8244. Western Bank (Springfield, MA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 6, 1857
Location
Springfield, Massachusetts (42.101, -72.590)

Metadata

Model
gpt-5-mini
Short Digest
d94163dc

Response Measures

None

Description

Contemporary articles (Oct 1857) report a temporary injunction at instance of Bank Commissioners and that the Western Bank's bills were thrown out / suspended from specie payment. A later 1858 summary states the Western Bank of Springfield has been closed, and the notes of this are redeemed in full, indicating permanent closure after suspension. No article describes a depositor run on this specific bank.

Events (4)
1. October 6, 1857 Other
Newspaper Excerpt
the Western Bank of Springfield ... are discredited or suspended; and the City, Bank State- (NY Tribune list).
Source
newspapers
2. October 6, 1857 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Judge Merrick granted a temporary injunction at the request of the Bank Commissioners citing the bank's insolvency; bills were thrown out by clearing banks (Suffolk/Metropolitan).
Newspaper Excerpt
At the instance of the Bank Commissioners a temporary injunction has been granted on the Western Bank of Springfield, Mass.
Source
newspapers
3. April 8, 1858 Other
Newspaper Excerpt
Massachusetts had 173 banks; one only, the Western Bank, of Springfield, has been closed, and the notes of this are redeemed in full.
Source
newspapers
4. * Receivership
Newspaper Excerpt
The bank was enjoined and declared insolvent by Bank Commissioners; later reported closed (notes redeemed).
Source
newspapers

Newspaper Articles (14)
1. October 6, 1857 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, October 6, 1857

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Monetary Matters. Money matters seem to be working a trifle easier, although business of ail kinds is at a complete stand still. The notes maturing on the 4th inst., in Worcester, in Boston, and in New York, were generally met with promptness, and the impression pretty generally prevails among those who make finance their business, it not their study, that the crisis has been reached, and that the future will witness a gradual return of confidence, and an easier money market. At Boston yesterday. the notes of more New England banks were thrown out, viz: the Western Bank of Springfield; the Weare Bank at Hampton Falls, N. H.; Bank of North America, Seymour, Conn.; Bridgeport City Bank, Bridgeport, Conn.: Pawcatuck Bank, Pawca. tuck, Conn.; Windham County Bank, Brooklyn, Conn. Rumors prejudicial to the Thompson Bank of Thompson, Conn.. are authoritatively contradicted,. and the cashier states that the bank is in a sound condition. It has never had less specie than the amount required by law, and the amount now in its vaults is greater than at any time for six months past. No new failures in Boston were reported yesterday, and the rumors affecting the solvency of some of the business firms in Worcester, which were quite industriously circu lated on Saturday, are we learn, without any foundation. There is little business transacting iu stocks of any kind. The Boston Journal of Monday evening, says: "Bank shares are forced upon the market more freely, and are offered in small lots at a decline of from 5 to 20 per cent. from the prices of a month ago. Many of them, however, seil at more than par." Rafiroad shares seem to be the favorite luvestment, and of these[securities, the Boston and Worcester ranks the highest. The suspension of the Rhode Island banks has thrown upon our city quite a large amount of uncurrent small notes, which are passed with difficulty, and can only be got rid of for bankable funds at a discount of five per cent. This is too heavy H shave to be submitted to for any length of time, and as soon as our own banks can ease up a little in their line of discounts, 80 as to furnish our citize with currency enough for the transaction of business, Rhode Island money will be driven out of circulation, or will be taken only at its real value.

