Lee Bank (Lee, MA)

Episode Information

Episode UID
2741412190694
Episode Type
Suspension โ†’ Reopening
Bank Type
state
Bank ID
274141219 hash
Start Date
October 6, 1857
Location
Lee, Massachusetts (42.304, -73.248)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b019fdf29a408127

Response Measures

None

Description

Sources report suspension during the 1857 panic but do not state whether the bank later reopened; historical context suggests temporary suspension is likely.

Events (1)

1. October 6, 1857 Suspension
Cause
Macro News
Cause Details
Part of widespread suspensions during the financial panic of October 1857 affecting many banks in the region.
Newspaper Excerpt
MASSACHUSETTS. ... Lee Bank, Lee.
Source
newspapers

Newspaper Articles (3)

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 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.