14600. Bank of Oswego (Oswego, NY)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
April 27, 1842
Location
Oswego, New York (43.455, -76.510)

Metadata

Model
gpt-5-mini
Short Digest
fe1b3fe111066923

Response Measures

None

Description

Articles report a multi-day run for specie on the Bank of Oswego in April 1842. Subsequent items (1844–1846) describe the bank in receivership, dividends paid by a receiver, and Comptroller actions to redeem outstanding circulating notes of insolvent Safety Fund banks — indicating the bank suspended and entered receivership and did not resume normal operations. Exact suspension date not stated in the clippings.

Events (4)
1. April 27, 1842 Run
Cause Details
Contemporary notice of heavy/specie withdrawals stated without a specific trigger; article does not attribute to a concrete rumor or specific bank scandal.
Newspaper Excerpt
The Bank of Oswego has been run for specie for several days, and fears entertained that it will not hold out.
Source
newspapers
2. January 1, 1844* Other
Newspaper Excerpt
The receiver of the Bank of Oswego has made a dividend of twenty cents per dollar on the claims which have been presented to him. This dividend is payable at the office of Charles Stebbins, Esq., Cazenovia. N. Y..
Source
newspapers
3. June 15, 1844 Receivership
Newspaper Excerpt
The Receiver of the Bank of Oswego has made a dividend of twenty cents per dollar on the claims which have been presented to him.
Source
newspapers
4. * Suspension
Cause
Bank Specific Adverse Info
Cause Details
Placed into insolvency/receivership under the State 'Safety Fund' regime; circulating notes treated as outstanding and a receiver has been appointed.
Newspaper Excerpt
REDEMPTION OF NOTES OF INSOLVENT SAFETY FUND BANKS... the outstanding circulating bills of the ... Bank of Oswego ... The assets of the Bank of Oswego are believed to be sufficient to pay all the debts of that Bank, and none of the circulating notes of the Bank of Oswego have been redeemed by the Comptroller.
Source
newspapers

Newspaper Articles (7)
1. April 28, 1842 The New York Herald New York, NY
Article from The New York Herald, April 28, 1842

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MONEY MARKET. Wednesday, April 27,-6 P. M. The Steck Market has been again better to-day, and prices have generally improved. Indiana 5's 1; Illinois 6's &; Mohawk 1; Harlem 1; Paterson d; New York 5's 1858 New York 61'8, 1861, d; sales of bills on Phildelp phia par aj; Baltimore par a 1; New Orleans 7 dis; Mobile 22 discount. The Bank of Oswego has been run for specie for several days, and fears entert ined that it will not hold out. The brokers are very caut ous of buying it, as also the Lewis County Bank; both safety fund. This has been bill day for the Great Western, which takes her departure to-morrow. The demand has been good and the transactions large, closing at the following rates, compared with those by previous packets.-

2. April 24, 1844 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, April 24, 1844

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For Sales at the Stock Exchange, see Last Page. TUESDAY P. M. The Stock Market was rather heavy to-day, and the fancies lower, the consequence of a somewhat tightened money market. Exchanges are steady at 81 a 81 for Sterling; Francs are 5 2814 a 5 273 The decline in Cotton has caused the failure of Messrs. Buck & Co. of this city, to-day. It is feared that the heavy losses to be suffered by those who have been holding will cause more disasters of this kind. The Comptroller has given notice that the Bonds and Certificates issued in 1842, and made payable July 1. 1844, will be paid on that day, at the Manhattan Company, and that Do interest will be paid after that day. Thompson in his Bank Note Reporter of to day says: We doubt whether there ever has been a time when the merthants from distant cities procured funds for this city, more to their satisfaction than they have done this spring. Those who come through Chicago, bring drafts made by Geo. Smith & Co. The Michigan merchants bring drafts from the Michigan Insurance Company. Northern Ohio merchants procure it large portion of their exchange from Williams " Dow. Cleveland, and the Southern from Ellis & Vallette, of Cincinnati. Most of the Missouri exchange is furnished by E. W. Clark & Brothers, of St. Louis. The exchanges et Nashville, and the im. mense amounts from w-Orleans and Mobile, are also furnish. al by individual houses. A bank draft is quite a rarity. The rates of exchange, too, are lower and more uniform than at any former period. From no point IS more than one per cent premium charged on sight drafts: which 18 less than the expense and risk of transporting specie (in silver) to this city, The Legislature of this State will adjourn on the 7th of May. Holders of broken Safety Fund bank money. whose hopes were raised by the just recommendations of the Governor and Comp. troller, will be doomed to whit yet seven years for the redemption of that money. unless they bring an influence to bear on the Senate. without delay. The House is all right, and only wait10g for the action of the Senate, where the bill originated. An act has been passed. authorising receivers of insolvent banks to use the funds in their hands in payment of the liabiliLies of the banks. It is expected that the receiver of the Bank Oswego will now redeem the circulating notes of that bank, full. The receiver of the Commercial Bank of Oswego informs us. that he will make it dividend. in May, on such claims as shall be presented. Other receivers will, probably, do the same. Mr. Austin, receiver of the Commercial Bank of Buffilo, is very anxious to have the Legislature net on the recommendation of the Governor, and pass the act for the payment of the broken Safety Fund money. Bicknell's Reporter for to-day says:-Money may be quoted in Philadelphia, at from 5 to 6 per cent per anrum. The ordinary rate of the banks is six. Country money is not so good. The rates of discount on most of the interior Banks of Pennsylvania is 14 per cent. Relief Notes 134 to 2 per cent. The deposits in our Banks are not quite so large as they were a few weeks since. Alabama notes could not be sold to the Brokers on Saturday. except at very high rates of discount. viz: from 12 1/2 to 15 per cent. The rate for Virginia notes, yesterday. was 1 per cent. The Miners' Bank of Dubuque is to be galvanized into existence again-under whose auspices we are not told. A late Burlington paper says that the Cashier passed up the rivere Monday. with plenty of specie to resume. and that a branch is looked for at that place. (St. Louis paper. $20s counterfeit of the Northern Bank of Kentucky are in circulation. The signatures are written with a pen, and admirably done. The engraving is done well as a whole, but is darker. leas distinct. and coarser. Sis, purporting to be issued by the Bank of Louisville, signed John S. Snead, President, dated in 1843, the centre vignette, a train of railroad cars. are in circulation. The Bank never issued any notes at all resembling this. Above the railroad cars. in this spurious note, the steamer Henry Clay is represented. The quantity of shipping in Mobile at the last accounts, was very large. On the 10th there were in that port 81 ships: 30 of which were British: 25 barques, 17 of which were British, and 20 brigs, one of them Spanish, one Swedish and one Italian-making in all 126 square tigged vessels. There is also an unusually large number of vesseis now lying at New Orleans, extending for miles, and being three and four abreast. The old Post Notes of the Tenth Ward Bank, altered to the Moyamensing Bank, Philadelphia, are in circulation. The receipts over the Philadelphia and Columbia Railroad for the week ending April were near $6,755.06 since with Nov. last $71,933.23 gentleman near Oupelousas, in Louisiana, has succeeded in extracting oil from the pistache, or ground nut.

3. June 15, 1844 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, June 15, 1844

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BANK ITEMS-[From Thompson's Reporter.] The Receiver of the Bank of Oswego has made a dividend of twenty cents per dollar on the claims which have been presented to him. This dividend is payable at the office of Charles Stebbins, Esq., Cazenovia. N. Y. We believe it is now seven years since the assets of the Guildhall Bank, Vt. passed into the hands of Receivers. and from that day to this not n dollur, net even 21 statement at what they have collected or what they have done. has been furnished to the creditors. The Receivers of the Farmers' and Mechanics' Bank of New-Brunswick, N. J. have bad in hand for more than two years sufficient to pay a dividend to the creditors of that Bank. and yet to this day not a word has been heard from them. and not a dollar do they shell over.' The Philadelphia papers say the certificates given for the bills are selling for sixty cents on the dollar, and the report is. the Receivers are buying them up." This, probably, is preparatory to a dividend, The notes of the Central Bank. Hallowell, Me. are coming to this CI'S from the extreme Western cities of the Union, in packages and parcels. showing conclusively that there 15 a game playing-* n word to the wise," &c. In our list it will be seen that this Bank has been quoted doubtful (D.) for a long time.

4. June 10, 1845 The New York Herald New York, NY
Article from The New York Herald, June 10, 1845

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MONEY MARKET. Monday, June 9-6 P.M. The stock market was very heavy to-day, which in a measure can be attributed to the excessive hot weather. Stonington fell off 1 per cent; Norwich and Worcester, 1; Long Island, I Morris Canal, 1; Farmers' Lqan, Ohio 6's, 1. Harlem improved 1 per cent, and Eroton closed firm at Saturday's prices. The transactions were very limited. The trustees of the late Fulton Bank give notice that on the 20th of June they will pay a third surplus dividend of two per cent. Attempts are being made, with prospects of success, to extend the Vicksburg Railroad from Jackson, one of its present termini, to Brandon, so as to open a conneotion with the Georgia and South Carolina Railroads. The Comptroller of this State has given official notice that he will redeem, at par, the outstanding circulating bills of the following insolvent Safety Fund banks:Commercial Bank of New York. Bank of Buffalo. Commercial Bank of Buffalo. Commercial Bank of Oswego. Clinton County Bank. Watervliet Bank. Bank of Lyons. The Comptroller is not authorised to pay interest in any case. Those persons, therefore, who have packages of notes which have been protested, or the payment demanded of the receiver of the bank, in order to obtain interest, will find it necessary to collect the demand through the Receiver. Those persons who hold bills of any of the banks before named, and who have not taken the necessary steps to establish a claim for interest, and are willing to surrender the notes on receiving dollar for dollar, can be paid at this rate on presenting the bills to the Comptroller. The assets of the Bank of Oswego are believed to be sufficient to pay all the debts of that bank, and none of the circulating notes of the Bank of Oswego have been redeemed by the Comptroller. The debts of the Lafayette Bank of New York, includ. ing circulating notes, have been paid by the Receiver from the assets of the bank. The receipts at the Custom House for the week ending Saturday the 9th inst., amounted to $307,000. The monthly report of the Reading Railroad Company for May, 1843,44 and '45, presents the annexed statement of the receipts and business of the road. PHILADELPHIA AND READING RAILROAD. May, 1843. May, 1844. May, 1845. Receipts $31,447 47,763 34 79,822 82 15,205 Coal transported, tons. 35,684 64,698 The business for May, 1845, has been considerably more than the maximum estimate. Up to June 1st, the coal tonnage is over the estimate-800,000 tons for the year-rising nine thousand tons. In connection with this very favorable report and the immense improvement these increased receipts must produce in the affairs of the railroad company, we give a report of the business on the Schuylkill Canal, for one week in each of the past three years. BUSINESS ON THE SCHUYLKILL CANAL. Week ending June 10, 1843. June 8, 1844. June 7, 1845. Coal transported, tons, 18,095 11,869 5,796 For the same week the coal transportation of the Reading Railroad was as follows:1843. 1844. 1845. 2,388 Coal transported, tons, 8,796 18,871 It will be seen that these two works have changed places in the coal carrying trade of Eastern Pennsylvania. What the Schuylkill Canal was, the Reading Railroad will be, and judging from these returns the Schuyl. kill Canal will soon be what the Reading Road was. The annual reports of the Canada Banks, made up to May 31, 1845, compared with those of the same date last year, show an increase in circulation and discounts, and a decrease in the amount of specie on hand. We annex the latest report of the Quebec Bank:-

