15158. Hudson River Bank (Hudson, NY)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
October 2, 1857
Location
Hudson, New York (42.253, -73.791)

Metadata

Model
gpt-5-mini
Short Digest
1e5e2a73

Response Measures

Accommodated withdrawals, Full suspension

Description

Multiple articles (Oct 3–6, 1857) report depositors demanding specie and heavy withdrawals at Hudson, culminating in the Hudson River Bank suspending specie payments on the Friday of that week (reported as 'Friday evening'). The suspension is clearly reported; articles describe runs that precipitated it. There is no explicit report in these items that the bank subsequently reopened, only that its bills were 'fully secured' and merchants agreed to take them at par, so the final outcome (reopening vs permanent closure) is unclear.

Events (2)

1. October 2, 1857 Run
Cause
Macro News
Cause Details
Heavy withdrawals and panic conditions associated with the wider financial crisis of October 1857 (national panic), causing depositors to demand specie.
Measures
No specific remedial measures described in these articles beyond community efforts and acceptance of the bills by local merchants.
Newspaper Excerpt
the specie which vaults by the Bar had on Wednesday, until their slight run Farmers yesterday morning stop hastened pay; Thursday ... the amount of was principally demanding one specie ...
Source
newspapers
2. October 2, 1857 Suspension
Cause
Macro News
Cause Details
Suspension followed heavy withdrawals and panic conditions tied to the broader 1857 financial crisis; articles explicitly state both Hudson banks suspended specie payments after runs/demand for specie.
Newspaper Excerpt
On Friday evening, the Hudson River and Farmers' Bank, both of Hudson, suspended specie payments.
Source
newspapers

Newspaper Articles (6)

Article from New-York Daily Tribune, October 3, 1857

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Chicago, and one ortan others; also Powell, Ramedell & Co. of Newburgh, % highly respectable and wealthy house. The following Banks are thrown out to-day:-The Farmers' Bank and Hudson River Bank, at Hudson; Old Saratoga Bank, N. Y.; Thompson Bank, Conn. Phillipsburg Bank, N.J.; Base River Bank, Mass.; and Stark Bank, Vt. Many of the uncurrent moneydealere have been unwilling to purchase Eastern currency to-day, and buy State only to moderate extent at I to 2 per cent discount. The American Exchange and Metropolitan Banks, however, continue to-receive as usual at 1.10 for Eastern, and 1 per cent for State, from their dealers and correspondent Banks, and we are assured they will continue to receive as long as the New York Banks sustain specie payments. The new Board of Directors of the Michigan Southern Railroad organized to-day, and elected Mr. John B. Jervis President of the Road. The North River Fire Insurance Co. have declared a semi-annual dividend of 10 P cent, payable on and after the 10th inst. The Fulton Fire Insurance Co. have declared & dividend of $5 v share. The reported suspension of Mesers. H. Simons & Co., jewelers, published in The Independent and copied by us in yesterday's edition, proves to be without foundation. We annex a comparative statement of the imports of foreign Dry Goods at New-York for the week, and since January1: 1859. 1856. 1855. For the Week. $1,097,966 $1,298,291 $1,518,243 Entered at the Port 564,660 1,328,834 1,499,210 Thrown on market 1857. 1856. 1855. Since Jan. 1. $82,170,562 $78,811,878 $49,575,243 Entered at the Port 78,280,515 77,871,747 52,050,956 Thrown on market The figures of the week show an unusually small amount of goods thrown on the market. The details of the week are:


