15225. Lewis County Bank (Martinsburg, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 30, 1854
Location
Martinsburg, New York (43.738, -75.470)

Metadata

Model
gpt-5-mini
Short Digest
30f95805

Response Measures

None

Description

Newspaper reports (Oct 30–31, 1854) state the Lewis County Bank's agent 'declined to redeem the notes' and that the bank 'has failed' repeatedly; later 1855 listings classify it among broken/suspended banks with low present value. No article describes a depositor run; this appears to be a suspension/failure (closure). 'Safety Fund Bank' indicates a New York state safety-fund bank.

Events (4)
1. October 30, 1854 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Agent refused to redeem notes, indicating bank insolvency/trouble; paper notes not redeemed and bank described as having failed multiple times previously.
Newspaper Excerpt
the agent of the Lewis County Bank, situated at Martinsburg, N. Y., declined to day to redeem the notes of that institution.
Source
newspapers
2. October 31, 1854 Other
Newspaper Excerpt
The Lewis County Bank of Martinsburg, New York, has failed. We cautioned the public against it three or four days since. We believe it has failed three or four times in as many years.
Source
newspapers
3. March 6, 1855 Other
Newspaper Excerpt
Lewis County Bank, Martinsburgh, N. Y. 75 cents (listed among broken and suspended banks).
Source
newspapers
4. March 13, 1855 Other
Newspaper Excerpt
Lewis County Bank, Martinsburgh, N. Y. 10 cents (listed among broken and suspended banks).
Source
newspapers

Newspaper Articles (5)
1. October 30, 1854 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 30, 1854

