1323. Hatters Bank (Bethel, CT)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 3, 1857
Location
Bethel, Connecticut (41.373, -73.416)

Metadata

Model
gpt-5-mini
Short Digest
aff10150fbf1a239

Response Measures

None

Description

Sources show Hatters' Bank stopped redeeming at Boston/New York correspondents in late 1857 (listed as uncurrent / redeeming only at office), i.e. suspension of correspondent redemption rather than an on‑street run. In August 1858 the bank was robbed of a very large sum and the Connecticut Superior Court (on complaint of Bank Commissioners) appointed receivers. Thus the bank suspended redeeming and ultimately was closed/placed in receivership. OCR typos corrected (e.g., Hatters' Bank spelled with apostrophe in some items).

Events (3)
1. December 3, 1857 Suspension
Cause
Correspondent
Cause Details
Stopped redeeming at Suffolk Bank (Boston) and Metropolitan Bank (New York); notes listed as uncurrent at major clearing banks, so redemption limited to local office at small discount.
Newspaper Excerpt
The Hatters' Bank, Bethel, has stopped redeeming at the banks of New York and Boston, and now redeem at the office of B. P. Manierre, at one cent discount.
Source
newspapers
2. August 7, 1858 Other
Newspaper Excerpt
The 'Hatters' Bank' at Bethel was robbed of over $80,000 in specie and notes between the closing of the Bank on Saturday the 7th inst., and the Monday following... the bottom of the vault ... had been removed, and the funds taken out ... Of the money taken, about $6,000 was in specie, $1200 in bills of other banks, and the remainder in bills on the Hatters' Bank; and they left some forty thousand dollars of the latter in the vault. ... this robbery will swamp the stock if the bills taken have to be redeemed.
Source
newspapers
3. August 18, 1858 Receivership
Newspaper Excerpt
Upon complaint of the Bank Commissioners, the Superior Court of Connecticut ... has granted an injunction in the case of the Hatters' Bank, recently robbed, and has appointed F. S. Wildman, Esq., of Bethel, receiver. Claims must be presented on or before the 20th of November.
Source
newspapers

Newspaper Articles (12)
1. October 31, 1857 Vermont Phœnix Brattleboro, Bellows Falls, Ludlow, VT
Article from Vermont Phœnix, 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.

