14694. Bank of the Capital (Albany, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
May 18, 1861
Location
Albany, New York (42.653, -73.756)

Metadata

Model
gpt-5-mini
Short Digest
d69a00e8

Response Measures

None

Description

The Bank of the Capital suspended payments on 1861-05-18; a receiver (Mathew H. Read) was appointed the next day. Reports attribute the suspension to heavy defaults by borrowers (including some directors). Later (1863) the receiver advertised a dividend, consistent with permanent closure and receivership rather than reopening.

Events (3)
1. May 18, 1861 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension grew out of heavy defaults of its borrowers, prominent among whom are some of the directors; capital partly sunk; losses impair capital but notes/deposits secured per reports.
Newspaper Excerpt
The Bank of the Capital suspended this morning.
Source
newspapers
2. May 19, 1861 Receivership
Newspaper Excerpt
Mathew H. Read, one of the Directors of the Bank of the Capital, has been appointed Receiver of that Bank.
Source
newspapers
3. January 31, 1863 Other
Newspaper Excerpt
The receiver of the Bank of the Capital advertises that he will to-morrow pay a dividend of 75 per cent on all admitted claims.
Source
newspapers

Newspaper Articles (13)
1. May 19, 1861 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, May 19, 1861

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Article Text

SATURDAY, May 18-P.M, The transactions at the Stock Board this morning show no features of salient interest. The demand seemed to come mainly from the shorts, who also offered their options freely on a :eluctant market. Many descriptions of shares continue scarce, but there was a better supply of Illinois Central certificates. under which the market fell off to 641. A considerable amount of this stock went to Europe some time since, but this movement has now ceased. The strictness of the corner in this stock was somewhat relieved to-day, but the differences between regular and sellers' option was still very large. The recent advance has been a mere street movement to pinch the bears, who had oversold the market. A similar movement might be made by a clique in others of the faucies. Central was weak, but without change of imp riance. The Western shares were irregular, but generally weak. The currency troubles at the West are embarras-ing the movement of grain, and thus react unfavorably on Western stocke. Between the Boards the suspension of the Bank of the Capital at Albany was reported, and bad a depresing influence upon the market. The leading shares fell off 1 to 1 ₽ et.; Central sold at 71฿, and Illinois Central at 611. At the Second Board there was more than usual activity but at prices below those ruling at the morning Board. As the business proceeded, however, there was more firmness, and after the regular session a slight improvement was established. The transactions in State Stocks to-day add Vir- up $100,000, with a general downward tendency. gmians are scarce for delivery, and were a trifle better. Tennessees very weak at 11 per cent decline. Missouris fell off to 37 The interest due in July, on nearly all the Border and Southern States Stocks will be repudiated, and consequently the market is over-supplied with them. Government Securities are also weak, but are not pressed ou the market. The attention of investors is occupied by the new loan. The transactions in Railway Bonds are extremely limited, but the market is firm. The closing quotations were: Virgiuia 68. 4@451; Missouri 6s, 371@38; Canton Co., 81@9; Camberland Coai, 54@8; Pacific MailSteamehip Company, 60 @61; New-York Central Railroad 71ja71j, Erie Railroad, Hadson River. Railroad, 35 @ 351: Harlem Raitroad, ; Harlem Railroad Preferred, 271@271; Reading Railroad. 301 @311; Michigan Central Railroad, 43 @44; Michigan Southern and Northern Indiana, 121 a 121 Mietigan Southern an Northern Indiana Guaranteed, 271@28; Illinois Central Railroad, 64}@641; Galena and Chicago Railroad, 581 @ 58] ; Cleveland and Toledo Railroad, 22) @23; Chicago and Rock Island Railroad, 35@351; Chicago, Burlidgton, and Quincy Railroad, 58 a581. The market is very quiet for foreign Exchange and heavy. The nominal quotations are 101@106 for Ster ling, and 5.45@5.35 for France. Freighte Business is very dull. To Liverpool: 26,000 bush. Corn at 7@7jd., in bulk and ship's bags: 1,500 bbbs. Flour at 28.; 6,000 bush. Wheat at 8d., in ship's bage; 800 bble. Rosin at 3s. per 310 lb., and by steamer Great Eastern 10,000 bush. Wheat at 10d., in steamer's bags, and 50 tuns Bacon and Lard at 30s. To London: 100 tes. Beef at 68.; 5,000 bush. Wheat, and 5,000 bush. Corn at 94d. in ship's bags. The business of the Sub-Treasury was: Receipts, $133,939 26-for Customs, $34,000; Payments, $229, 198 75; Balance, $7,867,542.33. This shows a decrease of about $700,000 during the week. The Michigan Central Railroad earned the second week in May $35,620 1 Second week 1961 34,728.32 Second week, 1860 $891.7 Increase. The earnings of the Chicago and Rock Island Rail road the second week of May were: $19,517 Second week 1061 26,372 Second week. 1860 $6,855 Decrease This large loss is chiefly owing to the currency troubles at Chiengo The earning of the Michigan Southern Road for the second week of May were: $38,162 1861 40,843 1860 $2,681 Decrease The April earnings of the Norwich and Worcester Road were: 1860. 1861. $9,124.19 $8,959.56 Passengers. 15.528.94 17,784 23 Freight. $27,608.47 $24,488.50 Total....... $3,119 97 Decrease in 1361 The second week of May on the Illinois Central Road gives: $54,500 1861 54,000 1860, $500 Increase The increase on the first week was about $3,000. The following is a comparative statement of the earnings of the two leading Railroads running west from Milwaukee for April, 1861, 88 compared with the corresponding month last year, and also for the first four months of the present year: $67,244.82 La C.& M. R. R. (200 miles) April, 1861 50,532 26 do. do. do. do. 1860 $16,712.56 Increase 218,991 74 First four months 1861 164,354 73 First four months 1860 $54,637 01 Total increase $46,221 11 M. & P. du c. R.R. (235 miles) April, 1861 45,810 59 do. do. do. do. 1860 $410 52 Increase $104,232.97 First four months 1861 155.132 62 First four months 1860

