1760. Bank of North America (Seymour, CT)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
March 12, 1853
Location
Seymour, Connecticut (41.397, -73.076)

Metadata

Model
gpt-5-mini
Short Digest
c19d09ed

Response Measures

None

Description

Contemporary telegraphic reports (mid-March 1853) list the Bank of North America, Seymour, CT, as having suspended payment. Subsequent reports and a public card stated its notes would be redeemed at its counter or at the Ocean Bank in New York, and no doubts were expressed about its solvency. No run is described in the articles. I classify this as a suspension with evidence of prompt redemption/rescue (effectively reopening/continued redemption). OCR corrected minor spellings (e.g., Amerca -> America).

Events (2)
1. March 12, 1853 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Failures/financial troubles among related New England banks and the collapse/ failure of broker William E. Chittenden precipitated suspension reports for several small Connecticut banks, including Bank of North America (reported by telegraph).
Newspaper Excerpt
Telegraphic dispatches were received ... of the suspension of the 'Bank of North America,' Seymour, Conn.
Source
newspapers
2. March 15, 1853 Other
Newspaper Excerpt
A card in the New York papers announces that its notes will be redeemed at its counter or at the Ocean Bank, New York.
Source
newspapers

Newspaper Articles (4)
1. March 15, 1853 Hannibal Journal Hannibal, MO
Article from Hannibal Journal, March 15, 1853

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Article Text

The steamer Echo struck a sag in Fairy Lake (Red River) on the 26th ult., and rent down in nine feet water. The boat is a total les. It is supposed that 500 bales of cotton will be save out of a cargo of 800. STAND FROM UNDER FALURE OF BANKS. Telegraphic dispatches were received yesterday, by E. W. Clark & Brs., of the suspension of the 'Bank of North Amerca," Seymour, Conn., the Eastern Bank, West Fillingsly, Conn., and the Woodbury Bank,' Woodbury, Conn. A good many of these notes particularly of the Bank of North America, are in circulation in this-city. The whole brod are probably Wall street concerns, altough whave heard an intimation that some of our dizens are, in some way, connected with some if them. What effeet their, suspensions wl have upon other Connectiout paper will be :nown to-day, when the Bankers and Merchant/come to look at the failures now announced.-Republican, of 12th.

2. March 15, 1853 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, March 15, 1853

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Article Text

BANK FAILURES. The New York Heraid has the following with regard to the recent failure of some New England Banks: It was announced quite early in the street this morning, that the Woodbury Bank, of Woodbury, Conu., and Eastern Bank of West Killingly, Conn., had suspended payment, and the Metropolitan Bank had refused to take their bills. It was reported that the Bank of North America, of Seymour, Conn., had suspended; but it was concluded to help it along, and remove, if possible, the difficulties under which it labors. The first two named banks faile I on account of too great an expansion, and when they applied for help it was found that their assets, (what few they had,) were worthless, and they were let down, without putting out a hand to save them. The circulation of the Woodbury Bank and the Eastern Bank amounts to about three hundred and eighty thousand dollare, and the probability is, that the bills are not worth ten cents on the dollar. These banks were established some time since, upon the New England system-the no security system-and there is no guaranty to the public that the bills will ever be redeemed. This is another evidence of the rottenness of that system. No one knows anything about the New England banks. They are sustained by a combination of the people and universal confidence among bill holders. The Suffolk Bank, of Boston, and the Metropolitan Bank of this city, have done more to give the issues of New England banks a wide circulation than any thing else, and they are the first to refuse them.

3. March 17, 1853 The Weekly Lancaster Gazette Lancaster, OH
Article from The Weekly Lancaster Gazette, March 17, 1853

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Article Text

THE BANK FAILURES.-Three of the one horse Banks in Connecticut, of the progeny of the W all Street Brokers, have failed, viz: Eastern Bank, at West Killingly. Bank of North America, at Seymour. Woodbury Bank, at Woodbury. The cause of-the failure of these Banks we do not know, nor should the fact that Banks es ablished by speculating brokers to be used for their own accommodations fail, surprise any one or create a panic, indiscriminately discrediting the notes of the sound as well as of the unsound Banks. Such a panic injures community, and can only benefit brokers. Most of the Connecticut Bankers have capital, are conducted by experienced and capable men, and are safe. The failure of unsound banks increases the strength of the sound ones.-Cin. Gazette.

4. March 17, 1853 Litchfield Enquirer Litchfield, CT
Article from Litchfield Enquirer, March 17, 1853

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Article Text

Bank Failures. The reported failure, on Friday, of the Woodbury Bank, and the Eastern Bank of West Killingly, was the cause of some commotion among those of our citizens who happened to be bill holders of those institutions. The failure of Mr. Wm. E. Chittenden of New York, was the immediate cause of the ir suspension. The capital of the Woodbury Bank was 100,000, and the circulation $180,000. The Eastern Bank circula. tion is estimated at $120,000-capital $100,000. The New York Journal of Commerce of Saturday, says in regard AYH to them They appear to have been designed mainly as Banks of circulation A portion of the capital was subscribed by parties in the neighborhood where they were located, under an impression, doubtless, that they were to be conducted on the same principle as the old, sound and ever relia ble Banks, which have given ever so good a character to the currency of Connecticut, In this, however, they were mistakea; and the loss will fall, in some cases, upon persons who are poorly able to support ita Officers, from some of the Hartford and New Haven Banks were here yesterdey, with a view to render assistance to the two suspended Banks, if it should be found expedient. But a partial exhibit of their affairs was not such, we understand, as to justify an attempt to resuscitate them." The Bank of North America, at Sey mour was also said to have suspended. but of the solvency of this institution no doubts need be entertained. A card in the New York papers announces that its notes will be redeemed at its counter or at the Ocean Bank, New York. It is also stated that the Woodbury Bank has thus far redeemed all bills present ed.