Bank of St Albans - St Albans, VT

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: June 1, 1842
Location: St Albans, Vermont (44.811, -73.083)

Metadata

Model: gpt-5-mini
Short Digest: b42c990c

Response Measures

None

Description

The article (New-York Daily Tribune, 1842-06-01) states the Bank of St. Albans is no longer redeemed in Boston, indicating correspondent redemption has ceased and the bank was not being redeemed at a major clearing point. The piece does not describe a depositor run or any reopening; because there is no evidence of resumption, I classify this as a suspension that led to closure (or at least cessation of normal redemption). If additional articles indicate later resumption, the classification should be revised. 'State' chosen from the bank name and typical naming conventions of the era.

Events (1)

1. June 1, 1842 Suspension

Cause: Correspondent
Cause Details: Bank's notes/claims were no longer being redeemed in Boston, i.e., loss of correspondent redemption services or refusal of Boston brokers to redeem its paper.
Newspaper Excerpt: The Bank of St. Albans, VL and the Pascoug Bank are no longer redeemed in Boston.
Source: newspapers

Newspaper Articles (1)

1. June 1, 1842 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, June 1, 1842

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Article Text

Treasury Notes, six per cents, are in demand for investment at par to I discount. The Bank of St. Albans, VL and the Pascoug Bank are no longer redeemed in Boston. The Grand Jury of Philadelphia say, in their presentment made a day or two since. in relation to finding a bill against the individuals instrumental in bringing about the catastro. phe of the U. S. Bank, that, although they are ready to act vet they are. at the same time, aware that it does not lie with them to originate a bill. and although they may deeply sympathise with their fellow citizens in losses by that ill fated institution, they are unwilling to make a charge or determine upon the probable guilt or innocence of any ORE, onless supported by law and proof, and in no instance relating to this subject, has such a charge been brought before them, properly to warrant their action in the premises. The Buffalo Commercial says Flour continues to advance, contracts having been closed to take heavy lets of Michigan yet to arrive. at A full carge of Illinois Wheat, not best samples, has been sold at $1 13: and 1200 heshels very fine Ohio via Fairport, was sold at $1 17 bush. Both to go to the Rochester mills. Saleso Corn are making at S3 cents busbel for the New-York market Coarsely executed counterfeit $1 notes on the banks of Sandusky and Massillon, O., are in circulation up the Lake. Bicknell's Reporter says money adfairs continue quiet in Philadelphia. Our city banks all pay specie in full, that is to say, all except the suspended institutions, while we regret to state that nothing like a general resumption has yet been entered into by the banks of the interior. Business of every description is limited. Our wholesale dealers are in. curring few liabilities, comparatively speaking. It is now stated that the Mechanics' Bank expects to resurie specie payments OM all its liabilities about the 1st of July. Its specie deposits are said to be gradually increasing, and that they now approach $100,000. Money out of doors, about I per cent a month. At Baltimore, May 28. there were were DO sales of City Sixes. It is held firmly at 69 a 691 A sale of 50 shares Western Bank stock was made on Saturday at 13. We hear of a sale of 50 shares Commercial and Farmers' Bank at 17t. and another of 50 shares at 17) (for 20 paid in. The broker are buving Raiiroad Orders at 66 a 664. The discount on Virginia money is 4 per cent. Wheeling IS a 14. The Augusta Sentiuel says checks on New-York continue without change. Central money is more difficult of sale, even at 16 per cent discount. We caa give no quotations for the bills of the Monree Railroad and the Columbus Banks, as they vary every day.