16820. Bank of Olean (Olean, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
May 2, 1842
Location
Olean, New York (42.078, -78.430)

Metadata

Model
gpt-5-mini
Short Digest
d28acb65

Response Measures

None

Description

Contemporary articles (1841–1842) show the Bank of Olean had resumed payment in mid-1841 but by spring/summer 1842 is repeatedly listed as a suspended/failed bank (Comptroller notices, sale of state stocks as security). No article describes a depositor run on the Bank of Olean itself; the bank failed to redeem notes and appears to remain closed (state action to sell securities).

Events (1)
1. May 2, 1842 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Failed to pay or redeem circulating notes on demand; listed among broken/suspended safety-fund banks and Comptroller proceeding to sell state-stock security for their circulating notes. Indicates insolvency/ inability to redeem notes rather than mere rumor or temporary run.
Newspaper Excerpt
The Comptroller adds that these are all the banks of the suspension of which he has received legal notice. That is to say, the bills of which have been protested. The Bank of Olean, and some others are thus situated; consequently; if the holders suffer loss it is through their own neglect.
Source
newspapers

Newspaper Articles (8)
1. June 1, 1841 New-York Tribune New York, NY
Article from New-York Tribune, June 1, 1841

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are the rates for Domestic bills: Boston 4 a 4 Norfolk 5 Philadelphia 4½ a 4 Augusta 7 a 8 Richmond 5 Savannah 3½ a 5 Charleston 1½ a 1½ Mobile 11 a 11½ N. Orleans 7½ a 8 Louisville 9 Cincinnati 9 a 9½ St. Louis 9 a 9½ Baltimore 4 a 4½ Nashville 13 a 15 The American of last evening says:—"Among the sale of mortgages belonging to certain free Banks that have failed to redeem their notes, advertised to be sold on the 3d of August, those of the Bank of Olean are included. The State Journal says that the Bank of Olean has re- sumed payment, and that its notes are redeemed at the Albany Ex- change Bank at one half of one per cent. Of course its mortgages are not to be sold." By a letter in the Detroit Advertiser from the Editor, we perceive that the negociations of Mr. Stuart with the Directors of the US Bank have come to the following result: Mr. Stuart has reluctantly con- sented to permit the matter to rest till the first of August. The April instalment must be disposed of at the best terms possible. The Di- rectors assured Mr. Stuart that an arrangement was on foot which would place the bills of the US Bank within 5 per cent of par. This arrangement, it is understood, is to be made under the provisions of the new Relief Law, which the US Bank is to accept. The Directors spoke positively of their ability to make this arrangement. They as- sured Mr. Stuart that the entire of the remaining instalments would be certainly paid at maturity. If this is done, there is no danger but that the loss upon the April instalment will be made up. The Philadelphia U S Gazette says—"The debts to the US Bank, from citizens of Cincinnati, are among the assets assigned for the ben- efit of the Philadelphia Banks; and notice has been given that imme- diate payment must be made. A serious and interesting question arose, whether the assignees would receive the notes of the US Bank in payment of those assigned debts. On this subject the Cincinnati

2. June 25, 1841 The Illinois Free Trader and Lasalle County Commercial Advertiser Ottawa, IL
Article from The Illinois Free Trader and Lasalle County Commercial Advertiser, June 25, 1841

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Looking up.-The New York Commercial Gazette, of the 8th inst. says: "The notes of the Farmers' Bank of Orleans, the Bank of Olean, and the State Bank of N. Y. at Buffalo, which were in the list of suspended banks, are now redeemed."

3. November 30, 1841 The Middlebury People's Press Middlebury, VT
Article from The Middlebury People's Press, November 30, 1841

