Article Text
again next week. BANK SUSPENSIONS.- We have rumors here of the suspension of the following Philadelphia Banks: The Commercial Bank, The City Bank, and the Bank of Pennsy Ivania.
Bank of Pennsylvania (Philadelphia, PA)
Episode Information
- Episode UID
7469312890693- Episode Type
- Run → Suspension → Closure
- Bank Type
- state
- Bank ID
-
746931289hash - Start Date
- September 25, 1857
- Location
- Philadelphia, Pennsylvania (39.952, -75.164)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
e594291905446554
Response Measures
None
Description
Bank reopened briefly while refusing specie, but later went into assignment/liquidation in Feb 1858.
Events (5)
1.
September 25, 1857
Run
- Cause
- Bank Specific Adverse Info
- Cause Details
- Crowds sought specie amid reports of large loans to irresponsible parties and failures of dry goods merchants; heavy withdrawals at opening.
- Measures
- Bank paid some notes but ultimately suspended specie payments; limited payouts and posted notice of suspension.
- Newspaper Excerpt
- There was a heavy run at the counter by note holders and depositors.
- Source
- newspapers
2.
September 25, 1857
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Directors resolved to suspend specie payments following heavy withdrawals and concerns over loans and liquidity.
- Newspaper Excerpt
- The Bank of Pennsylvania ... has suspended specie payments by a resolution of the board of directors.
- Source
- newspapers
3.
September 26, 1857
Other
- Newspaper Excerpt
- The Bank of Pennsylvania re-opened, doing its ordinary business, but paying out no specie.
- Source
- newspapers
4.
November 1, 1857
Other
- Newspaper Excerpt
- The ancient Bank of Pennsylvania ... is utterly insolvent, and will be forced to go into liquidation.
- Source
- newspapers
5.
February 10, 1858
Receivership
- Newspaper Excerpt
- Mr. Allibone, the late president, had assigned his property for the benefit of the bank. The resolution for an assignment by the bank was adopted.
- Source
- newspapers
Newspaper Articles (24)
Click image to open full size in new tab
Click image to open full size in new tab
Article Text
suspensions. PHILADELPHIA, Sept. 25.-The Bank of Pennsylvania, in this city, has suspended specie payments by a resolution of the board of directors. There is much excitement in consequence.
Click image to open full size in new tab
Article Text
Effect of the Philadelphia Bank Suspensions in New York.Condition of the Pennsylvania Banks, &c. NEW YORK, Sept. 25. The bank failures in Philadelphia caused a great excitement here, and the improved feeling of a few days past is lost. The Metropolitan Bank here has refused all Philadelphia money, but the brokers are buying it a. five per cent. discount. The troubles of the Bank of Pennsylvania are said to be caused by large loans to irresponsible parties. The president resigned on Wednesday. The bank is over fifty years old. It went down in the crash of 1837, but recovered, and has since been regarded as strong. Its capital is $1,875,000. At the date of its last report, in November, the total liabilities were nearly five millions; the circulation $838,000, and the loans $2,700,000; the specie $214,000. The capital of the Girard Bank is one million two hundred and fifty thousand. In November its circulation was $471,000 ; the deposites, $1,276,000 ; total liabilities, $3,500,000. It had bills discounted to the amount of $1,645,000, and specie to the amount of $328,000. The aggregate bank capital of Philadelphiais now little over thirteen million. In November the whole liabilities were $41,619,479, with a specie line amounting to $3,273,437. The banks of Pennsylvania are required to make only annual reports to the legislature. They have no clearing house to limit transactions or exercise a restraining influence over weaker institutions. The suspensions to-day fully explain the trouble of the mercantile classes in Philadelphia.
Click image to open full size in new tab
Article Text
TELEGRAPHIC NEWS. FROM THE ASSOCIATED PRESS. The Financial Crisis in Philadelphia. Philadelphia, Sept. 26.-The corner of Third and Chesnut street is again the scene of excitement this morning. Ciowds of alarmed and interested persons surrounded the Savings Institutions this morning before 9 o'clock. These declined paying out their deposits, requiring two weeks notice to be given. The Banks were besieged before 10 o'clock by anxious and excited crowds. The Bank of Pennsylvania re-opened, doing its ordinary business, but paying out nospecie. The Mechanics' Bank paid specie for its "10's." The Girard Bank refused to do any business, and gave no satisfaction to its note holders and depositors. LATER.-The Giraid Bank has come to terms, and is redeeming its "5's" with specie, but refusing to honor checks. Most of the other banks are taking checks. ANOTHER Dispatch.-An additional excitement has been produced by the news of the suspension of the Baltimore Banks. The Tradesman's Bank pays checks and all. ADDITIONAL-There is no concert of action among the Banks, each apparently taking a different course. The North American is paying specie for its ten's, but is issuing no notes on checks. The Bank of Commerce is refusing specie, but is paying notes on checks. STILL LATER-The Bank of North America is paying all its notes, having received specie from New York last evening, and is now represented to have more in its vaults than the amount of its Mils in circulation, but is certifying its checks. The following Banks are redeeming its fives: The Commercial, the Philadelphia, and the Manufacturers and Mechanics The Farmers' and Mechanics' Bank are paying specie for "ten's." The Northern Liberties, and Western, Banks are redeeming its fives in cases of necessity. The Bank of Penn Township, the City, and Consolidation Banks pay nothing. Allothe Banks, how. ever. certify checks except the Girard, which is suspending business entirely. Some of the Banks WILL receive no deposits. 26th p. m.-Private advices say that the Banks of Reading nd Pittsburg have suspended. The Southwark Bank pays all its bills. The Kensington Bank pays its fives only
Click image to open full size in new tab
Article Text
Effect of the Philadelphia Bank Suspensions in New York-Condition of the Pennsylvania Banks, &c. NEW Yor, Sept. 25.-The bank failures in Philadelphia caused a gri at excitement here, and the improved feeling of a few days past is lost. The Metropolitan Bank here has refused all Philadelphia money, but the brokers are buying it at five per cent discount. The to ibles of the Bank of Pennsylvania are said to be caused by large loans to irresponsible parties. The president resigned 01 Wednesday. The bank is over fifty years old. It went down in the crash of 1837, but recovered. and has since been regarded as strong. Its capital is $1,875,000. At the date of its last report in November the total liabilities were nearly five millions; the circulation $838,000, and the loans $2,700,000; the specie $214,000. The capital of the Girard Bank is one million two hundred and fifty thousand. In November its circulation was $471,000; the deposites $1,276000-total liabilities $3,500,000. It had bills discounted to the amount of $1,615,000, and specie to the amount of $328,000. The aggregate bank capital of Philadelphia is now little over thirteen million. In November the whole liabilities were $41,619,479, with a specie line amountin ! to $2,273,437. The banks of Pennsylvania are required to make only annual reports to the Legislature. They have no clearing house to limit transactions or exer cise a restraining influence over weaker institutions. The suspensions to-day fully explain the trouble of the mercantile classes in Philadelphia.
Click image to open full size in new tab
Article Text
WASHINGTON NEWS AND GOSSIP. THE FINANCIAL CRisis.-Very naturally, the all-engrossing topic of conversation here aselsewhere, since Friday noon last, has been the monetary condition of the country as developed by the apparent so general bank suspension. Men have been holding their breath, after utteringupon the receipt of news from distant pointsimply, Where next? The Star's readers, who recollect the tenor of our letters from the West, published in Junelast, will credit us for some foresight in writing that we wereby no means unprepared for the disasters overtaking business just now in SO many different quarters. Chicago, as we explained, and all portions of the West where the speculation mania had induced the merchants to gamble in lands instead of husbanding their money to pay with it their debts due in the East, had then ceased to trade in New York, which would not trust them, and were patronizing" the importers and jobbers of Philadelphia and Baltimore. We believe that the sales of the merchants of those two cities to the broken traders of the Northwest. and that only, made it a question whether the commercial men in them should pretty much all fail or their banks should suspend, and that the latter alternative was adopted; wisely, it strikes us, under the circumstances; as less actual distress and loss will be the consequence among the people at large-far less. In individual cases, however, there was eviidently gross dishonesty or negligent mismanagement on the part of the officers of individual banks-the Ohio Life and Trust Company's Bank in New York, for instance, with the circumstances of the failure of which, SO disastrous in its consequences elsewhere. the public are already familiar, The Bank of Pennsylvania, too, has evidently been a rotten concern for some time. The key to its failure, which has led to all the difficulties being experi need by the other Philadelphia and Pennsylvania banks, is its loans to irresponsible speculators, principally in the dry goods trade, one of whom is said to be its debtor for $350,000 borrowed money. The very recent resignation of its President, is a mute but positive witness against the integrity of the management of the institution. NEW YORK-All eyes are intently fixed on New York just now, to discover what will be her final course in the current financial crisis We do not perceive how, fortified as her banks are, they can suspend. We announced briefly by telegraph on Saturday their determination to weather the storm. To-day we have before us a more extended account of the manner in which the Philadelphia news was received in Wall street, which we quote from the evening edition of the Express, as follows: WALL STREET, P. M.-Three O'Clock -Wall street has been in a most feverish state for the last four or five hours. While all stocks are depressed' and rumors of failures become current the Banks remain firm as ever and in the opinion of many intelligent persons the suspensions elsewhere will but strengthen the Banking Institu. tions here. inasmuch as gold must flow to the city from all parts of the country. The bank officers of the city feel conscious of their OWD security and have no apprehensions except in the necessity they will be under of limiting their discounts to the lowest possible line consistent with their own safety New York must become the nucleus of business just in proportion as the curreney is strong, and being the commercial heart of the country the extremities will sooner be cured of the consequences of present disasters Boston, we are happy to see, stood strong through the day, and we trust the Banksthereand in New England generally, will be able to maintain themselves to the end. It is not everybody who suffers from this state of things.for there are men in the street who are coining money out of other people's embarrassments. Money commands almost any price, and with good collateral securities, we know of gentlemen who have offered as high as five per cent. a month for the use of money to meet their obligations and save their names from dishonor. CURRENCY Iphia funds, and all mon1es on Banks which have suspended specie payments, are at ten per cent. discount, where sales are forced. These rates will fall things become settled. The Banks here will rule, as provided in the following Circular in regard to out of town currency: MECHANICS' Bank, N, Y., Sept. 26, 1857 CIRCULAR.-In consequence of the suspension of specie
Click image to open full size in new tab
Article Text
BANK SUSPENSION. Correspondence of The N.Y. Tribune. PHILADELPHIA, Saturday, Sept. 26, 1857. The suspension of the Bank of Penneyivania, yes.
