17441. Miami Valley Bank (Dayton, OH)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
November 8, 1854
Location
Dayton, Ohio (39.759, -84.192)

Metadata

Model
gpt-5-mini
Short Digest
01f971c0

Response Measures

None

Description

Multiple newspapers (Nov 8-17, 1854) report the Miami Valley Bank of Dayton, owned/controlled by D. Beckel, suspended in early November 1854. Coverage indicates the suspension was tied to Beckel's financial difficulties and a regional banking panic; notes were secured by U.S. and Ohio stocks and continued to pass at par. A subsequent report (Nov 11, 1854) states Mr. Beckel 'has resumed' and the bank's notes were being redeemed, indicating the suspension was temporary and the bank reopened. I corrected OCR inconsistencies (e.g., Beckel spelled various ways).

Events (2)
1. November 8, 1854 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Owner D. Beckel was reported in trouble, compelled to make an assignment; regional panic/rumors contributed but suspension tied to owner and bank difficulties.
Newspaper Excerpt
The Miami Valley Bank of Dayton, of which Mr. Beckel...is also report to have suspended.
Source
newspapers
2. November 11, 1854 Reopening
Newspaper Excerpt
Mr. Beckel, of Dayton, has resumed, and the notes of the Miami Valley Bank are now promptly redeemed.
Source
newspapers

Newspaper Articles (13)
1. November 8, 1854 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, November 8, 1854

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The Philadelphia Ledger says: "Coal shipments on the Lebigh for the week ending with Saturday last were 41,058 tuns, and for the season 1,067,525 tuns, against 885,499 tune to same time last year-incr+ase, 182,026 tubs, The breach on the Delaware Division of the Pennsylvania Cacal, it is supposed, will require three or four days to repair. But an interruption of the navigation for even a single day, at this late period of the year, is attended with very serious inconvesience. and irreparable loss to all the parties interested, and is calculated still further to inflate the already sufficiently high prices of coal. Until the breach is repaired, and navigation restored, ebipments on the Lebigh will necessarily be restricted, with a dminished force of boats, to the supply of the demand on the Lebigh and Morris Canals, and of the New. York market by the latter avenue. The occurrence of the breach is one more in addition to the many similar cases demonstrative of the urgent necessity for extensive repairs and improveme to the State Canal From the Schuylkill region the tunnage has increased the past week, especially by the Reading Railroad, which reports 36,561 tuns, making for the season 1,813,237 tans, against 1,431,286 tuns to the same time last year. The Navigation Company, for the week, reports the tipment of 14,478 tuns, and for the season 792,978 tuns against 752,432 tuns to the same time last year. We have a report here that the combination formed a few weeks ago in the Schuylkilt region to restrain shipments of coal. has been dissolved, and that for the remainder of the season we may expect the usual supply. Such is the report." The Rockland (Me.) Advertiser give a most singular excuse for the stoppage of the Shipbuilder's Bank of that place. A new Board of Directors had recently been chosen who knew nothing of the affairs of the institution, and bills which they supposed " were in circulation to the amount of $107,000 over "and above its legitimate issue were ones that had "been printed on such poor paper as to be unfit to go "into circulation, and were burnt up in March last, a record of which transaction was duly made." The bank, it understands, has at the present time % circulation of about $30,000, and has due it from its customers in good notes not yet matured about $160,000. There seems to be considerable stringency in the Montreal and Quebec money markets, and we learn of one large and several smaller failures at Montreal; the former with liabilities amounting to £300,000. The Cincinnati Gazette states that Mr. Beckel of Dayton, who has been engaged extensively in railroads, banks, turnpikes, &c., has been in trouble for two weeks past, and was finally forced to suspend on Tuesday last. The Gazette says: He owned the Miami Valley Bank of Ohio, the Wayne County Bank of Indiana and another Indiana Bank, the name of which we do not recollect. He is also principal owner of several turnpikes, and is a heavy stockbolder in various railroads; besides which he has a large amount of real estate. Unless his possessions were greatly overestimated, he will be able to pay all bis debts. The notes of the three banks referred to are secured by the deposit of State stocks." The Chancellor of the Circuit Court of Kenton County, Kentucky, has appointed three Commissionersto settle the affairs of the Kentucky Trust Company Bank of Covington, in lieu of the assignees selected by the Bank. The Commissioners are to give bond and security in the sum of $150,000 for the faithful performance of their trust. The question was raised as to the right of the Commissioners to take the notes of the Bank, and the powers of the Commissioners generally. The Court said that it had not made up i:8 mind as to the ability of the bill-holders who held the notes of the Bask before its failure, to offset such notes against the bills they owed in bank. That question was reserved. The Court held, however, that those who had go: possession of the notes after the failure of the Bank, could not pay their debts to the bank with such Kentucky Trust Company notes, because the charter of the bank requires that all the creditors of the bank shall be paid pro rata. The effect of this order is to make the debtors of the bank pay their debts in gold and silver, and not in the depreciated paper of the bank. The late President of the bank has published a card, in which he says the notes will be worth seventy-five cents on the dollar.

2. November 9, 1854 New-York Daily Tribune New York, NY
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.»

3. November 10, 1854 The New York Herald New York, NY
Article from The New York Herald, November 10, 1854

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FINANCIAL AND COMMERCIAL. MONEY MARKET. THURSDAY, Nov. 9-6P.M. There was a regular stampede among the fancies in Wall street to-day. A perfect panie seized upon holders, and a great desire was manifested to sell, even at the depreciation. There were transactions on time, both buyor's and seller's option, netwithstanding the rapid deeline in prices. At the first board, Kentucky 6's fell off x per cent; Minois Central Bonds, 2; New York Central Bends, %; Delaware and Hudson, %; Canton Company, 36; Niearagua Transit, %; Cumberland Coal, ½; New York Central Railroad, X; Michigan Central Railroad, ½; Northern Indiana Railroad, 1; Erie Railroad,-1%; Harlem, %; Reading Railroad, 1. A very large quantity of stock changed hands at our quotations. Illinois Oentral Bonds were freely offered in the face of a depreciation of two per cent. There appear to be great apprebensions relative to the future course of prices for stocks generally. At the second board there was a slight reaction, as might have been expected after such a great and rapid decline. Erie Railroad went up % per cent; Reading Raflroad, ½; Nicaragua Transit, %; Cumberland, ½. There seems to be no end to disasters in the financial and commercial world. From every direction we are continually receiving accounts of failures of banks, banking houses and mercantile firms. The banks throughout the entire West appear to be in a state of insolvency, and upon the ave of a suspension. We know not what may come next. They will create a greater panic than yet realized, and all are afraid to enter into any movements, fearful something may occur to upset the best and closest calculations. The general disposition is to keep quiet and wait patiently for the end. The time is coming fast when it will be perfectly safe to buy any stock on the list. Prices must, at the rate of depreciation realized within the past month or so, ultimately become so much reduced that all speculators will be buyers, and then the upward run must be rapid. We must have a great change in money matters before outsiders can buy at any price. They must get the means from some source to buy even at reduced rates. The probability, "which to daily becoming strengthened, that some companies will pass their dividends, and that others, contemplating the announcement of dividends, will not do so, has undoubtedly had an unfavorable influence upon prices, and may depreciate the securities alluded to still further; but a depression from such causes can be but temporary, and in the end may prove advantageons. We have no doubt many will be disappointed, and that many may be forced to realize on the principal to the absence of dividends; but it is the wisest course the managers of the companies referred to could, under the circumstances, pursue, and the end justifies the means used for its accomplishment. In times like these, all human calculations fail. A few daysin such an eventful period changes completely the complexion of matters, and all our hopes and anticipations suddenly disappear, leaving us all in the midst of doubt and uncertainby. A few days since we began to feel as though the worst was over-as though we had passed through the severity of the pressure, and only required time to recuperate and husband our resources; but it seems we were a little premature in our reckonings - that there was still a lower depth before we found bottom. The mutterings of the convulsion we heard a week or two since, in the West, have commenced again with increased force, and probably will burst forth and sweep over that entire section of country. The banking systenan of several States in that region are in a wretched condition. It is reported that there is not a solvent bank in Indiana, and we have several bank suspensions in Ohio to record. The Miami Valley Bank, of Dayton; the Canal Bank, of Cleveland, and the Bank of Circleville, have all stopped. Nearly half a dozen banking firms of Cincinnati have failed, and the panic appears to be spreading in all directions from that city. Several. failares have also been reported at Buffalo. These suspensions will throw upon the market a large amount of public securities, and great sacrifices must be made. We trusta few days will suffice to clear up the excitement and enable people to take a calmer, cooler view of matSerm. After the adjournment of the board the following sales of bonds and stocks were made at auction by A. H. Nisolay:-

4. November 10, 1854 The New York Herald New York, NY
Article from The New York Herald, November 10, 1854

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clea by the heavy forgeries committed in San Francisco, and the escape of the parties implicated. The Cleveland Herald says:The Miami Valley Bank, of Dayton, has suspended, but as its circulation is secured by United States and Qhio stocks, the banks throughout Ohio receive the notes as readily as before its suspension. The notes of the bank are at par, showing what confidence is placed in the present banking system of Ohio. If Indiana had such securities behind her free bank bills, there would now be no panic, and no run upon her banks. The operations of the Washington branch of the Baltimore and Ohio Railroad, during the year ending Sept. 30, 1854, exhibit the following result:-The receipts from all sources have been $369,220 63, of which $278,302 13 was derived from passengers, and $90,927 50 from mails and freights, showing a decrease, as compared with last year, of $15,830 78. The actual decrease in passenger receipts being $30,833 64, while the increase in revenue from freights amounted to $15,052 86. The anticipated increase in travel which it was presumed would follow a reduction in the fare to $1 25 not having been realized, on the 1st of May last the fare was advanced to $1 50, and the result shows the propriety of the measure; the number of passengers has not diminished, and the revenue derived during the last six months, as compared with the first half of the year, has been increased by $20,227 25. The working expenses for the year have been $181,370 65, being 49 1-10 per cent of the gross revenue. The amount of State tax paid for the year was $62,877 53, being one-fifth of the entire receipts from passengers between Baltimore and Washington, way travel included, and is equal to a fraction over 3% per cent of the entire capital. The construction account has been swelled during the twelve months by $1,082,459 19, under the subjoined heads :-Real estate, $260,100 12; rolling power, $550,179 15; second track, $447,066 81; cost of road, $425,123 11. A large amount of counterfeit quarter eagles are in circulation, and SO well executed as to deceive any one. They are made from a genuine New Orleans Mint die, stolen some years since, and bear the letter o under the talons of the eagle. It is made of a casting of pure gold, filled with silver, and probably with platina, to increase the weight. The weight is 60 6-10 grains, which is only four grains light, and the coating of gold weighs 1-10 grains. It is therefore worth $1 17 in gold and 8 cents in silver, or $1 25 in raw material, besides the labor of making. There has been but very little done in dry goods during the past week calling for special reference. Several purchasers have been in the market, settling their accounts for goods obtained on credit earlier in the season, and they have met all the claims of their creditors with laudable punctuality and exactness. They likewise bought some additional lots of desirable fabrics, to keep up an assortment, and for these they paid pretty full rates; but this action was not sufficiently general nor spirited to vary the uniformly dull state of the business. The stocks have been lately decreasing, and they are now lighter than it was previously supposed they would turn out to be by this time; yet owners are anxious to get rid of them, and as they cannot find buyers for such very easily, their eagerness exerts a baneful influence upon prices. These are much depressed, and except in the case of very choice articles, which from their scarcity rule firm, the tendency is downwards. Brown sheetings and shirtings are in moderate request, at previous quotations. Bleached sheetings and shirtings are not very brisk, but are steady in price. Both kinds appear in fair supply. Cotton fiannels are pretty freely taken at full figures-the production is rather limited, and this helps to sustain the market. There is a pretty good business doing in denims at old rates. Drills are rather plentier, but are saleable and firm. Ginghams rule quiet, yet are otherwise unchanged. Lawns and nankins are dull and heavy, as before reported. Osnaburgs are inanimate at last quoted prices. Printing cloths are less active, but stiffly held. Prints rule quiet and languid. Stripes and ticks are inactive at previous quotations. Woollen goods are but sparingly dealt in at irregular and rather easier prices, the supply being heavy for the season, and freely offered, while the inquiry is unusually tame. Blankets are less sought after, and are depressed in value. Desirable styles of cassimeres are in fair demand, and are firm. Cloths rule quiet at former prices. The stock is moderate. Doeskins are less abundant and in good request at-steady rates. Flannels attract rather less attention, but are unaltered in value. Jeans are inanimate and drooping. Lindseys sell slowly, but are firm. Mouslin de laines are plentier and less inquired for, yet they command full prices. Satinets are dull and heavy. : hawls find pretty ready buyers at a slight reduction in price, excepting for the choicest styles, which are unhanged. Sheep's grays and tweeds are moderately active and steady. Foreign productions continue without improvement. Only the most seasonable styles of British and continental fabries are in any demand, and these are even very cautiously purchased at old rates. The imports are falling off, but the stocks are ample, and there is some disposition to press them upon the market. This affects prices unfavorably. The auction sales are decreasing in number and interest, and their influence upon the trade is not very powerful. The market, nevertheless, is quite depressed, and the tendency of it is favorable to buyers. Stock Evehenge