2. May 19, 1861 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, May 19, 1861

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Article Text

P Another Suspension at Albany. ALBANY, Saturday, May 18, 1861. The Bank of the Capital suspended this morning. The notes are entirely secured and not a cent will be lost on them. The capital of the bank is $519,000, paid in. About half of this is supposed to be sunk. Deposite are fuily secured.

3. May 20, 1861 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, May 20, 1861

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Article Text

The Bank of the Capital. ALBANY, May 19, 1861. Mathew H. Read, one of the Directors of the Bank of the Capital, has been appointed Receiver of that Bank.

4. May 20, 1861 The New York Herald New York, NY
Article from The New York Herald, May 20, 1861

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Article Text

The Bank of the Capital. ALBANY, May 19, 1861. Mathew H. Read, one of the directors of the Bank of the Capital, has been appointed receiver of that bank.

5. May 21, 1861 The New York Herald New York, NY
Article from The New York Herald, May 21, 1861

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Article Text

The Produce Exchange Association have prepared ninety stands or divisions of the show tables for the sale of grain and flour, and these were all let to-day by auction for a period of five years. The charge for each is $10 per annum; but there was a spirited competition for a choice of position, and the premiums ranged from $10 to $74, amounting in the aggregate to $1,917. The Albany Journal of Saturday evening says:- The Bank of the Capital suspended payment and closed its doors about eleven o'clock this morning. We use the word suspension in regard to it rather than the word failure for the reason that, although its losses will seriously impair its capital, yet ite bilholders and depositors we believe to be unquestionably safe. The bank had enjoyed a good reputation, was believed to have been well managed, and its stoppage was unexpected to our community. This second bank faiture in our city is most unfortunate; but we trust it will not be attended with any loss beyond that which the stocknoklers will sustain. The wise provisions of law which, in both the recent fall-ures, secure the billholder at once and effectually, and the depositor aiso in due time, prove the efficacy and importance of the safeguards throws about our moneyed institutions. There are various reports current in regard to the cause of this failure; but they are not sufficiently tangible, as we go to press, to justify their publication. The facts will in que time be given to the public officially. Money matters are very fat in New Orleans. The Picayune of the 14th instant says:---- The course of the money and paper market today corresponded with yesterday. The banks had free cfferings for discounts-many, out of the rule recently adopted, which is only to favor applications for plantation supplies and uses. Other interests will have to follow the course of the times. There were some tenders of good paper in small sums at the rate of 5 per cent per month, which were one of the features of the day. At this rate there is no desire to invest. We may say the market is without the pate of quotatione. In exchange there was very little done to day. The Counter rate for checks on New York ruled at from ¾ a discount, with concessions for large sums running down as low as 1½% discount Outside there were cales at 2%, and good sight drafts at a neighboring city were sold at 3% discount. In storing there were no transac

6. May 21, 1861 The New York Herald New York, NY
Article from The New York Herald, May 21, 1861

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The Albany Banks. ALBANY, May 20, 1861. In consequence of the closing of the Bank of Albany and the Bank of the Capital last week, there was some run ou the savings department of two or three banks bere this morning; but the promptness and readiness with which it was met in every instance speedily restored confidence and quieted expitement. Extra tellers were employed, and depositors paid as fast as they could present checks. In all other departments of the banks all is quiet, and LO lack of confidence is manifested.

7. May 21, 1861 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, May 21, 1861

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Telegraphic Despatches. BOSTON, May 18.-In the House to-day a bill was introduced by Messrs. Stebbins, of this city, which proposes to prohibit any person directly or indirectly from buying or holding any collateral securities of the seceded States, under the penalty of imprisonment in the States' prison. The bill was referred to the Special Committee on the Governor's Address. Mrs. Lincoln arrived here this morning. She is on a visit to her son, a student at Cambridge College. The Mississippi was commissioned to day. The workmen of the Navy Yard are getting out the keel of the new sloop-of-war. Several companies of troops leave this afternoon in the steamer Cambridge for Fort Monroe. A proposition has been introduced in the Legislature to aid in erecting a monument over the remains of Whitney and Ladd, who were killed by the Baltimore mob. BOSTON, May 17.-The United States brig Bainbridge is under sailing orders, and was hauled into the stream to-day. The frigate Mississippi is about ready, and is expected to sail on Tuesday. Commodore Mervine, flag-officer of the Gulf squadron, will sail in her. PERRYVILLE, May 9.-There was some excitement at Aberdeen last night, and three signal rockets were fired for assistance from this point. It grew out of the arrest by the military of three men, charged with the burning of Bush river bridge. They are named Wilbon, Mirkey and Keene, and are now confined in the guard house, awaiting examination. There were some indications of an attempt to rescue them by their friends, which caused the signal for assistance. ALBANY, New York, May 18.-The Bank of the Capital closed its doors at noon today. The suspension grows out of heavy defaults of its borrowers, prominent among whom are some of the directors. Great excitement prevails. CINCINNATI, May 17.-Kentucky - currency was thrown out by three of the banks of this city to-day. The indications are that the paper of all the banks of that State, except the Farmer's and Northern Bank, will be refused by all the banks to-morrow.

8. May 21, 1861 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, May 21, 1861

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loss of the bark Ida, off Cape Henry. Her cargo was saved, and with the rigging. was shipped to Norfolk, where he was robbed and imprisoned, butescaped to the Minnesota. [There is a tough yarn; but then the Northern newspapers are compelled to keep up the popular steam, which they could not do by telling the truth.] ARREST. PERRYVILLE, May 19.-There was some exeitement at Aberdeen last night, and three signal rockets were fired for assistance from this point. It grew out of the arrest by the military of three men, charged with the burning of Bush river bridge. They are named Wilson, Mirkey and Keene. The parties were subsequently released. JUDGE DOUGLAS SERIOUSLY ILL. CHICAGO, May 18.-Hon. Stephen A. Douglas is seriously ill of typhoid fever. It is feared he will not recover. CHICAGO, May 19 -Senator Douglas is better this afternoon, but his condition is still critical. FAILURE OF ANOTHER BANK. ALBANY, N. Y., May 18. - The Bank of the Capital closed its doors at noon to-day. The suspension grows out of heavy defaults of its borrowers, prominent among whom are some of the directors. Great excitement prevails. UNION MEETING IN MISSOUEL SPRINGFIELD, Mo, May 15 - -A large Union meeting was held to-day. Numerous speeches were made, all denouncing secession and the military bill passed by the Legislature. MAINE REGIMENT. NEW YORK, May -Owing to reports of measles prevailing in the Maine regiment, they were ordered to encamp at Willett's Point, where they now are.

