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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.
Patchin Bank (Buffalo, NY)
Episode Information
- Episode UID
9560811690647- Episode Type
- Suspension → Closure
- Bank Type
- state
- Bank ID
-
956081169hash - Start Date
- November 7, 1853
- Location
- Buffalo, New York (42.886, -78.878)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
fa5f1d7e57cc3dda
Response Measures
None
Description
Contemporary reports describe suspension on Nov 7, 1853 and list the bank among recent failures; no evidence of reopening in provided articles.
Events (1)
1.
November 7, 1853
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Large advances/loans and assumed liabilities to the Buffalo and New York City Railroad which became embarrassed, producing discredit of the bank's bills.
- Newspaper Excerpt
- The suspension of Patchin's Bank is announced. It was brought about by large loans to the Buffalo and New York City Railroad Company, whose affairs, under the stringency of the money market, are severely embarrassed.
- Source
- newspapers
Newspaper Articles (15)
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Suspension of the Patchin Bank, Buffalo. BUFFALO, Nov. 7, 1853. The suspension of "Patchin's Bank" is announced. It was brought about by large loans to the Buffalo and New York City Railroad Company, whose affairs, under the stringency of the money market, are severely embarrassed. Mr. Patchin, the president of the bank, is also president of the railroad, and has assumed liabilities which, in consequence of the difficulty in disposing of the bonds and securities of the road, have resulted in the discredit of the bank bills, which are, however, abundantly secured with the Banking Department. It is believed Mr. Patchin's large private fortune will be devoted to prevent less to the depositors. The affair creates much excitement and sympathy here.
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FAILURES IN BUFFALO. - The Patchin Bank, of Buffalo, N. ¥., suspended payment on Monday morning. The Albany Journal saysthat the securities lodged with the Superintendent of the Bank Department, are abundant for the redemption of the entire circulation of the bank, SO that there need be no loss on the bills; and that Mr. Patchin's private fortune will protect depositors and creditois from absolute loss. The failare was occasioned by large advances to the Buf. falo aed New York City Railroad. Lucius H. Pratt, doing a heavy forwarding business at Buffalo, failed on Saturday. His liabilities are over $200,000. - Springfield Republican.
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TELEGRAPHIC NEWS By the National Line. TELEGRAPHED FORTHEDAILYINTKLLIGENCER BANK SUSPENSIONS AND REFUSALS. BALTIMORE, Nov. 8.-The Patchin Bank of Buffalo suspended yesterday, in consequence, it is said, of large loans made to the Buffalo and York Railroad. Mr. Patchin, President of the Bank, is also President of the Railroad, and has assumed liabilities on its behalf. Much excitement exists. CINCINNATI, Nov. 8.-Notes of the Pratt Bank of Buffalo, Owego Bank and Tiago Bank, are all refused to-day. LATER.-CIN. Nov. 8-Evening.-A dispatch from our New York correspondent this a fternoon. does not confirm the report of the failure of any bank except the Patchin Bank of Buffalo. The reports received here to day of other failures, originated in Buffalo and Cleveland.
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POSTSCRIPT NEW YORK ELECTION. NEW YORK, Nov. 8-P.M.-The election is progressing to-day under much excitement. A terrible riot occurred at the Sixth ward in the city. The rioters took full possession of the polls, broke open the ballot box in the most high-handed manner, and scattered the tickets to the winds, thus reudering null and void the vote of this ward. A good deal of tighting and intense excitement. It is now raining. NEW YORK, Nov. 8.-The election for State and local officers took place in this State to-day. The hard and soft shell democracy and whigs bad each a full ticket in the field. We compare with the vote of 1848, when the democratic party was similarly divided. There was much excitement in this city, and in many of the wards serious rioting occurred. The day was stormy, snow falling in many parts of the State. The second ward votes whig 205: bard 183; soft 127; reform 30. In 1848 the vote stood Taylor 625; Cass 380; Van Buren 85. In Albany the whigs have succeeded by a large majority, electing their Mayor and other officers. [SECOND DESPATCH NEW YORK, Nov. 8th-101-2. M.-The 10th ward votes whig, 659, soft 531, hard 260. In 1848 the vote was Taylor 1,537, Case 1,127. Van Buren 350. In two dis. triets of the 6th ward the vote is whig 81, hard 391, soft 379, reform 235. [THIRD DISPATCH.] NEW YORK, Nov. 8th-11 P. returns come in very slowly, owing to the large number of tickets to be counted. The general impression is that the whigs have carried the State. LOUISANA ELECTION. NEW ORLEANS, Nov. 8th.-An election took place in this State yesterday for members of Congress and of the State Legislature. The returns indicate that the democrats have carried the State. The whigs only elect two members of the Legislature in this city. The vote for Congressmen is not sufficiently full to determine the re. sult, but is believed that Dunbar, democrat, is elected from the second district. SUSPENSION OF THE PATCHIN BANK, BUFFALO. NEW YORK. Nov. 8.-The suspension of "Patchin's I Bank," at Buffalo, (not at this city as erroneously stated yesterday,) was brought about by large loans to the Buffs lo and New York City Railroad Company, whose affairs, under the stringency of the money market, are severely embarrassed. Mr Patchin, the president of the bank. is also president of the railroad, and has assumed liabilities : which, in consequence of the difficulty in disposing of the bonds and securities of the road, have resulted in the discredit of the bank bills, which are, however, abundantly : secured by the banking department. It is believed that Mr Patchin's private fortune will be devoted to prevent loss to the depositors. The affair creates much excitement and sympathy. i FROM THE FISHING GROUNDS. BOSTON, Nov. 7-Halifax papers tate that the mackerel catchers were doing well in the vicinity of Fort Hood. The British has tried to enforce the headland limits, but the American vessels will encroach. Sixty-eight British and forty six American vessel were near Fort Hood. LATER FROM RIO. PHILADELPHIA, Nov. S.-The brig Nuble, from Rio, September 22d, arrived to day. She brings no news of moment. The city was healthy. The storeship Relief, for Montevido, was at Rio. The Grey Eagle, from Philadelphia, was discharging. Brig Helen, from Buenos Ayres for Baltimore, was loading. CANAL BREAK REPAIRED EASTON, PA., Nov. 7th-The break in the Delaware Division of the Pennsylvinia Canal, three miles below here, has been repaired, and boats are now passing again. Quite a number of boats had accumulated here since Friday, but the last of them left this morning. ATTEMPTED SUICIDE. BOSTON, Nov. -Wilson, the convict, who murdered Mr. Adams, and who has been confined in prison about a week, attempted to commit suicide this afternoon, by cutting his throat with a part of tha blade of a penknife.His recovery is doubtful. He was to have been tried at the next term. YANKEESULLIVAN IN JAIL. BOSTON, Nov. 8th.-Yankee Sullivan was safely ledged in the Jail at Lennox, in this State, last Sunday. Morissey has escaped. The Massachusetts Law punishes Sullivan's offence with five years imprisonment and a fine of $5,000. GOLD DUST COMING. NEW ORLEANS, Nov. 7.-The steamship George Law left Aspinwall for New York on the 31st of October, with the mails, 600 passengers, and $1,000,000 in gold dust, and the Star of the West with $1,458,000. HEAVY FAILURE AT BUFFALO. BUFFALO, Nov. 7.-The forwarding house which failed on Saturday was that of Lucius H. Pratt & Co. Their liabilities amount to over two hundred thousand dollars.They have made an assignment. THE WEATHER NEW YORK, Nov. 8th.-A heavy snow storm is prevailing to the eastward. It is raining here. POTTSVILLE, PA. Nov. Sth.-It has been snowing here since 9 o'clock this morning.
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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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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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BANK FAILURES.--We learn frem some of our Bankers, that the following banks have failed recently: Pratt Bank, Buffalo, N. Y. Patchin Bank, do do. Lewis County Bank, N. Y. Chautauque County Bank. Bank of Owego. Bank of Massillon, Ohio. Bank of Milford, Delaware County, New York. Stand from under :-Detroit Advertiser. We copy the above for the purpose of correcting it. We are advised by "some of our Bankers," that the only Bank in this State that has recently suspended is the Patchin Bank of this city, and its bills pass current yet. The Pratt Bank, the Lewis Co. Bauk, the Chautauque Co. Bank, the Bank of Owego and the Bank of Milford, are all doing business, with undisturbed confidence and credit here, whatever the Detroit Bankers may think of them. We hope the Advertiser will make this correction as a matter of common justice.-Buffalo - Express, Friday.
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LAND HO! Wall street is out of the woods. The tide has turned and we are bound up. Exchange on Europe has fallen below a specie point-gold is on the increase in our Banks-deposites ditto--accommodations are easily obtained-shinning on the decline-Stocks are rising-no panic among the Banks--all's safe. The Bank of Oswego is good--no Connecticut Bank has failed. The Patchin Bank of Buffalo has stopped, but its notes are secured, and it is our opinion that they will be redeemed in a very short time. The Bank of Massillon, Ohio, is said to have failed. There may be a few more failures among railroad sufferers, but the country is safe--the Banks, with a few exceptions are safe. The merchants, all who have kept out of railroads peculations are sound. Brokers and bankers except railroad bond and stock speculators, are safe. On the whole, these United States ware nearer safer. Now for higher pri ces - Bank expansions speculators glorians times-plenty of money and plnty of fun. Have mercy on all croakers and old fogies.-[Thompson's Rep.
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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.
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suspended within a few months past. For the benefit of our readers, in these times of bank suspensions, we shall keep it standing, and make weekly additions thereto: Lewis County Bank, of New York. Carthage Bank, do Milrose Bank, do Drovers' Bank, do Bank of Carmel, do Ogdensburg, do Exchange Bank Buffalo, do Patchin Bank, Buffalo, do Eighth Avenue Bank, do Bank of West Killingly, Connecticut. Bank of Ellsworth, Maine. Bank of Circleville, Ohio. Clinton Bank of Columbus, Ohio. Canal Bank of Cleveland, do. Miami Bank, Dayton, do. Woodbury Bank, Connecticut. Shipbuilders' Bank, Maine. Merchants' and Mechanics's Bank, Chicago. Union Bank, Chicago, Ill. Knickerbocker Bank, do Farmers' Joint Stock Bank, Buffalo, N. Y. Farmers' and Mechanics' Bank, Oswego. Farmers' Bank of Canandaigua. Farmers' and Merchants' Bank, Maryland. Merchants' Bank of Macon, Georgia. Milford Bank, Delaware. Merchants' Bank Burlington, Vermont. River Bank Connecticut. Cumberland Bank, Maine. Kentucky Trust Company Bank, Covington. Newport Safety Fund, Covington, Ky. Commercial Bank, Paducah, Kentucky. Trans Allegheny Bank, Virginia. Kanawha Bank, Va. Massillon Bank, Ohio. Ohio Savings Institute, Tiffin. Cochitute Bank, Boston. Elkhart county Bank, Indiana. Bank of Northern Indiana. Bank of Washtenaw, Michigan. Erie and Kalamazoo Bank, Michigan. Arlington Bank, Washington, D. C. Bank of Connersville, Indiana. Bank of Hallowell, Maine. Akron Branch, Ohio. Merchants and Trader's Branch, Cin., O. City Bank, Columbus, Ohio. Commercial Branch, Toledo, Ohio. Ashtabula Branch, Ohio. Napersville Bank, Illinois. Merchants Bank, Bridgeton. Government Stock Bank, Ann Harbor, Mich. Cuyahoga Falls Branch Bank, O. Licking Branch Bank, Ohio. Phoenix Bank, Chicago, Illinois. Du Page county Bank, Illinois. Bank of Ottawa, Illinois. State Stock Bank, Peru, Indiana. Stock Bank, Lafayette, Ind. Bank of Elkhart, Plymouth Bank, Fayette county Bank, Delaware county Bank, Logansport Insurance Company, Indiana. Indiana Stock Bank, Laport. Savings Bank, Cincinnati. Scituate Bank, Rhode Island. Wollborough Bank, New Hampshire. Bennington Bank, Vermont. Monsum River Bank, Maine. Bank of Ellsworth. Bank of Milford, Delaware.