14943. Bank of Buffalo (Buffalo, NY)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
November 1, 1841
Location
Buffalo, New York (42.886, -78.878)

Metadata

Model
gpt-5-mini
Short Digest
72dd4a2c

Response Measures

Full suspension

Other: Receiver appointed and assets sold over subsequent years; Comptroller stopped redeeming notes from Albany Safety Fund due to inability to certify solvency.

Description

Newspaper accounts report a run on Nov 1, 1841; the bank stopped payment that morning (paid depositors in its own notes), soon after was suspended and the Comptroller/Chancellor issues and Safety Fund issues discussed. A receiver (Col. Ira A. Blossom) was appointed in December 1841 and the bank's assets were later sold — indicating permanent closure. Cause for the run/suspension is described as bank-specific adverse conditions (unredeemed bills, poor assets/real estate, suspended debts), not a mere rumor. OCR errors in some articles corrected (e.g., stopped payment spelled as stopped payment); dates derived from article bylines.

Events (4)
1. November 1, 1841 Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals for specie after bills were unredeemed in Albany/New York and persistent lack of confidence due to large real-estate investments and suspended debts.
Measures
Paid some depositors in specie initially; when heavy demands were made the acting officers directed the Teller to refuse payment; depositors later paid in notes of the bank.
Newspaper Excerpt
Last Monday, according to the Buffalo Commercial, there was a run on the Bank of Buffalo for specie which continued until about 11 A. M., when having paid out a considerable amount, the Bank stopped payment.
Source
newspapers
2. November 1, 1841 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bills unredeemed at Albany/New York and insufficient available specie; poor asset quality (capital tied in unproductive real estate) and suspended debts undermined payments, prompting suspension of specie payments and stoppage of redemption of notes.
Newspaper Excerpt
THE BANK OF BUFFALO HAS STOPPED PAYMENT - Its bills having been unredeemed in Albany or New York, there was quite a crowd at the opening this morning... directed the Teller to refuse payment.
Source
newspapers
3. December 16, 1841 Receivership
Newspaper Excerpt
Col. Blossom of Buffalo has been appointed Receiver for the Bank of Buffalo. / Col. Ira Blossom, of Buffalo, has been appointed by the Bank Commissioners Receiver for the Bank of Buffalo. / IRA A. BLOSSOM, Receiver of the Bank of Buffalo (notice).
Source
newspapers
4. September 25, 1844 Other
Newspaper Excerpt
on Wednesday the 30th day of October next, I shall sell at public auction ... all the remaining property, estate and effect of the said Bank of Buffalo ... Dated Buffalo, Sept. 25th, 1844. IRA. A. BLOSSOM, Receiver of the Bank of Buffalo.
Source
newspapers

Newspaper Articles (19)
1. November 5, 1841 New-York Tribune New York, NY
Article from New-York Tribune, November 5, 1841

Click image to open full size in new tab

Article Text

tained, but State 51's declined. The sales were 83 4,000 State 5's 1-51 82 2,300 do de 45 5,000 do 51 85 16,000 do do 413 1,000 Illinois Sixes, 1870 413 15 1,000 do do 414 660 1.000 do do 441 bow 2,000 Indiana Bonds 433 1,000 do do 431 8,000 do do No transactions of importance in Foreign Exchanges. We quote Domestic bills 8 a 8 Interior of Ala 34 a 33 Philadelphia 23 a 3 New Orleans 21 a 23 Baltimore 10gall Naskville 4 a 5 Virginia. a 7 Louisville - 4 North Carolina - a 10 Cincinnati 11 a 1) Charleston 8} I Indiana 2f 3 Savannah 10 all Illinois 23 3 Augusta - a Natchez 12 a12) Columbus - a 10 St. Louis 13 a 14 Macon 74 a 8 Mobile There was a sale of Massachusetts Fives; 1842, at Bos108, at 983 and 1859 at 95 a 961. In addition to those noticed yesterday the following Philadelphia Bauks have declared dividends Manufacturers and Mechanics 21 per cent, Western 3, Mayamensing21, Mechanics 21, Farmers and Mechanics 21, Bank Penn Township 21. Last Monday, according to the Buffalo Commercial, there was a run on the Bank of Buffalo for specie which continued until about 11 A. M., when having paid out a considerable amount, the Bank >topped payment. A meeting of the stockholders of the Schuylkill Bank W&R held at Philadelphia on Tuesday. It was stated that it had discharged all its liabilities excepting the claim against it for the Levis frauds. The report shows an excess of $360 000 of assets over liabilities. The amount of duties collected at Philadelphia during 1,517,206 40 the year 1840 was 1,507,778 99 For the first three quarters of 1841 9,435 71 Difference only The Bank of the United States has moved for a rule to show cause why a new trial should not be granted in the case of the United States Vs. Bank of the United States, and has filed reasons. New-York Markets. ASHES-The market is dal and some lots of Pots have been sold at 6,00, which is 123c. decline. Sales Pearls at 5,75. COTTON- sales to-day have been about 700 bales at previous. FLOUR.- Ther is no change to notice. The market is dull at 6,00 for Western, but there is NO Genessee or Ohio to be had lower. Michigan and Troy are scarce at 5,87 5,95. The arrivals are to fair extent, and the demand moderate. Southern is selling in small lote at 6 a 6,12 for Georgetown and Howard Street and 6,26 for Braudywine. GRAIN- About 1000 bushels good Illinois Wheat sold at 1 35c for milling. Sales 1000 bushels Jersey Corn at 59c.; 1200 do. Northern at 67c. weight; 2300 do. at 70c. measure; 1500 do. Southern at 65, measure, all delivered. Sales 2208 bushels Kye a 67c to go East 1000 do. at 70. Oats are in fair demand at 49 a 50c. The quantity of Flour and Wheat delivered from the Eric Canal during the last week in October, at the places named below is as follows, viz Bush. Wheat. Bbls. Flour 2.890 532 Schewectudy 63 775 25,661 West Troy 52.376 13,812 Albany 30,497 Total 78,469 The following is the aggregate of Flour and Wheat delivered from the Eric Canal during the month of October at the same places Bush. Wheat Bbls. Flour. 2969 2,:96 Schenectady 201.654 88.060 West Troy 47515 180,848 Albany $90,138 Total 271,701

