Wooster Bank - Wooster, OH

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: May 13, 1845
Location: Wooster, Ohio (40.805, -81.935)

Metadata

Model: gpt-5-mini
Short Digest: e29231c0

Response Measures

None

Description

Multiple May 1845 newspaper reports describe a panic/discrediting of Wooster Bank notes and heavy selling/discounting of its paper. No article reports a suspension, closure, reopening, or receiver assignment. In 1845 this would be a state-chartered bank (national banks emerged after 1863).

Events (1)

1. May 13, 1845 Run

Cause: Rumor Or Misinformation
Cause Details: Unfounded discrediting and unfavorable rumors about the bank's notes (possibly fomented by brokers); no clear solvency issue reported.
Measures: Trust Company continued to accept Wooster notes of all denominations; other banks received Wooster notes; a broker purchased notes at a discount.
Newspaper Excerpt: The holders of the notes of the above Banks became more and more alarmed yesterday. There was quite an excitement during the day, and men pressed forward to sell or otherwise convert their notes.
Source: newspapers

Newspaper Articles (4)

1. May 13, 1845 Wheeling Times and Advertiser Wheeling, WV

Article from Wheeling Times and Advertiser, May 13, 1845

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Article Text

SANDUSKY, NORWALK, AND WOOSTER BANKS.-The holders of the notes of the above Banks became more and more alarmed yesterday. There was quite an excitement during the day, and men pressed forward to sell or otherwise convert their notes. The broker who had the courage to buy the day before, continued his purchases yesterday at an increased discount, while the Trust Co., as heretofore, took in the Wooster notes of all denomination, and those of the Sandusky and Norwalk Banks less than five dollars. The other Banks received the Wooster notes. We know no reason for discrediting the notes of these Banks, nor do we believe any exists; consequently the broker, who had the courage to buy, will reap all the profit of this panic, and the people bear the loss.Cincinnati Gazette. The above notes are still received by our banks.

2. May 21, 1845 The Cadiz Sentinel Cadiz, OH

Article from The Cadiz Sentinel, May 21, 1845

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Article Text

Have we not answered the question? SANDUSKY AND NORWALK Banks.--Quite a panic was created in Cincinnati, a few days since, in consequence of the Lafayette, Commercial and Franklin Banks refusing to receive the notes of the Bank of Norwalk and Sandusky. The Gazette says: "The Trust Company continued to take the notes of both Banks, of less denomination than five dollars, and one of our bankers bought them up at 10 per cent. discount. Towards evening the Wooster Bank became somehow involved in the unfavorable rumors. There was quite a little excitement upon the subject. No cause is known for the discrediting of any of these banks, except the suspicion that they were extensively connected with the transactions of J. O. & H Smith." It is said that the excitement against the Norwalk, Sandusky and Wooster Banks was gotten up by the brokers, as a little trick of their trade. It may be so. We are not disposed to create alarm in the public mind against any bank, unless there is some ground for it. The Mansfield Shield and Banner says that it looks upon the Sandusky, Norwalk and Wooster Banks, as be. yond the reach of the effects of the Bank of St. Clair. We hope this may be so.

3. May 26, 1845 Mobile Register and Journal Mobile, AL

Article from Mobile Register and Journal, May 26, 1845

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Article Text

SANDUSKY, NORWALK AND WOOSTER BANKS. -The holders of the notes of the above Banks became more and more alarmed yesterday. There was quite an excitement during the day, and men pressed forward to sell or otherwise Convert their notes. The broker who had the courage to buy the day before continued his purchase yesterday at an increas. ed discount, while the Trust Co as heretofore, took in the Wooster notes of all denomination, and those of the Sandeskv and Norwalk Banks less than five dollars. The other Banks received the Wooster notes. Weknow no reason for discrediting the notes of these Banks. nor do we believe any exists; consequently the broker who had the courage to buy will reap. all the profit of this panic, and the people bear the loss.-[Cineinmati Gazette.

4. November 4, 1845 The Kalida Venture Kalida, OH

Article from The Kalida Venture, November 4, 1845

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Article Text

THE WOOSTER BANK-ITS CIRCULATION IN MICHIGAN.-The Free Press some days since announced the fact that the Wooster Bank had a large circulation in this city, and that some dealers were so flush with it, that they willingly paid one or two cents more for flour in the paper of that institution than in that of any other bank. The Niles Republican gives us the startling fact that almost the entire circulation of that part of Michigan is made up of Wooster promises. In Ohio, the paper of that Bank when taken at all, is passed off as soon as possible, for but few seem to have any confidence in the solvency of the institution, and but little in the honesty of its conductors. The flooding of Michigan with its paper, is the premonitory symptoms of a burst up. The deposites of the general government have lately been removed from the Bank, the holders of their notes are running them home for redemption and we warn the people if they do receive the