17148. Bank of the South County (Wakefield, RI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 25, 1857
Location
Wakefield, Rhode Island (41.437, -71.501)

Metadata

Model
gpt-5-mini
Short Digest
cebd9a8b2e122534

Response Measures

None

Description

The bank appears on multiple 1857 lists of suspended banks (Sept. 1857) during the nationwide financial crisis of 1857. A receiver (E. R. Potter) is later appointed and issues a circular (June 1858) saying the bank cannot resume; by 1860 the receiver is selling mortgaged property. No contemporaneous article describes a depositor run; the sequence is suspension followed by receivership and apparent permanent closure.

Events (3)
1. September 25, 1857 Suspension
Cause
Macro News
Cause Details
Listed among banks suspended in September 1857 during the 1857 financial crisis/panic (included in published lists of suspended banks).
Newspaper Excerpt
Bank of South County, Wakefield, R. I.
Source
newspapers
2. June 20, 1858 Receivership
Newspaper Excerpt
E. R. Potter, receiver of the Bank of South County, at Wakefield, R. I, has issued a circular announcing that the bank will not be able to resume operations at present in consequence of delay of payment by the debtors of the bank. E. R. Potter, Receiver of the Bank of South County, Wakefield, R. I., has issued a circular announcing that the Bank will not be able to resume operations at present ... Persons presenting them and taking a receipt, will, in the opinion of the Receiver, be entitled to interest.
Source
newspapers
3. March 7, 1860 Other
Newspaper Excerpt
the undersigned has been by the Supreme Court of the State of Rhode Island appointed Receiver of all the effects and property of said Bank, said Bank having been enjoined by said Court from further exercising its corporate franchises and privileges under its charter; ... I shall, on Wednesday, the 7th day of March, A. D. 1860 ... sell at public auction ... lots and premises in said Mortgage mentioned and described ... ELISHA R. POTTER, Receiver.
Source
newspapers

Newspaper Articles (8)
1. September 26, 1857 Columbia Democrat and Bloomsburg General Advertiser Bloomsburg, PA
Article from Columbia Democrat and Bloomsburg General Advertiser, September 26, 1857

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Article Text

W. A. J. BRITTAIN, Sec'y. Suspended and Broken Banks. For the information of our readers, and in order to guard them against receiving worthless money, we publish the following list of recently suspended and broken Banks, which has been carefully compiled and compared with the list of the brokers in the city. It is gratifying to note that thus far in the present financial crisis, not a single Pennsylvania Bank is included in the list It is to be hoped they will be able to ride out the storm. Mechanics' Banking Association, N. Y. Farmers' Bank of Saratoga county, N. Y. Sacketts Harbor Baok, Buffalo, Reciprocity Bank, Buffalo. Chemung County Bank, Horseheads, N. Y. Ontario Bank, Vica, N. Y. Ontario County Bank, Phelps, N. Y. Oliver Lee & Co.'s Bank, Buffalo, N. V. Hollister Bank, Buffalo. Niagara River Bank, Towanda, N. Y. Bank of Orleans, Albion, N. Y. Huguenot Bank, New Paltz, N. Y. New-York County Bank, N. Y. Farmers' Bank, Wickford, B. I. Mount Vernon Bank, Providence, R. I. Rhode Island Central Bank, East Greenwich, R. I. Bank of South County, Wakefield, R. I. Warwick Bank, Warwick, R. I. Tiverton Bank, Tiverton, R. I. Bank of Hallowell, Maine. Hancock Bank, Ellsworth, Maine. Danby Bank, Danby, Vt. Bergen County Bank, Hackensack, N. J. Bank of New Jersey, New Brunswick, N. J. Merchants Exchange Bank, Bridgeton, Ct. Wooster Bank, Wooster, Ct. Sanford Bank, Sanford, Maine. Monson River Bank, Monson, Mass. Kanawha Bank, Virginia. Miama Valley Bank, Dayton, Ohio. S Bank of West Tennessee, Memphis, Tenn. a Agricultural Bank, Brownsville, Tenn, d Bank of Commerce, Georgetown, D.C. Colchester Bank, Connecticut.

