16838. Luther Wright's Bank (Oswego, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 16, 1857
Location
Oswego, New York (43.455, -76.510)

Metadata

Model
gpt-5-mini
Short Digest
8fadcfef

Response Measures

None

Description

Articles (Oct 15–23, 1857) show Luther Wright's Bank failed to open/pay on Oct 16 (suspension amid the 1857 financial crisis). A later report (Oct 23/24) states the bank 'will soon go out of existence' and that Lake Ontario Bank is buying in the stock and paying claims — indicating a takeover/closure rather than a mere temporary suspension. No explicit depositor run is described on this specific bank in the provided excerpts; the cause is the broad 1857 financial crisis (macro_news).

Events (4)
1. October 16, 1857 Suspension
Cause
Macro News
Cause Details
Did not open amid the widespread financial crisis and multiple bank suspensions in mid-October 1857 (panic of 1857).
Newspaper Excerpt
Oswego, Oct. 16. Luther Wright's bank does not open today.
Source
newspapers
2. October 17, 1857 Other
Newspaper Excerpt
Oswego, Oct. 17. Luther Wright's Bank will resume business soon; probably on Monday.
Source
newspapers
3. October 23, 1857 Other
Newspaper Excerpt
OSWEGO, Oct. 23.-It is rumored that Luther Wright's bank will soon go out of existence. The Lake Ontario Bank is buying in the stock at a low figure, and paying off all claims against the bank.
Source
newspapers
4. October 23, 1857 Receivership
Newspaper Excerpt
The Lake Ontario Bank is buying in the stock ... and paying off all claims against the bank.
Source
newspapers

Newspaper Articles (4)
1. October 19, 1857 Daily Iowa State Democrat Davenport, IA
Article from Daily Iowa State Democrat, October 19, 1857

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Article Text

The Financial Crisis. New Orleans, Oct. 15. The Citizens and Louisiana Bank, of La., and the Canal Bank, all this morning refused to take the notes of the free tanks. The run commenced early on the free banks, and before 3 o'clock the Union, Merchants' and Bank of New Orleans, had suspended specie payments.There is no run upon the Southern Bank, and it is considered perfectly good. LATER. Affairs are very unsettled. It is supposed that the run will continue to-morrow, and great confidence is felt in the banks which are now standing. They have had large deposits to-day. There are rumors that the bank of New Orleans will open in the morning. Notes of the Bank of James Robb are taken at the citizens and Southern Banks. St. Louis, Oct. 16. The reported suspension of Doane, King & Co., and Collins, Kerley & Co., of this city, published in the New York Express of the 12th, is authoritatively contradicted. No paper of these firms is protested here, and they are regarded as among the most solvent and responsible houses in the city. New York, Oct. 16. Our financial and business affairs appear to improve. Stocks of all kinds took a further advance at the first board. New York State S ining at an average advance of 9 per cent. Specie is almost unsaleable at a are premium. quiet and irregular, Rates of domestic but the exchange bulk of the F stern is done at about 3 per cent. Our importers have concluded the work of reshipping British goods from the bonded warehouses, there being no market for them at the 2d board. Bridgeport, Ct., Oct. 16. The Connecticut, Bridgeport, Farmers' and Hequinnock banks at this city have suspended specie payments to day. Boston, Oct. 16. Money market quiet, and everybody appears to be waiting the result of the suspension. Stocks show a little more activity. The specie brokers are realizing small gains, gold being plenty. Oswego, Oct. 16. Luther Wright's bank does not open today. All the other banks are paying specie as usual. Albany, Oct. 16. Samuel A. Foot and Samuel G. Ruggles were heard this morning before Gov. King, in behalf of the New York city banks, objecting to an extra session of the Legislature. The Governor sees no necessity for it at present, but will hold the subject under advisal.

2. October 20, 1857 Daily Iowa State Democrat Davenport, IA
Article from Daily Iowa State Democrat, October 20, 1857

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Article Text

New York, Oct. 17. There has been but little change to-day in the aspect of financial affair. Two suspensions are announced in the city, namely, S. & L. Lawrence, dry goods merchants, and Lyne, Webb & Johnson, carpet dealers. The failure of Bunn, Raifull & Co., a heavy Philadelphia house, is announced. Stocks at the first board were quite active, and the advanced prices of yesterday fully sustained at the second board Transactions were small and prices rest slightly easier. Oswego, Oct. 17. Luther Wright's Bank will resume business soon; probably on Monday. New Orleans, Oct. 16. All run on banks has ceased. Confidence is restored, and no failures are reported. The suspended free banks contemplate an early resumption. Affairs are more cheer. ful and easier. Augusta, Ga., Oct. 17. All the banks in this city have suspended specie payments this morning. Cincinnati, Oct. 17. At a meeting of the bankers this morning it was decided to receive at par the notes of all New Orleans banks, and all banks that are bankable in New York, Boston, Philadelphia, Pittsburg and Baltimore, This causes a much improved feeling in the money markets. Boston, Oct. 17 The result of the Bank Directors' meeting to-day authorizes an increase of loans to the amount of three million dollars, which will probably ease the pressure somewhat next week. In stocks prices are better, and more or ders for investment are coming in.

3. October 22, 1857 The Daily Gate City Keokuk, IA
Article from The Daily Gate City, October 22, 1857

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Article Text

The Land office of Delaware District was pened at Doniphan, Kansas, on the 12th. The following are the official majorities of delegates to Congress from Kansas: Leavenworth county-Ranson, 287; Atchcounty, 51; Johnson, 1,604; Burbon, Dorr, 18; Douglas county-Parrot, 1,;Shawnee, 688; Richardson, 126; Breckmridge, 259 Anderson, 991; Lykens, 288; Caffee, 182; Linn, 36. State Savings institutions has opened a depository for the currency of adjoining states; New York and the New England States the banks of Philadelphia, Pittsburgh Baltimore. A large number of the heaviest merchants advertised that they will receive currenat par. The St. Joseph correspondent of the Republican savs that on the night after the lection in Kansas a party of soldiers enamped at Richmond, attacked the residence Mr. Dolman, Democratic representative Nemes county, member of the ConstituConvention, broke doors and windows, treated Dolman roughly. Lieut. Byard sent for, but it was not till after striking down with his sabre that the balance deand retired to quarters. The same correspondent mentions having a letter stating that Wm. H. Wilson, reto in Washington dispatch, yesterday, having a rope around his neck and pispresented to his head, has escaped from Lake City. WASHINGTON, Oct. 20.-Letters from Caliinduce the belief that the Pacific secof the wagon road is by this time comThe country between Honey Lake Humboldt river is not as favorable as nticipated, it being poorly supplied with and water. Delays of the Mexican news which was rought by the steamship Texas to New Or. had been received. The Alvarez, who was mentioned in the ispatch from New Orleans, was Don ManAlvarez. Mariano Vegar had been exefor his assessination. The railroad enterprises, particularly that elating to the Tehuantepec road, are two rineipal topics of discourse. The Mexican press state that Mexico bad onsented to grant extraordinary to the Exuntil the new government was estabGen. Pillow's letter had caused much iniguation against Santa Anna. Another conspiracy to restore Santa Anna been discovered and promptly frustraAnother revolution was to have broken out the 25th in the city of Mexico. There was great excitement and alarm for days among the conspirat ors. Among arrests were General Galas, Obando, Ga. Seires, Bonilla, and Col. Donimgus, bo were doubtless in Santa Anna's confiThe Guerilla bands still hold their OWD Alrare, and communication with the acific is out off. The Governor of New Leon had imprisonthe Bishop of Monteray for refusing to allegiance to the Government. NEW YORK, Oct. 17.-Messrs. Winslow, & Co., brokers, have suspended.have never been borrowers, and owe but balances due their correspondprincipally at the West. Within the three months, their means have been inin strictly first class commercial puand call loans with stock collatterals call loans are not responded to, and a amount of the paper is in a state of spension. They have been gradually windup their affairs for a year past, and will go at once into liquidation. abundantly a to pay all their liabilities and have rgesurplus. PITTSBURGH, Oct. 17.-Jas. O'Connor, of firm of O'Connor Bros. & Co., has been rested here, charged with defrauding the erchants' and Manufacturers' Bank out of wards of $300,000, though collusion is with the Cashier. He has given bail the sum of $20,000. O'Connor is a sonof Mr. Scott, late President of the who resigned yesterday. The fraud was effected by the overdrawof his accounts, as is alleged, with the of the Cashier. AUGUSTA, Ga., Oct. 17.-An the banks in city suspended specie payments this OSWEGO, Oct. 11.-Luther Wright's bank resume business soon, probably on MonWASHINGTON, Oct. 16.-Secretary Cobb rethat the redemption of stocks was not put 11. stop to. The suppression of will be recommended in an annual reThe President attributes the commercial in part, to the last reduction of the HARTFORD, Oct. 17.-The Charter Oak, ercantile and Exchange banks continue to the bills of the other suspended banks will not discount them unless they are njoined. NEW YORK, Oct. 16.-The California mail eamship Northern Light has arrived with passengers and $1,640,000 in specie, of about $28,000 is from Havana and pinwall; the principal consignersare Wells Fargo, $288,000; Holland & Aspinwall, : 14,000; American Exchange Bank, $181,Duncan, Sherman & Co., $122,000; Hallet & Co., $110,000. :

4. October 24, 1857 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, October 24, 1857

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Article Text

Financial Items. NEW YORK, Oct. 23.-The money market was more stringent today, the rates ranging from 2 to 3 per cent. for prime paper. Private advices from Europe had a very depressing effect on the market, and the transactions were quite small. All kinds of stocks declined at the first board, not excepting New York State, which have stood firm for several days. The whole amount of sterling bills returned from London protested, is putat £70,000, including £20,000 drawn by the Bank of Pennsylvania on George Peabody. The suspensions today are Robb, Hallett. & Co., bankers, and Lord, Warren, Evans, & Co., dry goods dealers. At the second board there was a further decline in stocks-Missouri sixes 65, New York sixes 72, Virginia sixes 71, Illinois Central bonds 73. Chicago and Rock Island 59 1-2, La Crosse and Milwaukie 5 3.4, Illinois Central Railroad 75 1-4, New York Central 59 3-8, Hudson River, 14, Erie 9. Reading 26, Cleveland and Pittsburg 8: The Metropolitan Bank is said to have been liberal in its dealings today, discounting all that was offered. As a general thing, however, money is as tight as at any time during the week. Merchants are slow in making advances upon grain. It is stated in the Express, on the authority of private advices, that English underwriters have declined to insure any more specie on board the Persia, and that she and the ship of the 21st of October, would have £1,000,000. The same authority states that the Bank of England has notified the bill brokers that they should discount nothing having over thirty days to run. BOSTON, Oct. 23.-A circular signed by many of the leading merchants of Boston, was published today, endorsing the good standing of the Boston and New England banks. The circular appears to have been called forth on account of the difficulty experienced at the West and other distant sections, in passing Massachusetts bank bills. OSWEGO, Oct. 23.-It is rumored that Luther Wright's bank will soon go out of existence. The Lake Ontario Bank is buying in the stock at a low figure, and paying off all claims against the bank. The Lake Ontario Bank will occupy the building, leaving their present banking house.