Click image to open full size in new tab
The telegraph announces the suspension of the Ohio Life and Trust Company in New York, and the apprehended suspension of the principal office in Cincinnati. Should these apprehensions be ealized, it will create a panic which, we fear, will be detrimental to all Western Banks.
Click image to open full size in new tab
The Ohso Life and Trust Company, CINCINNATI, August 24-P. M. A good deal of excitement on 3d Street, owing to the suspension of the Ohio Life and Trust Co. It is feared the Bank here will suspend. It is not known now whether they open to-morrow or not. They say the New York suspension is but temporary, but the contrary is feared. Exchange on the East sold at & premium.
Click image to open full size in new tab
EFFECT OF OPERATING IN RAILROAD Bonds-The Ohio Life and Trust Company has just been stranded on that rock on which so many banking and commercial institutions all through the country are being ruinously wrecked-namely, operating in railroad bonds and stocks. The annonncement caused a great sensation in Wall street yesterday, and of course it is not to be expected that the effect of this failure will stop there. Other companies and firms having large business transactions with It will be drawn into the vortex, and announcements of other failures may be daily looked for. We refer to our financial columns for further particulars on this head. The Ohio Life and Trust Company is an old institution, and has hitherto enjoyed unlimited confidence. Its capital stock was $2,000,000. It is not many days since it paid a semi-annual dividend of five per cent. Its shares of stock were quoted in Wall street within the present month at 102, and transactions in it were done within the last week at from 98 to 95. Now all is gone, and nothing is left to the unfortunate depositors and shareholders than to bewail their ill fortune in having anything to do with the concern. A hard and bitter lesson for many poor families whose all was invested in it. The company had its principal place of business in Cincinnati, and had also a branch house in Wall street. Its legitimate business was to issue bills of exchange between the Western States and New York, to advance money at interest to commercial houses, on good security, and to receive deposits on trust A large proportion of Its capital was supplied by these deposits. It was not a bank of iseue. If it had confined its operations to this course of business it might have gone on safely and swimmingly, and those who deposited their money in the concern would have had no cause to regret doing 20. But like too many other banking houses and individuals, it was not content with its fair and certain profits, but must needs invest in railroad bonds. It made large advances to Western railroad companies on the hypothecation of their bonds. To one railroad company in Ohio It had advanced in this way some five or six hundred thousand dollars, and to another two hundred thousand dollars. The security being almost worthless, the result that might have been expected ensuedthe company broke down under its heavy liabilities, and is now a wreck. The loss will fall, as usual, on Innocent parties. It will fall on the stockholders, on the depositors, and on merchants here and in the West who may have drawn bills of exchange within the last week in favor of their correspondents. There was an immense amount of business done in this latter shape, and therefore the transactions of even two or three days would figure up a very large amount. The moral of this lesson is that which we have been preaching to our readers day after day:have nothing whatever to do with railroad securities. When they ruin a company with an almost unlimited command of capital, and possessing the very best means of judging of their worth. what chance have small capitalists to escape? It is well known that most of our Wall street banks have gone largely into the same losing business, and that however they may procrastinate the evil day, it will come at last. And when it comes there will be the same story of depositors wrecked and ruined in fortune. We have done our duty in sounding the note of warning. Those who heed it not have but themselves to blame.
Click image to open full size in new tab
The Ohio Life & Trust Co., Failed in Cincinnati.
CINCINNATI, August 25—P. M.
The Ohio Life & Trust Co., suspended today. Great excitement.
Click image to open full size in new tab
NEW YORK, August 25.-It is reported that two heavy banking firms in Wall street, John Thompson, and De Laney & Co., have suspended. CISCINNATI, August 25.-The Ohio Life and Trust Company suspended to-day. Great excitement prevails. [SECOND DISPATCH.] CINCINNATI Aug. 25.-The Bank excitement is subsiding. Not mneh of a crowd on Third street. Matters now look quiet.
Click image to open full size in new tab
CINCINNATI, Aug. 26-M. Business generally suspended. The prevailing opinion is that the failure of the Ohio Life and Trust Company is a bad one. All looking anxiously for the exhibit of the affairs of the concern.
Click image to open full size in new tab
be printed, are the only ones which are away from the office, and the committee will, doubtless, take the proper care of them, and the printer is under the same responsibility to return them uninjured that he was under to return uninjured, the important agreements which the watering committee directed him to priot a few weeks since. The clerk is not responsible for interlineations and crasures if made by the committee in the progress of preparing the ordinances for publication, other erasures or interlineations were made by direction of Council while the ordinances were on passage, the immemorial mode of altering a bill on its passage in Council being, as it is in many bodies, by erasures and interlineations of the original bill. H. HARMAN. A FEMALE COWHIDING A BURGLAR.-Th residence of Mrs. Madden, Williatnsburg, N. Y., was entered by a burglar a few nights since.The fellow must have indulged rather freely, from the fact that he helped himself to some refreshments, and then camped down upon the floor, where he fell asleep and remained until morning. Mrs. Madden went down to the basement, and perceiving the sleeping intruder, locked the door, and seizing a cudgel commenced to lay it over the fellow with a good will. Having a striking proof that something unpleasnt was transpiring, he ran about the room in bewilderment, the lady all the while showering down blows upon his head and body, until he finally escaped by bolting brough the basement window. The failure of the Ohio Life and Trust Company turns out to be very disastrous. With a capital of two million of dollars this corporation fails for from five to seven millions. It was a Cincinnati concern, but ventured into the vortex of New York speculation, where it was swallowed up and ruined. The failure has created a panic in Wall street, in which the banking houses of E. S. Munro, John Thompson, and De Launay, Iselin & Co., suspended. PATRIOTISM vs. THE Росккт.-Wе perceive in one of our Southern exchanges that a confectioner in the city has generously offered to set apart one cent for every glass of ice cream or sherbet he sells throughout the week from the 18th inst., to be appropriated toward the fund for the erection of the Washington Monument. The force of patriotism cin no further go.' SPURIOUS CoIN.-A quantity of spurious coin, purporting to be five dollar gold pieces of Becker's North Carolina mint, were offered at the office of a broker, in Augusta, Georgia, on Wedneseay. The Constitutionalist says this spurious money came from Edgefield District, South Carolina, where there is, no doubt, tion. a gang of coiners and counterfeiters in operaDRUNKENNESS IN CANADA.-The Toronto Times states that last year one eighth of the gross population of that city was arrested for drunkenness, and that at a recent feast the cost of the liquors exceeded the contributions of the city for one year to all the public charities. There are nearly 500 licensed and unlicensed groggeries in the city. THE SEASON IN ENGLAND.-The London cor respondent of the New York Commerc ial Ad vertiser says; " The summer continues withou a single day of cloud or rain, and the harves is everywhere being secured In the most splen did order." GERMAN EMIGRATION.-The emigration from Germany to America has taken an increased start this summer, 10,000 able-bodied men having departed from the duchy of MecklenbergSchwarin alone. THE LATE FAILURE IN ENGLAND.-New York, Aug. 20.-We learn by the City of Washington that the failure of Carr, Brothers & Co., of Newcastle, is for a sum equal to $3,000,000, but the investigation of their accounts is said, thus far, to have resulted very satisfactorily. PREPARATIONS EOR REJOICING.- Portland Aug. 25.-Phe city government has resolved to fire a salute of 100 guns, and to ring the bells on the receipt of favorable news from the Sub marine cable fleet.
Click image to open full size in new tab
This institution has suspended. The news is that the building of the Trust Company, and the ground upon which it stands, in Cincinnati, has been attached by the Sheriff. A telegraphic dispatch says : "The President of the Ohio Trust Company, in a card, says that the capital of the company is $2,000,000 ; that it is sound and reliable, exclusive of anticipation losses from insufficient securities. The New York Tribune says the liabilities are estimated at $5,000,000 to $7,00,000. LATEST.---By the boat last night we learn the company is able to pay all it owes to its creditors, and to pay its stockholders 50 cents on the dollar.
Click image to open full size in new tab
Missouri, and Kansas, are crowded with advertisements of land brokers, anxious to sell for their clients. Every farmer, merchant and lawyer, every doctor and half the journeymen have been dealing in land warrants. And now, most of the lands are distributed, and their owners are looking round to sell. In time they will be needed, and rise; but the great body of land speculators must wait for time.
The centre of all this mania for speculation and gambling is the city of New York, and hence it is no way surprising that the first shock of reaction begins there. We apprehend no disasters from it to the Central West. The storms which rage along the Atlantic, or burst beyond the Mississippi, are little felt here, for in fact the most solid wealth, industry and resources of the nation may be found in the valley of the Ohio. Our golden harvests, our rich mines, our intelligent men, our hardy laborers are beyond the influence of the stock exchange, and without the atmosphere of wild speculation.
THE TRUST COMPANY BANK PANIC. [From the Cincinnati Commercial, August 28]
The suspension of the Trust Company Bank was again the absorbing theme of local consideration yesterday. No other topic seemed of sufficient importance to attract observation. Knots of interested and curious citizens, and people from the neighboring towns and cities, and the rural districts, assembled on Third street, in front of the Bank, long before bank hours, and hovered in that vicinity until after banks had closed their doors, indicating the suspension of active business for the day. The temper of the community was apparently moderate, but a very casual observer could discover the existence of intense gloom, mingled with a considerable degree of exasperation.
PAPER IN EXCHANGE FOR GOLD.
As the morning wore away the throng increased by the accession of laborers, and other poor people who had hoarded away a little store of bank notes against a day of misfortune, but who, becoming discouraged by flying rumors of suspensions in all parts of the country, came tramping in troops, men and women of all tongues and colors, seeking an exchange of paper for indestructible coin. They crowded the brokers' offices, rushed upon the bankers, and besought the speedy intercession of money changers to protect them at any price. Some had ten dollars, some had five hundred, but not one shirked the two per cent share, which was the current rate, and some were glad enough to get rid of their small amounts for a still more ruthless dig into their little all. So far, indeed, were any from demurring, that all clutched at the glittering gold with miserly avidity, as though their last hope of salvation depended upon immediate success in their efforts, and when the coveted prize was secured, they hugged it with a joyous vehemence that partook of the nature of frenzy.
INCIDENTS AT THE CITIZENS' BANK.
The most interesting incidents of the day were witnessed in the Citizens' Bank. This famous institution has always been popular with the smaller class of depositors, owing to the confidence inspired by the generosity of the manager, Mr. Smead, and to the fact that they have generally received more interest on their small deposits than is paid elsewhere. The rumor that the Citizens' Bank had enormous deposits in the Trust Company which the depositors could not withdraw, and which would inevitably crush the proprietors, had winged its flight to all points of the compass. Sturdy men came trooping to the door, pale and excited, to give "thirty days notice" of their intention to withdraw their deposits, and evidently fearful of a collapse before the expiration of the dreaded probationary period. Frightened needle women and sickly looking mothers flocked thither in trembling groups, and with tearful eyes presented their humble "notes" with trembling fingers and with stuttering speech.
"My poor child," said Mr. Smead, affectionately, to a poor woman who seemed almost sinking with terror, "what will you have?"
"My notice—thirty days' notice for—my—money."
"But, my child," rejoined the banker, compassionately, "wouldn't you prefer the money now? I would rather have your check."
"Now, now, now," she almost shrieked, "can I have it now? Mustn't I wait thirty days?"
"Oh, no, my child," again replied the banker, and turning to the teller requested him to pay the poor woman her $360; then accosting her again, he said, "We can give you gold if you prefer it, at two per cent discount."
"Oh, gold, gold, gold, give me gold," quoth she, vehemently, "that won't break; do give me gold!"
She was paid in gold and fairly danced out of the bank. Other women, however, were so assured by the confident demeanor of the firm, that they, like the Frenchman, didn't want the money if they could get it, but must have it if they couldn't. All the female depositors that would receive their money were paid off in full.
THE PUBLIC PULSE.
About noon the feverish excitement which had prevailed on Third street began to abate, notwithstanding it would occasionally blaze up intensely, under the influence of occasional telegraph despatches from the East, announcing the depression of sundry banks of issue East and West. The fact, however, was becoming known, that the Trust Company were freely exchanging mortgages for claims against them. A better feeling was thus inspired and the probability of their ultimate resumption was canvassed. At two o'clock it was announced that the Citizens' Bank had obtained security for their $95,000. This was greeted by a general rejoicing. The crowd was then thrown into a feverish condition by learning that attachments had been issued against assets of the Trust Company in Covington. Soon after another revolution was caused by the announcement that the Western Insurance Company had gotten mortgages for $80,000 it had deposited in the bank, and finally, about four o'clock, confidence was visibly restored, upon it becoming generally known that about $500,000 had been secured as above described.
KANAWHA MONEY.
One of the most serious, and, apparently, just causes of complaint on the streets, on 'change, everywhere, against the Trust Company Bank, is the fact that it had directly thrown so much Kanawha money into circulation. Every body seemed to have more or less of it, and in a majority of instances it was traced from second and third hands through first hands back to the paying tellers of the bank. Should the company ever restore itself to solvency, they will be called upon to explain the allegation pending against them in this behalf. In conclusion, we remark that the public has constantly feared an assignment. But as this step has not been taken, popular alarm is, in a considerable measure, allayed.
THE TRUST COMPANY BANK—THE BUILDING ATTACHED AND IN POSSESSION OF THE SHERIFF. [From the Cincinnati Times, August 28]
The Life and Trust Company building—including the ground on which it stands—has been attached by the Sheriff, who now has possession.
The attachment was upon an affidavit by a son-in-law of Alfred Kelly, (the father, as he is called, of the State Bank,) representing the claim of the Merchants' Branch Bank of Cleveland, and other branches, we presume, for $157,000. The property is valued at about $150,000.
The relative of Mr. Kelly must have done some rather "hard swearing," it is supposed, to get out the attachment, as it is necessary, before such attachment can be issued, to make oath to very illegitimate means of procedure.
The indebtedness of the Trust Company to the State Bank of Ohio is estimated at $500,000, or thereabout.
The opinion held by many is that the bank here, if it do not resume at an early day—which some think—will pay all its indebtedness eventually, without loss to the creditors.
The bank, we learn, has already reduced about $300,000 of its liabilities. The officers and directors of the bank seem inclined to do all in their power to relieve their depositors and patrons generally, and seem to be taking the most direct course to such an end.
Our opinion is that it is to the advantage of all parties concerned to permit the bank to settle its affairs without hindrance or molestation, as the gentlemen under whose control it is have, to the fullest degree, the financial esteem and confidence of the public.
CLOSING OF THE DOORS OF THE KANAWHA BANK.
Telegraphs were received this morning that the Bank of Kanawha had closed its doors. Some $50,000 of the paper, we learn, were sent from this city, and the cashier not having coin enough on hand to redeem the notes, was compelled to close the doors.
