Union Bank - New London, CT

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: October 17, 1857
Location: New London, Connecticut (41.356, -72.100)

Metadata

Model: gpt-5-mini
Short Digest: 57245610

Response Measures

None

Description

Multiple contemporaneous newspaper dispatches (Oct 17–19, 1857) report the Bank of Commerce at New London as having suspended specie payments. Articles place this in the wider 1857 financial panic — no run, receivership, or permanent closure is reported in these pieces. Given typical outcomes in the 1857 panic and lack of evidence of permanent failure in the provided texts, I classify this as a suspension with likely reopening.

Events (1)

1. October 17, 1857 Suspension

Cause: Macro News
Cause Details: Part of the wider 1857 financial panic; banks suspended specie payments amid financial turmoil and telegraphic reports of suspensions in the city; reported Oct 17, 1857 in multiple papers.
Newspaper Excerpt: The Bank of Commerce, Whaling, and Union Banks, have suspended
Source: newspapers

Newspaper Articles (3)

1. October 19, 1857 The New York Herald New York, NY

Article from The New York Herald, October 19, 1857

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Article Text

TELEGRAPHIC DESPATCHES. THE NEW LONDON BANKS. New LONDON, Oct. 17, 1857. The telegraphic despatch inc >rrectly reported all the banks in this city as having suspended specie payments. The Bank of Commerce, Whaling, and Union Banks, have suspended, but the New London Bank has not, and the officers declare their ability and intention to pay all demands in coin as heretofore. SUSPENSION OF THE DUNNELL MANUFACTURING COMPANY. The Dunnell Manufacturing Company have asked an extension for six months, owing to their paper being thrown back upon them. Their personal assets exceed their liabilities, leaving their print works untouched. THE BANK OF THE STATE OF MISSOURI. Sr. LOUIS, Ost. 17, 1857. The report that the Bank of the State of Missouri has suspended specie payments is untrue. The directors are determined to pay every dollar, and express confidence in their ability to weather the present storm as well as that of 1837. There is no run to day.

2. October 19, 1857 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, October 19, 1857

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Article Text

NEW-LONDON BANKS. New. LONDON, Conn., Saturday, Oct. 17, 1857. The telegraphic dispatch incorrectly reported all the banks in this city as having suspended specio pay. ments. The Bank of Commerce, Whaling and Unioe Banks have suspended, but the New-London Bank has not, and the officers declare their ability and inter tion to pay all demands in coin, as heretofore.

3. October 20, 1857 Evening Star Washington, DC

Article from Evening Star, October 20, 1857

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Article Text

Financial Matters. PHILADELPHIA, Oct. 19.-Mr. Allibone, the President of the Pennsylvania Bank has resigned in consequence of ill health. His resignation has been accepted. NEW YORK. Oct. 19.-Matters are progressing favorably. The banks extend their discounts moderately, and there is more disposition shown to purchase mercantile paper. The Metropolitan Bank has arranged to receive eastern currency at X per cent discount, the notes of Rhode Island Banks excepted. The bank statement for the past week shows a decrease in loans of $1,672,000; specie $3,633,000; and an increase in circulation of $564,000, and in deposits of $3,149,000. BOSTON, Oct. 19 -Money transactions are limited and rates nominal. There is no difficulty, however, in passing the best names at 2 per cent. a month. HARTFORD, Oct. 16.-The Charter Oak, Mercantile and Exchange Banks of this city continue to receive the bills of the other suspended banks. but will not discount them unless they are enjoined. The Bank of Commerce. Whaling and Union Banks, at New London, have suspended, but the New London Bank has not, and the officers declare their ability and intention to pay all demands in coin as heretofore. The Dunnell Manufacturing Company have asked an extension for six months, owing to their paper being thrown back uponthem. Their pe sonal assets exceed their liabilities, leaving their print works untouched. Sr. Louis, Oct. 19.-Messrs. Fensen & Deujen, closed operations this morning. Coin has decreased in our city banks about 50 per cent. during the past week. NEW ORLEANS, Oct. 17.-The excitement is subsiding here. though occasional failures are anticipated, but the worst is believed to be past. The decline in cotton from the highest point is now seven cents per lb, the most serious fall for so brief a period of time ever known. Notwithstanding the large depreciation in the price of the staple, however, there is but little doing, speculators not having the means to purchase, and exporters having their hands tied by the utter stagnation of the exchange market. Sterling bills are as dull as ever-in fact entirely unsaleable.