Article from The Daily Dispatch, October 5, 1857

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AFFAIRS IN NEW YORK. The Herald of Saturday has the following: Of all the gloomy days we have seen within the past six months this has been by all odds the worst. All the panics previously experienced are as nothing compared to that of to-day. The decline in stocks since yesterday has been greater than yet realized in the same length of time since the present revulsion commenced. At the first board to-day there was a most frightful stampede among holders of stocks, and the best on the list were slaughtered right and left. If there is a much lower depth for some stocks they will go completely out of sight. The losses realized must be immense, and the community at large must be suffering immensely from the enormous dept sciation in market value. At the first board to day Missouri 6's declined 2 per cent; Erie bonds, 1871, 3; New York Central 7's, 1; Merchants' Bank, 1; Park Bank, 6; America Exchange Bank, ½ Cumberland Coal, 1; Delaware and Hudson, 4; Pennsylvania Coal, 4; New York Central Railroad, 5: Erie, 11/2 New Haven and Hartford, 2; Reading, 2; Michigan Central Railroad, 7; Michigan Southern. 1; Illinois Central Railroad. 41/2; Cleveland and Pitisburg,1; Galenaand Chicago, 6; Cleveland and Toledo, 2; Chicago and Rock Island, 7; Milwankie and Mississippi, 1. Here we have a fall ranging from one half to seven per cent. At the close yesterday no one anticipated such a serious and sudden decline, and no one knows but that a similar move may be realized to-morrow. The sellers are those who, from actual necessity, are compelled to realize at any price. The Express of the same date, in its financial summary, says: Railroad acceptances sell at fabulous prices-reported at ½ per cent. per day, upon 90 day paper. We regret to learn that the old and highly re spectable firm of P. Chouteau, Jr., & Co. had been forced to suspend payment to-day. This is an old f house from St. Louis, and the name of "Chouteau" there is like "Astor" here. Mr. Chauteau is the only surviving partner in this city. Whether his various housesin St. Louis will also suspend is not at present known. We are requested to say that Mr. Choutean's iron house in this city, known and conducted under the style of P. Chouteau, Jr., Sanford & Co., at No. 9 Nassau street, will not suspend. but meet promptly all its engagements. The business and assets of this latter firm have always been kept entirely distinct from those of t Mr. Chouteau's other houses. d Messrs. Hutchison, Tiffany & Co. have also been obligned to suspend. Powell, Ramadell & Co., of Newburg, have suspended. Whether this will effect the Powell Bank of Newburgh is not stated. Swift, Ransom & Co., Brokers, and Agents of a Chicago Banking-house, have also ftopped. Several smaller failures are also announced. The day closes duller than any of its predecessors. Tne report of the suspension of Mesers. H. Simmons & Co., Jewelers, published in the Indepen8 dent's list. and copied by us, is, we are informed, n entirely without truth. 0 The Banks continue to make at the clearing house an exhibit, which warrants the fullest confidence in their stability in any emergency. The clearings to-day are $14,987,272 63, and the balance $977,656 66, n The notes of the Hudson River Bank at Hudson, and the Farmers' Bank of Hudson, heretofore ref deemed at Banks in this city, are refused to-day. The Old Saratoga Bank, of this State: the Stark Bank, of Vermont, and the Bass River Bank, of Massachusetts, notes are thrown out this morning, in addition to those previously mentioned.


Article from New-York Daily Tribune, October 5, 1857

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Financial matters looked a little brighter on Saturday than they have done of late. Fewer failures than usual were announced, heavy payments were made with unexpected promptness, and the leading stocks sold at an advance from the depression of Friday. The drafts on the Sub-Treasury failed to arrive from Washington, but will come to hand to-day, and, with the treasure by the Star of the West, will supply the specie of which everybody continues to stand in need. On the other hand, the feeling of merchants is still gloomy, and their confidence in each other faint. The best paper is taken with reluctance. The well known house of Dodge, Clark & Co. has suspended in consequence of heavy advances to their Boston house, J. W. Clark & Co., which had previously suspended. The firms of Bowen. Ely & McCornell and of Gage, Sloan & Slater have also suspended. The Powell Bank of Newburgh, the Windham County Bank of Connecticut and the Bank of Ashland, Kentucky, were thrown out on Saturday. The Hudson River and the Farmers' Bank, the two banks of Hudson, have both suspended. Their bills are fully secured, and the business men of the place have generally agreed to take them at par. The cashier of the Exchange Bank of Lockport, which was reported to have suspended, says that it is solvent and in regular operation. The City Banks, though hard pressed, have no thought of suspending; and Chicago has resolved with Boston to stand by us. The Bank Commissioners of Connecticut are said to be vigilant and faithful The Auditor of Virginia says that notes of all the State Banks will be taken in payment for revenue. The fact that the Reading Railroad's notes have gone to protest will not tend to strengthen confidence in railroad securities. The Long Dock Company and the-Cumberland Coal Company followed suit on Saturday. The Erie paid everything due, and five sixths of the subscription to her $600,000 loan is already made up. In Besten, there was a little change for the better. In Philadelphia, the depression amounts almost to a paralysis. We hear of workmen being thrown out of employment all over the country.


Article from New-York Daily Tribune, October 5, 1857

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are which secures al liability 3, Chartered chanee Banks, M and State Mechan Treates Bank Newark Holly Meets Banks M Back Orange Bank, A City Ferth Co Gloucest Bank Erizana Co. Rank, Bank, Bank, and Medford the State, Rabway Hackettator not State Co Bank, other banks in Backing Company and In-ur- Sus4. The are Brutewick: the Trenton Newark old harter and Salem Bank, above Company New operating Bank vet Camden, we believe, though are ance Bank, Company. Newton; personal State None of lis these, bility datialtely, revision. of 84 all the the Bar king 11 der the We CADDOT RDEEK be, also, some operatir may be. from memory, an There may The seer, great are hate are made being impractica in the third list. be for charters wrong classification banks fication of this State, there is DO reason for insome rity of the and of the others Banking Company , well secured the Newark as secure as charter any provides some stance, aspicion possibly being can liability, be exteemed made. but Its does renewed not take effect for have banks months for The Washington of Columbia D Star says: understanding seeing pursue in as the to The District come to a common for them to known that ex. a not as is yet the best effair policy It is, however, and Trustees ime are they present what state their of Presidente In the their meantime own bills to amount District insjority anxious of 80 nor to do. discount It in said the part there in Metropolis, neither tremely pay of specie dollar, we deposits hear. for the most and 400 anch 000 Under is the are $600,000, of the of Bank of of Washington seen how and why in more money to meet in those of it difficult will to be their with the vaults the Bank be readily otained by persons than which of the deb dollar & ever business before. house that every of Selden, been Withers paid that up We hear the late banking State of Virginia, interest has and house 0 also owed in the Co., due by to the in full, four with hundred due the pay of of is which delayed however, the settlement concerning by $150,000 the trustees of the hands three of or the State, by some the of disas their affair 8 and charge partners among brokers themselves. at Washingtovirginia specie on money. sneeking says that of centum The discount for (Va.) of Monticello, have been now lest The mension of the arter Bank not $100 existing liability is due contidently the date of its and that every perfactly safe. for At specie Richmond, e at cent. notes it is at said, has, since by its the rations, believe can to be be obtained current susBank Leesburg of First Auditor The following the to the of State Virginia County pended The Branch specie payments. Jetter is from Sheriff the of Spottsylvania 29. 1857. Sept. this mornmaking the here where Virginia T. B. FRENCH, the bank Farmers Bank make a they another in here some the shape and money M. BENNETT. of Star says: by yesterday surprise and River Hudson A The Our Hudson taken that respended both the specie which vaults by the Bar had on Wednesday, until their elight run Farmers yesterday morning stop hastened pay; Thursday and ted, and they the crisis was of great the banks de were exhar On The Thursday in both $600 and upwarded conment. of the the amount of was principali be expectby manding one specie to The panic who could not Some who bills and a class deposit, of billholders in the premises. turned up gold. with fired to use any judgment 88 almost paupers they demanded considera ed to been of carded bills for which along the run very 88 the specie have huge rolls citizens helped as long followed. Our Irish They were course, stoppage made among writ- our held bly. out, when, of was men, ediately which resulted versally signed, Bank to in trade at " A movement and business generally if not River univer and Farmers' transactions, as the retofore. to " will 1085 result No hardly ten bills ment, on ALD the all Hudson ordinary business we need billholders, will both these Doubtless, suspensions. repeat, resume by business. of the Banks: Hudson old and in established The Farmers institution, having FOOD The Aliany Bank says of Hudson been is as the of last statement published irculation and mortand stocks, 1839. According Department, to the by it bad 900 in of and bonds United Its States capwas gages, which Banking $92, was 716 #18, secured of 000 New of stocks York of State other organized States. in to 1855, the a according with Statement, ital is $300,000. River 000. Bank It has, to the by the of secured United ame amount The capital Hudson of bills $200 in circulation fully and States entirely stocks. the all are rt inBank ge' $35,000, Bank which were of State Banks and there are in of Lockpo adao. that The forms published Albany of list in its institution solvent These The two Cashier of the Jour Excharge which ded, that had it is in regular condition. in Fall In suspensions the poor begins River, suffering Star The of that says: city. operation consequence and in of the to factory be felt among the fathers bread guffering to We do. nothing to tears classes Whole families eager to are work, that but would bring people must to or bread willing and tales of distress indifferent not These a community have be eyes heard of the starce, most and this is allow have the latter." & had of the meeting Banks Chicago Presidents to The not reputed suspend. unfounded. their Heweon Messre. Sept. 30, say forgeries on The the 1st, of and Jno. Frazer & Holmes & Co. of are Cincinnati, in become frightfully numerous, the dis and the Circular of failures have the also highest In the response state the of alarm of the is matters entirely of farmers, from whom meanrapidly serious embracing by this hands of the become coming more settle to the con- disfrom more specie payments general Payment it This, out and not and while early suspe New York had city. better occur after to their ester is relief. coin in strong. fruitless efforts York 54 cent preWith West while New behalfton in the bank note reantile in remittance expect to retire will large be shape specie do must this these banks paying To which they Western their for the instateof their their rapidly the they rely business. Such their and on which of their bankruptcies that have herto from receive credit and cause disasters and


