gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9192072b77645107
Response Measures
None
Description
Articles use variant spellings (Sturges / Sturgis); assignment/closure reported Nov 9, 1854.
Events (4)
1.November 13, 1853Run
Cause
Rumor Or Misinformation
Cause Details
Sudden depositor panic apparently without sustained solvency evidence; quelled by displaying large pile of bank notes.
Measures
Displayed a bushel basket full of bank notes behind the counter to reassure depositors.
Newspaper Excerpt
A run took place on the banking house of Ellis and Sturges, Cincinnati, Nov. 13th, which was stopped by carrying a bushel basket full of bank bills into the banking room.
Source
newspapers
2.October 19, 1854Run
Cause
Local Banks
Cause Details
Contagion from failures/distress of other local/private bankers (e.g., Outcalt & Co.) prompted heavy withdrawals.
Measures
Paid demands during the day; publicly met withdrawals to calm depositors.
Newspaper Excerpt
The run to-day was confined to the banking houses of Messrs. Ellis & Sturges ... They paid every demand, and towards the close the excitement began to subside.
Source
newspapers
3.November 8, 1854Suspension
Cause
Bank Specific Adverse Info
Cause Details
Firm suspended/closed amid insolvency concerns and large liabilities relative to assets, following runs and regional banking distress.
Newspaper Excerpt
Messrs. Ellis & Sturges, bankers, suspended this morning. They say their assets exceed their liabilities four hundred thousand dollars.
Source
newspapers
4.November 9, 1854Other
Newspaper Excerpt
The Banking House of Ellis & Sturges ... have made assignments. There is no run on other bankers this morning, but a large number of people assembled around the doors of the suspended parties.
Source
newspapers
Newspaper Articles (23)
1.December 24, 1853The Shasta CourierShasta, CA
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Arrival of the John L. Stephens. By the arrival of the John L. Stephens, we have dates from the eastern States up to December 1st. We are obliged to Adams & Co. for full files of Atlantic papers. Hon. Charles G. Atherton, U.S. Senator from New Hampshire, died at his residence in Manchester, on the 16th Nov. Hon. J.S. Wells will succeed him. Samuel Crafts, of Vermont, formerly Governor, member of Congress and Senator, is dead. The ship Constellation arrived in New York on the 25th of November, from Liverpool, after having lost one hundred passengers by cholera. A telegraphic dispatch received at N. Orleans from N. York stated that Koszta had arrived in Boston. A fire broke out on the 17th Nov. in a large building at the corner of Jane and Washington street. In one hour the whole building was enveloped in flames. The Herald says about half a million of dollars were swept away in a few hours, and at the same time hundreds were left without employment and without homes. Six houses and a rectifying distillery, covering four lots on Troy street, were either entirely destroyed or so badly damaged as to render their removal necessary. The total loss was about $100,000. On the same day a fire was discovered in Brooks' pianoforte manufactory. From here the flames communicated with the Empire Iron Works, which were immediately one sheet of flame. Together with all these was swept away a large building known as " Chapman's Building," being used for many different manufactories. An explosion took place on the morning of the 22d Nov. in the extensive distillery in Tenth street, New York, belonging to Mr. Childs, by which accident Thomas Crosby was instantly killed and John McGower seriously it not fatally scalded. A destructive storm has prevailed throughout New England and upon the coast, carrying away bridges, wrecking ships and attended with the loss of lives. Joshua Bates, Esq., of the house of Baring Brothers, is said to be the person selected as umpire by the commissioners, to settle claims between Great Britain and the United States. Madam Anna Thillon was to have left N. York for San Francisco ou the 5th inst. A dispatch from Natches states that the yellow fever had again made its appearance in that city. and that a number had died of it. The town of Green Bay, Wisconsin, was visited by a destructive fire on Monday night, Nov. 7th, which consumed thirty buildings, including several large warehouses, stores, &c. A run took place on the banking house of Ellis and Sturges, Cincinnati, Nov. 13th, which was stopped by carrying a bushel basket full of bank bills into the banking room. The Erie Railroad cost $25,000,000, and employs 200 locomotives. A robbery of $34,000 was effected on the Isthmus some weeks since, by substituting boxes filled with bullets for those filled with gold dust. The dust belonged to Page, Bacon & Co. There are now surviving about 1,400 revolutionary pensioners. all of whom are regularly drawing their pensions from the treasury of the United States.
