18652. Erie Bank (Erie, PA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
January 8, 1850
Location
Erie, Pennsylvania (42.129, -80.085)

Metadata

Model
gpt-5-mini
Short Digest
e18f5dc3

Response Measures

None

Description

Article 1 (Jan 8, 1850) states Erie Bank has resumed after a prior suspension — indicating a suspension followed by reopening. Article 2 (Nov 14, 1850) reports the bank has been refusing to pay specie on its notes for some time past and keeps limited hours; this describes a later partial suspension of specie payments but no explicit depositor run is described. No explicit run is reported in the articles. Dates corrected/derived from newspaper datelines.

Events (3)

1. January 8, 1850 Other
Newspaper Excerpt
Erie Bank has resumed, but does not seem as well as it did before it suspended, that Gen. Reed backs this it.
Source
newspapers
2. November 14, 1850 Suspension
Cause Details
Refusal to pay specie on notes and limited hours of operation indicate partial suspension of specie payments; article gives no clear triggering cause (no run or rumor specified).
Newspaper Excerpt
The Erie Bank has been refusing to pay specie on its notes for some time past, unless on small amounts... The Bank keeps up a small show of appearances by keeping their doors open one or two hours per day.
Source
newspapers
3. * Suspension
Cause Details
Earlier suspension referenced but original cause not specified in article; only that the bank had suspended prior to Jan 8, 1850.
Newspaper Excerpt
Erie Bank has resumed, but does not seem as well as it did before it suspended
Source
newspapers

Newspaper Articles (2)

Article from The New York Herald, January 21, 1850

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Article Text

ERIE, (PA.,) Jan. 8, 1850. Statistics of Erie-An Old Veteran Turned Adrift Railby the Cabinet-The Northeast and Eric road, &c. Seeing you had no correspondent from here, I have picked up a few items, hoping they may valu- interest some of the numerous readers of your able Herald. This place is beautifully situated on the south side of a large bay, capable of holding the whole lake marine three times over, with an average bar depth of 16 to 20 feet of water, except on the the entrance, which has 10 feet at the shoalest at with a population of 10,000, ten churches, blast turplace, woollen factory, two cupulo and one manufactoone three tanneries, and many minor private nace, and some very splendid public and Reed, ries, buildinge-particularly that of Gen. C. M. at a cost steamboat proprietor, estimated superior to the great seventy thousand dollars, and The marof about private residence west of Albany. still stands, any Branch of the United States Bank ble monument of the impoverished thousands governa grand town having its share. The general custom ment -this now owns it, and occupies it as a house. Erie Bank has resumed, but does not seem alThe well as it did before it suspended, that Gen. Reed though, to go as the general impression here is, backs this it. place that Com. Chauncey the selected brave It build was the gallant fleet which, under them ours, on to Perry, met the 10th enemy September, and made 1813. The adjacent Law. the memorable Niagara still slumber in an action; inrence where and they were sunk after the their remains bay, are made from Daniel numerable canes resident of the town, (Capt. and The oldest was employed by Com. Chauncey, fleet, and Dobbins.) commence the building of the first stick ordered 10 did cut, with his own hands, the He is a subactually that went into the fleet. reads it with scriber of timber to your paper, He and afterwards says he was appointed great satisfaction master in the navy, and but ordered was not to in the the Failing of the schooner Ohio, ordered by Com. command having previously been for supplies action, (then Capt.) to proceed to Erie a very hazardPerry the fleet, at that time considered he performed to for important duty, which officer, ous and satisfaction of his commanding after the the perfect safely at Put-in Bay shortly of and arrived He resigned in 1826, in consequence the Lakes, action. force being discontinued on in the rethe naval was appointed Captain with honor and afterwards marine service, where he served who dismissed venue election of Gen. Harrison. by President until the afterwards re-instated Presidential him, but immediately was after taking the the advent of this chair, Polk, where he continued until who dismissed party" let administration, it be to their shame, to office, dismiss who, an him. And officer from a paltry between the old and faithful Taylor himself, stood the frontier; who like General and the inhabitants of Lakes, and savage fee navigator, living, of the of 20,000 and has the lived oldest to see cities where of nothing a population but the hut occupant, of the trapper in opposition to the 20,000 grow and Indian up, were remonstrance then the sole of a large and majority Northeast of his political and Erie opponents. railroad, with which the is Buf- to connect The at the New the York New State York and line Erie railroads, to fale and Erie and is being vigorously pushed done in has been let, which and I understand letting, must (1st be October completion, months from the time of charter. sincerely last.) 18 in order to secure should the they not, it will Phila- be hope they will succeed; New York, as then the have been very disastrous will be to able to do what they 18. "to delphiens for the last twenty years-that as they trying to do back-door of Pennsylvania," the Lake. shut up the the state bordering on shut up term this strip of that if they do not extend They are fully New aware York and Boston along will the souththe their door," iron arms through borders here of and the Lakes, and conern and western Ohio and Michigan roads. transports- thereby neeting with the of the great travel lines and when once depriving them be done OR these in the stock tion which will contractors are paid completion. completed. of the company, The and New may Yorkers retard on its their discount, guard. This Let them should buy put up which the stock would at immediately a small I give am paying cash in for it it, and insure its completion. it will not be confidence it the charter is once circumstances lost, and satisfied obtained under as present favorable one. The road the will out- not advantages as the thousand dollars at much less. cost more and if than done with fifty cash, would two cost tracks, one of side, They have three the rails other making six, to accomodate have escaped both four feet and As this seems these to suggestions eastern roads. 1 have thrown out that chose to interest your you notice, and other matter city presses can do so, knowing your As that themselves in the the interest of our city. The reediness to advocate not pass it by silently. out of New Yorker, [could the road would be entirely consideration a productiveness of when we take into throughout the place the United productiveness to States, question, where of their other natural roads advantages are not half as good.


Article from New-York Daily Tribune, November 29, 1850

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Article Text

cond Board the market was firm and stocks in demand. About 75,000 Government 6's, 1867, were bought at 1161-part for foreign account. Certificates to No 7,200 are now payable at the Mint. In Exchanges there is nothing of importance doing, and rates were nominally as before, 9@93 for Sterling, 5.25@5.20 for Francs. The supply of Bills is good. In Money there is no change to notice. The rates on paper are 1 to 1 ₽ cent. higher within ten days, as the supply is larger than it was from the South. On call the market is abundantly supplied and rates without change. The receipts at the Sub-Treasury are 857 588. Payments, $39,235. Balance, $3,221,169. The Merchants' Bank have declared a half yearly dividend of 5 P cent, payable 2d Dec. Thompson's Bank Note Reporter has the fol lowing letter in relation the Erie Bank: We learn from an authentic source that the Watertown and Rome Railroad, extending from Rome to Cape Vincent on the St Lawrence, opposite the City of Kingston, U. C., is fast progressing to completion. Business on the portion now in operation more than meets the anticipa. tions of the friends and projectors of the Road and what is rather uncommon, the cost of the enterpise promises to come within the estimates, or not materially exceeding them. Such is the opinion of the Directors. The Road, when completed, will be ninety-seven miles in length. The laying of the rail commences at Rome, to be carried on continuously to its Northern terminus. About one-half the estimated cost of the whole work, $625,000, has been paid out. All the right of way, with small executions-grading, bridging, culverts, &c., are in sufficient forwardness to allow the rail to be laid as far as Watertown, seventy-three miles, by the 4th July next and a large amount of work done between Watertown and Cape Vincent, including piers for a bridge across Chaumont Bay. The cars are now running thirty-five miles, and will be forty-two miles in all this month; three locomotives, twen. ty-nine freight and baggage cars, and business for twice the number of cars; dépôt buildings at Rome in a fair state for operations, and turn-table complete; five-ninths, or more than half the rail paid for, and the whole balance contracted, to be delivered in the spring, at £4 17s 6d. A pier for the use of shipping, 500 feet in length, has just been contracted to be built at Cape Vincent the approaching winter, on very reasonable terms. ERIE, PA., Nov. 14, 1850. J. THOMPSON, Esq.-Dear Sir: The Erie Bank has been refusing to pay specie on its notes for some time past, unless on small amounts, of say $10 or $15. The Bank keeps up a small show of appearances by keeping their doors open one or two hours per day. But few of its notes are circulating in this vicinity; however, there must be a lot of it out somewhere. We send you the above, not that we ever lost anything by this Institution, but that the public may be aware. Yours truly. The Pennsylvania Railroad Company gives notice that an adjourned Special Meeting of the Stockholders will be held at the office of the Company, on Monday, December 9th, for the purpose of accepting the supplement to the charter approved 26th April, 1850, and of increasing the capital stock to $10,000,000. The Albany Evening Journal says : The amount received for tells on all the New-York State Ca$171,098 nale during the 3d week in November, is 151,106 10 Same period in 1849 $16,992 Increase in 1850 The aggregate amount received for tolls from the commencement of navigation to 22d November, in$8,198,706 01 clusive, is 18,196,412 50 Same period in 1849 $2,293 5 Increase in 1850 Amount of tolls received on all the New-York State