17393. City Bank (Columbus, OH)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 3, 1857
Location
Columbus, Ohio (39.961, -82.999)

Metadata

Model
gpt-5-mini
Short Digest
c9ba8977

Response Measures

None

Description

Newspapers from Oct 1857 report City Bank of Columbus among suspended Ohio Banks whose notes were thrown out; by Feb 1858 the bank's notes still listed as thrown out. No article describes a depositor run or reopening — this appears to be a suspension during the Panic of 1857 that persisted (treated here as a closure/sustained suspension).

Events (1)

1. October 3, 1857 Suspension
Cause
Macro News
Cause Details
Widespread money-stringency and the Panic of 1857 led banks to suspend and have their notes rejected; City Bank of Columbus listed among suspended Ohio banks whose notes were thrown out.
Newspaper Excerpt
the notes of the suspended Ohio Banks were thrown out to-day... City Bank of Columbus
Source
newspapers

Newspaper Articles (3)

Article from The Davenport Daily Gazette, October 6, 1857

Click image to open full size in new tab

Article Text

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


Article from Indiana American, October 23, 1857

Click image to open full size in new tab

Article Text

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


Article from The New York Herald, February 20, 1858

Click image to open full size in new tab

Article Text

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