Hartford Bank - Hartford, CT

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: August 18, 1849
Location: Hartford, Connecticut (41.764, -72.685)

Metadata

Model: gpt-5-mini
Short Digest: 915cab263b46f18b

Response Measures

None

Description

Article (New-York Daily Tribune, 1849-08-20) reports a demand for specie on the Hartford Bank by one banker leading to protested notes; paper says this is not a failure but a personal quarrel and that the Albany agent will pay protested notes. No suspension or receivership is mentioned.

Events (1)

1. August 18, 1849 Run

Cause Details: Large-specie demand by a single banker in a personal quarrel leading to protested notes; not described as insolvency or wider panic.
Measures: Albany agent to pay protested notes; community continued to accept Hartford notes.
Newspaper Excerpt: The failure of the Hartford Bank of this State appeared in the Herald this morning as totally defract, is NO failure at all, The matter is merely personal quarrel between two bankers one of whom came down unnecessarily on the Hartford Bank with large amount of notes and demanded specie. As this demand could not be met, the notes were protested. They will be paid by the Albany Agent of the Bank as soon as sent to the Controller's Office.
Source: newspapers

Newspaper Articles (1)

1. August 20, 1849 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, August 20, 1849

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Article Text

COMMERCIAL AND MONEY MATTERS For Sales of Stocks, & see Fourth Page SATURDAY Aug. 18-PM. There was a rather better feeling in theStock market to day and some of the quotations improved After the Board there was a good inquiry or Govern ment Stocks, with some considerable spes. It is a noticeable fact that there is now mual more busi ness done in the Street than fornerly compared with business at the Board. The Bard attendance is light and many parties prefer to dal outside. In Exchange there is not each doing, but the market is firm. Freights remain dail and nominal To Liver. pool Flour is 18. Corn as. Dead Weight 17a 6d @20a. Coton d To London a British vessel took 1.000 bble heavy goods at 25 per tun. Two American barks have been chartered to load Tobacco at Richmond for Trieste at 35 per hhd. To California, engagements are making previous rates The failure of the Hartford Bank of this State appraced in the Hirald this morning as totally defract, is DO failure at all, The matter is morely per sonal quarrel between two bankers one of whom came down unnecessarily on the Hartford Bank with large amount of notes and demanded specie. As this de mand could not be met, the notes were protested They will be paid by the Albany Agent of the Bank as soon as sent to the Controller's Office. These two bankers are running each other's Banks, but as the notes are all amply secured by New York Stocks, the community take no interest in the matter. The whole loss is on the two bankers, who pay protest and travel ing expenses and 14 per et on the protested notes. The prominent money dealers take the Hartford notes to day, in common with other State money. How long this fun will last depends entirely upon the disposition of the gentlemen engaged in the skrimmage to spend money. A report of the affairs of the Boston and Maine Railroad has been made, and we annex a condensation of it. The amount of shares authorized is 45,000 $100 each of which 35,567 have been issued. The out lay for construction, up to June 1, 1849, has been as follows: $843,582 2 Graduation and Masonry 358 683 8 Bridges.. 935 201 50 Superstructure 418,170.76 Depots and other buildings 684,352.59 Land, land damages and fencing 292.318.36 Cars. and 259.548.35 Engineering and other expenses $3,791,808 21 Aggregate. The debts of the Company are 88 follows Accertained and liquidated. including $150,000 to the State of Massachusetts, secured by 8379,154 stock. Floating and unsettled, including bills of all 140,671.82 kindsunsettled. Contingent and other disputed claims. includ. ing claims for lands, legal services, persocal 98,143.75 injuries and loss of baggage $617,972 11 Total The Committee estimate that the sum of 880,388 40 will be required to complete proposed and unfinished works. The Committee report that machine shops for building engines and care are not proper appendages to Railroads, and that there is a balance of $158,546 against the machine shops of this Company. An issue of 6,220 shares will be necessary to free the Corporation from debt and complete the unfinished works The receipts of road for the year ending June 1, 1849, were 8484,511 90 The expenses exclusive of those charged to construction, were 8240,691 14. The Committee think no one can doubt the ability of the road, under an improved management, to earn an ample div. idend. The net receipts of the Vermont Central Railroad, for three months, have been as follows $16.143.69 $9.738 701 July May 12,755 18 June This Road has passed a resolution to accept a lease of the Vermont and Canada Road, when completed, at rent not exceeding 8 per cent on the cost. Mr. Quin, cy has also been elected Treasurer of the Vermont and Canada Road. Arrangements for capital sufficient to build the Vermont and Canada have been made A meeting of Stockholders of the Northern Rail. road, New York, was held at Boston on Tuesday. Mr. Chandler, President, made a written statement of the progress which had been made in the construction of the road, and of the financial condition of the Compa ny. Thirty miles of the road-from Rouse's Point to Eilensburgh-will be completed in October, and the grading 15 miles beyond will be completed this Au. tumn. In the construction of the tunnel and other works at Chateauguay River, $50,000 has been expend ed, and an equal amount of money and one year's time will be required to finish it. Between Chateaugusy and Malone, 12 miles. some progress had been made West of Malone, to Ogdensburgh, the road is nearly completed. The whole amount expended, 80 far, is $1,500,000. A million more is wanted, in monthly instaiments of 10 per cent. to complete the road next year; and this it was suggested might be raised by is suing bonds among stockholders, or otherwise the en terprise most be suspended About $100, ,000 was subscribed, and Committee was appointed to solicit fur. then subscriptions Alvah Crocker, Exq. has resigned the office of President, and Mr Johnson the office of Superintend. ent of the Vermont and Massachusetts Railroad, their resignation to take effect on the 1st of September. Counterfeit 5s on the New Haven Bank- very close imitation of the genuine-have made their sp pearance. Vignette, spread eagle, ships, &c. a mina ture picture of the First Sabbath in Quinniplack" on the right end. In the counterfeit the head of the eagle is quite indistinct, while in the genuine it is plain. The ship, too, on the left of the eagle is faint in the coun. terfeit Those which we have seen were dated Oct. 4. 1847, as are also a large portion of the genuine fives. The Exports of Produce from w-Orleans. to foreign countries, for the two weeks ending on the 4th instant, say from the 23d July to the 4th August, inclusive, were as follows For England- 4,324 bales Cotton, 2,861 hhds Tobacco, 674 bhls Flour, $3,000 Staves $ For Germany 143 bales Cotton. 696 hhds Tobacco. 150 bbis Pork, 81 sacks Corn and Foreign merchandise For France (Atlantic)-1, 54 Dales Cotton 101,850 staves 8,820 staves Tobacco, bhds For Spain-6 For Sardinian Pror nices- 051 hads Tobacco. 1,681 bales Cotton, 2,176 hilles, 4,000 staves, 21 stick timber spars. For Africa, (West Cossit- 101 hhds Tobacco, 4:2 bales Tobacco For Harana-36 tierces Hams 100 kegs Butter, 130 bbls Tallow 786 bbls Lard 2,500 kegs Lard, 6,000 Hoop-poin For California, (2 60 House Frames, Iron Chests, Stoves, Whisky Markets CAREFULLY REPORTED FOR THE TRIBUNI 18. Aug. GROCERIES but trade New last, Laguay Maracaite