14776. Bank of Watertown (Watertown (Whitesboro), NY)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
October 6, 1857
Location
Watertown (Whitesboro), New York (43.975, -75.911)

Metadata

Model
gpt-5-mini
Short Digest
f8bf5b5a0ed982ef

Response Measures

None

Description

Multiple Oct. 6–7, 1857 newspaper dispatches report the Bank of Watertown's bills/notes were thrown out or discredited in New York and elsewhere during the wider 1857 financial distress. Articles describe discrediting of its notes and that its Albany agents were confident of continuing redemptions. There is no explicit statement that the bank suspended specie payments or was placed in receivership. Classified as a run-only / discrediting episode driven by the wider financial panic (macro news).

Events (1)
1. October 6, 1857 Run
Cause
Macro News
Cause Details
Discrediting and heavy withdrawals occurred amid the nationwide financial panic of October 1857; bills of the Bank of Watertown were 'thrown out' in New York and elsewhere.
Measures
Albany agents publicly expressed confidence in the bank's ability to continue redemptions; no suspension announced.
Newspaper Excerpt
The notes of the Bank of Waterlown were discredited yesterday. Its agents at Albany speak confidently of the ability of the bank to continue its redemptions on and after to-morrow.
Source
newspapers

Newspaper Articles (13)
1. October 6, 1857 The Washington Union Washington, DC
Article from The Washington Union, October 6, 1857

Click image to open full size in new tab

Article Text

BY TELEGRAPH. Arrival of the City of Washington, NEW YORK, Oct. 6.-The City of Washington," from Liverpool on the 23d, arrived here about 9 o clock this morning. The important news by this steamer was anticipated by the Anglo-Saxon at Quebec yesterday, but her advices add some interesting details from India. The East India Company had declined the proffer of the European and American Steamship Company to transport troops overland to India. Lord Elgin brought to Calcutta 1,700 troops from China, who were to proceed up the Ganges forthwith. He proposes to take to China some of the native Indian regiments, as they would be more faithful than in India. Gen. Neill, at Cawnpore, was compelling the highcaste Brahmins to wash the blood from the floors of the European soldiers, accelerating their movements by the use of the eat, and then hanging them. A letter to the Paris Patrie says that Nena Sahib was marching upon Lucknow with 15,000 men, and was four days ahead of Gen. Havelock. The fort at Lucknow was deemed impregnable. A fight had taken place between Canut and Laugham for the championship of England; but, after an engagement of forty minutes, darkness came on, and the fight was withdrawn. The Financial Crisis. NEW YORK, Oct. 6.-Willetts & Co., hardware dealers, have suspended. PHILADELPHIA, Oct. There was much excitement here last evening among the holders of the Reading Railroad stock, in consequence of the discovery that an act of the legislature of 1850, extending the bonds, makes the stockholders, individually, liable for all the debts of the company thereafter contracted, with a proviso not to include the bonds which may be issued in place of bonds already existing. NEW ORLEANS, Oct. 5. - Voorhees, Griggs, & Co. have suspended, but it is believed the suspension is only temporary. The markets are checked by the difficulty in getting cash for exchanges. Exchange on New York, 1 a 11 discount. Sales of sterling exchange are very small. CUMBERLAND, (Md.,) Oct. 5. Considerable excitement was created here this morning by the announcement that the Mineral Bank had assigned and closed its doors. This institution suspended specie payment some days ago, and had in circulation quite a large amount of paper in western Maryland, parts of Virginia and Ohio, and other points West. It sustained a good reputation heretofore. The impression prevails that it has become involved with the coal companies. Pennsylvania Legislature. HARRISBURG, Oct. S.-The legislature met, and the governor's message states that suspension was an imperative necessity, and suggests a relief by removing the penalties, provided that a resumption be made as early as practicable. A joint resolution is being debated in the house requiring the banks to furnish information of their condition before legislation should be had. More Banks Suspended. NEW YORK, Oct. 6. -The bills of the Lee Bank, Massachusetts, Mercantile, Charter Oak, and Exchange banks, of Hartford, Connecticut, and the Bank of Watertown, New York, have been thrown out. HARTFORD, Oct. 6.-The Charter Oak, Mercantile, and Exchange banks have suspended specie payments. The other banks have resolved not to suspend.

