6907. Cochituate Bank (Boston, MA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
April 15, 1854
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini
Short Digest
808a06fdb310edbc

Response Measures

None

Description

Contemporary reports (April 15–18, 1854) describe a large run on the Cochituate Bank after reports of the failure of an officer (S. M. Allen) who owed the bank about $100,000. Payments were made until ~1pm then officers declined making further payments and an injunction was placed. Temporary receivers were appointed and the bank remained in receivership; receivers later reported (Aug 1, 1854) and declared a dividend. Sequence: run → suspension → receivership/closure (permanent). State chosen because this is a pre‑National Bank era state-chartered bank (no National or Trust in name).

Events (4)
1. April 15, 1854 Run
Cause
Bank Specific Adverse Info
Cause Details
Run triggered by reported failure of an officer (S. M. Allen), president, who allegedly owed the bank about $100,000 from iron manufacturing investments.
Measures
Paid out specie and current bills until about 1 o'clock, then officers declined further payments (closed doors).
Newspaper Excerpt
The reported failure of the Cochituate Bank to-day, led to a great run upon it. Specie and current bills were paid out up to 1 o'clock, when the officers declined making further payments.
Source
newspapers
2. April 15, 1854 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension attributed to the failure/large indebtedness of the bank's officer/president (S. M. Allen) and the consequent run exhausting payments; injunction placed by commissioners/court and payments suspended until inquiry/commissioners report.
Newspaper Excerpt
The suspension of the Cochituate Bank...an injunction was laid on the Cochituate Bank this afternoon, and business will not be resumed until the commissioners report.
Source
newspapers
3. April 18, 1854 Other
Newspaper Excerpt
Some proceedings took place before Judge Shaw this forenoon relative to the suspension of the Cochituate Bank, which resulted in the appointment of temporary receivers, who will report on Thursday next. It is believed that the bank will shortly resume business (contemporary belief).
Source
newspapers
4. August 1, 1854 Receivership
Newspaper Excerpt
The Receivers of the Cochituate Bank made their first report in the Supreme Court to-day. They have reached in cash one hundred and sixty-eight thousand dollars...The Receivers propose to declare a dividend of fifty per cent., but the Court postponed it to August 22rd (22).
Source
newspapers

Newspaper Articles (22)
1. April 16, 1854 The New York Herald New York, NY
Article from The New York Herald, April 16, 1854

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From Boston. ARRIVAL OF THE AMERICA AT BOSTON - THE SUSPENSION OF THE COCHITUATE BANK. BOSTON, April 15, 1854. The America is below, but it is so dark that we do not expect her up before morning. The mails will not leave for New York till Sunday afternoon by the regular train. The reported failure of the Cochituate Bank to-day, led to a great run upon it. Specie and current bills were paid out up to 1 o'clock, when the officers declined making further payments. The securities are considered good, and it is thought that billholders will be paid in full. The suspension of the bank is attributed to the failure of one of its officers, who is largely interested in iron manufacturing, He is said to owe the bank $100,000. Report says the bank will resume business on Monday. An injunction was laid on the Cochituate Bank thig afternoon, and business will not be resumed until the commissioners report, about the middle of next week.

2. April 16, 1854 The New York Herald New York, NY
Article from The New York Herald, April 16, 1854

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THE Summa ALOL aut andu 02 11300.10 0.11 HAD rigue displayed by the Captain-General and his ordinates in falsifying the letters and papers conted with this yet unsettled difficulty should ex, our pity rather than our anger. The feeling of erican citizens will be one of regret that they enot a nobler and a manlier enemy to deal with. le the sarcasms of a most servile press upon its temporaries here will afford much amusement to readers. Ve give this morning reports of the proceedings he Southern Commercial Convention at CharlesThe prominent feature of the session of Tueswas a resolution presented by Mr. Morton. of rgia, recommending the federal government to questioned and between medicater B SE the 1 ers of Europe, which the mover supported by a ch, remarking there is a responsibility restupon us as a nation to exercise in this case great moral influence which we possess to pree the peace of the world." This is the first e, we believe, since the commencement of the ending struggle in Europe that the subject has ni presented to the consideration of any considere number of our citizens, and the deliberate gment of a respectable and influential body like Southern Convention will have its due influence. we may form an opinion from the tone of the harks of Mr. Marshall, of Mississippi, there seems be little doubt but that the " moral influence" is idedly on the side of the Czar. A motion was de on Thursday to exclude the reporter of the V York Tribune from the convention on account the abolition tendencies of that paper, but, after picy debate, it was withdrawn. On Friday the emittee reported the project for a Pacific raild. The points made are given in the report in ther colume. he dispute between the rival printers of the two ses of Congress-of which our correspondent nishes the particulars-is exciting considerable rest among the spollsmen at Washington. The ter has en taken into court for settlement: but people in regard to the subject are pretty much he position of the wife who witnessed the fight ween her husband and the bear-they do not e which getsthe best of it. Another interesting er from the 'Man Wot Nominated Frank Pierce" / be found elsewhere. ews from New Mexico to the 30th alt., is receivA party of Americans and Englishmen from JO require U THAT 198g e puq peq PASO n Dona Ana. They were well armed, and had six pounders. Of course the Mexicans fled, but ing three dead on the field. Such is life on the tier-parties marauding with six pounders! The erican consul at El Paso had been brought be. : a magistrate for having said that Santa Anna -ord the pooket pinom pus Mexico to ared p[os ds. He was, however, allowed to depart. he Canal Commissioners yesterday determined ave the canals ready for navigation on the first May. Active measures have been taken to widen deepen the Erie canal at its narrowest and shalest points to accommodate boats of an enlarged . There is every indication of a heavy spring iness. ccounts from the West state that severe gales prevailed on the Lakes for several days. The s Badger State, propeller Forest Queen, schooners keye State and Luther Wright, loaded with railI iron, lumber and merchandise, were reported ore between Presque and Thunder Bay Islands telegraphic despatch from Boston states that Cochituate Bank of that city suspended payit yesterday, after a severe run upon'it up to o'cleck. The securities of the institution are sidered good. An injunction was obtained in afternoon, and business will not be resumed 11 the commissioners report. y the report of the City Inspector it appears ; the number of deaths in this city for the week ing 16th inst. was 460-96 men, 68 women, 168 '89 No or sping 128 8 mation of the lungs 40, smallpox 25, marasmus onvulsions (infantile) 53, croup 22. stillborn 25, sy in the head 25, diarrhoea 8. Two hundred eighty-six of the whole number were under ten '8 of age. Eleven were natives of England, 75 reland, 3 of Scotland, 32 of Germany, 3 of France, f Holland, and the remainder of the United 180 n anti-Nebraska meeting was held in Trenton, T., last evening. at which resolutions were -puside you expur paid the course of Mr. Skelton, member of Con8. In the morning an effigy of the Judge was d suspended from the telegraph wires, which out down by order of the Mayor. meeting of the Presidents of the principal thern railroads was held in Charleston, S. C., on lay, to perfect arrangements for expediting the Is twelve hours between Washington and New eans, to go into effect as soon as possible.

