City Bank (Buffalo, NY)

Episode Information

Episode Type
Suspension → Closure
Start Date
January 1, 1842*
Location
Buffalo, New York (42.886, -78.878)
Bank Type
state

Metadata

Episode ID
Bank ID
City ID
360973345
Model
gpt-5-mini
Short Digest

Notes

City Bank was one of the Safety Fund banks that became insolvent and had a receiver appointed; assets were sold at auction.

Events (3)
1. January 1, 1842* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank was insolvent as part of the failed Safety Fund banks in New York and placed in receivership.
Newspaper Excerpt
Ex-Gov. Marcy has been receiver of the City Bank of Buffalo, more than two years, without paying its creditors one dollar of their claims.
Source
newspapers
2. June 6, 1845 Other
Newspaper Excerpt
COMPTROLLER... will redeem at par, the outstanding circulating bills... City Bank of Buffalo, G. W. Newell, Albany. The debts of the Lafayette Bank of New York... The final order has been made by the Vice-Chancellor of the 8th circuit, and the means for paying the balance of all the claims against the Bank have been paid to the Receiver.
Source
newspapers
3. November 12, 1845 Receivership
Newspaper Excerpt
The assets of the City Bank of Buffalo were sold at auction in that city on the 12th inst., under the direction of the receiver. The gross amount of the sales was $52,274.75.
Source
newspapers

Newspaper Articles (12)
1. February 10, 1842 New-York Tribune New York, NY
Article from New-York Tribune, February 10, 1842

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Moderate business doing in Francs, mainly at 5 283; Sterling 8 a 81; Southern bills 7 a 71. Inland bills are rather more plenty. The rates are without material change. We quote- Philadelphia 7; Baltimore 21 a 3; Virginia 81; N. Carolina 5: Mobile 124; New-Orleans 6 a 61; Louisville 9 a 95; Cincinnati 13 y 184: St. Louis 17 a 18. We cannot learn that there are any grounds for the report of the failure of the Bank of Virginia: on the contrary we have seen a letter from a respectable house in Richmond which says" In reply to your inquiries we state that our Banks ARE COoD." Still it is possible that the Bank has fallen into discredit. The notes were at 10 per cent discount in Baltimore on Monday. THREE HUNDRED SHARES TRADESMEN'S BANK WERE SOLD AT AUCTION TO-DAY AT THE FOLLOWING RATES: 12 shares Tradesmen's Bank 110 25 do do 105 10 do do 103 253 do do 102 The Neptune Insurance Company of Baltimore has declared a dividend of nine dollar per share. It is worthy of remark that while ex-Gov. Marcy has been receiver of the City Bank of Buffalo, more than two years, without paying its creditors one dollar of their claims. Mr. R. M. Blatchford, who was appointed receiver of the Commercial Bank in November last, has already declared a dividend of thirty per cent. Ex-Gov. Marcy was appointed by the Chancellor; Mr. Blatchford by the Bank Commissioners. Erce signum. The report made to the Senate of Maryland in relation to specie payments fixes the January 15 next, as the day for resumption; that in the meantime the Banks be allowed to issue small notes redeemable in specie when not presented in sums over $5. The entire Resumption bill has passed the Pennsylvania House of Representatives on second reading, and ordered to be printed. The James River Company have presented a memorial to the Virginia Legislature, asking for a loan of $250,000 of State Stock for the purpose of redeeming the State Stocks in the hands of Messrs. Morrison & Co. of London, pledged with them by Gen. Hamilton, to the amount of $470,000 for loan of $100,000 to the Company. By this Morning's Mail we learn that the Maryland Senate have passed a resolution that they will fix no day earlier than the first of August next for any other than a partial resumption of specie payments.

