19331. Mechanics Bank (Pittsburg, PA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
September 28, 1857
Location
Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model
gpt-5-mini
Short Digest
9619c0c5

Response Measures

None

Description

Multiple contemporaneous newspaper dispatches (dated Sept 26–28, 1857) report Mechanics' Bank of Pittsburg suspended specie payments on/around 1857-09-28 as part of the wider Panic of 1857. The reports describe a temporary suspension with statements that banks intended to resume when Eastern banks acted; no article describes a depositor run on this specific bank or an assignment of a receiver or permanent closure. Classified as suspension_reopening (suspension during a systemic panic, expected to resume).

Events (1)
1. September 28, 1857 Suspension
Cause
Macro News
Cause Details
Suspension occurred as part of the widespread Panic of 1857 and coordinated bank suspensions in multiple cities; cited as necessary to protect business and to enable discounting local paper and exchange during the crisis. No bank-specific insolvency allegation in these dispatches.
Newspaper Excerpt
This morning the Mechanics Bank suspended specie payment on all notes.
Source
newspapers

Newspaper Articles (10)
1. September 28, 1857 Wheeling Daily Intelligencer Wheeling, WV
Article from Wheeling Daily Intelligencer, September 28, 1857

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escaped, but subsequently drowned gether with his family. BANK EX ITEMENT. PITTSBURGH, Sept. 28. -The excitement relative to the Banks is subsiding. This morning the Mechanics Bank suspended specie payment on all notes. [SECOND DISPATCE] Although the Pittsburgh Banks have suspended, at a meeting of the Executive offivers of the Banks, to day, they addopted resolutions that temporary suspension of payment of specie was necessary to protect business men, enabling the Banks to discount local paper and exchange. That the Cashiers of the respective Banks, are pre-emptorily instructed by the Board, to re sume when a similar action is adopted by the Eastern Banks. Excitement nearly subsided. PHILADELPHIA, Sept. 28.-It is understood that the Governor will issue a proclamation tomorrow, calling the legislature together on the first Tuesday in October, to take action on the Bank suspensions. [SECOND DISPATCH] There is no concert of action among the Banks. They commenced paying five dollar bills, but 11 o'clock the bank of North America, which previously redeemed all notes, suspended specie payment. The same course will now become universal. The Philadelphia Bank suspended specie payment, but redeemed checks with notes. PHILADELPHIA Sept. 28-The Governor has not decided about the proclamation. Much ill-feeling between the banks. ALEXANDRIA, VA., Sept. 28.-The Banks are paying out small sums of specie only. WASHINGTON, Sept. 28.-A notice posted on the bank of the Metropolis, says that the panic created by the suspension of other banks, hav. ing caused much larger demand for specie than was anticipated, that institution is under the painful necessity of suspending specie payments for the present. The trustees remarked that they will make every exertion to resume, and that the bank paid out $65,000 on Saturday.The Bank of Washington and Patriotic Bank. which paid only small sums on Saturday, have not altogether suspended. The Savings Banks pay either in City Bank or Virginia money, and demand the six days notice from depositors.Virginia money is at a discount of 0 per cent, and the tendency is still downward. Business nearly paralized. Money unsaleable, BOSTON, Sept. 28,-Jewett & Co., publishers of this city, have suspended. Their liabilities are $100,000. BOSTON, Sept. 28.-The Suffolk Bank refuses to redeem the bills of the New England county Banks. NEW YORK, Sept. rumored failures of Clark, Dodge & Co. and Phelps, Dodge & Co., is entirely false. Exchange on Philadelphia ten per cent per month. The assignment of the Ohio Trust Co. is expected. President Stetson returns to Cincinnati to-morrow to procure a stay of proceedings. The Metropolitan, Republic and Merchants Bank of New York, Mechanics American, Exchange, Union and Phoenix Banks have issued circulars assuring the public of their ability and determination to sustain a specie basis for their circulation, and expressing an opinion that the tendency of specie and produce to this point will soon relieve the Banks of the present pressure. NORFOLK, Va., Sept. 28.-Some feeling is manifested here about the Baltimore and Philadelphiá suspensions, but the Banks, so far, have remained firm. CINCINNATI, Sept. 28.-The excitement consequent upon the continued vorable advices from the east, paralized business, and the atten* tion of business men is entirely turned from the ordinary rotine, to the absorbing question of the Intest news from the east. The banking houses continue to quote New York exchange at par, but only small amounts can be purchased at this rate, sums of 5,000 and upwards cannot be bought at less than five per cent premium. No paper can be negotiated, so that it is useless to give quotations. The paper of an Iron House and a Shoe & Leather house, went to protest, and J. B. Holmes manufacture, has made an assignment. None of them are insolvent however. J. J. Anderson & Co., and Danby & Barksdale, Bankers of St. Louis, have suspended. The Nashville Bank of Nashvill, Tenn., has suspended. NEW YORK, Sept. 28.-The money market is very stringent, but banks remain firm in their position. Some very heavy failures are reported here. Advices from Albany mention a run on the Savings department. RICHMOND, Sept. 28-The banks are paying specie, and it is generally believed that they have determined to go on. There is no run as yet. Both of the Staunton banks, the Central Bank, and the Bank of the Valley have all suspended BALTIMORE 11 P. M.-No material change has occurred in money matter to-day. The banks in some instances redeemed their 5's as a matter of accommodation. Specie commands a premium of seven to ten per cent on exchange for Balt funds. AGUSTA, GA.-The Banks of North and South Carolina and Georgia are all right. The question of suspension is not entertained. YELLOW FEVER. WASHINGTON, Sept. 28.-Several cases of yellow fever at Key West and one death. The origin of the decease is from admitting seamen

2. September 28, 1857 Wheeling Daily Intelligencer Wheeling, WV
Article from Wheeling Daily Intelligencer, September 28, 1857

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EA PITTSBURGH, Sept. 28.-The excitement relative to the Banks is subsiding. This morning the Mechanics' Bank suspended specie payment on all notes.

3. September 29, 1857 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, September 29, 1857

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Monetary Matters in Pennsylvania, PHILADELPHIA, Sept. 28.-The Governor has not yet. determined on what course to pursue. Two committees, including one from the banks, are now in private conference with him. Much feeling is said to exist between the banks. Some of those which were incorporated under the old law, and do not forfeit their charters, are opposed to the call of the Legislature. It is said that unless the Governor countermands his order, a proclamation will be issued tomorrow morning. PITTSBURG, Sept. 28.-The excitement is subsiding. The Mechenics' Bank suspended today. Businese is paralyzed.

4. September 29, 1857 The Evansville Daily Journal Evansville, IN
Article from The Evansville Daily Journal, September 29, 1857

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V01 More Failures. THE Pittsburg, Sep 28-M The excitement relative to Banks is subsiding this morning. Mechanics' Bank suspended specie payments on all notes.

5. September 29, 1857 Nashville Union and American Nashville, TN
Article from Nashville Union and American, September 29, 1857

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PITTSBURG, Sept. 26.-The Bank excitement is subsiding. The Mechanic's Bank has suspended specie payment.

6. September 29, 1857 Daily Nashville Patriot Nashville, TN
Article from Daily Nashville Patriot, September 29, 1857

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BY THE NATIONAL LINE. [Reports Furnished by the Associated Press.] NEW ORLEANS, Sept. 26. Our Banks and Merchants are impregnable, and are in no sort of danger. PITTSBURG, Sept. 28.-The Bank excitement is subsiding. The Mechanics' bank has suspended specie payment. Philadelphia, Sept. 28.-It is understood that the Governor will call the Legislature together on the first Tuesday in October, to take action on the bank suspension. RICHMOND, Sept. 28.-No bank suspensions yet. The Northern suspensions cause much excitement. WASHINGTON, Sept. 28.-Several cases of yellow fever have occurred at Key West. PHILADELPHIA, Sept. 28.-There is still no concert of action among the banks. They paid specie on five dollar bills till 11 o'clock, when the North American bank suspended, The suspension is now expected to become universal. The Philadelphia bank has suspended. Alexandria, VA., Sept. 28.-The banks are paying specie on small notes only. WASHINGTON, Sept. 28.-The Metropolis bank has suspended. The Washington and Patriotic banks are still paying small bills Savannah, Sept. 28.-The banks demand the six daysnotice from depositors. Virginia bills five per cent. discount. Jewett & Co., publi-hers, have suspended. Sr. JOHNS, N. B., Sept. 28.-The screw steamer Jura has arrived with London dates of the 15:h. Consols 901. Money more stringent. Wheat advanced and firm. Corn active and steady. Flour buoyant ST. JOHNS, Sept. 28 -The steamer City of Washington arrived out on the 16th. The Emperor Alexander had arrived at Berlin. The cholera is raging at Hamburg, kholm and other places proving very fatal. The Bank of Holland has increased rates to 5 per cent. The election in the Principalities resulted favorable to the Union. The India mail has arrived with Delhi dates to the 29th. Several sorties were made, but , puls d with great loss to the rebels; 500 killed and wounded. The Nemuch mutineers reached Delhi. Gen. Nicholson was daily expected from Punjaub with reinforcements. Gen. Havelock occupied Bepho on the 17th without r. sistance. Lena Sahib escaped on the 29th. Havelock defeated 10,000 rebels on the road to Lucknow. British loss triffing. NEW YORK, Sept. 28.-There is a panie in the stock market. Philadelphia, Sept. 28.-Business is deranged by the vacillating course of the banks. ST LOUIS, Sept. 26.-J. J. Anderson & Co., and Darby & Barksdale, Bankers, have suspended. NEW ORLEANS, Sept. 28 -Cotton, sales 400 bales -easier; Receipts 8300 bales; Flour $5 50 to 6 00; Corn 70; nothing doing in freights; other articles unchanged; Exchange nominal. Deaths during the week 103. FURTHER FOREIGN NEWS. NEW YORK, Sept. 28.-Hyderabad was quiet on the 14th of August. It was expected that Delhi would soon fall. Gens. Havelock and Neil were advancing upon Lucknow. Three regiments of Bengal native infantry revolted and fled to Reeve river. They were pursued by General Floyd, and 800 of the mutineers killed. The mutineers also were routed at Juibalpore and other places. Mutineer's plots were discovered at Benares and Hamulock. Sir Colin Campbell has assumed command. Nena Sahib's attrocities at Cawnpore beggar description. He massacred 400 persons, including 70 wolden and 120 children. The Court-yard fronting bis head-quarters was swimming with blood. Sahib escaped, but subsequently drowned himself and family. NEW YORK, Sept. 28 -There is no truth in the reports of the failure of Clark, Dodge & Co., and Phelps, Dodge & Co. The Metropolitan, Republic, Merchants', Ameri C D Exchange, Union and Phoenix banks have issued circulars stating their intention to maintain a specie basis. The Norfolk and Richmond Banks are firm. The Staunton bank and bank of the Valley of Virginia have suspended. NEW YORK, Sept 28.-Money very stringent. The Banks are firm. Some very heavy failures are reported. ALBANY, Sept. 28 There has been a run upon the Savings bank by small depositors. BOSTON, Sept. 28-The Suffolk bank refuses to redeem the bills of New England county banks NEW YORK, September 28, P. M.-Cotton is dull. Flour $5 10 to $5 25 Wheat has declined 6 to 10 cents. Corn is offered at 70 cents. Park has declined 10 cents. Chicago Beef has declined 25 cents Bacon, 12c. for hame, and ile. for shoul ers. Whisky, 24c. Coffee quiet. Sugar heavy. PITTSBURG, September 28.-Every bank except the Pittsburg Bank, have suspended. The officers of the banks adopted & resolution to the effect that a & mporary su-pension of the payment of coin was necessary to protect business men. The excitement has nearly subsided, CINCINNATI, September 28. Business is paralized. Exchange on the East, in sums of $5000, is

7. September 30, 1857 The Middlebury Register Middlebury, VT
Article from The Middlebury Register, September 30, 1857

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say, was answered by the payment of a million and a half of specie, in the course of a few hours. In this course the banks have by strict constructions of the law, forfeited their charters. In consequence, a proclamation of the Governor convening the Legislation appeared yesterday. It is as follows: Whereas, serious financial revulsion has occurred, resulting in the suspension of specie payments by the banks of this and other States, the failure of many long established commercial houses leading to the destruction of confidence and general embarrassment, threatening to affect disasterously, the credit of the Commonwealth and the great industrial interests of the people and requiring prompt, strict and efficient action to relieve the suffering community.... Therefore, I convene the Legislature to meet on the 6th of October, to adopt such measures as the present exigency requires. PITTSBURGH, Sept. 28. The excitement is subsiding. The Mechanics Bk. suspended to day. Business is paralyzed. All of our banks, except the Pittsburgh have suspended. The Providence Journal of yesterday morning in speaking of the condition of the affairs in that city says: 'There never before were two such weeks as closed upon the business of Providence last saturday Money continues at unmitigated rates although the demand slackens under the impossibility of obtaining discounts There is hardly any cotton in the market, and the manufacturers are working down their stocks, with no disposition to renew them under present circumstances. It is impossible longer to raise money to pay the labor and a dreary winter is before us. Until the news from Philadelphia and Baltimore arrived, there was a hope that the survivors of this week would go on with an easier money market; but these suspensions cut off a third of the collections upon which our banks were relying to meet their own engagements, and to extend relief to their customers. Providence stands now a creditor city but our collections on New York will not much more than ballance the demands upon us from that city, and those farther South are cut off by the suspension It is impossible to tell what the result will be, but it is plain that things cannot remain so much longer ### UNCURRENT BANKS. The following Banks are reported as uncurrent in this vicinity, though not all of them have failed: Mane.Bank of Hallowell, Hallowell -Canton Bank So. China-Ellsworth Bank, Bangor-Mousom River Bank, Sanford -Sanford Bank, Sanford. New Hamshire-Exter Bk, Exter, Vermont. Danby Bank, Danby-So. Royalton Bank, So. Royaiton, Massachusetts Cochituate Bank, Boston. Rhode Island. Bk. of So. Coventry Wakefield-Mount Vernon Bk., Providence R. I. Central Bank, Fall River -Warwick Bank, Warwick-Bank of Republic. Connecticut. Easton Bank, Killingly-Merchants Ex. Bank, Bridgeport-Worcester Bk., Danbury-Colchester Bank. Colchester. Pennsylvania-Warren County Bk, -Bank of New Castle-Lancaster Bk. New York-Bank of Orleans, Albion -Champlain Bank, Ellensburgh-Exchange Bank, Buffalo Farmers Bank New Paltz--Hollister Bank Buffalo-Merchants and Mechanicks Bank, Oswego-Niagara River Bank Tonawanda-Oliver Lee & Co, Buffalo--Ontario Bk Utica Reciprosity Bk., Buffalo-Sackets Harbor Bank, State Bk, Sackets Harbor-Chemung County Bank Horseheads-Ontario County Bk. Phelps-Yates County Bk. Penn Yan-Eighth Avenue Bk-Knickerbocker Bank. A little fellow from four to five years old, having perforated the knees of his trowsers, was intensely delighted with a patch his grandmother had applied. He would sit and gaze upon it in a state of remarkable admiration, and in one of these moods suddenly exclaimed: Grandma must put one on t'other knee and one behind, like Edy Smith's " "Let's take a horn," is a phase of frequent utterance. The blast of that horn may be the signal for the porter to open the gate of death. ### FACTS ABOUT THE PRESIDENTS. Four of the first seven were from Virgnia.--Two of the same name from Massachusetts, and the seventh was from Tennesee. All but one were sixty six years old on leaving office, having served two terms and one of them, who had served but one term would have been sixty-six years of age at the end of another. Three of the seven died on the 4th of July, and two of them were on the Sab Committee of Three that drafted the Declaration of Independence, and these two died on the same day and year, and on the Anniversary of the Declaration of Independence, aud just half a century from the day of Declaration. The names of three of the seven ended in 'son," yet neither of these transmitted

8. October 1, 1857 American Lancaster Gazette Lancaster, OH
Article from American Lancaster Gazette, October 1, 1857

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T NCIAL The Very Latest from the La Ea PITTLBURGH, Sept. 28 The relative to banks is subsiding this morn Mechanics' Bank has suepended 4 die payment on all notes Pinladelphica Sept. 28 is und stood that the Governor will have a pi lamation ture to morrow; calling the Legi together on the Restrimently in Lober, sion. to action upon the bank susp There is still B3 concert of action any bant They commenced this morning pay bank five dollar billys hut melork North America. which previor redeemed all notes, suspected specie uriversal. ments. The same course will now been I The Philadelpi is Bank suspended eie payments and redeemed checks / notes. Other banks following course. W 11 II ASHINGTON not per on the bank the Metropolis, says bank panic created by the suspension of o mand having caused # much larger for specie than was (M) icipated, institution is under the painful necessit suspending ent specie payments for the P The trustees say they will make ev exertion to resume, and that the bank I out 865 On Saturday. The Bank of Washington and L Patri Bank, which paid out small sums on urday, have not altogether suspended. Savings Banks pay either in city bank Virginia money, and demand SIX days tice from depositors. Virginia money is at a discount of per cent., and the tendency is still do ward. Businesssie nearly paralyzed, uncurrent money is unsaleable. BOSTON, Srpt. 7.-Messrs. Jewelt & publishers, of this city have suspen with liabilities amounting to $100,000 ALEXANDRIA, Va. Sept.-The b here only. are paying out small sums of sp RICHMOND, Sept. 26.--No bank sus sion yet. There is much excitements bank suspensions at the North. 11 NEW York, Sept. 28. -The rum failures of Clark, Dodge & Co., n true. Phelps, Dodge & Co., are entirely k Exchange on Philadelphia ten per Rates for money on the street in some ses are six/per cent. per month y The assignment of the Ohio Trust ( A pany was unexpected. President Ste d returns to Cincinnat to-morrow, to cure A The Metropolitan. Pepublic and h of New York, Mechanics merican Exchange, Union and Pho he Banks, have issued cirenlars assuring Public of their abil ty and determine to tion. maintain a-specie basis for their eine and es pressing the opinion that tendency of specie and produce to ct point present wills pressure. causes of d The money market benefits very strin M tions. but the hanks renzain firm in their to Some very lieavy failures are repo Advices the from Albany mention a un Savings spartment by sm di (de the tors. There is nepressure dent. bill holders is quiet Norfolk, V Sept. 28 Some is manitested ere about the Balti and Philadelphia suspensios, but banks 80 fire: have remained firm. RICHMOND, Va, Sept. 28.-The h there are paying specie, and it is beli hat they have determin There Staunton B the Central and bay the Valley have suspended D and PITTSBURGH, Pa., Sept. banks but the Pittsbi the Act a' meeting of the Executive officer the banks to-day, resolutions were ade red for that a temporary suspension of the the ment of coin is necessary to protect the business men and enabling the bank tate the discount paper and exchangethe cashiers of The respective banks he peremptorily instructediby their board resume when a similar action is add to by the Eastern banks. the The excitement/has 0004 be PHILADELPHIA, September 28 tied Governor has not yet decided abo the proclamation for an extra session o legislature. There 1st much 11 felling tween the banks and there is, a pre 5 sion. for and against the calling of a specia Boston, Sep. 28.-The Snffolk adw refuses to redeem bills of the New En the country banks, act, StraLouis, Sept.28--The banking b Ohio. of Darby & Barksdale, and J.J. A son & Co, have suspended. NASHVILLE, Sept. 28 The Bar iday Vashville suspended this morning. A meeting of the merchants mended the Union, Planters) and re Bank to suspend but they refused. Several of the free Banks were th out today bale Confidence is felt that the Bank of : their dise villle, plus. will pay, and have a large THE LATEST. BOSTON, Sept. 28. P. M.-The S Bank refused to redeem bills of the bal try banks of New England, for indiv Sins "the alleged Trason that the am uppresented wasgreaterthan the clerks attend to. who elec- 42. The deposits of country money

9. October 2, 1857 American Union Morgantown, WV
Article from American Union, October 2, 1857

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Pittsburgh Banks. Pittsburg, Sept. 28.-The Mechanies' Bank suspended this morning.Business is nearly paralized.

10. October 3, 1857 Sunbury American Sunbury, PA
Article from Sunbury American, October 3, 1857

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resumption at an early day. There has been a considerable amount of deposits in. the Patriotic and Washington Banks since their suspension. SUBPENSION OF THE PITTSBURG BANKS. PITTSBURG, Sept: 26.-There is no concert of action am Sigst the banks of this city in regard to their future policy. All continue to pay coin on small demands. The Merchants' and Manufacturer's Exchange, and Citizens' Banks are paying small demands made by laborers, operators, and others, but refusing the demands of banks and brokers. The Bank of Pittsburg has resolved to pay in full. FURTHER SUSPENSION OF COUNTRY BANKS. HARRISBURG, Sept. 26.-The banks of this place, Lancaster, York end Reading have all suspended specie payments. THE TRENTON BANKS. TRENLON, Sept. 26.-There has been a steady. moderate run upon all our banks, each having paid out about $8000 in specie. They are in good condition, and will probably weather the storm. THE VIRGINIA BANKS. RICHMOND, Va., Sept. 26.-No bank suspensions have occurred here yet. There has been much excitement occasioned by the news of the bank crises at the North. AFFAIRS AT CINCINNATI. CIRCINNATI, Sept. 26.-The Ohio Life and Trust Co. has made an assignment. Rates of exchange are nominal. Sight drafts on New York cannot be bought for less than 5 per cent. premium. No failures-have occurred, and our-merchants stand firm. PITTSBURGH, Sept. 28.-The Bank excitement in this city is subsiding. The Mechanics' Bank suspended payment this morning. Business was completely paralyzed during the day. PITTSBURGH, Sept. 28.-Evening.-All the Banks of this city, excepting the Pittsburgh Bank have suspended. At a meeting of the executive officers of the Banks to-day. resolutions were adopted, expressing the opinion that the suspension of the payment of coin, is necessary to protect the business men, in enabling the Banks to continue to discount local paper and exchange and peremptorily instructing the Cashiers of the respective Banks, to resume payment of specie, when similar action has been adopted by the Eastern Banks. The excitement produced by the panic, has nearly subsided. WASHINGTON. Sept. 28-A notice posted on the Bank of the Metropolis says that the panic created by the suspension of other banks having caused a much Targer demand for specie than was anticipated. that institution is under the painful necessity of suspending specie payments for the present. The trustees remark that they will make every exertion to resume. The bank paid out $65,000 on Saturday. The Bank of Washington and the Patriotic Bank which paid out small sums on Saturday, have now altogether suspended. The Savings Banks pay either in city banks or Virginia money, and demand the six days' notice from depositors. Virginia money is h at's discount of 5 per cent., and the tendency is, still downward. Business is nearly paralysed and uncurrent money is upsálable. BOSTON, Sept. 28.-The Suffolk Bank refused to redeem the bills of the country New England Banks for individuals, for the alleged reason that the amount presented was greater than the clerks could attend to. The deposn its of country money sent from other Banks are promptly redeemed. The country Banks generally are well protected, and will retain the public confidence. CINCINNATI, Sept. 28.-The excitement in consequence of the unfavorable advices (rom the East has paralyzed business in this city. New York exchange is quoted at par, but only small smounts will be purchased at this b rate. The paper of an iron house and a shoe and g leather house has been protested. J. B. Holmes, manufacturer, has assigned. al n NASHVILLE, Sept, 18.-The Bank of Nushville suspended this morning. At a meeting of merchants which was held to-day, it: was recommended to the Directors of the Union. Planters', and State Banks to suspend also, d but they refused. Several "free" Banks were thrown out today. Confidence is felt that the Bank of Nashville will pay, and have a large surplus. PROVIDENCE, R. I., Sept. 28.-The banks of this city have resolved to suspend specie payments. Their liabilities to the public are not over one-quarter of their capital. PROVIDENCE, Sept. 28.-An injunction on the Hopkinton Bank has been obtained.