17223. Ellis & Sturges (Cincinnati, OH)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: private
Start Date: November 23, 1853
Location: Cincinnati, Ohio (39.103, -84.515)

Metadata

Model: gpt-5-mini
Short Digest: aeee0447

Response Measures

Public signal of financial health, Full suspension

Other: Bank made assignment to an assignee/attorney; subsequently went into liquidation.

Description

Multiple newspaper dispatches report runs on Ellis & Sturges in Oct–Nov 1854 (and an earlier 1853 incident). The firm paid demands initially (Oct 19, 1854) but closed and made an assignment in early November 1854 (Nov 8–9), i.e., suspension followed by assignment/liquidation. Cause of the run/suspension appears linked to runs on other local banks and related regional banking failures (local contagion).

Events (5)

1. November 23, 1853 Run

Cause Details: Local depositor nervousness; a prominent gesture (delivery of a bushel of notes by Dr. Smead) helped reassure the crowd and quell the run.
Measures: Reinforcement of cash at counter provided by another banker (Dr. Smead) which calmed depositors.
Newspaper Excerpt: The run on Ellis & Sturges was kept up yesterday morning... Dr. Smead... with a bushel basket, full of bank notes ... placed at the disposal of Messrs E. & S.... the excitement had almost entirely subsided.
Source: newspapers

2. October 19, 1854 Run

Cause: Local Banks
Cause Details: Run triggered by failures/distress among other Cincinnati/private banks (e.g., Outcall & Co., Kentucky Trust Co.) and general local banking panic.
Measures: Paid every demand; reported as well fortified and payments continued through the day.
Newspaper Excerpt: The run to-day was confined to Messrs. Ellis & Sturges, private bankers... They paid every demand made upon them, and are well fortified against further demands.
Source: newspapers

3. November 8, 1854 Suspension

Cause: Local Banks
Cause Details: Closure/suspension followed heavy runs and widespread banking distress in Cincinnati (runs on multiple private banks and prior failures), leading the firm to close and make assignment of effects (go into liquidation).
Newspaper Excerpt: The banking house of Ellis & Sturges closed this morning... Ellis & Sturges have made assignments.
Source: newspapers

4. November 9, 1854 Receivership

Newspaper Excerpt: Ellis & Sturges have made assignments... The Messrs. Hatch & Langdon... paid all the demands... It is reported... the parties have made an assignment of their effects, and the bank will go into liquidation. Ellis & Sturges have made an assignment to Vachel Worthington, Esq., Attorney at Law. This bank cannot be opened to day. ... Immediate steps will be taken to arrange and settle up the affairs of the house. ELLIS & STURGES. Per W. S. Woodward, Attorney. 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 reported... that the parties have made an assignment of their effects, and the bank will go into liquidation. (banking house of Ellis & Sturges was not opened during the day) ELLIS & STURGES. Per W. S. Woodward, Attorney. (statement posted on building).
Source: newspapers

5. * Other

Newspaper Excerpt: Various reports and commentary on the wider Cincinnati banking panic; references to other banks failing and to public excitement around suspended houses.
Source: newspapers

Newspaper Articles (22)

1. November 24, 1853 The Davenport Gazette Davenport, IA

Article from The Davenport Gazette, November 24, 1853

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# A BUSHEL OF MONEY. The "run" on Ellis & Sturges was kept up yesterday morning to some extent by the small depositors, as on the day previous. During the morning no little excitement was created by the appearance of Dr. Smead, of the Citizens' Bank, preceded by two persons carrying a bushel basket, full of bank notes which they proceeded to carry behind the counter and place at the disposal of Messrs E. & S. This sudden and unexpected movement rather non-plussed the crowd, and many of them retired, fully satisfied that there was no occasion for alarm as the piles of money stacked up before them--being the aforesaid bushel, and a "heap" besides--would keep the paying teller in exercise for several days to come. In the afternoon the excitement had almost entirely subsided, and we presume to-day all will be quiet. This singular incident is peculiarly characteristic of Dr. Smead, and shows a fellow feeling which might be emulated with credit by competitors in business of all classes, in times of need.--Cin. Com.

