15034. Bank of Carthage (Carthage, NY)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
state
Start Date
August 21, 1854
Location
Carthage, New York (43.978, -75.609)

Metadata

Model
gpt-5-mini
Short Digest
a6972773

Response Measures

None

Description

Multiple contemporaneous newspapers list the Bank of Carthage (N.Y.) among banks that failed or suspended in late August 1854. No article describes a depositor run on this specific bank; sources report it as failed/suspended during a broader banking panic. I therefore classify this as a suspension leading to closure (failure).

Events (1)

1. August 21, 1854 Suspension
Cause
Macro News
Cause Details
Failed/suspended as part of a broader bank panic in late August 1854; listed among multiple contemporaneous bank failures/suspensions reported in newspapers.
Newspaper Excerpt
Bank of Carthage, N. Y., failed Aug 21, 15 discount
Source
newspapers

Newspaper Articles (9)

Article from New-York Daily Tribune, August 30, 1854

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TUESDAY, Aug. 29-P. M. The Stock market was firm to day, and prices generally were higher than yesterday. The panic feeling which has existed for several days has pretty much subsided. The improvement in Eric Bonds is a noticeable feature in the market. Incomes sold at 741 @75, and the Conver ibies of 1871 at 61, an advance in each instance of 4 โ‚ฝ cent Erie stock opened at 38, run down to 37, and closed firm at 371. New-York Central advanced to 901 under an act ve demand for cash stock. Reading was active at 60) and closing at 69, withsales to the extent of 2,000 shares Harlem was in demand at 321. Clevelaud and Totedo sold at 69. Michigan Southern and Northern Indiana are offered at 90. Cumberland advanced to 28. Nicaragua opened at 192 and closed at 202, with large sales. The transactions in Railroad Bonds are confined principally to Erie, New-York Central and Illinois Central. Of the latter $44,000 were sold at 62 to 621. The bears have within a few days been large sellers of these bonds. There was no change to-day in the Money market. The demand is active and the supply fair. The amount of good paper on the market is not large: rates 10@12 cent. for first-class commercial and 12@18 for railroad acceptances. The Bank panic is over. The following is a list of the banks that have failed, with the discounts at which they are bought in Wall-st: Drovers' Bank, Ogdensbargh N.Y., failed at 11 A. M. Aug. 24, 25 discount: Bank of Milford, Delaware, failed at 11 A. M., Aug 24, 75 discount Bank of Carthage, N. Y., failed Aug 21, 15 discount; Erio and Kalamazoo Railroad Bank, Michigan, failed at 12 M., Aug 21, 50 discount; Back of Washtenew, Michigan, failed at 12 M., Aug. 21, discount - Farmers and Mer. chants Bank of Memphis, Tenn. failed at 12 M Aag. 16, discount 75; Adriance Insurance Company, 50 discount. It will be seen by the following notice that the Government is again in the market for the purchase of its debt, contrary to general expectation. TREASURY DEPARTMENT Aug. 26. 1854 Notice is hereby given 10 the Sockholders the follow derecribed stocks of the United States that this partment is pared to purchase at city time b. tween the date thereof and the 20th day of Nov. D x1. portions of those stocks nour ing in the aggregate 10 $3,840,000 in the manner and oz the terms hereinafter menticked I. case of EDV contingent competition. within the amount stated. preference given in the order of time in which and stocks may be offered. The resigned to th United States, by the parties who are to receive the amount thereof. must be trans milled this de ariment: upon the thereof. a price will be paid, componne(c) of the following 1. The par valan or in each certificate. 2. A premium on the stock of the authorized by the act of of July 1810. reseemable Nov. 12 1836 of sp cent. of the since the loan authorized by the act of 1642, redeemable 31. D 1862 of 11 P cent. on the stock of the loans authorized by the note of 1847 ALO 1848. and redeemable. the former on the 31st of Dec. 1867 and the latter OL the 30th June, 1868. of 16 โ‚ฝ cost and on the stock of the authorized by the ac of 850 and redeemship on the Slet of Dec. 1864, monty called the Tuxan indemnity 16 โ‚ฝ cent. 8. Interest on the per of each certificate from the 1st of Jaiy. 1854 to the date receipt and settlement al the Treasury with the allowerce (for the money to reach the owner) of one day's interest in addition. Payment for said stocks will be made in drafts of the Treasurer of the United States or. the Assistant Treasurer at Bosiun. New York 01 Priladelphia 88 the parties may direct But DO certificate will be entitled to the benefit of this notice which shall not be actually received at the Tressury on or before the said 20th day of Nov. belt JAMES GUTHRIE Secretary of Treasury It is a little singular that this announcement should be made just at this time, and there are those who are ungenerous enough to think that there has been collusion between the managers at Washington and the managers at Albeny. The State Loan of $1,250,000 is to be awarded on the 31st instant, and undoubtedly a great many bids have been sent in by country Banks. predicated upon the supposition that the UnitedStates would not be in the market just at present. This notice appears at 80 late & day that they will net have time to change their bids, and the loan will be taken by others, at three or four per cent. higher then it otherwise would. Freights are dull. To Liverpool 1,200 bales Cotton at d. A brig from New-York to Montevideo, Lumber $18. Coal vessels are wanted for Baltimore. Eastern freights are active. The payments through the Clearing-House to-day amount to $15,323,161.3 and the balances to $114,983 65. Mexers. Winslow, Lanier & Co. announce by advertisement in another column that they will pay, on the 1st Sop-


Article from Eastern Times, August 31, 1854

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The New York Journal of Commerce of Friday says, in that city there is an active demand for money, but prime business paper is selling readily, and there is a good deal of activity at the note brokers. There are a number of country banks, mostly outside of this state, which are refused in Wall street. Among those which have suspended we learn of the Bank of Carthage, and Drovers' of Ogdensburg, both in this state, and the Milford Bank of Delaware.


Article from The Daily Union, September 2, 1854

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TWO arrivals this morning from Paramaribo. It is said they bring accounts to a respectable firm in this city that several cases of cholera had occurred at Niskerie, and that in consequence all vessels arriving in Paramaribo from that place were placed in quarantine. It is further said that the disease had been carried there by a vessel from Barbadoes which went for timber. The Surinaamsche Courant of the 6th July gives an account of the anniversary meeting of Moravian Brothers on the 4th of same month. The secretary of the society (Mr. H. C. Focke) gave some interesting accounts of the earliest origin of the Surinam branch. In 1735 they began their labors among the Caraib Indians. In 1776, on the 21st of July, they baptized the first negro slave, and gained thereby the good-will of the governor at that period, (Governor Nepven ;) they succeeded in building a small church, which was enlarged gradually until 1828, when the present large edifice was erected. In 1776 they obtained permission for the first time to slaves. instruct in the Christian religion fifty-two plantation When the present branch society WAS formed in Paramaribo, twenty-five years ago, the members were 970 in number, and they visited about six plantations in the "Commeweini." In a quarter of a century the members have increased in the following wonderful ratio: 5,135 in town, and 14,284 in the neighboring districts-together, 19,419. There are 28 working brothers and 24 sisters together laboring in their good work on 136 plantations. The expenditure of the society has amounted to the important sum of 101,828,074 guilders, (nearly 40,000 Spanish dollars,) 80,630 of which the government has most considerately paid. The meeting was crowded to excess. His excellency the governor, all the civil and military authorities, members of all professions, &c., were in attendance. The Week Blad shows by the register of the military hospital in Paramaribo that from 1839 to 1853, out of 12,681 patients, 839 died. The result of their observations is, that death is far less frequent among Europeans than any other class in proportion to population. PENNSYLVANIA STATE FAIR.-The Philadelphia Horticultural Society has resolved to hold no separate fair this season, but, instead thereof, to solicit all contributors to send their horticultural products to the great Pennsy Ivania State fair, which will be held at Powelton, on the outskirts of Philadelphia, commencing on the 26th of September. The Poultry and Bird Fanciers' Association will also cooperate in rendering the State fair attractive. As regards the Franklin Institute, the North American thinks they, too, will wisely resolve to make their usual display in conjunetion with the State Agricultural Society. BEAUTIES OF KNOW-NOTHINGISM.-Thetoat number of killed during the St. Louis riot was ten, and some of the wounded, at last advices, were still in a dangerous condition. It is estimated that 2,000 pistols and 500 bowie knives were sold in the city while the riots were in progress. EXTRAORDINARY PERFORMANCE OF A LOCOMOTIVE.-The locomotive Nashville, belonging to the C. C. and C. and E. R. R. Company, George Westfall engineer, ran from Columbus to Erie, and forty miles back, or in all 295 miles, with one tender of wood. This fact is unprecedented in the history of locomotives, and we challenge the world to produce: like instance.-Oteveland-Herald. THE CHOLERA AT FALL RIVER.-The New Bedford Standard learns that the number of fatal cases of cholera in Fall River, between Saturday noon and 7 o'clock Tuesday morning, was 33. There is, as yet, no abatement in the ravages of the disease. The authorities of the city are taking every precautionary measure to stay the ravages of the disease. A young Irish couple were married on Saturday evening, and on Sunday the bride died of cholera at Fall River and was buried! A sad conclusion to a hopeful and happy matrimonial alliance. Miss Dix embarks for Europe in the steatmer Baltic today, for the improvementof her health New Hampshire is the most free from colored population of any State in the Union: there are towns in the State in which a black face was never seen. THE BROKEN BANKS.-The following are the prices paid by the brokers for the notes of banks which have recently failed: 75 cents. Drovers' Bank, Ogdensburg 81 Bank of Carthage 50 Erie and Kalamazoo Railroad Bank : 50 Canal Bank, Lockport " 25 Bank of Milford, Delaware " Bank of Washtenaw, Michigan 25 Farmers and Merchants Bank, Memphis " 50 Adrian Insurance Company, Michigan All Wisconsin, Illinois, and Indiana notes are from 2} to 5 per cent. discount Atlas. THE CHOLERA IN Boston.-The whole number of deaths by cholera in this city thus far the present season is about 225. In 1849, when the disease became an epidemic, the number of its victims to the last of August was about 400; and when it ended, about the first of October, the number had reached something over 600.-Boston Transcript APPLES AT THE WEST - Letters from residents in the western part of the State of Ohio mention that the crop of apples in that vicinity is very large, and the fruit is sold at low rates. Good apples are plenty at from 30 to 40 cents A bushel.-/b. SINKING OF A RAILROAD.-The track of the Milwaukie and Mississippi railroad has sunk about eight feet where the road runs on the marsh land, between Second and Third lakes, about eight miles from Madison, Wisconsin The track lies six feet under water for a space of about 140 rods. The growth of Iowa is surprising. The St. Louis News says that the vote of the last spring election shows a great the


