen a gentleman to-day, direct from Indianapolis, who informed as that to him Mr. Dunn admitted that he had authorized such coupons to be eut off, thus lessening the securities held in trust for the public at the very crisis when they should have been increased. He also expressed his regret for having done 80. In such times as these, no news is good news, and as far as we can learn, no new financial troubles at the West or South have occured. In this City small failures take place daily, but we hear of no house of any importance. Messrs. Selden, Withers & Co., it is understood, go on. From Chicago, we hear that the run on Messrs. George Smith & Co., which was never equal to the reports, had almost subsided, and their deposits were larger than before it began. The Chicago Tribune says, that the City Bank (Messrs. Bradley, Curtis & Co.) expect to be able to resume business in a few days, and that they state their full ability to pay everything. The Union Bank has published a card to the same effect. The Tribune states that the excitement had almost entirely abated. A dispatch from Chicago says: CHICAGO, Thursday, Nov. 16, 1854. One hundred and sixteen principal firms advertise to-day to take the notes of all Illinois stock-secured banks. No run on any bank yesterday, and the panic has subsided." At Cincinnati the notes of the Mechanics' and Traders' Branch Bank are still taken by the Life and Trust Co., and it is supposed that bill-holders will lose nothing. The State Bank of Ohio will not, acocording to the opinion of Ohio bankers, be injured or discredited by the suspension of this Branch. The immediate cause of Geo. Milne & Co.'s suspension was the announcement to them of the impossibility of selling in the South a very large amount of time-bills on NewOrleans, which they had sent thither and drawn against at sight. The St. Louis Republican says: In the present state of monetary affairs in the western, and we might add the eastern country, St. Louis occupies an enviable position. The financial whirlwind that is devastating Cincinnati, has not shaken the commercial foundations of this city. Firm to the integrity of our merchants, and the safety of our financial arrangements, we have nothing to fear." The intimate business relations of Ohio with this City are such, that whatever affects the financial condition of the former, must to the latter be a matter of deep solicitude. There are four classes of Banks in Ohio: First-The Independent Banks, eleven in number. Secendly-The Free Banks, thirteen in number. These classes are substantially the same, except that in case of an Independent Bank the capital actually paid up, exclusive of bonds deposited, for circulation, must be at least $50,000 in each case, while Free Banks are only required to have $25,000 paid in. In the former, stockholders are not individmally liable, while in the latter they are by law made so. The notes of these Banks are all registered in the office of the Auditor of State, and are secured in every case by deposits of State stock of the State of Obio, and of the United States, in no case above par. No other stocks, bonds or mortgages of any kind are used as a basis for banking in Ohio. Thirdly: The old banks," so called, being two in number-the Ohio Life Insurance and Trust Company, and the Bank of Circleville. The powers of the Trust Company to circulate notes having expired some years since, it has no liabilities for circulation. The Bank of Circleville has within a year or 80 changed owners, and is now mainly owned and managed by a private banker of Circleville, of reputable standing among his fellow-citizens. This Bank being the only one in Ohio having unlimited right to issue small notes, undertook to supply the demand created by the withdrawal of the small notes of other States. The appearance of large numbers of small notes created distrust at distant points, and caused such amounts to return that the Bank was forced temporarily to suspend. The means of the Bank are said to be ample, and invested almost entirely in commercial paper of short date, and at Circleville its notes

8. November 28, 1854 The Evansville Daily Journal Evansville, IN
Article from The Evansville Daily Journal, November 28, 1854

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CINCINNATI CORRESPONDENCE. CINCINNATI, Nov. 22, 1854. A. H. Sanders, Esq. Dear Sir:-Money matters here continue or in a chaotic condition, though within a ifest, two quite improvement has been day confidence owing in a great degree to manrather in the minds of the community, returning condition than to any real change in the since of things. Gold which few actual sold for 4 and 5, and even a higher days premium, cent is now in good supply at 2 holds and declining. Eastern Exchange per 21; but up to 2 per cent, and some is selling still at the prospect is that the rate will in a signs. day or two be down to 11. These are good Third street has lost its wonted animation. have The old and heavy banking houses which doors suspended, look sad and solemn, their closed, and "Bank shut" staring through their windows. The suspensions here, lis it is quite evident-that is those of El& Sturgess, T. S. Goodman & Co., Smead, Collard & Hughes, Mechanics' & 80 Traders' Bank, and some others-were much from actual insolvency au from not panic, which created an immediate call on a them, beyond their actual cash on hand. suspension now was therefore inevitable. And A ed that have suspended and are forcout to is go into liquidation, how they will and the uncertain. The times are unfavorable, come will delays and difficulties of ettlement that doubtless be great. The probability is der few, if any, will pay in full, though haps different circumstances there would unbe a handsome excess of assets in perexcept Geo. two or three cases. The failure all, worst Milne & Co. is considered about of over. of prominent houses which have gone the Since leaving home, two weeks since, n the have noticed various misrepresentations I Bank Indiana press, in regard to the State in n the of Indiana. It has been stated e that Lawrenceburgh Branch had suspended; that the meeting of the State Board dianapolis last week, was to consider at the Insubject that of a suspension of the whole Bank; e the meeting was to crush out the State Banks, with a view to a recharter of free d Bank; that the State Bank the league free with the brokers in the run upon was in er banks for coin; that the Bank had the re pended And once and would no doubt do so susis member. various other charges which I do not again. res, st notice Now with those who know the facts, ed ciations of such statements, or of the denun- any in interested of those who, either from ap and dishonest motives, or culpable malice, aignorance, are giving currency to them, is m entirely needless. The public at large, howa reckless ever, may be deceived and misled by these : assaults of a reckless and venal press, the and some reply may be due both to Bank and the public. st ch The charge that the Lawrenceburgh or any And other branch has suspended, is not true. or though this is now well known, the 8. dweit presses which first heralded the charge, and Supon it with hyena satisfaction, have not, to my knowledge, had the candor correct the statement. It is true that, ow. to É ing to a transfer of the Lawrenceburgh hBranch into new hands, some months since, ng certain new irregularities were introduced by the ers America proprietors (who were full of Young of and and owned a free Bank in Indiana) rethe result might have been, what the on newspapers 80 much seemed to desire-a alpension-had taken not the State Board promptly sus. ill fer of the Branch in hand, requiring a transes, of its stocks, the election of a new Board Directors and a new President (an old Fogy at that), andset the whole concern ly good, old fasoioned conservative ground, and on be placed it in a position to defy the combined ey attacks of the most greedy Shylocks and sad most puny and mendacious squibsters. ely The charge that the State Board ho to plated a suspension of specie payments, contemed true met to consider that subject, is not only or but absurd. It was not a called, but unde, Ve regular and quarterly meeting, to declare dividends a ow pedient. transact any other business deemed exThe subject of a suspension of the Bank onwas not before the Board. With instrength of which she presents, the introduction the me such a subject would have been treason the to the institution. I enclose a copy of the bestatement of the condition of the Bank the 31st ult., and als a comparison of it or condition at that date with its condition ms year these previous. You will please publish one enstatements in connection with this let enter. Every one competent to judge, will one but CIBLY that the STRONG- Bank is amply has fortified-indeed INVIN se

9. November 29, 1854 The Cadiz Democratic Sentinel Cadiz, OH
Article from The Cadiz Democratic Sentinel, November 29, 1854

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Know-Nothingism. Next week we intend to publish a long letter from Hon. Wise of Virginia, in relation to this political clan. It is an able production-one unnswerable-and should receive a careful perusal from every intelli & : man. SUSPENDED - The branch at Akron, and the Mechanic's and Traders bank of Cineinnati, have suspended. These were branch10 1 the State Bank of 01 io.

10. December 1, 1854 Plymouth Advertiser Plymouth, OH
Article from Plymouth Advertiser, December 1, 1854

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The American will lose none of its reputation under his charge. Gifted with a pleasing manner, and a warm heart, and being thoroughly conversant with the business. he is admirably fitted for the position he occupies. The traveler that cannot feel himself at home in a honse presided over by Myers, must be of a very peculiar nature. Whatever changes the American may undergo, we hope he may e retain the "old familiar place." WE are under obligations to our e friend A. C. ALLEN, of Fairfield, for the accessions he has made to our subscription list, at different times. By the way, e ALLEN keeps one of the best public-houses in the county. Everybody speaks well of it, and those happening that way will do well to try his fare. -And, further, speaking of subscription-lists, accessions, &c., why don't our friends elsewhere, go and do likewise ? There are three thousand names in Huron, Crawford and Richland that are not on our books. Spread the light ! One dollar and fifty cents per annum. Office open from 7 A. M., to almost any time at night. To prevent confusion, fall into line at the front entrance, and pass out through the office, down the back-stairs into Rogers'. MONEY.-The State Treasurer of Indiana advertises that he will take the notes of the Indiana State Stock Banks in payment of taxes. This will have a tendency to confirm the value of Indiana money. The Cincinnati Gazette of Monday morning, says of monetary affairs in that city : There is a general improvement in uncurrent money. Bank of Circleville, 80c. ; Kentucky Trust Co., 40@50c Newport Safety Fund, 20@25c; Bank of Kanawha, 80@90c. There is an increased demand for Indiana Free Bank paper, and sales were made to-day at 90c., and some lots brought 95c. The Virginia Stock Banks, with the exception of those located at Wheeling, are 20 P cent. discount, and Illinois Stock Banks 10 to 20c discount. Our bankable par funds naw conBanks of Ohio; State Bank of Indiana Kentucky Banks, and Wheeling City Banks. The notes of the Clinton Bank of Columbus are taken in small amounts. The following Branches of the State Bank of Ohio have failed-their notes being perfectly good, however, as the other Branches redeeming them: Licking Branch Bank, Cuyahoga Falls Branch Bank, Commercial Bank, Toledo, Farmers Bank of Ashtabula, Mechanics and Traders' Branch Bank, Cincinnati. Akron Branch Bank, Akron. The following named banks located in Illinois have suspended payment Merchants and Mechanics' Bank, Cnicago, Phoenix Bank, Chieago. Dupage County Bank, Bank of Napierville, Bank of Ottawa, City Bank, Chicago,

11. December 5, 1854 Burlington Tri-Weekly Hawk-Eye Burlington, IA
Article from Burlington Tri-Weekly Hawk-Eye, December 5, 1854

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Viscinnati, Nov. 29. Lord &/Co. have kindly furnished us with the rates Not which they are baying uncurrent money as fulws: Circleville, 75 cents, Kentucky Trust Co., 30 do.; Newport Safety Fund, 20 do.; Bank of Kanawha, 80 do.; State stock Banks, Va, so do.; Bank of Mailowell, Me., 85 do.; Stock Bank, Vt., 50 do.; Union Bank, Chizago, 70 do.; City Bank, Caicago, 70 do., Bank of Elgin, III, 70 do., Bank of East Tennessee, 50 do.: Adanta Bank, Ga, 80 do:; Connersville Bank; La., 75 do.; Indiana Banks generally 85 cents. The Louisville Courier of yesterday reports: The receipts of Kentucky hoge are now quine light, and it is the opinion that they are nit in, with the exception f a few smaillets. Hail, Hunt & Co. killed 3,000 bugs yesterday, with about two thousand live hundred in pen :ast evening. Mesers. Owsley, Kinnard & Co., kined yesterday 1,200, with but very few left over at night, their kiling thus far amounting to 30,060 head. A. So inte & Co., killed about 1,600 hogs yesterday, and had upwards of 3,000 in pen. The ther houses were killing limited lots, and R. Atkinon has 5,000 begs in the vicimity of New Albany on the road. Six branch banks of the Ohio State Bank have suspended, namely: The Commercial branch at Tolédo, Akron branch, Mechanies' and Traders, branch, at Cincinnati, the branch at Newark, Licking county, the Cuyahoga Falls branch and the Farmers' branch at Ashtabula. The price of fork yesterday, in this city, was 25, W ich IS a sl gntadvance. Owing to the pre-ent cold weather, the pork business is quite lively. PTICES of hogs, fat hogs, are quite firm. with a sale yesterday of 1,600 head at $4 75 net, cash. Several small tots of inferior and light hogs were sold at $4 @# cash. We heat of a sale of 2,400 green hams, at 04 Junis., on four months time. Mess pork we quote at $13 @14. Dispatenes from New Orleans yesterday quote mess pork at $23. Kanawha sait has very materially advanced, with sales at70 cents for common, and holders have advaneed alum sale to 85 cents. The Madis n Courier of Tuesday says: The hog trade is in re buoyant and active to-day, though we cannot give anything like reliable figures. We beleve, though, that sales have been made at 50, perhaps higher. The name f the defaulting Teller at the National Bank is Howard, it was discovered on examination, Friday last, that be had withdrawn from his cash, sixty or eighty thous and dollars circulating notes, and nearly all was found upon his person. The Bank sustains no loss The Madison Banner of Wednesday reports: We learn that White, Cunningh & Co, purchasg el yesterday. 1,300 best com fatted hugs averaginő -10 ib.. at $ 30 per hundred; net; 700 averaging 19195, at St 20. The different houses, up to this time, have engagod to pack and purchase 50,000 head of hogs." NEW YORK, Nov. 29. Cotton is un changed. j io tis dun at $8 50@$9 for good Ohio and South ern at 3 2 @$9. Wheat and Corn are dull and declining. Pork is higher; 1,500 bbls. mess soid at $13@13 12. B ef is unchanged. Lard eady. Ohio Whisky +2@43c. Coffee is heavy; 2,560 bags sold at auction at 8% to 10 cents. Sugar and Mola ses are dull and heavy. Money is active; Stocks are irregular, but rather better. Erie 34₫ and Reading 67 1-8 NEW ORLEANS, Nov. 29. Flour is firm at $8,50@$$ 62. Bacon, sides $3 50; sh ouiders are scaree, and command 9 cents. A sale of 700 bbls Lard at 10 cents. Coffee is 94@91. M las es " d reling, with sales at 178. K ntuckv Bagging is dull at 16 cents. Western Hay is scaree and in demand at $30 per on.