2. November 9, 1841 Wheeling Times and Advertiser Wheeling, WV
Article from Wheeling Times and Advertiser, November 9, 1841

Click image to open full size in new tab

Article Text

Extract dated BUFFALO, Nov. 1. THE BANK OF BUFFALO HAS STOPPED PAYMENT-Its bills having been unredeemed in Albany or New York, there was quite a crowd at the opening this morning. They were paid in specie, but some heavy demands having been made the Preside it and Cashier being both absent, in se acting for them directed the Teller to refuse payment. All their depositors, however, were paid iu notes of the bank. The bank has not had the confidence of the business men. A great portion of its capital was absorbed in unproductive real estate, and it had a large suspended debt due it. Under such circamstatices it is only a wonder it could have kept up so long. At the lite election at Shaftsbury. an Irishman made his appearance, and happening to say something in the crowd to the candidates, one of the tory party exclaimed from the hustings, "Oh Paddy! now go to the Devil." "I are much obliged to your honor," was Paddy's reply. " sure you are the first gentlemen that has invited me to your father's house since my arrival in England."

3. November 27, 1841 New-York Tribune New York, NY
Article from New-York Tribune, November 27, 1841

Click image to open full size in new tab

Article Text

THE SAFETY FUND. We find the following letter from the Comptroller in the Albany Evening Journal of Thursday: COMPTROLLER'S OFFICE, Albany, Nov. 24, 1841. Thurlose Weed, Esq. Sir. la anxwer to numerous IN redemnion of the Bank of Buffalo. I send you a Commercial Dear the the bill. of Bank inquiries of Buffalo relation and and showing situation the statement provision the of Safety for the publication subject. Fund, the of the laws appertaining to Very respectfully, your obedient servant, JOHN A. COLLIER. COMPTROLLER'S OFFICE, Albany, Nov. 25, 1841. STATEMENT OF THE SITUATION OF THE SAFETY FUND. The amount of the Capital remaining 30th Sep$185,487 99 tember, 1841 The advances from the Treasury since that 106.031 00 time to redeem Safety Fund Bank Notes $379,456 99 Balance of Safety Fund, 24th Nov. 1841 Under the provisions of the Act of 26th May, the Comptroller has given notice to the Fund reto pay I per cent. upon quired Safety 1841, Banks, that there their which will Capital be would ON the 1st day of January next, 158,776 24 produce And there will be due from several Banks who have not yet paid their original contribution 31,175 00 of 3 per cent., on 1st January next Which would make the whole amount of Safe$569,408 23 ty Fund From which is to be deducted the & per cent. of the Bank of Buffalo and Commercial Bank of 3,000 00 Buffalo, since suspended $566,408 23 Leaving the balance, 1st January, 1842 The Comptroller has no authority to redeem the bills of , suspended Bank until the Chascellor makes the order required by the Act of 8th of May 1837, which previdesthat: It shall be lawful for the Chancellor, upon the certifificate of one or more of the Bank Commissioners that the amount of the debts of such Banking Corporation, over and above its property and effects, will not exceed twothird of the amount of the Bank Fund then paid in and invested, exclusive of all prior established claims thereID, to make an order upon the Comptroller authorizing ERI to take such measures as be may deem necessary for the immediate payment of the ordinary Bank bills or notes of such Bankieg Corporation then in circulation. out of the Bank Fund then paid in and invested." Upon filing a certified copy of the Chancellor's order, under this section, and not before, the Comptroller 18 authorised to make provision for the redemption of the bills, for 18 there any authority, without such prior order, to receive the bills of a suspe nded Bank in payment for tol 3, or other indebtedness at the Treasury, which of course would be virtually redeeming them in anticipation, as nothing else but such uncurrent notes would, in that case, be offered in payment, until the whole circulation was exhausted. In relation to the recent failures of the Bank of Buffalo, and the Commercial Bank of Buffalo, the Bank Commissioners were not able to give the required certificate and the Chancellor could. therefore, make no order upon the Comptroller, authorizing him to redeem. The Safety Fund, 88 the law now stands, is only to be replenished by the annual contribution of the Banks of one half per ceat. upon their capital; and unless further legislative provision is made, the bills of the above banks cannot be redeemed from the Safety Fund, until the ansual contributions shall so far replewish the fund as to enable the Bank Commissioners to give the required certificate to the Chancellor, and he shall make the order. JOHN A. COLLIER, Comptroller. [Albany Evening Journal.

4. November 29, 1841 New-York Tribune New York, NY
Article from New-York Tribune, November 29, 1841

Click image to open full size in new tab

Article Text

00 Larayett Dath, The demand for Foreign Exchange was limited, and the rates declining. For Southern unendorsed bills the rate is 81 it 9, although a sale has been made as low as 81 Drawn bills we quote 9/2 a 92 Francs 525 a 5.273. Cot. ton bills are now appearing in considerable quantities. In consequence of this decline in Exchange, Specie is dull and premiums low, as the demand for shipment has nearly ceased. Mexican Dollars are worth & per cent. Spanish 4, Five Franc pieces 91, American Halves and Gold, par. In Domestic Exchange there is no material change Philadelphia 5 a 54, Baltimore 31 a 33. NOrleans 43 is 5 Michigan 91. Charleston 11 a 15. Savannah 21 u 21. The Merchants' Bank has-declared a dividend of four per cent. Either from the want of money or from want of centidance, or probably from the conjunction of both, there was considerable disinclination on Saturday, on the part of the uncurrent money brokers, to buy the notes of several Banks of this State which have heretofore been in good credit. We refrain from particularizing the Banks, as in the present state of distrust, which 18 almost a panic, we might do injustice to some perfectly sound Banks. We shall endeavor to keep our readers advised of all actual stoppages. The U.S. Circuit Court at Philadelphia has confirmed the verdict recently obtained by the United States against the U.S. Bank, in the case of the damages on the protested bill on Paris. An order has been issued for the appointment of a Receiver for the Bank of Buffalo. An order has also been issued to the Comptroller to pay the notes of that Bank out of the funds belonging to the Safety Fund. The Canal Fund Commissioners advertise for proposals for a loan of $200,000 at six per cent. reimbarrable in 1860; the bids to be for not less than $5,000, and receivable until the 14th proximo. I Notes of the Globe Bank of Providence, altered from ones to fives, are in circulation at Buffalo. In anticipation of the action of the Ohio Legislature, i the stockholders of the Columbiana Bank, New Lisbon. have been called to consider the expediency of winding up the affairs of that institution. The Merchants' Insurance and Trust Co. at Nashville were drawing on New-York at 11 per cent. premium. The U.S. Gazette states that on Friday some of the City Banks refused the notes of several of the Interior Banks. They were bought by the brokers at 1 per cent. discount. ! The arrangement in relation to the Railroad bonds at Baltimore does not seem to have succeeded 30 well as was I anticipated. The discount on them has materially increased.

5. December 15, 1841 The Daily Madisonian Washington, DC
Article from The Daily Madisonian, December 15, 1841

Click image to open full size in new tab

Article Text

"It shall be lawful for the Chancellor upon the cer" tificate of one or more of the Bank Commissioners "that the amount of the debts of suck. Banking Cor"poration, over and above its property and effects, will "not exceed two-thirds of the amount of the Bank "Fundthen paid is and invested, exclusive of all prior "established claims thereon, to make an order upon "the Comptroller authorizing him to take such mea"sures as he may deem necessary for the immediate " 'payment of the ordinary Bank bills or notes of such " Banking Corporation then in circulation, out of the " Bank Fund then paid in and invested." Upon filing a certified copy of the Chancellor's order, under this section, and not before, the Comptroller is authorized to make provision for the redemption of the bills, nor is there any authority, without such prior order, to receive the bills of a suspended Bank in payment for tolls, or other indebtedness at the Treasury, which of course would be virtually redeeming them in anticipation, as nothing else but such uncurrent notes would in that case be offered in payment, until the whole circulation was exhausted. In relation to the recent failures of the Bank of Boffalo, and the Commercial Bank of Buffalo, the Bank Commissioners were not able to give the required certificate, and the Chancellor could therefore make no order upon the Comptroller authorizing him to redeem. The Safety Fund, as the law now stands, is only to be replenished by the annual contribution of the Banks of one half per cent. upon their capital; and unless further legislative provision is made, the bills of the above Banks cannot be redeemed from the Safety Fund, until the annual contributions shall so far replenish the Fund as to enable the Bank Commissioners to give the required certificate to the Chancellor, and he shall make the order. JOHN A. COLLIER, COMPTROLLER.

6. December 15, 1841 The Daily Madisonian Washington, DC
Article from The Daily Madisonian, December 15, 1841

Click image to open full size in new tab

Article Text

COMPTROLLER'S OFFICE, Albany, 25th Nov. 1841. } STATEMENT OF THE SITUATION OF THE SAFETY FUND. The amount of the Capital remaining 30th September, 1841 $485,487 99 The advances from the Treasury since that time to redeem Safety Fund Bank Notes $106,031 00 Balance of Safety Fund, 24th November, 1841 $379,456 00 Under the provisions of the Act of 26th May, 1841, the Comptroller has given notice to the Safety Fund Banks, that they will be required to pay 1-2 per cent. upon their capital, on the first day of January next, which would produce $158,776 24 And there will be due from several Banks who have not yet paid their or ginal contribution of 3 per cent. on first January next 31,175 00 Which would make the whole amount of Safety Fund $569,408 23 From which is to bededucted the 1-2 per cent. of the Bank of Buffalo and Commercial Bank of Buffalo, since suspended 3,000.00 Leaving the balance, 1st January, 1842 $566,408 23 The Comptroller has no authority to redeem the bills of a suspended Bank until the Chancellor makes the order required by the Act of 8th of May, 1837, which provides that:

7. December 16, 1841 New-York Tribune New York, NY
Article from New-York Tribune, December 16, 1841

Click image to open full size in new tab

Article Text

discount. A sale of a small amount of U. S. Bank notes was made at 41 discount. A large amount could probably be placed at a better figure. Counterfeit Fiver on the Tradesmens' Bank, and Fifties on the Mechanics' Bank of this city, have been put in cir culation in Philadelphia. T he District Court of Philadelphia have decided that the Kensington and Southwark Banks are bound to loan the State the sums dem unded of thein. Ccl. Blossom of Buffalo has been appointed Receiver for the Bank of Buffalo. The Planters' Bauk and the Marine & Fire Insurance Bank of Savannah have declared dividends of four and a half per cent. The meeting of the stockholders of the Housatonic Rail. road Company resulted in a recommendation to make is loan for $100,000, for the purpose of redeeming the notes of the Company, and that the loan be taken by the stock. holders. 1 he amount in circulation is $127,000; the cost of the road, $1,200,000. The notes of the Bank of Cairo have been thrown out for some time past by the brokers of St. Louis, but were received by the Gas Company and the Mutual Insurance Company. On the 3d inst. they were refused by the former but still received by the lawer. Considerable excitement ensued. The brokers were buying them at 5 per cent discount. Money was close in Philadelphia, and some of the Banks had discounted little or nothing for the last two weeks. Money V/25 worth 1 per cent. per month. U. S. Bank notes 35 per cent. discount. A motion has been introduced in the Virginia General Assembly calling upon the Governor to correspond with the Governor ef Maryland and Pennsylvania upon the sub. ject of fixing a day in 1842 when the Bauks of their States shali be required to resume specie payments.

8. December 17, 1841 New-York Tribune New York, NY
Article from New-York Tribune, December 17, 1841

Click image to open full size in new tab

Article Text

Col. Ira Blossom, of Buffalo, has been upIS pointed by the Bank Commissioners Receiver for the Bank of Buffalo.

9. December 18, 1841 New-York Tribune New York, NY
Article from New-York Tribune, December 18, 1841

Click image to open full size in new tab

Article Text

Mexican Dollars a & premium; Spanish 3 a 4; Five France 931 a 24, American Halves and Gold p r Spanish Doubloons 16 40 a 10 50; Patriot do 16.00 a 16 10. The Havre packet took 100,000 Mexican Dollars, bought some weeks since at it a I per cent. The following are the rates at which one of the large uncurrent money dealers buy: the suspended Bank notes: Bank of Olean 50 disc't Bank of Buffalo 20 discit .. 40 St. Lawrence Commercial do 20 " Cliston Co do of Oswego 25 50 " Alleghany Co U. S. Bank notes are rather worse to-day, some buyers offering only 45. An attack having been made on the credit of the Powell Bank of Newburg, Mr. Powell the President has stated in the Newburg Telegraph that he pledges his whole estate, real and personal, for the redemption of every bill issued by, and for every dollar which 18 or may be deposited in, that institution. He was the getter up of it, and is a large stockholder: and his pride is interested in sustaining it. The Flour and Wheat shipped from Michigan this seasou 15 estimated to be worth upwards of two millions of dollars.

10. July 13, 1842 The New York Herald New York, NY
Article from The New York Herald, July 13, 1842

Click image to open full size in new tab

Article Text

MONEY MARKET. Tuesday, July 11-6 P. M. The Stock market was generally very heavy to-day.Harlem Railroad improved 1}; Farmer's Loan I; Mohawk tell ; New York State 7's fell 1. All State stocks are very heavy. Ohio and Kentucky and which are next in character to Massachusetts stocks, New York, have been offered 10 per cent under the rates it which the last sales were made. New York State 6's selling at 91, with downward tendency. The immeare liate cause of this feeling, is undoubtedly the state hollow of the of the and the exposure of the the British embassy, which ought of nature affairs of government, itself notwith- to be as an additional insult to the country, that newspapers come resented standing unprincipled have that she claims. out boldly for surrendering to Great Britain all Do these truckling traitors imagine that they can pur:hase peace from a grasping power by such dishonorable concessions or are they prepared, being smitten upon one cheek, to turn the other also ? The disputed territory folof up. the Oregon territory must of search succeed, and new new concessions until the low, Maine the right being given independence claims follow. of the is subverted altogether, and Lord States up by with Ashburton, vice regal er some other titled stock-jobber, returns to exert that authority which was cast off by our The world is yet too young for powers, others. such interchange non-resistng policy. The idea of settlement by an the of erritory is absurd. A fundamental principle of 3ritish Government is, that Englishmen cannot denationa ize themselves. No power therefore exists by which either Frederickton or any other portion of British territory can be ceded to a foreign power. The same difficulty to exists on the part of the U. States. The proposition for the land is an admission that it is ours already.What pay American will submit to be compelled to sell his fellow citizens to a foreign power, or to sell their land from under them ? The notes of the Bank of Buffalo, which have been at for some time have been thrown out. This is in conpar sequence of the Comtroller having stopped redeeming hem at Albany-he having ascertained that a much great r amount of notes had already been presented for redempion than the books of the institution accounted for, or were certified by the Commissioners. The amount certided was, we believe $285,000, and over $350,000 have ready been redeemed, and it has been ascertained that over $60,000 more are still afloat. The following was the condition of the New Orleans Gas Bank, July 4:$4,640 Circulation of this institution, 7,970 Deposites, Specie, 11,844 2,149 Local Bank Notes, The Bank of Bennington exploded last year, involving is of our citizens in serious lesses. That concern many now in the hands of N. H. Botturm and Henry Robinson, the Esqrs., as receivers. Can these gentlemen give us names of those brokers in Wall street, through whom these bills were forced into circulation? The President of the Bank, it is stated, was deceived and imposed "biter upon, but the public have nothing to do with that if the bit," he must abide by it. The public have a right to know got the parties through whom this illegal paper was thrust upon the market i. the first instance. Westated a few days since, the Harlem company had an assignment of its personal property. The instrumade is dated June 11, 1842. The cars, engines, and all ment goods and chattels are assigned in consideration of other e dollar to A. G. Thompson, John Ward, and George Barker, to secure the payment of $14,000 in four equal monthly instalments of $3,600 each. The first payment to take place on the 13th July instant. The Banks of Virginia begin to think, it seems, that will not be profitable to them much longer, hold a meeting into consideration the mond, and suspension they to take consequently expediency to-day, of at imme. in Rich- all diate resumption. This of course, will result, as such cases, in a trial of strength between the Banks that are able to pay, and those that are unable to pay their debts,-the strongest party will prevail. The probabiliy is that the insolvents have the majority in Virginia. The interest on the debt of the State of Pennsylvania is due on the 1st proximo, and will not be paid. The Legislature have passed a bill to the following effect :-It authorizes the Governor to borrow at six per cent for se ven years, the sum of $870,000, to pay interest falling due in August; but should he not be able to borrow the money, then the Auditor General is authorised to issue certificates to of State Stock to begiven to persons entitled to interest, authorised the amount thereof. The Governor is further to sell the stocks owned by the Commonwealth, if they sum which at five per cent interest would equal be bring dividends a on the same for 1841, and if they cannot authothe within sixty days at par, then the Governor is old -ised to exchange any of the Bank, Bridge or Turnpike at par, for certificates of State Stock at par. stocks This is tantamount to failure. It is not expected stock- that State can borrow the money ,and as to paying the the holderstheir he interest due in a new six per cent stocks, the State is ridiculous. The five per cent stock of 6 cent hing selling at 35 per cent, an equivalent or the per tock would be 42. Consequently a person holding is due say of 5 per cent to whom $1000 of interests er cent would 120,000 receive stock worth but $420, which is 2.1 his capital of $20,000. Thus, while the State actually liabilin epudiates nearly 3 per cent of its debt, its nominal interest. increasing in the proportion of compound the les are matter will be an utter failure however, and is proba.

11. July 22, 1842 The New York Herald New York, NY
Article from The New York Herald, July 22, 1842

Click image to open full size in new tab

Article Text

MONEY MARKET. Friday, July 21-6 P.M. For sound slocks the market has been a little more firm to-day, and a better feeling generally prevails, from the fact, that nothing seems to retard the return of commercial activity but the want of a proper adjustment of the revenue laws, and also the conviction that Congress will not dare longer to trifle with the best interests of the country, or make its welfare subservient to party purposes. Kentucky 6 per cent stock improved 1} per cent ; Harlem Railroad rose 31 at the board, but subsequently fell back 2 percent. It is stated that the extraordinary opposition experienced by the great operator, from certain of the Directors of the Company, some of whom are possessed of but five shares of stock, has really affected his mind. With a vast fortune embarked in the Company, he finds the direc. tion composed of its creditors; men utterly opposed to its best interest, and opposed to every thing calculated to promote the ultimate welfare of the road, and consequently of that of the trading community of the whole city and State. Such a contreiemps is enough to drive a man of ordinary mind mad. Delaware and Hudson fell 1 per cent The applications during the morning for the Corporation 7 per cent loan, 10 years, have been to a great extent, and the whole amount was subscribed for before 1 o'clock.The Corporation has now all the money requisite to finish the supplying the city with the "Croton Water," and has borrowed all the law allows them. Nearly all the half million was taken for investment by institutions and individuals, mostly of the latter out of business. One hundred thousand by John Jacob Astor. The New York State 7 per cent, '49, enquired for at 101, and Ohio 6's, 1850, selling at 733. Treasury Notes, 6 per cent, par to 1-8 per cent premium. A bookkeeper in the Bank of America is discovered to be a defaulter to the amount of $15,000-probably more.He has absconded. Whose neglect is this owing to ? The Decatur branch of the Alabama: Bank has commenced paying specie at the rate of 30 per cent of the face of the notes presented, and the balance in the notes of other banks. One of the Bank Commissioners has published the following statement of the circulation of the Bank of Buffalo By the engravers' accounts the Bank has received blank sheets to $1,293,000 111,400 Blank sheets now on hand in bank, $1,181,600 $519,621 Notes signed;andjnow in Bank, 7,731$527,352 Do redeemed by receiver, $654,248 367,592 Mutilated notes destroyed as appears on books, $286,656 Notes to he redeemed out of safety fund, 287,812 Actually redeemed by Comptroller, Excess, $101,156 Presuming that the engraver's account is correct, the fraud must have occurred in entering false certificates of the amount of notes destroyed by burning Much confusion prevails at St. Louis in relation to the currency. The Miners' Bank of Dubuque resumed on the 1st inst., but failing to make any arrangement for the redemption of its notes at St. Louis, the notes are at a great discount at that point. On the 9th inst. the Perpetual Insurance Office stopped and settled with its depositors by certificates at 30 to 90 davs, to those who refused Tennessee paper. L. A. Benoist & Co. declined paying on checks, other notes than those of the Miner's Bank, which, from the above cause, were at a discount. This is a just inflic. tion upon those merchants of St. Louis who were silly enough to oppose the exertions of the Bank of Missouri two years ago, when it was striving to maintain a sound specie currency. The probability of the final passage of the Tariff bill, which has passed the House is very remote; but in order to show the result of the one man power," in the legislature-for there was setually but one majority for the bill as passed-we subjoin the following comparative table :A COMPARATIVE STATEMENT OF THE MOST IMPORTANT ARTI CLES BEARING SPECIFIC DUTIES AS IMPOSED IN THE BILL JUST PASSED BY THE LOWER House, AND BY THE ACT OF 1832, AND BY THE BILL PROFOSED BY THE COMMITTEE ON MANUFACTURES, AND THAT PROPOSED BX THE SECRETARY OF THE TREASURY. -

12. April 14, 1843 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, April 14, 1843

Click image to open full size in new tab

Article Text

IRA A. BLOSSOM, Receiver of the Bank of Buffalo. JAMES CROCKER, Master in Chancery. mbt11 dt813

13. September 12, 1843 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, September 12, 1843

Click image to open full size in new tab

Article Text

cree. IRA A. BLOSSOM, Receiver of the Bank of Buffalo. Times ( ROCKER. Master in - Chancery mhis dtS13

14. January 8, 1844 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, January 8, 1844

Click image to open full size in new tab

Article Text

The amouut paid into the Treasury during the year ending on the 30th of September last, on account of principal of the U. S. Deposit Fund, is $240,176 99. It has been suggested that a stock might be issued, sufficient to redeem all the liabilities of the safety-fund banks, exclusively on the future contributions of the banks to that fund. Certificates issued under such an arrangement, bearing an interest of 6 per cent., without in any way pledging the responsibility of the State, would readily be taken by depositors, and the holders of large amounts of the notes, and the hundred thousand dollars of money and securities in the Treasury might be applied to the redemption of the notes held in small amounts. If this suggestion should be acted on by the Legislature, it would be necessary for the receivers to sell the assets of the bank at auction with as little delay as practicable. The following statement shows the amount of notes outstanding at the time of failure of the several banks which have suspended since the Bank of Buffalo, the amount paid into the Safety Fund by commutation, previous to October, 1842, and the balance of notes now outstanding, viz:

15. October 22, 1844 The New York Herald New York, NY
Article from The New York Herald, October 22, 1844

Click image to open full size in new tab

Article Text

MONEY MARK E.T. Monday, Oct. 21-6 P. M. The Stock Market to-day was rather flat. The sales were quite large, but quotations show a decline. Sto. nington fell off 1 per cent; Norwich and Worcester, 31; Long Island,2; Canton. 1; Farmers', 3: Illinois, 2; Indiana, t; Morris Canal d; Ohio 6's, it; Elie Railroad, }; East Boston, Mohawk and Pennsylvania 5's, closed firm at Saturday's prices. There were two failures to-day among the cotton speculators-the sufferers by them are on the other side, and the amount due is quite large. The Union Bank has this day declared a semi-annual dividend of four per cent. payable on the 1st of No. vember. The receiver of the Commercial Bank will pay a farther dividend of four per cent on Wednesday, the 30th of October, at his office, No 1 Hanover street. The eceiver has given notice that on the 24th mat. he will sell, in the city of Buffalo all the remaining proper ty of the Bank of Buffalo, consisting of Book accounts, stocks, bonds and mortgages, cities and city lots, for cash. The bonds and mortgages deposited with the Comptroller as security for the circulating notes of the Bank of Brockport, are advertised to be sold on the 28th instant, in the city of Albany. The mortgag 8 consist of four given by H Niohols, of $9,400 on 469 acres in Orleans county; Lucius G. Merrill, for $1500 on 65 acres in Ridge way, Orleans county; Silas D Walbridge for $3500 on 150 acres in Barre, Orleans county. These bonds and mort gages were credited for $14 495. In addition to this the Comptroller holds $10,000 New York five per cents, and $5000 Illinois stock as security for $25,000 of circulating notes. By the arrival of the steam ship Acadia, at Boston, from Liverpool, we have advices from[Europe to the 4th inst. inelusive The commercial intelligence cannotte considered otherwise han of a very favorable nature, notwithstanding the slight depression in the cotton market. The a counts are of very little interest or importance, and to this fact we attribute all that is favorable and satisfactory. Capital continues very abundant, and the Bank of England has made loans at the rate of 17 per cent. The d rectors have refu ed to loan more at the same rate et interest. A dividend of three and a halt per cent for he six months ending Oct. 10th, has been declared, and the bank is rapidly extending its issues and banking opera. tions. BANK OF ENGLAND - Issue Department, Sept. 21. Notes issued £28,582,705 Government debt £11,015,100 Other Securities 2,984,900 Gold Coin and Bul-

