Ilion Bank - Ilion, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: September 24, 1857
Location: Ilion, New York (43.015, -75.035)

Metadata

Model: gpt-5-mini
Short Digest: 9438e110

Response Measures

None

Description

Article (New-York Daily Tribune, 1857-09-24) reports directors of the Ilion Bank resolved to close up its affairs because business was not profitable; says no loss to creditors. No run is mentioned. This appears to be a voluntary winding up (permanent closure).

Events (1)

1. September 24, 1857 Suspension

Cause: Voluntary Liquidation
Cause Details: Directors resolved to close the bank because business was not profitable; voluntary winding up with no expected loss to creditors.
Newspaper Excerpt: The directors of the Ilion Bank of Ilion, Herkimer County, some timo ago resolved to close up its affaire, because the business was not found to be profitable. We understand no loss will result to any creditors.
Source: newspapers

Newspaper Articles (1)

1. September 24, 1857 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, September 24, 1857

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Article Text

true remedy for the embarrasements not only n this, but also of all other railroad companies. The road to Crencial prosperity will be found in the direction n economical masagement. Expenses must be rigidly reduced and a system of studied and enlightened soonany inaugurated and pursued." Letters from Philadelphia and Boston are rather cbeerful, although the writers evidently by no means consider the sterm 68 past. The Suffolk Bank is be. coming stronger and the redemptions by the interior banks are made with greater promptness. At Philadelphia the banksare poor in coin but are doing everything possible for their dealers. The Indiana from Bremen brings $65,000 in specia. The earnings of the Sconington Railroad in August, 1857, were $23,992 " August, 1856, were 27 494 $8 Decrease $3,501 04 The expenditures in August, compared with came month last year, show a decrease of $3,667 75. The earnings of the Lake Erie and Wabash Read for the first two weeks of September were $40,800, which is very favorable. For the same period the Illinois Central earned $106,000. The Milwaukee and Mississippi Road for the first ten days of the month earned $37,000. The directors of the Ilion Bank of Ilion, Herkimer County, some timo ago resolved to close up its affaire, because the business was not found to be profitable. We understand no loss will result to any creditors. A late Galena paper says: Our financial circles were pained to learn that James Carter, banker, of Galena, had been obliged to suspend. He unfortunately kept bis accounts with the Ohio Life and Trust Company. That concern had $80,000 of his funds is its vaults when it failed. The Journal of Commerce adduces the following rather strong instance of the tightness of the money market: There is much written and uttered about the illiber. ality of the bar ks, but those who complain most would be, perhaps, equally loud in their condemnation if any trouble should come through a want of prudence on the part of these institutions. We doubt if any of our city barks have been as 'close' as some of their sister institutions in Philadelphia. It is reported that one bank there became 80 costive that a customer, a little irritated at the picayune policy, drew a note for five dollars at thirty days, covered it down the back with first-class indorsements from his fellow-sutforers, pinned to it a ten dollar bill of the same bank as ool. lateral, and then offered it for discount. This was what Jodediah Tompkins would call hintin' round.' The Boston Post says: The banks were never stronger than they are w. day, and some of them have been steadily preparing to meet this crisis by strengthening themselves is specie, and discounting all they can with due regard to their means. Thus, one of our heaviest banks, the Merchants' Bank, drew from New-York last week $320, in specie, and has discounted to the extent of its means. This is what other banks are doing, and what every bank should do, beyond question. On Saturday three or four of the back presidents cause together, and found 8 more cheerful feeling to exist, and advised the banks to discount as liberally as possible. Nothing is done in Sterling Exchange. The asking price of the best bills drawn to order is 8 per cent at retail A much lower figure could buy any comsiderable sum. Transactions in drawn bille have been made as low as 7 per cent." The Providence Journal eays: Yesterday was the most trying day that has been experienced in the business of Providence. News had been received on Saturday evening of the failure of Hacker, Lea & Co., and of John Farnhoum & Co. of Philade Iphia. We did not announce them, as we hoped that the rumor might prove incorrect. But it was unhappily confirmed by later advices yesterday. The parties here that suffer by Hacker, Lee & Co. are very strong. The accounts from Boston are more cheering. A general hope is expressed there that the worst is over, and that the relief that has been afforded by the more liberal discounts, at the close of the week, will not turn the balance against the city." The Cincinnati Gazette says: The week closes with & decidedly improved feeling in fit ancial matters, as compared with last Saturday, but money is still very scarce and dear. Exchange in in limited supply at 9 P cent premium. A gentleman who left New-York on Thursday evening informs us that Mr. Scarborough, of the Trust Company Investigating Committee, expected to leave on the same evening for this city. He will doubtlees make a report to the Trustee on Monday. Our informant conversed with one of the Committee in NewYork but no facts of importance were communicated, except that matters were very much mixed us. It was remarked, however, that the investigation did not afford any reason to doubt the ability of the Company to pay its debts."