15197. Farmers & Mechanics Savings Bank (Lockport, NY)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
March 18, 1872
Location
Lockport, New York (43.171, -78.690)

Metadata

Model
gpt-5-mini
Short Digest
c9c5f51f

Response Measures

Accommodated withdrawals

Description

Newspapers from Mar 19, 1872 report a run on the Farmers' and Mechanics' Savings Bank triggered by sudden resignations of the president and three directors. The bank promptly met its obligations and the run ended; there is no mention of a suspension or receivership. I classify the cause as bank-specific adverse information (management resignations caused depositor alarm).

Events (1)
1. March 18, 1872 Run
Cause
Bank Specific Adverse Info
Cause Details
Resignation of President Jason Collier and three wealthy directors triggered depositor alarm and heavy withdrawals.
Measures
Bank promptly met all its obligations; new president (Joseph Jackson) elected and directors reassured depositors.
Newspaper Excerpt
A run on the Farmers' and Mechanics' Savings Bank of Lockport, N. Y., ... came to an end yesterday, the bank having promptly met all its obligations.
Source
newspapers

Newspaper Articles (2)
1. March 19, 1872 New-York Tribune New York, NY
Article from New-York Tribune, March 19, 1872

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Article Text

TELEGRAPHICS NOTES. The new radroad bridge over the Ohio River, between Ciuclunati and Newport, will be tested to-dar. Ou Wednesday the officials of the Penusy Ivania Central will arrive and cross all a special train. A run on the Farmers' and Mechanics' Savings Bank of Lockport, N. Y., which has been going OD to some . stent sinre Friday last. came to au end yesterday, the bank having promptly mol all its obligations. The aggregate issues of the Chicago Relief and Aid Society to March 2. were 1,462,117 articles, or varde of goods, among there were over 21. 000 instressee. over www. blankets, 56,000 pairs of Dues, 1,283,000 articles of clothing, 15,000 12,000 owner 30,000 Suns of even

2. March 20, 1872 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, March 20, 1872

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Article Text

LOCK PORT. Run on a Bank. LOCKPORT, N. Y., March 19.-0a Friday morning last, Jason Collier, President of the Farmers' and Mechanics' Savings Bank, and three of the wealthiest directors resigned without any apparent reason. The matter caused great excitement among the depositors, and a run on the bank commenced on Saturday and continued all day yesterday. Joseph Jackson was elected president. The directors say the bank is perfectly sound and can pay every dollar. The bank was crowded with depositors again this morning. Towards noon, however, the excitement was considerably abated and confidence was partially restored in the soundness of the bank.