5125. Bank of Ottawa (Ottawa, IL)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
November 23, 1854
Location
Ottawa, Illinois (41.346, -88.843)

Metadata

Model
gpt-5-mini
Short Digest
b4edb55f

Response Measures

None

Description

Multiple contemporary newspapers (Nov–Dec 1854) list the Bank of Ottawa among Illinois banks that 'suspended payment.' No article describes a depositor run on this specific bank. By Jan 1855 the Bank of Ottawa was advertising regular hours and services (ad published Mar 31, 1855 referencing effective date Jan 8, 1855), indicating it resumed operations. I classify the cause as distress from other local Illinois bank failures/panic (local_banks).

Events (2)
1. November 23, 1854 Suspension
Cause
Local Banks
Cause Details
Suspended as part of a broader wave of Illinois bank suspensions and panic following failures of Chicago banks; listed among other Illinois banks that 'have suspended payment'.
Newspaper Excerpt
the following Banks, located in other parts of the State of Illinois: ... Bank of Ottawa ... have suspended payments
Source
newspapers
2. January 8, 1855 Reopening
Newspaper Excerpt
On and after Monday, January 8th, 1855, this bank will be open from 8 A.M. to 12 M, and from 1 P.M. to 4 P.M.
Source
newspapers

Newspaper Articles (7)
1. November 23, 1854 Burlington Tri-Weekly Hawk-Eye Burlington, IA
Article from Burlington Tri-Weekly Hawk-Eye, November 23, 1854

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Article Text

According to our last advices, the panic was to some extent abating. In Ohio, the Secretary of State advertises to take the notes of the suspended State Stock Banks on Taxes and all other public dues, as the State has ample security in Stocks deposited. The following banks have suspended payments since we published a list: City Bank of Chicago; Merchants & Mechanics Bank, Chicago; Farmers Bank, Chicago; Phoenix Bank, Chicago; Union Bank, Chicago; And as a consequence, two wild cat concerns from Georgia, but owned in Chicago: The Milledgeville Bank, Georgia; The Cherokee Bank & Ins. Co., Georgia; And the following Banks, located in other parts of the State of Illinois: Belvidere Bank; Bank of Rockford; Bank of Naperville; Bank of Ottawa; Du Page County Bank; Rock Island Bank; Rock River Bank, Beloit, Wis. These are mostly sma 1 institutions, with small circulation, and no necessity exists for a very deep shave upon their paper. The Brokers and Bankers of St. Louis have published a card agreeing to receive the notes of all the Illinois banks which have not 5113pended, at their face, and expressing confidence in the soundness and ultimate safety of the Free Banks of that State.

2. November 25, 1854 Weekly National Intelligencer Washington, DC
Article from Weekly National Intelligencer, November 25, 1854

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Article Text

ILLINOIS BANKS.-The Telegraph announces, every day or two, the suspension of some of the Banks of Illinois. One list which is before us embraces the following Banks: City Bank of Chicago; Merchants' and Mechanics' Bank, Chicago; Farmers' Bank, Chicago; Phoenix Bank, Chicago; Union Bank, Chicago. And, as a consequence of these failures, two wild-cat concerns from Georgia, but owned in Chicago : The Milledgeville Bank, Georgia, and the Cherokee Bank and Insurance Company, Georgia. Add to these the following Banks, located in other parts of the State: Belvidere Bank, Bank of Rockford, Bank of Naperville, Bank of Ottawa, Du Page County Bank, Rock Island Bank, and Rock River Bank, Beloit, Wisconsin. This is, we believe, the extent of the bank suspensions in Illinois ; and when it is recollected that the most of them are, in familiar phrase, "one-horse affairs," having capitals perhaps of $50,000 and a circulation of $30,000 or $40,000 each, scattered all over the State, it is somewhat surprising that even the excitable people of Chicago should make 80 much ado about it. It is not pretended that the banks, if let alone, will not redeem their paper. Our own bankers, we are glad to see, are pursuing a very proper course. They are receiving on deposite from their customers the notes of all the Free Banks of Illinois not known to be discredited in that State. They take this responsibility, we presume, believing that the banks are, as a general thing, sound. The Bank Commissioners at Springfield and Chicago have each made publication, assuring the public of the safety of the bill-holders.-St. Louis Republican.

3. December 1, 1854 The Athens Post Athens, TN
Article from The Athens Post, December 1, 1854

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Article Text

ILLINOIS BANKS.-The St. Louis Republican gives the following as a list of Illinois Banks which have suspended payment, and are therfore discredited: City Bank of Chicago. Merchants' and Mechanies' Bank, Chicago. Farmers' Bank, Chicago. Phoenix Bank, Chicago. Union Bank, Chicago. And, as a consequence of these failnres, two wild catconcerns fromGeorgia, but owned in Chicaco: The Milledgerille Bank, Georgia, and The Cherokee Bank and Ins. Co., Georgia. Add to these the following Banks, located in other parts of the State: Belvidere Bank; Bank of Rockford; Bank of Napierville; Bank of Ottawa; Du Page county Bank; Rock Island Bank, and Rock River Bank, Beloit, Wisconsin. The Republican remarks: "One of these Banks-the Farmers' Bank of Chicago, has been calling in its paper for three months past with a view to the closing of the concern, and there is very little in circulation. The Auditor of the State of Illinois has published a notice stating that all the circulation of this Bank will be redeemed at his office in Springfield, pro rata, out of the trust funds deposited by the Bank. The stocks pledged for the payment of this circulation will be converted into specie funds, as required by law, at as early days as practicable, when further notice will be given."

4. December 1, 1854 Plymouth Advertiser Plymouth, OH
Article from Plymouth Advertiser, December 1, 1854

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Article Text

The American will lose none of its reputation under his charge. Gifted with a pleasing manner, and a warm heart, and being thoroughly conversant with the business. he is admirably fitted for the position he occupies. The traveler that cannot feel himself at home in a honse presided over by Myers, must be of a very peculiar nature. Whatever changes the American may undergo, we hope he may e retain the "old familiar place." WE are under obligations to our e friend A. C. ALLEN, of Fairfield, for the accessions he has made to our subscription list, at different times. By the way, e ALLEN keeps one of the best public-houses in the county. Everybody speaks well of it, and those happening that way will do well to try his fare. -And, further, speaking of subscription-lists, accessions, &c., why don't our friends elsewhere, go and do likewise ? There are three thousand names in Huron, Crawford and Richland that are not on our books. Spread the light ! One dollar and fifty cents per annum. Office open from 7 A. M., to almost any time at night. To prevent confusion, fall into line at the front entrance, and pass out through the office, down the back-stairs into Rogers'. MONEY.-The State Treasurer of Indiana advertises that he will take the notes of the Indiana State Stock Banks in payment of taxes. This will have a tendency to confirm the value of Indiana money. The Cincinnati Gazette of Monday morning, says of monetary affairs in that city : There is a general improvement in uncurrent money. Bank of Circleville, 80c. ; Kentucky Trust Co., 40@50c Newport Safety Fund, 20@25c; Bank of Kanawha, 80@90c. There is an increased demand for Indiana Free Bank paper, and sales were made to-day at 90c., and some lots brought 95c. The Virginia Stock Banks, with the exception of those located at Wheeling, are 20 P cent. discount, and Illinois Stock Banks 10 to 20c discount. Our bankable par funds naw conBanks of Ohio; State Bank of Indiana Kentucky Banks, and Wheeling City Banks. The notes of the Clinton Bank of Columbus are taken in small amounts. The following Branches of the State Bank of Ohio have failed-their notes being perfectly good, however, as the other Branches redeeming them: Licking Branch Bank, Cuyahoga Falls Branch Bank, Commercial Bank, Toledo, Farmers Bank of Ashtabula, Mechanics and Traders' Branch Bank, Cincinnati. Akron Branch Bank, Akron. The following named banks located in Illinois have suspended payment Merchants and Mechanics' Bank, Cnicago, Phoenix Bank, Chieago. Dupage County Bank, Bank of Napierville, Bank of Ottawa, City Bank, Chicago,

5. December 6, 1854 The Cadiz Democratic Sentinel Cadiz, OH
Article from The Cadiz Democratic Sentinel, December 6, 1854

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Article Text

suspended within a few months past. For the benefit of our readers, in these times of bank suspensions, we shall keep it standing, and make weekly additions thereto: Lewis County Bank, of New York. Carthage Bank, do Milrose Bank, do Drovers' Bank, do Bank of Carmel, do Ogdensburg, do Exchange Bank Buffalo, do Patchin Bank, Buffalo, do Eighth Avenue Bank, do Bank of West Killingly, Connecticut. Bank of Ellsworth, Maine. Bank of Circleville, Ohio. Clinton Bank of Columbus, Ohio. Canal Bank of Cleveland, do. Miami Bank, Dayton, do. Woodbury Bank, Connecticut. Shipbuilders' Bank, Maine. Merchants' and Mechanics's Bank, Chicago. Union Bank, Chicago, Ill. Knickerbocker Bank, do Farmers' Joint Stock Bank, Buffalo, N. Y. Farmers' and Mechanics' Bank, Oswego. Farmers' Bank of Canandaigua. Farmers' and Merchants' Bank, Maryland. Merchants' Bank of Macon, Georgia. Milford Bank, Delaware. Merchants' Bank Burlington, Vermont. River Bank Connecticut. Cumberland Bank, Maine. Kentucky Trust Company Bank, Covington. Newport Safety Fund, Covington, Ky. Commercial Bank, Paducah, Kentucky. Trans Allegheny Bank, Virginia. Kanawha Bank, Va. Massillon Bank, Ohio. Ohio Savings Institute, Tiffin. Cochitute Bank, Boston. Elkhart county Bank, Indiana. Bank of Northern Indiana. Bank of Washtenaw, Michigan. Erie and Kalamazoo Bank, Michigan. Arlington Bank, Washington, D. C. Bank of Connersville, Indiana. Bank of Hallowell, Maine. Akron Branch, Ohio. Merchants and Trader's Branch, Cin., O. City Bank, Columbus, Ohio. Commercial Branch, Toledo, Ohio. Ashtabula Branch, Ohio. Napersville Bank, Illinois. Merchants Bank, Bridgeton. Government Stock Bank, Ann Harbor, Mich. Cuyahoga Falls Branch Bank, O. Licking Branch Bank, Ohio. Phoenix Bank, Chicago, Illinois. Du Page county Bank, Illinois. Bank of Ottawa, Illinois. State Stock Bank, Peru, Indiana. Stock Bank, Lafayette, Ind. Bank of Elkhart, Plymouth Bank, Fayette county Bank, Delaware county Bank, Logansport Insurance Company, Indiana. Indiana Stock Bank, Laport. Savings Bank, Cincinnati. Scituate Bank, Rhode Island. Wollborough Bank, New Hampshire. Bennington Bank, Vermont. Monsum River Bank, Maine. Bank of Ellsworth. Bank of Milford, Delaware.

6. March 31, 1855 The Ottawa Free Trader Ottawa, IL
Article from The Ottawa Free Trader, March 31, 1855

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Article Text

BANK OF OTTAWA SIGHT EXCHANGE AND DRAFTS on New York, Boston, Chicago, St. Louis, and Philadelphia. Also, on England, Scotland and Ireland, in sums of one pound sterling, and upwards, and LONDON drafts, available in Germany and France: INTEREST ALLOWED ON DEPOSITES. GOLD AND SILVER COIN bought and sold at current rates. Collections made in all parts of this state: Foreign and domestic bills ofexchange, drafts, and certificates of deposit, bought and sold, at the highest cfirrentrate. auly Geo. S. FISHER, cash. On and after Monday, January 8th, 1855, this bank will be open from 8A.M. to 12 M, and rom 1 P. M. 104P.M. January 6.

7. June 30, 1855 The Ottawa Free Trader Ottawa, IL
Article from The Ottawa Free Trader, June 30, 1855

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Article Text

BANK OF OTTAWA SIGHT EXCHANGE AND DRAFTS on New York, Boston, Chicago, St. Louis, and Philadelphia. Also, on England, Scotland and Ireland, in sums of one pound sterling, and upwards, and LON DON drafts, available in Germany and France. INTEREST ALLOWED ON DEPOSITES. GOLD AND SILVER COIN bought and sold at current rates. Collections made in all parts of this state. Foreign and domestic bills ofexchange, drafts, and certificates of posit, bought and sold, at the highest cfirrent rate. au19 Geo. S. Fisher, cash. On and after Monday, January 8th, 1855, this bank will be open from 8.M.M. to 12 M, and from I P. M. to 4 P.M. January 6.