Click image to open full size in new tab
Article Text
Suspension in Philadelphia. The following account of the occurrences that led to the suspension of specie payments by the Banks, is from the Philadelphia Bulletin: "A run commenced on Friday morning upon most of the insti utions. Note holders were desirous of obtaining specie for their paper, and some of the depositors became seared and withdrew their déposits. At several of the banks, including the Bank of Pennsylvania, crowds commenced gathering as soon as the doors were opened, and the tellers had their hunds Tull exchanging gold and silver for paper. The banks redeemed their notes as soon as they were offered. but crowds of curious lookers-on thronged the side-walks and carnestly disensed the ordinary position of The Bank of Pennsylvania opened in the morning. but the doors were soon closed again. This course attracted a great crowd of persons. and the street was thronged during the morning. The entside gates were closed, except to persons who had business at the institution. In a short time notice was posted on the outside door that the bank bread suspended specie payment, till further orders from the Board During the day, as though half the male population of the town were in the vicinity of the banks. the streets were thronged, and policemen were scattered along to keep the crowd moving in the gungways. Among those who were busy discussing money matters, were numerous individuals whose pocketa were probably innocent of a "red." but who nevertheless, canvassed the ability of the banks to meet their demands with as much earnestness as though they had thousands at stake. and their favorite institution was on the eve of an explosion. In passing along Chesnut and Third streets, not a little conversation in various tones might be heard. on the subject of the "run." some persons viewing the matter in the bull' and others in the 'bear' light. Friends. as they meet, exclaim, "Well. has your bank broke {" or, Have you suspended yet p" in tones indicative of amusement at the idea. Some times a fierce argument would spring up as to the cause of the "run." One excited speaker would denounce the up-town banks. A third accused the Democracy of being the cause of the trouble, by not giving us a protective tariff. Here the American. Republican or Democratic proclivities of the interloct would show themselves, and a fierce argument would ensue in half a minute, The crowd generally were very good tempered and the majority were disposed to consider the affair as a sort of serious joke.Some of those who had joined in the rush for specie, came out of the doors jinggling their "shiners." but seemingly at a loss what to do with their eumbrous "piles." At several of the banks there were many who repaired to the receiving teller's desk with new deposits, and we have no doubt that some of the specie drawn on the spur of the moment found its way back again through the hands of the receiving tellers. The excitement which was nueleus-sed at the banks was brilliantly radiated along the streets. and like the fire works described by some author, ended in shining knobs not only in stores but in bar-rooms and lager-beer saloons. The specimens of chirography in the way of signatures to checks were in some instances 80 hurried by the Indicrous fright of the drawers as hardly to be recognizable.
Click image to open full size in new tab
Article Text
Financial Intelligence. St. Louis, Sep. 29. Bogy, Miltenberger & Co., bankers, closed their doors this morning. Assets ample. Cards signed by a large number of the wealthiest citizens are published, guaranteeing the solvency of Lucas & Co., and Renick and Peterson, and assuring deposi tors of the safety of their deposits. and The public mind is very unsettled, there is a general run on the brokers. The banks stand firm and are discounting liberally. Trenton, N, J. Sep. 29. H. H. Dalton & Co., paper dealers, and Bottom, Tiffany & Co., machinists, suspended to-day, on account of protested N. Y. paper. The Burlington, Cumberland and Salem banks are reported to have suspended. The East Jersey banks, including the Trenton, are more immediately affected. Business men complain that if none of our banks discount, it will seriously effect them. Philadelphia, Sep. 29. Bank affairs are settling on the low sjecie basis. The banks are preparing to issue small notes. The Pennsylvania Bank notes are to be received at all of the other banks on and after to-morrow. The proclamation of the Governor to convene an extra session of the Legislature will be published to-morrow morning. The Board of Trade has determined to call a meeting for the public expression of the various business interests of the city with reference to the proposed legislation respecting the suspensions. Believing that the interests of the community and State will be subserved thereby, the presidents of the banks have agreed to restore the Bank of Pennsylvania to a position at the clear house, and to receive its notes and discount liberally for their customers. Had this been done sooner, there would have been no suspensions. New York, Sept. 29. The weekly bank statement shows the following results: Decrease in loans, $982,000; decrease in specie, $290,000; decrease in doposits, $933,000; decrease in circulation, $235,000. Albany, Sept. 29. The run on savings banks subsided this as as it commenced morning, suddenly yestorday. The gold drawn out at the sayings bank yesterday, is being returned this morning. Providence, Sept. 29. The banks of Providence have resolved to suspend specie payments. The liabilities of the banks are not over 25 per cent. of their capital. Baltimore, 28. We have no material change in money matters to day. The banks in some instances, as a matter tion. redemed 5's of accommodaSpecie demands a premium of seven to ten per cent. in exchange for Baltimore funds. Pittsburgh, Sept. 28. the banks of city Pinobang
Click image to open full size in new tab
Article Text
THE FINANCIAL CRISIS. The present pressure in monetary affairs reached its climax last week, when very unexpectedly, the Bank of Pennsylvania determined, after a short run, upon suspending specie payments, and its example was necessarily followed by the other Philadelphia Banks, some of them holding out for a few days, but finally succumbing to the pressure in justice to themselves and their customers. The suspension is not, however, total, for the Banks, most of them, continue to pay specie for tens and fives, and to pay checks in their own and the notes of other banks. The announcement of this step produced the greatest astonishment and excitement throughout the country. The Banks of Harrisburg, Reading, Lancaster and Pittsburg, upon its receipt, suspended specie payments, though otherwise conducting their business as formerly. In Baltimore, Washington and Wheeling, a similar course has been pursued. In New York the suspension of the banks is not expected.In New Jersey. they continue to pay specie, and the New England banks are said to be in no danger. The Pennsylvania banks generally will undoubtedly follow the example of Philadelphia, and partially and temporarily suspend. By so doing, most of them forfeit their charters.— Gov. POLLOCK was in Philadelphia on Monday, and a strong effort was made to persuade him to call an extra session of the Legislature for the purpose of relieving the banks from the penalty of their suspension, and to provide measures for their ultimate resumption. At our latest accounts the Governor had not concluded to call an extra Session. We trust he will not put the Commonwealth to that expense. for the purpose of transacting business which will not suffer from postponement until the usual time for the meeting of the Legislature. In regard to the bills of the Philadelphia and State banks, we hardly know how to advise our readers. The brokers themselves are as yet unable to fix any rate of discount, and do not buy. Our belief is that the suspension is a prudential measure, which was inevitable, and will do much towards bringing about a better state of public feeling. That it will be temporary, there can be no question, especially if the banks north and east of Pennsylvania, are not affected.