2. October 6, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 6, 1857

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The aspect of monetary affairs throughout the country yesterday was slightly encouraging. Failures are reported, it is true, in most of the principal cities; several banks among them, the Bank of Central New. York, Utica; the Oneida Central Bank, Rome, and the Worthington Bank, of this State; the Bank of North A merica, Seymour, Conn., and the Western Bank, Springfield, Mass., are diseredited or suspended; and the City, Bank State-

3. October 7, 1857 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, October 7, 1857

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Financial Matters. We have to notice the suspension, in Boston, of Proc tor & Wood, wool and produce commission house, City wharf. We understand they lost very heavily in wool sales by the failure some weeks since of F. G. Swan, a large commission house in New York. The Boston Advertiser authoritatively contradicts the statement that Mr. John A. Lowell has suspended payment or made an assignment. The Charter Oak, Exchange, and Mercantile Banks of Hartford suspended payment on Tuesday. These bills are not received at the Suffolk. Judge Merrick Monday afternoon granted an injune tion against the Western Bank of Springfield, as asked by the Bank Commissioners. The ground of injunction is the utter insolvency of the bank. The Commercial Bank of Bath has not failed. The bank is perfectly sound. Its charter expired Oct. 1, and it has gone into liquidation on that account. The Lowell Courier states that the MiddlesexCompany have concluded to keep their works in operation for the present, and that they continue to employ their usual number of hands. The faiures announced in New York on Saturday even ing, were those of Gage, Dater, & Sloan, dry Goods job bers; L. Bauer & Co., hosiery dealers; and Livingston & Ballard. grocers. The suspension of the latter, it is said, will be only temporary. At Baltimore on Saturday, the money market was much excited. and more stringent. They discounted only to a limited extent. Good first class notes are quoted at 11 per cent a month; money on call 11 to 2 per cent. Exchange on the North command 8 to 10 per cent. premium, and gold sold at 7 to 10 per cent. premium. The Philadelphia Ledger says the opinion entertained by some that suspension would afford relief to the money market, and thus put a stop to further failuresi is fast dying out. Suspensions are of almost daily occurrance. and arelikely. to continue for some time yet.

4. October 7, 1857 The Evansville Daily Journal Evansville, IN
Article from The Evansville Daily Journal, October 7, 1857

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Financial. NEW ORLEOct 5-M Basiness still restricted by 4upossibility of getting Exchange. Smites of bills ou New York have been mad 134@1/2 premium. No sales of sterlexchange have been reported. Vocrhes, Griggs & Co 's susbn is annonnced, but it is supposed onlibe temporary. NEW YORKG-M Willet & Co.," hardware mers, have suspended. DETROITS_M The Farmer & Mechanic's Bank city Athas been placed under injunction torney General. CINCINNATI, M Money matters more unsettled. on the East firmer aad tending upwa ange @6 per cent. prem. generally asked. BOSTON, Of At the instance of the Bank Com,ners, temporary injunctions have beeed on the Western Bank, Springfield. NEW York, Oct 6 The bills of the Lee Bank, Mass., M tile, Charter Oak and Exchange Biq Hartford, Ct., and the Bank of Wate N. Y., have been thrown out. The following is the comparative statement: Decrease in loans, $1,855,934; decrea specie, $1,926,292; decrease in deposit 338,954; increose in circulation, $77,794. tal specie, $11,400,113. The loss in specie has been occasioned gether by hoarding, in consequence 0 panic. The bank statement has not been favo received. ST. Louis, O Messrs. James H. Lucas & Co., bar closed to-day. LOUISVILLE, O Wm. E. Culver, banker. has suspend

5. October 7, 1857 Wheeling Daily Intelligencer Wheeling, WV
Article from Wheeling Daily Intelligencer, October 7, 1857

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BANK EXCITEMENT. DRTHOIT, Oct. 6.-The Farmers & Mechanies' Bank of this city has been placed under injunetion by the Attorney General. ST. Louis, Oct. 6.-There is n run on the Bank of Missouri and Boatmans' and German Savings Institutions, no evidence of suspension yet el The regular Banks are strong. At a meeting at the Merchants Exchange yesterday to consider the currency question, Mr. Henry, Bank Commissioner from Illinois, made a statement of the condition of the Banks of that state, which was generally considered satisfactory. The committee appointed to report on the subject, convened this afternoon without coming to any definite. conclusions The vote on securing currency at par stood a tie. Previ ous to adjournment a re olution was passed to petition the Legislature to issue no more bonds at present and to create a sinking fund for the payment of interest on those already issued.-Another meeting will be held at the Exchange to-day. Suspended-Lucas & Co.; creating no excitement; assets ten times greater than their liabilties. BOSTON, Oct. 6.-At the instance of the Bank Commissioners a temporary injunction on the the Western Bank of Spri gfield, was issued. NEW YORK, Oct. 6.-The Mercantile Bank at Hartford, Conn., and the Bank of Watertown, New York, have been thrown out.

