Bank of Orleans (Albion, NY)

Episode Information

Episode UID
9659311890693
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
965931189 hash
Start Date
September 11, 1857
Location
Albion, New York (43.246, -78.194)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
37b25a2aea1aa683

Response Measures

None

Description

Court injunction and appointment of a receiver in Sept 1857; later dividends paid by the receiver in 1859 indicate permanent closure under receivership.

Events (3)
1. September 11, 1857 Other
Newspaper Excerpt
In the Supreme Court at Buffalo... in the case of Harvey Goodrich agt. the Bank of Orleans, motion was made for an injunction and for the appointment of a Receiver. Injunction order granted, and Elizur Hart of Albion, appointed Receiver-to give bail in $50,000 with sureties to justify in $75,000.
Source
newspapers
2. September 25, 1857 Suspension
Cause
Government Action
Cause Details
State/court-ordered suspension leading to injunctions and receivership
Newspaper Excerpt
LIST OF SUSPENDED BANKS TO SEPT. 25TH... Bank of Orleans, Albion, New York.
Source
newspapers
3. March 19, 1859 Other
Newspaper Excerpt
Elizer Hart, Receiver of the Bank of Orleans, advertises that a dividend of 35 P cent on the outstanding circulating notes of the Bank will be paid to the holders of said notes on the return of the same to his office in Albion on and after the 12th day of April next.
Source
newspapers

Newspaper Articles (8)
1. September 15, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, September 15, 1857

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In the street the money market is comparatively easy, but the stringency in mercantile circles is without mitigation. There is an active demand for paper at the discount houses, but at very high rates. Very few names go below 18 P cent, and many transactions take place as high as 2 to 4 P cent P month, of what, in common times, is considered good names. In the Supreme Court at Buffalo, on Friday, Judge Davis presiding, in the case of Harvey Goodrich agt. the Bank of Orleans, motion was made for an injunetion and for the appointment of a Receiver. Injunction order granted, and Elizur Hart of Albion, appointed Receiver-to give bail in $50,000 with sureties to justify in $75,000. The Journal of Commerce says: "The Legislature of Georgia granted a charter for the Bank of Morgan, to be located at Morgan, Georgia, but the President of one of the leading banks in that State writes to us that the bills purporting to be issued by it 'are a fraud.' We learn that some of these bills have been put afloat here, signedJ H. Smith, Cashier, and J. W. Guirey, President, and that one of $50 was recently sent from this city as a remittance South. The Albany Statesman of Saturday, says: "One of the marked effects of the present money crisis, is the return by banks to the department of registered notes, and receiving therefore the stock securities deposited with the Superintendent, which are readily disposed of at a premium. We understand that bills amounting to pearly $100,000 have been

2. September 24, 1857 Holmes County Republican Millersburg, OH
Article from Holmes County Republican, September 24, 1857

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Suspended Banks. Thompson's Bank Note Reporter, of Saturday, says: The Reciprocity Bank, alias the Sackett's Harbor Bank, Buffalo, gives no evidence of resuscitation, and the better opinion seems to point to going into liqiudation. There is no market price for the notes. The Hollister Bank, it is believed by those conversent with its situation, will ultimately resume. The security of the bills is ample, if it should not. The Oliver Lee & Co. Bank, Buffalo, N. Y., is in the hands of wealthy men, and there was a disposition to go on, but some of its paper having gone to protest, there is a fear it will go into liquidation. The notes will be paid in full. The Bergen County Bank, New Jersey, it is said will be closed up with small loss to the bill holders. The Danby Bank, Danby, Vt., is in bad credit; its notes not saleable at any price, The notes of the Niagara River Bank, New York, are not purchased at present. Interested parties say the Bank will resume. A correspondent says that the Farmers' Bank of Wickford, R. I., has thus far met all its liabilities at home. The Tiverton Bank has been enjoined, and will have to go into liquidation. The Warwick bank, which was sold to parties out of the State, has been transferred again to Rhode Island men, and we presume that it will be conducted as heretofore upon sound principles. The Rhode Island Central Bank, it is confidently expected, will resume. The owners are said to be rich. If so, they ought not to have permitted even a temporary suspension. Bank of Kanawha, Va., was, owned by the Ohio Life Insurance aud Trust Co. A dead failure. The Farmer's Bank of Saratoga has gone into liquidation. The bills will be paid in full. ACT SEPT. 9.- The Ontario County Bank, N.Y., has been thrown out in this city. KT SEPT. 10.-The Bank of New Jersey, N. Brunswick, N. J., thrown out by our city Banks. Also, the Bank of Orleans, Albion, New York.

