Article Text
A Run on Massachusetts Banks. SPRINGFIELD, Mass., Sept. 22.-There has been some run on the Cabot Bank at Chicopee, and the Hadley Falls Bank, at Holyoke, but all demands were promptly met.
8120. Hadley Falls Bank (Holyoke, MA)
Bank Information
- Episode Type
- Run Only
- Bank Type
- state
- Start Date
- September 22, 1857
- Location
- Holyoke, Massachusetts (42.204, -72.616)
Metadata
- Model
- gpt-5-mini
- Short Digest
c7ae53de
Response Measures
Accommodated withdrawals
Description
Contemporary reports (Sept 22–23, 1857) describe runs on the Hadley Falls Bank but state that demands were promptly met and specie paid. No suspension, receivership, or reopening is mentioned. The runs appear related to the broader 1857 financial panic rather than a bank-specific scandal.
Events (1)
1.
September 22, 1857
Run
- Cause
- Macro News
- Cause Details
- Runs came during the general financial disturbances of Sept. 1857 (panic), with runs also reported at nearby banks.
- Measures
- Paid specie (specie payments) promptly as bills were presented.
- Newspaper Excerpt
- There has been some run on the Cabot Bank at Chicopee, and the Hadley Falls Bank, at Holyoke, but all demands were promptly met.
- Source
- newspapers
Newspaper Articles (2)
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Article Text
$52,388,005 $56,570,109 Since Jan. 1 $44,494,172 The exports begin to show an increase. The movement in Breadstuffs for shipment is quite active, and will, no doubt, increase"wheng our low figures are known on the other side. The Chemical Bank has declared a semi-annual dividend of 6 P cent, payable on the first of October. The Philadelphia, Wilmington and Baltimore Rail, road Company has paid off its floating debt, and declared a dividend of 2 P cent on the stock for the last six months. The Huguenot Bank, of New-Paltz, N. Y., resumed business again on the 16th. At the meeting of the stockholders of the Michigan Southern Road, held at Utica on Saturday, it was Resolved. That the stockholders in the Michigan Southern and Northere Indiana Railroad Company, in the County of Oneida, N. Y., here represented, are of opinion that an entirely new Board of Directors of said Road should be chosen at the approaching election. Resolved, That stockholders in this county deem themselves entitled, by the amount of stock held here, to a representation in the Board of Directors. Resolved, That a copy of the above be presented to the meeting of Stockholders to be held Sept. 25. The Springfield Argus of last evening says that there was a run on the Hadley Falls Bank at Holyoke, on Saturday, and also" on yesterday morning; and adds that the Cabot Bank at Chicopee shared the same fate yesterday; both Banks paid the specie as fast as the bills were presented. The Albany Evening Journal has obtained from the Bank Department a statement of its business for the past thirty days. It was sought in consequence of the report set afloat that the amount of State stocks taken up for bills returned did not exceed $100,000. This table shows that the net amount of bills returned and destroyed is over $1,000,000, for which only $611,000 securities were withdrawn. The Journal says: "Thus the banks have voluntarily retired from circula" tion $489,000, for which they neither asked nor re" ceived a dollar of their securities, or & single new " circulating note." Burned circulating notes of the free banks from 15th $950,000 August to 16th September. $501,000 Stocks surrendered during same period Bonds and mortgages surrendered during same period. 110,000 $611,000 Total securities surrendered In addition to this, the incorporated banks have burned. $169,000 50,000 They have received new notes $119,000 Total The Utica Herald says: The new issue of bills by the Ontario Bank, under its recent organization, are still redeemed on demand. They are marked with their denomination in red ink, and bear date subsequent to Jan. 1, 1856, Of this issue only $14,036 are in circulation, beside $49,498 held by the redeeming agents in New-York' and Albany. The old issue, being the notes of the old Ontario Bank and its Branch, are not now redeemed, but are a debt of the Bank. Of these there are out $47,135, of which $40,642 are bills of the Branch, and $6,493 of the old Ontario. Since about the middle of July, the Bank returned to the Bank Department to be canceled, $91,230 of its circulation." The state of feeling in Boston is better, and the correspondents write quite cheerfully. The Daily Ad. vertiser says that "the panic makers attempted to report more failures on Saturday, but the notaries had a very quiet day of it. At many of the banks all the notes were paid before 1 o'clock. New-York funds are more plentiful, and there is likely to be a return of specie. The dry goods jobbing trade has been very easy, parties in this line buying up their own paper." The Chicago Press of the 17th inst. says: Our news from all directions in reference to commercial matters continues to be encouraging. It cannot be expected that business will revive in a day, or that confidence can be fully restored in & week. Confidence is a plant of slow growth;' but the necessity that the East shou d have our corn and wheat, and the fact that the shipping season is rapidly wearing away, will hasten the return of business to its wonted channels." In relation to the state of affairs in Philadelphia, The Ledger of the 22d says: " There was another very blue day yesterday. The stock market was exceedingly heavy, and all effort to borrow money was fruitless. The failure of sev. eral very respectable firms on Saturday, and the announcement of 88 many more yesterday, added to the distrust that previously existed in the public mind, and the result was as we have stated. It 18 unneces. sary to give names-indeed, lest we should unintentionally do injustice, we shall not attempt it. The parties interested know the fact, and that is sufficient for the present. These failures are favorable in one point of view at least. They are indications that the banks are rigidly looking after their own safety; and their solvency preserved, the other difficulties may prove but temporary embarrassments. It is greatly to be desired that the banks should now be sustained. In fact, it is the only hope the community have against a repetition of the crisis of 1837. Hold up the banks, and the banks in & little while, if successfuli in weathering the storm, will return the favor. We have not been informed of the amount of liabilities to our