17201. Citizen's Bank (Cincinnati, OH)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 14, 1857
Location
Cincinnati, Ohio (39.103, -84.515)

Metadata

Model
gpt-5-mini
Short Digest
bcb9fb74

Response Measures

None

Description

Contemporary articles report the Citizen's Bank 'is not open' and 'compelled to suspend' on Sept 14, 1857. No article describes a depositor run; suspension appears driven by inability to realize assets and losses linked to the Trust Company and Beebe & Co. Later pieces (1858–1859) describe the bank as having failed and being unable to reopen, and by 1859 liabilities were being settled — consistent with permanent closure rather than reopening. Bank type inferred as state (not National/Trust); could also be private but no explicit charter noted.

Events (2)
1. September 14, 1857 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Difficulty in realizing assets and impaired condition/state of mind of senior partner; losses later attributed to failure of the Trust Company and Beebe & Co. contributing to insolvency.
Newspaper Excerpt
CINCINNATI, Sept. 14.-The Citizen's Bank is not open. The proprietors say, owing to the difficulty in realizing and the state of mind of the senior partner, they are compelled to suspend.
Source
newspapers
2. July 30, 1859 Other
Newspaper Excerpt
During the financial panic of 1857-58, the Citizen's Bank ... was forced to suspend. Its liabilities were over one million dollars. ... of the $1,000,000 due when the bank suspended, there is now, outstanding, only nineteen thousand dollars ... Mr. Smead will have a surplus after paying all his debts, of $150,000, upon which it is his intention ... to retire,
Source
newspapers

Newspaper Articles (9)
1. September 15, 1857 Nashville Union and American Nashville, TN
Article from Nashville Union and American, September 15, 1857

Click image to open full size in new tab

Article Text

NEW ORLEANS, Sept. 14.-The Philadelphia, with Havana dates of the 9th and San Francisco of of the 20th ultimo, has arrived. The fever is worse at Havana. California markets are active. The Settlers' Convention nominated Stanley for Governor on the mixed ticket. Washington Territory.-Stephens. Democrat, is elected to Congress by a large majority. Peru.-Sullivan, the British Minister at Lima, was murdered by six Peruvians. Various causes, political and woman, are assigned. Castilla, who was absent at the seat of war, was for. Vivanco was still at Ariguipo. The sent Costa Rican Government has decreed the expected Walkar expedition piratical. A grand Congress of the Spanish American States will soon be held at San Jose. Advices from Balize state that there was only 16 feet of water on the bar, the works proving detrimental rather than otherwise. NEW YORK, Sept. 14.-The steamer Baltic has arrived with Liverpool dates of the 2nd. Four days later. Macaulay is to be elevated to a peerage. Diplomatic relations have been resumed at Constantinople. Details from East India furnish nothing important. Liverpool, Sept. 1.-Sales of Cotton for three days 28,000 bales, including 4000 to speculators and 1000 to exporters. Market closed firm, prices unchanged. Weather favorable for crops. Breadstuffs-Quotations barely maintained.Market dull. Provisions quiet. Lard dull, at 70 shillings. London.-Consols for Money and Account 93} and 97f. The crops have been secured in a fair condition Richardson & Spence's Circular quotes Flour dull, and quotations barely maintained. ALBANY, Sept. 14.-Flora Temple beat Brown Dick three straight heats. Time-2:331., 2:311, 2:32. NEW YORK, Sept. 14.-Further per Baltic.There is nothing definite relative to the Atlantic Telegraph Cable. Mutiny had shown itself at Bombay, but was suppressed. The U.S. frigates, San Jacinto, Portsmouth and Levant were at Shanghai on the 4th of July. A conference was there held between Lord Elgin and the French and English commanders. France.-The Emperors Napoleon and Alexander, of Russia, will have a conference shortly at Darmstadt. It is rumored that the United States and Mexico have entered into a secret treaty, whereby the former will furnish from fifteen to twenty thousand armed volunteers to take Cuba, in case of war with Spain. The threatened rupture between Naples and Piedmont has been dispelled. The British Minister has retired from Florence on account of alleged breach of etiquette. CINCINNATI, Sept. 14.-The Citizen's Bank is not open. The proprietors say, owing to the difficulty in realizing and the state of mind of the senior partner, they are compelled to suspend. NEW YORK, Sept. 14 -Foreign news. England.-The steamers Khersonese and Queen of the South sailed for India with troops. The steamer La Plata arrived at Liverpool with nearly two and a quarter million specie. The treaty between England and Honduras has been ratified at London, giving in effect obligations to Honduras for an Inter Oceanic Railway Company. The English papers discredit the rumor of mutiny at Bombay. The French settlements in India are tranquil. The mutineers in India are short of ammunition. Unless the Emperor of China repudiates the acts of his officers at Canton and makes compensation, Lord Elgiu will declare war and occupy Canton. Eli Boggs, an American, was found guilty of piracy at Hong Kong, and sentenced to transportation for life. The markets at Hong Kong, Shanghai and Foschoo are quiet. New Congou tea opened at 70 per cent. higher than last season. The silk crop is abundant and good. NEW ORLEANS, Sept. 14.-Cotton-Sales 300 bales. Prices stiffer, but unsettled. Receipts 2600 bales. Flour $5.05@$5.20. Corn 75 cents. Red Wheat $1.16. Other articles unchanged. NEW YORK, Sept. 14.-Foreign news per steamer Baltic. Spain will permit Mexico to open negotiations before proceeding to hostilities. WASHINGTON, Sept. 14.-Brigham Young threatens war and sepuration from the Union, if the government troops enter the Territory. Pairo and Nourse, bankers, have suspended. Colonel Benton is very sick here. It is thought he may recover. The overland mail route modifications, at the instance of the Hon. J. S. Phelps, requiring the assent of the contractors, makes the start from St. Louis, through Springfield, Missouri, Fayetteville, Van Buren and Fort Smith, Arkansas, to Preston, Texas, there intersecting the route from Memphis, via Little Rock, Preston and Fort Fillmore to San Francisco. NEW YORK, Sept. 14.-Wesley & Kalowski, bankers have failed, also Swords, Walson & Co., hard. ware merchants, and Newsmith & Co., dry goods merchants. Cotton and oils firm; Wheat $1,25 a1,45; Corn 74a75c.: Whisky 242c.; Lard heavy; Bacon 144a15c.; Sugar 6a61c. for mucovado. CINCINNATI, Sept 13.-Flour $4,15a4,25 ; Wheat dull; Whisky 19c.; oats 30c. The failure of the Citizens Bank caused but little excitement. Money stringent. Eastern exchange two per cent premium.

2. September 15, 1857 Daily Nashville Patriot Nashville, TN
Article from Daily Nashville Patriot, September 15, 1857

Click image to open full size in new tab

Article Text

BY TELEGRAPH. BY THE NATIONAL LINE. [Reports Furnished by the Associated Press.] NEW ORLEANS, Sept. 14.-The P: iladelphia with Havana dates to the 8th, and San Francisco of the 20th ult., has arrived. The fever is worse at Havava. California markets are active. The Settlers' Convention nominated Stanly for Governor on the mixed ticket. WASHINGTON TERRITORY.Stephens, Democrat, is elected to Congress by a large majority. PERU.-Sullivan, the British Minister at Lima, was murdered by six Peruvians. Various causes, political and woman, are assigned. Castilla who was absent at the seat of "war was sent for. Vivanco is still at Areguipa. The Costa Rican Government has decreed the expected Walker expedition piratical. A grand Congress of the Spanish American States will soon be held at San Jose. Advices from the Balize state that there are only 16 feet water on the bar, the works proving detrimental, rather than otherwise. ARRIVAL OF THE BALTIC. New York, Sept The steamer Baltic has arrived with Liverpool detes of the 2nd, being four days later. Macaulay is to be elevated to a peerage. Diplomatic relations have been resumed in Constantinople. Details from East India furnish nothing important. LIVERPOOL, Sept. 1.-Sales of cotton for three days 28,000 bales; including 4,000 to speculators and 1,000 to exporters. Closed firm. Prices unchanged. Weather favorable for crops. Breadstuffs-quotations barely maintained, dull. Provisions quiet. Lard dull, at 70s. LONDON.-Consols for money and account 931 a971. The crops have been secured in a fair condition. Richardson & Spence's circular quotes flour dull and quotations barely maintained. ALBANY, Sept. 14.-Flora Temple beat Brown Dick three straight beats. Time 2-33}; 2.31}; 2-32. FURTAER PER BALTIC. NEW YORK, Sept. 14.-There is nothing definite relative to the Atlantietelegraph cable. Mutiny bus shown itself at Bombay, but was pressed. The U.S. Frigates San Jacinto, Portsmouth, and Levant were at Shanghai on the 4th of July. A conference was then held between Lord Elgin and the French and English commanders, FRANCE -The Emperors Napoleon and Alexandi r, of Russia will have a conference shortly at D rm-tact. It is rumored that the United S tates and Mexico have entered into a secret treaty, when by the former will furnish from 15 to 20,000 armed volunteers to take Cuba, in case of War with Spain. The threatened rupture between Naples and Pi dmont his dispelled. The British Minister has retired from Florence on account of an alleged breach of etiqutte. CINCINNATI, Sept. 14.-The Citizen's bank is not open The proprietors say, owing to the diffi ulty in realizing, and the state of mind of the senior paitner, they are compelled to suspend. FURTHER FOREIGN NEWS. ENGLANDThe steamers Khersonese and Queen of the South sailed for India with troops. The steamer La Plata arrived at Liverpool with nearly two and a quarter million of specie. The treaty between England and Honduras has been ratified at London, giving in effect obligations to Honduras for an inter-oceanic Railway Compyny. The English papers discredit the rumor of mutiny at Bombay. The French settlements in India are tranquil. The mutineers in India are short of ammunition. Unless the Emperor of China repudiates the acts of his officers at Canton, and makes compensation, Lord Elgin will declare war and occupy Canton. Eli Boggs, an American, was found guilty of piracy at Hong Kong, and sentenced to transporta tion for life. The markets at Hong Kong, Shanghai, and Fouchoo are quiet. New Conjon tea opened at 70 per cent higher than last season. The silk crop is abundant and good. FURTHER FOREIGN NEWS PER STEAMER BALTIC. NEW YORK, Sept. 14 -Spain will permit Mexico to open negotiations before proceeding to hostilities. WASHINGTON, Sept. 14.-Brigham Young threat ens war and separation from the Union, if the gov ernment troops enter the territory. Pairo & Nourse, Bankers, have suspended. Col. Benton is very sick here. It is thought he may recover. The overland mail route ratfications, at the instance of the Hon. J. S. Phelps, requiring the assent of the contractors, makes the start from St. Louis through Springfield, Missouri; Fayetteville, Van Buren, and Fort Smith, Arkansas, on to Pres ton, Texas, there intersecting the route from Mem phis, via Little Rock, Preston, and Fort Fillmore, to San Francisco. NEW YORK, Sept. 14.-Wesley & Kalouski, bankers, have failed; also, Swords, Walton & Co., Hardware Merchants, and Nesmith & Co., Dry Goods Merchants. CINCINNATI, Sept. 14 --The failure of the Citizen's Bank caused but little excitement. Money stringent. Eastern Exchange 2 per cent prem.

3. September 16, 1857 Nashville Union and American Nashville, TN
Article from Nashville Union and American, September 16, 1857

Click image to open full size in new tab

Article Text

BY TE LEGRAPH & Kalowski 14.-Wesley Sept. NEW YORK, Walton & Co. Swords, also failed: bankers, hardware have merchants; ai id Nesmith & Co., dry goods merchants. Cotton steady; Flour and Oils firm; Wheat $1.25@$1.45; Corn 74@75 cents; Whisky 241 cents Lard, heavy ; {Bacon, 14] @15 cents; Sugar 6@63 cents for Muscovado. CINCINNATI. Sept. 1. 4.-Flour $4.15@$4.25; Wheat dull; Whisky 19c.; Oats 30c. The failure of the Citizen 's Bank caused but little excitement. Money string ent. Eastern exchange 1 8 cent. premium. NEW YORK, Sept. -The Bank statement, ending Saturday, shows a dec rease in loans of two million two hundred and thir ty-five thousand dollars. Decrease in circulation hre hundred and fifty thousand dollars. Decrease in deposits three million one hundred and three the usand dollars. Increase in specie one million nine) hundred and fiftyfour thousand dollars. WASHINGTON, Sep. 15.-Lieu.t. Beale's Waggon Road Expedition reached Alguquerique on the 9th of August. The party were all well. The Indians were troublesome. Col. Benton is improving. NEW YORK, Sep. 15.-The steamer Persia arrived with Liverpool dates of the 3d. The Underwritersof the Atlantic Telegr aph Cable offer 36½ per cent., and surrender the lost portion to the owners. Eleven more British Regiments are under orders for India. The "Paris Pays denies that the Island of Tormosa is being occupied by the United States. The Assises at Paris condemned Ledru Rollins, Mazini, and others, to deportation. The Spanish papers deny the existence of a secret treaty between the United States and Mexico. The King of Prussia's health causes uneasiness. France and England will shortly resume diplomatic relations with Naples. Russian troops are concentrating on the Austrian frontier to prevent interference with the Principalities by the latter. Liverpool.-Tallow quite steady; Spts. Turpentine 35a36; Rosin steady; Linseed oil 41s; Sugar heavy-declined 1 shilling; Rice firm-all qua lities slightly advanced. Bullion in the Bank of England increased 270,000 pounds during the week. Baring Brothers quote an average business in money without notable change. American St curities unimportant. Quotations nominal. LATER. Liverpool, 5th.-Funds dull yesterday. Cons his opened at a decline of 1th, and subsequently f Ill still lower. Money less abundant. Short loans 0 n Government securities in demand at 41. Sales of Cotton for the week 65,000 bales. Specalators took 15,000 bales, and Exporters 2,000 bales. Market closed firm and quiet at an advance of one-sixteenth: Fair Orleans 98; Middling 8 15-16; Fair Mobile 91; Middling 87; Fair Upland 91; Middling 8 13 16. Surat and other pottons advanced one-eighth to one-fourth. Stock of American cotton in port 278,400 bales. Manchester advices favorable. Havre, 3d.-T. es Ordinaire 124 francs. Liverpool, 4th.-Market closed advancing. Corn firm, 1 to 2s advance. Flour and Wheat firm. Red wheat advanced 2 to 3d on Tuesday's rates. Pork quiet and easier. Bacon firm. Lard 70 to 71s. Beef dull-declined 5 to 10d. Consols 90% to 901. KEOKUK, Iowa, Sep. 1.-A fire occurred on the 10th. Loss $100,000. The principal sufferers are Wooster & Temple, Marcout & Page, D. Morrison, McLearing & Huskamp. NEW YORK, Sep. 15.-Among the passengers by the Persia are Chevalier Hulseman, Rev. Dr. Tyng, and Charlotte Cushman. NEW ORLEANS, Sep. 15.-Cotton sales 3000 bales.-Sweeping off nearly all the new. Prices stiff. Middling 15}a15}c; Good Middling 16a16}c. A New York statement of the cotton crop for the year says it will be 2,939,522. Sterling 83. ST. LOUIS, Sep. 15.-Flour 4,40; Wheat 1,10a 1,12}c; Corn 50c for mixed, 54a55 for white; Oats 34a36c; Hemp 90a1,13; Tobacco 7a151. NEW YORK, Sep. 15.-Cotton steady. Flour bouyant at 5,75a6,10. Wheat and Corn buoyant. Chicago beef 16,75a17,00. Lard 154a152 Sugar declining. Bacon-14kc for hams, and 12c for shoulders. Pig iron dull. Tallow 11½c. - RONDOUT, Uister County, Sep. 15.-The banking house of Davis, Suydam, Dubois & Co. has suspended. WASHINGTON, Sep. 15.-Judge Bowlin, Minister to Bogota, has resigned.

4. September 20, 1857 Nashville Union and American Nashville, TN
Article from Nashville Union and American, September 20, 1857

Click image to open full size in new tab

Article Text

# COMMERCIAL. Monetary and Commercial. The Cincinnati Price Current, of the 16th inst., says the general aspect of affairs during the week, has not improved; want of confidence exists to an uncomfortable degree, which is partly to be attributed to the various heavy failures which have taken place in New York during the week, and to an unfavorable aspect the affairs of the Trust Company have assumed together, with the suspension of the Citizen's Bank, which though anticipated, produced some excitement. The Price Current says: Produce, owing to the general distrust that prevails, moves slowly, but prices having settled to a comparatively low point, in the Eastern markets, trade is becoming more active, and we look for a general improvement in this department of trade—not particularly in prices, but in the amount of business to be transacted. Ohio Flour, fair brand, is now $5 65@$5 75 in New York and $4 15 here. This affords a fair shipping margin. At Liverpool on the 2nd inst., Ohio Flour was 32s. equal to $7 58. Freight from New York to Liverpool 30@36c. Here is also a shipping margin, the figures comparing as follows: Ohio Flour in New York...$5 70 Freight to Liverpool.... the 36

5. April 8, 1858 Belmont Chronicle Saint Clairsville, OH
Article from Belmont Chronicle, April 8, 1858

Click image to open full size in new tab

Article Text

A Man in Blissful Ignorance of Broken Banks. The truth of the quotation that 'ignorance is bliss,' was very we!l exemplified on Wednesday in Cincinnati. The Gazetie says that a man living within twelve miles of that city, who a long time since deposited a sum of money in the Citizen's Bank, brought his certificate into town to demand payment. He whs horror struck on learning the fact that the bank had 'busted' six months ago! He finally visited ano.her institution, and sold his certificate for seventy-five cents on the do lar. It would be safe to bet a year's subscription that that individual's name cannot be found upon the mail list of any newspaper, in or out of the State. He did'nt even know that the country had passed through an extraordinary financial panie, and that half the banks and bankers had been in a 'suspended' condition. Verily, When ignorance is bliss,

6. May 6, 1858 St. Charles City Republican Intelligencer Charles City, Saint Charles City, IA
Article from St. Charles City Republican Intelligencer, May 6, 1858

Click image to open full size in new tab

Article Text

In Cincinnati, a few days since, a man who resides within twelve miles of that city, walked into the Citizen's Bank, for the purpose of obtaining a sum of money which he had deposited there several years ago. The Bank had failed six months since. He had not heard of the late financial panic.

7. May 11, 1858 Clearfield Republican Clearfield, PA
Article from Clearfield Republican, May 11, 1858

Click image to open full size in new tab

Article Text

IN Cincinnati, a few days since, a man, who resides within twelve miles of that city, walked into the Citizen's Bank for the purpose of obtaining a sum of money which he deposited there several years ago. Imagine his feelings on learning that the bank had failed six months ago ! He had not even heard of the panic which recently swept over the country with such a leveliing influence.

8. August 12, 1858 White Cloud Kansas Chief White Cloud, KS
Article from White Cloud Kansas Chief, August 12, 1858

Click image to open full size in new tab

Article Text

WHERE IGNORANCE WAS NOT BLISS.In Cincinnati, a few days since, a mes. who resides within twelve miles of that city, walked into the Citizen's Bank for the purpose of obtaining a sum of money which he had deposited there several years ago. Imagine his feelings on learning that the bank had failed six months ago ! He had not even heard of the panic which recently swept over the country with such a levelling influence.

9. August 4, 1859 The Press and Tribune Chicago, IL
Article from The Press and Tribune, August 4, 1859

Click image to open full size in new tab

Article Text

The Ups and Downs of a Cinciunati Banking House-A Right at Last, [From the Cincinnati Gamtte, July 30.] During the financial panic of 1857-58, the Citizen's Bank of this city, owned by Smead, Collard & llughes, 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 of $150,000 of its cash means through the failure of the Trust Co., of this city and Beebe & Co., of New York. When the first suspension took place in 1854. an exhibit was made which showed a large 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 surplos 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 fall 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 failure 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 pr. pared 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,