Bank of the Capital (Albany, NY)

Episode Information

Episode UID
9921402590737
Episode Type
Suspension β†’ Closure
Bank Type
state
Bank ID
992140259 hash
Start Date
May 18, 1861
Location
Albany, New York (42.653, -73.756)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e3e11b4da160447b

Response Measures

None

Description

Receivership was appointed immediately after the suspension; deposits reported secured though capital impaired.

Events (2)

1. May 18, 1861 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension grew out of heavy defaults of its borrowers, including prominent directors.
Newspaper Excerpt
The Bank of the Capital suspended this morning. The notes are entirely secured and not a cent will be lost on them.
Source
newspapers
2. May 19, 1861 Receivership
Newspaper Excerpt
Mathew H. Read, one of the Directors of the Bank of the Capital, has been appointed Receiver of that Bank.
Source
newspapers

Newspaper Articles (14)

Article from New-York Daily Tribune, May 19, 1861

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P Another Suspension at Albany. ALBANY, Saturday, May 18, 1861. The Bank of the Capital suspended this morning. The notes are entirely secured and not a cent will be lost on them. The capital of the bank is $519,000, paid in. About half of this is supposed to be sunk. Deposite are fuily secured.


Article from New-York Daily Tribune, May 20, 1861

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The Bank of the Capital. ALBANY, May 19, 1861. Mathew H. Read, one of the Directors of the Bank of the Capital, has been appointed Receiver of that Bank.


Article from The New York Herald, May 20, 1861

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The Bank of the Capital. ALBANY, May 19, 1861. Mathew H. Read, one of the directors of the Bank of the Capital, has been appointed receiver of that bank.


Article from The New York Herald, May 21, 1861

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The Produce Exchange Association have prepared ninety stands or divisions of the show tables for the sale of grain and flour, and these were all let to-day by auction for a period of five years. The charge for each is $10 per annum; but there was a spirited competition for a choice of position, and the premiums ranged from $10 to $74, amounting in the aggregate to $1,917. The Albany Journal of Saturday evening says:- The Bank of the Capital suspended payment and closed its doors about eleven o'clock this morning. We use the word suspension in regard to it rather than the word failure for the reason that, although its losses will seriously impair its capital, yet ite bilholders and depositors we believe to be unquestionably safe. The bank had enjoyed a good reputation, was believed to have been well managed, and its stoppage was unexpected to our community. This second bank faiture in our city is most unfortunate; but we trust it will not be attended with any loss beyond that which the stocknoklers will sustain. The wise provisions of law which, in both the recent fall-ures, secure the billholder at once and effectually, and the depositor aiso in due time, prove the efficacy and importance of the safeguards throws about our moneyed institutions. There are various reports current in regard to the cause of this failure; but they are not sufficiently tangible, as we go to press, to justify their publication. The facts will in que time be given to the public officially. Money matters are very fat in New Orleans. The Picayune of the 14th instant says:---- The course of the money and paper market today corresponded with yesterday. The banks had free cfferings for discounts-many, out of the rule recently adopted, which is only to favor applications for plantation supplies and uses. Other interests will have to follow the course of the times. There were some tenders of good paper in small sums at the rate of 5 per cent per month, which were one of the features of the day. At this rate there is no desire to invest. We may say the market is without the pate of quotatione. In exchange there was very little done to day. The Counter rate for checks on New York ruled at from ΒΎ a discount, with concessions for large sums running down as low as 1Β½% discount Outside there were cales at 2%, and good sight drafts at a neighboring city were sold at 3% discount. In storing there were no transac


Article from The New York Herald, May 21, 1861

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The Albany Banks. ALBANY, May 20, 1861. In consequence of the closing of the Bank of Albany and the Bank of the Capital last week, there was some run ou the savings department of two or three banks bere this morning; but the promptness and readiness with which it was met in every instance speedily restored confidence and quieted expitement. Extra tellers were employed, and depositors paid as fast as they could present checks. In all other departments of the banks all is quiet, and LO lack of confidence is manifested.


Article from Alexandria Gazette, May 21, 1861

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Telegraphic Despatches. BOSTON, May 18.-In the House to-day a bill was introduced by Messrs. Stebbins, of this city, which proposes to prohibit any person directly or indirectly from buying or holding any collateral securities of the seceded States, under the penalty of imprisonment in the States' prison. The bill was referred to the Special Committee on the Governor's Address. Mrs. Lincoln arrived here this morning. She is on a visit to her son, a student at Cambridge College. The Mississippi was commissioned to day. The workmen of the Navy Yard are getting out the keel of the new sloop-of-war. Several companies of troops leave this afternoon in the steamer Cambridge for Fort Monroe. A proposition has been introduced in the Legislature to aid in erecting a monument over the remains of Whitney and Ladd, who were killed by the Baltimore mob. BOSTON, May 17.-The United States brig Bainbridge is under sailing orders, and was hauled into the stream to-day. The frigate Mississippi is about ready, and is expected to sail on Tuesday. Commodore Mervine, flag-officer of the Gulf squadron, will sail in her. PERRYVILLE, May 9.-There was some excitement at Aberdeen last night, and three signal rockets were fired for assistance from this point. It grew out of the arrest by the military of three men, charged with the burning of Bush river bridge. They are named Wilbon, Mirkey and Keene, and are now confined in the guard house, awaiting examination. There were some indications of an attempt to rescue them by their friends, which caused the signal for assistance. ALBANY, New York, May 18.-The Bank of the Capital closed its doors at noon today. The suspension grows out of heavy defaults of its borrowers, prominent among whom are some of the directors. Great excitement prevails. CINCINNATI, May 17.-Kentucky - currency was thrown out by three of the banks of this city to-day. The indications are that the paper of all the banks of that State, except the Farmer's and Northern Bank, will be refused by all the banks to-morrow.


Article from The Daily Dispatch, May 21, 1861

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loss of the bark Ida, off Cape Henry. Her cargo was saved, and with the rigging. was shipped to Norfolk, where he was robbed and imprisoned, butescaped to the Minnesota. [There is a tough yarn; but then the Northern newspapers are compelled to keep up the popular steam, which they could not do by telling the truth.] ARREST. PERRYVILLE, May 19.-There was some exeitement at Aberdeen last night, and three signal rockets were fired for assistance from this point. It grew out of the arrest by the military of three men, charged with the burning of Bush river bridge. They are named Wilson, Mirkey and Keene. The parties were subsequently released. JUDGE DOUGLAS SERIOUSLY ILL. CHICAGO, May 18.-Hon. Stephen A. Douglas is seriously ill of typhoid fever. It is feared he will not recover. CHICAGO, May 19 -Senator Douglas is better this afternoon, but his condition is still critical. FAILURE OF ANOTHER BANK. ALBANY, N. Y., May 18. - The Bank of the Capital closed its doors at noon to-day. The suspension grows out of heavy defaults of its borrowers, prominent among whom are some of the directors. Great excitement prevails. UNION MEETING IN MISSOUEL SPRINGFIELD, Mo, May 15 - -A large Union meeting was held to-day. Numerous speeches were made, all denouncing secession and the military bill passed by the Legislature. MAINE REGIMENT. NEW YORK, May -Owing to reports of measles prevailing in the Maine regiment, they were ordered to encamp at Willett's Point, where they now are.


Article from New-York Daily Tribune, May 21, 1861

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The Albany Banks. ALBANY, Monday, May 20, 1861. In consequence of the closing of the Bank of Albany and the Bank of the Capital last week, there was some run on the Savings Department of two or three banks here this morning, but the promptness and readiness with which it was met in every instance speedily restored confidence and quieted excitement. Extra tellers were employed, and depositors paid ns fast as they could present checks. In all other departments of the banks all is quiet, and no lack of confidence is manifested.


Article from The Daily Exchange, May 22, 1861

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The Albany Banks ALBANY, May 20, 1861 - -In consequence of the closing of the Bank of Albany and the Bank of the Capital, last week, there was some run on the Savings Department of two or three banks here this morning, but the promptness and readiness with which it was met in every instance speedily restored confidence and quieted excitement. Extra tellers were employed, and depositors were paid as fast as they could present checks. In all other departments of the banks all is quiet, and no lack of confidence is manifested.


Article from Evening Star, May 22, 1861

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Albany Banks. ALBANY. N. Y., May 20.-In consequence of the closing of the Bank of Albany and the Bank of the Capital last week, there was some run on the savings department of two or three banks here this morning; but the promptness and readiness with which it was met in every instance speedily restored confidence and quieted excitement Extra tellers were employed, and depositors paid as fast as they could present checks In all other departments of the banks all is quiet, and no lack of confidence is manifested.


Article from Lamoille Newsdealer, May 24, 1861

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istence of several parties, some of whom favor the annexation of Virginia to the Confederate States, and others for separate independence, and still others who are unconditional Unionists. Both of the last two classes refuse to take the oath of allegiance to the Confederate States. NEW YORK, May 20. Government has decided to establish two large camps, partly for instruction and for the purpose of a reserve force. The camp will consist of from fifteen to twenty thousand men each. One to be formed at Gettysburg. P. A., the other probably at Staten Island. The troops at Gettysburg are designed for action on the southern border when necessary, and those at Staten Island will be required for coast service, to be used at any moment and at any point the government may direct. For this purpose orders have been issued for a fleet of transS ports to be kept in readiness in the harbor. ST. JOHNS, N. F., May 20. The Royal Mail Steamship Persia, from Liverpool the 11th, was intercepted of Cape Race. A large quantity of war material was ten e dered as freight for the Persia, but refused. It is reported that vessels have left Liverpool with letters of Marque, but the rey port is not confirmed. Lord Derby expressed a hope in the House of Lords, that the forthcoming o proclamation by the Government will give e emphatic warning that if British subjects y join privateers, or become involved on 1. either side, their blood will be on their own y heads, as they can expect no redress from e England. e Lord Granville said that would be the to natural result of the proclamation, which of was only delayed in order that its worde ing might be carefully considered. The Times editorially says the mediation of England might as well be offered 7 to a hurricane of the Gulf Mexico as to the States of America. p Spain has not yet entered into arrangements for annexing St. Domingo to her d dominions, but it is announced that slavest "y will not be introduced. a There has been a religious insurrection y in Kanzan, Russia, during which seventy K. peasants were shot. to BALTIMORE, May 21. This afternoon d two companies under Major McLane came k to this city and proceeded to an unoccum pied house near Green Mount Cemetery, y and seized 1500 muskets, marked "Virre ginia muskets," and 34 boxes containing he 4000 pikes, marked "from Danneads.' he The whole made 26 Dray loads. They ne were all taken to Fort McHenry. The arms had been in the custody of the city authorities. has The Union Men of the Third District fhave nominated C. L. Leay for Congress of NEW YORK, May 21. Schooner Ike he Marvel, of Norwich, from Boston for Phil. ed adelphia, was burnt at sea on the 19th a Total loss. Captain and crew saved. ng The sloop Time laden with 1500 kegs ed of powder, was seized on the North River this morning. m ALBANY, Saturday May 18. The Bank rof the Capital suspended this morning. SO The notes are entirely secured and not a 11 cent will be lost on them. The capital 2. of the bank is $519,000, paid in. About to half of this is supposed to be sunk. Deys posits are fully secured. 11, The troops at Fort Monroe are well supplied with provisions and ammunition


Article from Vermont Watchman and State Journal, May 31, 1861

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ANOTHER SUSPENSION AT ALBANY. ALBANY, Saturday May 18, 1861. The Bank of the Capital suspended this morning. The notes are entirely secured and not a cent will be lost on them. The capital of the bank is $519,000, paid in. About half of this is supposed to be sunk. Deposits are fully secured.


Article from New-York Daily Tribune, February 1, 1862

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The Bank of the Capital. ALBANY, Friday, Jan. 31, 1863. The receiver of the Bank of the Capital advertists that Le will to-morrow pay a dividend of 75 per cont on all admitted claims.


Article from New-York Daily Tribune, May 12, 1863

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# FINANCIAL NEWS Total.$38,537 90 $52,179 84 $13,640 94 Aggregate for 354 miles... $159,056 02 $306,696 76 $147,640 74 The deposits with the Sub-Treasurer to-day for conversion into five-twenties were about $1,300,000. The actual disbursements of the Treasury were about $2,000,000. Money is quoted easy again to-day at 5@6 cent on call. The vitality has been crushed out of gold by the favorable news from the army, and the gold bulls are wearing long faces. The operations have been unimportant, and the quotations have ranged between 148@149, closing at 148Β½. The exchanges at the Bank Clearing House this morning were the largest ever made since the formation of the associationβ€”$76,691,923 45. At the annual meeting of the Board this morning the following officers were elected for the ensuing year: President, H. G. Stebbins; First Vice-President, M. A. Wheelock; Second Vice-President, B. A. White; Treasurer, W. A. Smith; Secretary, G. H. Brodhead; Assistant-Secretary, J. W. Munro; Roll-Keeper, E. A. Shipman; Bond Committee, W. H. Neilson, A. Campbell, P. MariΓ©, C. R. Marvin, Jas. W. Underhill; Arbitration Committee: E. D. Stanton, N. G. Bradford, Wm. B. Clerke, W. S. Nichols, B. M. Nevers, O. D. Ashley. Mr. Stebbins fills the vacancy caused by the resignation of Mr. A. B. Baylis and the election, for we think the fourth time, is a high compliment paid him by his business associates. The Albany Argus states that the Receiver of the Bank of the Capital at that city has collected enough to pay all outstanding claims against the Bank, and 10 per cent dividend to the stockholders. The Bank statement of the week shows a continuance of the expansion in loans of two and three-quarter millions. The Specie line also shows an expansion, consequent partly upon the payment of interest in gold on the temporary loan to Government. The deposits show a small decrease. The following is a comparative statement of the condition of the banks of New-York City: