17272. Ohio Life and Trust Co. (Cincinnati, OH)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 26, 1857
Location
Cincinnati, Ohio (39.103, -84.515)

Metadata

Model
gpt-5-mini
Short Digest
29695355

Response Measures

None

Description

Contemporary dispatches (Sept. 26, 1857) state the Ohio Life and Trust Co. have made an assignment / has made an assignment, i.e., it suspended and effectively failed during the Panic of 1857. No article describes a depositor run on this specific bank prior to the assignment; the failure is reported as part of the wider panic/suspensions. Date taken from multiple dispatches in the articles (Sept 26, 1857).

Events (2)
1. September 26, 1857 Receivership
Newspaper Excerpt
CINCINNATI, Sept. 26.-The Ohio Life and Trust Co. has made an assignment.
Source
newspapers
2. September 26, 1857 Suspension
Cause
Macro News
Cause Details
Part of the widespread financial crisis/panic of Sept. 1857 that produced multiple bank suspensions and failures (panic-driven suspension).
Newspaper Excerpt
CINCINNATI, Sept. 26.-The Ohio Life and Trust Co. have made an assignment.
Source
newspapers

Newspaper Articles (6)
1. September 3, 1857 Quasqueton Guardian Quasqueton, IA
Article from Quasqueton Guardian, September 3, 1857

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Article Text

Monetary Affairs in Cincinnati. CINCINNATI, Aug. 27. Mr. Stetson, President of the Ohio Life and Trust Co., telegraphed from New York to-day, that he could send no statement for several days that would do any good. I think it will prove a bad failure. There is no run upon any of the Third street banks yet, and I do not think there will be any. There is great depression among business men, and but little excitement. No Ohio or Kentucky Banks have been discredited here yet that were good before the Trust Co. suspension.

2. September 16, 1857 The Lancaster Ledger Lancaster, SC
Article from The Lancaster Ledger, September 16, 1857

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Article Text

REMARKABLE Run OF BAD LUCK - A merchant in Cincinnati received a remittance from one of his correspondents, in the shape of it draft on the Obio Life and Trust Co. for $3,000, on the very day on which that institution closed its doors. He immediately telegraphed the fact to his debtor, who sent him another draft on John Thompson, which arrived the day after the failure of that broker; the merchant again telegraphed the failure, and received in a few days another draft on Atwood & Co., just as the tirm suspended.

3. September 30, 1857 The Daily Gate City Keokuk, IA
Article from The Daily Gate City, September 30, 1857

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Article Text

Telegraphic News. Philadelphia, Sept. 26.-No concert of action among the banks. Pennsylvania Bank resumed business; total suspension of spocie payments. Bank of Commerce paying out notes but not species Girard Bank is redeeming fives only. The North America and Mechanics' are paying specie and certifying checks. The Tradesman's pays all bills and checks. All the banks are certifying checks. The following pay five dollars in specie: Manuiacturers' and Mechanice,' Southwrka, Commercial, Philadelphia Farmers' and Mechanics'. The Bank of Northern Liberties and the Western Bank pay specie for fives in cases of necessity only. The Consolidation Bank, City Bank and Bank of Pennsylvania township pay no specie at all. The Southwrak Bank pays all bills and certifies checks. The following resolution was passed this morning by our Board of Brokers: Resolved, That all settlements for the purchase and sale of stocks, past and to come, may be made in certified checks of any of the city banks current on the day of settlement up to three o'clock. Private dispatches received here announce the suspension of Reading and Pittsburgh Banks. BALTIMORE, Sept. 26.-At a meeting of the Bank Presidents this morning, it was resolved to suspend specie payments on all notes. Philadelphia, Sept. 26.-Business in all departments is about suspended. WASHINGTON, Sept. 26.-The Bank of the Metropolis has resolved to continue specie payments in full, feeling themselves secure against all demands. The Bank of Washington has partially suspended, but this is only temporary, They pay specie on their five dollar notes and small checks. The Directors of the Metropolis and Patriótic Banks are now in conference, but it is not yet known what action will be taken. BALTIMORE, Sept. 26.-The suspension since ten o'clock has been total, with the exception of accommodating their customers with a few dollars in change. There has been no run on the Savings Banks. We have but three, and the most ignorant-know that they are as safe as the mint. The merchants seem to be gratified with the suspension. Money on the street, which yesterday commenced at 21 per cent., has fallen to-day to 1. The Baltimore and Ohio Railroad stock has advanced $5 per share. NEW YORK, Sept. 26.-There is no truth in the reports current in Philadelphia that the New York city Banks are about to suspend specie payments. There are at present no signs of the adoption of such a measure. The steamship Baltic sailed at noon, but carried out no specie. Among her passengers were Beverly Tucker and his family. Flour has declined, with sales of 6,000 bbls. at $5,35(@5,50 for state $5,70@6,00 for Ohio, and $5,65@5,90 for Southern. Wheat is unsettled; 1000 bushels sold.Corn quiet. Lard firm. Whisky steady at 24}@25c. BOSTON, Sept. 26.-State street was much excited during the day, by advices from Philadelphia, but the banks have madelarge additions to their specie within the past few days, and remain firm. There are no signs of suspension, and it is confidently believed that all the New England banks are able to stand the pressure. CINCINNATI, Sept. 26.-The Ohio Life and Trust Co. have made an assignment. WHEELING, Sept. 26.-At a meeting of the citizens of this city held this evening, it was unanimously resolved that the banks of the city be requested to immediately suspend specie payments, until the business interests of the community would justify a resumption. This action was taken in consequence of the heavy run that has recently been made upon the banks by foreign brokers and bankers. The banks are abundantly able to meet their liabilities, and no loss will besustained by note holders or depositers in consequence of the suspension. TRENTON, N. J., Sent. 26.-J. S. Sterling, the heaviest merchant of this city, has nssigned. Assets ample. There is a steady moderate run on our banks. The East Bank has paid out about eight thousand dollars, and is still in good condition. RICHMOND, Va., Sept. 28.-The banks are paying specie, and it is general belief that they have determined to go on. There is no run as yet. Both of the Stanton banks, the Central Bank, and Bank of the Valley have suspended. BOSTON, Sept. 28.-The Suffolk Bank refuars to redeem the bills of New England country banks. Messrs. Jewett & Co., publishers in this city, have suspended. Their liabilities are $10,000. The failure of W.B. Lovejoy, clothier, is anmounced.,

4. September 30, 1857 The Daily Gate City Keokuk, IA
Article from The Daily Gate City, September 30, 1857

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Article Text

Telegraphic News. Philadelphia, Sept. 26.-No concert of action among the banks. Pennsylvania Bank resumed business; total suspension of specie payments. Bank of Commerce paying out notes but not specio. Girard Bank is redeeming fives only. The North America and Mechanics' are paying specie and certifying cheeks. The Tradesman's pays all bills and checks. All the banks are certifying checks. The following pay five dollars in specie: Manuiacturers and Mechanice,' Southwrks, Commercial, Philadelphia Farmers' and Mechanics'. The Bank of Northern Liberties and the Western Bank pay specie for fives in cases of necessity only. The Consolidation Bank, City Bank and Bank of Pennsylvania township pay no specie at all. The Southwrak Bank pays all bills and certifies checks. The following resolution was passed this morning by our Board of Brokers Resolved, That all settlements for the purchase and sale of stocks, past and to come, may be made in certified checks of any of the city banks current on the day of settlement up to three o'clock. Private dispatches received here announce the suspension of Reading and Pittsburgh Banks. BALTIMORE, Sept. 26.-At a meeting of the Bank Presidents this morning, it was resolved to suspend specie payments on all notes. Philadelphia, Sept. 26.-Business in all departments is about suspended. WASHINGTON, Sept. 26.-The Bank of the Metropolis has resolved to continue specie payments in full, feeling themselves secure against all demands. The Bank of Washington has partially suspended, but this is only temporary, They pay specie on their five dollar notes and small checks. The Directors of the Metropolis and Patriòtic Banks are now in conference, but it is not yet known what action will be taken. BALTIMORE, Sept. 26.-The suspension since ten o'clock has been total, with the exception of accommodating their customers with a few dollars in change. There has been no run on the Savings Banks. We have but three, and the most ignorant.know that they are as safe as the mint. The merchants seem to be gratified with the suspension. Money on the street, which yesterday commenced at 24 per cent., has fallen to-day to 1. The Baltimore and Ohio Railroad steck has advanced $5 per share. NEW YORK, Sept. 26.-There is no truth in the reports current in Philadelphia that the New York city Banks are about to suspend specie payments. There are at present no signs of the adoption of such a measure. The steamship Baltic sailed at noon, but carried out no specie. Among her passengers were Beverly Tucker and his family. Flour has declined, with sales of 6,000 bbls. at $5,35@5,50 for state $5,70@6,00 for Ohio, and $5,65@5,90 for Southern. Wheat is unsettled; 1000 bushels sold.Corn quiet. Lard firm. Whisky stendy at 24}@25c. BOSTON, Sept. 26.-State street was much excited during the day, by advices from Philadelphia, but the banks have madelarge additions to their specie within the past few days, and remain firm. There are no signs of suspension, and it is confidently believed that all the New England banks are able to stand the pressure. CINCINNATI, Sept. 26.-The Ohio Life and Trust Co. have made an assignment. WHEELING, Sept. 26. a meeting of the citizens of this city held this evening, it was unanimously resolved that the banks of the city be requested to immediately suspend specie payments, until the business interests of the community would justify a resumption. This action was taken in consequence of the heavy run that has recently been made upon the banks by foreign brokers and bankers. The banks are abundantly able to meet their liabilities, and no loss will besustained by note holders or depositers in consequence of the suspension. TRENTON, N. J Sept. 26. J S. Sterling, the heaviest merchant of this city, has assigned. Assets ample. There is a steady moderate run on our banks. The East Bank has paid out about eight thousand dollars, and is still in good condition. RICHMOND, Va., Sept. 28.-The banks are paying specie, and it is general belief that they have determined to go on. There is no run as yet. Both of the Stanton banks, the Central Bank, and Bank of the Valley have suspended. BOSTON, Sept. 28.-The Suffolk Bank refuars to redeem the bills of New England country banks. Messrs. Jewett & Co., publishers in this city, have suspended. Their liabilities are $10,000. The failure of W. B. Lovejoy, clothier, is ansounced.,

