1736. Pawcatuck Bank (Pawcatuck, CT)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 1, 1857
Location
Pawcatuck, Connecticut (41.377, -71.834)

Metadata

Model
gpt-5-mini
Short Digest
fc7102ee

Response Measures

None

Description

Multiple contemporary newspaper reports (Oct 1857) list the Pawcatuck Bank as suspended/failed during the October 1857 financial panic. No article describes depositor runs or a reopening; its notes were listed as uncurrent later in October. The suspension appears to be a consequence of the broader 1857 panic (macroeconomic shock) and is treated here as a suspension that led to permanent closure/discounting.

Events (4)
1. October 1, 1857 Suspension
Cause
Macro News
Cause Details
Suspended during the nationwide financial panic of 1857 (stringency in the money market); listed among many banks failing or suspending in October 1857 newspapers.
Newspaper Excerpt
Two bank suspensions are reported, viz: the Exchange Bank, at Hamilton, N. Y., and Pawcatuck Bank, of Connecticut.
Source
newspapers
2. October 6, 1857 Other
Newspaper Excerpt
The notes maturing on the 4th inst., ... were generally met ... the notes of more New England banks were thrown out ... Pawcatuck Bank, Pawcatuck, Conn.; ... The suspension of the Rhode Island banks has thrown upon our city quite a large amount of uncurrent small notes ... (describing notes being thrown out and suspended banks).
Source
newspapers
3. October 12, 1857 Other
Newspaper Excerpt
Paweatuck Bank, Paweatuck. Ct. (listed among recen[t] SUSPENDED and DISCREDITED Banks).
Source
newspapers
4. October 31, 1857 Other
Newspaper Excerpt
CONNECTICUT. ... Pawcatuck, at Pawcatuck. (The bills of the following Banks are not received at the Suffolk Bank...).
Source
newspapers

Newspaper Articles (5)
1. October 1, 1857 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, October 1, 1857

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Article Text

Money Matters in New York. NEW YORK, Sept. 30.-The stringency in the money market today was severe as ever, notwith, standing the increase of loans made by the banks. Almost fabulous rates were paid in the street. It is believed, however, that the pressure is at its height. A large amount of government stocks was sent today to Washington. This will afford partial relief. There are no additional city failures announced. Two bank suspensions are reported, viz: the Exchange Bank, at Hamilton, N. Y., and Pawcatuck Bank, of Connecticut.

2. October 6, 1857 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, October 6, 1857

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Article Text

Monetary Matters. Money matters seem to be working a trifle easier, although business of ail kinds is at a complete stand still. The notes maturing on the 4th inst., in Worcester, in Boston, and in New York, were generally met with promptness, and the impression pretty generally prevails among those who make finance their business, it not their study, that the crisis has been reached, and that the future will witness a gradual return of confidence, and an easier money market. At Boston yesterday. the notes of more New England banks were thrown out, viz: the Western Bank of Springfield; the Weare Bank at Hampton Falls, N. H.; Bank of North America, Seymour, Conn.; Bridgeport City Bank, Bridgeport, Conn.: Pawcatuck Bank, Pawca. tuck, Conn.; Windham County Bank, Brooklyn, Conn. Rumors prejudicial to the Thompson Bank of Thompson, Conn.. are authoritatively contradicted,. and the cashier states that the bank is in a sound condition. It has never had less specie than the amount required by law, and the amount now in its vaults is greater than at any time for six months past. No new failures in Boston were reported yesterday, and the rumors affecting the solvency of some of the business firms in Worcester, which were quite industriously circu lated on Saturday, are we learn, without any foundation. There is little business transacting iu stocks of any kind. The Boston Journal of Monday evening, says: "Bank shares are forced upon the market more freely, and are offered in small lots at a decline of from 5 to 20 per cent. from the prices of a month ago. Many of them, however, seil at more than par." Rafiroad shares seem to be the favorite luvestment, and of these[securities, the Boston and Worcester ranks the highest. The suspension of the Rhode Island banks has thrown upon our city quite a large amount of uncurrent small notes, which are passed with difficulty, and can only be got rid of for bankable funds at a discount of five per cent. This is too heavy H shave to be submitted to for any length of time, and as soon as our own banks can ease up a little in their line of discounts, 80 as to furnish our citize with currency enough for the transaction of business, Rhode Island money will be driven out of circulation, or will be taken only at its real value.

3. October 12, 1857 The Evansville Daily Journal Evansville, IN
Article from The Evansville Daily Journal, October 12, 1857

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Article Text

DISCREDITED BANKS. The following IS a corrected list. todate, of recen SUSPENDED and DISCREDITED Banks: Arcade Bank, Providence, H I. America Bank, Trenton. N:J., Agricultural Bank, Tenn: Agricultural bar. K; herkiner, N. Y. Bergen County Bank N.J. Bank 01 Canandaigtta, N.Y. do Napervilie, Iii. do Beleville, de Nashville, Tennessee. do do Springfield, Ohio. do Toumseh, Michigan. do Orieans, N.Y. do New Jersey, New Brunswick, N.J. do Kent, R.I. do Halloweit, Me. do America, Tenn. do West Ternessee, Tenn. do Paris, Tenn. do Corning. N.Y. do the South County, R.I. North America, Connecticut. do do Kanawha. Virginia. do Elgin, III., S. S., small circulation. do the Capitol, Indianapolis, Indes. S. do Middleton, Penn. do Watertown, N.Y. des Chester, Li. do Eigin, do do Pike County, Ill. Central Bank, Indianapolis, Ind.,,s. Chemung County Bank, Horse Heads, N.Y.,s.s. Clinton Bank, Columbus, Ohio. Cty Bank, N.J. Cum erland Savings Institute, Md. Commercial Bank, Columbia, S. C. Citizens' Bank, Tenn. Corn Exclusive Bank, III. Charter Oak Bank, Hartford, Conn. Colchester Bank, Com. Danly Bank, Vt. Davton Bank. Ohio. Dairyman's Bank, Newport, N.Y. Ellsworth Bank. Maine. Exeter Bank. N. H. Exchange Bank. Pittsburgh, Pa Exchange Bank. Hartford, Corn. Farmers' Bank of Saratoga Co., N. Y.,s.s Farmers' and Mmmufacturer's Bank, Poughkeepsie. Farmers' Bank, Wickfort, R.1. Farmers & Mechanics' Dabs ent county, Md. Farmers and Merchants' Bar Md. Eairfie County Bank, Nor alk, Ct. Farmers N Arechanics' Buk, Detroit, Mich. Honesdale Bank, Pennsylvania. Hollister Bai k, Buffalo, N. Y.,s.s. Harcock Bank, Maite. Hugenot Bank, N.Y. H pkinton Bank, Westerly. R T. Hamilton Exchange Hank, Hamilton, N.Y. Island is Bank. Yreity, Jefferson 1 anty Bar K. N.Y. Lee Bilik, Massa have ts: Mechanics' Banking Association, N. Y., Mount Verhon Bank, Providence, R. I. Maratine Bar K, Maine. Monson River Bank. Mark Madomb County Bank, Mehigane Mechanics' Banking Association; N. Treity, Morizan Bank, Ga. Miami Valley Bar K, Ohio. Medina Bank, Medina, N.Y. Munson Bank. Mass. M rehants & Manufacturers' Bank, Pittsburgh, Pa. Mercantile Bank. Hardford, Coub. N.Y. Security Bank, N. Y. Nebraska money has been thrown out by St. Louis brokers, excepting the Banks Florence: Niagara River Bank, Tonawanday N.Y., reported failed, S.S. Ontario Bank, Utica, N.Y. Ohio Life Trust Company, lon'tissue rotés: Oliver Lee & co. Bank, N. reported failed, S. S. Ocnee Bank: Tenn. Outario County Bank, Phelps, People's Bank, N.Y city. reported failed, S: S. Paweatuck Bank, Paweatuck. Ct. Port Plain Bank, N. Y..s.s Reciprecity Bank, Buffak, N. YL. frew bank, S. Rhode Island Central Bank, R:1: Sanford Bar K/Me. Sackett's Harber Banks N. South Royalton Bank, It. Seneer County Bank, Ohio. Southern Bank, Georgia. Stock Security Bank, Illinois. Tippecanoe Bank, Logansport, Ind. Tiverton Bank, Fall River, R.I. Union Bank, Frenchtown, N.J. Unadilla Bank, N.Y. Warwick Bank, R. I. Wonster Bank, Danbury, Conn. Warren County Bank, Penn. Yates County Bank, Penn Yan, N.Y. NOTE.-"S. S." means securet by state stock. Most of these Banks will pay their circulation in full, and holders of their bills should not submit to a large discount on them.

4. October 14, 1857 True American Steubenville, OH
Article from True American, October 14, 1857

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Article Text

Late Bank Failures -The Springfield Bank, a Stock bank, located at Spring field. Ohio. failed to day.-Cin. Gaz. The Bank of Berkely; at Martinsbnrgh Va., has suspended. The failures of the Hamilton Exchange Bank of this State, and the Paweatnck Bank of Conecticut, are announced to day. -N. Y. Express.

5. October 31, 1857 Vermont Phœnix Brattleboro, Bellows Falls, Ludlow, VT
Article from Vermont Phœnix, October 31, 1857

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Article Text

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.