Grocers Bank - Boston, MA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: January 15, 1858
Location: Boston, Massachusetts (42.358, -71.060)

Metadata

Model: gpt-5-mini
Short Digest: 16b7f291

Response Measures

None

Description

The article (New York Herald, 1858-01-15) reports that the Grocers' Bank of Boston 'failed some time since' and gives a receivers' liquidation report. There is no description of a depositor run; the bank is in receivership and undergoing liquidation, consistent with a suspension followed by permanent closure. The report mentions an 'overissue by the late cashier,' indicating bank-specific adverse conduct leading to failure.

Events (2)

1. January 15, 1858 Receivership

Newspaper Excerpt: The receivers of the Grocers' Bank of Boston ... have made the following report relative to the progress of the liquidation :At the date of the former report, Jan. 14, 1857, the amount of cash on hand was $16,157 ... Bills still in circulation 4,338 ... The whole amount of claims of stockholders ... $298,100 ... There have been received from various sources in stock, &c 61,600 Making the present capital stock apparently $683,200 ... Deducting ... there remains outstanding and unproved apparently 385,100
Source: newspapers

2. January 15, 1858 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Report cites 'overissue by the late cashier' and insolvency; receivers appointed and liquidation in progress.
Newspaper Excerpt: The receivers of the Grocers' Bank of Boston-which failed some time since-havemade the following report relative to the progress of the liquidation :
Source: newspapers

Newspaper Articles (1)

1. January 15, 1858 The New York Herald New York, NY

Article from The New York Herald, January 15, 1858

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Article Text

or the corresthose ponding month of last year:-Main Stem. Wash Br'ch. Total 1856 $431,656 December, 84,447 19 466,103 77 343,559 December, 1857 42 37,585 381,143 Decrease $88,099 62 $3,138 27 D.$84,950 35 This shows for December, 1857, & falling off of $88,098 62 in the receipts of the main stem, and an increase of $3,138 22 in those of the Washington Branch, as compared with the receipts of the same month last year, making an actual decrease in the revenue of $84,960 35. The finances of the State of New Jersey at the close of the past fiscal year were, according to the Governor's message, as follows:FINANCES OF NEW JERSEY. Whole amount of receipts for 1857, including balance on hand Jan. 1, 1857, and $40,000 for extra dividends of joint companies, in round numbers $240,000 Whole amount of disbursements, in round numbers 237,000 Balance Jan. 1, 1858 $8,058 Appropriations still unpaid amount to 38,000 Estimated receipts for the current year, in round numbers 169,000 Add balance in treasury Jan. 1, 1858, about 8,000 Total $172,000 The amount of the school fund invested and drawing interest is $416,648. The total indebtedness of the State is set down at $190,277, which is an infraction of the constitution, which forbids the contraction of liabilities exceeding $100,000 The estimated receipts will not lower the prospective expenses for the current year. The gross amount of these being about $200,000, and the estimated receipts $172,000, there will probably be a deficit of about $28,000. In view of our embarrassed condition, it becomes us to institute a system of the most rigid economy. The receivers of the Grocers' Bank of Boston-which failed some time since-havemade the following report relative to the progress of the liquidation :At the date of the former report, Jan. 14, 1857, the amount of cash on hand was $16,157 And they have collected from loans, interest and collaterals described in former report 55,373 Making in all $71,530 Paid out in redeeming bills, &c., since last report. 13,807 Leaving balance of cash on hand on deposit at banks, and drawing interest $57,722 Bills still in circulation 4,338 The whole amount of claims of stockholders that have been presented and allowed since last report, at $100 per share, amounts to 247,700 Previously presented 50,400 Making whole amount of claims proved by stockholders $298,100 The capital stock allowed by law was originally $750,000 The overissue by the late cashier was more than replaced, so that there is'an apparent underissue at the present time of 5,200 Making the capital stock of the bank apparently $744,800 There have been received from various sources in stock, &c 61,600 Making the present capital stock apparently $683,200 Deducting from this the amount of stockholders' claims presented and allowed, as before stated. 298,100 There remains outstanding and unproved apparently 385,100 The following is a comparative view of the condi_ tion of the banks in Rhode Island in May and Decemher 1857-