Smead, Collard & Hughes (Cincinnati, OH)

Episode Information

Episode UID
2939504390693
Episode Type
Suspension → Reopening
Bank Type
private
Bank ID
293950439 hash
Start Date
September 14, 1857
Location
Cincinnati, Ohio (39.103, -84.515)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c0004bdd29eb6dbb

Response Measures

None

Description

Also suspended previously in 1854; 1859 reports show creditors paid in full and surplus remaining.

Events (3)
1. September 14, 1857 Suspension
Cause
Macro News
Cause Details
Suspension occurred during the financial panic of 1857 and linked to failures (Trust Company of Cincinnati, Beebe & Co. New York) and heavy losses.
Newspaper Excerpt
The Citizens Bank of Smead and, and Collard & Hughes have suspended
Source
newspapers
2. August 11, 1859 Other
Newspaper Excerpt
the Citizens' Bank of this city, owned by Smead, Collard & Hughes, was forced to suspend. ... of the $1,000,000 due when the bank suspended, there is now outstanding only nineteen thousand dollars, and this amount Mr. Smead is prepared to pay whenever called for. We also learn that Mr. S. will have a surplus, after paying all his debts, of $150,000, upon which it is his intention, we believe, to retire.-Cincinnati Gazette.
Source
newspapers
3. August 12, 1859 Reopening
Newspaper Excerpt
Messrs. Smead, Collord & Hughes, bankers, of Cincinnati, who failed in 1857, with cash liabilities over one million of dollars, have paid their creditors in full with interest. Dr. Smead, the senior partner, retires with a surplus of $150,000.
Source
newspapers

Newspaper Articles (6)
1. September 17, 1857 Marshall County Republican Plymouth, IN
Article from Marshall County Republican, September 17, 1857

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Article Text

SUMMARY OF LATEST NEWS. In consequence of the crowded state of our columns we are compelled to make a summary of the latest news. The Steamship Baltic bringing Liverpool dates of the 21 arrived at New York on the 14th inst. Extensive preparations were making in England to convey troops to India. Copions details of the news from India are published but they contain no new facts in regard to the progress of the revolt. The English forces in China were preparing to make à demonstration in order to bring the Emperor to terms. The U.S. frigate San Jacinto, and sloops of war Levant and Ports nouth were at Shanghai on the 4th of July. Business dull there. The price of new congou had advanced 70 per cent on the opening price of last season. Spain and Mexico will not have a collision. The Grand Duchy of Luxemburg, it is said, will be a by the King of Holland to Prussia. The Steamship Philadelphia fron California arrived at New Orleans on the 14th, bringing dates from San Francisco to the 20th. Market active. A settler's convention had nominated Stanley for Governor on a mixed ticket. Stephens, Democrat had been elected to Congress from Washington territory. The British Minister at Lima had been murdered by six Peruvians. The Citizens Bank of Smead and, and Collard & Hughes have suspended, says a telegraphic despatch from Cincinnati. The Banking House of Prairo & Nourse suspended payment this morning says a telegraphic despatch dated Washington, Sept 14; but their assets will largely exceed their liabilities. Three or four failures of Dry Goods, Hardware and Manufacturing firms occurred in New York and Philadelphia on the 14th. Mr. Jackson, the custodian of the Jackson gold snuff box, has declined to deliver it, and will return with it to Tennessee. H The Chicago Tribune of the 15th, says: Our money market presents no new features of special significance. The feeling on 'Change yesterday was decidedly better. Wheat was firm at 75e, with sales of 60,000 bushels-closing with sales last night at 76a764 on board next three days andall this week, sellers option, and orders from the East at 76a77 on board. The Bank of Elgin has suspended. Its circulation was small and its notes continue to be received on deposit in this city. The failure is, attributable to railroad operations and excessive breeding of wild cats on the part of its managers, one of whom was Mr. YELVERTON, of New York City, lately suspended. The Fontenelle Bank of Bellevue, Nebraska, was owned chiefly by these gentlemen, and goes down with the rest. The holders of Bank of Elgin notes will lose nothing, or comparatively nothing by the failure.-The telegraph reports the suspension of the Citizen's Bank of SMEAD, COLLARD & HUGHES, Cincinnati. A Providence despatch states that the embarrassment of the Bank of South Country, Rhode Island, are only temporary, and that it is abundantly able to meet all liabilities.