3. September 26, 1857 Columbia Democrat and Bloomsburg General Advertiser Bloomsburg, PA
Article from Columbia Democrat and Bloomsburg General Advertiser, September 26, 1857

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W. A. J. BRITTAIN, Sec'y. Suspended and Broken Banks. For the information of our readers, and in order to guard them against receiving worthless money, we publish the following list of recently suspended and broken Banks, which has been carefully compiled and compared with the list of the brokers in the city. It is gratifying to note that thus far in the present financial crisis, not a single Pennsylvania Bank is included in the list It is to be hoped they will be able to ride out the storm. Mechanics' Banking Association, N. Y. Farmers' Bank of Saratoga county, N. Y. Sacketts Harbor Baok, Buffalo, Reciprocity Bank, Buffalo. Chemung County Bank, Horseheads, N. Y. Ontario Bank, Vica, N. Y. Ontario County Bank, Phelps, N. Y. Oliver Lee & Co.'s Bank, Buffalo, N. V. Hollister Bank, Buffalo. Niagara River Bank, Towanda, N. Y. Bank of Orleans, Albion, N. Y. Huguenot Bank, New Paltz, N. Y. New-York County Bank, N. Y. Farmers' Bank, Wickford, B. I. Mount Vernon Bank, Providence, R. I. Rhode Island Central Bank, East Greenwich, R. I. Bank of South County, Wakefield, R. I. Warwick Bank, Warwick, R. I. Tiverton Bank, Tiverton, R. I. Bank of Hallowell, Maine. Hancock Bank, Ellsworth, Maine. Danby Bank, Danby, Vt. Bergen County Bank, Hackensack, N. J. Bank of New Jersey, New Brunswick, N. J. Merchants Exchange Bank, Bridgeton, Ct. Wooster Bank, Wooster, Ct. Sanford Bank, Sanford, Maine. Monson River Bank, Monson, Mass. Kanawha Bank, Virginia. Miama Valley Bank, Dayton, Ohio. S Bank of West Tennessee, Memphis, Tenn. a Agricultural Bank, Brownsville, Tenn, d Bank of Commerce, Georgetown, D.C. Colchester Bank, Connecticut.

4. October 9, 1857 Vermont Watchman and State Journal Montpelier, VT
Article from Vermont Watchman and State Journal, October 9, 1857

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Article Text

LIST OF SUSPENDED BANKS TO SEPT. 25TH. Meusam River Bank, Sanford, Maine. Canton Bank, South China, Maine. Ellsworth Bank, Maine. Exchange Bank, Bangor, Maine. Sanford Bank, Sanford, Maine. Exter Bank, New Hampshire. Danby Bank, Vermont. South Royalton Bank, Vermont. Bank of the Republic, Providence, R. I. Bank of South County, Wakefield, R. I. Farmers' Bank, Wickford, R. 1. Mount Vernon Bank, Providence, R. I. Tiverton Bank, Fall River, R. I. Warwick Bank, Warwick, R. I. Merchants' Exchange Bank, Bridgeport, Ct. Colchester Bank, Conn. Bank of Orleans, Albion, New York. Hollister Bank, Buffalo, New York. Niagara River Bank, Tonawanda, N. Y. Oliver Lee & Co.'s Bank, Buffalo, N. Y. Ontario County Bank, Phelps, N.Y. Ontario Bank, Utica, N. Y. Reciprocity Bank, Buffalo, N. Y. Sackett's Harbor Bank, Buffalo, N. Y. American Bank, Trenton, N. J. Bank of New Jersey, New Brunswick, N.J. Bergen County Bank, Hackensack, N. J. Bank of Kanawha, Virginia. Trans-Allegany Bank, Virginia. Bank of Commerce, Georgetown, D. C. Canal Bank, Cleveland, Ohio. City Bank, Cincinnati, Ohio, Seneca County Bank, Tiffin, Ohio. Miami Vally Bank, Dayton, Ohio. Clinton Bank, Columbus, Ohio. Columbus City Bank, Columbus, Ohio. Union Bank, Sandusky, Ohio. Agricultural Bank, Brownsville, Tenn. Bank of West Tennessee. Bank of the Capitol, Indianapolis, Ia. Central Bank, Indianapolis, la. Bank of Elgin, Elgin, Illinois. Rock River Bank, Beloit, Wisconsin. Pennsylvania Bank, Philadelphia. Girard Bank, Phiadelphia. Bank of Canandaiagua, Canandaigua. Western Bank, Lockport, N.Y. Commercial Bank, Philadelphia. Six Penny Savings Bank, Rochester, N. Y. Albany Eve. Journal.

5. October 10, 1857 Weekly National Intelligencer Washington, DC
Article from Weekly National Intelligencer, October 10, 1857

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SUSPENDED BANKS EASTWARD. The New York Sun gives the following list of Banks located east of Maryland which have suspended specie payments : MAINE. Canton Bank, China. Monsum River Bank, Sanford. Exchange Bank, Bangor. Sanford Bank, Sanford. NEW HAMPSHIRE. Exeter Bank, Exeter. Weare Bank, Hamilton Falls. RHODE ISLAND. All suspended specie payments. MASSACHUSETTS. Bass River Bank. Western Bank, Springfield. Lee Bank, Lee. VERMONT. Danby Bank, Danby. South Royalton Bank, South Stark Bank, Bennington. Royalton. CONNECTICUT. Bridgeport City, Bank, Bridgeport. Thompson Bank. Bank of Hartford County. Windham County Bank. Bank, of North America, Seymour. Mercantile Bank, Hartford. Colchester Bank, Colchester. Exchange Bank, Hartford. Pawcatuck Bank. Charter Oak Bank, Hartford. NEW YORK. Agricultural Bank, Herkimer. Island City Bank, N. Y. city. Leonardsville Bank. Bank of Canandaigua. Bank of Central New York, Utica. Mechanics' Banking Association, Bank of Lima. New York city. Bank of Old Saratoga. Medina Bank. Bank of Orleans, Albion. Niagara River Bank, Tonawanda. Bank of Watertown. Oliver Lee's Bank, Buffalo. Chemung County Bank. Ontario County Bank, Phelps. Dairymen's Bank, Newport. Ontario Bank, Utica. Farmers' and Citizens' Bank, L.I. Oneida Central Bank, Rome. Farmers' Bank, Hudson. Powell Bank, Newburgh. Hamilton Exchange Bank. Reciprocity Bank, Buffalo. Hollister Bank, Buffalo. Sacketts' Harbor Bank, Buffalo. Hudson River Bank. Western Bank, Lockport. Huguenot Bank, New Paltz. Worthington Bank. Yates County Bank, Penn Yan. NEW JERSEY. America Bank, Trenton. Bank of N. J.; N. Brunswick. Bergen County Bank. Bordentown Banking Company. Burlington Bank. Burlington County Bank. Camden Bank, Camden. Cumberland Bank, Burlington. Farmers' and Mechanics' Bank, Gloucester Bank, Woodbury. Camden. Hunterdon County Bank. Mount Holly Bank. Phillipeburgh Bank. Princeton Bank, Princeton. Salem Banking Company, Salem. Union Bank of Frenchtown. PENNSYLVANIA.

6. 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.

7. 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.

8. March 19, 1859 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, March 19, 1859

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The receipts of the second week of Miebigan Southern Road, were $29,508. On the Rock Island the first week gave about $16,000. The Harlem continues to show an improving business-the gain thus far in March being about the same as to the same period in February. The Third-avenue Road gained, in February, about $7,000 over February, 1858. The Second-avenue shows increased earnings of about $150 per day; the quarterly dividend of 2 P cent will be made during the first week of April. The Philadelphia, Wilmington and Baltimore Railroad Company have declared 8 dividend of 3 P cent, payable 1st of April next. The April coupons of the land mortgage bonds of the Hannibal and St. Joseph Railroad Company will be paid on and after the 1st proximo by Messrs. Duncan, Sherman & Co. The injunction on the payment of the interest on the second mortgage bonds of the La Crosse and Milwaukee Railroad having been removed, the interest, we understand, will be paid on Monday, April 4. The business of the Clearing-House to-day was again large, amounting to $28,633,000. The supply of money among the leading stock houses is very abundant at 4@5 P cent. Money was more freely offered in large lots on call than at any time since the 1st of January. Paper continuesin moderate supply, and goes freely at previous rates. There are but few transactions in Treasury Notes, as the small discount they are now selling at offers but little inducement for importers to use them in payment for duties. There are large orders in market for the Government Loan at about 104, and that price was refased to-day for $100,000. We hear of $300,000 in gold going by the steamer to-morrow. The Sub Treasury to-day paid drafts for $250,000 of matured Treasury Notes belonging to & Wall street bank. It is thought about one half the Notes maturing this month will be presented for redemption. As they arenow & perfectly safe demand loan at 41 05 P cent interest, they are considered a very desirable investment by many institutions. The telegraphic advices from Buffalo indicate that the result of the Railroad Convention, now being held there, is very doubtful. The probability appears to be that it will separate without making any arrangement. Elizer Hart, Receiver of the Bank of Orleans, advertises that & dividend of 35 P cent on the outstanding circulating notes of the Bank will be paid to the holders of said notes on the return of the same to his office in Albion on and after the 12th day of April next. The annexed are the quotations for Currency, &c, and Land Warrants of Messrs. Le Huray & Co., No. a THE 11 treat corrected in done