5. November 12, 1854 The New York Herald New York, NY
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.

6. November 12, 1854 The New York Herald New York, NY
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 in. terest in monetary circles. 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 time 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; hence, 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 Miami railroad stock, 97%; 24 do. Eaton and Hamilton railroad stock, 33½; 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; 30 do. Cincinnati and Indianapolis railroad stock, hypothecated, 44: 85 do. Cincinnati, Wilmingt >17 and Zanesville railroad stock, hypothecated, 40; 38 do. Indiana Central raiiroad stock, hypothecated, 54; 75 do. Ohio and Mississippi railroad stock, 4736; 90 do. Little Miami railroad stock, sold East, 97%; 85 do. Cincionati, Cleveland and Columbus railroad stock, soil East, 100%; 75 do. Cincinnati, Hamilton and Dayton railread 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.

7. November 15, 1854 The Cadiz Democratic Sentinel Cadiz, OH
Article from The Cadiz Democratic Sentinel, November 15, 1854

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From the Cleveland Plain Dealer. THERE SHE GOES AGAIN! More Banks Bursting !! WHEW! HOW THE FLINDERS FLY!!! The old Bank of Circleville, that old mother of harlots, is held in such suspicion here that the City Bank refuses her bills, even on a doubtful debt. A telegraph dispatch arrived about 2 o'clock P. M. on Saturday saying to the money mongers, "stand from under." What her securities are we do not know, as she belongs to the old category of regenerated rag mills, of which the defunct Banks of Massillon and Wooster were a complices. The Miami Valley Bank of Dayton, BecKEL owner, has suspended for 30 days, perhaps a eypher or two (00) longer. So say letters received fro n Dayton to-day. The bills are secured by State Stocks, which if converted at pur will make them worth nearby their face. So welgo. LATEST FR IM INDIANA. A friend has just returned from Indianap. olis, where he went to reulize on Indiana Free Bank paper. He went to the Auditor's Office, where bills which have b. en refused payment at the Banks are presented for pro. test, preparatory to going through the mill for final adjustment and saw in one huge pile uough to fill cram full a double lum. ber wagon box, mostly returned from Ohio alone. Said bills are from ten to twenty per cent discount, payable in Ohio funds.Bankers and brokers take it on deposite "to be returned in kind Suffice it to say, the whole batch of Free Banks have gone to "immortal smash." So far as the Stocks are pledged, which are all f kinds, some 21 per cent, some 5 per cent. some Virgmia and some Indiana, Ohio and Louisiana, and by a forced market will sell, S 80 far said bills will in time be redeemed.Bill holders who can hold their breath longe est will fare the best. e We shall endeavor to keep our readers early and fully advised of these bank blow. ups. We have several more on our list n which are fluttering in the wind. As the e Almanacs sav, "look out for a scorm about these days." P. S.--Later from the "Paper Ree gion"---No News from the Gold d Region." The Auditor of State, of Indiana, has is1 sued the following CIRCULAR.

