12773. Salem Banking Company (Salem, NJ)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
May 5, 1841
Location
Salem, New Jersey (39.572, -75.467)

Metadata

Model
gpt-5-mini
Short Digest
a581ad9e1345e00e

Response Measures

None

Description

Both articles (May 1841 and Jan 1842) list the Salem Banking Company of Salem, NJ among the suspended or non–specie-paying banks. There is no mention of a run, reopening, or receivership in the provided clips; suspension is explicitly indicated. The continuation of non-specie status into Jan 1842 suggests a prolonged suspension; lacking evidence of reopening, I classify as suspension_closure but note that permanent closure/receivership is not explicitly stated in these excerpts.

Events (2)
1. May 5, 1841 Suspension
Cause Details
Listed among suspended (non–specie paying) banks in New Jersey; specific trigger not stated in the articles
Newspaper Excerpt
The following is a list of the suspended banks of this State: ... Salem Banking Company, at Salem
Source
newspapers
2. January 31, 1842 Suspension
Cause Details
Still classified as non-specie paying / suspended in January 1842; continuation of suspension rather than a new cause
Newspaper Excerpt
Salem Banking Co., listed among Non-Specie Paying Banks
Source
newspapers

Newspaper Articles (2)
1. May 5, 1841 Jeffersonian Republican Stroudsburg, East Stroudsburg, Milford, PA
Article from Jeffersonian Republican, May 5, 1841

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Article Text

The notes of the non-specie paying banks of New-Jersey, are worth in New-York only 94 cents to the dollar. The notes of those which pay specie are at par or a half per cent. discount. The following is a list of the suspended banks of this State: Burlington County Bank at Medford, Cumberland Bank at Bridgeton, Farmers' Bank of New-Jersey at Mount Holly, Mechanics' Bank of Burlington, Mechanics' and Manufacturers' Bankat Trenton New-Hope Delaware Bridge Co. Lambertville, Princeton Bank at Princeton, Salem Banking Company, at Salem, State Bank at Camden, Trenton Banking Company, Trenton. Sussex (N. J.) Register.

2. January 31, 1842 The Daily Madisonian Washington, DC
Article from The Daily Madisonian, January 31, 1842

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Article Text

Non-Specie Paying Banks. " 1 2 Trenton Banking Co., " 1 9 State Bank, Camden, " 1 5 Salem Banking Co., Mech. & Manu. Bank, " 1 3 Trenton, Farmer's Bank, N. J., " 1 3 Mt. Holly, 1 3 Mech. Bank, Burlington, New Hope Delaware 1 36 Bridge Co., 1 3 Cumberland Bank, " Burlington Co, B., Medford, 1 Princeton B., $1 "specie & specie funds" 4 It will be observed that the non specie banks, (omitting the New Hope and Delaware,) have, on an average, quite as much specie on hand, in proportion to their circulation, as the specie paying banks have. In this respect their condition is much better than it was a year ago. Their circulation has been materially lessened, while their specie has increased.This is the effect of the talk about resumption. The following schedule exhibits the circulation and specie of the suspended banks in Jan. 1841, and Jan 1842: