15191. Bank of Lima (Lima, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 1, 1857
Location
Lima, New York (42.905, -77.611)

Metadata

Model
gpt-5-mini
Short Digest
85febd5d

Response Measures

None

Description

Newspapers from Oct. 1857 report the failure of the Bank of Lima and that its bills were refused/discounted. There is no explicit contemporaneous description of a depositor run; the failure is reported amid the 1857 financial panic, so I classify the cause as macro_news and the episode as a suspension/closure (permanent failure). OCR minor errors corrected (e.g., 'Lailroad' and some punctuation).

Events (2)

1. October 1, 1857 Suspension
Cause
Macro News
Cause Details
Reported failure amid the wider October 1857 financial panic and general loss of confidence in banks; bills refused by brokers and listed among other failures and suspensions in contemporaneous dispatches.
Newspaper Excerpt
The failure of the Bank of Lima ... is announced.
Source
newspapers
2. October 6, 1857 Other
Newspaper Excerpt
The bills of the Bank of Lima (N. Y.) are refused by our brokers. / The bille of the bank of Lima, N. Y., were again taken. / Bank of Lima, N. Y., are thrown out to-day.
Source
newspapers

Newspaper Articles (5)

Article from Worcester Daily Spy, October 2, 1857

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Article Text

RAILROAD INJUNCTION-Bank Failures.New York, Oct. 1.-The Lacross and Milwaukie Lailroad was yesterday served with an injunction, to prevent the payment today of the coupons on what are called the corruption bonds. The failure of the Bank of Lima, and of the Leonardsville Bank, both in this State, is announced. The Farmers' and Mechanics' Bank, of Long Island, at Williamsburg, suspended today.


Article from The Independent, October 7, 1857

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TELEGRAPHIC ITEMS. New York, Oct. 1.-Confidence continues strong, although financial circles have not yet felt the influence of bank extensions and the daily increase of gold. It is believed, however, that the worst is past. The city is constantly filled with all sorts of rumors. Boston, Oct. 1.-The condition of monetary affairs in this city is regarded as favorable. Cold Weather in New York. New York, Oct. 6.-The weather is cold. The thermometer at 6 o'clock this morning was at 40. Bank Paper|Refused in New York. New York, Oct. 1.-The bills of the Bridgeport (Connecticut) City Bank, and of the Bank of Lima (N. Y. are refused by our brokers. Money Matters at St. Louis. St. Louis, Sept. 30.-Complete quiet pervades monetary circles to day. John J. Anderson & Co. are making arrangements for an early resumption. Belleville (Ill.) Bank Suspended. The Bank of Belleville, Illinois, has suspended. Tippecanoe Bank, Indiana. The bills of the Tippecanoe Bank are thrown out. The Fair at St. Louis. The Fair grounds are thronged to-day, and the weather is delightful. Suspension in Louisville. Louisville, Oct. 1.-Hutchings & Co., bankers have suspended. Louisville, Oct. 1.-John Smidt & Co., have closed. Hutchings & Co.'s assets exceed their liabilities $140,000. There is a heavy run on Hunt & Co. They will certainly hold out. Louisville, Oct. 1.-The run on Hunt & Co., is nearly through. They are represented as still strong. Others are easy. Failure at Lexington, Ky. Taylor, Shelby & Co., bankers, Lexington, have failed. Boston, Oct. 2.-To-day, there was the largest meeting of Boston merchants at the Merchants' Exchange ever held, and it was unanimously resolved that the banks ought not to suspend. New York, Oct. 2.-The British steamship Arabia, which left Liverpool on Seturday, September 19, has arrived at this port. Liverpool Cotton Market. Cotton has advanced gd. The sales of the week amounted to 73,000 bales. Philadelphia, Oct. 3.-The Reading Railroad bonds went to protest yesterday. The Land Warrant Embezzlement. Chicago, Oct. 3.-A dispatch from Minnesota announces the arrest of the Fairbault Land Warrant thieves, and the recovery of all the warrants except five.


