17291. T. S. Goodman & Co. (Cincinnati, OH)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
private
Start Date
November 8, 1854
Location
Cincinnati, Ohio (39.103, -84.515)

Metadata

Model
gpt-5-mini
Short Digest
1064bdd6

Response Measures

Accommodated withdrawals, Full suspension

Other: The firm made formal assignments to an assignee (bankruptcy/assignment).

Description

Contemporary newspapers report a heavy run on T.S. Goodman & Co. around Nov 8, 1854; the house made assignments/suspended (Nov 9, 1854) but later resumed payment (reported Nov 1855). The immediate trigger appears to be runs sparked by failures/suspensions of other local banks (Ellis & Sturges, Circleville, Citizens' Bank), not a discrete misinformation event.

Events (3)

1. November 8, 1854 Run
Cause
Local Banks
Cause Details
Run began following failures/suspensions of other Cincinnati/Ohio banks (Ellis & Sturges, Circleville, Citizens' Bank), which undermined confidence and prompted heavy withdrawals.
Measures
Paid out about $75,000 during the run and could have met additional checks; subsequently suspended operations as a prudential measure.
Newspaper Excerpt
There is a heavy run on Messrs. T. S. Goodman & Co.
Source
newspapers
2. November 9, 1854 Suspension
Cause
Local Banks
Cause Details
Following the run and the failures/suspensions of other local banking houses, T. S. Goodman & Co. made assignments/suspended to stem the panic.
Newspaper Excerpt
Messrs. Ellis & Sturges, and T. S. Goodman & Co., have made assignments.
Source
newspapers
3. November 10, 1855 Reopening
Newspaper Excerpt
Messrs. T. S. Goodman & Co., bankers at Cincinnati, who suspended during the financial crash of last winter, resumed payment a few days since.
Source
newspapers

Newspaper Articles (21)

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.


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.


Article from Evening Star, November 9, 1854

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Monetary Excitement in Cincinnati. CINCINNATI, Nov. 8.-Messrs. Ellis s Sturged, bankers, suspended this morning. They say their assets exceed their liabilities $400,000. There is a heavy run on Messrs. T. S. Goodman & Co., and on the Citizens' Bank, causing an immense exsitement. The latter firm stopped payment. The excitement in Third street, in regard to the suspensions, continued all the afternoon. John R Morton & Co also closed their banking establishment after dinner, adding not a little to the excitement. All the suspended houses report an excess of assets. There was a run on Messrs. Hatch & Langdon, but they continued to pay up to the close of bank hours. There was no run on any other houses than those mentioned. Mr. Ellis, of the firm of Ellis & Stringer, is very sick of congestion of the brain.


Article from Washington Sentinel, November 9, 1854

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Monetary Excitement in Cincinnati. CINCINNATI, Nov. 8.-Messrs. Ellis & Sturges, bankers, suspended this morning. They say their assets exceed their liabilities four hundred thousand dollars. There is a heavy run on Messrs. T.S. Goodman & Co., and on the Citizens' Bank, causing an immense excitement; the latter firm stopped payment.


Article from New-York Daily Tribune, November 9, 1854

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MORE BANK FAILURES IN CINCINNATE CINCINNATI, Wednesday, Nov. 8, 1854, The banking house of Ellis & Sturgis closed this morning. They any their liabilities are $1,000,000, and assets $1,400,000. There has been & heavy run on the Citizens' Bank, and on T. S. Goodman & Co., and the excitement on thesubject is intense. SECOND DISPATCH. The Citizens' Bank has closed, and the excitement is on the increase. THIRD DISPATCH. The excitement in Third-st. has continued all the afternoon, and T. S. Goodman & Co., and John R. Morton & Co., closed their doors at an early hour. All the suspended houses report an exceess of assets. There was a run on the house of Hatch and 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 indorsed.


Article from New-York Daily Tribune, November 9, 1854

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The propellers of the Parker Vein Co. were sold at auction to-day by the receiver, at the following prices: 448 17 95 tuns $9,000 Piedmont 452 10 tuns 12,500 Mount Savage 460 50 95 tuns 12,500 Parker Vein 13 500 462 90. tuns Thomas Swana 462 90-95 tune 14,000 Locust Point 448 6-95 tuus 14,000 George's Creek 17,500 454 60 95 tuns Jakson 13,000 453 60 tuns Westernport 459 19-95 tuns 13,000 Caledonia $119,000 Total The sale of the Totten was postponed to Friday. The propeliers cost from $30,000 to $95,000 each. They were all bought by Mr. A. C. Hall, the Baltimore agent of the line, supposed for a new Company. The Exchanges at the Clearing-House were $17,594,000. The receipts at the Sub-Treasury were $100,589; paid, $184,805; balance, $7,060,320 The street was a good deal excited by rumors of a fresh money panic in Cincinnati to-day, and a general run on the banking-houses there. The suspension of Messrs. Ellis & Sturgis was early announced, followed by that of Sturgis & Ellis of this City. Messrs. Smead & Co.'s Bank also closed, and late in the afternoon a telegraphic dispatch announced that T.S. Goodman & Co., and Morton & Co., had also closed. Our previous advices led us to hope that the two latter houses would be able to sustain the run, and we still think that their closing was a temporary one, as a prudential measure. All the above concerns, although not corporations, have been acting as Banks, with the exception of issuing notes. There is no Bank in Cincinnati, excepting the Ohio Life and Trust Co., and these concerns have been receiving large amounts of deposits, allowing interest on them, and keeping up a large line of discounts for their dealers. A panic of course induces an immediate demand for deposits, and in this instance to an extent which could not be met, The immediate occasion of the run of to-day is said to be the failure of the Circleville Bauk, one of the oldest banks in Ohio; but more probably the dealers of Cincinnati havenot entirely recovered confidence in their bankers since the explosion of Messrs. Outcalt & Co., Mancdester, &c., &c, some weeks since. Messrs. Eltis & Morton, and Messrs. Ellis & Sturgis, succeeding them, have filled & very important position in the financial world of Cincinnati, and have done an immense business, having had, on some occasions, two-and-a-half millions of deposits, and two millions of discount paper. It is understood that the profits of Mesers. E. & S., for the year ending 30th June, were $600,000. This concern has previously gone through several severe runs, paying every dollar demanced, promptly. Their liabilities are supposed to be $1,000,000 to $1,100,000, including about $100,000 of exchangerunning on the New-York house, and their assets are set down at $1,400,000. A party well informed in regard to the matter, speaks of their assets as first-class, and is confident that the house will pay everything. We regret to learn that the senior member of the firm, Mr. Ellis, who has been an invalid for some time, was unable to sustain the excitement of mind which his failure induced, and died about noon. Messre. Goodman & Co., and Morton & Co., have been considered very strong, and have occupied a highly respectable position, and their suspension, if true, cannot probably be disastrous. The Treasurer of Ohlo has not yet provided the funds to take up the protested draft on the State Agent, Mr. Egerton, for $30,000. Such trifling with State credit deserves the severest reprehension. About $400,000 has been subscribed to the capital of the new Merchant Bank at Cincinnati. The capital is fixed at $500,000. The Bank of Circleville, Ohio, which is announced as suspended, was one of the few old charters remain. ing in that State. It is supposed to have been wrecked in the maelstrom of Indiana banking, in whic's its principal owners were engaged. The Miami Valley Bank of Dayton, of which Mr. Beckel, before announced failed, was owner, is also report to have suspended.»


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,


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.


Article from New-York Daily Tribune, November 10, 1854

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THE CINCINNATI FAILURES, &c. CINCINNATI, Thursday, Nov. 9, 1854. Messrs. Ellis & Sturgis and T. S. Goodman & Co. have made assignments. There has been no run on the other bankers, this morning, but large numbers of people are assembled around the doors of the suspended parties. McMackin & Co., private bankers, closed their doors to-day. There has been no run on other houses, and the deposits are now concentrating in favor of four or five leading establishments. The Trust Company Bank has been crowded all day with depositors. Mr. Bodley, clerk in the banking-house of S W. Torrey & Co., has absconded with $1,500 or more. The amount is not yet ascertained, and may prove much larger than is stated. The amount of money embezzled by Rodley, the clerk of W. Torrey & Co., is now stated to be $10,000. Money matters are beginning to improve. Eastern exchange ranges from 1 to 11 per cent. premium. Gold is retailing at 5 per cent. premium. Mr. Ellis, of the firm of Ellis & Sturges, is recovering. An individual, supposed to be J. G. Nicholson, who was connected with the Kissane forgeries in this city a year ago, was arrested in Londonville, on the Pennsylvania Railroad, to-day.


Article from Evening Star, November 10, 1854

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Money Panic at Cinsianati. CINCINNATI, Nov. 9.- Messrs. McMashin s Co, private bankers, closed their doors today. There has been no run on other homes, and the deposits are now concentrating in four or five leading establishments. The Trust Company Bank has been crowded all day with depositors, and money matters SES improving Eastern exchange ranged to-day from t to 11 premium. Gold is retailing at 5 per cent. prem. The amount of money embezzled by Mr. Bodley is now stated to be only $10,000 Messrs. Ellis & Sturgis and T. 8. Goodman & Co., have made assignments. There is no run on other bankers this morning, bus a large number of people assembled around the doors of the suspended parties. Mr. Bodley, a clerk in the banking-house of S. W. Morrey & Co., is said to have absconded. with $1,500 or more. The amount is not known and may be much larger. THE


Article from The Daily Union, November 11, 1854

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Bank Panice and Troubles in the West. CISCINNATI, Nov. 9. -Messrs. McMackin & Co., private bankers, closed their doors to-day. There has been LO run on other houses, and the deposites are now concentrating in four or five leading establishments. The Trust Company Bank has been crowded all day with depositors, and money matters are improving. Eastern exchange ranged to-day from 1/2 to 11/2 premium. Gold is retailing at 5 per cent. premium. The amount of money embezzled by Mr. Bodley is now stated to be only $10,000. Messrs. Ellis & Sturgis, and T.S. Goodman & Co., have made assignments. There is a run on other bankers this morning, but a large number of people assembled around the doors of the suspended parties. Mr. Bodley, & clerk in the banking-house of S. W. Morrey Co., is said to have absconded with $1,500 or more. The amount is not yet known and may be much larger. CLEVELAND, Nov. The Canal Bank of this city has failed. It is paying its bill-holders but not depositors. [SECOND DESPATCH.] The affairs of the bank have been assigned to W. J. Gordon and J. L. Hewett, who are still paying at the bank specie for the bills as presented. The cashier says that holders of bills will be paid in full. All the other Cleveland banks are receiving the bills of the Canal Bank on deposite at par. The Canal is an independent bank, and State stock is pledged for its redemption. BUFFALO, Nov. 9. -This is a blue day in our commercial circles. The Exchange Bank of Robert Codd has stopped, and we learn from private sources that the suspension of at least one large house on the dock must soon take place, PITTSBURG, Nov. -Hugh King, banker, failed to-day, and there is quite a panic in the money market.


Article from The New York Herald, November 12, 1854

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Dec. .1,859,863 Dec 2,489,965 Inc.4,318,778 Inc. 15,988 By reducing the wheat to flour, the quantity of the latter left at tide water this year, compared with the corresponding period of last year, shows a decrease of 2,134,804 bbls. of flour. The circular of N. J. O. Davis, of Cincinnati, gives the following review of the money market of that city for the week ending Wednesday evening, Nov. 8, 1854:The past week has been one of varied and intense interest in monetary cireles. The failure of some banks to redeem in coin all the presentations of their issues has given rise to many vague and uncertain rumors-confidence is undermined, and there is nothing but confusion in the general appearance of our currency. From the varied rumors we select some that have the most appearance of reliability. Some of the banks of Ohio and Kentucky had a short time ago enlarged their circulation. This, in some circles, created distrust, and a consequent run on these institutions. The Bank of Circleville has been compelled into a temporary suspension, although the cashier, H. K. Lawrence, Esq., states that there are ample means to redeem every dollar. The notes of the Clinton Bank, Columbus, are thrown out by some of the brokers. Parties connected with this bank state that it is all right. The notes of the Commercial Bank, Kentucky, are doubted by some and those of the Miami Valley Bank, of Dayton are thrown out. Much of this is undoubtedly the effect of panic, but its influence is all the same on the business community. This morning, in consequence of the serious illness of Mr. Ellis, of the firm of Ellis & Sturges, it was deemed advisable to close their banking house. A previous report of the death of Mr. Ellis had created a panic among the depositors, great numbers of whom have thronged the street during the whole day. Following the close of this house, the Citizens' Bank, owing to its intimate connection with this firm, closed temporarily. Subsequent to this, a run was commenced on T.S. Goodman & Co., and under the intense excitement of the day, they deemed it prudent to suspend operations till public opinion had time to become settled. There can be but little doubt but that the assets of each of the above houses will be amply sufficient to secure depositors. S. W. Torrey & Co. are withdrawing from bnsiness, and have left with another house the means to pay their depositors, finding banking at this present Chae too profitless and perplexing. The discount business of our banking institutions, owing to the unsettled state of everything connected with money or confidence, is reduced to almost nothing; honce, we quote very few regular transactions. Outside rates range from 1 to 3 per cent, with no. disposition on the part of lenders to touch anything but first class paper. Since our last issue, the November payments have become due, and it is a gratifying proof of the general preparation made by our merchants, that with few discounts there have been few failures, and these confined to small dealers. Sales for the week-32 shares Columbus and Xenia railroad stock, 93c.; 72 do. Ohio and Mississippi railroad stock, 47 36 do. Covington and Lexington railroad stock, hypothecated, 47; 55 do. Little Mami railroad stock, 97%; 24 do. Eaton and Hamilton railroad stock, 33%; 33 do. Cincinnati, Hamilton and Dayton railroad stock, 78; 38 do. New Albany and Salem railroad stock, 33%; 64 do Cincinnati and Chicago railroad stock, hypothecated, 14; 25 do. Marietta and Cincinnati railroad stock, 33; 20 do. Cincinnati and Indianapolis railroad stock, hypothecated, 44: 85 do. Cincinnati, Wilmingt m and Zanesville railroad stock, hypothecated, 40; 38 do. Indiana Central raiiroad stock, hypothecated, 54; 75 do. Ohio and Mississippi raïlroad stock, 47½; 90 do. Little Miami railroad stock, sold East, 97%; 85 do. Cincienati, Cleveland and Columbus railroad stock, sold East, 100%; 75 do. Cincinnati, Hamilton and Dayton railroad stock, sold East, 80½; 200 do. Indianapolis and Cincinnati railroad stock, sold East, 45; 30 do. Little Miami railroad stock, sold East, 98; 30 do. Cincincinnati, Hamilton and Dayton railroad stock, sold East, 81; $10,000 Marietta and Cincinnati bonds, sold East, 91.


Article from Burlington Tri-Weekly Hawk-Eye, November 14, 1854

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CINCINNATI, Nov 8-P. M. The excitement on Third street continued all the afternoon. T. S. Goodman & Co., and John P. Morton & Co., closed their doors after dinner. All the suspended houses report an excess of assets. There was a run on Hatch & Langdon, out they continued to pay up till the close of bank hours. No run on other houses. Mr. Ellis, of the house of Ellis & Sturges, is very sick of congestion of the brain. Frederick Gage, acting President of the Covington and Lexington Railroad, committed suicide to day by throwing himself across the track; his head was severed from his body. He had been 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, with the other Directors, was endorsed.


Article from The Spirit of Democracy, November 15, 1854

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Arrival of the America, HALIFAX, Nov. 9.-The America has arrived with Liverpool dates to the 28th ult Flour, Western Canal 44s; Ohio 44s. Corn, yellow and white 43s. Wheat, white 12s6d. Trade in Manchester slightly declined. Lard is in moderate demand, and prices favor buyers. Beef unchanged. Pork dull. Bacon advanced 1s. Rice is in good demand and prices have advanced. London Money Market.-Transactions in American securities small. U. stocks unchanged. Rates of interest somewhat lower. Consols closed at 94g. The bullion in the Bank of England had increased £500,000. Sebastopol was being bombarded, but had not surrendered. Austria and Russia are on the point of actual war. Mr. Soule has been forbidden to enter the French Empire. The Czar has gone to Warsow. Large forces are concentrating on the Austrian frontiers. Little doubt was entertained at Vienna but that before long there will be actual hostilities with Prusaia. The action of Prussia isnow looked for with anxiety. The British fleet will leave the Baltic about the last of November. Another Polar expedition will be sent out in the spring to bring home the remains of Sir John Franklin's party. SPAIN.-Mr. Soule's return to Madrid caused quite an excitement, and a clamor was made in order to induce the Spanish Ministry to solicit his recall. Queen Isabella has abandoned all idea of abdicating. The Legitimiste are preparing for an. other movement. CIGNA-The overland mail has been telegraphed with dates to Sept. 9th. Canton was still besieged, and the distress was great in the city No tea was ready for shipment. The insurgents still hold the oity and harbor of Shanghai. 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., abscond. ed with $1500, or probably much more, asthe amount is not yet accurately known. More Failures. CLEVELAND. Nov. 9.-The Cleveland Canal Bank has stopped paying bill holders, but not deposites. Its affairs are assigned to W. J. Gordon and J. S. Hewitt, who are paying specie at the counter. The Cashier says all bill holders will be paid. Other Cleveland Banks are receiving the Canal Bank bills on deposit at par. The Canal Bank is secured in independent State stock pledge for circulation. Illinois Election. CHICAGO, Nov. 9.-The Congressional delegation eleoted consists of ashburn. Knox, Williams, Yates and Norton, Whigs; Woodforth, Republican Know Nothing and Trumbull, Nebraska democrat. From California. NEW YORK, Nov. 10. The Star of the West arrived here yesterday from Aspinwall with California mails to the 16th, and nearly one million dollars in specie. The Yankee Blade left San Francisco on the 31st of September, for Panama, and was wrecked on the following day. She had on board 800 passengers, besides crew and firemen. She struck on a reef of rocks off Point Arguiles, 15 miles above Point Conception. Fifteen lives were lost, and the specie, of which she had $150,000 on board. The ship was a total wreck, and in a day or two was washed to pieces. The log hung heavy upon the coast at the time of the accident, and the Captain supposed the ship to be 20 miles from land. Terrible scenes of pillage were enacted on board before the passengers were res. cued by the steamer Goliah. The steamship Brother Jonathan arrived at San Francisco on the 15th ult., with passengers off the wreck of the Yankee Blade. Battle on the Pacific. New YORK. Nov. 10 .-California papers bring intelligende of a battle on the Pacific. The allied fleets attacked Petropaulow A ski, Kamschatka, on the 30th August. formidable fortress of 120 guns, defended by 1800 men, was taken. The attack was made by 6 vessels. Forts Euridio, Obligada, Pequer, Presi dent and Verago, and three other forts were deserted by the Russians after a fierce cannonade. Next day another fort was deserted. The allies in landing to take possession Yorft


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.


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


Article from The Daily Minnesota Pioneer, November 18, 1854

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Run upon Cincinnati Bankers. few weeks since, the bankers and broters of Cincinnati 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 EMM & 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 chuckling 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.


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.


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.


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.


Article from Minnesota Weekly Times, November 10, 1855

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to Messrs. T. S. Goodman & Co., bankers at Cincinnati, who suspended during the financial crash of last winter, resumed payment a few days since.