17334. Commercial Bank of Lake Erie (Cleveland, OH)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
March 1, 1844*
Location
Cleveland, Ohio (41.499, -81.695)

Metadata

Model
gpt-5-mini
Short Digest
7963ceca

Response Measures

None

Description

Articles (March–April 1844) report the bank's notes at par in Cleveland and repeatedly state the receivers are paying in full all bills presented for dividends, with interest to the 1st of March. That indicates the bank had been placed in receivership (i.e., suspended and in the hands of receivers). No article describes a depositor run; no reopening is mentioned. Cause of suspension is not stated in the clippings, so cause is coded as 'other'.

Events (2)

1. March 1, 1844* Suspension
Cause Details
Articles indicate the bank is in receivership and paying dividends; no cause for suspension is provided in the texts.
Newspaper Excerpt
the Receivers are paying in full all bills presented for dividends, with interest to the 1st of March
Source
newspapers
2. March 12, 1844 Receivership
Newspaper Excerpt
The notes of the Commercial Bank of Lake Erie are at par in Cleveland, and received by the different brokers in that city. The Receivers are paying in full all bills presented for dividends with interest to the 1st of March.
Source
newspapers

Newspaper Articles (5)

Article from New-York Daily Tribune, March 12, 1844

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Article Text

days The Bank of Sandusky, Ohio, has declined to accept its surrendered charter. The notes of the Philadelphia Bank' are no longer redeemed by the Merchants' Bank of this city. From certain indications, we are led to believe, says Thompson's Bank Note Reporter. and Thompson has the happy faculty of hitting the truth in his guesses oftener than most men in the financial world, that the State Bank of Illinoi3' will be resuscitated; its notes are selling a 70 cents, and the stock at 20 cents per dollar. The notes of the Bank of Illinois, at Shawneetown, have also very much improved; they can be sold at 65 cents on the dollar. The notes of the United Siates Bank are worse. Wequote them at 26 discount. RATES OF DISCOUNT ON BANK NOTE8 AT 52 WALL-ST. Broken Bank Money. Uncurrent Money. 15 Bank of Oswego Eastern. Bkble in Boston 20 Commercial, Oswego Albany, Troy, Schenec. &c. 20 Clinton County Jersey 20 Watervliet Philadelphia 26 SEA United States Baltimore : Housatonic Railroad par Safety Fund and Red Back 1 50 Phonex, Charlestown Virginia 60 2 Newburyport Bank Ohio 20 2 Bank of Lyons Indiana 90 3 Bank of Bennington Michigan 1: Girard Bank, Philadelphia .12 North Carolina 18 1 Commercial, Buffalo South Carolina The increase this year of freight and travel over the various railroads in our neighborhood is very marked, and shows a large improvement in the business of the country and in the means for traveling. The stocks of these roads, many of which have been much depressed, giving the stockholders no return for his investment, are dow rapidly rising, and the receipts appear to afford a good prospect for a fair remuneration of the capitalist in the future. Over the Reading Railroad the increase has been unusually large, a3 is seen by the following report: 1814. 1813. $28,371 18 $10,060 34 February 19,254 tons. 1,930 tons. Coal Tonnage Here is an excess of upwards of eighteen thousand dollars. or nearly 200 per cent. in one month. The Norwich and Wor cester Railroad exhibits also a large improvement: Receipts of the Norwich and Worcester Railroad Company for February, 1841: $11,729 28 passengers, freight and mails 5,526 41 Received for same period in 1813 Excess in the receipts of February, 1844, over the 6,202 87 month of February, 1843 Here the gain has been about 115 per cent., the excess above being more than the whole receipts last year. On the Western Railroad, the increase of business is encouraging, as will be seen: Through freight, from Boston to Albany, over the Western 1244 1843. Railroad: 375 Tons. 90 Tous January 280 94 February Freights received at Boston, and sent from Boston, tbe first 1844. 1843. six weeks: 4.891 Tour 7,688 Tons. The receipts of the Western Railroad for nine weeks compared with the same period of 1843 are as follows: 1843 1844. $26,893 $30,055 Passengers 25116 40,956 Freight, 3.752 3.753 Mail, &c $55,762 $74,764 Total Showing increased receipts in nine weeks of $20,000, equal to nearly $150,000 per annum Nearer home, the travel over the Harlem Road shows a very large gain this year over last. We have not the figures at hand, but We are credibly informed that the receipts of the first ten days of March have been within $1000 as much as during the whole month last year. This is an enormous in crease, and gives the stockholders a chance to seeland. The notes of the Commercial Bank of Lake Erie are at par in Cleveland, and received by the different brokers in that city. The Receivers are paying in full all bills presented for dividends with interest to the 1st of March Mr. Darsie, from the Committee on Internal Improvemint in the Pennsylvania Legislature, reported a bill incorporating the Pennsylvania Canal and Railroad Company for the purchase of the main line, and fixed the price at twenty millions of dollars, divided into shares of one hundred dollars each-the shares to be sold at auction at not less than the par value, payable in State loans. Specie arrived at New-Orleans from September 1, $4,421,150 At St. Louis, February 29, the favorable weather had freed the upper rivers from ice, and the arrivals and departures of boats were onite numerous, imparting much activity


Article from The New York Herald, March 17, 1844

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Article Text

MONEY MARKET. Saturday, March 16-3 P. M. The stock market to-day was very fluctuating. Some descriptions fell off, while others advanced three and four per cent. Harlem improved 5 per cent; Farmers' Loan, 11; Long Island declined 1/2 per cent; New Jersey, 1, Norwich and Worcester, 11; Pennsylvania 5's, 2; Ohio S's, 3; Kentucky 6's, d; Indiana, 1; Canton, 1}. There were no sales of Western Railroad at either board. The sales were not very extensive. Harlem continues to advance very rapidly. The rise in about four weeks has reached about one hundred and twenty-five per cent, hav. ng advanced from forty-two to sixty-four per cent The Lufayette Bank of Cincinnati is not embraced in he recent act of the Ohio Legislature, which re chartered the Wooster, and other banks of that State. That bill required that the assent of all the stockholders should be filed with the auditor of the State by the 1st of March, which was impossible, as the stock is owned principally at the east, and in Europe. The consequence is, the bank has to decline business. It can receive no deposits, other than specie, not being allowed after the 1st inst. to pay out any thing but specie, or her own notes, which latter must be registered by the State auditor. The revenue from imports has increased very much in England. The receipts at the Liverpool Custom House for the month of January, 1844, exceeds by £42,000 those for the corresponding month last year. The bills of the Commercial Bank of Lake Erie, are at par in Cleveland, Ohio. The receivers are paying in full all bills presented for dividends, with interest to the 1st of March. A resolution has been submitted to the city council of Baltimore, which states that the public interest and honor will be advanced by an extra session of the Legislature.It further states, that the decline of the stocks of the State, seems to indicate a want of confidence in the public faith, which should not exist at all, and more particularly at this early period after the adjournment of the Legislature The Icity of Baltimore is particularly interested in the completion of the Chesapeake and Ohio Canal. The defeat of the bill in the Legislature, has disappointed many citizens of that city, and great efforts are made to have the whole thing reconsidered. The decline in the quotations of the State stock. is caused by individuals interested in creating an excitement, that will lead to the accomplishment of their ends. I The charter for the Providence and Worcester Railroad Company has passed the Massachusetts Legislature, also i a charter authorising the building of the Massachusetts and Vermont Railroad through Fitchburg. i The Hartford and New Haven Railroad Company have e declared a dividend of two dollars on each share of the h original stock, including the distribution stock-being a I part of the nett profits for the last six months-payable on and after the 25th inst. t The bill for the sale of the main line of the Pennsylvania improvements, extending from Philadelphia to Pittsburg, 5 passed the committee of the whole in the Senate on Thursday. It provides for the sale of the works at auction, and p fixes the price at $20,000,000. The bill for the sale of the Delaware Division fixes the price for that work at $2,500,I 000. I I At a meeting of the Canal Commissioners, it was re, solved, that the canals of this State be opened for naviga tion on the 18th of April next. I The receipts of specie at New Orleans, on the 7th inst., amounted to $120,100, of which $100,000 came from New York, per ship Ocmulgee. Counterfeit tens on the Planters' and Mechanics' Bank : of South Carolina are in circulation. They only differ from the genuine in color, and a certain stiffness in the signatures. States -


Article from The Radical, March 30, 1844

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The Commercial Bank of Lake Eris.-The Cleveland Herald states that the notes of this bank are at par, and so received by the different brokers of that city, and that the receivers are paying in full all bills presented for dividends, with interest to the 1st of March. In Cincinnati, the paper of this bank is 5 per cent. discount.


Article from Richmond Palladium, April 5, 1844

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COMMERCIAL BANK OF LAKE ERIE. The Cleveland Herald says that the Notes of this Bank are at PAR in that city, and that the Receivers are paying in full all Bills presented for dividends, with interest to the 1st of March.


Article from Richmond Palladium, April 19, 1844

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COMMERCIAL BANK OF LAKE ERIE.- The Cleveland Herald says that the Notes of this Bank are at par in that city, and that the Receivers are paying in full all Bills presented for dividends, with interest to the 1st of March.