Pratt Bank (Buffalo, NY)

Episode Information

Episode UID
5606847990694
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
560684799 hash
Start Date
October 12, 1857
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
c4890343bf676d5b

Response Measures

None

Description

Closure occurred during the nationwide October 1857 financial panic.

Events (2)
1. October 12, 1857 Suspension
Cause
Macro News
Cause Details
Closed during the nationwide financial panic of October 1857 and general runs/suspensions among banks.
Newspaper Excerpt
The Pratt Bank has closed its doors.
Source
newspapers
2. April 1, 1858 Receivership
Newspaper Excerpt
Pratt of Buffalo ... failed to redeem their notes (listed among banks that have failed to redeem their notes).
Source
newspapers

Newspaper Articles (12)
1. October 10, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 10, 1857

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than the market could bear, being forced to B sale; and a panic prevailing, which brought sales of Bowery down from 64 to 26, and pro. duced quite a run upon the Park. The official list of discredited banks will be found in another column. The only new one included in the list is the Pratt Bank of Buffalo. At a late hour yester. day afternoon the Bowery Bank of this city stop. ped payment, and the Joint Committee of the Clearing-House decided in the course of the evening to throw it out. Bill holders are amply secured, and the bills will be received by all the banks in the city at par. Exchange was heavy as ever yesterday and negotiations as difficult. The following list comprises the principal failures in the city yesterday, as well as those received by telegraph: THE BOWERY BANK, New-York City. HARPER & BROTHERS, Publishers. WOOD & GRANT, Grocery Houses. HOPPOCK & GREENWOOD, CONNELLY & ADAMS, G. S. HILMAN, Tobacco Dealers. BUCKLEY & MOORE, BAPTIST & WHITE, BRUMMELL & ROYSTERS, Drafts from the South on these latter firms have gone back under protest, both for non-payment and non-acceptance, and a committee has gone to Virginia to obtain if possible an extension of time. LYMAN A. GEORGE & Co., straw and ribbon dealers, Boston. MILTON GALE, dealer in oil and leather, Beston. NASH, FRENCH & Co., boot and shoe dealers, Boston. HARKNESS & STEAD, manufacturers, Providence, assigned, in consequence of the failure of Nesmith & Co., and other commission houses abroad. Accounts from all sections of the country show with what anxiety the condition of monetary affairs in this city is looked to. The gloom of Thursday produced more or less depression everywhere, except in Philadelphia and Baltimore, which had already touched bottom. Otherwise advices from abroad are not discouraging. Every day it is more and more evident that upon New York is to fall the brunt of the battle, and that the rest of the country will stand or fall with her. We trust and have every reason to hope that no other city Bank will follow the example of the Bowery in suspending payment. Her bills are amply secured, and will be taken at par by the other Banks of the city.

2. October 13, 1857 Evening Star Washington, DC
Article from Evening Star, October 13, 1857

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TELEGRAPHIC NEWS From the Associated Press Agent. The Financial Crisis, &c. NEW YORK, Oct. 12-The stock market in 10. day In a state of extreme depression. The feeling among merchants is one of great discouragement, but decideely in favor of the banks maintaining specie payments. The bank officers at a meeting held to-day declared unanimously that they would maintain specie payments all hazards. It is rumored that strong efforts are making by Albany banks to compel the New York city banks to suspend, and that the Governor expressed his willingness to call an extra session of the Legislature immediately, if necessary, to meet such an emergency. Among the resolutions passed bythe bank officers to-day the following: "Resolved, That in the judgment of this meeting no further contraction of loans is necessary, nor will there exist any.onstacleto such expansion of them as will afford necessary aid to bring forward the crops and alleviate the present commercial distress, unless it sball be created by the demands of causeless alarm." Two small city banks recently established are reported to have failed this afternoon. The report needs confirmation. There is a general drain upon all the banks In various ways, but the only serious features is the Inclination shown by depositors in some of the old banks to punish them for refusing facilities in the way of discounts. by drawing their deposits. The street is unusually excited. The Grocers' Bank of this city has suspended. It is understood that the bank contractions for the week will exceed $5,000,000. BUFFALO, Oct. 12.-The Pratt Bank has closed its doors. BOSTON, Oct. 10 -The Transcript learns from official sources, that in consequence of a delay in remittances from the East, and almost a total suspension of paper negotiations here, the Michigan Central Railroad has found it necessary to postpone the payment of its bills payable, until it can realize funds from the proposed subscription to its bonds on the 10th of November next. The payment of the coupons will be continued as usual. Sr. LOUIS, Oct. 12.-A. J. McCreary & Co., dry goods dealers, have suspended Also, Doane, King & Co., and Collins, Kirby & Co. The liabilities of the latter are about $1,000,000 each. AUGUSTA, Oct 12-The Southwestern Railroad Bank and the Bank of South Carolina, located at Charleston, have failed. There was quite a run on all the banks of Charleston to-day. NEW ORLEANS. Oct. -The failure of Messrs. Coming & Co., of New York, will not affect the Southern Bank. There are rumors this evening of some failures, but they are not authenticated Business is unsettled. [SECOND DISPATCH.] NEW YORK, Oct. 13-The Marine, Pacific, Irving, Merchants' Exchange, North River, New York Exchange, Citizens, and Ocean banks have suspended-eight in all. E. Fish & Co., and Brown & Cary, merchants, have suspended. Also, the Chatham and Bull's Head banks have suspended

3. October 13, 1857 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, October 13, 1857

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BANK FAILURES.-Buffalo, Oct. 12.-The Pratt Bank closed its doors today. Nem York, Oct. 12.-The Grocer's Bank suspended this morning. Messrs. Corning & Co., bankers, failed on Saturday. They have been embarrassed by Brooklyn city stocks, of which they hold half a million. and by their inability to sell Exchange on London, where they have one hundred and fifty thousand dollars to their credit. New York Weekly Bank Statement.-The weekly bank statement shows a contraction of loans during the week of about five millions.

4. October 13, 1857 The Evansville Daily Journal Evansville, IN
Article from The Evansville Daily Journal, October 13, 1857

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Financial. NEW YORK, Oct 12-M The East River Bank of this city has suspended specie payment. Corning & Co.'s suspension is announced. The firm are heavy stockholders in the Southern Bank of New Orleans. CLEVELAND, Oct 12-M The Cuyahogo Steam Furnace Company has assigned. Assets $100,000 over liabilities. Two hundred men were thrown out of employment. Chicago, Oct 12-P M Wadsworth & Co., bankers, failed to-day. Assets 3 to 1 of liabilities. BUFFALO, Oct 12-P M The Pratt Bank hasclosed its doors. NEW YORK, Oct 12-P M The Grocers' Bank of this city suspended this morning. It is understood that the Bank contractions fer this weak will reach five millions. BANK STATEMENT.-Increase of specie, $76,000; Decreas of loans, $4,018,000. Decrease of circulation $392,000; Decrease of deposits 84 677,000. BOSTON, Oct 12-P M The Mich. Central Railroad asks an exten sion on paper maturing now, till funds are realized from the proposed loan. The coupons will be paid as usual. No change is necessary in the management of the road.

5. October 13, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 13, 1857

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statement of the South Carelina Banks, but, according to our best remembrance, the disproportion between the specie in their vaults and their circula? tion is something like five to one. If this be the case, the wonder is that the run did not begin before this. The following is the bulletin of the day, comprising only those corporations and private persons known to have gone under. THE GROCERS' BANK of this City, suspended payment. Its circulation is amply secured. It originated in a split in the North River Bank, and its failure is regarded as of no great consequence. THE PRATT BANK of Buffalo, suspended payment. THE Banks of CLYDE and LOWVILLE, thrown out by the Metropolitan. THE TOMPKINS COUNTY BANK, discredited by brokers. THE SOUTH-WESTERN RAILROAD BANK, S. C., suspended payment. THE CUYAHOGA STEAM FURNACE Co., Cleveland, Ohio, assigned. DYKERS & ALSTINE, Brokers, among the oldest and wealthiest at the Board, suspended in consequence of inability to respond to their call loans. HALL, DANA & Co., a commission house, doing & very large business. LUDLAM, LEGGETT & Co., 8 rich produce house. L. C. WILSON & Co., one of the largest of our dry goods houses. CARHART, BACON & CLARK, cloths. KETCHUM, MONTROSS & Co. DEAN, KING & Co., St. Louis. A.J.McCREARY & Co., COLLINS, KIRBY & Co., WADSWORTH & Co., barkers, Chicago, suspended. Their assets, as compared with their liabilities, are said to be as three to one. In Philadelphia, several old houses, doing an extensive business, are reported to have failed. There are rumors touching several houses in New. Orleans, but they are not authenticated. The Southern Bank, thought to be endangered by the failure of Messrs. Corning & Co., still stands. In Boston the Money market is stringent, and sales are few and at low prices. The bank officers held a meeting yesterday, at which they resolved to maintain specie payments and to expand their loans so far as to "afford the "Becessary aid to bring forward the crops, and alleviate the present commercial distress, unless "it shall be created by the demands of a causeless "alarm." We trust that every one will take the last clause into serious consideration before aggra. vating & necessary pressure by assisting to create an unnecessary panic. These resolutions, if put into action, will do much to relieve the country. The state of the stock and money markets in all other respects, except those noticed above, remains substantially the same.

6. October 14, 1857 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, October 14, 1857

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SUSPENSIONS. CLEVELAND, Oct. 12.-The Cuyahoga Steam Furnace Company has assigned. Their assets are estimated at $100,000 over their liabilities. Two hundred men have been thrown out of employment by the consequent stoppage of the works. BUFFALO, Oct. 12.-The Pratt Bank, in this city, has closed its doors.

7. October 15, 1857 The Daily Gate City Keokuk, IA
Article from The Daily Gate City, October 15, 1857

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News. The following banks are reported suspended on the 13th : Marine, Ocean, Merchants' Exchange, N. Y. Exchange, North River, Irving, Citizens', Chatham, Bulls Head, St. Nicholas, and Market. There is a general run on the Wall Street banks, and intense axcitement prevails in the street. Policemen are stationed at many of the banks to preserve order. Banks.-We add to our list of suspended Banks: Pratt Bank, Buffalo, Pine Plains. The Bank of Worthington, N. Y., and Marine, Chicago, are againreceived. Samuel Hueston, of New York, the publisher of the Knickerbocker Magazine, died Tuesday of last week.

8. October 21, 1857 The River Falls Journal River Falls, WI
Article from The River Falls Journal, October 21, 1857

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The Very Latest. By the Milwaukee, which arrived last evening we received the following late news; SUSPENSION OF HARPER BROTHERS. This extensive publishing house in New York has gone down In the general crash. A dispatch from Augusta (Gn.) says the South Western Railroad Bank and Bank of South Carolina have suspended. FIRE IN CHICAGO.-A fire which broke out in Chicago, destroyed property to the amount of $100,000. SUSPENDED.-Wadsworth & Co. bankers, of Chicago suspended on the 12th. The Grocers bank of New York, has suspended. J. Morrison broker, of Cleavland has suspended. Corning & Co. of New Orleans have failed Collins, Kirby & Co of New York are down. Liabilities $1,000,000. The Pratt bank of Buffalo has closed its doors. There is nothing new to notice in money affairs. Stringency continues and what little transactions take place at the Brokers Board are mostly pressed sales.St Paul Times.

9. October 22, 1857 The Weekly Pioneer and Democrat Saint Paul, MN
Article from The Weekly Pioneer and Democrat, October 22, 1857

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Financial Matters. NEW YORY, Oct. 12-The Grocers' Bank of this city has suspended and closed its doors to-day. Bill-holders are safe enough. No improvement to-day in money affairs. Besides the Grocers Bank suspension, there were a few important failures of merchants. There is a rumor that a party of business men have gone to Albany to urge the Gov. ernor to call an extra session of the Legislature. At the clearing house to-day, it was resolved by the banks to maintain specie payments at all hazards. The failure of the Grocers' Bank created no excitement. The other banks will continue to receive its bills on deposit. There was a renewal this morning of the run on the Brooklyn Savings Bank, but all demands were promptly met. There was also a straight run on the Marine Bank and Grocers' Bank. Despatches from St. Louis announce the failure of Doane. Kink & Co., and Collins Kirby & Ce. of that city. Each with Habilities in Atlantic cities of one million. The sailing of the steamer Atlantic for Liverpool has been postponed until the 24th. The weekly Bank statements shows an increase of specie $75,000. Decrease in all other loans, $4,007,930. Circulation $302,504. Deposits. $1,000,000. Total specie $18,000,000. BOSTON, Oct. 12.-Stringency continues, and what little transactions take place at the broker's board are mostly pressed sal S. The directors of the Michigan Central Railroad publish a card. asking anextension on its paper, maturing between the present date and such time as the funds can be realized from the proposed loan. advertisal for the loth of November CHICAGO, Oct. 12-The banking house of Wadsworth & Co., suspended this morning. Assets largely exceed their liabilities. Augusta. Oct. 12-The South Western Railroad Bank. and the Bank of South Carolina, suspended this afternoon: Buffalo, Oct. 12-The Pratt Bank of Buffale closed its doors to-day. NEW Orleans, Oct. 12-There is a IIImor that Gen. Wararse has been assignated for the Presidency. Insurgents south still hold out. Robberies rife throughout the country. The health of Vera Cruz is improving. The New Orleans failure of Corning & Co. will not effect Southern Banks. Rumors of some failures this morning, not yet anthenticated. Business unsettled. CHICAGO, Oct. 12-About half past two o'clock yesterday morning a fire broke out on State street. between Monroe and Adams streets, destroying almost the entire block. Seventeen dwellings anda number of stables were consumed. Loss estimated at $125,000. Insurance not ascertained. NEW ORLEANS, Oct. 10.-The ship Sultana, from New York, has arrived and reports passing on the 22dult., off North Carolina Coast. the corpses of four men, and a piece of wreek supposed to belong to the Central America.

10. October 28, 1857 The Spirit of Democracy Woodsfield, OH
Article from The Spirit of Democracy, October 28, 1857

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List of Suspended, Depreciated and Discredited Banks. Leather Manufacturers' Bank, New York City; Hudson County Bank, Jersey City; Broadway Bank New York City; People's Bank New York City; Bank of New York; Farmer's Bank, Petersburgh, Va; Union Bank, New Orleans; Marine Bank, N. Y. City; Tradesman's Bank, " " " " Artisan's Bank, Butcher's and Drover's Bank, New York city; Market Bank, New York City; " " St. Nicholas Bank, " " Pacific Bank, " " " " Irving Bank, " Merchants Exchange," " " North River Bank, " New York Exchange," " " Citizens' Bank, " " Ocean Bank, " " Chatham Bank, " " Bull's Head Bank, " " East River Bank, Pratt Bank, Buffalo, New York, Belleville Bank, Illinois; " Bank of Chester, Stock Security Bank, Illinois; " Corn Exchange Bank, Bank of Pike County, " State Bank of South Caaolina, Charleston;

11. April 8, 1858 The Weekly Pioneer and Democrat Saint Paul, MN
Article from The Weekly Pioneer and Democrat, April 8, 1858

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Financial and Monetary Affairs. THOMPSON'S Reporter, of the 1st inst., mentions, as a gratifying fact, that of the great number of banks which were thrown out and proclaimed broken by the Suffolk Bank of Boston and the Metropolitan Bank of New York, only a very few have really failed. The Reporter says: Maine had 72 banks in good standing in August, four of which have failed, viz: Hallowell, Grocers', Hancock and Sanford. New Hampshire had 52 banks; only one, the Exeter, has failed. Vermont had 43 banks; two only, the Danby and the South Royalton, have failed. Massachusetts had 173 banks; one only, the Western Bank, of Springfield, has been closed, and the notes of this are redeemed in full. Rhode Island, the only New England State where stockholders are individually liable, has caused more loss to the people than all the other Eastern States. She had 100 banks, 6 of which have failed, viz.: South County, Farmers', Hopkinton, R. I. Central, Republic, and Tiverton. Most of these had a large circulation. Connecticut had 80 banks; 4 have failed, viz.: North America, Colchester, Merchants' Exchange, and Granite. The first will resume soon, and the two last were shut up before the panic commenced, by the Bank Commissioners, because they were not properly organised. New York City had 55 banks in good credit when the panic broke out, the notes of which are all redeemed at par, and the depositors of all except the Island City are being paid in full. New York State had 273 banks in active business and good credit, 6 of which have failed to redeem their notes, viz: Orleans, Hamilton Exchange, Ontario, Pratt of Buffalo, Reciprocity alias Sacket's Harbor, and Yates County. Several others have gone into liquidation, and it is uncertain yet whether the depositors can all be paid in full. New Jersey had 52 banks; the America, the Bergen County and the Morris County are the only ones now remaining in discredit. It is confidentially stated that the Morris County will resume soon. According to the recent report of the New York Bank Superintendent, the Savings' banks in that State hold on deposit upwards of forty-one millions of dollars, belonging to 203,804 depositors. The average to each depositor is $203 24. During the last year upwards of two millions of dollars was paid as interest. About one-fifteenth of the entire population are depositors in Savings banks. As a general thing, the management of these institutions has been unexceptionable. Between two and three millions of unclaimed deposits have lain so long in the banks that there is little if any probability of any owner ever calling for them.

12. October 11, 1875 New-York Tribune New York, NY
Article from New-York Tribune, October 11, 1875

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Senator by the Democrats in the Xth District, is a veteranin politica. He was elected to Congress as a Whig to 1847, and was the first Superintendent of the Bank Department, which was created in 1851, being appointed by Gov. Hunt. He was defeated for Congress in 1860 and for Secretary of State in 1863. The Republican journals say that he was the personal choice of Gov. Tilden. A wise man among the Monroe Republicans prevented their giving a foolish and undiguified fling at Gov. Tilden. The platform of the County Convention contained the following plank Resolved, That a Demooratic Governor who, succeeding to a Republican administration which has accomplished reforms and relieved the people of heavy burdens, claims credit for himself, as he enters office, for good works performed by his predecessor. seeks commendation and applause under a false pretense, and asks for rewards he has not earned." On motion of H. A. Brewster, this was stricken out. The sentiment against Senator Selkreg in his own party is evidently on the increase. The Rochester Democrat and Chronicle. congratulating the party on the high standing of its legislative nominees, says: "Without particularizing. we may say, that the instances are rare in which men of doubtful antecedents have secured an indorsement at the hands of Republican conventions. There are one or two nominations that it would have been better had they not been made, but these a discriminating constituency may be trusted to pass upon. The instances are more numerous. where men of large abilities and against whom there were no proven charges. have been defeated, because of the purpose to indorse no man against whom the smallest suspicion of personal wrong-doing, or entangling alliances, existed." The Democrat proceeds to eulogize all the Republican Senators renominated at the time of writing, with the conspicuous exception of John H. Selkreg. Ex-Senator Henry R. Pierson, nominated for Senator by the Albany Republicans, has declined the nomination. Mr. Pierson asked the advice of Vice-President Vanderbilt as to his acceptance of the nomination, and received a reply from which the following is an extract: You are a director of this Company and the responsible head of one of its most important departments. Your official duties would naturally be supposed to occopy all your time and attention, if we conduct our business as closely and economically as we claim: and to ab sent yourself from those duties, while serving as Senator, would probably embarrass and could in no sense help the Company." Mr. Pierson, in his letter of declination, states this decision, and leaves the field free for another e candidate Now. will this sense of delicacy on the part of officers of the Central Railroad lead them to ask Senator Wagner to withdraw ! Senator Wagner is at the head of the Wagner Palace Car Company, a corporation intimately associated with the Central Railread, and he has never been known to do anything in the Senatejbut to look after the interests of the road. For all public purposes there might as well be a Senator of wood from the XVth District. The Troy Times charges Lieut.-Gov. Dorsheimer with unfair dealing whereby the State was wronged to a considerable amount. The details of the story are briefly these: The Pratt bank of Buffalo had on deposit from 1850 to '58, canal moneys amounting to $20,000. The bank failed in 1858, and the State, suing on the bond of the president of the bank, T. W. Patchin, recovered $19,223 15. The Commissioners of the Canal Fund conveyed T. W. Patchin's real estate held by D. Patchin and Gilbert Cameron as assignees. to William Dorsheimer, who was made trustee for the State. He gave a mortgage on the property which was assigned to the State as collateral to the judgment. Last year Mr. Dorshermer induced the Commissioners of the Canal Fund to take the property and surrender the judgment. Before doing 80 they required a tax search, which the Lieutenant-Govenor presented and showed the taxes and assessments to be about $4,000. The Hon. Geo. C. Burdett, on behalf of Mrs. T. W. Patchin, then offered $12,000 for the property, but procuring an authentic tax search, found that the taxes. and assessments were $12,000 instead of $4,000. The offer of $12,000 was then reduced to $4,000. The tax-search exhibited by the Lieutenant-Govenor is missing. This is an outline of the charge of The Troy Times. No doubt the Lieutenant Govenor will meet it promptly.