Article Text
BANK SUSPENSION-FIRE. BUFFALO, Nov. 7.- Patchin's Bank has suspended payments-causing great excitement among holders of the notes. Green Bay, in Wisconsin, has been nearly destroyed by fire. Loss estimated at $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
e8dfaf01064b3267
Response Measures
None
Description
Contemporary reports describe it as a failure; no clear evidence of reopening in these articles.
Events (1)
1.
November 7, 1853
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Large loans and advances to the Buffalo and New York (City) Railroad; president assumed railroad liabilities, straining the bank's funds.
- Newspaper Excerpt
- Patchin's Bank has suspended payments-causing great excitement among holders of the notes.
- Source
- newspapers
Newspaper Articles (15)
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Article Text
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.
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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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BUFFALO, Nov. 7. The Patchin Bank of this city stopped payment this morning. The suspension of payment by the Patchin Bank was caused by large loans to the N. Y. City R. R., whose affairs are embarrassed. Mr. Patchin, the President of the Bank, is also President of the Road, and has assumed the liabilities on its behalf. There is much excitement here.
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Buffalo, Nov. 7-3 P. M. The Patchin Bank of this city suspended payment this morning. The suspension of the Bank was caused by large loans to the Buffalo City and N. York Railroad, whose affairs are embarressed. Mr. Patchin, the President of the Bank, is also President of the R. R. Co., and has assumed the liabilities on its behalf. There is much excitemeet here.
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ANDIBER BANK Patchie Bank, of Buffalo, has suspended payments. This stop was forced upon the bank by its connection with one of the New York raitroade, of which Mr. Patchin, president of the back was also president.
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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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Rank Failures. NEW YORK, Nov- 8.-The Patchin Bank, at Buffalo, suspended payment yesterday, in consequdnce, it is said. of large loans made to the Buffalo and New York Railway Company. Patchin, the President of the Bank, is also President of the Railway Company, and has assumed the liabilities of the Bank OR. behalf of the company. This has caused great excitement in Wall street.
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NEW YORK. Nov. 8. The Patchen Bank of Buffalo suspended yesterday in consequence, it is said, of loans made to the Buffalo and New York Railroad. Patchen, President of the Bank, is also President of the railroad, and has assumed the liabilities in its behalf. It hae created much excite. ment.
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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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THE PATCHIN BANK.-The cause of the suspension of the Patchin Bank, Buffalo, say the Detroit papers, "is attributed to large advances made upon the account of the Buffalo and New York City railroad. The money of the bank will be redeemed, so that no losses will accrue to the bill holders. Weundersrand that our banks receive and pay out the bills as usual."
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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.