2.January 10, 1854Loudon Free PressLoudon, TN
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The Way to Stop (6 Bank "Run. "In consequence of the failure of several banks, there has been considerable discussion and suspicion at the West respecting the soundness of a number of banks. Among others, the bank of Messrs. Ellis & Starges, in Cineinnati. was stallyjected to what is technically called a "run. In the midst of the excitement. Dr. Swead, proprietor of the Citizens Bank, in the same city, entered Ellis & Sturges office, preceded by two men carrying a bushel basket piled full of bank notes, which was carried behind the counter and placed at the disposal of the firm. The sight of such a pile of money nonplusised the crowd, and put a stop to the run.--[N. O. Pie.
3.October 20, 1854Evening StarWashington, DC
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More Bank Failures, do. CINCIANATI, Oct. 19-Messrs Outcall & Co., private bankers, failed to-day. There had been no run on them. The run to-day was confined to the banking houses of Messrs. Ellis & Sturges, the Citizens' Bank and the Central Bank, all private banking establishments. They paid every demand, and towards the close the excitement began to subside. No further failures are apprehendod.
4.October 20, 1854New-York Daily TribuneNew York, NY
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RUN ON THE THE BANKS AND BANKERS OF CINCINNATI. CINCINNATI, Thursday, Oct. 19, 1854. Messrs. Outcall & Co., private bankers, failed today. There had been no run upon them. The run to-day was confined to Messrs. Ellis & Sturges, private bankers, the Citizens' Bank and the Central Bank. They paid every demand made upon them, and are well fortified against further demands. Toward the close of the day the excitement began to subside and no further failures are apprehended.
Financial Excitement in Cincinnati. We published a dispatch yesterday morning, dated on Thursday, announcing the failure at Cincinnati of Outcolt & Co., private bankers; and that depositors were running strongly on Ellis & Sturges, and Smead's Citizen's Bank. The Cincinati Gazette of Thursday contains the following, which may afford an indication of the premonitory symptoms which preceded the 'crisis' attuded to in our dispatch: Financial Crisis. All day yesterday, Third street, which is the Wall street of Cincinnati, was more than ordinarily crowded by people, the occasion of which was a distrust felt by many depositors of some of the banking houses, as to their solvency. The small depositors, most of whom are among our German citizens, were chiefly active. The banking house of P. B. Manchester, which was one of the houses run upon, and around which a large crowd was gathered, stopped payment. We regiel to learn that B. F. Sanford & Co, who are connected with the Kentucky Trust Co , which failed yesterday, also stopped payment. There is a feverish state of feeling in the city in regard to several of our banking houses, which is likely to show itself to day, and we hope it may be allayed by the evidence which our bankers will show that distrust in the solvency of their firms is not properly founded. An extra was issued yesterday, signed John S. Dye, and dated at his banking house, corner of Third and Walnut streets, which is calculated to extend and foster the fear and ala m which now prevail. We do not say that such was the purpose of the person ho issued it, but such is calcurated to be its effect. In time: of panie it 8 well for the press to hold a firm position, and not to add to the excited state of public feeling, and at the same time to withhold nothing which it is proper the public should know. We hope the dis rust which now exists may be temporary, and that our bankers may be able to meet all the cails which are made upon them. Out currency, through a vicious system of legislation, is in a disorganized and miserable condition, and many worthy men have suffered in consequence, and will continue to suffer, until we have a radical and thorough change.
