13319. Patchin Bank (Buffalo, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 7, 1853
Location
Buffalo, New York (42.886, -78.878)

Metadata

Model
gpt-5-mini
Short Digest
dd8f63b3fc449d96

Response Measures

None

Description

Multiple contemporaneous papers (Nov 7–12, 1853) report the Patchin Bank of Buffalo suspended payment in early November 1853. Causes repeatedly cited are large advances/loans to the Buffalo & New York City Railroad and the president's assumption of railroad liabilities. The sources describe a suspension (stopped payment). Some later reports list it among failed banks; no clear article in the set confirms a successful resumption of regular operations, so I classify as suspension_closure while noting some reporters expected bills to be ultimately redeemed and private funds to be applied.

Events (2)
1. November 7, 1853 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Large advances/loans to the Buffalo and New York City Railroad; the bank's president (Mr. Patchin) also president of the railroad and assumed liabilities on its behalf, leaving the bank unable to meet payments under market pressure.
Newspaper Excerpt
The Patchin Bank of this city stopped payment this morning.
Source
newspapers
2. November 9, 1853 Other
Newspaper Excerpt
The securities lodged with the Superintendent of the Bank Department, are abundant for the redemption of the entire circulation of the bank ... Mr. Patchin's private fortune will protect depositors and creditors from absolute loss.
Source
newspapers

Newspaper Articles (15)
1. November 9, 1853 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, November 9, 1853

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FAILURES IN BUFFALO. - The Patchin Bank, of Buffalo, N. ¥., suspended payment on Monday morning. The Albany Journal saysthat the securities lodged with the Superintendent of the Bank Department, are abundant for the redemption of the entire circulation of the bank, SO that there need be no loss on the bills; and that Mr. Patchin's private fortune will protect depositors and creditois from absolute loss. The failare was occasioned by large advances to the Buf. falo aed New York City Railroad. Lucius H. Pratt, doing a heavy forwarding business at Buffalo, failed on Saturday. His liabilities are over $200,000. - Springfield Republican.

2. November 9, 1853 The Ohio Union Ashland, OH
Article from The Ohio Union, November 9, 1853

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BUFFALO, Nov. 7. The Patchin Bank of this city stopped payment this morning. The suspension of payment by the Patchin Bank was caused by large loans to the N. Y. City R. R., whose affairs are embarrassed. Mr. Patchin, the President of the Bank, is also President of the Road, and has assumed the liabilities on its behalf. There is much excitement here.

3. November 9, 1853 Wheeling Daily Intelligencer Wheeling, WV
Article from Wheeling Daily Intelligencer, November 9, 1853

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TELEGRAPHIC NEWS By the National Line. TELEGRAPHED FORTHEDAILYINTKLLIGENCER BANK SUSPENSIONS AND REFUSALS. BALTIMORE, Nov. 8.-The Patchin Bank of Buffalo suspended yesterday, in consequence, it is said, of large loans made to the Buffalo and York Railroad. Mr. Patchin, President of the Bank, is also President of the Railroad, and has assumed liabilities on its behalf. Much excitement exists. CINCINNATI, Nov. 8.-Notes of the Pratt Bank of Buffalo, Owego Bank and Tiago Bank, are all refused to-day. LATER.-CIN. Nov. 8-Evening.-A dispatch from our New York correspondent this a fternoon. does not confirm the report of the failure of any bank except the Patchin Bank of Buffalo. The reports received here to day of other failures, originated in Buffalo and Cleveland.

4. November 12, 1853 The Ottawa Free Trader Ottawa, IL
Article from The Ottawa Free Trader, November 12, 1853

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ANDIBER BANK Patchie Bank, of Buffalo, has suspended payments. This stop was forced upon the bank by its connection with one of the New York raitroade, of which Mr. Patchin, president of the back was also president.

5. November 12, 1853 Wheeling Daily Intelligencer Wheeling, WV
Article from Wheeling Daily Intelligencer, November 12, 1853

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THE BANK FAILURES.-The Cincinnati Gazette Thursday says of the rumors of the failure of se eral country banks in New York, which were rife esterday by the last night's mails; The Patchin ask, at Buffalo, has doubtless failed. So has be Bank of Massilon. The Bank of Owego (not Oswego) was shaken in credit by the failure of Mr Dwight, who was its debtor about $130,000, but it removed its business to the Metropolitan Bank and vas restored to full credit. Itdid not even[suspend. This is a safety fund Bank, and reports a surplus of $10,000. A Bank in Connecticut, name not given, IS mentionsd as involved with Dwight, and as havng failed. No mention is made in the New York papers, or in those of Beffalo, of the failure of the Pratt Bank, the Chatauqua Bank, the Bank of Tiogs county, or the Bank of Oswego. The bills of the Patchin Bank of Buffalo, says the Advertise of that city, are abundantly secured with the Banking Department, and there is little Houbt that the private fortune of Mr, Patchin, which it is understood, will be devoted to the object, will protect depositors and creditors from ultimate loss." The Gazette says: "We see no cause for any alarm in Ohio. Our banks are generally admitted be well managed, by honest and capable men, and no reason exists for distrusting them. Certificates of deposit for small amounts payable to beaer, the Cleveland Herald is informed, have been issued by the Forrest City Bank of that place, which if intended for circulation, are objected to, 2 not legitimate Bank issue.

6. November 12, 1853 Weekly National Intelligencer Washington, DC
Article from Weekly National Intelligencer, November 12, 1853

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PATCHIN BANK SUSPENDED. - We have great regret in announcing the suspension of the Patchin Bank, (located at Buffalo, New York.) This unfortunate and unlooked for event is understood to have been brought about by large advances to the Buffalo and New York City Railroad Company, whose affairs, under the extreme pressure of the money market, have for the time become seriously embarrassed. The President and principal owner of the bank, Mr. PATCHIN, is also President of the road. But the bills of the bank are abundantly secured with the Banking Department, and there is little doubt that the private fortune of Mr. Patchin, which it is understood will be devoted to the object, will protect depositors and creditors from ultimate loss.-Buffalo - Commercial Adv.

7. November 17, 1853 The Weekly Lancaster Gazette Lancaster, OH
Article from The Weekly Lancaster Gazette, November 17, 1853

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THE BANK FAILURES.- - The rumors of the failure of several country banks in N. York, which were rife yesterday, are not confirmed by the mails. The Patchin Bank, at Buffalo, has doubtless failed. So has the Bank of Massilon. The Bank of Owego (not Oswego) was shaken in credit by the failure of Mr. Dwight, who was its debtor about $130,000, but it removed its business to the Metropolitan Bank, and was restored to full credit. It did not even suspend.This is a Safety Fund Bank, and reports a surplus of $70,000. A Bank in Connecticut, name not given, is mentioned as involved with Dwight, and as having failed. No mention is made in the N. York papers, or in those of Buffalo, of the failure of the Pratt Bank, the Chatauqua Bank, the Bank of Tioga County, or the Bank of Oswego.

8. November 18, 1853 Indiana American Brookville, Indianapolis, IN
Article from Indiana American, November 18, 1853

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Don't Take Them. Don't take bills on the following BanksSome of them have temporarily suspended and others broken outright: Patchin Bank, Buffalo: Erie & K alamazoo R. R. Bank: Farmers' Joint Stock Banking Co; Can. ada; Atalanta Bauk, Georgia; Bank of Owego, New York: Pratt's Bank, Buffalo, N. Y; Chautaque County Bank.N. Y; Lewis County Bank, N Y ;

9. November 23, 1853 Grand River Times Eastmanville, Grand Haven, MI
Article from Grand River Times, November 23, 1853

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The Panic. The reported bank failures which we published last week, turn out to have been greatly exaggerated. According to later and more correct accounts, but two banking concerns, the Massillon Bank, Ohio, and the Patchin Bank, Buffalo, have suspended. In these cases too, the prospect for bill holders does not now appear so hopelessas at first. Money is becoming more plenty in the eastern cities, and the panic which has doubtless been designedly heightened in some quarters by persons possessed with sinister motives, seems to have nearly subsided. We copy the following article from Thompson's Reporter as being good authority in money matters: FINANCIAL PROSPECTS.-Land Ho! Wall street is out of the woods. The tide has turned and we are bound up. Exchange on Europe has fallen below a specie point-gold is on the increase in our banks-deposits ditto-accommodations are easily obtained-shinning on the decline-stocks are rising-no panic among the Banks-all's safe. The Bank of Oswego is good-no Connecticut bank has failed. The Patchin Bank of Buffalo has stopped, but its notes are secured, and it is our opinion that they will be redeemed in a very short time. The Bank of Massillon, Ohio, is said to have failed. There may be a few more failures among railroad sufferers, but the country is safe-the Banks with few exceptions, are safe. The merchants, all who have kept out of railroad speculations, are sound. Brokers and bankers, except railroad bond and stock speculators, are safe.-On the whole, these U. States were never safer. Now for higher prices-bank expansions-speculations-glorious times-plenty of money and plenty of fun. Have mercy on all croakers and old fogies.

10. November 24, 1853 The Davenport Gazette Davenport, IA
Article from The Davenport Gazette, November 24, 1853

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THE PATCHIN BANK.-The cause of the suspension of the Patchin Bank, Buffalo, say the Detroit papers, "is attributed to large advances made upon the account of the Buffalo and New York City railroad. The money of the bank will be redeemed, so that no losses will accrue to the bill holders. Weundersrand that our banks receive and pay out the bills as usual."

11. November 25, 1853 Kenosha Telegraph Kenosha, WI
Article from Kenosha Telegraph, November 25, 1853

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THE Banks.-Thompson's Reporter says, "in answer th a multitude of inquiries about Banks, we would say, only two have failed, viz the Bank of Massilon, Ohio, and the Patchin Bank of Buffalo. The many rumors about other Banks, are all wrong, and we do not know wherer there is a decidedly doubtful one. The fright, the pressure, and the danger is over, and there is an easy and prosperous future before us. There is no premium on Gold, and we fill all orders ror New Silver at one half per cent. Panic makers' occupation's gone-have mercy on croakers."

12. November 26, 1853 The Evansville Daily Journal Evansville, IN
Article from The Evansville Daily Journal, November 26, 1853

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at Thompson's Bank Note Reporter of the 19th inst., says: In answer to a multidude of inquiries about Banks, we would say only two have failed, viz., the Bank of Massillon, Obio, and the Patchin Bank of Buffalo. The many rumors about other Banks are all wrong, and we do not know where there is a decidedly doubtful one. The fright, the pressure, and the danger is all over, and there is an easy and prosperous future before us. There is no premium on gold, and we fill all orders for new silver at 1/2 per cent. Panic-makers' occupation's gone-have mercy on croakers.

13. December 5, 1853 Grant County Herald Lancaster, WI
Article from Grant County Herald, December 5, 1853

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THE BANKS. / In answer to a multi tude of inquries about Banks, we would say only two have failed, via the Bank of Massillon, Ohio, and :he Patchin Bank of Buffalo. The many rumors about other Bank are all wrong, and we do not know where there is a decidedly doubtful one The fright, the pressure and the dan ger is over, and there is an easy and prosperous future before us. There is no premium on Gold, and we fill all orders for New Silver, at one half per cent. Panic-makers' occupation's gone-have mercy oncroakers.-[Thomson's Re porter.

14. October 27, 1854 Plymouth Advertiser Plymouth, OH
Article from Plymouth Advertiser, October 27, 1854

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# The Failing Banks The Cincinnati Commercial publishes a statement of the Kanawha bank, (of Va.,) showing a very safe state of affairs in that institution, and remarks- "While we know nothing of the institution except through the showing which it makes, and the character of some of its stockholders, we have no reason to suppose that we are in possession of less information than those who are endeavoring to do it an injury. An amount of assets equal to one dollar and twenty-seven cents for each dollar of its circulation is not a very bad state of things, certainly. We do not present ourselves as endorsers of the solvency of this or any other banking institution, but we should be sorry at this time of pecuniary oppression, to see the mitchief aggravated by an unjustifiable suspicion of any concern whatever. Of the Kentucky Trust Co. Bank at Covington, the same paper says- "This institution, closed its doors yesterday morning. The public generally have been taken by surprise, though there are many who seem to have anticipated the failure. For many months the amount of paper presented for redemption has averaged about $80,000 per week, which, at the usual high price of gold for sometime passed, absorbed nearly the whole profits of the bank. It is thought by some that the bank will be able to meet its liabilities; by others it is considered a complete failure. We saw some of its money selling for 90 cents in Covington, soon after the failure, which, at least is an indication that some of the people there have full confidence in the ability of the institution. The bank has a cirsulation of $800,000, a considerable part of which has been put out but recently. Speaking of the present state of Banks and money matters generally, the Sandusky Register says: "There can be no doubt but that the public mind is unnecessarily excited about the Indiana currency. The issues of the Free Banks are secured on what are considered good public stocks, and these securities if not forced on the market in an untimely manner are unquestionably sufficient to redeem the issues with small loss to the public, A panic forces the issues and the securities on the market, and the labor of the country suffers the loss. Those papers, which are busy stirring up this monetary excitement, should think of the ultimate effect of these excitements ere they launch out upon their ill-considered crusade against the banks." The following is a list of banks that have bursted within a short time past: Patchin Bank, Buffalo. Farmers' and Mechanics' Bank, Oswego. Farmers' Bank of Canandaigua. Dovers' Bank, Ogdensburg. Bank of Carthage. Farmers' and Merchants' Bank, Md. Bank of Milford, Delaware. Farmers' and Merchants' Bank, Memphis, Massillon Bank, Ohio. Ohio Savings Institute, Tiffin. Cochituate Bank, Boston. Bank of West Killingly, Connecticut. Eighth Avenue Bank, New York. Bank of Ellsworth, Maine. Elkhart County Bank, Indiana. Bank of Northern Indiana. Bank of Washtenaw, Michigan. Erie and Kalamazoo Bank, Michigan. Kentucky Trust Co. Newport (Ky.,) Safety Trust Bank. Savings Bank of Cincinnati. The Bank of Connersville. The Washington Star cautions the public against the reception of the notes of the Arlington and of the Farmers' and Mechanics' Banks of Washington. Both are worthless, being mere bogus machinery started there for the purpose of flooding the country with their irresponsible issues.

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

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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.