Article Text
THE bridgeport (CONN.) BANKS. BRIDGEPORT, CONN., Oct. 16-The Connecticut, Bridgeport, Farmers' and Pequonnock Banks, of this city, have suspended specie payments. IOWA ELECTION.
1347. Pequonnock Bank (Bridgeport, CT)
Bank Information
- Episode Type
- Suspension → Reopening
- Bank Type
- state
- Start Date
- October 16, 1857
- Location
- Bridgeport, Connecticut (41.167, -73.205)
Metadata
- Model
- gpt-5-mini
- Short Digest
1a1f76cb5c4821af
Response Measures
None
Description
Articles report Pequonnock Bank suspended specie payments on Oct 16, 1857 (along with other Bridgeport banks) during the Panic of 1857, then by Nov 9, 1857 it was redeeming its notes in New York (at a 1% discount). No run is described; sequence is a suspension followed by resumption of redemptions.
Events (2)
1.
October 16, 1857
Suspension
- Cause
- Macro News
- Cause Details
- Suspension occurred contemporaneously with the Panic of 1857; multiple local banks suspended specie payments.
- Newspaper Excerpt
- THE bridgeport (CONN.) BANKS. BRIDGEPORT, CONN., Oct. 16-The Connecticut, Bridgeport, Farmers' and Pequonnock Banks, of this city, have suspended specie payments.
- Source
- newspapers
2.
November 9, 1857
Reopening
- Newspaper Excerpt
- Among the first to commence redeeming its notes in New-York is the Pequonnock Bank... The notes of this bank are redeemed at the Exchange and Banking office of Benjamin F. Manierre, No. 220 Broadway, New-York, at one per cent discount. For the present this institution has resolved to discontinue redeeming at Boston.
- Source
- newspapers
Newspaper Articles (2)
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Article Text
5,864 946 Balances to November 9 We hear of no new failures; most of the reports flying about referring to cases which have been kept back in the hope of ultimate arrangement. There have been many suspensions and accommodations during the panic which have not been made pub ic, and which now coming to light are chronicled as new disasters. We understand that the aggregate circulation of the Connecticut Banks is at present reduced to less than one-fourth of their capital. Their deposits are merely nominal. Many of these institutions insist upon discontinuing their redemptions in Boston while the Boston banks themselves are in a state of specie suspension. Among the first to commence redeeming its notes in New-York is the Pequonnock Bank, which yesterday issued the subjoined circular: PEQUONNOCK BANK, } BRIDGEPORT, Ct., Nov 9, 1857. The notes of this bank are redeemed at the Exchange and Banking office of Benjamin F. Manierre, No. 220 Broadway, New-York, at one per cent discount. For the present this institution has resolved to discontinue redeeming at Boston. The capital of this bank is $200,000. with a surplus of $20,000. Its entire circulation is less than $45 000. C. B. HUSBELL, President. The bills of the following State Banks, which have gone into liquidation, are no longer received on deposit at the Metropolitan Bank: The Western Bank of Lockport, Powell Bank of Newburgh, Ontario County Bank, Phelps Bank and Chemung County Bank at Horseheads. The business of the Clearing-House to-day was $14 391,200. The earnings of the Chicago and Rock Island Railroad were: $157,116.50 October, 1857 237,711 S1 October, 1856 Decrease $80,591 The earnings of the North Pennsylvania Railroad were: $28,567 October, 1857 7628 1S October, 1856 Increase $20,939 The receipts of the Michigan Central Railroad were: $ 262,923.83 October, 1817 403,562 11 October, 1856 Decresse $140,638 28