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Article Text

$5,234,180 Decrease The interest on the San Francisco City 78 (School Fund) will be paid on the 1st of November, by Wells, Fargo & Co. The agent of the Lewis County Bank, situated at Martinsburg, N. Y., declined to day to redeem the notes of that institution. This is one of the old Safety Fund Banks, and the circulation is about $135,000. This Bank has been in trouble several times before, and it is quite time that it should be wound up permanently. The Assay Office was very prompt to-day, that portion of the gold by the George Law and Star of the West which was deposited Friday afternoon having been melted, the value ascertained and paid for today. Had it been necessary to send this gold to Philadelphia, the returns would not have been received nntil Tuesday. The aggregate of deposits was about $900,000. The officers of the Assay Office appear smbitious to afford every facility possible to those doing business there. The Bank Statement of to-morrow is not expected to show much more than $9,000,000 of coin and a further contraction of a million and a half to two millions of loans and discounts. In the statement of Monday week the Bank officers generally anticipate an increase of the specie reserve. The gold by the California steamers which may have gone into Bank will have but little effect upon the statement, as it only averages one-sixth of the amount. There was a slight relief in the Money Market today, but the stringency is still severe. First-class paper is still, however, in better demand than the supply, although the continued contraction of the Banks throws a larger propertion than usual on the street. The rate is 10@12 P cent., with occasional transactions at 8@9 P cent. The Anthracite Coal trade in the Schuylkill region was very light the last week. The Reading Railroad brought down some 28,500 tuns, and the Schuylkill Navigation 11,380 tuns. On the Lehigh Navigation the last weekly shipments were 39,697 tuns. The Concord Bailroad Company has declared a semi-annual dividend of 4 P cent. ($2 P share) payable on demand. The Otis Manufacturing Company, (Ware, Mass.,) has declared a semi-annual dividend of 6 P cent., payable on demand, which makes 12 P cent. for the year past. The paragraph copied into some of the evening journals from The San Francisco Herald, in relation to a sale of $700,000 of Government drafts to Messrs. Page, Bacon & Co., is, we presume, old news-a previsely similar transaction having been reported by the previous arrival, and $400,000 of the drafts were then paid at the Sub-Treasury in this City. The remaining $300,000 have not yet appeared. A bet of $7,500 was pending on the last voyage of the Sonora and Yankee Blade. Steamship racing is, however, discountenanced by the Mail Steamship Co., and they issued positive orders to Capt. Whiting, commander of the Sonora, not to engage in racing on any account whatever, and also instructed the engineer not to carry at any time more than the usual average amount of steam. To further prevent pushing the steamer, she was only coaled for nine days' run, and was obliged to go into Acapulco for the balance of her coal. The Inspector General of Canada has issued formal and official notice, in order to give effect to the Reciprocity Treaty, that the articles mentioned therein shall be admitted into that Province under Special Bonds conditioned for the due payment of the Customs Duties legally chargeable at the time of importation on the articles so imported, in the event that the said Reciprocity Treaty and the act in relation thereto do not go into operation and take full effect within six months from the date thereof. There being much interest felt at present in the condition of the Indiana Banks we give below a statement of the securities of each of them in the hands of the Controller. The Indiana 5's were taken atpar, the Pennsylvania 5's at 83@86, the 21 per cent. Indianas at 50@55. All the six per cent. stocks were taken at par. Mississippi 6's at par we should consider exceedingly dubious security. There are $376,000 of Mississippi stocks in the list. In addition to these stocks the note holders are secured by the constitutional personal liability of the stockholders to an equal amount as their stock. Holders of notes are also by the constitution preferred creditors over all others. AUDITOR'S STATEMENT of the Securities of the Free Banks of Bank of Connersville, Connersville, Indiana, Ind. 5s, $420,200; Ind. 21s, $190; Ind. Bank Bonds, $12.000; Ohio 6s, Canal, $31,000. State Stock Bank Peru, Ind. 5e, $149,000. Government Stock Bank, Lafayette, Ind. 5s, $44,500; Miss 6s. Merchants' $20,000. Bank, Lafayette, Ind. 5e, 500. Prairie City Bank, Terrs Haute. Ind. 5s, $57,000; Ind. 2ja, $5,000; Tenn 6s. $6,000. Wabash Valley Bank Logansport, Ind. 5s, $10,000; Ind. Bank Bonds, $71,018; Tenn 6s, $2,000; Va. 6s, $32,000; La. 6s, State $76,000. Stock Bank, Logansport, Ind. 58, $59,000. Southern Bank of Indians, Terre Haute, Ind. 5s, $47,000; Ind. Bank Bonds, $10,000; Miss. 6s, $20,000; Va. 6s, $50,000; Mich 6s, $40,000. Indiana Stock Bank, Laporte, Ind. 5s, $64,000; Ind. Bank Bonds, $10,000; Mich. 6s, $11,000. Gramercy Bank, Lafayette Ind. 5s, $65,000. Plymouth Bank, Plymouth, Ind. 5a. $50,000. Diovers' Bank. Rome, Ind. 5s, $18,000; Ind. Bank Bonds, Public $32,000. Stock Bank, Newport,Ind. 5a, $77,000; Ind. 2je, $6,590; Va. 6s, $20,000. Bank of N. America, Newport, Ind. 5s, $60,000. State Stock Security Bank Newport, Ind. 5s, $50,000; Va. 6s, $15,000; La. 6s, $2,000; Pa. 58, $25,800. Traders' Bank Indianapolis, Ind. 5s $23,500; Ga. 6a, $16,500. Western Bank, Plymouth, Ind. 5s, $50,000; Va 6s, $50,000. Canal Bank. Evansville. Ind. 5a. $50,000. Fayette Co. Bank, Connersville, Ind. 5s, $3,750; Ind. 21s, $2,500 Va 6s, $73,000 Northern Indiana Bank Logansport, Ind. Bk. Bds., $91,000; 6s Va $5,000. New York Stock Bank, Vincennes, Va. 6s, $119,000. Bank of Indiana, Michigan City, Ind. 58, $25,000; Miss 6a. $25,000. Elkhart Co. Bank. Goshen, Ind. 21s. $25,000; Va. 6s. $150,000; La 6a. $73,000; No. Ca. 68, $35,000. Bank of Syracuse Syracuse Ind. 2/8, $60,000 North est Bank, Bloomfield, Va. 6s, $300 000. Bank of America, Morocco, Ind 5s. $50,000. Wabash River Bank Newville. Va 68, $120,000. Camb City Bank, Camb. City, Ind. 5s, $30,000. Bank of Rockville Rockville, La. 6s, $50,000. Tippecance Bank, Winamac Va 6s, $56,000 Indian Reservation Bank. Kokomo, 6s, $48,000. Greene County Bank. Bloomfield, Ind 58. $26,500; Miss. 6s, $10,000; Va. 6s, $10,000; La 6s. $10,000; Ga. 6s. $1,500. Salem Bank, Salem, Ind. 58, $5,000; Va. 6s, $5,000; La 6s, $20,000. Bank of Auburn, Auburn, Va. 6s. $10,000 Upper Wabash Bank, Wabash, Va 68, $285,000. Lagrange Bank. Lima Ind. 5s $6,500; Ind. 2js Tenn 6s $5.000; La. 6a $21,000; N. Ca. 6s $5,000; Ky. 6a $13,000. Shawnee Bank Attica, La 6s Huntington Co. Bank, Huntington, Va. 6s $50,000. Farmers' and Mechanics Bank, Rensselaer, La. 6a $57,000. Orange Bank, Poseyville, Ind. 5s $12,000.

2. October 31, 1854 The New York Herald New York, NY
Article from The New York Herald, October 31, 1854

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Article Text

$800 do. do. do 29½ 38 $500 Union Mutual Ins. Co. Scrip of 1852 $500 do. do. do 37½ 20 shares Marine Bank 100 40 do. Bull's Head Bank 86½ 20 do. Howard Ins. Co 135 20 600 do. Isabella Copper Co Simeon Draper's semi-weekly sale of bonds and stocks will take place at the Merchants' Exchange to-morrow, (Tuesday), at half-past 12 o'clock. The Lewis County Bank of Martinsburg, New York, has failed. We cautioned the public against it three or four days since. We believe it has failed three or fou times in as many years. The steamship Pacific, at this port from Liverpool, brings four days' later intelligence. The news does not amount to much politically, financially or commercially. Quotations for consols, had declined. Breadstuffs had advanced, and cotton was firm at previous prices. This is about the gist of the news. There was considerable activity and animation in the produce market. Several heavy failures had occurred among the mercantile classes. The advices from the seat of war was not of a character to give much hope for the establishment o peaceful relations at present. The warrants entered at the Treasury Department, at Washington, on the 27th inst., were as follows:For the redemption of stock $20,711 74 24,590 82 For the payment of Treasury debts For the Customs 65,800 66 Covered into the Treasury from lands 2,242 05 Covered into the Treasury from miscellaneous sources 35 81 For the War Department 36,500 00 50 00 For repaying for the War Department For the Navy Department 59,754 00 For the Interior Department 1,197 01 01 17,497 For repaying in the Interior Department The following table will show the redemption of the public debt at the Treasury Department of the United States, for the week ending on Saturday :-Loan of 1842, $13,850; loan of 1846, $10,000; loan of 1847, $3,500; loan of 1848, $10,600; Texan indemnity, $3,000; Treasury notes outstanding, $50. Total, $41,000. The Otis Manufacturing Company (Ware) have declared a semi-annual dividend of 6 per cent, payable on demand, which makes 12 per cent for the year past. The Concord Railroad Company has declared a semi-annual dividend of 4 per cent ($2 per share). It will be seen by the following notice that the spirit of compromise has shown itself in the matter of the New Haven Railroad Company, and that there is now Some probability of arriving at an amicable adjustment of the question at issue between the marties interested:We, the undersigned, holders of the old stock of the New York and New Haven Railroad Company, being desirous that the difficulties and embarrassments which now surround our property should be adjusted as speedily as possible, hereby invite all the New York holders of the old stock to meet at the chapel of the New York University, Washington square, at half past 7 o'clock, on Wednesday evening, November 1, to see if some plan cannot be agreed upon, to be presented to the stockholders at the meeting in New Haven on the 8th of November, by which an arrangement may be made for a speedy and amicable settlement of the conflicting claims upon the road. Carpenter & Vermilye, Samuel Willetts, N. R. Cobb & Co., Grinnell, Minturn & Co., Genin & Lockwood, Brown, Brothers & Co., Jacob Little & Co., Henry Grinnell. The receipts of the Milwaukie and Mississippi Railroad Company for the third week in October, amounted to $22,356 39 for the two weeks previous, $31,917 58; total, $54,273 97. It is estimated that the aggregate for the month will be near $75,000. The Bank of Kanawha, of Virginia, reports on the 3d of October, bills and notes discounted, $172,168 gold and silver, $113,208; circulation, $195,970; deposits, $9,010. At the close of business on Saturday at the brokers' board of Boston, 53 was bid for Ogdensburg and Rutland first bonds, and 55 was the lowest asking price for a small amount. Providence Railroad shares still further advanced, and 671/2 was bid without producing any shares. Concord was firm at 52 bid, ex-dividend; Eastern, 55 bid, 57 asked; Fitchburg, 85%; Western, 95 bid; Old Colony and Fall River, 79½ bid, 80 asked; Lowell, 803/2 asked; Northern, 40 asked, and Maine, 101% asked. Ogdensburg was in good demand at 4 bid, 4½ being the lowest asked; Rutland (old) firm at 3½ bid, 5 asked; South Shore, 8 bid, 9 asked; Sullivan, 4½ bid; Wilmington, 31% bid, 32 asked; Vermont and Massachusetts, 8½ a 9½; Grand Junction, 20 bid; Passumpsic, 19 bid; no stock for sale, and generally the fancy stocks are more inquired for, with less disposition to press sales. Last week the suspension of shipments from the coal region was not total, as it will be perceived by the weekly statement of the coal trade on the railroad and canal --28,859 tons, about half the usual amount, being carried on the former, and 11,380 tons, less than half, on the latter The Miners' Journal of Saturday, in referring. to this fact, says that the shipments of the week were light, "but heavier than was expected The Journal also tells us that on Friday the canal boatmen held a meeting, and resolved to advance the freights for the balance of the season. The exact amount of the advance is not stated, but the sums $2 35 and $2 50 per ton were named. The Cincinnati Sun of the 27th inst. says-The affairs of the Kentucky Trust Company are the subject of general comment and inquiry. The statements made in our commercial article of yesterday issue have to-day been fully confirmed. The party who obtained the $400,000 i is stated to be Mr. Sandford, of the Favings Panks, and the other individual who succeeded in procuring the small sum of $300,000 is Mr. Alexander. We hear that as collateral security for the amount he executed a third mortgage on New York property, which, if sold to-morrow, will about pay the first mortgage. Our readers may judge from this what chance there is of the institution paying 75, 50, 25 or 10 per cent on the dollar. The annexed statement exhibits the average daily cond dition of the leading departments of the banks of tl # city for the week ending Saturday morning, Oct. 27 1854:BANKS OF NEW YORK. Banks. Loans. Specie. Circul'n Deposits. Am. $4,267,590 421,828 261,042 3,734,464 Exchange 88,639 522,413 254,935 22,600 Atlantic America 842,549 3,462,714 99,733 3,227,873 Commmerce 7,581,319 843,405 2,575 4,241,843

