15205. Bank of Lodi (Lodi, NY)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
April 3, 1841
Location
Lodi, New York (42.614, -76.822)

Metadata

Model
gpt-5-mini
Short Digest
c5635383

Response Measures

None

Other: Agents/discounting houses 'threw out' the Bank of America (refused to discount its notes); articles do not describe a depositor run or formal suspension by the bank.

Description

Newspaper accounts from 1841 describe a sudden panic with heavy withdrawals exhausting agents' funds and a number of Buffalo banks (including the United States Bank of Buffalo) being 'thrown out' or suspended. Texts do not explicitly describe a later reopening or a receivership/closure; therefore I classify this as a run that led to suspension but the ultimate fate is not stated in the articles provided.

Events (2)

1. April 3, 1841 Run
Cause
Macro News
Cause Details
Widespread panic across New York/state banking system leading to heavy withdrawals and exhaustion of agents' funds; many banks stopped payment.
Measures
None mentioned in the articles.
Newspaper Excerpt
the panic burst so suddenly upon the Agencies of the Associations, thst the funds placed with them were exhausted before they could arrange to meet such an extraordinary demand.
Source
newspapers
2. April 3, 1841 Suspension
Cause
Macro News
Cause Details
As a consequence of the panic and heavy withdrawals, agents 'threw out' the United States Bank (Buffalo) meaning it ceased redemption/was suspended; articles later (Aug 1841) refer to the bank as suspended without mention of reopening or receivership in these pieces.
Newspaper Excerpt
On Wednesday, the following were thrown out by the agents of this city, viz:- ... And finally yesterday the explosion became general,and the agents threw out the following:- ... of United States do.;
Source
newspapers

Newspaper Articles (2)

Article from Salt River Journal, April 3, 1841

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Article Text

M. VAN BUREN. MONEY AND BUSINESS MATTERS. The Philadelphia Inquirer of the 17,says-Yesterday was a dull day in out-door transactions. Money 14 per cent in a month. United States Bank 16: a 17; Girard 28: State Fives 71. The complaints are loud and deep with regard to the inaction of our State Legislature. There is, says an afternoon contemporary, a constant and general demand for small notes, and for the imperfect supply in circulation we are indebted to oth er States, and use any trash that may come to hand. It is the people of limited means and small business who feel the want of cur rency most severly, and yet for the suffering mass nothing is done. This apathy is unaccountable, and is by no means calcula ted to increase the popular ty of the members who share it. We should be glad, in common with most of our fellow citizens, to have some explanation of the cause, from those who are in the secrets of the Capitol. Our New York friends are getting into sad confusion with regard to their Banks.Most of the brokers refuse to purchase the Red Back Notes, as late as Monday and Tuesday, thirteen of these Institutions stopped payment, nomely; Millers' Bank of Clyde; Farmers. Bank of Seneca county: Tonawanda Bank; N. York City Trust and Banking Co., [fraud]; Tenth Ward Bank. N. Y.; Chelsea Bank. do.: Staten Island Bank, do : Erie county Bank of Western N. Y., Rochester; Farmers' and Mechanics' Bank, Batavia; Binghampton Bank. The Albany Argus savs: On Wednesday, the following were thrown out by the agents of this city, viz:-Bank of America, Buffalo, Merchants' Exchange, do. And finally yesterday the explosion became general,and the agents threw out the following:-Mechanics' Bank of Buffalo; of United States do.; Phoenix do.; Bank Commerce do.; Bank of Brockport; Catteraugus county Bank; Bank of Lodi; St. Lawrence Bank. The two latter banks it is supposed will furnish their age nts with funds to go and keep up their redemptions in a short time; the officers and some of the stockholders of the St. Lawrence Bank particularly, being among the most wealthy citizens of St. Law rence country. The same puper states that the panic burst so suddenly upon the Agencies of the Associations,thst the funds placed with them were exhausted before they could arrange to meet such an extraordinary demand. By a singular, if not an inadmissible construction of the law. by the late Comptroller r. Cooke) preference has been given in the redeptions from the deposite in his hands to those who were the first to appear with their prostests. The Couriorand Enquirer states that business was never duller in that city than at the present moment.--It would seem then, that our neighbours have very little to brag of. Twenty or thirty of their specie paying Bankshave already been discredited. and their condition is any thing but enviable. If The Pennsylvania Legislature would only give us small notes, we should hold ourselves in quite as good a condition as those who have been charging us with bankruptcy.The Buffalo Commercial says: Exchange continues to advance daily. and at such a rate as amounts almost to prohibition. The rates on uncurrent to-day are as follows: Eastern 1 a 2; Can da 6; Ohio, In dianna, Kentucky and Virginia, 8; Illinois 15; Michigan 20 per cent discount all around.


Article from New-York Tribune, August 9, 1841

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Article Text

.. Sales at the Stock Exchange. August 64 142 175 do Farmer's Trust 87 275 hares U. S. Bank 7 do Amer Ex Bank b30ds 143 do 871 do 175 do do 25 147 b 3ds do 51 100 do 14 50 do Vicksburg $60dys 64 do 5 do Mohawk RR 100 do 14) 30da 631 100 do do 30ds 143 25 do do 52 25 do Paterson 100 do do 108 b10ds 524 25 do Del & Hud nxt cash 108 160 do do 18 14 do NJR Road 50 do do 108 60ds 21 33 50 do Harlem RR 50 do GO 1081 do do b60d 50 24) 35 do do 108 do 24 00 do do 50 do b10ds 108 do s30ds 50 233 it 100 do do 50 do I. I-RRd 8 25 do N A Trust 30d 521 wk next do 50 do do do 8 25 523 30d do 100 do do 81 100 do 660dx 524 wk .nt 25 do do Sales after the Board. 143 175 do Harlem <60ds 23) 75 do U. S. Bank 141 50 do do Commercial and Money Matters. Saturday. P. M. About 2500 shares of all descriptions of stock were sold to-day, which is larger than the average amount of business for some days. The usual fluctuations were observed. U.S. Bank improved are per cent, Paterson 1, Harlem 1. N. Jersey 1, N. A. Trust 3, Ameriean Exchange Bank Canton fell off 1, Mohawk 1. Farmer's Trust 1, I. Island i. In State Stocks the sales were very limited: 553 $1,000 Indiana Bonds 56 5,000 do do 841 1,500 Water Loan, 1870 Indiana Bonds sold at an advance of 123 per cent. and the Water Loan of 1 per cent. Ezchange.--Foreign.-We quote bills OC London 81a81, and on Paris 5,25a5,271, which is a decline ou both descriptions. The demaad for the Western has not been very large. The rates in domestie are slightly improving. We understand the Great Western carried out about $80,000 in specie. The interest due on the 1st instant on the Illinois Bonds will be paid at the Bank of the United States. A large number of the merchants of Augusta, Georgia, have held a meeting and agreed to receive and pay out no Bank notes but at their specie value, and have pledged themselves to sustain no one for the legislature who is not pledged to repeal the 4 per cent. law. At a public meeting at Columbus, Ohio, it was resolved "that after the 7th inst. no paper should be received as money of lews denomination than one dollar, nor issues of the Bank of Circleville, chartered in 1818, the Bank of Steubenville, West Union, Bank of Cincinnati, Exchange Bank of Cincinnati, Manhattan Miami Exporting Co. and Mad River and Lake Erie Railroad, nor any issues of incorporated towns or turnpike companies, nor any other unauthorised paper. The Philadelphia Inquirer says: "The notes of the U.S. Bank have sold at a depreciation of 25 per cent. This we believe to be a worse condition than has heretofore existed since the suspension of the Bank. The truth is, the Bank is considered by many in almost a hopeless condition, and those who have so long anticipated some improvement, begin to despair. No change in the money market. Good paper can be readily negotiated at from 7 to 9 per cent. per anBUIRD" The Commercial Advertiser contains the following statement of the probable value of the suspended Free Banks. The estimate is furnished by the Comptroller. PROBABLE VALUE.-pr. ct. 86 Cattaraugus Co. Bank-Notes secured by stocks 76 By stocks and real estates 58 Bank of Western New-York 65 Mechanics' Bank. Baffalo 72 Union Bank, Buffalo 81 Bank of Commerce, Buffale 78 Bank of America, Buffalo-Stock notes 75 Stock and real estate 76 Phonix Bank, Buffalo 72 Eric County Bank-Stock notes 50a60 Stock and real estate 86 United States Bank of Buffalo 83 Merchant's Exchange Bank-Stock notes 67 Stock and real estate 73 Binghamton Bank-Stock notes 72 Stock and real estate 98 Bank of Lodi-Stock notes Stock and real estate par The Binghamton Bank, although located nominally at Binghamton, was get up in Wall street.