15649. Clinton Bank (New York, NY)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
January 30, 1842
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
285591af

Response Measures

None

Description

Articles (Jan–Feb 1842) report Clinton Bank of New York as having 'stopped' or 'recently suspended' and being enjoined (injunction served). An Albany agency experienced a temporary suspension but redemption there was resumed and the bank's credit said to be restored. No explicit depositor run is described. I classify the cause of the suspension as government_action (court injunction).

Events (3)
1. January 30, 1842 Suspension
Cause
Government Action
Cause Details
Court injunction served on Clinton Bank (reported enjoined); bank 'stopped' payments indicated in contemporaneous lists of suspended banks and referenced as enjoined in press reports.
Newspaper Excerpt
Since that announcement three more have stopped, as follows:- Farmers' Bank of Orleans, ... Clinton Bank, New York 7.000
Source
newspapers
2. February 18, 1842 Other
Newspaper Excerpt
CLINTON COUNTY BANK and Clinton Bank These are two different institutions.-The Clinion Bank is in the city of New York and is one of the free banks so called, and it seems that an injunction has been lately served upon the Clinton Bank and has been enjoined, whereas no injunction has ever ben served upon Clinton County Bank, not has it ever suspended payments at its counter. A temporary suspension occured at the agency in Albany but the redemption of its notes in Albany has been resumed, and the credit of the Bank and of its bills are fully restored under the most favorable circumstances. - Whig.
Source
newspapers
3. February 21, 1842 Other
Newspaper Excerpt
The Comptroller states that the circulation of the Clinton Bank of this city, recently suspended, is 22,662 dollars- Se curities 35.000.
Source
newspapers

Newspaper Articles (4)
1. January 30, 1842 The New York Herald New York, NY
Article from The New York Herald, January 30, 1842

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Article Text

This return indicates some disposition to prepare for that general resumption of specie payments which must soon take place, and become permanent. Only those institutions that have been conducted on sound principles and with some little regard to honesty can preserve their existence. There is now but little prospect of a repeal of the Bankrupt Law, which goes legally into operation on Wednesday next under its operation; the suspended speculative assets of the Banks will disappear like dew before the rising sun. Those institutions which preserve their existence through the ordeal will indeed be entitled to public confidence. Its operation must be similar to that of an enforcement of specie payments in sifting the sound from the unsound institutions. The Banks of New York have afforded an instance of this during the past year; upwards of twenty banks have failed, and gone out of existence, thereby strengthening the other banks by diminishing the competition for business, and consequently encouraging public confidence in them. Had a general suspension taken place there would have been no means of discovering the insolvent Banks, and they would all yet have been in existence, preying upon the sound institutions, and increasing the distrust which is already too prevalent. The course of the Bank Commissioners, and the Wall street press, have contributed much to the want of confidence that exists. Last fall we cautioned the public repeatedly of the weakness of many of the Banks of the interior, and urged upon them the propriety of obtaining par for those notes of the free Banks that they held, before the banks stopped. Our caution was borne out by the fact that twenty free banks stopped, with a circulation of $1,500,000, on which a loss of $450,000, or 30 per cent. was sustained by the public. At the time we so cautioned the public, the New York American and the Express published the following morceau: We are authorized by one of the Bank Commissioners to say, that the articles in the Herald of this morning, representing several banks in the interior of the State as in a failing condition, is entirely unfounded. Why does not each of these Banks prosecute that infamous sheet? For the interest of the public it ought to be punished for falsehood. The Commissioners also announced officially that all the weak Banks had stopped, and those that remained were all worthy of confidence. Since that announcement three more have stopped, as follows:- Farmers' Bank of Orleans, Val. of sec. 54.550 Circ. 85,097 Clinton Bank, New York 7.000

2. February 18, 1842 Burlington Free Press Burlington, VT
Article from Burlington Free Press, February 18, 1842

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Article Text

"CLINTON COUNTY BANK" and "Clinton Bank" These are twodifferent institutions.-The "Clinion Bank" is in the city of New York and is one of the free banks so called, and it seems that an injunction has been lately served upon the Clinton Bank and has been enjoined, whereas no injunction has ever ben served upon Clinton County Bank, not has it ever suspended payments at its counter. A temporary suspension occured at the agency in Albany but the redemption of its notes in Albany has been resumed, and the credit of the Bank and of its bills are fully restored under the most favorable circumstances.- Whig.

3. February 21, 1842 New-York Tribune New York, NY
Article from New-York Tribune, February 21, 1842

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Article Text

Profit and Loss 8,646-Total 492,777. Capital Stock 420,000, due Bank of the Company 72.777-Total $492,777. There was not much change yesterday in Philadelphia in money matters. State Fives sold at #-Exchange on New York at 5 a 5:-Specie 5 a -Girard Bank Notes 35 a 37-Pennsylvania Bank 5 a 7-Relief Notes 10 a 15. The Philadelphia North American states that the Farmers' and Mecnanics' Bank receives deposites, from its cus tomers to larger amount than any other Bank, but still limits the amount. The Etna Insurance Co. of Hartford, has declared a dividend of Five per cent for the last six months. The bill for the reduction of the capital of the Dutchess County Bank, was opposed in Committee of the Whole by several members, and was ordered to be printed. The Comptroller states that the circulation of the Clinton Bank of this city, recently suspended, is 22,662 dollars- Se curities 35.000. Illinois Sixes at present worth about 7,000 dollars. The excitement in Philadelphia has nearly subsided. Re. lief notes are generally taken by the shopkeepers. Pennevenia Notes 5 a 7 discount, Girard 35 a 40, United States 50 a -specie, 6 per cent premium. The Girard and Pennvivania Banks continued closed. The Commercial Bank of Lake Eric is paying off its depositors and declining business. New-York Market. ASHES-Sales - of Pets have been made at 6.50. Both sorts are very dull. COTTON-In consequence of the steamer being near at hand, operations are quiet and the sales are about 400 to 500 bates per day. FLOUR-The market is very heavy. Sales Troy, afloat, have been made at 6:06: Holders generally ask 6123 a 6 189. Sales Genesee are only in small lots at 6 25. Southern without change and very little doing. Georgetown 5.00, Alexandria 5 75, Brandy wine 6.00 a 6 12 GRAIN-No Wheat in market. It is wanted. A parcel of 3000 bushels New-Orleans Corn sold for export at 58c. delivered up town. The market is nearly bare of all descr ip tions of Grain. A small parcel Jersey Rye sold at 68. A lot of Northern is unsold. Jersey Oats are selling at 40 a 46c. A cargo Southern is in the market unsold.

4. January 12, 1843 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, January 12, 1843

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Article Text

: n felloff ; Mohawk, 1; Camden, 1. The sales of State Stocks were not extensive; Kenjucky improved : per cent. Nothing doing in Foreign Exchange. Alabama is worse-we quote 16 a 194. The Committee of the Board to whom the petition of the expelled members was referred reported unfavorably. The members referred to have formed a new Board and met today at the office of Frederick Robinson for the transaction of business. So we have now two Boards in full operation. It was rumored yesterday that an additional $100,000 has been discovered in the defalcation of Nicoll. A Director assures us that the rumor is untrue. The stock of the Trust Co. declined considerably to day, the best offer being 40 and that only for five shares; 85 was the asking price. We beard of an offer to sell 1000 share. Trust at is seller 3 years. Kumors are correct that a large defalcation has been discovered in one of the Insurance offices. Astatement,whice welleard of but could not learn the correctness of, having appeared in a morning journal, has been contradicted by authority in the evening papers. The rumor was that Mr. Walworth, Register in Chancery, was a defaulter to a large amount, having loaned moneys to his friends instead of depositing it in the Life and Trust Co. as it was his dutty 10 have done and that the loans be could not now recover. This story is declared by all the evening pa pers to be entirely without foundation. A nice looking new 85 note of the Monmouth Bank, with the word Fire in large red letters on the lace appeared in Wall-st. o-day which the Clinton Bank refused to redeem. It appears that the worthy gen lemen who manage that hopeful concern have made an issue of notes each marked with a K inred ink in the corner and them they do not pretend to redeem in this City. BEWARE, again we say of Menmouth shinplasters, and above all, beware of these with a red K in the corner. The Seaman's Savings Bank has declared a dividend of six per cent. Markets-Carefully reported for The Tribune. WEDNESDAY, Jan. 11. ASHES-There is still the same inactivity and if lots were forced much lower prices than the last sale osf importance must be submitted to. A lot of 12 bbls Pots, 1842, were taken yesterday at 544. This is the only transaction we can hear of. Pearls are entirely without sale and would not bring over 7 00. The exports of Ashes for 1842 were 31,776 Pots 3879 Pearls. 1841, 21,453 Pots, 2978 Pearls. COTTON-Thesalesyesterday reached about 1200 baler; to-day between 800 and 1000 bales. The market, especially for the lower grades, continues rather in favor of the buyer and the current rates are, we think, a shade lower than before the Britannia arrived. We have sales fair Upland, round bales, reported at 61, and square at 7; New Orieans and Alabama, round, 71: square, 71. A few days ago a sale of 77 bales Teras was made at or a 7, short price. FLOUR AND MEAL-TH market still continues very heavy as far as regards prices, but the lower rates which holders have lately exhibited a willingness to accept, have produced a slight improvement in the demand. We quote Genesce, 450 a 4 561 ; Michigan and Ohio, 4 50, with M sale of the former at 4434 still at this decline the transaction, are not large as it was thought they would be. We hear of little doing in Southern descriptions excepting a lot of 500 bbls Richmond Country at 4 183. This was rather a forced sale however. We quote Georgetown and Howard st., 4 374 a 450; the latter scarce. The lower grades Baltimore City, Petersburg, Alexandria, 4 25 a 4 311; Brandywine, 4 621 : Richmond City, 5 50. In Meal there is but little doing. Sales 50 hads Brandywine at 12 75, 90 days; bbis are worth 2 62j; Jersey, 2 50 a 2624. In Rye Flour there are only retail sales at 25 a S 374 for common and 3 50 for prime. uckwheat, 25 a 3 00. Exports of Flour, 1842, 325,869 bbls; 1841, 311,321. GRAIN-The last of Fredericksburg Wheat, 1400 bushels, which has been in the market for some time sold to day at 75 a 77 for milling. About 1000 bushels inferior Illinois sold, for milling, at 80. There is still no supply of Corn and it is much wanted. The last sale was 157 for Jersey. Rye isin fair supply but distillers still refuse to meet the views of holder 8. They offer 60. Holders would probably accept 621. Barley is offered at 53 a 54. One of the distillers is offering to sell. A sale of 500 bushels Canal Oats was made at 33 ; River are worth 32, and Jersey 28 a 30. Export Corn, 1842, 155,795 bushels ; 1841, 140,963. HAY-There but little doing. We quote 58 a .62}. The stock is not very large. PROVISIONS- Of the new Provisions from New|Orleans, received a week or two since, SO bbis Mess Pork sold to-day at 9 00 ; 80 bbis Hams at a mere shade over 6, and 10 bbls Lard at 7. These are the first sales of the season. There is only a moderate demand for barrel Provisions. Sales old Mess Pork at 8 00, which is a decline ; old Prime, 5 50 a 5 62) ; new Mess, 9 50; new Prime, 75; Mess Beef, 6 50 a 700; Prime 3 4. A sale of 300 kegs and 35 barrels Baitimore was made at 7. We have reasan to believe that the 1000 bbls new Lard reported yesterday were sold at 6. The Lard is not expected fora considerable time. New Hams sell at 8. Smoked Beef, 64 ; Beefrounds 4 and Pickled Hains, 5 -Butter we quote 6 a 13, as extremes, and rather dull.