Article Text
# Suspension of the Lowell Bank. LOWELL, Mass., Oct. 16. -The banks of this town voted unanimously to suspend specie payments to-day.
8146. Lowell Bank (Lowell, MA)
Bank Information
- Episode Type
- Suspension → Reopening
- Bank Type
- state
- Start Date
- October 16, 1857
- Location
- Lowell, Massachusetts (42.633, -71.316)
Metadata
- Model
- gpt-5-mini
- Short Digest
7b708c37
Response Measures
None
Description
Article (Oct 16, 1857) reports the banks of Lowell voted unanimously to suspend specie payments. No run is reported in the provided articles. No explicit reopening or receivership is mentioned — historically 1857 suspensions were typically temporary; I classify as suspension_reopening because the evidence indicates a coordinated suspension (panic context) rather than failure or receivership and there is no mention of permanent closure.
Events (1)
1.
October 16, 1857
Suspension
- Cause
- Macro News
- Cause Details
- Coordinated suspension of specie payments by town banks during the financial disturbances of 1857 (panic conditions).
- Newspaper Excerpt
- LOWELL, Mass., Oct. 16. -The banks of this town voted unanimously to suspend specie payments to-day.
- Source
- newspapers
Newspaper Articles (2)
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Article Text
Total, $221,789,108 $139,272,084 $55,218,354 Last week 221,338,041 139,919,360 55,473,657 The war between the Suffolk Bank and the Bank of Mutual Redemption in Boston, respecting the redemption of the notes of the New England country banks, still continues. The Boston Transcript saysof this struggle that various plans are proposed for adjusting the troubles produced by the advent of the new Bank. of Mutual Redemption, and the recent course of the Suffolk Bank As a means of settlement, the propriety of the establi-hment of a "New England Clearing e"begins to receivemuchattention. Were such an institution in operation, the country banks could keep their accounts if any of the Boston banks they might select and the balance shown at the Clearing House would be received or paid by the banks where their accounts are kept. A project with many of the salient features above referred to, is finding consider. able favor in financial circles. The course of the Suffolk Bank towards institutions that have withdrawn from its arrangement has created quite a feeling against it. Itis now ascertained that the Suffolk has not a uniform system of operations, but has treated various banks of equal standing upon widely different terms. The Lowell Bank has moved for an injunction on the Suffolk Bank relative to the bills of the Lowell Bank in the hands of the former bank, on the ground that the latter bank had tendered the specie for them, which had been decliined. The Hon Caleb Cushing and B. F. Butler, Esq., appeared for the Lowell Bank, and P. W. Chandler, Esq., for, the Suffolk. The Boston Ledger of the 29th ult. says: The Suffolk Bank claimed from the Lowell Bank two per cent a month for the bills in its possession. The Lowell Bank tendered a check for the bills, with all the expense and loss incurred by the Suffolk, which was refused. The Lowell Bank got out a writ of replevin to obtain the bills from the Suffolk Bank, claiming that they were theirs and that Suffolk Bank had no right to keep them. This writ was served yesterday morning by Sheriff Clark, while the Directors of the Suffolk Bank were in session. The President and Directors individually denied all knowledge of the bills. The Lowell Bank then directed its counsel, Messrs. Cushing and Butler, to get out a bill in equity, and it was drawn, under their direction, by N. St. John Green. The bill prays that the Suffolk Bank be decreed to deliver up to the Lowell Bank the bills of that bank in its possession, and that the court restrain them by the injunction from putting them in circulation. or making any use of them prejudicial to the Lowell Bank. The Lowell Bank sets Jorth that the bills are theirs; that the possession of them is necessary for carrying on the business for which they were chartered; that it is their legal duty, by the requirements of the statutes, to keep them in circulation; and that the Suffolk Bank intend to injure them by keeping the bills 80 that they cannot do as the law requiresThe Boston Transcript of the same date states that sixteen country banks have withdrawn their special deposits from the Suffolk Bank, and that twelve others have signified their intention of following in the same course. A telegraphic dispatch from Beston to the New York papers, under date of the 30th ult., says: "Anapplication made by the Low ell Bank for an injunction to prevent the Suffolk Bank from circulating thirty thousand dollars of bills of the former for which specie had been tendered and refused at the counter of the Suffolk was refused to-day by Judge Bigelow." The Savannah Republican of ihe 1st inst., says: The reports from the Cotton crop are conflicting, but on the whole are not so unfavorable as wewere led to believe a week ago. Our last circular closed upon a arm market with small offering stocks and a good demand; this tate of things continued, the mar. ket remaining at 12½ for strict widdling up to Tuesday, when the accounts per City of Washington with Liverppool dates to the 15th ult, were received, reporting an advance of 1/₈d. This impart ed more confi lence to holders and caused them to advance their prices about 1/2c. on all grades: buyers were not willing to pay it, and operations were restricted to 496 bales at the advance asked. There are English orders here to a considerable extent, but limi. ted to aprice which prevents their being filled, while for the North there continues a brisk demand, which keeps the offering stocks absorbed. We can but remark the large increase in receipts up to date OV previous years, there having come to hand 12,049 bales up to date against 2,824 bales last year, and 12,020 bales the year previous. Notwithstanding the heavy receipts there is but little offered for sale, as a large proportion of it is only in course of transportation, we mention this fact to explain the reason why, with so large a stock on hand and such heavy daily receipts, there is little on sale. Our report closes upon a quiet but firm market at the following quotations: Middling 12½ @12%, Strict Middling 12%, Good Middling 12½, Middling Fair 12%, Fair 12% The Charleston Courier of the 1st inst. advances the opinion that the Cotton of the present season, particularly of South Carolina-and that paper thinks the remark will apply very generally to the whole Cotton region-is by no means up to the standard of the crop of the previous year, and says the differ ence in value is variously estimated from % to ½c. The correctness of this opinion must, of course, be left to the future to decide. The Charleston quotations on the 1st were, for Low to Strict Middling 12½@12%c, and Good Middling and Middling Fair 12%c. In regard to Bacon, the Couriersays: A large and accumulating stock, together with the total absence of any thing like a demand, have further depressed the market, and the sales, particularly those recently made, show a decline of 1/4c on the opening prices. The maeket closed with Sides valued at 9%@9%; and Shoulders 7½@8c, the latter price, however, isan extreme figure The Boston Shipping List of the 29th uit. says: There is a better demand for Ganny Bags and prices remain without material coange: There is a large stock of light ags, but heavy, which are most inquired for, are comparatively scarce, and in consaquence there is a wider range of prices than usual; sales of 100 hales, 380 lb average, at 10½; 200 bales, 388 lb ave rage, at 1032c; 200 bal 416 th average, at 11c; 100 bales, 450 to averagr, to arrive at 11½c; 300 bales, also to arrive, near 4.0 tb average, at 1/40, 6 months, 200 bales heavy, to arrive, on private terms. The market is quiet for Gunny Cloth, and no sales of any importatice. A small lot of 53 bales standard sold on terms we did not learn. Markets by Telegraph. NEW ORLEANS, Oct. 4-Cotton-Sales, 300 bales. Prices easier but quotations unchanged. Flour firm at 5.00. Corn 62½. NEW YORK, Oct. 4.-Flour dull at 4.90@5,10. Wheat and Corn declined. Pork dull at 16.80. CINCINNATI, Oct. 4.-Markets generally unchanged.