16982. J. W. Rumsey & Company's Bank (Tarrytown, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
August 7, 1860
Location
Tarrytown, New York (41.065, -73.866)

Metadata

Model
gpt-5-mini
Short Digest
741a4aaf

Response Measures

None

Description

The articles show the bank was an individual (private) bank preparing to open in Aug 1860, but by Apr–May 1861 is described as winding up and thrown out by correspondent clearing (Suffolk Bank). There is no explicit description of a depositor run; the action appears driven by correspondent/clearing-house problems and voluntary winding up. I classify this as a suspension leading to permanent closure. Dates derived from the publication dates (Apr 27 and May 1, 1861 references).

Events (3)

1. August 7, 1860 Other
Newspaper Excerpt
The Rockland County Bank, Nyack (association). and J. W Rumsey & Co.'s Bank, Tarrytown (individual), are preparing to go into operation.
Source
newspapers
2. April 27, 1861 Suspension
Cause
Correspondent
Cause Details
Described as winding up and later reported as thrown out by the Suffolk Bank clearing arrangement; failure to report to the general statement and removal from correspondent clearing lists prompted suspension.
Newspaper Excerpt
the Cataract Bank, Lockport, having been placed in the hands of a receiver, and the J. W. Rumsey & Co.'s Bank of Tarrytown winding up, did not report.
Source
newspapers
3. May 29, 1861 Other
Newspaper Excerpt
The J. W. Rumsey & Co.'s Bank of Tarry town is thrown out. Its notes are secured by New York 6 per cent stock, and will be good in time.
Source
newspapers

Newspaper Articles (4)

Article from The New York Herald, August 7, 1860

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Article Text

part aggregate. The material changes since the March report are as follows:The Bank of Central New York, Utica, has been placed in the hands of a receiver, and the Bank of Corning and the Onondaga County Bank are closing up their affairs; consequently no reports were received from them. The Rockland County Bank, Nyack (association). and J. W Rumsey & Co.'s Bank, Tarrytown (individual), are preparing to go into operation. The June report exhibits a slight increase in capital and a corresponding expansion in loans. in other items there is but little change to note, and nothing worthy of special attention. We derive the following figures from the last annual report of the Cleveland and Toledo road of June 1, 1860:$3,348.800 Constructive Capital $6,771,800 Funded debt 3,848,400 Equipment 461,100


Article from New-York Daily Tribune, April 27, 1861

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Article Text

$308,247,123 Total resources $303,056,528 LIABILITIES $111,755,491 $111,821,957 Capita 27,827,965 28,239 950 Circ ation 15,083,257 12,929,192 Profit 34,007,310 29 492,678 Due bank 1,214,942 5,660,519 Due individuals other than banks 2,669,426 4,180,794 Due Treasurer of State of New-York 116,183,469 110,664,578 Due depositors on demand Amount doe. not included under 3,972,267 1,678,820 either of the above head 513 528 Add for cents $308,207,128 $309,056,528 Total liabilities The whole of thisitem and portions of those marked 1, form no part. (the aggregate. The names of 306 banks will appear in the official forthcoming general statement, 304 of which reported. The Cataract Bank, Lockport, having been placed in the hands of a receiver, and the J. W. Rumsey & Co.'s Bank of Tarrytown winding up, did not report. Since the last report the Hampden Bank, North Castle, Weatchester County, and the William Williams Bank, of Hastings, have commenced business. The Bank of Amsterdam made its first report this quarter. Ag compared with the statement of last year at this time, the results are as follows:


Article from Chicago Daily Tribune, May 1, 1861

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Article Text

10021 a11C $309 1036,528 $308, 207, 128 The whole of this item, and portions of those marked t, form no part of the aggregate. The names of 806 banks will spear in the official forthcoming general statement, 304 of which reported The Cataract Bank, Lockport, having been placed in the hands of a receiver, and the J. W. humacy & Co.'s Bank, of Tarrytown, winding up. did not report. Since the last report, the Hampden Bank. North Castle. westche-ter county, and the Wm Willlame Bank of Hastings, have commenced buelness. The bank of Amsterdam made its first report this quarter.


