Bank of Columbia - Hudson, NY

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: state
Start Date: May 1, 1829*
Location: Hudson, New York (42.253, -73.791)

Metadata

Model: gpt-5-mini
Short Digest: f44569ed

Response Measures

Full suspension

Other: Directors declined offered funds because there was not time for investigation.

Description

Article (Phenix Gazette, 1829-05-28) reports heavy demands from brokers after unfavorable rumors in Wall street, leading directors to suspend payment. No information on reopening or receivership; funds were offered but declined. Date given as May 1829.

Events (2)

1. May 1, 1829* Run

Cause: Rumor Or Misinformation
Cause Details: Unfavorable rumors in Wall Street prompted brokers to present large bundles of bills for redemption, precipitating heavy demands on the bank.
Measures: Funds were offered to the Directors to meet the emergency but were declined; directors met and resolved to suspend payment.
Newspaper Excerpt: there had been some unfavorable rumors in Wall street... The brokers had therefore used to make further purchases, and sent up their bundles to the bank. The amount was so large
Source: newspapers

2. May 1, 1829* Suspension

Cause: Rumor Or Misinformation
Cause Details: Directors suspended payment following the sudden large presentations and prior unfavorable rumors in Wall Street; board claimed sufficient assets but lacked time for investigation.
Newspaper Excerpt: the Bank of Columbia, at Hud-on, N Y. suspended the payment of its notes on Thursday last
Source: newspapers

Newspaper Articles (1)

1. May 28, 1829 Phenix Gazette Alexandria, VA

Article from Phenix Gazette, May 28, 1829

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Article Text

BANK OF COLUMBIA.- The New York Journal of Commerce states that the Bank of Columbia, at Hud-on, N Y. suspended the payment of its notes on Thursday last There had been some unfavorable rumors in Wall street, for a short time previous, in consequence of the bills which had accumulated in the hands of brokers, no being redeemed with the usual punctuality. The brokers had therefore fus. ed 10 make further purchases, and sent up their bundles 10 the bank. The amount was so large, that on a sudden meeting of the Directors, the above abternative was resolved upon, Funds "ere offered to the Directors to meet the emergency, but declined, as there was not time for an investigation of affairs, though the Board expressed themselves confidently that there was properly sufficient to pay every thing. No important losses are mentioned as having brought the Bank to this condition. The President and Directors possess he confidence of the community, and will no doubt make an honest appropriation of the property in their hands.