18801. Lewistown Bank (Lewistown, PA)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
August 19, 1846
Location
Lewistown, Pennsylvania (40.597, -77.572)

Metadata

Model
gpt-5-mini
Short Digest
a00e3d3e

Response Measures

Full suspension

Description

Newspapers from Aug–Sep 1846 report an extraordinary run on the Lewistown Bank that forced a temporary suspension of specie payments. A committee was sent to Philadelphia to arrange redemption and articles state the bank was expected to resume specie payments, indicating suspension due to a run and likely reopening. OCR corrected minor spacing errors only.

Events (3)

1. August 19, 1846 Run
Cause Details
Extraordinary depositor withdrawals (panic/ill-specified run) depleting specie; no specific misinformation or bank-specific scandal reported.
Measures
Paid out large amounts of specie; committee sent to Philadelphia to arrange for paper to be taken at par and secure funds to resume payments.
Newspaper Excerpt
The Lewistown Bank ... has been compelled to a temporary suspension of specie payment, by a most extraordinary run upon it, which has been kept up for more than three weeks
Source
newspapers
2. August 19, 1846 Suspension
Cause Details
Suspension of specie payments caused by sustained run and depletion of immediately available resources; bank reportedly able to pay debts but illiquid.
Newspaper Excerpt
The Lewistown Bank, of Pennsylvania, has failed - it might be said to have suspended ...
Source
newspapers
3. September 15, 1846 Other
Newspaper Excerpt
There is now a Committee of the Bank in Philadelphia, making arrangements to have the paper taken at par ... It is confidently expected, however, that the Bank will be paying out specie in a few days.
Source
newspapers

Newspaper Articles (3)

Article from The New York Herald, August 20, 1846

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Article Text

MONEY MARKET. Wednesday, A ugust 19-6 P. M. There was nothing of consequence doing in the stock market to day, although prices for some of the fancies improved a fraction. Long Island went up % per cent; Harlem, 1/2; Norwich and Worcester,3 Reading closed firm at yesterday's prices. The Lewistown Bank, of Pennsylvania, has failed-it might be said to have suspended, as banks very seldom if ever fail. The President was in Philadelphia several days, for the purpose of raising funds to keep the ma chine in motion, but not succeeding in so doing he went home, and let it die in the regular way. The Caledonia, at Boston, from Liverpool, brings ten days later news from all parts of Europe. Commercially the news is not important, although rather favorable.The London money market was easy, stocks improving, and the amount of capital seeking investment aily in creasing. Cotton. was improving in prices, with a very active demand from the trade. The harvests throughout Great Britain are likely to be a full average. We annex our usual table of quotations for the principal State and other stocks used for invesiment :PRICES OF STOCKS IN THE NEW YORK MARKET.


Article from Jeffersonian Republican, August 27, 1846

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Article Text

LEWISTOWN BANK 1 -It is stated in several of our papers that the Lewistown Bank, in this State, has suspended payment. The notes are not taken at present by the Storekeepers of our borough, and therefore it would be well for all country folks to reject them. - Easton Whig,


Article from New-York Daily Tribune, September 15, 1846

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Article Text

COMMERCIAL AND MONEY MATTERS. For Sales of Stocks. see Fourth Page MONDAY P.M. There is a continued dullness in the Stock Market. but the fluctuations were immaterial excepting in Harlem. which declined 7 to 1 per cent. The parties who carried this stock up have, it is supposed, sold out and now the prices will be left to fall back to its old rate. about 49@50. There is very little disposition shown to operate, and none of the outside public can be persuaded to come in and "take a line." Consequently the profits of the street is mainly confined to what can be gained by swapping jackets. Sterling Exchange is rather heavier to-day but we do not alter the quotations. Franes have been sold better than last week, 51.284. Sterling is 9@91 without much doing. The Freight Market is active. large amounts of Produce pressing for shipment. Of Cotton, however, there is little or none offered. Flour to Liverpool is s 6d sterling. Large shipments of Grain at Std. Alarge ship has been taken up to load 9,000 bbls Flour for Havre at 80 cents. The receipts at the Custom House show a large falling off as compared with September of last year. The receipts thus far (12 days) in September have been $785,941 1,070,838 Same time last September Decrease $284,807 The receipts will doubtless continue light until the new Tariff goes into operation. The increase of the Harlem Railroad continues gradually to fall off. as compared with last year, and we believe it is the only Railroad in the country which exhib. its this feature. We cannot name another Road which does not show a gain on last year's business, and someof them as high as 25 per cent. where there has been NO extension. The decrease in earnings has been regular, and has now reached quite a considerable amount In April the receipts were $1.744 larger than April, 1845 in May only $528 larger than May, 1845; in June they were reduced to 8306 less than June, 1845 and in July the deficiency was increased to $1,078. The August receipts we have not been able to obtain This Road, judging by the loaded cars, appears to be doing R thrie. ing business. but the returns do no show it. The re$19,372 ceipts in July were 20,450 July, 1845 Decrease 81,078 Some of the new Government issues have ap. peared in Wall st. having been received by houses having New-Orleans correspondents They bear one-tenth per cent interest, and are held at I to i per bent. dis. count. They have been sold in New Oricans at I per cent discount but the Collector having decided to receive them for duties, they improved to 1@2 per cent. A sale of 845,000 of Morris Canal Bonds will take place at auction to-morrow. They are secured by mortgage on all the property of the Company, and bear 6 per cent. interest, redeemable in 1856. They were hypothecated for aloan, which has not been paid, and the Trustees, J.J. Palmer, Zabedee Cook and Theodore Debar, have ordered sale to reimburse the lenders. The Lewistown (Pa.) Democrat says: The Lewis town Bank has been compelled to a temporary suspen. sion of specie payment. by a most extraordinary run upon it, which has been kept up for more than three weeks, during which time they have paid out a very large amount of specie. We caution persons at 8 distance, or in the neighborhood who may have its paper in their hands. not to part with it BC R arcrifice. for the Bank is abundantly able to pay all its debts, although their resources are not immediately available, without distressing and ruining creditors. It is confidently expected, however, that the Bank will be paying out specie in a few days. There is now a Committee of the Bank in Philadelphia, making arrangements to have the paper taken at par The Schuylkill navigation is now open as for AN Reading, and the trade through the Union Canal bas a) ready commenced From Philadelphia to Reading is nearly two-thirds of the whole distance to Pottsville, and of the remaining third several portions are nearly ready A strong force is on the whole of the unfinished line. The total amount of tolls received on the White water Canal from the Fall of 1842 to the Spring of 1846 inclusive, was $40,409 67. Ot this, the sum of $10,697 17 or rather more than one-fourth, was collected the last Spring. The Company have collected water rents in all, $12,193 88. The aggregate water power now leased is $8,255 per annum.