18727. Honesdale Bank (Honesdale, PA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
September 3, 1857
Location
Honesdale, Pennsylvania (41.577, -75.259)

Metadata

Model
gpt-5-mini
Short Digest
71955e4b

Response Measures

None

Description

Contemporary 1857 newspapers list Honesdale Bank among Pennsylvania banks that suspended specie payments in early September during the Panic of 1857. Later pieces (Oct.) dispute suspension, but the New York Herald (1857-12-16) explicitly states the Honesdale Bank has resumed specie payments, indicating it did suspend and later reopened. No article describes a depositor run; suspension appears driven by the broader 1857 crisis (macro news).

Events (2)
1. September 3, 1857 Suspension
Cause
Macro News
Cause Details
Listed among many banks suspending specie payments during the financial crisis of 1857 (panic/market failures).
Newspaper Excerpt
Among the Pennsylvania Banks that have now suspended specie payments are the Bank of Pittsburg, the Honesdale Bank, the Wyoming Bank and the new Bank of Catasqua.
Source
newspapers
2. December 16, 1857 Reopening
Newspaper Excerpt
The Honesdale Bank has resumed specie payments.
Source
newspapers

Newspaper Articles (9)
1. September 3, 1857 Kenosha Tribune & Telegraph Kenosha, WI
Article from Kenosha Tribune & Telegraph, September 3, 1857

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The past week has been an exciting one in the money market. Failures of Banks and bankers, have followed each other in quick sucseccion. The following is a list of Banks which have failed or suspended during the past ten days: Farmers Bank, Arcade Bank, Tiverton Bank, and R. I. Central Bank, Rhode Island. Woos. ter Bank and Bank of North America, Connecticut. Farmers Bank of Saratoga County, On. tario Bank, Fort Plain Bank, Hollister Bank Reciprocity Bank, and Sackets Harbor Bank New York. Mechanics Banking Ass'n. N. Y City. Warrrn Co. Bank, Farmers & Drovers Bank, Honesdale Bank, and Bank of Middletown, Pennsylvania. Kanawha Bank, Vir ginia. Several of the principal Bankers in N. Y. have also suspended: among others we may mention. The Ohio Life Ins. & Trust Co., John Thompson, Atwood & Co., and Beebe & Co.

2. September 16, 1857 The Star of the North Bloomsburg, PA
Article from The Star of the North, September 16, 1857

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Broken Banks. The following is a list of banks that are said to have either failed or suspended, which the public would do well to refuse until something more definite is known about them: Rhode Island Central Bank, East Greenwich. Tiverton Bank, Tiverton, R.I. Farmers' Bank, Nickford, " Warren Co. Bank, Warren, Pa. Kanawba Bank, Virginia. Hancock Bank, Maine. Waverly Bank, Waverly, N.Y. Winstead Bank, Winstead, Ct. Farmers' Bank, Saratoga, N. Y. Honesdale Bank, Pa. Mercantile Bank, Ct. Perth Amboy Bank, N. J. Woosters Bank, Ct. Chemung Co. Bank, Horseheade, N. Y., Hollister Bank, Buffaloe, N. Y. Owego Bank, N. Y. Buffaloe City Bank, N. Y. C Reciprocity Bank, White, Oliver, Lee & Co.'s Bank, Buffaloe N.Y. Farmers' Bank of Providence, R. I.

3. September 28, 1857 The Davenport Daily Gazette Davenport, IA
Article from The Davenport Daily Gazette, September 28, 1857

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Diecred Manko. The following is a corrected list to date, of recent euepended and discredited banks Nebracks money has been thrown out by our bro here. except the Bank of Florence Bank of the Capitol, Indianapolis, Indiana, e. . do Central Hank, do do Bank of Elgin. III as, email circulation Mechanics Banking Association N IY .. Ohio Life and Truel company, don't leetle notes. Bank of Kanewha, Va Reciprocity Bank Buffalo, N.Y now bank . . Hollister Bank, Buffalo N Y. . . Warren County Bank Pa. Bank of Middletown, Pa. Honeedale Bank. Pa Bank of North America, Conn. Ontario Bank. Utica, N.Y. Fort Plain Bank . . Farmers' Bank of Saratoga N Yee Farmers' and Manufacturere Bank Poughteepsie N Y Farmers' Bank Wickford R I M Vernon Bank, Providence R I Tiverton Bank, Fall River R I Wooster Bank, Dembury Conn. Borgen County Bank, N. Ellaworth Bank, Maine. Bank of the South County. R I Sackett's Harbor Bank N Y. This Bank which was an oid liner. was lately merged into the Recipro city Bank at Buffalo: but few of the notes of either were in circulation in the west. Exeter Bank N H South Royalton Bank, Vt. Chemung County Bank, Horseheads N Y .. Geneca County Bank, Ohio Oliver Lee & Co.'s Bank, Buffalo, N Y reported failed, e.e. Ningara River Bank Tonawanda N Y reported failed, Hancock Bank, Maine Maratime Bank, Maine America Bank, Trenton N J. Bank of New Jersey, New Brunewick; N J Huguenot Bank New Platz N Y . . Bank of South County, Wakefield R I Rock River Bank, Reloit, Wisconein . . Farmers Bank Hudeon. Wis . e. Bank of Colehester, Conn Western Bank Lockport N. Y Niagara Cocunty Bank, Lockport N Y Note means secured by Statestocks Our eubecribere ought to lose nothing by the euepension of these banks The others have but little circule tidn in the west Our readers are cautioned against exercificing notes of occured banks, as some of them will probably be reinstated, while those finally compelled to close up, in the ordinery couree of things, will pay a large proportion of their debt. -- Chicago Tribune 24th To these we may add the following Medius Hank, Medina. N Y Hank of Hallowell, Maine Girard Bank Philadelphia. Bank of Philadelphia Bank of Commerce, Philadelphia

4. October 5, 1857 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, October 5, 1857

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far Southern as neighbors. they express confidence in their ability to maintain specie payments. The Nicaragua Transit Company. as the Ameri can. Atlantic and Pacific Canal Company, is popu larly called. has made an assessment of 85 on what are known as the Canal rights. We understand that the British Bank of North America has ordered gold from England and will remit its bills for collection instead of selling then at the present low rates. The amount of gold t cover its operation will reach £500,000 per month of which £100.000 has been ordered. The New York Journal of Commerce of Friday aftenoon, says: We regret to announce the suspension of P Choutou Jr. & Co., fur dealers. with large liabili ties. The house of P. Choutou Jr., Sanf & Co. dealers in iron, although composed of several o the same partners. is a different concern with dis tinet interests and is not affected by the above sus pension. The suspension of the house of Brum mel & Roysters. tobacco dealers. is also announced This respectable firm were winding up their affair preparatory to going out of busines. but have beer caught in the storm. Messrs Swift, Ransom & Co bankers are also reported. The same paper of Saturday afternoon, has th following: The pressure to-day is not greater than expected nor the financial disasters altage unexpected Some who have stood heretofore unshaken hav gone down but the most of the suspensions hav occurred among those who were widely known Messrs. E. W. Clarke, Dodge & Co., bankers and co lecting agents. after making every possible effor to sustain themselves have at last stopped pay ment. The primary cause was the large advance required by their Boston house. J. W. Clarke & Co but they had also large connections with the west both with railroads and business firms. and hav become 80 much involved that they could not easil disentangle themselves. They have been ver) much respected. with a wide circle of friends, an will have much sympathy in their misfortunes. We also notice with regret the suspension o Messrs Gage. Dater & Sloan dry goods jobbers it Chambers street. enjoying a fair credit, and o Messrs L Bauer & Co., in the hosiery trade. The failure of Messrs. Powell, Ramsdell & Co o Newburg has been followed by the suspension 0 the Powell Bank of that city. Foreign Exchange continues inactive. with considerable quantity floating upon the market and but few buyers. Bills on London. draw against produce, have been sacrificed at 90a95 pe cent but bankers rates are quoted at 100a103. The Tribune of Saturday gives a list of the note thrown out of the banks there: The following Banks are thrown out to-day The Farmers' Bank and Hudson River Bank. at Hud son; Old Saratoga Bank. N. Y.; Thompson Bank Conn.: Phillipsburg Bank, N. J.; Bass River Bank Mass.; and Stark Bank, Vt. Many of the uncurren money dealers have been unwilling to purchase Eastern currency to-day, and buy State only to moderate extent at 1 to 2 per cent. discount. The American Exchangeand Metropolitan Banks, how ever. continue to receive as usual at 1-10 for Eas tern, and 1/4 per cent. for State, from their dealer and correspondent Banks. and we are assured the will continue to receive as long as the New York Banks sustain specie payments. THE SUSPENSION AT WILLIAMSBURG, N. Y. The Farmers' and Citizens' Bank of Williams burg, L. I., which suspended in consequence of on Thursday, had $103,000 on deposit, and about $277. discounted paper in its possession $225,000 of the latter is considered perfectly good Depositors have been assured that they will no lose in the slightest degree, although they may have to wait a short time for their money. The circulation of the Bank was $100.000, and as this i secured by State stocks, the bill-holders canno suffer. It is believed that the Bank will very soor redeem all its circulation. dollar for dollar. MARYLAND. The Baltimore Patriot of Saturday, learns th following: Our banks are discounting only to a limited ex tent, and disposed to restrict their lines as much a possible-hence mercantile accommodations ar less than generally supposed. As much, however, is being done as can be with prudence and due regard to the future. Quite large amount of good business paper is offering or the street, but capitalists being backward-not posed at present to invest largely-negotiation are consequently, restricted. Good to first clas notes may be quoted nominally at to 2 per cent a month-very little under the highest name figure and difficult to sell at that. Second clas meets with but little consideration. Money on call ranges from 13/4 to 2 per cent. Exchange on the North has materially advanced and is now selling at to 10 per cent. premium We quote Virginia bank notes (old) at 3a 4 pe cent. discount, and other descriptions at 5 a 6 pe cent. discount. North Carolina difficult of sal at 5 to 6 and 7 per cent. discount. Ohio and West ern bank notes are not selling to any considerabl extent. Specie in demand. Gold has advanced. and sell to-day at 7 to 10 per cent. premium. as to amounts &c. Silver is also in pressing request, and som banks have been selling it in small sums to mee exigencies. at to 6 per cent. premium. This ad vance in price is caused by an absolute necessit for small change in the way of convenience to pa laborers and others. The banks. we learn, are obtaining as much of it a they possibly can to accommodate their customers Great difficulty and much distress exists amongs the poorer classes. Many of them are forced t sacrifice, comparatively speaking. much of thei earnings, in order to procure small change, or us the money given for services rendered. IN PENNSYLVANIA. The Philadelphia Ledger of Saturday. says: Monetary affairs here. are more quiet. but mone is as hard to command as ever. and if there is les excitement. it is only because there is lessened et fort to resist the seemingly overwhelming difficult ties that threaten to whelm in ruin SO many of on active, though unwisely extended, business men.Our banks are acting with more uniformity and i is hoped a good understanding may be establishe among them by the time the legislature goes int session. Coin is already fast hiding itself from view. The difference between coin and paper still 5 per cent., with a moderate business a these rates. Among the Pennsylvania Banks that have no suspended specie payments are the Bank of Pitts burg, the Honesdale Bank. the Wyoming Bank and the new Bank of Catasqua. FORWARDING CROPS TO MARKET. The Chicago Tribune of the latest date state that several of the leading banks of that city have entered into an arrangement to advance currenc for the purchase of grain, taking the bills of lad 10g in the name of the bank making the advance and selling the grain on account of the home pur chaser The Tribune says: The obj of this arrangement is, of course. to

5. October 7, 1857 The Star of the North Bloomsburg, PA
Article from The Star of the North, October 7, 1857

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The Honesdale Bank has not suspended, and is probably the only bank in the State which has not. Its business relations are almost exclusively with the New York Ban ks.

6. October 12, 1857 The Evansville Daily Journal Evansville, IN
Article from The Evansville Daily Journal, October 12, 1857

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DISCREDITED BANKS. The following IS a corrected list. todate, of recen SUSPENDED and DISCREDITED Banks: Arcade Bank, Providence, H I. America Bank, Trenton. N:J., Agricultural Bank, Tenn: Agricultural bar. K; herkiner, N. Y. Bergen County Bank N.J. Bank 01 Canandaigtta, N.Y. do Napervilie, Iii. do Beleville, de Nashville, Tennessee. do do Springfield, Ohio. do Toumseh, Michigan. do Orieans, N.Y. do New Jersey, New Brunswick, N.J. do Kent, R.I. do Halloweit, Me. do America, Tenn. do West Ternessee, Tenn. do Paris, Tenn. do Corning. N.Y. do the South County, R.I. North America, Connecticut. do do Kanawha. Virginia. do Elgin, III., S. S., small circulation. do the Capitol, Indianapolis, Indes. S. do Middleton, Penn. do Watertown, N.Y. des Chester, Li. do Eigin, do do Pike County, Ill. Central Bank, Indianapolis, Ind.,,s. Chemung County Bank, Horse Heads, N.Y.,s.s. Clinton Bank, Columbus, Ohio. Cty Bank, N.J. Cum erland Savings Institute, Md. Commercial Bank, Columbia, S. C. Citizens' Bank, Tenn. Corn Exclusive Bank, III. Charter Oak Bank, Hartford, Conn. Colchester Bank, Com. Danly Bank, Vt. Davton Bank. Ohio. Dairyman's Bank, Newport, N.Y. Ellsworth Bank. Maine. Exeter Bank. N. H. Exchange Bank. Pittsburgh, Pa Exchange Bank. Hartford, Corn. Farmers' Bank of Saratoga Co., N. Y.,s.s Farmers' and Mmmufacturer's Bank, Poughkeepsie. Farmers' Bank, Wickfort, R.1. Farmers & Mechanics' Dabs ent county, Md. Farmers and Merchants' Bar Md. Eairfie County Bank, Nor alk, Ct. Farmers N Arechanics' Buk, Detroit, Mich. Honesdale Bank, Pennsylvania. Hollister Bai k, Buffalo, N. Y.,s.s. Harcock Bank, Maite. Hugenot Bank, N.Y. H pkinton Bank, Westerly. R T. Hamilton Exchange Hank, Hamilton, N.Y. Island is Bank. Yreity, Jefferson 1 anty Bar K. N.Y. Lee Bilik, Massa have ts: Mechanics' Banking Association, N. Y., Mount Verhon Bank, Providence, R. I. Maratine Bar K, Maine. Monson River Bank. Mark Madomb County Bank, Mehigane Mechanics' Banking Association; N. Treity, Morizan Bank, Ga. Miami Valley Bar K, Ohio. Medina Bank, Medina, N.Y. Munson Bank. Mass. M rehants & Manufacturers' Bank, Pittsburgh, Pa. Mercantile Bank. Hardford, Coub. N.Y. Security Bank, N. Y. Nebraska money has been thrown out by St. Louis brokers, excepting the Banks Florence: Niagara River Bank, Tonawanday N.Y., reported failed, S.S. Ontario Bank, Utica, N.Y. Ohio Life Trust Company, lon'tissue rotés: Oliver Lee & co. Bank, N. reported failed, S. S. Ocnee Bank: Tenn. Outario County Bank, Phelps, People's Bank, N.Y city. reported failed, S: S. Paweatuck Bank, Paweatuck. Ct. Port Plain Bank, N. Y..s.s Reciprecity Bank, Buffak, N. YL. frew bank, S. Rhode Island Central Bank, R:1: Sanford Bar K/Me. Sackett's Harber Banks N. South Royalton Bank, It. Seneer County Bank, Ohio. Southern Bank, Georgia. Stock Security Bank, Illinois. Tippecanoe Bank, Logansport, Ind. Tiverton Bank, Fall River, R.I. Union Bank, Frenchtown, N.J. Unadilla Bank, N.Y. Warwick Bank, R. I. Wonster Bank, Danbury, Conn. Warren County Bank, Penn. Yates County Bank, Penn Yan, N.Y. NOTE.-"S. S." means securet by state stock. Most of these Banks will pay their circulation in full, and holders of their bills should not submit to a large discount on them.

7. October 16, 1857 Lewisburg Chronicle Lewisburg, PA
Article from Lewisburg Chronicle, October 16, 1857

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The Honesdale Bank has not suspended, and IS probably the only bank in the State which has not. Its business relationsare almost exclusively with the New York Banks.

8. November 25, 1857 Democrat and Sentinel Ebensburg, PA
Article from Democrat and Sentinel, November 25, 1857

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Consolidation Bank, Nov. Bank of Chambersburg, Nov. Reading Savings Bank, Bank of Danville, Nov.1 Western Bank, ,Nove South Wark Bank Nov. Miners' Bank of Pottaville, WE Tradesmen's Bank of Philadelphia, Nov, Farmers' and Mechanics' Bank of Ponasylvania, Nov: Mechanics' Bank of Pittsburg, AGA Bank of Penn township, Nov: Kensington Bank, Nov, Farmers' Bank of Reading, Nov. Lebanon Bank, Nor: Laneaster County Bank, Nov Girard Bank, Nor Easton Bank, Nov, Allentown Bank, Nov, Bank of Lawrence county, Novi Wyoming Bank at Wilkesbarre, Nor, Anthracite Bank of Tamaqua, Nov, Farmers' Bank of Easton, Nov. Doylestown Bank, Nov. Lock Haven Bank, Nor Commercial Bank of Pennsylvania, Nov. Bank of Germantown, Nov. Farmers' Bank of Lancaster, Nov. Merchants' and Manufacturers' Bank of Pittsburg. Nov. Mochanies' Bank of Philadelphia, Nov Harrisburg Bank, Nov. Bank of the Northern Liberties, Nov, Bank of Middletown, Nov. Mauch Chunk Bank, Nov. Columbia Bank, ,Now, Bank of Commerce. Nov Six Penny Savings Institution, of Philadelphia, Nov / Bank of North America, Nov City Bank, (Philadelphia,) Nov Nov Exchange Bank of Pittsburg, Bank 0: Gettysburg, Nov Manufacturers' and Mechanica' Bank of Philadelphia, Nov Nov Citizens' Deposit Bank of Pittsburg, Honesdale Bank, No Bank of Delaware county, Nov. Nov Bank of Montgomery County, Bank of Pennsylvania, NW York Bank, Nov1 York County Bank, Nor] Nor] Philadelphia Saving Fund Society, Lewisburg Bank, Nov West Branch Bank, Nor Not Bank of Choster County, Penn'a Co. for Insurance on Lives and Granting Annuities, Nov.] National Safety, Insurance and Trust Co., Nov Western Saving Fund Society of Philadelphia, Nov. Central Insurance Co., Harrisbarg, Nov War. en County Bank, Not No further notice of acceptance have be received at the Auditor General's office (4 several days past, and it is therefore preus ble that those Banks that have not signition their accaptance, have declined the provi ions of the law. Woobserve, however. fre the newspapers. that the Erie City Back au the Bucks County Bank, bad taken to accept, but no notice to this effect has : been received at the Author's Department The law allowed the Banks thirty days ter the date of suspension, to accept the pr visions, and required them to give notice the Auditor General of the factor acceptant All the new Banks pay specie. Mr. C. McLain, Bank clerk of the depart ment, is entitled to our thanks for his tesy in giving access to the books from which we have derive di our statement We append a list of the Banks and Savings Institutions, from hom no notice of servy tance has been received, as follows :-

9. December 16, 1857 The New York Herald New York, NY
Article from The New York Herald, December 16, 1857

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shows that the road earned net just about enough to pay operating expenses and keep up construction account. This is just what we have always said about this company. The road just about takes care of itself, and every dollar of dividend paid is borrowed. All the balance sheets, all the income accounts, all the items of future earnings, all the mode of surplus accounts, all the art of bookkeeping and doctoring figures, cannot overcome nor do anything with these facts. This brings the company's finances from the consolidation down to the 30th of Sep tember, 1856. The last annual report for the year ending Sept. 30, 1857, is just out. We shall one of these days analyze it and incorporate the results with those for the previous three years. The whole matter, financially, is contained in a outshell. The New York Central Railroad Company ways has borrowed its dividends, and it always must. This is clear enough to our mind, and the public begin to think SO too. There are reports from the other side that large subscriptions have been made to the new loan of the Erie Railroad Company. This wants confirmation; but if the account stated is correct, it will not suffice to relieve the company for any length of time. The inflation in Michigan Southern, old or preferred stock, is one of the most speculative movements of the day. It is all artificial-all fictitious. Holders of the preferred stock of the Michigan Southern Railroad Company say that the ten per cent dividend is guarantied, and that all arrears become a floating debt of the company. This question will proba. bly be left for adjustment by some legal tribunal. There are many strong arguments in favor of such a claim. The ten per cent dividend is guarantied, and 80 the certincates read. Reading continues active, without much itaprovement. At the second board the market was weak for some stocks. Erie fell off 1/4 per cent; La Crosse and Milwaukie, ½; Pacific Steamship Company, ½; Cumberland Coal, ½. Speculation is confined to a very few brokers. Outsiders look on with indifference, and cannot be induced to touch railroad stock at any price. In this they are wise. Leave railroad stocks to Wall street specu lators. The Assistant Treasurer reports to-day as follows:$50,002 00 Total receipts Total payments 35,592 47 Total balance 4,250,706 76 The receipts include $50,000 from customs. The Star of the West, it appears, brought no treasury drafts-at all events, none have yet been presented. This accounts for the increase in the specie remittance from San Francisco. The steamers usually bring drafts on the Assistant Trea surer of this port to the amount of two and three hundred thousand dollars. The paragraph in this morning's paper relative to the suspension of operations on the part of the Honduras Railroad Company, was simply a misconception on the part of the individual from whom the statement emanated. The company have never been engaged in any other operations than in surveying, and they are going on 88 usual. It is expected that the engineers will complete their report by the 1st of February next, when the company will go on, if deemed advisable and feasible. The Union Bank has declared a semi-annual dividend of four per cent, leaving S surplus of $260,000. The Fulton Bank has declared a semi-annual dividend of five per cent, payable on the 2d of January. The PhMlipsburg Bank at Phillipsburg, N.J., having resumed specie payments, its bills of all denominations are now redeemed, as heretofore, at the Bank of the Commonwealth. The Honesdale Bank has resumed specie payments. The exchanges at the Bank Clearing House to day were $12,099,990,94, and the balances paid amounted to $743,239,20. The Boston and Lowell Railroad Company have declared a semi-annual dividend of three per cent, payable on the 1st of January. Messrs. Moller & Riera will pay at their office, No. 26 South street, on the 28th inst., the interest due that day on $31,500 of the bonds of the Spanish Gas Light Company of Havana. The Cunard steamer, from Boston to Liverpool to morrow (Wednesday), will take out upwards of half a million in specie. There has been an active business in sterling exchange for this packet. The best drawers are asking 9½ a 9½ per cent on London, and on Paris 5f. 25 a 5f. 17½ Cabal navigation in the State of New York closes to morrow. Nearly or quite all the boats have got through The weather is so mild that lake navigation still continues. The value of merchandise warehoused in Boston for the Week ending Dec. 11 was as follows:$108,506 Dry goods All other merchandise 393,469 Total $496,974 Warehoused for CanadaDry goods, none. All other merchandise 1,427 Total value $498,401 The report of the President and directors of the Central Railroad and Banking Company of Georgia, for the past year, states that the earnings of the road for the year have been $1,126,303 16; the ordinary current roa expenses have been $580,334 63; leaving a net revenue of $545,974.52. Messrs. Gwynne & Day, of Wall street, furnish the following quotations for currency, certificates of deposit, checks, specie, &c.:Checks and Certificates of Bank Notes.