15257. Huguenot Bank (New Paltz, NY)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: September 10, 1857
Location: New Paltz, New York (41.748, -74.087)

Metadata

Model: gpt-5-mini
Short Digest: f359d3c2

Response Measures

None

Description

Contemporary reports list the Huguenot Bank as having 'failed' / suspended in mid-September 1857 amid the wider 1857 financial panic; it is explicitly reported to have 'resumed business' on Sept 16, 1857. There is no article text describing a depositor run on this specific bank, so I classify this as a suspension (failure to pay/specie suspension) followed by reopening.

Events (2)

1. September 10, 1857 Suspension

Cause: Macro News
Cause Details: Suspended/failed amid the broader financial panic of 1857 and widespread bank suspensions in New York and New England reported in mid-September 1857; articles list many banks suspending specie payments at the same time.
Newspaper Excerpt: The Huguenot Bank, of New Paltz, Ulster county, New York, failed on Thursday afternoon last.
Source: newspapers

2. September 16, 1857 Reopening

Newspaper Excerpt: The Huguenot Bank, of New-Paltz, N. Y., resumed business again on the 16th.
Source: newspapers

Newspaper Articles (8)

1. September 14, 1857 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, September 14, 1857

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daily dispatch. SEPTEMBER 14, 1857. MONDAY MORNING, FINANCIAL AND COMMERCIAL in Sales in New York, Saturday, of $1000 Va. 6's, at 887, and $1000 Ga. do. at $100. The New York Journal of Commerce, of Saturday afternoon, says: There is A quieter feeling in the market to-day, but money is still scarce and loans are negotiated with difficulty. The Stock market shows more steadiness, and nothinz is wanted but a little more demand from outside for investment, to create a strong upward movement. There is a good demand for breadstuffs for export, and the market, it will be seen, continues active. We regret to learn of the failure of Messrs. W. Car: penter, Ide & Co., in the straw goods business. Their liabilities are said to be quite large. The Boston Journal, of Thursday evening, says: The Boston Bank* have lost nearly $600,000 in specie in the week ending 7th inst. Under ordinary circumstances this would have called for a reduction of loans to the extent of $1,800,000; but assured of their position and their ability to replenish their coffers in a short time, they have stood by their customers handsomely, discounting all their receipts within $300,000 They are entitled to great credit for pursuing this wise and liberal course. If they had been panic stricken, too, we should have had a hard time of it. We trust that they will continue as they have began; and if they do, there will be but little troubie amongst our merchants. Philip Allen & Son and Zachariah Allen, extensive manufacturers of Providence, have failed. The liabilities of the former exceed two millions. The failure of Dawson & Hancock, shippers and importers of crockery and iron, in Philadelphia, was announced Friday, They are also connected with a house at New York and a house in London. Losses by men in the iron business is the cause assigned.The amount of liabilities is not given. The firm ran seven large ships to Liverpool. The Huguenot Bank, of New Paltz, Ulster county, New York, failed on Thursday afternoon last. New Paltz is opposite Poughkeepsie. BALTIMORE CATTLE MARKET, Sept. 11.-Cattle continues to come forward freely. The offerings at the scales yesterday reached 1,300 head, 250 of which were driven to Philadelphia, 50 to Chester county. Pa., and the remaining 1,000 head were taken up by Baltimore butchers at prices ranging from $3.75 to $4.75 on the hoof. equal to $7.50@$8.50 nett. and averaging $1.50 gross. The average is the same as last week, but the range of prices on the hoof is 25 cents per 100 lbs. lower. The cattle offered were generally of better quality than those offered last week. Hogs have been coming forward more freely and prices have given way slightly. The prices range from $9.25@39.75 per 100lbs. nett. Sheep continue in good supply, and we quote them heavy at $2.50@$4 per head. RICHMOND MARKETS, SEPT. 12. FLOUR.-We have no change to note in Flour.The market is very dull. Westill quote Superfine at $6.50, holders' price, but shippers refuse to pay it. WHEAT has declined 5 cents, and is now quoted at $1.20 and $1.30 for best Red and White. CORN.-We quote Corn at 75@soc., in small lots. NORTHERN MARKETS. Ngw YORK. Sept. 12-Flonr-The market to-day was firm: sales of 5.000 barrels common to good State, $5.15@$53% Ohio $5.65(@56; Southern $5.50@5.80. Wheat-The market IS unsettled; with sales of 25,000 bushels at irregular prices. Corn-The market to-day has an upward tendency. Prices have advanced 1 cent. Sales of mixed at 72 cents. Pork-The market is unchanged-Sales of Mess at $23.75@26. Beer IS steady. Lard is unchanged. Whisky-The market is dull at 25½ cents for Ohio. BALTIMORE, Sept. 12-Flour is dull and lower; sales of yesterday and to-day 7,500 barrels; Howard street and Ohio $5 for cash; City Mills at $5.50 on time. Wheat is lower-red $1.05@1.10; white $1.15@1.38 for good go tochoic brands. Corn is dull-white 66(@)61 cents: yellow at 65 cents. Whisky is heavy-City 12½ cents, and Ohio 26 cts., cash.

2. September 23, 1857 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, September 23, 1857

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$52,388,005 $56,570,109 Since Jan. 1 $44,494,172 The exports begin to show an increase. The movement in Breadstuffs for shipment is quite active, and will, no doubt, increase"wheng our low figures are known on the other side. The Chemical Bank has declared a semi-annual dividend of 6 P cent, payable on the first of October. The Philadelphia, Wilmington and Baltimore Rail, road Company has paid off its floating debt, and declared a dividend of 2 P cent on the stock for the last six months. The Huguenot Bank, of New-Paltz, N. Y., resumed business again on the 16th. At the meeting of the stockholders of the Michigan Southern Road, held at Utica on Saturday, it was Resolved. That the stockholders in the Michigan Southern and Northere Indiana Railroad Company, in the County of Oneida, N. Y., here represented, are of opinion that an entirely new Board of Directors of said Road should be chosen at the approaching election. Resolved, That stockholders in this county deem themselves entitled, by the amount of stock held here, to a representation in the Board of Directors. Resolved, That a copy of the above be presented to the meeting of Stockholders to be held Sept. 25. The Springfield Argus of last evening says that there was a run on the Hadley Falls Bank at Holyoke, on Saturday, and also" on yesterday morning; and adds that the Cabot Bank at Chicopee shared the same fate yesterday; both Banks paid the specie as fast as the bills were presented. The Albany Evening Journal has obtained from the Bank Department a statement of its business for the past thirty days. It was sought in consequence of the report set afloat that the amount of State stocks taken up for bills returned did not exceed $100,000. This table shows that the net amount of bills returned and destroyed is over $1,000,000, for which only $611,000 securities were withdrawn. The Journal says: "Thus the banks have voluntarily retired from circula" tion $489,000, for which they neither asked nor re" ceived a dollar of their securities, or & single new " circulating note." Burned circulating notes of the free banks from 15th $950,000 August to 16th September. $501,000 Stocks surrendered during same period Bonds and mortgages surrendered during same period. 110,000 $611,000 Total securities surrendered In addition to this, the incorporated banks have burned. $169,000 50,000 They have received new notes $119,000 Total The Utica Herald says: The new issue of bills by the Ontario Bank, under its recent organization, are still redeemed on demand. They are marked with their denomination in red ink, and bear date subsequent to Jan. 1, 1856, Of this issue only $14,036 are in circulation, beside $49,498 held by the redeeming agents in New-York' and Albany. The old issue, being the notes of the old Ontario Bank and its Branch, are not now redeemed, but are a debt of the Bank. Of these there are out $47,135, of which $40,642 are bills of the Branch, and $6,493 of the old Ontario. Since about the middle of July, the Bank returned to the Bank Department to be canceled, $91,230 of its circulation." The state of feeling in Boston is better, and the correspondents write quite cheerfully. The Daily Ad. vertiser says that "the panic makers attempted to report more failures on Saturday, but the notaries had a very quiet day of it. At many of the banks all the notes were paid before 1 o'clock. New-York funds are more plentiful, and there is likely to be a return of specie. The dry goods jobbing trade has been very easy, parties in this line buying up their own paper." The Chicago Press of the 17th inst. says: Our news from all directions in reference to commercial matters continues to be encouraging. It cannot be expected that business will revive in a day, or that confidence can be fully restored in & week. Confidence is a plant of slow growth;' but the necessity that the East shou d have our corn and wheat, and the fact that the shipping season is rapidly wearing away, will hasten the return of business to its wonted channels." In relation to the state of affairs in Philadelphia, The Ledger of the 22d says: " There was another very blue day yesterday. The stock market was exceedingly heavy, and all effort to borrow money was fruitless. The failure of sev. eral very respectable firms on Saturday, and the announcement of 88 many more yesterday, added to the distrust that previously existed in the public mind, and the result was as we have stated. It 18 unneces. sary to give names-indeed, lest we should unintentionally do injustice, we shall not attempt it. The parties interested know the fact, and that is sufficient for the present. These failures are favorable in one point of view at least. They are indications that the banks are rigidly looking after their own safety; and their solvency preserved, the other difficulties may prove but temporary embarrassments. It is greatly to be desired that the banks should now be sustained. In fact, it is the only hope the community have against a repetition of the crisis of 1837. Hold up the banks, and the banks in & little while, if successfuli in weathering the storm, will return the favor. We have not been informed of the amount of liabilities to our

3. September 26, 1857 Columbia Democrat and Bloomsburg General Advertiser Bloomsburg, PA

Article from Columbia Democrat and Bloomsburg General Advertiser, September 26, 1857

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W. A. J. BRITTAIN, Sec'y. Suspended and Broken Banks. For the information of our readers, and in order to guard them against receiving worthless money, we publish the following list of recently suspended and broken Banks, which has been carefully compiled and compared with the list of the brokers in the city. It is gratifying to note that thus far in the present financial crisis, not a single Pennsylvania Bank is included in the list It is to be hoped they will be able to ride out the storm. Mechanics' Banking Association, N. Y. Farmers' Bank of Saratoga county, N. Y. Sacketts Harbor Baok, Buffalo, Reciprocity Bank, Buffalo. Chemung County Bank, Horseheads, N. Y. Ontario Bank, Vica, N. Y. Ontario County Bank, Phelps, N. Y. Oliver Lee & Co.'s Bank, Buffalo, N. V. Hollister Bank, Buffalo. Niagara River Bank, Towanda, N. Y. Bank of Orleans, Albion, N. Y. Huguenot Bank, New Paltz, N. Y. New-York County Bank, N. Y. Farmers' Bank, Wickford, B. I. Mount Vernon Bank, Providence, R. I. Rhode Island Central Bank, East Greenwich, R. I. Bank of South County, Wakefield, R. I. Warwick Bank, Warwick, R. I. Tiverton Bank, Tiverton, R. I. Bank of Hallowell, Maine. Hancock Bank, Ellsworth, Maine. Danby Bank, Danby, Vt. Bergen County Bank, Hackensack, N. J. Bank of New Jersey, New Brunswick, N. J. Merchants Exchange Bank, Bridgeton, Ct. Wooster Bank, Wooster, Ct. Sanford Bank, Sanford, Maine. Monson River Bank, Monson, Mass. Kanawha Bank, Virginia. Miama Valley Bank, Dayton, Ohio. S Bank of West Tennessee, Memphis, Tenn. a Agricultural Bank, Brownsville, Tenn, d Bank of Commerce, Georgetown, D.C. Colchester Bank, Connecticut.

4. September 28, 1857 The Davenport Daily Gazette Davenport, IA

Article from The Davenport Daily Gazette, September 28, 1857

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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

5. October 10, 1857 Weekly National Intelligencer Washington, DC

Article from Weekly National Intelligencer, October 10, 1857

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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.

6. October 22, 1857 The Weekly Portage Sentinel Ravenna, OH

Article from The Weekly Portage Sentinel, October 22, 1857

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The Money Crisis-Affairs brightening Up. Money matters have witnessed a material improvement since our last issue. Very much of the paper which ten days ago was pronounced worthless on account of the sus pension of the institutions issuing the same, is again current, and is circulating 4 medium of business. The demand for specie has materially decreased. When sold and silver had 80 risen as to command ten and in some instances twenty per cel.t. the people who hold the notes, deliberately to concluded they would do without it. The sus pension of the banks not only FII pended specie payment, but it suspended the collection of notes and bills falling can, and while it lessened the current funds and incredit the rate of exchange and 11 premium on gold and silver, it lessened the demand for money -put off the days of payment. These evils are working their own cure. Two or three days ago, the news came that all the New York City Banks and most of the country banks had suspended. Eve. rybody was startled. Hard'y anything in the shape of Bank paper from that State was current. Now the bills of all the banks in the State are current with the exception of the following: Niagara River Bank, Tonawanda. Agricultural Bank, Herkimer county. Dairyman's Bank, Newport. Hollister Bank, Buffalo. Ontario Bank, Utica. O. Lee & Co.'s Bank, Buffalo. Bank of Orleans, Albion. Reciprocity Bank, Buffalo. Yates County Bank, Penn Yan. Tompkins county Bank, Ithica. Huguenot Bank, New Paltz. Medina Bank, Medina. Troy City Bank, Troy. Central Bank of New York, of Utics. Hamilton Exchange Bank, Greene. The Cleveland Board of Trade have met and resolved that in their judgment the State Bank of Chio and Independent Banks are all solvent, and deserving of confidence and that they will receive their bills at par in all business transactions. The private bankers have also taken similar ground. The Cincinnations have resolved to re. ceive all the notes of New Orleans and all other Banks that are bankable at Boston, Philadelphia, Pittsburgh and Baltimore. The prospect is brighter. When the present storm has gone by and the reign of money terror is over it would be well for the people to make some inquiries into the securities which they have for the p-per promises with which the country is flooded. In days of prosperity let us m.ke ourselves secure, that when the storm comes, we may be prepared for it.

7. October 23, 1857 Indiana American Brookville, Indianapolis, IN

Article from Indiana American, October 23, 1857

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folks can only realize six, except in times like these when they can realize from five to a hundred, OVER THE LEFT. But says the friend of banks, "well regulated banks are useful"-so, we add would be a well regulated whirlwind,-take the twists out of it, and "regulate" its speed to about five miles an hour, and it would not only be harmless but very pleasant ; but it would no longer be a whirlwind, that is all() Take away from banks the power to shave-the right to take all the interest it wants-the right to"issue notes, and the right to break with those notes in the hands of poor people, and it would no longer be a bank. Some of our readers want us to give a tlist of bad banks, That would require about twice large a sheet as ours, devoted to banks alone. The New York banks are all suspended. The following are considered too bad to take, all others are current: Ingra River bank, Tonawanda. Agricultural bank, Herkimer County, Dairyman's bank, Newport, Hollister bank, Buffalo, Ontario bank, Utica. O. Lee & Co's bank, Buffalo. Bank of Orleans, Albion. Reciprocity bank, Buffalo. Sackett's Harbor bank, Buffalo, Yates County bank, Penn Yan. Tompkin's County bank, Ithaca. Huguenot bank, New Paltz, Medina bank, Medina. Troy City bank Troy. Central bank of New York, of Utica. Hamilton Exchange bank. Greene. The following Illinois banks have increased their securities, and are current: Agricultural bank: Alton bank; Bloomington bank; Central (Peoria) bank : City (of Ottawa) bank; Chicago bank; Citizen bank; Elgin bank; Edgar County bank: Farmers' and Traders' bank; Frontier bank; Galena bank: Grayv Ille bank; In. ternational bank; Lafayette bank: Marion bank; McLean County bank; Merchants' and (Drovers bank; National bank: Northern Illinois bank; Na. pierville bank; Prairie Sta to bank; Bank of Peru; Pike County bank; Quincy bank; Railroad bank: Southern (Gravville) bank; State (Shawneetown) bank; E. 1. Tinkham & Co's bank; Warren County bank. The Ohio State Banks except the following, are current now, but may not be by the time our paper reaches its readers. Dayton Bank. Sandusky City do. Clinton do. Columbus. Miami Valley do. do. Columbus. City Franklin do. Columbus. The Kentucky Banks are yet current The following Free Banks in Indiana have increased their securities and are re" garded safe. There surplus of securities, over issues of 114,999: Bank of Goshen " Gosport. Mt. Vernon. Indiana. " Paoll. " Rockville. " Salem, New Albany. : Salem, Salem. Bloomington Bank. Cambridge City do. Canal do do Crescent City do Exchange do Westfield. Farmers' do Indiana Indiana Farmsrs' de Kentucky Stock do do Lagrange do Parke County do Prairie City Salem do Goshen. Southern do of Indiana. Thy following banks are closing, but their securities are good, amounting to 7,565 above issues: Central Bank. Brookville do Bank of the Capitol. " of Elkhart. of Monticello. of Syracuse Hoosier do Indiana Stock do Huntington County do Indiana Reserve do Fayette County do Merchants & Mechanics' do The Tippecanoe Bank is under protest.

8. October 31, 1857 Vermont Phœnix Brattleboro, Bellows Falls, Ludlow, VT

Article from Vermont Phœnix, October 31, 1857

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Uncurrent Bank Bills. Under the present temporary arrangement during the panic, the bills of the suspended Banks of New England and New York are generally current in Boston and New York.The exceptions up to this time are all given below ; and in regard to these it is supposed that the bills are good in most cases, though not bankable. Or those Banks in this State set down as uncurrent, the Royalton, Stark, Missisquoi, and St. Albans, are undoubtedly good, and holders of bills should not submit to a sacrifice on them. The bilis of the following Banks are not received at the Suffolk Bank, Boston, nor at the Metropolitan Bank, New York : MAINE. China, and Canton, at China. Ellsworth, at Ellsworth. Exchange, at Bangor. Hallowell, and Central, at Hallowell. Hancock, at Ellsworth. Maritime, at Bangor. Monsum River, and Sanford, at Sanford. NEW HAMPSHIRE. Exeter, at Exeter. Weare, at Hampton Falls. VERMONT. Danby, at Danby. Missisquoi, at Sheldon. Royalton, at Royalton. South Royalton, at South Royalton. Stark, at Bennington. St. Albans, at St. Albans. MASSACHUSETTS. Manufacturers, at Georgetown. Western, at Springfield. RHODE ISLAND. At present all notes issued by the Rhode Island Banks are rejected, although most of them are current in their own State. CONNECTICUT. Bridgeport City, at Bridgeport. Charter Oak, at Hartford. Colchester, at Colchester. Exchange, at Hartford. Hartford County, at Hartford. Hatters, at Bethel. Mercantile, at Hartford. Merchants' Exchange, at Bridgeport. North America, at Seymour. Palaquioque, at Danbury. Pawcatuck, at Pawcatuck. Quinebaug, at Norwich. Thompson, at Thompson. Uncas, at Norwich. Windham County, at Brooklyn. Woodbury, at Woodbury. Wooster, at Danbury. NEW YORK. Agricultural, in Herkimer County. Central Bank of New York, at Utica. Dairyman's, at Newport. Hamilton Exchange, at Greene. Hollister, at Buffalo. Huguenot, at New Paltz. Medina, at Medina. Niagara River, at Tonawanda. O. Lee & Co.'s Bank, Buffalo. Ontario, at Utica. Orleans, at Albion. Reciprocity, at Buffalo. Sacketts' Harbor, at Buffalo. Troy City, at Troy. Yates County, at Penn Yan.