14324. Salem Banking Company (Salem, NJ)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
September 29, 1857
Location
Salem, New Jersey (39.572, -75.467)

Metadata

Model
gpt-5-mini
Short Digest
6040b4ee

Response Measures

None

Description

Articles (Sept 29 and Oct 1857) report the Salem Banking Company 'partially suspended' on Sept 29, 1857 and continuing to redeem small notes and cash checks. The suspension appears driven by actions of Philadelphia banks; no run or permanent closure is reported in these items.

Events (1)

1. September 29, 1857 Suspension
Cause
Correspondent
Cause Details
Partially suspended payments influenced by actions of Philadelphia banks (pressure from correspondent/clearing banks).
Newspaper Excerpt
The Salem Banking Company, being influenced by the action of the Philadelphia banks, though prepared to meet her issue, has partially supended.
Source
newspapers

Newspaper Articles (2)

Article from Delaware Weekly Republican, October 1, 1857

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Article Text

THE NEW JERSEY Banks.-Trenton, Sept. 29.-The Banks of this place are paying all their demands, and everything continues quiet. Salem, N. J., Sept. 29.-The report from Trenton of the failure of the Salem Bank, needs modification, The Salem Banking Company, being influenced by the action of the Philadelphia banks, though prepared to meet her issue, has partially supended. That bank continues to redeem her notes of the denomination of five dollars and under, with a view to supply the community with the necessary change. It freely cashes the checks of depositors inits own bills, and continues to exchange the notes of such banks as keep their accounts in Philadelphia and New York city. Bridgeton, N. J., Sept. 29.-The Cumberland Bank has not failed, as represented. It continues to pay out liberally to business men.There is no excitement here, and the confidence of the community is unabated in the bank. OPERATIONS OF NEW York BANKS.-New York, Sept. 29.-The brokers are crying down Eastern and New Jersey money. Some refuse to touch the former at any price. The Bank Presidents recommend an extension in the discount line of three per cent. for the coming week, which will amount to over $8,000,000. THE ALBANY BANKS.-Albany, Sept. 29.The run on the Savings Banks of this city has subsided. The gold drawn out in the panic yesterday is being returned to day. FINANCIAL AFFAIRS AT Boston.-Boston, Sept. 29.-There is nothing new in financial affairs. A. better feeling prevails. Full confidence is experienced in the stability of the banks. Boston, Sept. 29.-Eventng.-At a meeting of the Bank Presidents to-day, a proposition to discount ten per cent. of the capital during the week was favored, but definite action was posiponed till to-morrow, in order to allow absentees an opportunity to vote. The banks gained $90,000 worth of specie to-day.


Article from Weekly National Intelligencer, October 10, 1857

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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.