6.October 26, 1854Eaton DemocratEaton, OH
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The following notice which we clip from the Cincinnati Enquirer of Friday morning last. will give our readers a little idea of the condition of money matters in the "Queen City" last week. The institutions upon which the "run" was made suffered no inconvenience whatever, except a little more business than usual. The good-natured phiz of our friend HUGHES of the "Citizen's Bank." lost none of its pleasantness, although the great drops of perspiration gathered thickly around his brow fromthe unusual activity demanded by the pressure of the times. CoLLARD'S dark keen eye shot out glances of defiance as he cast a look at the little crowd of anxious depositors, and then at their well-filled coffers. SMEAD, COLLARD & HUGHES might stand such a "run" with an additional locomotive and six burden trains, without any serious injury or quite exhausting their means. The greatest "run" was upon ELLIS & STURGES, and was but child's play, although so many playing against one made it a busy time-when the children got tired they went to their homes, and ELLIS & STURGES had more money than when the ballopenéd. Several smaller fry closed up, and we wish more of the same sort would follow in their wake-there would not be so many crisises in money matters, if all the little shaving shops in our cities were rooted out. They are like so many dens with fair exteriors but nothing inside.
7.November 9, 1854Washington SentinelWashington, DC
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Monetary Excitement in Cincinnati. CINCINNATI, Nov. 8.-Messrs. Ellis & Sturges, bankers, suspended this morning. They say their assets exceed their liabilities four hundred thousand dollars. There is a heavy run on Messrs. T.S. Goodman & Co., and on the Citizens' Bank, causing an immense excitement; the latter firm stopped payment.
8.November 10, 1854The Evansville Daily JournalEvansville, IN
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Dispatches were received here yesterday to the effect that the private banking Houses at Cincinnati of Ellis & Sturgess, Smead. Collard & Hughs, Morton & Co. and Goodmai: & Co., had suspended. We do not vouch for their correctness.
BANK FAILURES. CINCINNATI, Nov. 9.-The Banking House of Ellis & Sturges, and T. S. G odman & Co., have made assignments. There is no tun on other bankers this morning. but a large number of people assembled around the doors of the suspended parties. Mr. Bodley, a clerk in the banking house of S. W. Torren & Co., absconded with $1500, or probably much more, as the amount is not yet accurately known.
10.November 10, 1854New-York Daily TribuneNew York, NY
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THE CINCINNATI FAILURES, &c. CINCINNATI, Thursday, Nov. 9, 1854. Messrs. Ellis & Sturgis and T. S. Goodman & Co. have made assignments. There has been no run on the other bankers, this morning, but large numbers of people are assembled around the doors of the suspended parties. McMackin & Co., private bankers, closed their doors to-day. There has been no run on other houses, and the deposits are now concentrating in favor of four or five leading establishments. The Trust Company Bank has been crowded all day with depositors. Mr. Bodley, clerk in the banking-house of S W. Torrey & Co., has absconded with $1,500 or more. The amount is not yet ascertained, and may prove much larger than is stated. The amount of money embezzled by Rodley, the clerk of W. Torrey & Co., is now stated to be $10,000. Money matters are beginning to improve. Eastern exchange ranges from 1 to 11 per cent. premium. Gold is retailing at 5 per cent. premium. Mr. Ellis, of the firm of Ellis & Sturges, is recovering. An individual, supposed to be J. G. Nicholson, who was connected with the Kissane forgeries in this city a year ago, was arrested in Londonville, on the Pennsylvania Railroad, to-day.
11.November 10, 1854Evening StarWashington, DC
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Money Panic at Cinsianati. CINCINNATI, Nov. 9.- Messrs. McMashin s Co, private bankers, closed their doors today. There has been no run on other homes, and the deposits are now concentrating in four or five leading establishments. The Trust Company Bank has been crowded all day with depositors, and money matters SES improving Eastern exchange ranged to-day from t to 11 premium. Gold is retailing at 5 per cent. prem. The amount of money embezzled by Mr. Bodley is now stated to be only $10,000 Messrs. Ellis & Sturgis and T. 8. Goodman & Co., have made assignments. There is no run on other bankers this morning, bus a large number of people assembled around the doors of the suspended parties. Mr. Bodley, a clerk in the banking-house of S. W. Morrey & Co., is said to have absconded. with $1,500 or more. The amount is not known and may be much larger. THE
12.November 11, 1854Daily Davenport GazetteDavenport, IA
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CINCINNATI, Nov. 9 Ellis snd Sturges, and C S. Goodman & Co., have made assignments. There is no run on other bankeres, but large numbers of people are assembled around the doors of the suspended parties. Mr, Bodelly, clerk of the Banking house of S. W. Farrey & Co., has adsconded with fifteen thousand dollars or more-exact amount not known.
