Woodbury Bank (Woodbury, CT)

Episode Information

Episode UID
8817343090639
Episode Type
Run → Suspension → Reopening
Bank Type
state
Bank ID
881734309 hash
Start Date
March 12, 1853
Location
Woodbury, Connecticut (41.545, -73.209)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
80e02f4b04dd7769

Response Measures

None

Description

Failure tied to misapplication/large indebtedness of Wm. E. Chittenden; receivers appointed and later injunction dissolved allowing resumption.

Events (4)
1. March 12, 1853 Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals followed discovery of insolvency/poor assets and large indebtedness connected to Wm. E. Chittenden; over-expansion and worthless assets reported.
Measures
Examinations by some NY and Bridgeport banks considered; no advances made; later receivers appointed.
Newspaper Excerpt
the run continued three or four days before they closed their doors.
Source
newspapers
2. March 15, 1853 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended after assets proved inadequate and large loans/advances to Chittenden were discovered; over-expansion and worthless assets cited.
Newspaper Excerpt
it was announced ... the Woodbury Bank, of Woodbury, Conn., ... had suspended payment
Source
newspapers
3. April 7, 1853 Receivership
Newspaper Excerpt
the Hon. Superior Court ... has appointed ... Receivers of the effects and property of said Bank. Re. EDWARD A. PHELPS ... THOMAS BULL ... GEO. C. WOODRUFF. Dated Litchfield, April 7th, 1853.
Source
newspapers
4. October 12, 1853 Reopening
Newspaper Excerpt
the Chief Justice dissolved the injunction to take effect on the 12th of October instant ... the Bank will resume business and payment.
Source
newspapers

Newspaper Articles (21)
1. March 15, 1853 Hannibal Journal Hannibal, MO
Article from Hannibal Journal, March 15, 1853

Click image to open full size in new tab

Article Text

The steamer Echo struck a sag in Fairy Lake (Red River) on the 26th ult., and rent down in nine feet water. The boat is a total les. It is supposed that 500 bales of cotton will be save out of a cargo of 800. STAND FROM UNDER FALURE OF BANKS. Telegraphic dispatches were received yesterday, by E. W. Clark & Brs., of the suspension of the 'Bank of North Amerca," Seymour, Conn., the Eastern Bank, West Fillingsly, Conn., and the Woodbury Bank,' Woodbury, Conn. A good many of these notes particularly of the Bank of North America, are in circulation in this-city. The whole brod are probably Wall street concerns, altough whave heard an intimation that some of our dizens are, in some way, connected with some if them. What effeet their, suspensions wl have upon other Connectiout paper will be :nown to-day, when the Bankers and Merchant/come to look at the failures now announced.-Republican, of 12th.

2. March 15, 1853 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, March 15, 1853

Click image to open full size in new tab

Article Text

BANK FAILURES. The New York Heraid has the following with regard to the recent failure of some New England Banks: It was announced quite early in the street this morning, that the Woodbury Bank, of Woodbury, Conu., and Eastern Bank of West Killingly, Conn., had suspended payment, and the Metropolitan Bank had refused to take their bills. It was reported that the Bank of North America, of Seymour, Conn., had suspended; but it was concluded to help it along, and remove, if possible, the difficulties under which it labors. The first two named banks faile I on account of too great an expansion, and when they applied for help it was found that their assets, (what few they had,) were worthless, and they were let down, without putting out a hand to save them. The circulation of the Woodbury Bank and the Eastern Bank amounts to about three hundred and eighty thousand dollare, and the probability is, that the bills are not worth ten cents on the dollar. These banks were established some time since, upon the New England system-the no security system-and there is no guaranty to the public that the bills will ever be redeemed. This is another evidence of the rottenness of that system. No one knows anything about the New England banks. They are sustained by a combination of the people and universal confidence among bill holders. The Suffolk Bank, of Boston, and the Metropolitan Bank of this city, have done more to give the issues of New England banks a wide circulation than any thing else, and they are the first to refuse them.

3. March 22, 1853 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, March 22, 1853

Click image to open full size in new tab

Article Text

THE WOODBURY BANK.-We understand that the Woodbury Bank closed on Tuesday. Some of the banks of New York and Bridgeport examined its affairs in the early part of the week, with a view to its assistance, but its condition did not justify any advances on their part. The bills held in the neighhborhood must pretty generally have been redeemed, as the run continued three or four days before they closed theirdoors. The Bridgeport Standard says the bank is closed until Monday.New Haven Journal.