8. November 15, 1854 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, November 15, 1854

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There was quite an active Stock market this morning, and prices were well sustained, until the advices of new disasters at the West were public, when there was more heaviness. At the Second Board, prices were lower, with rather an urgent disposition to sell. There was, in the morning, a prevalent feeling that brighter times were shead, but this wore off during the day, as the failures at the West were announced, and the upward tendency of the market was thoreughly checked. Erie closed at @38f, which were yesterday's prices. Reading, 70, a decline of P cent. Harlem, 27% a decline of 1 P cent. Central was steady. Hudson River, 37. Nicaragua declined 1, notwithstanding the short passage of the Northern Light. Cumberland fell off 1 P cent. Canton was rather better. The Western Railroads, with moderate demand, were heavy. Gold Hill has fallen, within a few days, from $2 to $1 121. In Railroad Bonds, the sales were $100,000, including Incomes, 90; Convertbles, 1871, 701; Hudson First Mortgage, 101; IDInois Central. $87,000 at 67@674; New-York Central, 841. In Bank Stocks there was but done, and the market is heavy. A sale of Indiana 58 was made at 801. Virginia 6s, 93; Missouri 68, 87. In Exchanges there was but little doing, and rates are heavy. Sterling 9@91.; Francs, 5.15@5.12}. The supply is moderate, and the stringency of money checks remittances. The receipts at the Sub-Treasury are $94,380; paid, $336,898; balance, $6,437,901. A small sale of Knickerbocker Bank Stock was made to-day at 25 at auction. The telegraph brings in advices of more financial disasters at the West. The trouble in Cincinnati is not over, and we have news of the suspension of Messrs. George, Milne & Co., a very respectable but not very extensive house. It is supposed they will pay eventually everything. Mr. Hiram Johnson, of Buffalo, owner of the Farmers' Joint Stock and other Banks, has also suspended. The run on Messrs. Selden, Withers & Co., of Washington, continued today, and it is feared that they must succumb. A dispateh from Washington says: The run on the Trans Alleghany, the Arlington, the Old Dominion, and the Kanawha Banks, and also the Exchange Bank of Selden, Withers & Co., still continues, and each Bank is redeeming their notes with those of the others." The Philadelphia Ledger says that some of Selden, Withers & Co.'s paper is in that city under protest, and hear of their certificates of deposits returned here unpaid. We sincerely trust they will be enabled to go through. At Chicago, the City Bank and the Merchants' and Mechanics' Bank (free Banks) are announced as suspended. The circulation of these Banks is secured by six per cent. stocks. The bills of the Napierville Bank and the Bank of Elgin are discredited at Chicago. The epidemic which has apparently spent itself in Indiana has now attacked Illinois. The free Banks of Illinois are however, of a much better class, as a whole, than those of Indiana; and the securities are better. Six per cent. State Stocks only were taken as a basis for circulation, with Illinois Stocks, at 20 per cent we think, below the average market price in New-York for six months previous. In regard to the Woodbury (Conn.) Bank, the Cashier publishes the following card: WOODBURY BANK. (Conn ,) Monday, Nov. 13, 1854. The Suffolk Bank having refused to redeem for the Woodbury Bank, the public are advised not to make any sacrifice on the bills. as they are redeemed at the connter. JOHN ABERNETHY, Cashier. A note from the Auditor of Indiana says: OFFICE OF AUDITOR OF STATE, INDANAPOLIS, Nov. 11, 1854. We are surrendering the Bonds of many of our Banks for their circulation. When the stocks are of different kinds we make the election as to