9. May 21, 1861 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, May 21, 1861

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The Albany Banks. ALBANY, Monday, May 20, 1861. In consequence of the closing of the Bank of Albany and the Bank of the Capital last week, there was some run on the Savings Department of two or three banks here this morning, but the promptness and readiness with which it was met in every instance speedily restored confidence and quieted excitement. Extra tellers were employed, and depositors paid ns fast as they could present checks. In all other departments of the banks all is quiet, and no lack of confidence is manifested.

10. May 22, 1861 The Daily Exchange Baltimore, MD
Article from The Daily Exchange, May 22, 1861

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The Albany Banks ALBANY, May 20, 1861 - -In consequence of the closing of the Bank of Albany and the Bank of the Capital, last week, there was some run on the Savings Department of two or three banks here this morning, but the promptness and readiness with which it was met in every instance speedily restored confidence and quieted excitement. Extra tellers were employed, and depositors were paid as fast as they could present checks. In all other departments of the banks all is quiet, and no lack of confidence is manifested.

11. May 24, 1861 Lamoille Newsdealer Hyde Park, VT
Article from Lamoille Newsdealer, May 24, 1861

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istence of several parties, some of whom favor the annexation of Virginia to the Confederate States, and others for separate independence, and still others who are unconditional Unionists. Both of the last two classes refuse to take the oath of allegiance to the Confederate States. NEW YORK, May 20. Government has decided to establish two large camps, partly for instruction and for the purpose of a reserve force. The camp will consist of from fifteen to twenty thousand men each. One to be formed at Gettysburg. P. A., the other probably at Staten Island. The troops at Gettysburg are designed for action on the southern border when necessary, and those at Staten Island will be required for coast service, to be used at any moment and at any point the government may direct. For this purpose orders have been issued for a fleet of transS ports to be kept in readiness in the harbor. ST. JOHNS, N. F., May 20. The Royal Mail Steamship Persia, from Liverpool the 11th, was intercepted of Cape Race. A large quantity of war material was ten e dered as freight for the Persia, but refused. It is reported that vessels have left Liverpool with letters of Marque, but the rey port is not confirmed. Lord Derby expressed a hope in the House of Lords, that the forthcoming o proclamation by the Government will give e emphatic warning that if British subjects y join privateers, or become involved on 1. either side, their blood will be on their own y heads, as they can expect no redress from e England. e Lord Granville said that would be the to natural result of the proclamation, which of was only delayed in order that its worde ing might be carefully considered. The Times editorially says the mediation of England might as well be offered 7 to a hurricane of the Gulf Mexico as to the States of America. p Spain has not yet entered into arrangements for annexing St. Domingo to her d dominions, but it is announced that slavest "y will not be introduced. a There has been a religious insurrection y in Kanzan, Russia, during which seventy K. peasants were shot. to BALTIMORE, May 21. This afternoon d two companies under Major McLane came k to this city and proceeded to an unoccum pied house near Green Mount Cemetery, y and seized 1500 muskets, marked "Virre ginia muskets," and 34 boxes containing he 4000 pikes, marked "from Danneads.' he The whole made 26 Dray loads. They ne were all taken to Fort McHenry. The arms had been in the custody of the city authorities. has The Union Men of the Third District fhave nominated C. L. Leay for Congress of NEW YORK, May 21. Schooner Ike he Marvel, of Norwich, from Boston for Phil. ed adelphia, was burnt at sea on the 19th a Total loss. Captain and crew saved. ng The sloop Time laden with 1500 kegs ed of powder, was seized on the North River this morning. m ALBANY, Saturday May 18. The Bank rof the Capital suspended this morning. SO The notes are entirely secured and not a 11 cent will be lost on them. The capital 2. of the bank is $519,000, paid in. About to half of this is supposed to be sunk. Deys posits are fully secured. 11, The troops at Fort Monroe are well supplied with provisions and ammunition

12. May 31, 1861 Vermont Watchman and State Journal Montpelier, VT
Article from Vermont Watchman and State Journal, May 31, 1861

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ANOTHER SUSPENSION AT ALBANY. ALBANY, Saturday May 18, 1861. The Bank of the Capital suspended this morning. The notes are entirely secured and not a cent will be lost on them. The capital of the bank is $519,000, paid in. About half of this is supposed to be sunk. Deposits are fully secured.

13. February 1, 1862 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, February 1, 1862

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The Bank of the Capital. ALBANY, Friday, Jan. 31, 1863. The receiver of the Bank of the Capital advertists that Le will to-morrow pay a dividend of 75 per cont on all admitted claims.