Sandusky City Bank (Sandusky, OH)

Episode Information

Episode UID
2755585590659
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
275558559 hash
Start Date
November 9, 1854
Location
Sandusky, Ohio (41.449, -82.708)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b8ca5b2f7686cf32

Response Measures

None

Description

Sources describe the Sandusky City Bank as suspended/failed amid a wider regional banking crisis in Nov 1854.

Events (1)

1. November 9, 1854 Suspension
Cause
Macro News
Cause Details
Broad pressure and failures among Western/Ohio banks in November 1854 led to suspension/failure of Sandusky City Bank.
Newspaper Excerpt
Information has just been received here that the following banks are discredited and have failed: City Bank of Cleveland, Canal Bank of Cleveland, Sandusky City Bank.
Source
newspapers

Newspaper Articles (2)

Article from The Perrysburg Journal, November 11, 1854

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Article Text

A writer in the Cincinnati Gazette says he has been over the states of Indiana, Kentucky, Illinois, Missouri, &c., and he finds the number of hogs at least 20 per cent. larger than last year; that there is an increase of a million and a half; and in view of these facts, he thinks packers cannot afford to pay over $3 per hundred for pork. The Gazette of Monday says that five or six packers would commence operations that day. Hogs were freely offered at $4 per 100 nett, but nobody bought at that price. The U. S. Circuit Court at Columbus has decided the Ohio tax law taxing banks in a manner different from that provided in their charters, is unconstitutional and void. Wm. S. O'Brien is now in Italy, John Martin is in Paris, and Dougherty is on his way to New York. These are the pardoned Irish exiles. John A. Westervelt, the present mayor of New York, has failed for a large amount.—Like most of unfortunate men he has published a statement of his affairs, and claims a surplus of $150,000 after paying his debts. CINCINNATI, Nov. 9.—Ellis & Sturgis and S. P. Goodman & Co., bankers, have made assignments. There is no run on other bankers, but a large number of people are assembled around the doors of the suspended parties. Mr. Badely, clerk in the banking house of S. W. Torrey & Co., has absconded with $50,000 or more, the amount is not correctly known. Information has just been received here that the following banks are discredited and have failed: City Bank of Cleveland, Canal Bank of Cleveland, Sandusky City Bank.—Reports are in circulation that the Clinton Bank of Columbus has failed. We have just inquired of a gentleman who left Columbus yesterday, but he had not heard there any such rumor.—[Toledo Blade of Thursday. BLACKWOOD.—This staunch old Magazine has again made its appearance. Among its excellencies, we note, "Speculations among the stars," continued, "The Census," "Nineveh and Babylon," "Spanish Politics and Cuban Perils," &c.—[Ib. NEW JERSEY.—Despatches state that four anti-Nebraska congressmen have been elected from this state. ILLINOIS.—All the anti-Nebraska candidates for congress and the legislature elected, as far as heard from. Seven congressional districts, 7 senatorial and 25 representative districts reported. MICHIGAN.—Decidedly anti-Nebraska as far as heard from. Bingham doubtless elected governor over Barry. BANK OF CIRCLEVILLE.—This bank has suspended payment. It is one of the old line banks, and not connected with the independent or state bank and branches. The State Journal thinks there can be no great loss on the bills. Just before shutting up shop, the following despatch was sent to Cincinnati: BANK OF CIRCLEVILLE, Nov. 6, 1854. Mr. Editor,—The course pursued towards our notes, by the bankers of Cincinnati, Chicago and Cleveland, will drive us into a suspension. We have not a single dollar in circulation but what we are able to pay.—There was no just cause for their actions.—The best bank in the Union may be forced into liquidation by such a course. H. K. LAWRENCE, Cashier. Gen. Cass made a speech to the democracy at Detroit, on Saturday evening, in which he commented on the attack upon him by the Richmond Enquirer.


Article from The National Era, November 23, 1854

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Article Text

NEWS OF THE WEEK. The Western Banks. The Cincinnati Commercial states that, in consequence of the pressure, the City Bank of Columbus, Ohio, has been forced to suspend payments of its deposites. The notes of the Bank of Kanawha sold at 25 per cent. discount; Bank of Circleville, at 50; Kentucky Trust Company, at 70; and Newport Safety Fund, at 80. The notes of the Clinton Bank of Columbus were again refused at Cincinnati on Saturday. Indiana stock notes are selling at 25 to 30c. discount. A note from the Treasurer of the State of Ohio states that the notes of the Miami Valley Bank, Canal Bank of Cleveland, Savings Bank of Cincinnati, City Bank of Columbus, and all other Ohio Stock Banks, will be received for taxes and all other public dues, as heretofore. These notes are abundantly secured by the pledge of Ohio and United States stock in the offices of the Auditor and Treasurer of State, which stocks are still commanding a premium in New York. No bill-holder, he adds, need necessarily lose anything by Ohio stock paper. For the sake of keeping our readers posted, we extract the following list of suspended Western banks, from Thompson's Reporter, of Nov. 18: The Union Bank, Chicago, Ill.; the Bank of Napierville, Napierville, Ill.; the City Bank of Chicago, Ill.; the Merchants and Mechanics' Bank, of Chicago, Ill.; and the Farmers' Bank of Chicago, are said to have failed; also, the Mechanics and Traders' Branch of the State Bank of Ohio, Cincinnati, Ohio; the Sandusky City Bank, Ohio; the Farmers' Joint Stock Banking Company, Toronto, Canada; the Bank of Circleville, Ohio; the Exchange Bank, Buffalo, N. Y.; the Canal Bank, Cleveland, Ohio; the City Bank of Columbus, Ohio. Seven more Indiana Banks are under protest, viz: Wayne Bank, Logansport; State Stock Bank of Indiana, Peru; Upper Wabash Bank, Wabash; Perry County Bank, Cannelton; Steuben County Bank, Angola; Traders' Bank, Terre Haute; Great Western Bank, Terre Haute. It is proper to add that a number of merchants of the city of Chicago, Illinois, have agreed to receive at par the bills of the banks of that city, which has had a good effect, but the excitement nevertheless continues, as the holders want specie, not goods, for their bills. The Union Bank of Chicago was owned by Forrest Brothers, and the City Bank, owned by Bradley, Curtis, & Co. The failure of the Mechanics' and Traders' Bank of Cincinnati is not of much importance. It has been in process of closing its business for some time past, under the supervision of the board of control. Its capital in August last was only $60,000, and its circulation $47,339. The deposits and circulation are paid without interruption.