Watervliet Bank - Watervliet, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: January 4, 1848
Location: Watervliet, New York (42.730, -73.701)

Metadata

Model: gpt-5-mini
Short Digest: 68a95d57

Response Measures

None

Description

Article (NY Herald, 1848-01-04) reports a receiver, sale of assets, and amounts paid into the Bank Fund by the receiver and Comptroller — indicates the bank was in receivership and its assets sold, consistent with permanent closure. No run is described in the text.

Events (1)

1. January 4, 1848 Receivership

Newspaper Excerpt: At the sale of the assets of this bank by the receiver, the Comptroller sent an agent to bid on the assets... The total amount paid into the Treasury on account of this bank, as an indemnification in part to the Bank Fund, is as follows: $38,864 09 Paid by Receiver ... TOTAL, WATERVLIET BANK.
Source: newspapers

Newspaper Articles (1)

1. January 4, 1848 The New York Herald New York, NY

Article from The New York Herald, January 4, 1848

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Article Text

bearing b fore Judge Woodbury, and his decision, a copy of which was furnished to the Comptroller, it was determined to abandon the suit, and the Receiver executed a discharge of the judgment. The purchaser at the Receiver's sale who bid off the " Sidway lease," for $10,000 did not consummate the bargain. and the lease was assigned to the Comptroller by the Receiver under an order of the Chancellor. in October last the Surveyor General sold this property for $9,100, $3,100 being paid down, and the residue, $6 000, is well secured by a bond and mortgage, and is payable io 4 annual instalments, with interest at 7 per cent. The rents of this property have been paid to the Bank Fund. since Nov '1845, and amount to $2,254 55, making a total of $11.356 55 realized from this property. The total amount paid into the Treasury on account of this bank, as an indemnification in part to the Bank Fund, is as follows:$38 864 09 Paid by Receiver 328875 Paid from assets bid off by agent 11,354 Received from Sidway property $53,507 39 Total, WATERVLIET BANK. At the sale of the assets of this bank by the receiver, the Comptroller sent an agent to bid on the assets. The followir 5 were struck off to him:Notes, orafts, vs Peter Comstock and colla$113.098 47 teral securities, (nominal amount,) 106,000 0 Bonds and mortgages of Peter Comstock 12,500 00 Bonds of McIntyre and Smith, collateral Mr. Comstock acknowledgesan indebtedness[of $80 000. 13,293 00 Judgment against sundry persons Bond of E. Olcott, with T. W. and T. Olcott as sureties 20,000 00 Very little can be collected, probably, from the claims against P. Comstock An offer was made to transfer certain property which had been assigned by the cashier to protect his bail. and which had been appraised at $11,000, and to pay $10,000 in money. on condition that the bond was released. Believing that it was better for the Bank Fund to compro mise on these terms than to be subjected to a protracted litigation, which seemed unavoidable, the Comptroller settled with the parties on these terms. Eight thousand dollars has been paid into the Bank Fund, and there is a good note for $2.000 more, making the $10,000 to be paid in cash. Some of the lots assigned have been sold at private sale, and others at auetion, and although the matter has not been closed, it is probable that when certain charges on the premises are paid, the proceeds of the $11,000 will not exceed $6,000 SALE OF LANDS FOR TAXES. Preparations have been made for & sale of lands, for taxes, in the course of the year 1848. This sale will embrace the taxes returned to the Comptroller's office, on non-resident lands in the several counties. for the years 1840 1841. 1842. 1843, and 1844. It is estimated that this sale, embracing fiv. years, may bring into the treasury during the year in which the sale takes place. the sum of $120,000. The receipts for the current fiscal year may be esrimated at $75 000. It requires about two years to prepare for a tax sale, and a: the time when a sale takes place, there is usually three years of taxes in arrear. which remain until a subsequent sale If the next tex sale takes place in September. 1848, there will then be four years of non-restdent taxes in arrear. At the tax sale in 1843, the Comptroller bid in for the State $17,000 acres, there being no bidders willing to pay the texes for the lan 8. In all cases where the owners have made application, they have been permitted to take a new title to the lands, or a quit claim from the State, on paying the taxes for which the lands were sold, and all taxes which had been assessed on the same prior to the sale, and not included at thattime. In the year 1843 the amount of non-resident taxes, returned to the "Comptroller's office, was $95,594 71; and in 1844, $81,602 68. Add the same amount for 1845 and 1846, and it makes a total for four years of $354,194 78 To this sum must be added the sums advanced for 1840, 1841 and 1842, three years at $75.000