Butchers & Drovers Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 13, 1871
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: c885f892

Response Measures

None

Description

OCR-heavy article describes the Butchers' and Drovers' Bank failing and a receiver being appointed (Dec 13, 1871). The failure is said to have been precipitated by the refusal of its redeeming agent/clearing-house to continue acting for it (correspondent issue). No explicit depositor run is described; the piece focuses on insolvency and receiver appointment.

Events (2)

1. December 13, 1871 Receivership

Newspaper Excerpt: This action the bank had been ... appointed Receiver and at once took Albon Man Currency Dec. 13. 1871, liabilities ... the failure, estate at the time ... was appointed Receiver Dec. 13, 1871.
Source: newspapers

2. December 13, 1871 Suspension

Cause: Correspondent
Cause Details: Failure precipitated when its redeeming agent/clearing-house refused to continue acting for the bank (refusal of correspondent/redeeming agent).
Newspaper Excerpt: The failure of this Butchers' and Drovers' Bank, its redeeming agent refusal of at the the Clearing was house, the result to of the bad time con which by the for it. This action the bank had been for some Condition in was appointed Receiver and at once took Albon Man Currency Dec. 13. 1871, liabilities
Source: newspapers

Newspaper Articles (1)

1. February 6, 1873 New-York Tribune New York, NY

Article from New-York Tribune, February 6, 1873

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Article Text

the dividend about to be declared to the creditors 01 the Bow ting Green THE bauk OCEAN NATIONAL BANK. Bank failed on ember 12, 1871 Clearing from its The Ocean meet its obligations through the the Previous inability to to the suspension, the members of to house. Association appointed a committee banks Clearing -house the affairs of the Ocean and other The was it and investigate securities held in behalf of the Ocean Bank that the The in found to house be insufficient, would no longer act for the York, bank New Clearing- of the Currency, being Theodore M time short previous to the suspen Exam Bank Charles Callender, the United States When condition the ably upon iner had made of the bank found among he charge, took the to loans Charies bank the of resources Wild and Alfred Avery, bonds by which Canal Lake and the Lake Portage was of the value of the value The nominal due the amount depositors and bank the value the The that he the best from information little varied has estimate derive at $1,867,641 31 The ersion of the assets, W to have from the product of the about 81 000.000, the the per to cent be realized of doub lea to enough pay more than bank The yet the de positors in full and a surplus. THE MARKET SAVINGS BANK the subject been has failure Bank and The Market Savings bitterness of feeling. Its deposofficer itors ascribe allege, of great interest their losses to the defalcations of the an deposas expended they that of the bank, who, stock speculations. They assert itors money in bank were aware of the defalcations other officers of the consequent inso of the of of the Secretary and the de of its soundthe led to public which ness. The following knowledge statement of the insolvency Bank In December, an made the bank 1871, the Examiners from of the the State examination ing with sactions found and bank an banks, collateral adequate any loans and The President their and hesitane an for explan the bank the to order The other officers tion This $500,000 about falcation Conklin the of flight the by When this officer that upon alleged, statement forth set and be false, knew bonds of the form from his the their and in many notice come and its notice to pending that All by was bank he after ha the of Mi Mackey bank filed in at held Register Mr 10. on of affairs full the Some Mr dence over the nothing that asserted proposed per the that the $1 books the time the due total and some them utterly seeking obligee return made The only on Long Branch which $120,000, Henry Heise that the $25,000, has been the an of order United has been by ratified a bank committe Imm to States diately Court after the failure of the the causes and Orlando the failure, R of the depositors appointed M F Dowley. Ferris Bent, Parsons, Eugene upon Marvir M Barnett, and H sident, William Van Name he for that knew Blake, trustees The some time prior to Jan. the R that Heury an that he that dreaded but exposure Elias bank but did report the not defa utter for Other officers the of depo any with disclaimed trustees the bank, and the affairs to were double made loans that disclosed property of its the amount to met recently perfect The legal are the of the Name, William Suit igations. against was growth of the Mr. Name by the issued. Mr to Ludlov Name was Grought aplication an order st. Jail Under the make state he any has refused of his vice counsel, to are be said. dings, ment. Legal upon bank officials other The by the faulting made public when the Committe manner Marke and of the of the officers labors the work the of the estionable also of the with and in the cluded assets the and as the the sade bank, of bonds together with the dis receiver bursemen nts of EIGHTH NATIONAL BANK re THE bank was precipitated by the Butchers' to continue The failure of this and Drovers' Bank, its redeeming redeem agent fusal of at the the Clearing was house, the result to of the bad time con which by the for it. This action the bank had been for some Condition in was appointed Receiver and at once took Albon Man Currency Dec. 13. 1871, liabilities troller of the bank affairs The umbrances on the charge of the there were heav liabilities, the state. as which These of the failure, estate at the time an which profit the bank included the capital and surplus of 67 $40,000. with the ved interest, (about $16,000) during about $68,000 and To this discounts should be added atements of the bank The the year than the depositors indicated of the the due to depositors amount due individual stated balance the of due whole amount instead assets overdrafts and addition ledgers liability and the $400,000 was due way by been had to this betweet $300,000 on real invested estate the from the bank or h its assets the bank had real it time of the failure estate whate ver OWD name to any largely by the Butchers by in its estate was controlle individuals who had pur- title taken This and Drovers real Bank, mortgaged and to the bank; previously given to chased mortg of mortgages due on this foreclosu losures of taxes was individual o it upon large amount held in the benbank A of it was it for portion cashier who held property and President and sitors was about name the amount due to de its estimated assets the bank The statement of exactly with its $397 67. was creditou was $1,019,665 assets $368,095 or 000 The bank corresponding to these