Article from The Daily Gate City, October 8, 1857

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Article Text

Telegraphic News. New YORK, Oct. 6.-The screw steamship City of Washington, from Liverpool at noon 23d ult., arrived here this morning. Great activity prevailed in England in sending reinforcements to India. The overland mail steamer was to take 2000 troops from Malta to Alexandria, to be sent through Egypt to India. Several hundred troops will go out in succeeding steamers. The India Company had decided to engage the fleetest European and American steamers. Lord Elgin's mission to Calcutta was to propose an exchange of European for native Bengal regiments, as the Indians would prove sufficiently effective and more trustworthy in Canton than in their own country. Lord Elgin took with him to Calcutta 1700 troops, and marines in a naval brigade organized 10 proceed forthwith up the Ganges. The French Government had received dispatches from India, announcing that the governor of Pondicherry had, as a speculation, called upon the Admiral of the French fleet in the Indian seas, for some ships of war. Gen. Neil, at Cawnpore, was compelling all the high caste, or Brahmins, whom he could enpture, to collect all the bloody clothes of the victims and wash the blood from the floors, their movements being accelerated by the application of a cat. Afterwards the Sepoys were hanged one after another. One hundred Austrian officers have offered to serve in India. A London letter, in the Paris Patrie, asserts that Salif was marching upon Lucknow at the head of 150,000 insurgents, and as be was within four days of Gen. Havelock it was considered certain that he would effect a junction with the insurgents before the English Generals arrived. The Fort of Lucknow was well supplied with provisions and ammunition. It was deemed impregnable. Advices from St. Petersburgh report a great storm and fire on the Sandago Canal. 200 country crafts with their cargoes of produce were wrecked. The following is said to be the result of the new election in Moldavia: Out of 87 electors 66 have declared for the Union of the Principalities, 6 against, and 15 neutral. The election at Wallachia is to commence on the 18th. The Persian troops have evacuated Herat. DETROIT, Oct. 6.-The Farmers' & Mechanics' bank, of this city, has been placed under injunetton by the Attorney General. HARTFORD, Oct. 6.-The Charter Oak bnnk, tho Mercantile bank, and the Exchange bank suspended specie payment this morning.The officers of all the other banks met last night and resolved not to suspend. NEW YORK, Oct. 6.-Bills of the Lee bank, Mass., Mercantile bank, Charter Oak bank, and Exchange bank, of Conn., and the bank of Watertown, N. Y;, are thrown out to-day. The Weare bank, N. H., was thrown out. The bille of the bank of Lima, N. Y., were again taken. BOSTON, Oct. 6.-Judge Merrick, on motion of the bank Commissioners, has granted a temporary injunction upon the Western bank of Springfield, Mass. HARRISBURG, Pa., Oct. 6.-The Legislatore convened to-day. Gov. Pollock delivered his message, suggesting measures for there. lief of the banks and public. BUFFALO, Oct. 6.-The New York State Fair opens to-morrow, and continues for three days. The entries up to this noon are over 2,500.-A greater number than ever before made. The weather is very favorable.


Article from Muscatine Weekly Journal, October 10, 1857

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# THE NEWS. -The steamship Star of the West arrived at New York on the 4th, with 450 passengers, the Calitornia mails of Sept. 4th, and $1,268,000 in specie. The California State election on the 2d ult., resulted in the entire success of the Democratic ticket. Weller was elected Governor by probably 15,000 plurality. The State has voted to pay its debt. Columbia, Tulomnar county, had been destroyed by fire. Loss $600,000. Wm. Bean had been convicted of embezzling government treasure from the branch mint. Col. Harlasthy's defalcation from the same establishment is $150,000. Mining was being carried on successfully. The Carson Valley people were agitating for a territorial organization for that quarter. We have an account of the frightful massacre of an emigrant train by the Indians. From Oregon we learn that the Constitutional Convention met at Salem on the 19th ult. We have intelligence from Washington Territory of the murder of Col. Eby, collector ef the port of Townsend, by a party of Indians. His family had escaped. Eight Indians had been arrested by the residents and would bo hung. Hon G. Venable, our Minister to Guatemala, died of cholera on the 23d of August. This epidemic was raging at Guatemala and San Salvador. It now appears that the Central America had 440 passengers, and $1,218,838 in specie when she lett Aspinwall. -The Bremen bark Lima arrived at New York on the 5th, with three survivors of the Central America, whom she took from the British brig Mary, bound from Cardenas to Queenstown. Their names are J. Tice, 2d engineer; Alex. Grant, fireman; and Geo. Dawson, passenger. They drifted eight days in a small boat without anything to eat before being rescued by the brig. -The steamer Ben Carson, was run into by the steamer Gate City, about two o'clock on Sunday morning last, near La Crosse. The Ben Carson sunk immediately in fifteen feet of water, and is considered a total loss. Fifteen deck passengers, whose names have not as yet been ascertained, were drowned. On board the Carson, were seven persons who had been living in Minnesota-a father and mother, with a family of five children. The parents and two of the children were among those who lost their lives. -The Pennsylvania Legislature convened at Harrisburgh on the 6th. Govornor Pollock delivered his message, suggesting measures for the relief of the banks and public. -The financial intelligence from various parts of the country still abounds with accounts of failures and suspensions. The following banks are reported failed or discredited: Lee Bank, Mass, Charter Oak Bank and Exchange Bank, Ct., Bank of Watertown, N. Y., Ware Bank, N. H., and Bank of Lima, N. Y. -Foreign news to the 23d, by the City of Washington, which arrived at New York on the 6th, exhibits great activity in England in sending troops to India. General O Neil at Cawnpore, was compelling all the high caste or Brahmins, whom he could capture, to collect the bloody clothes of the victims, and wash the blood from the floors; their movements being accelerated by the application of the cat. Afterwards the Sepoys were hanged, one after the other. -A New York dispatch of the 7th says the money market is rather more quiet. At a meeting of merchants, a number of leading bank officers being present, a resolution was unanimously adopted requesting the banks to increase their loans at once $7,000,000, and eventually $10,000,000. It was thought the proposition would meet the approbation of the banks. -Since the publication of the notice of the Secretary of the Treasury, on the 24th of September, up to the present time, nearly $2,000,000 worth of United States stocks have been sent in for redemption. -The returns from the Georgia election indicate the re election to Congress of the Hon. James Seward, in the ist District.


