Bank of Canandaigua - Canandaigua, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: May 1, 1868*
Location: Canandaigua, New York (42.874, -77.288)

Metadata

Model: gpt-5-mini
Short Digest: 7799c9d9

Response Measures

None

Description

Article (Jan 29, 1874) recounts a man who became four-fifths owner of the First National Bank of Geneva and in May 1868 was compelled to suspend, owing $500,000 to 2,000 depositors. The suspension followed personal reverses and heavy losses and led to bankruptcy/administration; no separate run is described. I treat this as a suspension that resulted in permanent closure/insolvency (bankruptcy). OCR corrected nothing significant.

Events (2)

1. May 1, 1868* Receivership

Newspaper Excerpt: he was put into bankruptcy, with $600,000 of assets to pay $500,000 of liabilities with; the circuit of creditors proved too large, and he was put into bankruptcy
Source: newspapers

2. May 1, 1868* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Owner's severe reverses and heavy losses forced suspension in May 1868; large liabilities to depositors reported
Newspaper Excerpt: in May, 1868, he was compelled to suspend, owing $500,000 to 2,000 depositors
Source: newspapers

Newspaper Articles (1)

1. January 29, 1874 The Elk County Advocate Ridgway, PA

Article from The Elk County Advocate, January 29, 1874

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Article Text

Remarkable Tale of Business Vicissitudes. The January number of the Spectator -the well-known insurance review— contains the following story of an eventful career, as related by its Hartford correspondent: One of the most striking instances of the ups and downs of life that ever came under the observation of your correspondent is afforded by the history of a gentleman, now an agent for some of our Hartford companies in a small town in New York State. At the age of twenty-three the man, now fifty-seven, started in business as a country merchant, in which, from that time till 1857-eighteen years-he was very successful, dealing largely in wool and produce, as also in real estate, of which he was a considerable owner. Immediately after the bank crisis in 1857, he entered into the banking business as half owner of the Bank of Canandaigua, Canandaigua, N. Y. In a few years he became the sole individual owner of the Bank of Canandaigua, the Bank of Ontario, the Bank of Canton, a Bank at Cortland, four-fifths owner of the First National Bank of Geneva, had a banking office at Marathon, N. Y., one at Herkimer, N. Y., and one at No. 139 Broadway, New York city, holding deposits to the amount of $3,000,000. He also owned a fine private residence ; $200,000 worth in the best business blocks, and other first-class real estate. Then came reverses and heavy losses, and after paying to depositors $2,500,000 from personal assets, in May, 1868, he was compelled to suspend, owing $500,000 to 2,000 depositors, scattered from Philadelphia to Omaha. Asking for a little time to convert, not to compromise, the circuit of creditors proved too large, and he was put into bankruptcy, with $600,000 of assets to pay $500,000 of liabilities with. But the temptation to assignees and lawyers was too great, and the circumstance too rare, to allow an administration of the estate for the interest of creditors. There was a splendid chance for sharpers, and they improved it, so that debts were only partially paid. Our hero's wife surrendered her dower right in $200,000 worth of real estate for the small sum of $8,000 at the solicitation of her husband, and a dwelling house in New York city, purchased for a married daughter, was put in with the rest. He has never asked any discharge from his indebtedness, and is still pushing the life and fire insurance business in his native town, which he himself built up, in the hopes of yet paying the last dollar. Is not this, on the whole, a remarkable history