Bank of Ithaca - Ithaca, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: January 20, 1848
Location: Ithaca, New York (42.441, -76.497)

Metadata

Model: gpt-5-mini
Short Digest: 7adc785a

Response Measures

None

Description

Newspaper (NY Herald, 1848-01-21) reports It was reported in the street that the Bank of Ithaca had suspended. No mention of a run, reopening, or receivership in the provided text. The bank is described as a safety fund bank (a New York state-chartered designation). Because the article asserts a suspension but gives no follow-up about reopening, I classify as suspension_closure while noting the closure is reported but not definitively confirmed in these snippets.

Events (1)

1. January 20, 1848 Suspension

Cause Details: Article gives no reason; merely reports street rumor that the bank had suspended.
Newspaper Excerpt: It was reported in the street that the Bank of Ithaca had suspended.
Source: newspapers

Newspaper Articles (1)

1. January 21, 1848 The New York Herald New York, NY

Article from The New York Herald, January 21, 1848

Click image to open full size in new tab

Article Text

MONEY MARKET. Thursday, Jan. 20-6 P. M. The stock market has again become very much unsettled. The buoyancy noticed yesterday, has disap_ peared, and things look pretty blue in the street. At the first board to-day, Harlem advanced 1/4 per centi Canton 1/4; Reading Railroad fell off 1/a per cent; Reading Bonds 3 1/4, and Illinois All others closed at prices ruling yesterday. The transactions were only to a moderate extent. The Saugerties Bank and the Bank of Cayuga Lake have gone by the board. The agents here made every effort to save them. but the bills came in so rapidly that they had to stand from under, and let them go down.The securities of the Saugerties Bank deposited with the Comptroller, amount to $64,474 of New York State 5's at par, and the circulation to $64,469. The bills are, therefore, worth dollar for dollar, the market price of New York 5's, which is about 92 cents. The securities deposited by the Bank of Cayuga Lake, amount to $55,314, in New York State 5's, and the circulation to the same sum. These bills are also worth 92 cents on the dollar. It was reported in the street that the Bank of Ithaca had suspended. This is a safety fund bank, and according to the returns for the 1st of November, 1847, the line of loans amounted to $308,109; circulation, $194,761; specie, $7,305; and deposits, $57,190. The Chairman of the Committee of Ways and Means, in the House of Representatives, has reported a bill providing for a loan of eighteen millions of dollars. It is stated that the loan authorized is on a six per cent stock, at par, without any provisions for an issue of Treasury notes. If the Chairman of the Committee of Ways and Means does not know that it is utterly impossible to raise a loan upon these terms, it is time he paid a visit to Wall street. If the committee wish to embarrass the financial operations of the government, it could not have adopted a surer way than that above mentioned. The returns of the Bank of England for several periods, present the annexed comparative statement :BANK OF ENGLAND.