Bank of New Rochelle - New Rochelle, NY

Episode Information

Episode UID: 5729331290703
Episode Type: Suspension → Closure
Bank Type: state
Bank ID: 572933129 hash
Start Date: July 8, 1858
Location: New Rochelle, New York (40.911, -73.782)

Metadata

Model: gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 94a8693f979b1a7d

Response Measures

None

Description

The article discusses the final liquidation dividends for a bank that had previously failed.

Events (2)

1. July 8, 1858 Other

Newspaper Excerpt: The time fixed by law for the redemption of the circulating notes of the James Bank and Bank of New-Rochelle having expired, the Superintendent of the Banking Department has declared a final dividend
Source: newspapers

2. * Suspension

Cause Details: The bank was in liquidation and under the supervision of the State Banking Department.
Newspaper Excerpt: The per-centage heretofore paid on the notes of the James Bank was 91 P cent, and on the stock and cent real estate notes of the New-Rochelle Bank 81
Source: newspapers

Newspaper Articles (1)

1. July 10, 1858 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, July 10, 1858

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Article Text

. me folke, but we think it as good 38 any other small bank in that direction. "The Nebrasis banks remain in discredit, though some of them redeem at their counters in trifing amounts." The vote on the admission of the Mechanics' Back. ing Association to the Clearing-House was 10 again-t 20 in favor, and 2 blanks. As the constitution requires that three-fourths of the voting Banks should be in favor, the motion was lost. The Committee upon Matilated Notes reported against applying for further legislative action, believing that the present lawi is sufficient to protect the Banks against fraudulently mutilated notes. They recommend that the Banks refuse to redeem such notes, and should legal measures be taken to compel the redemption, that the defense shall be conducted by & Committee of the Clearing House Association, and at its expense. The business of the Clearing-House to-day was $15,636,752. We hear of $50,000 in gold going by the steamer tomorrow, but this amount may be increased to $100,000. It is stated that the Merchants' Bank intend erecting, on the site of the old building, & fine struc: ure rulning through to Pine street. The time fixed by law for the redemption of the circulatir g notes of the James Bank and Back of New-Rochelle having expired, the Superirtendent of the Bank. irg Department has declared & final dividend of 8 P cent on the notes of the former and of 5 ₽ cent on the notes of the latter, payable on the presentation of the certificates any time within six months from the 8th inet. The per-centage heretofore paid on the notes of the James Bank was 91 P cent, and on the stock and cent real estate notes of the New-Rochelle Bank 81 The stock notes of the latter were all redeemed at par. E. A. Wetmore, Receiver of the Outario Bank, has given notice that he will pay a dividend of 50 P cent on all adjusted claims against the Bank on demand. Other dividends to creditors will depend on the collections and the result of important suite in which the Bank is a party. The following table gives the present rates of Exchange on New-York from the principal cities of the Union, corrected for us from the latest advices received at the Banking-Hous of Measrs. Thompson Broa., No. 2 Wall street: