15024. Whites Bank (Buffalo, NY)

Bank Information

Episode Type
Run Only
Bank Type
private
Start Date
August 31, 1857
Location
Buffalo, New York (42.886, -78.878)

Metadata

Model
gpt-5-mini
Short Digest
bc6fe56f

Response Measures

None

Description

Multiple contemporaneous dispatches (dated Aug 31, 1857) report a heavy run on White's/Whites Bank triggered by the failure of the Hollister (Holdster/Hollister) Bank. Articles mention heavy withdrawals but do not report Whites suspending or closing; Reciprocity Bank did not resume, but Whites is only described as having a run. Bank name rendered variously as White's, Whites, and OCR shows Holdster/Hollister for the failed bank — corrected in this note. Classified as run_only (no suspension or closure of Whites reported).

Events (1)
1. August 31, 1857 Run
Cause
Local Banks
Cause Details
Failure of the Hollister (Hollister/Holdster) Bank precipitated heavy withdrawals from Whites and other Buffalo banks.
Newspaper Excerpt
The Hollister Bank has failed. A heavy run was made on Whites, Oliver Lee & Co., and the Buffalo city banks.
Source
newspapers

Newspaper Articles (5)
1. September 1, 1857 Daily Nashville Patriot Nashville, TN
Article from Daily Nashville Patriot, September 1, 1857

Click image to open full size in new tab

Article Text

BY TELEGRAPH. BY THE NATIONAL LINE. [Reports Furnished by the Associated Press.] NEW York, August 29.-The ship Clara Brookman went ashore at Squam Beach last night. Sue is a total loss. Her passengers and crew were saved, NEW ORLEANS, August 31.-The "Empire City" arrived last night with Havana dates of the 27th. The Illinois went ashore on Colorado reef. She got off with little damage, though with much difficulty, with the assistance of a Spanish steamer, which the authorities sent to her. She will probably leave Havana OD the 29th, with over a million and half specie California Dews unimportant. There had been several large fires in the interior. New York, Aug. 31.-The steamer Atlantic arrived with Liverpool dates of the 19th. The Asia arrived at Liverpool on the 16th. Her news caused an advance of 1.16 in Liverpool. The market buoyant. The weather is favorable for crops.Flour active at an advance of 6 pence; wheat firm; holders dema nd an advance; corn very dull; provisions quiet; consols 911; cotton, sales for 3 days 28,000 bales, of which speculators and exporters took 4000 each. News unimportant. The submarioe fleet arrived at Plymouth. The Directors meet at London on the 19th to determine further proceedings. It is believed the Company will take immediate steps to rescue the lost portion of the cable. Storms and floods have caused much damage in the crops in England. Money on Government securities plenty, at from 4 to 5 per cent. The Times says that British trade will not suffer from Indian events. There is great activity in Indian corn for the shores of the Adriatic, where the crop has failed. It is rumored that France intends to demand the extradition of Ledru Rollin who is about to leave for America. It is stated that France will send a naval expedition to Cochin, China, to demand Satisfaction for insults to her flag. Russia is equipping a flotilia for the China Seas. The Russian Imperial Guards have been reduced to 3,000. It is rumored that Lord Stratford De Redcliffe will be supplanted by Lord Howden. LOUISVILLE, August 31.-The National Agricul cultural Fair opened by an address from Marshall P. Wilder. There were 20 to 30,000 persons on the ground. The weather is remarkably fine. LOUISVILLE, August 31.-The United States Agricultural Society-First day-15,000 persons present, half of whom were ladies. Mr. Wilder the President, made an eloquent opening address. Friday was devoted to the trial of speed on the track, and the exhibition of horses. The weather is fine. Halifax, Aug. 31.-Orders have been received here to ship four regiments immediately to India. WASHIGTON, August 31,-The Treasury department has just paid the State of Maryland half a mil lion dollars interest on indebtedness for the war of 1812. The principal was paid forty-four years since. 1 The Secretary of the Interior has instructed the United States Marshall of Minnesota to take the census in that territory, whenever the people wish to form a constitution. BUFFALO, August 31.-The Hollister Bank has failed. A heavy run was made on Whites, Oliver Lee & Co., and the Buffalo city banks. The Reciprocity bank did not resume this morning.

2. September 1, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, September 1, 1857

Click image to open full size in new tab

Article Text

FAILURE OF THE HOLDISTER BANK, &c. BUFFALO, Monday, Aug. 31, 1857 The Hollister Bank of this city closed its doors this morning. There is a heavy run on O. Lee & Co.'s, White's, and the Buffalo City banks, and the excitement has been intense. At noon, however, it had almost subsided. The Reciprocity Bank has not resumed,

3. September 1, 1857 New Orleans Daily Crescent New Orleans, LA
Article from New Orleans Daily Crescent, September 1, 1857

Click image to open full size in new tab

Article Text

Telegraphed to the New Orleans Crescent. ADDITIONAL BY THE BALTIC. [BY THE NATIONAL AND SOUTHERN LINES.) The Asia arrived out at Liverpool on the 16th. Cotton has advanced 1-16, closing buoyant. Flour closed active, having gone up 6d. Wheat is firm, holders demanding an advance. Corn closed very dull. Provisions closed quiet. Consols for money closed at 914. England. The submarine fleet had arrived at Plymouth. The Directors met on the 19th,at London to determine on further proceedings. It is believed that the Atlantic Telegraph Company will take immediate steps to recover the lost portion of the cable. There was great activity in the Indian corn market, on account of a demand for supplies on the shores of the Adriatic, where the crops have failed. The crops in England had been much damaged by storms and floods. Money is plenty on Government securities at 4 and 5 per cent. The London Times says that British trade will not suffer from Indian events. France. The funds closed at 67 15-100 to 67 20-100. It is rumored that France intends to demand the extradition of Ledru Rollin, who, it is said, is about to leave England for America. It is stated that France will send a naval force to Cochin China, to demand satisfaction for the insults to her flag. Russia. Russia is equipping a flotilla for the Chinese seas. The Russian Imperial Guard is reduced to a force of 30,000 men. Turkey. It is rumored that Lord Stratford de Redcliffe will be supplanted by Lord Howden, as Minister to Turkey. Troops for India. HALIFAX, August 31.-Orders have been received here for the immediate shipment of four regiments to India. Washington News. WASHINGTON, August 31.-The Treasury Department has just paid the State of Maryland $500,000, interest on a debt incurred during the war of 1812. The principal was paid forty-four years ago. The Secretary of the Interior has instructed the United States Marshal for Minnesota to take the census of that Territory whenever the people wish to form a State constitution. More Failures. BUFFALO, N. Y., Aug. 31.-Holdster's Bank failed to-day. There is a heavy run on White's, Oliver, Lee & Co.'s and the Buffalo City Banks. The Reciprocity Bank did not resume payment this morning. Presbyterian Convention. RICHMOND, Va., Aug. 30.-The Convention's resolutions substantially declare that nothing can be made a basis for discipline in the Presbyterian Church which is not specially referred to in the Convention as crime or heresy. The Anti-Davidson Convention-L. J. Sigur Nominated. BATON ROUGE, August 31st.-The Convention was organized, with Stephen Van Wickle of Pointe Coupee in the Chair. Five parishes were represented by delegates, viz : Livingston, East Feliciana, East Baton Rouge, Pointe Coupee and St. Tammany. L.J. Sigur was nominated for Congress by acclamation. Resolutions were adopted condemning Governor Walker's Kansas course. A resolution was adopted asking Col. Davidson to withdraw his name as a candidate for Congress in the Third District, in which case this Convention would also withdraw their candidate. U. S. Agricultural Society. LOUISVILLE, August 31.-This is the first day of the meeting of the U. S. Agricultural Society. President Marshall P. Wilder made an eloquent opening address. Fifteen thousand people are present, of whom onehalf are ladies. The exhibition of horses in the amphitheater, and the trials of speed on the track were well attended. The weather is fine. Cotton at Mobile. MOBILE, August 31.-The receipts of cotton this year amounts to 503,472 bales, against 659,738 last year. The whole stock on hand here is 5,000 bales. Domestic Markets. NEW YORK, Aug. 31.-Cotton is depressed. New Orleans 16. Middling Uplands 152. Flour $5 80 to $6. Wheat-Southern White 93c. Mess Pork $25 75 Lard is 1-7 lower. Bacon Sides 13 to 15. Whisky 26}. River Intelligence. VICKSBURG, August 31.-The Maria Denning passed down at 7 A. M., and the Fairchild at 12 M. yesterday. The Pelican passed down at 9 o'clock today.

4. September 4, 1857 The Athens Post Athens, TN
Article from The Athens Post, September 4, 1857

Click image to open full size in new tab

Article Text

WASHINGTON, August 31.-The Treasury department has just paid the State of Maryland half a million dollars interest on indebtedness for the war of 1812. The principal was paid forty four years since. The Secretary of the Interior has instructed the United States Marshall of Minnesota to take the census in that territory, whenever the people wish to form a constitution. BUFFALO, August 31.-The Hollister Bank has failed. A heavy run made on Whites, Oliver Lee & Co., and the Buffalo city banks. The Reciprocity bank did not resume this morning. NEW YORK, Aug. 25.-The President of the Ohio Trust Company, in a card published this morning, says that the capital of the Company is $2,000,000, and is sound and reliable, exclusive of the anticipated losses from insufficient securities. The Tribune anys that the liabilities of the Company are estimated at from five to seven million dollars. Washington, Aug, 27.-The Attorney General decided that the money received by Deputy Marshall of Alabama from Lovelace must be delivered to the Post-master General. The President has appointed Beverly Tucker Consul to Liverpool, vice Hawthorn resigned. Henry W. Spencer, of New York, Consul to Paris, vice McRea. Charles J. Fox, of Michigan, Consul to Aspinwall, vice Thornton. Ernest Volger, of Va., Consulto Bareelona, vice Pablo Augera. Jacob Fornev, of Pennsylvania, Supt. of Indian affairs in Utah. NEW YORK, Aug. 29.-Endlow, Cashier , of the Ohio Trust Company has been arrested. Cotton quiet. Wheat firm. Corn 30. Sugar heavy, Rice declined 1. Whiskey declined 1. CINCINNATI, Aug. 29.-Flour 5,25n5,50Wheat dull. Whiskey 211. Linseed oil 70.

5. April 14, 1858 The Spirit of Democracy Woodsfield, OH
Article from The Spirit of Democracy, April 14, 1858

Click image to open full size in new tab

Article Text

[For the Spirit of Democracy.] RAG-MONEY, SHINPLASTERS, SMALL BILLS. MR. EDITOR :-Nearly all the small currency in circulation in the Eastern Counties of Ohio, at this time consists of notes of the denomination of one, two and three dollars, issued by uoknown institutions in distant States. How do those nasty, slimy, lizardy things get here? Reader, if you want to know I'll tell you ! The directors of a wild-cat institution in Chislemville, in the township of Knavish, in the county of Catchem, in the North of Maine or Rhode Island or Connecticut, send their circulars to a number of cunning sharpers, making the following propositions, to wit: That Mr. Sharper can have a large quantity of these small bills, say from two to ten thousand dollars at a low rate of interest, say two or three per cent. per annum upon giving bond with two conditions, first whenever five hundred dollars of the trash is returned to them, Mr. Sharper must take it out again and replace other funds Secondly, he must circulate none of their small promises to pay east of the Ohio river, all must come west. These base things never come here in the ordinary course of business, and they never come here at all in any other mode than that above described except when our honest institutions make a dicker, with the North Eastern wild-cats, and swop with them bushel for bushel, and cord for cord. The very object of traders is to get their commodities so far from home as to prevent their ever returning. These shinplasters are manufactured and sent here, for the very same purpose for which pickloeks, centerbits and other burglar's tools are manufactured. They are instruments of fraud as guilty as felony itself They were excluded by a law of a former-General Assembly, and the country was clear of them. But the last Assembly before the present, repealed the law and fetched them back again, and now they constitute almost the only currency, driving out the small shinplasters of our own State banks, on the principle that a worse currency will always exclude a bet ter. Neighbor, suppose you want payment of one of these small securities, how will you get your money from the north corner of Maine? At the time of the suspension last September, White's Bank of Buffalo, Oliver Lee's Bank, Tonawanda, Blackrock and dozens more were at eighty per cent. discount at home. But the discount is really a secondary matter, for the issuers never intend to pay them, if they can possibly avoid it, and they send them here on purpose to avoid payment. A. Woodsfield, April 7, 1858. E.