3. November 8, 1854 The Weekly Portage Sentinel Ravenna, OH
Article from The Weekly Portage Sentinel, November 8, 1854

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Items of News Queen Victoria is said to be once more in an "interesting situation. According to the official Report of the 1 Directors of the Hudson River Railroad, that road has not yet paid a cent dividend. Professor S. B. MORSE, the distinguished inventor of the lightening telegraph line, has been nominated by the Democrats of the Columbia District, New York, for Congress. or The official vote of Pennsylvania for Governor stands-Pollock, Whig, 201,183; for Bigler, Democrat, 163,542; majority for Pollock, 36,941. The majority for Black, Democrat; for Supreme Judge, is 91,328. 07The report that Fusion Whiggery is about to adopt the shunk as an emblem in place of the coon, because they "skunked" the Democracy in the late contest, is not denied. Where!-Ohio Patriot. 02/During the nine months of the present year, twenty-six thousand and seven hundred and forty-four is the net addition to the population of San Francisco. Of these thirteen thousand two hundred and fifty-five were Chinese. Barnum's Biography is what printers would call a "fat take." Redfield's bid was $75.000 for the copyright. Barnum declines that, and accepts the offer of 52 cents on each book sold. One may see how humbag is appreciated in this country. The Boston Traveller states that in consequence of the great scarcity of mackerel, this year, the prices of No. 1's and 2's have reached the highest point for years, viz. from $17 to $18 per barrel, end the prospects are that in the spring they will advance to $20. 05 Allison,a postmaster at Woosster, Ohio, under Mr. Fillmore's administration, has been arrested at the instance of his sureties, under the sub-treasury law, on lhe charge of not accounting for $600 worth of postage stamps for which they allege they were held responsible. as Francis M. Bristow is a candidate for Congress from the third district of Kentucky, to take the place of the late Hon. Presley Ewing. He has no whig opposition. as Edward Z. C. Judson, alias Ned Buntline," who was arrested a few days since for shooting a colored man, named Freeman, has been acquitted on the ground that he committed the act in self-defence. at The great race which was to have come off between a freight train on the Pennsylvania Central Railroad and an ox team, has been postponed on account of the rain. Bets are running high on the "general result." If the cattle do not win, with the chances so greatly in their favor, they ought to haul in their horns. A slight mistake. Our friend perhaps means the Ohio Pennsylvania Railroad. If so, you may bet on the oxen, and consider it a sure thing. The Secretary of the Ohio State Board of Agrculture corrects an erroneous statement made in regard to the receipts of the late State Fair. He says instead of there being but $8,860 taken, the amount was $14,960, and that only about $20 was lost by the failure of Banks, instead of $1,000, as has been extensively stated. as The New York Tribune of the 30th says: "The agent of the Lewis County Bank, situated at Martinsburg, N. Y., declined to-day to redeem the notes of that institution. This is one of the old Safety Fund Banks, and the circulation is about $135,000. This Bank has been in trouble several times before, and it is quite time that it should be wound up permanently." OTU. S. Marshall SHALLCROSS last week arrested the son of the postmaster at Wellsville on a charge of robbing the mail. He has been clerk in the office for some time, during which numerous sums of money have been lost along the route. The tact of Mr. SHALLCROSS traced the delinquencies to the Wellsville office, and fixed suspicion on the young man. A decoy letter was sent, by which he was caught. He is now in Columbus awaiting his trial.

4. March 6, 1855 Minnesota Weekly Times Saint Paul, MN
Article from Minnesota Weekly Times, March 6, 1855

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From Thompson's Reporter, February 17. BROKEN AND SUSPENDED BANKS. PRESENT VALUE. 95 cents Canal Bank, Cleveland, Ohio, 95 cents City Bank of Columbus Ohio, 65 cents Bank of Circleville Ohio, 80 cents Merchants' Bank, of Bridgeton, N. J. 80 cents Wheat Growers' Bank, Newtown, N. J. Government Stock Bank, at Ann Arbour, Mich40 cents igan, 25 cents Bank of Washtenaw, Michigan, 25 cents Erie & Kalamazoo R. R. Bank, Michigan, Farmers' & Mechanics' Bank of Kent County 65 cents Maryland - cents Newport Safety Fund Bank, Kentucky, 50 cents Stark Bank, Vermont, 25 cents Cochituate Bank, Boston, Mass. 93 cents Eighth Avenue Bank, New York City, 10 cents Lewis County Bank, Martinsburgh, N. Y. 75 cents Union Bank, Chicago, Illinois, 75 cents City Bank, Chicago, Illinois, Mechanics' and Farmers' Bank, Springfield, 75 cents Illinois, 75 cents Farmers' Bank, Chicago, Illi nois, - cents Ship Builders' Bank, Maine, 90 cents Trans-Alleghany Bank, Virginia, - cents Bank of Milford, Delaware, Exchange Bank of Selden, Withers & Co. 50 cents Washington,

5. March 13, 1855 Minnesota Weekly Times Saint Paul, MN
Article from Minnesota Weekly Times, March 13, 1855

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Some mathematician has calculated that the war costs the Allies $300 a minute. # BROKEN AND SUSPENDED BANKS. PRESENT VALUE. Canal Bank, Cleveland, Ohio, 95 cents City Bank of Columbus Ohio, 95 cents Bank of Circleville Ohio, 65 cents Merchants' Bank, of Bridgeton, N. J. 80 cents Wheat Growers' Bank, Newtown, N. J. 80 cents Government Stock Bank, at Ann Arbour, Mich-igan, 40 cents Bank of Washtenaw, Michigan, 25 cents Erie & Kalamazoo R. R. Bank, Michigan, 25 cents Farmers & Mechanics' Bank of Kent County Maryland 65 cents Newport Safety Fund Bank, Kentucky, — cents Stark Bank, Vernont, 50 cents Cochituate Bank, Boston, Mass. 25 cents Eighth Avenue Bank, New York City, 93 cents Lewis County Bank, Martinsburgh, N. Y. 10 cents Union Bank, Chicago, Illinois, 75 cents City Bank, Chicago, Illinois, 75 cents Mechanics' and Farmers' Bank, Springfield, Illinois, 75 cents Farmers' Bank, Chicago, Illinois, 75 cents Ship Builders' Bank, Maine, — cents Trans-Alleghany Bank, Virginia, 90 cents Bank of Milford, Delaware, — cents Exchange Bank of Selden, Withers & Co. Washington, 50 cents