Article Text
The Western Bank of Lockportis thrown out to-day by the Metropolitan and American Exchange Banks. The annexed list includes the suspensions of the last form mosther
15204. Western Bank (Lockport, NY)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- September 23, 1857
- Location
- Lockport, New York (43.171, -78.690)
Metadata
- Model
- gpt-5-mini
- Short Digest
37124fbd
Response Measures
None
Description
Contemporary reports in Sept. 1857 announce Western Bank of Lockport suspended specie payments during the 1857 panic. Later (Nov. 9, 1857) the Tribune reports its bills 'gone into liquidation' and are no longer received at the Metropolitan Bank — indicating permanent closure/liquidation. No article describes a depositor run on this specific bank.
Events (3)
1.
September 23, 1857
Suspension
- Cause
- Macro News
- Cause Details
- Specie suspension amid the nationwide financial panic of 1857; increased demands for specie and general loss of confidence in banks.
- Newspaper Excerpt
- The Western Bank of Lockportis thrown out to-day by the Metropolitan and American Exchange Banks.
- Source
- newspapers
2.
September 29, 1857
Other
- Newspaper Excerpt
- The Western Bank, of Lockport, New York, has suspended. ... assets of the bank are more than sufficient to meet all its liabilities, and we have every reason to believe that the bank will resume business in a few days.
- Source
- newspapers
3.
November 9, 1857
Receivership
- Newspaper Excerpt
- The bills of the following State Banks, which have gone into liquidation, are no longer received on deposit at the Metropolitan Bank: The Western Bank of Lockport, ...
- Source
- newspapers
Newspaper Articles (9)
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LATEST NEWS Financial Matters in Chicago. The Western Bank of Lockport, N. Y., has suspended. Williams s Brother, of this city, nalt dealers, one of the parties referred to yes Lerday morning, have failed. Liabilities about $100,000, assets $95,000. We heard of no new failures yesterday. Business matters moved along quietly, and though there may be some more failures, possibly more than are anticipated, the excite mout and feverish anxiety which prevailed in business circles a few days since are certainly past. That over, more than half the battle in surely won. Conrage and prndent but unceasing activity want do the rest.-Chicago Press, 28d.
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The Western Bank at Lockport, N. Y., has suspended payment,
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Diecred Manko. The following is a corrected list to date, of recent euepended and discredited banks Nebracks money has been thrown out by our bro here. except the Bank of Florence Bank of the Capitol, Indianapolis, Indiana, e. . do Central Hank, do do Bank of Elgin. III as, email circulation Mechanics Banking Association N IY .. Ohio Life and Truel company, don't leetle notes. Bank of Kanewha, Va Reciprocity Bank Buffalo, N.Y now bank . . Hollister Bank, Buffalo N Y. . . Warren County Bank Pa. Bank of Middletown, Pa. Honeedale Bank. Pa Bank of North America, Conn. Ontario Bank. Utica, N.Y. Fort Plain Bank . . Farmers' Bank of Saratoga N Yee Farmers' and Manufacturere Bank Poughteepsie N Y Farmers' Bank Wickford R I M Vernon Bank, Providence R I Tiverton Bank, Fall River R I Wooster Bank, Dembury Conn. Borgen County Bank, N. Ellaworth Bank, Maine. Bank of the South County. R I Sackett's Harbor Bank N Y. This Bank which was an oid liner. was lately merged into the Recipro city Bank at Buffalo: but few of the notes of either were in circulation in the west. Exeter Bank N H South Royalton Bank, Vt. Chemung County Bank, Horseheads N Y .. Geneca County Bank, Ohio Oliver Lee & Co.'s Bank, Buffalo, N Y reported failed, e.e. Ningara River Bank Tonawanda N Y reported failed, Hancock Bank, Maine Maratime Bank, Maine America Bank, Trenton N J. Bank of New Jersey, New Brunewick; N J Huguenot Bank New Platz N Y . . Bank of South County, Wakefield R I Rock River Bank, Reloit, Wisconein . . Farmers Bank Hudeon. Wis . e. Bank of Colehester, Conn Western Bank Lockport N. Y Niagara Cocunty Bank, Lockport N Y Note means secured by Statestocks Our eubecribere ought to lose nothing by the euepension of these banks The others have but little circule tidn in the west Our readers are cautioned against exercificing notes of occured banks, as some of them will probably be reinstated, while those finally compelled to close up, in the ordinery couree of things, will pay a large proportion of their debt. -- Chicago Tribune 24th To these we may add the following Medius Hank, Medina. N Y Hank of Hallowell, Maine Girard Bank Philadelphia. Bank of Philadelphia Bank of Commerce, Philadelphia
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Vol. 4-No. 39. Financial Matters in Chicago. The Western Bank of Lockport, N.Y., has suspended. Williams & Brothers, of this city, salt dealers, one of the parties referred to yesterday merning, have failed. Liabilities about $100,000; assets $95,000. We heard of no new failures yesterday. Business matters move along quietly; and though there may be some more failures, @ possibly more than are anticipated the excitement and feverish anxiety which 5 prevailed in business circles a few days since are certainly past. That over, more than half the battle is surely won. Courage and prudent but unceasing activity must do the rest.-Chicago Press.
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RICHMOND, Va., Sept. 29.--Virginia Banks-The banks are paying specie and it is generally believed that they are deter- mined to make good their bills. Both the Stanton Banks, the Central, and Bank of the Valley have suspended. NASHVILLE, Tenn., Sept. 28. -The Bank of Nashville suspended this morning. A meeting of the merchants recommended the Union. Planter's and State Banks to suspend, but they refused. Several free Banks are thrown out to-day. Confidence is felt that the bank of Nash- ville will pay, and have a large surplus. Messrs. Jewett & Co., publishers of this city, have suspended. Their liabilities are $100,000. WASHINGTON, Sept. 28. - A notice posted on the Bank of the Metropolis, says the panic created by the suspension of other banks caused a much larger demand for specie than was anticipated, that institution is under the painful necessity of suspending specie payments for the present. The trus- tees remark that they will make every exer- tion to resume. The bank paid out $65,000 on Saturday. The Bank of Washington, and Patriotic Bank, which paid only small sums on Sat- urday, have now altogether suspended. The Savings Banks pay either in city banks or Virginia money, and demand the six days notice from depositors. Virginia money is at a discount of 5 per cent, and the tendency downward. Business is nearly paralyzed, and uncur- rent money unsaleable. The Western Bank, of Lockport, New York, has suspended. The Courier says:- of parties for whom this institution has been discounting to pay their liabilities as they matured. We are satisfied from what in- formation we possess that assetts of the bank are more than sufficient to meet all its liabilities, and we have every reason to be- lieve that the bank will resume business in a few days." At the last annual report of the Bank Department, at Albany, this bank had in pledge $31,555 in bonds and mort- gages $26,500 in New York State 6's, and $1,000 in New York State 5's-total $59,- 055 against a registered circulation of $54.980. The newspapers of the various localities throughout the country, furnish interesting items concerning the monetary crisis. The money editor of the Journal of Commerce has the following notice of a Bank opera- tion in Philadelphia, prior to the actual suspension in that city: "There is much written and uttered about the liberality of the banks, but those who complain most would be perhaps, equally loud in their condemnation if any trouble should come through a want of prudence on the part of these institutions. We doubt if any of our city banks have been as "close" as some of their sister institutions in Philadelphia. It is reported that one bank there became so costive that a cus- tomer, a little irritated at the piayune policy, drew a note for five dollars at thirty days, covered it down the back with first class endorsements from his fellow-sufferers, pinned it to a ten dollar bill, of the same bank, as collateral, and then offered it for dis- count. This was what Jodediah Tompkins would call "hintin around." It having been stated that the Chicago, St. Paul and Fond du Lac Railroad Com- pany failed for $1,400,000 on Wednesday, and made an assignment to Moses Taylor & Co., Messrs. Taylor & Co., have published a card denying that they hold any such rela- tion to the road.
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LIST OF SUSPENDED BANKS TO SEPT. 25TH. Meusam River Bank, Sanford, Maine. Canton Bank, South China, Maine. Ellsworth Bank, Maine. Exchange Bank, Bangor, Maine. Sanford Bank, Sanford, Maine. Exter Bank, New Hampshire. Danby Bank, Vermont. South Royalton Bank, Vermont. Bank of the Republic, Providence, R. I. Bank of South County, Wakefield, R. I. Farmers' Bank, Wickford, R. 1. Mount Vernon Bank, Providence, R. I. Tiverton Bank, Fall River, R. I. Warwick Bank, Warwick, R. I. Merchants' Exchange Bank, Bridgeport, Ct. Colchester Bank, Conn. Bank of Orleans, Albion, New York. Hollister Bank, Buffalo, New York. Niagara River Bank, Tonawanda, N. Y. Oliver Lee & Co.'s Bank, Buffalo, N. Y. Ontario County Bank, Phelps, N.Y. Ontario Bank, Utica, N. Y. Reciprocity Bank, Buffalo, N. Y. Sackett's Harbor Bank, Buffalo, N. Y. American Bank, Trenton, N. J. Bank of New Jersey, New Brunswick, N.J. Bergen County Bank, Hackensack, N. J. Bank of Kanawha, Virginia. Trans-Allegany Bank, Virginia. Bank of Commerce, Georgetown, D. C. Canal Bank, Cleveland, Ohio. City Bank, Cincinnati, Ohio, Seneca County Bank, Tiffin, Ohio. Miami Vally Bank, Dayton, Ohio. Clinton Bank, Columbus, Ohio. Columbus City Bank, Columbus, Ohio. Union Bank, Sandusky, Ohio. Agricultural Bank, Brownsville, Tenn. Bank of West Tennessee. Bank of the Capitol, Indianapolis, Ia. Central Bank, Indianapolis, la. Bank of Elgin, Elgin, Illinois. Rock River Bank, Beloit, Wisconsin. Pennsylvania Bank, Philadelphia. Girard Bank, Phiadelphia. Bank of Canandaiagua, Canandaigua. Western Bank, Lockport, N.Y. Commercial Bank, Philadelphia. Six Penny Savings Bank, Rochester, N. Y. Albany Eve. Journal.
