17702. Bank of Sandusky (Sandusky, OH)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 5, 1849
Location
Sandusky, Ohio (41.449, -82.708)

Metadata

Model
gpt-5-mini
Short Digest
6c2c8084

Response Measures

None

Description

Contemporary reports (Jan 1849) announce the failure of the Bank of Sandusky. No article describes a depositor run; rather the bank's circulation was run in and its notes later trade heavily discounted (37¢). Thus this appears to be a suspension/failure (closure) rather than a run-driven suspension.

Events (2)

1. January 5, 1849 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Announced failure of the bank; circulation redeemed/run in to the amount of $275,000 and charters nearly run out.
Newspaper Excerpt
A slip from Thompson's Bank Note Reporter announces the failure of the Banks of Sandusky and Nor. walk, Ohio. Apprehensions have been felt for some time that these failures would occur, and the circulation has been run in within a short time to the amount of $275,000.
Source
newspapers
2. June 14, 1849 Other
Newspaper Excerpt
The bills of the Banks which have broken during the last year are selling as follows: ... Bank of Sandusky, Ohio, 37 cts.; ... (Thompson's Bank-Note Reporter item noting broken bank notes trading at heavy discount.)
Source
newspapers

Newspaper Articles (2)

Article from New-York Daily Tribune, January 6, 1849

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Article Text

COMMERCIAL AND MONEY MATTERS For sales of Stocks, &c. see Fourth Page FRIDAY, Jan. 5-P.M. The Stock market was heavy to-day, and all descriptions fell off at the First Board. After the session, and at the Second Board, there was a better feeling, and the quotations advanced Treasury Notes recov. ered from 74 to 8. New Haven sold at 944, and Erie at 614. In Sterling there is as yet no movement, and the rates are-Sterling 8j @9. France 5 261@5 25, Guilders 404@404 Rix Dols 78f@79. Marks Banco 35 a 35). There is but little doing to day in Freights Grain is 71@71. Flour 2s 6d nominally. Engagements of Corn, in bags, at 6jd; 500 bales Cotton at 5-32d, Id asked Heavy freight 27s 6d. To Glaegow Cotton was engaged at Id, and to Autwerp. de ₽ lb. A slip from Thompson's Bank Note Reporter announces the failure of the Banks of Sandusky and Nor. walk, Ohio. Apprehensions have been felt for some time that these failures would occur, and the circula. tion has been run in within a short time to the amount of 8275,000. The Sandusky and Norwalk are two of the seven remaining chartered institutions, and their char ters are nearly run out. Their condition in November last W88 as follows:


Article from New-York Daily Tribune, June 14, 1849

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Article Text

The main increase is in local travel, a portion of which is to be ascribed to the opening of the Nashua connection. The freight item has also improved—all of which is evidence of a sound improvement in the condition of the Company. The sale of surplus dépôt lands at Worcester to the Worcester and Boston Road for $58,000 has enabled the Company to pay off a considerable amount of debt. The bills of the Banks which have broken during the last year are selling as follows: Bank of Norwalk, Ohio, 50 cts; Bank of Sandusky, Ohio, 37 cts.; Canal Bank, Albany, 90 cts.; Bank of Wooster, Ohio, 20 cts.; New Hope Delaware Bridge, 20 cts; Atlas Bank, real estate notes, 70 cts. N. Y. stock notes, 95 cts; Erie Bank, Pa. 85 cts.; Hamilton, R. I. 25c. We annex a list of the latest counterfeits, from Thompson's Bank-Note Reporter: Threes, on the Mechanics' Bank, of New-Haven—vignette, three female; Tens, on the Bank of Waterville, N Y—vignette, Declaration of Independence; Tens, on the Camden Bank, N J; Tens on the Tolland County Bank, Conn; Fives, on the Troy City Bank, Threes, on the Camden Bank, N Y; Threes, on the Bank of Westfield, N Y; Tens, on the Claremont Bank, N H; Threes, on the Stamford Bank, Mass; Threes, on the Otego County Bank; Fifties, on the State Bank, Newark; Twenties, on the Cumberland Bank, Md; Fives, on the Troy City Bank; Twenties, on the Stark Bank, East Bennington, Vt; Fives, on the Franklin County Bank, Malone, N Y—altered from Ones, by the pasting operation. Hon. Jas. K. Moorhead has been elected President of the Cincinnati and Louisville Telegraph Co. The Stock market is running upward at Philadelphia as well as here. Almost all descriptions are in speculative demand. The Governor of Connecticut has signed the bill chartering the Hartford County Bank. The Farmers' Bank of Bridgeport has passed both Houses.