8054. Charlestown Bank (Charlestown, MA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 10, 1842
Location
Charlestown, Massachusetts (42.378, -71.062)

Metadata

Model
gpt-5-mini
Short Digest
0963146d

Response Measures

None

Description

Articles (Oct–Nov 1842) report the Charlestown Bank 'intends winding up its affairs and relinquishing business' and that stockholders voted to 'surrender the charter, and wind up' — indicating a voluntary suspension and permanent closure (winding up). No discrete depositor run is described.

Events (2)

1. October 10, 1842 Suspension
Cause
Voluntary Liquidation
Cause Details
Directors/stockholders decided to wind up affairs and relinquish business; surrender of charter reported later in November 1842.
Newspaper Excerpt
The South Bank intends winding up its affairs and relinquishing business, and also the Charlestown Bank.
Source
newspapers
2. November 22, 1842 Other
Newspaper Excerpt
The stockholders ... voted ... the surrender of the Charlestown Bank ... their charter, and wind finally ... Boston yesterday.
Source
newspapers

Newspaper Articles (2)

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.


Article from New-York Daily Tribune, November 23, 1842

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Article Text

MONEY MARKET. do. 764100 100 do Sales K'ky at Sixes the Stock Exchange, Nov.22 Ek of America 100 de b60d Mechanics Bank LONE Island R R R Bk Com Jersey Stonington R 0Mohawk R. do b60d Harlem do SECOND Harlem $30.13 Mobawk and Money Commercial Matters. but was There the sales being little business doing in TUESDAY P. M. State yesterday's confined to $1000 01 Stocks was fair prices. In banking and Kentacky Sixes business. Mohawk declined railroad shares there Long Island Railroad per cent 14, Harlem 3, and yesterday. Mawhaw was plenty our final quotations of the its the largest more than operations paying in Harlem declares 31. Although that one of the made. yet already not will up. wister's expenditures perverse stock fuel,&c. expenses, are and that many road of the is There demand rates, 164a 16}; New Orleans for Alabama at slightly improved Treasury Notes per cent prem. the on cents dollar. United States Bank dull Notes are par quoted and discount at 40 We that understand elected. Railroad Allen have declined accepting Messrs. Saul Alley and Stephen The to which they were last Directorships week to the Erie Comptroller be. Bank. we This the Heve has declared Lawrence dividend of 32 per cent SItwas banks. the rumered in Philadelphia yesterday, county the Lancaster Lancaster County Bank all the banks that in addi. Bankin ter,and the Columbia Bank. Bridge the and Bank of Lancas. in that suspended samed fpecie specie payment. is not Co. bad also arranged for payment month or unlikely. They Philadelphia.were country the relief redemption of their bills two in ago, but never street, County Bank conficently stated in Wall worse in Philadelphia. elling resume about the 1st that the Lewis win percent discount December. The reason to would not touch them and some per woner Forbes the rumor correct. unless they had be has information from Bank the Commis Cashier The stockholders the up voted,254 in 6, surrender of toe Charlestown Bank have affairs of the Bank their charter, and wind finally at had following Beston yesterday. Boston 39 shares per Western 0.00.Boston Rallroad, Railroad 854 11] percent adv d adv,943 cent; do Eastern cent ; 42 do Bank do Merchanis Le. ther Dealers' Bank Rail84 cent. per of 35 per cent: 10 Atlantic Bank, cent; 6 do H Globe 91/4 per cent: award damages made fands last,and taken gives from Monroe Edwards, by the jury in the matter of the of $27,962 and firm of Brown, Brothers & on Co, Thursday cents. of Alexander The & damages: and and to the first of Fletcher. thesum estate Nicholas E splendid was worth 8.00,000. a sheriff Mrs. Biddle Biddle for called Andalusia. Biddle was sold under $8000. The estate to the amount Three of other mortgages rtgage Mr Quite number of failures. The sale to be on contested. the property curred at Easton, Pu. said, have in favor Moravian long Society, at Bethlehem Among them the Treasury recently of the oc. memorial both by parties. in Cincinnati, and has been of favorably the Exchequer received is circulating Money change for matters the last in few Zanesville have undergone and the paper of weeks. Red Dog, not much sional note Ohio specie paying or St. Clair notes, tion. Thenotes from the adjoining States, banks, with an occain are at such a of the Bank of Lancaster make up the circula. common business heavy transactions. discount, that they do and not circulate Chillicothe The Mechanics New Between York at per Bank prem. of Augusta, Geo., is drawing OD Judge has been Catron of Missouri. and Judge tested the voluntary provision arranged of that the constitutionality Monroe of of States of the the Supreme Bankrupt Court Law of the shall United be TUESDAY P.M. Markets reported for The Tribune. ASHES-Pearl but there 874, appears at with 25 are Pots 5373 that price. orany sales. to be no buyers The nominal quiet, and $5 cannot hear to-day are There sales of about There $5.25. Buffalo 1573 were no arrivals. and no bills not many out to-day. sellers at ber. AtMontreal during the month of At all arriving for shipment good demand taking freely, Octo. DO COTTON-There noticeable we can learn is do not not much exceed activity to-day, and sales do not bite change from yesterday. 400 bales. There is offers. We freely, ;and receivers are Buyers nibble but and Alabama 81 quote a 8 3 from Upland a 7 ready from to New take Orleans decent FLOUR-The canal have rumore in relation to the market. The an effect to maintain the upward closing feeling of in the the closed by ice and snow. from the North state that the canal but is here small, quantity afloat the docks far down as Rochester. The entirely week reaction out of the they buyers rates last week, in the market and decline anticipate Holders consequently there is to the 487 generally ask but the sales very little doing. mixed lot, Genesse: Ohio and Michigan $4.374 are mostly at $4 bols. round and flat Ohio 4S3. A There Venice and Michigan sold town is New Orleans here. Mills" sold $1 747. lots at making $4 50, and about 400 Small bbls. sales George New Petershurg and Rithmond City $ 55 Richmond Brandywine bbls. York Mills sales 500 Alexandria $131 a 4371, nominal; County, rather at for shipment. Rye Flour R 2 75, $3.37 We Notice $3 12 . A lot of Jerseysold'at At Buffalo Black small sales Jersey at $2 69 for Rock Flour selling 124,933 At October 135,353 bbls: at $3 45 which Montreal. United States were previous Ost. supply. was a decline. The stock is ample for dull the at winter's 22s.6d. 2000 of sale bush. notice GRAINwilling 87c demand limited. There In Corn moderate supply, Illinois bot the Wheat being little disposition there not much doing,there sales 900 bush. to buy at present rates, old Northern 52 old White Northern at 56c. weight, We notice bash Delaware 55, meas new 4G 48. We quote New Orleans are plenty. 52c. weight, delivered. Northern Sales 2500 ley 48c again, for city brewers lots here The about market 1590 bush. now clear of Bar- and 70c. to-day for and distillers, Buyers refuse having sold at bushe's Canal Rye. Very little offering. Several to give 10c. at sold received to-day Some Ship Staff's Oats sold to-day at 27AC. No Shorts in thousand market HAY article although the demand has rather tendency to improve. with nothing good large. We quote 38 43, LEAD-Sale Missouri at $3 25 at logs canpon St auction the cargo of cash. for latter. the 183 a 27c. sold-1609 crotches and schr. Topic, from bbls. 2500 about of sales NAVAL the price.Noah $2 75, previous There supply. A lot of Nothing 80 bols Southern doing in or Pitch that Wilmington we is worth: at sold Pimento Jamaica PINENTO- Spirits Turpentine sold bear at 40c. off. 200 bags PROVISIONS-1 Change Ohio There is a fair business doing, Beef Mess $6 123 $3. Lower Country $6 Prime Mess without 50 75 Lard Old a $0 new, to is too but light wanted. the supply The actions. ex. for Ohio Cheese interior cases We asking 200 price is exporters induce other trans, 7c.82 At dull Cincinnati this and yet slaughtering, two actually paid for Hogs per cwt this is tke seaare the killed yet All Hogs driven to and