13.November 11, 1854The Daily UnionWashington, DC
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Bank Panice and Troubles in the West. CISCINNATI, Nov. 9. -Messrs. McMackin & Co., private bankers, closed their doors to-day. There has been LO run on other houses, and the deposites are now concentrating in four or five leading establishments. The Trust Company Bank has been crowded all day with depositors, and money matters are improving. Eastern exchange ranged to-day from 1/2 to 11/2 premium. Gold is retailing at 5 per cent. premium. The amount of money embezzled by Mr. Bodley is now stated to be only $10,000. Messrs. Ellis & Sturgis, and T.S. Goodman & Co., have made assignments. There is a run on other bankers this morning, but a large number of people assembled around the doors of the suspended parties. Mr. Bodley, & clerk in the banking-house of S. W. Morrey Co., is said to have absconded with $1,500 or more. The amount is not yet known and may be much larger. CLEVELAND, Nov. The Canal Bank of this city has failed. It is paying its bill-holders but not depositors. [SECOND DESPATCH.] The affairs of the bank have been assigned to W. J. Gordon and J. L. Hewett, who are still paying at the bank specie for the bills as presented. The cashier says that holders of bills will be paid in full. All the other Cleveland banks are receiving the bills of the Canal Bank on deposite at par. The Canal is an independent bank, and State stock is pledged for its redemption. BUFFALO, Nov. 9. -This is a blue day in our commercial circles. The Exchange Bank of Robert Codd has stopped, and we learn from private sources that the suspension of at least one large house on the dock must soon take place, PITTSBURG, Nov. -Hugh King, banker, failed to-day, and there is quite a panic in the money market.
14.November 11, 1854Southern ShieldHelena, AR
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MORE FAILURES AT CINCINNATI, CINCINNATI, Nov. 8.-Ellis - & Sturges closed this morning. Their liabilities are said to be a million of dollars, and their assets four hundred thousand. Heavy run made on Goodman & Co., and the Citizen's Bank, and they closed immediately.
15.November 14, 1854Daily Davenport GazetteDavenport, IA
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Mr. ELLIS, of the firm of Ellis & Sturgis, bankers of Cincinnati, whose sudden illness caused the suspension of that house and which led to so much excitement and occasioned such a money panic in that city, we learn from the Cincinnati papers, is since dead. For four days great excitement prevailed, but the bankers who suspended, we presume, will all be enabled to meet their obligations.
16.November 15, 1854The Spirit of DemocracyWoodsfield, OH
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Bank Failures. CINCINNATI, Nov. 9.-The Banking House of Ellis & Sturges, and T.S. Goodman & Co., have made assignments. There is no run on other bankers this morning, but a large number of people assembled around the doors of the suspended parties. Mr. Bodley, a clerk in the banking house of S. W. Torren & Co., absconded with $1500, or probably much more, asthe amount is not yet accurately known.
17.November 16, 1854Kenosha TelegraphKenosha, WI
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Great Failures in Cincinnati, CINCINNATI, Nov. 8th. The banking house of Ellis & Sturges closed this morning, liabilities over $1, 000,000, assets $1,400,000. There has been a heavy run on the Citizens Bank and Goodman & Co. and the excitement is entense. SECOND DISPATCH.--Citizens Bank is closed, and excitement on the increase.
CINCINNATI MONEY MATTERS.-The failure of Ellis & Sturges to-day, we have noted. There was a rumor yesterday, that the Canal Bank of Cleveland had suspended, but it wanted confirmation. The notes of the Miami Bank of Dayton were not received by the Banks. Indiana State Stock Bank notes have disappeared. The impression was that the old Kentucky, Ohio, and Indiana Bank paper is safe. Mr. Deshler, of the Clinton Bank of Columbus, had made arrangements to have the bills of this Bank redeemed in Cincinnati, as reported in the Cincinnati Gazette. State Journal.
Money Matters. The times are sadiy out of joint just now, 50 far as the Banks and money dealers out West are concerned. For the information and protection of our readers we have gathered up all the items of special interest on this subject that have reached us. They are as follows :The City Bank of Columbus, Thos. Moodie President, closed its doors on Friday last. The circulation is secured by State stocks, and there should be no loss. The notes of the Clinton Bank of Columbus are not received at Cincinnati, but the bank has not closed its doors. This bank was under the old system, and its charter has expired. The Circleville Bank is closed, but its notes are at par at home and 95 cents at Columbus. In Cincinnati there was an extensive run on the private banks. John S. Dye has closed. McMicken & Co. failed on Saturday. Ellis & Sturges, Smead & Co., and probably others, have issued cards, giving assurances that their assets are ample, and that a few stays will be sufficient to reduce them to money, when every dollar of their indebtedness will be discharged. Gold is selling at Cincinnati at five per cent premium! The Canal Bank at Cleveland made an assignment of its assets to Gordon & Hewett, who, it is said, are paying out specie for its bills. The other Cleveland banks take them as usual on deposit. The Exchange bank of Robert Codd, at Buffalo, has stopped payment. Others are expected to go by the board. Hugh D. King, a banker in Pittsburg, has failed. There is considerable of a panic in the money market of that city. The circulation of the Independent banks of Ohio is secured by State Stocks, and is worth dollar for dollar. The following is a list of them : Bank of Geauga Canal Bank of Cleveland City Bank of Cleveland City Bank of Columbus ; City Bank of Cincinnati; Commercial Bank of Cincinnati; Franklin Bank of Zanesville Mahoning county Bank, Youngstown Sandusky city Bank; Seneca county Bank, Tiffin ; Western Reserve Bank, Warren Bank of Commerce, Cleveland; Bank of Marions Champaign county Bank, Urbana; Franklin Bank of Portage co., Franklin Forest city Bank, Cleveland; Iron Bank of Ironton; Merchant's Bank of Massilon Miami Valley Bank, Dayton; Pickaway county Bank, Circleville Springfield Bank; Stark county Bank, Canton; Union Bank, Sandusky city. Though the notes of the several Branches of the State Bank of Ohio are not thus secured, their circulation may be considered as entirely safe.-IVheeling Gaz.
20.November 18, 1854The New York HeraldNew York, NY
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cond grade in the market, but business paper of the At stamp is not very plenty at ruling quotations. Transal tions at the Stock Exchange were to a fair extent, th market showing a falling off in prices and closing heavy Boston and Providence fell off 32; Worcester, %; Michiga Central, 1/1; Western x; Vermont and Canada, 3. Coppo Falls suddenly fell to 25, $2 lower than yesterday; saleof 53 shares; at the close 253/4 was offered. The assessment of $6 per share is payable on the 20th of December, and not the 2d of December, as stated yesterday. Toltec sold at 4, at which rate there was an active request. In other stocks we notice no special variation. Vermont Central 1st mortgage 7 per cent bonds went at .50, which in 2 per cent lower than last sales. The Cincinnati Gazette of Wednesday, the 14th imst., thus reviews the state of money matters in that city The excitement in financial matters during the week, which for its extent and immediate effect is without n precedent in the history of our city, has occupied the attention of the business community almost entirely. Everything relating to money matters is unsettled, and it is useless to undertake to give our usual quotations. The banks and bankers are doing but little in the way of discounting either bills or local paper, and on the part of the usual street operators there has been a general suspension of loans. R considerable amount of capital has been floating about outside, however, in small sums, and in the hands of