ATTACHMENTS AGAINST THE BUILDING AND FURNITURE OF THE OHIO LIFE AND TRUST COMPANY. [From the Cincinnati Commercial, August 29]
Three attachments were yesterday placed in the hands of the Sheriff, who forthwith proceeded to take possession of the building, the ground upon which it stands, and the furniture of the bank. The first affidavit was on behalf of the Merchants' Bank of Cleveland, whose claim against the company amounts to the sum of $157,850.64.
Another by Charles J. Wood and William J. Powers, who claim an indebtedness on the part of the company of $7,500.
The third attachment was issued by the agents of the Norwalk Bank for $108,981. The plaintiffs in this last case have also attached the property in New York belonging to the company for the same claim.
The company's attorney made a motion to discharge the attachments, the hearing of which is postponed until 10 o'clock Monday morning, at which time the case will be argued at a call court before Judges Gholson and Storer. Only one issue will be taken up—that of the claim of the Merchants' Bank of Cleveland, the decision upon which will govern the balance of the cases, as well as others which may accrue.
THE OHIO LIFE AND TRUST COMPANY. [From the Cincinnati Commercial, Aug. 29]
As every item pertaining to the Ohio Life Insurance and
Click image to open full size in new tab
SHOINVTTHOSIW The Woodstock Tenth Legion says oats offered in that market at 20 cents per bushel. Benj. M. Samuels, formerly of Sheuandoa county, Va., is the Democratic candidate Governor of Iowa. Among the importations at Boston from land last week was a quantity of human hai valued at $2,624. The President has appointed Beverly Tucke of Virginia, Consul at Liverpool, in place Nathaniel Hawthorn, resigned. The editor of the Chicago Democrat, Brayman, has been arrested for robbing mail from the Post Office in that city. Suorts Area eq 01 pres st mil usuise good Dr. T. M. Tate, the State Senator from Wash ington, Smyth and Wythe, has been appointe sixth Auditor of the Post Office Departmen and has tendered his resignation as Senator. The Kansas "Herald of Freedom" of the ultimo, says there will be no invasion of sourians at the election in October, and that USE eq you IIIM taxes jo duemint fication Joj voting. The Frederick (Md.) Union states that B 01 sit Smight st 10J potato considerable extent in that vicinity, and that loss of some of the farmers in consequence there of II!M go NEVER WHITEW ASH TREES.-The orchardis STOTS II" underst ship B only Face his 108 planos out uodn contrug 's lave 1841 no matter what they are or what is claimed them by charlatans or empiries. The New York Express says there has of arisen wsub-division of the Republican known by the title of the Brown Republicant as distinguished from the Blacks. The Brown are slightly of the Young America order. A murderess, named Charlotte Jones, is public Pa to uosped u! oution. A few days ago, says Pittsburg her sister expressed a wish that Charlotte send her some money to purchase a new that she might go to see her hung! The Cincinnati Price Current says the nawha Bank of Virginia is involved by the ure of the Ohio Life and Trust Company, and notes were generally refused in that city Tuesday. Some of the brokers offered to dollars only uo conts Any 10 them REV. RUFUS W. GRISWOLD, an author of siderable power and whose literary works editorial labours have made him well known the reading public, died at his residence in York on Thursday evening. He has suffere from a lingering illness for some time past. A MARRYING WOMAN.-The Petersburg press mentions it as an unquestionable truth, OUM North u! ившом ordeu B st married eleven husbands, and followed them into euod MOU suq oum puu STARES their 01 melancholies because her master had refused her 01 question WHAT WE DRINK.-The spurious wines of porto, recently seized by the Portuguese gover ment, were made of molasses, alcohol, and coloring substance. Thousands of pipes of mixture have heretofore been sent to Englan to the Continent, and elsewere. The ly confiscated in Paris was made of water, and elder berries. Emperor Napoleon has purchased thesite of tomb of his uncle, the great Napoleon, for enbuoo the which uo may the 'poomSuoT pun ed conquerer's last days were passed, for Joj every 01 uoos percedxe s! commission V purpose of putting Longwood in complete ownuom eng V spunos the Performant pur total the JOAO erretted eq 01 OSIB sy Whatever may be the efforts of governme relation u! other the JO AUM euo Kansas affairs, as far as the slavery question concerned, it seemsto be quite certain that are all actively engaged in endeavoring to mal the new State Democratic. If Kansas is to the South," no pains will be spared to the 01 how Gazette. The American Home Missionary Society just appointed five missionaries for Kansas, addition to those already in the field; four them from the last.senior class at Andover, contuction siy Znome [abb] 01 Commany U euo Jo south miles 24 punors It is said that the Germans are fast occupyin this part of the territory, there being no less 8,000 or 10,000 already there. Foreign Immigration to the United States again very large. From the official report the New York Superintendent of Emigration, em 01 dn current one Supanp that of August, there have arrived at the port of York, 122,888 foreign immigrants, against a tal of 88,085 to the parallel date last year. is an increase of fifty per cent. The increase Baltimore has also been very large. A despatch from Washington city on the Jo Secretary private Perint O CI :sAus ernor Walker, who left the camp of the latter Lawrence ten days ago, reports all peace quiet there, nor was there the least intimatic of war or bloodshed. Governor Walker поум assod U SB Amery the Sujsn civil authorities could not make arrests breaches of the peace. The 1,500 troops Kansas will remain there until after the ber election. Bear accidents are in vogue now. We recorded several lately. On Thursday last half breed Indian at Troy, New York, who Jo state 8 in booth P/O uu Jepun bear B with duu B exer 01 n! pet. The bear, having temperance proelivitie resented the intrusion, scalped and otherwise jured the man so severely that he died. A hours afterwards another drunken man sough the same place for shelter and was similarl treated. He also died. BURIED AT THE CROSS Roads.-On Monda week a young girl named Earlwine, whose er resides on Fish Creek Mills, in Marsball Va., committed suicide by hanging. Cause,di appointment in love. She was found suspende to the limb of & tree lifeless. Miss Earlwine about eighteen years of age. The superstition Mone you pinom one u! peaple to be buried in the church yard, and her remain were appropriately interred at the Cross in accordance with a heathenish custom and obsolete law. THE EASTERN WAR.-Gen. Satiler, who ring the Eastern War was Surveyor General the Russian army, has just made some interes Opease our 01 Bug During the whole of the year 1855 there 300,000 Russian soldiers in the Crimea, 100,000 horses. Towards the end of the !!! exployer suchum 000'881 the necessary supplies to the army. The ber of draught oxen in the Crimea at the of the landing ofthe allies did not exceed 100,000 men were before the fortress of 1834 up The crashing among the New York banke and stock concerns, is heard all over the try. The liabilities of Thompson, banker, eH million U JIST JOAO 0.18 'pepuedsns suy for many years done a leading business in current money, and acted as agent of banks. He also published the Bank Note porter. His suspension was wholly unexpecte and will cause inconvenience to an extent cannot now be estimated. His assets are pus present 18 a you sejou yueq a! " other securities alike of small value in the ent excited state of the market. DISEASE AMONG THE CATTLE.-A disease said to be making fatal work among the about Utiea, New York. A correspondent
Click image to open full size in new tab
CINCINNATI, Aug. 27. Mr. Stetson, President of the Ohio Life and Trust Co., telegraphed from New York to-day, that he could send no statement for several days that would do any good. I think it will prove a bad failure. There is no run upon any of the Third street banks yet, and I do not think there will be any. There is great depression among business men, and but little excitement. No Ohio or Kentucky Banks have been discredited here yet that were good before the Trust Co. suspension.
Click image to open full size in new tab
REMARKABLE Run OF BAD LUCK - A merchant in Cincinnati received a remittance from one of his correspondents, in the shape of it draft on the Obio Life and Trust Co. for $3,000, on the very day on which that institution closed its doors. He immediately telegraphed the fact to his debtor, who sent him another draft on John Thompson, which arrived the day after the failure of that broker; the merchant again telegraphed the failure, and received in a few days another draft on Atwood & Co., just as the tirm suspended.
Click image to open full size in new tab
THE EFFECT IN CINCINNATL CINCINNATI, Sept. 26, 1857. The Ohio Life and Trust Company has made an anign. ment. The rates of exchange are nominal. Sight checks cannot be bought on New York for less than five per cent promium. There have been no failures among our merchants— they stand firm. THE BANKS IN RICHMOND. RICHMOND, Va., Sept. 27, 1857. There are no bank suspensions here yet. There was considerable excitement in the streets yesterday, occasioned by the news from the North.
Click image to open full size in new tab
-AnCadjourned / committee of the creditors of this concern, which has the "honor" of starting the financial panic, was held at Cincinnati on Saturday, when a committee appointed to procure information in regard to the condition of its affairs stated that they had been unable to accomplish anything in consequence of the fact that the officers of the Trust Company declined to give any information on the subject. One of the committee, however, stated it as his opinion that if the creditors would be putient, and not embarrass the action of the trustees. in all probability they would get their money. He had understood that Judge Este, the largest creditor of the company, had come to this conclusion: and he therefore advised patience and moderation on the part of the creditors. The meeting finally resolved to appoint a committee to wait on the trustees of the company to ascertain the state of affairs.
Click image to open full size in new tab
[From the Cincinnati Gazette, Nov. 6.] THE TRUST COMPANY PAY over A LARGE SUM OF MONEY TO CREDITORS. Immediately after the suspension of the Ohio Life and Trust Company, some ten or twelve different suits were commenced by creditors of the company, and money iu the possession of various banks Kentucky was attached. None of the suits have come to trial, but we understand that a compromise has been effected between the present managers of the Trust Company affairs and the attorneys for the attaching parties, Messrs. Cambron & Fiske, of Covington, and that the money claimed by the creditors, amounting to about $30,000, was paid over on Wednesday by the Northern Bank of Kentucky. The demand of each creditor was adjusted in full, less the expenses of lawyers' services. The suits were originally commenced the same evening on which the announcement of the suspension was made, by Thompson & Nesmith, of this city, and transferred to the Covington lawyers for further prosecution. The result must be entirely satisfactory to those who to-day jingle in their pockets money obtained from the Ohio Life and Trust Company. If all the creditors of the Trust Company are equally fortunate in securing the full amount of their claims, they will have good reason to congratulate themselves.
Click image to open full size in new tab
The March earnings of the Chicago and Rock Island Road were Expenses Net earnings
$92,063 70 47,077 25 $44,996 45
The third week of April on the Michigan Central shows a much smaller falling off than the previous week. The three weeks together give $158,536, against $202,120 same time in 1857. The April receipts of the Milwaukee and Mississippi Road are estimated by the Superintendent at $70,000 to $72,000. This Company has made an arrangement with the Galena and Chicago Road by which the latter will run trains over the Belvidere branch, to connect with the former a short distance south-west of Janesville. From this connection some of the parties in the Milwaukee and Mississippi Road anticipate great advantages; but, as this route is one hour longer from Chicago to Janesville than by the Fond du Lac Road, it will scarcely attract many passengers. If the Galens Road throws freight over this route, it will be so much gained by the Milwaukee and Mississippi; but as the arrangement viclates the contract already existing between the Galena and the Illinois Central Roads, which requires the Galena Company to send its business via Freeport to the Mississippi River, the Illinois Central Road, which with the Michigan Central controls the "Joliet cut-off," will no doubt resent this action upon the part of the Galena Road by changing its tariff of charges so as to divert freight over the Joliet and Rock Island Road to La Salle, and thence over their own road to the Mississippi River, avoiding Chicago altogether. The arrangement does not have the appearance of very long life. The business of the Clearing-House was $25,655,561, which is larger than for any day since the suspension. The Metropolitan Certificates are reduced to $171,000. There is a fair demand for Treasury Notes, and the supply is quite moderate. The 3 cents are 25@35e. discount, and the 5 cents cent premium. On Monday next the bids for the new issue will be opened. There will probably be more competition than for the last. Several of our banks will make bids.
An election for nine Directors of the Central Railroad of New Jersey, for the ensuing year, was held at Elizabethport to-day, which resulted in the choice of the following gentlemen: John I. Johnston, John C. Green, Wm. E. Dodge, Adam Norrie, B. Williamson, John O. Sterns, Afred Vail, F. I. Frelinghuysen, and H. D. Maxwell.
From the annual report presented, it appears that the business of the road, so far as the transportation of coal is concerned, has increased more than 50 per cent over the former year. During the year ending April 1, 1857, the quantity of coal brought down the road amounted to something less than 200,000 tuns, while during the year ending on the 1st of April last, it amounted to 310,000 tucs; and from present appearances, it is believed that during the year just commenced it will not fall short of 500,000 tuns; and this has been brought about without any effort or special outlay on the part of the Company, inasmuch as the necessary docks and facilities of transportation have been provided by the traders themselves.
The firm of Ezra Ludlow, jr., & Co. has been dissolved Mr. Ludlow continuing the general auction and commission business at No. 28 Pine street, in connection with Mr. Chae. Edey. Mr. G. W. Nichols has formed a house with Mr. George Brown, and taken No. 35 Nassau street for the transaction of an auction business.
Mr. John Perry, jr., late of San Francisco, advertises in another column his house for the purchase and sale of California securities, &c. Mr. Perry has a thorough knowledge of these securities, and can give applicants the fullest information.
Meesre. Winslow, Lanier & Co. advertise to purchase $10,000 Sewerage Bonds of the City of Chicago for the Sinking Fund of that city.
The Empire City for Havana took $100,000 in doubloons.
The Cincinnati Gazette says: "At the time the Ohio Life and Trust Company Bank failed, Mr. Ludlow, the New-York Cashier, had in his charge a large amount of the second mortgage bonds of the Cincinnati, Hamilton and Dayton Railroad Company's bonds. These bonds suffered the fate of other securities deposited with that party, having been hypothecated. The bonds belonged to private parties, and not to the railroad company, as has been stated. The latter were fortunate enough to escape without loss from the general wreck of the Trust Company."
We are requested to say that the inference from the above paragraph is entirely unfounded. The Bonds referred to were purchased of the Cincinnati, Hamilton and Dayton R. R. Co. by several parties, the majority of whom connected directly or indirectly with that Corporation. They were left with Mr. Ludlow for hypothecation and subsequent sale, he advancing & very large amount of money upon them, and in turn borrowing of outside parties, which money in fact went to the liquidation of the debt due the Company for the Bonds. These advances have never been repaid, and we understand the parties in interest can obtain their Bonds upon payment of the various same due upon them.
The amounts in the several Depositories of the United States, subject to the draft of the Treasurer on the 20th of April, were as follows: Treasury of the United States, Washington, D. C $90,889 56 Assistant Treasurer, Boston, Mass. 493,352 65 Assistant Treasurer. New-York 370,024 46 Assistant Treasurer. Philadelphia 202,339 81 Assistant Treasurer, Charleston, S. C. 8,914 67
Click image to open full size in new tab
Ohio Life and Trust Co's Assignees Injoined. CINCINNATI, Oct. 18.-In the United States Circuit Court at Cincinnati, Judge McLean presiding, an application filed by Henry Starbury and C. McLean, Attorneys of Messrs. Beil & Grant and other creditors of the Ohio Life and Trust Co., representing claims to the amount of $1,700,000, an injunction has been granted against the Assignees, restraining them from disposing of the effects under their control. An application for the appointment of a receiver before the Supreme Court has been granted, and the Sheriff of Hamilton County has been appointed.
Click image to open full size in new tab
Injunction Granted Against Ohio Life and Trust Company. CINCINNATI, Oct, 18-The United States Circuit Court granted an injunction against the assignees of the Ohio Life and Trust Company, on the suit of English creditors for $700,000. The Sheriff of Hamilton county has been appointed receiver.
Click image to open full size in new tab
CINCINNATI, Oct. 18.-In the U.S. District Court, Judge McLean presiding, an application was filed by Henry Stinsberry & Co., C. McLean, attorney for Bell & Grant, of London, and Thomas & Nesmith, for the ther creditors of the Ohio Life and Trust Company claims of $700,000 were represented. An injunction was granted, restraining the assignees from disposing of the property of the Company under their control. An application for the appointment of a Receiver before the Supreme Court was granted, and the Sheriff of Hamilton county was appointed the Receiver.
Click image to open full size in new tab
-In the U.S, S, Circuit Court at Cincinnati, Judge McLean presiding, on an application filed by Henry Stanbury, altor ney for Bell & Grant, of London, and Mapsen & Nesmith and other creditors of the Obio Life and Trust Company, (representing claims to the amount of $700,000,) an injunction was granted against the assignees of said company, restraining them from disposing of the property of the company under their control. An application for the appointment of a receiver, before the Supreme Court, has been granted, and the sheriff of Hamilton county has been appointed receiver.
Click image to open full size in new tab
-In the United States Circuit Couat at Cincinuati, Judge McLean presiding, on an application filed by Henry Stanberry's attorneys, Bell & Grant of London, and Thompson & Nesmith, for other creditors of the Ohio Life and Trust Company, (representing claime to the amount of $700,000,) an injunction was granted against the assignees of said company restraining them om disposing of the property under their control. An application for the appointment of a Receiver before the Supreme Court has been granted, and the Sheriff of Hamilton county has ben appointed Receiver.
Click image to open full size in new tab
There was a hearing before the United States Circuit Court at Cincinnati, on Friday, on the charges of Contempt arising out of the refusal of the Sheriff of Hamilton county to surrender the assets of the Ohio Life and Trust Company into the hands of the receiver appointed by the Circuit Court. J. C. Wright, Chas. Stetson, Samuel Fosdick, George Crawford, Clement Deitrich and Abraham M. Taylor answered satisfactorily interrogatories propounded, and the charges against them were dismissed. The hearing was to proceed on Saturday against the other parties, including the Sheriff. An extraordinary amount of legal talent is engaged in these trials. Among those who took part on Friday were five ex-Judges, viz.: Wright, Hoadley, Caldwell, Coffin and Mathers; also Messrs. Stansberry, McLean, Todd, Lincoln, Worthington and Thompson
Click image to open full size in new tab
The panic of 1819, caused by the infla. tion of the currency during and succeedthe of 1812, began properly, of ing about the war first April, 1819, about when the Bank of e-United States set put> ting its affairs in order, and uncovered the rottenness of the New York, Phila. delphia, and Boston banks. "By August of that year the business of the country was prostrated. In the small,city of Philadelphia 20,000 persons thronged the streetsseeking employment: Thirty trades of that city, which usually employed 9,672 persons, reduced their force to 2,000. The same ratio prevailed in New York, Baltimore and Boston. The depression lasted through 1819 and 1820. In a seemevident. June, 1821, By October revival of there business ed was an unmistakable movement in that direction, which continued to develop until December, 1822, when a reaction took place in manufactures, which reduced prices sharply, amounting in cotton goods to as much as fifty cent. f Business recovered from this and went on improving rapidly. The prosperity was very marked in 1824, and the year opened very auspiciously. England, f which had also been suffering from trade had everywas on depression, thing going recovered, swimmingly. took and a reaction place in which to this and went England, In country, July, 1825, communicated firms down itself like card houses. The panic culminated in December, and the depression lasted through the year 1826. In 1827 revival came and the country was again prosperous, and businessrina temporacreased stringencies, rapidly with until but the greatest few crisis this has ever was itated it in the year ry country upon beginning known of the precip1837. The brunt of the crash occurred in New York in March, and in April the whole succumbed. The depression the next continued year country opened throughout favorably, 1837, trade but revived and resumed rapidly, specie payments the banks in about August. generally crash The next year, 1889, brought a in our defective banking system which wiped out of existence 343 of the 850 banks then in existence. This crippled the industrial interests of the country somewhat, but the next two years were comparatively prosperous. A revolution took place in 1843, which lasted the whole year. In 1844 the recovery was nearly comof 1845 was 80 went each more prosplete; on, year still apparently better; and until it perous than the preceding one, 1851, when there was a panic, the effects of which, however, disappeared the following year, and 1855 and 1856 were very prosperous seasons. The bad outlook for crops, and a decline in stocks earlyun 1857, caused uneasiness and apprehensions of trouble, which finally. came on the 24th of August, when the Ohio Life and Trust Company, of Cincinnati, failed, with seven millions of liabilities. The infection spread; on the 12th and 13th of September the banks of Philadelphia, Washington, Baltimore and many other cities suspended. On the 13th of October the New York banks, with one exception, suspended, and a few days later the Boston banks did the same. This marked the climax of the trouble. December 12, the New York banks resumed payment, and other banks after another. of was followed business specie one wonderfully The rapid. and revival By it was well continued to was spring develop until established, 1860, which the most prosperous of our ante war era. The data for the above statements are mostly obtained from Professor Summer's "History of American Currency.' Arecapitulation of the foregoing shows the commercial depressions following the various crisis which have visited our country have been in duration as follows That of 1819, two years, That of 1825, a year and a half. That of 1837, a year and a half. That of 1843, one year, That of 1853, six months That of 1857, six months The tolerable uniformity of the periods which each a a lasted-about through year general and half-shows depression which that there is something of a rule these from pear governs that revulsions eighteen months It would to two apyears are required for people to look,
Click image to open full size in new tab
Almost as soon as the excitement of the election had subsided and the fear and apprehension preceding it had passed, another dark cloud, which had been gathering for some time, began to overspread the horizon: and it seemed that "our woes did tread upon each others heels, so fast they followed." Not political this time, but financial. The business world was suddenly startled by the announcement of the failure of the Ohio Life and Trust Company, a large and important banking institution of Cincinnati and the panic of 1857 burst like hurricane on the country. It had been anticipated and feared by business men for some months, but, as usual, when it was precipitated by this gigantic failure, it found many quite unprepared for it. Men seldom are prepared for such calamities; we look upon them as we look upon death; it is surely coming, but not to us! "All men think all men mortal but themselves." But, still, calamity and disaster, and sorrow and trouble do come, and they come to us all sooner or later. And so this money panie and erisis of '57 came and brought with it a fearful financial storm; and when it passedand they all, and always do pass after they have spent their fury-it left the business shore strewn with the wrecks of banks, merchants, manufacturers and men of
Click image to open full size in new tab
and Johanna, Sarah Clark Thomas, died in 1902 and her husband, Charles H. Williams, in 1908, both of Baraboo, but they rest in Milwaukee. Mr. Williams had reached the remarkable age of ninety, less two months only. In his later years he penned numerous ethical pamphlets, especially in behalf of juster treatment for the colored race. In his younger-days at Cincinnati he and his worthy father had a sympathetic interest in the famous underground railroad over whose invisible lines escaping slaves warily fled across Ohio to freedom in Canada. He was the finest possible type of the quiet cultured, old-time gentleman. For several years he was a regent of the University of Wisconsin by appointment of Governor J. M. Rusk, another notable Ohioan, born on the Muskingum near McConnellsville. Williams In The War Mr. Williams was universally known as "Major" and, indeed, he acquired that honorable title by active service in the Civil war, having recruited a company roundabout his Wisconsin farm immediately after President Lincoln had called for "300,000 more." Three sons of Major Williams survive. The youngest, Samuel M., is an alumnus of the University of Wisconsin and for nearly half a century has been a well known Milwaukee attorney. An older brother, Micajah Terrell, is in business at Milwaukee, and still another, Charles H., retired, resides at Baraboo. A Sterling Sire It is safe to state that few Ohio families, either on the Thomas or the Williams side, are of finer ancestry, quality or worth. The Williams were of Welsh-Quaker parentage, the father of Charles Henry being Micajah Terrell Williams, president of the Ohio Life Insurance and Trust Company of Cincinnati. The latter was born in North Carolina in 1792, near where, on the farm of his grandfather, was fought the revolutionary battle of Guilford Court House. His grandmother was Sarah Lynch and from this historic patronymic comes Lynchburg, Virginia, also "lynch law". This Micajah Terrell Williams early became a Cincinnati editor, and in 1818 married Hannah Jones, a Baltimore girl, then visiting relations in Zaneville. She was a Quaker. In 1820 Mr. Williams, chosen assemblyman from Hamilton county, was re-elected in 1822-3, and in 1824 was elevated to the speakership. He had a most influential role in promoting legislation for the canalization of Ohio, and was one of two supervisors under whom were constructed the canal from Cleve. land to the Ohio river at Portsmouth and also that from Cincinnati to Dayton. In 1830 he came within a single vote of being chosen United States senator, Thomas Ewing, whig, nosing in. When, during the Jackson administration, the United States bank was abolished, Mr. Williams carried through the legislature, the act under which the Ohio Life and Trust Company, of which he became president. was organized. It developed into a powerful institution but suffered embarassment in the great panic of 1857. This, however, was ten years after he had retired from the presidency. In 1831 Williams was appointed by President Jackson surveyor general of the Northwest Territory and served till 1835, when he