The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-11-13
The Bank FaiYures-Thc Excitement la the
CITY.

Iron the Cincinnati Gazette, Nov O.
YESTERDAY was marked day In Cincinnati. The
excitement, though not n,isy or bosterous was III
NOR circulated over the city that the banking hoase
OF Ellis Sturgs had stopped payment, and that
Mr. Ellis, the senior partner OF tie firm, was dead
having died OF an apoplectic fit. These reports
caused great commotion, and general run upon
Che banks by depositors was anticipated. IL was
afterwards ascertained that Mr.. Ellis was not dead
but that he was in an extremely critical condition.
During the forenoon q most melancholy report
coached us from Covington, on the Kentucky side
OF the river, OF the suicide Of Mr.. Frederick G..
Cedge. one OF The most respectable citizens OF the
place and director In the Covington and Lexing
ton Railroad. 1t Was said that he had become
deeply involved by putting his name to certain
ooI DIS ard cther securities, which wodld bankrupt
him Such were tie general reports con corning
Nj. Gedee, current during the day. and we presume
lhey Substantially correct. II Is supposed that
sscceDed by his III fortune, he resolved that IL we're
better TO die, and placing his neck on the rss when
the engine was about to start tie immense ma nine
passed over his neck snd completely severed his
he Id from his body In this condition he was found
hi, arms were also severed from the main trunk.
M Gedee was higaly respected, and several Ken,
lucky gentlemen, his friends and neighbors, repre-
Sc him as having been q man OF unquesti0nabe
honor and integrity
While these reports were in circulation, run was
made upon the Citizens Bank on lain street, which
il owned by Smead, Collora & Hughes. aud lthe
agers, upon view of the case concluded that
tbe wises, policy for them and their depositors was
to suspend at once. Their determination was made
Known ny the publ alton Of the following pacard:
''CTIzENs' BANx,.In consequence of the reported
sudden and unexpected death of Mr.. Ellis, aud the
excited feeling In regard tc the nan al matters in
the city the undersigned feel that it is necessary,
Cor tbs ssfety of their depostos. that they should
temporarily suspend their operations. They can
assure every ceoositor that they a'e ablniaatly
able to pay every cent which they owe, principal
interest aud no person an Ill lose one dollar by
chem All they ask is little time, Until the present
excitement and strirgency shall have passed. A
full statement of their liabilities aud resources will
Be made public in Gay or 20. 10 the meantime
they ask the favorable indulgence Of the publib.
SMEAD, CoLnORD Il HUGHES.
Projectors Citizens Bank"
Depositors and Others continued during the day
le remain in considerable numbers near the bank,
bat all were orderly and qlet. About two o'clock
Pm. the folio wing announcement was made In the
same way as the first
CITIZENS BANK.-The undersigned, having re-
Gently Sustained heavy run, during which they
pal OF their cash resources thrae hundred aud
ninety five thousand dol ars, have found themselves
constrained. by the added pressure consequent upon
the excited ssate Of feeling following tee suspension
OF hessrs. Ellis and Sturgis, to suspend business.
They desrs to state that their resources consist of
available securities to amount above all liabilities
exceeding five hundred thousand dollars after de.
Quoting ali bad and doubtful debts dus to them.
AID liabilities. which the public rely upon as cor
rect The real estate and stocks therein me ntioned
were taken at low prices, in liquidation OF debts
due them, and not as Investments Of their means.
They will resume business at the earle st day pos
sbe. They also add that If they shall be unsuc es
fnl in their efforts their sets shall b. made legally
subject to the claims of their Gre 1itOrs without I'M
necessary delay. They further add that they are
nat, ror nevr have been, connected with asy other
bank O. banking institution, and assure deposit
tors that they are abundanty able aud will pay
every dollar which they owe, principal aud in
lerest.