2. October 7, 1857 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, October 7, 1857

Click image to open full size in new tab

Article Text

Monetary Affairs. NEW YORK, Oct. 6.-The day closed upon a very tight money market The difficulties of negotiating exchange have induced merchants to order grain sent forward, guranteeing expenses here. Sterling bills closed at 95 a 102, to cover actual transactions, some names selling little higher, but only in small sums. The receipts at the Sub Treasury were $228,868, and payments $1,288,137. balance $6,560,045. The receipts include $100,000 transferred from Boston, and the payments include $112,000 California debts, $200,000 in small pieces sent to the Mint, for which large gold will be returned tomorrow, and $600,000 to the Bleeker street Sav. ing Institution, for redeemed United States stock. The American Exchange Bank, after holding the drafts of Messrs. Lathe & Church up to the close of business, yesterday, refused to pay them this morning, and they were protested. NEW York, Oct. 6.-Bills of the Lee Bank, Mass., Mercantile, Charter Oak, and Exchange Banks, Hartford, Conn., and Bank of Watertown, N. Y., are thrown out today. Messrs. Yelverton & Walker suspended yesterday. PHILADELPHIA, Oct. 6- Much excitement was occasioned among the Reading stockholders last evening, by the discovery that the act of the Legislature of 1850, extending the bonds, makes the stockholders individually liable for all debts of the company thereafter contracted, with a provizion not to include bonds which may be issued in lieu of bonds already existing. ST. LOUIS, Oct. 6.-A meeting was held yesterday at the Merchants' Exchange, to consider the currency question. Mr. Henry, Bank Commissioner of Illinois, made a statement of the banks of that State, which was generally regarded as satisfactory. The committee appointed to report on the subject, convened in the afternoon, but adjourned without coming to a definate conclusion. The vote on receiving the currency at par stood at a tie. Previous to the adjournment a resolution was passed to petition the Legislature to issue no more bonds at present, and to create a sinking fund for the payment of the interest of those already issued. Another meeting was held at the Exchange today. The suspension of Lucas & Co. is announced. Their assets are known to be ten times greater than their liabilities. There was a run today npon the banks of Missouri, and Boatmen's and German Institution. There are no evidences of a suspension yet. The regular banks remain strong. DETROIT, Oct. 2.-The Farmers' & Mechanics' Bank of this city has been placed under injunction by the Attorney General. HARTFORD, Oct. 6.-The Charter Oak, Mercantile, and Exchange Banks suspended specie payments this morning, The officers of all the other banks met last night and resolved not to suspend.

3. October 7, 1857 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, October 7, 1857

Click image to open full size in new tab

Article Text

TELEGRAPHIC NEWS. REPORTED FOR THE DAILY DISPATCH. LATER FROM EUROPE. NEW YORK, Oct. 6,-The steamer City of Washington arrived this morning from Liverpool, with dates to the 23d of September-same as the AngloSaxon. FROM INDIA. Lord Elgin had brought 1,700 trooys from China to Calcutta and it was proposed to send some native troops to China. A letter to the Paris Patrim. says that Nena Sahib was marching on Luckenow, four days in advance of Gen. Havelock. The fort at Luckenow is considered impregnable. THE FINANCIAL PRESSURE, FAILURES, &c. NEW YORK, Oct. 6-The bills of the Lee Bank, Mass., Mercantile, Exchange and Charter Oak, Hartford, Ct., and Bank of Watertown, New York, are thrown out to-day. Willett & Co., hardware merchants, have suspended. WASMINGTON, Oct. 6.-F. & A. Dodge, the heaviest importing merchants in theDistrict, have made an assignment, caused by the suspension of Clark, Dodge & Co., and Abbott. Dodge & Co., New York. PHILADELPHIA. Oct. 6.-Much excitement has been caused by the discovery that the holders of Reading Railroad Stock. are individually liable. by the act of 1850 for all debts of the company contracted after that date, with the promise that it is not to include bonds which may be issued in place of bonds already existing. HARTFORD, Ct., Oct. 6.-The Charter Oak, Exchange and Mercantile Banks, have suspended specie payment. The other banks have resolved not to suspend.

4. October 7, 1857 The Day Book Norfolk, VA
Article from The Day Book, October 7, 1857

Click image to open full size in new tab

Article Text

Monetary Affairs. PHILADELPHIA, Oct. 6.-There was much excitement produced among the Reading stock holders last evening by the discovery that the act of the Legislature of 1850 extending the bonds makes the stockholders individually liable for all the debts of the company, thereafter, with a provision not to include the bonds which may be issued in lieu of bonds already existing. NEW ORLEANS, Oct. 6.-Messrs. Worbees, Griggs & Co., have suspended. It is supposed, however, to be only temporary. NEW YORK, Oct. 6.-The bills of the Lee Bank, of Massachusetts, the Mercantile, Charter Oak, and Exchange Banks of Hartford, Connecticut, and the Bank of Watertown, New York, were thrown out here this morning. HARTFORD, Oct. 6.-The Chester Bank, Mercantile and Exchange Banks have suspended specie payments. The other banks have resolved not to suspend.

5. October 7, 1857 Wheeling Daily Intelligencer Wheeling, WV
Article from Wheeling Daily Intelligencer, October 7, 1857

Click image to open full size in new tab

Article Text

BANK EXCITEMENT. DRTHOIT, Oct. 6.-The Farmers & Mechanies' Bank of this city has been placed under injunetion by the Attorney General. ST. Louis, Oct. 6.-There is n run on the Bank of Missouri and Boatmans' and German Savings Institutions, no evidence of suspension yet el The regular Banks are strong. At a meeting at the Merchants Exchange yesterday to consider the currency question, Mr. Henry, Bank Commissioner from Illinois, made a statement of the condition of the Banks of that state, which was generally considered satisfactory. The committee appointed to report on the subject, convened this afternoon without coming to any definite. conclusions The vote on securing currency at par stood a tie. Previ ous to adjournment a re olution was passed to petition the Legislature to issue no more bonds at present and to create a sinking fund for the payment of interest on those already issued.-Another meeting will be held at the Exchange to-day. Suspended-Lucas & Co.; creating no excitement; assets ten times greater than their liabilties. BOSTON, Oct. 6.-At the instance of the Bank Commissioners a temporary injunction on the the Western Bank of Spri gfield, was issued. NEW YORK, Oct. 6.-The Mercantile Bank at Hartford, Conn., and the Bank of Watertown, New York, have been thrown out.

6. October 7, 1857 The New York Herald New York, NY
Article from The New York Herald, October 7, 1857

Click image to open full size in new tab

Article Text

any them alone. As a general thing they are dear at any price. The Assistant TA `esurer reports to day as follows:$228,868 57 Total receipts 1,288,137.65 4. payments " baian 6,560,045 74 The receipts to day incia de $100,000 for transfer drafts on Boston, and the payments include $112,000 on Callfornia drafts, and $200,000 sent to the United States Mins, Philadel bis. It will beseen tha the Treasury balance is reduced to nearly six and a half million of dollars, -n amount less than we have known for many mombs. We hope to see it loss than half that figure before the ist of January, 1868. Our advices from the East in regard to the banks of that section are not at all encouraging from Hartford we have accounts of the suspension of three banks-the Mx change, Charter Oak, and Mercantile. The New England banks are daily weakehed by the reiurn of their ciron lating notes. In this respect they differ very much from the banks of this State, or any other State where the pub. lic stock security exists The return of cireclating notes to the banks of New England weakens them by taking away gold or other assets, while in this state the returns of circulating notes rather strengthen the banks, for they take the notes to the Banking Su erinlendent, get State stocks to exchange, sell them ain premium, and are therefore in funds for future operations The circulation of the Eastern banks to coming in from the West in volumes, and as it is redeemed it leaves each bank * orse off than before This is likely to lead to trouble among these institutions, and perhaps ultimately to general suspension among the country banks, if no more. The whole of Rhode Island and e good many banks in Connecticut have already gone down The annered li.t contains the names of banks the bills of which are not received at the Suffelk Bank:MAINE - Exchange Bank Bangor; Hallowell Bank, Hallo well; Hancock Bank, Ellsworth; Ship Builders' Bank, Rockland; Maritime Bank, Bangor; Ellaworth Bank, Elle worth; Chine Bank, China; Central Bank, Haliowell; San ford Bank, Sanford MASSACHUSETTS --Cochituate Bank, Rosten : Groners' Bank, Borton; Manufaciarers' Bank, Georgetown; West ern Bank. Springfield NEW HAMPSHIBE-Exeter Bank, Exeter; Lancaster Bank, Lanesater. VERMONT -Stark Bank, Bennington; South Royalton Bank, South Royalton; Damby Bank Danby. CONPECVCUE-Estern Bank, West Killingly; Wooster Bank. Dembury; Woodbury Bank Woodoary; Hartford County Bank Hartford, Exchange Bank. Hartford; Mer centile Bank, Bartford; Charter Oak Bank, Hartford; Oolchester B.nk, Colobaster. RHODE ISLAND.-The bills of none of the banks are received The suspension of a very large fur dealer in Maiden lane was reported to day-reported to have a large surplus. The American Exchange Bank, after honoring the drafts of Messrs Sather and Church, of San Francisco, up to the close of b siness-yesterday, refused to pay them this morning, and they were protested. The suspension of Meesrs. Willetta & Co. is also announced this morning. Adrian H. Muller will hold his regular auction sales of stocks and bonds to morrow, at 12½ o'clock, at the Merchants' Exchange Albert H. N.colay will hold a special sale of stocks and bonds to-morrow, (Wednesday) at 12 o'clock, at the Mer chants' Exchange. The notes of the Bank of Waterlown were discredited yesterday. Its agents at Albany speak confidently of the ability of the bank to continue its redemptions on and after to-morrow. The an. exed is a comparative statement of the exports (exclusive of specie) from New York to foreign ports, for the week and since Jan 1:1856. 1857 1855. 1,809.390 Tota' for the week. $1,367,470 1,721,980 54,015,245 57,692,368 Previously reported 45 834,246

7. October 7, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 7, 1857

Click image to open full size in new tab

Article Text

The bank and mercantile disasters continue to be numerous and important. Those ammounced to-day include three backs in Hartford suspended. The E1 change, Charter Oak and Mercantile. The Bank of Watertown N. Y., and Lee Bank. Mass. The re maining Hartford banks have decided not to suspend. The important mercantile failures are Messrs. Willets & Co., a very wealthy and respectable Quaker house, who have become involved by acceptances on merchandise shipped from the Pacific. They will undoubtedly pay eventually everything. The drafts of Measrs. Sather & Church of San Francisco, have also been protested to-day. This house, we understand, were short insured about $40,000 by the Central America, but the immediate cause of their suspension was the non-acceptance of $89,000 on Willets & Co., remitted by the Star of the West. It is believed that the drafts of Messrs. Sather & Church will be promptly paid on the their return to San Francisco, and meantime, negotiations are going on by which it is hoped they will be enabled in a few days to resume. Van Vieek, Read & Drexel of New York, and Drexel & Co. of Philadelphia, have no connection with Sather & Church, whose business with them closed in June last. The American Exchange Bank posted the following notice this morning: " In consequence of the dishoner of drafts remitted this Bank declines further payments for Sather & Church, having already paid as far as covered by funds in hand." The failure of Messrs. Vail & Yates of Newark, one of the most extensive hat concerns in the United States, is also announced; and some six or seven fur houses in this city, none of them of much importance excepting that of Messrs. J.D. Phil ips & Co. We hear also of two or three grocers suspended, but none of much importance. At New-Orleans the failure of Messrs. Voorhees, Greggs & Co. is announced. The Farmers' and Mechanics' Bank of Detroit has been enjoined, and the Western Bank of Springfield, Mass., also. Mr. Thomas R Walker has been appointed Receiver of the Bank of Central New-York, Utica. The State Controller has been at the Manhattan Bank, in this city, for two days, signing transfers of State Stock withdrawn from the Bank Department and put upon this market within the few days past in large amounts. The following is a Comparative Statement of Exports (exclusive of specie) from New-York to Foreign Ports, for the week, and since Jan. 1: 1857. 1856. 1855. $1,721,980 $1,309,390 $1,357,470 Total for the week 54,015,245 57,592,356 45,834,246 Previously reported $55,787,225 $53,301,746 $47,191,716 Since Jan. 1 The Manton Iron Company have leased their extensive iron works, for five years, to Messrs. Thomas Chambers, J. P. and J. Grove, and Henry M. Fuller, who will only resume business when sales of iron can be effected at remunerating prices. The receipts of the Housatonic Road for the eig it months ending 1st of Sentember. have been as follow

8. October 7, 1857 The New York Herald New York, NY
Article from The New York Herald, October 7, 1857

Click image to open full size in new tab

Article Text

Total $30,026,910 There were returned to the Bank Department for cancellation during the week over $1,550,000 of bank bills. The amount of securities surrendered was over $1,000,000. Tbe amount of notes still in packages, not counted, (included in the above,) was about $330,000. The amount of notes returned for cancellation for the last three days of the week, succeeding the recent decision of Judge Harris, was over $1,100,000 and the amount of securities returned during the same period was within a fraction of $800,000. The Bank of Watertown was yesterday added to the list of discredited banks. Messrs Bruce & Young. the agents in this city, speak confidently of the ability of the back to continue its redemptions on and after Wednesday next. The Bank of Central New York, at Ution, closed yester. day (Monday) morning, and immediately went into the bands of a receiver (Thomas R Walker, E41). The dir. onlating notes are #ec tred mt the Banking Department, and It was the impression in well informed quarters yesterday, at Utics that the other creditors would nitimately be paid, but that the stock would prove nearly or quite n total loss. This bank met with large losses many years ago, and we think bas never paid dividends.

9. October 8, 1857 The Daily Gate City Keokuk, IA
Article from The Daily Gate City, October 8, 1857

Click image to open full size in new tab

Article Text

Telegraphic News. New YORK, Oct. 6.-The screw steamship City of Washington, from Liverpool at noon 23d ult., arrived here this morning. Great activity prevailed in England in sending reinforcements to India. The overland mail steamer was to take 2000 troops from Malta to Alexandria, to be sent through Egypt to India. Several hundred troops will go out in succeeding steamers. The India Company had decided to engage the fleetest European and American steamers. Lord Elgin's mission to Calcutta was to propose an exchange of European for native Bengal regiments, as the Indians would prove sufficiently effective and more trustworthy in Canton than in their own country. Lord Elgin took with him to Calcutta 1700 troops, and marines in a naval brigade organized 10 proceed forthwith up the Ganges. The French Government had received dispatches from India, announcing that the governor of Pondicherry had, as a speculation, called upon the Admiral of the French fleet in the Indian seas, for some ships of war. Gen. Neil, at Cawnpore, was compelling all the high caste, or Brahmins, whom he could enpture, to collect all the bloody clothes of the victims and wash the blood from the floors, their movements being accelerated by the application of a cat. Afterwards the Sepoys were hanged one after another. One hundred Austrian officers have offered to serve in India. A London letter, in the Paris Patrie, asserts that Salif was marching upon Lucknow at the head of 150,000 insurgents, and as be was within four days of Gen. Havelock it was considered certain that he would effect a junction with the insurgents before the English Generals arrived. The Fort of Lucknow was well supplied with provisions and ammunition. It was deemed impregnable. Advices from St. Petersburgh report a great storm and fire on the Sandago Canal. 200 country crafts with their cargoes of produce were wrecked. The following is said to be the result of the new election in Moldavia: Out of 87 electors 66 have declared for the Union of the Principalities, 6 against, and 15 neutral. The election at Wallachia is to commence on the 18th. The Persian troops have evacuated Herat. DETROIT, Oct. 6.-The Farmers' & Mechanics' bank, of this city, has been placed under injunetton by the Attorney General. HARTFORD, Oct. 6.-The Charter Oak bnnk, tho Mercantile bank, and the Exchange bank suspended specie payment this morning.The officers of all the other banks met last night and resolved not to suspend. NEW YORK, Oct. 6.-Bills of the Lee bank, Mass., Mercantile bank, Charter Oak bank, and Exchange bank, of Conn., and the bank of Watertown, N. Y;, are thrown out to-day. The Weare bank, N. H., was thrown out. The bille of the bank of Lima, N. Y., were again taken. BOSTON, Oct. 6.-Judge Merrick, on motion of the bank Commissioners, has granted a temporary injunction upon the Western bank of Springfield, Mass. HARRISBURG, Pa., Oct. 6.-The Legislatore convened to-day. Gov. Pollock delivered his message, suggesting measures for there. lief of the banks and public. BUFFALO, Oct. 6.-The New York State Fair opens to-morrow, and continues for three days. The entries up to this noon are over 2,500.-A greater number than ever before made. The weather is very favorable.

10. October 10, 1857 Muscatine Weekly Journal Muscatine, IA
Article from Muscatine Weekly Journal, October 10, 1857

Click image to open full size in new tab

Article Text

# THE NEWS. -The steamship Star of the West arrived at New York on the 4th, with 450 passengers, the Calitornia mails of Sept. 4th, and $1,268,000 in specie. The California State election on the 2d ult., resulted in the entire success of the Democratic ticket. Weller was elected Governor by probably 15,000 plurality. The State has voted to pay its debt. Columbia, Tulomnar county, had been destroyed by fire. Loss $600,000. Wm. Bean had been convicted of embezzling government treasure from the branch mint. Col. Harlasthy's defalcation from the same establishment is $150,000. Mining was being carried on successfully. The Carson Valley people were agitating for a territorial organization for that quarter. We have an account of the frightful massacre of an emigrant train by the Indians. From Oregon we learn that the Constitutional Convention met at Salem on the 19th ult. We have intelligence from Washington Territory of the murder of Col. Eby, collector ef the port of Townsend, by a party of Indians. His family had escaped. Eight Indians had been arrested by the residents and would bo hung. Hon G. Venable, our Minister to Guatemala, died of cholera on the 23d of August. This epidemic was raging at Guatemala and San Salvador. It now appears that the Central America had 440 passengers, and $1,218,838 in specie when she lett Aspinwall. -The Bremen bark Lima arrived at New York on the 5th, with three survivors of the Central America, whom she took from the British brig Mary, bound from Cardenas to Queenstown. Their names are J. Tice, 2d engineer; Alex. Grant, fireman; and Geo. Dawson, passenger. They drifted eight days in a small boat without anything to eat before being rescued by the brig. -The steamer Ben Carson, was run into by the steamer Gate City, about two o'clock on Sunday morning last, near La Crosse. The Ben Carson sunk immediately in fifteen feet of water, and is considered a total loss. Fifteen deck passengers, whose names have not as yet been ascertained, were drowned. On board the Carson, were seven persons who had been living in Minnesota-a father and mother, with a family of five children. The parents and two of the children were among those who lost their lives. -The Pennsylvania Legislature convened at Harrisburgh on the 6th. Govornor Pollock delivered his message, suggesting measures for the relief of the banks and public. -The financial intelligence from various parts of the country still abounds with accounts of failures and suspensions. The following banks are reported failed or discredited: Lee Bank, Mass, Charter Oak Bank and Exchange Bank, Ct., Bank of Watertown, N. Y., Ware Bank, N. H., and Bank of Lima, N. Y. -Foreign news to the 23d, by the City of Washington, which arrived at New York on the 6th, exhibits great activity in England in sending troops to India. General O Neil at Cawnpore, was compelling all the high caste or Brahmins, whom he could capture, to collect the bloody clothes of the victims, and wash the blood from the floors; their movements being accelerated by the application of the cat. Afterwards the Sepoys were hanged, one after the other. -A New York dispatch of the 7th says the money market is rather more quiet. At a meeting of merchants, a number of leading bank officers being present, a resolution was unanimously adopted requesting the banks to increase their loans at once $7,000,000, and eventually $10,000,000. It was thought the proposition would meet the approbation of the banks. -Since the publication of the notice of the Secretary of the Treasury, on the 24th of September, up to the present time, nearly $2,000,000 worth of United States stocks have been sent in for redemption. -The returns from the Georgia election indicate the re election to Congress of the Hon. James Seward, in the ist District.

11. October 10, 1857 Sunbury American Sunbury, PA
Article from Sunbury American, October 10, 1857

Click image to open full size in new tab

Article Text

NEW YORK, Oct.-The bills of the Lee Bank, Massachusetts, Charter Oak, and Exchage Banks at Hartford Connecicut, and the Bank of Watertown, N. Y., have been thrown out. HARTFORD, Oct. 6.-The Charter Oak, Mercantile and Exchange Banks have suspended specie payments. The other banks of this place have resolved not to suspend. Bosron, Oct. 6.-At the instance of the Bank Commissioners a temporary injunction has been granted on the Western Bank of Springfield Mass. BOSTON, Oct. 6.- The monetary panic has entirely disappeared. There were no failures to-day. NEW ORLEANS, October 5.-Business is still restricted by the impossibility of selling exchange. Small sales of bills on New York have been made at 11 a 1. No sales of sterling have been reported. Sr. LOUIS, October 6.-A meeting of the merchants of this city was held at the Exchange yesterday to chusider [the currency question. Mr Henry the Bank commissioner of Illiuois made a statement of the condition of the Banks in that State which was generally regarded as satisfactory. A committee was appointed to report on the subject. This committee convened in the afternoon, but adjourned without coming to any difiniet conclusion. The vote on receiving currency at par stood tie. Previous to the adjournment a resolution was passed to petition the Legislature to issue no more bonds at present and to create a sinking fund for the payment of the interest on those already issued. At the other meeting at the Exchange held to-day, the announcement of of the suspension of Lucas & Co. created no excitement. The assets of the firm are ten times greater than their liabillities. At the meeting of mechants to-day a resolution to receive and pay out the bank currency of the State at par was adopted by an overwhelming vote. A run on the Bank of Missourri, and on the Boatmen's and German Saving Institution has been made but there is no evidence of their suspending yet. The regular banks continue in a strong condition. DETROIT, Oct. 6.-The Farmers and Me. chanic's Bank, of this city have been placed under an injunction by the Attorney General. PETERSBURG, Oct. 6.-The Express says it is rumored here this evening, that the Banks of Wilmington and Cape Fear, North Carolina, refused to redeem their notes yesterNay The Commercial Bank and Bank of the State redeemed everything. They are all said to be perfectly solvent.

12. October 10, 1857 Weekly National Intelligencer Washington, DC
Article from Weekly National Intelligencer, October 10, 1857

Click image to open full size in new tab

Article Text

SUSPENDED BANKS EASTWARD. The New York Sun gives the following list of Banks located east of Maryland which have suspended specie payments : MAINE. Canton Bank, China. Monsum River Bank, Sanford. Exchange Bank, Bangor. Sanford Bank, Sanford. NEW HAMPSHIRE. Exeter Bank, Exeter. Weare Bank, Hamilton Falls. RHODE ISLAND. All suspended specie payments. MASSACHUSETTS. Bass River Bank. Western Bank, Springfield. Lee Bank, Lee. VERMONT. Danby Bank, Danby. South Royalton Bank, South Stark Bank, Bennington. Royalton. CONNECTICUT. Bridgeport City, Bank, Bridgeport. Thompson Bank. Bank of Hartford County. Windham County Bank. Bank, of North America, Seymour. Mercantile Bank, Hartford. Colchester Bank, Colchester. Exchange Bank, Hartford. Pawcatuck Bank. Charter Oak Bank, Hartford. NEW YORK. Agricultural Bank, Herkimer. Island City Bank, N. Y. city. Leonardsville Bank. Bank of Canandaigua. Bank of Central New York, Utica. Mechanics' Banking Association, Bank of Lima. New York city. Bank of Old Saratoga. Medina Bank. Bank of Orleans, Albion. Niagara River Bank, Tonawanda. Bank of Watertown. Oliver Lee's Bank, Buffalo. Chemung County Bank. Ontario County Bank, Phelps. Dairymen's Bank, Newport. Ontario Bank, Utica. Farmers' and Citizens' Bank, L.I. Oneida Central Bank, Rome. Farmers' Bank, Hudson. Powell Bank, Newburgh. Hamilton Exchange Bank. Reciprocity Bank, Buffalo. Hollister Bank, Buffalo. Sacketts' Harbor Bank, Buffalo. Hudson River Bank. Western Bank, Lockport. Huguenot Bank, New Paltz. Worthington Bank. Yates County Bank, Penn Yan. NEW JERSEY. America Bank, Trenton. Bank of N. J.; N. Brunswick. Bergen County Bank. Bordentown Banking Company. Burlington Bank. Burlington County Bank. Camden Bank, Camden. Cumberland Bank, Burlington. Farmers' and Mechanics' Bank, Gloucester Bank, Woodbury. Camden. Hunterdon County Bank. Mount Holly Bank. Phillipeburgh Bank. Princeton Bank, Princeton. Salem Banking Company, Salem. Union Bank of Frenchtown. PENNSYLVANIA.

13. October 10, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 10, 1857

Click image to open full size in new tab

Article Text

on the 3d of December. In the mean time. Thomas Ransom, President of the Bank; Raymond French, one of the Directors, and Philo B. Buckingham, an indifferent person, are appointed Receivers, with authority to take all its affairs into their hands, and permission, similar to that given to the Hartford County Bank Receivers, to take the notes of the Bank in payment of debts. A dispatch received to-day from Charleston, S. C., expresses a doubt if the Banks there can sustain themselves. At Buffalo, The Advertiser says: "Financial matters in this locality are without any new feature. It is about as difficult as it can be to obtain money. let the inducement to loan be what it will. No paper can be sold outside of bank, nor much discounted in. Tradesmen of all descriptions are desirous to realize, but will not for anything short of cash." The Bank of Tennessee and Planters' Bank of Tennessee at Nashville have declined to suspend specie payments, as requested by a committee of citizens. The Watertown Union, in noticing the discrediting of the notes of the Bank of Watertown, says: "It is not, in fact, an institution of this village, and has not been for some years, although it has an office here, for the purpose of complying with the provisions of the general banking law. The circulation and principal business of the bank is entirely controlled at Albany. It neither has deposits or circulation in Jefferson County, and its permanent or temporary suspension does not in any way concern its business men or banks. The Albany gentlemen pay a certain amount yearly for its circulation, and, of course agree to take care of the circulating notes. It should not be confused with 'The Watertown Bank and Loan Company,' which is doing a sound business at Watertown." The Providence Journal furnishes the annexed statement of the Providence Banks: