Hagerstown Bank (Hagerstown, MD)

Episode Information

Episode UID
6765430190478
Episode Type
Suspension → Reopening
Bank Type
state
Bank ID
676543019 hash
Start Date
October 20, 1839
Location
Hagerstown, Maryland (39.642, -77.720)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9f8483bbe62737e7

Response Measures

None

Description

Later articles reference a separate Hagerstown Bank & Trust Co. failure in the 1930s; the 1839 suspension appears to be part of a wider panic and the bank likely survived.

Events (1)
1. October 20, 1839 Suspension
Cause
Macro News
Cause Details
Broad financial panic and scarce money/pressure in markets leading many banks to suspend specie payments during October 1839.
Newspaper Excerpt
The Hagerstown Bank and Washington County Bank (Md.) have suspended specie payments.
Source
newspapers

Newspaper Articles (14)
1. October 21, 1839 Morning Herald New York, NY
Article from Morning Herald, October 21, 1839

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Article Text

MONEY MARKET. Sunday, Oct 20-6, P. 175. The Liverpool is gone, and with her the hopes of the specu lators, that a suspension of our banks would have been effected by the specie which it has been hoped would be drawn to go by her. In the stock market it was, as usually is the case on Saturday, settling day, and the de operate attempt of the Philadelphians to force up stocks, aided by the wants of the shorts, succeeded in rallying fancy sto ks, of which U. States Bank is now one, and it improved 21 per cent on the close of Friday, but is still 5 per cent below the opening of that day-North American Trust & Banking Company improved 2 per cent--State Bank declined 2 per cent-American Exchange per cout-Stonington & percent-Har.em per centUtica & Schenectaly 1 per cent. Money was very scarce, and the pressure among the merchants was very severe, so much so that but a small amount of exchange was sold, and the rate early in the day fell to 8 per cent. and some good flour bills, than which none can be better, ere sold at 74 per cent. This reduction did not cause any very large amount of transactions, but effectually prevented any large shipments in specie. The Liverpool car. ried out $100,000, of which $324,000 was on account of the Girard Bank of Philadelphia. Thus has passed the heavy drain which was expected to break our banks. The institutions pursue their way steadily, and discount to a fair amount. We know several firms who have had 33 per cent of the r offering for discount done for them during the past week. Yet such is the increasing demand for money that the pressue was yesterday more severe than has been known for a long time. This will drive the merchants into realising their southern funds, notwithstanding the expenseUnited States Bank bills were generally refused at any price yesterday. Iu other money there is ao material change. In domestic exchange there is scarce anything doing. Some Phila. delphia paper was exchanged for Mobile, dollar for dollar; if per cent is offered for Mexican dollars, and 2 per cent asked; there is no demand for specie The demand for money WIS increased from the fact that large amounts feli due on account of tea sales. Towards 3 o'clock red back money sold at 7 per cent discount. The cry of failure is re-echoed from every quarter of the soath. The Hagerstown Bank and Washington County Bank (Md.) have suspended specie payments. Three of the Pitts. burg.Banks have suspended, viz : the Branch of the United States Bank, the Manufacturers' and Mechanics', and the Ex change. The Bank of Pittsburgh, at the last advices, continued pay specie. The circulation of the Pittsburgh Banks is about $600,000. The Petersburgh Intelligencer states that the North Carolina Banks have suspended specie payments. Cin cinnati was thrown into a state of great excitement on the result of the news of the su-pension in Philadelphia. It is stated that it is the intention of the Commercial Bank of Cincinnati not to susp nd the payment of specie under any circumstances. It is un lerstood that the Ohio Life and Trust Co. has suspended, and that the Franklin and Lafayette Banks have deferred fiual action, until they shall have received news from New York. It appears that the uspension in Charleston was not unanimous. The Bank of the State of South Caroli a and the Bank of Charleston, not concurring in the measure, will continue to pay specie. The Bank of Virginia an its branches have suspended. The Exchange Bank of Richmond was the first to suspend, and the general law makes the parent bank and all the branches responsible by orfeiture of their charters for the failure of one bratch. The Banks of New Bruns.vick, Camilan, Cumberland, Burlington, and all on the Wes ern side of New Jersey ha e suspended. A letter from Rochester, received in this city today states that there is every probability that the Banks of that city may be oblige to SHS. pend in The following table of one of the Macon banks, shows a strong position, having nearly dellar for dollar of specie for circulation: or the condition of the MARINE AND FIRE INSURANCE BANK and BRANCH BANK, at Macon on Monday. Oct. 7, 1839. Liabilities. Resources.

2. November 6, 1839 Vermont Telegraph Brandon, VT
Article from Vermont Telegraph, November 6, 1839

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Article Text

General Intelligence. A STRONG NOMINATION.-The New York Commercial Adveruser speaks of a Strong nomination' for the Assembly in Oneida County. It is headed by SPENCER KELLOGG, Esq., Treasurer of the New-York State Anti-Slavery Society, and whose house was threatened by the cele brated Utica mob of 1835.-Mass. Abolitionist. Correspondence of Commercial Advertiser. MOBILE, Oct. 10. AND STILL ANOTHER 1 Last evening the incendiaries succeeded in firing the Government-street Theatre, which, with the beautiful dwelling of Geo. G. Henry adjoining, and a number of small build. ings on the square, was totally destroyed in three hours. PROGRESS OF SUSPENSION.-From our exchange papers this morning we gather the following list of suspensions at the South and West:All the banks at Winchester, Virginia. The Hagerstown Bank, Maryland. All the banks at Raleigh, North Carolina. One paper says all the banks in North Carolina. All the Banks at Pittsburgh except the Commercial Bank. All the banks of Cincinnati except the Commercial. The suspension is limited for thirty days.-N. Y. Specialor. SHIPWRECK. Capt. Knowles of the schooner Only Daughter, which put into Norfolk, on the 221, states that a topsail schooner was capsized near Smith's Island on the morning of the 20th. Capt. K. immediately bore down to the assistance of her crew, but before he could get sufficiently near to aid them, the wreck went down, and all on board perished.The wind was fresh from the north-east at the time. Fears are entertained that the vessel lost was the Oleron, of Waldoboro, which sailed from Richmond some time since for this port, and has not since been heard of.-Boston Press & Post.

3. July 19, 1854 Martinsburg Gazette Martinsburg, WV
Article from Martinsburg Gazette, July 19, 1854

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Article Text

VIRGINIA:-In the Circuit Court of Berkeley County. David Clagett and Hezekiah Clagett, partners under the style and firm of D. & H. Clagett, assignees of John A. Grimes,-pltifs. AGAINST Charles Downs and Nancy his wife, David H. Conrad, Mary Parker, Seaman Garard, Daniel Lemaster, Thomas T. Dugan, Jacob Van Doren and Edmund P. Hunter and Davenport Downs, Hamilton Downs, Elijah B. Downs and Joshua Ward securities for Charles Downs in his bond as special receiver and commissioner and the President, Directors, and Company of the Hagerstown Bank,-def's. IN CHANCERY

4. August 2, 1854 Martinsburg Gazette Martinsburg, WV
Article from Martinsburg Gazette, August 2, 1854

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Article Text

VIRGINIA:-In the Circuit Court of Berkeley County. David Clagett and Hezekiah Clagett, partners under the style and firm of D. & H. Clagett, assignees of John A. Grimes,—pltffs. AGAINST Charles Downs and Nancy his wife, David H. Conrad, Mary Parker, Seaman Garard, Daniel Lemaster, Thomas T. Dugan, Jacob Van Doren and Edmund P. Hunter and Davenport Downs, Hamilton Downs, Elijah B. Downs and Joshua Ward securities for Charles Downs in his bond as special receiver and commissioner and the President, Directors, and Company of the Hagerstown Bank,—def's. IN CHANCERY

5. July 12, 1866 Maryland Free Press Hagerstown, Williamsport, MD
Article from Maryland Free Press, July 12, 1866

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Article Text

Several "What's." What's the reason the Radical to Press and party find nothing to condemn in Frank Thomas' course in Congress. What's the reason they always select as "orators" for important occasions, such as Ward of New York who voted in Congress for Negro Suffrage. What's the reason that under Radical rule, National, State and County taxes are always increased. What's the reason the most streneous advocates for maintaining the Registry law are found among Radical office holders. What's become of Judge Rench's run on the Hagerstown Bank. The Bank survives-how's the Judge. We've heard tell before of the chap who went on a bust with a picayune to spend.

6. June 10, 1933 The Herald-Mail Hagerstown, MD

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Over $100,000 Subscribed for New Hagerstown Bank Plans for the organization of new Hagerstown Bank and Trust Company have been set in motion and already over $100,000 the $180,000 necessary has been scribed, was learned authorita. lively yesterday. Upon completion of the plans, immediately applicalion will be made for membership in the Federal Reserve System. To form bank with all its assets in cash has been decided upon first for the benefit of the depositors of the old Hagerstown Bank and Trust company, and then others as their interests may and duty and community necessity. The fact that large number of Industrial and business leaders well hundreds of others feel that this bank needed here, evident by the fact that there has been deposited since the closing of the old bank by the banking iday new deposits 100 per cent withdrawal basis to the suin of in 1,323 new The committee which has been empowered to organize the new bank and trust company feels that this prima facie evidence that there is an important need in the community for this institution.

7. December 4, 1934 The Daily Mail Hagerstown, MD

Article Text

Ghingher Is Named As Bank Receiver Yesterday afternoon Judge Frank G. Wagaman passed an order naming and continuing John J. Ghingher, Bank Commissioner for the State of Maryland, as receiver for the Hagerstown Bank and Trust Company. Mr. Ghingher took custody of the bank on March 4, 1933. and since July of that year the bank has been in liquidation under R conservatorship. No change has been made in the personnel. but liquidation will now proceed under the jurisdiction of the Circuit Court.

8. February 11, 1935 The Daily Mail Hagerstown, MD

Article Text

Classified Display Notices NOTICE TO THE CREDITORS OF THE HAGERSTOWN BANK AND TRUST COMPANY State of Maryland vs. The Hagerstown Bank and Trust Company. Equity Cause No. 12777. In the Circuit Court for Washington County, Maryland.

9. September 7, 1935 Evening Star Washington, DC
Article from Evening Star, September 7, 1935

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BANK BUILDING SOLD Hagerstown Property Purchase Price of $100,000 Is Revealed. HAGERSTOWN, Md., September , (P).-The receiver for the Hagerstown Bank and Trust Co. today announced the sale of the Hagerstown Bank Building on the main business block of Washington street for $100,000. The purchaser is said to be Charles J. Hoover of Chicago, representing a large Chicago firm. A modern store building will be erected on the site, it is understood. The bank building is one of the oldest structures in Hagerstown.

10. September 21, 1935 The Daily Mail Hagerstown, MD

Article Text

REPORT SALE OF BUILDING Renroh Apartments, West Franklin Street, Sold By Bank Receiver. Sale of the Renroh Apartments, first block of West Franklin street, to Attorney Samuel C. Strite, was announced today by the receiver for the Hagerstown Bank and Trust Company. The consideration was not disclosed. The apartment is a three-story City Policeman B. B. Nethkin said he surprised McIntire as the latter attempted to escape from a department store with six suitcases filled with coats, dresses and other apparel. The negro said his home was in Cumberland. When called upon to halt, the officer said, the man fired at him and fled. The policeman said he opened fire and shot McIntire in the foot. Other officers joined the chase.

11. October 21, 1935 The Herald-Mail Hagerstown, MD

Article Text

OPINION IS GIVEN IN GUARANTY CASE Demurrers Are Sustained in Decision of Judge Wagaman Another chapter in the already lengthy litigation growing out of the liquidation of the Hagerstown Bank and Trust Company was completed here on Friday with the filing of an opinion by Judge Frank G. Wagaman in a group of suits brought some weeks ago by the bank's receiver against certain individual subscribers to the second guaranty fund of the bank. The court in sustaining demurrers filed in behalf of the defendants is believed to have given a decided setback to the efforts of the receiver to force payment of subscriptions to the $750,000 guaranty fund of May, 1932. The demurrers were sustained on the grounds that the narrs or declarations of the suits in question do not allege that the fund was raised in the manner and form as provided

12. October 31, 1935 The Daily Mail Hagerstown, MD

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Sterling New Bank Receiver Warren F. Sterling, Crisfield, Tuesday succeeded John J. Ghingher, resigned, as receiver of the Hagerstown Bank and Trust Company. An order of court accepting Mr. Ghingher's resignation and the appointment of Mr. Sterling together with the approval of his bond was entered on the local equity docket. Mr. Sterling recently succeeded Mr. Ghingher as State Bank Commissioner under appointment of Governor Nice. F. D. R. TAKES A DAY OFF HYDE PARK, N. Y., Oct. 31 (AP). President Roosevelt came home early today to the family estate here and announced he was taking the day off. During the dedication ceremonies, this man placed his hand on the scout's shoulders and said: "Young chap, are you the fellow who made me walk across the bridge?" "I am," was the reply. "Well, shake hands," said the stout man, "I'm the governor of Maryland."

13. December 19, 1935 The Washington Times Washington, DC
Article from The Washington Times, December 19, 1935

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Article Text

$317,000 YULE GIFT MADE HAGERSTOWN. Md.. Dec. 19. Santa Claus, in the guise of receivers of the Hagerstown Bank & Trust Company. is filling some 8,000 depositors' stockings with a 10 per cent payment on deposits carried by the bank when it failed several years ago. The checks total $317,000. The distribution is expected to boost Christmas sales during the next few days. Santa Claus also was active at Smithburg, where the receivers of the Peoples Bank of Smithsburg will receive checks tomorrow for $18,000, which represents a 5 per cent distribution to depositors.

14. July 29, 1937 Evening Star Washington, DC
Article from Evening Star, July 29, 1937

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Article Text

Bank Pays Dividend. By the Associated Press. BALTIMORE. July 29.-Warren F. Sterling, State bank commissioner, announced yesterday $482,667.03 has been distributed to creditors of the Hagerstown Bank & Trust Co., now in receivership.