22516. Rock River Bank (Beloit, WI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 19, 1857
Location
Beloit, Wisconsin (42.508, -89.032)

Metadata

Model
gpt-5-mini
Short Digest
6e1c68d5

Response Measures

None

Description

Multiple contemporaneous newspaper reports (Sept–Oct 1857) report the Rock River Bank of Beloit suspended/failed with assets and liabilities published. No article describes a depositor run prior to suspension; the failure is linked to distress at another bank (Bank of South County, RI). No explicit receivership mentioned in these items, but bank is listed among suspended/failed institutions.

Events (2)
1. September 19, 1857 Suspension
Cause
Correspondent
Cause Details
Failure/suspension reportedly connected with the failure of the Bank of South County, Rhode Island; distress at other banks affected Rock River Bank's condition.
Newspaper Excerpt
We regret to learn of the suspension of the Rock River Bank, Beloit, Wis.
Source
newspapers
2. October 3, 1857 Other
Newspaper Excerpt
The resources of the Rock River Bank, of Beloit, Wis., recently failed, are stated at $169,823 85, liabilities, $146,787 51.
Source
newspapers

Newspaper Articles (5)
1. September 19, 1857 The Davenport Daily Gazette Davenport, IA
Article from The Davenport Daily Gazette, September 19, 1857

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Article Text

Financial. [From the Chicago Tribune, 17th.) A rather better feeling was noticed in financial circles yesterday. Transactions on 'Change were about 75,000 bushels wheat at 80a83c. on board-a trifling improvement on Monday's prices. Corn improved 5a7c. -sales 30,000 bushels at 60a62c. on board. We regret to learn of the suspension of the Rock River Bank, Beloit, Wis. We understand that the failure is connected with that of the Bank of South County, Rhode Island, though in what way we are not informed. The notes of the Rock River Bank are still taken on deposit in this city. They are abundantly secured. There were rumors in circulation yesterday affecting the credit of two or three other Banks in this State and Wisconsintraceable only to disordered imaginations. The Huguenot Bank of New Platz, N.Y., and the Ontario Bank of Utica, are discredited in New York city. BANK OF THE STATE OF INDIANA, Indianapolis, Sept. 15, 1857. } To the Editor of the Chicago Tribune: Stx As Chicago has intimate business relations with Indiana, it may be interesting to you to know that the Bank of the State of Indiana has suffered very elightly, if at all, by the recent failures in New York and Cincinnati, and is in a condition, not only promptly to meet all her own engagements, but to extend facilities to her custon ere, to enable them to some extent to send forward the eurplus products of the State Yours&e., II. McCULLOVER, Pree't.

2. September 28, 1857 The Davenport Daily Gazette Davenport, IA
Article from The Davenport Daily Gazette, September 28, 1857

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Article Text

Diecred Manko. The following is a corrected list to date, of recent euepended and discredited banks Nebracks money has been thrown out by our bro here. except the Bank of Florence Bank of the Capitol, Indianapolis, Indiana, e. . do Central Hank, do do Bank of Elgin. III as, email circulation Mechanics Banking Association N IY .. Ohio Life and Truel company, don't leetle notes. Bank of Kanewha, Va Reciprocity Bank Buffalo, N.Y now bank . . Hollister Bank, Buffalo N Y. . . Warren County Bank Pa. Bank of Middletown, Pa. Honeedale Bank. Pa Bank of North America, Conn. Ontario Bank. Utica, N.Y. Fort Plain Bank . . Farmers' Bank of Saratoga N Yee Farmers' and Manufacturere Bank Poughteepsie N Y Farmers' Bank Wickford R I M Vernon Bank, Providence R I Tiverton Bank, Fall River R I Wooster Bank, Dembury Conn. Borgen County Bank, N. Ellaworth Bank, Maine. Bank of the South County. R I Sackett's Harbor Bank N Y. This Bank which was an oid liner. was lately merged into the Recipro city Bank at Buffalo: but few of the notes of either were in circulation in the west. Exeter Bank N H South Royalton Bank, Vt. Chemung County Bank, Horseheads N Y .. Geneca County Bank, Ohio Oliver Lee & Co.'s Bank, Buffalo, N Y reported failed, e.e. Ningara River Bank Tonawanda N Y reported failed, Hancock Bank, Maine Maratime Bank, Maine America Bank, Trenton N J. Bank of New Jersey, New Brunewick; N J Huguenot Bank New Platz N Y . . Bank of South County, Wakefield R I Rock River Bank, Reloit, Wisconein . . Farmers Bank Hudeon. Wis . e. Bank of Colehester, Conn Western Bank Lockport N. Y Niagara Cocunty Bank, Lockport N Y Note means secured by Statestocks Our eubecribere ought to lose nothing by the euepension of these banks The others have but little circule tidn in the west Our readers are cautioned against exercificing notes of occured banks, as some of them will probably be reinstated, while those finally compelled to close up, in the ordinery couree of things, will pay a large proportion of their debt. -- Chicago Tribune 24th To these we may add the following Medius Hank, Medina. N Y Hank of Hallowell, Maine Girard Bank Philadelphia. Bank of Philadelphia Bank of Commerce, Philadelphia

3. October 3, 1857 Grant County Herald Lancaster, WI
Article from Grant County Herald, October 3, 1857

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Article Text

10 The week past has been one of general disaster in the great financial centres of the country. Every day has brought reports of the suspension of banks or business firms, involving very heavy losses, and Saturday brought intelligence of the general suspension of specie payments by the Banks of Philadelphia and Baltimore, alluded to elsewhere in our columns. We have already alluded to the closing of the Rock River Bank of Beloit, and the Farmers' Bank of Hudson, and on Friday we noticed the suspension of the Fox River Bank, of Green Bay. On Saturday the People's Bank of this city suspended; circulation by the Comptroller's Report of July 1st, $22,997; securities $20,000 in Missouri 6's, and $3,000 in Virginia 6's. The Badger State Bank of Janesville alSO suspended on Saturday. Circulation $22,370; securities $17,000 Missouri 6's, and $9,000 Tennessee 6's. Prices of wheat were considerably improved during the week, and remained quite steady for the last three days, but the falling off from the highest rates caused a diminution of receipts on Saturday, which alone kept up the prices on that day.-[Milwaukee Sentinel of Tuesday.

4. October 3, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 3, 1857

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Article Text

From The Detroit Free Press, Sept. 30. The Fox River Bank, of Green Bay, Wis., has failed. Capital, $50,000; circulation on the 1st of July last, $25,000; securities, $10,000 Virginia 6s, $14.000 Tennessee 6e, $3,000 Missouri 63, $500 specie; total, $27,500. The Badger State Bank, of Javesville, Wis., sts. pended on Saturday. Circulation on the 1st of July last, $22,379; securities, $17,000 Missouri 68, $9,000 Tennessee 6s; total $26,000. The People's Bank, of Milwaukee, W's., close its doors on Saturday afternoon. Circulation, $19,907; securities, $20,000 Georgia 7s. $3.000 Virginia 63; total. $23,000. Total liabilities, $90,927 59. The President of the bank assures The Sentinel that the assets of the institution are amply sufficient to meet all its liabilities. The resources of the Rock River Bank, of Beloit, Wis., recently failed, are stated at $169,823 85, liabilities, $146,787 51. The Milwaukee Sentinel of Monday states that "at a meeting of the officers of our city banks, held on Saturday evening, it was decided to receive and pay out the bills of the suspended banks in this State, precisely as other currency." The Bank of Galena, Illinois, Traders' Bank Yo Indianapolis, Indiana, Union Bank of Frenchtown, N. J., and Bank of Greensborough, Georgia, have suspended. The Chicago Tribune of Monday saye: "We learn of the suspension of two pominent backing-houses in Burlington, Iowa. Our own banks stand firm, and there was not the least disposition manifested to run upon any of them." The Banks of Chambersburg, Honesdale and Middletown, Penneylvaria, are discredited at Pittsburgh.

5. October 9, 1857 Vermont Watchman and State Journal Montpelier, VT
Article from Vermont Watchman and State Journal, October 9, 1857

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Article Text

LIST OF SUSPENDED BANKS TO SEPT. 25TH. Meusam River Bank, Sanford, Maine. Canton Bank, South China, Maine. Ellsworth Bank, Maine. Exchange Bank, Bangor, Maine. Sanford Bank, Sanford, Maine. Exter Bank, New Hampshire. Danby Bank, Vermont. South Royalton Bank, Vermont. Bank of the Republic, Providence, R. I. Bank of South County, Wakefield, R. I. Farmers' Bank, Wickford, R. 1. Mount Vernon Bank, Providence, R. I. Tiverton Bank, Fall River, R. I. Warwick Bank, Warwick, R. I. Merchants' Exchange Bank, Bridgeport, Ct. Colchester Bank, Conn. Bank of Orleans, Albion, New York. Hollister Bank, Buffalo, New York. Niagara River Bank, Tonawanda, N. Y. Oliver Lee & Co.'s Bank, Buffalo, N. Y. Ontario County Bank, Phelps, N.Y. Ontario Bank, Utica, N. Y. Reciprocity Bank, Buffalo, N. Y. Sackett's Harbor Bank, Buffalo, N. Y. American Bank, Trenton, N. J. Bank of New Jersey, New Brunswick, N.J. Bergen County Bank, Hackensack, N. J. Bank of Kanawha, Virginia. Trans-Allegany Bank, Virginia. Bank of Commerce, Georgetown, D. C. Canal Bank, Cleveland, Ohio. City Bank, Cincinnati, Ohio, Seneca County Bank, Tiffin, Ohio. Miami Vally Bank, Dayton, Ohio. Clinton Bank, Columbus, Ohio. Columbus City Bank, Columbus, Ohio. Union Bank, Sandusky, Ohio. Agricultural Bank, Brownsville, Tenn. Bank of West Tennessee. Bank of the Capitol, Indianapolis, Ia. Central Bank, Indianapolis, la. Bank of Elgin, Elgin, Illinois. Rock River Bank, Beloit, Wisconsin. Pennsylvania Bank, Philadelphia. Girard Bank, Phiadelphia. Bank of Canandaiagua, Canandaigua. Western Bank, Lockport, N.Y. Commercial Bank, Philadelphia. Six Penny Savings Bank, Rochester, N. Y. Albany Eve. Journal.