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to Upwards of two thousand namesare signed the tetotal pledge in Haverill, N.H. In Pittsford, Vt. the excitement on the subject of for a few weeks past has been cheeringthe Congregational Week temperauce after week, five Church and has well filled. Between six have been obtained; and these hundred been were uniformly signatures The of 25 considered hard cases. tavern keepers and merchants have come in of their own DCcord, and signed the pledge. Nearly one hundred were froquent tiplers The enthusiasm has reached other towns. The Banker Hill Aurora says, the Irish have two millions of deposites in dollars in the Boston banks. The locos are indulging apprehensions that Gov. Seward will Tylerize the acts of the N. Y. legisla. ture. About 4000 persons within a few months have joined the Temperance society in Cincinnati, Ohio When shall we wittness such things in this sectionTO BE TRUE. It is stated in some the that the greater English Too GOOD papers, proportion of of the six millions of dollars paid to the British. by the Chinese, turns out to be bad silver. John Bull deserves to be shaved in this transaction. Conviction of Edward Boling.-TH notorious villain,of whom our readers have do b less cerd, He ha-bren tried for big miny, and found guilty. Bon was-enrenced 10 be branded with the letter his left cheek. (which was carried into execution in presence of the court.Yto be imprisoned three years, and receive 39 lashes. Medical Schools.-The number of medical schools in Philadelphia is much larger than last year. There are about 360 in the Pennsylvania University, 160 at the Jefferson School, and 75 at the Pennsylvania College Students are daily arriving. The Medical College of Ohio, located at Cin innati, opened on the 1st instant in a very flattering manner. Seventy students ,are already in attendance. down.-The Commercial Bank of Buflast bank in the city, brokers. The 'S a falo, out Banks by the the Commercial has been thrown safety fund bank. Its assets will be sufheient 10 pay debts, but the stock-holders will sustain a heavy loss. The Bank of Olean has also been thrown out. The Binghampton paper states that not one of the colored persons in that town voted the ab lition ticket. Semmes. the murderer of Prof. Davis, at the University of Virginia. and who escaped a convie inn by a forfeiture of his bail, ($25,000) is in Texas. There was collected toll on the NewY k state canal-, during the 1st week in Nov. 82,000 dollars. Charles F. Mitchel, late member of congess has been tried for forgery and convicted. OHIO, a mistake occurred in our last weeks paper in stating that the whig majority in the popular vote was 9000. It is now ascertained to be something above 2000. THE MADISONIAN.-A correspondent of the United States Gazette, wriiting from Wash"it is thought here that this paa voice to than Such we trust is the "House," ington. "per is says, rather &c. from the fact. White To say of the frequent at tacks Madisonian upon a number of that a nothing of the paper contains and Mr. malignant CLAY, paragraph late that must be particularly gratifying to the whole WHIG party. After expending a column in an endeavor to heap ridicule upon the name of WHIG, the Madisonian concludes thus: were at all in love with the name of and we have no belief name "We Whig never that this the had any particular spell in winning great victory in favor of Harrison. The charm, if any were used, may be found, we think, in the names of Tippecanoe and Tyler TOO !!! the Considering the little affection that Madisonian has for "the name of Whig," we cannot but marvel that it should have so far conquered its repugnance as to consent to receive the public printing at the hands of the "WHIG" Senate last March! McLEOD.-W learn that this individual is again in trouble,having been arrested on a cap in at Niagara for his defalcations in Canada MORE ILLINOIS STATE Bonds.-The Spriagfield (III) Journal says that "it is rumored that the Governor has made another issue of State Bonds." SHEEF.- The Warren (Ohio) Chronicle Friday last, a flock of over one thousand merino passed our vilon their to says :--"On lage, way sheep Illinois. from through They Massachusetts, belonged to an enterprising farmer and were driven from that State. They will be a valuable acquisition to the State of Illinois, and we trust the enterprising Yankee will be well rewarded for his exertions in introducing them into the West." The Louisville Journal has a paragraph to the effect that Mr. Clay is anxious to leave the Senate but that he has not decided what he will do in the mean time, his friends from all parts of the country are writing to him urging him to remain at his post. BANK OF BUFFALO.- The Rochester Democrat of Thursday says, Vice Chancellor WHITTLESEY made out an order for the appointment of a Receiver for the Bank of Buffalo yesterday. An order has also been issued to the Comptroller to redeem the circulation of the bank out of the safty fund in his possession.' A great Temperance Convention was recent ly held at the speakers on the occasion was is Middletown, of Conn, the and Mr. Hon. among Henry W. Dwight, Stockbridge. Dwight reported to have said.

4. December 18, 1841 New-York Tribune New York, NY
Article from New-York Tribune, December 18, 1841

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Mexican Dollars a & premium; Spanish 3 a 4; Five France 931 a 24, American Halves and Gold p r Spanish Doubloons 16 40 a 10 50; Patriot do 16.00 a 16 10. The Havre packet took 100,000 Mexican Dollars, bought some weeks since at it a I per cent. The following are the rates at which one of the large uncurrent money dealers buy: the suspended Bank notes: Bank of Olean 50 disc't Bank of Buffalo 20 discit .. 40 St. Lawrence Commercial do 20 " Cliston Co do of Oswego 25 50 " Alleghany Co U. S. Bank notes are rather worse to-day, some buyers offering only 45. An attack having been made on the credit of the Powell Bank of Newburg, Mr. Powell the President has stated in the Newburg Telegraph that he pledges his whole estate, real and personal, for the redemption of every bill issued by, and for every dollar which 18 or may be deposited in, that institution. He was the getter up of it, and is a large stockholder: and his pride is interested in sustaining it. The Flour and Wheat shipped from Michigan this seasou 15 estimated to be worth upwards of two millions of dollars.

5. May 2, 1842 The New York Herald New York, NY
Article from The New York Herald, May 2, 1842

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$149,000 Total, The Comptroller adds that these are all the banks of the suspension of which he has received legal notice. That is to say, the bills of which have been protested. The Bank of Olean, and some others are thus situated; consequently; if the holders suffer loss it is through their own neglect. The Comptroller has also given notice to all persons who have borrowed money from the United States deposite fund, and has given mortgages, that one fourth of the principal of each, and every mortgage will be required on the 1st day of June, 1843. Also, all persons indebted to the State on account of any bonds or mortgages are required to pay up arrearages of interest and 25 per cent of the principal. Near $1,000,000 is due the State on these land securities, and it is highly necessary that it should be paid up. The Comptroller very justly and very wisely remarks, as follows: The failure of the New York and Erie Rail Road Company to pay the interest on the three millions of dollars loaned to that company, has imposed a burden on the treasury of $166,000 per annum, in addition to the other pressing demands on the general fund, and has rendered it absolutely necessary to replenish the treasury by a call on those indebted to the State, until funds can be realized under the financial system adopted at the late session of the Legislature. On the 30th of March last, we called the attention of our readers to the remarkable state of affairs between Mexico and Texas, in connection with the then belligerent attitude of Great Britain towards this country, turning upon the right of search and the slave question. We then remarked as follows:- It is well known that the money for the invasion was raised by Santa Anna from British capitalists, and report says the loan received the guarantee of the British government. This report the movement in the London market strongly corroborates. In fact, the efficiency and promptness of the attack upon Texas indicates more means and brains than ever the Mexican ruler had credit for. It is a movement purely of British origin, and brought into being by the identical individuals who so successfully opposed Gen. Hamilton in his negotiation on behalf of Texas. These remarks were immediately called forth by the remarkable speculation and rise in Mexican bonds in the London market, at a moment when all other foreign securities were exceedingly flat. Information to-day received, corroborates the view we then took. It appears that Santa Anna has concluded arrangements for a' so called loan of £3,000,000, on terms which place it upon no other footing, than that of a subsidy. These are, that the loan is to run fifteen years without interest, to be reimbursed at the expiration of that time with 40 per cent advance, and to be guaranteed by the British government. British goods to be received into Mexico duty free in all that time The proceeds of the loan, which are equal to $15,000,000, will be sent to Mexico in the shape of arms and munitions of war for the conquest of Texas. The bonus of 40 per cent to be paid at the expiration of fifteen years, is about equal to annual interest of 3 per cent. The interest in fifteen years would amount to £2,650,000, but the bonus is only £1,200,000. The present Mexican debt due in London is as follows:- Capital 5 per cents, £2,769,650 " 6 " 4,096,170 Total, 6,365,820 Arrears of interest due, 3,116,909

6. May 4, 1842 The New York Herald New York, NY
Article from The New York Herald, May 4, 1842

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# MONEY MARKET. Tuesday, May 3-6 P. M. There was a very small business done at the Board to-day, and prices changed but little. Indiana 5's rose per cent; Delaware and Hudson ); Long Island. Sales of bills on Philadelphia, Boston and Baltimore at par. A quantity of certificates of the Union Bank of Florida were offered at auction to-day, and bought in at 40 cents on the dollar by Centre & Co. The market rate for this description of paper is 25 to 35 cents. The following are among the broken free banks of this State, of the failure of which the Comptroller has received no legal notice:- Bank of Olean, James Bank, and the State Bank of New York at Buffalo. We would ask of the Bank Commissioners why it is that they have taken no steps to procure the order of the Chancellor for the payment of the bills of the broken safety fund banks? The Comptroller can take no action in the matter until that order is procured. As soon as it is issued, the Comptroller can issue 7 per cent stock, to the amount which the State is indebted to bank fund, say about $550,000, in redemption of the bills. The delay of the Commissioners is inexcusable, inasmuch as it gives facility to designing men to purchase up the bills at heavy discount, and hereafter profit by the redemption. We mentioned a few days since that a run had taken place on the Oswego Bank. The Cashier of that institution has sent us the following statement in relation to the transaction :- OSWEGO BANK, April 30, 1842. JAMES G. BENNETT, Esq.- DEAR SIR,一 The recent run on this bank for specie did not, I think, deserve the notice as appears in your paper of the 28th inst. The whole amount drawn did not exceed two thousand dollars. The run, however, has now subsided, and our specie is as usual accumulating on our hands. Our notes are redeemed at the Mechanics' & Farmers Bank, Albany, and at our counter. Please make the correction. Yours, &c. H. H. HURLBUT, Cashier. A new fraud in imitation of the bills of the red back banks has just made its appearance at Buffalo. It purports to be of the "Farmer's Bank of Cattaraugus," rather badly executed, but calculated to deceive the unwary. Some of the bills were not even signed, and on one appeared the significant names of "Goneaway" President, and "Cum-back" Cashier. At Baltimore, Railroad orders are at 68 cents on the dollar; Wheeling banks 15 per cent discount; Virginia banks 8 per cent discount. At New Orleans the banks have decided to pay up all balances against each other, once a week, in the legal money of the Union. The banks of North Carolina resume to-day. The following is a return of the Bank of the State of Georgia and branches, on the 4th April, as compared with the return of October, 1841 :- BANK OF THE STATE OF GEORGIA AND BRANCHES, APRIL, 1842 AND OCTOBER, 1841.

7. June 30, 1842 The New York Herald New York, NY
Article from The New York Herald, June 30, 1842

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. NOMPTROLLER'S SALE OF STATE STOCKS.State of New-York, Comptroller's Office-The Allegany Co. Bank. and the Bank of Olean, having failed to pay their circulating notes upon demand at their respective banking houses. as required by the act entitled " An act to authorize the business of banking, passed 18th April, 1838 or to redeem the same at their several agencies in the cities of New York or Albany. as required by the act entitled An act relating to the redemption of bank notes," passed 4th May. 1810-Notice is therefore hereby given, that the State Stocks held by the Comptroller as security for the circulating notes of said banks, or so much thereofas t shall be deemed expedient to sell, will be sold at the Merchant's Exchange in the city of New York, on Saturday, the 2d July next. at 12 e'clock, M., to wit: For the Allegany County Bank-Stock account. 5 certificates Indiana 5 per ct. (Internal improvement) stock, $5000 pay 1st July 1863, for $1000 each, Stock and Real Estate account. 5 certificates Indiana 5 per cent. (internal improvement) stock. $5000 pay. 1st July, 1863, for $1000 each, $5000 New York 5 per cent. (Erie enlargement) stock, pay. 1855. $5000 For the Bank of Olean-Stock account. 1 cer ificate Indiana 5 per ct. (internal improvement) stock, $5000 pay. 1st July 1863, for $3000 New York 5 per cent. (Erie enlargement) stock, pay. $1000 1855, Stock and Real Estate account. $20,000 New York 5 per cent. (Erie enlargement) stock, pay$20 000 able 1855, 2 certificates Illinois 6 per cent. Illinois and Michigan canal $2000 stock, pay. 1860, for $1000 each, 10 certificates Illinois 6 per cent. internal improvement stock, $10,000 pay. 1st Jan. 1370, for $1000 each, Also, 45 certificates of Arkansas 6 per sent. Real Estate Bank stock, heretofore advertised on account of the St. Lawrence Bank, $45,000 Dated at Albany, the 16th June, 1342. A. C. FLAGG. Comptroller, FFICE OF THE AUBURN & ROCHESTER R. R. Co. Canandurua, June 2. 812. Semi Annual Dividend of Five per Cent will be paid on the A Capital Stock of this Company on the first day of July nest. Shareholders whowe Stock is registered in the City Transfer Books of this Company, will receive payment at the Bank of the State of New York, in the City of New York: and those whose Stock is not registered in the City will be paid their Dividend at this Office. By order of the President and Directors. CHAS. SEYMOUR. Treasurer. jestojylr NOTICE TO CLERKS, and all other passions whose basiness CAUSES them to be constantly OR their feet-By calling at the old exclusive Boot Store, 114 Chatham-street, they can be accommodated with the invaluable article, ROGERS' ME TALIC ELASTIC HEEL BOOTS, warranted in every par ticular, and at the same price of the ordinary Boot. The fol lowing are some of the many advantages the Elastic Heels have over every other kind : First-The elasticity adds greatly to the durability of the Boot. Secondly-They make no noise in walking upon the pave ment. Thirdly-Thev prevent Boots from running down to the heel. Fourthly-They enable the wearer to walk with much less fatigue. Fifthly-They do not cut or tear carpets as do iron or nailed heels. Sixthly-They can be worn with comfort by those having tender feet. As usual, constantly on hand all kinds of Boots at wholesale je61m*c and retail at manufacturer's prices. BANKRUPTCY-SANUEL OWEN, Counsellor at Law, has removed to 67 Nassau street, the corner of John, where he may be consulted on all matters in Bankruptey. m25. 1mead MOTT'S PATENT PORTABLE FURNACE, and Wash Boiler, admirably adapted for washing, can be placed in the -place, the area, or the yard. Patent Agriculturists, Surnace and Cauldron, in sizes of 15. 30, 50, 60. 80, 100, 120, and 150. These furnaces require only a piece of pipe to fit them for use. No article havever given better satisfaction to those farmers who have used them. Patent Hard Coal Farnice, a new article for summer usewill mak a neat little stove for winter. Parent Chip or Charcoal Furnace, from new patterns, much improved. These are lined with fire brick. Also a very low priced furnice without lining. Combination and Fuel-Saving Cook Stoves, at summer prices. The combination is the only legitimate stove that conducts the st ams and smell from the kitchen. They are equally well adapted for summer as winter. Dealers supplied on J. L. MOTT. liberal terms. jel Im o 261 Water and 15 Bowery. HAVANA AND PRINCIPE SEGARS. RADER, 46 Chatham street, has received, by the HellesM

8. July 2, 1842 The New York Herald New York, NY
Article from The New York Herald, July 2, 1842

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NOTICES. COMPTROLLER'S SALE OF STATE STOCKS.State of New-York, Comptroller's Office-The Allegany Co. Bank. and the Bank of Olean, having failed to pay their circulating notes upon demand at their respective banking houses, as required by the act entitled An act to authorize the business of banking," " passed 18th April, 1838. or to redeem the same at their several agencies in the cities of New York or Albany. as required by the act entitled An act relating to the redemption of bank notes," passed 4th May, 1810-Notice is therefore hereby given, that the State Stocks held by the Comptroller as security for the circulating notes of said banks or so much thereof as t hall be deemed expedient to sell, will be sold at the Merchant's Exchange in the city of New York, on Saturday, the 2d July next. at 12 e'clock, M., to wit: For the Allegany County Bank-Stock account. 5 certificates Indiana 5 per ct. (Internal improvement) stock, $5000 pay 1st July 1863, for $1000 each, Stock and Real Estate account. 5 certificates Indiana per cent. (internal improvement) stock, $5000 pay. 1st July, 1863, for $1000 each, $5000 New York 5 per cent. (Erie enlargement) stock, pay. 1855. $5000 For the Bank of Olean-Stock account. 1 certificate Indiana 5 per ct. (internal improvement) stock, $5000 pay. 1st July 1363, for $3000 New York 5 per cent. (Erie enlargement) stock, pay. 1855, $1000 Stock and Real Estate account. $20,000 New York 5 per cent (Erie enlargement) stock, payable 1855, $20 000 2 certificates Illinois 6 per cent. Illinois and Michigan canal $2000 stock, pay. 1860, for $1000 each, 10 certificates Illinois 6 per cent. internal improvement stock, $10,000 pay. 1st Jan. 1870, for $1000 each, Also, 45 certificates of Arkansas 6 per ent. Real Estate Bank stock, heretofore advertised on account of the St. Lawrence Bank, $15,000 Dated at Albany, the 16th June, 1812. je22to-jy2r A. C. FLAGG. Comptroller, FFICE OF THE AUBURN & ROCHESTER R. R. Co. Canandaigna, June 2, 1812. Semi Annual Dividend of Five per Cent will be paid on the A Capital Stock of this Company on the first day of July next. Shareholders whose Stock is registered in the City Transfer Books of this Company, will receive payment at the Bank of the State of New York, in the City of New York; and those whose Stock is not registered in the City will be paid their Dividend at this Office. By order of the President and Directors. je5tojy CHAS. SEYMOUR. Treasurer. NOTICE TO CLERKS, and all other persons whose business causes them to be constantly on their feet.-By calling at the old exclusive Boot Store, 144 Chatham-street, they can be accommodated with the invaluable article, ROGERS' METALIC ELASTIC HEEL BOOTS, warranted in every particular, and at the same price of the ordinary Boot. The fol. lowing are some of the many advantages the Elastic Heels have over every other kind : First-The elasticity adds greatly to the durability of the Boot. Secondly-They make no noise in walking upon the pave' ment. Thirdly-Thev prevent Boots from running down to the heel. Fourthly-They enable the wearer to walk with much less fatigue, Fiftly-They do not cut or tear carpets as do iron or nailed heels. Sixthly-They can be worn with comfort by those having tender feet. Asusual, constantly on hand all kinds of Boots at wholesale je61m*c and retail at manufacturer's prices. N OTICE.-! special meeting of the Stockholders of the American Patent Frietion Match Company, will be held at the Company's Warehouse in Boston, on Thursday the 21st day of July next, at 9 o'clock, A. M. A unctual attendance is rePer order of the Directors, quested. GEO. C. GOODWIN, Secretary. j29 2w*, Boston, June 27, 1812. to suit purchasers, J. B. TIMMERMAN 75 Broad street, offers for sale in lots Champagne, Damotte brand, superiorquality Port, in gr. casks Olive oil, in baskets wampertin in cases vintage 1831 and 1837 1834 Chablis je24 8l* BANKRUPTCY-SAMUEL OWEN, Counsellor at Law. has removed to 67 Nassau street, the corner of John, where he may be consulted on all matters in Bankruptcy. m2. Imend 3 PATENT PORTABLE FURNACE, and MOTT Wash Boiler, admirably adapted for washing, can be placed in the fire-place, the area, or the yard. Patent Agriculturists, Farnace and Candron, in sizes of 15. 30, 40, 50, 60, 80, 100, 120, and 150. These furnaces require only a piece of pipe to fit them for use. No article has ever given beter satisfaction to those farmers who have used them. Patent Hard Coal Furnace, a new article for summer usewill make a neat little stove for winter. Parent Chip or Charcoal Furnace, from new patterns, much improved. These are lined with fire brick. Also a very low priced furnace without liming. Combination and Fuel-Saving Cook Stoves, at summer prices. The combination is the only legitimate stove that conducts the steams and smell from the kitchen. They are equally well adapted for summer as winter. Dealers supplied on J. L. MOTT. liberal tern.s. 261 Water and 15 Bowery. jel 1m*c HAVANA AND PRINCIPE SEGARS RADER, 46 Chatham street, has received, by the HellesM. a pont 100,000 of his celebrated La Norm Segars, as also Segars, beautiful lot of superior Noval and Perez incipe ie91m*r which he offers for sale at reasonable prices. ILLS of ex hange on all parts of England, Ireland and ScotB land, in sums of £5, £10, £15 and £20, to any amount, for sale at S. J. SYLVESTER'S, jelle 22 Wall at. and 130 Broadway. CHLORIDE OF LIME-300 casks Boyd's superior Chloride of Lime for sule by