Article from New-York Daily Tribune, October 6, 1857

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effected sitzagement for the redemption of them at cent. The notes are received OR deposit at the American Exchange and Metropolitan Banks at t + cent. It is stated that the Stamford Bank has & surpies of $30,000, and that the Directors are determined to stake every dollar they are worth before it shall suppend specie payment. Thereport, originating with The NewsJersey Sentinel. that the State Bank at New-Brunswick, N. J., had suspended is untrue. This is one of the oldest banks in the State, has already redeemed its bille in this city, and, we are assured, is as sound as any bank in the county. There is no relief in the money market, and merchants are making fearful sacrifices to sustain themselves. In call loans there is but little doing, and the few time Legotiations made are at very high rates. In the discount houses paper goes a sbade more freely than last week, but rates show no amelioration. For first-class indorsed paper the quotations are 21@34 cent per month. The restricted discounts of the Banks forces large amounts of paper into the street, while capitalists are unwilling buyers. From St. Louis, we hear of the suspension of Mesers. Chareau, Harrison and Valle, and Messrs. E. W. Clark & Brothers, both following the suspension of & sociate houses here, before announced. The mercantile failures announced here to-day are some six or eight, but none being of prominent houses, we refrain from printing the names. It is & constant cause of congratulation and wonder in the street that 30 few failures occur, and the fact is looked upon 88 an evidence of the general soundness of our merchants. The Powell Bank of Newburgh issued the following notice on Saturday: The Powell Bank will discontinue business from this date. Its affairs will be wound up with as little as Bill have that not delay no apprehension possible. holders they will and depositors be paid in need full. The capital of the Bank, $175,000, is unimpaired, beside which there is a surplus of about $120 000. HOMER RAMSDELL President." a October 3, 1857. Upon this, The Newburgh News of Saturday remarks: It is proper to say that the securities cover all demands by depositors, three dollars to one, and the bills are amply secured by State stocks and other sound securities deposited at the Bank Department at Albany. People holding the bills should not sacrifice & dollar upon them, as they are amply secured, and our traders are taking them freely in trade. The Highland Bank and the Bank of Newburgh, &8 usual, are taking the bills on deposit." The circulation of the Powell Bank, according to the aunual report of the Superintendent of the Banking Department, was $214,220, protected as follows: $103,348 Bonds and Mortgages 23 000 New-York Fives. 75.092 New-York Sixes 15,000 Michigan Sixes $216,440 Total On Friday evening, the Hudson River and Farmers' Bank, both of Hudson, suspended specie payments. The first named was organized in 1855, with a capital of $200,000, and has & circulation of $35,000, wholly secured by New-York State Sixes. The latter dates back to 1839, and has & capital of $300,000. Its circulation is $156,416 secured as follows: $31,908 Bonds and Mortgages 64,00 New-York State Fives 28,716 New-York State Sizes 20,006 Michigan Sixes 28,000 Arkansas Sixes $172.616


Article from New-York Daily Tribune, October 6, 1857

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On Friday evening, the Hudson River and Farmers' Bank, both of Hudson, suspended specie payments. The first named was organized in 1855, with a capital of $200,000, and has & circulation of $35,000, wholly secured by New-York State Sixes. The latter dates back to 1839, and has & capital of $300,000. Its circulation is $156,416 secured as follows: