Exchange Bank - Buffalo, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: April 12, 1866
Location: Buffalo, New York (42.886, -78.878)

Metadata

Model: gpt-5-mini
Short Digest: c03431e1

Response Measures

None

Description

Single newspaper item (New-York Tribune, 1866-04-12) states 'The Exchange Bank of Buffalo ... has failed.' No mention of a depositor run or temporary suspension/reopening; indicates permanent failure/closure. Bank name lacks 'National' or 'Trust'; classified as a state bank (not enough evidence to call it national).

Events (1)

1. April 12, 1866 Receivership

Newspaper Excerpt: The Exchange Bank of Buffalo, commonly known as Bank, has failed.
Source: newspapers

Newspaper Articles (1)

1. April 12, 1866 New-York Tribune New York, NY

Article from New-York Tribune, April 12, 1866

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Article Text

Bremen, steamer, 500 bales Cotton at 1/e., and 100 per bales Hops at 110. Thompson's Bank Note Reporter says: The number of broken banks in Pennsylvania is four, namely, Oil City, Venango, Crawford County, and Petroleum. The Exchange Bank of Buffalo," commonly known as Bank," has failed. This is the only broken bank in this "Rich's State, of a recent date. Its circulation is about $77,000, secured by about $81,000 N. Y. and U. S. bonds, a good portion of them-5 per cents. We are buying the notes at 10 dis. N. Y. State Currency is more plentiful, 80 we are giving 50 per thousand on orders. N. Y. State Stocks are strong. The Bounty 7 per cents are at a premium, and in quick demand by the most prominent investors, Trustees and Savings Banks. 1091 1094 Compound interest notes of 1864, June dates 1081 109 Compound interest notes of 1864, July dates 1081 1081 Compound interest notes of 1864, Aug. dates 107 107 Compound interest notes of 1864, Oct. dates 1061 1061 Compound interest notes of 1864, Dec. dates 1031 104 1021 102 Compound interest notes of 1865, May dates dates 102 1021 Compound interest notes of 1865. dates Compound interest notes of 2005, Sept. 101% 102 Compound interest of 1865, Oct. dates Daily Journal of yesterday observes: Be The money market continues easy, with the same features which have prevailed for a long time past. There has undombtedly been a great stagnation in trade for months, and to this cause mainly it is owing that there has been so little demand for capital, and although the amount of business is light, yet reports reach us that there are indications of more activity. It is thought that the turning point has been reached, and that we shall have an increased business demand for all articles of general merchandise. Should this prove to be the case it would not. in all probability. lead to any stringency, but only to an active use of capital at full rates of interest. The Cincinnati Gazette of Monday says: The money market did not exhibit any new feature of special importance on Saturday. The drain upon the supply of currency for the purpose of making exchange continues, and this movement being general throughout the West, with no pros. peer of material relief, unless the people decide to sell Govern. ment securities bankers are not free lenders. The demand for loans, however, is light, and for this reason, notwithstand. ing the downward course of the currency balances, the discount market is comparatively easy, at 8@10 per cent inside, and 10@12 per cent in the open market, for good paper. There is very little of what is called specelative paper making. The speculative feeling in the general market remains suspended, and there is no disposition to contract new engagements beyond the requirements of regular trade. The great bulk of the paper, therefore, offered to banks is for the purpose of carrying old undertakings. The continued shipments of currency to New-York sufficiently indicates the condition of the exchange market. There is very little produce to go forward to make exchange: and, as before stated, there is comparativo ly little in the West to go forward. The stocks of provisions, flour, &c, it is estimated, will be re. quired to supply the consumptive demand at the South. This, of course, will make exchange ultimately and indirectly, but not immediately or directly. We quote the market firm at 50 75c. premium buying, and 1-10 premium selling. The Chicago Tribune, in its money article of last Saturday, says: The money market to-day was close, but good paper was generally discounted at 10 per cent. per annum. Street rates were firm at 1@2 per cent. per month. Eastern exchange was in better supply. but rates were unchanged, viz.: par buying and 1-10 premium selling. RAILWAY EARNINGS FOR THE FIRST WEEK IN APRIL. 1866. 1865. 8788 Chicago & North-Western $116.667 $117,455 Inc. 44,623 Dec. 7,075 51,798 Cuicago & Rock Island 93,714 Inc. 2,660 91,054 Michigan Southern The earnings of the Chicago and North-Western Railway Company for the first week in April, were: $8,271.19 1865 1866 $119,332 2 $111,061 04 I Inc. THE CROTON NATIONAL BANK of the City of New York, DESIGNATED DEPOSITARY AND FINANCIAL AGENT OF THE UNITED STATES, No. 17 Nassau-st., N. Y.,