16818. Judson Bank (Ogdensburg, NY)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
January 1, 1879
Location
Ogdensburg, New York (44.694, -75.486)

Metadata

Model
gpt-5-mini
Short Digest
3e61d098

Response Measures

Full suspension

Other: Assignment of assets to assignees (E. N. Merriam and I. L. Seymour) planned; bank proprietor language asking creditors for moderation.

Description

Multiple dispatches (Jan 22–25, 1879) report Judson Bank closed its doors (suspended) with prior steady withdrawals since about Jan 1 (~$100,000 withdrawn). Bank officers were preparing an assignment/receivership. Sequence: depositor withdrawals (run) preceded suspension and assignment/closure.

Events (3)
1. January 1, 1879 Run
Cause
Bank Specific Adverse Info
Cause Details
News discovered in early January of many bad securities and depreciated real estate prompted some depositors to quietly withdraw funds; steady drain (~$100,000) through January.
Measures
None reported prior to suspension beyond depositors withdrawing; after drain the bank refused money on checks and prepared an assignment.
Newspaper Excerpt
About the 1st of January this fact reached the ears of a few persons ... proceeded without delay to draw out what funds they had deposited there. Since that time over $100,000 have been drawn out.
Source
newspapers
2. January 22, 1879 Receivership
Newspaper Excerpt
They are busy making an assignment, which they propose to have completed to-night. The assignees are to be E. N. Merriam and I. L. Seymour.
Source
newspapers
3. January 22, 1879 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Official notice cites unusual financial pressure and large depreciation in real estate and securities as reasons for closing/suspending payments; follows steady withdrawals and bad assets discovered by new cashier's review.
Newspaper Excerpt
Owing to unusual financial pressure and the great depreciation of the value of real estate and securities, I am compelled to close the Judson Bank. ... (Signed) J. D. JUDSON.
Source
newspapers

Newspaper Articles (10)
1. January 22, 1879 The Cincinnati Daily Star Cincinnati, OH
Article from The Cincinnati Daily Star, January 22, 1879

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BANK SUSPENSION. Great Excitement at Ogdensburg, N. Y. National Associated Press to the Star. OGDENSBURG, N. Y., Jan. 22.-Great excitement and consternation exists here this morning over the unexpected suspension of the Judson Bank, announced in the following card: "Owing to unusual financial pressure and the great depreciation of the value of real estate and securities, I am compelled to close the Judson Bank. With moderation on the part of my creditors I confidently expect to pay all my liabilities in full. (Signed) J. D. JUDSON."

2. January 22, 1879 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, January 22, 1879

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Suspensions. NEW YORK, Jan. 22.-The suspension wasannounced in the stock exchange this morning, shortly after the opening of business of J. W. Weston, of 17 No i street, stockholder and seller of privileges. He was an extensive dealer in privileges and the sharp advance in prices ofthe last week made it impossible for him to meet his contracts. OGDENSBURG, N. Y., Jan. 22- -The following notice is posted on the door of the Judson Bank this morning: "Owing to the unusual financial pressure and the large depreciation of the value of real estate and securities, I am compelled to close the Judson Bank. With moderation on the part of my creditors I confidently expect to pay all my liabilities in full." (Signed,) J. D. JUDSON.

3. January 23, 1879 The New Orleans Daily Democrat New Orleans, LA
Article from The New Orleans Daily Democrat, January 23, 1879

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A Bank Suspends. OGDENSBURG, N. Y., Jan. 22.-Great excitement and consternation exist here this morning over the unexpected suspension of the Judson Bank. announced in the following card: "Owing to unnsual financial pressure and the great depreciation of the value of real estate and securities, I am compelled to close the Judson Bank. With moderation on the part of my creditors. I confidently expect to pav all my liabilities in full. J. D. JUDSON."

4. January 23, 1879 Knoxville Daily Chronicle Knoxville, TN
Article from Knoxville Daily Chronicle, January 23, 1879

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NEW YORK: OGDENBURG, Jan. 2.-The - Judson Bank closed doors to-day. NEW YORK, Jan. 22.-The suspension of J. W. Weston, a stock

5. January 23, 1879 The New York Herald New York, NY
Article from The New York Herald, January 23, 1879

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BANK FAILURE. SUSPENSION OF ONE OF THE OLDEST AND MOST TRUSTED MONEY INSTITUTIONS IN NORTHERN NEW YORK. [BY TELEGRAPH TO THE HERALD.] OGDENSBURG, N. Y., Jan. 22, 1879. Judson's Bank, one of the oldest banking institutions in thissection, closed its doors here to-day. This created great excitement, from the fact that John D. Judsoh, the proprietor, was supposed to be very wealthy. The bank was rated A1, and so good was the credit of the bank that many would not believe it had suspended till they went and saw the doors closed and read the notice placed thereon. Five years ago David C. Judson, died, leaving to John D., his brother, over $800,000. They were both in the bank together at that time. Since the death of David C. Judson, John D. Judson, the present proprietor, has had full control of the bank, which has always been regarded as sound and very prosperous. Besides the Judson Bank there is only one other bank in Ogdensburg, the Bank of Ogdensburg, which is a State institution, which does not and has not for a long time paid interest on deposits, while the Judson Bank has been paying five and seven per cent. The result was that the Judson Bank received a large amount of m oney on deposit and was a sort of savings bank for the city, and nearly all citizens who had saved up their earnings had deposited them there. Besides this class there are many widows, orphans and people out of business who had their money there. A large number of merchants and business men are also caught, some with maturing obligations. CAUSES OF THE CRASH. The causes for the failure are many. One reason is that the bank came into possession of a large amount of real estate at various times, which has largely depreciated and is not worth ten cents on the dollar that it cost them. Considerable good paper, too, has proven valueless. Another great cause of deficit has been that the bank has been paying too much interest on deposits. Something over $300,000 has been drawing interest at from five to seven percent for several years, and during these times it is of course impossible to meet it. It IS believed that in time the depositors will receive their pay. But little is positively known outside: it is believed that there has been no criminal mismanagement. but that the general depreciation, bad debts and some looseness of carrying on affairs has led to this result. The bottom facts cannot be arrived at to-night. it is impossible to get an interview with either Mr. Judson or E. N. Merriam, his cashier. They are busy making an assignment, which they propose to have completed to-night. The assignees are to be E. N. Merriam and I. L. Seymour. Mr. Merriam has been cashier of the bank only two months. He was appointed to fill the vacancy caused by the death of William C. Armstrong, tormerly cashier for A. T. Stewart & Co. at their wholesale store on Broadway. Stewart willed him $5,000. Judson had great confidence in Armstrong's financial abilities, and allowed him to run the business of the bank,about as he saw fit. After Merriam was appointed he, in overhauling the business done by Armstrong, found many bad securities. THE FAILURE ANTICIPATED. About the 1st of January this fact reached the ears of a few persons interested in the bank, who said little about it, but proceeded without delay to draw out what tunds they had deposited there. Since that time over $100,000 have been drawn out. The drain on the bank was steady, but more than it could stand, and late yesterday afternoon money on checks and certificates was refused. It is estimated that the number of sufferers will amount to upward of nrteen hundred, and it is said, on the best authority that can be obtained, that the amount due depositors is from $350,000 to $400,000. The assets of the bank are placed at from $325,000 to $350,000. How much of this is good no one is at present able to tell. TAX COLLECTIONS LOST. Among the heavy depositors are several town collectors who deposited in this bank all or the funds belonging to the State and county which they have thus far collected. The amounts due the collectors are not known to-night, but will likely be to-morrow. Owing to the bad condition of the roads the announcement of the failure has not yet reached many of the towns in the county, where the people depend upon the weekly papers for their information. It is anticipated there will be a general rush of farmers and others to the city to-morrow to get the facts. HEAVY INDIVIDUAL LOSSES. Among the depositors in this bank is the cook at the Seymour House, who loses $1,600, the savings of twenty-three years she has thus been employed. Nathan Frank, a resident of this city, is reported as having $50,000 in the bank. Another man, named Clarkson, is said to have lost $30,000. It is estimated that the losses will average $350 to each depositor. FURTHER TROUBLE FEARED. It is feared that failures among some of the merchants who had business connection with the bank will soon follow. The news of this failure not only staggered the people of Ogdensburg, but those of Watertown, Oswego, Malone, Potsdam and other places in Northern New York, where the credit of the bank had long been regarded as first class. Mr. Judson says if his creditors will be moderate he thinks he will be able to pay them everything. Many doubt his ability to do so. The general impression on the street is that the creditors cannot get over twenty-five per cent, if they do that much. The other bank is considered good. There was no run on it to-day in consequence of the isilure. There was considerable excitement in Watertown, but no trouble there,

6. January 23, 1879 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, January 23, 1879

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Financial Troubles. DOORS OF THE JUDSON BANK CLOSED. OGDENSBURG, N. Y., January 22.-The Judson Bank has closed its doors. SUSPENSION OF A NEW YORK STOCK BROKER. NEW YORK, January 22.-The suspension of J. W. Weston. stock broker, No. 17 New street. was announced in the Stock Exchange this morning. He was an extensive dealer in privileges, and the sharp advance in prices made it impossible for him to meet bis contracts.

7. January 25, 1879 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, January 25, 1879

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BANK FAILURE. pension of One of the Oldest and Most rusted Money Institutions In Northern York. By Telegraph in New York Herald. GDENBBURG, N. Y., Jan. 22.-Judson's Bank, of the oldest bauking instintions In this secclosed its doors here to-day. This created excitement, from the fact that John D. the proprietor, was supposed to be very The bank was rated A1, and so good the credit of the bank that many would not It. had suspended till they went and saw doors closed and read the notice placed Five years ago David C. Juddied, leaving to John D., his brothover $800,000. They were both in bank together at that time. Since the of David C. Judson, John D. Judson, the proprietor, has had full control of the which has always been regarded as sound very prosperous. Besides the Judson Bank Is only one other bank in Ogdensburg, the of Ogdensburg, which is a State Instituwhich does not and has not for a long time Interest on deposits, while the Judson has been paying 5 and 7 per cont. The was that the Judson Bank received a large of money on deposit. and was a sort of bank for the city, and nearly all citizens had saved up their earnings had deposited there. Besides this class there are many lows, orphans, and people out of business had their money there. A large number merchants and business men are also caught, with maturing obligations. The causes for the failure are many. One is that the bank cable into possession of amount of real estate at various times, has largely depreciated, and is not worth on the dollar that It cost them. Conerable good paper, too, has proven valueless. other great cause of deficit has been that the has been paying too much interest on posits. Something over $300,000 has been awing Interest at from 5 to 7 per cent for years, and during these times It la of impossible to meet it. It is believed In time the deporitors will receive their But little is positively known outside; is believed that there has been no crim: mismanagement, but that the general preciation, bad debts, and some looseness carrying on affairs has let to this result. bottom facts cannot be arrived at to-night. impossible to get an Interview with either J udson or E. N. Merriam, his Cashier. They busy making an assignment, which they pose to have completed to-night. The signees are to be E. N. Merriam and I. L. ymour. Mr. Merriam has been Cashier of the only two months. No was appointed to the vacancy caused by the death of William Armstrong, formerly Cashier for A. T. Stew& Co., in their wholesale store on Broadway. willed him $5,000. Judson had great atidence In Armstrong's financial abilities, allowed him to run the business of the about as be saw tit. After Merriam was pointed, be, in overhauling the business done Arpatrong, found many bad securities. About the 1st of January this fact reached cars of u few persons interested in the bank, said little about it, but proceeded without to draw out what funds they had depositthere. Since that time over $100,000 have drawn out. The drain on the bank was but more than it could stand, and late sterday afternoon money on checks and cercates was refused. It is estimated that the unber of sufferers will amount to upward of hundred, and it is sald, on the best authat can be obtained, that the amount depositors la from $850,000 to $100,000. The of the bank are placed at from $335,000 to

8. January 29, 1879 The New York Herald New York, NY
Article from The New York Herald, January 29, 1879

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NOT so BAD. OGDENSBURG, N. Y., Jan. 25, 1879. To THE EDITOR OF THE HERALD:I noticed in your issue of the 23d inst. the states ment of a rumor to the effect that my deposits in the Judsons' Bank, of this city, which has recently suspended payment, would probably amount to $50,000. Such a rumor has no foundation in fact. 1 had less than $1,000 in the bank at the time of its suspension. By publishing this communication in your valuable paper you will correct any false impressions that may result from the publication above referred to and greatly oblige, yours, &c., MATHAN FRANK,

9. February 1, 1879 Chariton Courier Keytesville, MO
Article from Chariton Courier, February 1, 1879

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known author and politician, died on the 21st, aged 70. The Teller Committee commenced an investigation at Charleston, on the 21st, of the late general election in South Carolina. In Hyde Park, Penn., on the night of the 20th, Mrs. Davis and her year-old child were burned to death by the explosion of a kerosene lamp. The Judson Bank of Ogdensburg, N. Y., closed its dors on the 22d. Hon. John Cadwallader, Judge of the United States District Court for the Eastern District of Pennsylvania, died of typhoidpneumonia on the 26th, in his 74th year. He was a son of the late Thos. Cadwallader, and grandson of Gen. Jno. Cadwallader, of Revolutionary fame. Wilkinson Call, who has just been elected to the United States Senate from Florida to succeed Mr. Conover, is a resident of Jacksonville, and about 50 years of age. He is of Whig antecedents, was a Bell and Everett Elector in 1856, and during the late unpleasantness served in the Confederate Army. He was once before elected to the Senate, under the reconstruction policy of President Johnson, but failed of admission. FOREIGN. It is stated that Bismarck has decided to withdraw his Parliamentary discipline bill, leaving the matter to the Reichstag. Advices from Belgrade are to the effect that Col. Goeta, Italian member of the Servian Boundary Commission, was robbed and murdered by Turkish brigands near Plevna. The Swiss Council of State has asked for a Legislative appropriation of 90,000 francs to relieve destitute workmen. Alderman Wm. Clendennin, of Montreal, an extensive iron-founder, has fled the country, leaving his debts and his family behind him. The French crisis has been averted by the Government effecting a compromise with the Left, thus securing a Ministry in accord with the majority of the Legislature. General Grant left Paris on the 22d on his tour of the East The party accompanying him consists of Mrs. Grant, Col. Fred. Grant, ex-Secretary of the Navy Borie, Dr. Keating, and a New York Herald correspondent. Edward Matthew Ward, the eminent English painter, is dead, at the age of 63. He committed suicide. At the conference of the International Sanitary Commission at Vienna, at which Germany, Austria and Hungary were represented, stringent measures were adopted to prevent the plague now prevalent in Russia from spreading. All railway traffic between Warsaw and Vienna has been suspended and the Commission resolved, in the event of the spread of the epidemic, to entirely close the frontier. The Grand Duchess Anastasia, daughter of the Grand Duke Michael, was married on the 24th to Prince Frederick of Mecklenburg-Schwerin, at the Winter Palace, St. Petersburg, with great ceremony. The city was illuminated at night. The news from South Africa is that the Zulu King refuses all the British demands. The King has assembled 8,000 men on the border. The High Commissioner had placed all matters connected with Zulu affairs in the hands of Gen. Chelmsford, but gave King Citywayo until the 11th of January to make full and unconditional submission. A majority of the people of Venezuela have risen in favor of Guseman Blanco. Puerto Cabello is in the possession of the revolutionists and the fort is in possession of the Government. The war steamer Bolivia aided the fort, shelling the town and destroying much property and many lives. It is reported that England intends to definitely purchase Cyprus to avoid complications arising from the nominal continuance of the sovereignty of the Sultan. One million pounds sterling are offered, which the Sultan will probably accept.

10. February 6, 1879 The Red Cloud Chief Red Cloud, NE
Article from The Red Cloud Chief, February 6, 1879

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NEWS OF THE WEEK. Domestic. The President has signed the arrears of petision hill A $50,000 fire occurred in Warwick N Y. Janurry 25th The First National Bank of Granville, Ohto, has suspended Dr. Linderman. director of the mint. Philadelphia, died Jan. 27th. The Needham Savings Bank. Boston. has closed, owing to . lac k of business Jasper & Co.'s elevator at Quincy, III., burned on the night of Jan. 23d. Loss, $10,000. The Wagner House at Sparts, Wis., was burned Jan. 21st. Lose, $25,000; insurance, $18,000. Matt H. Carpenter has been elected United States Senator in Wisconsin to succeed Senator T. O. Howe. The Legislature of Arkansas has elected J. D. Walker, of Washington county, United States Senator. Gov. Hartranft has been appointed and confirmed as Major General of the Na tional Guards of Pennsylvania. One section of Armour & Co.'s warehouse, at the Union Stock yards, Chicago, burned Jan 35th Loss, 10,000. The National Marine Bank, Oswego, Y., will be closed because of the high rate of taxation and low rate of interest. The report of the Illinois Central Railroad for 1878, shows a gain in the net traf. fic of $468,000 over the preceding year. The Judson Bank, at Ogdensburg. N. elosed January 224. With moderation on the part of Its creditors It expects to pay in full. In Scranton. Pa. a few nights ago, Miss Davis and a one year old child were burned to death by the explosion of a kerosene lamp. The Irving mills, with two run of stones, burned at St. Paul, Mian., Jan. 23d. Lose on mill, $10,000. and on wheat, $1,500. Insurance, $6,900. Lochman's confectionery establishat Milton, Pa., burned January 24th. ment An explosion during the fire killed one man and injured several. R. L. T. Beal, Conservative, elected the Forty Sixth Congress. has been chosen to to fill the vacancy caused by the death of Rep resentative Douglass in Virginia At Mertville, Maine, Jan. 25th, John by McFarland, wife and daughter were killed maniac named Rowell, who was afterward shot a dead by a neighbor whom he had tacked. A fire in Elizabeth, N. J., January 21st, damaged the Arcade Block, belonging to ex-Congressman Clark, to the extett of $100,- of 000: Insurance, $60,000. The original cost the structure was $250,000. In tearing down the walls of a buildburned in Cincinnati. Jan. Sand, a of a wall crumbled away dist. ing portion recently cellar. suddenly, precipitating two men into the a ance of sixty feet, and both were killed. A collision of freight trains on the Central railroad near Tarrytown, N. Y., Jan. 25th resulted in the death of Byron Wright, conductor, and David Jones, freman, and the smashing of four cars, a locomotive and tender. On Sunday evening. January 26th. struck the town of Lockport, Texas forty houses, including churches, child demolishing a tornado hall. A the conrt house and Masonic hurt. was killed and several other persons badly An attempt to throw out some dynaat the Gua Water in January 21st, the mite Works, cartridges Baltimore, destruction Powder resulted of killing of two mea. the boiler the house, and the carrying of the boller some fifty feet. On the morning of January 27th a broke out in Turkey City. Clarion county, fire and the water-works being frozen, spread half rapidly Pa., in all directions, and in an hour ruins. of the best portion of the town was in Loss, about $30,000. A fire swept over the valley twenty north of Deadwood. Jan. 26th, burning miles 500 tons of hay and leveling several ranches of ground. The same day . heavy gale wind the prevailed doing much damage in Dead- trees wood Gulch, unroofing houses, uprooting and blowing down fences. At Meridian. Miss., Jan. 24th. three white named Alexander, and three the negroes named Gamblin, quarrelled about the nemen possession of some land. Afterward one ambushed the white men, killing returned groes and wounding another. The fire was The othand two of the negroes were killed. or ded. one The Dayton & Michigan Railroad with elevator B at Toledo, Ohio, of consisting of 100,000 by its ears, was entirely Company's grain, contents, mostly loss, destroyed bushels $85,000. January 25th Estimated the are buttaing was insured for $25,000, and to The for $40,000. The are is supposed grain have been caused by friction in the machinery. Dodd has returned four- the Agency to Ft. the Pine Lieut. Ridge Robinson from with in Sloux braves to act as scouts latest reof the fleeing Cheyennes. The escapture the field is that the Cheyennes news from in the night from Crow Ridge, their folcaped position, and the trail which is being the lowed last by Capt. Wessella, leads towards Spotted Tall Agency. Secretary Schurz has received infor- have that SILLING Bull with his people United mation crossed the Canadian line into the anxious and that they are exceedingly under the supervision States, to this country, and come dis to return of the Indian Bureau, and