1852. Woodbury Bank (Woodbury, CT)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
March 15, 1853
Location
Woodbury, Connecticut (41.545, -73.209)

Metadata

Model
gpt-5-mini
Short Digest
0f4821b4

Response Measures

Capital injected, Full suspension, Books examined

Other: Receivers appointed; injunction dissolved and stockholders/citizens provided cash to recapitalize bank.

Description

Mid-March 1853: heavy withdrawals/run and suspension after inspection; receivers appointed April 7, 1853. Court injunction later dissolved and bank resumed business on/after Oct 12, 1853 after stockholders/citizens provided funds. Cause of run/suspension appears to be bank-specific adverse information (overexpansion, worthless assets, connection with failed broker).

Events (5)
1. March 15, 1853 Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals preceded suspension; bank described as overexpanded with worthless assets and connected to a failed Wall Street operator.
Measures
Some New York and Bridgeport banks examined its affairs with a view to assistance but declined to advance; no corrective misinformation described.
Newspaper Excerpt
the run continued three or four days before they closed their doors.
Source
newspapers
2. March 15, 1853 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended after discovery its assets were largely worthless and it had overexpanded; Metropolitan and other banks refused its bills; circumstances tied to failed broker/operator.
Newspaper Excerpt
it was announced ... that the Woodbury Bank ... had suspended payment
Source
newspapers
3. March 22, 1853 Other
Newspaper Excerpt
The Woodbury Bank closed on Tuesday. Some of the banks of New York and Bridgeport examined its affairs ... the run continued three or four days before they closed their doors.
Source
newspapers
4. April 7, 1853 Receivership
Newspaper Excerpt
the Court should issue its writ of injunction and appoint George C. Woodruff, Thomas Bull, and Edward A. Phelps ... receivers of the effects and property of said Bank. Dated ... April 7th, 1853.
Source
newspapers
5. October 12, 1853 Reopening
Newspaper Excerpt
The Bank will re-commence business immediately after the 12th inst ... the Chief Justice dissolved the injunction, to take effect on the 12th of October instant, when the assets of the Bank will be returned to the corporation by the Receivers, and the Bank will resume business and payment.
Source
newspapers

Newspaper Articles (20)
1. March 15, 1853 Hannibal Journal Hannibal, MO
Article from Hannibal Journal, March 15, 1853

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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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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 19, 1853 Weekly National Intelligencer Washington, DC
Article from Weekly National Intelligencer, March 19, 1853

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BROKEN BANKS.-It was announced in Wall street on Friday that the Woodbury Bank, of Woodbury, Connecticut, and the Eastern Bank, West Killingly, Connecticut, had failed and for a few hours there was in consequence quite a panic among holders of New England bank notes. Some of the brokers refused to purchase the notes of any of the Eastern banks; and the American Exchange Bank, we are informed, received them only upon the guarantee of depositors. As soon as the true state of the case becomes known, the excitement will doubtless disappear. The two banks in question had never enjoyed the full confidence of the other Connecticut banks. They were partly owned and chiefly managed by a Wall street broker, or operator, who, having failed the day previous, was of course unable to disentangle his affairs from those of his proteges; and the banks, if not previously rotten, suffered from their connexion with him. A rumor was in circulation prejudicial to the Bank of North America, at Seymour, (formerly Humphreysville,) Connecticut; but we are assured by a gentleman from that vicinity, whose means of information are very good, that the report is without any just foundation. It is possible that the fate of the Woodbury and "Eastern" banks may be shared by one or more of the other small banks of Connecticut; but in regard to most of the banks in that State there need be no apprehension whatever. We doubt if in any State in the Union banking has on the whole been conducted more prudently or safely. [Journal of Commerce.

4. March 22, 1853 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, March 22, 1853

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THE WOODBURY BANK.-We understand that the Woodbury Bank closed on Tuesday. Some of the banks of New York and Bridgeport examined its affairs in the early part of the week, with a view to its assistance, but its condition did not justify any advances on their part. The bills held in the neighhborhood must pretty generally have been redeemed, as the run continued three or four days before they closed theirdoors. The Bridgeport Standard says the bank is closed until Monday.New Haven Journal.

5. March 24, 1853 Litchfield Enquirer Litchfield, CT
Article from Litchfield Enquirer, March 24, 1853

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SUPERIOR COURT. FEBRUARY TERM--1853, His Honor Chief Justice CHURCH, Presiding. Homer Waller vs. Xlth School District of New Milford.-This was an action of ejectment for premises occupied by the Defis., for the purpose of H school house. l'he case was tried at the County Court, Comber Term, 1851, when the Delis., recovered, and the Plaintiff appealed to this Court. The main question of the case was, whether the Plaintiff delivered a deed of the premises in question 10 the District; this the Plaintiff denied, and the Defis., affirmed. The Jury, after considerable consideration, finally agreed, and returned their verdict for the Defia. Counsel for Plaintiff, Hubbard; for Defis., Harrison. George Wheaton vs. Edward W. An. dreves.-Action of assumpsit on a note for $100, given by the Defi., 10 the Plaintiff for a quantity of hay. Defence: that the consideration of the note was fraudulent, and also that there had been a total or partial failure of the consideration of the note. The case was quite an interesting one to outsiders, to see two of the frateroity wielding their weapons in Court against each other. The Jurv, after deliberating on the case for two days, were unable to agree, and the Judge took back the papers and discharged them from the case. It is understand that they were divided. as follows: 3 for Plaintiff and 9 for Deft. Counsel for Plaintiff, Hubbard; for Deft. Harrison. / Ehward A. Phelps. and others. Bank Commissioners VR. The Woodbury Bank. - -This was a proceeding 10 enjoin the Directors of the Woodhury Bank from proceeding further in transacting the business of said Bank, and for the appointment of Receivers, under the Statue in such case provided. Mr. Cathren appeared for the Bank. After some preliminary discussion, it was agreed that the Court should issue its writ of injunction and appoint George C. Woodruff. Thomas Buci, and Edward A. Phelpe. Esqrs, receiver and the further hearing in the matter stand postponed to Monday, the 28th dav of March, inst., at 10 o'clock. a. m. It-in believed, and confidently hoped, the Bank and its friends will in the meantime be able in resume the management of its own a fairs, as, on examination, its exhibits are much better than has been heretofore reported.

6. March 24, 1853 The Weekly Lancaster Gazette Lancaster, OH
Article from The Weekly Lancaster Gazette, March 24, 1853

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[From the Washington Republic.] # FINANCIAL PROSPECTS. The commercial editors of several of the New York journals predict an early and a terrible check to the great apparent prosperity that now prevails. They trace a large proportion of the advance which the price of real estate has experienced to an excess of speculation; and they profess to discover other and not less marked indications of the rash adventure and unsound enterprise which have been the invariable precursors of mercantile embarrassment. It is alleged that unless all analogy fail, a sweeping series of disasters will at no distant date overtake the country. We take the subjoined from the New York Times as an illustration of the gloomy nature of the predictions to which we refer: "The weather-wise in such matters may be at fault, but not so the stern and immutable lessons of the past. This great country was never pronounced so 'prosperous and happy' as on the 4th of March, 1837, when President Jackson transferred the affairs of Government to Mr. Van Buren, and yet on that very day a series of the most disastrous and widespread mercantile bankruptcies commenced at New Orleans and New York, which in two months carried down all the banks in the country, and after a vain struggle of four years involved the wealthiest States of the Union in discredit and repudiation. None of these were preceded by preliminary signs of revulsion. They began in a sudden change in the course of the money market, not wholly unlike that which has been witnessed in this city for a few weeks past, and which affords unmistakable tokens that, unless some of the sails of trade and banking are reefed, and that speedily, a general shipwreck may ensue. The fact is alluded to not to provoke alarm, but, if possible, to induce caution." But these apprehensions, though extensively diffused, are discarded by other not less informed writers on the same subject. Hunt's Merchants' Magazine for the present month takes the more hopeful view. Admitting that there has been a very great expansion in credits, with a corresponding influence upon prices, the writer yet contends that there is no real resemblance between the causes now in operation and those which produced similar excitement in the past. Heretofore, he argues, the fever of speculation has usually been produced by a rapid and unwarranted increase in the quantity of unreliable capital in circulation; while in the present instance its origin was simultaneous with the increase of our coined gold, and its progress, although great, has not exceeded in proportion the monthly augmentation to the supply of specie. The inference therefore is that the relative ratio of capital and credit is more favorable now than it was when the fever commenced. "In plain words, there is now more of solid available capital, in proportion to the business of the country, than there was four years ago." Some of the statements advanced in support of this opinion may be usefully reproduced. Thus we find that from the year 1821 to the close of the fiscal year 1847-8, the foreign gold and bullion imported into this country amounted to $252,169,841; while the exports of the precious metals during the same period were $180,462,406; exhibiting a gain of $71,707,435. To this must be added about $10,000,000, the am't of gold and silver of domestic production deposited for coinage. The average yearly increase of specie for twenty-eight years was, therefore, in round numbers, $3,000,000. From 1848-9 to the present time the imports of foreign gold and bullion have been $24,000,000; while the domestic bullion that has been coined has amounted to $165,000,000. Deducting $85,000,000, the amount exported, we have not less than $104,000,000 as the actual addition to our specie currency in four and a half years, or an average of $23,000,000 per year, instead of 3,000,000 as before. This estimate excludes the amount brought by emigrants, and also the gold dust which is used for manufacturing and other purposes without passing through the mint-two items that are known to be considerable. Mr. Hunt sums the matter up as follows: "Create what panics we will, there is something to fall back upon; and thus, although temporary revulsions may bring losses to individual speculators, they cannot lead us so near to the verge of national bankruptcy as we have been in the disasters of the past, when the expansion was caused merely by an unnatural inflation of credits. "The thing most to be dreaded in the present excitement is the waste of money upon useless projects and wild schemes, where the capital can be neither re-gathered nor profitably employed. The mere transfer of local property from one hand to another, at a high nominal rate, works much less mischief than is generally supposed. The chief evil resulting from it is the idleness and extravagance it is apt to engender among the speculators themselves. "We do not wish to be understood as warranting the continuance of our present prosperity; our object has been to show that it is not chimerical, and that it is not to be permanently checked by the same causes which have brought on the revulsions of the past. If evil overtake us, it will come in some other shape. Suppose, for instance that while our imports are swelling to a large amount, and while capitalists are carrying a load of stocks and bonds greater than was ever before known, the cotton crop should fail, or the production of the staple should be greatly diminished; in this case, those who suppose that the bulk of our new securities are held abroad, would find themselves wofully mistaken. They would find a great proportion of it represented by the additional capital already noticed, which being called upon to make good the deficiency of exports, would leave the securities like a mill-stone upon the neck of the money market. Such a contingency, however, may not arise, and if it should, the immediate decline of imports would soon regulate the evil, and apply the proper correction." THE CONNECTICUT BANK NOTES. The rumor that the Bank of North America had failed, proves to be unfounded. The Woodbury and Eastern Bank failed. They were both owned by Crittenden, a New York one.