5. October 2, 1857 Vermont Watchman and State Journal Montpelier, VT
Article from Vermont Watchman and State Journal, October 2, 1857

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proclamation for an extra session of the Legislature, to assemble on the first Tuesday of October, will be issued to-morrow. BALTIMORE, Sept. 26. Bank matters are quiet this morning. All the banks are paying the checks of their depositors, and redeeming their own notes with specie. A meeting of all the Presidents has been called at 10 o'clock, when it is thought a suspension on all sums over $10 will be recommended. There is but little excitement. A large number of brokers from the North arrived this morning. Ten o'clock. The Presidents of all the city banks, at their meeting this morning, resolved to suspend specie payments. The suspension is total. The Banks' suspension since 10 o'clock is total, except accommodating their customers with a few dollars in change. There is no run on our Savings Banks. We have but three, and even the most ignorant know them to be as strong as the mint. Our merchants appear to be satisfied with the suspension. Money on the street yesterday. was 1-2 per cent.; to day it has fallen to 1. The Baltimore and Ohio Railroad has advanced 85 per share. Washington, Sept. 26. The Bank of Washington has suspended on all excepting fives, and small checks. The Directors of the Metropolis and Patriotic Banks are now in conference, but it is not known what action they propose to take. Later. The Metropolis Bank has resolved to continue full payments, feeling themselves strong enough to meet all demands. The partial suspension of the Washington Bank is only temporary. The Farmers' and Mechanics' Banks are paying in checks aud notes of the other banks. All other banks have fully suspended. Shinplaster banks are talked of. TRENTON, Sept. 26. Our banks had a steady but moderate run to-day, and paid out about $8000 in specie each. They are in good condition, and it is thought will weather the storm. Jas. Sterling, our heaviest merchant, has assigned. Assets ample. W SHINGTON, Sept. 26. The Bank of the Metropolis closed The commercial community is generally satisfied with the course of the others, and all are confident of their stability and resumption at an early day. A considerable amount of deposits has been made in the Patriotic and Bank of Washington since their suspension. PITTSBURG, Sept. 26. There is no concert of action amongst the banks of Pittsburg in regard to future policy. All of them continue to pay coin for small demands. The Merchants' and Manufacturers' Exchange and Citizens' Banks are paying the small demands made by laborers, operatives, and others, but are refusing the demands of banks and brokers. The Bank of Pittsburg has resolved to pay in full. WHEELING, Sept. 26. At a meeting of the citizens of this city, held this evening, it was unanimously resolved that the banks of the city be requested to immediately suspend specie payments until the business interests of the community will justify a resumption. This action was taken in consequence of the heavy run that has recently been made upon the Banks by foreign brokers and bankers. The Banks are abundantly able to meet their liabilities. No loss will be sustained by noteholders or depositors in consequence of the suspension. CINCINNATI, Sept. 26. The Ohio Life and Trust Co. has made an assignment. Rates of exchange are nominal. Sight checks cannot be bought on New York for less than five per cent. premium. There have been no failures among our merchants. They stand firm. Sent 07

6. October 3, 1857 Sunbury American Sunbury, PA
Article from Sunbury American, October 3, 1857

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resumption at an early day. There has been a considerable amount of deposits in. the Patriotic and Washington Banks since their suspension. SUBPENSION OF THE PITTSBURG BANKS. PITTSBURG, Sept: 26.-There is no concert of action am Sigst the banks of this city in regard to their future policy. All continue to pay coin on small demands. The Merchants' and Manufacturer's Exchange, and Citizens' Banks are paying small demands made by laborers, operators, and others, but refusing the demands of banks and brokers. The Bank of Pittsburg has resolved to pay in full. FURTHER SUSPENSION OF COUNTRY BANKS. HARRISBURG, Sept. 26.-The banks of this place, Lancaster, York end Reading have all suspended specie payments. THE TRENTON BANKS. TRENLON, Sept. 26.-There has been a steady. moderate run upon all our banks, each having paid out about $8000 in specie. They are in good condition, and will probably weather the storm. THE VIRGINIA BANKS. RICHMOND, Va., Sept. 26.-No bank suspensions have occurred here yet. There has been much excitement occasioned by the news of the bank crises at the North. AFFAIRS AT CINCINNATI. CIRCINNATI, Sept. 26.-The Ohio Life and Trust Co. has made an assignment. Rates of exchange are nominal. Sight drafts on New York cannot be bought for less than 5 per cent. premium. No failures-have occurred, and our-merchants stand firm. PITTSBURGH, Sept. 28.-The Bank excitement in this city is subsiding. The Mechanics' Bank suspended payment this morning. Business was completely paralyzed during the day. PITTSBURGH, Sept. 28.-Evening.-All the Banks of this city, excepting the Pittsburgh Bank have suspended. At a meeting of the executive officers of the Banks to-day. resolutions were adopted, expressing the opinion that the suspension of the payment of coin, is necessary to protect the business men, in enabling the Banks to continue to discount local paper and exchange and peremptorily instructing the Cashiers of the respective Banks, to resume payment of specie, when similar action has been adopted by the Eastern Banks. The excitement produced by the panic, has nearly subsided. WASHINGTON. Sept. 28-A notice posted on the Bank of the Metropolis says that the panic created by the suspension of other banks having caused a much Targer demand for specie than was anticipated. that institution is under the painful necessity of suspending specie payments for the present. The trustees remark that they will make every exertion to resume. The bank paid out $65,000 on Saturday. The Bank of Washington and the Patriotic Bank which paid out small sums on Saturday, have now altogether suspended. The Savings Banks pay either in city banks or Virginia money, and demand the six days' notice from depositors. Virginia money is h at's discount of 5 per cent., and the tendency is, still downward. Business is nearly paralysed and uncurrent money is upsálable. BOSTON, Sept. 28.-The Suffolk Bank refused to redeem the bills of the country New England Banks for individuals, for the alleged reason that the amount presented was greater than the clerks could attend to. The deposn its of country money sent from other Banks are promptly redeemed. The country Banks generally are well protected, and will retain the public confidence. CINCINNATI, Sept. 28.-The excitement in consequence of the unfavorable advices (rom the East has paralyzed business in this city. New York exchange is quoted at par, but only small smounts will be purchased at this b rate. The paper of an iron house and a shoe and g leather house has been protested. J. B. Holmes, manufacturer, has assigned. al n NASHVILLE, Sept, 18.-The Bank of Nushville suspended this morning. At a meeting of merchants which was held to-day, it: was recommended to the Directors of the Union. Planters', and State Banks to suspend also, d but they refused. Several "free" Banks were thrown out today. Confidence is felt that the Bank of Nashville will pay, and have a large surplus. PROVIDENCE, R. I., Sept. 28.-The banks of this city have resolved to suspend specie payments. Their liabilities to the public are not over one-quarter of their capital. PROVIDENCE, Sept. 28.-An injunction on the Hopkinton Bank has been obtained.