14794. Brockport Exchange Bank (Brockport, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
August 10, 1861
Location
Brockport, New York (43.214, -77.939)

Metadata

Model
gpt-5-mini
Short Digest
ee9b0859

Response Measures

None

Description

Newspaper reports (Aug 1861) state the Brockport Exchange Bank 'has closed its doors, having decided to suspend business' and 'will go into liquidation at once.' No run is described in the articles; suspension appears voluntary with immediate liquidation.

Events (1)

1. August 10, 1861 Suspension
Cause
Voluntary Liquidation
Cause Details
Bank 'decided to suspend business' and 'will go into liquidation at once' per contemporary reports — appears a voluntary suspension to liquidate liabilities.
Newspaper Excerpt
Brockport Exchange Bank Closed. NEW YORK, Aug. 10.-An extra ... announces that the Brockport Exchange Bank, New York, has closed its doors, having decided to suspend business. It will go into liquidation at once.
Source
newspapers

Newspaper Articles (3)

Article from The Daily Exchange, August 13, 1861

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Article Text

Brockport Exchange Bank Closed. NEW YORK, Aug. 10.-An - "extra" of Nicholas' Bank Note Reporter announces that the Brockport Exchange Bank, New York, has closed its doors, having decided to suspend business. Itwill go into liquidation at once. The bills were bought in Wall street to-day at a discount of 20 per cent.


Article from New-York Daily Tribune, August 20, 1861

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Article Text

agreed on as stated in the annexed schedule: Bankable Funds Coin. $42,000 $ 10,000 State Bank 24,000 10,000 Merchants' Bank 15,000 15,000 Mechanics' Bank 10,000 Union Bank 17,500 10,000 Exchange Bank 12,000 10,600 Sonthern Bank 7,500 5,000 Bank of St. Louis 14,000 10.000 State Savings Insit ation 16,000 10,000 Bestmen's Saving Institution 2,000 Franklin Savings a itation 1,200 10,000 German Savings Institution 151,200 $100,000 Total The amount loaned in banka le funds was paid over by the several banks and in titutions, on the receipt of Major McKinstry, Q. M., approved by General Frement as Commanding General, to be repaid'out of the funds first received. The coin has not yet been paid over, but if called for at all will be paid on checks on the Sub-Treasury here, drawn by Q. M. Colonel Audres. The coin is now on in way to the Sub-Treasury, and its arrival may supersede the necessity of issuing these checks. The terms of the loan were 88 favorable as to ordinary borro yes, and we prestitive both parties are satisfied with the bargain. The Buffalo Republic gives the following information relative to the suspended Brockport Exchange Bank: The claime of preferred creditors amount to about $24,000, consisting of Canal deposits $19,000, collections 300, Savings Bank $3,000. Beside the above stated liabilities, the bank is indebted to depositors about $50,000,am owes balances amounting to several thousand dollars to the Metropolitan Bank, Albany Exchange Bank, and Farmers and Mechanics' Bank of Rochester. There are other liabilities to draft holders, &c., making total amount of about $100,000. The Republic cannot state the amount of available resources. The bills of the Bank pass at 99 cents on a dollar, and New-York brokers pay that for them. The circulation of the bank according to its June 10. port was $11,516. The securities held by the Department, according to the annual report of the Superintendent were: $18,896 Bonds and Mortgages 4,000 New York State 38 2,000 New York State Sta 25,000 New York State 6a


Article from The New York Herald, August 20, 1861

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Article Text

Total 192.823 4,569,670 4,740,373 223,145 393,850 There has been another slight falling off of coal production, as compared with last week, the reported tonnage of the week being again below 200,000 tons. The produce thus far is over four and a half millions of tons, and IN only 170,703 tons less than the supply to corresponding time last year. The falling off in tonnage is mainly from the Schuylkill region, and the increase mostly from Delaware and Hudson Canal and Delaware and Lackawanna Railroad. The Broad Top Mountain mines also show a very handsome per centage of increase on the last year's business. The trade is not much changed in demand or price, both being tolerably steady. The Buffalo Rebublic gives the following information relative to the suspended Brockport Exchange Bank:The claims of preferred creditors amount to about $24,000, consisting of canal deposits $19,000, collections $2,300, Savings Bank $3,000. Besides the above stated liabilities, the bank is indebted to depositors about $50,000, and owes balances amounting to several thousand dollars to the Metropolitan Bank, Albany Exchange Bank, and Farmers' and Mechanics' Bank of Rochester. There are other liabilities to draft holders, &c., making a total amount of about $100,000. The Repriblic cannot state the amount of available resources. The bills of the bank pass at 90 cents on a dollar, and New York brokers pay that for them. The circulation of the bank according to its June report was $41,516. The securities held by the department, according to the annual report of the Superintendent were:Bonds and Mortgages $18,896 New York State 5's 4,000 2.000 Do do 51/2" Do do 6's 25,000