Mercantile Bank (Hartford, CT)

Episode Information

Episode UID
7031939190694
Episode Type
Suspension → Reopening
Bank Type
state
Bank ID
703193919 hash
Start Date
October 6, 1857
Location
Hartford, Connecticut (41.764, -72.685)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
1b5e559b199589a9

Response Measures

None

Events (2)
1. October 6, 1857 Suspension
Cause
Macro News
Cause Details
Part of the wider financial panic of October 1857 that caused multiple banks in Hartford to suspend specie payments.
Newspaper Excerpt
The Charter Oak, Mercantile and Exchange Banks have suspended specie payments.
Source
newspapers
2. December 4, 1857 Reopening
Newspaper Excerpt
The injunction against the Mercantile, Charter Oak and Exchange Banks of Hartford was this morning removed, and they are now prepared to do business as formerly.
Source
newspapers

Newspaper Articles (12)
1. October 7, 1857 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, October 7, 1857

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Article Text

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.

2. October 7, 1857 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, October 7, 1857

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Article Text

TELEGRAPHIC NEWS. REPORTED FOR THE DAILY DISPATCH. LATER FROM EUROPE. NEW YORK, Oct. 6,-The steamer City of Washington arrived this morning from Liverpool, with dates to the 23d of September-same as the AngloSaxon. FROM INDIA. Lord Elgin had brought 1,700 trooys from China to Calcutta and it was proposed to send some native troops to China. A letter to the Paris Patrim. says that Nena Sahib was marching on Luckenow, four days in advance of Gen. Havelock. The fort at Luckenow is considered impregnable. THE FINANCIAL PRESSURE, FAILURES, &c. NEW YORK, Oct. 6-The bills of the Lee Bank, Mass., Mercantile, Exchange and Charter Oak, Hartford, Ct., and Bank of Watertown, New York, are thrown out to-day. Willett & Co., hardware merchants, have suspended. WASMINGTON, Oct. 6.-F. & A. Dodge, the heaviest importing merchants in theDistrict, have made an assignment, caused by the suspension of Clark, Dodge & Co., and Abbott. Dodge & Co., New York. PHILADELPHIA. Oct. 6.-Much excitement has been caused by the discovery that the holders of Reading Railroad Stock. are individually liable. by the act of 1850 for all debts of the company contracted after that date, with the promise that it is not to include bonds which may be issued in place of bonds already existing. HARTFORD, Ct., Oct. 6.-The Charter Oak, Exchange and Mercantile Banks, have suspended specie payment. The other banks have resolved not to suspend.

3. October 7, 1857 The Day Book Norfolk, VA
Article from The Day Book, October 7, 1857

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Article Text

Monetary Affairs. PHILADELPHIA, Oct. 6.-There was much excitement produced among the Reading stock holders last evening by the discovery that the act of the Legislature of 1850 extending the bonds makes the stockholders individually liable for all the debts of the company, thereafter, with a provision not to include the bonds which may be issued in lieu of bonds already existing. NEW ORLEANS, Oct. 6.-Messrs. Worbees, Griggs & Co., have suspended. It is supposed, however, to be only temporary. NEW YORK, Oct. 6.-The bills of the Lee Bank, of Massachusetts, the Mercantile, Charter Oak, and Exchange Banks of Hartford, Connecticut, and the Bank of Watertown, New York, were thrown out here this morning. HARTFORD, Oct. 6.-The Chester Bank, Mercantile and Exchange Banks have suspended specie payments. The other banks have resolved not to suspend.

4. October 7, 1857 Evening Star Washington, DC
Article from Evening Star, October 7, 1857

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Article Text

The Financial Crisis, &c. NEW YORK, October 6 -The Evening Post regards the aspect of financial affairs as favorable, and the Commercial of this afternoon discovers no material change from resterday. The specie lost by the banks last week went to sustain other cities standing in more need of it than New York. The movement is regarded by cool-headed business men as exceedingly praiseworthy, though the croakers make use of the loss of specie for the renewal of the panic. Stocks were firmer after the adjournment of the second board. The payments at the sub-treasury to-day were over one million and a quarter of dollars, which is a very encouraging feature. The bills of the Lee Bank, of Massachusetts, the Mercantile, Charter Oak and Exchange Banks of Hartford, Conn., and the Banks of Watertown, New York, were thrown out here this morning PHILADELPHIA, Oct. 6.-There was much excitement produced among the Reading stockholders last evening by the discovery that the act of the Legislature of 1850 extending the bonds makes the stockholders individually liable for all the debts of the company thereafor, with a provision not to include the bonds which may be issued in lieu of bonds already existing. HARTFORD, Oct. 6 -The Charter Oak, Mercantile and Exchange Banks have suspended specie payment. The other banks have resolved not to suspend. NEW ORLEANS, October 4.-Messrs. Vorhees, Griggs & Co. have suspended. It is supposed, however, to be only temporary.

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

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Article Text

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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Article Text

THE BANKS OF HARTFORD. HARTFORD, Conn., Tuesday, Oct. 6, 1857. The Charter Oak Bank, the Mercantile Bank sad the Exchange Bank suspended specie payment this morning. The officers of all the other banks met last night, and resolved not to suspend.

7. October 9, 1857 Wilmington Journal Wilmington, NC
Article from Wilmington Journal, October 9, 1857

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Article Text

More Banks Suspended. NEW YORK, Oct. 6.-The bills of the Lee Bank, Massachusetts, Mercantile, Charter Oak, and Exchange banks, of Hartford, Connecticut, and the Bank of Watertown, New York, have been thrown out. HARTFORD, Oct. 6.-The Charter Oak, Mercantile, and Exchange banks have suspended specie payments. The other banks have resolved not to suspend.

8. October 10, 1857 The Evansville Daily Journal Evansville, IN
Article from The Evansville Daily Journal, October 10, 1857

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Article Text

SUSPENSION OF THE HARTFORD Banks. -A dispatch from Boston, dated Oct. 6th, to St. Louis says, the Exchange Bank, Mercantile Bank, and Charter Oak Bank, all of Hartford, are refused at Suffolk.

9. October 10, 1857 Semi-Weekly Standard Raleigh, NC
Article from Semi-Weekly Standard, October 10, 1857

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Suspensions in Connecticut. HARTFORD, Oct 6. -The Charter Oak, Mercantile and Exchange Banks have suspended specie payments. The other Banks resolved not to supend.

10. 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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Article Text

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.

11. 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

12. December 4, 1857 The New York Herald New York, NY
Article from The New York Herald, December 4, 1857

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its operations, protect those with whom it in connected in the struggle, BO that they can exercise their full power and influence in allaying undue excitement, and relieve the pressure by preserving public credit. The Bank of England has a duty to perform during a financial revulsion which compels it to extend its resources and risk them where others would hesitate. The banks of this city can draw themselves within their stone walls and leave the community to take care of themselves as they best can. The Bank of England looks to the preservation of public confidence, by sustaining, if called upon, those houses which, in times of panie, attract the greatest attention. The Bank of England is now engaged in this important movement, and its judicious management may quiet the public mind, and bring about, at no distant day, a more healthy state of things in the financial world. Our banks have piled up in their vaults nearly twenty-five millions of bullion, reduced their discounts to less than ninety-five millions of dollars; and there they stand, perfectly regardless of any national or local interest, and disposed, doubtless, to wait patiently the recovery of confidence and business. The injunction against the Mercantile, Charter Oak and Exchange Banks of Hartford was this morning removed, and they are now prepared to do business as formerly. All of these banks are in a first rate condition. The quantity of flour, wheat, corn and barley left at tidewater during the fourth week in November, in the years 1856 and 1857, was as follows:-