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BANK Suspension-The City Bank of Racine suspended payment on Monday last. It is said the bank will, after a little time, pay all its liabilities.
22865. City Bank (Racine, WI)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- October 10, 1859
- Location
- Racine, Wisconsin (42.726, -87.783)
Metadata
- Model
- gpt-5-mini
- Short Digest
b61dc05a
Response Measures
None
Description
Multiple contemporary newspapers (Oct 13–21, 1859) report the City Bank of Racine 'suspended payment' on Monday morning. Given the repeated suspension notices and no clear article stating the bank resumed full operations, I classify this as a suspension with closure (no documented reopening). Some items note that the bank's circulating notes were redeemed or that bill-holders were 'amply secured,' but there is no explicit reopening or resumption of payments in the provided articles. Date for suspension inferred as 1859-10-10 (Monday before Oct 13, 1859 notices).
Events (1)
1.
October 10, 1859
Suspension
- Cause Details
- Articles state the bank 'suspended payment' but give no specific cause (no run, no government action, no scandal described).
- Newspaper Excerpt
- The City Bank of Racine suspended payment on Monday morning. The Racine Journal says bill-holders need not feel uneasy as they are amply secured.
- Source
- newspapers
Newspaper Articles (11)
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Bank Suspension. The City Bank of Racine suspended payment on Monday morning. The Racine Journal says bill-holders need not feel uneasy as they are amply secured.
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Total The Erie and Central Roads have agreed to reduce the freight of flour 5 cents P barrel The Reading Railroad, for the week ending October 13, brought down 38,554 tuns, a total since January 1 of 1,352,723 tuns, against 1,293, 919 the same period last year. The Schuylkill Navigation Company brought down 39.673 tune, making & total tunnage this season of 1,031,668 against 976,401 tuns last year, The Sinking Fond Commissioners of Ciocinnati have determined to advertise to purchase the bonds of the city due in 1865, to the amount of $200,000, issued to the Whitewater Canal Company and the Little Miami Railroad Company. These bonds bear 6 P cent interest. The Buffalo Daily Express reports the receipts of Wheat, by Lake Erie, at that port, during the first week in October, at 1,355,530 bush. This far exceeds the receipts of an entire month in any year until September, 1855, with the single exception of the famine year of 1848-as the following figures show: 1,477.800 1853, September, bush 11,117,000 1847, June, bush 1,169,000 1,012,000 1853, October 1847, October 1854, November 1,231,900 1,020,000 1848, Octocer 1,539,62 1,069,500 1855, September 1850, October It is understood that the Superintendents of the various lines of railway, east and west, will meet at Cleveland, on Tuesday next, 18th instant, for the purpose of arranging a new time-table for the Fall and Winter. The City Bank of Racine suspended payment OR Monday morning. The Racine Journal says billholders are amply secured. The following is the condition of the finances of Tennessee: Received into the Treasury from all sources from $1,843,094 # Oct. 1, 1857, to Oct. 1, 1859 Add to this, balance remaining in the Treasury on 36,496 06 Oct. 1, 1857 $1,884,500 H Which makes the total receipts Disbursements for all purposes, from Oct. 1, 1857, to 1,704,287 62 Oct. 1, 1859 Which leaves balance in the Treasury on Oct. 1, $180,303 $3 1859, of The aggregate expenditures of the two years ending Oct. 1, 1859, have been increased to the extent of $341,609 71, by various extraordinary expenses required by law to be paid out of the Treasury within that period. Take this amount from the gross aggregate expenditures of the two years, and it leaves, as the actual expenditures for the ordinary purposes of government, including the payment of interest on actual indebtedness of the State, the sum of $1,362,677 90. The aggregate taxable property of the State a mounts to $377 208,641, being an increase of taxable property, since Oct. 1, 1857, of $76,849,830; and that the receipts into the Treasury for the last two fiscal years have been considerably more than sufficient to meet the expenditures of the same period. fike State la en follows:
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SUSPENDED.-The City Bank of Racine, Wis., suspended on Monday morning, one week ago. The Racine Journal says billholders need not feel uneasy as they are amply secured.
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BANK SUSPENDED.-The City Bank, of Racine, Wis., has suspended. The Journal says that the bills are amply secured.
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NEWS ITEMS. BANK SUSPENDED.-The City Bank, of Raeine, Wis., has suspended. The Journal says that the bills are amply secured. J. H. Hicks, of Lodi, had a field of 13} acres that produced him 408 bushels of excellent wheat the past season. - Mr. Doty, of Genoa, Livingston Co., threshed 578 bushels of grain with a machine in five hours, a few weeks since. - The Grand Trunk Railway of Canada is discarding all wooden bridges, and substituting iron ones. - The track of the Flint and Pere Marquette R. R. is now laid 6 miles from East Saginaw.All the iron necessary to complete the road to Flint will be ready by November 1st. - Two hundred pounds of Arizona silver arrived in St. Louis last Friday, consigned to M. S. McKnight. It is stated that two tons more of silver ore were awaiting shipment from Arizona to St. Louis. - A novel six-barrel pistol, invented and patented, fires twelve shots without reloading, two charges being placed, one above [the other, in each barrel, and a nipple and cap connecting with each charge. THE GREAT BALLOON.-Mr. Lowe is already enclosing a space for his great balloon, in NewYork, where it will be inflated previous to his departure for Europe. The process of inflating his balloon will take about a week. - A consignment of 10,000 cigars, made at Havana for Louis Napoleon, has arrived at Norfolk en route for France.— They cost $300 per thousand. SALT.-The borer at the well of the Grand Rapids Salt Company has reached the depth of 200 feet. [G. R. Enquirer, Oct. 13. A LUCKY PREACHER.Some of Dr. Chapin's congregation have presented him with a dwelling-house, situated on the Fifth avenue, worth $24,000. LARGE CABBAGE.-R. W. Pendleton, says the Marshall Expounder, is great in the cabbage line. We were shown one from his garden a day or two ago, nearly four feet in circumference. - On Saturday a fellow was taken from Albion, N. Y., to the penitentiary. His offence was stealing some rings and jewelry from the dead body of a lady-a victim of the late bridge disaster. - The term at the Normal School commenced on Monday, Prof. Sill, in the absence of Prof. Welch, has the charge. The attendance of students is much larger than usual. [Ypsilanti Herald, Oct. 8. - Dr. Winterbottom, of England, has given $100,000 for the establishment of a free nautical school for seamen. The institution is to be located at South Shields. - We are informed by farmers from all parts of the county that the growing wheat is in a most thrifty condition.— The earlier sown wheat is SO far advanced in some localities that there is fear that it would attain to too great a growth this fall. [Allegan Journal, Oct. 10. - We learn that the contractors contemplate soon putting gangs of hands on the line of the road between Lansing and Albion, and that the stockholders thro'gh here will be required to pay in their assessments monthly as the work progresses. [Eaton Rapids Argus. GOOD JOKE.-Our readers can no longer complain of "nothing to wear," high prices, &c. Just drop round the corner to CUTLER, ARTS & STEDGMAN'S Store, they are selling goods at astonishing low figures. Their store is well filled, selected expressly for this market. Call in and examine their Stock. See advertisement in another column. - It was the fortune recently of S. Aymar, of Dearborn county, Ind., to wed at once a bride and a fortune, and he felt so happy in consequence that he got very drunk, fell out of a wagon, was run over, and killed instantly. - Last Saturday night, the house of N. Waggoner, in Galena, was entered by a burglar, and the room in which BishAmes was sleeping robbed of a pair of pantaloons, vest and satchel, the last of which contained $100 in money. JUDGE TERRY.-Advices by the steamship North Star state that Judge Terry attempted to make his escape by the overland mail to Texas but was finally arrested and lodged in the San Francisco
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BANK SUBPENSION.-The City Bank of Ra Wis., suspended payment on Monday orning. The Racine Journal says bill olders need not feel uneasy as they are : mply secured. will overl the SPEAST own
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Telegraphic and other News Items. Mr. OTERO, delegate to Congress from New Mexico, arrived at St. Louis, on the 14th instant, and gives it as the general impression that the various Indian tribes on the plains design making an attack on the settlements in New Mexico this winter ; that the Camanches and Kiowas have joined for this purpose, and that in order to prevent an open war, sufficient troops should be sent there without unnecessary delay. ADVICES from Havana, Cuba, state that a number of persons have been tried for the crime of advocating annexation of the island to the United States," and three of them were convicted and sentenced to eight years confinement in prison. IT is stated on good authority, that Col FORNEY, of the Press has received notice from his legal adviser, that President BUCHANAN intends instituting a prosecution for libel against him on account of the terrible editorial article on BRODERICK'S death in FORNEY'S Press of the 10th inst. A DISPATCH from La Crosse of the 13th instant, states that two prisoners, one known as JACK RIDGELY imprisoned for burglary, and KNEIFER the German who murdered WM. DENNISON, escaped from the jail of that place, the night before, by digging through the wall. HEENAN and MORRISSEY came very near having a rough and tumble fight in New York on the 13th. It appears they came in contact at the Astor House, where HEENAN offered to bet MORRISSEY $500 that he could whip him any way, and urged that they go over into the park and settle the matter at once. Both repaired to the park and were about engaging in a pitched battle when their respective friends interfered and prevented it. MORRISSEY has accepted HEENAN'S challenge to fight him for $5,000 a side-the fight to come off in from four to six months after HEENAN'S contest with SAYERS, the English champion. A POOR woman at Niagara Falls received a letter from the post office a few days since containing a draft for $4,600. It was part of a fortune left her by a brother recently deceased at New Orleans. THE City Bank of Racine, Wis., has suspended. The Journal says that the bills are amply secured.
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SUSPENDED.-The City Bank, Racine, suspended payment on Monday last. The bill-holders are amply secured.
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Illinois Currency. Some papers are predicting a burst up in Illinois currency. We do not think there is any danger. Thompson's Bank Note Reporter is one of the croakers. It says: It is really a difficult thing to stop at the right place. Preachers don't do it-the importers don't do it-stock gamblers don't do it-bankers don't do it. Half the bankers of Missouri rushed ahead almost to destruction last spring and summer. Illinois and Wisconsin are now going it too strong, and the chances are that the coming winter will find their currency discredited, and a panic contraction forced upon them. Their argument is, that the produce movement will call into use their currency, and the fall of exchange is quoted toiprove this position. Our reasoning is adverse to this theory; the produce will not be sold at present prices, except for money to meet pressing claims; it follows, then, that the currency will be immediately used with merchants or bankers, who, in turn, must convert it into exchange. In a money point of view, the West is poorer than it has been at any time since the revulsion. While the autumnal activity lasts, currency will stay out; but as the winter sets in, exchange will rise, and there will be close scraping. The independent farmer will hold no money, for he will withhold his grain. The merchant will collect and borrow to the utmost extent, for his Atlantic creditors are not to be put off another year. Under such a state of things, there must be a conversion of currency, into either exchange or specie, that will cause a contraction. Had produce brought war prices, the reverse would have been the condition of the West. Wisconsin is very foolishly making war on Illinois currency; the result is, that Wisconsin banks begin to fail first (vide City Bank of Racine). The facts are against Mr. Thompson.Produce is sold at the present prices, and over $100,000 a day is being paid out in this city to producers for flour and grain alone, irrespective of that paid for cattle and hogs. There are 1,000 cattle slaughtered in Chicago, for packing, every day, and these represent $25,000. The truth is, that the country is being filled up with money, and a large portion of the wheat crop, nearly all the corn, and very nearly all the hogs, yet remain to be sold.-Chicago Democrat.