Click image to open full size in new tab
Article Text
PHILADELPHIA, Sept. 28. The Governor has issued his proclamation, for an extra session of the Pennsylvania Legislature, to the following effect: "WHEREAS, A serious financial revulsion has occurred, resulting in the suspension of specie payments by the banks of this and other States of the Union, and the failure of many long established commercial houses, leading to a destruction of confidence and general embarrassment and depression of trade, and threatening to affect disastrously the credit of the commonwealth and the great industrial interests of the people; and whereas, an occasion SO extraordinary requires prompt and efficient action to relieve an alarmed and suffering community; therefore, I hereby convene the General Assembly to meet in their respective houses, in the capital at Harrisburg, on Tuesday, the sixth day of October, at noon, to take into consideration and adopt measures of relief in the present emergency as may seem to them, in their wisdom, to demand. At a meeting of the Board of Trade, held this evening. it was determined to call a meeting for a public co-operation of the various business interests of the city in reference to the proposed legalization of suspensions, believing that the best interests of the community and the State are subservient thereby. It was suggested at the Board that where parties notes were protested only because payment is refused in other than par currency, it is the duty of the Collector to have that fact made as a public protest. The Presidents of the banks have agreed to restore the Bank of Pennsylvania to its position, to reecive its notes and to discount liberally for their customers.
Click image to open full size in new tab
Article Text
STAND FROM UNDER! Banks are failing. The Bank of Pennsylvania and,the Girard Bank of Philadelphia have suspended, as well as many others in various parts of the country. They are only fulfilling their destiny. They are all founded upon credit and borrowed money, and when that is gone, they must fail. We advise farmers, mechanics, and laboring men, who have Bank rags in their passession to convert them into gold and silver, and then deposit the money at home. It is the only saferule.
Click image to open full size in new tab
Article Text
THE NORTHERN BANK PANIC. BOSTON, Sept. 30.-Th- banks have decided to ex. pand their di-counts $3 000 000. HARTFORD, Sept. 30 -The banks have no thought of suspending. They are satisfied the crisis has passed. PHILADELPHIA, Sept. 30 -The banks are all acting in harmony with the Bank of Pennsylvania, and arranging for a finn basis business. The community feel outraged at the want of & reliable system in tinance BALTIMORE. Sept 30.-There has been no change to day in monetary eff sire
Click image to open full size in new tab
Article Text
Bank Suspensions in Philadelphia. PHILADELPHIA, Sept. 26.-The excitement in this city continues. The Bank of Pennsylvania is paying no specie. The Mechanics' Bank is redeeming its ten. The Girard Bank is redeeming its fives, but refuses to pay checks. Most of the other banks are taking checks. The Savings Institutions require two weeks notice before paying checks. [SECOND DESPATCH.] PHILADELPHIA, Sept. 26.-The news of the suspension of the Baltimore Banks has caused additional excitement: The Tradesmen's Bank pays everything, also the North American. The following Banks pay fives : Commercial, Philadelphia, Manufacturers' and Mechanics', Farmers', Farmers' and Mechanics'. Species is paid for tens of the Northern Liberties and Western fives in cases of necessity. The Pennsylvania Township and Consolidation Banks have totally suspended all payment of certified checks except on the Girard Bank. Some Banks will receive no deposits.
Click image to open full size in new tab
Article Text
BANK SUSPENSIONS IN PHILA DELPHIA-FINANCIAL PANIC. Philadelphia, Sept. 26.-The Bank of Pennsylvania has suspended specie payment The Girard Bank refuses depositor's until 1 o'clock this afternoon. There is great alarm in the money market here, and business is almost suspended. Second Dispatch. Philadelphia, Sept. 26.-The President of the Bank of Pennsylvania says the suspension is caused by the action of other banks against it, and the recent failures of dry goods men. He says it is temporary and that the capital is untouched. There was a heavy run at the counter by note holders and depositors. Third Dispatch. Philadelphia, Sept. 20. There is general confusion in the money market. The Presidents of all the banks held a meeting this afternoon, and after carefully canvassing all the circumstances of the pressure, and their resources, resolved on a temporary suspension of specie payments on checks, also on bills exceeding $10. This arrangement takes effect to-morrow. There was a heavy run on all the banks to-day, but the Girard and some others shielded themselves in the manner named. The public should discredit the reports about tatal failures, as it is known that highly exaggerated statements have been sent D. broad during momentary excitement.
Click image to open full size in new tab
Article Text
Sr. LOUIS, Oct. 17.-The Bank of St. Louis has not suspended, and the directors hope to weather the storm. WASHINGTON, Oct. 15.-The Postmaster General orders that all post-offices whose compensation does not exceed twelve dollars and alhalf per quarter, can procure twine, wrapping paper, and sealing wax, at Government expense, provided the charge does not exceed $20 per annum. NEW YORK, Oct. 15.-Business affairs are more cheerful. Banks as usual, but paying no specie. Stocks are looking upwards.— It is said that a special agent of the Rothschild's came in the Vanderbilt with orders to buy securities to a large amount. Specie is abundant and lacks buyers at one per cent. The clearing house balances were settled in current funds. The Banks are working harmoniously, tending to a restoration of confidence and revival of business. CINCINNATI, Ohio, Oct. 17-The Black Republicans claim the State,by 1,000 majority, and the Democrats claim it by 3000 majority. NEW YORK, Oct. 19.-The steamer North America has arrived at Quebec with Liverpool dates to the 7th. Sales of eotton for three days, 3,000 bales. Large speculative inquiry; all qualities slightly advanced. Money tighter. A Russian Man-of-war was sunk in the Gulf of Finland: 1,400 lives lost. The Spanish Ministry has resigned. RICHMOND, Oct. 17.-The Custom House robbers, Wheeler and Somerville, have been arrested and a portion of the money recovered. WASHINGTON, Oct. 17.-The amount in the Treasury subject to draft is $12,896,831. NEW YORK, Oct. 17.-The Tribune has a despatch which says that Alexander Ramsey. the Republican nominee for Governor of Minnesota is elected and the whole Republican ticket successful. Iowa, Oct. 17.-Twenty seven counties heard from, Indicate that the Republicans, have elected, their ticket by 30,000 majority. BOSTON, Oct. 17.-The Bank Directors held a meeting to-day, and authorized an increase of loans of $3,000,000. SYRACUSE, Oct. 16.-A terrible accident occurred on the Central Railroad last evening about 8 o'clock, near Beaver Meadow Brook, six miles west of this city. The accident was caused by the washing away of about eighty feet of embankment. The mail train, consisting of one baggoge car, a mail car, and four passenger cars were all, except the last car, thrown down an embankment of twenty feet. There were about sixty passegers aboard the cars. One passenger, Miss Brown, of Toronto, was drowned. Mr. Bronson, of New Britain, Conn., had his bowels torn out, and died to-day at the Globe Hotel. About twenty of the passengers were injured-some of them seriously. The locomotive is a perfect wreck. The mail-ear was burned, as also all the mail-bags save one, which Was saved by Mr. McMasters, the Mail Agent, who came to his senses only in time to save it. NEW ORLEANS, Oct. 19.-Cotton Sales, 3.500 bales. Prices stiffer; but unchanged.Sterling exchange 95. Red Wheat 90. Operations in Western produce nearly suspended. At a meeting of Bank Presidents it was resolved to still take certified checks on the Citizens' bank in payment of debts. The banks have lost two million dollars specie last week. CINCINNATI, Oct. 17.-The returns from all counties are in; each party claim the victory. At a meeting of the Bankers this morning, they resolved to receive at par, notes of all the New Orleans banks, and all bills bankable at New York, Boston, Philadelphia, Pittsburgh and Baltimore. This caused much improvement in the money market. Philadelphia, Oct. 17.-The report that the Bank of Pennsylvania had made an nssignment is positively contradicted by a Director of that Bank. The steamer Asia has arrived with Liverpo of dates of the 3d. She brings thirty thousand dollars in specie. C. W. Nelson, Esq., of Carter countv. has been annointed Clerk of the Supreme
Click image to open full size in new tab
Article Text
BY TELEGRAPH. BY THE NATIONAL LINE. [Reports Furnished by the Associated Press.] ROUSE'S POINT, N. Y., Oct. 29.-The heavy rains have caused much damage to the Ogdensburg Railroad, delaying the trains several days. The loss to Champlain village is $50,000. NEW YORK, Oct. 29.-Money better, dull. The Bowery bank has decided to wind up its affairs. Specie of dull sile. Crops from the West are beginning to move bither. Sr. LOUIS, Oct. 29-Six feet water to Cairo. NEW YORK, Oct. 30.-The Herald says the Per. sia brought a large amount of certificates of deposit, accepted by the Bank of England and other banks to buy cotton and breadstuffs. Such certificates are held here at 7 to 8 cents premium. The Times was mistaken about the British mission. Sir Ousley goes as minister to Central America. Philadelphia, Oct. 30.-The Ledger contains the statement of the Bank of Pennsylvania. Their liabilities are about two millions independent of the capital. Assets one million and three quarters. It will probably go into legislation. LOUISVILLE, Oct. 30.-River 5 feet 3 inches water in the canal. Sterling nominal, and governed by the New York rates. 1 WASHINGTON, Oct. 30.-At the navy yards at Gosport, Philadelphia, and Pensacola respectively, will be constructed one screw propeiler sloop of war, one of the engines to be constructed at the Washington navy yard. The suspension of operations at the Charleston, Portsmouth, and Brooklyn yards, and the recent discharge at Goeport is temporary. The Secretary of the Navy means to keep the mechanics at these yards employed during the winter. Westervilt's sloop of war will be commenced immediately. NEW ORLEANS, Oct. 30.-Cotton-Sales of 2,000 bales. Prices unchanged. Sales of the week 15,200 bales. Receipts 26,000 bales. Decrease at this port 121.600 bales Decrease at all ports 203,280 bales. Stock 130,250 biles. Flour one shilling higher. Prime sugar 51.6. Sterling 95; nominal New York sight 5 per cent. discount. NEW YORK, Oct. 30.-Cotton quiet. Flour and sugar firm. Wheat 1 33al 50 for white, 1 23al 30 for red. Corn 73.75 for white, 70 for yellow. Mess pork $20 00a$20 25. Lird 9.121 Coffee 10}a 111. Molasses 37₫a40. Pig iron 28a29. Tallow 9094. CINCINNATI, Oct. 30.-Flour 4 00a4 10. Whisky 14% 15. Oats 34, White wheat 65a70; red 80a 85
Click image to open full size in new tab
Article Text
Banks, and the Reforms that are Needed in Them. We request all persons interested in the banking and currency systems of the country to read the articles which we publish elsewhere from the Philadelphia Ledger, on the subject of banks and banking. They will there learn that the ancient Bank of Pennsylvania, which has flourished 80 long and so invariably led the race of suspension whenever there was a chance of doing so, is utterly insolvent, and will be forced to go into liquidation, "leaving," in the words of the Philadelphia journalist, "as little for its shareholders as its great prototype, the Bank of the United States." They will also learn that, on an investigation of the books of the concern, it appeared that eight of the directors of the bank held but eighty-two shares of its stock among them; having evidently lent their names to the bank and enjoyed the privilege of directing its discount operations without the least idea of risking any portion of their capital in its stock. From this one example we may learn the nature and character of one half the banking and corporate monetary institutions throughout the country. We have no hesitation in saying that if all the 1,600 banks of the United States were examined to-day as thoroughly as the Bank of Pennsylvania has been, a very large proportion of them would be found to be as unsound as that institution and the history of many, as told in their stock ledger and discount books, would reveal an equally disgraceful record of imposture and dishonesty. Men who are honest and upright in their private dealings as individuals, notoriously lose all thought of honor, all idea of integrity, all concern even for responsibility when they are associated together in a corporate institution; they will cheat, deceive, defraud the very humblest of their dependents even, so long as the fraud is chargeable directly on the corporate concern, and only ultimately on the individuals composing it: and of all corporate concerns which are liable to be swayed by corrupt purposes and dishonest motives at the present time, there are none with such temptations to evil, and such opportunity for mischief as the banks. It therefore behooves the Legislatures of all the States to afford to the public the largest measure of protection possible against the banks. In Pennsylvania, a special session of the Legislature has so far repealed the law as to rescue the banks from the otherwise inevitable consequence of their suspension of specie payments. In this State the Judges of the Supreme Court, in consideration of the emergency, took the responsibility of nullifying the law, and depriving the Legislature of its vocation. In other States other shifts have been resorted to with a view of screening the banks from the legitimate but disastrous consequences of their failure to perform their duty to society. In every case the difficulty has been surmounted. But also in every case the purpose of the banking laws have been defeated, the public has been disappointed, and foreigners have been encouraged to sneer at American contempt for law, and the laxity of financial obligations in the United States. It is evident that some legal steps should be taken to obviate the recurrence of accidents 80 injurious to ourselves and so disgraceful to all. Every one is a currency doctor at the present time; but we have not yet seen a broad feasible scheme for the equalization and assimilation of the currency of the various States throughout the country. Such a system as this, by which the money of every. State in the Union would be at par in New York would obviate a great amount of mischief-not only such mischief as occurs on the occasion of panics and financial revulsions like the present, but the trouble that is being constantly caused in the best of times by the failure of recognized banks which seem to be sound and command the public favor, but, one day, suddenly collapse, and disappear, no one knows why or how. Under a general law, or a system of uniform laws, regular weekly statements could be exacted from every bank in the country; and, with Clearing Houses in every large city, no such catastrophes as that of the banks of Pennsylvania could occur. Until we have a general.law, indeed, neither billholders nor depositors can ever be considered universally safe. RENT DAY IN THE HARD TIMES.-We have
Click image to open full size in new tab
Article Text
