16929. Suffolk County Bank (Sag Harbor, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 20, 1871
Location
Sag Harbor, New York (40.998, -72.293)

Metadata

Model
gpt-5-mini
Short Digest
e3bd26b0

Response Measures

None

Description

Multiple articles (Jan–Feb 1871) report the Suffolk County Bank of Sag Harbor 'has suspended', its obligations trading at ~50¢ on the dollar, creditors moving to force bankruptcy, and an effort to close it out. No article describes a depositor run or a reopening; receivership is implied by bankruptcy efforts but not explicitly named. I infer a suspension leading to permanent closure/closure proceedings.

Events (2)
1. January 20, 1871 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended amid apparent insolvency/distress; obligations trading at 50 cents and creditors moving to force bankruptcy; accounting discrepancy noted with First National Bank suggests bank-specific accounting/solvency problems.
Newspaper Excerpt
The Suffolk County Bank has suspended. Its obligations have changed hands at the rate of 50 cents on dollar.
Source
newspapers
2. February 27, 1871 Other
Newspaper Excerpt
The Suffolk County Bank, located in Sag Harbor, has been suspended about two months. An effort is being made to force it into bankruptcy. ... Mr. Adams, President of the Suffolk Bank, testifies that there is a discrepancy of $4,000 between his accounts and the books of the First National Bank in this city.
Source
newspapers

Newspaper Articles (4)
1. January 20, 1871 New-York Tribune New York, NY
Article from New-York Tribune, January 20, 1871

Click image to open full size in new tab

Article Text

111 Counterfeit tite twenties on the City National Bank were in circulation yesterday. The Fire Commissioners of Philadelphia are in the city for the purpose of inspecting the workings of the New-York Fire Department. The American steamers Erie and Ontario will probably be placed on a line between New-York and London. The former is now loading at London by How- the & Aspinwall for this port. The Ontario is on the land way from France, having landed a cargo of arms for French Government The Fire Department Committee on Diseipline is compelling the resignation of members reported for intoxication. The President yest rday issued order, members who using Intoxicating liquors e excess will render the Department a great service by resigning. The rumor of the failure of J.S. Stanton of No. 25 Broad-st., circulated on Wednesday, arose from his neglect to Meliver stocks to purchasers at the proper time. He was merely detained from business. and terday the claims of two members of the Board had bought in the stoc ks under the rule. The Auditing Committee of the Seamen's Fund and Retreat reports for 1870: Receipts, $32,456 disbursements, $11,972 81. During the year, 780 persons were treated. of whom 587 were discharged cured, and of Hospital. The average cost per weel maintaining each patient was $7 42. The number of persons how under treatment is 89. A well-dressed young Jew bought $24 worth of goods yesterday afternoon at a furnishing store on Broadway, paid $4 on account, and directed that the package be sent to Alexander L Simon. No. 140 East Nineteenth-st. The boy who went to deliver the goods met the purchase doors from the house, deliv the parcel, and received two $10 bills on the farmers' and National Bank of Poughkeepsie On amination at the store the bills were discovered to be counterfeit, but no trace of the eunning rascai could be found. The United States frigate California, 21 guns, Capt. J. M. B. Clitz, which arrived at this port on Wednesday afternoon last. and anchored off the Battery, had very satisfactory trial/trip of five days from Bosbehaving and ther encountering under She will probably take out her powdei and go the Navy Yard for some slight alterations found needful on her trip, and will here about tw weeks, when she will resume her voyage. under eail alone, via the Straits of Magellan and touching at Rio Janeiro. She be stationed in the South Pacine Squadron as flagship. The French Comité de Secours, organized in this city at the beginning of the war in Europe, to raise funds in aid of the wounded, has disposed of the last money remaining in its hands in draft for £4,000, addressed to Rothschild & Sons, in London. The remittance made with directions to transmit the amount to Barclay Co., bankers of the Society of Quakers in London, hedestitute inhabitants of North Eastern Frauce, in ease the French Government has no committees operation to distribute the funds in disoccupied by the