Canal Bank - Albany, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: April 26, 1849
Location: Albany, New York (42.653, -73.756)

Metadata

Model: gpt-5-mini
Short Digest: da5e10f7

Response Measures

None

Description

Article (New-York Daily Tribune, 1849-04-26) reports actions by Andrew White, Receiver of the Canal Bank of Albany and a court order authorizing the receiver to compound debts and release stockholders. This indicates the bank had failed and a receiver was appointed; there is no mention of a contemporaneous depositor run. Cause of failure is not specified in the article.

Events (2)

1. April 26, 1849 Receivership

Newspaper Excerpt: petition of Andrew White, Receiver of the said Canal Bank of Albany, heretofore appointed by this Court ... it is Ordered, That the said Receiver be and be is hereby authorized to compound and compromise with the Albany Glass, Enamel and Porcelain Company, for the debt due from said Company to the said Canal Bank ... And also to release the stockholders mentioned to said petition from their individual liability for the said indebtedness ... L. VAN DEUSEN, Clerk (excerpted).
Source: newspapers

2. * Other

Newspaper Excerpt: On reading and filing the petition of Andrew White, Receiver of the said Canal Bank of Albany, ... the said Receiver may deem best and most judicious, and thereupon to discharge said debt or any part thereof ... to release the stockholders ... (Copy.) L. VAN DEUSEN, Clerk (excerpted).
Source: newspapers

Newspaper Articles (1)

1. April 26, 1849 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, April 26, 1849

Click image to open full size in new tab

Article Text

PRUYN & MARTIN, Attorneys AT A SPECIAL Take OR THE SUPRIME COURT held at the City of Alba BY. on the 13th day of October 1843-Present Ira Harris,'one of the Justices of said Court. Ambrose L. Jordan, Attorney-Ganeral of the State of New-York against The President, Directors and Com pany of the Canal Bank. Albany - -On reading and filing the petition of Andrew White, Receiver of the said Ca. nal Bank of Albany, heretofore appointed by this Court in this suit. duly verified this day, and on hearing John V. L. Pruyn, of counsel, it is Ordered, That the said Receiver be and be is hereby authorized to compound and compromise with the Al bany Giass, Enamel and Porcelain Company. for the debt due from said Company to the said Canal Bank at the time of its failure, with the exception of a certain part of the said indebtedness secured by individual endorsements 83 stated in the said petition, on the terms therein mentioned or on such other terms as the said Receiver may deem best and most judicious, and there. upon to discharge said debt or any part thereof, with the exceptions aforesaid And also to release the stockholders mentioned to said petition from their individual liability for the said indebtedness, including & certain note drawn by John P. Pepper. on their complying with the terms proposed in that behalf and mentioned in said petition, or on such other terms as the said Receiver may deem most ad vantageous. (Copy.) L. VAN DEUSEN, Clerk