16. October 31, 1844 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 31, 1844

Click image to open full size in new tab

Article Text

CHANCER Y. -8th Circuit - -The President Directors & Co. ofThe Onondaga County Backo The Bank of Baf. falor- - Notice is hereby given pursuant to an order of the Court of Chancery, dated the 24th day of September, 1844. that on W ednesday the 30th day of October next, I shall sell at public auction nt the American Hotel. in the City of 80 ffalo. comment cing at 10 o'clock. A. M. all the remaining property. estate and effect of the said Bank of Buffalo, whetherreal or personal, consisting in part of Notes, Book Accounts. Stocks, Judgments. Bonds and Mortgages among which are. ft Bond and Mortgage, made by G. S. Hubbard. for about $10,000. on land situate in Chicago. HI. and N Bond and Mortgage. made by Pratt & Taylor. upon land in Pol do, Ohio, forabout $116 w Also certain real estate. among which is a right to the convey. ance of Block 35. in Manhattan, Ohio, a lot on Pearl street, in the City of Buffalo, &c. &c. That the terms of such shie will be CASH DOWN. and without recourse to me. Dated Buffalo, Sept. 25th, 1844. IRA. A. BLOSSOM, Receiver of the Bank of Ruffa of I'v

17. March 1, 1845 The New York Herald New York, NY
Article from The New York Herald, March 1, 1845

Click image to open full size in new tab

Article Text

MONEY MARKET. Friday, Feb. 28-6 P.M. There was a slight improvement in stocks to day. The passage of the Texas resolutions through the Senate does not at present appear so certain, and stock operators were to make transactions. At the first call in one per but prices more disposed advanced many instances full cent, tell off at the second call, and the market closed at a small improvement. Stonington went up à per cent; Erie Railroad, Penn. 5's, t; Illinois, ₫; Ohio 6's, 1; Morris Canal, $; Long Island, 1; Canton Harlem declined and Norwich and Worcester; and Farmers' Loan closed firm at yesterday's prices. The value of the exports from this port for the month just closed, has been limited compared with that for the same month last year. The exports for February 1845 are valued at $1,758 326 65, of which $1 323,916 18 were exported in American vessels, and $434,410 47 in foreign vessels. This is exclusive of specie exported for the month, which amounts to $36 929. The receiver of the Bank of Buffalo gives notice that he is prepared to make a dividend from the funds of that institution in his hands The amount to be distributed is about $64 000 being a dividend of a fraction less than seventy-four per cent, which will be paid upon all claims against said bank, of which proof was made before a Mas. ter in Chancery prior to the 20th of November, 1844. The receipts of the Western Railroad Company for each weak of this year, show a very large increase on those for the corresponding period last year:WESTERN RAILROAD. Iner 1845. 1844. Week ending Feb.22. $1,76 $5,652 $3,906 Passeugers, 7,026 1,504 5,522 Freight, &c 12,678 3,250 $9,428 This increase is about thirty three per cent. The opening of the Hudson river will draw away some of the freight that usually at this season goes over the wes. tern road to Boston, and reduce the receipts of that company. The receipts of the Portland and Portsmouth Railroad company for 1844, compared with 1843, show a very great increase PORTLAND AND PORTSMOUTH RAILROAD. Iner. 1843. 1814. 124.139 34,500 $89.997 Total amount of receipts 7,484 50,316 42,832 Expenditures 27,016 74,181 $47,165 Surplus The nett income of 1843 was a little more than forty seven thousand dollars, and for 1844 a little more than seventy-four thousand The expenditures for 1844 were on 117,008 miles run, an average of 424 cents per mile. In 1843 they averaged 47 cents for 102,036 miles. The Eastern. in Massachusetts and New Hampshire, re ceived in 1844 $337,238, and the expenditures were 53,341 1000 cents per mile run, or $109,318, leaving a balance of $227,919. The mails, rents, &c. gave $6,661, and the gain upon sales of property $9,344. Atter paying dividends of $79,887 and $91,300, and interest on State loan $25,000 there was left on hand a balance as prefits and old surplus, to the amount of $7,048. In 1843 the receipts of these roads were $279,562, and the expenses $104,640, or 51 821-1000 cents per mile run. We annex the official report of the Mohawk Railroad for 1844, made to the Legislature of this State:MOHAWK AND RUDSON RAILROAD, 1844. $1,053,848 8 Cost to Jan. 1, 1844 91,827 06 new section at Schenectady " 137,124 17 branch at Albany Construction in 1844, including laying old track with H rail 24,702 39 Total cost Jan. 1, 1845 $1,307,502 42 Interest on debts incurred before 1843 10,389 94 34,040.69 Repairs and running road 63 44,430 Total $1,351.933 : 20 $66,293 81 Receipts from Passengers 10 059 79 " freight mail 3,450 00 778 64 rents " 11,590 08 sale of cars, old iron, &c 92.172 32 Total 125,000 00 Bond and mortgage of 1844 $217.172 32

18. May 16, 1845 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, May 16, 1845

Click image to open full size in new tab

Article Text

$16,494 Total $16,844 Col I. A. Blossom, as Receiver of the Bank of Buffalo, gives notice that he is now prepared to pay to the creditors thereof, at his office, the balanees of their respective claims against the Bank, as reported by the Master in Chancery, to whom they were severally referred. In relation to Western funds the Buffalo Commercial states that there is more steadiness in money operations again, and arrangements have been made to redeem most of the Western Bank issues at the same rates which were charged previous to the failure of the St. Clair. All Ohto funds go again as before; and the Farmers' and Mechantes' Bank of Detroit and Mich. In. Co. together with River Raisin, are redeemed by their respective agents here at 1) per cent. Very little can be done with St. Clair or other interior Michigan at present. The Free Press thinks the St. Clair note. worthless excepting to those who owe the Bank. Two vessels from Cleveland via the Welland Canal have arrived at Oswego, the Canal therefore is now in operation. The Lancaster (Pa) Bank has accepted the new charter granted by the Pennsylvania Legislature. The Carlisle Bank has rejected it. and is now winding up its affairs. The new charters contain an "individual responsibility " clause, and hence the opposition. A strong effort is about to be made by the proper authorities, to enforce the collection of the State Taxes in the delinquent counties. The following table gives the exports of Cotton to Foreign Ports from Mobile for the month of April, and Value. Pounds. Bales. total of season: T.G. Britain in Am. ves 26,780 12,903,098 $748,143 74 To G. Britain in Br. ves 41,713 20,448.64 1,145,538 93 Total to Great Britain 68,493 33,351,262 1,893,682 67 331,001 76 5,964,240 To France in Am. ves 12,605 To other foreign ports 311,970 05 10,627 in Am. vessels 5,337,882 To do. 86,078 16 British 1,517,780 3.028 To 12.210 00 do. 182,254 378 Spanish To do. 33,013 72 625,440 Austrian 1,389 To do. 13,323 72 472 216,172 Sardinian 456,595 65 7 919,528 Tetal to o'r foreign ports. 16,094 2,681,280 08 47,235,130 Total for month of April.97,192 Recapitulation. 13 Total ex's 1st qr. 44.5 10,383 5,143,788 293,494 Total do. 24 qr. do 114,635 57,143,479 2,779,693 20 2,301,684 38 Total exports March 44,199,431 90,430 2,681,280 08 47,235,130 Total experts April 97,192 8,056,151 79 Total since 1st Sep. '44. .312,649 153,721.828

19. January 13, 1846 Indiana State Sentinel Indianapolis, IN
Article from Indiana State Sentinel, January 13, 1846

Click image to open full size in new tab

Article Text

# The Individual Liability of Bankers. One of the strongest speeches we ever recollect of have heard, was delivered in the Ohio Legislature in 1840, by Col. DAVID TODD, the present United States Commissioner to settle the difficulties in the copper country on Lake Superior. The subjert was the individual liability of bankers, and in the course of which Col. Todd related an anecdote, which had fallen under his own observation. When quite a youth, he happened to be in one of the government land offices, and while there a man came into the office to make the last payment for lands which he had bought under the law which allowed the buyer to make annual payments for the land purchased. The last payment which, by the terms of purchase, was to be made that day, on the land, with all the purchase money would be forfeited, amounted to eighty dollars. The purchaser handed a roll of bills to the receiver, who found them all to be on the bank of Buffalo. He handed them back to the farmer, informing him at the same time that news had that morning been received that the bank had broke. The farmer told him it was every cent he had-that for it, he had toiled day after day, in clearing land for a neighbor, and that night after night, when his children were asleep, his wife had assisted him in his work. His family during the time, the farmer said, had scarce the necessaries of life so anxious was he to save all he could, to purchase the land upon which his cabin stood. To make out the eighty dollars he had sold his last cow. The looks of the man-the deep distress painted on his countenance, and the efforts which he made to raise the money in the town where the land office was situated, left not a doubt of the truth of his tale. His land became forfeited, and he returned to his starving family, a beggared man, with no roof he could call his own to cover the heads of his family or himself. A few days after, Col. Todd said, his boyish curiosity was excited by the appearance of a carriage, drawn by a span of fine horses, which rolled into the village. So much more splendid was the equipage than any thing he had before seen, that curiosity induced him to inquire the name of its owner. He was told that it belonged to the Cashier of the very Buffalo Bank, whose explosion but a few days before had caused the ruin of the poor man he saw in the Land Office. Upon inquiry, then, did he first fine that in our boasted land of equal justice, that Banks were not holden for their liabilities-and the law had created them a privileged class. Struck with its injustice, said Col. Todd, I then swore that if life spared me, and fever became a member of a legislative body, I would never rest satisfied, until in like cases the carriage and horses, and other property of the privileged banks, could be taken to pay the debt contracted by the bank. Such a law would have saved from ruin the poor man, for the Banker's carriage and horses would then have paid the debt. So well was the oath kept, that during the time Col. Todd was in the Legislature, in every act of special legislation, the stockholders were made individually liable. Since the day we heard that speech, we have been found ranged upon the side of those who have done battle, at all times, and on all occasions, for the principle of individual liability. While life lasts, we freely pledge ourselves to continue its advocate, not only in bank charters, but in all other acts of incorporation. Detroit Free Press.