2. September 18, 1857 The New York Herald New York, NY
Article from The New York Herald, September 18, 1857

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Article Text

THE FINANCIAL PRESSURE. SUSPENSIONS, FAILURES, ASSIGNMENTS. [From the Insependent. Sept. 17.] The following are the reported failures, assignments, &re. :Ruggles & Co, Pouliney, Vt, failed. Eaton, Hill and Candier, crugs, Boston, failed. W. F. Freeman, Boston, Mass., failed. Freeman Orne, Boston, Mass, gone into inselvency. Philip Allen & Sons. Providence, R. I., suspended. Z. Allen, Providence, R. L, suspended on endorsed paper. Loger & Pecknap, Palmer's Corners, Conn., assigned. Nesmith & Co, New York city, suspended. Carpenter, Ide & Co., straw goods, New York city, suspended. Frederick G. Swan, New York city, assigned; liabilities said about $1,200,000. Foster & Nickerson, New York city, suspended. Joseph F. Moyses, dry goods, New York city, suspended. Grant, Sayles & Ford, produce, New York city, suspended. W. T. Hicks & Do., New York city, surpended. Welslar & Tunnsis, New York city, failed. Walker P. Jones, liquors, New York city, suspended. William J. Bell & Oo,, bankers, New York city, suspended. Frost & Pierce, hats, New York, suspended. Bayaud & Treadwell, liquors, New York city, sus. pended. G. H. Swords, Walton & Co., hardware, New York city, suspended. C. B. Conant, Dodge & Co., hardware, New York city, suspended. Thomas Douglass, hardware, New York city, assigned to Cha les Douglass and John M. Eagar. Carpenter & Fullerton, New York city, assigned; caused, at lemid, by failure of Acker & Harris. Street & Emanuel Brothers, New York city, falled. Salmon & Meyer, New York city, suspended. Stephen Potter, Jumber, New York city, assigned. Geo. W. Alwaier, New York city, suspended. Rich & Lou'rel, New York city, suspended. Clark, Guthrie & Ssurgis, Buffalo, N. Y., suspended. E.K. Bruce, Buffalo, N. Y, falled William Penfield, Buffalo, N. Y falled. Prait & Perrine, Rochester, N. Y., assigned. Orange Cassin, Rochester, N. Y., failed. Justin Forbes, Mount Morris, N. Y., failed and assigned. Bank of New Jersey, New Brunswick, N. J., suspended. John G. Kitchen. Newark N J., failed. I. D. Hail & Oo., Trenton, N. J., failed. M. B. Canfield, Orange, N. J., suspended and said to have compromised. Dawson & Hancock, iron and