3. April 17, 1854 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, April 17, 1854

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THE SUSPENSION OF THE COCHITUATE BANK. BOSTON, Saturday, April 15. 1854. The reported failure of the Cochituate Bank to day led to a great tun upon it. Specie and current bills were paid out up to 1 o'clock, when the officers declined making further psyments. The securities are considered good, and it is thought that billholders will be paid in full The suspension of the bank is attributed to the failure of one of its officers, who is largely interested in iron manufacturing. He is said to owe the bank $100,000 An injunction was laid on the Cochituate Bank this after. noon, and business will not be resumed until the Commissioners report about the middle of next week. BOSTON; April 16, 1854. The R. M. steamship America reached her wharf at East Boston at 12 o'clock last (Saturday) night, and her mails were dispatched to the South by the 8 o'cleck train this evening.

4. April 17, 1854 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, April 17, 1854

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This still leaves the aggregate for the year some three millions behind last year Among the imports were: $85,500 $69,200 Glass Cigars 53,000 259 800 Fruit Coffee 49,700 Furs 41,500 Molasses 22,300 Hate 414 100 Sugar 142,600 India Rubber 390,123 Tea 21,500 33,800 Indigo Liquorice Paste 154700 Hides 14 300 Sumac 48,400 83.8 0 Cutlery Esrthenware 66,400 Hardware 206,500 Iron 144 900 Oile 45,100 Lead 51,600 Wine 47,700 Steel 27,200 Whalebone 142,600 Tia The imports of the four leading articles of Groceries alone, it will be seen, amount to over $1,100,000. We hear that the Chicago and Galena Road has made a dividend of 25 ¥ cent in stock, and an issue of 25 P cent. of new stock to the stockholders at par, the market value being about 130@140. The movements at the Clearing House show a less active state of business than month. There is rather a bardening of rates for paper in the street, and short paper has the preference both in and out of Bank The street rates for first class paper is 12 P cent, although some names go at 10@11 P cent. The pressure of paper on the Banks is considerable, but in such timesas these dealers always ask for double the amount they need. On call on available securities money is quite easy, but it is difficult to make time negotiations. We have advices from Boston of the suspension of specie payments by the Cochituate Bank. The failure of Bryant, Allen & Co, Mr. Allen being the President of the Bank, induced a run on it, which resulted in its failure. Mr. A, it is understood, owes the Bank about $100,000. He has been an operator in various matters which have embarrassed him, and among other things we hear mentioned the Williamsburgh Water Works. The Bank paid coin un il about 1 o'clock, when the supply was exhausted. A meeting of the other Banks of Boston was held on Satunday afternoon to consider the policy of assisting the Cochituate to resume on Monday. Meanwhile an injunetion was placed on the Bank by the Bank Commissioners. The failure was not unexpected, and the circulating notes of the Bank have been offered in pledge for leans in Wallst. for some time past. The Arctic brings a continuance of the improved feeling in Breadstuffs in Europe. The advance in Flour since the upward movement commenced has been 5/6; Corn 4/; Wheat 1/6, &c, and the improvement appears to be a permanent one. Cotton is heavy a further decline of fd. had been submitted to, but the market afterward recovered somewbat In Consols there had a reaction, and they had recovered about 1 per cent, closing at 86}@86}. This Was partly in consequence of greater ease in the money market, and partly in consequence of the advices from Vienna, being considered favorable to a coöperation of Austria with the Western Powers. Foreign stocks were also active, at an advance of 1@2 per cent. The drain of specie to the Continent from London had in a measure ceased. The exports of the precious metals of the week were less than £200,000, while the imports from all quarters were £800,000. The return from the Bank of England for the week ending the 25th of March, gives the following results, when compared with the previous week: £745,010 £4.423,827 Increase Public deposits 213,157 11.092.226 Decrease Other deposits 13 323 8,744,205 Increase Rest On the other side of the account: £52584 Government securities £11,792.116 Decrease 1,244,709 15,757,604 Increase Other securities 6,683,535 Decrease 645,130 Notes unemployed The amount of notes in circulation is £21,240,775, being an increase of £456,925 and the stock of bullion in both departments is £14,629,282 showing a decrease of £193,557, when compared with the preceding return. The condition of the Bank, as compared with the same period last year is as annexed: March '54. March

5. April 18, 1854 Daily Evening Star Washington, DC
Article from Daily Evening Star, April 18, 1854

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The Run on the Cochituate Bank. BOSTON, April 17.-The run on the Cochituate Bank in this city, on Saturday, continued up to one o'clock. when the doors were closed. The securities are considered good, and it was thought the billholders would be paid in full. The suspension is attributed to the failure of S. M. Allen, the president, who is largely interested in iron manufacturing, and is said to owe the bank one hundred thousand dollars. An injunction has been laid on the bank, and business will not be resumed until the commissioners report.