2. February 15, 1842 New-York Tribune New York, NY
Article from New-York Tribune, February 15, 1842

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# SECOND BOARD. 1,000 Illinois.... 18 4,000 do..s 10 days 20 1,000 Indianas8 days 19 8,000 do... Thursday 19 2,000 do.... 19 2,000 dob 3 days 19 There has not been much change in Inland Bills. We quote- Philadelphia 7 a 71; Baltimore 3 a 31: Virginia 9 a 94; N. Carolina 5 a 51: Charleston 11 a 14; Savannah 24 a 2; Au- gusta 24 a 24; Macon 14; Columbus 15: Mobile 12 a 123: Montgomery 131; New-Orleans 6 a 61; Nashville 14 a 15; Louisville 9 a 10; Cincinnati a 16; Indiana 15 a 19; Illi- nois 25. We see by an advertisement that R. M. Blatchford, Esq. Receiver of the Commercial Bank, instead of paying thirty per cent dividend to the creditors of that institution to-day will to-morrow pay forty-four per cent. When will Gov. Marcy be prepared to pay a dividend to the creditors of the City Bank of Buffalo? He was appointed receiver some two years since and nothing has been heard of him since. The Express of yesterday says: The new Comptroller, Mr. Flagg, has sent a letter to the several banks of this city to whom the State of New-York is indebted, stating that the temporary loan borrowed of the banks, amounting to one million two hundred and five thousand dollars, and due on the 1st of March, will not be paid until the Comptrolier can raise money on new stocks, which are authorized to be issued. This is the first act of the new Comptroller, and a most se- rious one it is. The banks hereafter will be exceedingly cautious how they lend money even to the great and power- ful State of New-York, when it is in the hands of those who pay so little regard to its obligations. The Assembly of New-Jersey have passed the bill requir- ing the Banks to pay specie for $5 notes and under on the 4th of July next, and for all notes on the 1st October. The bill which passed the Council requires all notes to be paid in specie on the 4th of July. Should the Philadelphia Banks resume before the 1st October, the West Jersey Banks are required by the Assembly to do so also. The Cincinnati Gazette of the 3d says: 'The excitement among the people has become distressing. Whatever notes are held, they send to the broker's office to sell-the discount is not considered-what one sells another will buy. The banks yesterday determined, that if required to pay specie on the 4th of March, they must begin to prepare to protect themselves. They have determined that they would not that day receive the following notes-Urbana Bank, Com- mercial Bank of Lake Erie, Bank of Cleveland, Merchants' and Mechanics' Bank of Wheeling.' It has been stated that the Chillicothe Bank owned $75,- 000 of the stock of the Gerard Bank. This is now denied. The Chillicothe Gazette states that there are no rumors there to the discredit of that or the Lancaster Bank.

3. June 11, 1845 The New York Herald New York, NY
Article from The New York Herald, June 11, 1845

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REDEMPTION OF NOTES OF INSOLVENT SAFETY FUND BANKS. COMPTROLLER'S OFFICE, Albany, June 6th, 1845. COMPTROLLER, in obedience to the Third Section THE of the Act, Chapter 114 of the Laws of 1845, hereby gives notice, that he will redeem at par, the outstanding circulating 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. 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 Reeceiver 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. All other claims which have been presented and established againstany of the insolvent Banks will be paid by the receiver, who cannot get an order from the Chancellor on the safety fund, until he has collected the sums due the bank and applied the avails to the payment of its debts. The balance then remaining is a charge on the safety fund, and these balances can be paid as soon as the Receiver disposes of the assets of the Bank and gets a final order from the Chancellor. either in cash or six per cent stock at par, which the Comptroller is authorised to issue under the 'Act t' provide for paying the debts of insolvent Safety Fund Banks,'o passed April 28, 1845. In the case of the Bank of Buffalo, the final order has been made by the Vice-Chancellor of the 8th circuit, and the means for paying the balance of all the claims against the Bank have been paid to the Receiver. 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 names and residences of the Receivers of the several Banks are as follows:Commercial Bank of New York, J. M. Blatchford, New York. Commercial Bank of Buffalo, S. G. Austin, Buffalo. Commercial Bank of Oswego, T. Beekman, Kinderhook. Watervliet Bank, George R. Davis, Troy. Clipton County Bank, Henry K. Averill, Plattsburgh. Bank of Lyons, Theron R. >trong, Palmyra. Bank of Oswego, Charles Stebbins, Cazenovia. Wayne County Bank, Samuel Miller, Rochester. City Bank of Buffalo, G. W. Newell, Albany. The debts of the Lafayette Bank of New York, including circulating notes, have been paid by the Receiver from the assets of the Bank. A. C. FLAGG, jll Stre Comptroller

