13955. State Bank (Camden, NJ)

Bank Information

Episode Type
Suspension → Run → Reopening
Bank Type
state
Start Date
May 1, 1841*
Location
Camden, New Jersey (39.926, -75.120)

Metadata

Model
gpt-5-mini
Short Digest
1509533b

Response Measures

Public signal of financial health

Description

The State Bank at Camden is listed among suspended/non-specie-paying banks in May 1841. By Feb 1842 a run occurred but the State Bank at Camden had a run ... but was able to maintain herself, depositing assets in a Philadelphia bank and continuing to receive notes in deposit. Thus the bank was suspended earlier (1841) and later experienced a run but remained operating.

Events (2)

1. May 1, 1841* Suspension
Cause Details
Listed among suspended/non-specie-paying banks in May 1841; specific trigger not given in the articles.
Newspaper Excerpt
The following is a list of the suspended banks of this State: ... State Bank at Camden
Source
newspapers
2. February 1, 1842* Run
Cause
Local Banks
Cause Details
Excitable public opinion in Philadelphia and runs on other local banks created conditions allowing a run to be 'got up' on Camden.
Measures
Deposited a large amount of valuable assets in a united bank in Philadelphia; notes of the Bank were received in deposit in Philadelphia.
Newspaper Excerpt
The State Bank at Camden had a run upon it on Saturday, but was able to maintain herself.
Source
newspapers

Newspaper Articles (3)

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.


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:


Article from New-York Tribune, February 2, 1842

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Article Text

The steamer having left, there is but little inquiry for For eign Exchange. The rate for Sterling is 8 a St for first rate bills 7 a 73 for Southern: Francs, 5 30 a 5 281. Domestic Exchanges are rater dull. Alacama and New. Orleans have an appearance of improving. We quote: Philadelphia 7a7t; Baltimore 3) a 31; Virginia 9} a 10; Charles ton 12; Savannah 2) a 3; Mobile 14 a 14); New-Orleans 71; Cincinnati 13 a 14. Money is decidedly easier, and A No. 1 paper has been negotiated to-day at 7 per cent per annum. Dadley S. Gregory at Jersey City, E. D. B. Ogden of Paterson, and S. P. Britton of Elizabethtown have been appointed Receivers of the Morris Canal and Banking Compa. ny by Governor Pennington. The State Bank at Camden had a run upon it on Saturday, but was able to maintain herself. She deposited a large amonnt of valuable assets in one of the united banks in Phliadelphia, and yesterday the notes of the Bank were received in deposite in Philadelphia. In consequence of the excitable state of public opinion in Philadelphia, it is not difficult to get up a run on any bank. The Moyamensing and Penn Township Banks have been run upon to a considerable extent, but have, thus far, sustained themselves. A meeting of the directors of the several Philadelphia Banks was held yesterday, at which the Bank of Pennsylvania proposed to give security in bills payable and the additional sarety of an individual of known wealth, for the purpose of having the injunction raised and paying the interest on the State Debt. No decision was had on this proposal. Undoubtedly, after all the exertions made by the officers of the State in sustain its credit, to-day has passed away without the payment of the dividends, and Pennsylvania has thus been dishonored by the treachery of the Bank of Pennsylvania. The Bank, it is said, has used one half the amount provided for the payment of the interest, for its own purposes. Its capital was 2,500,000, of which 1,500,000 is owned by the State. Several of the banks refused to receive deposits on Monday. Pennsylvania Fives offered at 50, only 46 bid. Pennsylvania bank notes 20 to 25 per cent discount. Girard 30 per cent discount: United States Bank notes 45 a 50. Governor Porter had left Philadelphia for Harrisburg. The Chesapeake Bank of Baltimore had outlived the excitement, and confidence in its solvency had been restored. MARYLAND BANKS.-The Baltimore Patriot of Saturday evening has the following from Annapolis, under date of January 28: The committee of the Senate, to whom was referred the question of the currency together with the bill from the House in relation to resumption, will not report before the latter end of next week. They will report n new bill requiring our banks to resume on a day named. and in the meantime to resume if either Pennsylvania or Virginia resume before the day fixed for our banks. The day to be named for the resumption of our banks will give a liberal time for all interest concerned to prepare, and will be satisfactory to the discreet of all sides. OHIO BANKS-1842-A statement showing the proportion of specie on hand to the circulation of the banks of Ohio, as reported to the Committee on Banks and the Currency of the House of Representatives, during the present session of the