Minnesota weekly times. [volume] (St. Paul, Minn.) 1854-1859, 1854-11-28

The Commercial Crisis-Broken Banks-Intense Eek
elemental Sad Picture!
CINCINNATI, Nov. 10th, 1884.
EDITORS TINES You have seen notice, sup
pose, of the great financial crash, which has just
occurred here. l will endeavor to give you
brief account of the matter but despair of con-
veyiug an adequate idea of the condition of affairs
as they exist.
Some three weeks since the Kentucky Trust
Bank, at Covington, suspended, then followed the
Savings Bank both of these banks, as we'll as
the Connersville, Indiana, were owned principally
by Mr.. Sanford of this city. He had been ex'
tending his operations large surface, and
encountered himself with immense obligations,
and not having the needful, was forced into
suspension. How large portion of his indebt-
edness will be met, remains to be seen. After
his failure, Mr.. p. B. Manchester, proprietor of
the Peoples Bank, likewise found himself short,
and closed the doors of his shaving shop. This
case is deemed almost universally to be pre-
determined piece of rascality. He had bought
largely in stocks, which to day are of small val
ne. Many poor people by these two failures
stripped of every thing they were worth;
the results of years of toll and careful saving,
were absorbed, in the speculations of the gentle
man. Finding the town rather too hot for his
comfortable residence, Mr.. NJ, suddenly slopcd
between two days, taking with him large amounts
of stocks, and considerable money. could fill
pages with incidents of the fraud catastrophe of
the many who deposited their money in these
Banks Gas they call themselves) but we have no
room.
These failures caused ''run'' upon some of
our private banks, which were considered to be
in a solvent condition. The Citizens Bank own
ed by Smead, Collard Hughes, and the House
of Ellis & Sturgis, sustained very severe run of
two days, and came out as was supposed, safe
But the firm of Outcall & Co., suspended. For a
week we were in state Of excitement, that should
have been seen to be appreciated. After this,
matters subsidized to their old channel and were
going along quietly, until the morning of the Sth,
when Ellis & Sturgis, did not open, owing to the
sudden illness of Mr. Ellis. The citizens then
closed their doors; Immediately a ''run" was
commenced on the House of T. S. Goodman, &
Company, which was also compelled to shut the
door.
1t was never my fortune to see more intense
citement than then pervaded the town. Third
ST., was thronged with people from morning till
night around the doors of these Banks dense
crowd gathered, waiting to catch some ray of
hope. What will be the result no one knows
In the wake of these banks two or three smaller
houses followed, j. r. Morton & Co., and Nc
Waken & Co.
Thousands of people have been deeply injured,
and hundreds temporarily, at least, ruined. Wild
and orphans, who had fonlly looked to their
deposits for their future wants, now thrown
into the deepest wretchedness, for their hopes arc
gone with their money.
Over Four Millions Of money is thus locked up:
and you easily conceive that this, in addition
to the pressure already existing, places our COM
munity in an unenvable condition.
Many Of our business men have their money,
on which they were relying to pay notes now due,
in these Banks. Notes are going to protest, for
this reason, by the dozen.
TO all calamitics, the River, on
which we depend for so large a trade, is still at
it's low water mark, and freights are intolerably
high.
could extend the catalogue, almost indefinite
ly, but enough for one letter. Nothing is now
wanting to complete the picture, but the suspen-
sion Of specie payments by the Banks, which
may come. With many it has come, for they
are broken.
Business is very dull, for we have neither
money nor confidence.
s.Oh for a lodge in - Minnesota
Yours Truly, THETA.