4. October 22, 1845 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 22, 1845

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Receipts Mohawk Railroad. Total Freight. Passengers, 1845 222 01 2,484 10 2,262 09 January 132 1,915 88 2,084 83 February 565 75 4.287 87 3,722.12 March 53 48 7,749 49 7,190 01 April 605 50 7,277.88 7,883 38 May 516 97 8,097 96 7.580 99 June 459 33 10,560 43 10,101 10 July 455 6 11,502 77 11,047 1 12 August 3,517 64 51,097 19 54,614 83 6,292 88 Proportion of Western freight $60,907 71 Total 46,088 94 Passenger and freight to September, 1844 $14,818 77 Increase in 1845 84,000 The total amount of receipts in 1844 was 46,088 1st January to 1st September $37,932 Received 1st September to 31st Dec The amount received in 1845 to 1st Sept. is $60.907 39.094 If only to 31st Dec Total $100,000 but the same rate of increase for the remainder of the year as has been received for the first eight months will $50,000 give 60.900 Already received $110,900 Total receipts The entire debt of the Company was on the 1st Sep. tember $443.917 32,300 Deduct Bonds on hand and cash $411,617 Total debt An important suit. involving some forty thousand dollars, has been for some time pending between the foreign holders of the bills of the Guildhall Bank and the Safety Fund of Vermont. On the 14th Judge Redfield gave his opinion in favor of the bill-holders, on the ground "that the proof before him did not sustain the alleged fraud of the claimants and that with the exception of about $7,000 of the claims of Houghton & Co. their claims should be allowed against the Safety Fund -which claims must be substantiated before a commis sion be appointed for the purpose, and that a decree would be made on such commissioners' report, from which appeal might be taken." The Middletown. Conn. people are becoming quite excited on the subject of building a Branch Road to intersect the Hartford and New-Haven Railroad. They held meeting on Saturday to discuss the project. The following items are gathered by Thompson's Bank Note Reporter Anasociation of capitalists is forming under the General Banking Law for the purpose of establishing R Savings Bank which shall be open to receive and pay deposits from 9 A. M. to P. M. Depositors will be paid on demand, computing interest from the first of the month ter the deposit is made to the first of the month on which it is drawn. An institution of this kind is much wanted for, to de. posit money in the Chambers-st. Bank is bad enough, but to draw any thing out is worse yet. We understand that prompt and efficient measures are about being taken by the State officers having the matter in charge. to test the legal questions involved in the revival of certain broken Banks in Michigan. Mr. Orrin Gridley, of Clinton, Oneida county, is about organizing a Bank, under the name of Kirkland Bank.' it will commence business in November. Mr.S. D. Hungerford of Adams, Jefferson county, is organizing a Bank, which takes his name. His notes will be in circulation in a few days. Both of these banks are organizing under the General Banking Law. and are individual banks-the bankers being individually liable. The Ohio Board of Control has issued to the various branches of the State Bank about $600,000 of circulating notes The independent Banks have obtained from the State Treasurer about $350,000. By the 1st of November the new Banks will have in circulation a million of dollars. The Raleigh and Fayetteville papers continue to dis. cuss the subject of a Railroad between the two cities. The estimated cost of such a road is set down at $351, 290, or $5,854 per mile, including buildings and machinery. This la & low estimate, but is thought to be a fair one When completed, in connection with the Gaston and Releigh road, now in market-and which it is supposed may be purchased for about $400,000-it will give & continuous line of 140 miles. Mr. Davis, Receiver of the Watervliet Bank. will sell on prox. in the assets of said Bank. the let Troy, The Receiver of the City Bank of Buffalo will sell on the 12th prox in Buffalo, $600,000 of nominal value of the assets of that Bank = At Boston, in dividend class stocks there is very little or change of rates. For there is at and 22 centadvance. burg animation Railroad more inquiry Concord 34} and Fitch- per Maine is rather dull at Lowell 17. 3. Eastern 7. Worcester and Portland Old and Sacog Colony 17@t. 12t@j. For Troy and enbush 941 offered, and per asked: N.E. Worsted Co. has rallied to 3 Boott is in some advance: vance demand at 19 per cent per cent ad. Merrimac 40, Stark 10. Hamilton 41 @5. Palmer Waltham par Markets Carefully reported for The Tribune

5. October 26, 1845 The New York Herald New York, NY
Article from The New York Herald, October 26, 1845

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QUOTATIONS FOR UNCURRENT MONEY. Uncurrent Money. Uncurrent Money. Ohio Cast'n, buk'ble in Bos'n >a a21/4 a Indiana Albany, Troy, Sch &c. 54 a2% Jersey a3 az Michigan a Pintadelphia North Carolina al Baltimore a South Carolina Safety rd & Red Back. Mobile X al/ Virginia New Orleans al/ al/a QUOTATIONS FOR SPECIE. Per cent. Value. Amer. gold, old. 106 Carolus dollars.$1 06 a 07 a 1061/2 do do new.100 Five francs a 100% 93% 9414 Half dollars par a 100 16 50 25 Doubloods al6 Portuguese gold 100 a 100% do patriot. 15 50 a15 70 104 Spansh dollars a 105 4 85 a 4 87 Sovereigns a 100 do quarters 99 4 00 85 a do light a 101 Mexican dollars 100% a Heavy . 00 do 99 quarters. a 100 a 83 Napoleons The movements of specie are very limited, and as for. eign exchanges are steadily declining, the exportation or the future will even be more reduced than they have beon for sometime past. There is very little demand at present for foreign exchange, but as there will be two packet days next week, the enquiry doubtless will be extensive. As quotations lecline for sterling bills, the remittances will increaseis many have, for sometime past been deterred from forwarding funds in the shape of bills, in consequence of he high rates ruling for prime bills. We now quote exchange on London at 9} a 9) per cent premium; on Paris, of. 25 a 5f. 23g Amsterdam, 391 a 392; Ham burg, 351 a 351; Bremen, 79 The Attorney General has commenced proceedings by filing an information, in the nature of a Quo Warranto, against the State Bank of Michigan The questions in. volved if decided against the bank, take away its charter. The declaration that its charter had been forfeited y non user, as well as by refusing to redeem its notes, re two of the questions to be decided by the Supreme Court, at its January term. The establishment of either oves fatal to the bank. The receiver of the City Bank of Buffalo, has given otice that all the unsold property, claims and effects of hat bank, will be sold in the city of Buffalo, by auction, the 12th day of November, (prox.) The assets amount nominally to about $600 000, and consist of promissory notes, drafts, bills of exchange, judgements, railroad stocks, bonds and mortgage, household estate, and tracts of land in Buffalo, Cleveland, Ohio City, Huron and Toledo. The railroad stocks are 525 shares of the Erie and Kalamazoo Railroad, and 40 shares Lockport and Nigara Falls Railroad. Among the judgments, are two gainst the East Boston Timber Company for about $80,000, and discounted bills for about $5,000 of sundry persons in Boston.

6. November 16, 1845 The New York Herald New York, NY
Article from The New York Herald, November 16, 1845

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MONEY MARRKT. Saturday, Nov. 15, 1845-6 P. M. Quotations for stocks to-day appear to be very unsettled. Long Island fell off 1/2 per cent., Norwich and Worcester 1, Stonington 1}, North American Trust 1. Canton went up t per cent., Vicksburg 1, Morris Canal 3, Illinois 3, Farmers' Loan 1. Harlem, and Pennsylvania 5's, closed firm at yesterday's prices. The sales were not very large to-day, but the bulls anticipate an advance in prices during next week. Sterling exchange'closed firm to-day at 81 a 83 per cent. premium. The demand has been moderate, and the supply very large. The following letter was circulated in the street this morning; it was probably sent to England in the Caledonia :NEW YORK, NOVEMBER 14, 1845. The variation in the prices of the leading securities have not been material, though the tendency has been downward, and the amount of United States, Ohio, Kentucky and Pennsylvania loans in the market much increased. In the speculative stocks, particularly railroads, the operations have been very extensive, and the rise rapid and very great. The transactions are not based upon any actual or even probable income of the different companies, but are thoroughly of a gambling character, and the rise is caused by the monopolizing by a certain party of a majority of the shares, in order to compel the bears, or those who may have sold for delivery, to pay such prices as the bulls may demand. Heretofore, the result of such cornering has proved disastrous to all the parties concerned; and what may be the result of the present gambling transactions, time alone must prove. Money is very abundant, as many prefer to loan temporarily at low rates, and await the action of Congress before permanently using their capital. Bills on London have been freely offered at our quotations, and the business for the steamer has been moderate. Of bills on the continent the supply has been limited, and rates fully maintained. The result of the recent election in this State shows an increased democratic majority at the time when the three prominent questions for decision, viz : Oregon, the Sub-treasury, and a modification of the tariff, were clearly understood to be the favorite mea. sures of the present administration at Washington. The Executive, in bringing them before the country, may add increased weight to his arguments, when the voice of so important a State as this is, through the ballot boxes, declared in his favor Resp'y, yours, CAMMANN, WHITEHOUSE & CO. We rather think this is a misrepresentation of the condition of things on this side of the Atlantic. It is true that stocks have been affected by the recent views many have taken of affairs, but they are more settled now. The aspect of our foreign relations is more pacific, and its effect on the market is already felt, and will be still further felt. The assets of the City Bank of Buffalo were sold at auction in that city on the 12th inst., under the direction of the receiver. The gross amount of the sales was $52,274 75. The assets were valued at $452,183 96, according to the schedule. We annex a list of the assets, with the amount realised at the sale attached to each:

7. November 16, 1845 The New York Herald New York, NY
Article from The New York Herald, November 16, 1845

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MONEY MARRKT. Saturday, Nov. 15, 1845-6 P. M. Quotations for stocks to-day appear to be very unsettled. Long Island fell off 1/2 per cent., Norwich and Worcester Stonington 1}. North American Trust 1. Canton went up t per cent., Vicksburg 1, Morris Canal 3, Illinois 3, Farmers' Loan t. Harlem, and Pennsylvania 5's, closed firm at yesterday's prices. The sales were not very large to-day, but the bulls anticipate an advance in prices during next week. Sterling exchange'closed firm to-day at 8 a 83 per cent. premium. The demand has been moderate, and the supply very large. The following letter was circulated in the street this morning; it was probably sent to England in the Caledonia :NEW YORK, NOVEMBER 14, 1845. The variation in the prices of the leading securities have not been material, though the tendency has been downward, and the amount of United States, Ohio, Kentucky and Pennsylvania loans in the market much increased. In the speculative stocks, particularly railroads, the operations have been very extensive, and the rise rapid and very great. The transactions are not based upon any actual or even probable income of the different companies, but are thoroughly of a gambling character, and the rise is caused by the monopolizing by a certain party of a majority of the shares, in order to compel the bears, or those who may have sold for delivery, to pay such prices as the bulls may demand. Heretofore, the result of such cornering has proved disastrous to all the parties concerned; and what may be the result of the present gambling transactions, time alone must prove. Money is very abundant, as many prefer to loan temporarily at low rates, and await the action of Congress before permanently using their capital. Bills on London have been freely offered at our quotations, and the business for the steamer has been moderate. Of bills on the continent the supply has been limited, and rates fully maintained. The result of the recent election in this State shows an increased democratic majority at the time when the three prominent questions for decision, viz : Oregon, the Sub-treasury, and a modification of the tariff, were clearly understood to be the favorite mea. sures of the present administration at Washington. The Executive, in bringing them before the country, may add increased weight to his arguments, when the voice of so important a State as this is, through the ballot boxes, declared in his favor Resp'y, yours, CAMMANN, WHITEHOUSE & CO. We rather think this is a misrepresentation of the condition of things on this side of the Atlantic. It is true that stocks have been affected by the recent views many have taken of affairs, but they are more settled now. The aspect of our foreign relations is more pacific, and its effect on the market is already felt, and will be still further felt. The assets of the City Bank of Buffalo were sold at auction in that city on the 12th inst., under the direction of the receiver. The gross amount of the sales was $52,274 75. The assets were valued at $452,183 96, according to the schedule. We annex a list of the assets, with the amount realised at the sale attached to each:-

8. November 25, 1845 Mobile Register and Journal Mobile, AL
Article from Mobile Register and Journal, November 25, 1845

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SALE OF BANK ASSETS - The sale of the a sets of the City Bank of Buffalo was 11 ade 12th instant, in that city in the Merchants Exchange, under the direction of G W Newell, Receiver, and the preparty went off at very satisfactory prices. Thegrous amount of the sale Was $52,000, being the largest of any rale in the city since that of he Rathban es. rate. The judgments, discounted bills and notes, stocks. items counted as cash, etc, estimated by schedule to be worth $452,188 96, brought the sum a $26.819 75, while the real estate sold for $25. 4 5 00 The predective real estate and as the prtlees of

9. 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

10. August 19, 1846 The New York Herald New York, NY
Article from The New York Herald, August 19, 1846

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Total $3,150.000 86,279 42 2,447,997 41 There is yet to be paid from the Safety Fund $86,000 on account of the Clinton County Bank, with interest at five per cent from 1842, and $74.00 on account of the Bank of Lyons. Deducting $50.000 to be realized from the assets of the City Bank of Buffalo, and from some mortgages received from the Clinton County Bank, it will leave $134.000 to be drawn from the Safety Fund making the total loss to that Fund equal to $2,581, 997 41. A portion of this sum has been paid to the credi tors of insolvent Safety Fund banks. in 6 per cent stock issued under chapter 114 of the laws of 1845, and for the reimbursement of which the future contributions of the Safety Fund are pledged. The payment of the interest and principal of the stock issued and to be issued, will absorb the entire contributions of half of one per cent annually on the capital of all the Safety Fund banks, du ring the continuance of the present charters of those institutions. The cash paid into the treasury by the banks on acaount of the Safety Fund, from 1831 to $1,188,422 76 1845, amounts to 36.363 23 Revenue of fund added to capital $1,224,795 99 Making a total of When eight or ten of the Safety Fund banks had suspended payment of their debts, an act was passed, chap. ter 247 of the laws of 1842, authorizing the banks which did not suspend, to commute for their payments to the Safety Fund for six years in advance, by paying three per cent on the capital, in the bills of the suspended banks, and a rebate of interest was allowed to the contributing bank, from the date of payment to the time when the annual contributions of half of one per cent would be payable. Sixty-four banks availed themselves of the provision for commuting, and paid to the Treasur er $477,609 in the notes of broken banks, on which they were allowed a rebate of $74,186 44. The future contributions to the Safety Fund which were not commuted for, under the act, chapter 247 of the laws of 1842, have been anticipated by the issue of stock for the payment of the debts of the nine banks which failed prior to 1843, as provided for by the act, chapter 114 of the laws of 1845. The Safety Fund, therefore, is used up and mortgaged for liabilities already incurred, and there is no provision which can be made available for the redemption of the notes of Safety Fund banks which may become insolvent hereafter. The original Bank Fund act of 1829, (chapter 94) pro* vided for the payment of all debts of insolvent Safety Fund banks from the Bank Fund: The act of 1842 (chapter 247, sec. 8) provides that the act of 1829 "shall be so amended that wherever the word debts' occurs, the same shall be stricken out, and the words circulating notes' inserted." This releases the Safety Fund from the payment of any of the liabilities of insolvent banks, except those created by the issue of circulating notes. A history of the operation of the laws of 1842, and 1845, and their effect on the Safety Fund, may be seen by reference to the Comptroller's annual reports for 1843, and 1846. The annexed table exhibits the amount of the securities deposited with the Comptroller, by the banks esta. blished under the free banking law, which have suspended, the average per cent and the aggregate amount realized, the circulation at the time of suspension, and the amount of notes now outstanding. It will be be perceived that only in one instance was par realized on the sales of the securities. SUSPENDED FREE BANKS-VALUE OF SECURITIES AND AMOUNT REALIZED-CIRCULATION AT TIME OF SALE AND AMOUNT OUTSTANDING.

11. September 11, 1847 Baltimore Commercial Journal, and Lyford's Price-Current Baltimore, MD
Article from Baltimore Commercial Journal, and Lyford's Price-Current, September 11, 1847

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10's, altered. Vig. a reaper sitting, holding a sickle. 10's, let. A; not countersigned. Genuine notes are engraved by Rawdon, Wright & Hatch, N. Y. 20's, fraud, not registered nor countersigned. 50's, let. A—vignette a sailor seated on a bale of goods, with a flag in his left hand; on the left end figure of Liberty. Not countersigned. Bank of Watertown. [W. Ives, Pres., W. H. Angell, Cash.] 3's, a coarse imitation. Bank of Waterville. [J. Candee, Pres., D. B. Goodwin, Cash.] 5's, let. C, registered in red ink by G. Hanford. Bank of Whitehall. [Wm. A. Moore, Pres., H. W. Palmer, Cash.] 3's, altered from 1's of Hoboken Bank, N. J.; Bank of Whitehall stamp'd in large letters across top. 5's, let. A: the true bills have a steamboat on the bottom of the bill, between the names of the cashier and president, which is omitted in the counterfeit. 5's altered. "Bank of Whitehall," is at the top of the note. 10's, an alteration; "Whitehall," inserted. Bank of Whitestown. [J. Newton Dexter, Pres., J. S. Thomas, Cash.] 1's, engraving is coarse, particularly the female to the right of the pres. Ballston Spa Bank, Ballston Spa. [James W. Cook, Pres., Isaac Fowler, Cash.] Black River Bank, Watertown. [L Paddock, Pres., H. G. Gilbert, Cash.] 5's, altered from 1's, vig. a cow and country girl. Brooklyn Bank, Brooklyn. [W. J. Cornell, Pres., Abraham Haley, Cash.] 2's, let. C, dated July 9, 1839, pay Jas. Foster, jr. Paper thin; engraving poor. 5's, altered from a broken Michigan Bank. 10's, altered from 1's and 2's—hold to light. 10's, altered from the broken Monroe Bank, Michigan. Brotherton, cash., Adams, pres. Broome County Bank, Binghampton. [C. Strong, President, T. R. Morgan, Cash.] 1's, imitation of genuine; vignette, a man, horse, boy and girl—on the right a female without a mouth; paper whitish. 5's, let. B, Nov. 5, 1833, and some Jan. 10, 1832, pay P. Pine, and some to R. Boyd—paper lighter—vig. coarse. There is a small space between the first line, on which the name is written to whom the bill is payable, and the top of the D in the word "demand." The D in genuine covers the line. 5's, let. C, pay R. Boyd, of various dates. 5's, dated June 2, 1832, pay to J. L. Bowne, C. Murdock, cash., V. Whitney, v. pres. 10's, vig. a blacksmith and implements. Poor. 20's, altered from 1's; there are a few 20's out. Canal Bank, Albany. [John K. Paige, Pres., Theodore Olcott, Cash.] 1's, the three signatures are written with bluish ink, while in the genuine two are in black and one (the president's) is of a brownish hue. "Liberty" is on the left—around her head and near her staff are some scratches intended for rays. 3's, let. A, new plate; vignette, goddess of Liberty, &c. Poor paper; filling up and signing bad. 3's, altered from the broken Globe Bank, N. York, signed S. B. Day, cash. 3's, let. A, and some G, various dates—well done. 5's, counterfeit—let. E—D. Campbell, register, filling up and signatures very bad. 10's, altered from one's—goddess of liberty on the left end. "Ten Dollars" slightly defective. 20's, altered from 3's. Canal Bank of Lockport, [Wm. O. Brown, Pres., C. W. Rogers, Cash.] 5's, Sept. 1, 1841, pay E. Hurd. Engraving coarse. 5's, altered from one's. Catskill Bank, Catskill. [Thomas B. Cook, Pres., H. Hill, Jr., Cash.] 2's, let. B, dated Nov. 1, 1825, H. Hill, Jr., cash. 2's, let. A, dated Nov. 1, 1827, (date engraved,) No. 2742. Paper of a whitish cast. 2's, let. B, Nov. 1, 1825, H. Hill, Jr., cash., Thos. B. Cooke, pres. New plate, late engraved, thick and yellow paper, engraving is coarse, K in Cattskill, in upper part of note is below the other letters. 