Article from Indiana State Sentinel, May 29, 1861

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Article Text

50360 dis. All other Illinois Banks 30 dis. Wisconsin, first class 50@60 dis. Wisconsin, second class The weather was pleasant a portion of the week, but a heavy rain fell Sunday night, and during the greater portion of Monday. The temperature has been more favorable for vegetation. The war excitement continues to engross the attention of all, to the exclusion of other subjects, to a greater or less extent. A very perceptible progress has been made by the Government, within the past week, toward the grand object in view. Maryland is now completaly under the control of the Government, and the same may be said of Missouri, and the indications are that Kentucky will be secured against secession influence within the next week or two. The ports of the Southern States have been blockaded and communication with them by iuland routes pretty well cut off. There seems to be no doubt that Eastern Virginia will be the scene of the great conflict, which seems to be now near at hand, and all are looking with intense anxiety for the result. Business in most departments continues dull, without marked change in prices of any article. Flour has b en dealt in sparingly, but prices are not materially lower. Superfine $4 50, and exThe receipts are but moderate, but are fully up to the demand. The stock, however, is light, and the demand to supply the troops encamped in this vicinity is now 100 bbls. per day, which, with the usual city consumption, makes the whole amount of daily consumption 850 barrels a day, will soon reduce this stock, if the receipts do not increase. Wheat has been in better supply, and prices declined 4@5c. per bushel, the market closing dull at $1 and $1 08 for prime red and white. Corn is dull but unchanged. Oats in better supply, and dull at 28e. Rye is elling at 54c. Barley is lower prime fall sold at 50c., and the market closed nominal at this rate. Whisky 121/c., there being no change during the week. In the grocery market there has been a fairbusiness done, but the sales are making in small lots to meet the current wants of the trade. Prices have not changed. Beef cattle have been in better supply. and the market ruled a shade easier, $3.75 being an out side rate for choice beeves. Hogs very dull, and the demand quite limited at $3@3.50 gross. The distillers are, to some extent, slaughtering their hogs, and having them ice-cured on their own account, in consequence of their anxietv to further curtail their business, and of the difficulty of disposing of them otherwise. Sheep are in moderate supply and fair demand at $2 50@3 50 per cental gross. Lambs are scarce and sell at prices ranging from $1 50 to $3 50. There is some demand for the lower grades of wool at 20@22c., but we have not heard of anything being done in the way of contracts for the present clip, and must call the market quite unsettled. Some dealers speak of 25@33c. RS the probable range. It seems quite likely that the best wool will not exceed 35c. Linseed oil is very dull, and has been sold to the extent of 150 bbls. at 50c. In the small 51@52c. are the rates charged. The demand is quite light. The demand for provisions continues of the most limited nature, and prices have been to a great extent nominal. 100,000 lbs. bulk sides sold about the middle of the week at 61/c, and 60,000 lbs. shoulders in bulk, subsequently, at 43/c. Small sales of bacon at 53 @6c. for shoul ders, 73/488c. for sides, and 9@91/4c. for clear sides, Mess pork has been offered at $16 25@ 50, but it is probable that it could have been bought to some extent at the close at $16. There is really no demand, and the necessities of holders only would compel them to sell at this rate There was some little inquiry for lard at 81/4e, and during Saturday and Monday 300 tierces were procured at this rate, and some keg at 91/4e. There is a very light stock of this article here. and very little of it for sale. Advices from all the leading markets of the country report a general dullness in business, except so far as the manufacture and preparation of war material is concerned. Money is abundant in New York at 5@6c on call, but there is very little time paper offering that is wanted. Thompson's Reporter says: The Bank of Albany has suspended, and gone into the hands of Mr. Van Allen as Receiver. h The circulation is of two classes-secured and f safety fund. We believe it will all be redeemed ultimately. This failure came like a clap of thunder on Albany; and even the State had y e $100,000 on deposit on it. It appears that the d cashier, Kendrick, comes in for the blame of using up the bank. e The Sandford Bank of Maine is also down. . The cause has not transpired further that that e the Suffolk Bank, Boston, throws it out. f The J. W. Rumsey & Co.'s Bank of Tarry town is thrown out. Its notes are secured by s New York 6 per cent stock, and will be good in time.