16800. Dairymen's Bank (Newport, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 29, 1857
Location
Newport, New York

Metadata

Model
gpt-5-mini
Short Digest
02064b3a

Response Measures

None

Description

Multiple contemporary newspapers (late Sept–Oct 1857) list the Dairymen's Bank of Newport among suspended banks. The Supreme Court appointed a receiver (E. B. Talcott), indicating the bank did not simply reopen; suspension led to receivership/closure. Articles attribute the suspension to false stories circulated to the bank's discredit (rumor/misinformation). No clear, specific depositor run on this bank is described in the items provided.

Events (2)
1. September 29, 1857 Receivership
Newspaper Excerpt
E. B. Talcott, of Oswego, has been appointed by the Supreme Court receiver of the Agricultural Bank of Herkimer and the Dairymen's Bank of Newport.
Source
newspapers
2. September 29, 1857 Suspension
Cause
Rumor Or Misinformation
Cause Details
Newspapers state the banks' 'alternate suspension' was attributed to false stories circulated to their discredit; panic/uncertainty led to suspension.
Newspaper Excerpt
Dairymen's Bank of Newport ... Enoch B. Talcott ... has been appointed, by the Supreme Court, receiver of the Agricultural Bank of Herkimer and the Dairymen's Bank of Newport.
Source
newspapers

Newspaper Articles (6)
1. September 29, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, September 29, 1857

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Article Text

Mesers. Trevort & Colgate have taken the office No. 47 Wall street, formerly occupied by Messrs. Beebe & Co., and are prepared to buy and tell all descriptions of specie and bullion. The earnings of the Lehigh Valley Railroad for the month of August, 1857, were as follows: $50,441 96 August, 1857 30,197 66 August, 1856 $20,244 32 Increase 67 P cent The interest warrants on School Bonds of the City of Zanesville, Ohio, due 1st October, will be paid on presentation at the Nassau Bask. Enoch B. Talcott of Oawego has been appointed, by the Supreme Court, receiver of the Agricultural Bank of Herkimer and the Dairymen's Bank of Newport. It is hoped that the Agricultural Bank can be resuscitated. The run upon the Seneca County Bank at Waterloo continued at the latest advices. The officers of the Bank are confident of an ability to meet any demand which can be made upon it. The run upon the Bank of Geneva had ceased. The excitement was entirely st an end, and the business of the Bank was going on as usual. The quantity of flour, wheat, corn and barley, left at tide-water, during the 3d week in September, in the years 1856 and 1857, is as follows: Flour, bbl. Wheat bu Cera, ba. Barley, be. 461 070 733,957 168,020 1856 38,783 286 878 110,505 119,120 1007 17,570 Dec 90 Dec 175,192 Dec 623,458 Dee 48 71,219