Article from Grant County Herald, September 11, 1854

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# Summary of the Late Mails. Potatoes are selling at $2 per bushel in New York city. This is the price of the finest Genesee wheat at the mills in Rochester. Potatoes are rising to the station and character of costly luxuries in the market. Mr. Abel Hawley, who had the contract for dredging the harbor of Dubuque, gives up the job. He loses all his labor. The work he considers impracticable, the sand filling in about as fast as it can be cleared. It is thought docking must become the word there. John Van Buren's health is said to be poor, and that in consequence, he will soon return home from England. For the week ending August 26, 137 died in New York of cholera; in Boston, 26. The steamer Timour No. 2, exploded on the 26th ult., below Jefferson City. Some fifteen or twenty persons are killed and missing. The boat was so badly injured she immediately sunk. Hon. Thomas Clayton died at his residence in Newcastle, Delaware, on the 21st ult., aged 77 years. The last number of Thompson's Reporter gives the following list of recent Bank failures: 'Drover's Bank,' Ogdensburgh, N. Y.; 'Bank of Milford,' Delaware; 'Bank of Carthage,' N. Y.; 'Erie & Kalamazoo R. R. Bank,' Michigan; 'Bank of Washtenaw,' Michigan; 'Farmars' and Merchants' Bank of Memphis, Tenn.; 'Adrian Insurance Co.' John Townsend, Esq., one of the most influential men of Albany, died recently. Much commotion exists in Mexico, and revolution is the order of things; but the end time alone will develop. On the 13th of July a pitched battle was fought between two parties of Chinese at Weaverville, Trinity Co., Cal. 10 were killed and many wounded. On one side were over 400, and 120 on the other. At the late fire in Milwaukee, the Sentinel estimates the total loss at $381,900, of which amount $233,050 was covered by insurance. The Congregational Society at Madison have secured the services of Rev. Mr. Gould, of Kenosha, temporarily. He is much liked. The Baptist Church, at the same place is completed, and was dedicated on Sabbath week. It is a brick building, 78 feet long, by 48 wide. It contains 70 slips. The Adrian Watchtower contradicts the reported failure of the Erie & Kalamazoo Railroad Bank. South Carolina gets appropriations to the amount of $145,000 for public works from Congress. How much does Wisconsin get? In the Missouri Legislature the following is the state of parties: Whigs 62; Benton Democrats 39; Anti-Be ton 61. Tie 1. The Janesville Free Press of the 5th inst. says: The Methodist conference for Wisconsin and Minnesota, is now in session in this city and probably will continue most of the week. There are about 160 preachers present and the deliberations are conducted with much harmony and ability. On the day following the recent Southern Wisconsin R. R. meeting at Monroe, Green Co., the people of that town subscribed $68,000 to the stock of the company. The total population of Elkhorn is 654. The Kansas river is navigable for 900 miles to steamers drawing five feet of water. It is rumored that a lodge of Know-Nothings has been instituted, or is about to be instituted in Madison. Quite a panic prevails in Savannah in consequence of the increase of the yellow fever, and the citizens were rapidly leaving. At Charleston, also great uneasiness was manifested, and preparations were making to open a yellow fever hospital should the disease become an epidemic. Yellow fever in New Orleans is on the increase. In the whole city the deaths for the week ending on the 28th ult., ran up to 187. At a recent anti-Nebraska meeting, at Canton, St. Lawrence Co., N. Y. Preston King offered a resolution in favor of Col. Benton for the next President. At an Anti-Nebraska Mass Convention, held at Rockford Ill, on Wednesday the 30th ult., Hon. E. B. Washburne, the present able and faithful respresentative of the Jo Davies District in Congress, was re-nominated by acclamation.


Article from Plymouth Advertiser, September 23, 1854

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at It is understood that the Dovers Bank and the Bank of Carthage, New York, recently suspended, will be rasus. sitated, within a few days.


Article from Plymouth Advertiser, October 27, 1854

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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.


Article from The Weekly Portage Sentinel, November 29, 1854

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# Broken Banks. The following is a list of Banks, that have suspended within a few months past. For the benefit of our readers, we shall keep it standing, and make weekly additions thereto, of such failures as come within our knowledge: Patchin Bank, Buffalo. Farmers' and Merchants' Bank, Oswego. Farmers' Bank of Canadaigua. Drovers' Bank, Ogdensburg. Bank of Carthage. Farmers' and Merchants' Bank, Maryland, Massillon Bank, Ohio. Farmers' and Merchants' Bank, Memphis. 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 Washlenaw, Michigan. Erie and Kalamazoo Bank, Michigan. Newport Safety Fund Bank Kentucky. Kentucky Trust Company. Bank of Kanawha, Virginia, Arlington Bank, Washington, D. C. Farmers' and M. Bank, Washington, D. C. Bank of Connersville, Indiana. Bank of Hallowell, Maine. The Shipbuilders' Bank, Maine. Lewis County Bank, New York. Akron Branch, Akron. Merchants and Traders Branch, Cin. Exchange Bank, Buffalo. Farmers' Joint Stock Bank, Buffalo. Woodbury Bank, Connecticut. Circleville Bank, Circleville. The City Bank, Columbus, Miami Valley Bank, Dayton, and the CanalBank of Cleveland have suspended payment so far as depositors and time draft holders are concerned, but the bill holders are secured by State and United States Stocks.


Article from The Weekly Portage Sentinel, December 6, 1854

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FLOUR * ะฒั‹. Ex. $10,00, com. 8,00@9,50 1,85@1,90 WHEAT if Bush. 80@ RYE if Bush. 75@ CORN if Bush. 40@ OATS P Bush. 1.25@ FLAX SEED P Bush. 3,25@3,00 TIMOTHY SEED P Bush. - 5,00@5,50 CLOVER SEED if Bush. 1,00@1,25 BEANS, white, P Bush. 1,00@1,25 POTATOES P Bush. 50@ 75 ONIONS P Bush. - 18@ BUTTER t 1b $ to - 8@ CHEESE if lb 10@ LARD P tb 12@ EGGS P Doz. 2,00@ SALT P Bbl. 3,00@4,00 COAL, stone, if Ton & 1,25@1,75 WOOD P Cord 1 9,00@10,00 HAY * Ton Broken Banks. The following is a list of Banks, that have suspended within a few months past. For the benefit of our readers, we shall keep it standing, and make weekly additions thereto, of such failures as come a ithin our knowledge: Patchin Bank, Buffalo. Farmers' and Merchants' Bank, Oswego. Farmers' Bank of Canadaigua. Drovers' Bank, Ogdensburg. Bank of Carthage. Farmers' and Merchants' Bank, Meryland, Massillon Bank, Ohio. Farmers' and Merchants' Bank, Memphis. Ohio Savings Institute, Tiffin Cochituate Bank, Boston. Bank of West Killingly, Connecticut. Eighth Avcnue Bank, New York. Bank of Ellsworth, Maine. Elkhart County Bank Indiana. Bank of Northern Indiana. Bank of Washlenaw, Michigan. Erie and Kalamazoo Bank, Michigan. Newport Safety Fund Bank Kentucky. Kentucky Trust Company. Bank of Kanawha, Virginia, Arlington Bank, Washington, D. C. Farmers' and M. Bank, Washington, D.C. Bank of Connersville, Indiana. Bank of Hallowell, Maine. The Shipbuilders' Bank, Maine. Lewis County Bank, New York. Akron Branch, Akron. Merchants and Traders Branch, Cin. Exchange Bank, Buffalo. Farmers' Joint Stock Bank, Buffalo. Woodbury Bank, Connecticut. Circleville Bank, Circleville. Commercial Bank, Toledo. Merchants Bank, Bridgton. Government Stock Bank, Ann Arbor, Michigan, The City Bank, Columbus, Miami Valley Bank, Dayton, and the CanalBank of Cleveland have suspended payment so far as depositors and time draft holders are concerned, but the bill holders are secured by State and United States Stocks.


Article from The Weekly Portage Sentinel, December 13, 1854

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UR P Bbl. Ex. $10,00, com. 8,00@9,50 1,85@1,90 HEAT P Bush. 80@ E P Bush. 75@ RN P Bush. 40@ TS P Bush. 1.25@ 1X SEED P Bush. 3,25@3,00 ")THY SEED if Bush. 5,00@5,50 OVER SEED P Bush. 1,00@1,25 ANS, white, P Bush. 1,00@1,25 TATOES P Bush. 50@ 75 IONS P Bush. - 18@ TTER P lb 8@ EESE P It, 10@ RD P tb 12@ GS P Doz. 2,00@ LT P Bbl. 3,00@4,00 L, stone, P Ton 1,25@1,75 OD P Cord 9,00@ 10,00 Y P Ton Broken Banks. The following is a list of Banks, that e suspended within a faw months past. the benefit of our readers, we shall P it standing, and make weekly addiis thereto, of such failures as come ithpur knowledge: Patchin Bank, Buffalo. l'armers' and Merchants' Bank, Oswego. "armers' Bank of Canadaigua. Drovers' Bank, Ogdensburg. Bank of Carthage. 'armers' and Merchants' Bank, Maryland, Massillon Bank, Ohio. 'armers' and Merchants' Bank, Memphis. Ohio Savings Institute, Tiffin Cochituate Bank, Boston. Bank of West Killingly, Connecticut. Cighth Avenue Bank, New York. Bank of Ellsworth, Maine. Clkhart County Bank Indiana. Bank of Northern Indiana. Bank of Washlenaw, Michigan. Erie and Kalamazoo Bank, Michigan. Newport Safety Fund Bank Kentucky. Kentucky Trust Company. Bank of Kanawha, Virginia, Arlington Bank, Washington, D. C. Farmers' and M. Bank, Washington, D.C. tank of Connersville, Indiana. Bank of Hallowell, Maine. The Shipbuilders' Bank, Maine. Lewis County Bank, New York. Akron Branch, Akron. Merchants and Traders Branch, Cin. Exchange Bank, Buffalo. Farmers' Joint Stock Bank, Buffalo. Woodbury Bank, Connecticut. Circleville Bank, Circleville. Commercial Bank, Toledo. Merchants Bank, Bridgton. Government Stock Bank, Ann Arbor, ichigan, The City Bank, Columbus, Miami Valley nk, Dayton, and the CanalBank of Clevend have suspended payment so far as desitors and time draft holders are concerned, it the bill holders are secured by State and nited States Stocks.