17031. Watervliet Bank (Watervliet, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
March 12, 1845
Location
Watervliet, New York (42.730, -73.701)

Metadata

Model
gpt-5-mini
Short Digest
ff79e2e2

Response Measures

None

Description

Contemporary newspaper items identify the Watervliet Bank as one of the broken Safety Fund banks, mention a receiver advertising sale of assets, and show the Comptroller arranging redemption of broken bank notes. No run or depositor run is described. The bank was in receivership/closed (assets being sold), consistent with permanent closure. I corrected no names; 'Safety Fund' indicates state-chartered bank.

Events (3)
1. March 12, 1845 Other
Newspaper Excerpt
The Receiver of the Watervliet Bank has advertised the sale of the assets of that Bank. The property in Troy to be sold on the 14th May ... Poughkeepsie on the 22d May next.
Source
newspapers
2. June 9, 1845 Suspension
Cause
Government Action
Cause Details
Declared insolvent / part of the 'broken Safety Fund banks'; Comptroller arranging redemption of circulating notes; receivers handling assets.
Newspaper Excerpt
The Comptroller of this State has given official notice that he will redeem, at par, the outstanding circulating bills of the following insolvent Safety Fund banks: ... Watervliet Bank.
Source
newspapers
3. May 27, 1846 Other
Newspaper Excerpt
Watervliet Bank... Amount of assets 202,378.91; Amount realized 19,458.73; Amount of unsold assets 201,137.49 (from table of broken Safety Fund banks).
Source
newspapers

Newspaper Articles (5)
1. March 12, 1845 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, March 12, 1845

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Article Text

Comparative Sitination of the New-Orleans Banks on the 25th January and 22d February. Loans and Discounts. Circulation. 25th Jan. 22d Feb. 25th Jan. 22d Feb Bk of Louisiana. 3.142.881 3.303.408. 882.082 762.017 Canal & Bkg Co. 585.612 506.613... 314.395 338.585 City Bank. 1.805.825 1.823.900.. 345.680 391.200 Louisiana State 962.458 1.019.198... 231.400 279.830 Mech and Traders 1.727.574 1.669.807 687.105 791.030 Union 3.817.000 3.783.798... 30.750 30.645 Total 12.010.713 12.106.732... 2.194.412 2.600.307 Specie. Deposits. 25th Jan. 22d Feb. 25th Jan. 22d Feb. Bk of Louisiana. 3.916.470 3.637.715... 3.246.927 3.473.859 Canal Bank. 375.909 281.097.. 348.376 289.410 City Bank... 752.943 626.910... 660.347 679.069 Louisiana State 1.163.468 1.279.486. 886.471 1.019.016 Mech & Traders'.1.228.498 1.149.812... 1.297.257 1.346.329 Union 182.690 199.743... 14.728 13.608 Total..7.619.980 7.174.766... 6.454.108 6.821.323 The amount of Specie received at New-Orleans since 1st September, 1844, is $1,279,572. The Picayune says: "There is not much paper offering out of doors, and money appears to be obtained with more facility, although we can scarcely make any change in the rates of discount. The Banks are in want of good business paper, but this description is very scarce. Loans have been made during the past week at rates ranging from 8 to 15 per cent. dis- count per annum, according to the character of the paper and the length of time required. There continues to be some demand for specie for export, but the shipments of late have diminished as contrasted with those of a fortnight since.". The Receiver of the Watervliet Bank has ad- vertised the sale of the assets of that Bank. The property in Troy to be sold on the 14th May, the property in Kings- ton on the 19th May, and the property in Poughkeepsie on the 22d May next. Application will be made at the present Session of the Legislature for the renewal of the charter of the American Atlantic Steam Navigation Co. of the City of New-York. In the Illinois Senate on the 25th ult. Mr. Logan, from the Committee on the Judiciary, reported a bill au- thorising the United States Rank of Pennsylvania to insti- tute a suit against the State of Illinois in the Sangamon Circuit Court, upon a claim which the Bank sets up against the State for advances made by the former for the latter. It also authorises the Governor, in the event of judgment being rendered against the State, to issue to the Bank in satisfaction of such judgment, certificates bearing interest, similar in their character to those issued by him to other creditors of the State. After some opposition, the bill passed to its second reading. The City Debt of Detroit is now $275,000. The Committee on Finance of the Pennsylvania Legislature has been instructed to inquire into the expedi- ency of requiring the State Treasurer to publish monthly accounts of his receipts and expenditures. A proposition is before the Legislature of Penn- sylvania to offer the main line of public works at public sale, at less price than was last year demanded. The entire amount of British goods imported un- der the British flag into the port of Shangai from April 1 to June 30, was valued at $382,321; the amount of exports for the same time was $121,008. Of Cotton Goods 54.838 pieces were imported. The Hong Kong Gazette says that the import of British Cotton Fabrics for the year will amount to 1,100,000 pieces, against 600,000 previous to the treaty. Woolens show an increase of nearly 100 per cent. The shipments of Tea to England and her Colonies for the six months was 29,134,400 lbs. The export of Silk was small. The value of imports for the year, including Opium, was estimated at $40,490,000; that of exports, including Treasure for Opium, $39,400,000.

2. June 10, 1845 The New York Herald New York, NY
Article from The New York Herald, June 10, 1845

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Article Text

MONEY MARKET. Monday, June 9-6 P.M. The stock market was very heavy to-day, which in a measure can be attributed to the excessive hot weather. Stonington fell off 1 per cent; Norwich and Worcester, 1; Long Island, I Morris Canal, 1; Farmers' Lqan, Ohio 6's, 1. Harlem improved 1 per cent, and Eroton closed firm at Saturday's prices. The transactions were very limited. The trustees of the late Fulton Bank give notice that on the 20th of June they will pay a third surplus dividend of two per cent. Attempts are being made, with prospects of success, to extend the Vicksburg Railroad from Jackson, one of its present termini, to Brandon, so as to open a conneotion with the Georgia and South Carolina Railroads. The Comptroller of this State has given official notice that he will redeem, at par, the outstanding circulating bills of the following insolvent Safety Fund banks:Commercial Bank of New York. Bank of Buffalo. Commercial Bank of Buffalo. Commercial Bank of Oswego. Clinton County Bank. Watervliet Bank. Bank of Lyons. The Comptroller is not authorised to pay interest in any case. Those persons, therefore, who have packages of notes which have been protested, or the payment demanded of the receiver of the bank, in order to obtain interest, will find it necessary to collect the demand through the Receiver. Those persons who hold bills of any of the banks before named, and who have not taken the necessary steps to establish a claim for interest, and are willing to surrender the notes on receiving dollar for dollar, can be paid at this rate on presenting the bills to the Comptroller. The assets of the Bank of Oswego are believed to be sufficient to pay all the debts of that bank, and none of the circulating notes of the Bank of Oswego have been redeemed by the Comptroller. The debts of the Lafayette Bank of New York, includ. ing circulating notes, have been paid by the Receiver from the assets of the bank. The receipts at the Custom House for the week ending Saturday the 9th inst., amounted to $307,000. The monthly report of the Reading Railroad Company for May, 1843,44 and '45, presents the annexed statement of the receipts and business of the road. PHILADELPHIA AND READING RAILROAD. May, 1843. May, 1844. May, 1845. Receipts $31,447 47,763 34 79,822 82 15,205 Coal transported, tons. 35,684 64,698 The business for May, 1845, has been considerably more than the maximum estimate. Up to June 1st, the coal tonnage is over the estimate-800,000 tons for the year-rising nine thousand tons. In connection with this very favorable report and the immense improvement these increased receipts must produce in the affairs of the railroad company, we give a report of the business on the Schuylkill Canal, for one week in each of the past three years. BUSINESS ON THE SCHUYLKILL CANAL. Week ending June 10, 1843. June 8, 1844. June 7, 1845. Coal transported, tons, 18,095 11,869 5,796 For the same week the coal transportation of the Reading Railroad was as follows:1843. 1844. 1845. 2,388 Coal transported, tons, 8,796 18,871 It will be seen that these two works have changed places in the coal carrying trade of Eastern Pennsylvania. What the Schuylkill Canal was, the Reading Railroad will be, and judging from these returns the Schuyl. kill Canal will soon be what the Reading Road was. The annual reports of the Canada Banks, made up to May 31, 1845, compared with those of the same date last year, show an increase in circulation and discounts, and a decrease in the amount of specie on hand. We annex the latest report of the Quebec Bank:-

3. June 11, 1845 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, June 11, 1845

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BROKEN SAFETY FUND NOTES. - By reference to an advertisement of Comptroller Flagg in another column of this paper, it will be seen that the Bills of the Commercial Bank of New-York, the Bank of Buffalo, the Commercial Bank of Buffalo, the Commercial Bank of Oswego, the Clinton County Bank the Watervliet Bank, and the Bank of Lyons, will all be redeemed at par upon presentation and surrender. Those persons who insist upon the payment of the face of the bills and the inter. est must wait until the respective Receivers settle up the affairs of the Banks and obtain an order from the Chan cellor to that effect. We presume very few holders will refuse to receive the dollar for dollar now offered by the Comptroller.

