Commercial Bank (New York, NY)

Episode Information

Episode UID
4978963390501
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
497896339 hash
Start Date
September 25, 1841
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
5a0bcbd2becc780b

Response Measures

None

Description

Described as a Safety Fund Bank; cashier's defalcation and receiver appointed.

Events (5)
1. September 25, 1841 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closed by Bank Commissioners after over-trading and large loans to insiders; notes not passing at par; insolvency concerns.
Newspaper Excerpt
The doors of the Bank were closed on the 25th for all business.
Source
newspapers
2. October 1, 1841 Other
Newspaper Excerpt
An injunction has been served upon the Commercial Bank, of the city of New York, under the authority of the Bank Commissioners. It is a Safety Fund Bank. The Bank, it is believed, has over-traded, or loaned too large an amount to persons connected with its management. The doors of the Bank were closed on the 25th for all business.
Source
newspapers
3. October 19, 1841 Other
Newspaper Excerpt
The affairs of the Commercial Bank, it will be remembered, are now in the hands of a Receiver.
Source
newspapers
4. October 19, 1841 Receivership
Newspaper Excerpt
The affairs of the Commercial Bank ... are now in the hands of a Receiver.
Source
newspapers
5. February 14, 1842 Other
Newspaper Excerpt
The Receiver of the Commercial Bank of this city has called a meeting of the creditors for the 14th inst. when a dividend of thirty per cent will be declared upon all undisputed claims, excepting stockholders.
Source
newspapers

Newspaper Articles (15)
1. October 1, 1841 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, October 1, 1841

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Stocks are down in New York. An injunction has been served upon the Commercial Bank, of the city of New York, under the authority of the Bank Commis sioners. The doors of the Bank were closed on the 25th for all business. It is a Safety Fund Bank. The Bank, it is believed, has over-traded, or loaned too large an amount to persons connected with its management. - The stockholders are expected to sustain a severe loss. The last sales of the stock were at 48 per cent. The capital was $500,000. The amount of notes in circulation is estimated at from $120,000 to $150,000 -The New York Evening Post of Monday evening speaks of "certain rumors of an examination being made by the Commissioners into the affairs of another of our banks which is supposed to be rather rickety. The bills of the Commercial Bank do not pass at par at all the banks, as it has been stated. But it is understood arrangements will soon be made, by which they will again be received on deposite at the VATIONS banks. The Herkimer County Bank has been robbed of $75, 000 by a Teller and two other conspirators. The Teller was traced to Albany-and the Postscript of a letter from Albany of Monday, 4 P. M., (in the N. Y. San) says, "that these honorable young gentlemen were overtaken and secured on the read toward Whitehall, before they had travelled twenty miles from their stopping place on Sunday night, near Waterford. They are inere boys in point of age, the oldest not 23, the young est about 19. The names of the robbers are Anson C Brown, Tobias G. Green, and Charles C. Francisco. "Since the above was written, we have conversed with a gentleman who came down in the boat on Monday night, and who informs us that all the money was recovered except a few dollars which the rogues had spent in travelling." The whole Banking System in the States must be radically reformed. The suspended Institutions (we mean, those that are not bankrupt,) must resume specie payments, by a wise concert and at as early a day as is practicable. The Bank of the U. S. is a wreck. Never since the days of the South Sea and the Mississippi bubbles, has 80 memorable and disgraceful a failure occurred. Bick nell's Philadelphia Reporter of Thursday, quotes the stock at 5 bid, and 6 asked, on the 103 dollars.

2. October 7, 1841 Lynchburg Virginian Lynchburg, VA
Article from Lynchburg Virginian, October 7, 1841

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Speck of War.-The Chatauque N. Y. Standard, statesthat the new British War steamer was disc. ered by Captaio Koapp, officer of the U.S. Army at Cleaveland, taking soundings and surveying the pasHe hailed her, but receiving no reply. he fired a gun over her stern and another over he, bow, hailing her each time, but still receiving no reply he fired another into her hull, whereupon she puton steam and departed. British Steamships on the Lakes.- The New York Express remarks that a good deal of solicitude has been produced on the frontier by the British Gov ernient building several armed steamships on the Lakes, and the optation prevails 1 th I " has been done III violation of the mealy between Great Britain and this country. which limits each to one vessel on Lake Ontario not exceeding 100 tons burden, with an 18 pound Ca n II on the upper Likes a vessel under s milar Immitations. and also one on Lake Champlain under like restrictions. Six months notice train either side is requisite to noul the treas y Commodore THOMAS Ap CATESDY JONES was appointed on the 23d ultimo to the command of the United Sintes equadron in the Pacific ocean, and will hoist his broad peunant on board the frigate United States at Norfolk. The Lexio_ton (Ky.) Observer of the 25th ult. saye: The Hon. Henry Clay arrived at his residence near Lexin_ton on Wednesday night last, the 22 Instant. Mr. Speaker White,the Hon. Josept R. Underwood, and the Hon. Willis Green arrived at the same time on their way to their sever. al homes." Ohio River.- Exir ct of a letter dated Wheeling, Sept. 29, A. M. The river rose rapidly through the course of the last night, and continues rising-4 b ats leave 10-day for Cinci oat." Robbers caught and caged.- robbery was committed. few days ago. upon the Herkumer County Bank (New York) to the amount of more than seventy thousand dollars. The robbery was diecovered and the chieves pursued much sooner than they anticipated. They were overtaken at Sandy Hill, on their way to Canada, and the whole of the money, except five or SIX hundred dollars, recovered. Wingate the Defaulter.-The Raleigh Star says that this man, who was cashier of the Raleigh Branch of the Bank of Cape Fear. is actually a defaulter. The amount of the d 6 tency is between 13 and 14,000 dollars. for which the four securities the official bonds are amply responsible, so that the Bank will lose nothing. Mr. Wingate has been amost respectable man, and is connected with many I the most respeciable families in Wilmington. is said that he is a victim to that most fatal vice, gambling. James Dunn and Charlie Greenwood, two young men who had defrauded Mr. R. D. Borns of Baltimore of $1300. have been arrested in Charleston (S. C.) Dunn seemed impressed with his guilt and conlessed every thing. Greenwood was indifferent.Dama 11 appears was Mr. Burns's Clerk, and was persuaded by Greenwood to run off with the money he had drawn from Bank with Mr. B'scheck. A Snaky Monomaniae. An elderly man, named Beat, living in Milton, Mass. is under the ballucination that he bas in his stomach a live rattlesnake. Heimagines that he will never die as long as the snake remains III him. The trial of Coll.-The N. Y. Tribune says: The Grand Jury of the Court of Oyer and Terminet having found a true bill against JOHN C. COLT for the murder of Samuel Adams, the accused was yesterday taken from the City Prison and brought, heavily ironed. into the chamber of the Assistant Aldermen. Hisirons were here taken off, and he was conducted into Court, before Judge Kent and Aldermen Woodball and Leonard, to plead to the indictment. His Counsel however moved the Court for a postponement of the plea until Wednes day (this) morning, when he will be called upon to plead guilty or not guilty 10 the indictment. At the request of Counsel, a copy of the indictiment was or dered to be furnished their. Colt was then remanded. his irons again put upon him, and he conduct ed to prison.- appearance is that of a man strug gling with intense energy to stifle the terrible feel logsthat seem to vex his soul; and this continued CO test with his own heart has already given to his countenance a baggard and most repulsive aspect. He is continually attempting to converse with his juler about the murder, and has been repeatedly checked by him when apparently on the point of making disclosures " which would be greatly against him on his mal. FAILURE OF THE COMMERCIAL BANK IN NEW YORK.- Ao injunction was served Monday morning the Commercial Bank at the instance of the Bank Commissioners. Its affairs have been for some time indifficulty, keeping it a debtor to the other City Banksconstantly to the amount of $60,000 TO $90.000.-1 is under stood that the assets I the Bank are now sufficient to render its debts safe, butnot to leave much for the stockholders. It was a safety fund institution, with hall a million capital. Its cir. culation, 1st January last, amounted to $121,370 A borrid case of murder and suicide recently occurred at Delaware, Ohio. A German named Girleih Keen. d railor by trade. shot his son in the most deliberate manner. making bin stand up and placing the muzzle of the gun close to his breast. He then releaded his gun and d scharged 11 against his own bosem by meaus of the ram-rod. An awful murder was also perpetrated at Maysville, Ky. by a man na ed Moses Keao. a shoema. ker. With a razor he cut and mangled his wife's throat in such a manner as to produce her instant death, and then made an attempt to cut his own throat with a shoe knife, but did not succeed. A man named Glowrie was mortally wounded in an affrity at Montgomery, Ala.. on the 8th ult.The wound was a slight puncture 10 the lower part of the thighes penetrating the femoral artery, made

3. October 16, 1841 Sunbury American and Shamokin Journal Sunbury, PA
Article from Sunbury American and Shamokin Journal, October 16, 1841

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Editorial Miscellany. An old man by the name of Stain.netz, was killed on Saturday last, near Carlisle, by being run over by the locomotive. The deaths by yellow fever in New Orleans during the week ending on the 25th ult. were 259, and during the succeeding three day 79. The e. pidemic has been more fatal this year than for many years previous. It is calculated that there are in the United States 14,012 lawyers, 14,680 clergymen and 10.322 physicians, exclusive of quacks and pettifogers. A slave named John was executed at Portsmouth, Va., on the 1st inst. Under the gallows he made a full confession, and prefaced it with the following emphatic warning: "You all see me here, and I will tell you what brought me here, it was Rum!!" A man in New York a few days since, drank a pint of brandy, and died from the effects of it. He was not a regular toper, or he would have taken a smaller. A column of the Corinthian order, 40 feet high, has been erected in Canada, to commemorate the glorious victorias of Temperance over King Alew hol. The Commercial Bank of New York has been closed by the Bank Commissioners. WESTWARD Ho -The ship Roscius has just arrived at New York, with 250 emigrants on board. A great State Agricultural Fair and Convention was held at Syracuse, New York, on Thur day Sept 30th. It is said that the display of neat cat the had never been equalled in that state, The friends of Henry Clay in Kentucky, have given him a grand barbacue. CAUGHT AT LAST.-A United States soldier caught a devil fish near St. Josephs last week, weighing a thousand pounds. There has been a great storm down East, which has done much damage to the shipping. The hospitals at New Orleans are filled with cases of yellow fever, and up to the 1st inst. the violence of the fever remained unabated. The British Government have increased it e as mount paid to Cunard $120,000, so that 'so now receives $420,000, per annum, for Laning a stea. mer twice a month between Eng and and the United States. ...

4. October 19, 1841 The Madisonian Washington, DC
Article from The Madisonian, October 19, 1841

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The New York papers state that the Cashier of the Commercial Bank, R. W. Redfield, has disappeareda deficiency of fifty-six thousand dollars having been discovered in his accounts, of which the commencement was traced back as far as 1837. The affairs of the Commercial Bank, it will he remembered, are now in the hands of a Receiver.

5. October 20, 1841 New-York Tribune New York, NY
Article from New-York Tribune, October 20, 1841

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BANK-The - Receiver of the Commercial Bank has removed the Bank to No. 1 Hamover street, second story, two doors from Wallstreet. R W. BLATCHFORD. TO LET. until the first day of May next, the rocinNo. 27 Will street, lately occupied by the Commercial Bank. They are well fitces for an Insurance Company. 620 4tis Apply as above.

6. October 21, 1841 New-York Tribune New York, NY
Article from New-York Tribune, October 21, 1841

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ORMERCIAL BANK- - The Receiver of the Commercial Bank has removed the Bank to No. 1 Hanover street, second story, two doors from Wellstreet. R N. BLATCHFORD. TO LFT, until the first day of May next, the rooms No. 27 Wall street, lately occupied by the Commercial Bank. They are well filled for an Insurance Company. 620 4tis Apply as above.

7. October 22, 1841 New-York Tribune New York, NY
Article from New-York Tribune, October 22, 1841

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# COMMERCIAL BANK The Receiver of the Commercial Bank has removed the Bank to No. 1 Hanover street, second story, two doors from Wall street. R. W. BLATCHFORD. TO LET, until the first day of May next, the rooms No. 27 Wall street, lately occupied by the Commercial Bank. They are well fitted for an Insurance Company. Apply as above. 620 4tis

8. October 23, 1841 New-York Tribune New York, NY
Article from New-York Tribune, October 23, 1841

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COMMERCIAL BANK—The Receiver of the Commercial Bank has removed the Bank to No. 1 Hanover street, second story, two doors from Wall street. R. w. BLATCHFORD. TO LET, until the first day of May next, the rooms No. 27 Wall street, lately accupied by the Commercial Bank. They are well fitted for an Insurance Company. Apply as above. 020 4tis

9. October 23, 1841 The Madisonian Washington, DC
Article from The Madisonian, October 23, 1841

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The New York papers state that the Cashier of the Commercial Bank, R. W. Redfield, has disappeareda deficiency of fifty-six thousand dollars having been discovered in his accounts, of which the commencement was traced back as far as 1837. The affairs of the Commercial Bank, it will he remembered, are now in the hands of a Receiver.

10. February 5, 1842 New-York Tribune New York, NY
Article from New-York Tribune, February 5, 1842

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The Receiver of the Commercial Bank of this city has called a meeting of the creditors for the 14th inst. when a dividend of thirty per cent will be declared upon all undispated claims, excepting stockholders. The new Treasury notes issued under the late act have already made their appearance iu Wall St. in considerable quantities. The rate is I to 1 per cent discount. The following was received by this morning's (Saturday,) mail:

11. March 1, 1842 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, March 1, 1842

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Esq., U. S. Attorney. To Another Bank Closed.-The Utica Gazette says: "A letter from a gentleman in Cleveland, to his correspondent in this city, dated the 11th instant says, 'the panic noticed in my last has not decreased. The Com. mercial Bank of Lake Erie closed its doors for the last time to day.' This was one of the oldest, and supposed to be one of the strongest banks in Ohio. Apprehensions are entertained that other banks which have hitherto been in good credit, will soon stop." The Philadelphia Ledger says that notice has been received in that city that the Merchants' Bank and the Commercial Bank of New York have thrown out and refused to collect notes of mercantile houses made payable in Philadelphia.

12. July 7, 1843 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, July 7, 1843

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ECEIVER'S OFFICE-Room 30 in Dorr's R Building, Exchange Place-The Receiver of the late Com mercial Bank of New- York, will pay to the creditors of the Bank a farther dividend of twenty-two per cent. on Friday. the seventh day of July next. at his office above named. Creditors will please produce, when they apply for the dividend, the Receiver's certificates of debt which they hold respectR. M. BLATCHFORD, Receiver. in

13. July 8, 1843 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, July 8, 1843

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ECEIVER'S OFFICE-Room 30 in Dorr's Building, Exchange Place-The Receiver of the late Com. mercial Bank of New York, will pay to the creditors of the Bank a farther dividend of twenty-two per cent. on Friday, the seventh day of July next. at his office above named. Creditors will please produce, when they apply for the dividend. the Receiver's certificates of debt which they hold respectively. R. M. BLATCHFORD. Receiver. je30 10t

14. July 10, 1843 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, July 10, 1843

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ECEIVER'S OFFICE-Room 30 in Dorr's R Building, Exchange Place-The Receiver of the late Com mercial Bank of New. York, will pay to the creditors of the Bank a farther dividend of twenty two per cent. on Friday, the seventh day of July next. at his office above named. Creditors will please produce. when they apply for the dividend, the Receiver's certificates of debt which they hold respectR. M. BLATCHFORD, Receiver lively. je30 10t

15. July 31, 1854 The New York Herald New York, NY
Article from The New York Herald, July 31, 1854

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Thus it will be seen that on a capital of two mil lions the directors of the Manhattan Company had accommodated the business men of the city to an amount less than one halt of their capital, while they bad invested over two millions in stocks and loans to brokers, speculators, and operators in real estate, in long loans on bonds receivable. No wonder they were compelled to come to a ' dead lock," change the officers of the bank, and devote several years of labor to reinstate their capital, withholding dividends from their stockholders for the time, of course. The losses of this institution by various loans to speculators and defaulters, it is difficult to estimate; but for a long time the price of their stock in market showed an apparent loss in the difference before and after the difficulties of 1839, of over one million of dollars. It is unsecessary to say that, under the management of its officers and directors since 1840, it has regained its former high rank among our city institutions. The Phoenix Bank is another institution which suffered heavily by the operations of the speculators and defaulters from 1836 to 1840. During the speculative period, its capital had been increased half a million of dollars by act of the Legislature, but so great were its losses that in 1841 they were compelled to apply to the Legislature for a reduction of three hundred thousand dollars, after having suspended dividends for several years. The failures of the Commercial Bank and the L2, Fayette Bank, each having a capital of half a million of dollars, was owing also to the operations and defalcations of the speculators of 1836 to 1840. To these may be added the North American Trust and Banking Company, with a nominal capital of two millions, and several minor institutions which were organized under the General Banking law of 1838, and after a brief existence became insolvent. The summary of those broken banks whose capital has been used up by speculators and defaulters, is as follows:-