Bank of Watertown - Watertown, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 4, 1841
Location: Watertown, New York (43.975, -75.911)

Metadata

Model: gpt-5-mini
Short Digest: 7ac24a7d

Response Measures

None

Description

Article (New York, Dec 4 report) states the Bank of Watertown has failed to redeem her notes at the Albany agency, and is consequently classed amongst the broken banks. No run is described; this indicates a failure/suspension and classification as a broken bank (permanent closure). Date taken from article dateline (1841-12-04).

Events (1)

1. December 4, 1841 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Failed to redeem its circulating notes at its Albany agency, indicating insolvency and failure to meet obligations; classed as a broken bank.
Newspaper Excerpt: The Bank of Watertown has failed to redeem her notes at the Albany agency, and is consequently classed amongst the broken banks.
Source: newspapers

Newspaper Articles (1)

1. December 7, 1841 Daily Richmond Whig Richmond, VA

Article from Daily Richmond Whig, December 7, 1841

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Article Text

POSTSCRIPT. BY LAST NIGHT'S MAIL. NEW YORK, Dec. 4-2 P.M. The steamer with the Northern mail, due this morning, is nct yet in, and the same is the case with the steam line from Boston through the Sound. The packet ship Ontario, sailed to-day for London, carries out only $5,000 in specie. The Bank of Watertown has failed to redeem her notes at the Albany agency, and is consequently classed amongst the broken banks. The institu. tion is under the general banking law. The Banks of New York city had reduced their discounts within ten days, ending last Saturday night, two millions of dollars. The reduction has continued this week. The Comptroller has notified those Trust Banks whose securities in his hands appear insufficient, to make further deposites, or return a part of their circulating notes. The Receiver of the late Union Insurance Com. pany advertises a second dividend of twenty five per cent., to be paid to shareholders on Monday.This makes fifty per cent. dividend upon a stock which sold at forty before the winding up was resolved on. The Erie Canal is closed. It is stated that 50,000 barrels flour from the West are in boats in the ice between Buffalo and New York. FLOUR.-The market for Western flour, owing to unfavorable weather, the large quantity afloat, the anxiety of some holders to realize, the increas. ing scarcity of money, and the almost total absence of demand for home use, has exhibited no feature save that of excessive dulness, and prices in consequence are fully twenty-five cents lower; and in some instances, to effect sales, a decline of 371 cents has been submitted to. There was one sale to-day of 500 bbls Genessee at $6 25 and large holders are firm at $6 25 a 6 50; yet there are few buyers who offer over $6 22. Michigan sold at $6. The export of wheat flour from the 1st 10 the 30.h November, has been 25,501 bar. reis. Wheat is searce and in few hands, yet the article is dull, and prices declining; 1,000 bushels prime Genesee sad at SI 1371; and 3,700 do good Illinois, (in barrels and sacks) yestertday at $1 30, both cash, and for milling. - [ Nat. Int.