7. April 21, 1853 Litchfield Enquirer Litchfield, CT
Article from Litchfield Enquirer, April 21, 1853

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Woodbury Bank, NOTICE. THE Hon. Superior Court holden at Litch field within and for the County of Litchfield, Conn. has appointed and limited the sist., of six months from the 21st day of March, 1853. within which the creditors of the Woodbury Bank shall present their cla:ms to the undersigned, who were appointed hy said Court Receivers of the effects and property of said Bank. Re. EDWARD A. PHELPS, of Colebrook, Ct ceiv. THOMAS BULL, of Woodbury, Ct erm. GEO C. WOODRUFF, of Litchfield, a 6ta14 Dated Litchfi. III, April 7th, 1853.

8. September 15, 1853 Litchfield Enquirer Litchfield, CT
Article from Litchfield Enquirer, September 15, 1853

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WOODBURY Bank.-The time limited for the presentation to the Receivers or notes and other claims on this Bank exn pites on the 21st inst. Bill holders and others interested will do well to take notice; the receivers are Geo. C. Woodruff, Litchfield, Thomas Bull, Woodbury, and E. A. Phelps, Colebrook. The time for presenting claims against the Eastern Bank expires on the 16th.

9. September 21, 1853 The New York Herald New York, NY
Article from The New York Herald, September 21, 1853

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FINANCIAL AND COMMERCIAL. MONEY MARKET. TUESDAY, Sept 20-6 P. There is nothing new in the stock market. We notloe a moderate increase in the ext nt of operations, and a slight advance in prices, but the upward movement appears to be without strength or character. We doubt if outsiders have been at all attracted by the improvement in market value. The combinations at work on each fancy have the transactions entirely to themselves, and instead of extricating themselves from the position pre vious speculations placed them in, the probability is they are daily getting deeper into the mire. Occasionally an outsider may be deceived by the appearance of prices, and be drawn into the trap spread for him. but the relief derived from such a source, to the present large holders, must be almost imperceptible. At the first board to-day Erie Railroad advanced 1/4 per cent: Hudson Railroad. 1/2; New Haven Railroad, 1/4; Michigan Central Ratroad, 34; Long Island 1/4 Harlem, 1/4; Phoenix Coal, 3/6: Crystal Palace, 1; Carton Oo, 14; Morris Canal, 1/6 New York Central Railroad declined 1/4 per cant; Stonington Rail road 11/2; Nicaragua Transit, 1/8 Railroad bords have been in better demand lately, and prices have been well sustained. Government and State stocks have been quiet. At the second board there was a pretty general im provement in prices. Erie Railroad advanced 1/6 per cent; Hudson Railroad. 1/2; New fork Central Railroad, 1/4; Stonington. 1/4: Parker Vein, 1/2; Cumberland, %; Phoenix Coal, 3/8. We notice sales of both the first and second boards to day of United States Mail Steamship Company stock at 50 per cent. This does not look as though the Collins line of steamships had made much money since the formation of the line. Florence and Keyport was pretty active to-day at prices current yesterday. The receipts at the office of the Assistant Treasurer of this port to-day amounted to $182,075; payments, $84,491 41 Balance, $9 959, 142 79. The agent of the Lake Superior Land and Mining Company (Truman Smith Eaq ) makes the annexed statement regarding discoveries recently made in their mineral property at Lake Superior:I bave with me at the Astor House specimens of the ora, and also of the silver as extracted. Four parceis were reduced, and the result was as follows, viz:No. 1. From Northwest Mine. yield after the rate of 56 oz of silver to 100 pounds of ore-equal to 1,125 oz. per ton; value 355 21 No 2. Isle Royale Mine yield after the rate of 26 oz to the 100 pounds-equal to n20 oz per ton: value $617 20 No. 3. From the same mine, yield afre the rate of 40 oz. to the 100 pounds-equal to 800 oz per top; value, $968. No. 4. Cliff Mine vield after the rate of 12 oz to the 100 pourds-equal to 240 oz per ton; vajue. $290 40. minformed by General Vibomu the very able minister from Ecuador. that considered in South America an ore which will yield from 4 to 6 oz will pay all exDex ees. including of course. the mining expenses. It should be bornein mind that brought forward there ores (wobering as they did to the copper) without the slighteat supplicion that they were and therefore I it cannot be said that they are selected specimens. But must believe that these results will prove grea ly above any average that can be obtained by practical Operations. That the 0108 are likely to add much to the value of our mixes strongly believe Th mining expenses are all in. curred in taking out the copper; heace, whatever may be obtained in the form of siver will be an addition to our resources. I feel it to be my duty to caution the public against wild speculations based on these revela ious I am enraped in the business of miolog which I hold to be use. ful, legitimate, and proper; abhor stock jobbing -it bas been the greatest curse of Lake Superior. Let us I keep cool. ascertain the facts, and act Accordingly. make this statement because my experiments are on the street and I deem it best LC have the case in an authentic form. The time limited for the presentation to the receivers of the notes of the Woodbury (Conn.) Bank will expire to-morrow, (Wednesday, 21st inst ) In relation to the bank, the Waterbury American remarks:So far as we can learn. billholdera need not be alarmed with regard to realizing the amount of their bills. even if presented after that time; perhaps they may be gain. ers. We have it from the best authority that the bank will be resuscitated and placed on n sound footing. just as soon as certain difficulties are oversome, now in the course of progress, and for the execution of which arrargements are already made. These bills re redeemed at Thompson's and other brokers in Wall street. The annexed statement exhibits the earnings of the Harlem Railroad Company in each of the first eight months of the past five years:-

10. October 1, 1853 The New York Herald New York, NY
Article from The New York Herald, October 1, 1853

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Excess in 1853 $3,380,069 37 This excess is equal to the aggregate reseipts from customs in any other port of entry in this country Taking the aggregate for the quarter reading Seate aber 30, 1853, we should estimate the total value of merchandise imported during that period at 8fty. two millions of dolars. The deposits on the 30th of September were $898 508 52 larger than OR the 31st of August The Leighter Bank, Lynn, has declared a semi annual dividend of four per cost; Lynn Mechanics' Bask, four per cent, both on old and new stock; Lyna Mechanics' Fire and Marine Insurance Company, ten per cent. The Hartford Times of the 29th last. says : We understand that & petition is to be hesrd before Judge Church, at Lichfield, to morrow (Sept. 30), for a removal of the injunction against the Woodbury Bank Certain citizens of Weedbury and viciality, propose to pay all legal claims aganet the bank, to make its capital of $100 cee complete, and with this foundation ganize it SIEW and go on with it. We maderstand that nearly $100,000 of the bills of this bank are still outstanding, and as they were net presented to the receivers on o. be. fore the 21st instant, they are now worthless." The ampexed statement exhibits the quantity and value of foreign dry goods entered at this port for consumption, and for warehouse, showing also the withdrawals from warehouse, during the week ending and including Thursday, the 29th of September, 1853 MOVEMENTS IN FOREIGN DRY GOODS. Entered for Consumption.

11. October 6, 1853 Litchfield Enquirer Litchfield, CT
Article from Litchfield Enquirer, October 6, 1853

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at The Superior Court the dissolved sion hás. the retion Woodbury Bank, on terms Sundry liberal gentlemen Wobd bury and the neighborhood have given such security and made such advance ments as will secure the payment of its debts, and place the Bank, as is believed, on a firm foundation, thus furnishing conclusive etidence of their confidence in its officets. The Bank will re commence business immediately after the 12th inst, and may pay all claims against it-not presented to the Receivers. The Receivers will pay the claims presented to and allowed by them. 'Such a result, after such mistor. tudes, seldom ensues, and the measis taken reflect great Credit on L have originated and performed

12. October 6, 1853 The New York Herald New York, NY
Article from The New York Herald, October 6, 1853

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FINANCIAL AND COMMERCIAL MONEY MARKET. WEDNESDAY, Oct. 5-6 P. M. Quotations for fancy stocks were all down to-day, and the transactions at the first board were quite large. Holders no doubt are anxious to realize, bnt are fearful of flooding the market. All kinds of stock securities were freely offered to-day, from United States sixes down to Phoenix Coal Company. Bank stocks are not in such active demand as they have been, and- the probability is that they will not again command such premiums as have ruled for some time past. Mineral stocks were pretty well sustained-in fact, they are the steadiest se. curities in the street. At the first board to-day Gold Hill advanced 1/4 rer cent. New Jersey Zinc declined 1/4 per cent; Parker Vein, 1/2; Crystal Palace, 7; New York Central Railroad, 14: Erie Railroad, X: Harlem, 1/8: Long Island, Norwich and Worcester, 1/2; Reading Railroad, 1 1/2: Hudson River Railroad, 1/2; Michigan Central, X: and Michigan Southern, 1. This exhibits a pretty general decline; and it is to us a matter of considerable astonishment that prices are so well maintained. With a tight money market, and a steady contraction going on in the banking movement of the city, it is most extraordinary that fancy stocks hold their own 80 well. One of these days we shall see some scattering among the trashy stock securities so abundant at this moment in Wall street. Outsiders who may be at present holders of any of these fancies would do well to get rid of them while the various combinations exist, and while they are compelled to take all such stock offering. The transactions at the mining board to-day were as follows :1,950 200 shs Fulton Conner 2 41/4 100 do Springfield Cop 214 700 do do de 1 250 do Phoerix Gold b30.43 1,000 do do do 11 300 do Ulster Lead 200 do Consed Hill Cop. 1% 51/4 300 do Gold Hill 400 do High wassie Con.3% 400 do do 680.3% At the second board the decline was very great and very general. Eric fell off Y per cent; Camberland, 1/2 Parker Vein, 1; Brunswick Land Company, 8: Reading Railroad, 1/4; Phoenix Coal, 1/2. Gold Hill advanced 1/a per cent. The receipts at the office of the Assistant Treasurer a the port of New York to-day, Oct. 5, amounted to $106,998 95: the payments were $182,559 10-leaving a balance on hand of $9,886,028 08. The stermship Africa. from this part for Liverpool today, carried out $796,768 89, principally in ingots. The Erie Pailroad Company earned in the month of September, 1853, $512,024 81. against $875.176 54 in the rime month last year. Increase, $137,458 27. The Supreme Court of Connecticut has dissolved the injunction against the Woodbury Bank. The Hartford Courent says The receivers will pay in full all claim which have been presented to them. The bank will resume its business directly after the 12th inst. and will pay in fall all claims against the bank. though they may not have been presented to the receivers. Holders of bills need not, therefore, make any sacrifice on them. At a meeting of bank officers yesterday, the committee announced that everything was ready to set the Clearing House in operation. After some discussion, it was decided to commence on Tuesday next, the 11th inst. The following is the certificate which will be issued by the Bank of America, the deposit bank :RINK AMERICA

13. October 13, 1853 Litchfield Enquirer Litchfield, CT
Article from Litchfield Enquirer, October 13, 1853

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WOODBURY BANK. Injunction dissolved The President and Stockholders of the Woodbury Bank having filed their motion for n dissolution of the injunction existing against said Bank, before Chief Justice Church, and made the Receivers and Bank Commissioners of the State of Connecticut Respondents to their petition, the case was heard by the Court at Litchfield, on the 30th of September. 1853. On this hearing of the parties it was shown 1 That the wholeootstandings circula: sion of the Bank is about $94,000, of which about $87,000 was presented to the Receivers within the time limited by the Court be That the outstanding circulation not presented to the Receivers is less than $57,000. and all other liabilities of the Bank are between four and $5,000. 3 To redeem this circulation the stock. holders and other citizens of Woodbury and other adjoining towns. have paid into the hands of the Directors $50,500 in cash, to be added toss the other assets which belong. to the Bank. 4 The assets of the Bank, exclusive of the funds provided forethe redemption of the circulation, and other debts, amount to about $107,000 in bills receivable, railroad bonds, and stocks, the valué of partof which is uncertain. After paying of the Bank, its capital stock will therefore be full, with a smallsurplus if there should be no: altimate loss on the assets. Ne) sminida GOODS 5 Nearly all the stockholders, em bracing some of the most desponsible men in Woodbury, Southbury, Bethlem and Washington, and possessing capital to several times the ambant of the capital stock of the Bank, have given their indi vidual guaranty to make up the ultimate deficiency in the capital stock that may resultefrom a sale of the assets. The bill-holders and all other creditors of the Bank being thus secured against loss, the Chief Justice dissolved the injunction, to take effect on the 12th of October instant, when the assets of the Bank will be returned to the corporation by the Receivers, and the Bank will resume business and payment. Arrangements meanwhile will be made to redeem the bills in New York, Boston, and at the counter of the Bank. The Receivers have funds, and will pay all claims herotofore presented to and allowed by them, after the 12th instant, each Reciver paying the claims which have been presented to him individually The Directors of the Bank are Daniel Curtis, Philo H. Skidmore, Lewis Judd, Geo. B. Lewis, David 0. Baron, M. C. Sherman, John Aberneths, Geo. Smith: The Attorneys: of the Bank, Messrs. Phelps and Cothren, being acquainted and Thomas Bull, one of the Receivers, fully concur. in the ROCU may of the foregoing statement, and bes lieve the Bank is intitled to public Mrs. Hale, editor letter the in that she urged for six years that uniform day Statest

14. October 19, 1853 The Ohio Union Ashland, OH
Article from The Ohio Union, October 19, 1853

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The Woodbury Pank. This Connecticut Bank, which filed some time since and wronged its bill hold ers out of forty to sixty reent., is about to be resuscitated. The movement only shows the amount of brazen impudence that some men and corporations are capa ble of possessing. After swindling the community once, it again comes forward, and in effect, asks for an opportunity to repeat the operation. Formuately, a publie sentiment has been created which will operate seriously against the circulation of the notes of any such concern. The following. from the New York Journal of Commerce, speaks our sentiments exactly: "What a guarantee is there that it will not collapse a second time within one year? We know of none. A Bank that can founder in smooth water in one year after it IS put to sea, ought to be condemned as unseaworthy, and her hulk be broken up for firewood. We see that something has been added to the Bank's assets to enable it to pay its debts; but what good will this do to the bill-holders, who. under the announcement (not authorized by the receiver it appears) that they must be sent in to him before such a date. now past, or the holders would-the brokers saw (it to pay them. This game is, injefferire bare. faced robbery. whether so intended or not and for ourselves, we are not disposed to have il played twice by the sime hands.We hope the charter will be taken away at the next meeting of the Legislature, and the concern wound up. Weare indebted e to the receiver for the following notice:" t. WOODBURY BANK. 0 Provision having been made, in addie tion to the assets of the Bank, for the pay. ment of its debts, the Superior Court has dissolved the injunc ion heretofore granted against that Institution. After the 12th instant, the Bank will resume business, and will pay all claims against it which have not been presented to the receivers. The Receivers will pay all claims alW lowed by them. A result creditable to those who have effected/it and which will di go far in efface any blemish upon the char II, acter of the Connectient Banks, which the misformune of this Institution may have caused.

15. October 20, 1853 The Wyandot Pioneer Upper Sandusky, OH
Article from The Wyandot Pioneer, October 20, 1853

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SURE ENOUGH!-The Woodbury Bank, Connecticut, collapsed about a year ago, by fore-ordination, and its bills havesince been quietly bought up at 25 to 50 cents on the dollar. That accomplished, the Bank is ready to resume payment, the Receiver advertises that he is ready to day all claimsupon it; and The Courant (Hartford) coolly observes; "Holders of bill,s need not, therefore, make any sacrifice on them." No, thev need n't!--in fact, we guess they nearly all made the reverse of a sacrifice. W respectfully request our patrons, present and future, notto send us any bills of the Woodbury Bank, no matter how swaggering may be its resumption. We don't feel at all sure of our ability to tell which thimble the little joker is under. "Now you see it and now you don't." Seriously-is it not time that all these old Bank charters, granted on a vicious, expl ded principle, should be repealed?Good, sound Banks, which have been doing an honorable business since they were chartered, might be exempted; but all others shonld be expressly abolished and Bankinghenceforth prosecuted under wellguarded general laws, with ample security in the public chest.-N. Y. Tribune.

16. October 26, 1853 Portage Sentinel Ravenna, OH
Article from Portage Sentinel, October 26, 1853

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WOODBURY BANK, CT.-We see by the last number of Thompson's Bank Note Reporter that the paper of this rag factory, which suspended some months ago, is now redeemed at a discount of but 11 per cent. At the time of the suspention thousands of dollars of its lying promises were scattered thronghout the West, for which the farmers had exchanged the products of their labor, and the most of it was purchased up by speculators and the bank agents at 25 and 50 cents on the dollar. A few months and the Woodbury Bank will again be in the fnll tide of successful operation, scattering its rags among the people.

17. November 17, 1854 Plymouth Advertiser Plymouth, OH
Article from Plymouth Advertiser, November 17, 1854

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# Monstary. The Cincinnati Gazette of Tuesday says: The Exchange Bank of Buffalo, Farmers' Bank of Chicago, and Woodbury Bank of Ct., have been discredited. The Urbana and Champaigne County Insurance Co., at Urbana, closed on Friday. Gold is selling here at five per cent. premium. The notes of the Bank of Kanawha sold to-day at 25 per cent discount. Bank of Circleville at 50; Kentucky Trust Co. at 70, and Newport Safety Fund at 80. There few sellers of Circleville, however. There is a good deal of confidence in the Bank. The notes of the Clinton Bank of Columbus were again refused, to-day. Indiana Stock notes are selling at 25 to 30c discount, but a list of 50 of them will be better in a few days. The notes of the Clinton Bank of Columbus, will be taken hereafter by the Trust Company. Thompson's Reporter says-The Woodbury Bank, Connecticut, was thrown out by the New York Banks od Thursday. The house of P. S. Marsh, of Buffalo, reported suspended, is still paying a large amount of acceptances, on property which has come forward, and all bonafide creditors will be fully paid, Over $20,000 worth of paper was paid on presentation on Saturday, and $15,000 to-day. The Farmers' Joint Stock Bank is not redeemed at its agency here, and Bank shut, Tuesday. There was much excitement, but the impression was that the notes would be redeemed fully. Merchants' and Mechanic's Bank of Chicago, is closed. The Napierville Bank and Bank of Elgin are refused in that city. The City Bank of Chicago closed Nev. 14. The private banking house of Geo. Milne & Co., Cincinnati, stopped payment; Tuesday Merchants' Bank of LaFayette, Indiana, Trans-Allegheny Bank, Va., and the Farmers' Bank, Half-Moon, N. Y., all broke. The Dayton papers contradict the report that the Miami Bank of Dayton, has failed. The Mechanic's and Traders' Bank of Cincinnati failed, Weduesday morning. It being a branch of the State Bank, the notes will not be sacrificed. A crowd of persons incensed by the failure of the Champaign Insurance Co., mobbed the house of the President, Mr. John H. James, in Urbana, on Tuesday night. Mr. J. was largely concerned in the Merchants' and Traders' Bank, Cincinnati. From the Sandusky Register of Thursday, we clip the following: CINCINNATI, Nov. 14. The closing of the Meachants' & Traders' Bank has increased the excitement already prevailing, and financial matters are now worse than ever. Confidence is decidedly weak; but we are happy to state we have no mercantile failures to report. Gold is 8 per cent premium, and there is a large amount of money olering outside, in small parcels, by those who are afraid to hold it. More relief is experienced in this way, than when the funds are in the hands of the brokers. The principal banking houses having failed, we are now near the end of our difficulties. It is hoped the three heavy bankers that remain, are above suspicion, and these, with the Trust Co., are receiving all the business, and the deposites are very heavy. All that is required to make money easier is confidence. In the general markets, very little business is being transacted. The notes of the Mechanics' and Traders' Bank are received on deposit, the other branches of the State Bank being bound for their redemption. On Tuesday, the Sheriff of Cuyahoga Co., forced the vault of the Canal Bank of Cleveland, to sceure the special deposits. Dr. H. A. Ackley, one of the Trustees of the Lunatic Asylum at Newburgh, placed in the Canal Bank some $9,000 of the State Funds, as a special deposit, to be checked out as the wants of the institution might require. When the Bank failed, he called to remove the moneys, but was told by the Cashier that the amount was included in the general assignment. The upshot of the matter was, an attachment was issued, and, upon the Bank's refusing to deliver up the deposits, the vault was forced, and contents taken possession of by the Sheriff. A compromise was effected, afterwards the Bank protesting against the whole proceedings. The Free Banks of Indiana are rapidly redeeming their circulation. From Monday morning to Wednesday night, last, $76,000 of their notes were returned to the Auditor's omce and cancelled--the parties receiving back an equal amount of the Stock Securities. The circulation is now reduced to $5,000,000, and is being redeemed at the rate of $50,000 every day. # A SAD SIGHT. A London paper states that since the battle of Alma, the different military depots of London, in Pall Mall, Charing Cross, Picadilly and Knightsbridge have been thronged with old men, women and chtldren, seeking

18. November 22, 1854 The Weekly Portage Sentinel Ravenna, OH
Article from The Weekly Portage Sentinel, November 22, 1854

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Broken Banks. The following is a list of Banks, that have suspended within a few months past. For the benefit of our readers, we shall keep it standing, and make weekly additions thereto, of such failures as come ithin our knowledge: Patchin Bank, Buffalo. Farmers' and Merchants' Bank, Oswego. Farmers' Bank of Canadaigua. Drovers' Bank, Ogdensburg. Bank of Carthage. Farmers' and Merchants' Bank, Meryland, Massillon Bank, Ohio. Farmers' and Merchants' Bank, Memphis. Ohio Savings Institute, Titfin Cochituate Bank, Boston. Bank of West Killingly, Connecticut. Eighth Avenue Bank, New York. Bank of Ellsworth, Maine. Elkhart County Bank Indiana. Bank of Northern Indiana. Bank of Washlenaw, Michigan. Erie and Kalamazoo Bank, Michigan. Newport Safety Fund Bank Kentucky. Kentucky Trust Company. Bank of Kanawha, Virginia, Arlington Bank, Washington, D. C. Farmers' and M. Bank, Washington, D.C. Bank of Connersville, Indiana. Bank of Hallowell, Maine. The Shipbuilders' Bank, Maine. Lewis County Bank, New York. Akron Branch, Akron. Marchants and Traders Branch, Cin. Exchange Bank, Buffalo. Farmers' Joint Stock Bank, Buffalo. Woodbury Bank, Connecticut. Circleville Bank, Circleville. The City Bank, Columbus, Miami Valley Bank, Dayton, and the CanalBank of Cleveland have suspended payment so far as depositors and time draft holders are concerned, but the bill holders are secured by State and United States Stocks.

19. November 22, 1854 Grand River Times Eastmanville, Grand Haven, MI
Article from Grand River Times, November 22, 1854

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Loss OF THE STEAMER YANKEE BLADE.-The steamer Yankee Blade left San Francisco, Sept. 30, with 800 passengers and $153,000 in specie. Oct. 1, at 31 o'clock, P. M., whilst encompassed in a dense fog, she ran upon a reef of rocks, off Point Arguilla, and in less than twenty-five minutes sank in water below the promenade deck. The boats were immediately manned and all the passengers taken from the wreck, but one of the boats unfortunately stranding about thirty lives were lost. The next morning the steamer Goliath made her appearance and succeeded in picking up the survivors yet on the sea, amounting to six hundred, and landed them at San Diego, whither she was bound. Five hundred and thirty-six were left there until a vessel could be sent to bear them on their homeware journey. On her return the remaining part of the passengers and crew left were taken on board and landed at San Francisco. WRECK OF THE STEAMSHIP NEW ERA-TERRIBLE LOSS OF LIFE.-The packet ship New Era, of Bath, Maine, on her passage from Bremen to New York, with over two hundred and sixty passengers on board, in a dense fog, on Sunday night, went ashore off Deal, on the Jersey shore, and will probably prove a total wreck. The latest n'elligence received, states that the ship was breaking up, and more than one half of the passengers had been drowned in between the decks and overboard, and many were yet clinging to the wreck with but little prospect of being saved; the sea constantly breaking over the wreck and running so high that even a life boat could not out ride the waves. The passengers were all Dutch or German. BROKEN BANKS.-The following is a list of banks which have recently burst up, and are today rejected by our brokers. Each day adds new ones to the list. Where it will end cannot be determined. There is now but one safe rule and that is to take as little paper money as possible, unless you know that the bills are secured by safe stocks, and keep no others on hand.This is a necessary finale to such an increase of banks as we have had for the last few years.-So great an expansion of the currency was sure to bring a crash, and notwithstanding the repeated warnings, the banks have continued to increase in an unprecedented ratio. Here is the list: Maine-Bank of Hollowell, Shipbuilder's Bank. Indiana-All free banks. Ohio-All banks except State Bank and branches. Connecticut-Woodbury bank, Middletown bank. New York-Lewis County bank, Exchange bank of Buffalo, City bank of Buffalo. Kentucky-All banks. Illinois-Phoenix bank, Farmers bank, Merchants and Mechanies' bank, City bank, of Chicago; Elgin bank, Ottawa bank, Dupage bank, Bellvidere bank, Rock Island, Naperville bank, of Rockford. LATER.--We learn to-night, that the State banks and branches of Ohio and Indiana are refused by the brokers of this city. If this is generally done, the effect will be far reaching, and it would not surprise us to see a very general suspension by the banks of the country. Stand from under those that can. [Grand Rapids Enquirer.

20. November 24, 1854 The Kalida Venture Kalida, OH
Article from The Kalida Venture, November 24, 1854

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bas Latest Banks Failed. The Bank of Circleville, Ohio, is said to have failed-also The Farmers' Bank, of Chicago, Ill. The Exchange Bank, Buffalo, N. Y. The Canal Bank, Cleveland, Ohio. The City Bank of Columbus, Ohio, suspended this morning. The Woodbury Bank, Woodbury, Con nec:icut, thrown out at the Suffolk Bank Seven more Indiana Banks under protest, viz: Wayne Bank, Logansport; State Stock Bank of Indiana, Peru; Upper Wabash Bank, Wabash; Perry county Bank, Cannelton; Steuben county Bank, Angola; Traders Bank, Terre Haute; Great Western Bank, Terre Haute, Look out for more soor!-Dye's Bank Mirror, Nov. 15th, 1854.