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SUSPENDED BANKS EASTWARD. The New York Sun gives the following list of Banks located east of Maryland which have suspended specie payments : MAINE. Canton Bank, China. Monsum River Bank, Sanford. Exchange Bank, Bangor. Sanford Bank, Sanford. NEW HAMPSHIRE. Exeter Bank, Exeter. Weare Bank, Hamilton Falls. RHODE ISLAND. All suspended specie payments. MASSACHUSETTS. Bass River Bank. Western Bank, Springfield. Lee Bank, Lee. VERMONT. Danby Bank, Danby. South Royalton Bank, South Stark Bank, Bennington. Royalton. CONNECTICUT. Bridgeport City, Bank, Bridgeport. Thompson Bank. Bank of Hartford County. Windham County Bank. Bank, of North America, Seymour. Mercantile Bank, Hartford. Colchester Bank, Colchester. Exchange Bank, Hartford. Pawcatuck Bank. Charter Oak Bank, Hartford. NEW YORK. Agricultural Bank, Herkimer. Island City Bank, N. Y. city. Leonardsville Bank. Bank of Canandaigua. Bank of Central New York, Utica. Mechanics' Banking Association, Bank of Lima. New York city. Bank of Old Saratoga. Medina Bank. Bank of Orleans, Albion. Niagara River Bank, Tonawanda. Bank of Watertown. Oliver Lee's Bank, Buffalo. Chemung County Bank. Ontario County Bank, Phelps. Dairymen's Bank, Newport. Ontario Bank, Utica. Farmers' and Citizens' Bank, L.I. Oneida Central Bank, Rome. Farmers' Bank, Hudson. Powell Bank, Newburgh. Hamilton Exchange Bank. Reciprocity Bank, Buffalo. Hollister Bank, Buffalo. Sacketts' Harbor Bank, Buffalo. Hudson River Bank. Western Bank, Lockport. Huguenot Bank, New Paltz. Worthington Bank. Yates County Bank, Penn Yan. NEW JERSEY. America Bank, Trenton. Bank of N. J.; N. Brunswick. Bergen County Bank. Bordentown Banking Company. Burlington Bank. Burlington County Bank. Camden Bank, Camden. Cumberland Bank, Burlington. Farmers' and Mechanics' Bank, Gloucester Bank, Woodbury. Camden. Hunterdon County Bank. Mount Holly Bank. Phillipeburgh Bank. Princeton Bank, Princeton. Salem Banking Company, Salem. Union Bank of Frenchtown. PENNSYLVANIA.
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5,864 946 Balances to November 9 We hear of no new failures; most of the reports flying about referring to cases which have been kept back in the hope of ultimate arrangement. There have been many suspensions and accommodations during the panic which have not been made pub ic, and which now coming to light are chronicled as new disasters. We understand that the aggregate circulation of the Connecticut Banks is at present reduced to less than one-fourth of their capital. Their deposits are merely nominal. Many of these institutions insist upon discontinuing their redemptions in Boston while the Boston banks themselves are in a state of specie suspension. Among the first to commence redeeming its notes in New-York is the Pequonnock Bank, which yesterday issued the subjoined circular: PEQUONNOCK BANK, } BRIDGEPORT, Ct., Nov 9, 1857. The notes of this bank are redeemed at the Exchange and Banking office of Benjamin F. Manierre, No. 220 Broadway, New-York, at one per cent discount. For the present this institution has resolved to discontinue redeeming at Boston. The capital of this bank is $200,000. with a surplus of $20,000. Its entire circulation is less than $45 000. C. B. HUSBELL, President. The bills of the following State Banks, which have gone into liquidation, are no longer received on deposit at the Metropolitan Bank: The Western Bank of Lockport, Powell Bank of Newburgh, Ontario County Bank, Phelps Bank and Chemung County Bank at Horseheads. The business of the Clearing-House to-day was $14 391,200. The earnings of the Chicago and Rock Island Railroad were: $157,116.50 October, 1857 237,711 S1 October, 1856 Decrease $80,591 The earnings of the North Pennsylvania Railroad were: $28,567 October, 1857 7628 1S October, 1856 Increase $20,939 The receipts of the Michigan Central Railroad were: $ 262,923.83 October, 1817 403,562 11 October, 1856 Decresse $140,638 28