Troy City Bank (Troy, NY)

Episode Information

Episode UID
2179029190694
Episode Type
Suspension β†’ Reopening
Bank Type
state
Bank ID
217902919 hash
Start Date
October 23, 1857
Location
Troy, New York (42.728, -73.692)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e3eed01feea0e4ef

Response Measures

None

Description

Bank suspended with other New York banks during the 1857 panic; president later resigned upon resumption.

Events (2)
1. October 23, 1857 Suspension
Cause
Macro News
Cause Details
Suspension of specie payments as part of the widespread 1857 monetary panic and state-wide bank suspensions.
Newspaper Excerpt
The N. Y. Evening Post says that the Troy City Bank, which suspended business onthe 23d ult., has resumed.
Source
newspapers
2. November 2, 1857 Reopening
Newspaper Excerpt
The letter is dated Troy, Nov. 2: The Troy City Bank has resumed. and will not be forced to go into liquidation. Its bills are now received by all the New York Banks, and are at par all over the State.
Source
newspapers

Newspaper Articles (10)
1. October 17, 1857 The New York Herald New York, NY
Article from The New York Herald, October 17, 1857

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STATE OF AFFAIRS AT TROY. TROY, Oct. 16, 1857. The exclled state of public feeling concerning the mone tary pressure has alrerdy, in a great measurs, subsided in this section of the country. Our business community was extremely animated, and indeed feverish for several weeks anterior to the announcement that our banks would suspend specie payment but 80 soon as that contingency was deemed inevitable, and the fact liself was proclaimed officially by the heads of the different banking institutions, and unofficially by the Mayor, in an sppeal for the exer. clae of forbearance on the part of depositors and others practically interested, all in a moment AS It were, became tranquil, and 11 was universally feit and expressed that Danger's troubled night 10 o'orThe star of peacs returned. The banks of this city still continuΓ© operations upon the general basis adopted by similar institutions throughout the State, in all respects the same ILE heretofore, with the exception that they resolutely, in accordance with their agreements, decline redeeming their own notes with specie. There is one exception to the above statement, which refers to the affairs of the Troy City Bank, whose bills are thrown out here as well as in New York. So far as I can ascertain the facts, they are substantially M follows. The Presidemt of the Troy City Bank is Hom. George B. Warren, an

2. October 20, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 20, 1857

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previous loss of 20,810, makes the loss this season, far, 58,182 tuns. The Commissioners of the Canal Fund are advertising for 8 loan of five hundred thousand dollars, to supply the deficiency in the Sinking Fund, at the rate of six per cent per annum, payable quarterly, and the principal reimbursable on the 1st of October, 1875. Proposals will be received for not less than five thousand dollars, at the Canal Department, Albany, until the 10th of November next at noon. The statement of John Farnum & Co, of Philadelphia, at the meeting of their creditors, was not 80 satisfactory as was expected Their debts are $2,200,000, their assets $2,900,000, in which are included $1,500,000 of suspended paper and over drafts. Of the debts, $250,000 are recured by collaterals that are included in the assets. Their assets also include $340,000 in goods. They propose to make up their accounts to the 1st of December, and to pay in ten installments of 9, 12, 15, 18, 21, 24, 30, 36, 42 and 48 months. is S. Lippincott & Co. offer 25 per cent in six months, and to surrender their print works to their creditors. David S. Brown & Co. have proposed to pay 5 per cent and renew the balance for six months. Thomas Allibone, esq., has resigned as President of the Bank of Pennsylvania, at Philadelphia on account of ill health. Joseph Jones has been elected President of the Commercial Bank of the same city, in place of Wm. Wainwright, resigned. The Boston Postsay Those who hold bank bills should not part with them at a dollar's discount. The holders not only have all the means of the bank to redeem them, but all the individual property of the stockholders. The act of March 13, 1849 provides that when any bank shall stop payment, the stockholders shall be individually liable for the payment and redemption of all its bills, in proportion to the stock they may respectively hold at the time. The bills of the Boston banks, under this provision, cannot fall under a depreciation which should require any discount in paying debta of buying goods. The Troy City Bank has gone into liquidation, but its stock is considered sound. It is one of the old Safety Fund Banks. The Albany Statesman says: "We understand that the process of surrendering circulation to the Banking Department by banks, and drawing out stocks, has ceased, and that yesterday $30,000 of stocks were returned and circulation taken out. Though this may not be carried to any great extent, yet it is evident that the tide has turned. The Providence Journal says: "Our market retains the quietness that followed the suspension in New York. The demand for money has greatly fallen off, but facility of negotiation has not much increased, and the rates are high. The banks renew a great deal of paper, and 80 much assistance has been rendered to parties abroad, that the exchanges are against this city, and men who require funds to place in New York or Boston are obliged to pay a premium, the renewals having absorbed the funds of the banks in those places and caused & scarcity. These renewals ought not longer to be needed, as the general suspension of the banks enables them to offer the same facilities in other places that are extended here, and should be followed by the same liberal relief to the merchants. We report no sales of printing cloths for the past week. and we have heard of but a single sale of cotton. There is no price for either. Some goods are printed ou manufacturers' account. Cotton has been shipped from here to New-York. We think that no orders have been given for the new crop. Every one looks for still lower prices, and people are talking of 7 or 8 cents. The Banks of New-Jersey are petitioning the Governor to call an extra session of the Legislature. The Charleston Mercury of the 15th says: "The local run on our specie-paying Banks has nearly ceased. The Bank of the State, the Railroad Bank, the People's Bank, and the Bank of South Carolina, have determined to receive on deposit and in payment the notes of all the city Banks, and to pay out only their own. "The Bank of the State, in addition to the notes of all the city Banks, receives on deposit and in payment of dues the notes of the Bank of Hamburg, and of the Exchange Bank of Columbia." The run on the New Orleans banks has also nearly ceased. The cash assets and liabilities on the 10th inst. were as follows: Deposits

3. October 21, 1857 The New York Herald New York, NY
Article from The New York Herald, October 21, 1857

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Media Bank Medium. Trey City Bank Proy. Central Bans of New York of Usian. dreems. Homilt a Exchange Bank the Rhode Island Bank Commissioners are following their inve sigation of the banks of that State very dis. gently The Providence papers complain that their bills are excepted from the arrangement that admit: the redempsion of all others in New England at the Suffalk Bank. The private property of the stockholders belog liable for them, gives them a better ulimate security than those of Commection: and New Hemoshire, where, as in other Eastern States, there is nothing but the corporate responsibility to full back on. The value of merchandise warehoused in the port of Bostom for be week ending One 17, 1867, was as fbllows $92,910 Dry goods All other merchandise 246,156 $439,196 Wareboused in transit for Canada $7,045 Dry goods 8,107 All other merchandise $10,752 $449,878 Total value Memore W. & M H. Ward, No 47 Ecchange'place, ad vertise in our columns that they continue 60 purchase and sell valiroad securities on commission Having alwars confined their dealings in rail-oad securities to a commis aton business. they are perfectly free from any ratiroad involvements, and are, there'ore, in an excellent position to serve the interests of their customers. The annexed is a comparative statement of the exports (exclusive of specte) from New York to foreign porte for the week and since January 11867 1858 1856. $2,184,121 $1,580.79% Total for the week. $',007.706 62,091 487 56,240,11 Previously reported 48,525,094 Since Jan. 1 $68 532 284 $05,872,248 $50,032,802 The meeting of stock and boad holders of the Delaware Lackswans and Western Ratiroad Company at the Mer cantile Library to morrow (Wednesday) ovening should not be forgoiten. The stockholders in the Amherst and Beichartown Rail road held a meeting in the former place, Dat. 12, to cona der how they can best meet the large indebtedness of the company accruing next January. It appears the mortgage bonds to the amount of $60,000, and floating debta amounting to $80,000, become pay able next January. As the floating debts are secured by. a pleage of the equip ment of the road, and as the bonds are on the franchise of the road Itself, a failure to meet these payments would transfer the property to two different parties, between whom, it is feared, the road would be smorificed. It was, therefore, decided to petition the Legislature for leave to issue $100,000 of preferred stock, of which 60,000 should bear eight per cent interest and the balance six per cest, the former class to be offered to the bondholders in lion of beir present securities, and the latter to be tendered to the towns of Amberst and Beichertown, to be taken by them to proportion to their respective valuations. The Quebec Board of Trade, on the 16th, unanimously adopted a resolution "that the banks of Canada should forth with suspend specie payments." This action does not seem to be responded to by other cities. The Toronto Oolonist says:The rumor mentioned in the Montreal Commercial Adver(sser that the Grand Crunk Railway has Β£60,000 of sterling exchange returned under protest, is quise correct, but needs some explanation. the bills were protested for non acceptance, not for non pay ment, in consequence of there heing an irregularity in the manner in which they wore drawn. The Grand Trunk Company has deposited ample funds for the purpose of mee ing the bills. A meeting of the bankers of Cincinnati was held on Saturday, at which It was revolved to receive at par the notes of the New Orleans banks, and the notes of all banks also that are bankable in New York, Boston, Philadelphia, Pittsburg and Baltimore. The Troy City Bank has gone into liquidation, but Ms stock is considered sound. It is one of the old Safety Fund banks, and has not perhaps been managed with as nameh prudence as 18 should have been. The latest intelligence from St. Louis (to Saturday last) is that the Bank of the State of Missouri still continues to pay specie. The directors feel confident of an ability to continue the payment. The run upon the bank is said to have ceased. The Springfield (Ullimois) Journal says:Several weeks since the Bank Commissioners made a call upon a number of the stock secured banks of this State for additional securities in order to protect their lesues. This step was rendered necessary in consequence of the depreciation of stocks in the New York market We are glad to state that the following banks have already responded to this call:-

4. October 22, 1857 The Weekly Portage Sentinel Ravenna, OH
Article from The Weekly Portage Sentinel, October 22, 1857

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The Money Crisis-Affairs brightening Up. Money matters have witnessed a material improvement since our last issue. Very much of the paper which ten days ago was pronounced worthless on account of the sus pension of the institutions issuing the same, is again current, and is circulating 4 medium of business. The demand for specie has materially decreased. When sold and silver had 80 risen as to command ten and in some instances twenty per cel.t. the people who hold the notes, deliberately to concluded they would do without it. The sus pension of the banks not only FII pended specie payment, but it suspended the collection of notes and bills falling can, and while it lessened the current funds and incredit the rate of exchange and 11 premium on gold and silver, it lessened the demand for money -put off the days of payment. These evils are working their own cure. Two or three days ago, the news came that all the New York City Banks and most of the country banks had suspended. Eve. rybody was startled. Hard'y anything in the shape of Bank paper from that State was current. Now the bills of all the banks in the State are current with the exception of the following: Niagara River Bank, Tonawanda. Agricultural Bank, Herkimer county. Dairyman's Bank, Newport. Hollister Bank, Buffalo. Ontario Bank, Utica. O. Lee & Co.'s Bank, Buffalo. Bank of Orleans, Albion. Reciprocity Bank, Buffalo. Yates County Bank, Penn Yan. Tompkins county Bank, Ithica. Huguenot Bank, New Paltz. Medina Bank, Medina. Troy City Bank, Troy. Central Bank of New York, of Utics. Hamilton Exchange Bank, Greene. The Cleveland Board of Trade have met and resolved that in their judgment the State Bank of Chio and Independent Banks are all solvent, and deserving of confidence and that they will receive their bills at par in all business transactions. The private bankers have also taken similar ground. The Cincinnations have resolved to re. ceive all the notes of New Orleans and all other Banks that are bankable at Boston, Philadelphia, Pittsburgh and Baltimore. The prospect is brighter. When the present storm has gone by and the reign of money terror is over it would be well for the people to make some inquiries into the securities which they have for the p-per promises with which the country is flooded. In days of prosperity let us m.ke ourselves secure, that when the storm comes, we may be prepared for it.

5. October 23, 1857 Indiana American Brookville, Indianapolis, IN
Article from Indiana American, October 23, 1857

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folks can only realize six, except in times like these when they can realize from five to a hundred, OVER THE LEFT. But says the friend of banks, "well regulated banks are useful"-so, we add would be a well regulated whirlwind,-take the twists out of it, and "regulate" its speed to about five miles an hour, and it would not only be harmless but very pleasant ; but it would no longer be a whirlwind, that is all() Take away from banks the power to shave-the right to take all the interest it wants-the right to"issue notes, and the right to break with those notes in the hands of poor people, and it would no longer be a bank. Some of our readers want us to give a tlist of bad banks, That would require about twice large a sheet as ours, devoted to banks alone. The New York banks are all suspended. The following are considered too bad to take, all others are current: Ingra River bank, Tonawanda. Agricultural bank, Herkimer County, Dairyman's bank, Newport, Hollister bank, Buffalo, Ontario bank, Utica. O. Lee & Co's bank, Buffalo. Bank of Orleans, Albion. Reciprocity bank, Buffalo. Sackett's Harbor bank, Buffalo, Yates County bank, Penn Yan. Tompkin's County bank, Ithaca. Huguenot bank, New Paltz, Medina bank, Medina. Troy City bank Troy. Central bank of New York, of Utica. Hamilton Exchange bank. Greene. The following Illinois banks have increased their securities, and are current: Agricultural bank: Alton bank; Bloomington bank; Central (Peoria) bank : City (of Ottawa) bank; Chicago bank; Citizen bank; Elgin bank; Edgar County bank: Farmers' and Traders' bank; Frontier bank; Galena bank: Grayv Ille bank; In. ternational bank; Lafayette bank: Marion bank; McLean County bank; Merchants' and (Drovers bank; National bank: Northern Illinois bank; Na. pierville bank; Prairie Sta to bank; Bank of Peru; Pike County bank; Quincy bank; Railroad bank: Southern (Gravville) bank; State (Shawneetown) bank; E. 1. Tinkham & Co's bank; Warren County bank. The Ohio State Banks except the following, are current now, but may not be by the time our paper reaches its readers. Dayton Bank. Sandusky City do. Clinton do. Columbus. Miami Valley do. do. Columbus. City Franklin do. Columbus. The Kentucky Banks are yet current The following Free Banks in Indiana have increased their securities and are re" garded safe. There surplus of securities, over issues of 114,999: Bank of Goshen " Gosport. Mt. Vernon. Indiana. " Paoll. " Rockville. " Salem, New Albany. : Salem, Salem. Bloomington Bank. Cambridge City do. Canal do do Crescent City do Exchange do Westfield. Farmers' do Indiana Indiana Farmsrs' de Kentucky Stock do do Lagrange do Parke County do Prairie City Salem do Goshen. Southern do of Indiana. Thy following banks are closing, but their securities are good, amounting to 7,565 above issues: Central Bank. Brookville do Bank of the Capitol. " of Elkhart. of Monticello. of Syracuse Hoosier do Indiana Stock do Huntington County do Indiana Reserve do Fayette County do Merchants & Mechanics' do The Tippecanoe Bank is under protest.

6. October 31, 1857 The Council Bluffs Nonpareil Council Bluffs, IA
Article from The Council Bluffs Nonpareil, October 31, 1857

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TAKE FOR THE NEXT THIRTY DAYS, on the following Broken and Suspended Banks, at 50 cents on the dollar, for merchandise: Fonteneile Bank, Bellevue; Agricultural Bank. N. Y. Dairyman's Bank. N. Y.; Worthington Bank, N. Y.; Niagara River Rank, N. Y.; Hollister Bank; Oliver T.ee's Bank; Ontario Bank; Bank of Orleans; Hugenot Bank; Bank of Medina; Hamilton Exchange Bank; Oneida Central Bank, and Bank of Tecumseh. And the following at 25 cents on the dollar-Reciprocity Bank; Sackett's Harbor Bank; Troy City Bank; Tompkins Co. Bank, and Yates Co. Bank. REMEMBER-for 30 days only. n27-1m McBRIDE & BOWEN.

7. October 31, 1857 Vermont PhΕ“nix Brattleboro, Bellows Falls, Ludlow, VT
Article from Vermont PhΕ“nix, October 31, 1857

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Uncurrent Bank Bills. Under the present temporary arrangement during the panic, the bills of the suspended Banks of New England and New York are generally current in Boston and New York.The exceptions up to this time are all given below ; and in regard to these it is supposed that the bills are good in most cases, though not bankable. Or those Banks in this State set down as uncurrent, the Royalton, Stark, Missisquoi, and St. Albans, are undoubtedly good, and holders of bills should not submit to a sacrifice on them. The bilis of the following Banks are not received at the Suffolk Bank, Boston, nor at the Metropolitan Bank, New York : MAINE. China, and Canton, at China. Ellsworth, at Ellsworth. Exchange, at Bangor. Hallowell, and Central, at Hallowell. Hancock, at Ellsworth. Maritime, at Bangor. Monsum River, and Sanford, at Sanford. NEW HAMPSHIRE. Exeter, at Exeter. Weare, at Hampton Falls. VERMONT. Danby, at Danby. Missisquoi, at Sheldon. Royalton, at Royalton. South Royalton, at South Royalton. Stark, at Bennington. St. Albans, at St. Albans. MASSACHUSETTS. Manufacturers, at Georgetown. Western, at Springfield. RHODE ISLAND. At present all notes issued by the Rhode Island Banks are rejected, although most of them are current in their own State. CONNECTICUT. Bridgeport City, at Bridgeport. Charter Oak, at Hartford. Colchester, at Colchester. Exchange, at Hartford. Hartford County, at Hartford. Hatters, at Bethel. Mercantile, at Hartford. Merchants' Exchange, at Bridgeport. North America, at Seymour. Palaquioque, at Danbury. Pawcatuck, at Pawcatuck. Quinebaug, at Norwich. Thompson, at Thompson. Uncas, at Norwich. Windham County, at Brooklyn. Woodbury, at Woodbury. Wooster, at Danbury. NEW YORK. Agricultural, in Herkimer County. Central Bank of New York, at Utica. Dairyman's, at Newport. Hamilton Exchange, at Greene. Hollister, at Buffalo. Huguenot, at New Paltz. Medina, at Medina. Niagara River, at Tonawanda. O. Lee & Co.'s Bank, Buffalo. Ontario, at Utica. Orleans, at Albion. Reciprocity, at Buffalo. Sacketts' Harbor, at Buffalo. Troy City, at Troy. Yates County, at Penn Yan.

8. November 12, 1857 The Weekly Pioneer and Democrat Saint Paul, MN
Article from The Weekly Pioneer and Democrat, November 12, 1857

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the Common Council of this city, are taken very readily as currency. Several of the Bankers receive the orders, but, we believe, only on special deposite. About eight thousand dollars of these orders have already been issued. The N. Y. Evening Post says that the Troy City Bank, which suspended business onthe 23d ult., has resumed. In regard to the condition of this bank, we are permitted to copy the following extract from a letter received in this city, from John E. W ARREN, Esq. The letter is dated Troy, Nov. 2: The Troy City Bank has resumed. and will not be forced to go into liquidation. Its bills are now received by all the New York Banks, and are at par all over the State. As consider able of this money has been circulated in Min nesota, I am anxious to have people there know that any Troy City Bank bills which they may chance to hold, are perfectly good. My father has. however. resigned his post as Pres ident of the bank. A new President, with abun. nance of available funds. has been appointed, and after this the bank will go on without trou. ble. It has always been a perfectly solvent in stitution, but has been under temporary em. barrassment, on account of the difficulty of raising money at the present time, even upon the best securities. Please explain all this to the good people of St. Paul A bill has passed both Houses of the Legislature of Missouri, authorizing the sus pension of specie payments until the 1st of November, 1858, being one year from the 1st inst. The bill also suspends the operation of most of the provisions of the bank ing law of the State. The bill legalizing the suspension of the banks of Missouri, until November, 1858, passed the Missouri House of Representatives on the 3d, by 15 majority. A despatch from New York, dated the 4th, says: Money market dull and inactive. Business generally quiet. The announcement of the steamer suspended operations. Business at the Clearing House fell off considerable to-day, the clearing being little less than $10,000,000. The balances less than $8,000,000. We takethe following from the St. Louis Republican, of the 3d inst We have few changes to note in the condition of money affairs. Gold is more plentiful, and currency not good supply as it was. Missouri and selected Eastern bills are at from 2Β½ to 5 per cent. discount. Kentucky, Ohio, State Bank of Indiana. 5a6, and Illinois and Wisconsin free banksfrom 5 to 10, according to the banks issuing. Kentucky and New Orleans bank notes are oceasionally exchanged for Missouri at par, but may be quoted at a difference of from 2 to 5. New Orleans notes are in great demand. Currency is still forwarded to Chicago to make exchange. Rates of discount will probably rise, as the uses to which it has been put gradually cease, which IN discharging of debts. Considerable sums of gold are sent direct to the East by our merchants to meet their payments there. We see that the Boatman's Savings advertise time exchange on Boston, New York and New Orleans. There are but few transactions in sight, which areat irregular rates from la discounta's premium. The amount of gold and silver deposited in the Philadelphia Mint last month. (Octo ber) for coinage, was over three million eight hundred thousand dollars. The total amount coined that month was three millions, three hundred and eighty-three thousand and ninety dollars The Chicago Times of Tuesday says: The money market is as easy to-day as it has been at any time for a month past. The demand for money has been active, but we have heard of the negotiation. on reasonable terms. of several pieces of really good A No. I paper. But the banks, as a general thing. are not discounting. and it is extremely difficult to get paper discounted Eastern exchange is selling at from 4 to 7 per cent., 5 or 6 being the usual rate. Gold is selling at 6a7 per cent Western currency is abundant. We find the following financial news in the Chicago papers of Friday New ORLEANS, Nov. The Citizens' Bank resumed to-day. As considerable specie came in yesterday, engagements were met. PITTSBURG, Nov. 5-A full and satisfactory settlement of the dispute between the Merchants and Manufacturers Bank, and )'Connor, Bro. & Co. has been made. The latter have given bonds, stocks and real estate, of the nominal value of $215,000 to secure 8188.174. O'Conner, Bro. & Co resume their banking business. NEW YORK, Nov. 5.-The gold and other remittances of Messrs. Tallan & Wilder, of San 11 raneisco. have been handed over to Mr Robt. W. Hallett. in consequence of the late steppage of payment by Robert Hallet & Co. The Journal of Commerce announces the suspension of Messrs. John Gideon & Co., who will. however continue business under another name.

9. November 14, 1857 The Council Bluffs Nonpareil Council Bluffs, IA
Article from The Council Bluffs Nonpareil, November 14, 1857

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Broken Banks--Read! TAKE FOR THE NEXT THIRTY DAYS. on the following Broken and Suspended Banks, at 50 cents on the dollar, for merchandize: Nemaha Valley B'k, Brownville; Agricultural B'k, N. Y. Dairyman's Bank, N. Y.; Worthington Bank, N. Y.; Niagara River Rank, N. Y.; Hollister Bank; Oliver Lee's Bank; Ontario Bank; Bank of Orleans: Hugenot Bank; Bank of Medina; Hamilton Exchange Bank; Oneida Central Bank, and Bank of Tecumseh. And the following at 25 cents on the dollar-Reciprocity Bank; Sackett's Harbor Bank; Troy City Bank; Tompkins Co. Bank, and Yates Co. Bank. Fontenelle Bank, of Bellevue, 40 cents. REMEMBER-for 30 days only. n27-1m McBRIDE & BOWEN.

10. November 21, 1857 The Council Bluffs Nonpareil Council Bluffs, IA
Article from The Council Bluffs Nonpareil, November 21, 1857

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Broken Banks-Read! E WILL TAKE FOR THE NEXT THIRTY DAYS W the bills on the following Broken and Suspended Banks, at 50 cents on the dollar, for merchandize: Nemaha Valley B'k, Brownville; Agricultural B/k, N. Y. Dairyman's Bank, N. Y.; Worthington Bank, N. Y.; Niagara River Rank, N. Y.; Hollister Bank; Oliver Tee's Bank; Ontario Bank; Bank of Orleans: Hugenot Bank; Bank of Medina; Hamilton Exchange Bank; Oneida Central Bank, and Bank of Tecumseh. And the following at 25 cents on the dollar-Reciprocity Bank; Sackett's Harbor Bank; Troy City Bank; Tompkins Co. Bank, and Yates Co. Bank. Fontenelle Bank, of Believue, 40 cents. REMEMBER-for 30 days only. n27-1m MCBRIDE & BOWEN.