crockery, Philadelphia, suspended; liabilities very heavy. John Y. Rushton & Co., crockery, Philadelphia, suspended. Themas White & Co, straw goods, Philadelphia, suspended; liabilities said to be $300,000. F aiberhoff, Montgomery & Co., grocers, Philadelphia, failed. W. P. & G. Hacker, crockery, Philadelphia, suspended. W. W. & H Smith, Philadelphia. Hayes & Smith, coal, Philadelphia, suspended. Joseph Ripka, Philadelphia, suspended; liabilities about $500,000. Hart, Montgomery & Co., Philadelphia, suspended. Marple, McClure & Co., Philadelphia, suspended. J. & W. Horrock, dyers, Philadelphia suspended. Rockhill & Wilson, clothing Philadelphia, suspended. Hotchkiss & Barton, Scranion, Penn, falled. John Gommell, Patersville, Pean, failed. P. H. Sullivas, broker, Baltimore, Md., failed. Michael Weavel, Cumberland, Md., failed. Pratec & Nourse, bankers, Washington, D. C., sus. pended. Binford, Mayo & Blair, Richmond, Va., suspended. Bonham, Gilbermon and Co., Wheeling, Va, assigned. James Carrigan, Charleston, 8. C suspended. W. B. Beazley, Wilston, S. C., falled 8 Eusell & Sons, Morganfield, Ky., failed. Bisely & Co., St. Louis, Mo., suspended. R.H. Habbard, St. Louis, Mo., suspended. D. Armfield, St. Louis, Mo., assigned. Smead, Callord & Hughes, bankers, Cincinnati, Ohio, suspended. Jesse A. Moore, Cincinnati, Obio, assigned. Rose & Jennings, Columbus, Ohio, suspended and assigned. D.E. Livermore, Sandusky city, Ohio, suspended. E. Franklin & Son, Alexandria, Ohio, failed and assigned. H. M Chandler, Attica, Ohio, failed. J. C Schuyler, Attica, Ohio, failed. Ourtise & Bibbler, Berwick, Ohio, failed. E. Higbee, Attion, Ohio, failed. Stearm, Lcomey & Co., La Porte, Indiana, falled and as. signed. B. F. Farnsworth, Chicago, Illineis, assigned to F. M. Williams. G. F. Hamilton, Chicago, Illinois, failed and assigned. D. C. Norton, Lockport. Illisois, assigned. John C. Forbes, Lane, Illinois, failed. Wm. C. Kyle, Franklin, Michigan, failed. E. Fish pool, New Baltimore, Michigan, assigned. Powell & Bicard, Waterford, Wisconsin, failed. M. Gullen, Beloit, Wisconsin, failed. I. F. Lyon & On, Fairfield, Wiscomsin, failed. E. K. Tribue, Onouna, Iowa, suspended. Albert & Ross, Burris, Iowa, failed. Askew & Cavitn, Grandview, Iowa, failed. H. C. Knowles, Agency City, Iown, failed. Charles Robinson, Teronto, Canada West, suspended.

3. September 18, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, September 18, 1857

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J. Bell Co., Bankers," New-York City, sueWithiam pended. Frost Pierce, "Hate." New-York, suspended. Bayand & Treadwell. Liquors," New. City, suspended. G. H. Swords Walton & Co., Hardware," New York City, suspended. C. B. Conant, Dodge & Co., "Hardware," New-York City, suspended. Thomas Donglase, "Hardware," New.York City, assigned to Charles Douglass and John M. Eager. Carpenter Fullerton, New York City, assigned; caused, it said, by failure of Acber & Harris. Strauss & Emanuel Brothers, New York City, failed. Selmson & Meyer, New-York City suspended. Stephen Potter, Lumber,' New York City, assigned. George W. Atwater, New York City, suspended. Rich & Loutrel, New York City, suspended. Clark, Guthrie & Sturgis, Buffalo, N. Y, suspended. E K. Bruee. Buffalo, N. Y., failed. William Penfield, Buffalo, N. Y., failed. 6 Pratt & Perrine, Rochester, N. Y, assigned. Orange Catlin, Rochester, N. Y., failed. Justin Forbes, Mount Morris, N. Y., failed and assigned. Bank of New-Jersey, New Brunswick, N. J., suspended. John G. Kitchen, Newark, N. J., failed. L. D Hall & Co., Trenton. N. J., failed. M. B. Carfield, Orange, N.J., suspended, and said to have compromised. Dawson & Hancock, "Iron and Crockery," Philadelphia, suspended; liabilities heavy. John Y. Rushton & Co., "Crockery," Philadelphia, suspended. Thoma* White & Co., Straw Goods," Philadelphia, suspended; liabilities said to be $300,000. Featherhoff, Montgomery & Co., Grocers," Philadelphia, failed. W. P. & G. Hacker, Crockery," Philadelphia, suspended. W. W. & H. Smith. Philadelphia Hayes & Smith, Coal," Philadelphia, suspended. Joseph Ripka, Philadelphia, suspended; liabilities about $500,000, Hart, Montgomery & Co., Philadelphia, suspended. Marple, McClure & Co., Philadelphia, suspended. J. & W. Horrock, Dyers Philadelphia, suspended. Rockhill & Wilson, Clothing," Philadelphia, suspended. Hotchkiss & Barton, Scranton, Penn. failed. John Gommell, Peteraville, Penn., failed. P. H. Sullivan, Broker," Baltimore, Md., failed. Michael Weasel, Cumberland, Md. failed. Praiso & Nourse, Bankers," Washington, D. C., suspended. Binford, Mayo & Blair, Richmond, Va, suspended. Bonham, Gilbertson & Co, Wheeling, Va, assigned. James Carrigan, Charleston, S C., suspended. W. B. Beazley, Wilston, S. C., failed. S. Eusell & Sons, Morgenfield, Ky., failed. Merritt, Bisely & Co., St. Louis, Mo., suspended. R. M. Hubbard, St. Louis, Mo., suspended. D Armfield, St. Louis, Mo, assigned. Smead, Callord & Hughes, Bankers," Cincinnati, Ohio, suspended. Jesse A. Moore, Cincinnati, Ohio, assigned. Ross & Jennings, Columbus, Ohio, suspended and assigned. D. E. Livermore. Sandusky City, Ohio, suspended. E. Franklin & Son, Alexandria, Ohio, failed and assigned. H. M. Chandler, Attica, Ohio, failed. J. C. Schuyler, Attica, Ohio, failed. Curtise & Bibbler, Berwick, Ohio, failed. E Higby, Attica, Ohio, failed. Stearm, Loomey & Co., La Porte, Ind, failed and assigned. B. F. Farnsworth, Chicago, Ill., assigned to F. M. Williams. G. F. Hamilton, Chicago, III, failed and assigned. D. C. Norton, Lockport, Ill., assigned. John C. Forbes, Lane, Ill., failed. Wm. C. Kyle, Franklin, Mich failed. E. Fishpool, New Baltimore, Mich., assigned, Powell & Sicard, Waterford, Wis., failed M. Gullen, Beloit, Wis., failed. I. F. Lyon & Co., Fairfield, Wis, failed. E. K. Tribue, Ononna, Iowa, suspended. Albert & Ross, Burris, Iowa, failed. Askew & Catlin, Grandview, Iowa, failed. H.C. Knowles, Agency City, Iowa, failed. Charles Robinson, Torento, C. W., suspended. The President of the Commercial Bank of Columbia, South Carolina, writes us that that Bank is not thrown out. To The Editor of The N. Y. Tribune. SIR: The statement which appears in your paper of this date, so far as the Commercial Bank of Columbia, South Carolina, is involved, is entirely without foundation, and I take the responsibility of pronouncing it untrue. I refer you to the Fulton Bank, New-York, to indorse my statement. J. A. CRAWFORD, Pres't Commercial Bank, Columbia, S.C. NEW-YORK, Sept. 17, 1857. The following are the receipts of the Morris Canal Company for the past week and season, as compared with the receipts to corresponding time last year. $201,434.26 Total to Sept. 6, 1856 10,758 23 Week ending Sept. 10, 1856.... $212,192 49 $199,887.96 Total to Sept. 5, 1857 9,106 61 Week ending Sept. 12, 1857 $208,944 57

4. September 19, 1857 Muscatine Weekly Journal Muscatine, IA
Article from Muscatine Weekly Journal, September 19, 1857

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THE NEWS. -Kansas advices say that the bogus Constitutional Convention organized, and appointed John Calhoun President. Calhonn spoke in favor of submitting the Constitution to the people. Five hundred troops left Leavenworth on the 9th inst. for New Mexico. The St. Joseph Journal of the 10th gives an account of a battle between Sumner's command and a band of Indians, about the middle of August, on Arkansas River. Troops lost four, Indians twenty. The Journal says the reported slaughter of 400 Indians is unfounded. -The contract for carrying the United States mail over the land route to California was signed in New York on the 16th.Messrs. John Butterfield, Wm. G. Fargo, Alex. Holland, J. P. B. Gardner, M.S. Kenyon, Hamilton Spencer and others are the contractors. The Government was represented by Mr. Dundas, Second Assistant Postmaster General. Contract is to run six years, and to go into effect twelve months from date. $600,000 per annum is the price to be paid the contractors. This will doubtless prove to be a profitable job, as it is in the hands of energetic parties who have ample means, and who understand thoroughly the business they have undertaken. --George S. Abraham, a Custom House Broker, and special agent for Baring Bros., was arrested in Boston, on the 16th, charged with torging invoices, thereby defrauding the U. S. revenue. It is alleged that he al tered the figures of invoices, swore to their correctness at the Custom House, and after the duties were paid. restored them; the goods were sent to New York importers, who had the bills-he pocketing the difference. -The Massachusetts State Democratic Convention was in session at Boston on the 16th. Isaac Davis, of Worcester, presiding Nominations had not yet been made at last accounts. -A New York dispatch of the 15th says: "The market for money is active and more cheerful, and the banks have discounted more freely to their dealers, and it is the general impression that there will be no further contraction." --The failure of A. Hongley & Co.'s domestic goods house, of New York, was announced on the 15th. The Exchange and Banking office of Davis, Suydam, Dubois & Co., of Rondout, closed its doors on the same day. The Georgetown (D. C.) Bank of Commerce also suspended on the 15th. FOREIGN steamer Persia arrived at New York on the 15th, with Liverpool dates to the 5th. News of but little interest. The Glasgow Polytechnic Institution had been destroyed by fire. Among the articles destroved was the first steam engine construct ed by James Watt. The race for the Warwick cup came off on the 3d. Three horses ran, viz: Fisherman, Oakball, and Lecompte. The American came in last, having been beaten 20 lengths by Fisherman, the winner.-Eleven more regiments were under orders for India. -A dispatch from New York of the 14th says Mr. Andrew Jackson, jr., has declined to bestow the gold snuff-box upon Maj. Dyckman, on account of the division of sentiment and excited feeling existing here on the subject. Hesays that whenever the pub lic judgment of the people of New York shall settle the claim between the individuals, it shall be his pleasure to discharge the duty resting upon him, he returning immediately to Tennessee. -A state election took place in Maine on the 14th inst. Eighty-one towns have been heard from, and they give the following vote for Morrell, Rep., 20,244; Smith, Dem., 14,592. Republican majority, 5,652. In Portland the vote is smaller and the Republican majority diminished from last year. -The following failures are announced by telegraph on the 14th. Nesmith & Co, drygoods dealers, and Swords, Walton & Co., hardware dealers, New York; James Pitka, manufacturer, Philadelphia; Smead, Calored & Hughes, bankers, Cincinnati; Prairo & Nourse, bankers, Washington. -The anniversary of the American army entering into the city of Mexico was celebrated at New York on the 14th, by a parade of the 7th regiment of the National Guards. Mrs. Cunningham's trial is assigned for the 28th inst. FOREIGN-The Baltic with Liverpool dates to the 2d, arrived at New York on the 14th. The news is not important. A prospectus of the Red Sea Telegraph Co. had been issued. They purpose purchasing the Atlantic Cable. Copious details in regard to the Indian mutinies are published, but they add no new facts of importance. All danger of a collision between Spain and Mexico is over. FROM THE PACIFIC.-The steamship Philadelphia arrived at New Orleans on the 14th, with San Francisco dates to the 20th. In California a Settlers Convention had nominated Stanley for Governor, on a mixed ticket. From Washington territory we learn that Stevens, Democrat, had been elected to Congress by a large majority. Advices from Peru state that Sullivan, the British Minister at Lima, had been murdered by six Peruvians. Different causes are assigned for the deed. Some political and others female intrigues. KANSAS.-The St. Louis Democrat of the 10th has intelligence from Kansas to the effect that a Mr. Baily, a free-State man, was fatally stabbed by Lieut. Brocket in Lecompton, on the 2d, and much excitement arose in consequence. General Lane was threatened while in that town, and compelled to leave for Lawrence. Many threats had also been made against prominent freeState men, and apprehensions were felt that