6. April 19, 1854 The New York Herald New York, NY
Article from The New York Herald, April 19, 1854

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From Boston. THE COCHITUATE BANK-THE MASSACHUSETTS LIQUOR BILL-LOSS OF SCHOONER ORNAMENT. BOSTON, April 18, 1854. Some proceedings took place before Judge Shaw, this foremoon. relative to the suspension of the Cochituate Bank, which resulted in the appointment of temporary receivers, who will report on Thursday next. It is believed that the bank will shortly resume business. The bill amendatory of the Liquor law was passed to be engrossed in the House to day, without debate, by a vote of 152 yeas to 124 nays. It has yet to pass the Senate. The schooner Ornament, from Portland to Boston, went ashore last night at Neftucket, and. is a total wreck. The crew were all saved.

7. April 19, 1854 Daily Evening Star Washington, DC
Article from Daily Evening Star, April 19, 1854

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The Cochituate Bank. BOSTON, April 18.Some proceedings took place before Judge Shaw this forenoon relative to the suspension of the Cochituate Bank, which resulted in the appointment of temporary receivers. who will report on Thursday next. It is believed that the Bank will shortly resume business. The weather here continues cold and very disagreeable.

8. April 19, 1854 The New York Herald New York, NY
Article from The New York Herald, April 19, 1854

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The News. By a desperate effort yesterday, as it appears by our telegraphic advices from Washington, the Senate resolved upon the experiment to-day to galvanize into life again the skeleton of the Gadsden treaty. Perhaps they may succeed; but if they do it will only be equivalent to a recommendation to the President to re-open negotiations with Santa Anna or Almonte upon the new platform. Perhaps the dread of a terrible war with Mexico may frighten two or three Senators into line, and thus secure the necessary two-thirds vote. Our views upon the Gadsden abortion are more elaborately given in a separate article. The despatch concerning the movements of the English in China contains information which should challenge the special attention of the administration-that is to say, if it is not SO swallowed up with party plots and counterplots at Washington as to be totally insensible to anything connected with our commercial relations abroad. The rejection by the Senate of the nomination of Benjamin F. Angel, as Consul for Honululu, is doubtless owing to certain statements of the hard shells relative to his course at the Baltimore Convention. It is said that Mr. Prior, formerly an editor of the Washington Union, in the columns of which he abused this paper without stint, is to be rewarded for his zeal by the appointment of Minister to Turin, in place of Mr. Daniels but as there seems to be some uncertainty as to whether the place is yet of cant the report may be premature. Letters from Mr. Buchanan state that the convention between this country and Great Britain were progressing favorably. The coasting trade of that country has been thrown open to all, with a view to induce our govenrment*to extend similar privileges, the carrying trade with California being their main object. The police courts yesterday were not over-burdened with rogues. A daring burglar was caught with a portion of the property in his possession. A man was arrested for defrauding the Hudson River Railroad Company out of $600, by forged orders. A fugitive from Philadelphia was caught and sent back again; and a legal gentleman of Boston was liberated from the Tombs-the particulars appear under the police head. The Coroner held an inquest on the body of an unfortunate German apothecary, who committed suicide on the 29th of March, and, strange to say, the body was only discovered last Monday after. noon, in some bushes, near Seventy-eighth street. A meeting of the citizens of the Eighth ward opposed to the renomination of the present Chief of Police was held last evening in Spring Street Hall. There were about one hundred persons present, and resolutions were passed declaring the nomination of Mr. Matsell by the Mayor, and his confirmation by Commissioners, illegal in the opinion of the meeting. We publish a report in another column. We publish elsewhere a translation of the royal decree issued by the Queen of Spain on the 24th ultimo granting a free pardon to Cuban political offenders. A report of the trials which took place before his Honor the Rec order, in the Court of General Sessions yesterday, is given elsewhere. The trial of Fenety, for arson in the first degree, was continued yesterday. The case will probably be concluded to-day. A full report is given. The navigation of Lake Erie is now reported to be unobstructed by ice, and as soon as the canals are opened we shall experience a rush of all sorts of freight through that great artery of commerce altogether unprecedented. There is not a single branch of industry throughout the State that does not, to a greater or less extent, receive a new impulse from this event, and the present above all preceding seasons is propitious. A report from Vera Cruz has reached New Orleans to the effect that fifty Americans have been arrested at San Blas for landing without passports. The Cochituate Bank, of Boston, which suspended payment last Friday, is expected shortly to resume business. Temporary receivers were appointed yesterday by the Supreme Court, who will probably report to-morrow. Richard Vaux has been nominated for Mayor of Philadelphia by a large majority of the democratic party of that city. Captain Canfield, of the Topographical Bureau, son-in-law of Gen. Cass, died at Detroit yesterday morning. The General left Washington yesterday in consequence. Ex-Governor Nehemiah R. Knight, of Rhode Island, died at Providence yesterday.

9. April 21, 1854 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, April 21, 1854

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BOSTON, April 18.-Some proceedings took place before Judge Shaw, this forenoon, relative to the suspension of the Cochituate Bank, which resulted in the appointment of temporary receivers, who will report on Thursday next. It is believed that the Bank will shortly resume buviness.

10. April 27, 1854 The Davenport Gazette Davenport, IA
Article from The Davenport Gazette, April 27, 1854

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COCHITUATE BANK.-The securities of this institution are said to be considered good, and it is thought the bill-holders will be paid in full. The suspension of the bank is attri buted to the failure of one of its officers, who is largely interested in iron manufacturing. He is said to owe the bank $100,000.