2. October 20, 1854 Evening Star Washington, DC

Article from Evening Star, October 20, 1854

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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.

3. October 20, 1854 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, October 20, 1854

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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.

4. October 21, 1854 Wheeling Daily Intelligencer Wheeling, WV

Article from Wheeling Daily Intelligencer, October 21, 1854

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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.

5. October 21, 1854 Richmond Daily Whig Richmond, VA

Article from Richmond Daily Whig, October 21, 1854

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POSTSCRIPT. FIRE AT LOUISVILLE-BANK FAILURES, &c. LOUISVILLE, Oct. 18.-A fire occurred here last a ght, which originated to the extensive bock store of H. v. Morton, on Maiue street, near Third. The Names conmunicated to the tin store of Messrs. McDermott, Clifford & Co., and to the queensware store of Messre. Cassidy & Hopkins, which were slightly damaged. All of Mr. Morton's stock was destroyed, but Measrs. McDermott & Co., saved a small portion of their goods. The loss is estimated at $45,000, mostly covered by insurance. Major J. L. Marisio, one of the oldest and wealthiest citizens of Louisville, died yesterday. The Bonnersville Bank suspended payment to-day. THE OHIO STATE fair. NEWARK, Ohio, Oct. 18.-The State Fair is DOW in full blast, and the admissions have been very large. About made. 6,000 badges have been sold to-day, and some new entries The horses of Ohio are much finer than is usually supposed. The stallions of various breeds are as handsome as can be found in Vermont. Sixteen roadsters are DOW trouing in the ring, which L one third of a mile in circumference, to the great delight of some 5000 people. SEIZURE OF A SUSPECTED SLAVER. NEW YORK, Oct. 19.-The brig Sierra Leone cleared on Wednesday for the Coast of Africa, and the United States Marshal having reason to suspect that she was intended for a slaver seized her to-day. The examination will take place to-morrow. DECLINES THE NOMINATION. BOSTON, Oct. 19.-General Wilson declines the Know Nothing nomination for Governor of Marsachusetts. It is stead. supposed that Gardiner Brown will be nominated in his VERMONT SENATORIAL ELECTION. BOSTON, Oct. 19th.Mr. Collemer's majority for the U. S. Senate for the full term is 10 in the Senate and 14 in the House. The free soil vote was cast for Mr. Shafter. LARGE bank DEFALCATION. NEW YORK, Oct. 19.-A letter from the cashier of the Ocean Bank indignantly denies the rumored defalcation of the first teller to the amount of $150,000, and says that his delalcation will not exceed $75,000. He futher adds bank. that there will be no interruption in the business of the MORE BANK FAILURES, &c. CINCINNATI, Oct. 19.-Messra. 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 apprehended. arrival OF THE GOV. DUDLEY-LATER FROM havana. CHARLESTON, Oct. 19.-The steamer Gov. Dudley has arrived, with later advices from Havana. All was quiet on the island, and good health prevailed. Sugars were firm. Stock light. Molasses firm. Freights dull and vessela plenty. CONVICTED. BRANTFORD, Canada, Oct. 18.-Van Hærnum who was extradized from New York, on a charge of forgery, has been convicted. LAUNCHED. NEW YORK, Oct. 19.-The steamer Yankee, intended for the China trade, was launched this morning from the yard at Green Point. SALE OF A VESSEL. NEW YORK, Oct. 19.-The Russian barque Sina, built at Warsaw, in 1851, was suld at auction to day, by the United States Marshal, for 9,600.

6. October 21, 1854 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, October 21, 1854

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Totl.297,707 38 403,712 991,043,577 40 1,296,604 73 1,753,936 35 As the fiscal year commences October 1, the first three months in each year in the above statement belong to the previous calendar month. The estimated business of the year 1855 is in Gross $2,200,000 1,300,000 Expenses Balance $900,000 $632,000 Interest Appropriations to Sink. Fund 37,591 667,591 $232,409 Net or about 6 P cent. on the amount of stock issued, which is $3,759,000. The capital under the charter is $4,000,000. The new Bonds are not to be issued beyond the amount necessary to pay the floating debt until the Board has made provision for & sinking fund of not less than 1 P cent. annually upon the capital of the Company, to be invested in the second or third mortgage Bonds of the Company. The accept. ances of the Company will be received in payment of these Bonds. The Circular of the Company states that the income of the Road thus far has not been sufficient to pay the running expenses and interest, but the Directors bok hopefully to the future. The Finance Committee of the Erie Railroad was in session to-day, but we did not learn the result of their discussions. The Board, we understand, has before it several propositions for arranging its finances. One is to obtain authority from the Legislature, in January, to issue 8 ten P cent. preferred stock to the amount of four millions of dollars for the payment of the floating debt and the Income Bonds. This stock, it is believed, would be taken at par. The preference to cease when the regular dividends on the old stock reached ten P cent. also. The estimate of this arrangement is that if the income of the read in 1855 is, as anticipated, six millions of dollars, and the working expenses are 10 P cent., the net income would be sufficient to pay interest on bonds, dividends on the preferred stock, and six P cent. on the old stock. The telegraph reports that the run on the Cincinnati bankers has ceased without further failures. The failures which had taken place were Mr. P. B. Manchester, Mr. Sanford, President of the Kentucky Trust Co. Bank, and Messrs. Outcall & Co. The Gazette of the 19th says: This has been 8 day of unusual excitement in Thirdst. In the morning, P. B. Manchester, private banker, corner of Third and Sycamore, closed his doors. This caused considerable talk, but the number of depositors in that institution be. ing small, and the event being looked for by parties acquainted with financial matters, it did not cause much excitement. We know nothing 88 to the liabilities or assets of Mr. Manchester, but the gentleman bimgelf says he will be able to pay all his debts. Almost simultaneously with this occurrence, the report of the suspension of the Kentucky Trust Co. Bank, of Covington, was received, and about noon it was well understood that the Bank bad failed, and failed badly. This increased the excite. ment, and a run was at once made upon the Ohio Savings Bank, corner of Fourth and Walnut, owned by Mr. Sanford, who is also President of the Kentucky Trust Co. Bank, and principal proprietor of the Connersville Bank, one of the Indiana Free Banks About 1 o'clock the doors of the Bank were closed. From the fact that Sanford is a man of means, and sustains a high character for honesty, integrity and business capacity, depositors feel no uneasiness. By 2 o'clock, the excitement had spread pretty generally through the city, and before the hour for closing the Banks had arrived, a large number of people had collected on Thirdst. between Main and Walnut, and 8 run was commenced on Ellis & Sturges, and the checking on one or two of the other heavy Deposit Banks was pretty strong, but the whole did not amount to a great deal. With reference to the Kentucky Trust Company Bank, the circulation is said to be nine hundred thousand dollars. This Bank was started with & large nominal, but & small real capital, and during the first period of its existence it was badly, very badly managed. Mr. Sanford made an assignment of all his property this afternoon, and this will be more than sufficient to pay all his creditors. The notes of the Indiana Free Banks, with two or three exceptions, are not available either in Bank or trade. Some fifteen are purchased at Sto5 P cent. discount, and for the remainder there is no sale. The earnings of the Chicago and Rock Island Railroad for September. 1854. were:

7. November 9, 1854 The New York Herald New York, NY

Article from The New York Herald, November 9, 1854

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More Bank Failures In Cincinnati. GREAT EXCITEMENT-SUICIDE OF A RAILROAD PRNSIDENT. CINCINNATI, Nov. 8, 1854. The banking house of Ellis & Sturges closed this more ing. They say their liabilities are $1,000,000, and asset $1,400,000. There has been a heavy run on the Citizens Pank, which has closed, and on T. S. Goodman & Ce The excitement on the subject is intense. The excitement in Third street has continued all the afternoon, and T. S. Goodman & Co. and John R. Morton & Co. closed their doors at an early hour. All the sua pended houses report an excess of assets. There was a run on the house of Hatch & Langdon, but they continued to pay up to the close of bank hours. No run had taken place on any other houses than these. Mr. Ellis, of the firm of Ellis & Sturges, is very sick with congestion of the brain. Frederick Gedge, the acting President of the Covington and Lexington Railroad, committed suicide to-day, by throwing himself across the track while a train was passing, by which his head was severed from his body. He had been perfectly distracted since the return of the bills from New York drawn against the bonds of the company, supposed to have been sold in New York, and on which he and the other directors had heavily endorsed.

8. November 9, 1854 The Daily Union Washington, DC

Article from The Daily Union, November 9, 1854

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to the 3d inst., has arrived at this port, but brings no further tidings relative to the ill-fated steamship Aretic. Bank Failures in the West. CINCINNATI, Nov. 8.-The Bank of Circleville and Clinton Bank at Columbus have failed. The following bankers in this city suspended payment today: Smeed, Collard, & Hughes, and Ellis & Sturges. A heavy run is now making on the banking-house of T.S. Goodman & Co.

9. November 10, 1854 Plymouth Advertiser Plymouth, OH

Article from Plymouth Advertiser, November 10, 1854

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Money Matters. Ellis & Sturges, one of the most extensive Banking Firms in Cincinnati, broke, Nov. 8. Their liabilities amount to $1,000,000, and their assets $1,400,000. Mr. Ellis died shortly afterwards of disease of the heart. Smead & Co.'s Citizen's Bank, and T. S. Goodman & Co., brokers, have also failed. The circulation of the following Banks is secured by U. S. Stocks, or Ohio State Stocks, deposited with the officers of State : Sandusky City Bank ; Union Bank, Sandusky 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 Bank of Youngstown : Seneca County Bank, Tiffin ; Western Reserve Bank, Warren ; Bank of Commerce, Cleveland ; Bank of Marion ; Champaign Co. 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. Bank of Circleville has suspended, but its assets will be sufficient to meets its liabilities. Clinton Bank of Columbus is safe. The charter has expired, and its affairs are in process of liquidation. The Cincinnati Commercial of Wednesday morning has the following in its monetary columns: State Stock money, of all States is generally refused here, and some Bankers reject the notes of the Commercial Bank of Kentucky. The notes of the Miami Valley Bank are not taken. Business of all kinds came to a stand-still r to-day. Nothing of consequence was done owing to the unsettled state of money affairs. The rates of exchange are very unsettled and it is hard to give quotations.We believe 1ª premium was the regular t rate asked by Bankers, but the buying rate was nominal at 1 premium. The Indiana Stock curreney has disapO peared; it being unsaleable, except at a very heavy loss, since the last edict of Auditor Dunn. The question all are now ready to ask, in e this crisis, is, what money is safe ? which is hard to answer. The general impression is that the old Kentucky, Ohio. and Indiana State Bank paper is safe, if anything = is, and it is probable that there is not much danger in holding it; at the same time this is a good time to pay the taxes, and bankable funds will do it. P. S.-It was rnmored last night, (9th) that the Canal Bauk of Cleveland had a failed. How much truth there is in the S report, we know not.

10. November 10, 1854 Daily Davenport Gazette Davenport, IA

Article from Daily Davenport Gazette, November 10, 1854

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New Jersey is understood to strongly Anti-Nebraska, electing four if not all Whig and Anti-Nebraska, members of Congress. The legislature is also largely Anti-Nebraska. PHILADELPHIA, Saturday, Nov. 4. This is a hard day for money with our S dry goods merchants, but they will probably weather the storm. An immense number of notes were paid at the banks to-day; in fact it has never been exceeded. NEW ORLEANS, Friday, Nov. 3. The liabilities of Messrs. Bean & Co., the bankers, W ose suspension was previously announced, amount to about $100,000. CINCINNATI, Nov. 8. The banking house of Ellis & Sturges closed this A. M. They say the liabilities are one million dollars, and assets fourteen hundred thousand. There has been a heavy run on the Citizen's Bank and on T. S. Goodman & Co., and the excitement on the subject is intense. Second Despatch.-The Citizen's Bank is closed and the excitement on the increase. NEW YORK, Nov. 8-3 P. M. City returns thus far show a majority for Barker, Know Nothing for Mayor; the contest is extremely close. Kelly, soft, beats Mike Walsh for Congress. The Tribune adheres to the opinion that Seymour is elected governor, but thinks Scroggs, K. N., or possibly Raymond, whig, is elected Lieut. Governor owing to Ludlow running behind his ticket. 3½ o'clock, P. M. The total returns received thus far from all towns, wards and counties foot up as follows: Governor. Ullman, 50,126; Seymour, 47,380; Clark, 37,620; Bronson, 7,432. NEW YORK, Nov. 8-613 P.M. The city and suburbs returns continue to come in slowly. They indicate the election of Stranahan, whig, in the 2d (Brooklyn) district to Congress, of Pelton, whig, in the 3d, Kelly, soit dem., in the 4th.Fifth, uncertain, between Andrews and Whitney; 6th John Wheeler, A. N.; 7th. Thos. Childs, Jr., whig; 8th, Abraham Wakeman, whig, and 9th, Bozard Clarke, whig. In 12 wards in Brooklyn the vote for Governor is as follows: Seymour 2,450, Ullman 2,364, Clark 2,152, Bronson 319. MILWAUKEE, Nov. 8,6 P. M. Legislature largely anti-Nebraska. Wells dem., is elected to Congress in the 1st, Washburn in the 2nd, and the 3d district not heard from. ALTON, Nov. 8. Miller's majority 327. Trumbuli for Congress, majority 324. Gillespie, whig, for State Senator, 470 maj. LASALLE, Nov. 8. Miller's majority 46. Norion do, 46; for Legislature Day, A. N., 44 maj; Strawn, do 43. PERU, Nov. 8. Norton's majority is about 1,500 in this city; Millers do. LOCKPORT, III., Nov. 8. Miller's majority 93; Norton's do, 105.Norton has probably carried Will county by 500 majority; majority for Parks 103; Hills 124, Strawn 80. OTTOWA, III., Nov. 8. Drake for Congress, 45 majority: Armstrong for Legislature 64; McCormick do 53. BOSTON, Nov. 8. The Cunard steamer Niagara sailed today with 62 passengers for Liverpool and 22 for Halifax. She took out $386, 327 in American gold and £32,000 in British gold. The New Foundlander, published'at StJohn's N. B, contains the following ab. stract of the course of clipper ship John Clemens, Capt. Lucky, in search of the missing boats of the Arctic. He was out nine days and experiensed very heavy weather. Has been some 800 miles south. Saw a large chest but was unable to get it on board. The boats have been picked up by vessel bound outward. PRUSSIA'S LAST.-The King of Prussia,

11. November 10, 1854 Wheeling Daily Intelligencer Wheeling, WV

Article from Wheeling Daily Intelligencer, November 10, 1854

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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.

12. November 11, 1854 Southern Shield Helena, AR

Article from Southern Shield, November 11, 1854

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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.

13. November 13, 1854 The New York Herald New York, NY

Article from The New York Herald, November 13, 1854

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CINCINNATI, Nov. 8, 1854. These statements were printed in considerable mumbers and distributed around the city. The banking house of Messrs. Ellis & Sturges was not opened during the day, although a la ge number of persons remained near it until long after bank -hours. On the building the following statement was posted:" This bank cannot be opened to day. Mr. Elli S is very low with congestion of the brain. $1,400,000 Assets considered good Liabilities estimated at 1,000,000 Immediate steps will be taken to arrange and setde up the affairs of the house. ELLIS & STURGES. Per W. S. Woodward, Attorney. It is reported, and we presume correctly, that the parties have made an assignment of their effects, and the bank will go into liquidation. The following card appeared in the Times of yesterday aftermoon, which we are requested to copy:To THE DEPOSITORS OF ELLIS & STURGES.-I deem it my duty to make the following statement to the public. My father was taken suddenly ill this morning with congestion of the brain, and as I considered his case a hopeless one, I took the course that would promote the interests of his depositors dn the shortest possible time. We have closed the doors of the banking house, and shall, on the arrival of Mr. Sturges from New York, make a full and complete statement of the affairs cf the house. I beg the public to be indulgent for a few days, and I assure them that nothing shall be kept from them. Respectfully, ROWLAND ELLIS, JR." To show how strange and improbable stories will, on occasion of panic or excitement, find their way emong the crowd, and be believed, yesterday about two o'clock we were told by several gentlemen that a despatch had been received! from New York, anmounting the death of Mr. Sturges. We made an Attempt to tra e the rumor, and were soon satisfied parvicher want of truth. We are glad to state that Addistrges is alive and well, and will probably be in the city in a few days. Nearly opposite to the banking houses of Ellis & Sturges is the banking house of T. S. Goodman & Co., on which a run was commenced at nine o'clock. The livir stream poured in until twelve o'clock, when the doors were closed and payment was susmended. A notice was placed on the outside of the building, in the following words:-"All notes payable here this day will be found at Groesbeck & Ca's." Subsequently the following statement wns issued:T.S. GOODMAN & Co.'s BANKING HOUSE, CINCINNATI, OHTo, Nov. 8, 1854. The undersigned find it necessary, in consequence of the excited state of the public in regard to Gnan ial matters to suspend for the present. They beg to insure their depositors of their entire solvency, and that no person shall lose either principal T. S. GOODMAN & Co. or interest by them. The banking house of John B. Morton & Co., on Third street, also suspended payment, making, in the aggregate, four private bank suspensions in Due day. These, we believe, are the material facts conmeoted with the monetary affairs of yesterday in Cincinnati. Or Couses there was much said by different parties-some in condemnation, others in justification, under the circumstances. Among enany of the best informed persons belief enterdained that the failures would be beneficial w the ommunity, and would lead to a better state of the money market. We presume that the immediate failure of these banks will be to embarrass many of the depositors who are doing an active business, finding, as they do, their available means placed in a position where they cannot reach them. We know of several gendlemen who had from five to ten thousand dollars on deposit, which they want to use immediately to aneet the payments of notes falling due, and which will have to go to protest, because of the inability of the parties to provide, on the movement, for a Sintingency which came upon them 80 unexpectedly; other than this we do not apprehend any parSionlar evil which will result from the suspension. It is generally hoped that the banks will be able 40 meet their liabilities, though the depositors will have to exercise patience and wait some little time before they get ther hands upon their cash. The city reporter of the same paper says:Mesors. Hatch & Langdon, of the Central Bank, were run uron, but they paid all the demands promiptly, and their creditors having become satisdied of the ability of the bank to discharge all its disbilities, the excitement subsided before 3 o'clock. With reference to the currency, there is a more settled feeling. The notes of the Clinton Bank of are redeemed, and all Ohio banks, with the exception of the Bank of Circleville, were recelved by the Trust Company; as was also the paper of all the Kentu by banks, and of the branches of the State Bank of Indiana; and we will state further, that every one of the banks is considered good. Various rumors were afloat to-day with releenco to bank failures, all of which, without excepdion, were utterly We stated in our re ort of last evening that the notes of the Miami Valley Bank of Dayton were not ancoived. We learned to-day, however, that they ar taken by the YTrust Company. The old estab w d banks of the West are in a good condition. quir Cir alsisoa is com, aratively small-seven or

14. November 15, 1854 The Spirit of Democracy Woodsfield, OH

Article from The Spirit of Democracy, November 15, 1854

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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.

15. November 16, 1854 Gallipolis Journal Gallipolis, OH

Article from Gallipolis Journal, November 16, 1854

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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.

16. November 17, 1854 Plymouth Advertiser Plymouth, OH

Article from Plymouth Advertiser, November 17, 1854

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Bank Panic in Cincinnati. Wednesday last was an exciting day in the Queen City. The Times, of Thursday, gives some interesting incidents, a few which we copy: I At the noen hour, a man hurriedly approaching one of the suspended Banks attracted our attention. He wore no coat, the sleeves of his check shirt were rolled up to the elbows, his face was covered with iron dust, and he bore every appearance of of being one of those ever busy toiling mechanics, whose every cent is earned by the sweat of the brow. Approaching the Bank door he was stopped by a policeman-"Can I not get in ?" he asked."No, sir-the Bank is closed," was the reply. "Closed.!" he exclaimed, while his heart throbbed with heavy beats."Gentlemen, this is teo bad. For twenty years have I been toiling hard to get me a home, but the harder I work, the further I am from accomplishing my desire.The savings of five years I was swindled out of by a pretended friend, and now the savings of fifteen years is lost in this d-d concern. Can a working-man be protected in any way.?" A young man named J. P. Dorsey, during the run on T. S. Goodman & Co. 's Bank, drew out of the side Bank $185.White standing in the crowd listening to what was being said in regard to monetary affairs, and boasting of being successful in drawing his money, some member of the light fingred gentry robbed hin of his roll of money, leaving him worse off than he was before. "Don't block up my door, gentlemen," said a brother to the crowd listening to the above. "Block up your door?" continued the young man. "It would be better for the people, if all shaving shops like yours were blocked up, so that no one could enter." (Laughter all around.) A person, known for his miserly propensities, drew hundreds out of the Central Bank. Some wags persuaded him that the notes he had obtained were not safe— that they were completely bogus-and already rumors were current that the banks which had issued them were about suspending. He was further told that some well known pick pockets had been watching him, and that he had better look out or he would be knocked down and robbed. As may be supposed, this news harrassed him very much, and after sauntering about an hour or two, with the money tightly clutched in both hands, he again deposited it in the Bank. The Times has the following particulars: Ellis & Sturges have made an assignment to Vachel Worthington, Esq., Attorney at Law. The house of T. S. Goodman and Co., have also made assignment to the same person. The Messrs. Goodman paid out during yesterday's run about $75,000 and could have met some $125,000 more of checks, had not their friends and counsellors deemed it advisable for them to suspend. J. R. Morton & Co., resumed their regular business to day. Hatch and Landon, of the Central Bank. sustained the run yesterday until near the banking hours, when it sensibly slackened; and the running had altogether ceased. Mr. Deshler, Cashier of the Clinton Bank of Columbus, has been in this city, prepared to take up the circulation of his notes; though where he has placed funds for the exchange we are unable this morning to ascertain. The banks and bankers are taking the Clinton Banks. we understand, to day as usual. All the branches of the Kentucky, t Ohio, and Indíana State banks are recogy nised as par at present, together with the substantial Eastern, Virginia, and Missout ri notes. y

17. November 18, 1854 Monongalia Mirror Morgantown, WV

Article from Monongalia Mirror, November 18, 1854

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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.

18. November 18, 1854 The New York Herald New York, NY

Article from The New York Herald, November 18, 1854

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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.

19. November 18, 1854 The Daily Minnesota Pioneer Saint Paul, MN

Article from The Daily Minnesota Pioneer, November 18, 1854

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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.

20. November 25, 1854 The Weekly Minnesotian Saint Paul, MN

Article from The Weekly Minnesotian, November 25, 1854

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The Bank Panic. The Bank Panic is on the increase, and there Is no knowing where it will end. The Chicago and Cincinnati Bankers and Brokers are having it all their own way. In the latter city, the sowers of the wind are commencing to reap the whirlwind. The private banking-house of Ellis & Sturges, considered one of the most substantial in the West, has been compelled to suspend. The house shows assets several hundred thousand dollars over its liabilittes. Mr. Ellis, the senior and chief managing partner, died the day the bank closed. Goodman & Co., bankers of the same city. have also made an assignment. The Citizens' Bank of Cincinnati has likewise closed, and the Canal Bank of Cleveland. We hear, privately, that the Miami (Ohio) Valley Bank is also down, and the Casco Bank, Maine. The Banks of Chicago are not receiving on deposit any of the Ohio Banks, except the State Bank. All the Banks of Kentucky are refused except the Bank of Louisville and the Bank of Kentucky. The Farmers Joint Stock Company of Canada is also thrown out. Col. Swift, banker of the same city, has issued a circular to his depositors, stating that in addition to the above, he has thrown out all Virginia Banks, except North-western Bank and Branches ; Bank of Carthage, N. Y. ; Farmers Bank, Saratoga Co., N. Y. ; Lewis County Bank, N. Y. ; Eighth Avenue Bank, City of New York ; Knickerbocker do ; Suffolk do ; Island City do ; Empire City, do ; Ellsworth, Me. ; Bank of Hallowell, Me; Exchange Bank, Buffalo ; Woodbury Bank, Conn ; all Indiana Free Banks; all Tennessee Banks.

21. November 28, 1854 Spirit of the Times Portsmouth, Ironton, OH

Article from Spirit of the Times, November 28, 1854

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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.

22. September 10, 1857 Belmont Chronicle Saint Clairsville, OH

Article from Belmont Chronicle, September 10, 1857

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Choice Miscellany. That Bushel of Bank Notes. We copy a communication to the Cincinnati Commercial, which sufficiently explains itself. The transaction to which it refers will doubtless be remembered: Mr. Wilkins Micawber, in his strictures on the Citizen's Bank, in last Sunday's Enquirer, speaking of the bushel basket of bank notes sent to Ellis & Sturges by the Citizens' Bank, hints that the larger notes were on top, and that 'underneath they diminished in size and quality. Now, Mic., we admit that the twenties, fifties and hundreds were uppermost, but we pledge our honor that the basket contained nothing but good bankable money. But, dear Mic., as you seem to take so warm an interest in the Citizen's Bank, we will give you for your edification a brief history of the whole affair. You must know then, that on the 8th of November, 1853, the banking house of Ellis & Sturges experienced a heavy run for deposits, Their funds being nearly exhausted, Mr. Ellis called in the evening on Mr. Smead for assistance, offering to pledge the bills receivable of the house as security for any amount Mr. Smead might advance. "How much do you owe?" inquired Mr. Smead. "Fifteen hundred thousand dollars," replied Mr. Ellis. "If all the bankers in the city were to place their spare funds at your disposal," responded Mr. Smead, "it would not save you, should the run continue." "Do you think you can arrest it!" eagerly asked Mr. Ellis. "I will try," responded Mr Smead. On this assurance Mr. Ellis left. Mr. Smead, knowing that the strongest argument would be ineffectual, determined to address the understandings of the excited crowd, through their eyes, and formed his plan accordingly. At an early hour the next morning, the bank was besieged by an immense multitude, gathered from all parts of the city, literally filling Third and Walnut streets in that vicinity. All the garrets and cellars had disgorged their inmates; all the thieves and pickpockets intent on plunder were there; and there, too, were all the desperate ruffians of the city, prepared for deeds of brutal violence. Among them was a low, wide-mouthed ruffian, a cut throat looking wretch, who with violent and savage gesticulations, was declaiming against banks and bankers in the vilest terms, and endeavoring to excite the to an onset upon throng the bank. Nine o'clock came; the doors were opened and in rushed the crowd, completely filling the large area within. To all appearance the fate of Ellis & Sturges was sealed; their friends gave them up in despair. At this moment was seen issuing from the Citizen's Bank two stout men bearing between a bushel passed to Third the mass to them notes. Street He penetrated large They fellowed basket, dense slowly by filled Mr. down Smead. with the Main bank door or the beseiged bank, entered and passing behind the counter, deliberately unloaded the basket in presence of the gazing multitude. In retiring, Mr. Smead halted at the outer door, as if to say something he had forgotten, and addressing Mr. Hubble, the teller, called out in a voice loud to be heard by paying enough the people without as well as those within, "Tell Mr. Ellis if he should want another basket of bank notes I will send it down to him." The success was complete, for the crowd seeing the bank so strongly fortified. at once quietly dispersed; all anxiety to draw their money having ceased from the moment they felt assured they could get it.