Middlesex Bank - Cambridge, MA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: January 17, 1838
Location: Cambridge, Massachusetts (42.376, -71.118)

Metadata

Model: gpt-5-mini
Short Digest: 318b00bc

Response Measures

None

Description

Article (1838-01-17) reports the failure of Middlesex Bank, attributing ruin to its connection with the Commonwealth Bank and speculators. No mention of a depositor run; bank is described as failed/ruined, implying permanent closure/receivership rather than a temporary suspension.

Events (1)

1. January 17, 1838 Receivership

Newspaper Excerpt: The reported failure of this bank is attributed to its connection with the Commonwealth Bank. It is generally alledged that both these banks have been ruined by their connection with the government, and the influence of speculators.
Source: newspapers

Newspaper Articles (1)

1. January 17, 1838 Morning Herald New York, NY

Article from Morning Herald, January 17, 1838

Click image to open full size in new tab

Article Text

MIDDLESEX BANK, CAMBRIDGE MASS. Capital, 150,000 Specie, 2,769 Circu. 85 and over, 33,625 Bills fother bks 21,140 Do under $5 20,201 53,826 Due fm other bks 5,000 Profits, 3,184 Loans, 299 244 Due to the other banks, 16,518 Deposites, 12,125 Do. with interest, 92,500 104,625 $328,153 $328,153 The reported failure of this bank is attributed to its connection with the Commonwealth Bank. It is generally alledged that both these banks have been ruined by their connection with the government, and the influence of speculators. One half of the Boston and Massachusetts' barks are in a very weak and crippled condition. We are preparing full statements, separating the good from the bad in detail, and shall publish them in a day or two. The subject has been taken up in the Massachusetts Legislature and there are symptoms of some severe examination. Great efforts are making by the public prints of Boston to create the belief that all their other banks are sound and solvent. When were declarations of perfect solvency not made, just before any bank failed? Can we forget the conduct of the Dry Dock and other banks here? We a e perfectly satisfied that the revulsion among the banks will proceed till half of the existing institutions are closed forever. Nor is such a thing to be feared or lamented. It can produce no panic. The foreign and domestic trade is, at this moment, reconstructing itself on a better and sounder basis than ever. Those only who were demolished cry out. From Philadelphia we have received the aggregate bank statements of Pennsylvania for November last. They are curious and instructive. The following comprehends the banks for the city of Philadelphia:-