Germans. The total amount sent out by the French Committee is about $66,000. During the last month 284 persons have been provided with homes and employment by the Children's Aid Society. The average attendance at the day and event g schools was 3,458. At the Newsboys' LodgingHouse the average attendance has been 191: 5,719 lodginga and 6,410 meals have been provided. and 60 boys At the LodgGirls' in employment. been ing-House the attendance has been meals furnished, 2,218: lodgings, 953: employment and situa1 for 91 sirls. At the Eleventh Ward Lodge the average attendance has been 159: lodg1,369. At the Sixteenth Ward Lodgingthe attendance has averaged 100, and 2,962 10dg the A provided. he attendance has been 93, and 2,880 lodgings and 4,008 meals have been provided. BROOKLYN. The Kings County Institutions at Flatbush contain at present 2,578 inmates. About 50 residents on the Hights were yesterday fined $20 each, for negleeting to affix the new street numbers to their residences, The Schutzen Corps has elected the following officers for the ensuing term Captain, A. Alsgood First Lieutenant, J. C. Hanvard Second Lieutenant, Recording Buckhouse Treasurer, H. Pashberg Ensigns, H. Patterson and Charles Suyler. LONG ISLAND, JAMAICA The Committee of the Farmers' Cooperative Union has returned from Washington. Comssioner Pleasonton will render his decision in ten days. to the exemp of farmers from taxation as produce brokers FLUSHING and Quigley, the Long Island City highwaymen, have been released on bail. SAG HARBOR. new depot will be completed this week. The Suffolk County Bank has suspended. Its obligations have changed hands at the rate of 50 cents on dollar. BAYSIDE Wm. E. Lawrence, the President of the National Tobacco Association, died yesterday after short He has been a merchant 119 ew-York for 30 years. a HUNTINGTON The Suffolk Bulletin, which has been has begun its 26th year as an independent' journal. LONG ISLAND Reddington, who robbed Leo Hnd taken to Flushing for identification. The authorities here refuse to arrest him. WESTCHESTER COUNTY YONKERS.-A Lodge of the Knights of Pythias has been instituted here, with about 60 members. WEST Pr AINS. Coroner Meeks held an inquest day upon the body of Thomas Winte yester- who on Wednesday kicked to death by horse. hostler, NEW-JERSEY JERSEY CITY.-It was reported in Jersey City, yesterday, that Gen. Wright was dead, and so announced d in the evening papers. The report was denied last evening. tate HOBOKEN.- agent, man named Dunlap, formerly a real esstolen day, before Justice Whitner yesterproduce from the store of Logair worth on of hams and bail. where he lately worked. He to answer Bloomfield in $1,000 present PATERSON. The Post-Office is to be moved from its ground quarter to more commodious rooms the floor of the new bank Ivanhoe Lodge on the upper story of the same building Collector to sell Alderinen has authorized the The Board of which on street assessments remain property $100,000 is due the unpaid. About city from this source, the of three are ments count the treasury is now deficient. Some and on this and Graul silver badges Rice presented with City Marshal Abbet and Sergeants The police force has ornamented congregation of the First Reformed Church with gold. The their pastor, the Rev. John Steele, has presented Peterson of Prince- disappeared with $350 Miss not been heard of since, young yesterday, and has nent residents of this city has lady related to promihome. charge of having enticed Miss Peterson been arrested upon a this week to son of Brigham Young has been to leave her shops. locomotive examine a new steamroad engine in the at city the NEWARK bitten by -Twochildren supposed to and man, named Dryar, No. 178 Eighth-ave. day or be two mad, in England's saloon, mediately killed. There were The the annual session of the Knights lodges represented at lor Samuel Reed installed the of Pythias. ChancelLodge gave ball Nathaniel La Mancha First Baptist Church, was Andrews deacon in the a purse of $300 his 70th presented by his friends with Chas. Edwards, has been birthday grocer, named default of $2,000 bail, charged arrested and sent to jail, i wholesale without license. He with having sold liquors at but was given up by his had twice obtained bail, Thompson to escape The Rev Dr. bondsmen on showing a desire et Preshyterian Church (colored). pastor of the Plane. leasership in a College in has ing accepted proception Wednesday evening. Louisiana was tendered rethe Rev. Dr. Highland Addresses were made and others. Garnett, the Rev. Amos Freeman by

2. January 30, 1871 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, January 30, 1871

Click image to open full size in new tab

Article Text

Miscellaneous Dispatches. Domestic Notes. ITEMS FROM NEW YORK. NEW YORK, Jan. 28.-The Delaware, Lackawana and Western and Erie railroads have agreed on a truce in regard to use of the Bergen tunnel and the other conflicting interests of the corporations. The former company will pay the tolls fixed by the courts for the use of the tunnel receiving also in return equal rights of way with the Erie until the expiration of the Stevens contract. Neither company will interfore with the others' legislation, and the Lackawana will probably ask for charters for a number of short branch roads in the upper portion of the state and for a new tunnel through Bergen. The Grand lodge of the Knights of Pythias, yesterday declined to receive a petition from the Pythias sisterhood of Newark, N. J., asking a formal alliance with the order of the knights. Reddy, the blacksmith, was released last night in $5000 bail, furnished by Michael Skelly. Rev. Dr. Byron Sunderland accepts the call of the Forty-third street Presbyterian church of this city. The Aleppo, for Liverpool, yesterday, took out $47,000 worth of muskets, and the Columbia, for Havana, $16,000 worth. Governors Claffin of Massachusetts and English of Connecticut are in town. The fines due from the railroad companies of this state for not making the annual returns required by laws, amount to nearly $49,000. The convention of Pennsylvania and Western railroad men, which adjourned last evening after several days' session, arranged that on Monday next their agents at Washington should endeavor to secure a suspension of the rules of the house, and substitute for the bill now pending in the committee a measure specially framed in their interest, and under which they hope to be able to dispose, on their own terms, to emigrants lands which they have received from government and otherwise acquired. Francis P. Sage, one of the oldest and most prominent members of the flour and grain trade of this city, died Thursday evening. The creditors of the Suffolk county bank, at Sag Harbor, are taking measures to close it out through bankruptcy proceedings. The post office of this city sent last year 6,254,543 foreign letters, and received 4,134,165 from the English mails, receiving yesterday the first for more than a week. Outside friends aided Irwin the burglar to escape from the Raymond street jail. He had by some means become possessed of an instrument with which he tore out a portion of the plastering and lath work of the wall of the retiring room, adjoining his cell, and made a hole about a foot square, through which he crowded into the adjoining debtors' room, which was unoccupied. He then proceeded to the door leading into the corridor which, fortunately for him, had been left unlocked, though it had been fastened. Irwin would have experienced little or no trouble in making a hole in the thin partition which separated the room from the corridor. Once in the corridor, Irwin found it easy to escape. He quietly descended the stairway to the lower corridor, within twenty feet of the keeper's rooms and a dozen feet from the front jail, and proceeding along the corridor, opened a window and descended another stairway and was in the jail yard. Then he coolly walked to the gate, pried off the lock and staple and walked.out a free man. THE INDIAN BUREAU INVESTIGATION. WASHINGTON, Jan. -The sub-committee of the committee on appropriations continue their investigations as to the conduct of the Indian bureau. Last night they examined two merchants of New York with reference to the purchase of goods for the Osage Indians, the object being to ascertain whether extraordinary prices were paid. It appeared that the goods were sold at the lowest market price. General Meigs and Major Dubarry, of the quartermaster's department, were examined as to contracts for transportation, and whether the Indian department could not have transported the goods under the contract with the war department. Their testimony was to the effect that this could have been done instead of by special contract. WOMAN SUFFRAGE ST. LOUIS, Mo., Jan. 28.-A delegation of prominent women of this state, accompanied by Mrs. Livermore, will go to Jefferson City next week, to urge the legislature to memorialize congress to recognize and establish woman's right to suffrage. LIBEL SUIT. CINCINNATI, O., Jan. 28.-F. H. Rolland, city editor of the Leader, has sued Frank Leslie for $20,000 damages for publishing a story of his, Rolland, being whipped by a woman.

3. February 3, 1871 Perrysburg Journal Perrysburg, OH
Article from Perrysburg Journal, February 3, 1871

Click image to open full size in new tab

Article Text

employment of volunteers composed of settlers, fighting for their homes and families, as more efficient and cheaper than regular troops. A raid with mounted troops has recently been made in the mountain regions of Tennessee. It resulted in the destruction of seven illicit distilleries and about 15,000 gallons of mash. Eleven other stills were found, but as they were not running they could not be molested. The raid occupied eight days. A large meeting was held at Cincinnati on the night of the 23d, to raise funds for the exiled Fenians. Fifteen hundred persons were present, and a handsome purse was contributed. The recent suspension of the Suffolk County Bank, of Sag Harbor, N. Y., has caused great excitement on Long Island. Many of the depositors are poor people, who are likely to lose largely. The New England Labor Reform League commenced its third anniversary meeting at Boston on the 24th. The preliminary report of Prof. Newcomb, U. S. N., of his observation of the late eclipse at Gibralter, has been received I at the Navy Department, in Washington, 3 and shows that, notwithstanding some adverse circumstances, he was successful therein. e A San Francisco dispatch of the 24th 3 says the rains were believed to be suffie cient to secure an abundant wheat crop in e California. Farmers were planting as I rapidly IS possible. The Supreme Court of Illinois, on the e 24th, announced its decision in the case of e Bishop Chase et al., vs. Rev. Chas. E. $ Cheney, of Chicago, reversing the decision e in the lower court. 8 A New York dispatch of the 25th says it is stated on apparently good authority e that the President had ordered the immee diate discontinuance of the sales of sur1 plus arms and munitions of every kind. I Secretary Boutwell was before the Committee of Ways and Means of the House f on the 25th, resisting the abolition of the e income tax. He represented that the probable revenue from that source would be between thirteen and fourteen millions, V while the additional cost of collection e would not be half a million. e By direction of the President, the headS quarters of the department of the South is transferred from Atlanta, Ga., to Louis1. ville, Ky., the latter being the headf quarters of General Halleck. a The official returns of the Bureau of Statistics at Washington show the decrease in o immigration for the year 1870 to be 31,118. o Another severe snow storm prevailed at r the East on the 26th. Weather cold. n e The strike among the Pennsylvania coal miners continued on the 27th, with little prospect of an early resumption of work. S A gas explosion occurred in the Brookk lyn gas works on the 27th, and the ene gineer, Frederick Anderson, was killed. d The loss by the explosion was estimated 1. at $150,000. -

4. February 27, 1871 The New York Herald New York, NY
Article from The New York Herald, February 27, 1871

Click image to open full size in new tab

Article Text

THE SUFFOLK BANK SUSPENSION. / Its Connection with the First National Bank of This City-The Discrepancy. The Suffolk County Bank, located in Sag Haroor, has been suspended about two months. An effort is being made to force it into bankruptcy. Register Winslow has declared the testimony closed. Mr. Adams, President of the Suffolk Bank, testifies that there is a discrepancy of $4,000 between his accounts and the books of the First National Bank in this city. The latter institution denies that any error exists. and contends that even though an error did exist it could make no possible difference. The matter will be argued in Brooklyn this week.