8693. Canton Bank (China, ME)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 17, 1856
Location
China, Maine (44.479, -69.517)

Metadata

Model
gpt-5-mini
Short Digest
b4833e64

Response Measures

None

Description

Articles show Canton Bank (China, ME) listed among latest bank failures with date Nov 17 (article lists failures) and later appears in Oct 1857 lists of suspended banks/uncurrent notes during the Panic of 1857. There is no explicit description of a depositor run; events are consistent with suspension during the panic and subsequent failure/closure. Possible OCR/date ambiguity: the failure date is listed as Nov 17 (year not always explicit in OCRed columns) while suspension lists are dated Oct 1857. I treat this as a suspension tied to the 1857 panic and the bank having failed/been closed.

Events (2)
1. November 17, 1856 Receivership
Newspaper Excerpt
THE LATEST BANK FAILURES. ... Canton Bank, China, Me., Nov. 17th.
Source
newspapers
2. October 10, 1857 Suspension
Cause
Macro News
Cause Details
Listed among banks that suspended specie payments during the widespread Panic of 1857 (regional/national financial panic).
Newspaper Excerpt
SUSPENDED BANKS EASTWARD. ... MAINE. Canton Bank, China.
Source
newspapers

Newspaper Articles (5)
1. April 4, 1857 Minnesota Weekly Times Saint Paul, MN
Article from Minnesota Weekly Times, April 4, 1857

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Article Text

MONETARY QUOTATIONS. Corrected by Bidwell's Exchange Bank, Third-st., St. Paul. ST. PAUL, April 1, 1857. Themoney market remains close, but not as severely stringent we think, as it was two weeks since. The line of discounts is kept as low as possible, though regular customers are moderately supplied by the Banks at customary rates. Indications are favorable for the immediate resumption of navigation, and anxious eyes are already turning in the direction of the first beat. Exchange on the East, and Gold, are in fair supply. Land Warrants, scarce and slow sale. We are inclined to believe that the panic with regard to Western Banks is subsiding, leaving the sound ones, with their heads above water. The affairs of the Zimmerman Bank, Canada, which has for some time been in disrepute, may be more materially affected by the death of Mr.Zimmerman. We are not informed that the Erie City Bank has again resumed. The people of the State of Georgia have resolved, in public meeting, that they will not receive as money any of the following Wild Cat issues in Georgia, nor any others that are not bankable at the City of Augusta or Savannah: Bank of Columbus, Columbus; Bank of Middle Georgia, Macon; Cherokee Insurance and Banking Co, Dalton Interior Bank, Griffin; Manufacturers' Bank, Macon; Merchants Bank, Macon; Southern Bank, Brainbridge. THE LATEST BANK FAILURES. Valley Bank, Md., Aug.1,1856. State Bank, Sacketts Harbor, N. Y., Sept. 3, 1856. Now redeemed at par by the Bank Comptroller. Bank of the Republic, R.I., Oct. 27th. Manufacturers & Mechanics' Bank, Ga., Nov. 1. Canton Bank, China, Me., Nov. 17th. Lancaster Bank, Pa., Nov. 18th. Bank of East Tennessee, Nov. 24th. DO Eric City Bank, Pa., Dec. 31. DOUBTFUL BANKS: Exchange Bank, Bangor, Me.; Bank of Hallowell, Me., South Royalton Bank, VL; Exeter Bank, N. H.; Provincial Bank, Canada; Rhode Island Central; Tiverton Bank, R. I.; Farmers' Bank, Wickford, R. I.; Warren Co., Pa.; Bank of Newcastle, Pa. Maryland Banks (except Baltimore;) Georgia Banks; Nebraska Banks; Tennessee Banks; Wooster Bank, Ct.; Indiana Free Banks; Commercial Bank, Forth Amboy, N. J.j City Bank, Perth Amboy, N. J.; Zimmerman Bank, Canada; Hancock Bank, Me. Selling. Buying. ct. Exchange on New York 14 Act.pr. do St. Louis. do 11/6 do do do 4k Chicago do Galena. do x do Great Britain the Pound. $5.19% Gold tol Rct.pr. Loans on first class and The Notes of most solutent Uneur. rest and Broken Money, rates, for cur. or with Cashier.

