1599. Mercantile Bank (Hartford, CT)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: October 6, 1857
Location: Hartford, Connecticut (41.764, -72.685)

Metadata

Model: gpt-5-mini
Short Digest: a253ef9e

Response Measures

None

Description

The Mercantile Bank of Hartford suspended specie payments on/around 1857-10-06 along with other Hartford banks during the Panic of 1857 (systemic/macro shock). By Dec. 4, 1857 an injunction was removed and the banks were prepared to do business as formerly, indicating reopening. No article describes a depositor run specifically on the Mercantile Bank.

Events (2)

1. October 6, 1857 Suspension

Cause: Macro News
Cause Details: Suspended specie payments as part of the widespread financial crisis/panic of October 1857; suspension announced Oct. 6, 1857.
Newspaper Excerpt: The Charter Oak, Exchange, and Mercantile Banks of Hartford suspended specie payments this morning.
Source: newspapers

2. December 4, 1857 Reopening

Newspaper Excerpt: The injunction against the Mercantile, Charter Oak and Exchange Banks of Hartford was this morning removed, and they are now prepared to do business as formerly. All of these banks are in a first rate condition.
Source: newspapers

Newspaper Articles (12)

1. October 7, 1857 Worcester Daily Spy Worcester, MA

Article from Worcester Daily Spy, October 7, 1857

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Financial Matters. We have to notice the suspension, in Boston, of Proc tor & Wood, wool and produce commission house, City wharf. We understand they lost very heavily in wool sales by the failure some weeks since of F. G. Swan, a large commission house in New York. The Boston Advertiser authoritatively contradicts the statement that Mr. John A. Lowell has suspended payment or made an assignment. The Charter Oak, Exchange, and Mercantile Banks of Hartford suspended payment on Tuesday. These bills are not received at the Suffolk. Judge Merrick Monday afternoon granted an injune tion against the Western Bank of Springfield, as asked by the Bank Commissioners. The ground of injunction is the utter insolvency of the bank. The Commercial Bank of Bath has not failed. The bank is perfectly sound. Its charter expired Oct. 1, and it has gone into liquidation on that account. The Lowell Courier states that the MiddlesexCompany have concluded to keep their works in operation for the present, and that they continue to employ their usual number of hands. The faiures announced in New York on Saturday even ing, were those of Gage, Dater, & Sloan, dry Goods job bers; L. Bauer & Co., hosiery dealers; and Livingston & Ballard. grocers. The suspension of the latter, it is said, will be only temporary. At Baltimore on Saturday, the money market was much excited. and more stringent. They discounted only to a limited extent. Good first class notes are quoted at 11 per cent a month; money on call 11 to 2 per cent. Exchange on the North command 8 to 10 per cent. premium, and gold sold at 7 to 10 per cent. premium. The Philadelphia Ledger says the opinion entertained by some that suspension would afford relief to the money market, and thus put a stop to further failuresi is fast dying out. Suspensions are of almost daily occurrance. and arelikely. to continue for some time yet.

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

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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

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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

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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 Evening Star Washington, DC

Article from Evening Star, October 7, 1857

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The Financial Crisis, &c. NEW YORK, October 6 -The Evening Post regards the aspect of financial affairs as favorable, and the Commercial of this afternoon discovers no material change from resterday. The specie lost by the banks last week went to sustain other cities standing in more need of it than New York. The movement is regarded by cool-headed business men as exceedingly praiseworthy, though the croakers make use of the loss of specie for the renewal of the panic. Stocks were firmer after the adjournment of the second board. The payments at the sub-treasury to-day were over one million and a quarter of dollars, which is a very encouraging feature. The bills of the Lee Bank, of Massachusetts, the Mercantile, Charter Oak and Exchange Banks of Hartford, Conn., and the Banks of Watertown, New York, were thrown out here this morning PHILADELPHIA, Oct. 6.-There was much excitement produced 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 the debts of the company thereafor, with a provision not to include the bonds which may be issued in lieu of bonds already existing. HARTFORD, Oct. 6 -The Charter Oak, Mercantile and Exchange Banks have suspended specie payment. The other banks have resolved not to suspend. NEW ORLEANS, October 4.-Messrs. Vorhees, Griggs & Co. have suspended. It is supposed, however, to be only temporary.

6. October 7, 1857 Wheeling Daily Intelligencer Wheeling, WV

Article from Wheeling Daily Intelligencer, October 7, 1857

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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.

7. October 7, 1857 The New York Herald New York, NY

Article from The New York Herald, October 7, 1857

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THE WESTERN BANK, SPRINGFIELD, MASS. BOSTON, Ost. 6, 1857 Judge Merrick, upon the motion of the Bank Commis sioners, has granted A temporary injunction on the West ern Bank of Springfield SUSPENSION OF THE BANKS OF HARTFORD. HARTFORD, Comn., Oct. 6, 1867. The Charter Oak Bank, the Mercantile Bank, and the Exchange Bank, suspended specie payment this morning The officers of all the other banks met last night and re solved not to suspend. THE FARMERS' AND MECHANICS' BANK AT DETROIT. DEPROIT, Oct 6, 1857. The Farmers' and Mechanion' Ba: k in this city has been placed under an injune lon by the Attorney General FAILURE IN GEORGETOWN. WASHINGTON, Oct 6, 1857. Messrs. F. & A H. Dodge, merchants and importers in Georgetown, are said to have made an assignment. Heretofore they were considered the heaviest business firm in the District of Columbia THE BANKS OF WILMINGTON. PETERSBURG, Oct. 6, 1857. The Petersburg Express says it is rumored here this evening that the banks of Wilmington and Cape Fear refueed to redeem their notes yesterday. The Commercial and Bank of the State redeemed everything All of them are said to be perfectly solvent. SUSPENSION IN NEW ORLEANS. New ORLEANS Ost 5, 1857. Messrs. Voorbies, Griggs & Co. have suspended, tempo. racily, it is supposed. LIABILITY OF READING RAILROAD STOCKHOLDERS. Philadelphia, Oct. 6, 1857. Much excitement was occasioned among the stockholders of the Reading Railroad last evening, by the discovery of an not of the Legislature of 1850 extending the bonds, which make stockholders individually liable for all the debts of the comp ny thereafter contracted, with a pro vision ' no: to include bonds which may be issued in Hou of bonds already existing." THE PHILADELPHIA STOCK BOARD. PHILADELPHIA, Oct 6, 1857. Stocks heavy. Pennsylvania State 5's, 19%; Reading Railroad, 13½; Morris Canal, 40; Long Island Railroad, 8; Pennsylvania Railroad, 37.

8. October 8, 1857 The Daily Gate City Keokuk, IA

Article from The Daily Gate City, October 8, 1857

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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.

9. October 10, 1857 Weekly National Intelligencer Washington, DC

Article from Weekly National Intelligencer, October 10, 1857

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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.

10. October 17, 1857 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, October 17, 1857

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$11,751 Increase, 22 ₽ cent The Albany Journal has the following article upon the bank suspensions aud its consequences: "The failure of the banks of this State to maintain specie payments, places them, in fifteen days by one process, and in twenty days by another, should creditors proceed against them, the hands of the Bank Saperintendent; and thence, if Judges deem it to be their duty to act, in the hands of Receivers. In this condition all their business functions are suspended. These stringent provisions, and this summary proceeding, are presumed to be founded either upon the actual infolvercy or fraudulent acts or intentions of banks. That any considerable number of our banks would be thus proceeded against, is not at all probable. But yet, their exposure and liability to such proceedings would necessarily paralyse them all, serving, in effect, to deprive the community of the facilities usually derived from banks while in suspension. "Another consequence-and a most startling consequence-is, that when the notes of banks come to the Department under protest, the Supe.intendent is required to preceed to sell their securities, applying the proceeds, pro rata, to the redemption of their circulation. For these securities he can only receive gold and silver. What such securities will bring, and how far the proceeds will go toward redeeming the circulation, remains to be seen. Again, by a provision of the bank law, referred to and recognized in the bonds and mortgages deposited in the Department, such mortgages become due when the bank refuses to pay specie for its notes. Six millions of dollars, secured to be paid by bond and mortgage, in the Bank Department, are due and collectable this day." The suspended banks in Hartford agreed yesterday to take on deposit the same notes they received previously, and they expect to let in the Charter Oak, Mercantile and Exchange Banks in & few days, The Connecticut River Banking Company continues to pay specie, and intends to continue. It receives the bills of other banks, the same as the suspended banks of the city do. The Trenton American has compiled from the October returns of the banks, not including the Morris County Bank-- statement of " hich it had notseen-

11. October 31, 1857 Vermont Phœnix Brattleboro, Bellows Falls, Ludlow, VT

Article from Vermont Phœnix, October 31, 1857

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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.

12. December 4, 1857 The New York Herald New York, NY

Article from The New York Herald, December 4, 1857

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its operations, protect those with whom it in connected in the struggle, BO that they can exercise their full power and influence in allaying undue excitement, and relieve the pressure by preserving public credit. The Bank of England has a duty to perform during a financial revulsion which compels it to extend its resources and risk them where others would hesitate. The banks of this city can draw themselves within their stone walls and leave the community to take care of themselves as they best can. The Bank of England looks to the preservation of public confidence, by sustaining, if called upon, those houses which, in times of panie, attract the greatest attention. The Bank of England is now engaged in this important movement, and its judicious management may quiet the public mind, and bring about, at no distant day, a more healthy state of things in the financial world. Our banks have piled up in their vaults nearly twenty-five millions of bullion, reduced their discounts to less than ninety-five millions of dollars; and there they stand, perfectly regardless of any national or local interest, and disposed, doubtless, to wait patiently the recovery of confidence and business. The injunction against the Mercantile, Charter Oak and Exchange Banks of Hartford was this morning removed, and they are now prepared to do business as formerly. All of these banks are in a first rate condition. The quantity of flour, wheat, corn and barley left at tidewater during the fourth week in November, in the years 1856 and 1857, was as follows:-