15056. City Bank (Columbus, OH)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 25, 1857
Location
Columbus, Ohio (39.961, -82.999)

Metadata

Model
gpt-5-mini
Short Digest
fb8cb9692c95ca7a

Response Measures

None

Description

Newspaper items show City Bank (Columbus, OH) listed among suspended Ohio banks during the Panic of 1857 (list to Sept. 25, 1857). Later (Chicago Daily Tribune, Dec 1, 1863) a notice says the City Bank of Columbus is being wound up by court and a receiver (W. A. Platt) appointed — indicating permanent closure/receivership. No article describes a depositor run on this specific bank; suspension appears driven by the broader 1857 financial panic.

Events (3)
1. September 25, 1857 Suspension
Cause
Macro News
Cause Details
Listed among many banks suspended in the wake of the nationwide Panic of 1857; suspension appears to be part of widespread financial stringency rather than a bank-specific scandal.
Newspaper Excerpt
Columbus City Bank, Columbus, Ohio. ... LIST OF SUSPENDED BANKS TO SEPT. 25TH.
Source
newspapers
2. October 3, 1857 Other
Newspaper Excerpt
The banks have repudiated nearly all foreign bills... the notes of the suspended Ohio Banks were thrown out to-day, also the notes of the Ashland (Ky.) Bank. The Miami Valley, Seneca County, Canal Bank of Cleveland, City Bank of Columbus, Clinton Bank of Columbus, Dayton Bank, Springfield Bank, and Upton Bank Sandusky, ... if some change does not take place for the better soon, the consequences must be most disastrous.-Commercial.
Source
newspapers
3. December 1, 1863 Receivership
Newspaper Excerpt
The City Bank of Columbus, Ohio, by order of the Court, is winding up its affairs. ... W.A. Platt has been appointed Receiver.
Source
newspapers

Newspaper Articles (5)
1. October 6, 1857 The Davenport Daily Gazette Davenport, IA
Article from The Davenport Daily Gazette, October 6, 1857

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Article Text

St. Louis. Sr. LOUIS, Oct. 3d. We have nothing new to notice in the money market. Great stringency and insecurity continue to prevail. The body of our business men, however, stand firm, and no recent failures have been reported. The currency question is involving the community in greater embarrassment than ever. The banks have repudiated nearly all foreign bills, and throughout the city there is a great lack of a circulating medium. Retail traders are refusing all bank bills except those of the State Banks of Ohio and Indiana. Something must be done by our financiers to improve this state of things. The brokers aae holding frequent meetings but as yet, have recommended no means by which to escape the troubles. They only desire to save themselves. Our merchants should go to work and adopt some remedial plan for the whole people. Certainly, we have financial talent enough in our city to extricate us from this difficulty. The disorders of the community consequent upon the money troubles, have already been overcome. We have no longer any panies to contend against. All is quiet. The banks are safe and sound. The only difficulty is, how to start the wheels of currency. Let our competent business men, we have plenty of them, take the matter in hand. It must be done and quickly too. Rates of Exchange are entirely nominal. Prices for money are irregular, the banks discounting a very little at their legal rates, any outside lenders getting almost anything they ask-St. Louis Democrat, 3d. Cincinnati. CINCINNATI, Oct. 3d. This was another gloomy day in financial and business circles, and very little was done during the day. All seem as if waiting for the crisis, and what may be its conseqences in discussed generally. Money cannot be borrowed to any great extent. Exchange on New York is scarce, and in demand at 5 prem., and in one case, we know 9 prem., was paid. The banking houses are discriminating more closely, and the notes of the suspended Ohio Banks were thrown out to-day, also the notes of the Ashland (Ky.) Bank. The Miami Valley, Seneca County, Canal Bank of Cleveland, City Bank of Columbus, Clinton Bank of Columbus, Dayton Bank, Springfield Bank, and Upton Bank Sandusky, and it in clear that if some change does not take place for the better soon, the consequences must be most disastrous.-Commercial.

2. October 9, 1857 Vermont Watchman and State Journal Montpelier, VT
Article from Vermont Watchman and State Journal, October 9, 1857

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LIST OF SUSPENDED BANKS TO SEPT. 25TH. Meusam River Bank, Sanford, Maine. Canton Bank, South China, Maine. Ellsworth Bank, Maine. Exchange Bank, Bangor, Maine. Sanford Bank, Sanford, Maine. Exter Bank, New Hampshire. Danby Bank, Vermont. South Royalton Bank, Vermont. Bank of the Republic, Providence, R. I. Bank of South County, Wakefield, R. I. Farmers' Bank, Wickford, R. 1. Mount Vernon Bank, Providence, R. I. Tiverton Bank, Fall River, R. I. Warwick Bank, Warwick, R. I. Merchants' Exchange Bank, Bridgeport, Ct. Colchester Bank, Conn. Bank of Orleans, Albion, New York. Hollister Bank, Buffalo, New York. Niagara River Bank, Tonawanda, N. Y. Oliver Lee & Co.'s Bank, Buffalo, N. Y. Ontario County Bank, Phelps, N.Y. Ontario Bank, Utica, N. Y. Reciprocity Bank, Buffalo, N. Y. Sackett's Harbor Bank, Buffalo, N. Y. American Bank, Trenton, N. J. Bank of New Jersey, New Brunswick, N.J. Bergen County Bank, Hackensack, N. J. Bank of Kanawha, Virginia. Trans-Allegany Bank, Virginia. Bank of Commerce, Georgetown, D. C. Canal Bank, Cleveland, Ohio. City Bank, Cincinnati, Ohio, Seneca County Bank, Tiffin, Ohio. Miami Vally Bank, Dayton, Ohio. Clinton Bank, Columbus, Ohio. Columbus City Bank, Columbus, Ohio. Union Bank, Sandusky, Ohio. Agricultural Bank, Brownsville, Tenn. Bank of West Tennessee. Bank of the Capitol, Indianapolis, Ia. Central Bank, Indianapolis, la. Bank of Elgin, Elgin, Illinois. Rock River Bank, Beloit, Wisconsin. Pennsylvania Bank, Philadelphia. Girard Bank, Phiadelphia. Bank of Canandaiagua, Canandaigua. Western Bank, Lockport, N.Y. Commercial Bank, Philadelphia. Six Penny Savings Bank, Rochester, N. Y. Albany Eve. Journal.

3. October 23, 1857 Indiana American Brookville, Indianapolis, IN
Article from Indiana American, October 23, 1857

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Article Text

folks can only realize six, except in times like these when they can realize from five to a hundred, OVER THE LEFT. But says the friend of banks, "well regulated banks are useful"-so, we add would be a well regulated whirlwind,-take the twists out of it, and "regulate" its speed to about five miles an hour, and it would not only be harmless but very pleasant ; but it would no longer be a whirlwind, that is all() Take away from banks the power to shave-the right to take all the interest it wants-the right to"issue notes, and the right to break with those notes in the hands of poor people, and it would no longer be a bank. Some of our readers want us to give a tlist of bad banks, That would require about twice large a sheet as ours, devoted to banks alone. The New York banks are all suspended. The following are considered too bad to take, all others are current: Ingra River bank, Tonawanda. Agricultural bank, Herkimer County, Dairyman's bank, Newport, Hollister bank, Buffalo, Ontario bank, Utica. O. Lee & Co's bank, Buffalo. Bank of Orleans, Albion. Reciprocity bank, Buffalo. Sackett's Harbor bank, Buffalo, Yates County bank, Penn Yan. Tompkin's County bank, Ithaca. Huguenot bank, New Paltz, Medina bank, Medina. Troy City bank Troy. Central bank of New York, of Utica. Hamilton Exchange bank. Greene. The following Illinois banks have increased their securities, and are current: Agricultural bank: Alton bank; Bloomington bank; Central (Peoria) bank : City (of Ottawa) bank; Chicago bank; Citizen bank; Elgin bank; Edgar County bank: Farmers' and Traders' bank; Frontier bank; Galena bank: Grayv Ille bank; In. ternational bank; Lafayette bank: Marion bank; McLean County bank; Merchants' and (Drovers bank; National bank: Northern Illinois bank; Na. pierville bank; Prairie Sta to bank; Bank of Peru; Pike County bank; Quincy bank; Railroad bank: Southern (Gravville) bank; State (Shawneetown) bank; E. 1. Tinkham & Co's bank; Warren County bank. The Ohio State Banks except the following, are current now, but may not be by the time our paper reaches its readers. Dayton Bank. Sandusky City do. Clinton do. Columbus. Miami Valley do. do. Columbus. City Franklin do. Columbus. The Kentucky Banks are yet current The following Free Banks in Indiana have increased their securities and are re" garded safe. There surplus of securities, over issues of 114,999: Bank of Goshen " Gosport. Mt. Vernon. Indiana. " Paoll. " Rockville. " Salem, New Albany. : Salem, Salem. Bloomington Bank. Cambridge City do. Canal do do Crescent City do Exchange do Westfield. Farmers' do Indiana Indiana Farmsrs' de Kentucky Stock do do Lagrange do Parke County do Prairie City Salem do Goshen. Southern do of Indiana. Thy following banks are closing, but their securities are good, amounting to 7,565 above issues: Central Bank. Brookville do Bank of the Capitol. " of Elkhart. of Monticello. of Syracuse Hoosier do Indiana Stock do Huntington County do Indiana Reserve do Fayette County do Merchants & Mechanics' do The Tippecanoe Bank is under protest.

4. February 20, 1858 The New York Herald New York, NY
Article from The New York Herald, February 20, 1858

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FINANCIAL AND COMMERCIAL. AHNON FRIDAY, Feb. There was renewed buoyancy in the stock market this morning, with increased activity among operators. The tendency was upward throughout. At the first board Michigan State 6's advanced 1 per cent, Missouri 6's 1. California 7's 1. Illinois Central P"H pus Delaware it Company Created 18 'spuoq son, #: New York Central Railroad, 1; Erie, 1; Hudson River Railroad, 11; Harlem, 4; La Crosse and Milwankie, 1; Reading, 1; Michigan Central, 21; Michigan Southern preferred, 1; Panama, 1; Galena and Chicago, 1; Chicago and Rock Island, 1. La Crosse land grant bonds fell off 1 per cent; Cleveland and Toledo, 4. Cusiberland opened and closed without material alteration in prices, with moderate sales. Hudson River Railroad was active this morning, and advanced to 281 per cent, cash. There is no speculative movement that we can -de #1 and se stoold sith u! pears to be quietly but steadily advancing Chicago and Rock Island opened at an improvement and closed firm at our quotations. Galena and Chicago has for some days advanced rapidly, and seve ral large holders have realized. The market does not seem to be unfavorably affected by the supply. These prices must bring out a great deal of stock from parties desirons of going into lower priced securities, which as yet have not moved much. In this way one after another stock is taken up and carried forward in turn. At the second board the market for some stocks was lower, but an active business not realized. Canton Company advanced 1 per cent; Michigan Central Railroad, 1; Cleveland and Pittsburg, 21. New York Central Railroad declined I per cent; Harlem preferred, 1; Reading, 1; Chicago and Rock Island, 4; Michigan Southern, old, 1 Panama. #; Galena and Chicago, 1; La Crosse and Milwaukie, 1. Most of the transactions at the board this afternoon were for cash, which looks very much as though money holders were securing their profits. If this movement should be carried to any extent the market have to wait for new buyers before another upward eourse of prices would be realized. great abundance of money is the basis of confidence among speculators, and until there are evidences of a demand for the legitimate purposes of trade the upward movement in stocks is not likely to be anything more than temporarily checked. After a rapid rise reactions are natural, and will frequently occur; but they will only give better opportunities for the most sanguine operators to come in upon more favorable terms, and help to give greater impetus to the market. Money is now almost a drug, and the banks anticipate greater difficulty in loaning their surplus upon favorable terms. The Assistant Treasurer reports to-day as follows:Total receipts Total payments Total balance 22 The receipts to day include $26,000 from customs. The operations at the Cleaning House to-day were -:SMONOJ se 96 seFawyoxe [10] Total balances 91 701696 The Finance Committee of Milwaukie, to whom was referred the subject, in view of the fact that city IIIM 1859' u! penssi '009' $21 JO ;unours em 01 spuoq the uo 000' also "xext March JO 1818 eq: uo 1st of May next, recommend in their report the issue of $35,000 new bonds. for the purpose of redeeming the above bonds, providing, however, the new bonds shall not be sold at a less price than 75 cents on the dollar. The Albany Argus of this morning says in relation to the Country Banks' Convention, now being held in that city:The object of the gathering was to consult in relation to pue notes yureq Enunoo Jo поддшерад em whether it is advisable to establish a Clearing House for SUM a repsed SEM eommittee V "HYUBQ on you pip 9.M inq us permissioner STOM action JO crejd due require The Cleveland Herald of the 17th inst. states that pre- the uo 18 received SEM the vious day that the fund in the State Treasury, in tended for the redemption of Canal Bank notes, had been exhausted: consequently, for all notes of that bank now afloat there is no provision in the treasury. The Cleveland banks on the 17th threw out the notes of that bank; and also the notes of the Union Bank, Sandusky; City Bank, Columbus, and Seneca County Bank, Tiffin. The exports and imports of the port of New Haven, Conn., for the year ending June 30, 1857, were as Imports. Exports. 188'81$ 208 169$ Domestic, free 908'F efquine Total 319'10'$ The total value of the exports of Connecticut for the year was $1 .095 402: of imports, $1,116,801. The New Orleans Picayune of the 10th instant contains the following in relation to the Southern Pacific Railroad:We have already mentioned the assurances received our 10 uoness twenty 1830 eur 18q1 morj Southern Pacific Railroad would certainly be completed in Toxas em jo computed eq1 que Ajduco 01 awn mg charter. That time expires on the 16th instant, Tuesday of next week We have now the great gra ification of Sujuunj CARTH ey: pus 'edop 81 MOM em 1841 20 amounts over the whole line of the section. Official intelligence has been received to this effect by the officers of the com pany here. The condition which this work complies with Feb ) banker am 30 dogoes 9761 em III panoj HI 16, 1852), which enacts that 'If said railway shall not be small jo observed em mo.j years DATE разнешшое act, and at least twenty miles thereof are not completed within SIX years, this charter shall be null and void. 01 ann on: pure security JO sun Besides eq: unnum 140.00 sith 81] pus charger and us; 18MA jo creect Agee go eq: jo shares pust am 88 enterprise sign 04 commond State, whenever twenty five miles of the road shall have been completed and put in running order. the company becomes entitled to sixteen sections of land per mile, or jo . 01 puw eAg em 103 $9208 000 99% ,000 mile out of the school moneys of the State. The in Supper JOJ donised 200.00 us phorefore 'St company arrangements for the future. The road has surmounted 811 THA sejety 81 pue puoses pue 18.11 our use Aven pus puwj pus signi chanter aming BW III woddens pus againd JOJ movements. The annexed statement exhibits the value of foreign dry goods imported at this port during the week, and since Jan 1, in each of the past three -: fears MOVEMENTS IN FOREIGN DRY Goods. 1858 1857 1859 For the week Entered at the port $2,464,390 2,194,173 1,299,126 Thrown on market 2,627,352 2,253,916 1,893,536 Since Jan Entered at the port $16,237,213 20,627,596 7,216,116 Thrown on market 16,555,048 20,940,361 9,309,276 The dry goods trade the present week has made but little advance on the current business of last week, and we do not expect any decided movement until about the first week in March. After unusually mild winter weather the cold the present week has been the most severe of the season, which, at the West and in other places, has interrupted

5. December 2, 1863 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, December 2, 1863

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FINANCIAL AND COMMERCIAL. THE MONEY MARKET. TUESDAY EVENING, Dec. 1, 1863. The feature In the money market, is the gradual tightening of New York exchange. The rates are now uniform or nearly so, at par buying and ½ promium selling. Were not the demand for currency still heavy the selling price would be X. The market for gold is unsettled and feverish, operators being their wit's ends to determine whether It is likely to go up or down. The rates in Wall street were дя follows as reported by private dispatches; at 0:80 a. m. 14314: 9:13, 1481/1; 12:30 p. m., 148% closing at the second board at 117%. The buyIng range here was 146@146y-the lower the more usual rate. Silver-Little offering. Buyers pay 173@136. Legal Tender notes unchanged, viz: KOX buying, selling X. Money is still exceedingly close, and rates of discount V ery firm at 10@15 per cent. AT MILWAUKEE.-The Sentinel of yesterday says We have still to report a very stringent money market here, 80 much 80 as 10 materially restrict business. Nobody expects this scarcity of money to be anything more than of brief duration. BANK ITEMS-The Bank of the Metropolis, of Boston, has gcne into liquidation. and a "Bank of Metropolis, or S. A. Way's Bank, as per public notice, succeeds. - The City Bank of Columbus, Ohio, by order of the Court, is winding up Its affairs. The outstanding notes of the Bank must be presented for redemption previous to the 1st of June, 1551, to the Franklin Bank, or Columbus, Ohio. W.A. Platt has been appointed Receiver. There are nearly 5,000 different accounts in the Townsend Savings Bank at New Haven with children, all in sums of $5.00 or less. -Mesers. J. E. Turcotte, Hector Langevin and G. DeBoucherville were chosen Directors for the Credit Foncier Bank, St. Hyacinthe, Canada. branch of the Commercial Bank of India, which has branches at London, Calcutta, Foochow, Hong Kong, Hankow, and Shanghae, has been established in San Francisco, under the supervision of Richard Newby, Esq. The leading objects of this agency, for the present, are. the sale of exchange, and the purchase of bullion for Oriental markets; with an ultoflor view to the greater facilitation of commercial Intercourse with Asiatic ports. - M. Emile Periere, a noted Parislan financier, has purchased the Bank of Savoy, which has a. right to Issue circulating notes. This has greatly alarmed the Bank of France, which has the sole right in Its own country of issuing such notes. The Bank of Savoy is to have on Increase of capital, and will shortly come in confict with the Bank of France. COUNTERFEITS.-The following Is a Hat of new counterfeits and altered bank notes detected in circulation during the week ending Nov. 27, 1863: Union Bank, Boston, Mass.-3. Vig., two females and spread cagle; portrait each end. Adams Bank, North Adams, Mass.-53, imitation. The letters of the name of the bank are smaller than in the true bill. On the right end of the genuine note Ien train of cars passing a bluff: in the counterfelt the train is on an embankment with a tree to the left of the track in front of the engine. Cristol Co. Bank, Taunton. Mass.-5s altered from 1s. Vig., view of Taunton Green; on right end 5, female below. Bucksport Bank, Bucksport, Me.-10s, altered. Vig., men cheering, cars; Indian on left. Cocheco Bank, Dover, N. 11.-109, imitation. Valcan, care, building, &c. Home Bank, West Meridian, Conn.-10s, altered. Vig., three females: lower right, bust of female with -bcar of grain, 10 above; left end, full length female neure. Bank of Rutland, Vt.-3, counterfeit. Vig., drove of cattle fording a Stream of water, farm house in the distance; portrait of Washington In lower left: two females, one with sickle and sheaf of grain, in lower right corner. Fermers' Bank of the City of Troy, Troy, N. Y.-3d. Vig., farmer on horseback, drove of sheep, &c. Perrin Bank, Rochester, N. Y.-53. Vig., a train of cars; on right end 5, die. FIVE; on left end 5, male portrait. In the gennine cars run to right. International Bank, Buffalo, N. T.-3d, altered. Vig., cagle and shield, female each side, &e.; Webster on left end. Mechanics' Bank, Baltimore, Md.-3s. Vig., marine view: right end THREE, eagle, 8; left end 3, eagle, THREE. Citizens' Bank, Baltimore, Md.-2s spurious. Vig., head of Washington in a frame, eagle on right end. Billa are afloat in the southern part of the State purporting to be issued by the "Hartford Exchange Bank" in Indiana. These is no such bank.