5. August 11, 1859 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, August 11, 1859

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THE Urs AND DOWNS OF A CINCINNATI BANKING HOUSE-All Right at Last.-During the financial panic of 1857-8, the Citizens' Bank of this city, owned by Smead, Collard & Hughes, was forced to suspend. Its liabilities were over one million dollars. The bank had previously suspended in 1854, but it having paid its creditors in full, resumed, and had recovered almost entirely its damaged reputation, when it was carried under by the last great financial crisis, mainly owing to the loss or $150,000 of its cash means through the failure of the Trust Company of this city and Beebe & Co., of New York. When the first suspension took place in 1854, an exhibit was made, which showed a Jarge excess of assets. This was doubted, as usual, by the public, who had learned to place but little confidence in such statements; but, as already remarked, the bank paid all its debts, and had a handsome surplus, with which it resumed.Upon the occasion of the second suspension an exhibit was again put forth, showing a large excess of assets; but this, as in the first case, was received with a considerable degree of allowance for bad debts, &c. There was a confidence, however, which kept the checks up to a pretty full rate, and this confidence, as the final result, now almost reached, shows, was not misplaced. Mr. Smead, having arranged matters with his partners, has, since the fail. ure, given his whole time to the settlement of the business; and we learn that of the $1,000,000 due when the bank suspended, there is now outstanding only nineteen thousand dollars, and this amount Mr. Smead is prepared to pay whenever called for. We also learn that Mr. S. will have a surplus, after paying all his debts, of $150,000, upon which it is his intention, we believe, to retire.-Cincinnati Gazette. OHIO COUNTY AND THE HEMPFIELD RAIL. ROAD.-It was mentioned a few days ago that the Levy Court of Ohio county, Va, had refused, by a tie vote, to makea levy for the pay. ment of the interest due and becoming due on certain bonds of the county issued to the Hempfield Railroad Company, although commanded to do so by a peremptory mandam us from the Circuit Court. On Satarday last, however, the vote was reconsidered and the levy ordered, by a voteofisto 13: butas many according to the Wheeling Times that it requires a majority of the whole court. which is of 31 members, the case will taken to the Court of Apr peals,

6. August 12, 1859 Wilmington Journal Wilmington, NC
Article from Wilmington Journal, August 12, 1859

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Other States. H. R. Runnells, the Democratic candidate for Governor of Texas, has a small majority in the city of Galveston over his opponent, Gen. Sam Houston. The steamer Orizaba at New Orleans, represents Houston as ahead SO for as heard from. From Kentucky and Alabama we have little or nothing new. We are pleased to learn that B. F. Grady, Jr., of Duplin County, North Carolina, has been elected Professor of Mathematics in Austin College, Hendersonville, Texas. Mr. Grady is a graduate of the University of this State, where he was highly distinguished for his proficiency, especially in Mathematics, as well as for his gentlemanly deportment. We think the College has made a most excellent selection. Messrs. Smead, Collord & Hughes, bankers, of Cincinnati, who failed in 1857, with cash liabilities over one million of dollars, have paid their creditors in full with interest. Dr. Smead, the senior partner, retires with a surplus of $150,000.