parties who.have lost confidence in banking institutions, which is being loaned to merchanis and manufacturers at 8, 10 and 12 per cemt interest. In this way some relief has been obtained, and this money is thus indirectly getting back into the regular channels of trade. For two or three days past matters on Third street presented a quiet appearance, and at present writing no excitement is observable, and so far as regards the bank panic, we have unqestionably experienced the werst. With reference to the private banking houses that were not seriously affected by the run, there is a more settled feeling of confidence, while it seems probable that two, if not the whole of the parties that were forced into a suspension, will very shortly resume. The statement of assets and liabilities so far as made, shows the parties to be entirely solvent. The Gitizens' Bank, of Messrs. Smead, Collard & Hughes, have received checks on themselves in payment of notes, and thus their liabilities are being rapidly reduced. The creditors of Messrs. T. S. Goodman & Co., and Ellis & Sturges, have petitioned their assignee to resign, and permit the parties themselves to take charge of the business, thus exhibiting a degree of confidence in the integrity and ability of the houses that will be fully appreciated by the latter. It is gratifying to notice these and other unmistakable signs of returning confidence. This course will very soon dispel the clouds that have darkened the commercial horizon, for it in confidence rather than money that is scarce, and as the former will gather strength, the latter will increase in supply. Although there has. of course, been much embarrassment of the mercantile and manufacturing branches of trade, no large failures have taken place, and thus the most satisfactory evidence is afforded of the generally healthy and solvent condition of these classes. The contraction that has been steadily practised for six months past, enables parties fo endure the storm, that would, had it come on in a time of expansion, have proved most disastrous.
Run upon Cincinnati Bankers. few weeks since, the bankers and broer of Cinci nati entered into a conspiracy to ruin the Free Banks of Indiana: and through their influence, the run upon these banks has been so severe, that, though they have withstood the pressure, their bills have been depreciated throughout the country. In turn, we notice by late dates from that city, that the bankers of Cincinnati, have been subjected to the same disagreeable experience. They have "sown the wind" and we do not feel called upon to shed very bit_ ter tears that some of them have, in consequence, "reaped the whirTwind" of destruction. Cincinnati papers of Thursday, the 9th instant, notice the failure of ELLIS & STURGES, with liabilities amounting to one million of dollars; SMEAD, COLLARD & HUGHES, of the Citizen's Bank, with Twelve Hundred Thousand Dollars liabilities, and the following whose liabilities are not givenJOHN S. DYE'S Bank, J. R. MORTON & Co., HEWSON & HOLMES, and T.S. GoodMAN & Co. The Columbian notices the following as one of the incidents of the panic: Among the incidents of yesterday, was that of an honest Hibernian, who drew $1700 from Smead & Co.'s Bank in the morning, and after chuekling for a little while over his good fortune, began to be uneasy to know what he would do with his money. If he kept it in notes they would become worthless in his hands and if he changed them for gold, somebody would rob him of it. Every other disposition of his funds presented unpleasant aspects, and after weighing the whole matter, he started back and re-deposited the whole amount, a few minutes before the Bank suspended.
22.November 23, 1854Plymouth BannerPlymouth, IN
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CINCINNATI, Nov. 9 Ellis & Sturgis, and T. C. Goodman & Co., 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. Bodley, clerk in the Banking House of S. W. Farey & Co., has absconded with $5,000 or more, The amount is not certainly known.
23.November 28, 1854Spirit of the TimesPortsmouth, Ironton, OH
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FAILURES! Aside from bank suspensions, we hear of several bankers and] merchants. &c. of some importance. He'are,a few of them : McMicken & Co., private bankers, Cincinnati. Exchange Bank of Robert Codd, Biffalo. Hugh D. King, banker, Pittsburgh. Ellis & Sturges, bankers, Cincinnati. do. T. S Goodman & Co., do. Smead, Collard s Hughes, do. John R. Morton & Co., A. Wilkins & Co., Pittsburgh.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