2. October 9, 1857 Vermont Watchman and State Journal Montpelier, VT
Article from Vermont Watchman and State Journal, October 9, 1857

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LIST OF SUSPENDED BANKS TO SEPT. 25TH. Meusam River Bank, Sanford, Maine. Canton Bank, South China, Maine. Ellsworth Bank, Maine. Exchange Bank, Bangor, Maine. Sanford Bank, Sanford, Maine. Exter Bank, New Hampshire. Danby Bank, Vermont. South Royalton Bank, Vermont. Bank of the Republic, Providence, R. I. Bank of South County, Wakefield, R. I. Farmers' Bank, Wickford, R. 1. Mount Vernon Bank, Providence, R. I. Tiverton Bank, Fall River, R. I. Warwick Bank, Warwick, R. I. Merchants' Exchange Bank, Bridgeport, Ct. Colchester Bank, Conn. Bank of Orleans, Albion, New York. Hollister Bank, Buffalo, New York. Niagara River Bank, Tonawanda, N. Y. Oliver Lee & Co.'s Bank, Buffalo, N. Y. Ontario County Bank, Phelps, N.Y. Ontario Bank, Utica, N. Y. Reciprocity Bank, Buffalo, N. Y. Sackett's Harbor Bank, Buffalo, N. Y. American Bank, Trenton, N. J. Bank of New Jersey, New Brunswick, N.J. Bergen County Bank, Hackensack, N. J. Bank of Kanawha, Virginia. Trans-Allegany Bank, Virginia. Bank of Commerce, Georgetown, D. C. Canal Bank, Cleveland, Ohio. City Bank, Cincinnati, Ohio, Seneca County Bank, Tiffin, Ohio. Miami Vally Bank, Dayton, Ohio. Clinton Bank, Columbus, Ohio. Columbus City Bank, Columbus, Ohio. Union Bank, Sandusky, Ohio. Agricultural Bank, Brownsville, Tenn. Bank of West Tennessee. Bank of the Capitol, Indianapolis, Ia. Central Bank, Indianapolis, la. Bank of Elgin, Elgin, Illinois. Rock River Bank, Beloit, Wisconsin. Pennsylvania Bank, Philadelphia. Girard Bank, Phiadelphia. Bank of Canandaiagua, Canandaigua. Western Bank, Lockport, N.Y. Commercial Bank, Philadelphia. Six Penny Savings Bank, Rochester, N. Y. Albany Eve. Journal.

3. June 20, 1858 The New York Herald New York, NY
Article from The New York Herald, June 20, 1858

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Article Text

telegraphic despatch from Cairo, in reference to the flood, says:The assessed value of the property in 1857 was nearly $2,000,000, but this conveys no distinot idea of the actual loss of capital or of loss sustained by the Illinois Central Railroad Company in actual improvements in Cairo. There is a mistake in confounding the Ilitno's Central Railroad Company with the city and its interests. The company own no buildings or other improvements in Cairo. Their depot uilding was burned in November last, and has never been rebuilt. By contract with the trustees of Cairo City the company engaged to construct certain embankments or levees. These were completed according to contract, and the work accepted in writing by the trustees. Those levees on the Mississippi river, and the cross levee from the Mississippi to the Ohio, have given way in one or more places; of course, to what extent cannot be known until the waters subside. The company have no advice, although they have received despatches up to this day, that any part of the embankment on which the railroad is constructed has been disturbed. The trains run to Mound City, which has but three fest water over it, and approach within six hundred yards of the station. Coupons Nos. 6 and 8 of the bonds of the City of San Francisco, due on the 1st of July, will be paid on and after that date, for a period of six months, on presentation at the office of W. T. Coleman & Co., 88 Wall street. The Worcester and Nashau Railroad has declared a semi-annual dividend of $2 per share, payable July 12. This railroad was opened for business Dec. 18, 1848. From that time to January last there had been paid to holders of stock, in dividends, $30 upon each share. There had also been used from the net profits of the road, in payment of the company's debts, $111,878 24, leaving a surplus not divided of $32,618 88. Had the whole of the net earnings been divided stockholders would have received during the whole time six per cent per annum upon the original cost of their stock. E. R. Potter, receiver of the Bank of South County, at Wakefield, R. I, has issued a circular announcing that the bank will not beable to resume operations at present in consequence of "delay of payment by the debtors of the bank." He says" there is no reason to doubt the safety of the bills," which by law have a preference over other debts, and are moreover a lien upon the private property of the stockholders, several of whom are wealthy. Persons presenting them and taking a receipt, will, in the opinion of the Receiver, be enjitied to interest. The following are the receipts on the Morris Canal for the week and season, to the 1st inst, as compared with corresponding time last year:$59,881 45 Total to June 6. 1857 9,405 28 Week ending June 13, 1867 Total $69,289 73 $50,916 36 Total to June 5, 1858 8,910 29 Week ending June 12, 1858 $59,826 65 Decrease in 1858 $9,463 08 The gross and net earnings of the Pennsylvania Central Railroad Company for the month of May, this year and last, and up to June 1, 1857 and '58, were as follows:PENNSYLVANIA CENTRAL RAILROAD Net Earnings Expenses Gross Earnings. 219,698 33 260,778 29 $486,416 92 May, 1858 140,895 69 264,657 33 405,553 07 May, 1857 Increase 78,802 64 $74,923 55 1 Decrease. 3,879 09 From January 1 994678 56 1,203,247 69 to June 1, 58.2,197,926 25 837,663 04 1,366,637 55 Do. last year 2,204,300 59 Increase 157,015 52 Decrease. 163,389 86 6,374 34 The Canal Department of the Pennsylvania Railroad

4. June 21, 1858 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, June 21, 1858

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Other appropriations, bills not printed and indefi$3,565,635 8 nite, including all private bills Total $68,000,000 00 This reduces, it will be seen, the appropriations for the service of the year 1859 to less than fifty-three and a half millions of dollars-s very satisfactory exhibit when we reflect that the opposition are about arranging for a campaign against the Democratic party on the double ground of its extravagance, and upon the old maxim of protection. The Worcester and Nashua Railroad has declared a semi-annual dividend of $2 P share payable July 12. This railroad was opened for business December 18, 1848. From that time to January last there had been paid to holders of stock, in dividends, $30 25 upon each share. There had also been paid from the net profits of the road, in payment of the Company's debts, $111,878 24, leaving & surplus, not divided, of $32,618 88, E. R. Potter, Receiver of the Bank of South County, Wakefield, R. I., has issued & circular annouucing that the Bank will not be able to resume operations at present, in consequence of "delay of payment by the debtors of the Bank." He says there is no reason to doubt the safety of the bille," which by law have & preference over other debts, and moreover & lien upon the private property of the stockholders, several of whom are wealthy. Persons presenting them and taking a receipt will, in the opinion of the Receiver, be entitled to interest. The railroads centering in Cleveland have stopped issuing through tickets to New-York. The Western roads generally have suspended issuing coupon tickets to New-York until some settled policy be adopted in the matter. Through tickets to Buffalo or Dunkirk only are sold by allthe roads. The anthracite coal trade in the Schuylkill coal region shows some improvement this week, though it is some 20,000 tuns less than the corresponding week lsst season. The Lehigh region always shows a loss for the week, as compared with the same time last year, of some 8,000 tuns. The following figures show the tunnage of the four carrying companies communicating with the two regions for the week and season 88 compared with corresponding time last year:

5. June 29, 1858 Cleveland Morning Leader Cleveland, OH
Article from Cleveland Morning Leader, June 29, 1858

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MORNING LEADER OFFICE, MONDAY June 28, 6 P. M. , Financial, &c. There is no new feature in money matters The hot dry weather has at last come in good earnest, and in a degree which compensates for the excess of rain during the few weeks past. Now all speculation with regard to the incoming crop is idle, and the dullness of the markets indicates confidence in large crops. The New York Commercial List of Saturday rejoices in the fact that agricultural plenty bids fair to ameliorate the stagnation of business and whateyer else we may lack, and that we shall at least have an abundance of food. The money market continues dull; lenders seek the borrowers, and though the demand is feeble yet as confidence is restored and men grow weary of maintaining large and useless deposits, it must eventually come outThere is more than money enough now for all the business of the country, and though trade is almost paralyzed, yet as capital once more becomes employed and manufacture are re-commenced, things must brighten and the old prosperity will in due time come back again. But its coming must be waited, and it should be enough for the present to do a living business, postponing large profits to a later day. E. R. Porter, Receiver of the Bank of South County, Wakefield. R. I., has issued a circular announcing that the Bank will not be able to resume operations at present in consequence of delay of payment by the debtors of the Bank. He says there is no reason to doubt the safety of the bils, which by law have a preference over other debts, and moreover a lien upon the private property of the stockholders, several of whom are wealthy. Persons presenting them and taking a receipt, will in the opinion of Receiver be entitled to interest. The Macomb County Bank, Michigan, has resumed, but being a wildcat institution is quoted at 25 per et., discount. The following are the legal rates of interest in the several States of the Union: Maine-6 per cent. New Hampshie-6per cent. Vermont-6 per cent, except upon railroad notes or bonds, which may bear? per cent. Massachusetts-6 per cent. Rhode Island-6 per cent. Connecticut-6 cent. By the law of May, 1851, banks are prohibited under a penalty of $500 from taking directly or indirectly over 6 per cent. New York-7 per cent. New Jersey-6 per cent Pennsylvania-6 per cent. Delaware-6 per cent. Maryland-6 per cent. Virginia-6 per cent. North Carolina-6 percent. South Carolina-7 per cent. Georgia-7 per cent, Alabama 8 per cent. Arkansas-6 per cent. Special contracts in writing in this State will admit of interest not exceeding 10 per cent. Florida-6 cent. On special contracts 8 per cent IS allowed. Illinois-3 per cent previous to 1857 and 10 ) cent since that time. Indiana-6 per cent. Iowa-S per cent. On special contracts and judgments 10 may be charged. Kentucky-6 per cent. Louisiana-5 to 8 per cent. Michigan-7 per cent. It is lawful to stipulate for any sum not exceeding 10 per cent. Mississippi-6 per cent. Since March, 1856, 10 P cent is allowed on special contracts. Missouri-6 per cent. Parties can agree for any sum not exceeding 10. Ohio-6 per cent. Con'racts stipulating for any other rates not exceeding 19pet cent can be enforced. Tennessee-6 per cent. Texas-8 per cent. Special agreement in writing not exfeeding 12. Wisconsin-12 per cent. California-10 per cent. On special contracts any rate 0 interest may be agreed upon or paid. The following is A. M. Perry & Co.'s Bank Note List

