16924. Sackett's Harbor Bank (Sackets Harbor, NY)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
October 31, 1854
Location
Sackets Harbor, New York (43.946, -76.119)

Metadata

Model
gpt-5-mini
Short Digest
22c69f71

Response Measures

Accommodated withdrawals

Description

Multiple articles (Oct–Nov 1854) report rumors of suspension but clarify they were false. The failure/assignment of the bank's president E. G. Merrick triggered a run which was promptly met and the bank remained open.

Events (2)

1. October 31, 1854 Other
Newspaper Excerpt
The Sacketts Harbor Bank was reported suspended to-day, but we are informed that there is no truth in the rumor. The President of the Bank, Mr. E. G. Merrick. has made an assignment, but the Bank, the agent states, will not be injured by his failure.
Source
newspapers
2. November 10, 1854 Run
Cause
Bank Specific Adverse Info
Cause Details
Run triggered by the failure/assignment of the bank's president E. G. Merrick and resulting public sensation/concern about the bank.
Measures
Run was promptly met by the bank; calm restored and bank not injured.
Newspaper Excerpt
The failure of Mr. E. G. Merrick ... produced a sensation in the street ... and consequently a run upon the bank, which was promptly met. All is now quiet.
Source
newspapers

Newspaper Articles (4)

Article from New-York Daily Tribune, August 25, 1854

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Article Text

to the extent vouch for nothing. Mr. Danfel Drew; but reinor we Now if the Inco Bonds any rate, is the for, current the market would experience considerable set ef. banks are down to-day the Drovers' of Milfard tank Two more free bank, and the Bank Drovers Bank, of densburg, confirmed shinplaster. The had $10,000 according Delaware to the last Controlier's $36,777 Government report. 6a. Bonds and Mortgages 21.000 Y.State $77,777 Toa! 10,00 State $76,030 N. Against circulation are buying these notes .75 ₽ There cent. was The Some brokers at present are without sale. but the a Milford notes trouble in the Sackets Harbor Bank. of serumor of Bank informs us they hold $75,000 its redempMetropolitan to that institution to cover its Mr Henry Keep pledges himself to out the of the brokers are also tions, curities and belonging Some throwing of redeem Kent Co., notes. the Farmers' and Mechanics Bank M (erchants) notes of Castleton, Bank of Ageville, only as a Bank of Macon, and South Royalton Bank, but shinBank of measure. The present epidemic among public predential promises to be quite fatal. It is time the plasters themselves against losses from such paper-mills but guarded absolutely to receive and circulate character. any by refusing notes of home banks of the most respectable that the rethe dispatch from Buffalo states Bank demption A telegraph of the notes of the Erie and Kalamazoo has not been of suspended commercial there. paper are becoming more in pass. canBuyers in their selections, but there is no difficulty The banks are tious undoubted names at 10@12 ₽ cent. dealers quite ing liberally, probably giving their the bank# are as they expect. The receipts of in the as as the Mexican money was On discounting much large, used due. call dis quite of short paper which is now falling cent. count continues very abundant at 6@7 P money Superintendent of the Bank Department Carthage expresses are the The opinion that the exourities of the Bank of sufficient to redeem the circulation. effect advices from California are to about the same success The before received- markets and good Boad & Hale as in those mining. The circular of Measra. Hussey, says: July 31-We have to advise be attributed YOU of an in unprece. part to recent of of our the dented SAN FRANCISCO inactivity in market which may beavy shipments from jobbers n eastpart confidence dread the an of undefined influence of dispose actually beavier purchases than they with can the diminutios owing the to This staples of Provisions production, rendering those In indeed, cases. many will remain its present until and little advance in anticipated, noted. have probably lightvery thu interior al. and past. most and comopen are by of months the position. Their own safety and the expowinter. that demand the country disolay interior. among confidence at has times fluctuated of our friends abroad, fully for benefit the of market dullness present undoubtedly boars propar to advise, is the most both success precious the and The In the higher moun- minere where making large returns, umbers of hinds until the rising in the streets econd the large diggers back to the gulche and ravines mountains of Real Estate and Stocks have been very willing limited Transactions Thisplay great rates Money is brick market Hasp merchandise the unsettled state cent while difficult and 6 ₽ cent. have been paid webest The following table exhibits the operations of the 1854: San Francisco Mint during thesecond quarter of the year Value. 60 oz. Weight before Weight after melting. 114,122 36 oz. $2,125.7 $ 146.63 275 75 oz. Unpatter bare.118,456 126 12 oz. Period bars.... 1,901,912.87 Coin. 116 141 11 oz. 103,635 07 02 $4,032,827 218.033 20 oz. Total 244,892 83 oz 1,623,947 The shipments of Gold-dust exhibit no decline. et The shipment 15,1852, Was. 2,012,399 1,951,953 The shipment higment of July 15,1854 was The last showing all increase of $338 006 over that of 1852, and a decrease of $59. 437 from that of 1853. The advices per Asia are commercially favorable. The weather and the promise of an abundant harves the in fine France and England has given a more buoyant tone to been financial and mercantile world. This feeling has provstrengthered by the news of the evacuation of the Chanvinces by Russia, and by the announcement by the time cellor that no more money will be needed for some purposes. Consols advanced to 931, an improve- buyer on for war of cent. Cotton was in favor of the had ment grades, but generally steady. Breadstuffe demand and an some proving tendency. Money was in active were im good supply. Large arrivals of Gold from Australia at hand. The large quantity of Dollars that remained unsold near from late arrivals have been cleared off the market from at 62d. P oz. and holders now look for an advance, purchasers requiring immediate shipments. Considerable portions of the Gold recently up have been taken for export, but the demand is less active again. Barings Circular says: @109; 108 (1868) Our quotations must be considered almost do Inscriptions as nominal. (1867) 108 109; United States 6 Bonds Alabama 5's Sterling Bonds 83; Indiana do. Deferred 21/8 @@4; Massachusetts Mis. State 102@104; Maryland 3's Sterling 92@93. sissippi Sterling Planters' Bank 50@60; Pennsylvania 5's Ia- 6's scriptions 78@81 do. Coupon Bonds 82@84; Virginia Bonds 6's 107 107 @ 91@93; do. 5'8 Sterling 92@92]; New Pennsylvania Orleans City Central 6'878@81; Railread 90@91; Canada No York and Erie, 2d mortgage, Con- do. vertible 1859, 90 @ 91; do. 3d mortgage, 1833, 81@83; 1862,741. Convertible, The London Times of Friday, 11th, says: The English Funds have been very buoyan to-day. Owing to the statement of the Chanceilor of the Ex- al. chequer last evening. that the financial arrangements of the made are likely to prove single for the service ready Conselsopened with an appearance of great firmness. Czar year. This subsequently acreased by the news of the announced to Austria whose attitude, neverthe having romaine unchang ed. his intention to retire completely fro less, m the Turkish Principalities and the highest prices state of the day were maintained to the close of business, the of the weather likewis contributing to the general feeling of confidence. The closing accounts from the Paris Bourse this evenof continuance ing show a further adv vance of more than half At per Vienus cent., speculative purchases. with there has been another improvement, the funds likewise risen 1 per cent while the rate of exchange has having experienced fresh reaction of about per cent., the quotation being 12. The private letters are cheerful in tone and cover considerable orders for bonds and shares. The remark is common in them that if we exhibited some confidence ourselves in our stocks, the orders for foreign account would be much larger. The Schuyler affair is scarcely mentioned. We hear of no securities returned for sale. About $100, Illinois State Stock have been purchased here within a few days for Europe, and the order is not yet filled.


Article from The New York Herald, October 31, 1854

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Bank Failures-Safety Fund and Shinplaster Banks. Horoly a day passes that the failure of some bank is not reported. These uspensions appear to be periodica One explosion leads to a dozen others, and the panic produced gives a good harvest t the brokers. The last failure announced was that of the Lewis County Bank, asafety fund institution of this State. Within the past few years this bank has r ken abouthalf a dozen times, notwithstanding which the public would take its bills, and it managed after every revival to get out a large circulation. It is really astonishing what :rash in the shape of bank bills gets into the hands of the poor laboring classes. After all the efforts made by the press to warn the community against spurious bank issues, it appears to be the easiest thing in the world to get up a wild cat bank, and get out a large amount ot notes. We have sometimes thought it best 10 let these swindliL '§ financiers have full swing, and let them the public That as much as they please, believin, a that nothing short of such wholesale robbery We wild bring about a proper remedy. The Legislat. TUBE of many States have done the everything in th. restection power to of establish systems bill-holder, for the of banking their keep eyes Vy open O. would if and people and carefully examine ev. ery bill offered, there would not be half so much beating. The fatures recently rep Tred are banks which never were entitled to a 'oliar of credit Their bills never were secured, a. d We doubt if any of them ever bad a dollar of Ca, mil paid its Counterfeit bills are at all times adoat and we may occasionally take one; that risk all must take: but it. is so easy to distinguish the issues of good banks from those of a shipplaster character, that we cannot satisfactorily account for the success of the scoundrels who adopt such a method of preying upon the c mmunity. The laws appear to be ineffective in reaching and .. punishing these fellows; and as all have the privilege of refusing any bill offered in payment for property or services, it rests with them to drive out of circulation bills of doubtful re putation. The safest rule to adopt is to refuse all bills not secured by the deposit of public stocks in the hands of the Comptroller of the different States. All such bills can be distinguished by any one who can read; and although there may be good bills not so guaranteed, it would be best to avoid them. When a bank established under the Free Banking law suspends. its bills suffer no ruinous depreciation in t a market, because the Comptroller holds in bas hands securities for the redemption of its issues. The banker, broker, or speculator, who may have been the owner or manager of the suspended free bank has no control over the securities with the Comptroller, and the circulation is redeemed by the State officer appointed for that purpose. The free banks of the different States can supply all the currency required by the country at large, for all the legitimate purposes of trade, and there is, therefore, no necessity for the public to take any other. The proprietors of the wildcat banks manufacture bills resembling, near as possible, those of banks in good credit, and succeed in passing them off, under such a disguise. We do n I know that any of them have gone quite so far as to represent that they were secured by the deposit of public stocks with the proper authorities; but we should not be much surprised if they should even resort to such a method to get the necessary credit to command a circulation They are capable of thing, and there is no protection but such as every man has within himself. The only way is to closely examine every bill offered in payment for anything, and refuse it upon the least doubt of its security. The bank failures within the past week or two have been as follows :Ky. Trust & Banking Co. Knickerbocker Bank, N.Y. Newp't Safety Fund Bk. Ky Eighth Avenue Bank, N. Erie and Kalamazoo Bank. Snffolk Bank, N. Y. Savings Bank, Ohio. Lewis County Bank, N. Y. Bank of Connersville, Ind. Bank of Hallowell, Maine. Elkhart Co. Bank, Indiana. Ship Builder's B'k, Maine. Northern Indiana Bank. Brunswick Bank, Maine. Bank of Milford, Delaware. Far. & Mer'ts Bk, Me mphis The Sackett's Harbor Bank and the Farmers' Bank of Saratoga County have been reported. The failure of parties connected with e ach of these banks has no doubt been the cause of the rumor, and as it is very probable that each bank has lost more or less by such failures, it would be well enough to be cautious, and get their bills redeemed as soon as possible. The trouble is not over yet. There are a few more banks of the same sort left. The Merchants' Bank of Macon, Georgia, is said to be a dangerous concern, and we have no doubt there are many much nearer home just as bad. Money is scarce and valuable just now, and all should look sharp after the dollars, particularly if they are manufactured of paper. With the high price of coal, flour, potatoes, and all the necessaries of life, the poor have immediate use for every penny they earn, and it is therefore important that they should have their eyes wide open; and when once in doubt about the value of a bank bill. at once be resolved to have nothing to do with it. It would be better to refuse half a dozen good bills than suffer a loss from one that is bad. MOVEMENTS IN CITY POLITICS-RATIFICATIONS. -We refer our readers to our advertising columns for information upon the current movements in our city politics, among the various ontesting parties. Among these movements, he most important a e, the whig ratification meeting, which comes off to-m9rrow (Wednesday) evening at the Broadway House; the hard hell ratification meeting on the same evening Preedway Taberno lest if


Article from New-York Daily Tribune, October 31, 1854

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The Clearing-House transactions were: 107.079,27S Exchanges week ending Oct. 23 $106,403,139 Exchanges week ending Oct. 30 5,637,702 Balances week ending Oct. 23 5,727,963 Balances week ending Oct. 30 Mr. John T. B. Maxwell has been appointed acting cashier of the Mechanics' Banking Association vice Mr. Cornell deceased. The Exchanges at the Clearing-House to-day were $23,143,000. The Money market has been easier in some quarters to day, but the demand is still very large, and high rates are paid on loans by parties not well known at Banks. The payments into Banks are still large, and are made with gratifying promptness. The 4th November, Saturday next, will, it is supposed, be the heaviest day of the year. A large amount of paper always matures on the November quarter, and this year the 4th comes on Saturday, which throws the payments of the 5th into that day also. The Money Brokers do not offer anything for the notes of the Lewis County Bank. The Sacketts Harbor Bank was reported suspended to-day, but we are informed that there is no truth in the rumor. The President of the Bank, Mr. E. G. Merrick. has made an assignment, but the Bank, the agent states, will not be injured by his failure. The telegraph reports that Mesars. Hambleton & Son, an extensive Dry Goods firm of Baltimore, have been forced to ask an extension. A dividend of 5 cents on the dollar has been declared to the creditors of P. B. Manchester, the absconding broker of Cincinnati. There is no doubt that the securities in the Indiana Bank Department, called, in our statement printed yesterday, "Mississippi 6's," are, in fact, Missouri 6's." The error is not ours, as in the Auditor's table they were distinctly set down as Mississippi 6's." The receipts of the Milwaukee and Mississippi Railroad for the first three weeks of October were $54,273. The estimate for the whole month was $60,000. The Chicago and Galena receipts for October will be, it is estimated, $160,000. The Pennsylvania and Ohio receipts plamise to be still larger even than the large earning", of September.


Article from The Perrysburg Journal, November 11, 1854

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# SACKETT'S HARBOR BANK. The failure of Mr. E. G. Merrick, the late president of this bank, produced a sensation in the street yesterday and Saturday, and consequently a run upon the bank, which was promptly met. All is now quiet. Mr. Merrick resigned the presidency of the bank nearly two weeks since, and his stock has passed into the hands of responsible parties, and we are assured upon the best authority that the bank is no way affected by his failure. - [Buffalo Commercial.