15246. Farmers Bank (Mina, NY)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: October 2, 1851
Location: Mina, New York (42.130, -79.688)

Metadata

Model: gpt-5-mini
Short Digest: 5235a424

Response Measures

None

Description

In early October 1851 Farmers' Bank of Mina suspended redemption of its notes at New York agencies amid a wider panic over 'uncurrent' country money and brokers' refusal to redeem. By early December 1851 the bank has resumed payment. The reports describe a suspension of redemption rather than a depositor run on the bank itself, so this is classified as a suspension with later reopening.

Events (3)

1. October 2, 1851 Suspension

Cause: Macro News
Cause Details: Panic over non-redemption of uncurrent (country) money and brokers' universal refusal to redeem uncurrent bills, leading to suspension of redemption at New York agencies.
Newspaper Excerpt: Farmers' Bank of Mina, N. Y., secured by United States and New York stocks, and bonds and mortgages. ... These banks have failed to redeem their issues at the agencies; and they are, therefore, reported as having failed.
Source: newspapers

2. October 3, 1851 Other

Newspaper Excerpt: Among the bills refused in trade yesterday ... Farmers', Mina, N. Y.; ... We are inclined to believe that the brokers are really short of funds, and moreover that they are a little nervous, and wish to find out the weak spots before they venture to speculate further.
Source: newspapers

3. December 1, 1851 Reopening

Newspaper Excerpt: The Farmers' Bank of Mina has resumed payment and is bought in Wall-st. at the same discount as other State money.
Source: newspapers

Newspaper Articles (9)

1. October 2, 1851 The New York Herald New York, NY

Article from The New York Herald, October 2, 1851

Click image to open full size in new tab

Article Text

MONEY A E T. WEDNESDAY, Oct. 1-6 P. M. The market opened heavy this morning. and, after the adjournment of the first board, prices became much more depressed. The excitement relative to the nonredemption of uncurrent money, no doubt had a great effect, and was the principal cause of the deeline. As soon as it was known that the brokers refused to redeem country money of any kind. crowds began to assemble in the street, and holders of bills were anxious to get rid of them at any rate. There are all sorts of rumors in circulation, and the names of half a dozen banks were posted as having failed. It was also reported that the bills of more than a dozen banks had been protested in Albany. What the result of all this panic will be, time will determine. The following banks are all which have actually suspended the redemption of their notes at their agencies; others are reported, but there is no foundation for the rxmors:Bank of New Rochelle, N. Y, secured by United States and New York stocks, and bonds and mortgages. Farmers' Bank of Mina, N. Y., secured by United States and New York stocks, and bonds and mortgages. James Bank, N. Y., secured by United States, New York and Michigan stocks, and bonds and mortgages Western Bank, Washington county, N. Y., secured by United States and New York State stocks, bonds and mortgages. These banks have failed to redeem their issues at the agencies; and they are, therefore, reported as having failed. It is stated that the bills of more than a dozen banks have been protested at Albany by the Metropolitan Bank. The agencies at Albany offered to give checks on New York; but the specie was demanded, and nothing

2. October 3, 1851 American Telegraph Washington, Georgetown, Alexandria, DC

Article from American Telegraph, October 3, 1851

Click image to open full size in new tab

Article Text

ELECTRO. THE PANIC.-A - good deal of alarm and great inconvenience was occasioned yesterday, by the announcement that the brokers would no longer redeem uncurrent bills of any description. Various reasons are assigned for this course. The brokers themselves say that the vast amount of uncurrent money thrown upon the market, within the past ten days, has drained them of their specie funds, and that they cannot obtain from the city banks, on any security, the amount requisite to continue their redemptions until they can realize from their country paper. It is surmised by many that this sudden and universal refusal of the brokers to purchase uncurrent money results from a wish to embarrass the Metropolitan Bank, which was established in this city a short time ago, for the purpose of compelling the country banks to keep their notes at par, or nearly so in New York. We do not see, however, that the "regulator" is likely to be affected by such a proceeding, inasmuch as it only discounts uncurrent money for its depositors. We are inclined to believe that the brokers are really short of funds, and moreover that they are a little nerv. ous, and wish to find out the weak spots before they venture to speculate further. Among the bills refused in trade yesterday, (in addition to the Salisbury, Md., and the Commercial" and "People's," N. J.,) were those of the following banks: Government Stock, Michigan; Union, Dover, New Jersey; Ocean, New Jersey; James Bank, Saratoga County, N.Y.; New Rochelle, N. Y.; Phoenix, Bainbridge, N. Y.; Merchants', Mina, N. Y.; Merchants', Canandaigua, N. Y.; Farmers', Mina, N. Y.; Western, White Creek, N. Y.; Our own belief is that there will not be any material loss upon the bills of the abovenamed institutions, and we should be loth to submit to a heavy shave on any of them. In Boston the money market is even tighter than it is here, and it would be well to keep a bright look-out for squalls to the eastward. The tess Eastern money a man takes the less he will lose by it. There is likely to be some sharp work this month and the next among the Eastern banks.-N. Y. Morning Star, Oct. 2.

3. October 3, 1851 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, October 3, 1851

Click image to open full size in new tab

Article Text

SECOND BOARD 74 100 Erie R. R 86 $2,000 Erie Conv 5 $60 b30 54 1200 Ports. D. D 200 Read. R. R 50 N. O. Canal B. Co. 90 100 N.J. Min. Co. $60 81 b4 90 66 do 25 5 Hud. Riv. R. R 510 90 50 do 74 100 Erie R.R 64 200 Harlem R. R do 50 opg 75 s30 64 do 100 74 do 25 64 do 50 74 do 25 100 Morris C. Co. b60 14 $30.74 do 100 b30 75 do 100 100 Reading R. R. b30 54 53 do 100 74 do 200 do s3 74. 25 THURSDAY, Oct 2-P. M. The influence of the uncurrent money panic has passed away and stocks have resumed their previously improving tendency. The market has been scarcely so active as it was yesterday, but the transactions show generally higher prices. Erie Stock shows an advance of two Pencent., an advance, owing, however, as much to the favorable statement of the receipts of the road which we published yesterday, as to the subsidence of yesterday's panic. The Convertible Bonds improved Harlem advanced 11 Erie Bands, 1859, H Reading,1 Long Island, 1, and Canton The Money market shows a feeling of gradual ameliortion. No Gold is going this week to Europe, and the declining rates of Sterling Exchange indicate the probability that little or none will go next week. Sterling is offering at 91 @101 P cent. for the best bills, and the supply is likely to be increased largely from the South before the next steamer sails. In Freights there is less offering, and the rates are hardly so firm. To London, 5,000 bushels Wheat was taken at 5d. to Liverpool, Flour at 7@ 7dd. Wheat, and Cotton and Heavy Goods at former rates. The Brokers have generally returned to the discount of our State money for the present, all uncurrent money is bought @@ P cent. higher than usual quotations. John Thompson publishes the following list of Broken Banks I P. M. Oct. 2.-Broken Banks.-List of Banks Already Failed James Bank, Saratoga County Bank of New-Rochelle Farmers' Bank of Mina Western Bank, White Creek Peoples' Bank, Paterson, N.J. Commercial Bank, Perth Amboy The Bank of Salisbury, Md. The Bank of Cayuga Lake, and State Bank at Saugerties are regularly taken by the Brokers to-day. The New-York Agent of these Banks has published the following notice The Bank of Cayuga Lake and State Bank at Saugerties are wholly secured by United States and New-York Stock and redeemed by Washburn & Co. at Peent. discount in specie,at the bank at par.and received by the Brokers at the current rates. The Albany Evening Journal, of last night, states that There was a little flurry in the street this morning, caused by a rumor that the bills of three free banks were not redeemed at their agency in this city. The rumor was true but the absence of funds will only be temporary, and scaused by an unusual and unexpected rush of the bills of these particular banks. They will, weare informed, probably be redeemed as usual, to-morrow. Or if they should not they are just as good as gold, inasmuch as they re secured by anabundance of first rate stocks." In respect to the Commercial Bank at Amboy, The Newark Advertiser states "We understand that an injunction was granted, Saturday last, against the Commercial Bank of New-Jersey. The injunction was served and the assets taken by Receivers on Monday morning. No full investigation of the affairs of the Bank could yet had, but it is the opinion of the officers, and those best acquainted with the matter, that there are assets more than sufficient to redeem the circulation, in which case the holders would do well not to sacrifice their bills too suddenly. The following explanation of the unfortunate occurrence has just been communicated to us: "It is said that the stoppage of this Bank was a perfect surprise upon its officers and Directors. The Mechanics Bank in New-York were its agents for redeeming $10's and upward. On the afternoon of the 24th of September, the same day on which the People's Bank stopped, Thompson's Bank Note Re. porter appeared with a notice pasted on it, that the agents had ceased to redeem the bills of the Commercial Bank also, which was not the case, but it, of course, created anxiety to dispose of the bills. The Mechanics' Bank had that day what was supposed to quite sufficient for all redemptions that were to be anticipated, and had besides in their hands some $40,000 of excellent paper for collection, and as secu-

