19648. Hopkinton Bank (Hopkinton, RI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 28, 1857
Location
Hopkinton, Rhode Island (41.461, -71.778)

Metadata

Model
gpt-5-mini
Short Digest
c98d4dc1

Response Measures

None

Description

Rhode Island banks collectively resolved to suspend specie payments during the Panic of 1857. Hopkinton Bank had an injunction issued and Nathan F. Dixon was appointed receiver (Sept 28, 1857). No article describes a depositor run on this specific bank prior to suspension; the bank was placed in receivership, implying permanent closure rather than a mere temporary suspension.

Events (2)
1. September 28, 1857 Receivership
Newspaper Excerpt
An injunction was issued today upon the Hopkinton Bank, and Nathan F. Dixon was appointed receiver.
Source
newspapers
2. September 28, 1857 Suspension
Cause
Macro News
Cause Details
Statewide decision by Rhode Island banks to suspend specie payments amid the 1857 financial panic; Hopkinton Bank was enjoined in this context.
Newspaper Excerpt
The banks of Rhode Island have resolved to suspend specie payment. At the meeting to-day, thirty one banks voted to suspend, and nine voted against it.
Source
newspapers

Newspaper Articles (7)
1. September 29, 1857 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, September 29, 1857

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THE LATEST NEWS. By Telegraph to the Worcester Daily Spy By the American Telegraph Company's Printing Lines. Office in General Express Office, Lincoln House Block. Bank Suspension in Rhode Island. PROVIDENCE, Sept 28.-The banks of Rhode Island have resolved to suspend specie payment. At the meeting. today, thirty one banks voted to suspend, and nine voted against it. The liabilities of the banks to the public are not over twenty-five per cent. on their capital. An injunction was issued today upon the Hopkinton Bank, and Nathan F. Dixon was appointed receiver. There can be no loss to the holders of the bills.

2. October 2, 1857 Orleans Independent Standard Irasburg, Barton, VT
Article from Orleans Independent Standard, October 2, 1857

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There is much excitement here touching the Bank suspensions at the North, I and some uneasiness among our small dealers, but no intimation of suspension. Our Banks paid all demands up to 1.30. RICHMOND, Sept. 28. Our Banks generally are paying specie, and it is understood they have determined to go on. There has been no run upon them as yet. Both the Banks in Staunton have suspended. The Virginia Banks have all resolved to pay specie. Abbott, Dodge & Co., a Southern flour and produce house, suspended in the morning. Other failures to immense amounts were rumored, but were without foundation. The Banks closed firm. The demand on them has been moderate, and they have determined not to suspend. They refuse to take on deposit the notes of all the suspended Virginia Banks. The Monticello Bank of Charlotteville suspended to-day. It is reported that all the Banks in the State, west of Lynchburg, have suspended. NORFOLK, Sept. 28. Business matters here are firm thus far. There have been no suspensions. Apprehensions are felt of a run to-morrow, by foreign brokers, but the Bauks feel secure. WILMINGTON, N. C., Sept. 28. There is no excitement here. Our banks are perfectly sound, and continue on as usual : but their future action will be governed by that of our neighbors. ST. LOUIS, Sept. 28. Messrs. Darley & Barksdale and Messrs. J. J. Anderson & Co. suspended payment this morning. There is much excitement in this city and State in consequence of the bank suspensions in Philadelphia and Baltimore. The houses announced above as suspended were heavy bankers. Messrs. Anderson & Co. are also owners of the Bank of St. Louis and a concern recently established under the new Banking law. They are understood also to have been the principal owners of the Rhode Island Central Bank, which failed some time sinceThese failures have produced immense fluttering, as they were totally unexpected. LOUISVILLE, Sept. 28. Dispatches have just reached this city announcing that the Bank of Nashville has suspended specie payments, and made an assignment. Brokers now refuse all issues of Tennessee banks. There is great excitement in financial circles in consequence of recent developments, and currency market in the State is in utter confusion. Notes of the old State Bank, Missouri, command premium here of one per cent. PROVIDENCE, Sept. 28. The banks of Providence have resolved to suspend specie payment. At the meeting to-day thirty-one banks voted to suspend, nine voting against it. The e liabilities of the banks to the public are not over 25 per cent. on their capitals. e, An injunction was issued to-day upon the Hopkinton Bank, and Nathan F Dixon was appointed Receiver. There in can be no loss to the holders of ne bills. WASHINGTON, Sept. 28. The Bank of the Metropolis suspend ed this morning. It paid out $65,000 on Saturday last. H. The Bank of Washington, and the nt Patriotic, which paid small sums on Satne urday, now altogether suspend specie he payments. The Savings Bank pays either in City Bank or Virginia money, and demands six days' notice from depositors. er Virginia money is at a discount of five V. per cent, and is tending still further gn downward. is Business is nearly paralyzed. he ALBANY, Sept. 29. Ir. The run on our Savings Banks ha subsided, and the gold drawn out in th panic of yesterday is being returned to day. NEW York Sent 28

3. October 2, 1857 Orleans Independent Standard Irasburg, Barton, VT
Article from Orleans Independent Standard, October 2, 1857

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one per cent. PROVIDENCE, Sept. 28. The banks of Providence have resolved to suspend specie payment. At the meeting to-day thirty-one banks voted to suspend, nine voting against it. The liabilities of the banks to the public are not over 25 per cent. on their capitals. An injunction was issued to-day upon the Hopkinton Bank, and Nathan F. Dixon was appointed Receiver. There can be no loss to the holders of 1 ne bills.

4. October 2, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 2, 1857

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permissry are ulties of the country, which have retarded the vement of the crops and otherwise impaired the business of the road, been anticipated enough might have been retained from these expenditures, which were made in the confident ex. pectation of an increase of business which is not realized, to have paid the October dividead By passing the October Diviled, the C mpany will be enabled on the 15th of November pay the last d Mar of its flosting debt and will have the media of paying the in terest on its bondsis January the Peoria test in F. Frbery, and resume its dividends in April on capital The repairs and replacing of works and structures injured and Costroyed by the unexampled freshets in February last have been of a more permanent and expensive character than the original ones, and are estimated by the Sup-rintendent to have occasioned an extraordinary expenditure of $150,000. The road is now in excellent condition, and the equipments are supple for a large increase of business, and with entire freedom from a floating debt in November, the passing of the Octo ber Dividend, under the peculiar diremistances alluded to, ought not to wraken the confidence of the shareholders in the value of their property. This brief statement of the present condition of the affairs of the Company is given for the purpose of cautioning the sbareholders against parting with thefr stock A. C. FLAGG, Tress. at the present depressed prices. The surviving partner of the house of J. E. Thayer & Brother has issued the annexed circular: "Boston. Sept. 30, 1857. "DEAR SIR: It is our melancholy duty to inform you of the decease of our respected senior partner. John Ellot Theyer, which took place yesterday morning, after along and distressing illness. This afflicting bereavement will not change the style or needs of our firm. Yours, very respectfully, E THAYER & BRO." An anction sale of nearly 4,000 Buffalo Robes, through the Measrs. Hoffman & Co., was advertised for cash to-day, but only 100 Robes were disposed of, at $1 50 each. The residue were withdrawn-the bidding not being quite up to the expectations of owners. even in these times. The LEW Directors of the Michigan Southern Rail. road to-day, but adjourned till to-morrow without perfecting any organization. Eleven of the thirteen members of the Board were present. The Hopkinton Bank of Rhode Island has gone into the hands of a receiver, the Hon. Nathan F. Dixon. Annexed is a copy of agreement entered into by the Boston Banks: BOSTON, Sept. 30, 1857. We, the undersigned, Presidents of the several Banks herein named, do hereby agree to discount, on or before Monday, the fifth of October proximo, ten per cent upon the capital of said Banks, to be distributed among our customers as the several Boards of Directors may determine. This is signed by all the officers of the following banks, being all in the city, with two or three or ex.

5. October 6, 1857 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, October 6, 1857

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NUMBER 47. EFFECT ON BUSINESS. The continued stringency of monetary affairs difficulty in obtaining currency have bads paral zing The effect upon the Pennsylvania (business Philadelphia American saya the receipts refalling off both by rail road and canal; the demand of both from the South and East has slackened. Coal sela are abundant and the rates declining.and 8 number of the miners have determined to discharge the hands and cease operations. Operations have been temporarily suspended the rolling mill of Messrs. Potta & Bailey, in Portstow Pa. Cause-the general depression in the iron busi ness. like suspension has occurred at the rolling mill of Messra. Jos. Bailey & Sone, in Douglas town ship, Berks county, Pa. MANUFACTURES AND LABO One of the worst features of the depression now prevailing is the wide spread suspension of large manufacturing establishments in all parts of the country, affecting seriously the prospecta of the work. ing classes. These have adreary winter b-fore them, without the means of earning 8 subsistence. Many thousands are thus destined to feel the depression sorely. Mining operations are also necessarily tailed or suspended in consequence of the cessa in manufactures. The Lancaster (Pa) Express, of the 1st instant, says: No. cotton mill suspended operations last even ing. was that will mills No time depend altogether fixed idle, and for resuming upon nine the operations hundred times. three are now over ope ratives out of employment, to whom about $9,000 had been paid every four weeks. The withdrawal this sum from circulation in this city will be sensibly felt by all classes during the winter. NEW ORLEANS BANKS. The State laws require the New Orleans banks to keep an amount of specie on hand equal to one-third of their liabilities. The penalty for falling below this $100 on each director for every day that the bank is "out of "e"-- a pretty effectual bar to expansion. BANK FAILURES IN NEBRASKA. A dispatch from Omaha, Nebraska, dated Septem ber 21st, saye: The Exchange Bank of this city failed to-day; also the Fountalle Bank, at Belle River. They are said to be bad failures. THE SUBPENSIONS IN MASSACHUSETTS. The New York Journal of Commerce, in announce ing the suspensions at the East of several large woollen mills, mostly at Lowell and Lawrence, including the Bay State Mills, Middlesex, New England Worsted Company, Pemberton, all of them represent ed in Boston and New York by Messrs. Lawrence, Stone & Co., whose suspension is also involved. says This house is not to be confounded with Messrs. A. & A. Lawrence, who have stood at the head of B ton merchants for many years; but the partners are gentlemen of great worth and respectability. including Samuel Lawrence and Mr. Slade, of Boston, and W. W. Stone and Henry T. Jenkins, of this city. Mr. Lawrence has been in Europe, and is expected home in the Arabia. Mr. Stone is the partner best known in this city, where his active Christian benevolence, sterling integrity. extensive and varied intormation and excellent business tact have given him a very high reputation. But A few days ago he held in his hands a handsome fortune, the result of many years of industry, and we sincerely trust that the load un der which the house has fallen will not greatly impair it. THE SUSPENSION AT WILLIAMSBURG, N. Y. The Farmers and Citizens' Bank of Williamsburg, L. I., which suspended in consequence of 8 run on Thursday. had $103,000 on deposit and about discounted paper in its possession. $225,000 of the latter is considered perfectly good. Depositore have been assured that they will not lose in the elightest degree. although they may have to wait a short time for their money. The circulation of the bank was $100,000, and as this is accured by State stocks the bill-holders cannot suffer. It is believed that the bank will very soon redeem all its circulation, dollar for dollar. THE BOSTON BANKS. Annexed is a'copy of agreement entered into by the Boston Banks BOSTON, Sept. 30.-We, the undersigned, Presi dents hereby agree to ou or of ot the discount, proximo, several banks per before herein Monday. named, the the do capital 5th October, ten cent upon of said banks, to be distributed among our customers 88 the several Boards of Directors may determine. This is signed by all the officers of the banks in the city: with two or three exceptions. The Boston paperastate that at the meeting 8 feeling of confidence in the ability of the banks to maintain specie payunents was generally dieplayed. RHODE ISLAND. The Bank Commissioners of Rhode Island have is. sued 8 circular stating that the bills of the banks of that State will be received in payment of debts due from parties abroad. The Hopkinton Bank of Rhode Island has gone into the hands of a receiver. The City Bank of Bridge port, Coun., is thrown out at New York. SOUTH CAROLINA BANKS. The Charleston News says The banks of South Carolina cannot suspend. A suspension is made, by law, 8 forfeiture of charter, ipso facto. They must pay through any run or pres sure to the last dollar in their vaults. Before this result could be reached, with all its dieasters. the people of South Carolina. who were never freer from embarrassment, could and would sustain them with such & large supply of agricultural products equal specie, and convertible at once into sustaining credits or specie, that the resources of the banks could be realized to any needed extent. The Charleston Evening News, after referring to the importance of bringing forward for sale the abun. daut crops now on hand, says "The most reliable assurance has been given us that our banks and bankers in Charleston and the State, are working cordially together, will stand by each other, will not suspend nor ask leave to suspend, will uphold their credit to their last dollar, and will sustain trade to their last cent. This is worthy of their and of South Carolina. Whatever errors they may have committed, whatever license taken, what ever sponging profit made, they intend now to do their duty to the State, to the people, and to themselves in maintaining the integrity and safety of their business relations."

6. October 22, 1857 The Wyandot Pioneer Upper Sandusky, OH
Article from The Wyandot Pioneer, October 22, 1857

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SUSPENDED BANKS. Rhode Island. Farmer's Bank Wickford, failed Aug., 25. de " Rhode Island Central, " " Tiverton Bank, " " Warwick, " Sept. 12 Bank of the South County " " 24 Hopkinton Bank, Refuse all Rhode Island money as it is at a discount from 10 to 15 per cent in N.Y. New York City, and State. Sacket Harbor Bank, Failed Aug. 26. Denk

7. February 19, 1859 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, February 19, 1859

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These figures are certainly encouraging, when the continued falling off of the past year is remembered, and appear to be the faint first indications of a return of railroad prosperity. M. Felix Belly announces in the Paris journals that his organization of the Nicaragua Canal Company is completed, that the money necessary is secured, that & vessel has been freighted to carry out the engineering material, and that this vessel, with himself, a part of the engineers and clerks-60 persons in all-will sail from Havre for Greytown in three weeks. The private letters by the America are less warlike than the printed accounts, but the writers appear to be in considerable doubt 88 to the result. The Paris correspondent of The Commercial says: I have no reason to regret to-day the assurances I have constantly given you in favor of peace. The probabilities in this direction increase in force every day. As proof of the celerity with which broken Rhode Island Banks areclosed up, Thompson's Reporter gives the following ets: Bank of the Republic, failed Oct., 1856. The Receiver has paid 8 dividend of 50 ₽ cent. Rhode Island Central Bank, failed Aug., 1857. The Receiver has made no progress-not even a report of the assets or liabilities. Tiverton Bank, failed Aug., 1857. Nothing done. Farmers' Bank, Wickford, failed Aug., 1857. Nothing done. Bank of South County, failed Sept., 1857. The Receiver has issued three hitalutin circulars, and made one report of the same character to the Court. In bis last be says I see no chance for & dividend immediately or very soon." Hopkinton Bank failed September, 1857. The Receiver is confident that as soon 88 a certain man in Illinois, who is the largest stockholder in the bank, can borrow $25,000, the bank can resume, and he deems it canwise to endanger the stockholders by any precipitate action for the benefit of the bill holders. The Warwick Bank failed January, 1859. A real F. F. Q. called on us only a short time before this concern failed, and assured us it was good, because the stockholders were individually liable, and they were all friends of his. The Receivers of the Rhode Island Banks are the special friends of the stockholders, and the laws of Rhode Island abrogate all legal proceedings against a bank the instant the Receiver is appointed, and a stockholder cannot be called upon until the assets are entirely exhausted. Hence a broken bank is never entirely wound up. The machinery in use at the tunnel at Bergen Hill is to be sold under foreclosure on the 21st inst. After the sale, Mr. Cumming, the new contractor, will proceed with the work, which is to be completed in ten months. Mr. Satterthwaites circular, by the America says: Our Stock market has been unsettled during the past week, consequent upon the distrust felt as to the course of European politics, the effect has been to cause intending purchasers to suspend operations, and to induce speculators to close accounts open as much as possible; hence we have an increased supply of money offering on Loans. Money cannot be lent on Consols, even at 1 P cent, and 2@4 P cent is freely accepted by lenders on Railroad Securities. In the discount market the rate is 21@1 P cent. Consols close 961801 for money and account. We have had a steady market during the past week for American Securities; no large amount of Bonds or Shares are pressing, and we note an increasing disposition to take the best class of railway bonds for investment; 201 has been freely paid for Pennsylvania 1st Mortgage; New-York Central 7 P cent have brought 94), and the 6 P cent 85f. The Michigan Central Company having put itself into a financially sound position, confidence in its bonds is becoming more manafest, and we note purchases at $6, with but few bonds offering. Illinois Shares remain without alteration, at 34 dis., notwithstanding the advance to 28 dis., reported from New.York. Free Land Bonds are in demand at 84, butsellers are asking higher rates. From the annual report of the Delaware, Lackawanna and Western Road, made to the stockholders on the 25th of January last, we gather the following acts: TRANSPORTATION DEPARTMENT. The gross income from this department was as follows: