8138. Lee Bank (Lee, MA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
October 6, 1857
Location
Lee, Massachusetts (42.304, -73.248)

Metadata

Model
gpt-5-mini
Short Digest
810d45a4

Response Measures

None

Description

Contemporary newspaper dispatches (Oct 6-10, 1857) list 'Lee Bank, Mass.' among banks that 'suspended specie payments.' No article describes a depositor run or a receivership/closure for this bank; subsequent lists treat it among suspended/discredited banks but give no evidence of permanent failure. Cause attributed to the 1857 financial crisis (systemic/macro panic). Date taken from reports dated Oct 6–7, 1857.

Events (1)

1. October 6, 1857 Suspension
Cause
Macro News
Cause Details
Part of widespread suspensions during the financial panic of 1857; listed among multiple banks suspending specie payments in early October 1857 reports (financial crisis/market shocks).
Newspaper Excerpt
The Bank of Watertown N. Y., and Lee Bank. Mass. ... the Charter Oak bank, the Mercantile bank, and the Exchange bank suspended specie payment this morning.
Source
newspapers

Newspaper Articles (5)

Article from New-York Daily Tribune, October 7, 1857

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Article Text

The bank and mercantile disasters continue to be numerous and important. Those ammounced to-day include three backs in Hartford suspended. The E1 change, Charter Oak and Mercantile. The Bank of Watertown N. Y., and Lee Bank. Mass. The re maining Hartford banks have decided not to suspend. The important mercantile failures are Messrs. Willets & Co., a very wealthy and respectable Quaker house, who have become involved by acceptances on merchandise shipped from the Pacific. They will undoubtedly pay eventually everything. The drafts of Measrs. Sather & Church of San Francisco, have also been protested to-day. This house, we understand, were short insured about $40,000 by the Central America, but the immediate cause of their suspension was the non-acceptance of $89,000 on Willets & Co., remitted by the Star of the West. It is believed that the drafts of Messrs. Sather & Church will be promptly paid on the their return to San Francisco, and meantime, negotiations are going on by which it is hoped they will be enabled in a few days to resume. Van Vieek, Read & Drexel of New York, and Drexel & Co. of Philadelphia, have no connection with Sather & Church, whose business with them closed in June last. The American Exchange Bank posted the following notice this morning: " In consequence of the dishoner of drafts remitted this Bank declines further payments for Sather & Church, having already paid as far as covered by funds in hand." The failure of Messrs. Vail & Yates of Newark, one of the most extensive hat concerns in the United States, is also announced; and some six or seven fur houses in this city, none of them of much importance excepting that of Messrs. J.D. Phil ips & Co. We hear also of two or three grocers suspended, but none of much importance. At New-Orleans the failure of Messrs. Voorhees, Greggs & Co. is announced. The Farmers' and Mechanics' Bank of Detroit has been enjoined, and the Western Bank of Springfield, Mass., also. Mr. Thomas R Walker has been appointed Receiver of the Bank of Central New-York, Utica. The State Controller has been at the Manhattan Bank, in this city, for two days, signing transfers of State Stock withdrawn from the Bank Department and put upon this market within the few days past in large amounts. The following is a Comparative Statement of Exports (exclusive of specie) from New-York to Foreign Ports, for the week, and since Jan. 1: 1857. 1856. 1855. $1,721,980 $1,309,390 $1,357,470 Total for the week 54,015,245 57,592,356 45,834,246 Previously reported $55,787,225 $53,301,746 $47,191,716 Since Jan. 1 The Manton Iron Company have leased their extensive iron works, for five years, to Messrs. Thomas Chambers, J. P. and J. Grove, and Henry M. Fuller, who will only resume business when sales of iron can be effected at remunerating prices. The receipts of the Housatonic Road for the eig it months ending 1st of Sentember. have been as follow