5. June 11, 1845 The New York Herald New York, NY
Article from The New York Herald, June 11, 1845

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REDEMPTION OF NOTES OF INSOLVENT SAFETY FUND BANKS. COMPTROLLER'S OFFICE, Albany, June 6th, 1845. COMPTROLLER, in obedience to the Third Section THE of the Act, Chapter 114 of the Laws of 1845, hereby gives notice, that he will redeem at par, the outstanding circulating bills of the Commercial Bank of New York, the Bank of Buffalo, the Commercial Bank of Buffalo, the Commercial Bank of Oswego, the Clinton County Bank, the Watervliet Bank, and the Bank of Lyons. The Comptroller is not authorised to pay interest in any case: Those persons, therefore, who have packages of notes which have been protested or the payment demanded of the Reeceiver of the Bank. in order to obtain interest, will find it necessary to collect the demand through the Receiver. Those persons who hold bills of any of the Banks before named, and who have not taken the necessary steps to establish a claim for interest, and are willing to surrender the notes on receiving dollar for dollar, can be paid at this rate, on presenting the bills to the Comptroller. All other claims which have been presented and established againstany of the insolvent Banks will be paid by the receiver, who cannot get an order from the Chancellor on the safety fund, until he has collected the sums due the bank and applied the avails to the payment of its debts. The balance then remaining is a charge on the safety fund, and these balances can be paid as soon as the Receiver disposes of the assets of the Bank and gets a final order from the Chancellor. either in cash or six per cent stock at par, which the Comptroller is authorised to issue under the 'Act t' provide for paying the debts of insolvent Safety Fund Banks,'o passed April 28, 1845. In the case of the Bank of Buffalo, the final order has been made by the Vice-Chancellor of the 8th circuit, and the means for paying the balance of all the claims against the Bank have been paid to the Receiver. The assets of the Bank of Oswego are believed to be sufficient to pay all the debts of that Bank, and none of the circulating notes of the Bank of Oswego have been redeemed by the Comptroller. The names and residences of the Receivers of the several Banks are as follows:Commercial Bank of New York, J. M. Blatchford, New York. Commercial Bank of Buffalo, S. G. Austin, Buffalo. Commercial Bank of Oswego, T. Beekman, Kinderhook. Watervliet Bank, George R. Davis, Troy. Clipton County Bank, Henry K. Averill, Plattsburgh. Bank of Lyons, Theron R. >trong, Palmyra. Bank of Oswego, Charles Stebbins, Cazenovia. Wayne County Bank, Samuel Miller, Rochester. City Bank of Buffalo, G. W. Newell, Albany. The debts of the Lafayette Bank of New York, including circulating notes, have been paid by the Receiver from the assets of the Bank. A. C. FLAGG, jll Stre Comptroller

6. June 14, 1845 The New York Herald New York, NY
Article from The New York Herald, June 14, 1845

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MUSIC. LADY, who has a thorough knowledge of music, being A taught by the first masters in Europe, and feeling heself fully competent to instruct in thataccomplishment, would wish to devote her time to the instruction of young ladies, on moderate terms. A note addressed to A B. C., at the office of jell 1w*re this paper, shall be punctually attended to. ANTED-By a French young woman, a situation to take W charge of children, or as lady S maid, with a family going to France. She can give the best of references. Address by letter, to M. P. A.. Herald Office. ju10 lw*m FOLLOWING STATEMENT is from one lof the THE most eminent Physicians of New Jersey, and well and favorably known to very many of the citizens of New York. Having seen in the New York papers certain advertisements emanating from P. S. Beekman, I would beg to inform the public that I am acquainted with J. H. Scheuck, and have been so since 1834-that in 1839 he commenced the manufacture of Schenck's Pulmonic Syrup in Flemington. I have seen several persons of this vicinity who have been cured of Pulmonary disease by this Syrup when all other means had failed. I am acquainted with P. S. Beekman, and know that the original Pulmonic Syrup had been established several years before he heard of it, and that Beekman has said that it was Schenck's Pulmonic Syrup that cured him. Beekman has told me that he acted as Agent for Mr. Schenck, and had no interest in the business further than the agency. I know, also, that Mr. Schenck is the originator of the Pulmonic Syrup, and believe that Beekinan knows nothing of its composition, and is using every eadeavor to deceive the public. I am a practising physician, residing near Flemington, Hunterdon county, N.J., and am utterly opposed to all Empericism; but having seen the good effects of the Pulmonic Syrup, and believing that an effort is now being made, by every unpiincipled means, to injure an honest and honorable man, it is from a sense of duty that I make the above statement. GEORGE P. REX. M. D. Office exclusively for the sale of Schenck's Pulmonic Syrup, No. 4 Courtla d street New York. P.S. Beekman, of 491/2 Courtland street, is no longer Agent j14 3t*rh for the sale of Schenck Pulmonic Syrup. REDEMPTION OF NOTES OF INSOLVENT SAFETY FUND BANKS. COMPTROLLER'S OFFICE, Albany, June 6th, 1845. THE COMPTROLLER. in obedience to the Third Section of the Act. Chapter 114 of the Laws of 1345, hereby gives notice, that he will redeem at par, the outstanding circulating bills of the Commercial Bank of New York, the Bank of Buffalo, the Commercial Bank of Buffalo, the Commercial Bank of Oswego, the Clinton County Bank, the Watervliet Bank, and the Bauk of Lyons. The Comptroller is not authorised to pay interest in any case: Those persons, therefore, who have packages of notes which have been protested or the payment demanded of the Reeceiver of the Bank. in order to obtain interest, will find it necessary to collect the demand through the Receiver. Those persons who hold bills of any of the Banks before named. and who have not taken the necessary steps to establish a claim for interest. and are willing to surrender the notes on receiving dollar for dollar, can be paid at this rate, on presenting the bills to the Comptroller. All other claims which have been presented and established againstany of the insolvent Banks will be paid by the receiver, who cannot get an order from the Chancellor on the safety fund, until he has collected the sums due the bank and applied the avails to the payment of its debts. The balance then remaining is a charge on the safety fund, and these balances can be paid as soon as the Receiver disposes of the assets of the Bank and gets a final order from the Chancellor. either in cash or six per cent stock at par, which the Comptroller is authorised to issue under the Act t provide for paying the debts of insolvent Safety Fund Banks,'o passed April 28, 1845. In the case of the Bank of Buffalo, the final order has been made by the Vice-Chancellor of the 8th circuit, and the means for paying the balance of all the claims against the Bank have been paid to the Receiver. The assets of the Bank of Oswego are believed to be sufficient to pay all the debts of that Bank, and none of the circulating notes of the Bank of Oswego have been redeemed by the Comptroller. The names and residences of the Receivers of the several Banks: are as follows:Commercial. Bank of New York, J. M. Blatchford, New York. Commercial Bank of Buffalo, S. G. Austin, Buffalo. Commercial Bank of Oswego, T. Beekman, Kinderhook. Watervliet Bank, George R. Davis, Troy, Clinton County Bank, Henry K. Averill, Plattsburgh. Bank of Lyons, Theron R. Strong, Palmyra. Bank of Oswego, Charles Stebbins, Cazepovia. Wayne County Bank, Samuel Miller, Rochester. City Bank of Buffalo, G. W. Newell, Albany. The debts of the Lafayette Bank of New York, including circulating notes, have been paid by the Receiver from the as sets A. C. FLAGG, of the Bank Comptrolle j11 Stre

7. May 27, 1846 The New York Herald New York, NY
Article from The New York Herald, May 27, 1846

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BROKEN SAFETY FUND BANKS. | Banks. | Amount of assets. | Amount realized. | Amount of unsold assets. | Est.val. of unsold assets. | | -------------------- | ----------------- | ----------------- | -------------------------- | -------------------------- | | City Bank, Buffalo.. | 739,017 35 | 166,576 08 | 570,000 00 | 50,405 00 | | Bank of Buffalo... | 1,221,843 30 | 82,836 69 | | | | Com. Bk of Buffalo. | 985,063 92 | 172,863 64 | 456,447 31 | 49,659 86 | | Wayne Co. Bank... | 293,970 39 | 56,743 60 | 246,200 69 | 22,627 53 | | Bank of Lyons. | 385,608 08 | 37,444 61 | 236,229 34 | 11,524 47 | | Bank of Oswego... | 213,353 25 | 32,693 00 | 163,813 00 | | | Clinton Co. Bank... | 543,429 66 | 76,019 47 | 64,381 57 | 12,752 65 | | Com. Bk, N. York.. | 858,471 68 | 303,338 74 | 301,405 96 | | | Watervliet Bank... | 202,378 91 | 19,458 73 | 201,137 49 | | | Com. Bk, Oswego.. | 507,173 36 | 80,652.59 | 91,087 19 | 10,525315 | The amounts realized were, without doubt, from the best and most available assets, leaving those on hand of a character giving little hope of receiving a large per cent from. It is not surprising that the billholders and stockholders of these institutions should receive such a trifling per cent on their claims, when the receivers should have betrayed so grossly the trust imposed in them by the government and the people. It is a matter of no astonishment, that so little confidence is placed in these banks, and that the public mind becomes alarmed upon the slightest report touching the credit or solvency of banks generally. The free banking law, in its earlier stages, was very defective, as it gave too great a latitude to the description of securities required on deposit, and losses to some extent were experienced by the deprecia-tion of stocks of the delinquent States. These defects have since been remedied, and the law, as it now stands, is probably as perfect as it can well be made. The only improvement we could suggest, would be a modification requiring a deposit of the stock of this State, only, as security for the paper issues. The export trade of Rio Janeiro for the first two months of 1846, compared with the corresponding months in 1845, shows an increase in the shipments of some of the staple products, particularly coffee. The annexed statement exhibits the comparative destination of coffee exported in February, 1845 and 1846, and from January 1st to March 1st, of the same years. EXPORTS OF COFFEE FROM RIO JANEIRO. Rare