which we JOHN P. DUNN, Auditor. deliver. Yours, The Cincinnati Gazette says: The assets of the City Bank of Columbus have been put into the hands of R W McCoy, Wm. S. Salliver and D W. Desbler, of that city. The Urbana and Champaigne County Insurance Company, at Urbana, closed on Friday. Gold is selling here at 5 P cent. premium. The notes of the Bank of Kanawha sold to-day at 25 $ cent. discount. Bank of Circleville at 50, Kentucky Trust Company at 70, and Newport Safety Fund at 80. There are few sellers of Circleville, however. There is a good deal of confidence in the Bank. The notes of the Clinton Bank of Columbus were again refused to-day. Indiana Stock notes are selling at 25 to 30e discount, but a list of 20 of them will be better in & few days. A private banker at Xenia failed yesterday. Mr. Beckel, of Dayton, has resumed, and the notes of the Miami Valley Bank are now promptly redeemed. J. O. Shoup, of Dayton, has made an assignment of all his assets. The public are advised by the following letter of the security of Ohie State Stock Bank notes: TREASURY OFFICE, Columbus, O., Nov. 11, 1854. W. W. CONES, Esq.-Sir: In answer to your inquiry, I reply that the notes of the Miami Valley B ank, Canal Bank of Cleveland, Savings Bank of Cincinnati, City Bank of Columbus, and all other Ohio Stock Banks will be received for taxes, and all other public dues, at this office, as heretofore. These notes are abundantly secured by the pledge of Ohio and United States Stocks in the ffices of the Auditor and Treasurer of State which stocks are still commanding a premium in New York No bill holder need necessarily lose anything by Ohio Stock paper. Very respectfully yours &c. G. BRESLIN, Treasurer of State. Mr. Flourney, President of the Commercial Bank of Kentucky, says, in a card to The Gazette The rumors prejudicial to the Bank are false, and without foundation. Being absent from Paducah, and not having access to the books of the parent Bank, I can only give a general statement of its affairs. So far, the Bank has been doing a safe business, according to legitimate banking rules. As far as known, no bad debt has been contracted since the institution commenced business, nor any loss 8014tained otherwise. We have a surplus fund of about 10 V cent. on the capital stock paid io, besides the profits of our business since the 1st of July last. We have bills OD New-Orleans, New York, and St. Louis, maturing within the next one hundred and twenty days-mostly within sixty and ninety days-more than sufficient to redeem our entire circulation. The Bank is curtailing her business, and her circulation being diminished. L W. FLOURNOY, Pres't Messrs. 1 S. Goodman & Co. make & very satisfactory exhibit. The assets are said to show an excess of $300,000, after making ample allowance for bad debts, &c. The Northern Light from San Jean, in addition to the gold on the freight list-about $560,000-brings

9. November 17, 1854 The Belmont Chronicle, and Farmers, Mechanics and Manufacturers Advocate Saint Clairsville, OH
Article from The Belmont Chronicle, and Farmers, Mechanics and Manufacturers Advocate, November 17, 1854

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BANK SUSPENSIONS.-The Miami Valley Bank of Dayton, owned by Mr. Beckel, has suspended. Mr. B. was also owner of the Wayne County Bank of Indiana, which has probably suspended also,as he has been compe lled to make an assignment. The Miami Valley notes are secured by U. S. Stocks, and by State Stocks, and they are perfectly good for their face. The Banking houses of Messrs. Ellis & Sturgess, Smead, Collard & Hughes, known as the Citizen's Bank," and Hatch & Langdon of Cincinnati, have failed. The O. S. Journal says that there was a rumor in Columbus that the Canal Bank of Cleveland had failed, but that later advices neither confirmed nor denied the rumor.

10. November 17, 1854 Fremont Journal Fremont, OH
Article from Fremont Journal, November 17, 1854

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Banks. There is great commotion in money matters, and what the end is to be, no man can with certainty tell. Thus far, all Ohio paper, except Circleville, is passing at par. Those who are best informed, think Circleville notes will yet be redeemed at their face, and bill holders are advised not to suffer a heavy shave. The City Banks of Columbus, Miami Valley Bank of Dayton, and Canal Bank of Cleveland, have all suspended; their notes however, continue to pass at par, as they are secured dollar for dollar, by Ohio and U.S. Stocks. Some have feared a suspension of the State Bank, we do not believe this will take place. The State Bank is believed to be strong, its circulation not large, and it will be strongly for the interest of each and all the branches to sustain each other. Indiana Free Banks get into worse and worse repute. The Auditor tells the public that he will not sell the Stocks to redeem the notes till he gets ready. We advise every body to keep clear of Indiana Free Bank Notes. The old State Bank of Indiana is considered good. Illinois money looks squally, it is no better secured than Indiana, we think it not as well. Three or four petty Banks in Chicago, have already failed. W e advise our friends to be shy of Illinois money. Michigan money we believe is accounted safe, except Macomb County Bank, which is regarded as somewhat doubtful. Let all the people be determined, as soon possible, to have a Banking System in operation in this State, which shall secure the bill-holder in any event.

11. November 21, 1854 Burlington Tri-Weekly Hawk-Eye Burlington, IA
Article from Burlington Tri-Weekly Hawk-Eye, November 21, 1854

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The Miami Valley Bank, of Dayton, as well as D. .Beckel, Broker, who owns and controls it, have suspended. But its circulation is secured by Stocks of the United States and the State of Ohio, and the notes are current in Ohio.

12. November 22, 1854 The Weekly Portage Sentinel Ravenna, OH
Article from The Weekly Portage Sentinel, November 22, 1854

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Broken Banks. The following is a list of Banks, that have suspended within a few months past. For the benefit of our readers, we shall keep it standing, and make weekly additions thereto, of such failures as come ithin our knowledge: Patchin Bank, Buffalo. Farmers' and Merchants' Bank, Oswego. Farmers' Bank of Canadaigua. Drovers' Bank, Ogdensburg. Bank of Carthage. Farmers' and Merchants' Bank, Meryland, Massillon Bank, Ohio. Farmers' and Merchants' Bank, Memphis. Ohio Savings Institute, Titfin Cochituate Bank, Boston. Bank of West Killingly, Connecticut. Eighth Avenue Bank, New York. Bank of Ellsworth, Maine. Elkhart County Bank Indiana. Bank of Northern Indiana. Bank of Washlenaw, Michigan. Erie and Kalamazoo Bank, Michigan. Newport Safety Fund Bank Kentucky. Kentucky Trust Company. Bank of Kanawha, Virginia, Arlington Bank, Washington, D. C. Farmers' and M. Bank, Washington, D.C. Bank of Connersville, Indiana. Bank of Hallowell, Maine. The Shipbuilders' Bank, Maine. Lewis County Bank, New York. Akron Branch, Akron. Marchants and Traders Branch, Cin. Exchange Bank, Buffalo. Farmers' Joint Stock Bank, Buffalo. Woodbury Bank, Connecticut. Circleville Bank, Circleville. The City Bank, Columbus, Miami Valley Bank, Dayton, and the CanalBank of Cleveland have suspended payment so far as depositors and time draft holders are concerned, but the bill holders are secured by State and United States Stocks.

13. December 9, 1854 The Daily Minnesota Pioneer Saint Paul, MN
Article from The Daily Minnesota Pioneer, December 9, 1854

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NEWS ITEMS. The Cleveland Herald of the 23d ult. says:-"We fear a disastrous fire has occurred on the Lake. Satarday evening, some twenty-five miles north of us, the sky became red in one spot as with the glare of fire. The tint began at half past six, deepened into a Jurid color at seven, continued thus for some threequarters of an hour, and then paled away. Light in that direction leads us to suppose that the reflection was caused by a vessel on fire on the Lake. The Cleveland Herald of Tuesday states that the Miami Valley Bank, of Dayton, has suspended; but as its circulation is secured by United States and Ohio Stocks, the banks throughout the State take its notes. During the eleven weeks this season that yellow fever raged in Savannah, there were 600 deaths from pestilence, out of a total mortality of 9675. The Health Committee report that there were 800 cases of cholera in Newark, N. J., during the last season, one-half of which were fatal. The earnings of the M. S. & N. R. R. for Oct. were : $224,185 35 Passengers and mail 62,181 78 Freight and miscellaneous Total $286,377 17 223,575 96 Earnings Oct., 1853 Unesease 62,801 21 The earnings of the road for the 10 months $1,778,386.51 ending Oct. 31 were 1,297,179 11 Same period 1853 $431,207 10 Increase in 10 months (over 37 per cent.) The Hon. George M. Dallas has published a letter announcing his adhesion to a movement in Pennsylvania, to form a "Constitutional Party"-that is to say, a party pledged to maintain the Federal Constitution, as paramount to all other isms of a local or national character. This new party proposes to embrace both Whigs and Democrats. The Cleveland Plaindealer states that various sums of money having been lost through the mails between that place and Wheeling, Shalleross, of Wheeling, Special Mail Agent, undertook to ferret out the robber. Suspicion finally rested on the Wellsville office. Eighty dollars recently mailed at that place was abstracted, and the robbery traced to the son of the P. M., who was arrested. The American party in the Legislature of Pennsylvania proves to be much stronger than was supposed. There are sixty members, says the Harrisburgh Telegraph, of the next Legislature, known to belong to the American order. Frederick Gedge, President of the Covington and Lexington Railroad, committed suicide on Thursday, by throwing himself across the track while a train was passing, which severed his head from his body. The return of bills from New York, drawn against the bonds of the Company, supposed to have been sold in that city, and on which the directorsand himself had heavily endorsed, is alleged as the cause of the act. We learn from Quebec that the Legislative Assembly had come to an understanding to vote a sum of money, amounting to about one hundred thousand dollars, for the relief of the widows and orphans of the ate battles of the allied army in the war against Russia. Thomas P. Williams, one of the largest produce dealers and vessel owners in Milwaukee, has found himself compelled, by the extreme stringency of the money market, to suspend payment, and has made an assignment for the benefit of his creditors. The assignees are Messrs. G. D. Norris, and W. B. Hibbard, gentlemen of known character and business talent. In their hands Mr. Williams has placed every dollar's worth of property he owns, including even his homestead. The liabilities are in the neighborhood of $125,000, and the assets estimated at upwards of $200,000. Rev. Joshua T. Russell, a Baptist clergyman at Jackson, Mississippi, recently fell dead while preaching. The horrors of the Arctic disaster have sensibly affected the amount of travel to Europe. The Baltic, which sailed on Saturday, W as scarcely one-third full -her whole number of passengers being but sixtyseven. Vermont has increased her banking capital during the last year $800,000. The number of banks in the State is 10, with a capital of $3,500,000.