Article from The Daily Gate City, October 8, 1857

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Article Text

Telegraphic News. New YORK, Oct. 6.-The screw steamship City of Washington, from Liverpool at noon 23d ult., arrived here this morning. Great activity prevailed in England in sending reinforcements to India. The overland mail steamer was to take 2000 troops from Malta to Alexandria, to be sent through Egypt to India. Several hundred troops will go out in succeeding steamers. The India Company had decided to engage the fleetest European and American steamers. Lord Elgin's mission to Calcutta was to propose an exchange of European for native Bengal regiments, as the Indians would prove sufficiently effective and more trustworthy in Canton than in their own country. Lord Elgin took with him to Calcutta 1700 troops, and marines in a naval brigade organized 10 proceed forthwith up the Ganges. The French Government had received dispatches from India, announcing that the governor of Pondicherry had, as a speculation, called upon the Admiral of the French fleet in the Indian seas, for some ships of war. Gen. Neil, at Cawnpore, was compelling all the high caste, or Brahmins, whom he could enpture, to collect all the bloody clothes of the victims and wash the blood from the floors, their movements being accelerated by the application of a cat. Afterwards the Sepoys were hanged one after another. One hundred Austrian officers have offered to serve in India. A London letter, in the Paris Patrie, asserts that Salif was marching upon Lucknow at the head of 150,000 insurgents, and as be was within four days of Gen. Havelock it was considered certain that he would effect a junction with the insurgents before the English Generals arrived. The Fort of Lucknow was well supplied with provisions and ammunition. It was deemed impregnable. Advices from St. Petersburgh report a great storm and fire on the Sandago Canal. 200 country crafts with their cargoes of produce were wrecked. The following is said to be the result of the new election in Moldavia: Out of 87 electors 66 have declared for the Union of the Principalities, 6 against, and 15 neutral. The election at Wallachia is to commence on the 18th. The Persian troops have evacuated Herat. DETROIT, Oct. 6.-The Farmers' & Mechanics' bank, of this city, has been placed under injunetton by the Attorney General. HARTFORD, Oct. 6.-The Charter Oak bnnk, tho Mercantile bank, and the Exchange bank suspended specie payment this morning.The officers of all the other banks met last night and resolved not to suspend. NEW YORK, Oct. 6.-Bills of the Lee bank, Mass., Mercantile bank, Charter Oak bank, and Exchange bank, of Conn., and the bank of Watertown, N. Y;, are thrown out to-day. The Weare bank, N. H., was thrown out. The bille of the bank of Lima, N. Y., were again taken. BOSTON, Oct. 6.-Judge Merrick, on motion of the bank Commissioners, has granted a temporary injunction upon the Western bank of Springfield, Mass. HARRISBURG, Pa., Oct. 6.-The Legislatore convened to-day. Gov. Pollock delivered his message, suggesting measures for there. lief of the banks and public. BUFFALO, Oct. 6.-The New York State Fair opens to-morrow, and continues for three days. The entries up to this noon are over 2,500.-A greater number than ever before made. The weather is very favorable.


Article from Muscatine Weekly Journal, October 10, 1857

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# THE NEWS. -The steamship Star of the West arrived at New York on the 4th, with 450 passengers, the Calitornia mails of Sept. 4th, and $1,268,000 in specie. The California State election on the 2d ult., resulted in the entire success of the Democratic ticket. Weller was elected Governor by probably 15,000 plurality. The State has voted to pay its debt. Columbia, Tulomnar county, had been destroyed by fire. Loss $600,000. Wm. Bean had been convicted of embezzling government treasure from the branch mint. Col. Harlasthy's defalcation from the same establishment is $150,000. Mining was being carried on successfully. The Carson Valley people were agitating for a territorial organization for that quarter. We have an account of the frightful massacre of an emigrant train by the Indians. From Oregon we learn that the Constitutional Convention met at Salem on the 19th ult. We have intelligence from Washington Territory of the murder of Col. Eby, collector ef the port of Townsend, by a party of Indians. His family had escaped. Eight Indians had been arrested by the residents and would bo hung. Hon G. Venable, our Minister to Guatemala, died of cholera on the 23d of August. This epidemic was raging at Guatemala and San Salvador. It now appears that the Central America had 440 passengers, and $1,218,838 in specie when she lett Aspinwall. -The Bremen bark Lima arrived at New York on the 5th, with three survivors of the Central America, whom she took from the British brig Mary, bound from Cardenas to Queenstown. Their names are J. Tice, 2d engineer; Alex. Grant, fireman; and Geo. Dawson, passenger. They drifted eight days in a small boat without anything to eat before being rescued by the brig. -The steamer Ben Carson, was run into by the steamer Gate City, about two o'clock on Sunday morning last, near La Crosse. The Ben Carson sunk immediately in fifteen feet of water, and is considered a total loss. Fifteen deck passengers, whose names have not as yet been ascertained, were drowned. On board the Carson, were seven persons who had been living in Minnesota-a father and mother, with a family of five children. The parents and two of the children were among those who lost their lives. -The Pennsylvania Legislature convened at Harrisburgh on the 6th. Govornor Pollock delivered his message, suggesting measures for the relief of the banks and public. -The financial intelligence from various parts of the country still abounds with accounts of failures and suspensions. The following banks are reported failed or discredited: Lee Bank, Mass, Charter Oak Bank and Exchange Bank, Ct., Bank of Watertown, N. Y., Ware Bank, N. H., and Bank of Lima, N. Y. -Foreign news to the 23d, by the City of Washington, which arrived at New York on the 6th, exhibits great activity in England in sending troops to India. General O Neil at Cawnpore, was compelling all the high caste or Brahmins, whom he could capture, to collect the bloody clothes of the victims, and wash the blood from the floors; their movements being accelerated by the application of the cat. Afterwards the Sepoys were hanged, one after the other. -A New York dispatch of the 7th says the money market is rather more quiet. At a meeting of merchants, a number of leading bank officers being present, a resolution was unanimously adopted requesting the banks to increase their loans at once $7,000,000, and eventually $10,000,000. It was thought the proposition would meet the approbation of the banks. -Since the publication of the notice of the Secretary of the Treasury, on the 24th of September, up to the present time, nearly $2,000,000 worth of United States stocks have been sent in for redemption. -The returns from the Georgia election indicate the re election to Congress of the Hon. James Seward, in the ist District.


Article from Weekly National Intelligencer, October 10, 1857

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SUSPENDED BANKS EASTWARD. The New York Sun gives the following list of Banks located east of Maryland which have suspended specie payments : MAINE. Canton Bank, China. Monsum River Bank, Sanford. Exchange Bank, Bangor. Sanford Bank, Sanford. NEW HAMPSHIRE. Exeter Bank, Exeter. Weare Bank, Hamilton Falls. RHODE ISLAND. All suspended specie payments. MASSACHUSETTS. Bass River Bank. Western Bank, Springfield. Lee Bank, Lee. VERMONT. Danby Bank, Danby. South Royalton Bank, South Stark Bank, Bennington. Royalton. CONNECTICUT. Bridgeport City, Bank, Bridgeport. Thompson Bank. Bank of Hartford County. Windham County Bank. Bank, of North America, Seymour. Mercantile Bank, Hartford. Colchester Bank, Colchester. Exchange Bank, Hartford. Pawcatuck Bank. Charter Oak Bank, Hartford. NEW YORK. Agricultural Bank, Herkimer. Island City Bank, N. Y. city. Leonardsville Bank. Bank of Canandaigua. Bank of Central New York, Utica. Mechanics' Banking Association, Bank of Lima. New York city. Bank of Old Saratoga. Medina Bank. Bank of Orleans, Albion. Niagara River Bank, Tonawanda. Bank of Watertown. Oliver Lee's Bank, Buffalo. Chemung County Bank. Ontario County Bank, Phelps. Dairymen's Bank, Newport. Ontario Bank, Utica. Farmers' and Citizens' Bank, L.I. Oneida Central Bank, Rome. Farmers' Bank, Hudson. Powell Bank, Newburgh. Hamilton Exchange Bank. Reciprocity Bank, Buffalo. Hollister Bank, Buffalo. Sacketts' Harbor Bank, Buffalo. Hudson River Bank. Western Bank, Lockport. Huguenot Bank, New Paltz. Worthington Bank. Yates County Bank, Penn Yan. NEW JERSEY. America Bank, Trenton. Bank of N. J.; N. Brunswick. Bergen County Bank. Bordentown Banking Company. Burlington Bank. Burlington County Bank. Camden Bank, Camden. Cumberland Bank, Burlington. Farmers' and Mechanics' Bank, Gloucester Bank, Woodbury. Camden. Hunterdon County Bank. Mount Holly Bank. Phillipeburgh Bank. Princeton Bank, Princeton. Salem Banking Company, Salem. Union Bank of Frenchtown. PENNSYLVANIA.


Article from The Evansville Daily Journal, October 12, 1857

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DISCREDITED BANKS. The following IS a corrected list. todate, of recen SUSPENDED and DISCREDITED Banks: Arcade Bank, Providence, H I. America Bank, Trenton. N:J., Agricultural Bank, Tenn: Agricultural bar. K; herkiner, N. Y. Bergen County Bank N.J. Bank 01 Canandaigtta, N.Y. do Napervilie, Iii. do Beleville, de Nashville, Tennessee. do do Springfield, Ohio. do Toumseh, Michigan. do Orieans, N.Y. do New Jersey, New Brunswick, N.J. do Kent, R.I. do Halloweit, Me. do America, Tenn. do West Ternessee, Tenn. do Paris, Tenn. do Corning. N.Y. do the South County, R.I. North America, Connecticut. do do Kanawha. Virginia. do Elgin, III., S. S., small circulation. do the Capitol, Indianapolis, Indes. S. do Middleton, Penn. do Watertown, N.Y. des Chester, Li. do Eigin, do do Pike County, Ill. Central Bank, Indianapolis, Ind.,,s. Chemung County Bank, Horse Heads, N.Y.,s.s. Clinton Bank, Columbus, Ohio. Cty Bank, N.J. Cum erland Savings Institute, Md. Commercial Bank, Columbia, S. C. Citizens' Bank, Tenn. Corn Exclusive Bank, III. Charter Oak Bank, Hartford, Conn. Colchester Bank, Com. Danly Bank, Vt. Davton Bank. Ohio. Dairyman's Bank, Newport, N.Y. Ellsworth Bank. Maine. Exeter Bank. N. H. Exchange Bank. Pittsburgh, Pa Exchange Bank. Hartford, Corn. Farmers' Bank of Saratoga Co., N. Y.,s.s Farmers' and Mmmufacturer's Bank, Poughkeepsie. Farmers' Bank, Wickfort, R.1. Farmers & Mechanics' Dabs ent county, Md. Farmers and Merchants' Bar Md. Eairfie County Bank, Nor alk, Ct. Farmers N Arechanics' Buk, Detroit, Mich. Honesdale Bank, Pennsylvania. Hollister Bai k, Buffalo, N. Y.,s.s. Harcock Bank, Maite. Hugenot Bank, N.Y. H pkinton Bank, Westerly. R T. Hamilton Exchange Hank, Hamilton, N.Y. Island is Bank. Yreity, Jefferson 1 anty Bar K. N.Y. Lee Bilik, Massa have ts: Mechanics' Banking Association, N. Y., Mount Verhon Bank, Providence, R. I. Maratine Bar K, Maine. Monson River Bank. Mark Madomb County Bank, Mehigane Mechanics' Banking Association; N. Treity, Morizan Bank, Ga. Miami Valley Bar K, Ohio. Medina Bank, Medina, N.Y. Munson Bank. Mass. M rehants & Manufacturers' Bank, Pittsburgh, Pa. Mercantile Bank. Hardford, Coub. N.Y. Security Bank, N. Y. Nebraska money has been thrown out by St. Louis brokers, excepting the Banks Florence: Niagara River Bank, Tonawanday N.Y., reported failed, S.S. Ontario Bank, Utica, N.Y. Ohio Life Trust Company, lon'tissue rotés: Oliver Lee & co. Bank, N. reported failed, S. S. Ocnee Bank: Tenn. Outario County Bank, Phelps, People's Bank, N.Y city. reported failed, S: S. Paweatuck Bank, Paweatuck. Ct. Port Plain Bank, N. Y..s.s Reciprecity Bank, Buffak, N. YL. frew bank, S. Rhode Island Central Bank, R:1: Sanford Bar K/Me. Sackett's Harber Banks N. South Royalton Bank, It. Seneer County Bank, Ohio. Southern Bank, Georgia. Stock Security Bank, Illinois. Tippecanoe Bank, Logansport, Ind. Tiverton Bank, Fall River, R.I. Union Bank, Frenchtown, N.J. Unadilla Bank, N.Y. Warwick Bank, R. I. Wonster Bank, Danbury, Conn. Warren County Bank, Penn. Yates County Bank, Penn Yan, N.Y. NOTE.-"S. S." means securet by state stock. Most of these Banks will pay their circulation in full, and holders of their bills should not submit to a large discount on them.