2. September 30, 1857 The New York Herald New York, NY
Article from The New York Herald, September 30, 1857

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Article Text

workmen that in future wages will be paid only quarter ly, the next payment to be on the 19th of December, advances in the meantime being made to them at the store of the works. The proprisiors say in their cardIt Is proper to state that the plan of payment now adopted mainly grows out of the very mistaken practice of demanding of the banks specie for the bills paid out by us. The barss, in view of this constant annoyance very naturally prefer to retain their bids in thair own vaults to issuing them for ment to our workmen. The following issachusetts banks have lately declared semi-annual dividends of four per oent:-Mount Wollaston, Quincy; Brighton Bank; Barastable Bank, Yarmouth; Bank of Cape Cod-ali payable October 5. The Merchants' Bank, of Boston, 3½ per cent; Boylston Bank, 1½; Rockland Bans. Roxbury, 4 The bills of the Honerdale Bank, of Pennsylvania, are still redeemed by Mewrs. Carpenter & Vermilye, of this city. The bank has not kept an account in Philadelphia, and its objef correspondence is with New York The exports from Baltimore for the week ending last Thursday amounted te $318,722 Included in this sum were 14,567 barrels of flour, 15,584 bushels of wheat, 64. barrels of corn meal, 4,391 bushels of corn, and 1,543 hogeheads of tobacco. The wheat went to Liverpool, and. with 2,600 barrels of flour to the same port, are the first shipments of this year's breadstuils from Baltim to Great Britain. One of our cotemporaries gives the following synopsis of the new bank law of Onio, which the people of the State are to vote upon on the second Tuesday of October. It is called "An act to incorporate the Bank of Ohio and branches":A central office and Board of Directors at Columbus from which notes of circulation are to be issued to the re. spective branches, and also rules for the government of the branches and records for the exemination of authorized officers. Each director must take an oath and give a bond for the faitbful discharge of his daty. Each branch to pay ten par cent on its circulating no.es towards a safety fund for the redem tion of detaulting bils Safety fund 10 be invemed in stocks of the State or of the United States, and interest to DO paid over to the depositing bank all loans OR real estate payable on demand. Circulation issued to branches in a decreasing ratio on each hundred thousand dollars of capital. Refusal to redeem its notes by any branch shall be an ant of insolvency, and the central bank shall "wind it np." Each solvent branch shall contribute its proportion to pay broken notes, and be compensated afterwards from the safety fund when securities are sold. Parent bank may establish depositoffices in other places and a clearing house at Columbus. An office 10 be estab ished in New York for necessary receipts and disbursements No branch to have less than $100,000 capital, one half, at least, to be paid In coin of gold or silver No branch shall be organized in Hamilton county (CinCinnati) with less an $500,000 capital A limitation to lewser amounts in other connies. ADY existing branch of the state Bank of Ohio, or any authorized free bank may become a branch by conform ing 10 the act No wharebolder to receive dividends while indebted to the bank The directors or each bank shall own collectively at least one tenth of is stock Toe stockholders collectively of any branch, not to have lossue over one third of Receptial, either as principal or ondorser, or both "Nor shall the directors be liable col lectively for more than one third of the stock of which they are bona fidsowners." "No notes to 00 circulated as evidence of money, except those regularly issued by the Bank of Ohio." Each bank to receive the notes of all the others at par in payment of debis Each branch to keep on hand 33 per cent of its circulalation in coin or its equivalent. Actual deposits in Phis deleha, New York, Bahimore and Boston to be deemed equivalent to specie. Interest limited to six per cent. Stockholders individually dable to the amount of their *tock. E B. Talcott, of Oswego, has been appointed by the Supreme Court receiver of the Agricultural Bank of Herkimer and the Dairymen's Bank of Newport. These banks were somewhat connected in their business, and their alternate surpension # attributed to false stories circulated to their discredit. Their assets are believed to be ample to protect their creditors in every department. The capiis! of the Agricultural Bank was $125,000, and its circulation was $99,736, and the securities deposited with the department were:Bor and ortgages $50,487 8,600 New York State stocks, 5 per cent 42,000 New York State stocks, 6 per cent Total $101,067 The capital of the Dairymen's Bank was $100,000 and circulation $98,847. The securities are;Bonds and mortgages $27,825 New York State BIOCKS, 5 per cent 5,000 New York State stocks, 6½ per cent 5,000 New York state stocks, 6 per cent 63,000 Total $100,826

3. October 10, 1857 Weekly National Intelligencer Washington, DC
Article from Weekly National Intelligencer, October 10, 1857

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Article Text

SUSPENDED BANKS EASTWARD. The New York Sun gives the following list of Banks located east of Maryland which have suspended specie payments : MAINE. Canton Bank, China. Monsum River Bank, Sanford. Exchange Bank, Bangor. Sanford Bank, Sanford. NEW HAMPSHIRE. Exeter Bank, Exeter. Weare Bank, Hamilton Falls. RHODE ISLAND. All suspended specie payments. MASSACHUSETTS. Bass River Bank. Western Bank, Springfield. Lee Bank, Lee. VERMONT. Danby Bank, Danby. South Royalton Bank, South Stark Bank, Bennington. Royalton. CONNECTICUT. Bridgeport City, Bank, Bridgeport. Thompson Bank. Bank of Hartford County. Windham County Bank. Bank, of North America, Seymour. Mercantile Bank, Hartford. Colchester Bank, Colchester. Exchange Bank, Hartford. Pawcatuck Bank. Charter Oak Bank, Hartford. NEW YORK. Agricultural Bank, Herkimer. Island City Bank, N. Y. city. Leonardsville Bank. Bank of Canandaigua. Bank of Central New York, Utica. Mechanics' Banking Association, Bank of Lima. New York city. Bank of Old Saratoga. Medina Bank. Bank of Orleans, Albion. Niagara River Bank, Tonawanda. Bank of Watertown. Oliver Lee's Bank, Buffalo. Chemung County Bank. Ontario County Bank, Phelps. Dairymen's Bank, Newport. Ontario Bank, Utica. Farmers' and Citizens' Bank, L.I. Oneida Central Bank, Rome. Farmers' Bank, Hudson. Powell Bank, Newburgh. Hamilton Exchange Bank. Reciprocity Bank, Buffalo. Hollister Bank, Buffalo. Sacketts' Harbor Bank, Buffalo. Hudson River Bank. Western Bank, Lockport. Huguenot Bank, New Paltz. Worthington Bank. Yates County Bank, Penn Yan. NEW JERSEY. America Bank, Trenton. Bank of N. J.; N. Brunswick. Bergen County Bank. Bordentown Banking Company. Burlington Bank. Burlington County Bank. Camden Bank, Camden. Cumberland Bank, Burlington. Farmers' and Mechanics' Bank, Gloucester Bank, Woodbury. Camden. Hunterdon County Bank. Mount Holly Bank. Phillipeburgh Bank. Princeton Bank, Princeton. Salem Banking Company, Salem. Union Bank of Frenchtown. PENNSYLVANIA.

4. October 22, 1857 The Weekly Portage Sentinel Ravenna, OH
Article from The Weekly Portage Sentinel, October 22, 1857

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The Money Crisis-Affairs brightening Up. Money matters have witnessed a material improvement since our last issue. Very much of the paper which ten days ago was pronounced worthless on account of the sus pension of the institutions issuing the same, is again current, and is circulating 4 medium of business. The demand for specie has materially decreased. When sold and silver had 80 risen as to command ten and in some instances twenty per cel.t. the people who hold the notes, deliberately to concluded they would do without it. The sus pension of the banks not only FII pended specie payment, but it suspended the collection of notes and bills falling can, and while it lessened the current funds and incredit the rate of exchange and 11 premium on gold and silver, it lessened the demand for money -put off the days of payment. These evils are working their own cure. Two or three days ago, the news came that all the New York City Banks and most of the country banks had suspended. Eve. rybody was startled. Hard'y anything in the shape of Bank paper from that State was current. Now the bills of all the banks in the State are current with the exception of the following: Niagara River Bank, Tonawanda. Agricultural Bank, Herkimer county. Dairyman's Bank, Newport. Hollister Bank, Buffalo. Ontario Bank, Utica. O. Lee & Co.'s Bank, Buffalo. Bank of Orleans, Albion. Reciprocity Bank, Buffalo. Yates County Bank, Penn Yan. Tompkins county Bank, Ithica. Huguenot Bank, New Paltz. Medina Bank, Medina. Troy City Bank, Troy. Central Bank of New York, of Utics. Hamilton Exchange Bank, Greene. The Cleveland Board of Trade have met and resolved that in their judgment the State Bank of Chio and Independent Banks are all solvent, and deserving of confidence and that they will receive their bills at par in all business transactions. The private bankers have also taken similar ground. The Cincinnations have resolved to re. ceive all the notes of New Orleans and all other Banks that are bankable at Boston, Philadelphia, Pittsburgh and Baltimore. The prospect is brighter. When the present storm has gone by and the reign of money terror is over it would be well for the people to make some inquiries into the securities which they have for the p-per promises with which the country is flooded. In days of prosperity let us m.ke ourselves secure, that when the storm comes, we may be prepared for it.

5. October 23, 1857 Indiana American Brookville, Indianapolis, IN
Article from Indiana American, October 23, 1857

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folks can only realize six, except in times like these when they can realize from five to a hundred, OVER THE LEFT. But says the friend of banks, "well regulated banks are useful"-so, we add would be a well regulated whirlwind,-take the twists out of it, and "regulate" its speed to about five miles an hour, and it would not only be harmless but very pleasant ; but it would no longer be a whirlwind, that is all() Take away from banks the power to shave-the right to take all the interest it wants-the right to"issue notes, and the right to break with those notes in the hands of poor people, and it would no longer be a bank. Some of our readers want us to give a tlist of bad banks, That would require about twice large a sheet as ours, devoted to banks alone. The New York banks are all suspended. The following are considered too bad to take, all others are current: Ingra River bank, Tonawanda. Agricultural bank, Herkimer County, Dairyman's bank, Newport, Hollister bank, Buffalo, Ontario bank, Utica. O. Lee & Co's bank, Buffalo. Bank of Orleans, Albion. Reciprocity bank, Buffalo. Sackett's Harbor bank, Buffalo, Yates County bank, Penn Yan. Tompkin's County bank, Ithaca. Huguenot bank, New Paltz, Medina bank, Medina. Troy City bank Troy. Central bank of New York, of Utica. Hamilton Exchange bank. Greene. The following Illinois banks have increased their securities, and are current: Agricultural bank: Alton bank; Bloomington bank; Central (Peoria) bank : City (of Ottawa) bank; Chicago bank; Citizen bank; Elgin bank; Edgar County bank: Farmers' and Traders' bank; Frontier bank; Galena bank: Grayv Ille bank; In. ternational bank; Lafayette bank: Marion bank; McLean County bank; Merchants' and (Drovers bank; National bank: Northern Illinois bank; Na. pierville bank; Prairie Sta to bank; Bank of Peru; Pike County bank; Quincy bank; Railroad bank: Southern (Gravville) bank; State (Shawneetown) bank; E. 1. Tinkham & Co's bank; Warren County bank. The Ohio State Banks except the following, are current now, but may not be by the time our paper reaches its readers. Dayton Bank. Sandusky City do. Clinton do. Columbus. Miami Valley do. do. Columbus. City Franklin do. Columbus. The Kentucky Banks are yet current The following Free Banks in Indiana have increased their securities and are re" garded safe. There surplus of securities, over issues of 114,999: Bank of Goshen " Gosport. Mt. Vernon. Indiana. " Paoll. " Rockville. " Salem, New Albany. : Salem, Salem. Bloomington Bank. Cambridge City do. Canal do do Crescent City do Exchange do Westfield. Farmers' do Indiana Indiana Farmsrs' de Kentucky Stock do do Lagrange do Parke County do Prairie City Salem do Goshen. Southern do of Indiana. Thy following banks are closing, but their securities are good, amounting to 7,565 above issues: Central Bank. Brookville do Bank of the Capitol. " of Elkhart. of Monticello. of Syracuse Hoosier do Indiana Stock do Huntington County do Indiana Reserve do Fayette County do Merchants & Mechanics' do The Tippecanoe Bank is under protest.

6. October 31, 1857 Vermont Phœnix Brattleboro, Bellows Falls, Ludlow, VT
Article from Vermont Phœnix, October 31, 1857

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Uncurrent Bank Bills. Under the present temporary arrangement during the panic, the bills of the suspended Banks of New England and New York are generally current in Boston and New York.The exceptions up to this time are all given below ; and in regard to these it is supposed that the bills are good in most cases, though not bankable. Or those Banks in this State set down as uncurrent, the Royalton, Stark, Missisquoi, and St. Albans, are undoubtedly good, and holders of bills should not submit to a sacrifice on them. The bilis of the following Banks are not received at the Suffolk Bank, Boston, nor at the Metropolitan Bank, New York : MAINE. China, and Canton, at China. Ellsworth, at Ellsworth. Exchange, at Bangor. Hallowell, and Central, at Hallowell. Hancock, at Ellsworth. Maritime, at Bangor. Monsum River, and Sanford, at Sanford. NEW HAMPSHIRE. Exeter, at Exeter. Weare, at Hampton Falls. VERMONT. Danby, at Danby. Missisquoi, at Sheldon. Royalton, at Royalton. South Royalton, at South Royalton. Stark, at Bennington. St. Albans, at St. Albans. MASSACHUSETTS. Manufacturers, at Georgetown. Western, at Springfield. RHODE ISLAND. At present all notes issued by the Rhode Island Banks are rejected, although most of them are current in their own State. CONNECTICUT. Bridgeport City, at Bridgeport. Charter Oak, at Hartford. Colchester, at Colchester. Exchange, at Hartford. Hartford County, at Hartford. Hatters, at Bethel. Mercantile, at Hartford. Merchants' Exchange, at Bridgeport. North America, at Seymour. Palaquioque, at Danbury. Pawcatuck, at Pawcatuck. Quinebaug, at Norwich. Thompson, at Thompson. Uncas, at Norwich. Windham County, at Brooklyn. Woodbury, at Woodbury. Wooster, at Danbury. NEW YORK. Agricultural, in Herkimer County. Central Bank of New York, at Utica. Dairyman's, at Newport. Hamilton Exchange, at Greene. Hollister, at Buffalo. Huguenot, at New Paltz. Medina, at Medina. Niagara River, at Tonawanda. O. Lee & Co.'s Bank, Buffalo. Ontario, at Utica. Orleans, at Albion. Reciprocity, at Buffalo. Sacketts' Harbor, at Buffalo. Troy City, at Troy. Yates County, at Penn Yan.