2. December 3, 1857 Litchfield Enquirer Litchfield, CT
Article from Litchfield Enquirer, December 3, 1857

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Business Items. Since our last issue, we have three days lafer news from Europe by the Vanderbilt. The accounts are of the aggravation of the panic in Great Britain to a frightful degree, followed by a sudden lull, produced by the putting forth of a Treasury letter. The following is the dispatch to the New York papers: The despondent condition of monetary matters on the departure of the steamship Atlantic on the afternoon of the 11th inst., resulted in the following day in a fearful panic throughout the whole country. All the banks utterly refused to discount to their patrons, which naturally added to the wild excitement, until the afternoon of Thursday when a Treasury letter appeared in London, and was instantly transmitted by telegraph to all the chief cities and towns, suspending the Bank Charter Act, and authorizing the issue of notes to any amount on app.oved securities. The effect at every point was instantaneous, and the panic ceased as if by magic. At Liverpool, Manchester, Glasgow, and other important cities, the news were received with the most important demonstrations of joy. There seems to be general apprehension both in Ehrope and America, of a deep depression in the cotton trade and manufacture. We clip the following from the close of an editorial in the Tribune. The Manchester Guardian concluded, months ago that a fair balancing up of accounts for 1856 would show the manufacturers that they had been working from December to December, not merely without profit but at a positive loss and as to the present year, when we come to add to the enhanced price of cotton and the low price of goods, all the losses to result from the non-payment of American debts, it is plain that the British cotton manufacturers will find themselves staggering under a heavy burden. From the way the thing has worked in New England. and the rest of our cotton manufacturing districts, we can well understand the real nature of the trouble in Glasgow, which is one of the great seats of the cotton manufacture. Of course a very decided decline must follow in the price of cotton, it being impossible that the mill owners should go on any longer, not merely manufacturing for the exclusive benefit of the cotton growers, but sinking their own capital in the operation. Whatever may be the case with other branches of commerce, it is but too evident that the whole business of the growth and manufacture of cotton has stood for some time past on a very unsound basis. We appiehend that many of our Southern friends who have invested in slaves at the late enormous prices, may find themselves before long in almost as discouraging a position as the mill-owners. LATER. The steamer Fulton, which arrived off Cape Race on the 28th, brings advices four days later. Among other pleasant items, she brings $230,000 in specie. She also has 71 passengers, with a large and very valuable cargo of French merchandise. The Fulton's dates are four days later than those brought by the Vanderbuilt, already telegraphed from this point. The Cunard steamer Europa, from Boston via Halitax, Nov 4th, arrived at Liverpool on the 16th. The financial advices brought by the Fulton. although not so exciting as those of the Vanderbuilt, are nevertheless of absorbing Interest The good effects of the suspension of the bank charter act were still showing themselves everywhere throughout Great Britain. The money market was firmer than at last advices. and the demand for discounts at the Bank are less pressing. Consols had also been advaning. The Bank of France, as was anticipated at ast advices had announced its determination to immediately extend its issues. The rate of interest at Hamburgh, had receded, the last quotations being at 9 1-2 Notwithstanding the improvement in the English money market, there had been several heavy failures in branches of business in Great Britain. The steamship Daniel Webster, from Havana on the 25th inst. arrived at New Orleans on the 20th. She brings half a million in specie The steamship Northern Light, left Havana on the same day as the Webster with California dates to the 5th instant, and nearly two millions in specie' The tales of Mormon ontrage upon Californians and emigrants are more than confirmed. The Hatters' Bank, Bethel. has stopped redeeming at the banks of New York and Boston, and now redeem at the office of B. P. Manierre. at one cent discount. The capital of this bank is $100,000, with a surplus of $3,000. The entire circulation is less than $28,000. A dairyman in Litchfield county. a few days since sold his cheese fot eight cents per lb., the same lot for which a few weeks since he refused eleven cents. CURIOUS BANK DEVELOPMENTS.-The Hartford Press makes a curious exposure in regard to the management of the Hartford County Bank, one of the offsprings of the Free Banking law. It appears that when the institution got rid of the general law. and set up under a special charter, it gave bonds for the redemption of its Free Banking law bills then in circulation, which according to the number registered in the State Department should have been only $11,000. But instead of $11,000, the Receivers have already had $16,000 returned to them, and may yet have more! Of these, there is no amount either on the books of the bank. in the State, Department

3. August 18, 1858 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, August 18, 1858

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HATTERS' BANK, BETHEL, CT -Upon com plaint of the Bank Commissioners, the Superior Court of Connecticut, now in session at Danbury. has granted an injunction in the case of the Hatters' Bank, recently robbed, and has appointed F. S. Wildman, Esq., of Bethel, receiver. Claims must be presented on or before the 20th of November.

4. August 19, 1858 Litchfield Enquirer Litchfield, CT
Article from Litchfield Enquirer, August 19, 1858

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HEAVY BANK Robbery.-The 'Hatters' Bank" at Bethel was robbed of over 80,000 dollars in specie and notes between the closing of the Bank on Saturday the 7th inst., and the Monday following. The Cashier went early that morning to get some packages to send away, but owing to some obstruction in the interior, could not open the door of the vault: and was not able to effect an entrance until three o'clock in the afternoon. The door was then forced open by the aid of a neighboring blacksmith, when it was discovered that the bottom of the vault, consisting of stone and cement, had been removed, and the funds taken out, the discovery producing no little consternation at the bank, and in the village.The robbers had evidently entered the bank by a false key, and passing to the Directors' room in the rear of the vault, had removed the carpet from a corner of the room, and opened with a circular saw a place sufficiently large to admit a man's body. It is supposed, from the care used in replacing the boards removed, that the robbers were several nights at work accomplishing their purpose. Of the money taken, about $6,000 was in specie, $1200 in bills of other banks, and the remainder in bills on the Hatters' Bank; and they left some forty thousand dollars of the latter in the vault. As the the capital of the bank is only $100,000, this robbery will swamp the stock if the bills taken have to be redeemed Bill holders, however, will not suffer. A reward of $5000 has been offered for the detection of the robbers, or the recovery of the money. The New York Sun of Friday says that this robbery was the work of 'scientific burglars," who are not averse to a compromise; and that the affair is about being arranged satisfactorily to all parties, without the further interference of the police ! This is a singular announcement, but the Sun is assured that it is true nevertheless, and we are informed that a New York lawyer, as agent for the burglars, has corresponded with the officers of the bank in relation to the compromise! Owing to this heavy loss by the bank, and some previous embarrassments possibly, the Commissioners applied to the Superior Court for an injunction, and the Court have appointed Frederick S. Wildman of Danbury, and W. A. Judd of Bethel, Receivers, whose advertisement we publish in another columin.

5. August 19, 1858 Litchfield Enquirer Litchfield, CT
Article from Litchfield Enquirer, August 19, 1858

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STATE OF CONNECTICUT, FAIRFIELD COUNTY, SUPERIOR COURT, August Term, 1858. PON the Complaint of the Bank CommissionU ers of said State, this Court hath appointed FREDERICK S. WILDMAN, of Danbury, and WILLIAM A. JUDD, of Bethel, Receivers of the HATTERS BANK, of said Bethel, and hath limited and appointed till the 20th day of November, A. D. 1858, for the creditors of said Bank to present their claims against the same to said Receivers, and all claims not presented within the time so limited will be barred. AMOS S. TREAT, Clerk. Test, The undersigned hereby give notice to the creditors of the Hatters Bank to present their claims against the same to the Receivers at the Banking House of said Bank in Bethel, in said Fairfield County, pursuant to the above decree. on or before the 20th day of November, A. D. 1858. FREDERICK S. WILDMAN, Receivers. WILLIAM A. JUDD, DY. 17tNov20

6. August 20, 1858 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, August 20, 1858

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JOHN A. STEVENS, Commissioners. HENRY F. VAIL, E. D. MORGAN, STATE or Cossi CITCUT, FAIRFIELD COUNTY SUPERIOR COURT August Term. 1858 UTON the complaint of the Bank Commissioners of said State, this Court bath appointed FREDERICK 8. WILDMAN of Dasbury and WILLIAM A. JUDD of Betuel, RECEIVERS of the HATTERS' BANK of said Bethel, and hath limited and appointed fill the 20th day of November, A. D. 1858, for the creditors of said Bank to present their claims against the same to sale Receivers. and all claims not presented within Test, the time so limited is ill be barred. AMOS S TREAT Clorid. The undersigned hereby give notice to the Creditors of the Hetters' Bank to present their claims against the same to the Re. reivers. at the Banking He se of paid Bank, in Betbel. In said Fairfield County, pursuant to the above decree, on or before the 20th day of Novem ber, A D 1858. FREDERICK S. WILDMAN, Receivers. WILLIAM A. JUDD.

7. August 26, 1858 Litchfield Enquirer Litchfield, CT
Article from Litchfield Enquirer, August 26, 1858

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STATE OF CONNECTICUT, FAIRFIELD COUNTY, SUPERIOR COURT, August Term, 1858. PON the Complaint of the Bank CommissionU ers of said State, this Court hath appointed FREDERICK S. WILDMAN, of Danbury, and WILLIAM A. JCDD, of Bethel. Receivers of the HATTERS BANK, of said Bethel, and hath limited and appointed till the 20th day of November, A. D. 1858. for the creditors of said Bank to present their claims against the same to said Receivers, and all claims not presented within the time so limited will be barred. Test, AMOS S. TREAT, Clerk. The undersigned hereby give notice to the creditors of the Hatters Bank to present their claims against the same to the Receivers at the Banking House of said Bank in Bethel, in said Fairfield Coun+ ty, pursuant to the above decree. on or before the 20th day of November, A D. 1858. FREDERICK S. WILDMAN, Receivers. WILLIAM A. JUDD, 17tNov20

8. August 31, 1858 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, August 31, 1858

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STATE OF CONNECTICUT, FAIRFIELD COUNTY SUPERIOR COURT. August Term, 1858 IIPON the complaint of the Bank Commissioners of said State, this Court hath appointed FREDERICK WILDMAN of Desbury and WILLIAM A. JUDD of Bethel, 8. RECEIVERS of the HATTERS' BANK of said Bathal. and bath limited and appointed till the 20:h day of November A D. 1858. for the creditors of said Bank to present their the saze to said Receivers, and all claims not presented withis Test. the time so limited will be barred. AMOS S TREAT. Clark The undersigned hereby give notice to the Creditors of the Hetters' Bank to present their claims against the same to the & ceivers, at the Banking House of said Bank, in Bethel in and Fairfield County, pursuant to the above decree. on or before 20th day of November A D. 1858. FREDERICK S. WILDMAN Receiver WILLIAM A. JCDD,

9. October 1, 1858 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 1, 1858

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STATE OF CONNECTICUT, FAIRFIELD COUNTY, the complaint SUPERIOR of COURT, the Bank August Term, 1858. UPON Commissions of said State, this Court hath appointed FREDERICAL WILDMAN of Danbury and WILLIAM A. JUDD of RECEIVERS of the HATTERS' BANK of said Bethel bath limited and appointed till the 20th day of November, 1858, for the creditors of said Bank to present their claims the same to said Receivers, and all claims not presented the time so limited will be barred. Test, AMOS S. TREAT, Clerk The undersigned hereby give notice to the Creditors of Hatters' Bank to present their claims against the same to Receivers, at the Banking House of said Bank, in Bethol, is said Fairfield County, pursuant to the above decree, on or before the 20th day of November, A. D. 1858. FREDERICK S. WILDMAN, Receivers. WILLIAM A. JUDD,

10. October 15, 1858 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 15, 1858

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COUNTY STATE or CONNECTICUT, SUPERIOR COURT. August Term, 1858. URON the complaint of the Bank Commissioners of said State, this Court hath appointed FREDERICK 8. WILDMAN of Danbury and WILLIAM A. JUDD of Bethel, RECEIVERS of the HATTERS' BANK of said Bethel, and bath limited and appointed till the 20th day of November, A. D. 1858, for the creditors of said Bank to present their laims against the same to said Receivers, and all claims not presented within Test, the time so limited will be barred. AMOS S. TREAT, Clerk. The undersigned hereby give notice to the Creditors of the Hatters' Bank to present their claims against the same to the Receivers, at the Banking House of said Bank, in Bethel, in said Fairfield County, pursuant to the above decree, ou or before the 20th day of November, A. D. 1358. FREDERICK S. WILDMAN, Receivers. WILLIAM A. JUDD,

11. October 29, 1858 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 29, 1858

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STATE OF CONNECTICUT, FAIRFIELD COUNTY, SUPERIOR COURT, August Term, 1853. of State, this Court hath appointed FREDERICK s URON the complaint of the Bank Commissioners WILDMAN of Danbury and WILLIAM A. JUDD of Bethel RECEIVERS of the HATTERS' BANK of said Bethel, and bath limited and appointed till the 20th day of November, A. D 1858, for the creditors of said Bank to present their claims against the same to said Receivers, and all claims not presented with Test, the time so limited will be barred. AMOS S. TREAT, Clerk. The undersigned hereby give notice to the Creditors of the Hatters' Bank to present their claima against the same to the Receivers. at the Banking House of said Bank, in Bethel, in said Fairfield County, pursuant to the above decree, on or before the 20th day of November, A. D. 1858. FREDERICK S. WILDMAN, Receivers. WILLIAM A. JUDD,

12. November 25, 1858 Litchfield Enquirer Litchfield, CT
Article from Litchfield Enquirer, November 25, 1858

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The religious festival of Thanksgiving was kept last week in New York, New Jersey and Pennsylvania; will be kept this week, the 25th November, by twenty-two more States, "Connecticut included, and will be kept, solitary and alone, by Vermont on the 2d of December. The bills of the Hatters Bank of Bethel are now redeemed at par by the Receivers: