![Item #45164 [Manuscript Report] Copy of Agents of the Eagle Bank of New Haven Report to the Legislature, In The Years Following the Bank's Failure. Connecticut Banking. Failure. New Haven.](https://kaaterskillbooks.cdn.bibliopolis.com/pictures/45164.jpg?width=768&height=1000&fit=bounds&auto=webp&v=1758648651)
[Manuscript Report] Copy of Agents of the Eagle Bank of New Haven Report to the Legislature, In The Years Following the Bank's Failure.
[Hartford, CT]: 1829. [7] pp. in 2 Bifoliums. 8.5 x 9.5 inches. Very good, few tears along folds, light soiling and ink staining, contents clean. Item #45164
May 1829. "To the Honorable Legislature of the State of Connecticut." An annual overview of the litigation, accounts, and claims of the Eagle Bank of New Haven, which had suffered a panic and failure in 1825. Chartered in 1811, it was the second bank to organize in New Haven, and was located on Chapel Street on the west side of the New Haven Bank. The bank was consistently mismanaged throughout its existence, and there are several reports citing Eagle Bank's fraudulent and unpopular practices. Some of these include purchasing its own stock, haphazard loans to directors and other unreliable borrowers, and ongoing issues with its circulating currency.
"Investigation showed that the bank had loaned enough money on poor security to consume its entire capital, deposits and circulation, totaling $1,500,000, and had sold its circulating currency at less than face value in other parts of the country which caused quite a bit of trouble when it came back to the bank to be redeemed. Creditors realized only a small percentage of their claims."
The first five pages of narrative are followed by two pages of a listing of debts. We could not locate the original copy.
Price: $600.00