14674. Addison Bank (Addison, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 8, 1857
Location
Addison, New York (42.103, -77.234)

Metadata

Model
gpt-5-mini
Short Digest
0347f08e

Response Measures

None

Description

Contemporary papers from Oct–Nov 1857 report Addison Bank (Addison, NY) as thrown out and listed among suspended banks during the Panic of 1857. No articles here describe a depositor run or a reopening; therefore classified as a suspension that led to closure (suspension_closure).

Events (3)

1. October 8, 1857 Suspension
Cause
Macro News
Cause Details
Part of the widespread financial crisis / Panic of 1857: money tight, heavy suspensions and banks being thrown out at clearing houses and listed among suspended banks.
Newspaper Excerpt
The Addison Bank Addison, N. Y., is thrown out.
Source
newspapers
2. October 16, 1857 Other
Newspaper Excerpt
NEW YORK. ... NEW YORK. Addison Bank listed among suspended banks in New York state list: NEW YORK. Addison Bank. (listed with many suspended banks).
Source
newspapers
3. November 25, 1857 Other
Newspaper Excerpt
Two of the State Banks-the Addison Bank and the Elmira Bank... are to day thrown out at that institution.
Source
newspapers

Newspaper Articles (4)

Article from The Davenport Daily Gazette, October 10, 1857

Click image to open full size in new tab

Article Text

LATEST NEWS. The Financial Crisis. NEW ORGENS Oct. 8 Money tight. First class paper worth 2 1-2 a4 per cent a month. No failures of cousepuence. No monoy in exchange. Banks are extending every facilities to factories. All is cheerful.--The Tennesee has arrived. and is advertised for Vera Cruz. NEW York Oct. 8. Messrs. Geo. Bliss & Co. Dry Goods ask an extension, and will pay with interest Bowen, M Namara & Co., have failed, As sets largely exceed liabilities. The suspension of Willis & Ayers, Blake & Brown. Bulkely & Co., all dry goods, Mark J. King, fars, and several other. are announced. Messrs. Bulk ely & Co., are said to have suffered to a large extent by parties abroad holding their letter of credit. The Addison Bank Addison, N. Y., is thrown out. The Limis Bank is again thrown out. NEW Your, Oct. 8. In the Peansylvania House of Represente tive yesterday, upon a test question with re ference to requiring of the banks a siale ment as to their condition, was taken which pre cludes the possibility of Legislature legal izing the suspension of specie payments A Calentta letter of August 10th, published in the Herald says Lucknow, the capital city of Oude had fallen. All the Europeans have been mascred. 11 is not stated on what day the garrison at Lucknow surrendred. The proposal for a new loan of half a million dollers for the deficiency in the sinking fund; were reported today and the bids being musatinfactory the loan was-not taken.


Article from The Daily Gate City, October 10, 1857

Click image to open full size in new tab

Article Text

'SMON NEW YORK, Oct. 8.-Efforts are being made to furnish the means for the payment of the drafts of Lather & Church on the American Exchange Bank, and with a fair JO prosedent In the Pennsylvania House of Representa tives yesterday, upon a test question with reference to requiring of their banks a statement of their condition, was takeu, which precludes the posibility of the Legislature legalizing the suspensions of pre-payment. A Calcutta letter of the 10th, published in the Herald, says Lucknow, the capital city of Oude has fallen. The Europeans have been our Sep 1944 with 100 st If garrison at Lucknow surrendered. The proposal for a new loan of half a million dollars for the deficiency in the Sinking Funds, were reported to day, and the bids being unsatisfactory. the loan was not taken. HARRISBURG, Oct. 8.-The Speaker this morning announced the names of the Special Committee. Mr. Muma is chairman. The committee contains seven Democrats and eight Republicans and Americans. SUM III) umofps 01 resolttion V negatived. Mr. Hustard's free bank law was called up, but the House refused to consider it. The Senate resumed the consideration of the bill concerning the banks. While the Mum "W Surpued SUM " JO section 182y resumed his motion to strike out the provision authorizing the new banks to receive for stock notes of other banks. Motion was negatived by 12 to 20. PITTSBURGH, Oct. 8-A revolting murder was committed last night. Three persons enteree the second story of the house of an aged German named Wismau who lived with 180M eys no gode pependes B a! and Liberty road, near Pittsburgh,""their object, no common 01 eq 01 pesoddne ter, who first difcovered their entrance into house. Wiseman while protecting her teceived several blows with an iron bar on head fracturing his skull and causing death. Three men were arrested to day, Jas Kelly, John Richards and Danl. Danney, circumstances strongly implicating them. New YORK, Oct. 8.-To-day has been the gloomiest yet in the money market and a general despondency seemed to pervade all classes of business men. The announcement of can "on y NPN Bowen Jo eye Blies, and Wm. Lane & Co., three of our 01 appll " you poppu 'sesnoq decument 380 m that despondent feeling Stocks declined in the morning, some falling off quite largely. eys u! SVM Bunders V Jo V the q1SM exear 01 sign one and Copitalists some arrangements for bring. MOU coupond 10 sessum one Sui BJOM Soup inq 'shrod **** equie Said to effect anything. The Sheriff to-day took posession of the books and papers of the Milwaukee & Miss. R. R., at thesuit of the President of the MilBank boxnum The notes of the Central Bank, Brooklyn, are discredited at the 2d board. Stocks still further declined. The heavi'smools 1 no Bareq IIU] 180 5 on American Exchange Bank and Park bank. Among the sules were 1. C. 'O'A N 'II 'IN y N 'LL R. in op '29 spuog 52, New Haven & Hartford 93, Erie 10, Har*99 "M y 0 'for 'L Torm r-N- 700 Johnson, U.S. Senator from Tennesseee. BUFFALO, Oct. 8.-Third day New York State Fair. Weather continues fine. It is estimated that there are 50,000 people on the isour eq: JO #! our Amp-01 puners 000'88 increase. en: no puu 'puix had been received at the ticket office at 12 JUUI 01 peuaddeq suq queption uu NoN 'IN the pleasure of the occasion. An engine on the N. Y. & Erie Railroad ran into the way express cast, on the Buffalo & Erie road this a. m., at a crossing of the two roads in this city, seriously, but not fatally, injuring SOVSUM unit 94L THE euo °N *sucessed us heavy loaded with passengers on their way to the State Fair. through passengers on "pruoq NEW YORK, Oct. 8.-Messrs. Geo. Bliss & II!M pan 0018001x9 au *** spoon "°°D pay with interest. Hon. Lewis McLean died in Baltimore last evening. Bowen, McName & Co., have failed. As. sets largely exceed liabilities. The suspensions of Mellis & Ayers, Blake & Brown, Bulkely & Co., all dry goods; Mark J. King, furs, and several others, are also announced. Messrs. Bulkely & Co. are said to have suffered to a large extent by parties abroad, holding their letter of credit. Addison bank, Addison, N.Y., is thrown out. Lima bank is again thrown out. NEW ORLEANS, Oct. 8.-Money tight.-First class paper worth 21 and 4 per cent. a month. No failures of consequence. No money in exchange. Banks are extending every facility to factors. All is cheerful.The Tennessee has arrived and is advertised for Vera Cruz. CENTRALIA, Oct. 8.-Three distinct reports maintes esg JO 18 ny Jo were felt here about 4 o'clock this morning. eys 01 su 08 SUM stook and citizens, demolish chimneys, &c. Sr. Louis, Oct. 8.-A gentleman who left Leavenworth on Monday noon, says that the election was proceeding very slowly. The Free State men had complete possession of the polls, and were casting all the votes. If eq1 'Supuow uo perjod you 8010A our 11" election would be continued on Tuesday. At Delaware the Free Statemen had possession of the polls. It was conceded that Parrott would beat Ransom for Congress. uo uoon 01 dn distributions ou Grom There Monday. We expect to receive returns to*Aup PHILADELPHIA, Oct. 8.-A mass meeting of business men was held this afternoon. There was a large attendance notwithstanding the short notice. Mr McAllister presided and made a speech, attributing all the present difficulties to the New York banks, in first -1°P USA08 10 junours on: Suppundxe lars in 30 days, and then contracting twelve million dollars in two months. He advocated a general banking law, and that the banks 01 stoads u! Jullop euo easy 01 eq every one of issue. Various speeches were made, representing the distress and