6. October 7, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 7, 1857

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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

7. October 8, 1857 The Daily Gate City Keokuk, IA
Article from The Daily Gate City, October 8, 1857

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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.

8. October 10, 1857 Sunbury American Sunbury, PA
Article from Sunbury American, October 10, 1857

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NEW YORK, Oct.-The bills of the Lee Bank, Massachusetts, Charter Oak, and Exchage Banks at Hartford Connecicut, and the Bank of Watertown, N. Y., have been thrown out. HARTFORD, Oct. 6.-The Charter Oak, Mercantile and Exchange Banks have suspended specie payments. The other banks of this place have resolved not to suspend. Bosron, Oct. 6.-At the instance of the Bank Commissioners a temporary injunction has been granted on the Western Bank of Springfield Mass. BOSTON, Oct. 6.- The monetary panic has entirely disappeared. There were no failures to-day. NEW ORLEANS, October 5.-Business is still restricted by the impossibility of selling exchange. Small sales of bills on New York have been made at 11 a 1. No sales of sterling have been reported. Sr. LOUIS, October 6.-A meeting of the merchants of this city was held at the Exchange yesterday to chusider [the currency question. Mr Henry the Bank commissioner of Illiuois made a statement of the condition of the Banks in that State which was generally regarded as satisfactory. A committee was appointed to report on the subject. This committee convened in the afternoon, but adjourned without coming to any difiniet conclusion. The vote on receiving currency at par stood tie. Previous to the adjournment a resolution was passed to petition the Legislature to issue no more bonds at present and to create a sinking fund for the payment of the interest on those already issued. At the other meeting at the Exchange held to-day, the announcement of of the suspension of Lucas & Co. created no excitement. The assets of the firm are ten times greater than their liabillities. At the meeting of mechants to-day a resolution to receive and pay out the bank currency of the State at par was adopted by an overwhelming vote. A run on the Bank of Missourri, and on the Boatmen's and German Saving Institution has been made but there is no evidence of their suspending yet. The regular banks continue in a strong condition. DETROIT, Oct. 6.-The Farmers and Me. chanic's Bank, of this city have been placed under an injunction by the Attorney General. PETERSBURG, Oct. 6.-The Express says it is rumored here this evening, that the Banks of Wilmington and Cape Fear, North Carolina, refused to redeem their notes yesterNay The Commercial Bank and Bank of the State redeemed everything. They are all said to be perfectly solvent.

9. October 10, 1857 Weekly National Intelligencer Washington, DC
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.

10. October 14, 1857 The Burlington Weekly Hawk-Eye Burlington, IA
Article from The Burlington Weekly Hawk-Eye, October 14, 1857