11. April 27, 1854 Gallipolis Journal Gallipolis, OH
Article from Gallipolis Journal, April 27, 1854

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SUSPENSION OF THE COCHITUATE BANK. -A dispatch from Boston to New York, dated April 15th says: The reported failure of the Cochituate Bank to-day, led to a great run upon it. Specie and current bills were paid out up to 1 o'clock, when the officers declined making further payments. The securities are considered good, and it is thought that billholders will be paid in full. The suspension of the bank is attributed to the failure of one of its officers, who is largely interested in iron manufacturing. He is said to owe the bank $100,000. Report says the bank will resume business on Monday.

12. April 29, 1854 Plymouth Advertiser Plymouth, OH
Article from Plymouth Advertiser, April 29, 1854

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sweet SMON The Legislature of New York adjourn901 100 buiney 'Sepuon uo ap augs I ys, or six more than the Constitution lows them to draw pay for. On he 10th, Augusta, Georgia, elected velve independents and one whig coun. Iman, or if party lines be distinctly awn, ten democrats and three whigs. The bill amendatory of the liquor law as passed to be engrossed in the House the Massachusetts legislature, on Tues. y, without debate, by a vote of 122 eas to 124 nays. It has yet to pass the enate. he Government has presented to the % ners of the ship Antaretic (which look F a portion of the passengers on the SR $25.000, 10 uins qui ] up token of gratitude for the services renper Lake Erie is now reported to be entireunobstructed by iee, but navigation on e New York and Erie canal will not , open before the 1st of May. The PennIvania canal opened on the 7th March, us giving them more than six weeks Ivantage of their neighbors. Though nothing is known in regard to e building of the six steam frigates, the robability IS that the work will be disibuted as follows:-Portsmouth,Ch-rl n, Brooklyn, Philadelphia, Norfolk and ensacola, unless Memphis should be eferred to the last named. It is stated that the farmers of Queen nn's county, Md., anticipate, in view of e war in Europe, n continuance of the gh prices of breadstuffs, and are, therere, preparing to plant very large crops corn. This. it is presumed, will be e case with the farmers generally thro'contray. a The great Georgia horse, Highlander. ho was purchased by Judge Hunter and hers for $10,000, a few months since; di run and was beaten in $10,000 State ake race over the Metaire course nt ew Orlearns, has been sold to Mr. J. syden. of New York, the owner of ARM siy t10 s! pus $1000.00 JOJ Baltimore. The Cochituate Bank, in Boston, ich suspended on Saturday. has notes 01 circulation ere is due depositors $97,005 It cash sets amount to $164.000,besides $450,auo 01 s! 000'001$ mo peusol 0 I who has failed. During the run on turday. previous to the suspension, 0,000 in specie and bills of other banks re paid out. April snow storms, it appears have en more frequent than is generally pposed. According to the Philadelia News, snow to the depth of six ines fell in that city, and as far South as rginia, on the 10th of April, 1841. and o days after, 12 inches more fell in iladelphia. On the 17th of April, 48, and on the 18th of the same month 1349, there were seven snow storms The April. Chicago Journal of Wednesday st records the departure of quite a fleet vessels from that port, all loaded with ain for Buffalo and Oswego. The fleet imbered nineteen vessels (three barques, : brigs and ten schooners.) having on ard 260,120 bushels, of which 208,032 shels were of corn, 32,939 bushels of heat, and the balance barley and oats. the who e quantity over 213,000 bush Buttalo 01 100M $ Information has been received at this partment from A: Jert Davy, Esq., U. Consul at Leeds. of the passage of an t of Parliament by which the whole asting trade of the Kingdom is now rown open to foreign ship, and they ill be subject to the same regulations as itish ships so employed, and will pay higher rate of duties, tolls and charges. ssenger steamers carrying passengers m one place to another. on the coast the United Kingdom. will be subject the provisions of the steam navigation 1831 Jo 1 The New York Tribune states that the

13. April 29, 1854 Muscatine Journal Bloomington, Muscatine, IA
Article from Muscatine Journal, April 29, 1854

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Various Items. Musquitoes ha already made the appearance in New Orleans. Tobacco has been raised sucessfull in Minnesota. The whigs have six majority in di Rhode Island Senate, and ten in tl House The Cochituate Bank. of Boston which suspended payment on last Ft day week, is confidently expected to r sume business shortly. Ex-Senator John Davis, of Mass chusetts, died at Worchester, in the State, on Wednesday last, after a bri illness. A conspiracy to mob the night wate was detected recently at Galena, as frustrated. The Legislature of Pennsylvania h finally passed the bill for the sale of il main line of the public works, for to millions of dollars. It now only awai the signature of the Governor to becon a law. Ex-Gov. Nehemiah R. Knight, Rhode Island, is dead. On Friday last, John Collins, wl murdered his wife last September, w executed by hanging at Geneva, Ka Co., III. A German apothecary committe suicide in New York, on the 29th March, and the body was only discover last Monday night week, in some bush in Seventy-eighth street. Advices from Hondurasup to the 28 ult., have been received. The chole was raging badly. Five thousand four hundred and nine ty-one emigrants arrived at New Yo the 20th. The Pennsylvania legislature have nally determined to submit the liqu law question to the people. Selover, the bogus ticket vender, h been convicted on the indictment f defrauding emigrants, a: New Yor Two thousand dollars worth of Ca ton crape shawls were stolen from 47 Broadway. N. Y, on Friday night. A bill has been introduced in o House of Representatives providing f the establishment of a State Governme in Oregon. The western part of Texas is bei settled by Germans almost exclusivel none of whom will purchase or emple slaves. Mrs. Douglas, who was imprisoned Norfolk for Teaching colored childre has been discharged after serving o her term. The N. Y. Tribune has just be mulcted to the tune of two hundred a fifty dollars, for publishing a telegraph dispatch in regard to a Captain Thras er, which the Court held to libelou Heary N. Dean, a daguerreotypi by profession and aged 21, died in Ne York from the effects of chlorofor which he was in the habit of inhali for the pleasant sensations it produce The European War is said to be u popular among the merchants of Ru sia, and this being known to the go ernment a decree has been issued fo bidding the assemblage of persons discuss the war question. It is understood that the Powhatt left Havre with 312 passengers. S had no cargo. One hundred and thir bodies have been washed ashore up noon on the 20th. The greater majori of the bodies were those of women a children. The sudden disappearance of two ce ored children from Newpost, R I., causing a good deal of excitement that city. The suspicion prevails th they have been kidnapped, and the Ma or offers a conditional reward of $1 for their return. The largest pane of glass ma its appearance in New York has tak its place in one of the windows of ay lor's celebrated Restauraunt establis ment, on Broadway. Its dimensio are fifteen feet in height, SIX feet breadth. three quarters of an inch thickness,a thousand dollars its cos The Crystal Palace at New Yo was closed on the 15th inst., and w re open on the 4th day of May pro: under more favorable auspices. T debt of $100,000, which was hangi over and threatening it with discomfi ture and destruction, has been liquidat -the injunction has been dissolved a its progress will hereafter be witho embarrassment. The Davenport Gazelle says not a hou can be rented in that city just now for a price. It is said that the President will veto t Bill granting public lands to the seve States for the support of the indigent insar Prof. John Wilson, of Edinburg, 80 w known throughout the world as the Chris pher North of Blackwood, died on the instant, at the age of sixty-six. The Supreme Court of Illinois have de ded in favor of the validity of the chart for the Brough Railroad, as amended by Illineis Legislature last winter. On the 31at ult., Sir John Franklin a his exphdition were struck off the books

14. August 1, 1854 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, August 1, 1854

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REPORT OF THE RECEIVERS OF THE COCHI TUATE BANK. BOSTON, Tuesday, August 1, 1854. The Receivers of the Cochituate Bank made their first report in the Supreme Court to-day. They have reached in cash one hundred and sixty-eight thousand dollars. They have good debts to the amount of $131,000, and must realize $90,000 of the $300,000 doubtful debts, in order to pay off all claims except the stock. The Receivers propose to declare a dividend of fifty per cent., but the Court postponed it to August 22, in order to allow creditors time to look into the Receivers' report. A claim of $5,000. by the Bank of the Republic of New-York, was disallowed by the Receivers, on the ground that they refused to give up the collateral security placed in the hands of the officers of that Bank.

15. August 2, 1854 The New York Herald New York, NY
Article from The New York Herald, August 2, 1854

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FINANCIAL AND COMMERCIAL. MONEY MARKET. TUESDAY, August 1-6 M. The stock market opened and closed pretty flat to-day. In Erie Railroad considerable business was transacted. At the opening an advance was realized, but prices closed at a decline on those current yesterday. At the first Board, Illinois Central Bonds advanced 2 per cent; New York Central Bonds, 1; Indiana Construction Railroad 1½; Illinois Ten per Cent Stock, 1. Jersey City Loan declined ½ per cent; Nicaragua Transit, M; New York Central Railroad, ½ With the exception of Erie, the leading fancies Were quite dull. The operations at the Board were principally for cash. At the second Board better prices were realized. Berdan's Gold Machine Compeny advanced ½ per cent; Cumberland Cost, No Erie Railroad, x Reading and Cleveland and Ballroads the warfell eff a fraction. The recent ruge 1 ket value of the Erie Railread to be ominous of some weddens we have long anticipated raimou in this opinion operators now fee perfectly confirmed, through certain Internations given by those who have heretofore been intimately associated with the management of the fiscal affairs of the company The acceptances of the Erie Company can no longer be negotiated; they can neither be sold, nor hypothecsted and so much has the credit of the stock become reduced that it possesses at present no other marketable value than that which it receives through the gambling con_ tracts of speculators, or the jobbing manoeuvres of brok ers. This is most certainly a cool prospect for the stock holders, and for all but holders of the first and second mortgage bends. The holders of the convertible and in come bonds, and of the acceptances. will soon realize what we have so frequently predicted-a fatality which they could never foresee, nor pause sufficiently long to permit themselves to imagine possible. After the adjournment of the baard, the following sales were made at auction by Simeon Draper:$100,000 Harlem Railroad 1st mortgage, int. added 88 10 shares Commonwealth Fire Insuranc Co 86% 77 126 do. Suffolk Bank 85 35 do. Rome and Watertown Railroad The suspension of the firm of Gilbert, Coe & Johnson was announced to-day. Rumors have been current for some days that this house was seriously embarrassed, but it was hoped they might work out of their difficulties. They had too big a load to carry, it broke them down. The great depreciation in the railroad securities, which composed the assets of this concern, and the impossibility of making them available, was the direct cause of this failure. The house has been connected with some of the largest railroad enterprises of the day, and it has been compelled to carry large amounts of bonds and stocks, which, at present, are of no more value than so much brown paper. The senior partner of the house has been for some time in England, purchasing railroad iron and negotiating the sale of railroad bonds. This is one of the most important failures that has occurred here this sea_ son, and it will serve to destroy the little remaining confidence in railroad securities. Many works partially constructed must be much embarrassed by the derangement in their financial affairs, caused by the stoppage of this house, and serious losses to all engaged must be the result. The steamship St. Louis, from this port for Havre today, carried out $383,338 11 in specie, being $239,188 11 more than that reported on Saturday last. The Manhattan Company have declared a semi-annual dividend of four per cent, and an extra dividend of the same amount; the Bank of the Republic a semi-annual dividend of five per cent; the City Fire Insurance Company eleven dollars per share; the New York Life Insurance and Trust Company five per cent; the Kenne bec Company, of Augusta, Maine, a dividend of five dollars per share. The receipts at the office of the Assistant Treasurer of this port to-day amounted to $189,440 23; payments, $3,002 91-balance, $5,319,145 86. The receivers of the Cochituste Bank of Boston have declared a dividend of fifty per cent, payable on the 22d of August. The receivers have realized in cash $168,000. The good debts are put down at $131,000, and the doubtful debts at $300,000. To pay off al the claims except the stock, there must be realized $90,000 from the doubtful debts. The value of merchandise imported into this district during the month of July, in each of the past two years, was as annexed:COMMERCE OF THE PORT OF NEW YORK-VALUE OF IMPORTS. Dutiable Free Goods. Go ds. Total. Specie. 1853, July. $16,725,643 $1,072,502 ฿199,454 $17,997,599 1854, July. 14,253,797 1,812,917 198,063 16,264,777

16. August 18, 1854 The New York Herald New York, NY
Article from The New York Herald, August 18, 1854

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Thougent of the Farmers' and Mechanics' Bank, of Mem phis, Tenn., yesterday suspended payment of the bire of that institution. He states that the suspension will be only temporary. Notice is given by the receivers of the Cochitate Bank, Boston, that they will receive proofs of claims from note holders and others every Wednesday, from 10 to 12, as the Webster Bank, Bostom. The following dividends have been declared:-The New York Life and Trust Company, a semi annual dividend of 5 per cent, payable 10th proximo; the Back of Louistana, 5 per cent, paysble at the Merchan w' Bank on the 4th h September; the Circinnati, Hamliton and Dayton Rail read, 5 per cent, in scrip bearing 7 per cent interest, re. deemable in three years. The following is the eleventh weekly statement of the Boston banks:-

17. August 18, 1854 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, August 18, 1854

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States, under deed of June 8, 1941, give notice that it is their intention to pay a further dividend out of the assets in their hands, to the creditors of the Trust, viz: The holders of the notes and deposits mentioned and intended by the aforesaid deed, at their office, No. 70 Walnut st., Philadelphia, between the hours of 10 o'clock A. M and 2 P. M. on the 31st of December, 1854, when and where all persons interested are requested to appear. They are further notified to come forward and prove their respective debts or demands before the time thus appointed for making and declaring said dividend. The controlling interest in the Phenix Manufacturing Company of Paterson, N. J.—one of the most extensive cotton duck mills in the country—belonging to, and for many years under the management of John Travers, Esq., has been sold. The property of the Mousam Manufacturing Company, at Kennebunk. Me., including all the real and personal estate, also the Great Falls privilege at the same river, about four miles from the village, has been recently sold to William Lord, Esq, of that place. The Terre Haute Prairie City says the track of the Terre Haute and Alton Road is already laid down on a good portion of the distance between that city and Paris, and will be finished on either side of the "deep cut," near St. Mary's, on the 26th of this month; and the whole grade will be finished, the track laid, and the cars running by the first of September as far as Paris; and by the first of January, 1855, the road will be completed to the eastern branch of the Illinois Central Railroad, ten miles west of Charleston. The passenger cars, engines, and all other things necessary for "stocking" the road, have arrived in that city, and are in readiness to be put upon the track. The Receivers of the Cochituate Bank have advertised that they will continue to receive proofs of claims from noteholders and others every Wednesday from 10 to 12 at the Webster Bank, Boston, until otherwise ordered by the Court. The Philadelphia North American states "that the "Finance Committee of the Pennsylvania Railroad Company have determined, as far as practicable, to suspend, for "the present, all further contracts for new construction "work; and that there is good reason to believe that the "Directors of the North Pennsylvania Railroad Company, "at their next meeting, will adopt the same policy. This "course having been already adopted by the Reading Railroad Company, these great corporations will cease to be "competitors against our merchants for the purchase of "money." At a meeting of the Directors of the Utica and Binghamton Railroad, held at Hamilton, on the 15th inst., A. J. Williams of Utica, was chosen President; Dr. D. White of Sherburne, Vice President, and J. Watson Williams of Utica, Secretary and Treasurer. It has been resolved to put the portion of the road between Utica and Sherburne immediately under contract. In regard to the Indiana Banks, the following card has been published: "INDIANAPOLIS, Monday, Aug. 14, 1854. "The report in your City in regard to the failure of the State Stock Bank at Peru, the Bank of Renselaer, the Gew-York and Virginia State Stock Bank, and the Elkbart Bank, &c., is entirely false; they have not failed or suspended and there has been no run on them, nor no notes of any bank presented which have not been promptly redeemed. "The notes of these Banks, as well as all the free Banks of this State, are amply secured, and the securities, at their present market value, are worth a quarter million dollars over and above the amounts of notes issued, and holders of the notes of any of the free Banks of this State should not part with them on a discount. (Signed) "JOHN P. DUNN, Auditor of State. "E. NEWLAND, Treasurer of State."

18. October 24, 1854 Minnesota Weekly Times Saint Paul, MN
Article from Minnesota Weekly Times, October 24, 1854

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COMMERCIAL. Edited by C. H. PARKER. NEW BANKS.-MASSACHUSETTS.-North Bridgewater Bank, M. Wales, President R. P. Kingham, Cash. Grafton Bank, J. W. Slocum, Prest. J. Cary, Cash. NEW YORK. The Medina Bank,Medina. Henry Flager, Banker, John M. Keenan, Cash. Corning Bank, L. Rodman, Jr., Prest; W. B. Hale, Cash. GEORGIA. Planters' & Mechanics' Bank, Dalton. Jas. Morris, Pres. ;Wm. L. High, Cash. BROKEN BANKS.-Drovers', St. Lawrence Co. N. Y. The Eighth Avenue Bank of New York has stopped payment. It was established under the General Bank Law. Carthage, N Y. Cochituate, Boston. Milford, Del. Farmers' and Mechanics', Kent Co. Md. Farmers and Merchants', Memphis, Tenn. Washtenaw, Mich. Eastern Bank, Conn. Erie and Kalamazoo, Mich. LOOK out for counterf .it 10s on the BANK OF BAINBRIDGE, N. Y., a very coarse affair, vignette an angel with wings holding a horn of plenty in his right hand, a female medallion head to the right of vignette; 10 on both upper corners; coat of arms on lower left corner, and big X in red, a little to the left end; safe between signatures. Said bills have been put in circulation in this city. Latest Counterfeits. 5s, on the STATE BANK OF ILLINOIS, Ill., altered from a broken Washington affair-Vignette three females, the centre one holding a Liberty cap in left hand-head of Washington, with 5 above on the rightend-hold them to the light. 10s, on the BANK OF DANVILLE, Penn.-Vignette a man with oxen and plow-a female on each end-coat of arms between the signatures poorly done. 3s, on the FALMOUTH BANK, Mass, altered from a broken Bank-Vignette a female and agricultural implements-beehive on theleft end. 1s on the MECHANICS' BANK, New York City, altered from Mechanics' Bank, Washington, D. C. 10s, on the AMERICAN BANK, N. J., altered from 1s. 3s, on the BANK OF INDIANA, Ind., altered from 1s-Vignette man and two horses; farm house and cows in the distance -man felling a tree on the lower right corner—drover and cattle on the lower left corner. 5s, on the BANK OF AUBURN, N. Y.-Vignette two females sitting, State arms, &c. 5s, on the MECHANICS' BANK, R. I.-Vignette a female and an eagle between two 5s-a female with horn of plenty on right end-portrait of Washington on left end. THE SAVINGS BANK OF INDIANA, at this place, has been organized by the election of Judge Elisha Vance, as President, and L. D. Allen, Esq., late cashier of the Fayette County Bank, as cashier. The Savings Bank will be open for business on the 25th inst.-Connersville Telcgraph. From Thompson's Bank Note Reporter. Land Warrants. It has become difficult to deal satisfactorily in Warrants, from the fact that a large portion of those offering are defectively or objectionably assigned. We leave out our buying rates, and the selling are subject, just now, to frequent changes. Buying. Selling. $188 160 acre Warrants, 94 80 acre Warrants, 47 40 acre Warrants, Revolutionary Bounty Scrip is worth 2½ cents per acre more than Warrants-this arises from the fact that they are exempt from entry charges. This scrip is a richly engraved piece of paper, and is generally in 80 acre pieces. Beware of Virginia Warrants, which are printed on letter paper. They are next to worthless. Bills of the Ellsworth Bank, of Ellsworth, Maine, are not received at the Suffolk Bank, Boston. The bills of the Monsum River Bank, Sanford, Maine, are notreceived by the Suffolk Bank. New bills of the counterfeit 5s, on the Unadilla Bank, N. Y. are in circulation in this ctiy. LATEST COUNTERFEITS. Ashurelot Bank, N. H. 5s, spurious, vignette a female sitting down; a ship on the lower left corner; man with a scythe on the lower right corner. Atlantic Bank, Cape May, C. H. N. J. 5s, counterfeit, vignette a female seated on a rock, holding liberty staff and cap in her right hand, eagle and shield to her left, a ship on each side in the distance; FIVE in large red letlers over the entire length of the note; large 5 on each side of vignette; paper poor and thin-well done. Bank of America, Indiana. 5s, altered from 1s; circular die in the centre of the note; arched bridge on the lower right corner. Bank of Attica, Indiana. 5s altered from 1s, vignette locomotive and cars; female with shield, etc., on the left end. Bank of Montreal, Canada. 5s, spurious; steamer on the upper right corner; cattle on the left end; 5 in the centre and on the lower right corner; an eagle between the signatures. BOGUS SOVEREIGNS. A large amount of them are circulating near Mobile, of a thicker and lighter cast than the original. Ones on the Niagara District Bank, Canada, have made their appearance ot Cleveland-fac simile of genuine notes, cearser and a shade darker, and engraved signatures.

19. October 27, 1854 Plymouth Advertiser Plymouth, OH
Article from Plymouth Advertiser, October 27, 1854

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# The Failing Banks The Cincinnati Commercial publishes a statement of the Kanawha bank, (of Va.,) showing a very safe state of affairs in that institution, and remarks- "While we know nothing of the institution except through the showing which it makes, and the character of some of its stockholders, we have no reason to suppose that we are in possession of less information than those who are endeavoring to do it an injury. An amount of assets equal to one dollar and twenty-seven cents for each dollar of its circulation is not a very bad state of things, certainly. We do not present ourselves as endorsers of the solvency of this or any other banking institution, but we should be sorry at this time of pecuniary oppression, to see the mitchief aggravated by an unjustifiable suspicion of any concern whatever. Of the Kentucky Trust Co. Bank at Covington, the same paper says- "This institution, closed its doors yesterday morning. The public generally have been taken by surprise, though there are many who seem to have anticipated the failure. For many months the amount of paper presented for redemption has averaged about $80,000 per week, which, at the usual high price of gold for sometime passed, absorbed nearly the whole profits of the bank. It is thought by some that the bank will be able to meet its liabilities; by others it is considered a complete failure. We saw some of its money selling for 90 cents in Covington, soon after the failure, which, at least is an indication that some of the people there have full confidence in the ability of the institution. The bank has a cirsulation of $800,000, a considerable part of which has been put out but recently. Speaking of the present state of Banks and money matters generally, the Sandusky Register says: "There can be no doubt but that the public mind is unnecessarily excited about the Indiana currency. The issues of the Free Banks are secured on what are considered good public stocks, and these securities if not forced on the market in an untimely manner are unquestionably sufficient to redeem the issues with small loss to the public, A panic forces the issues and the securities on the market, and the labor of the country suffers the loss. Those papers, which are busy stirring up this monetary excitement, should think of the ultimate effect of these excitements ere they launch out upon their ill-considered crusade against the banks." The following is a list of banks that have bursted within a short time past: Patchin Bank, Buffalo. Farmers' and Mechanics' Bank, Oswego. Farmers' Bank of Canandaigua. Dovers' Bank, Ogdensburg. Bank of Carthage. Farmers' and Merchants' Bank, Md. Bank of Milford, Delaware. Farmers' and Merchants' Bank, Memphis, Massillon Bank, Ohio. Ohio Savings Institute, Tiffin. 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 Washtenaw, Michigan. Erie and Kalamazoo Bank, Michigan. Kentucky Trust Co. Newport (Ky.,) Safety Trust Bank. Savings Bank of Cincinnati. The Bank of Connersville. The Washington Star cautions the public against the reception of the notes of the Arlington and of the Farmers' and Mechanics' Banks of Washington. Both are worthless, being mere bogus machinery started there for the purpose of flooding the country with their irresponsible issues.

20. December 6, 1854 The Cadiz Democratic Sentinel Cadiz, OH
Article from The Cadiz Democratic Sentinel, December 6, 1854

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suspended within a few months past. For the benefit of our readers, in these times of bank suspensions, we shall keep it standing, and make weekly additions thereto: Lewis County Bank, of New York. Carthage Bank, do Milrose Bank, do Drovers' Bank, do Bank of Carmel, do Ogdensburg, do Exchange Bank Buffalo, do Patchin Bank, Buffalo, do Eighth Avenue Bank, do Bank of West Killingly, Connecticut. Bank of Ellsworth, Maine. Bank of Circleville, Ohio. Clinton Bank of Columbus, Ohio. Canal Bank of Cleveland, do. Miami Bank, Dayton, do. Woodbury Bank, Connecticut. Shipbuilders' Bank, Maine. Merchants' and Mechanics's Bank, Chicago. Union Bank, Chicago, Ill. Knickerbocker Bank, do Farmers' Joint Stock Bank, Buffalo, N. Y. Farmers' and Mechanics' Bank, Oswego. Farmers' Bank of Canandaigua. Farmers' and Merchants' Bank, Maryland. Merchants' Bank of Macon, Georgia. Milford Bank, Delaware. Merchants' Bank Burlington, Vermont. River Bank Connecticut. Cumberland Bank, Maine. Kentucky Trust Company Bank, Covington. Newport Safety Fund, Covington, Ky. Commercial Bank, Paducah, Kentucky. Trans Allegheny Bank, Virginia. Kanawha Bank, Va. Massillon Bank, Ohio. Ohio Savings Institute, Tiffin. Cochitute Bank, Boston. Elkhart county Bank, Indiana. Bank of Northern Indiana. Bank of Washtenaw, Michigan. Erie and Kalamazoo Bank, Michigan. Arlington Bank, Washington, D. C. Bank of Connersville, Indiana. Bank of Hallowell, Maine. Akron Branch, Ohio. Merchants and Trader's Branch, Cin., O. City Bank, Columbus, Ohio. Commercial Branch, Toledo, Ohio. Ashtabula Branch, Ohio. Napersville Bank, Illinois. Merchants Bank, Bridgeton. Government Stock Bank, Ann Harbor, Mich. Cuyahoga Falls Branch Bank, O. Licking Branch Bank, Ohio. Phoenix Bank, Chicago, Illinois. Du Page county Bank, Illinois. Bank of Ottawa, Illinois. State Stock Bank, Peru, Indiana. Stock Bank, Lafayette, Ind. Bank of Elkhart, Plymouth Bank, Fayette county Bank, Delaware county Bank, Logansport Insurance Company, Indiana. Indiana Stock Bank, Laport. Savings Bank, Cincinnati. Scituate Bank, Rhode Island. Wollborough Bank, New Hampshire. Bennington Bank, Vermont. Monsum River Bank, Maine. Bank of Ellsworth. Bank of Milford, Delaware.

21. December 15, 1854 The Kalida Venture Kalida, OH
Article from The Kalida Venture, December 15, 1854

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The Receivers of the Cochimate Bank Boston, will, on and after the 16th inst., pay a dividend of fifty per cent, on all claims proved against the bank prior to the 1st of August last, payable at the Webster Bank Boston.

22. March 13, 1855 Minnesota Weekly Times Saint Paul, MN
Article from Minnesota Weekly Times, March 13, 1855

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Some mathematician has calculated that the war costs the Allies $300 a minute. # BROKEN AND SUSPENDED BANKS. PRESENT VALUE. Canal Bank, Cleveland, Ohio, 95 cents City Bank of Columbus Ohio, 95 cents Bank of Circleville Ohio, 65 cents Merchants' Bank, of Bridgeton, N. J. 80 cents Wheat Growers' Bank, Newtown, N. J. 80 cents Government Stock Bank, at Ann Arbour, Mich-igan, 40 cents Bank of Washtenaw, Michigan, 25 cents Erie & Kalamazoo R. R. Bank, Michigan, 25 cents Farmers & Mechanics' Bank of Kent County Maryland 65 cents Newport Safety Fund Bank, Kentucky, — cents Stark Bank, Vernont, 50 cents Cochituate Bank, Boston, Mass. 25 cents Eighth Avenue Bank, New York City, 93 cents Lewis County Bank, Martinsburgh, N. Y. 10 cents Union Bank, Chicago, Illinois, 75 cents City Bank, Chicago, Illinois, 75 cents Mechanics' and Farmers' Bank, Springfield, Illinois, 75 cents Farmers' Bank, Chicago, Illinois, 75 cents Ship Builders' Bank, Maine, — cents Trans-Alleghany Bank, Virginia, 90 cents Bank of Milford, Delaware, — cents Exchange Bank of Selden, Withers & Co. Washington, 50 cents