Article from American Union, October 16, 1857

Click image to open full size in new tab

Article Text

From Dye's Wall Strees Broker Broken Suspended and Doubtful Banks. MAINE Exchange Bank, Bangor, Hancock Bank. Bank of Hallowell. Monsum River Bank. Sanford Bank. NE W HAMPSHIRE. Exeter Bank, Exeter. Ware Bank. VERMONT. South Royalton Bank Mount Vernon Dauby Bank. Stark Bank MASSACHUSETTS. Monsum Bank, Monson. Bass River. Western Bank. Lee Bank. RHODEISLAND. Farmers Bank of Wickford, Tiverton Bank. Rhode Island Central Bank. South County Bank. Hopkinton Bank. All Rhode Island Banks. CONNECTICUT. Merchants Exchange, Bridgeports Faiefield county. Pawcatuck. Colchester Bank. Bank of Hartford County. Farmers Bank of Bridgeport. Biidgeport City. Thompson. Danbury. Windham County. Bank of North America, Seymour, Exchange Bank of Hartford. .. Mercantile " Charter Oak PENNSYLVANIA. All the Banks Suspended, except, Warren Co. Bank, Warren. Honesdale Bank. Wyoming Bank, Wilksbarre. VIRGINIA. Bank of Kanawha. OHIO. Dayton Bank, Miam Valley Bank. NEW YORK. Addison Bank. Sacketts Harbor Bank. Reciprocity Bank. " Hollister Niagara River " Ontario County" Bank of Orleans. Oliver Lee Bank. Huguenot " " Ontario " Yates Co. " Medina " Dairymen's Chemung County " Agricultural Bank. Union " Monroe " Western Bank of Canandaigua. " Kinderhook. " Lima. Farmers' & Citizens,' Winsburg. Island City. Mechanics' Banking Ass'n. Hamilton Exchange Bank, Leonardsville Bank of Old Saratoga. Farmers' Bank, Hudson. Hudson River Bank. " Powell " Worthington Oneida Central " Bank of Central New York. Bank of Watertown. NEW JERSEY. Bank of New Jersey. Bank of America, Trenton Bergen County Bank. Union, Frenchtown. Morris County. Trenton Banking Co. Mechanics Bank, Burlington. Burlington County. Burlington Bank. Bordentown Banking Co. Salem Cumberland Bank. " Princeton " Farm. & Mech. Camden. " Camden " Gloucester Co. " Mount Holly " Lambertville " Phillipsburgh Mechanics " Trenton. " Farmers' All Baltimore Banks. All Maryland Banks. Contracts for Pork.-In Montgomery county, Va., engagements have been made for at $6,50, and in some of the counties West of there at 80. In Roanoke county, holders are offering to end at $8


Article from New-York Daily Tribune, November 25, 1857

Click image to open full size in new tab

Article Text

The bus ness of the Clearing House to-day was $13,352,000. Two of the State Banks-the Addison Bank and the Elmira Bank, which have been unable or nowilling to stand up to the Metropolitan Bank arrangement, are to day thrown out at that institution. Some eight or ten others will probably fall into the same category within & week or two. The late decision of the Court of Appeals in the 0830 of the trusts of the North American Trust Company confirming their legality, bas perated to distribute the large amount of funds which have been for the last fif teen years accumulating in the handsof the Special Receiver, to the proper owners. The decision of the Court and the receipt of the funds by the bondholders will go far to do away with the unfaverable impression in regard to American bonesty caused by the decision in the case of the Drg Dock Bank and other decisions of like character, which have operated to swindle European capitalists out of their money. Mr. John J. Paimer was appointed, we think, in 1843, Special Receiver of what is C& led "the million trust" and "the first half million trust." These trusts were formed to secure certain bondholders and the securities under them consisted mainly, if not entirely of bonds and mortgages and real estate. The question as to the le. gality of the trusts whether the securities should apply specially to the bonds named in them or to the aggregate liabi of the Company, has been in lit gation since the appointment of Mr. Palmer until t:e decision of the Court alluded to. Judgment under that decision was taken on the 16:h inst., and to-day Mr. Palmer paid over to the agents of the claimants $1,321,485 30. The funds, 88 collected by Mr. Palmer have been deposited with the New-York Life and Trust Company, who have been preparing for some th B to make this lirge payment, and have withdrawa money 80 gradually from the street 88 to cause no inconvenience. A large proportion of the payments from these trusts is on foreign account. The negotiation of the Million Loan have been mainly with Messrs. Palmer, McKillop, Dent & Co. of Londor. A portion of the money, we understand, will be invested here in stocks, &3, but $200,000. goes forward to-morrow by the steamer to Messrs. P., McK, Dent & Co. The payment was made in ore check by the Truet Company on the Bank of America, to the order of J.J. Palmer, Special Receiver. The disbursement 6-11 account of the Million Trust was $800,717 76 Of which there was to Mr Chas Ang Davis, as agent of Measure Palmer, MeKiliop Dent $341 815.00 & Co, on account of 499 bonds sold 258,345.00 On account of 377 bonds as collateral To the agent of Mr Jae. Halford's estate 16,40 00 Returned to the Trust for certain pur184217 76 poses 800,717 76 The disbursement on account of the Half Million $519,767 54 Trust was Of which there was paid to Mr. Davis as agent of Measrs P., McK, Dent & Co, on bonds as col. $190,800 € 00 lateral To Mr. R. M. Blatchford as agent of the 143,100.00 Guard Bank, Philadelphia Also as agent of Measrs. Morrisons of 148,100 00 London Returned to the Trust for certain pur42,767 54 poses 519,767 5,