6. January 21, 1860 The Press and Tribune Chicago, IL
Article from The Press and Tribune, January 21, 1860

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ORTGAGE >ALE.-Whereas, M Cyrus Clark and Catharine, his wife, did on the will cay of January, A. D. 1857. execute and deliver to D. M. C. Steadman, Cashier of the Bank of the South CountyTown of Waketield. ani State of Rhode Island, a certain Deed of Mortgage. bearing date the day and year afor. and rec orded in the Recorder's Office of Cook County. State of Illinois, in Book 29 of Mortgages, Fage 273. to mecure the payment of all or any draft, check and paper, which said Steadman might hereafter disc unt for said Cyrus Clark, and save him. the said Steidman, harmlers from all costs, charges, expenses and harm for or on account of his discounting such draf.r, checks and paper not exceeding in amount the sum of eight thousand dollars. And, whereat, it was provided in sald Mortgage that in case of the non-pay ment of the diafts, checks and paper which might be discounted by the Steadman. or the interest thereof or any part thereof. at the time limited for the pay ment of the tame, then It should be lawful for the said Steadman, his successors or arsigns, to cell the raid premises or any part thereof at public anciden, and to excute to the purchaser or purchasers good. ample and sumcient deed or deeds of conveyance for the same. And, where 18, cald Steadman. as c whier afore-aid, did discount for -a Cyrus Clark certain Promissery New signed by him and intended to be recured by said Mortgage. amountlog to the sum of eight thousand dollars, all of which said notes are now past due and unpaid. And, whereas. the undersigned has been by the Supreme Court of the State of Rhode Island appointed Receiver of all the effects and property of said Bank, sale Bank having been enjoined by sain Court from further exercising its corporate franchises and privileges under its charter: and. whereas, sald Steadman has assigned 10 me 24 Receiver aforessed the said Mortgage and the Hond mentioned therein, and the said Notes thereby intended to be secured. Now. therefore, notic" is hereby given that by virtue of the power vested in me by said appointment as Receiver and of the power in and the authority by sald Mortgage con'erred, 1 sha 1. on Wednesday, the Ttn day of March. A. D. 1860. at the hour of 10 o'clock in the forenoun of that day. at the north door of the Court House, fu the City of Chicago, in the County of Cook. and State of Illinois, sell at public auction to the highest bisder for cash, the lots and premises in said Mortgage menti- ned and described as follows to wit:-All those certain pieces or parcels of Land situate in the City of Chicago, Cock County, lilinois, In School Section Addition to said City, known as lots five, in Block sixty-two (62), eleven and twere. in Block sixteen (16), and twelve, In Block dity-seven (57); together with all the rights, privileges and appurtenances thereunto belonging or In anywhe appertaining, and all the right and equity of redemption of the said yrus Clark and Catharine his wife, thereln, for the purposes In and Mortgage mentioned. ELISHA H. POTTER. Receiver. 0. K. A. HUTCHISTON, Attorney for Receiver. ja21-b471-td

7. March 3, 1860 The Press and Tribune Chicago, IL
Article from The Press and Tribune, March 3, 1860

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# MORTGAGE SALE.-Whereas, Cyrus Clark and Catharine, his wife, did on the 29th day of January, A. D. 1857, execute and deliver to D. M. Steadman, Cashier of the Bank of the South County-Town of Wakefield, and State of Rhode Island, a certain Deed of Mortgage, bearing date the day and year aforesaid, and recorded in the Recorder's Office of Cook County, State of Illinois, in Book 29 of Mortgages, Page 573, to secure the payment of all or any draft, check and paper, which said Steadman might thereafter discount for said Cyrus Clark, and save him, the said Steadman, harmless from all costs, charges, expenses and harm for or on account of his discounting such drafts, checks and paper not exceeding in amount the sum of eight thousand dollars. And, whereas, it was provided in said Mortgage that in case of the non-payment of the drafts, checks and paper which might be discounted by the said Steadman, or the interest thereof or any part thereof, at the time limited for the payment of the same, then it should be lawful for the said Steadman, his successors or assigns, to sell the said premises or any part thereof at public auction, and to execute to the purchaser or purchasers good, ample and sufficient deed or deeds of conveyance for the same. And, whereas, said Steadman, as Cashier aforesaid, did discount for said Cyrus Clark certain Promissory Notes, signed by him and intended to be secured by said Mortgage, amounting to the sum of eight thousand dollars, all of which said notes are now past due and unpaid. And, whereas, the undersigned has been by the Supreme Court of the State of Rhode Island appointed Receiver of all the effects and property of said Bank, said Bank having been enjoined by said Court from further exercising its corporate franchises and privileges under its charter; and, whereas, said Steadman has assigned to me as Receiver aforesaid the said Mortgage and the Bond mentioned therein, and the said Notes thereby intended to be secured. Now, therefore, notice is hereby given that by virtue of the power vested in me by said appointment as Receiver and of the power in and the authority by said Mortgage conferred, I shall, on Wednesday, the 7th day of March, A. D. 1860, at the hour of 10 o'clock in the forenoon of that day, at the north door of the Court House, in the City of Chicago, in the County of Cook, and State of Illinois, sell at public auction to the highest bidder for cash, the lots and premises in said Mortgage mentioned and described as follows to wit:—All those certain pieces or parcels of Land situate in the City of Chicago, Cook County, Illinois, in School Section Addition to said City, known as lots five, In Block sixty-two (62), eleven and twelve, in Block sixteen (16), and twelve, in Block fifty-seven (57); together with all the rights, privileges and appurtenances thereunto belonging or in anywise appertaining, and all the right and equity of redemption of the said Cyrus Clark and Catharine his wife, therein, for the purposes in said Mortgage mentioned. ELISHA R. POTTER, Receiver. O. K. A. HUTCHINSON, Attorney for Receiver. ja21-b471-tl

8. March 5, 1860 The Press and Tribune Chicago, IL
Article from The Press and Tribune, March 5, 1860

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The site of the above described premises adjourced to the Cod day of April, at the same time and place. W PAUL CORNELL. Trustee. ORTGAGE SALE-Whereas, M Cyrus Clark and Callarine, bis wife, did on the 29th day ot January, A. D. 1857. execute and deliver to D. M. c. Steadman, Cashier of the Bank of the South CountrTown of Wakefield. an: State of Rhode Island, a certain Deed of Mortgage. bearing date the day and year aforesable, and recorded in the Recorder's Office of Cook County, State of Illinois, In Book 2 of Mortgages, Page 273, to secure the payment of all or any draft, check and paper, which said Steadman might thereafter disc unt for Name Cyrus Clark. and save bin. the said Steadman, harmless from all costs, charges, expenses and barns for or on account of his discounting such drif.s, checks and paper not exceeding in amount the sum of eight thousand dollars. And, whereas, It was provided in said Mortgage that in case or the non-payment of the diafts, checks and paper which might be discounted by the said Steadman, or the in. terest thereof or any part thereof, at the time limited for the pay ment of the name, then it should be lawful for the said Steadman, his successors or designs, to sell the said premises or any part thereof at public auction, and to ex. cute to the purchaser or purchasers got d. ample and sufficlent deed or deeds of conveyance for the sime. And. where's, said Steadman. as C whier aforevald, did discount for ea'd Cyrus Clark certain Promiserv Notes, signed by him and intended to be secured by said Mortgage, amounting 3 the sum of eight thousand dollars, all 01 which said notes are DOW past due and unpand. And. whereas, the undersigned has been by the Supreme Court of the State of Rhode Island appointed Receiver of all the effects and property of said Bank, said Bank having been enjoined by said Court from further exercising its corporate franchises and privileges under its charter: and. whereas, said Steadman has assigned to me as Receiver aforessid the said Mortgage and the Bond mentioned therein, and the salet Notes hereby intended to be secured. Now. therefore, notice is hereby given that by virtue of the power vested III me by said appointment 39 Receiver and of the power in and the authority by said Merigage ferred. 1 sha L on Wednesday, the The day of March, 1860, at the hour of 10 o'clock in the forenoon of & the day, at the north door of the Court House, in the City of Chicago, in the County of Cook, and State of lilinois, sell at public auction to the highest blader for cash, the lots and premis in said Mortgage menti- ned and described as follows to those certain pieces or parcels of Land situate in toe City of Chicago, Cook County, lilinois, in School Section Addition to said City, known as lots tive, in Block sixty-two (6), eleven and twerve, in Block sixteen (15), and twelve, in Block dity-seven (57): together with all the rights, privileges and appurtedances thereunto belonging or in any wise appertsining, and all the right and equity of redemption ol the said rus Clark and Catharine his wife, therein, for the purposes in and Mortgage menELISHA R. POTTER, Receiver. tioned. o. K. A. HUTCHINGON. Attorney for Receiver. Ja31-b471-td