1607. State Bank (Hartford, CT)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
October 7, 1857
Location
Hartford, Connecticut (41.764, -72.685)

Metadata

Model
gpt-5-mini
Short Digest
8fb87ae0

Response Measures

Accommodated withdrawals, Full suspension

Description

Contemporary reports (Oct 7–14, 1857) describe a heavy run on Hartford banks, especially the State Bank, with demands met on Oct 7 but later (Oct 14) the State Bank voted to suspend specie payments along with several other Hartford banks. No article reports a reopening or permanent failure/receivership for the State Bank, so outcome is unclear.

Events (2)

1. October 7, 1857 Run
Cause
Macro News
Cause Details
Part of the wider financial crisis/panic of October 1857, spreading distrust and causing heavy withdrawals from Hartford banks
Measures
Demands were promptly met by the bank; no special measures beyond meeting withdrawals reported
Newspaper Excerpt
There was a heavy run on the banks here to-day, particularly the State Bank. All demands, however, were promptly met, and the excitement subsided
Source
newspapers
2. October 14, 1857 Suspension
Cause
Macro News
Cause Details
Collective suspension by Hartford banks amid the October 1857 financial crisis; decision made at a meeting of bank officers to suspend specie payments during the crisis
Newspaper Excerpt
At a meeting of bank officers this morning, it was voted that the Hartford, Phenix, City, State and Farmers' Banks suspend specie payments.
Source
newspapers

Newspaper Articles (5)

Article from Evening Star, October 8, 1857

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Article Text

TELEGRAPHIC NEWS. FROM THE ASSOCIATED PRESS. The Financial Crisis, &c. NEW York, Oct. 7.-In financial affairs there is but little change to-day. Several failures are reported, including Bulkley A Co, importers; Blake & Brown, silk dealers, M. 6. King, fur house. and Mellas & Ayres, lace and general British good importers. The Bank of Addison, in the State of New York, is thrown out here to-day. The money market generally closes with less excitement and with a more steady feeling. At the second board to-day stocks closed weak. The payments at the sub-treasury amounted to £200,000, and the receipts to $260,000, including $200,000 from Philadelphia mint There was a meeting of the merchants this afternoon to consider upon the crisis, at which several bank officers were present. Mr. Tileston, the president of the Phenix Bank declared that in his opinion the true remedy for the pressure was a prompt and liberal enlargement of discounts by the banks, and that this was the conviction of the merchants also. Resolutions were adopted recommending the banks to increase their loans to seven millions of dollars, and from that to ten millions at an early day. A committee was appointed to meet the representatives of the banks, and hopes are entertained of a favorable result. The city banks favor the policy of receiving and paying out the notes of the country banks which are secured by Statestocks. DETROIT, Oct. 6-The Farmers and Mechanics' Bank in this city has been placed under an injunction by the Attorney General. Bosron, Oct. 6.-Judge Merrick, upon the motion of the Bank Commissioners, has granted a temporary injunction on the Western Bank of Springfield, Mass. HARTFORD, CONN., Oct. -There was a heavy run on the banks here to-day, particularly the State Bank. All demands, however, were promptly met, and the excitement subsided LOUISVILLE, Oct 7.-Finaneial matters are gradually tightening throughout the West, and unless the bankers discount beyond prudence or relief comes from other sources, many good houses will fail from the 1st to the 3d prox. That period is anticipated with terrible anxiety. Sr. LOUIS, Oct.6-A meeting of the merchants of this city was held at the Exchange yesterday, to consider the currency question. Mr. Henry, the Bank Commissioner of Illinois, made a state. ment of the condition of the banks in that State, which was generally regarded as satisfactory At the meeting of merchants to-day a resolution to receive and pay out the bank currency of the State at par was adopted by an overwhelming vote. A committee was appointed to report on the subject. This committee convenedin the afternoon, but adjourned without coming to any di finite conclusion. The vote on receiving currency at par was a tie. Previous to the adjournment a resolution was passed to petition the Le. gislature 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 an. nouncement of the suspension of Lucas & Co. created no excitement. The assets of the firm are ten times greater than their liabilities A run on the Bank of Missouri and on the Boatmen's and German Savings Institution bas been made, but there is no evidence of their suspendcondition. ing yet. The regular banks continue in a strong NEW ORLEANS, Oct. 6-The receipts of cotton are large, but sales small, in consequence of the tightness in the money market, which is unsettled. Exchange on London is at par, but rates are generally nominal.


Article from The New York Herald, October 15, 1857

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Article Text

BANK SUSPENSIONS IN HARTFORD, CONN. HARTFORD, Oct. 14, 1857. At a meeting of bank officers this morning, 11 was veled that the Hartford, Phoen'x, City, State and Farmers' Banks suspend specie payments. The Connecticut River Bank has not suspended. There is no excitement.


Article from The National Era, October 15, 1857

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Article Text

Another Run on the Hartford Banks. Hariford, Oct. 7.-The suspension of three of our most prominent banks yesterday caused the spread of much distrust throughout the community, and to-day there was a heavy run upon most of the city banks, but more particularly the State Bank." The demands of the public, however, were all promptly met, and the excitement, which at one time run pretty high, soon died away.


Article from New-York Daily Tribune, October 15, 1857

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Article Text

BANK SUSPENSIONS IN HARTFORD, CONM. HARTFORD, Wednesday, Oct. 14, 1857. At a meeting of bank officers this merning it was voted that the Hartford, Phenix, City, State and Farmers' Banks suspend specie payments. The Connecticut River Bank has not suspended. There is no excitement. SUSPENSION OF THE PORTLAND BANKS. PORTLAND, ME., Wedneeday 14, 1857. All our city banks suspended specie payments today.


Article from New-York Daily Tribune, October 15, 1857

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Article Text

ing interests, ite suspension would throw out of canployment nearly & thousand persons. The bank euspersion created very little excitement. The Massachusetts Bank, the only one refusing to join in the suspension, declares its intention to continue specie payments permanently. BANGOR, Me., Wednesday, Oct. 14, 1857. At a meeting of Bank Directors, held herethis afternoon, it was voted to suspend specie payment during the present crisis. Resolutions were also passed expressing confidence in the Suffolk Bank system, and refusing to take bills not redeemed in Boston. BANK SUSPENSIONS IN HARTFORD, CONM. HARTFORD, Wednesday, Oct. 14, 1857. At a meeting of bank officers this merning it was voted that the Hartford, Phenix, City, State and Farmers' Banks suspend specie payments. The Connecticut River Bank has not suspended. There is no excitement.