Lafayette Bank (New York, NY)

Episode Information

Episode UID
1069835890507
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
106983589 hash
Start Date
March 23, 1842
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
7c14d31b063d732a

Response Measures

None

Events (6)
1. March 23, 1842 Suspension
Cause
Government Action
Cause Details
Court/Bank Commissioners action to have a receiver appointed for the bank's property and effects
Newspaper Excerpt
John G Forbes and others, Bank Commissioners of the State of New York, vs. the La Fayette Bank of the city of New York... ordered that it be... referred... to appoint a Receiver of the property and effects of the La Fayette Bank
Source
newspapers
2. April 8, 1842 Other
Newspaper Excerpt
Robert C. Cornell, Esq has been appointed Receiver of the Lafayette Bank of this city. We have a letter from Columbus, Geo. stating that the Bank of Columbus has again suspended payment.
Source
newspapers
3. April 8, 1842 Receivership
Newspaper Excerpt
Robert C. Cornell, Esq has been appointed Receiver of the Lafayette Bank of this city. (Receiver named and acting.)
Source
newspapers
4. September 19, 1842 Other
Newspaper Excerpt
the Receiver of the property and effects of the La Fayette Bank, will, on and after the 19th day of September instant, pay in full, without interest, all the debts and demands of and against the said La Fayette Bank now outstanding and remaining unpaid, on presentment of the same to him at his office, No. 34 Wall st.
Source
newspapers
5. June 6, 1845 Other
Newspaper Excerpt
The debts of the Lafayette Bank of New York, including circulating notes, have been paid by the Receiver from the assets of the Bank.
Source
newspapers
6. May 16, 1846 Other
Newspaper Excerpt
The receivers of the late Lafayette Bank of this city, will pay a fourth and final dividend of eighty-six cents per share to the stockholders on and after the 25th inst.
Source
newspapers

Newspaper Articles (10)
1. March 2, 1842 New-York Tribune New York, NY
Article from New-York Tribune, March 2, 1842

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D The Lafayette Bank.-The motion relative to the appointment of a Receiver for this Bank. has been postponed until the second Tuesday of March next In the meantime the Bank is authorized and will receive its bills for all debts due it. and will also receive payment in their bill, of any note beretofore discounted, or loan made by them and allow a rebate of interest for the unexpired 2513+ i me that said note or loan has to run. D Lecture* on Agricultural Chemistry and Geallogy." by James F. W. Johnston, M. A, F. R. SS., L. 12 E. For sale by DAYTON & NE WMAN, corner of Fnlton and 126 Nassau sts.

2. March 23, 1842 The New York Herald New York, NY
Article from The New York Herald, March 23, 1842

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Viee Chancellor's Court. Before Vice Chancellor McCoun. March 22 --Decisions.-John G Forbes and others, Bank Commissioners of the State of New York, vs. the La Fayette Bank of the city of New York.On motion of E. H. Blatchford, counsel of complainants, ordered that it be, and hereby is, referred to R. C. Wheeler, Esq. one of the Masters of this Court, to appoint a Receiver of the property and effects of the La Fayette Bank, with the usual pow er of a Receiver in such cases: and that he take from such Receiver good and sufficient security in the sum of $50,000 for the faithful performance of his trust. It is further ordered, that the complainant, defendant, or any creditor or stockholder, can appear before said Master, and propose himself, or any other person, as such Receiver; and that the Master give four days notice for such hearing in three or four of the daily papers-the Receiver to deposite the funds, from time to time, as they reach $200.), in the New York Life Insurance and Trust Company, until wanted for the purpose of settling with the creditors, when they can be drawn out, an order from this Court being first ob tained. Eleanor Totten vs. Peter Stuyvesant and others.The complainant, in August last, bought lot 214 of the es'ate of N. W Stuyvesant, situated in the Eleventh Ward, for which she agreed to give $2,250. paying ten per cent down. She subsequent. ly filed a petition in this Count, praying that the sale might be annulled, and the ten per cent paid back, on the ground that the title was defective, in consequence of the widow still possessing her dower. A counter statement was put in by Gerard Stuyvesant, one of the sons and heirs, who averred that the widow of Robert R. Stuyvesant (now Mrs Peckham) had sold and resigned claim to her dow. er for $30,000 Ordered, that the petition be denied with costs.

3. April 8, 1842 New-York Tribune New York, NY
Article from New-York Tribune, April 8, 1842

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Commercial and Money Matters. THURSDAY, P. M. There was more animation at the Brokers Board onday, and the sales were larger than for some days past. The market was generally firm. Delaware and Hudsan improved i per cent. Harlem 1, Mobawk 14, Paterson 1, Canton Co. 3. The operations were limited in State Stocks, but N. Y. Stocks were very firm. Five and a half improved 1 per cent. Illinois declined 1 per cent. Indiana 1. Ohio Sixes were firm. The sales were as follows 183 75 do 2,000 1,000 New-York 5. 51. 185 do this week 16 5,000 1,000 Illinois 6s, '70 184 do cash 152 1,000 1,000 do next week 18 19 cash do 2,000 1,000 Indiana 5s SECOND BOARD. do 1,000 Illinois 6s, '70 10 days 15 1,000 15% There is rather a better feeling in Foreign Exchang Sterling 6} a -Francs 5.37! The operations for the packet however were not very large. No material change in Inland bills. Specie is still moving toward Philadelphia. The Banks there appear to have an insatiable longing for coin, and refuse to receive any thing for their drafts but metal. Robert C. Cornell, Esq has been appointed Receiver GI the Lafayette Bank of this city. We have a letter from Columbus, Geo. stating that the Bank of Columbus has again suspended payment. This Bank resumed about three or four months ago and has since sustained a constant struggle for existence.

4. September 22, 1842 The New York Herald New York, NY
Article from The New York Herald, September 22, 1842

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PARIS ARTIFICIAL FLOWERS RUN & CO., 115 William street, formerly Brun, Larosure B & Co.-willopen in a few days, twenty cases Paris Artifi cial Flowers. Feathers, &c., now landing from last arrivals.This establishment is recieving from their house in Paris by every Havre packet, the newest styles of flowers and feathers, as they appear in that centre of fashion. This arrangement enables them to have constantly on hand a most fashionable assortment of the above articles. Dealing by far more largely in this line than any other establishment in the city, they can afford to sell at the very lowest rates and on the most reasonable terms. Wholesale warerooms up stairs. Also, constantly on hand, every kind of materials for flower #3 Im*c is manufacturers. LA FAVETTE BANK OF THE CITY OF NEW YORK - Notice is here by given, that the Receiver of the property and effects of the La Fayette Bank, will, on and after the 19th day of S. ptember instant, pay in full, without interest, all the de bts and de mands of and against the said La Fayette Bank now outstanding and remaining unpaid, on presentment of the same to him at his office, No. 34 Wallst. ROBT. C. CORNELL, Iw Receiver of the La Fayette Bank. FIRE BRICKS-7000 of superior quality, in store, and for sale by PERSSE & BROOKS, 61 Liberty st. s20 3t c

5. 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

6. June 12, 1845 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, June 12, 1845

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REDEMPTION OF NOTES Of Insolvent Safety Fund Banks. COMPTROLLER'S OFFICE, Albany, June 6, 1845. HE COMPTROLLER, in obedience to the third Section of the Act Chapter 114 of the Laws of 1845, here. by gives notice, that he will rédeem at par, the outstanding circulating buts of the Commercial Bank of New York. the Bank of Buffalo, the Commercial Bank of Buffalo, the Com. mercial Bank of Oswego, the Clinton County Bunk, the Water. viet Bank, and the Bank of Lyons. The Comptroller is not authorized 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. 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 be has collected the sums due the bank and applied the avails to the payment of its debts. The balance then remaining is is 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 authorized to issue under the ** Act to provide for paying the debts of insolvent Safety Fund Banks," passed April 28, 1815, In the case of the Bank of Buffalo, the final order has been made by the Vice-Clancellor 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 o ego have been redeemed by the Camptrolier. The names and residences of the Receivers of the several Banks are as follows: Commercial Bank of New-York, J. M. BLATCHFORD New-York. Commiercial Bank of Buffalo, S. G. AUSTIN, Buffalo. Commercial Bank of Oswego, T. BEEKMAN, Kinderhook. Watervliet Bank, GEORGE R. DAVIS. Troy, Clinton County Bank. HENRY K. AVERILL, Plattsburgh. Bank of Lyona, THERON R. STRONG, 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, Comptroller. jell St

7. June 12, 1845 The New York Herald New York, NY
Article from The New York Herald, June 12, 1845

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REDEMPTION OF NOTES OF INSOLVENT SAFETY FUND BANKS. COMPTROLLER'S OFFICE, Albany, June 6th, 1845. T HE COMPTROLLER, in obedience to the Third Section 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 O.wego, 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 the Bank. in ord to obtain interest, will find it necessary to lect the demand through the R ceiver. 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-Chane-llor 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 b lieved to be sufficient to pay all the debts of that Bank, and none of the circulating notes of the Bank of Os wego 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, Georze R. Davis, Troy. Clinton County Bank, Henry K. Averill, Plattsburgh. Bank of Lyous, Theron R. Strong, 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.

8. June 13, 1845 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, June 13, 1845

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REDEMPTION OF NOTES Of Insolvent Safety Fund Banks. COMPTROLLER'S OFFICE, Albany, June 6, 1845 THE COMPTROLLER, in obedience to the third Section of the Act Chapter 114 of the Laws of 1845, here. by 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, andth Bank of Lyons. The Comptroller is not authorized 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 estab. lish 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 against any of the insolvent Banks will be paid by the Receiver, who cannot get an order from the Chancellor on the Safety Fund, until be 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 authorized to issue under the " Act to provide for paying the debts of insolvent Safety Fund Banks," 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 Camptroller. 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. Clinton County Bank, HENRY K. AVERILL, Plattsburgh. Bank of Lyons, THERON R. STRONG, 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 A. C. FLAGG, Comptroller. assets of the Bank. jell St

9. May 16, 1846 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, May 16, 1846

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COMMERCIAL AND MONEY MATTERS. For sales of Stocks. &c. see fourth page. FRIDAY. P. M. The sales at the Stock Board to-day aboved a extricued heaviness of the market; but the decline was not material. At the Second Board the feeling was bet ter. until the rumor came in that the British Minister had protested against the blockade of Matamoroz. The clos. ing prices are generally is little better than yesterday, but the market was not well sustained after the Second Board. The Exchange Market closed beavily. Good Sterling Bills could be had at 91291 although some houses were drawing at 10. France 5 30@5287. There begood supply of bills, and the amount taken for this Steamer has not been large. Freights are'very firm. and 3.16d. has been refused for Square Cotton and 2s. 3d. for Flour. There is considerable offering. The street is getting blue again, and people who have money seem disposed to keep it. Good paper at sixty days cannot be negotiated below 15 to 24 per cent. and difficulty of passing acceptances has driven the bank. ing houses connected with the South and West to refuse to pay eight drafts drawn against time paper. There is a growing want of confidence which is likely to do more toward embarrassing the operations of business than any of the real influences which are working in the street. The delage of Uncurrent Money which is again flooding Wall-st. has forced the rate up to 1/2 per cent again. The books of subscription to the capital stock of the Ocean Steam Navigation Company are to be opened OD the 28th inst. and to continue open three days. The Merchants and Manhattan Insurance Companies have taken the preliminary steps toward filling up their capital stock, preparatory to commencing business apew. The Receivers of the late Union Insurance Company have declared their fifth and final dividend. They have settled every claim without legal proceedings or suit, and have re-paid the stockholder (including the present dividend,) sixty five and one half per cent. The stock of this Company, just previous to the determination to wind up its concerna, sold At the Brokers' Board at 40 per ct. The Receivere, and 17 other merchants and capitalists, one year ago, procured from the Legislature new charter, under the name of the Union Mutual In surance Company," with R cash capital of $100.000, for the business of Fire, Marine, Transportation and Inland Navigation. and that books of subscription for the Capital Stock will soon be opened. The Receivers of the late Lafayette Bank of this city will pay a fourth and final dividend of eighty-six cents per share to the stockholders on and after the 25th inst. A meeting of the merchants of Boston has remonstrated against the operous war clause inserted by the Boston Insurance Companies It is much more restrictive then that adopted by the New York Companies. The war clause has been adopted by Philadelphia and Baitimore Insurance Companies. At Philadelphia money was tighter, ynd at New Oriesna the market WHS extremely tight. Exchanges were lower: Sterling 81@9; France 535@5: sight on New York lat prem. The Canal Bank bad bought the banking house of the Commercial Bank for $60,000. The number of foreign and coastwise arrivals at Boston on Thursday, of all descriptions of vessels, as reported, was one hundred and twenty nine, occupying 25 pages on the Books of the Merchants' Exchange Reading Room.

10. May 17, 1846 The New York Herald New York, NY
Article from The New York Herald, May 17, 1846

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Navigation of the Ohio River. Places. Time. State of River. Deep water. Cincinnati May 11. 13 feet. Wheeling, May 8. 103 feet, falling. Pittsburg, May 11 11 feet, 8 inches. Louisville, May 9. MONEY MARKET. Saturday, May 16.6 P. M. The market was heavy this morning, but prices do not vary much from those current yesterday. Speculators are anxiously waiting for further accounts from the army of occupation. Ohio 6's, Farmers' Loan, Reading, Harlem, and Norwich and Worcester Railroad closed at yesterday's prices. Reading Bonds fell off 1 per cent; Morris Canal, 1; and Long Island, 1-while Canton went up 1 per cent. The transactions were not very large, and the market is very unsettled. It is a matter of much astonishment to many, that quotations for the fancies continue so firm under the circumstances, but it should be considered that war prices now rule, that everything has nearly touched bottom, and that in the event of the news from the South being fully confirmed, there is very little margin for a further decline. Had prices been very much inflated, there would have been a panic among the brokers, greater than ever before experienced; had the fancies been anywhere near former high prices, there would have been a terrible time among the bulls in Wall street, and the bears would not have been much better off than their victims. The market was, however, in a measure, prepared for the pressure, and the effect was not so severe as it otherwise would have been. The receivers of the late Lafayette Bank of this city, will pay a fourth and final dividend of eighty-six cents per share to the stockholders, on and after the 25th inst. The receivers of the late Union Insurance Company have declared their fifth and final dividend. A new counterfeit, not described in the detectors, on the Exchange Bank of Virginia, of the denomination of fives, is in circulation. They may easily be detected by observing in the vignette, that but one vessel is repre sented, whilst in the genuine there are several. The heads of Washington and Marshall on the ends of the note in the genuine, are close to the figures five, but in the counterfeit a considerable blank space intervenes.The signature of the President, W. W. Sharp, appears to be engraved. The filling up is In blue ink. On the whole, the counterfeit is well executed, and is well calculated to deceive. According to the report of the Commissioner of the General Land Office, it appears that the whole quantity of government land in Michigan, now in market, excluding, of course, the" mineral region of the Lake Superior country, is 14,611,524 acres. Of this amount there has been in market not exceeding 5 years 16,379,137 acres. 6,707,637 More than 5 and less than 10 years.