Bank of Brockport (Brockport, NY)

Episode Information

Episode UID
3679792990496
Episode Type
Suspension โ†’ Closure
Bank Type
state
Bank ID
367979299 hash
Start Date
April 3, 1841
Location
Brockport, New York (43.214, -77.939)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
7822c0936b781558

Response Measures

None

Description

Evidence shows the bank lost correspondent credit in 1841 and by 1844 was 'winding up'; intermediate steps are not fully documented here.

Events (2)

1. April 3, 1841 Suspension
Cause
Macro News
Cause Details
Part of a broader NY banking panic/agents 'threw out' multiple banks and many institutions stopped payment
Newspaper Excerpt
the agents threw out the following:-... Bank of Brockport
Source
newspapers
2. October 3, 1844 Receivership
Newspaper Excerpt
The notes of the Bank of Brockport are not redeemed... The Bank is winding up.
Source
newspapers

Newspaper Articles (2)

Article from Salt River Journal, April 3, 1841

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Article Text

M. VAN BUREN. MONEY AND BUSINESS MATTERS. The Philadelphia Inquirer of the 17,says-Yesterday was a dull day in out-door transactions. Money 14 per cent in a month. United States Bank 16: a 17; Girard 28: State Fives 71. The complaints are loud and deep with regard to the inaction of our State Legislature. There is, says an afternoon contemporary, a constant and general demand for small notes, and for the imperfect supply in circulation we are indebted to oth er States, and use any trash that may come to hand. It is the people of limited means and small business who feel the want of cur rency most severly, and yet for the suffering mass nothing is done. This apathy is unaccountable, and is by no means calcula ted to increase the popular ty of the members who share it. We should be glad, in common with most of our fellow citizens, to have some explanation of the cause, from those who are in the secrets of the Capitol. Our New York friends are getting into sad confusion with regard to their Banks.Most of the brokers refuse to purchase the Red Back Notes, as late as Monday and Tuesday, thirteen of these Institutions stopped payment, nomely; Millers' Bank of Clyde; Farmers. Bank of Seneca county: Tonawanda Bank; N. York City Trust and Banking Co., [fraud]; Tenth Ward Bank. N. Y.; Chelsea Bank. do.: Staten Island Bank, do : Erie county Bank of Western N. Y., Rochester; Farmers' and Mechanics' Bank, Batavia; Binghampton Bank. The Albany Argus savs: On Wednesday, the following were thrown out by the agents of this city, viz:-Bank of America, Buffalo, Merchants' Exchange, do. And finally yesterday the explosion became general,and the agents threw out the following:-Mechanics' Bank of Buffalo; of United States do.; Phoenix do.; Bank Commerce do.; Bank of Brockport; Catteraugus county Bank; Bank of Lodi; St. Lawrence Bank. The two latter banks it is supposed will furnish their age nts with funds to go and keep up their redemptions in a short time; the officers and some of the stockholders of the St. Lawrence Bank particularly, being among the most wealthy citizens of St. Law rence country. The same puper states that the panic burst so suddenly upon the Agencies of the Associations,thst the funds placed with them were exhausted before they could arrange to meet such an extraordinary demand. By a singular, if not an inadmissible construction of the law. by the late Comptroller r. Cooke) preference has been given in the redeptions from the deposite in his hands to those who were the first to appear with their prostests. The Couriorand Enquirer states that business was never duller in that city than at the present moment.--It would seem then, that our neighbours have very little to brag of. Twenty or thirty of their specie paying Bankshave already been discredited. and their condition is any thing but enviable. If The Pennsylvania Legislature would only give us small notes, we should hold ourselves in quite as good a condition as those who have been charging us with bankruptcy.The Buffalo Commercial says: Exchange continues to advance daily. and at such a rate as amounts almost to prohibition. The rates on uncurrent to-day are as follows: Eastern 1 a 2; Can da 6; Ohio, In dianna, Kentucky and Virginia, 8; Illinois 15; Michigan 20 per cent discount all around.


Article from New-York Daily Tribune, October 3, 1844

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Article Text

$547,750 The receipts of the Norwich and Worcester Railroad Company for the month of September reach closely upon $25,000. The month had but 35 working days. The receipts over the Harlem for September are about $15,000. The Company have now the rail for re ironing the track from City Hat to 27th st. and are about to commence the work at once. The new iron is the Trul. The Company arealso about to place new and commo Pous carson the short route. The prospects for the ensuing year are very promising. The Firemen Insurance Company have declared adividend of three per cent. payable on the 9th inst. The receivers of the Neptune Insurance Company have given notice that they will pay a final dividend to the stockholders of SIS 07 cents per share on the surrender of their certificates The North River Insurance Company have declared a semi annual dividend of five per cent. payable on the 10th inst. Thompson, of the Bank Note Reporter has inverted a new system of domestic exchanges. He says: In ten years from this date. the cotton factor in New-Orients will correspond. through the medium of the electric telegraph. with his principal here. This transmission of orders. as with the rapidity of thought. will have a magical influence on the money and commerce of the country. A. B. a New-Orleans merchant. wishing to pay D. K. of New-York a thousand dollars. reaches his check to the exchange broker. and says. Order your correspondent in New-York to pay this amount to D. K on my account." The broker sends to the manager of the telegraph is written note in these words L. Corning & Co. of N. order Corning & Co. of N. Y. to pay D. K. one thousand dollars nac't of A. B" In five minutes n copy of this but of exchange" 18 placed in the hands of Corning & Co. of N. Y. and a duplicate in the hands of D. K. by the New. York conductor of the telegraph. At this rate. how mach capital would it require to regulate the exchanges of the country ? Wm. M. Graham has been elected Cashier of the Middletown Bank of Orange County. N. Y. in lace of A. Wright, Esq. The notes of the Bank of Brockport are not redeemed. there are. however, but it few out, and those are quoted at 25 discount. The Bank is winding up. The notes of the Honesdale Bank, Pa. are quoted tone per cent. discount. Four thousand lbs. of wool from Chicago were sold at Buffaio, last work. for 25 cents per 1b. The increase of gool in the West is about 25 per cent. a year. We learn from Col. Hatch that the contract for 10,000 gallons of Sperm Spring Oil, and 5,000 gallons of Winper-pressed Oil from head matter. for the supply of the Light house in Massachusetts. was closed yesterday at the Boston Custom House in favor of E. M. Robinson of this town, at 90 cents per gallon for the former and 93 for the latter. The Oil into be of the best quality, and to be delivered in Boston on the 10th of October. in prime order. (New Bedford Mercury. Markets at Curacoa. By the Ontario, arrived last evening. we learn that Corn Men! was selling 0275 to 01 Flour 85 50 to 86 Keef Mess