last year, 245,000 bales. Exporto- Increase to Great Britain 41.000 bales Decrease to France, 26,000 bales. Increase to other foreign ports, 4,000 bales. Total increase in exports, 11,00 bales. From The Philadelphia Bulletin. The money market is gradually improving, and trade is beginning to present a more cheerful and encouraging aspect. The out-of-door rates for undombted names are 2@21 cent, but there is only a trifling amount offering of this description. In this city the great source of anxiety is the condition of the Bank of Pennsylvania, the certainty that it has been grossly mismanaged, the established fact that bundreds of deserving people. women 89 well as men, who hold its stock, will lose all they owned, and the difficulty of ascertaining who are the parties respensible for a calamity that will fall more heavily upon this community than any similar calamity since the failure of the Bank of the United States. At present we have no means of judging of the value of the Bank stock, except the current market rates, and the highest figure at which it has lately been sold is $10 per sbare. One year ago the same stock sold at $112. The capital of the Bank amounted to $1,875,400. We give its market value last year and this year. for the sake of comparison: $2,100,000 November, 18'6, $1,875 at $112 187,500 November, 1857, $1,875,000 at $10 1,912,500 Loss in one year All this falls upon the people of Philadelphia and its vicioity, and it must produce very great distress. This y of the Banks of this State have signified to the Anditor-General their acceptance of the provisions of the relief law. In addition to the list we have already published we have the following: Bank of North America, City Bank (Philadalphia), Exchange Bank of Pittsburgh, Bank of Gettysburg, Manufac. thrers' and Mechanics' Bank of Philadelphia, Citizens' Deposit Bank of Pittsburgh, and the Bank of Delaware County. From The Montreal Gazette, Nov 9. The financial pressure seems not to be 80 severely felt in this city, and week after week passes away without any heavy failures. In Toronto, 8 number of beavy speculators in real estate have been cempelled to suspend and make assignments, but this seems to have no appreciable effect upon commercial men here, nor have we heard of any serious commercial failure in Toronto since that of Messrs. Ross, Mitchell & Co. was announced. Business in Montreal is dull, but by no means dead, and many hope for & fair, if not & large, Winter business. From The Boston Post. This Money market continues in about the same quiet state that has been exhibited for several weeks. The banks are still increasing their specie. Oa Saturday morning they held $3 420,600, & gain of more than $1,100 000 above the lowest point of September. Money is easy enough at 6 to 8 P cent for those who retain bank confidence and call for moderate sume only. In other words, SO many large brrowere have been recently killed off that the banks are able to take care of the remaining good ones, when their requirements are reasonable. Outside ne. gotiations are on the increase, though not yet numerous. Loans on prime stock collaterals are in more favor, and paper, with a few favorite exceptions, is rather despised. With exactly the right names or stocks money is pretty easy of access in the street at to $ cent, and occasional loans are made at 12. But for anything inferior to the very best in the mind of the lender, money is almost as tight and as dear as ever. There is, however, & general indisposition manifested to submit to very high rates, with & current idea that money is to be cheaper ere long on a wide range of securities now considered inferi New-York funds continue to be in constant demand in payment, partly of debts due to more Southern cities, and partly of the redemption of Eastern money. In moderate sums, specie is bought at.1 P cent premium and sold at 1@1, according to the sharpness of the buyer. Silver is ruling cheaper. It can be had at P cent premium at retail, and offers of considerable sums have recently been made at 1 cent. People have discovered that silver change is quite as abundant as ever. We hear of no special complaint of scarcity anywhere, and presume there is little hearding at present. The banks also are paying it out with some freedom. Upon the whole, as far as Boston alone 18 concerned, there seems to be very little difference, practically, between specie paying and no specie paying, taking into consideration the greatly diminished demand for money. Everything goes on as usual. The banks are only expanding moderately on an increasing specie basis, and do no: consume one half of the credits allowed them at the Clearing-House. In our view, things are improving as fast as they ought to improve. That is to say, the tendency is evidently to that neces. sery period of easy staguation in which time and opportunity are afforded for liquidation and settlement. Money is easy enough for nearly all who, by any custom of business or rule of common sense, ought to have it, after the terrible struggle and catastrophes of the last sixty days.
Click image to open full size in new tab
Article Text
BANK OF PENNSYLVANIA.-A meeting of the stock holders of the Pennsylvania Bank was held in Philadelphia Wednesday afternoon, when it was aunounced that Mr. Alibone, the late president. had assigned his property for the benefit of the bank. The resolution for an assignment by the bank was adopted. Also, resolutions censuring President Alibone and Daniel Deal 88 colluding together in the common plundering of the bank, and declaring that whatever punishment the criminal law infliets on such dishonesty should te enforced.
Click image to open full size in new tab
Article Text
BANK OF PENNSYLVANIA. - Philadelphia, Feb. 10.-A meeting of the stockholders stockl olders of the Pennsylvania Bank was held this afternoon, when it was announced that Mr. Alibone, the late President, had assigned his property for the benefit of the bank. The resolution for an assignment by the bank was adopted. Also resolutions censuring President Alibone and Daniel Deal, as colJuding together in the common plunder of the Bank, and declaring that whatever punish ment the criminal law inflicts on such dishonesty should be enforced.
Click image to open full size in new tab
Article Text
The Bank of Pennsylvania. From a report which the directors have recently made, it appears that the whole of the capital of this institution $1,875,000, and the whole of the surplus fund, $205,316, have been sunk. The stockholders will not get one cent. The notes in circulation amount to $546,392, and the deposits to $413,396: together $960,788. These will be paid in part, perhaps in full-if the note holders and depositors wait long enough. To the other banks of Philadelphia, there is due thesum of $964,288. To cover this debt bills receivable to the amount of $1,222,965, have been pledged as collateral security; but, it is believed that a part of these will ultimately prove unavailable. To foreign banks," e. to banks not within the bounds of Pennsylvania, the sum of $225,433 is due. For this no special provision has been made. Our limits allow 118 to make only the following extracts: Among the assets were found notes,checks, etc., of an insolvent house, the head of which is the brother of the late president, amounting to $119,266 57, of which a small portion was secured by doubtful collaterals, and the effects in the hands of the assignee of the firm are expected to pay a very small dividend. Of this large sum, but $12,350 was discounted by the board of directors. * The obligations of a former director and his firm, appear to the extent of $146,818,21. 'The best inv estigation which the board have, under the pressure of other duties, and in the y short time left them for that purpose, been enabled to make, has satisfied them that some of the declared dividends were not earned, although from the manner in which the books of the bank were kept, and the results exhibited to board, there was in every instance an apparent surplus, which would have justified their being declared; a very large proportion of the deficiency can, in their opinion, be accounted for by the enormous sums paid for usury by the late president, who sold large amounts of the best bills receivable of the bank whenever its exigencies seemed to him to require it, and allowed to some parties excessive interest for deposits without consultati on with, or report to the board as to either. The proceeds of two such sales to a single individual, amounting to $178,128 08, were credited to Mr. Allibone's private account in December, 1853, and March, 1854, and do not appear to be accounted for. Other credits in that account are for sums of money which obviously belonged to the bank. That account which amounted to more than eight millions of dollars during the period for which he held the office of president, embraces very large transactions with brokers, but for whom does not appear." The transactions of the Bank of Pensylvania, of Thomas Allibone acting as President of the individual are bank, capacity, and of Thomas strangely Allibone mixed in up his together. On a thorough examination it may be found that he was not actuated by dishonest motives, but desperate speculation produces as much evil in some cases as does downwright dishonesty. With the reader's consent we will now indulge in a few moral reflections." 1st. The Bank of Pennsylvahia was one of the oldest in the country. It was established in 1792. Only two or three of the existing banks could boast of greater antiquity. It stood through all the vicissitudes of peace and war, of embargo and non-intercourse, of suspensions of specie payments and resumption of specie payments. It did, indeed, occasionally lose a hundred thousand dollars or so through the de fault of a clerk, or some such little accident, but to reduce its to Yet capital has all gone those from mishaps $2,500,000 last. Ought served only $1,875,000. it at not its melancholy fate to be a warning to other banks? 2. While the Bank of Pennsylvania, had no profits to divide, it was making large and handsome dividends. May not other banks equally as unsound as the bank of Pennsylvan be doing likewise? 3. Though the bank of Pennsylvania was rotten to the core, it made, in its quarterly returns to the auditor, as good a show of assets any bank in the country. Can any one, after this, place implicit reliance in the statements which the other banks make of their condition? 4. The personal standing of the president, or other officers of a bank, is not even presumptive which control 8 a to what evidence bank that ought the bank be. Mr. Allibone they was one of the most zealous members of the church (the P. E. C.) in Philadelphia, and of exemplary walk in all the departments of life, except, as DOW appears, was and here he Here he tempted, the banking department. fell, many others would fall, if in like haps placed as percircumstances. Let no man be so selfconfident in his own virtue as to say what he would do, and what be would not do, if he were President of a bank. the affairs so desperately were should those of be the bank entangled of as which of Pennsylvania, and his so with of be to own personal the bank, that affairs it would entangled impossible those separate the one from the other. We have room for only one more extract from the report: estimates the estate he poses as the bank a "Mr. to transfer Allibone giving margin of pro$150,000, over and above all encumbrances; amount upon enquiry, we think in if time, which be correctly realized, informed under proper management, may we are as to the amount of the prior liens."
Click image to open full size in new tab
Article Text
A CHANCE FOR THE BANK OF PENNSYLVANIA. A Phila delphia correspondent states that the wife of Mr. Thomas Allibone, the late president of the Bank of Pennsylvania, is said to be one of the heirs of the great Jennings estate, now about to be distributed in England. Should this prove true, she will receive about $2,000,000, which will enable her husband to discharge his indebtedness to the Bank of Pennsylvania, and thus enable it to resume its suspended business operations.
Click image to open full size in new tab
Article Text
Thomas Allibone to be a Millionaire. The Philadelphia correspondent of the New York Tribune gives currency to the following story : A most singular story has obtained currency here within a week or two, which is worth re-producing for the information of your readers. Mr. Thomas Allibone, the distinguished financial hero of the Bank of Pennsylvania, it is said is likely to come into possession of a fortune of two millions of dollars, in right of his wife, who is said to be one of the heirs of the great Jennings estate now about to be distributed in England among those lawfully entitled to receive it. This great estate, it may be added in this connection, is not a newspaper myth.On the contrary, it has long been known that such a fund existed in England, awaiting the appearance of the true heirs. Late English papers announce that the true heir has at length turned up in the person of one Joseph Martin, and that an eminent law firm at Liverpool had obtained administration for the heir at law from Doctors' Commons, to Elizabeth Bunch, otherwise Jennens, the daughter and heir of John Jennens of Colchester, who was the last male heir essential and heir general of the family. The personal property alone to which this admfnistration will extend, is supposed to amount to $80,000,000, while the real estate is even more valuable, the rental being estimated at $750,000 per annum. The appearance is a direct personal representative of the Jennenses, and the granting of letters of administration, has created a profound sensation in a large circle of high and influential persons in England, and has ended in the discomfiture of a host of active claimants and anxious expectants, who have been for many years seeking to obtain a share of this almost fabulous accumulation of wealth. As the owner of all this property died upwards of a century ago, his heirs have multiplied. until the number in this country is now very large. Should the rumor referred to prove correct, Mr. Allibone will be possessed of means sufficient to discharge his indebtedness to the Bank, and permit it to resume business, while retaining ample means for his own wants. I give the story as twas told to me, merely remarking that there are parties here who have the means of being well info. med on the subjeet, who believe it to be true.