4. October 4, 1851 The Republic Washington, DC

Article from The Republic, October 4, 1851

Click image to open full size in new tab

Article Text

THE REPUBLIC. STOCK MARKETMONEY W ASHINGTON, October 3, 1851. In our last remarks relative to the money market we mentioned that there was a panic in New York in regard to the New Jeraey banks, since which we have had to report a similar feeling in regard to New York State money, and which has been disastrous to the following banks, and all reported failed: James Bank, New York. Bank of New Rochelle, New York. Farmera' Bank, Mina, New York. Western Bank, White Creek, New York. There are also rumors affecting the Union Bank at Dover, N. J. The Farmers' and Mechanics' Bank, New Brunswick, N. J., reported failed, is still going, and their notes are redeemed. Brokers have refused to buy the notes of the Merchants' Bank, Ellery, N. Y.; Ocean Bank, Bergen, N. J.; Phonix Bank, Bainbridge, N. Y. The above-named banks are mostly banks of circulation, and the heavy losers will be the note-holders; but in regard to the New York banks, their notes are secured by the public stock of the State, and should not be sold at a great sacrifice. The failure of 80 many banks (though not important banks) is very much to be regretted, as It will weaken confidence and may disarrange the whole currency of the country. Foreign exchange is dull, and the shipments of coin the past week have been small By Monday we will have an arrival from California, and a large amount of gold dust is expected.

5. October 6, 1851 The Southern Press Washington, DC

Article from The Southern Press, October 6, 1851

Click image to open full size in new tab

Article Text

MONEY MATTERS IN NEW YORK - The panic has partially subsided, and the brokers are purchasing the bills of all the interior banks, except the James Bank, Bank of New Rochelle, Western Bank at White Creek, and Farmers' Bank of Mina, which were the institutions put under ban yesterday. After the brokers had refused to redeem any country bille, yesterday afternoon, and the excitement was at its height, a gentleman deposited $100,000 with his agent to purchase the notes of all sound country banks at one per cent. This seriously interfered with the plans of throwing suspicion alike upon all these institutions, and the brokers immediately re-commenced receiving the same notes themselves, throwing out only the four banks noticed above. For the information of the public, we are authorized to state that the Metropolitan Bank has never demanded specie for the bills of any of the regular banks of the State which are redeemed by the banks at Albany, but have received checks on this city from their redeeming agents. For the bills of the brokers' banks, or banks of mere circulation, and which are redeemed by brokers in Albany, specie has been demanded if the 1 per cent. discount was taken, or checks on this city if taken at par. These banks have had the offer of redeeming their bills here at 1/2 per cent. discount, at which rate a large number of the best banks redeem here. These banks, therefore, have not been forced to redeem their bills in specie, and it cannot be for this cause they allow their bills to be protested. There is therefore no reason why confidence in the regular banks of the State should be shaken.- / Eve. Ed. Jour. Com., 3d inst.

6. October 8, 1851 The Middlebury Register Middlebury, VT

Article from The Middlebury Register, October 8, 1851

Click image to open full size in new tab

Article Text

Yours Truly, O. NEW YORK, Oct. 2, 1851. The late circular of the Secretary of the Treasury to Collectors, relative to California shipments, is not relished any better this week than it was last. It acts as a great damper on the trade, and, in truth, is impracticable. Chesebro, Stearns & Co., the large but broken dry goods house, will pay 50 cents on the dollar; which is better than was expected. Yesterday, the innumerable newsboys strained their clamorous throats with vociferations of the news, "Four more Banks failed!" Some even cried that 6 had stopped. Altogether, eight are reported to have burst within a week. Of course, there was a panic yesterday afternoon, and it was amusing to see gentlemen stop in the street, and with anxious faces and tremulous fingers, turn over their wads of bank-notes. The first practical argumentum ad hominem I received yesterday was the return of a dollar note of the Farmer's Bank at Mina, which I had happened to pass the day prior to its alleged failure. Of course, I could not be expected to redeem it. On looking over what notes remained in my pocket, I found four dollars of the Western Bank, at White Creek, N. Y., which somewhat consoled the man for his own loss. Such hardships are somewhat similar to that of a man who finds his house burning just as his policy of insurance bas run out; and no "Fire Annihilator" at hand to extinguish it. By the way, these Fire Annihilators will walk into the Insurance Companies some; or rather, I should say, they will reduce the rate of premium very essentially. No Insurance Company, after this, need to suffer a large loss by a fire, either on land or at sea. That awful catastrophe, a ship on fire at sea, will not be likely to occur when these machines shall have come into general use. Think of that dreadful scene on board the "Ocean Monarch" two or three years ago. A "Fire Annibilator," costing about $40, would instantaneously extinguish a fire in the hold, raged it never so hard. I have seen these things tried, and know how efficient they are. In the course of next week a large frame house will be filled with combustibles and set on fire in order to show how quickly the Machine sold by the Company in Warren St., (of which P. T. Barnum is the Agent) will extinguish it. "Kossuth is on his way!" is a frequent exclamation now-a-days, but if the authorities are making the extensive arrangements for his reception which we have been led to expect at their hands, they keep very quiet about it. I trust the welcome will be such as shall re-inspire the discouraged spirit of liberty in Europe. The return of the "Advance" of the expedition fitted out by the American merchant, Mr. Grinnell, for the discovery of Sir John Franklin in the frozen seas of the far North, has occasioned a vast deal of interest and satisfaction in this city, but really we do not think it reasonable in Mrs. Franklin to expect the Americans ("in case the Admiralty fail her") to fit out another expedition of their own, subjecting a land of brave and noble men (like the crews of the "Advance" and "Rescue") to endure such tremendous hardships and perils as experience proves they would have to encounter. There are some here who think Sir John Franklin and his party may still be safe, but they have what the Phrenologists call "Hope Large." Large quantities of goods and parcels freighting Adam's & Co.'s Express to the far South indicate that the absentees from Louisiana, Alabama, Mississippi, &c., &c., are returning to their homes. The increasing business of Virginia and the Carolinas, also, has called into requisition a new inland route to Charleston, much superior to the old one, in every respect. It is called, I believe, the Seaboard and Roanoke line. It is via Chesapeake Bay to Portsmouth, Va., thence the new Railroad to Weldon, 78 miles, when it joins the Wilmington R. R. to Wilmington, and so on to Charleston, S. C. It is for the transportation of freight as well as passengers, and a Southern friend, in commending it to me, thinks it merits a loud note upon the key-bugle. Kate Hayes is a handsome woman, and a great favorite, but it would be rank presumption in her to attempt to compete with Jenny Lind. The latter has set her (and every popular performer) an example of benevolence, which she is following indifferently well. She now promises a benefit for Father Mathew, The Apostle of Temperance has been lecturing in the Broadway Tabernacle, and will repeat it again this week. In addition to the increased attraction which Father Mathew has given to St. Peter's Church this week, there have been nightly addresses by some Roman Catholic Missionaries from foreign parts. He has been tendered, and has accepted, a passage free for himself and secretaries in the Collins steamers of the 25th inst. There are two steamers up for New Orleans; the "Winfield Scott," on the 10th, and the "Empire City" on the 11th inst. The first train of cars passed over the entire length of the Hudson Railroad yesterday. Next week there is to be a formal opening, and a dinner for 8,000 persons at Greenbush. Many drafts sold by bankers in California, and payable in this city, have been protested recently. The Yacht Club gave a dinner to "Commodore" John C. Stevens at the Astor House yesterday, in honor of the triumph of his yacht over the English. MARYLAND ELECTION. From the re-

7. October 23, 1851 Jeffersonian Republican Stroudsburg, East Stroudsburg, Milford, PA

Article from Jeffersonian Republican, October 23, 1851

Click image to open full size in new tab

Article Text

-goin Resumption. We have been informed that the Western Bank of White Creek, Washington CO. NewYork, one of the Banks which suspended during the recent panic, is redeeming its liabilities, and that the bill holders will be able to have their bills taken up at the usual rates for sound State Banks. This leaves only three others in New-York to make good their liabilities, viz:-the James Bank, Farmers' Bank of Mina, and Bank of New Rochelle.

8. December 2, 1851 The New York Herald New York, NY

Article from The New York Herald, December 2, 1851

Click image to open full size in new tab

Article Text

MONEY M A R K E T. THURSDAY. Dec. 1-6 P. M. The stock market opened quite buoyant this morning, and with considerable activity. At the first board Harlem went up 1/4 per cent; Erie Railroad, % Reading 34; Norwich and Worcester, 1/2; Canton Company, 1; Morris Canal, 3/4; Sussex Mining Company declined 1/4 per cent. It will be seen, by the report of sales, that most all the fancies improved from the opening prices At the close there was quite an excitement in the mar ket, and the tendency was towards a further advance. The good news from California has raised the spirits of stock speculators. The receipts at the office of the Assistant Treasurer of this port to day, amounted to $79,097 16; payments $138,460 31; balance, $3,228.930 27. The Delaware and Hudson Canal Company have de clared a semi-annual dividend of three per cent. The circulating notes of the Farmers' Bank of Mina are redeemed at the current rates of other New York State money. This is one of the suspended banks. The following transfers of United States loan, on foreign account were made at the Treasury during the week ending on Saturday:-Loan of 1842, $7,000; do. of 1843, $8,300; do. of 1847, $288,100; de. of 1848, $46,000Total, $349,400. The books of transfer are closed, and will remain 10 until the first of January, for the preparation of the semi-annual dividend. The foreign trade of this port, during the past month was comparatively moderate. The aggregate value of imports was $6 410,496; of which $415,838 was in free goods; $5,776,185 in dutiable goods; and $218,473 in specie. The total value of exporte was $7,974,831; of which $2,451,511 was in domestic produce; $152,002 foreign goods; $84,082 goods entitled to'debenture; $213,881 withdrawn from warehouse; and $5,063,355 specie. The aggregate importation and exportation in each of the first eleven months of the present year was asannexed:COMMERCE OF THE PORT OF NEW YORK-IMPORTA

9. December 2, 1851 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, December 2, 1851

Click image to open full size in new tab

Article Text

November 1860... $149 272 48 Increase... The freight earnings it will be seen are very large. The aggregate earnings of the eleven months of the current year have been $3,476,918. If $300,000 is taken in December the earnings of the year will exceed the estimates of the Company published in their last report. ### The Commerce of this port for November ber, exhibits a decline both in Imports and Exports of Merchandise while the Exports of Specie show a large increase over the same month of last year, and also over October. The shipments indeed, are within a million of the highest point reached during last summer. The figures are as follows: IMPORTS NEW-YORK, NOVEMBER. 1849. 1850. 1851. Dutiable... $3.761.951 $5.375.652 $4,399.085 Free.. 429.251 416,191 415.830 Specie and Bullion. 533,715 13,580 218 473 Withdrawn from Warehouse.... 786,105 905,006 1,377,100 Total... $5,511,922 $6,710,429 $6,410,496 EXPORTS NEW-YORK, NOVEMBER. 1849. 1850. 1851. Domestic Mdse...$3,684 087 $3,677 657 $2,452.511 Foreign, Free. 10,333 37 723 62 358 Dutiable. 298.730 676,696 397.397 Specie and Bullion, 634 893 905 394 5.033.995 Total....$4,628,048 $5,297,470 $7,945,472 It will be seen that the Imports show a decline of $300.000, as compared with November last year; and the Exports, deducting specie, show a decrease of nearly $1,500,000. The aggregate Imports for the eleven months ending 30th Nov., at this port, not including specie, are: Dutiable...$113,390,017 Free. 9.144.170 Total.$122,534.187 Same time last year.. 111,098,183 Increase in eleven months....$11,436,004 Of this increase about a million is in free goods. The aggregate exports of the same period are: Domestic Produce....$36,652,340 Foreign .... 4,371.419 Specie, &c 38,095,974 Total ..$79,119,733 Same time last year.. 54,757,657 Increase in eleven months....$24,362,076 The excess of specie exports as compared with last year is over $29,300,000. The total duties received during the eleven months were: 1850.$27,066,944 1851. 29,580,375 Excess..$2,513,431 The Prometheus, from San Juan, has over $500,000 in gold on her freight list and in the hands of passengers. This makes the receipts of the last few days: Per Cherokee.... 2,225,000 Prometheus 500.000 Alabama, at New-Orleans.... 500,000 Total $3,225,000 This exceeds any receipt, we think, by one batch of arrivals. There are already ordered for the Wednesday Steamer about eleven hundred thousand dollars in coin, and the shipments of the week will probably reach two millions. For last week, however, it must be remembered they were only $70,000, and including Boston, less than $700,000. The interest on the Hudson River Second Mortgage Bonds, will be paid at the Bank of Commerce on the 16th inst. The Farmers' Bank of Mina has resumed payment and is bought in Wall-st. at the same discount as other State money. The transfer of Federal Stock to foreign-ers was very large last week, reaching $319,400, of which $288,100 was of the Stock of 1867. The transfer books are now closed for the payment of the interest, and will remain closed until the 1st of January. ### Thompson's Bank Note Reporter Thompson's Bank Note Reporter contains the annexed letter from the Foreign Money Clerk of the Suffolk Bank, in relation to a fraud just discovered: BOSTON, Tuesday, Nov. 25, 1851. J. THOMPSON, Esq-Dear Sir: I find, on examination of the bilfs received at the Suffolk Bank this day, that the following New-England Banks have $5 notes in circulation, of the plate of which the recent counterfeit on the Claremont Bank is a good imitation. MASSACHUSETTS-Leicester Bank: Northampton: Union Bank of Weymouth and Braintree: Warren, (Danvers); Andover; Framingham Bank; Blackstone, (Uxbridge); Danvers; Marine; Quinsigamond; Beveriy. VERMONT-Bank of Montpelier: Claremont Bank. NEW-HAMPSHIRE-Ashueiot Bank: New-Ipswich, Mechanics' and Traders'. MAINE. Bank of Cumberland. RHODE ISLAND.--Centreville; Warwick New-England Pacific, Railroad; Rhode Island Central; Village. Your subscribers cannot be too careful in taking $5 notes of the above-named Banks. The safety of the public requires that the genuine notes in circulation, of this plate, should be called in immediately, and a new plate substituted for their Five Dollar issues. Yours, J.L C. Money at Philadelphia continues abundant for all legitimate operations. The rates for first-class paper range from 8½ to 10 p cent. The amount of Gold deposited in the Philadelphia Mint during November was $5,400,000. At Boston, Money remains at about 9 per cent. on first-class securities, and in a majority of cases 10 is obtained. The Money market is quiet and a tendency to improvement. The Governor of South Carolina, in his Message, says the financial condition of the State may be put down as follows: Assets $5,113,414 47 Liabilities 3,208.494 55 Balance $1.904,989 91 The Bank of the State during the past year has paid a beavy interest on its capital. According to a report made by the President, the capital in use may be put down at $3,350,000; deduct Fire Loan bonds. $410.000-it leaves $2,910,000. The entire profits, after paying all expenses, are $300.000; deduct interest on Fire Loan bonds, $28,000-it leaves $272,000. It will be seen by the above statement that the Bank has realized a profit of something over 9 per cent. on its capital. At New Orleans Money was easier. Sight checks on the North sold at par to ½ p cent. discount sixty day bills at 1½ to 2 p cent. discount. The opinion was that these prices would not be permanent, but would soon be greater. The Goshen Bank went into operation last week. Its capital is $110,000 The bills are to be redeemed at par at the Ocean Bank in the City of New-York.