Article from Quasqueton Guardian, October 15, 1857

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has made an assignment. A run on the Bowery Savings Bank was continued throughout the day. It is believed the bank is amply able to meet all its liabilities. The run on the Brooklyn Savings Bank had somewhat subsided at noon. Up to that hour over $90,000 had been drawn out. Genin, the well known hatter, and Fenton & Lee have suspended. Railroad stocks went down still further. Illinois Central bonds falling off 15 cents pesterday and the shares 5 cts. The Park Bank went through the run yesterday nobly, and came out to-day stronger in specie than before. There was a large business in State stocks, mostly at lower rates. Bank stocks sold at slight declines. There were rumors this P. M. affecting the credit of some of the heaviest houses in this city. H. A. Coit, whose failure is announced to-day is the agent of Drake & Co., of Havana. The Bowery Bank goes into liquidation. Stocks at second board dull and nominal. Mo. sold at 641; Va. 70; Canton Co. 13; Erie Railroad 78; I. C. 74; C. & P.8; La Crosse & Mil. 574. Kansas Elecrion. ST. LOUIS, Oct. 10.-Four gentlemen just from Kansas learned that Jefferson county had gone largely Republican, Calhoun Co. doubtful. The following precinets in Leavenworth county give Republican majorities :-Easton 54, Wyandotte 50, Leavenworth 200, Delaware and Kikapoo, five Democratic majorities of 50, and 550 in the latter precincts.The troops voted at the instance of Gov. Walker. Johnson county is conceded to the Democrats, but it is thought that Douglass county will give a sufficiently large Republican majority to carry the district. Other advices from Leavenworth on the A. M. of the 8th, state that Leavenworth county is the only one SO far heard from giving Democratic majorities.Doniphan Co. gives a Republican majority of 23, Atchison county 44, Douglass county 1600. These returns are given as authentic. Tecumseh township 16) Rep. majority, Topeka 190, Calhoun 150. From Augusta, Ga. AUGUSTA, GA., Oct. 10.-Reliable telegraphic news from Charleston announee the suspension of the Bank of South Carolina, a State institution, of which C. M. Farmer is President. From Richmond, Va. RICHMOND, Va., Oct. 10.-The Governor has issued a proclamation prohibiting the notes of the Bank of Kanawha from being received in payment for money due the State, that Bank having refused to redeem its notes, and removed a large amount of its assets. HARTFORD, Oct. 6.-The Charter Oak Bank, the Mercantile Bank, and the Exchange Bank, suspended specie payments this morning. The officers of all the other banks met last night, and resolved not to suspend. BOSTON, Oct. 6.-Judge Merrick, on motion of the Bank Commissioners, has granted a temporary injunction upon the Western bank of Springfield, Mass. NEW YORK, Oct. 6.-The Weare Bank, N. H., was thrown out yesterday. The bills of the Bank of Lima, N. Y., are again taken. Bills of the Lee Bank, Mass. ; Mercantile Bank, Charter Oak Bank, and Exchange Bank of Conn., and Bank of Walestown, N. Y., are thrownout to-day.