1518. Bridgeport City Bank (Bridgeport, CT)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
October 1, 1857
Location
Bridgeport, Connecticut (41.167, -73.205)

Metadata

Model
gpt-5-mini
Short Digest
095de92a

Response Measures

None

Description

Multiple October 1857 newspaper items list Bridgeport City Bank among suspended/uncurrent banks during the Panic of 1857. A New-York Daily Tribune dispatch (Oct 3, 1857) explicitly states the Bridgeport City Bank 'is stated to have resumed payment', indicating a suspension followed by a resumption. The articles do not describe a depositor run on this specific bank, so classified as suspension with reopening. Dates are taken from article publication dates; suspension occurred as part of the broader 1857 panic.

Events (2)
1. October 1, 1857 Suspension
Cause
Macro News
Cause Details
Suspended specie payments as part of the widespread Panic of 1857 and regional wave of bank suspensions; listed among many New England/New York banks that suspended.
Newspaper Excerpt
SUSPENDED BANKS EASTWARD... CONNECTICUT. Bridgeport City, Bank, Bridgeport.
Source
newspapers
2. October 3, 1857 Reopening
Newspaper Excerpt
The Bridgeport City Bank is stated to have resumed payment here.
Source
newspapers

Newspaper Articles (5)
1. October 3, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 3, 1857

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Article Text

We give below a communication from Mr. John McGee in relation to the banking system of this State, and more especially in regard to the Steuben County Bank, with which he has been connected for the last twenty five years. Some of the Canadian Banks, including the British North America, have, we understand, decided to forward their bills for collection and order gold from England, rather than sell at the present low rates. We heard that several houses here are expecting gold at an early day, ordered here for the purchase of produce, some of which, it is not unlikely, will arrive within a fortnight. An installment of $5 has been called upon what are called the Canal rights of the Nicaragua Company. The business of the Clearing-House to-day was $14,987,000. The aggregate amount of coin in the depositories of the United States Treasury on the 21st of September was $17,181,461, subject to draft. This is lower than it has been for a long time. Of this there was at Boston $2,414,539, New York $4,669,997, Philadelphia 82,164, 004, Assay Office, New-York, $2,341,500, St. Louis $1,320,768, New-Orlears $1,489,267, San Francisco $1,500,000. There was deposited at the Mint of Philadelphia during the month of September-in gold $1,352,470 and of silver bullion and Mexican coin, $473,490; total deposits of coin for the month, including old cents exchanged for new, $1,828,075. The coinage for the same time was $998,040 in double eagles, $237,000 in quarter dollars, and two millions four hundred and forty cents-in all, of the value of $1,259,440. It is believed that the depositore in the suspended Farmers' and Citizens' Bank of Williamsburgh will suffer no loss. The deposits are $103,000; the dis. count line $227,000, of which $225,000 is considered good. The Bridgeport City Bank is stated to have resumed payment here. A letter received here from good authority in Providence states that two-thirds of the Banks of Rhode Island are opposed to the suspension of specie payments, and that the merchants are very much dissatisfied. The result of the meeting of merchants at Boston today was received with great satisfaction in Wall street. The suspension of the Boston Banks has been an event which has been dreaded for several days, and this action of the merchants, and the advices by letter, have done much to dissipate this fear. The advices by the Arabia received by the Illinois Central Railroad Company are very satisfactory. The English stockholders received the advices of the installment favorably, and a considerable portion of it had been paid in. Mr. Osborn had made a very favorable impression, and the fullest confidence was expressed in the future of the road. So fully was this the feeling that purchases of the stock were made in London at par and 3 premium, while the New-York quotation was 85. The Illinois Company have credits on the other side for half & million of dollars, but the difficulty of selling Exchange prevents the realization of the amount. The loan for the Michigan Central Road, alluded to yesterday, is for $2 000,000. The officers of this Company have advertised for proposals, to be received up to Nov. 10, the loan to be paid in installments beween Nov. 14 and July 1, 1858. The Company will give for the loan 8 ₽ cent Convertible Bonds, with semi-anaual coupons, having 25 years to run. To secure these bonds, together with those of 1860, and subsequently, & first mortgage OE the road has been executed to J. M. Forbes, Nathaniel Thayer and H. H. Hunne. well, as Trustees, with & proviso that a sinking fund shall be paid to said Trustees, annually, sufficient to absorb the present issue before maturity. We copy below the circular of the Company to its stockholders in reference to this loan:

2. October 6, 1857 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, October 6, 1857

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Article Text

Monetary Matters. Money matters seem to be working a trifle easier, although business of ail kinds is at a complete stand still. The notes maturing on the 4th inst., in Worcester, in Boston, and in New York, were generally met with promptness, and the impression pretty generally prevails among those who make finance their business, it not their study, that the crisis has been reached, and that the future will witness a gradual return of confidence, and an easier money market. At Boston yesterday. the notes of more New England banks were thrown out, viz: the Western Bank of Springfield; the Weare Bank at Hampton Falls, N. H.; Bank of North America, Seymour, Conn.; Bridgeport City Bank, Bridgeport, Conn.: Pawcatuck Bank, Pawca. tuck, Conn.; Windham County Bank, Brooklyn, Conn. Rumors prejudicial to the Thompson Bank of Thompson, Conn.. are authoritatively contradicted,. and the cashier states that the bank is in a sound condition. It has never had less specie than the amount required by law, and the amount now in its vaults is greater than at any time for six months past. No new failures in Boston were reported yesterday, and the rumors affecting the solvency of some of the business firms in Worcester, which were quite industriously circu lated on Saturday, are we learn, without any foundation. There is little business transacting iu stocks of any kind. The Boston Journal of Monday evening, says: "Bank shares are forced upon the market more freely, and are offered in small lots at a decline of from 5 to 20 per cent. from the prices of a month ago. Many of them, however, seil at more than par." Rafiroad shares seem to be the favorite luvestment, and of these[securities, the Boston and Worcester ranks the highest. The suspension of the Rhode Island banks has thrown upon our city quite a large amount of uncurrent small notes, which are passed with difficulty, and can only be got rid of for bankable funds at a discount of five per cent. This is too heavy H shave to be submitted to for any length of time, and as soon as our own banks can ease up a little in their line of discounts, 80 as to furnish our citize with currency enough for the transaction of business, Rhode Island money will be driven out of circulation, or will be taken only at its real value.

3. October 7, 1857 The Independent Harrisonburg, LA
Article from The Independent, October 7, 1857

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Article Text

TELEGRAPHIC ITEMS. New York, Oct. 1.-Confidence continues strong, although financial circles have not yet felt the influence of bank extensions and the daily increase of gold. It is believed, however, that the worst is past. The city is constantly filled with all sorts of rumors. Boston, Oct. 1.-The condition of monetary affairs in this city is regarded as favorable. Cold Weather in New York. New York, Oct. 6.-The weather is cold. The thermometer at 6 o'clock this morning was at 40. Bank Paper|Refused in New York. New York, Oct. 1.-The bills of the Bridgeport (Connecticut) City Bank, and of the Bank of Lima (N. Y. are refused by our brokers. Money Matters at St. Louis. St. Louis, Sept. 30.-Complete quiet pervades monetary circles to day. John J. Anderson & Co. are making arrangements for an early resumption. Belleville (Ill.) Bank Suspended. The Bank of Belleville, Illinois, has suspended. Tippecanoe Bank, Indiana. The bills of the Tippecanoe Bank are thrown out. The Fair at St. Louis. The Fair grounds are thronged to-day, and the weather is delightful. Suspension in Louisville. Louisville, Oct. 1.-Hutchings & Co., bankers have suspended. Louisville, Oct. 1.-John Smidt & Co., have closed. Hutchings & Co.'s assets exceed their liabilities $140,000. There is a heavy run on Hunt & Co. They will certainly hold out. Louisville, Oct. 1.-The run on Hunt & Co., is nearly through. They are represented as still strong. Others are easy. Failure at Lexington, Ky. Taylor, Shelby & Co., bankers, Lexington, have failed. Boston, Oct. 2.-To-day, there was the largest meeting of Boston merchants at the Merchants' Exchange ever held, and it was unanimously resolved that the banks ought not to suspend. New York, Oct. 2.-The British steamship Arabia, which left Liverpool on Seturday, September 19, has arrived at this port. Liverpool Cotton Market. Cotton has advanced gd. The sales of the week amounted to 73,000 bales. Philadelphia, Oct. 3.-The Reading Railroad bonds went to protest yesterday. The Land Warrant Embezzlement. Chicago, Oct. 3.-A dispatch from Minnesota announces the arrest of the Fairbault Land Warrant thieves, and the recovery of all the warrants except five.

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

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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.

5. October 31, 1857 Vermont Phœnix Brattleboro, Bellows Falls, Ludlow, VT
Article from Vermont Phœnix, October 31, 1857

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Article Text

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.