Farmers & Mechanics Savings Bank (Lockport, NY)

Episode Information

Episode UID
50022570867
Episode Type
Run Only
Bank Type
state
Bank ID
5002257 routing
Routing Number
50-0225
Start Date
March 15, 1872
Location
Lockport, New York (43.171, -78.690)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
1dbdc3e28380ad65

Response Measures

None

Description

Resignations of president and three directors triggered depositor panic.

Events (1)
1. March 15, 1872 Run
Cause
Rumor Or Misinformation
Cause Details
Sudden resignation of the president and three prominent directors caused excitement and prompted withdrawals.
Measures
Bank promptly met all obligations and directors assured depositors the bank was sound.
Newspaper Excerpt
A run on the Farmers' and Mechanics' Savings Bank of Lockport, N. Y., which has been going on to some extent since Friday last.
Source
newspapers

Newspaper Articles (2)
1. March 19, 1872 New-York Tribune New York, NY
Article from New-York Tribune, March 19, 1872

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Article Text

TELEGRAPHICS NOTES. The new radroad bridge over the Ohio River, between Ciuclunati and Newport, will be tested to-dar. Ou Wednesday the officials of the Penusy Ivania Central will arrive and cross all a special train. A run on the Farmers' and Mechanics' Savings Bank of Lockport, N. Y., which has been going OD to some . stent sinre Friday last. came to au end yesterday, the bank having promptly mol all its obligations. The aggregate issues of the Chicago Relief and Aid Society to March 2. were 1,462,117 articles, or varde of goods, among there were over 21. 000 instressee. over www. blankets, 56,000 pairs of Dues, 1,283,000 articles of clothing, 15,000 12,000 owner 30,000 Suns of even

2. March 20, 1872 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, March 20, 1872

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Article Text

LOCK PORT. Run on a Bank. LOCKPORT, N. Y., March 19.-0a Friday morning last, Jason Collier, President of the Farmers' and Mechanics' Savings Bank, and three of the wealthiest directors resigned without any apparent reason. The matter caused great excitement among the depositors, and a run on the bank commenced on Saturday and continued all day yesterday. Joseph Jackson was elected president. The directors say the bank is perfectly sound and can pay every dollar. The bank was crowded with depositors again this morning. Towards noon, however, the excitement was considerably abated and confidence was partially restored in the soundness of the bank.