Bank of Lewistown - Lewistown, PA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: January 19, 1848
Location: Lewistown, Pennsylvania (40.597, -77.572)

Metadata

Model: gpt-5-mini
Short Digest: de46e57e

Response Measures

None

Description

Article (New-York Daily Tribune, 1848-01-19) reports the bank made an assignment of its remaining effects; court appointed assignees and an appraisal showing limited means. No run is mentioned; this is a suspension/insolvency leading to closure/receivership.

Events (2)

1. January 19, 1848 Receivership

Newspaper Excerpt: the Court appointed Francis McClure, Jas. Dickson and D. W. McCormick, Esqs. assignees, who, we learn, have entered on their duties. The Court also appointed ... to make an appraisement of the assets of the Bank. Their report ... makes the means $158,000, This amount, pitted against the circulation, shows conclusively that the notes are worth but little if anything, as seven-eighths of the above sum will be paid in notes of the Bank.
Source: newspapers

2. January 19, 1848 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Court-approved assignment of the bank's remaining effects due to insolvency; appraisement showed only $158,000 in means against outstanding circulation, indicating insolvency.
Newspaper Excerpt: The Lewistown Gazette says the assignment made by the Bank of its remaining effects was brought before Court last week, and decided to be legal.
Source: newspapers

Newspaper Articles (1)

1. January 19, 1848 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, January 19, 1848

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Article Text

chargeable to previous years, making a total of $110,092, beside the cost of thirty new freight, two passenger cars, and two locomotives, $27,100, charged of and in current expenses. 400 cars and 23 twenty-ton locomotives have been ordered to make the road stock equal to its increasing business. The gain of freight business during the year was 57 per cent. and receipts from passengers increased 21 per cent. making an average increase of 42 per cent. A tabular view of its freight business gives this result: Through Other tonnage Through Other tonnage Total to Albany, westward to Boston. eastward. tonnage. 11,962 58,554 88,438 117,737 274.691 Tonnage carried one mile.... 28,037,623 over whole road. 173,728 513.351 bbls. Flour were carried to Boston; 15,936 to stations on Worcester road; 172,713 to stations on Western road; making a total of 702,500 bbls, or more than in 1845 and '46 together. 25.678 1st-class and 10,622 2d-class through passengers, and 254,444 1st-class and 89,567 2d-class way passengers, were conveyed during the year. The construction account was increased last year $585,685, and $173,997 were added to cost of road for loss on sterling bonds in previous years, but never charged off. A new dépôt at Greenbush, 750 by 100 feet, is proposed to be erected this year with such conveniences for discharging boats as will ensure dispatch. The means thus far provided for thir Road are: Capital stock, $4,000,000; sterling 5 per cent. bonds payable in 1868 to 1871, £889,900 at $4 80, $4,319,520 Albany City 6 per cent. bonds, payable in 1866 to 1876-$1,000,000; total, $3,319,520. Its cost now stands $8,769,474, and the payments to Sinking Funds make the balance, except $84,634. The Sinking Fund to pay State of Massachusetts loan is now $410,872, and the Albany, $211 675, estimating the stocks, mortgages, scrip, &c. at the same rates they were put in for. By creation of new stock, the completion of a double track will be pushed vigorously, $3,000,000 of additional capital having been voted to be applied for, applicable to that object, payment to Sinking Fund and purchase of sterling bonds issued for loan by State of Massachusetts. The dividend has been limited to 8 per cent. annually, in confidence of its being maintained in future, and so far as the business will pay a net income of that amount, a second track will be constructed at the rate of 50 miles per annum, until the whole line to Albany is thus prepared for free movement of upward and downward trains. This Road has been well managed during the past year, and public confidence is unshaken with regard to its experienced President's direction of affairs. The Lewistown Gazette says the assignment made by the Bank of its remaining effects was brought before Court last week, and decided to be legal. The former assignees, however, having either resigned or declined to accept the trust, the Court appointed Francis McClure, Jas. Dickson and D. W. McCormick, Esqs. assignees, who, we learn, have entered on their duties. The Court also appointed David McClure, John R. Weeks and Charles S. McCoy. Eaqs. to make an appraisement of the assets of the Bank. Their report was filed in the Prothonotary's office on Wednesday morning, and makes the means $158,000, This amount, pitted against the circulation, shows conclusively that the notes are worth but little if anything, as seven-eighths of the above sum will be paid in notes of the Bank. The second annual report of the Macon and Western Railroad Company exhibits a most satisfactory condition of the management and affairs generally of that Company. The total amount of capital stock paid in on the 1st January, 1848, was $654,413 10. The income of the Road, from all sources, for the year ending 31st ult. was $125,167, from which the running expenses, amounting to only some $50,000 being deducted, gives $75,014 as the net income for the year. There have been paid two dividends, in August and February, of $30,000 each, which leaves on hand $15,014 for new cars, engines, &c. The report states that the expenses are considerably lower than those of any other Road in the United States. Some 25 additional freight cars have been constructed, and 2 new engines added to those on hand last year, and everything is reported to be in good running order. The message of Gov. Brown of Miss. reiterates the recommendation of his former message in relation to the payment of Planters' Bank bonds. Relative to the current condition of the financial affairs of the State, the Governor says: The treasury, having recovered from its embarrassments, has continued for two years past, without intermission, to pay all authorized demands upon it, and now contains a surplus of $115,755 41, exclusive of the two and 3 per cent. funds.