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value of exports from the commencement of the year to Nov. 3: | | 1858. | 1859. | Increase. | Decrease. | | :---------- | :---------- | :---------- | :---------- | :---------- | | Cotton | $6.841,668 | $10,318.476 | $3,476,806 | | | Flour | 6.051.711 | 3,942,558 | | $2,109,153 | | Corn Meal | 219,088 | 274,113 | 55,025 | | | Wheat | 3,129,684 | 119,024 | | 3,010,650 | | Corn | 1,287,164 | 162,628 | | 1,124,535 | | Beef | 1.024,751 | 1,324,933 | 309,182 | | | Fork | 1.023,816 | 1.784,224 | 760,480 | | | Total | $19,557,282 | $17,925,956 | $4,592,408 | $6,244,349 | | Decrease-as compared with 1858 | | | | 1,651,926 | Meesrs. Raynor & Blackwell have sold 4 lots north-west corner Eighty-fifth street and Fourth avenue, 102.2 feet fronting Fourth avenue by 85 feet in depth, also 2 lots in the rear of the avenue lots, 50 feet fronting Eighty-fifth street, 102.2 feet in depth--the 5 lots at $1,400 per lot. Also, 1 lot by the same brokers, in connection with A. P. Lehman, on the south side of Eighty-seventh street, 225 feet east of Fifth avenue, 25x100, for $2,000. The sale of 6 lots on the north side of Eighty-fourth street, 275 feet east of Fifth avenue, reported sold in Friday's TRIBUNE at $12,000, should have read $13,000. Also, the 5 lots north-west corner of Avenue A and One-hundred-and-nineteenth street, reported sold at $550 per lot in last Monday's TRIBUNE, should have read $625 per lot. John McClave has sold 2 lots on the north side of Fiftieth street, 400 feet west of Sixth avenue, 25x80 feet, for $1,800 each lot. Also, 1 lot on north side of Thirty-second street, about midway of the block between Tenth and Eleventh avenues, for $1,800. A branch of railroad is proposed by the Housatonic Railroad Company from Kent to Dover, uniting there with the Harlem Railroad, and thus making the route from the Upper Housatonic Valley to New-York considerably shorter than it now is by Bridgeport. Thompson's Bank Note Reporter has the following bank items: "The City Bank, Racine, Wisconsin, has suspended, but its circulating notes are redeemed. The Boston Bee advises the holders of Bass River Bank notes not to sacrifice them. The owners of the Clinton Bank, Maryland, are promising to resume; we have no faith in their ability to do it. "We have not a particle of confidence that the broken Canada Bank notes are worth ten cents on the dollar. There is no law in Canada for securing the assets, or for winding up broken banks, and with the exception of the Provincial Bank, there is no security deposited for the circulating notes. Some of the charters require that a portion of the capital be invested in debentures (Canada bonds), but these can be used by the banks, as we believe was done by the International Bank just before it failed." At the meeting of the stockholders of the Great Western Railroad, at Montreal, on Tuesday, the following statement was made of the earnings of the Detroit and Milwaukee Road: In the week ending 1st July, 1858, its earnings were $6,460. The corresponding week this year they were $11,277. And since then they ran thus: Week ending July 14... $9,395 Week ending Aug. 11..$10,332 Week ending July 21... 8,967 Week ending Aug. 18.. 11,472 Week ending July 28... 9,894 Week ending Aug. 25.. 11,490 Week ending Aug. 4... 10,8741 This was the week in the beginning of which the new steamers were put on, and the difference in traffic they created was at once apparent: Week ending Sept. 1..$14,214 Week ending Sept. 22..$14,469 Week ending Sept. 8.. 15,279 Week ending Sept. 29.. 17,332 Week ending Sept. 15.. 15,286 Week ending Oct. 6.. 19,658 The Reading Road transported 38,058 tuns coal last week.