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TELEGRAPHIC. 5. Philad liphing Un Much stockholders legislature discovery bonds the extending a individually liable for all the debts of the pany thereafter with provision use of include bonds which may be issued in He bonds alrea dy existing New York, Oct. 6. The screw unship City of from Liverpool noots:28-1 use. arrived here here morning this Great activity prevailed in zland in send ing. reinforce to India. The overland mail stramer Was 10 take 2000 troops from Malta to Alexandria, to be sent through Egy of to India. Several hundred iroops will go out in succeeding steamers. The India Company had decided to engag American and Europeas the fleetent Lord Elgin's mission to Calcutan was to propose exchange of European for native Bengal reg iments, as the Indiana would prove effective and more trustworthy is Cantos than in their own country. Lord Elgin took with him to Calentia 1700 troops, and marines in naral brigade organized to proceed forthwith up the Ganges received dishad Government French The patches from Indian. lag that the Gov ernor of Pondicherry ha called upon the Admiral of the French fleet in the Indian seas. for some ships of war. Gen. Neil at Cawnpere the high caste, or Brahmann, whom be could cap. ture, to collect all the bloody clothes of the victims and was the blood from the floors, their movements being accel rated by the ap plication of cat. Afterwards the Sapoys were hanged one after another. One hundred Austrians offi ers have offered to serve India. London letter in the Puris Patrie asserts that Salif was marching upon Lucknow at the head of 150,000 insurgents and as he was with. in four days of Gen. Havelock was considered certain that he would effect junction with the insurgents before the English General arrived. The Fort of Lucknow was well supplied with provisions and ammu mitious. It was deemed impregnable Advices from St. Petersburg report a great storm and fire on the Sandago Canal. 200 country crafts with their rgoes of produce recked. The following is said to be the result of the new election in Moldavi Out of 87 electors 66 have declared for the union of the Princi palities, against, a 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 in junction by the Attor ney General Hartford, Oct. 6 The Charter Oak Bank, the Mercantile Bauk and the Exchange Bank, suspended specie pay ment 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 W atertown, N.Y. are thrown out to day The Weare Bank N. H. was thrown out. The Bills of the Bank of Lima, N.Y., were again taken. convention, said to be composed of dele gates from the Working Men's Society, assem bled last night and adopte series of resolutions, strongly opposing State Prison Convic Labor, and endorsing the Democratic State Ticket, with the exception of Hiram Denio, Jr in whose place Hiram Ketchum was nominated The work on the sto pendioous Bergeu Tunnel which has for some time been partially stopped, wholly suspended yesterday morning, thus throwing out of employment about eight hun dred men. 6. Oct. Boston, Judge Merrick, on motion of the Bank Com missioners, has granted temporary injunction upon the Western Bank of Sp ringfield, Mase. Harrisburg, Pa Oct. 6. The Legislature courened to-day. Gov. Polmeasures lock delivered his message suggesting for the relief of the banks and public. Buffalo, Oct. 6. opens to-morrow The New York State Pair The entries up and continues for three days. greater number to this noon are over 2.500.than ever before made. The weather very favorable. Boston, Oct. 7 The royal mail steam ship Canada sailed from here at noon to-day, with 27 passengers for She takes out Halifax and 74 for Liverpool. $2,500 in specie. Augusta, Oct. 7 The returns in ddicate the re election to Congress of the Hon. James Seward in the First District. 7. Oct. New York, The attendance at the State Temperance Con vention small only 35 in all. great portion of time was taken up in discussing the merits of the Excise Low which was generally denounce in unmeasured to into enter It determined was terms any entangling alliance with existing parties but to urge prohibition, and the importance of supporting those only on their respective tick ets who were known to oppose the license principle. By the arrival of the City of Wash ington and Fulton there nothing later from India. Messra Harrison. Watson & Co., bank ers of Hull, had with failed large The Emperors of France and Russia met at ult the 27th St Ullgard Mexico accepts the mediation of France and England, and with Spain. The Emperors of Russia Austria were to Weimer on note The Liverpool Provision market sugar market was steady Consols closed 90 @ 901 Troy, Oct. 7 Colonel Richard J. Newelson, resident of Sand Lake in this county, and formerly an ex tensive and wealthy business man in Jersey City, committed suicide while in a fit of tempo rary insanity, at 4 o'clock this a.m. He first cut his throat and then threw himself before train cars on the Hudson Railroad. His body caused has event was dreadfully mangled. The profound sensation here. Harr burg. Oct. T to The Senate has adjourned till afternoon A allow the committees to propar business. bill was presented, authorizing a loan of $100, It occasioning 000 to the State Treasur much excitement, and there many enquiries made as to the necessity of such loan. Toronto, Oct. 7 E. Whitemore & Co., bankers, to-day Much BY mpathy manifested for them in consequence of their high character. 8. Oct. Buffalo, Third day New York State Fair. eather continues fine. It is estimated that there are 50,000 people on the ground to-day. The interest is of the most intease kind, and on the $8,000 had been received at the ticket office at 12 o'clock. Not an accident has hap the occasion. mar the to pened engine on the New York & Erie Railroad ran into the way Express East, the Buffalo & Erie this at crossing of the two in this city, seriously, but not fatally injuring seven persons. No one killed. The train was heavy loaded with passengers on their way to the State Fair. No through passengers on board. New York, Oct. 8. Messrs. Geo. Blies & Co., dry goods, ask an extension and will par with interest. The Hon. Le wis McLean died in Baltime a last evening. Bowen, Name & Co. hare failed. Amets

11. October 15, 1857 The Weekly Pioneer and Democrat Saint Paul, MN
Article from The Weekly Pioneer and Democrat, October 15, 1857

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Bank Affairs. HARTFORD, Oct. 6.-The Charter Oak Bank, the Mercantile Bank, and the Exchange Bank suspended specie payments this morning. The officers of all the other banks met last night. and resolved not to suspend. NEW YORK, Oct. G.-Bills of the Lee Bank. Mass.: Mercantile Bank, Charter Oak Bank. and Exchange Bank of Conn., and Bank of Watertown. N.Y., are thrown out to-day. DETROIT. Oct. 6.-The Farmers' and Mechanics' Bank, of this city, has been placed under injunction by the Attorney-General. BOSTON. Oct. 6.-Judge Merrick, on motion of the Bank Commissioners, has granted a temporary injunction upon the Western Bank of Springfield, Mass.

12. October 16, 1857 Burlington Free Press Burlington, VT
Article from Burlington Free Press, October 16, 1857

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The Boston Journal mentions the suspension of Proctor & Wood. wool and produce commission house. City wharf They lost heavily in wool sales by the failure of a large commission house in New York, but they have since paid promptly. even at a very great sacrifice in discounts on the best of paper, hoping for such improvement in the times and wool market as would enable them to meet all their obligations at maturity. The Advertiser authoritively contradicts the statement that Mr. John A. Lowell has suspended or made an assignment. The Charter Oak, Exchange, and Mercantile Banks, of Hartford suspended specie payment yesterday. These bills are not redeived at the Suffolk. Judge Merrick on Monday afternoon granted an injunction against the Western Bank of Spring ffeld, as asked by the Bank Commissioners. The ground of injunction is the utter insolvency of the bank. Providence Journal of the 6th says: The banks discounted yesterday more freely than they have before in a long time, chiefly to those who had payments to make. The re'ief was sensible and encouraging. The statement of the condition of the Providence banks on the 28th of September. the day of snspension, compared with their condition on the 2d of May, the date of

13. October 31, 1857 Vermont Phœnix Brattleboro, Bellows Falls, Ludlow, VT
Article from Vermont Phœnix, October 31, 1857

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Uncurrent Bank Bills. Under the present temporary arrangement during the panic, the bills of the suspended Banks of New England and New York are generally current in Boston and New York.The exceptions up to this time are all given below ; and in regard to these it is supposed that the bills are good in most cases, though not bankable. Or those Banks in this State set down as uncurrent, the Royalton, Stark, Missisquoi, and St. Albans, are undoubtedly good, and holders of bills should not submit to a sacrifice on them. The bilis of the following Banks are not received at the Suffolk Bank, Boston, nor at the Metropolitan Bank, New York : MAINE. China, and Canton, at China. Ellsworth, at Ellsworth. Exchange, at Bangor. Hallowell, and Central, at Hallowell. Hancock, at Ellsworth. Maritime, at Bangor. Monsum River, and Sanford, at Sanford. NEW HAMPSHIRE. Exeter, at Exeter. Weare, at Hampton Falls. VERMONT. Danby, at Danby. Missisquoi, at Sheldon. Royalton, at Royalton. South Royalton, at South Royalton. Stark, at Bennington. St. Albans, at St. Albans. MASSACHUSETTS. Manufacturers, at Georgetown. Western, at Springfield. RHODE ISLAND. At present all notes issued by the Rhode Island Banks are rejected, although most of them are current in their own State. CONNECTICUT. Bridgeport City, at Bridgeport. Charter Oak, at Hartford. Colchester, at Colchester. Exchange, at Hartford. Hartford County, at Hartford. Hatters, at Bethel. Mercantile, at Hartford. Merchants' Exchange, at Bridgeport. North America, at Seymour. Palaquioque, at Danbury. Pawcatuck, at Pawcatuck. Quinebaug, at Norwich. Thompson, at Thompson. Uncas, at Norwich. Windham County, at Brooklyn. Woodbury, at Woodbury. Wooster, at Danbury. NEW YORK. Agricultural, in Herkimer County. Central Bank of New York, at Utica. Dairyman's, at Newport. Hamilton Exchange, at Greene. Hollister, at Buffalo. Huguenot, at New Paltz. Medina, at Medina. Niagara River, at Tonawanda. O. Lee & Co.'s Bank, Buffalo. Ontario, at Utica. Orleans, at Albion. Reciprocity, at Buffalo. Sacketts' Harbor, at Buffalo. Troy City, at Troy. Yates County, at Penn Yan.

14. April 8, 1858 The Weekly Pioneer and Democrat Saint Paul, MN
Article from The Weekly Pioneer and Democrat, April 8, 1858

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Financial and Monetary Affairs. THOMPSON'S Reporter, of the 1st inst., mentions, as a gratifying fact, that of the great number of banks which were thrown out and proclaimed broken by the Suffolk Bank of Boston and the Metropolitan Bank of New York, only a very few have really failed. The Reporter says: Maine had 72 banks in good standing in August, four of which have failed, viz: Hallowell, Grocers', Hancock and Sanford. New Hampshire had 52 banks; only one, the Exeter, has failed. Vermont had 43 banks; two only, the Danby and the South Royalton, have failed. Massachusetts had 173 banks; one only, the Western Bank, of Springfield, has been closed, and the notes of this are redeemed in full. Rhode Island, the only New England State where stockholders are individually liable, has caused more loss to the people than all the other Eastern States. She had 100 banks, 6 of which have failed, viz.: South County, Farmers', Hopkinton, R. I. Central, Republic, and Tiverton. Most of these had a large circulation. Connecticut had 80 banks; 4 have failed, viz.: North America, Colchester, Merchants' Exchange, and Granite. The first will resume soon, and the two last were shut up before the panic commenced, by the Bank Commissioners, because they were not properly organised. New York City had 55 banks in good credit when the panic broke out, the notes of which are all redeemed at par, and the depositors of all except the Island City are being paid in full. New York State had 273 banks in active business and good credit, 6 of which have failed to redeem their notes, viz: Orleans, Hamilton Exchange, Ontario, Pratt of Buffalo, Reciprocity alias Sacket's Harbor, and Yates County. Several others have gone into liquidation, and it is uncertain yet whether the depositors can all be paid in full. New Jersey had 52 banks; the America, the Bergen County and the Morris County are the only ones now remaining in discredit. It is confidentially stated that the Morris County will resume soon. According to the recent report of the New York Bank Superintendent, the Savings' banks in that State hold on deposit upwards of forty-one millions of dollars, belonging to 203,804 depositors. The average to each depositor is $203 24. During the last year upwards of two millions of dollars was paid as interest. About one-fifteenth of the entire population are depositors in Savings banks. As a general thing, the management of these institutions has been unexceptionable. Between two and three millions of unclaimed deposits have lain so long in the banks that there is little if any probability of any owner ever calling for them.