Farmers Bank - Malone, NY

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: December 23, 1842
Location: Malone, New York (44.849, -74.295)

Metadata

Model: gpt-5-mini
Short Digest: 7ced78d0

Response Measures

None

Description

The single article (Dec 23, 1842) reports that the bills of the Farmers' Bank, at Malone, Franklin County, are no longer redeemed at the Sun office, indicating the bank had ceased redeeming its notes locally (a suspension of payments). There is no mention of a depositor run, receivership, or permanent closing in the text, so I classify this as a suspension (no run) with no evidence of permanent closure. 'State' chosen as likely given naming convention; uncertain but not enough evidence to mark 'unknown'.

Events (1)

1. December 23, 1842 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank ceased redeeming its notes locally — suggests inability or suspension of payments by the Farmers' Bank at Malone; article implies redemption stopped rather than a rumor-driven run.
Newspaper Excerpt: The bills of the Farmers' Bank, at Malone, Franklin County, are no longer redeemed at the Sun office.
Source: newspapers

Newspaper Articles (1)

1. December 24, 1842 The New York Herald New York, NY

Article from The New York Herald, December 24, 1842

Click image to open full size in new tab

Article Text

MONEY MARKET. Friday, Dee. 23-6 P. M. The business at the Stock Board was not large to-day, but prices were a little more firm. Ohio 6's rose 1; Mo. hawk Railroad it. Mobile funds were better to-day, 9Aa10. The Union Bank of Dover, New Jersey, bills are a little too plenty to be safe. That concern is connected with an iron establishment, and its circulating bills are a means of borrowing labor from the industrious classes. Thisman. ner of supplying capital, is of all others that which should be tolerated the least. The bills of the Farmers' Bank, at Malone, Franklin County. are no longer redeemed at the Sun office. At New Orleans on the 13th inst., the schr. Emeline, from Tampico, arrived with $263,506 in specie. She is bound for New York, and has $23,000 for this place. At Mobile, the stockholders of the Planters & Merchants' Bank met by adjournment on the 12th inst., when resolutions were passed in favor of placing the institution in immediate liquidation, and turning its assets into means for the payment of its debts. These resolutions import merely that the institution, like so many of its predecessors, is insolvent and worthless-and that probably it may pay ten or a hundred cents on the dollar. Mr. J. G. Winter, the owner of the Bank of St. Mary's, has published in the Columbus papers, a contradiction of the charge made by G. W. Anderson, Esq., in the State Legislature, that he had made over all his property. The movement in exchanges has been very moderate this week, RS usual at this period of the year. Alabama has in some degree improved, and would doubtless soon approach par, was there any certainty as to the action of the Legislature of that State in regard to the suspended banks. Those insolvent institutions seem to hold the Le gislature captive, and to make it dance to their bidding. The rates of bills to day were as follows:CURRENT RATES OF BANK NOTES AND DOMESTIC BILLS. Bank Notes. Exchange.