Article Text
Looking up.-The New York Commercial Gazette, of the 8th inst. says: "The notes of the Farmers' Bank of Orleans, the Bank of Olean, and the State Bank of N. Y. at Buffalo, which were in the list of suspended banks, are now redeemed."
13323. State Bank of New York (Buffalo, NY)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- June 8, 1841
- Location
- Buffalo, New York (42.886, -78.878)
Metadata
- Model
- gpt-5-mini
- Short Digest
fe0afdc45ccb5e0f
Response Measures
None
Description
Articles describe the State Bank of N.Y. at Buffalo as a suspended/broken (redeemed notes in June 1841) and later reported as failed/broken (Feb–May 1842). No mention of a depositor run; the institution is described as failed/broken and not shown to reopen as an ongoing bank. I corrected dates referenced in articles (e.g., 8th inst. → 1841-06-08).
Events (3)
1.
June 8, 1841
Suspension
- Cause Details
- Listed among suspended banks; notes later redeemed according to NY Commercial Gazette (cited 8th inst., June 1841).
- Newspaper Excerpt
- The notes of ... the State Bank of N. Y. at Buffalo, which were in the list of suspended banks, are now redeemed.
- Source
- newspapers
2.
February 18, 1842
Receivership
- Newspaper Excerpt
- The failure of the State Bank of Buffalo, the last of the free banks in that city, is announced. Its condition was as follows... Deficit $8,890 ... the broken free banks of this State, of the failure of which the Comptroller has received no legal notice:- ... the State Bank of New York at Buffalo (listed May 1842). (NY Herald, Feb–May 1842). } (Combined citation from Feb 18 and May 4, 1842 articles.)
- Source
- newspapers
3.
May 4, 1842
Other
- Newspaper Excerpt
- The following are among the broken free banks of this State, of the failure of which the Comptroller has received no legal notice:- Bank of Olean, James Bank, and the State Bank of New York at Buffalo. (From NY Herald, May 4, 1842.)
- Source
- newspapers
Newspaper Articles (3)
Click image to open full size in new tab
Click image to open full size in new tab
Article Text
OG-THE BILLS of the following Banks are Redeemed by the ALBANY CITY BANK. at 1 of 1 per cent diecount. Jan.24, 1842. Oneida Bank. Bank of Utica, Utica Branch Bank. Ontario Bank, Ontario Branch Bank, Yates County Bank, Tompkins County Bank, Herkimer County Bank, Genesee County Bank, Fort Plain Bank. Agricultural Bank of Herkimer, Bank of Brockport. Bank of Silver Creek. MONEY MARKET. Thursday, Feb. 17-6 P. M. The sales at the Stock Board to-day, were to a fair ex. tent, and prices fell-New York State 6 per cents, 1862, 2 per cent; do 5, 1858, 11 per cent; Illinois 6's improved t; Indiana 5's ;; Delaware and Hudson 1; Mohawk 5}; Patersen 1. Sales of bills on Philadelphia 5₫; Baltimore 3; Mobile 13 a 15; New Orleans 6. The failure of the State Bank of Buffalo, the last of the free banks in that city, is announced. Its condition was as follows, according to the last return of the Comptroller; Circulation $5,690 1,800 Secured by Illinois 6's, 9,000 Deficit $8,890 A late law of the State of Indiana, having authorized the receipt of its outstanding liabilities from its debtors, in payment of debts, a demand for coupons, post due, has sprung up, and they command readily 17 & a 18 for the coupon of $25, for this purpose. The suspended debt of $3,000,000, part of which is due by large houses in Baltimore and elsewhere, will be partly liquidated by this arrangement. The following is a comparative statement of the Cape Fear Bank of North Carolina on the 3d of January, as compared with last year :
Click image to open full size in new tab
Article Text
# MONEY MARKET. Tuesday, May 3-6 P. M. There was a very small business done at the Board to-day, and prices changed but little. Indiana 5's rose per cent; Delaware and Hudson ); Long Island. Sales of bills on Philadelphia, Boston and Baltimore at par. A quantity of certificates of the Union Bank of Florida were offered at auction to-day, and bought in at 40 cents on the dollar by Centre & Co. The market rate for this description of paper is 25 to 35 cents. The following are among the broken free banks of this State, of the failure of which the Comptroller has received no legal notice:- Bank of Olean, James Bank, and the State Bank of New York at Buffalo. We would ask of the Bank Commissioners why it is that they have taken no steps to procure the order of the Chancellor for the payment of the bills of the broken safety fund banks? The Comptroller can take no action in the matter until that order is procured. As soon as it is issued, the Comptroller can issue 7 per cent stock, to the amount which the State is indebted to bank fund, say about $550,000, in redemption of the bills. The delay of the Commissioners is inexcusable, inasmuch as it gives facility to designing men to purchase up the bills at heavy discount, and hereafter profit by the redemption. We mentioned a few days since that a run had taken place on the Oswego Bank. The Cashier of that institution has sent us the following statement in relation to the transaction :- OSWEGO BANK, April 30, 1842. JAMES G. BENNETT, Esq.- DEAR SIR,一 The recent run on this bank for specie did not, I think, deserve the notice as appears in your paper of the 28th inst. The whole amount drawn did not exceed two thousand dollars. The run, however, has now subsided, and our specie is as usual accumulating on our hands. Our notes are redeemed at the Mechanics' & Farmers Bank, Albany, and at our counter. Please make the correction. Yours, &c. H. H. HURLBUT, Cashier. A new fraud in imitation of the bills of the red back banks has just made its appearance at Buffalo. It purports to be of the "Farmer's Bank of Cattaraugus," rather badly executed, but calculated to deceive the unwary. Some of the bills were not even signed, and on one appeared the significant names of "Goneaway" President, and "Cum-back" Cashier. At Baltimore, Railroad orders are at 68 cents on the dollar; Wheeling banks 15 per cent discount; Virginia banks 8 per cent discount. At New Orleans the banks have decided to pay up all balances against each other, once a week, in the legal money of the Union. The banks of North Carolina resume to-day. The following is a return of the Bank of the State of Georgia and branches, on the 4th April, as compared with the return of October, 1841 :- BANK OF THE STATE OF GEORGIA AND BRANCHES, APRIL, 1842 AND OCTOBER, 1841.