Article Text
BANK SUSPENSION-FIRE. BUFFALO, Nov. 7.- Patchin's Bank has suspended payments-causing great excitement among holders of the notes. Green Bay, in Wisconsin, has been nearly destroyed by fire. Loss estimated at $100 000.
Patchin Bank (Buffalo, NY)
Episode Information
- Episode Type
- Suspension → Closure
- Start Date
- November 7, 1853
- Location
- Buffalo, New York (42.886, -78.878)
- Bank Type
- state
Metadata
Notes
Multiple newspapers report suspension Nov 7, 1853 and list the bank among recent failures; no clear reopening reported.
Events (2)
1.
November 7, 1853
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Large loans and advances to the Buffalo and New York (City) Railroad whose affairs were embarrassed; president assumed liabilities on behalf of the railroad.
- Newspaper Excerpt
- Patchin's Bank has suspended payments-causing great excitement among holders of the notes.
- Source
- newspapers
2.
*
Other
- Newspaper Excerpt
- Many papers thereafter list the Patchin Bank among failed institutions and report there is much excitement; private fortune of Mr. Patchin expected to protect creditors (reports vary).
- Source
- newspapers
Newspaper Articles (15)
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BANK FAILURE-DESTRUCTIVE FIRE. BUFFALO, N. Y., Nov. 7.-Patchin's Bank, in this city, has supended payment, causing great excitement. The town of Green Bey, Wisconsin, has been nearly destroyed by fire. Loss $100,000.
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BUFFALO, Nov. 7. The Patchin Bank of this city stopped payment this morning. The suspension of payment by the Patchin Bank was caused by large loans to the N. Y. City R. R., whose affairs are embarrassed. Mr. Patchin, the President of the Bank, is also President of the Road, and has assumed the liabilities on its behalf. There is much excitement here.
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Buffalo, Nov. 7-3 P. M. The Patchin Bank of this city suspended payment this morning. The suspension of the Bank was caused by large loans to the Buffalo City and N. York Railroad, whose affairs are embarressed. Mr. Patchin, the President of the Bank, is also President of the R. R. Co., and has assumed the liabilities on its behalf. There is much excitemeet here.
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ANDIBER BANK Patchie Bank, of Buffalo, has suspended payments. This stop was forced upon the bank by its connection with one of the New York raitroade, of which Mr. Patchin, president of the back was also president.
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THE BANK FAILURES.-The Cincinnati Gazette Thursday says of the rumors of the failure of se eral country banks in New York, which were rife esterday by the last night's mails; The Patchin ask, at Buffalo, has doubtless failed. So has be Bank of Massilon. The Bank of Owego (not Oswego) was shaken in credit by the failure of Mr Dwight, who was its debtor about $130,000, but it removed its business to the Metropolitan Bank and vas restored to full credit. Itdid not even[suspend. This is a safety fund Bank, and reports a surplus of $10,000. A Bank in Connecticut, name not given, IS mentionsd as involved with Dwight, and as havng failed. No mention is made in the New York papers, or in those of Beffalo, of the failure of the Pratt Bank, the Chatauqua Bank, the Bank of Tiogs county, or the Bank of Oswego. The bills of the Patchin Bank of Buffalo, says the Advertise of that city, are abundantly secured with the Banking Department, and there is little Houbt that the private fortune of Mr, Patchin, which it is understood, will be devoted to the object, will protect depositors and creditors from ultimate loss." The Gazette says: "We see no cause for any alarm in Ohio. Our banks are generally admitted be well managed, by honest and capable men, and no reason exists for distrusting them. Certificates of deposit for small amounts payable to beaer, the Cleveland Herald is informed, have been issued by the Forrest City Bank of that place, which if intended for circulation, are objected to, 2 not legitimate Bank issue.
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THE BANK FAILURES.- - The rumors of the failure of several country banks in N. York, which were rife yesterday, are not confirmed by the mails. The Patchin Bank, at Buffalo, has doubtless failed. So has the Bank of Massilon. The Bank of Owego (not Oswego) was shaken in credit by the failure of Mr. Dwight, who was its debtor about $130,000, but it removed its business to the Metropolitan Bank, and was restored to full credit. It did not even suspend.This is a Safety Fund Bank, and reports a surplus of $70,000. A Bank in Connecticut, name not given, is mentioned as involved with Dwight, and as having failed. No mention is made in the N. York papers, or in those of Buffalo, of the failure of the Pratt Bank, the Chatauqua Bank, the Bank of Tioga County, or the Bank of Oswego.
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Rank Failures. NEW YORK, Nov- 8.-The Patchin Bank, at Buffalo, suspended payment yesterday, in consequdnce, it is said. of large loans made to the Buffalo and New York Railway Company. Patchin, the President of the Bank, is also President of the Railway Company, and has assumed the liabilities of the Bank OR. behalf of the company. This has caused great excitement in Wall street.
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NEW YORK. Nov. 8. The Patchen Bank of Buffalo suspended yesterday in consequence, it is said, of loans made to the Buffalo and New York Railroad. Patchen, President of the Bank, is also President of the railroad, and has assumed the liabilities in its behalf. It hae created much excite. ment.
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Don't Take Them. Don't take bills on the following BanksSome of them have temporarily suspended and others broken outright: Patchin Bank, Buffalo: Erie & K alamazoo R. R. Bank: Farmers' Joint Stock Banking Co; Can. ada; Atalanta Bauk, Georgia; Bank of Owego, New York: Pratt's Bank, Buffalo, N. Y; Chautaque County Bank.N. Y; Lewis County Bank, N Y ;
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THE PATCHIN BANK.-The cause of the suspension of the Patchin Bank, Buffalo, say the Detroit papers, "is attributed to large advances made upon the account of the Buffalo and New York City railroad. The money of the bank will be redeemed, so that no losses will accrue to the bill holders. Weundersrand that our banks receive and pay out the bills as usual."
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THE Banks.-Thompson's Reporter says, "in answer th a multitude of inquiries about Banks, we would say, only two have failed, viz the Bank of Massilon, Ohio, and the Patchin Bank of Buffalo. The many rumors about other Banks, are all wrong, and we do not know wherer there is a decidedly doubtful one. The fright, the pressure, and the danger is over, and there is an easy and prosperous future before us. There is no premium on Gold, and we fill all orders ror New Silver at one half per cent. Panic makers' occupation's gone-have mercy on croakers."
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at Thompson's Bank Note Reporter of the 19th inst., says: In answer to a multidude of inquiries about Banks, we would say only two have failed, viz., the Bank of Massillon, Obio, and the Patchin Bank of Buffalo. The many rumors about other Banks are all wrong, and we do not know where there is a decidedly doubtful one. The fright, the pressure, and the danger is all over, and there is an easy and prosperous future before us. There is no premium on gold, and we fill all orders for new silver at 1/2 per cent. Panic-makers' occupation's gone-have mercy on croakers.
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THE BANKS. / In answer to a multi tude of inquries about Banks, we would say only two have failed, via the Bank of Massillon, Ohio, and :he Patchin Bank of Buffalo. The many rumors about other Bank are all wrong, and we do not know where there is a decidedly doubtful one The fright, the pressure and the dan ger is over, and there is an easy and prosperous future before us. There is no premium on Gold, and we fill all orders for New Silver, at one half per cent. Panic-makers' occupation's gone-have mercy oncroakers.-[Thomson's Re porter.
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# The Failing Banks The Cincinnati Commercial publishes a statement of the Kanawha bank, (of Va.,) showing a very safe state of affairs in that institution, and remarks- "While we know nothing of the institution except through the showing which it makes, and the character of some of its stockholders, we have no reason to suppose that we are in possession of less information than those who are endeavoring to do it an injury. An amount of assets equal to one dollar and twenty-seven cents for each dollar of its circulation is not a very bad state of things, certainly. We do not present ourselves as endorsers of the solvency of this or any other banking institution, but we should be sorry at this time of pecuniary oppression, to see the mitchief aggravated by an unjustifiable suspicion of any concern whatever. Of the Kentucky Trust Co. Bank at Covington, the same paper says- "This institution, closed its doors yesterday morning. The public generally have been taken by surprise, though there are many who seem to have anticipated the failure. For many months the amount of paper presented for redemption has averaged about $80,000 per week, which, at the usual high price of gold for sometime passed, absorbed nearly the whole profits of the bank. It is thought by some that the bank will be able to meet its liabilities; by others it is considered a complete failure. We saw some of its money selling for 90 cents in Covington, soon after the failure, which, at least is an indication that some of the people there have full confidence in the ability of the institution. The bank has a cirsulation of $800,000, a considerable part of which has been put out but recently. Speaking of the present state of Banks and money matters generally, the Sandusky Register says: "There can be no doubt but that the public mind is unnecessarily excited about the Indiana currency. The issues of the Free Banks are secured on what are considered good public stocks, and these securities if not forced on the market in an untimely manner are unquestionably sufficient to redeem the issues with small loss to the public, A panic forces the issues and the securities on the market, and the labor of the country suffers the loss. Those papers, which are busy stirring up this monetary excitement, should think of the ultimate effect of these excitements ere they launch out upon their ill-considered crusade against the banks." The following is a list of banks that have bursted within a short time past: Patchin Bank, Buffalo. Farmers' and Mechanics' Bank, Oswego. Farmers' Bank of Canandaigua. Dovers' Bank, Ogdensburg. Bank of Carthage. Farmers' and Merchants' Bank, Md. Bank of Milford, Delaware. Farmers' and Merchants' Bank, Memphis, Massillon Bank, Ohio. Ohio Savings Institute, Tiffin. Cochituate Bank, Boston. Bank of West Killingly, Connecticut. Eighth Avenue Bank, New York. Bank of Ellsworth, Maine. Elkhart County Bank, Indiana. Bank of Northern Indiana. Bank of Washtenaw, Michigan. Erie and Kalamazoo Bank, Michigan. Kentucky Trust Co. Newport (Ky.,) Safety Trust Bank. Savings Bank of Cincinnati. The Bank of Connersville. The Washington Star cautions the public against the reception of the notes of the Arlington and of the Farmers' and Mechanics' Banks of Washington. Both are worthless, being mere bogus machinery started there for the purpose of flooding the country with their irresponsible issues.