Bowery Bank - New York, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: January 21, 1861
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 074e2d6c

Response Measures

None

Description

Articles identify John A. Stewart as receiver of the Bowery Bank and announce dividends paid by the receiver. There is no mention of a depositor run or a temporary suspension/reopening; the presence of a receiver indicates the bank had failed/been closed and was in receivership. OCR typos corrected (e.g., 'STEWAS' -> STEWART).

Events (2)

1. January 21, 1861 Receivership

Newspaper Excerpt: JOHN A. STEWART, receiver of the Bowery Bank, gives notice of a second dividend on the stock of the bank ... payable on demand at his office, No. 150 Canal street.
Source: newspapers

2. January 24, 1861 Other

Newspaper Excerpt: Mr. John A. Stewart, Receiver of the Bowery Bank, gives notice of a second dividend on the stock of the Bank, amounting to 12 per cent, payable on demand at his office, No. 150 Canal street.
Source: newspapers

Newspaper Articles (3)

1. January 25, 1861 The Sun New York, NY

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Article Text

& FINANCIAL, NEW YORK, Thursday. Jan. 24. The Stock market is weak today, with small sal . and lower prices. The improvement at the Second Board of yesterday is lost, and prices are per cent. lower on the Railroad shares. Towards the close there was a rally of to a in per cent. The State stocks are dull, but, on the whole, steady. A small lot of Government sixes of 1967. was taken at 97. and five thousand dollars of 180s, at 98. For fives or 1874, 90 was bid and 95 asked, The money market shows no change whatever. Call-loans are easy at 6a7 per cent. In foreign exchange there is not much movement thus far for the next steamer, but the market is firm. Oa L ondon 100% a 106% Francs 5.15 a 5.35. The suit brought by the Attorney-General 0 the state against the New York Central Railroad Company, to recover several millions of dollars for canal tolls upon freight transported over the road of the company. came on for trial yesterday at the Orange County Circuit. held at Goshen, Justice Brown presiding. The plaintiffs introduced their testimony, and after abandoning that part of their claim which arose more than six years prior to the commencement of the suit, and also all caim for tolls upon way freight, rested their case, whereupon the defend outs moved for a non-suit upon the following among other grounds: first, that there was no evidence before the court and jury, from which canal tolls could be computed upon freight transported by the defendants, in case their liability to pay such tolls was established Second that the act of the Legislature. passed July 10, 1851, abolishing tolls on railroads, was a valid law. Third: that all laws imposing tolls on freight transported from or to other states by the defendants. were in violation of the Constitation o: the United States, and were therefore vold. After argument by counsel. the Court grauted the motion and dismissed the complaint. Mr. JOHN A. STEWAS receiver of the Bowery Bank, gives notice of a second dividend on the stock of the bank. amounting to 12 per ceat. payable on demand at his office, No. 150 Canal street. The previous dividend of 20 per cent., and with this, the stockholders will have realized 32 per cent. on their investment, with some chance of a further small dividend. Ausexed are the annual figures of the Sixth Avenine Railroad Company, for the year ending 30th of September:Capital Stock $750,000 00 Cost of Road and Equipment By last Report 877,336 78 By present Report 946,690 72 Expenses of maintaining Road $32,109 63 Expenses of Repairs and Machinery 26,583 03 Expenses of operating the Road 78,647 03 Earnings 369,945.40 Payment For Transportation.$261.698 64 For Divid nds 90,000 00 8,246 76 To Surplus Fund $363,945.40 The Niagara arrived at this port today, bringing $1,080.00 in specie. The following summary, copied from the statement prepared by the Superintendent of the Banking D3partment, exhibits the condition of the banks and banking associations of this state on the 29th day of December last: and also their condition at the date of the previous report, Sept. 29th :Total reso's Sp. 29 $311,345,555 Dec. 29, $309,053,528

2. January 25, 1861 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, January 25, 1861

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Article Text

Mr. John A. Stewart, Receiver of the Bowery Bank, gives notice of a second dividend on the stock of the Bank, an ounting to 12 P cent, payable on demand at his office, No. 150 Canal street. The previous dividend of 20 P cent, and with this, the stockholders will have realized 32 # cent on their investment, with some chance of a further small dividend. The paymentsatt the Sub-Treasury on the new Treasury Notes exceed four millions. The first payment was made on Monday, and already large amounts of the notes are in the mails, ou the way to the owner-, and will be delivered to-morrow. This promptness is entirely without precedent in the Treasury Department, and fully justifies the (expectations which we formed of the executive abilities of Mr. Dix. The previous issue of five millions have all been delivered and are selling firmly on a basis of 91@94 p cent interest. The Court in the case brought by Attorney-General Meyers against the Central Road for back Canal Tolls has granted a non-suit. The Commercial says: A jury having been impanueled, the plaintiffs introduced their testlinory and, after abandoning that part of their claim which arose morethan six years prior to the commencement of the snit, and also all claim for tolls upon way freight, rested their case. Whereupon the defendants moved for a con enit upon the following among other grounds: 1st. That there wasno evidence before the Court and Jury from which canal tolls could be computed upon freight transported by the defendants in case their liability to pay such tolls was established 2d. That the act of the Legia. lature, passed July 10, 1851, abolishing tolls on railroads, was valid law 3d That all laws imposing toils on freight transported from or to other States by the defendantswere in violation of the Constitution of the United States, and were therefore void After argument by connsel for the respective parties, the Court granted the motion and dismissed the complaint. There is no change to note in money matters, excepting a little more activity in call loans. The following are Meanre. Thompson Brothers' rates for Currency and Exchange for to-day: Georgia and Tennessee 1/2 New-England New-Orleans New-York, East Jersey and : Illinois, Wisconsin, and Mo. 4 Philadelphia 1 Drafts on St. Louis and ChiBaltimore 6 2) cago. Pennsylvania A 2 Drafts on Cincinnati. Maryland North and South Carolinaand 7 Virginia The foreis n advices are considered RB favorable. Cot. ton, at the last dates, was active, with an upward tendency. Breadstuffs showed no improvement. Consola were firmer, and American securities are quoted at better rates. The receipts of the Old Colony and Fall River Railroad for 1860 were $655, 40; expenses, $340,1 148 16; increase of receipts from last year, $8,674.78; decre 180 of expenses within the same length of time, $10,525 65; decrease of indebtedness for two years, $11,900; stock on hand, Nov. 30, 1860, $135,938. The Milraukee Sentinel thus remarks in relation to the foreclosure sale of the Milwaukee and Mississippi Railica The sale, under 8 decree of the United State: District Court, wipes out the old company, and under the new organization, the road will hereafter be known as the Milwaukee and Prairie du Chien Railway. The terms of the reorganization, under the law flast Winter, were filed with the Secretary of State on Friday. The new Directors are Louis H. Meyer, Wm. P. Lynde, Allen Campbell, Wm. Schall, John Wilkinson. John Catla Horcules L Dousman George Smith. N. A. Cowdery. The management of the road continues, for the present at least, without change. At Philadelpbia the Money market is quiet at 10 @12 ₽ cent. At Chicago the market is easy. Exchange on New-York, P cent. At Milwaukee the rate P cent, with a tight Money market. The Circular of Mesers. McKillop says in regard to the failures of 1860: A reference to the table will show that during 1857 we reported 6,017 failures, being 2.69 P cent of all the traders on our books. while in 1860 we report only 4,352 failures, or about three-fourth of i ip cent less than in 1857. Our list of failures will show as follows for the several months of the past year: 424 648 July January 480 739 August February 310 482 September March 237 311 October April 248 208 November May 410 December 355 June Thus it will be seen that during the first six months we had more failures reported than during the last six months. This is accounted for by the fact that during the Spring of 1860 about the last of the diffico ties originating in 1837 were settled largely by compromise. Many believing themselves good and able to pay, took exteasions: some were able to carry out their contract, but others found it impossible, and after having struggled hard under etc barrassment, were forced to fail. This will also serve to explain, to some extent. the fact shown by the table that in some of the States the per centage of failures has been greater in 1860 than in 1857. In further explanation it ought to be remembered that the panic of '57 struck the great centers of trade first, and they, of course, were the first to recov. from its effects. In more remote distric the pressure had not been felt at all when our statement for 1857 was prepared. Since that time thore districts have also suffered, and had not recovered prior to the Spring of last year. The following tables from The Bankers' Magazine illustrate the increase of banking capital, deposits, loans, specie, since the year 1849, at this city. The most marked increase was in the number of banks and amount of capital during the years 1852-53 and from September, 1855, to March, 1857

3. January 28, 1861 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, January 28, 1861

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E.D VID E N D NOTIC OFFICE OF MORRIS CANAL AND BANKING COMFANY, JERSEY CITY, Jan. 21, 1861.-The Board of Directors have this day declared from the earnings of the Canal a semiannual dividend of FIVE PER CENT upon the Preferred Stock, and TWO PER CENT upon the Consolidated Stock -payable on and after Tuesday, the 5th day of February next. at the Office of the Company at Joseey City, or to Stockholders resident in and near Philadelphia, at the Office of E. W. CLARK & Co. there. The Transfer Books will be closed from the 24th inst until L. N. CONDIT, Secretary. February 3. BANK DIVIDEND.-Notice is hereby BOWERY given that 8 second dividend. amounting to 2 per cent, will be paid by the undersigned, Receiver of the Bowery Bank, at his office. No. 150 Canal- to the stockholders or their legal representatives, on demand, upon presentation of their certificates. JOHN A. STEWART, Receiver.