13944. Burlington Bank (Burlington, NJ)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
September 30, 1857
Location
Burlington, New Jersey (40.071, -74.865)

Metadata

Model
gpt-5-mini
Short Digest
1853d631

Response Measures

None

Description

Multiple 29–30 Sept 1857 reports state the Burlington Bank 'partially suspended' specie payments, influenced by the action of Philadelphia banks. Articles emphasize partial/temporary suspension, payment of small sums, and expectation to resume when Philadelphia banks resume; no explicit run or permanent failure reported.

Events (1)

1. September 30, 1857 Suspension
Cause
Local Banks
Cause Details
Partial suspension driven by the influence and actions of Philadelphia banks during the 1857 financial crisis (banks eastward suspending specie payments).
Newspaper Excerpt
The Burlington Bank has not failed ... but being influenced by the action of the Philadelphia banks, it has partially suspended; it continues to pay out small sums in coin.
Source
newspapers

Newspaper Articles (6)

Article from The New York Herald, September 30, 1857

Click image to open full size in new tab

Article Text

THE CRISIS IN NEW JERSEY. TRENTON, dept. 29, 1857. H. H. Bottom & Co., paper dealers, and Bottom, Tiffany & Oo., machinists, suspended to-day, on account of pro tested New York paper. The Barlington, Camden, Cumberland and Salem banks are reported to have suspended. The East Jersey banks, including the frenton, more immediately affected by New York, will hold out. Our business men complain that the refural of our banks to discount will seriously affect them. Six e'CLOCK P.M. Everything is perfectly quiet. The banks paid all the demands upon them to day. The suspension of Mesara. Bottom & Tiffany, merchants, is contradicted. SALEM. N. J, Sept. 29, 1857. The report from Trenton needs modification. The Salem Bank, influenced by the action of the Philadelphia banks though prepared to mee; its issue, has only partially sus pended. It redeems "Aves," ani cashes the checks o depositors in its own bills. It continues also to exchange notes on banks good in Philadelphia and New York.


Article from Evening Star, September 30, 1857

Click image to open full size in new tab

Article Text

TELEGRAPHIC NEWS. FROM THE ASSOCIATED PRESS. n The Financial Crisis. RICHMOND. Sept. -There has been but a moderate demand for specie on our banks so far, and they still express a confidence in their ability to meet any demand which may be brought, NORFOLK, Sept. 29.-The Farmers' Bank at Elizabeth City, N. C., has suspended. Brokers here are buying its notes at 50 per cent. discount. The Norfolk banks are all firm. Albany, Sept. 29.-The ron on the Savings Bank here has subsided. gold drawn out under the influence of the panic yesterday being returned to-day. TRENTON, N.J., Sept. 29.-Messrs H. H. Bot tom & Co paper dealers, and Messrs. Bottom, later Tiffany & Co. machinists, have suspended. [A dispatch says the reported failure of the latter firm is contradicted Money matters are quiet here. Our banks are meeting all demands made upon them. SALEM, N Sept. 29-The report from Trenton in regard to the Salem Bank needs modification The Salem Bank, influenced by the action of Philadelphia, though prepared to meet its issues, has partially suspended It redeems its fives, cashes the checks of depositors in its own bills, and continues to exchange the notes of banks good at Philadelphia and New York NEW York, Sept. 29.-The Burlington, Camden, Cumberland and Salem (N. J.) banks are reported as failed. The East Jersey banks, including Trenton, will hold out while the New York banks remain firm. Money affairs are more cheerful here in consequence of a report that the banks are considering the expediency of expanding the loans to the extent of several millions. No large failures are reported. Exchanges are very variable and unsettled. There is no fixed price to quote. The brokers here are crying down Eastern and Jersey money. Some refuse to touch the tormer at any price LATER -Our bank presidents have recommended the extension of the discount line to three per cent. for the coming week, which will amount to over $3,000,000. BOSTON, Sept. 29.-There is nothing new to notice in mancial matters. There is a better feeling, however, and full confidence in the stability of the banks. Ata meeting of the bank presidents to-day, a proposition to discount to the extent of ten per cent. of their capital during the coming week was unanimously favored, but definite action was postponed till to-morrow to allow absentees an opportunity to vote. The banks have gained $90,000 in specie to-day. PHILADELPHIA, Sept. City and Southwark Banks paid out specie to-day on their small notes, despite the agreement of yesterday. They received the notes of the other banks on deposit, except those of the Pennsylvania Bank A dispatch from Bridgton, N. depies the report that the Cumberland Bank has failed. It paid out liberally to-day and confidence in its soundness is unabated. CHICAGO, Sept. 29.-Messrs. Trinkham & Co., have banks. suspended, but there is no run on the other Sr. LOUIS, Sept. 29.-There is a run here upon the bankers. Messrs. Bozy & Miltenberger have suspended in consequence of the non-arrival of a supply of specie now in transitu. They will probably resume to-morrow. Our other banks have promptly met all demands upon them. The assets of Messrs. Anderson & Co., and Dailey and Carksdale, who suspended yesterday, largely exceed their liabilities, and it is supposed that they will soon resume A card has been published, signed by our wealthiest citizens, certifying the solvency of Messrs. Lucas & Co. and Renick & Patterson. erally Our banks continue firm and are discounting libNEW YORK. Sept. 29.-There is a greatly improved feeling here to-day, mainly in consequence of a more liberal policy by the banks, which have promised the merchants all the aid in their power. Stocks recovered a portion of yesterday's decline, and the general appearance of financial affairs is encouraging. BUFFALO, Sept. 29.-The suspension of Heron & Brothers, bankers at Dubuque. is announced. Their liabilities are one hundred thousand dollars, and their assets are said to be double that sum. LOUISVILLE, Sept. 29 -The brokers of this city are purchasing only the notes of the Indiana State Bank, the Bank of Missouri and the issues of the New Orleans banks. All other western and southwestern currency is refused. BOSTON, Sept. 29.-A meeting of the presidents of the Boston banks was held at the Suffolk bank this afternoon, but nothing was decided upon. They adjourned till to-morrow morning. INDIANAPOLIS, Sept. 29 The bills of the Tippecanoe Bank, located at Logansport, are thrown out by brokers here NASHVILLE. Tenn., Sept. 28.-Confidence is felt that the Bank of Nashville will be able to pay all demands upon it, and have a large surplus besides. The merchants held a meeting and recommended the Union Bank, the Planters' Bank and the State Bank to suspend, but they refused to do so. Several of the free banks were thrown out to. day. CINCINNATI, Sept. 28.-The excitement in consequence of the unfavorable advices from the East has paralized business in this city. New York exchange is quoted at par, but only small amounts will be purchased at this rate. The paper of an iron house and a shoe and leather house has been protested. J. B. Holmes, manufacturer, has assigned. ROCHESTER. N. Y., Sept. 28.-All is quiet here. All our banks are paying specie as usual, and all reports to the contrary are false. SECOND DISPATCH


Article from New-York Daily Tribune, September 30, 1857

Click image to open full size in new tab

Article Text

THE BANKS OF TRENTON, N. J. TRENTON, Tuesday, Sept. 29, 1857. W. H. Bottom & Co., paper dealers, and Bottom, Tiffany & Co., merchants, suspended to-day on account of protested New York paper. The Barlington, Camden, Cumberland and Salem Banks are reported to have suspended. The East Jersey Banks, including the Trenton, more immediately affected by New-York, will hold out. Six o'clock p. m.-Everything is perfectly quiet. The banks paid all the demands upon them to. day. The suspension of Mesers. Bottom & Tiffany, machinists, is contradicted. SALEM, N. J., Tuesday, Sept. 29, 1857. The report from Trenton needs modification. The Salem Bank, influenced by the action of the Philadelphia Banks, though prepared to meet its issue, has only partially suspended. It redeems "fives," and cashes the checks of depositors in its own bills. It continues, also, to exchange notes on Banks good in Philadelphia and New- York.


Article from The Evansville Daily Journal, October 1, 1857

Click image to open full size in new tab

Article Text

Partial Suspension. 183 BURLINGTON, N.J., Sept. 30-M. The Burlington Bank has not failed-being abundantly able to pay all its circulation and deposits, but being influenced by the action of the Philadelphia banks, it has partially suspended ; it continues to pay out small sums in coin. The Mechanics' Bank of Burlington county, is doing the same.We are assured they are entirely sound and will resume specie payments as as soon as the Philadelphia banks resume, and at an earlier day if such a course is deemed prudent. The notes of the Burlington Bank are redeemed in Philadelphia, and the notes of the Mechanics' Bank ut the Bank of North America.


Article from Cooper's Clarksburg Register, October 2, 1857

Click image to open full size in new tab

Article Text

positors are payable on demand there was a run. The officers of these institutions generally assured applicants that all would be right, but that they must have patience and wait until they could make the needful arrangements with the banks and their own debtors. The Wheeling Argus of Thursday, contains the following In consequence of the prevalent depression of the money market throughout the country, our banks yesterday suspended the redemption of their paper. This event has been anticipaied by our citizens for several days past. Not that any had a doubt of the banks being able and prepared to redeem their circulation with the coin, but that the interests of the community in which they are located, required them to pursue this course. At a meeting on Saturday evening, a resolution was unantmously passed requesting the Presidents and Directors of the different banking institutions to adopt this method of protecting them during the monetary crisis through which the country is now passing, which shows that the movement met with the approbation of the public, and that there is no doubt entertained in regard to the solvency of the banks. The following is the very latest we have in regard to the banks. It is to be hoped that the Virginia banks will not find it necessary to suspend WASHINGTON, Sept. 29.-The Bank of Commerce, at Georgetown, which continued to redeem its issues in specie up to to day, has come into the arrangements between the District banks, and suspend. ed specie payments altogether. The Farmers and Mechanics' Bank of Georgetown suspended. RICHMOND, Sept. 20.-There has been but a moderate demand on our banks for specie so far, and they still express confidence in their ability to meet any demands which may be brought. NORFOLK, Sept. 29.-The Farmers' Bank, at Elizabeth city, North Carolina, has suspended. Brokers here are buy ing its notes at 50 per cent. discount. The Norfolk banks are all firm. ALBANY, Sept. 29.- The run on the Savings Bank here has subsided, gold drawn out under the influence of the panic yesterday being returned to-day. TRENTON, N. J., Sept. 29.-Messrs. H. H. Bottom, & Co., paper dealers, and Messrs. Bottom, Tiffany, & Co., machin> ists, have suspended. A later dispatch says the reported failure of the latter firm is contradicted. TRENTON, N. J., Sept. 29.-Money matters are quiet here. Our Banks are meeting all demands upon them. SALEM, N. J., Sept. 29.-The report from Trenton, in regard to the Salem Bank needs modification. The Salem Bank, influenced by the action of Phila adelphia, though prepared to meet its issues, has partially suspended. It redeems its fives, cashes the checks of depositors in its own bills and continues to exchange the notes of banks good at Philadelphia and New York. New YORK, Sept. 29.-The Burlington, Camden, Cumberland and Salem (N. J.) banks are reported as having failed. The East Jersey banks, including Trenton, will hold out while the New York banks remain firm. Money affairs are more cheerful here in consequence of a report that the banks are considering the expediency of expanding the loan to the extent of several millions. No large failures are reported. Exchanges are very variable and unsettled. There is no fixed price to quote. The brokers here are crying down Eastern and Jersey money. Some refuse to touch the former at any price. Later.Our bank presidents have recommended the extension of the discount line to three per cent. for the coming week, which will amount to over $3,000,000. Bosron, Sept. 29.-There is nothing new to notice in financial matters. There is a better feeling. however, and full contidence in the stability of the banks. Bosron.-Sept. 29.-At a meeting of the bank presidents to-day, a proposition to discount to the extent of tenth per cent. of their capital during the coming week, was unanimously favored, but definite action was postponed until to-morrow to allow absentees an opportunity to vote. The banks have gained $90,000 in specie today. PHILADELPHIA, Sept. 29.-The City and Southwark banks paid out specie to-day on their small notes, despite the agreement of yesterday. They received the notes of the other banks on deposit, except those of the Pennsylvania Bank. PHILADELPHIA, Sept., 29.-A dispatch from Bridgeton, N. J., denies the report that the Cumberland Bank has failed. It paid out liberally to-day, and confidence in its soundness is unabated. CHICAGO, Sept 29.-Messrs. Thinkham, & Co. have suspended, but there is no run on the other banks.


Article from Weekly National Intelligencer, October 10, 1857

Click image to open full size in new tab

Article Text

SUSPENDED BANKS EASTWARD. The New York Sun gives the following list of Banks located east of Maryland which have suspended specie payments : MAINE. Canton Bank, China. Monsum River Bank, Sanford. Exchange Bank, Bangor. Sanford Bank, Sanford. NEW HAMPSHIRE. Exeter Bank, Exeter. Weare Bank, Hamilton Falls. RHODE ISLAND. All suspended specie payments. MASSACHUSETTS. Bass River Bank. Western Bank, Springfield. Lee Bank, Lee. VERMONT. Danby Bank, Danby. South Royalton Bank, South Stark Bank, Bennington. Royalton. CONNECTICUT. Bridgeport City, Bank, Bridgeport. Thompson Bank. Bank of Hartford County. Windham County Bank. Bank, of North America, Seymour. Mercantile Bank, Hartford. Colchester Bank, Colchester. Exchange Bank, Hartford. Pawcatuck Bank. Charter Oak Bank, Hartford. NEW YORK. Agricultural Bank, Herkimer. Island City Bank, N. Y. city. Leonardsville Bank. Bank of Canandaigua. Bank of Central New York, Utica. Mechanics' Banking Association, Bank of Lima. New York city. Bank of Old Saratoga. Medina Bank. Bank of Orleans, Albion. Niagara River Bank, Tonawanda. Bank of Watertown. Oliver Lee's Bank, Buffalo. Chemung County Bank. Ontario County Bank, Phelps. Dairymen's Bank, Newport. Ontario Bank, Utica. Farmers' and Citizens' Bank, L.I. Oneida Central Bank, Rome. Farmers' Bank, Hudson. Powell Bank, Newburgh. Hamilton Exchange Bank. Reciprocity Bank, Buffalo. Hollister Bank, Buffalo. Sacketts' Harbor Bank, Buffalo. Hudson River Bank. Western Bank, Lockport. Huguenot Bank, New Paltz. Worthington Bank. Yates County Bank, Penn Yan. NEW JERSEY. America Bank, Trenton. Bank of N. J.; N. Brunswick. Bergen County Bank. Bordentown Banking Company. Burlington Bank. Burlington County Bank. Camden Bank, Camden. Cumberland Bank, Burlington. Farmers' and Mechanics' Bank, Gloucester Bank, Woodbury. Camden. Hunterdon County Bank. Mount Holly Bank. Phillipeburgh Bank. Princeton Bank, Princeton. Salem Banking Company, Salem. Union Bank of Frenchtown. PENNSYLVANIA.