4. March 24, 1853 The Weekly Lancaster Gazette Lancaster, OH
Article from The Weekly Lancaster Gazette, March 24, 1853

Click image to open full size in new tab

Article Text

[From the Washington Republic.] # FINANCIAL PROSPECTS. The commercial editors of several of the New York journals predict an early and a terrible check to the great apparent prosperity that now prevails. They trace a large proportion of the advance which the price of real estate has experienced to an excess of speculation; and they profess to discover other and not less marked indications of the rash adventure and unsound enterprise which have been the invariable precursors of mercantile embarrassment. It is alleged that unless all analogy fail, a sweeping series of disasters will at no distant date overtake the country. We take the subjoined from the New York Times as an illustration of the gloomy nature of the predictions to which we refer: "The weather-wise in such matters may be at fault, but not so the stern and immutable lessons of the past. This great country was never pronounced so 'prosperous and happy' as on the 4th of March, 1837, when President Jackson transferred the affairs of Government to Mr. Van Buren, and yet on that very day a series of the most disastrous and widespread mercantile bankruptcies commenced at New Orleans and New York, which in two months carried down all the banks in the country, and after a vain struggle of four years involved the wealthiest States of the Union in discredit and repudiation. None of these were preceded by preliminary signs of revulsion. They began in a sudden change in the course of the money market, not wholly unlike that which has been witnessed in this city for a few weeks past, and which affords unmistakable tokens that, unless some of the sails of trade and banking are reefed, and that speedily, a general shipwreck may ensue. The fact is alluded to not to provoke alarm, but, if possible, to induce caution." But these apprehensions, though extensively diffused, are discarded by other not less informed writers on the same subject. Hunt's Merchants' Magazine for the present month takes the more hopeful view. Admitting that there has been a very great expansion in credits, with a corresponding influence upon prices, the writer yet contends that there is no real resemblance between the causes now in operation and those which produced similar excitement in the past. Heretofore, he argues, the fever of speculation has usually been produced by a rapid and unwarranted increase in the quantity of unreliable capital in circulation; while in the present instance its origin was simultaneous with the increase of our coined gold, and its progress, although great, has not exceeded in proportion the monthly augmentation to the supply of specie. The inference therefore is that the relative ratio of capital and credit is more favorable now than it was when the fever commenced. "In plain words, there is now more of solid available capital, in proportion to the business of the country, than there was four years ago." Some of the statements advanced in support of this opinion may be usefully reproduced. Thus we find that from the year 1821 to the close of the fiscal year 1847-8, the foreign gold and bullion imported into this country amounted to $252,169,841; while the exports of the precious metals during the same period were $180,462,406; exhibiting a gain of $71,707,435. To this must be added about $10,000,000, the am't of gold and silver of domestic production deposited for coinage. The average yearly increase of specie for twenty-eight years was, therefore, in round numbers, $3,000,000. From 1848-9 to the present time the imports of foreign gold and bullion have been $24,000,000; while the domestic bullion that has been coined has amounted to $165,000,000. Deducting $85,000,000, the amount exported, we have not less than $104,000,000 as the actual addition to our specie currency in four and a half years, or an average of $23,000,000 per year, instead of 3,000,000 as before. This estimate excludes the amount brought by emigrants, and also the gold dust which is used for manufacturing and other purposes without passing through the mint-two items that are known to be considerable. Mr. Hunt sums the matter up as follows: "Create what panics we will, there is something to fall back upon; and thus, although temporary revulsions may bring losses to individual speculators, they cannot lead us so near to the verge of national bankruptcy as we have been in the disasters of the past, when the expansion was caused merely by an unnatural inflation of credits. "The thing most to be dreaded in the present excitement is the waste of money upon useless projects and wild schemes, where the capital can be neither re-gathered nor profitably employed. The mere transfer of local property from one hand to another, at a high nominal rate, works much less mischief than is generally supposed. The chief evil resulting from it is the idleness and extravagance it is apt to engender among the speculators themselves. "We do not wish to be understood as warranting the continuance of our present prosperity; our object has been to show that it is not chimerical, and that it is not to be permanently checked by the same causes which have brought on the revulsions of the past. If evil overtake us, it will come in some other shape. Suppose, for instance that while our imports are swelling to a large amount, and while capitalists are carrying a load of stocks and bonds greater than was ever before known, the cotton crop should fail, or the production of the staple should be greatly diminished; in this case, those who suppose that the bulk of our new securities are held abroad, would find themselves wofully mistaken. They would find a great proportion of it represented by the additional capital already noticed, which being called upon to make good the deficiency of exports, would leave the securities like a mill-stone upon the neck of the money market. Such a contingency, however, may not arise, and if it should, the immediate decline of imports would soon regulate the evil, and apply the proper correction." THE CONNECTICUT BANK NOTES. The rumor that the Bank of North America had failed, proves to be unfounded. The Woodbury and Eastern Bank failed. They were both owned by Crittenden, a New York one.

5. April 14, 1853 Litchfield Enquirer Litchfield, CT
Article from Litchfield Enquirer, April 14, 1853

Click image to open full size in new tab

Article Text

Woodbury Bank NOTICE. THE Hon. Superior Court holden at Litch field within and for the County of Litchfield, Conn. has appointed and limited the time of six months from the 21st day of March, 1853, within which the creditors of the Woodbury Bank shall present their cla:ms to the undersigned, who were appointed by said Court Receivers of the effects and property of said Bank. Re. EDWARD A. PHELPS, of Colebrook, Ct ceivTHOMAS BULL, of Woodbury, Ct ers. GEO. C. WOODRUFF, of Litchfield, Ct 61a14 Dated Litchfield, April 7th, 1853.

6. April 21, 1853 Litchfield Enquirer Litchfield, CT
Article from Litchfield Enquirer, April 21, 1853

Click image to open full size in new tab

Article Text

Woodbury Bank, NOTICE. THE Hon. Superior Court holden at Litch field within and for the County of Litchfield, Conn. has appointed and limited the sist., of six months from the 21st day of March, 1853. within which the creditors of the Woodbury Bank shall present their cla:ms to the undersigned, who were appointed hy said Court Receivers of the effects and property of said Bank. Re. EDWARD A. PHELPS, of Colebrook, Ct ceiv. THOMAS BULL, of Woodbury, Ct erm. GEO C. WOODRUFF, of Litchfield, a 6ta14 Dated Litchfi. III, April 7th, 1853.

7. April 28, 1853 Litchfield Enquirer Litchfield, CT
Article from Litchfield Enquirer, April 28, 1853

Click image to open full size in new tab

Article Text

Woodbury Bank NOTICE. THE Hon. Superior Court holden at Litch field within and for the County of Litchfield, Conn. has appointed and limited the time of six months from the 21st day of March, 1853; within which the creditors of the Woodbury Bank shall present their cla:ms to the undersigned, who were appointed by said Court Receivers of the effects and property of said Bank. ReEDWARD A. PHELPS, of Colebrook, Ct ceivTHOMAS BULL, of Woodbury, Ct ers. GEO. C. WOODRUIT, of Litchfield, Ct 6ta14 Dated Litchfield, April 7th, 1853.

8. May 12, 1853 Litchfield Enquirer Litchfield, CT
Article from Litchfield Enquirer, May 12, 1853

Click image to open full size in new tab

Article Text

Woodbury Bank. NOTICE. THE Hon. Superior Court holden at Litchfield within and for the County of Litchfield, Conn. has appointed and limited the time of six months from the 21st day of March, 1853, within which the creditors of the Woodbury Bank shall prezent their claims to the undersigned, who were appointed by said Court Receivers of the effects and property of said Bank. ReEDWARD A. PHELPF, of Colebrook, Ct ceivTHOMAS BULL, of Woodbury, Ct ers. GEO. C. WOODRUFF, of Litchfield, Ct 6ta14 Dated Litchfield, April 7th, 1853.

9. May 19, 1853 Litchfield Enquirer Litchfield, CT
Article from Litchfield Enquirer, May 19, 1853

Click image to open full size in new tab

Article Text

Woodbury Bank NOTICE. THE Hon. Superior Court holden at Litch field within and for the County of Litchfield, Conn. has appointed and limited the time of six months from the 21st day of March, 1853, within which the creditors of the Woodbury Bank shall present their claims to the undersigned, who were appointed by said Court Receivers of the effects and property of said Bank. Re. EDWARD A. PHELPS, of Colebrook, Ct ceivTHOMAS BULL, of Woodbury, Ct ers. GEO. C. WOODRUFF, of Litchfield, Ct 6ta14 Dated Litchfield, April 7th, 1853.

10. June 2, 1853 Litchfield Enquirer Litchfield, CT
Article from Litchfield Enquirer, June 2, 1853

Click image to open full size in new tab

Article Text

Woodbury Bank NOTICE. THE Hon. Superior Court holden at Litch field within and for the County of Litchfield, Conn. has appointed and limited the time of six months from the 21st day of March, 1853, within which the creditors of the Woodbury Bank shall present their cla:ins to the undersigned, who were appointed hy said Court Receivers of the effects and property of said Bank. Re. EDWARD A. PHELPS, of Colebrook, Ct ceivTHOMAS BULL, of Woodbury, Ct ers. GEO. C. WOODRUFF, of Litchfield, Ct 61a14 Dated Litchfield, April 7th, 1853.

11. June 9, 1853 Litchfield Enquirer Litchfield, CT
Article from Litchfield Enquirer, June 9, 1853

Click image to open full size in new tab

Article Text

F foodbury Bank, NOTICE. THE Hon. Superior Court holden at Litch field within and for the County of Litchfield, Conn. has appointed and limited the 11.90 of SIX months from the 21st day of March, 1853, within which the creditors of the Woodbury Bank shall prezent their cla:ms to the undersigned, who were appointed by said Court Receivers of the effects and property of said Bank. Re. EDWARD A. PHELP-, of Colebrook, Ct ceiv. THOMAS BULL. of Woodbury, Ct ers. GEO C. WOODRUFF. of Litchfield, Ct 6'a14 Dated Litchfi. Id, April 7th, 1853.

12. June 30, 1853 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, June 30, 1853

Click image to open full size in new tab

Article Text

The earnings of the Concord and Montreal Railroad in May, after deducting the amount paid to the lower roads. $14,618 97 were. 11,588 36 In same months of 1852 $3,035 61 Increase this year. $29, 132 08 First two months of the financial year in 1853. 21,028 as First two months of the financial year in 1352. 25 Increase in 1853 $41,809 00 Paid $3,559,607 60 Balance Edward Macomber, Esq., Receiver of the Astor Bank, has given notice that payments of debts due to the Bank must be made to him, and all claims against the Bank must be filed with him at the office of Varnum & Co., No. 119 Broadway, by the 20th of August next. The amount of dividends payable at Boston on various Corporation Stocks, on and about the 1st prox, is in the neighborhood of two and a quarter millions. The Cleveland and Pittsburgh Railroad has declared a semi-annual dividend of 5 per cent. A letter from Mr. W. H. Stevens, dated Eagle River, June 18, says: Cliff Mine eontinues to produce 110 to 120 tuns copper per month, and will ship this month 300 tuns 90 per cent. ore. Very near 4000 tuns will be shipped this season from the Lake. Copper Falls must soon pay liberal dividends. It is a good mine. Toltee is reported to be equally as good as the Minnesota. Norwich is a good mine, and will soon be classed among the dividend paying concerns. Summit and Manitou are looking very well. North American will ship about 200 tuns mass and barrel copper this season. Copper Falls out the same. The supplies for the Fulton are all on the ground." A billto authorixe the City of Hartford to issue bonds to the amount of two hundred and fifty thousand dollars to obtain a supply of water, has passed the Connecticut Le. gislature. It is to be submitted to the people, and if & majority of them vote in its favor, it will become a law. The New Haven Journal contains the following abstract of the reports in regard to the Woodbury and Eastern Banks. Messrs Gideon, Willis, Adams, White, and J. W. Danforth, who were appointed by the Legislature to inquire into the state and condition of the Woodbury and Eastern Banks, have made their report. The stock of the Woodbury Bank, $100,000, was subscribed by twenty eight persons Church and Chittenden took 300 shares and by an arrangement made at the time of the subscription, a majority of the stock was transferred to Mr. Chittenden, who ever afterward exercised & controlling influence in the bank. A large Item of Chittenden's indebtedness is on aecount of this stock, for which he has never paid. The Cashier and Teller of the bank had been in his service, and the President was unacquainted with banking operations, so that Chittenden had no difficulty in doing as he wished. The affairs of the bank, with the exception of its connection with C. have been well managed. As the stock was paid in, a large portion of it was loaned to Chittenden, and he was also intrusted with immense sums as redemption agent. The report contains a very ample statement of the progress of affairs until the Bank stopped, at which time Chittenden's indebtedness was on General Account, 853. 188 91 Circulation Account, $88,682 97 Notes for Collection, $23,252 54; Ledger balance, domestic account, 8498 20 Drafts entered to his credit, $2,113 53; Sandusky City Bank Loan, $8,000. Total, $175,506 15. Securities, of which the Committee do not know the value: Rock River R. R Bonds, $59,000 interest coupons on do. past due, $2,765: Wilkesbarre Coal Co. stock, $4,500; Sandusky City Bank stock, $9,830. Total, $76,095-leaving a balance against Wm. E. Chittenden of $99,411 15. Just before the failure. the President of the Bank became alarmed, and succeeded in obtaining security of C. to the amount of $40 000, and within a short time the Receivers have obtained from Chittenden Woodbury bank bills to the amount of $20,000, and & bond with surety for the payment of $5,000 more, which, if the assurances of Chittenden as to the fulfillment of other agreements are to be relied upon, will, with the assistance of the Koodbury people, relieve the Bank from its difficulties. The history of the Eastern Bank is about the same. Chittenden obtained a written agreement wi h the principal men of Danielsonville that he or the parties he represented should have a majority of the stock, and should nominate the Cashier. Chittenden was to be the Agent of the Bank, and to have money in proportion to his stock, and it was also stipulated that the identical money paid by him to the Commissioners should be returned to him. but objections being made, this clause was stricken out. Chittenden owned 1,735 of the two thousand shares of this Bank. The gentlemen who had signed the agreement above alluded to, became alarmed before the Election of Directors, and wrote to Mason Cleveland, one of the Bank Commissioners, who went to Danielsonville, and had & full and free discussion with them, but, it seems. did not fear any thing further than that the Bank should get under foreign influence. Frederick Chittenden, of New Milford. was chosen President, and John Smith, the father in law of Wm. E. Chittenden, Cashier. Of the Directors, but two were bona fide stockholders. The Committee detail the history of this Bank, charging that false entries and balances have been frequently made. On the first day of last January Frederick Chittendonresigned the Presidency, and Abiel Converse was chosen, who held the office at the time of the failure. The balance of Chittenden's indebtedness to this Instution is stated at $112,395 80, but there is a deficiency unaccounted for of $15,800 in money, and $40,000 in ls. This affair appears to be more rotten and iniquitous than the other, which has enlisted the sympathy of the peopie of Woodbury, who are determined to sustain the credit of their town. The Report recommends no action by the Legislature, but places the facts before it to do as it chooses. Itis stated that six hundred thousand dollars of the bonds of the New Orleans, Jackson and Great Northern Company have been negotiated by Messrs. M. Nathan & Co. of New Orleans, at a rate not made public. The Washingten papers announce the arrival there of of Hon. John Slidell,United States Senator from Louisiana, on his way to England, for the purpose of negotiating Louisiana Bonds. An Air-line Railroad under the name of the Cleveland and St. Louis Railroad, according to The Toledo Blade, is in contemplation. The Road, according to the programme, is to run direct to Parisin Indiana, where it will unite with Terre Hante and Alton Railroad. The Blade says that a company under the General Railroad Law is already formed in Indiana, and stock taken, sufficient in amount to secure the construction of the Indiana portion of the work. This Road will cross the State of Ohio, almost midway between the Bellefontaine and Indianapolis Road on South. and the Toledo, Vabash and St. Louis Road on the North, and will intersect with the Dayton and Michigan Road at Lima, making the distance between Toledo and St. Louis by this route 390 miles. At Tiffin it will intersect with the Mad River and Lake Erie Road, thus furnishing & connection between Sandusky and St. Louis over a route of 418 miles, and the length from Cleveland to St. Louis will be 460 miles. It will also intersect with the Toledo and Norwalk Road, and the Sandusky and Mansfield Read. The Pittsburgh and Connelsville Railroad extends from the City of Pittsburgh to Cumberland, Md., 150 miles, where it instersects the Baltimore and Obio Railroad, forming a direct line from Pittsburgh to Baltimore. The estimated cost of the road is about four millions of dollars. Its grades are quite favorable, the maximum through the lost The low cost of this

13. September 15, 1853 Litchfield Enquirer Litchfield, CT
Article from Litchfield Enquirer, September 15, 1853

Click image to open full size in new tab

Article Text

WOODBURY Bank.-The time limited for the presentation to the Receivers or notes and other claims on this Bank exn pites on the 21st inst. Bill holders and others interested will do well to take notice; the receivers are Geo. C. Woodruff, Litchfield, Thomas Bull, Woodbury, and E. A. Phelps, Colebrook. The time for presenting claims against the Eastern Bank expires on the 16th.

14. September 21, 1853 The New York Herald New York, NY
Article from The New York Herald, September 21, 1853

Click image to open full size in new tab

Article Text

FINANCIAL AND COMMERCIAL. MONEY MARKET. TUESDAY, Sept 20-6 P. There is nothing new in the stock market. We notloe a moderate increase in the ext nt of operations, and a slight advance in prices, but the upward movement appears to be without strength or character. We doubt if outsiders have been at all attracted by the improvement in market value. The combinations at work on each fancy have the transactions entirely to themselves, and instead of extricating themselves from the position pre vious speculations placed them in, the probability is they are daily getting deeper into the mire. Occasionally an outsider may be deceived by the appearance of prices, and be drawn into the trap spread for him. but the relief derived from such a source, to the present large holders, must be almost imperceptible. At the first board to-day Erie Railroad advanced 1/4 per cent: Hudson Railroad. 1/2; New Haven Railroad, 1/4; Michigan Central Ratroad, 34; Long Island 1/4 Harlem, 1/4; Phoenix Coal, 3/6: Crystal Palace, 1; Carton Oo, 14; Morris Canal, 1/6 New York Central Railroad declined 1/4 per cant; Stonington Rail road 11/2; Nicaragua Transit, 1/8 Railroad bords have been in better demand lately, and prices have been well sustained. Government and State stocks have been quiet. At the second board there was a pretty general im provement in prices. Erie Railroad advanced 1/6 per cent; Hudson Railroad. 1/2; New fork Central Railroad, 1/4; Stonington. 1/4: Parker Vein, 1/2; Cumberland, %; Phoenix Coal, 3/8. We notice sales of both the first and second boards to day of United States Mail Steamship Company stock at 50 per cent. This does not look as though the Collins line of steamships had made much money since the formation of the line. Florence and Keyport was pretty active to-day at prices current yesterday. The receipts at the office of the Assistant Treasurer of this port to-day amounted to $182,075; payments, $84,491 41 Balance, $9 959, 142 79. The agent of the Lake Superior Land and Mining Company (Truman Smith Eaq ) makes the annexed statement regarding discoveries recently made in their mineral property at Lake Superior:I bave with me at the Astor House specimens of the ora, and also of the silver as extracted. Four parceis were reduced, and the result was as follows, viz:No. 1. From Northwest Mine. yield after the rate of 56 oz of silver to 100 pounds of ore-equal to 1,125 oz. per ton; value 355 21 No 2. Isle Royale Mine yield after the rate of 26 oz to the 100 pounds-equal to n20 oz per ton: value $617 20 No. 3. From the same mine, yield afre the rate of 40 oz. to the 100 pounds-equal to 800 oz per top; value, $968. No. 4. Cliff Mine vield after the rate of 12 oz to the 100 pourds-equal to 240 oz per ton; vajue. $290 40. minformed by General Vibomu the very able minister from Ecuador. that considered in South America an ore which will yield from 4 to 6 oz will pay all exDex ees. including of course. the mining expenses. It should be bornein mind that brought forward there ores (wobering as they did to the copper) without the slighteat supplicion that they were and therefore I it cannot be said that they are selected specimens. But must believe that these results will prove grea ly above any average that can be obtained by practical Operations. That the 0108 are likely to add much to the value of our mixes strongly believe Th mining expenses are all in. curred in taking out the copper; heace, whatever may be obtained in the form of siver will be an addition to our resources. I feel it to be my duty to caution the public against wild speculations based on these revela ious I am enraped in the business of miolog which I hold to be use. ful, legitimate, and proper; abhor stock jobbing -it bas been the greatest curse of Lake Superior. Let us I keep cool. ascertain the facts, and act Accordingly. make this statement because my experiments are on the street and I deem it best LC have the case in an authentic form. The time limited for the presentation to the receivers of the notes of the Woodbury (Conn.) Bank will expire to-morrow, (Wednesday, 21st inst ) In relation to the bank, the Waterbury American remarks:So far as we can learn. billholdera need not be alarmed with regard to realizing the amount of their bills. even if presented after that time; perhaps they may be gain. ers. We have it from the best authority that the bank will be resuscitated and placed on n sound footing. just as soon as certain difficulties are oversome, now in the course of progress, and for the execution of which arrargements are already made. These bills re redeemed at Thompson's and other brokers in Wall street. The annexed statement exhibits the earnings of the Harlem Railroad Company in each of the first eight months of the past five years:-

15. October 6, 1853 Litchfield Enquirer Litchfield, CT
Article from Litchfield Enquirer, October 6, 1853

Click image to open full size in new tab

Article Text

at The Superior Court the dissolved sion hás. the retion Woodbury Bank, on terms Sundry liberal gentlemen Wobd bury and the neighborhood have given such security and made such advance ments as will secure the payment of its debts, and place the Bank, as is believed, on a firm foundation, thus furnishing conclusive etidence of their confidence in its officets. The Bank will re commence business immediately after the 12th inst, and may pay all claims against it-not presented to the Receivers. The Receivers will pay the claims presented to and allowed by them. 'Such a result, after such mistor. tudes, seldom ensues, and the measis taken reflect great Credit on L have originated and performed

16. October 6, 1853 The New York Herald New York, NY
Article from The New York Herald, October 6, 1853

Click image to open full size in new tab

Article Text

FINANCIAL AND COMMERCIAL MONEY MARKET. WEDNESDAY, Oct. 5-6 P. M. Quotations for fancy stocks were all down to-day, and the transactions at the first board were quite large. Holders no doubt are anxious to realize, bnt are fearful of flooding the market. All kinds of stock securities were freely offered to-day, from United States sixes down to Phoenix Coal Company. Bank stocks are not in such active demand as they have been, and- the probability is that they will not again command such premiums as have ruled for some time past. Mineral stocks were pretty well sustained-in fact, they are the steadiest se. curities in the street. At the first board to-day Gold Hill advanced 1/4 rer cent. New Jersey Zinc declined 1/4 per cent; Parker Vein, 1/2; Crystal Palace, 7; New York Central Railroad, 14: Erie Railroad, X: Harlem, 1/8: Long Island, Norwich and Worcester, 1/2; Reading Railroad, 1 1/2: Hudson River Railroad, 1/2; Michigan Central, X: and Michigan Southern, 1. This exhibits a pretty general decline; and it is to us a matter of considerable astonishment that prices are so well maintained. With a tight money market, and a steady contraction going on in the banking movement of the city, it is most extraordinary that fancy stocks hold their own 80 well. One of these days we shall see some scattering among the trashy stock securities so abundant at this moment in Wall street. Outsiders who may be at present holders of any of these fancies would do well to get rid of them while the various combinations exist, and while they are compelled to take all such stock offering. The transactions at the mining board to-day were as follows :1,950 200 shs Fulton Conner 2 41/4 100 do Springfield Cop 214 700 do do de 1 250 do Phoerix Gold b30.43 1,000 do do do 11 300 do Ulster Lead 200 do Consed Hill Cop. 1% 51/4 300 do Gold Hill 400 do High wassie Con.3% 400 do do 680.3% At the second board the decline was very great and very general. Eric fell off Y per cent; Camberland, 1/2 Parker Vein, 1; Brunswick Land Company, 8: Reading Railroad, 1/4; Phoenix Coal, 1/2. Gold Hill advanced 1/a per cent. The receipts at the office of the Assistant Treasurer a the port of New York to-day, Oct. 5, amounted to $106,998 95: the payments were $182,559 10-leaving a balance on hand of $9,886,028 08. The stermship Africa. from this part for Liverpool today, carried out $796,768 89, principally in ingots. The Erie Pailroad Company earned in the month of September, 1853, $512,024 81. against $875.176 54 in the rime month last year. Increase, $137,458 27. The Supreme Court of Connecticut has dissolved the injunction against the Woodbury Bank. The Hartford Courent says The receivers will pay in full all claim which have been presented to them. The bank will resume its business directly after the 12th inst. and will pay in fall all claims against the bank. though they may not have been presented to the receivers. Holders of bills need not, therefore, make any sacrifice on them. At a meeting of bank officers yesterday, the committee announced that everything was ready to set the Clearing House in operation. After some discussion, it was decided to commence on Tuesday next, the 11th inst. The following is the certificate which will be issued by the Bank of America, the deposit bank :RINK AMERICA

17. October 7, 1853 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 7, 1853

Click image to open full size in new tab

Article Text

NEW-YORK DAILY TRIBUNE, FRIDAY, OCTOBER 7, 1853. Ocean Steamers. places is from 12 to 15 feet deep, and as much as 45 feet STEAMERS TO ARRIVE FROM EUROPE. The expense of mining this ore will wide Sept. 21 Heroboldi Salled from Southampton for New York Oct. Canada be very little, not exceeding two dollars per tun to mine Sailed from Liverroo for Boston 3 After taking out Oct. Sale to Livernool for w-York and prepare for market Oct. from Liverpeel for New. or this are and sending it to market these mices will be 12 0 Fermann Sais from Southwanten York but 85 it were. just commenced as we believe the per15 Oct. Ningara Folls from Liver for Boston 19 Oct. medical or great body of the ore consists in the yell Aretic Sells from Livering w-York Oct. Africa. Sal's from Liveroe for salphuret, which lice under the black oxide, and waich Oct. Franklin Sails from for New-York promises to be very abundant Oct. 29 Sails from Liverpool for Boston Europa The manager and one of the principal owners of the Tennessee Mine, near the Potomac Mines, writes to the MINIATURE ALMANAC THIS DAY Secretary of the Potemae Company Sets 7 29 SUN-Rizer MOON Rises HIGH WATER wish you were here, to see what we have discovered THIS DAY 11 15m 10 24m Gov. Island Hell Gate Sandy Hook within a few days at our Tennessee Mine. We have sunk eleven feet deep. below water level and nine feet ride, in solid, beautiful, blue black oxide and, as yet, have MARINE JOURNAL neiter totte m nor side walls. From the appearance of the lede. there must be a great body of ore, and 30 far of the OCT. PORT OF EW-YORK richest quality. Cleared It will be borne in mind that and Black oxide is not looked for beion water over although this development Steamehire-Merlin, (Br.) Cronan Bermeda and St. Themas E. Canard Daniel Website Hamack, New Orleans Chra Morgan to upset former noti. ns respecting it. The auiformithe in development ty made in the district above referred Shire-Richard Morse. Dinement Have Boyd & Itastein are & Welker (Brew.) Otten Loodon. Henchen & Unkhardt Patrick to such to warrant the expectation that a few Helry, Harlbut London Oriunell, Minturn k Co Louise months will make the Potomac Mines equal to anything in (Bren.) Parjer. London Meyer & Stocken: Sardinia Jordan, as Liverpool Samuel Thomas & ephew Entplace. So the Captain above referred to believes Barks-Bayard (Norw.) Fireb. Sagnessay, Sch.mid & Balchen The officers of the Woodbury Bank request 115 to publish Coriolan (Brem.) Wolf Bremen Hennings, Moller & Gosing: Mathe addexed documents in answer to the remarks which ria Merton. Bacley, Sevennah Scranton & Tallman: G ampus Donnell. Savernel Peck & Church Helen Maria. Silsby, St John, have been made upon the revival of that institution N.B.E.1 Harlbut & WOODBURY BANK-INJUNCTION DISSOLVED Icarian King. Jacksonville, Peek & Church: Jacob Longfellow. Yorrg, Jacksonville Peek & Church: Harp More W The President and stockholders of the Woodbury Bank Coast Africa. B. Gager Co: Hebron. (Br Skaling, Windsor. having filed their motion for a dissolution of the injunction J.S. Whiteev & Co.: Tweed (Br.) O'Brien, St. John, B. 8. existing against said Bank, before Chief Justice Church, Whitney & Co. Thomas Trewbridge Peeknen. Have Neamith & and made the Receivers and Bank Commissioners of the Sens: Julia Ford G: fin Georgetown S.C. Back & Co: Coamopolite Wi ham. St. Mary's. R.P Buck Co., Village Selle, (Br.) State of Connecticut, respondent to their petition. The Harvey, Windsor. T. & D. R DeWolf: Samuel Frinch Brown, case was heard by the Court at Litchfield, on the 30th of Wilmington Clearman & Co.: Crawford. Keiler, Jacksonville Thempson Henter September, 1853. On this hearing of the parties it was Schooners-Abcel Kader. Brown. Richmond Van Brant & Slarht: shown New-York Packet Thompson. Jacksonville, Wm. Ingals: Cornella, 1. That the whole outstanding circulation of the Bank is about Young edford master Ann Jane. Convey Hartford H $95,000. of whichabout $37,000 was presented to the Receivers with Havesa Decorah Mankin. Wilminston D C. Freeman & Co.: in the time limited by the Court. Cathrect Rice Charleston M Cready, Mort & Co.: Bay State, Sher2. That the outstanding circulation not presented to the Receivers wood. Boston, Daytop Spregn Segmin Svain Bultimore Joanis Jean than $37,000. and all other liabilities of the Bank are bet veen son & Lowden: Eliza (ir.) Wright St. John N.B., J Pickard $1.00 and $5,000. Panline COISOD Wilmington McCready Mott Co 3. To redeem this circulation the stoc kholders and other citizens of Sloop-Hard Sim more Providence to master. Woodbury had paid into the hands of the Directors 850.5 in cash, to be added to the other assets which belong the Bank Arrived. 4. The assets of the Bank exclusive of the funds furnished for the M. steamship Arabia In kin Liverpool Sept. 24. mise and redemption of the circulation and all other debts, amount to about poss. to E Cun rd. Sept 24. at M. passed the Rock 26 h. at $107,660 in billa receivable, railroad boods and stocks. the value of 8 passed U steamship Atlantic, West he nee for Liv rpart of which is uncertain After paying a... debta of the Bank the at midnight, exchanged night signals with & steam If Block would therefo be full with small surplus, if there should bound east. supposed to be the Asia: Oct. 24P M passed echr be DO ultimate loss on the essets Heels: 4th. M. passed steamship Arctic Luce. hence 5. Nearly all the stockholders. embracing some of the most responfor Liverpool 5th at moon, exchanged signals with Bremen steamer sible men in Woodbury, Southbury Bethlem and Washington, and Hacks. bound for Bremen progression capital to several times the amount of the capital stock of Steamship Jamestown Parrien, Richmond, 40 hours. mdse and the Bank have given their individual guaranty to make the ultipers to H Gregory e deficiency the capital stock which may result from the site Brig Princess Royal, (Br.) Doe, Bermuda 11 ds, oil to W. of the assets Davenport The bill-holders and other creditors of the Bank beingtl se. Schr. Serah McDonnald Kelley Harwich 2de fish to master cured against loss. the Chief Justice dissolved the junction to take Sehr Mary Augusta. Hooper Philadelphia dis effect on the 12th of October inst.. when the assets of the Bank will D-Steemship Daniel Webster, New Orleans ship Zurich, be returned to the corporation by the Receivers. end the Bank will for Havre in Quarentine resume business and payment. Arrangement meanwhile, will be made to redeem the Lifes at New-York, Boston, and at the counter of Schr. Adrisous Willem (D hitch) Schreve, fm Rotterdam for New. the Bank York put into Boston in distress on the ist inst was towed to the The Receivers have funds. and will payall claims heretafore preis morning by the steaming Achilles, and is consigned to Funch sented and allowed by them. after the 12thiast. each Rec iver pay& Meineke of this city. claims which have been present ed to him individually And the undersigned take this opportunity to say, that since the [By Sandy Hook Printing Telegraph.) feiture of the Bank there has been no speculation by theta in the THE HIGHLAND Oct. 6-Sondown bid of the Bank. nor any with their knowledge or consent; but on All the outward bound vessels have gone to sea. the cobtary. they ha e ever given it their opinion, that the Bank One bark in the offing, bound in would resuire payment. and used their best endeavors to have it reWind fresh from the N. W. and weather clear. sume. and have even advised bill-holders to retain their bills ill paid. It is believed that no considerable loss except inter has been By Tele graph. suffered by bill-holder e. the deposits made with the Receivers. beBOSTON Oct. 6.-Arr. bark Sarah B. Hale. Havana brige Saban, ing generally in small sums as If deposited by the original holders Cuba: A. Adams. Wilmington N. C.: Acorn. Philadelphia schr. at the time of failure Harnah and Abigail, They further say, that the cause of the suspension of the Bank SALEM. Oct. Arr. brig Gazelle, Serinom. arose sot from the discounting of paper for any indi not a dolST JOHN N. B. Oct -Arr ship Will iam Rathbone, N. York having been lost from discounted paper, while the Bank did busiPrise Herece Greeley Philed Acadian. N. York DEER But it arose from the failure of Wm E. Chittendea. the busi. NEW ORLEANS, Oct 6.-Arr. ship Mediator New-York brig G. as and redemption Agent of the Bank in the City of New-York. L. Abtott. who hada large amount of the funds of the Bank in his hands at t he time. Although said owned a majority of the stock of the IPER ARABIA.] Bank which he has since transferre to the Bank, yet the Bank Arr. at Liverpool 23d ult. ships Johnni Lange, fm. New York: Hi CI discounted any of his paper. but the SUB ension arose ntirely on berrie do : Constellation, do : A. H Was Wilmington, 22d; Sheriaccount of the misapplication of the funds of the Bank. placed in his dad. do.: Eephen.ia York: Crown. Philadelphia, 21st: Clars hands for collection and for redemption of its circuistion. not Wheeler, New Orleans: Davenport, Apalachicola Gen. Barry, N. now directly, nor indirectly, connected with the Bank the stock Orleans: Golden Era, St. John, N. B : Shenandoah, Philadelphia formerly owned by him being now owned by citizens of Woodbary Triton New-York vicility, who have paid its par value into the Bank The old Off port Washington from Quebec. stockholders have, as befo re stated guarantied the loss on the remainEntered for loading, 22-Old England. Barstow, New-Orleans der of the stock of the Bank, as soon as ascertained thereby making Cortelia, French, New York: Gen. Dunlop, Skolfield, Philadelphia the whole stock full after paying all indebtedness of the Bank. 21st, Sachem, Woodbury, Boston Monday. Oct 3.1853. Old: do 22 Montezoma, Power. Grenada and New-Orleans: PHILO H. SKIDMORE. DANIEL CURTIS, Austrelia Edwards New-York: Daniel Webster, Howard. Boston GEORGE B. LEWIS, LEWIS JUDD Silas Greenman Magna. New-York Sterling Henderson, Savaunah C. SHERMAN, DAVID BACON Sailed from do. 23d. Joseph Walker 21st, Hope, for GEORGE SMITH, JOHN ABERNETHY, do American San Francisco: Garrick NewDirectors of said Bank Liverpool Sept 20- The Onward, Chase, which arrived here t The subscribers, Atternies of the Woodbary Bank, being acquaintda from New Orleans, experienced the sale of the 10th in lon. 25: ed with affairs fully COLOUR in the accuracy of the foregoing state. on the new two ships with fore and mizen topmasts gone and ment, and believe the Bank is new entitled to public confidence. subsequently passed several vessels, all more or less s erippled in their CHARLES B PHELPS, spars WILLIAM COTHREN 21st-The Richard Cobden, which arrived here on the 18.1 Septe n. Attornies of said Bank berform Bombay heeled over this morning in the Alber Duek, till 1 have read the foregoing and believe the statement of the liabliher sper8 rested against the warehouse, but was righted without ties of the Bank and of its neans of payment to in subet antially cordemage reel THOMAS BULL Receiver of Woodbury Bank. d--The Devenport, arrived here yesterday from Apalachicols erconntered the sale on the 10th Sept umber in lat. 54. and

18. October 13, 1853 Litchfield Enquirer Litchfield, CT
Article from Litchfield Enquirer, October 13, 1853

Click image to open full size in new tab

Article Text

WOODBURY BANK. Injunction dissolved The President and Stockholders of the Woodbury Bank having filed their motion for n dissolution of the injunction existing against said Bank, before Chief Justice Church, and made the Receivers and Bank Commissioners of the State of Connecticut Respondents to their petition, the case was heard by the Court at Litchfield, on the 30th of September. 1853. On this hearing of the parties it was shown 1 That the wholeootstandings circula: sion of the Bank is about $94,000, of which about $87,000 was presented to the Receivers within the time limited by the Court be That the outstanding circulation not presented to the Receivers is less than $57,000. and all other liabilities of the Bank are between four and $5,000. 3 To redeem this circulation the stock. holders and other citizens of Woodbury and other adjoining towns. have paid into the hands of the Directors $50,500 in cash, to be added toss the other assets which belong. to the Bank. 4 The assets of the Bank, exclusive of the funds provided forethe redemption of the circulation, and other debts, amount to about $107,000 in bills receivable, railroad bonds, and stocks, the valué of partof which is uncertain. After paying of the Bank, its capital stock will therefore be full, with a smallsurplus if there should be no: altimate loss on the assets. Ne) sminida GOODS 5 Nearly all the stockholders, em bracing some of the most desponsible men in Woodbury, Southbury, Bethlem and Washington, and possessing capital to several times the ambant of the capital stock of the Bank, have given their indi vidual guaranty to make up the ultimate deficiency in the capital stock that may resultefrom a sale of the assets. The bill-holders and all other creditors of the Bank being thus secured against loss, the Chief Justice dissolved the injunction, to take effect on the 12th of October instant, when the assets of the Bank will be returned to the corporation by the Receivers, and the Bank will resume business and payment. Arrangements meanwhile will be made to redeem the bills in New York, Boston, and at the counter of the Bank. The Receivers have funds, and will pay all claims herotofore presented to and allowed by them, after the 12th instant, each Reciver paying the claims which have been presented to him individually The Directors of the Bank are Daniel Curtis, Philo H. Skidmore, Lewis Judd, Geo. B. Lewis, David 0. Baron, M. C. Sherman, John Aberneths, Geo. Smith: The Attorneys: of the Bank, Messrs. Phelps and Cothren, being acquainted and Thomas Bull, one of the Receivers, fully concur. in the ROCU may of the foregoing statement, and bes lieve the Bank is intitled to public Mrs. Hale, editor letter the in that she urged for six years that uniform day Statest

19. October 19, 1853 The Ohio Union Ashland, OH
Article from The Ohio Union, October 19, 1853

Click image to open full size in new tab

Article Text

The Woodbury Pank. This Connecticut Bank, which filed some time since and wronged its bill hold ers out of forty to sixty reent., is about to be resuscitated. The movement only shows the amount of brazen impudence that some men and corporations are capa ble of possessing. After swindling the community once, it again comes forward, and in effect, asks for an opportunity to repeat the operation. Formuately, a publie sentiment has been created which will operate seriously against the circulation of the notes of any such concern. The following. from the New York Journal of Commerce, speaks our sentiments exactly: "What a guarantee is there that it will not collapse a second time within one year? We know of none. A Bank that can founder in smooth water in one year after it IS put to sea, ought to be condemned as unseaworthy, and her hulk be broken up for firewood. We see that something has been added to the Bank's assets to enable it to pay its debts; but what good will this do to the bill-holders, who. under the announcement (not authorized by the receiver it appears) that they must be sent in to him before such a date. now past, or the holders would-the brokers saw (it to pay them. This game is, injefferire bare. faced robbery. whether so intended or not and for ourselves, we are not disposed to have il played twice by the sime hands.We hope the charter will be taken away at the next meeting of the Legislature, and the concern wound up. Weare indebted e to the receiver for the following notice:" t. WOODBURY BANK. 0 Provision having been made, in addie tion to the assets of the Bank, for the pay. ment of its debts, the Superior Court has dissolved the injunc ion heretofore granted against that Institution. After the 12th instant, the Bank will resume business, and will pay all claims against it which have not been presented to the receivers. The Receivers will pay all claims alW lowed by them. A result creditable to those who have effected/it and which will di go far in efface any blemish upon the char II, acter of the Connectient Banks, which the misformune of this Institution may have caused.

20. October 20, 1853 The Wyandot Pioneer Upper Sandusky, OH
Article from The Wyandot Pioneer, October 20, 1853

Click image to open full size in new tab

Article Text

SURE ENOUGH!-The Woodbury Bank, Connecticut, collapsed about a year ago, by fore-ordination, and its bills havesince been quietly bought up at 25 to 50 cents on the dollar. That accomplished, the Bank is ready to resume payment, the Receiver advertises that he is ready to day all claimsupon it; and The Courant (Hartford) coolly observes; "Holders of bill,s need not, therefore, make any sacrifice on them." No, thev need n't!--in fact, we guess they nearly all made the reverse of a sacrifice. W respectfully request our patrons, present and future, notto send us any bills of the Woodbury Bank, no matter how swaggering may be its resumption. We don't feel at all sure of our ability to tell which thimble the little joker is under. "Now you see it and now you don't." Seriously-is it not time that all these old Bank charters, granted on a vicious, expl ded principle, should be repealed?Good, sound Banks, which have been doing an honorable business since they were chartered, might be exempted; but all others shonld be expressly abolished and Bankinghenceforth prosecuted under wellguarded general laws, with ample security in the public chest.-N. Y. Tribune.

21. October 26, 1853 Portage Sentinel Ravenna, OH
Article from Portage Sentinel, October 26, 1853

Click image to open full size in new tab

Article Text

WOODBURY BANK, CT.-We see by the last number of Thompson's Bank Note Reporter that the paper of this rag factory, which suspended some months ago, is now redeemed at a discount of but 11 per cent. At the time of the suspention thousands of dollars of its lying promises were scattered thronghout the West, for which the farmers had exchanged the products of their labor, and the most of it was purchased up by speculators and the bank agents at 25 and 50 cents on the dollar. A few months and the Woodbury Bank will again be in the fnll tide of successful operation, scattering its rags among the people.