8014. Suffolk Bank (Boston, MA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
September 1, 1854*
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini
Short Digest
d1018250

Response Measures

None

Description

Articles indicate the Suffolk Bank went into liquidation in September (presumably 1854) and receivership actions were underway by January 1855. There is no explicit mention of a depositor run in these excerpts. Thus this is a suspension (liquidation)/closure with receiver involvement.

Events (5)

1. September 1, 1854* Other
Newspaper Excerpt
The Bank, it appears, went into liquidation in September last.
Source
newspapers
2. September 1, 1854* Suspension
Cause
Voluntary Liquidation
Cause Details
Bank went into liquidation in September (referred to as having gone into liquidation rather than a temporary suspension).
Newspaper Excerpt
The Bank, it appears, went into liquidation in September last.
Source
newspapers
3. January 23, 1855 Other
Newspaper Excerpt
An application was made, this morning, on behalf of the Third-av. Railroad, for the appointment of a Receiver for the Suffolk Bank
Source
newspapers
4. January 23, 1855 Receivership
Newspaper Excerpt
An application was made ... for the appointment of a Receiver for the Suffolk Bank, against which the Road has a claim of $2,000 to $4,000.
Source
newspapers
5. November 26, 1855 Other
Newspaper Excerpt
We hear of no further bank troubles at the East, and the Suffolk Bank writes its correspondents here that the Banks discredited will probably all be received again soon.
Source
newspapers

Newspaper Articles (3)

Article from New-York Daily Tribune, January 9, 1855

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Article Text

SUPERIOR COURT -JAN. 3. Before Judge OAKLEY. William B. McCready ast J. W. Rumsay, President of the Suffolk Bank. It is alleged that E. F. Jenkins owned 20 shares in the Bank. and assigned them to plaintiff, but that the Bank would not transfer them. Action was brought for the value. In defense it is said the agreement was, that the stock was not to be transferred till Mr. J. bad paid for it, and that the refusal to transfer was in consequence of payment not having been made. In reply. it was said that Mr. J. gave his note. The Bank. it appears. went into liquidation in September last. The President was not in the City and the officers were unable to produce the alleged unpaid note of Mr. J., and the Court said it must be presumed. then. to have been negotiated away. Verdict for plainriff, $1 140 subject to the opinion of Court, at General Term For plaintiff, Messrs J. B. Wright and Cram; for defendant, Messrs. Wakeman and A. Hilton. Before Judge SLOSSON. Timothy Furness agt John Ferguson. To recover $1,000, and 8 per cent. interest, as al. lowed in Alabama alleged to be due on 8 judgment of Brown 82% ymen, obtained in Alabama. in 1838. Verdict for plain. tiff $2,500. subject to opinion of Court. For plaintiff, Messrs. Peabody and Wynkoop; for defendant, Mr. Laroque. COURT OF COMMON PLEAS-JAN. 8. Before Judge WOODRUFF Selah Hiler agt. George M Eddy and Charles Wells Plaintiff 8818 that he hired of defeadants the first floor of building No. 45 Goldet, and defendants contracted to


Article from New-York Daily Tribune, January 24, 1855

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Article Text

TUESDAY, Jan. 23-P. M. There was not a very active business at the Stock Board this morning, and prices ware without im. portant change from yesterday. Between the Boards the market was very heavy, in consequence of the advance in Exchange and rumors of large specie shipments, and Erie went to 451. At the Second Board there was a partial recovery of feeling, with better prices, but after the Second Board the market was less strong. Erie closed at 45%; Reading, 731; Central, 881; Cumberland, 32%; Hudson River, 371; Panama, 881. These prices generally show a small decline on yesterday. Nicaragua was one of the firmest stocks, and improved 1 P cent.; Michigan Southern sold at 85, which is better; Northern Indiana Construction, 79; Cleveland and Toledo, 581; Illinois Central, 981. Canton was down miss P cent.; Delaware sold at 1101, and Pennsylvania Coal at 1041. In Railroad Bonds the transactions were about $160,000, including Illinois Central, 71; Eries, 1883, at 87; Incomes, 1031; New-York Central, 87; Harlem, 841. Of Eries, 1875, the sales were $90,000 at 80% @80f, regular; 81, buyer thirty; and 80, seller 12 mos. The inquiry for State Stocks continues good, and the market is sustained. About $40,000 sold at 911 for Missouris, 83 for Indiana 5s, and 961 for Virginias. Without a large demand for Exchange, Sterling has advanced to 9@91 for best bankers' signatures. We hear of no sales at the higher rate. The supply of Cotton bills has been kept back by the low water in the Western and Southern rivers, which has thrown the remitters upon bankers for their supplies. The advance in rates has been assisted by the partial discredit which has been hanging over bills, which has caused a larger demand for such as were considered "gilt-edged." Francs are 5,181 @5,13]. In Freights there has not been much doing. To Liverpool, 6,000 bush. Corn, 6d. in bags; Cotton, 3-16d.; ; 500 tes. Beef, 3/6; 300 bxs. Bacon, 17/6; 3,000 bbls. Flour, about 1/71; 150 bales Hair at 15/ and 1d. To London, 500 bbls. Pork 3/6; Dead Weight, 22/6. To Glasgow 6,000 Corn, 61d. To Havre, 1,500 bush. Corn, 10c.; Flour, 500.; Cotton, Je., &c. To Bremen, 3,000 galls. Oil, 21c.; 50 bbls. Ashes, 20/ 200 bbls. Shoe-Pegs, 2/. The business of the Sub-Treasury was small today. Recepts, $71,118; payments, $69,756; balance, $2,523,086. Paid from Assay-Office, $5,541. The business of the Clearing-House was $15,413,637. The following sales of Bonds and Stocks were made by Simeon Draper: 841 $5,000 Pennsylvania Coupon Fives, int. added 691 3,000 Illinois Central R.R., int. added $105 A dividend scrip, 11 shares Michigan Central RR 60 50 shares Atlantic Bank 69 40 shares Bull's Head Bank 51 100 shares Cincinnati and Chicago RR 90 1,600 shares Union Geld Mining Co. of N. C The Greenwich Insurance Company has declared a simi-annual dividend of 5 P cent., payable on the 1st of February. The Leather Manufacturers' Bank, a semi-annual dividend of 5 P cent, payable on the 1st of Febr. The Illinois Central Railroad has called for an installment of ten dollars per share on the 2,349 shares of its stock, upon which $5 each has only been paid, payable on the 1st of February. An application was made, this morning, on behalf of the Third-av. Railroad, for the appointment of a Receiver for the Suffolk Bank, against which the Road has & claim of $2,000 to $4,000. The rise in Exchange of to-day has filled the street with rumors in regard to specie shipments. The amount to go by the steamer to-morrow is variously stated at $200,000 to $300,000. The amount engaged up to this evening, we learn upon application at the office of the steamer, is $55,000, all in foreign gold and silver coins. Some of the bankers anticipate a continued export of gold during the spring, but others are equally confident that the present advance in Exchange is only spasmodic. The transfer books of the Galena and Chicago Railroad have been placed with the American Exchange Bank. They will be closed on Saturday and be opened on the 2d February next


Article from New-York Daily Tribune, November 26, 1855

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Article Text

Among the exports were: $19,082 $84,846 Sugar Cetten 11,849 347,480 Rise Flour 70,898 278,253 Tobacco Wheat 18.489 34.498 Naval stores Coro 158,251 13 521 Sperm on Rye 24,271 39,220 Oil-Cake Beef 20.14 41,109 whalebone Pork 10,901 15 178 Indis-rubber goods Cheese 12,878 Lard Albert H. Nicolay's regular semi-weekly suction sales of stocks and bonds will not take place as usual on Wednesday, the 28th inst., at 121 o'elock, at the Merchants' Exchange, in consequence of Thurs day being Thanksgiving day. The Merchants' Bank has declared & semi annual dividend of 5 P cent, payable on the 1st of December. The business of the Clearing-House to day was $16,668,000. We bear of no further bank troubles at the East, and the Suffolk Bank writes its correspondents here that the Banks discredited will probably all be received again soon. Other Boston authorities express the same opinion. No panic appears to have followed in Boston the throwing out of the banks noticed yesterday, and we trust that the crisis will pass over with no more disasters. The origin of the present trouble was undoubtedly in the Grocers' Bank of Boston, the agent of several of the discredited banks. Being unable to receive the notes in question from the Suffolk, that bank, having ne ar. rangem but with the Grocers', was obliged to throw them out wishout giving the discredited banks time to make new arrangements. It was feared that these currency troubles at the East might cause & run of ancurrent money into Wall street for sale, but there been no appearance to day of any such run. The Money Market continues as before noticed. The supply on call is abundant at 7 P cent, and some loans were made during the latter says of the week at 6 P cent to favorite borrowers. The banks are freely accommodating the dealers. In the discount market rates are 9 to 10 P cent for desirable signatures, without any pressure of paper on the market. The Bank Statement of Monday is expected to show & line of specie of about $12,000,000, and moderate increase of loans and discounts. We hear of but a moderate movement of specie to the interior, and no inquiry whatever for foreign shipment. The Receiver of Taxes of this city gives notice that an addition of 1 P cent will be made to the taxes remaining unpaid on the 1st of December, and & further addition of 1 P cent, on the 15th of that month. To all taxes remaining unpaid on the 1st of January interest will be added at the rate of 12 P cent P aunum, calculated from the 3d of September last, Although by reason of & commercial panic and an expensive and foolish competition between the Central and Erie, the business of the Erie Railroad for the year enoing 30th September has fallen short in the estimate of gross traffic, yet the net result must be quite satisfactory to the stockholders. The road is proved to have earned, notwithstanding the drawbacks, 8} P cent on the stock. The road has been operated for 47 83-100 P cent on the revenues, and the expenditures of all kinds excepting interest have been 52 14-100 P cent. The statement made by the Auditor is very complete, and any one can see for himself that the proper items are charged to working expenses. The only omission we notice is a statement of the fanded debt. The floating debt has been largely reduced since last year, and according to the annexed statement the assets on hand exceed the debt, while last year the reverse was largely the case. The figures are: Oct. 1, 1854. Oct. 1, 1855. Decrease. $2,486 225 95 $1,211,763 64 $1,274,457 31 Bills payable, &c 180,758 02 35,612 38 266,370.40 Less Cash, &c