1660. Eagle Bank (New Haven, CT)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 24, 1825
Location
New Haven, Connecticut (41.308, -72.928)

Metadata

Model
gpt-5-mini
Short Digest
8613612d

Response Measures

None

Description

Contemporary articles (Sep 1825) report Eagle Bank of New-Haven 'stopped payment and closed its doors' and describe gross mismanagement/speculative commercial dealings. No article describes a depositor run prior to suspension; later coverage treats the bank as failed. No explicit reopening or receiver assignment is mentioned in these items, so classify as suspension leading to closure.

Events (1)

1. September 24, 1825 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Articles attribute suspension to gross mismanagement and engagement in commercial/speculative ventures (e.g., consignment of a vessel's cargo to the bank) rather than a rumor or correspondent failure.
Newspaper Excerpt
The Eagle Bank of New-Haven, heretofore considered one of the safest banks in New England, has stopped pay. ment and closed its doors. New Haven, Sept. 24.-The first article of news ... the Bank has suspended specie payments.
Source
newspapers

Newspaper Articles (4)

Article from American Watchman and Delaware Advertiser, September 27, 1825

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opened their doors to receive the Watchman, may rest assured that we are grateful for their kindness, and shall endeavor to repay it by an abundant sup. ply of useful and entertaining matter during the ap proaching winter season. The General Election in Delaware will take place on TUESDAY NEXT. We trust that no Democrat who is able to appear at the polls, will remain at home on that day. The confidence of success in New Castle County has rendered some of our Democratic Brethren too indifferent on the subject of the approaching election. This ought not to be. While you sleep, the enemy is awake-and take care that he does not put his foot upon your neck. We are not without a strong hope that a great part, if not all of the Democratic Ticket in Kent will be elected this year. We entreat our brethren in that County to exert themselves in the good cause of Democracy. The time will come, and that ere long, when Delaware will be exalted from the insignificant station into which federal rulers have plunged her, to that rank among her democratic sister States, to which her well wishers desire to see her raised. The New City of Refuge.-The ceremony of laying the foundation of a new City, to be called Ararat, on Grand Island, in the State of New York, was performed on the 15th inst. with great splendor. To this city, the Jews throughout the world, are requested to repair-the Jewish government is revived therein-and M. M. Noah IS appointed Governor and Judge of Israel. The account of the proceedings is 100 long for our paper to-day-but as cannot fail to be interesting to our readers, we will embrace an early opportunity to lay it before them. Slander.-In the District Court for the City and County of Philadelphia, in an action of slander instituted by Eser Hadden Banks, a young cordwainer, against John Gibbs, Lottery Broker. the Jury returned yesterday morning with a verdict in favor of the plaintiff for seven hundred and fifty dollars damages. The trial occupied the court several days. Gibbs had charged Banks with having altered lottery tickets. Counsel for the plaintiff, Thomas Kittera and P. A. Browne; for the defendant, James C. Biddle and D. P. Browne. The accounts fron: Greece have been generally so vague and contradictory, that we have refrained from occupying much of our columns with them. Our readers will, however, find in our paper to-day, some interesting letters from that part of the world, which proceed from sources entitled to the fullest credit. The report that the Salem Steam Mill Banking Company had bursted their boiler, is without foundation. The notes of that institution are received on deposite at the United States Bank, and at several other banks in Philadelphia. The President left Philadelphia yesterday. Mrs. Adams continued so much indisposed that she was compelled to remain in that city. The Boston papers of last week state that the health of the President's father has lately much improved, and that he is now as well as he has been for ten years. The Eagle Bank of New-Haven, heretofore considered one of the safest banks in New England, has stopped pay. ment and closed its doors. If report speakstrue, there has been gross mismanagement somewhere. Instead of atten ding to legitimate banking business, it is whispered that the bank, as such, has been engaged in commercial and other speculations unbefitting an institution of that description As an instance, we are informed that a vessel arrived a short time since from North Carolina, freighted with pine boards, consigned to the Eagle Bank As there is supposed to be an immense quantity of the paper of this bank afloat, the sufferers will be many for even if the Bank should make a respectable dividend, the paper will probably be bought up by brokers and specula. N. Y. Com. Adv. tors for a mere song. New Haven, Sept. 24.-The first article of news that our readers will probably look for, will be concerning the EAGLE BANK. We have in short to say, that the Bank has suspended specie payments. The bills of the Bank, however, we understand, have thus far been taken in payment of notes due the bank, as they become payable from individuals. We pretend not to say, or even guess, how the concerns of the institution will come out eventually. The bills were selling yesterday at from 87 to 90 cents for a dollar; the day before yesterday sales were made in town at about 75 cts. for the dollar. Several stores take the bills at par for goods, at the current prices.-Register. The American Colonization Society acknowledg es the receipt of S2045, 25-from the 22d of Au. gust, to the 20th of September, 1825.


Article from Martinsburgh Gazette, October 6, 1825

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# VARIETY We hear Mr. Woodard has completed the stereotyping of the second volume of his Quarto Edition of Scott's Family Bible, and will shortly announce it as ready for his patrons. It is printing in a style superior to any edition of this popular work, ever printed in Europe or America. The type and paper are excellent. We find it stated in a communication to the Editor of the Colombian (New Haven) Register, that the State of Connecticut has about 30,000 dollars in the stock of the Eagle Bank, which has just suspended its payments. The notes of this Bank were selling, on Friday last at New Haven, at a discount of from 10 to 12½ per cent. and, on the day preceding, had been disposed of at 25 per cent. loss. Some of the stores, however, still received the notes, at par, in the purchase of goods. The Quebec Gazette states, that sixteen vessels have made their return voyage from Europe, two of which have since sailed for their respective destinations. The season, upon the whole, is an uncommon one, nearly as many ships having entered at the custom house, at the present date [September 15,] as during the whole of the past year, and the passages made generally successful. Philadelphia, (Aurora,) Monday, September 26. The President of the United States left this city yesterday, at twelve o'clock, for Quincy. Mrs. ADAMS, being still too much indisposed to travel will remain with her son and niece, in our city, until she may sufficiently recover to pursue the journey. If she should not regain her health in a few days, she will proceed no further north. Mrs. ADAMS not being by any means dangerously ill, the President was induced, by a strong sense of filial duty and affection, to complete his visit to his father, who anxiously, and confidently expected him the present season. We perceive by the Shenan. Herald that there has been several failures in the receipt of monies by mail in that neighborhood. It is time that such abuses should be corrected, and we hope that the villian or villians will be ferreted out and brought to justice. # Marshal Macdonald This officer, who is said to be the best of the French Marshals, who has the title of Duke of Tarentum and has been confirmed by CHARLES X. of France, as Chancellor of the Legion of honor, after making a tour through England and Scotland, returned to France the last of July-He was received with great cordiality by the Highlanders, and particularly by the clan of the Macdonalds, who inhabit one of the Hellrides; to that clan his great grandsire belonged; and followed King JAMES when he was driven from Scotland. This ancestor settled at sedan, in France, where the Marshal was born in October 1765. When Napoleon abdicated the French throne, in 1814, MACDONALD sent in his adhesion to Louis 18th, and was appointed Major General of the King's household, and a member of his Privy Council, remained faithful to his oath during the 100 days which succeeded the return of Bonaparte from Elba, and enjoys the highest confidence and patronage of the present King. He left numerous tokens of his bounty amongst his poor clansmen in Scotland, and particularly noticed a venerable old soldier, who remembered and described his ancestors, when belonging to the retinue of the unfortuurte JAMES. One of the Methodist Missioners, just returning from the South Sea Islands, testified, at a public meeting in England, that he had seen cannibalism in its worst form, in New Zealand. On one occasion thirty prisoners were roasted, and feasted upon, before the missionaries could withdraw. The following are the elements of the comet Eucke, taken from the Cornais-sance destems pour l'an 1827. Passage of the Peribelion-Mean-time at Boston, Sept. 16,88 Eccentricity, 0,844 9784 Longitude of the Perihelion, 157deg. 15m. 30s. Long. of the Node, 334deg. 22m. 08s. Inclin. of the Orbit, 13deg. 23m. 299.


Article from Martinsburg Gazette and Public Advertiser, March 2, 1826

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NORFOLK, FEB. 15. Conspiracy to Rob and Plunder.-An organized conspiracy among a number of Negro Boys of this town, to rob and plunder Stores, Dwellings, &c. has just been discovered. Their schemes were so adroitly concerted, by private signal, and other devices, as to throw store keepers and others off their guard while they bore off articles of Merchandise from the counters, doors, &c. These villanies took a very wide and miscellaneous range, extending to Hardware, Grocery, Apothecary, Confectionary and Fruit Stores, and were in many in stances perpetrated in open day-passages were entered in the evenings, while families were taking their tea, and Cloaks, Coats, &c. borne off. Ten of this association were yesterday brought up for examination before the Mayor-three of whom were dismissed for want of sufficient evidence; three were ordered to be publicly whipped, and four committed for trial on a charge of Grand Larceny.-'BR [We are not quite up to this in Washington; but, if we want the organization, we have the material. One night this week, before the boarders had retired to rest, in a house near this office, the door of a passage was opened, and three or four excellent cloaks, and as many hats, stolen from it. We ought to have mentioned this before, as a caution to our city readers: it escaped our memory in the press of business, until reminded of it by the above. The thief has been detected, and committed to take his trial.]-Nat. Intell. More of the Eagle Bank.-We learn from the Huntsville Democrat, that previously to the failure of the Eagle Bank, that country had been inundated with the post-notes of that institution. And it is added, that these notes, when drawn from the Bank, were but partially filled up. Their value was, we believe, specified, but the length of time which they had to run, and the individual to whom they were made payable. were left to the discretion of the borrowers. These notes were pushed into circulation in Alabama,by representations as to the solvency of the Bank, "and the liability of the endorsers in the event of any unforeseen depreciation. No danger was for some time apprehended; but at last the bubble burst. The holders applied to the endorsers; but they were informed, that by not presenting them at NewHaven, in the State of Connecticut, 1200 miles distant, in person or by proxy, before the expiration of the time for which they were drawn, that the endorser was completely discharged from all responsibility. It was to no purpose that the deluded planters insisted that they had been received for valuable considerations- in lieu of the labor of his hands and the sweat of his brow. He was coldly told that if he felt himself aggrieved, he was welcome to try what redress the law would afford him." [Comm. Ade.


Article from The Massachusetts Spy, and Worcester County Advertiser, July 26, 1826

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BANK AFFAIRS.-In addition to the fail. ures in New-York, mentioned in our last, the Tradesman's Bank in that city has stopped payment. Several others have been hard run, but it is thought they will weather the storm. The stock of the Fulton Bank is quoted at sixty per cent. discount. When the Eagle Bank in the City of New-Haven failed, 3 great outcry was made, particularly in New-York, against the country Banks, and they were denounced almost in toto as un. worthy of confidence. We have examined the late New-York papers with great care, but do not find any thing further on the subject of "the Country Banks." The Green County Bank, located at Catskill, N. Y. has failed-owing. 1 as it is said, to its unfortunate connexion with the Wall-street brokers.