2. April 11, 1857 Minnesota Weekly Times Saint Paul, MN
Article from Minnesota Weekly Times, April 11, 1857

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Article Text

MONETARY QUOTATIONS. Corrected by Bidsell's Exchange Bank, Third-st., St. Paul. ST. PAUL, April 1, 1857. Themoney market remains close, but not asseverely stringent we think, as it was two weeks since. The line of discounts is kept as low as possible, though regular customers are moderately supplied by the Banks at customary rates. Indications are favorable for the Immediate resumption of naviration, and anxious eyes are already turning in the direction of in, first boat. Exchange on the East, and Gold, are in fait supply. Land Warrants, scarce and slow sale. We are inclin. : to believe that the panic with regard to Western Banks IF subsiding, leaving the sound ones, with their heads above water. The affairs of the Zimmerman Bank, Canada, which has for some time been in disrepute, may be more materially effected by the death of Mr. Zimmerman. We are not informed that the Erie City Bank has again resumed. The people of the State of Georgia have resolved, in public meeting, that they will not receive as money any of the following Wild Cat issues in Georgia, nor any others that are not bankable at the City of Augusta or Savannah: Bank of Columbus, Columbus; Bank of Middle Georgia, Macon; Cherokee Insurance and Banking Co, Daiton; Interior Bank, Grim'; Manufacturers' Bank, Macon; Merchants' Bank, Macon; Southern Bank, Brainbridge. THE LATEST BANK FAILURES. Valley Bank, Mc., Aug.1,1856. State Bank, Saukette Harbor, N. Y., Sept. 3, 1836. Now redeemed at par by the Bank Comptroller. Bank of the Republic, R.I., Oct. 27th. Manufacturers & Mechanics' Bank, Ga., Nov. 1. Canton Bank. China, Me., Nov. 17th. Lancaster Bank, Ps., Nov. 18th. Bank of Hant Tennessee, Nov. 24th. Erie City Bank, Pd., Dec. 31. DOUBTFUL BANKS: Exchange Bank, Bingor, Me.; Bank of Hailowell, Me.; South Royalton Bank, Vt.; Exeter Bank, N. H.; Provincial Bank, Canada; Rhode Island Central; Tiverton Bank, R.I.; Farmers' Bank. Wickford, R. I.; Warren Co., Pa.; Bank of Newcastle, Pa.; Maryland Banks (except Baltimore;) Georgia Banks; Nebrisks Banks; Tennessee Banks; Wooster Bank, Ct.; Indiana Free Banks; Commercial Bank, Perth Amboy, N. 3.; City Bank, Perth Amboy, N. J.; Zimmerusan Bank, Canada; Hancock Bank, Me. Selling.

3. April 18, 1857 Minnesota Weekly Times Saint Paul, MN
Article from Minnesota Weekly Times, April 18, 1857

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Article Text

MONETARY QUOTATIONS. Corrected by Bidwell's Exchange Bank, Third-st., St. Paul. ST. PAUL, April 1, 1857. Themoney market remains close, but not as severely stringent we think, as it was two weeks since. The line of discounts is kept aslow as possible, though regular customers are moderately supplied by the Banks at customary rates. Indications are favorable for the immediate resumption of navigation, and anxious eyes are already turning in the direction of the first boat. Exchange on the East, and Gold, are in fair supply. Land Warrants, scarce and slow sale. We are inclined to believe that the pánic with regard to Western Banks is subsiding, leaving the sound ones, with their heads above water. The affairs of the Zimmerman Bank, Canada, which has for some time been in disrepute, may be more materially affected by the death of Mr. Zimmerman. We are not informed that the Erie City Bank has again resumed. The people of the State of Georgia have resolved, in public meeting, that they will not receive as money any of the following Wild Cat issues in Georgia, nor any others that are not bankable at the City of Augusta or Savannah: Bank of Columbus, Columbus; Bank of Middle Georgia, Macon; Cherokee Insurance and Banking Co, Dalton; Interior Bank, Griffin; Manufacturers' Bank, Macon; Merchants' Bank, Macon; Southern Bank, Brainbridge. THE LATEST BANK FAILURES. Valley Bank, Md., Aug. 1, 1856. State Bank, Saeketts Harbor, N. Y., Sept. 3, 1856. Now redeemed at par by the Bank Comptroller. Bank of the Republic, R.I., Oct. 27th. Manufacturers & Mechanics' Bank, Ga., Nov. 1. Canton Bank, China, Me., Nov. 17th. Lancaster Bank, Pa., Nov. 18th. Bank of East Tennessee, Nov. 24th. Erie City Bank, Pa., Dec. 31. DOUBTFUL BANKS: Exchange Bank, Bangor, Me.; Bank of Hallowell, Me.; South Royalton Bank, Vt.; Exeter Bank, N. H.; Provincial Bank, Canada; Rhode Island Central; Tiverton Bank, R. I.; Farmers' Bank, Wickford, R. I.; Warren Co., Pa.; Bank of Newcastle, Pa.; Maryland Banks (except Baltimore;) Georgia Banks; Nebraska Banks; Tennessee Banks; Wooster Bank, Ct.; Indiana Free Banks; Commercial Bank, Perth Amboy, N. J.; City Bank, Perth Amboy, N. J.; Zimmerman Bank, Canada; Hancock Bank, Me. Selling. Exchange on New York 1 78 ct. pr. do St. Louis 1 do do Chicago do do Galena x do do Great Britain $5.10 to the Pound. Gold 1/a to F ct.pr. Loans on first class endorsed paper, 3 F ct. 7 month. The Notes of most solvent Banks taken at par, and Uncurrent and Broken Money, bought at savorable rates, for currency or gold. JNO. R. MADISON, Cashier.

4. October 10, 1857 Weekly National Intelligencer Washington, DC
Article from Weekly National Intelligencer, October 10, 1857

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Article Text

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.

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

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Article Text

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.