3's, vig. a woman seated, and a ship in the distance, H. Hill, jr.; Thomas B. Cook, president. 5's, let. C, pay E. Powers, June 5, 1830—vignette, Indian shooting a panther—face of Franklin light. 5's, let. C, Nov. 1, 1828, pay C. Hopkins. Vignette, an Indian shooting a panther, very well done. H. Hill, cashier, Thomas B. Cook, president. 5's, let. C, pay to C. Hopkins, Nov. 1, 1829. 10's, let. A, Nov. 1, 1836—Carder, Durand, Austin & Edmonds, engravers—close imitation of genuine—eng. rather coarse; the margins are broader. Cayuga County Bank, Auburn. [N. Beardsley, Pres., J. N. Starin, Cash.] 5's, pay Gershom Brower; G. B. Throop, cash., N. Garson, pres. Vig. an Indian. Eng. coarse & dark. 5's, let. B, engraving coarse, vignette blurred. 10's, letter A, paper thin, die work defective. Signatures written in same ink. Central Bank, Cherry Valley. [D. H. Little, Pres., H. J. Olcott, Cash.] 1's, old plate, the engraving is coarse and poor. 10's, let. B b, pay to S. Page, May 4, 1832. Champlain Bank, Ellenburgh. 2's, altered from Clinton County Bank to 20. Chautauque Co. Bank, Jamestown. [Saml. Barrett, Pres., Robert Newland, Cash.] 5's, let. C, vig. an Indian with a bow; registered on the back; cashier's name is Robt. Newland on the genuine, and "Rot. Newhunt" on counterfeit. 5's, let. D, pay C. Gilbert, Jan. 1, 1841. Filling up and signatures bad. A poor imitation. 10's, let. B, Jamestown, Dec. 4, 1836, pay S. Hurd—E. T. Foot, pres., A. D. Patchin, instead of Patchin, ch. Others, Jan. 14, 1837, pay H Pratt. 10's, let. A, Sept. 19, 1837, pay C. Weed—Arard Joy, cash., C. T. Foote, pres. Paper thin, eng. coarse. C. Tappan & Co. eng., Phila. and N. York. 10's, let. A, April 14, 1838, pay James Gray. 20's, altered. Vig. a group of cattle. Chemung Canal Bank, Elmira. [Chas. Cook, Pres., John Arnot, Cash.] 5's, let. D, pay A. Bent. H. Maxwell, cash., J. G. M'Javell, pres. Poorly executed. 10's, dated June 4th, 1844, letter B, No. 3147, John Arnott, cashier, Charles Cook, president. Chester Bank, Chester. [Jas. Wheeler, Pres., Alex. Wright, Cash.] City Bank, Buffalo, closed. Clinton Co. Bank, Plattsburg, closed. [H. K. Averill, Receiver, Plattsburg.] 5's let. A, pay to J. Mad, Plattsburg, Oct. 1, 1839, R. Yates, cash., H. Cady, pres. Vig. coarse. Commercial Bank, Troy. [Stephen W. Dana, Pres., Fred. Leak, Cash.] Bills of all denominations, on this bank, altered from broken Comm. Bank, Millington, Md. Commercial Bank, Albany. [J. Townsend, Pres., James Taylor, Cash.] Bills of all denominations, on this bank, altered from broken Comm. Bank, Millington, Md. 1's, let. A, vig. several vessels under sail—T. Taylor, cash., Paul Grout, pres., April 3d, 1841—pale. 1's, Townsend, pres. Pale, and poor imitation. 1's, figure 1 each side of the vignette very large, very light, J. Taylor, cash., John Townsend, pres. 3's, engraved by "Durant & Co." from the spurious "Commercial of Poultney," which has been altered to "Commercial Bank of Albany." 3's, let. A, dated Nov. 27, 1841, J. Taylor, cash., John Thomson, pres. 3's, light, vig. ship at a wharf, a schooner with her sails along side, a steamboat at a distance. On the left hand is an Indian seated on a rock. 20's, let. D, Dec. 20, 1837, pay to bearer, Seth Hastings, pres., J. Taylor, cash.—vig. a steamboat and two vessels. Engraved by Durand & Co., N. Y. Commercial Bank, Friendship, Allegany Co. Commercial Bank, Buffalo, closed. [S. G. Austin, of Buffalo, Receiver.] The most of the genuine bills of this bank have been redeemed, and those now in general circulation are mostly spurious. Commercial Bank, Rochester. [Asa Sprague, Pres., Geo. R. Clark, Cash.] Bills of all denominations, on this bank, altered from broken Comm. Bank, Millington, Md.

12. December 31, 1849 The New York Herald New York, NY
Article from The New York Herald, December 31, 1849

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The Court of Appeals. THE DECISIONS IN THE CASES OF THE NORTH AMERICAN TRUST AND BANKING COMPANY, AND THE NEW YORK DRY DOCK COMPANY. [From the Albany Argus, Dec 31.) The decisions. of which we give a list in another cowere announced at a late hour on Saturday after- be lumn, Among the important cases decided, it will noon. is that of Leavitt, Receiver of the North Ameri- and reen. Trust and Banking Company, vs Blatchford the can The decision is adverse to the legality of and accompanying as in violation of the act of issues not payable on demand and trust been others. made deed securities, without 1840 forbidding interest having to thus destroying the preference which the trust gave Mesars Falmers, Mackillop, Dent & Co., over theother creditors of the bank. DECISIONS AT THE DECEMBER TERM, 1849. Decrees Afformed Benjamin Woodward, appellant, Hudson Carpenter, et. al. respondents; Lemuel Sawyer VR. and Diana his wife, appellants, vs Eleanor Clark and others. respondents: Robert Ainstie, respondents. vs Nicholas G. Kortright, appellant; Nicholas the G. Kortright. appellant, vs. Robert Aiostie and North American Fire Insurance Company, respon David dents; Abijah Fitch and wife, respondents, vs. Cottrel, implid. &c. appellants: Henry Dwight. appel- Re. lant, vs. Lewis F. Allen and George W. Newell. Thoceiver of the City Bank of Buffalo, respondents; mas 1. Dudley, appellant, VS. Jonathan Mahew, respendent; Jeremiah'S Stewart, respondent, vs. William Small and others, appellants New Trial granted, Costs to abide the event.-Eliza Vroman, appellant, VA. James Jones, respondent; A. appellant, vs. John Bann. Reversed-New trial granted. costs Henry Judgement Lyon Ferdinand respondent. to abide the rent.-Samson Boicean and Rusch, erplaintiffs in error. vs Andrew Polot defendant in John Marfield, appeliant. VS George Douglass. reJohn Marfield. appellant, vs. and others. respondents; Charles FOR: spondent; hue Jonathan H. Benjamin Marshall, Good. L. respondent VR. Frederick L. Vultee and Guin. appellants; Thomas H. Kinney, respondent, vs. Abner Nash. appellant; William Buel and others, appellants. vs. Trustees of the village of Lockport, re- A. spondents; James Brisbane, respondent, V8. Joseph Adams. appellant; Charles Oakley respondent, VA John L. Arpinwali and others. appellants, Levi Harris. lark and others. executors. & defendants in error; Cyrus P. Halph deceased Judgement Affirmed- plaintiff of Sidney Durham in error, Mauro, Smith, and vs. Anson Moulthrop, plaintiffs in error, V8. John P. defendant in error; Luther Hall, appellant, vs. John Farmer and Harvey W. Doolittle. respondents; Morris Jo. Bennett and Jesse Bennett, plaintiffs in error, vs reph Miller. defendant in error: John A. Campbell, C. plaintiff in error. vs. Edward M. Clark and Robert Clark, defendants in error: Charles C. Roby and others, plaintiffe in error. vs. Richard Turner, defendant To- in error; William Shaw and others, respondents, vs. Tobias, appellant; Ernest Zachrisson. responJohn N. Ahman, appellant; vs. Tease R Eckhart bias dent Burckle, 1. vs. appellant, Eminuel and the others, Ro. R. respondents: William T. Battle appellant, VS chester City Bank; Frederick Star and others, appelvs. Jonathan Child and others, respondents; vs. John Allen New Hope Delaware Bridge the Phoenix Bank respondent, Suel lants. lant. pellants; Davis vs. respondent, Company and Horace others. John Staples, appel- ap- O'vs. Joseph Fairchild. respondent: VS. the Buffalo Fire and in the village of Buffalo, surance appellant. Neill, respondent, Company, the appellants Marine Decree in- of Decree of the Supreme Court recersed, and the Assistant Vice Chancellor affirmed The New York inDry Deek Company. appell'te VS the American Life surance and Trust Company, John Duer and others, reapd'ts. Judgment Reversed. and Judgement for Defendant-James N. Van Keuren. respd't vs. Richard W. Parmalee and others. the Supreme Court Reversed, and Pleas affirmed William P. George jr. and others. respd'ts; Common Judgement appel'ts. Mann. of Daniels. Elihu appel't. that S. Smith of vs. the and others. pl'ffs in error, vs. John Kerr and Chas S. Kimble, def't in error. Decree Reversed, and a new Decree entered, without costs to either party Orson Bostwick, executor and devisee of Andrew Bostwick, deceased, and others. appel'ts, vs. James Atkins and wife and John L. Tunison, respd te. Decree Reversed in part, and-Afformed in part. and a further Decree to be entered without costs by either party. as against the David Leavitt. Receiver. &c., appel't, ve. Richard M. Blatchford and others. respd't [The court decided, that the trust deed and accompanying securities were illegal and void. on the ground that they were made in violation of the Act of forbidding banking associations to issue or in circulation any bill or note not and without interest. put on 1840, demand, The which made effect the payable of trust the decision is. to destroy the preference to Measrs. Palmers. Mackillop/ Dent & Co. over the gave other creditors of the bank. The other questions which had been discussed in the cause were not deeided. but were left to be disposed of in the suit in which the receiver had been appointed.) Judgement of Supreme Court reversed, and that of the Recorder's Court formed-Maj. A Campbell, plaintiff in error, vs. Samuel D. Butts, def't in error. hrated at Trenton on the 28th instant he a sham The anniversary of the battle of Trenton was cele-