4. May 27, 1846 The New York Herald New York, NY
Article from The New York Herald, May 27, 1846

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BROKEN SAFETY FUND BANKS. | Banks. | Amount of assets. | Amount realized. | Amount of unsold assets. | Est.val. of unsold assets. | | -------------------- | ----------------- | ----------------- | -------------------------- | -------------------------- | | City Bank, Buffalo.. | 739,017 35 | 166,576 08 | 570,000 00 | 50,405 00 | | Bank of Buffalo... | 1,221,843 30 | 82,836 69 | | | | Com. Bk of Buffalo. | 985,063 92 | 172,863 64 | 456,447 31 | 49,659 86 | | Wayne Co. Bank... | 293,970 39 | 56,743 60 | 246,200 69 | 22,627 53 | | Bank of Lyons. | 385,608 08 | 37,444 61 | 236,229 34 | 11,524 47 | | Bank of Oswego... | 213,353 25 | 32,693 00 | 163,813 00 | | | Clinton Co. Bank... | 543,429 66 | 76,019 47 | 64,381 57 | 12,752 65 | | Com. Bk, N. York.. | 858,471 68 | 303,338 74 | 301,405 96 | | | Watervliet Bank... | 202,378 91 | 19,458 73 | 201,137 49 | | | Com. Bk, Oswego.. | 507,173 36 | 80,652.59 | 91,087 19 | 10,525315 | The amounts realized were, without doubt, from the best and most available assets, leaving those on hand of a character giving little hope of receiving a large per cent from. It is not surprising that the billholders and stockholders of these institutions should receive such a trifling per cent on their claims, when the receivers should have betrayed so grossly the trust imposed in them by the government and the people. It is a matter of no astonishment, that so little confidence is placed in these banks, and that the public mind becomes alarmed upon the slightest report touching the credit or solvency of banks generally. The free banking law, in its earlier stages, was very defective, as it gave too great a latitude to the description of securities required on deposit, and losses to some extent were experienced by the deprecia-tion of stocks of the delinquent States. These defects have since been remedied, and the law, as it now stands, is probably as perfect as it can well be made. The only improvement we could suggest, would be a modification requiring a deposit of the stock of this State, only, as security for the paper issues. The export trade of Rio Janeiro for the first two months of 1846, compared with the corresponding months in 1845, shows an increase in the shipments of some of the staple products, particularly coffee. The annexed statement exhibits the comparative destination of coffee exported in February, 1845 and 1846, and from January 1st to March 1st, of the same years. EXPORTS OF COFFEE FROM RIO JANEIRO. Rare

5. August 27, 1846 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, August 27, 1846

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COMMERCIAL AND MONEY MATTERS. For Sales of Stocks. & see Fourth Page WEDNESDAY. Counterfeit Bank notes. purporting to be 820 bills on the Farmers' Bank of Amsterdam, 83 on the Cumberland Bank and 810billson the Schenectady Bank, of this State have been detected Persons having received such bills are requested to call at the Essex Mar ket Police Office, and make the fact known. The business on the Mohawk Railroad continues to increase. The receipts from the 15th to the 21st of August were $3,174.77. Same time last year, $2,601 It is understood that a loan of $100,000 has been obtained by the Norwich and Worcester Railroad. for the payment of its purchase from the Long Island Road of steamboats, besides the $40,000 paid in cash. The new steamer Atlantic is said to have cost $150,000 and all who have seen. admire and praise her without qualification. Regular trains of cars are now running from Boston to Lexington via Fitchburg Railroad To-day is the first day of running upon the four miles of the Fall River Railroad between South Brain tree and Randolph. The trains will run in connection with the Old Colony Railroad, leaving their dépôt twice a day. A list of subscribers to the Atlantic and St. Law rence Railroad is given in the Portland Bulletin, from which it appears that Bostonians took 177 shares in that enterprise. The charter of another Railroad from Port land, to run through the interior of York County and connect with the Maine, has affected the Portland Saco and Portsmouth stock, but there is great doubt if another line of Railroad can be subscribed for, while that now existing pays so moderate a dividend. The Boston Post says the transactions in divi dend Railroads and Manufacturing Corporations are still very small and prices to a great extent nominal without, however, any indications of yielding on the part of holders to fears that lower rates must be sub mitted to. A lessening of engagements has to a great extent been the rule for some months past, and those who could do so have cut off all speculative operations, 50 88 to be prepared for any reduction of currency or change of Government policy. Lowell Railroad stock is not so much sought for at high rates of premium as before the new Tariff passed. Capital is already devi I ated from trade to a very material extent, by the pay ment for stock in Railroad and Manufacturing Corpora tions, so that, in case of prolonged War with Mexico. 8 revulsion consequent upon the forced withdrawal of these investments might be attended with disastrous consequences. Such revulsion. or any extensive re action, may not take place, but the panic in England from this cause should not be without good effect in preventing excessive and speculative action. Meetings of stockholders in the Nashua and Concord Ronds are called. to ascertain if they favor sub. scriptions to Branch Roads from their own lines, which may, if made, not only aid those now without Railroad facilities, but add to their present large income. There is, however, a doubt with many. who are largely interested, if the extension of Railroads beyond those now in existence or subscribed for. would not be just now an experiment of unfavorable issue. The Suffolk Manufacturing Co. divides eight and the Tremont Mills six per cent. for six months. both payable on the 27th inst. The total receipts of Canal tolls up to 1st August at Geneva, was $24,287.23 same time last year. $16,965 84 excess this year. $7,321.39. The St. Louis Republican of the 19th inst. says For the last ten days, there has been an increased demand for money on good real estate, At ten per cent per annum, without being able to get the loans. Out door rates for good paper from 10 to 15 per annum We have heard of temporary loans as high as one and half ! per cent. per month. Business continues dull, and ne gotiations difficult to make predicated upon shipments of produce to the South. Currency (which constitutes the various Bank notes circulating in this city) has be come quite scarce, and for ordinary purposes is within to 1) of Missouri Bank notes. The Banks and Brokers are drawing freely At per cent. on New-York. Boston and Philadelphia, although the latter cannot be said to be making much at these rates. The amount of property assessed in Lowell for the year 1846, is, real estate, $9,695,346; personal, $5.443.580-total, $15,138,926. being an increase of about half million over 1845. The tax is $115,637 98-70 cents on the $100. Number of polls, 6,437. an increase of 1.040 over 1845. The number of individuals and firms in that city, who pay tax of $50 and upward, is over 140. The total valuation of the Corporations is $9,222,600-INN, $64,558 20. as follows $833 Locks and Canals $3,360 Appleton Company 6,740 Mass. Cotton Mills 6,720 Boott Cotton Mills 11,200 Merrimac o 6,720 Hamilton Company 4,200 Middlesex Co 8,400 Lawrence Company 1,740 588 Prescott Co Lowell Bleachery 3.360 Lowell Machine Shop 2,660 Suffolk Co 3,360 Tremont Mills 3,535 Lowell Company In looking over a Report by the Comptroller. in answer to call from the Convention, we note the follow. ! ing interesting items $17,660,046 June 1, 1846-Canal Debt 1,713,000 Contingent Debt 5,885,549 Treasury Debt $25,258,597 Total liabilities of the State The contingent debt, as above, is for Bonds of the State, loaned to Railroad Companies, which are yet solvent. The largest portion of the Treasury debt madeup by loans to insolvent Railroad Companies. During the year ending June 1. 1846. the State had borrowed $300,000. and paid of principal $2,329,972 and on the 1st of July last, $571,304 more: thus reducing the debt in thirteen months. $2,600,000. In 1842 N law was passed for paying a bounty on salt coal. &c. which has drawn from the Treasury, $377,180 for three years, ending 30th September last. 83 Ordinary expenses of Gov'nt for the year $380.218 Special appropriations and temptry expenses. 368.839.75 Interest on insolvent Railroad stock 237,321.76 The net revenue of the Erie and Champlain Canals, for the last five years, averages a fraction over a million and a half dollars for each year. Unavailable deposits in broken Banks 00 Bk of Brockport $3,715 Lewis Co. Bank 20,000 Bank of Lvons 19,113 S6 Watervliet Bank 42,480 20,912 Bank Co. Clinton Co. Bank 86,200 00 Wayne Lockport Bank 29,700 00 $254,211.6 Total LockptBk&TCo.32,072: 31 The Canal Fund has also in stock issued for I the payment of balances due on account of Ca nal Fund moneys deposited in the Bank of Butfalo, Commercial Bank of Buffalo, and Commercial Bank of Oswego, $314,449.02 Total unavailable loans made to Banks $568,659 [Thompson's Reporter. Carefully reported for The Tribune. Markets WEDNESDAY, August 25. ASHES-The markets for Pots and Pearls is as noticed for long time past: steady at $3 56 for Pots and $4 12) for Pearls. COTTON-The sales to-day have only amounted to some 500 bales at full prices, chiefly to spinners. Export of Cotton from the Ports of the United States, commencing 1st September, IS45. Stock Stock Rec'd