Oliver Lee & Company's Bank

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: June 2, 1846
Location: Buffalo, New York (42.886, -78.878)

Metadata

Model: gpt-5-mini
Short Digest: 6cb9f25a

Response Measures

None

Description

The single article (June 2, 1846) lists Oliver Lee's Bank of Buffalo among banks reported as 'doubtful' or having suspended payment. The text does not describe a depositor run, receivership, or permanent closure — only that the bank was 'doubtful' and its notes were secured by state stocks. Because there is no evidence of a run or of permanent failure in these snippets, I classify this as a suspension (no run) with unclear outcome; I select suspension_reopening as the most likely category but this is uncertain given limited reporting.

Events (1)

1. June 2, 1846 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Reported 'doubtful' suspension of payment; notes secured by state stocks but uncertain whether securities cover outstanding notes; implies bank-specific solvency concerns rather than a rumor or a run.
Newspaper Excerpt: Oliver Lee's bank Buffalo, as being doubtful.
Source: newspapers

Newspaper Articles (1)

1. June 2, 1846 Southport Telegraph Kenosha, Southport, WI

Article from Southport Telegraph, June 2, 1846

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Article Text

SEARS & GRIFFETH. Look out for bad Money.-The Bank of River Raisin, Michigan has gone by the board. As usual we are told, the assignees advise holders not to part with their Billls, at a sacrifice, as, say they, the Bank will pay dollar for dollar. We rather think the people are too old for these tricks. Every sane man knows that the Bank will pay just about no:hing on the dollar and we advise all who hold the Bills to get rid of them as fast as they can and for what they can. We copy in addition the following from an exchange. Dishonored Banks.-The notes of the Lewis Co. Bank are not redeemed at the Albany agency. This is a safety fund Bank, which was in dishonor some years ago, but was brought into credit again. The White Plains Bank does not pay, and its notes are only bought by the brokers at 75 and 80 cents on the dollar. The Farmers and Drovers Bank of Erie county, must also be added to the list of delinquents. The notes are 10 per cent discount.-[N. Y. Jour. of Com. In addition to the above, private advices received from the East by the Illinois last evening, report the following Banks. as having suspended payment: Dansville, Fort Plain, Essex county, Whitehall, and St. Lawrence county, and Oliver Lee's bank Buffalo, as being doubtful. The notes of all these banks are secured by State stocks in the hands of the comptroller: but whether the securities will COVer the full face of the outstanding notes, remains to be seen.