Article Text
Boston, April 15.-President Allen, of the Cochituate Bank, has failed, and the solvency of the bank is generally doubted. A later despatch states that the bank bas suspended payment.
Cochituate Bank (Boston, MA)
Episode Information
- Episode UID
3918130690652- Episode Type
- Run → Suspension → Closure
- Bank Type
- state
- Bank ID
-
391813069hash - Start Date
- April 15, 1854
- Location
- Boston, Massachusetts (42.358, -71.060)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
abe14d7648e068d0
Response Measures
None
Description
Suspension followed a depositor run and appointment of receivers; bank did not resume normal operations.
Events (5)
1.
April 15, 1854
Run
- Cause
- Bank Specific Adverse Info
- Cause Details
- Run attributed to failure of President S. M. Allen, who owed the bank about $100,000 from iron manufacturing interests.
- Measures
- Paid out specie and current bills until about 1 p.m., then closed doors/refused further payments.
- Newspaper Excerpt
- The reported failure of the Cochituate Bank to day led to a great run upon it. Specie and current bills were paid out up to 1 o'clock, when the officers declined making further payments.
- Source
- newspapers
2.
April 15, 1854
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Suspension attributed to failure of S. M. Allen, the bank's president, and his large indebtedness to the bank.
- Newspaper Excerpt
- President Allen ... has failed, and the solvency of the bank is generally doubted. A later despatch states that the bank bas suspended payment.
- Source
- newspapers
3.
April 18, 1854
Other
- Newspaper Excerpt
- Some proceedings took place before Judge Shaw ... which resulted in the appointment of temporary receivers, who will report on Thursday next. It is believed that the bank will shortly resume business. (temporary receivers appointed).
- Source
- newspapers
4.
May 3, 1854
Receivership
- Newspaper Excerpt
- The Supreme Court of Massachusetts, has constituted Ezekiel Colt, of Pittsfield, and Andrew H. Hall, and Solomon Lincoln, of Boston, the receivers of the exploded Cochituate Bank, of Boston
- Source
- newspapers
5.
October 19, 1854
Other
- Newspaper Excerpt
- The receivers of the Cochituate Bank, Boston, which failed a few months since, have announced a dividend of fifty per cent. to holders of bills.
- Source
- newspapers
Newspaper Articles (21)
Click image to open full size in new tab
Click image to open full size in new tab
Article Text
THE SUSPENSION OF THE COCHITUATE BANK. BOSTON, Saturday, April 15. 1854. The reported failure of the Cochituate Bank to day led to a great tun upon it. Specie and current bills were paid out up to 1 o'clock, when the officers declined making further psyments. The securities are considered good, and it is thought that billholders will be paid in full The suspension of the bank is attributed to the failure of one of its officers, who is largely interested in iron manufacturing. He is said to owe the bank $100,000 An injunction was laid on the Cochituate Bank this after. noon, and business will not be resumed until the Commissioners report about the middle of next week. BOSTON; April 16, 1854. The R. M. steamship America reached her wharf at East Boston at 12 o'clock last (Saturday) night, and her mails were dispatched to the South by the 8 o'cleck train this evening.
Click image to open full size in new tab
Article Text
The Run on the Cochituate Bank. BOSTON, April 17.-The run on the Cochituate Bank in this city, on Saturday, continued up to one o'clock. when the doors were closed. The securities are considered good, and it was thought the billholders would be paid in full. The suspension is attributed to the failure of S. M. Allen, the president, who is largely interested in iron manufacturing, and is said to owe the bank one hundred thousand dollars. An injunction has been laid on the bank, and business will not be resumed until the commissioners report.
Click image to open full size in new tab
Article Text
From Boston. THE COCHITUATE BANK-THE MASSACHUSETTS LIQUOR BILL-LOSS OF SCHOONER ORNAMENT. BOSTON, April 18, 1854. Some proceedings took place before Judge Shaw, this foremoon. relative to the suspension of the Cochituate Bank, which resulted in the appointment of temporary receivers, who will report on Thursday next. It is believed that the bank will shortly resume business. The bill amendatory of the Liquor law was passed to be engrossed in the House to day, without debate, by a vote of 152 yeas to 124 nays. It has yet to pass the Senate. The schooner Ornament, from Portland to Boston, went ashore last night at Neftucket, and. is a total wreck. The crew were all saved.
Click image to open full size in new tab
Article Text
BOSTON, April 15. Rumors here to the effect that the Cochituate Bank credited. has suspended. The rumor is generally 31118
Click image to open full size in new tab
Article Text
T he run OR the Cochituate Bank. BOSTON, April 17.-The run on the Cochituate Bank in this city, on Saturday, continued up to one o'clock, when the doors were closed. The securities are considered good, and it was thought the bill-holders would be paid in full. The suspension is attributed to the failure of S. M. Allen, the president, who is largely interested in iron manufacturing, and is said to owe the bank one hundred thousand dollars. An injunction has been laid on the bank, and business will not be resumed until the commissioners report.
Click image to open full size in new tab
Article Text
The Cochituate Bank. BOSTON, April 18.Some proceedings took place before Judge Shaw this forenoon relative to the suspension of the Cochituate Bank, which resulted in the appointment of temporary receivers. who will report on Thursday next. It is believed that the Bank will shortly resume business. The weather here continues cold and very disagreeable.
Click image to open full size in new tab
Article Text
THE RUN ON THE COCHITUATE BANK. BOSTON, April 17.-The run on the Cochituate Bank, in this city, on Saturday, continued up to one o'clock, when the doors were closed. The securities are considered good, and it was thought the billholders would be paid in full. The suspension 18 attributed to the failure of 8 M. Allen, the president, who is largely interested in iron manufacturing, and is said to owe the Bank one huudred thousand dollars. Aninjunction has been laid on the bank, and business will not be resumed until the eommissioners report.
Click image to open full size in new tab
Article Text
The News. By a desperate effort yesterday, as it appears by our telegraphic advices from Washington, the Senate resolved upon the experiment to-day to galvanize into life again the skeleton of the Gadsden treaty. Perhaps they may succeed; but if they do it will only be equivalent to a recommendation to the President to re-open negotiations with Santa Anna or Almonte upon the new platform. Perhaps the dread of a terrible war with Mexico may frighten two or three Senators into line, and thus secure the necessary two-thirds vote. Our views upon the Gadsden abortion are more elaborately given in a separate article. The despatch concerning the movements of the English in China contains information which should challenge the special attention of the administration-that is to say, if it is not SO swallowed up with party plots and counterplots at Washington as to be totally insensible to anything connected with our commercial relations abroad. The rejection by the Senate of the nomination of Benjamin F. Angel, as Consul for Honululu, is doubtless owing to certain statements of the hard shells relative to his course at the Baltimore Convention. It is said that Mr. Prior, formerly an editor of the Washington Union, in the columns of which he abused this paper without stint, is to be rewarded for his zeal by the appointment of Minister to Turin, in place of Mr. Daniels but as there seems to be some uncertainty as to whether the place is yet of cant the report may be premature. Letters from Mr. Buchanan state that the convention between this country and Great Britain were progressing favorably. The coasting trade of that country has been thrown open to all, with a view to induce our govenrment*to extend similar privileges, the carrying trade with California being their main object. The police courts yesterday were not over-burdened with rogues. A daring burglar was caught with a portion of the property in his possession. A man was arrested for defrauding the Hudson River Railroad Company out of $600, by forged orders. A fugitive from Philadelphia was caught and sent back again; and a legal gentleman of Boston was liberated from the Tombs-the particulars appear under the police head. The Coroner held an inquest on the body of an unfortunate German apothecary, who committed suicide on the 29th of March, and, strange to say, the body was only discovered last Monday after. noon, in some bushes, near Seventy-eighth street. A meeting of the citizens of the Eighth ward opposed to the renomination of the present Chief of Police was held last evening in Spring Street Hall. There were about one hundred persons present, and resolutions were passed declaring the nomination of Mr. Matsell by the Mayor, and his confirmation by Commissioners, illegal in the opinion of the meeting. We publish a report in another column. We publish elsewhere a translation of the royal decree issued by the Queen of Spain on the 24th ultimo granting a free pardon to Cuban political offenders. A report of the trials which took place before his Honor the Rec order, in the Court of General Sessions yesterday, is given elsewhere. The trial of Fenety, for arson in the first degree, was continued yesterday. The case will probably be concluded to-day. A full report is given. The navigation of Lake Erie is now reported to be unobstructed by ice, and as soon as the canals are opened we shall experience a rush of all sorts of freight through that great artery of commerce altogether unprecedented. There is not a single branch of industry throughout the State that does not, to a greater or less extent, receive a new impulse from this event, and the present above all preceding seasons is propitious. A report from Vera Cruz has reached New Orleans to the effect that fifty Americans have been arrested at San Blas for landing without passports. The Cochituate Bank, of Boston, which suspended payment last Friday, is expected shortly to resume business. Temporary receivers were appointed yesterday by the Supreme Court, who will probably report to-morrow. Richard Vaux has been nominated for Mayor of Philadelphia by a large majority of the democratic party of that city. Captain Canfield, of the Topographical Bureau, son-in-law of Gen. Cass, died at Detroit yesterday morning. The General left Washington yesterday in consequence. Ex-Governor Nehemiah R. Knight, of Rhode Island, died at Providence yesterday.
Click image to open full size in new tab
Article Text
BOSTON, April 18.-Some proceedings took place before Judge Shaw, this forenoon, relative to the suspension of the Cochituate Bank, which resulted in the appointment of temporary receivers, who will report on Thursday next. It is believed that the Bank will shortly resume buviness.
Click image to open full size in new tab
Article Text
The Run on the Cochituate Bank. BOSTON, April 17.-The run on the Cochituate Bank, in this city, on Saturday, continued up to one o'clock, when the doors were closed. The securities are considered good, and it was thought the billholders would be paid in full. The suspension is attributed to the failure of S. M.Allen, the president, who is largely interested in iron manufacturing, and is said to owe the Bank one hundred thousand dollars. An injunction has been laid on the bank, and business will not be resumed untll the commissioners report.
Click image to open full size in new tab
Article Text
BOSTON, April 20. THE COCHITUATE Bank.-Judge Shaw, this morning, in the case of the Cochituate Bank, decided that the temporary injunction should continue till the 5th of June, when the report of the special receivers will determine whether the injunction will be perpetual.
Click image to open full size in new tab
Article Text
SUSPENSION OF THE COCHITUATE BANK. -A dispatch from Boston to New York, dated April 15th says: The reported failure of the Cochituate Bank to-day, led to a great run upon it. Specie and current bills were paid out up to 1 o'clock, when the officers declined making further payments. The securities are considered good, and it is thought that billholders will be paid in full. The suspension of the bank is attributed to the failure of one of its officers, who is largely interested in iron manufacturing. He is said to owe the bank $100,000. Report says the bank will resume business on Monday.
Click image to open full size in new tab
Article Text
The Cochituate Bank, Boston, has suspended specie payment. The affairs of the concern are said to be in a bad condition.
Click image to open full size in new tab
Article Text
Various Items. Musquitoes ha already made the appearance in New Orleans. Tobacco has been raised sucessfull in Minnesota. The whigs have six majority in di Rhode Island Senate, and ten in tl House The Cochituate Bank. of Boston which suspended payment on last Ft day week, is confidently expected to r sume business shortly. Ex-Senator John Davis, of Mass chusetts, died at Worchester, in the State, on Wednesday last, after a bri illness. A conspiracy to mob the night wate was detected recently at Galena, as frustrated. The Legislature of Pennsylvania h finally passed the bill for the sale of il main line of the public works, for to millions of dollars. It now only awai the signature of the Governor to becon a law. Ex-Gov. Nehemiah R. Knight, Rhode Island, is dead. On Friday last, John Collins, wl murdered his wife last September, w executed by hanging at Geneva, Ka Co., III. A German apothecary committe suicide in New York, on the 29th March, and the body was only discover last Monday night week, in some bush in Seventy-eighth street. Advices from Hondurasup to the 28 ult., have been received. The chole was raging badly. Five thousand four hundred and nine ty-one emigrants arrived at New Yo the 20th. The Pennsylvania legislature have nally determined to submit the liqu law question to the people. Selover, the bogus ticket vender, h been convicted on the indictment f defrauding emigrants, a: New Yor Two thousand dollars worth of Ca ton crape shawls were stolen from 47 Broadway. N. Y, on Friday night. A bill has been introduced in o House of Representatives providing f the establishment of a State Governme in Oregon. The western part of Texas is bei settled by Germans almost exclusivel none of whom will purchase or emple slaves. Mrs. Douglas, who was imprisoned Norfolk for Teaching colored childre has been discharged after serving o her term. The N. Y. Tribune has just be mulcted to the tune of two hundred a fifty dollars, for publishing a telegraph dispatch in regard to a Captain Thras er, which the Court held to libelou Heary N. Dean, a daguerreotypi by profession and aged 21, died in Ne York from the effects of chlorofor which he was in the habit of inhali for the pleasant sensations it produce The European War is said to be u popular among the merchants of Ru sia, and this being known to the go ernment a decree has been issued fo bidding the assemblage of persons discuss the war question. It is understood that the Powhatt left Havre with 312 passengers. S had no cargo. One hundred and thir bodies have been washed ashore up noon on the 20th. The greater majori of the bodies were those of women a children. The sudden disappearance of two ce ored children from Newpost, R I., causing a good deal of excitement that city. The suspicion prevails th they have been kidnapped, and the Ma or offers a conditional reward of $1 for their return. The largest pane of glass ma its appearance in New York has tak its place in one of the windows of ay lor's celebrated Restauraunt establis ment, on Broadway. Its dimensio are fifteen feet in height, SIX feet breadth. three quarters of an inch thickness,a thousand dollars its cos The Crystal Palace at New Yo was closed on the 15th inst., and w re open on the 4th day of May pro: under more favorable auspices. T debt of $100,000, which was hangi over and threatening it with discomfi ture and destruction, has been liquidat -the injunction has been dissolved a its progress will hereafter be witho embarrassment. The Davenport Gazelle says not a hou can be rented in that city just now for a price. It is said that the President will veto t Bill granting public lands to the seve States for the support of the indigent insar Prof. John Wilson, of Edinburg, 80 w known throughout the world as the Chris pher North of Blackwood, died on the instant, at the age of sixty-six. The Supreme Court of Illinois have de ded in favor of the validity of the chart for the Brough Railroad, as amended by Illineis Legislature last winter. On the 31at ult., Sir John Franklin a his exphdition were struck off the books
Click image to open full size in new tab
Article Text
"SAFE SOUND AND SOLVENT." The Cochituate Bank, of Boston, which is now in a terribly collapsed state. was what is often called a "safe, sound and solvent" institution, down to the day of its explosion. Its condition, on the morning of its suspension, was reported thus:
Click image to open full size in new tab
Article Text
COCHITUATE BANK.-The Supreme Court of Massachusetts, has constituted Ezekiel Coli, of Pittfield, and Andrew H Hall, and Solomon Line In, of Boston, the receivers of the ex. ploded Cochituate Bank, of Boston The liabilities of the Bank, exclusive of capital, is $362,000. The gross assets $576,000.
Click image to open full size in new tab
Article Text
COCHIIVATE BANK, - The Supreme Court of Massachusetts has constituted Ezekiel Colt, of Pittsfield, and Andrew H. Hall, and Solomon Lincoln, of Boston, the receivers of the exploded Cochituate Bank, of Boston. The liabilities of the Bank, exclusive of capital, is $362,000. The gross assets $576,000.
Click image to open full size in new tab
Article Text
The receivers of the Cochituate Bank, Boston, which failed a few months since, have announced a dividend of fifty per cent. to holders of bills.
Click image to open full size in new tab
Article Text
COMMERCIAL. Edited by C. H. PARKER. NEW BANKS.-MASSACHUSETTS.-North Bridgewater Bank, M. Wales, President R. P. Kingham, Cash. Grafton Bank, J. W. Slocum, Prest. J. Cary, Cash. NEW YORK. The Medina Bank,Medina. Henry Flager, Banker, John M. Keenan, Cash. Corning Bank, L. Rodman, Jr., Prest; W. B. Hale, Cash. GEORGIA. Planters' & Mechanics' Bank, Dalton. Jas. Morris, Pres. ;Wm. L. High, Cash. BROKEN BANKS.-Drovers', St. Lawrence Co. N. Y. The Eighth Avenue Bank of New York has stopped payment. It was established under the General Bank Law. Carthage, N Y. Cochituate, Boston. Milford, Del. Farmers' and Mechanics', Kent Co. Md. Farmers and Merchants', Memphis, Tenn. Washtenaw, Mich. Eastern Bank, Conn. Erie and Kalamazoo, Mich. LOOK out for counterf .it 10s on the BANK OF BAINBRIDGE, N. Y., a very coarse affair, vignette an angel with wings holding a horn of plenty in his right hand, a female medallion head to the right of vignette; 10 on both upper corners; coat of arms on lower left corner, and big X in red, a little to the left end; safe between signatures. Said bills have been put in circulation in this city. Latest Counterfeits. 5s, on the STATE BANK OF ILLINOIS, Ill., altered from a broken Washington affair-Vignette three females, the centre one holding a Liberty cap in left hand-head of Washington, with 5 above on the rightend-hold them to the light. 10s, on the BANK OF DANVILLE, Penn.-Vignette a man with oxen and plow-a female on each end-coat of arms between the signatures poorly done. 3s, on the FALMOUTH BANK, Mass, altered from a broken Bank-Vignette a female and agricultural implements-beehive on theleft end. 1s on the MECHANICS' BANK, New York City, altered from Mechanics' Bank, Washington, D. C. 10s, on the AMERICAN BANK, N. J., altered from 1s. 3s, on the BANK OF INDIANA, Ind., altered from 1s-Vignette man and two horses; farm house and cows in the distance -man felling a tree on the lower right corner—drover and cattle on the lower left corner. 5s, on the BANK OF AUBURN, N. Y.-Vignette two females sitting, State arms, &c. 5s, on the MECHANICS' BANK, R. I.-Vignette a female and an eagle between two 5s-a female with horn of plenty on right end-portrait of Washington on left end. THE SAVINGS BANK OF INDIANA, at this place, has been organized by the election of Judge Elisha Vance, as President, and L. D. Allen, Esq., late cashier of the Fayette County Bank, as cashier. The Savings Bank will be open for business on the 25th inst.-Connersville Telcgraph. From Thompson's Bank Note Reporter. Land Warrants. It has become difficult to deal satisfactorily in Warrants, from the fact that a large portion of those offering are defectively or objectionably assigned. We leave out our buying rates, and the selling are subject, just now, to frequent changes. Buying. Selling. $188 160 acre Warrants, 94 80 acre Warrants, 47 40 acre Warrants, Revolutionary Bounty Scrip is worth 2½ cents per acre more than Warrants-this arises from the fact that they are exempt from entry charges. This scrip is a richly engraved piece of paper, and is generally in 80 acre pieces. Beware of Virginia Warrants, which are printed on letter paper. They are next to worthless. Bills of the Ellsworth Bank, of Ellsworth, Maine, are not received at the Suffolk Bank, Boston. The bills of the Monsum River Bank, Sanford, Maine, are notreceived by the Suffolk Bank. New bills of the counterfeit 5s, on the Unadilla Bank, N. Y. are in circulation in this ctiy. LATEST COUNTERFEITS. Ashurelot Bank, N. H. 5s, spurious, vignette a female sitting down; a ship on the lower left corner; man with a scythe on the lower right corner. Atlantic Bank, Cape May, C. H. N. J. 5s, counterfeit, vignette a female seated on a rock, holding liberty staff and cap in her right hand, eagle and shield to her left, a ship on each side in the distance; FIVE in large red letlers over the entire length of the note; large 5 on each side of vignette; paper poor and thin-well done. Bank of America, Indiana. 5s, altered from 1s; circular die in the centre of the note; arched bridge on the lower right corner. Bank of Attica, Indiana. 5s altered from 1s, vignette locomotive and cars; female with shield, etc., on the left end. Bank of Montreal, Canada. 5s, spurious; steamer on the upper right corner; cattle on the left end; 5 in the centre and on the lower right corner; an eagle between the signatures. BOGUS SOVEREIGNS. A large amount of them are circulating near Mobile, of a thicker and lighter cast than the original. Ones on the Niagara District Bank, Canada, have made their appearance ot Cleveland-fac simile of genuine notes, cearser and a shade darker, and engraved signatures.
Click image to open full size in new tab
Article Text
The Receivers of the Cochimate Bank Boston, will, on and after the 16th inst., pay a dividend of fifty per cent, on all claims proved against the bank prior to the 1st of August last, payable at the Webster Bank Boston.