Manufacturers Bank - Birmingham, CT

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: November 19, 1857
Location: Birmingham, Connecticut (41.325, -73.085)

Metadata

Model: gpt-5-mini
Short Digest: 507f4b14277ee89a

Response Measures

None

Description

Article (New York Herald, 1857-11-19) states The notes of the Manufacturers' Bank, at Birmingham, Conn., are received again at the Metropolitan Bank. This implies the bank's notes had recently been refused/rejected (a suspension of redemption) and are now being accepted again. No explicit mention of depositor run or receiver; therefore classified as a suspension followed by reopening. Limited information available — dates of the prior suspension not given, cause not specified in the text.

Events (2)

1. November 19, 1857 Reopening

Newspaper Excerpt: The notes of the Manufacturers' Bank, at Birmingham, Conn., are received again at the Metropolitan Bank.
Source: newspapers

2. * Suspension

Cause Details: Implied prior refusal to receive/redeem the bank's notes (exact trigger not specified in article)
Newspaper Excerpt: The notes of the Manufacturers' Bank, at Birmingham, Conn., are received again at the Metropolitan Bank.
Source: newspapers

Newspaper Articles (1)

1. November 19, 1857 The New York Herald New York, NY

Article from The New York Herald, November 19, 1857

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Article Text

pi, 31; Chicago and Rock Island, 11; Cleveland and Toledo, 11. Mississippi State 6's advanced 3 per cent; Canton Company, 4; Cleveland, Columbus and Cincinnati, 12. Notwithstanding the fall in prices, the sales snm up as heavy as any day during the present excitement. There were more time speculations this morning than we have noticed for sometime, but they are principally buyer's option. The general decline in the market this morning can be attribated almost entirely to the rapid rise of the past few days. It is a natural reaction after such a period of inflation, but we must look for a rapid recovery under the influences now at work in the market. The facilities now afforded for speculation and inflation have not been exceeded for years, and it looks very much just now as though the whole power of the banks of this city would be brought to bear in favor of the stock market. The foreign advices received to-day in Halifax may have had a momentary influence in depressing prices, but it so far has been trifling. The local influences at work are too powerful, and must have full swing for a time longer. The great abundance of money, the speculative disposition abroad, the reduced rate of interest ruling on call loans, all point to a further inflation. The character of the securities operated in is for the present a secondary consideration. The tendency of the market is upward, notwithstanding the occasional checks. These are the facts of to-day. The future-which is to-morrow or next week-when it comes will take care of itself. The banks are now free and liberal lenders on stock securities, for the best reason in the world-they have no other use for their money, and we do not see that they are likely to have so long as commercial paper continues discredited. The stock market is now the centre of attraction for speculators, and it must run its course. At the second board the market was comparatively quiet. Most of the transactions this afternoon were for cash, and the reaction reported must have brought in new buyers, for it was not of long duration. At the board lower prices ruled. Illinois Central bonds fell off 1 per cent; Cumberland Coal, 11: Missouri 6's, 1; New York Central, 1; Erie, 1: Reading, 1; Michigan Southern, old, 1; Panama, 1; Cleveland and Pittsburg, 8; Cleveland and Toledo, 11; La Crosse and Milwaukie, 31. After the board the market recovered entirely the decline of the morning, and closed very firm. New York Central closed at 80 per cent bid; Reading, 45; Toledo, 42, and SO on through the list. Quite an active business was transacted after the board, and the leading speculative stocks were in demand at the advance. There was a meeting this afternoon of the Clearing House Association, but nothing of importance was done. In fact there was no business of moment for consideration. Returns have been received from all but two country banks in the State, and they all express the greatest satisfaction regarding the plan proposed for the redemption of their issues. Not the slightest difficulty is apprehended. A few days will restore the country circulation to the old channels, without disturbing any of the operations of commerce. The Assistant Treasurer reports to-day as fol lows:$163,670 56 Total receipts $257,847 94 payments " balance 4,992,564 04 The receipts include $61,000 from customs, and the payments include $55,000 on California drafts. There will be another meeting of the stockholdersv &c., of the Delaware, Lackawanna and Western Railroad Company on the 23d. Attention is called to the notice. The Bank of the Commonwealth will, until further notice, redeem the notes of the following banks :Mechanics' and Manufacturers' Bank, Trenton, N. J., 5's and upward. Farmers' and Merchants' Bank, Middletown Point, N.J., all denominations. Catskill Bank, Catskill, N. Y., all denominations. Merchants' Bank, Poughkeepsie, N. Y., all denominations. New York County Bank, New York, all denominations. State Bank at New Brunswick, N. J., all denominations. Hunterdon County Bank, Flemington, N. J., 5's and upward. The notes of the Manufacturers' Bank, at Birmingham, Conn., are received again at the Metropolitan Bank. Messrs. C. & A. Ives, of Detroit, whose suspension was mentioned last week, have published the annexed statement of their assets and liabilities:On the 22d of last August we had on deposit. $259,697 63 Since then our payments to depositors have 193,240 01 exceeded our receipts $66,457 62 Balance due depositors this day 3,597 35 Due to banks and bankers $70,054 97 Making total amount of indebtedness To pay the above we have the following assets $130,641 23 Bills discounted Deduct as bad and doubtful 15,000 00 $115,641 23 Leaving 1,671 08 Cash items 61,400 00 Unincumbered real estate (city property) $178,712 31 Total assets Total indebtedness 70,054 97 Excess of assets over liabilities $108,657 34 We will collect the above assets as fast as possible, and as fast as collected pay depositors. In the meantime those wishing to exchange their demands against us for good endorsed paper, can do SO. By the arrival of the steamship Niagara at Halifax from Liverpool we have three days later news from all parts of Europe. The intelligence is important, but of an unfavorable character financially and commercially. The advance in the rate of interest of the Bank of England to nine per cent is not an unexpected movement, but one not calculated to help matters much on this side of the Atlantic. The London money market was exceedingly active and