South Bank - Boston, MA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: October 10, 1842
Location: Boston, Massachusetts (42.358, -71.060)

Metadata

Model: gpt-5-mini
Short Digest: 5306d514

Response Measures

None

Description

Article (Boston correspondence to New York Herald) dated Oct 10, 1842 states 'The South Bank intends winding up its affairs and relinquishing business.' No run or panic at this specific bank is described. This indicates voluntary winding up leading to closure; classified as suspension_closure with cause voluntary_liquidation.

Events (1)

1. October 10, 1842 Suspension

Cause: Voluntary Liquidation
Cause Details: Bank 'intends winding up its affairs and relinquishing business' (voluntary winding up/closure).
Newspaper Excerpt: The South Bank intends winding up its affairs and relinquishing business, and also the Charlestown Bank.
Source: newspapers

Newspaper Articles (1)

1. October 13, 1842 The New York Herald New York, NY

Article from The New York Herald, October 13, 1842

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Article Text

Boston. [Correspondence of the Herald.] BOSTON, Oct. 10, 1842. Webster's Speech-Death of Channing-Bank Excitement-Arrest of Financiers-Theatricals. J.G. BENNETT, Esq:Unstinted encomiums are passed upon your masterly report of Webster's great speech at Fanueil Hall. As was present during its delivery, I can add my mite of praise. I will attest that it was a verbatim report, and I attentively perused it. Our public men suffer much in reputation from inaccurate reports of their remarks at public meetings; and you deserve the gratitude of Mr. Webster in rendering him justice in this matter. Another row among the Students of Harvard College! One bound over in $500 for trial. These square capped rowdies deserve no sympathy from the public, and should be summarily punished. The failure of the Phoenix Bank has caused quite a panic among the poor depositors in the Boston Savings Bank, as many hundred dollars have been quite recently paid to applicants, in bills of the Phoenix Bank. This remains to be accounted for. No collusion I hope. Funeral sermons were preached in most of our churches yesterday in commemoration of Dr. Channing. His demise has caused a gloom to overshade our community. The President of the Phoenix Bank, Mr. Wyman, has been arrested for swindling (while in bed.) An injunction has been laid on this bank. Why not before? "What need to lock the door after the mare is stolen?" Shove, one of the bank commissioners, has exclusively examined this bank since the creation of the board, and has uniformly reported it to his colleagues as being in sound condition. How is this? Was he deceived, or did a olind cover his eyes to its real condition? We shall see anon, as he promises an explanation. Curses both loud and deep are uttered against the bank, an attack was feared, and part of the available was removed to the Hamilton Bank. Bills are selling to day at 60 per cent. I believe that when the affairs of this "swindling mill" have been made public, the usual amount of rascality will be developed, as in the case of the Roxbury, Chelsea, Lafayette Banks, and others hereabout.You can hardly conceive of the effect produced by this failure in the quiet town of Charlestown business seems to be utterly prostrated, and men meet in angry groups, denouncing the directors and all concerned. The extensive depot of the Western Railroad is so much crow ded with freight, mostly flour, that there is not room to unload the cars on their arrival, but the stock is not yet at par. Theatricals are in quite a flourishing condition, notwithstanding the city authorities have imposed a license tax of $300, instead of $5 as in former years. Forrest and Josephine remain during the week, and Hackett comes on Monday. The National, notwithstanding the powerful opposition, has done an excellent business since its opening. Pelby has an efficient company, and his energy and perseverance in bringing out a succession of novelty, ensures him success. I esteem him the best manager in the country. The South Bank intends winding up its affairs and relinquishing business, fand also the Charlestown Bank. The nation would not mourn much if half the banks would go and do likewise. I will write you again soon. I have seen nothing from Roston in your columns lately. The Herald is extensively read here, and you need an observing and efficient correspondent in our village.