14070. Knickerbocker Bank (New York, NY)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
state
Start Date
October 15, 1851
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
99da6586ed805854

Response Measures

None

Description

Articles show the Knickerbocker Bank opened in October 1851 (article dated 1851-10-15) and by November 1851 the Comptroller had received notice that the Knickerbocker Bank intended to close up the affairs of those banks and withdraw their notes from circulation (article dated 1851-11-19). There is no mention of a depositor run or suspension of payments preceding the closure; the action appears to be voluntary winding up/withdrawal of notes. Classified as a suspension leading to closure (voluntary liquidation).

Events (2)

1. October 15, 1851 Other
Newspaper Excerpt
The Knickerbocker Bank, with a capital $200,000, has just gone into operation at the corner by of of 8th-av. and 17th
Source
newspapers
2. November 19, 1851 Suspension
Cause
Voluntary Liquidation
Cause Details
Bank notified the Comptroller of its intention to close up affairs and withdraw its notes from circulation (voluntary winding up).
Newspaper Excerpt
The Comptroller has received notice from ... and Knickerbocker Bank, that it is their intention to close up the affairs of those banks and withdraw their notes from circulation.
Source
newspapers

Newspaper Articles (2)

Article from New-York Daily Tribune, October 15, 1851

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Article Text

ton to-day The amount received at the Sub-Treasury IS $82,461 paid, $102,281-balance, $3,337,227 We hear of no further failures and no of failures. A few weeks intermission of susof payments would go far to pension rumors reestablish.com negotiations fidence in commercial paper and render of such securities much more feasible than at pres ent. The amount of capital offered on call is increasing, but the rates show no important amelio It is rather less difficult to obtain loans oa ration. good securities, but in most cases more than first-class legal terest is paid. There is a fair demand for The of which the supply is only moderate. ceat. paper, rate is 10@15 P cent. Second-class 15@24 P and even higher. The $40,000 or $50,000 worth of goods seized by the Collector in the store of Mr. Herrick, Stationery importer, have been, understand, sold at the abandoned to the Government, and will be auction. The Knickerbocker Bank, with a capital $200,000, has just gone into operation at the corner by of of 8th-av. and 17th The stock has been taken sums business men, chiefly in that vicinity, in small there being no holder of an amount exceeding beautieach, The bills of the bank just issued are ful $5,000. specimens of art each denomination having pub a of some one or more the former or present do view of this City. The Bank is already well lic business, and is likely to ing a as its location is in the a supported. buildings considerable midst The of be Presi- popuand thriving section of the City. of lous is Jos. W. Savage, Esq., formerly President Gunn, dent National Insurance Company. Jno. A. is the formerly the the Teller of the Pacific Bank, Cashier. The earnings of the Michigan Southern Oct. Railroad Company for six days, ending the $11,764 7th ST 4,553 were For the corresponding week last year. for one week (about 150 P ct.) 7,211 The Increase earnings of the Michigan Central $148,117 2 Railroad for Sept., 1851, were 117,078 00 For Sept 1850. $31,039 This Increase, is a very (nearly good 30 increase โ‚ฝ cent) on the large earnings of year last The cars of the Long Island Railroad and are now again running in Atlantic-st., increasing Company of the Company are fast put to the receipts of Long Island have been by the action comgre Atlantic-st., and we trust the The at inhabitants inconvenience on of present the parties. property holders may be found satisfactory to both promise Business in Dry Goods continues modin first hands, while the jobbers are erately there is no disposition to so ; on the part of country the themselves fully active yet dealers arising overstock part out rates, nor any desire on to push credits , caution of as just now. The Goods much of the sellers exercised low current wholesome was Staple never effect so a reserved demand for this and partly during the of the Spring, will be Sheetings Winter have months. become the in hed Shirtings and and U unblead steady to current rates without stock dull, but is holders not large. are Bleached goods and the are stock is the demand is very light steady. change Drills are in fair-demand and prices in relarge. sell readily at 7tc. Osnaburgs are Cotton Browns but the supply is limited. at quest Seamless for shipping, Bags are selling as at fast 15c., as they which arrive is an of ic. advance 24c. Cotton Yarn Denims is active are quiet and prices at prices previous nominal Stripes are a dull little inquiry, but prices Ticks are exciting Canton Flannels are in poor do not with improve. a good demand prices at full are rates. with. supply. Cloths are still dull. though being in general Printing demand out change. for all Prints parts are of this very continent. active, are mostly The steady, Canadians are large buyers. large. Prices The lower qualities though are offering stocks at rather are yet less Detaines prices. Ginghams also are in are active ac. demand. tive at regular The supply prices. is very large, it. Prices are steady but the consumphitherto been equal to accumulating. tion has with a stock rather at full which places Cassimeres Cloths are are dull, less active, but a duliness fair demand out of the still are dull. Sheeps' question Satinets demand is met at active, prices but exists. the limited are also Grays Blankets.- are steady still not prices. Linseys are request. dull, as Shawls are in Flannels demand are in for good the near-by trade, active. and prices are The debetter Goods continue other steady. mand kind of seems Dry French more Goods. request active Merinos for at these low sell prices. than at steady for silks any rates.- are Cloths are in especially fair of the better sought qualities. for. Velvets being scarce. in request, Printed Cottons are styles are in good and Ribbons at full of the prices. newest Shawls and sell the readily.- auction demand no heavy stock$, than otherwise.There rather are stimulate buyers much on French sales state of the country runs 80 and readily difgoods, The that where money French is plenty styles will always be fused, a preference in. British on good, with a to small improve. activity, The the are indulged seem rather wanted of very stocks firm. are light. Prices Woolens Scotch are goods most are in fair reheavier descriptions. The receipts of Dry Goods earquest, are very but light, at low and prices. will continue be filled. to be The 80 stocks till the genly Spring orders reduced. while the be been begin to demand to transact. is not erally have A fair busicess remains The two yet are likely to be were held ed, of French goods The Ribbons at very all styles,and able, (plaid Ribbons realized decline in Wilmerding's showed a tion satisfied. and sales prices sale good were demand. being which plain the steady only kind wanted). not Messrs. to-day. prices, prices. desi- aucThe offering, therefore, and Cashmeres sold Mesers. at fair to be much of fresh Shawls, which and brought good Merinoes, and Livingston's appeared Silks sale was wanted. prices. Foster's Ga., were in request, Mechanies' and Bank, dividend Augusta, of Ten Doldeclared a dividend of Ten lars per share, and of an Brunswick, Augusta, declared lars. Five Dollars per this have The The Bank semi-annual extra share. City, has Ga., been Dol- has Isaac Otis, Esq., of Indiana Central Canal Com Viceelected President Ramsey, of the of Indianapolis, is Dr. C.S. intendent


Article from The New York Herald, November 19, 1851

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Article Text

Comparing the statements of June and September, there is an increase of five in the number of banks, and of $2,107,994 in the amount of banking capital, of which $1,510,007 has been invested in this city, and $597,987 in the remainder of the State. The decrease in the discount line of the whole State is $5,194,215: of the amount on deposit, $5,556,296; of the circulation, $267,338; and of the specie on hand, $1,953,738. The decrease in the banking movement of the State has been confined principally to the city. The country banks have not varied the operation much, of any department. The only item in the reports of the country banks, in which there has been any important change, is that of circulation. The panic which spread so rapidly over the State, caused by the suspension oh several free banks, no doubt tended materially to check the movements of the banks of issue in the interior. The Comptroller has received notice from the Merchants' Bank, Washington county, Merchants' Bank, Ontario county, Northern Bank of New York, Oswego County Bank, McIntyre Bank, Commercial Bank of Lockport, Adams Bank, Champlain Bank, American Bank Cortland County Bank, and Knickerbocker Bank, that it is their intention to close up the affairs of those banks and withdraw their notes from circulation. This will reduce the aggregate circulation of the State much below the present standard. The effect of this upon the mercantile and other interests of the conntry must be injurious. The country banks exert & very important influence upon the money market of this and other cities. Much depends upon their favors to the country merebants, to enable them to meet their payments to merchants here. Whatever cramps the operation of the country merchant, directly affects the resources of the city merchant. The country banks depend 80 much upon their circulation. that anything tending to restrict their paper issues, compels them to cut off facilities to their customers.