18853. Bank of Middletown (Middletown, PA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 3, 1857
Location
Middletown, Pennsylvania (40.201, -76.729)

Metadata

Model
gpt-5-mini
Short Digest
377a6ae8

Response Measures

None

Description

Multiple contemporary newspaper reports from Sept–Nov 1857 list the Bank of Middletown, PA among banks that failed or suspended during the 1857 financial flurry. No article describes a discrete depositor run on this specific bank; coverage places it among many banks affected by the wider panic. By November it appears on lists of suspended/discredited banks, suggesting it did not resume normal operation. Classified as suspension leading to closure (suspension_closure) and cause attributed to the 1857 macro financial panic.

Events (3)
1. September 3, 1857 Other
Newspaper Excerpt
The following is a list of Banks which have failed or suspended during the past ten days: ... Bank of Middletown, Pennsylvania.
Source
newspapers
2. September 28, 1857 Suspension
Cause
Macro News
Cause Details
Part of the widespread 1857 financial panic and bank flurry; bank suspended/was discredited amid the regional/national crisis rather than due to a bank-specific scandal in the articles provided.
Newspaper Excerpt
MIDDLETOWN, Pa., Sept. 28.-The Bank of Middletown passed a resolution ... guaranteeing the solvency ... the combined wealth of the board of directors and cashier a million of dollars, and their circulation is less than $200,000.
Source
newspapers
3. November 25, 1857 Other
Newspaper Excerpt
List of Banks ... Bank of Middletown, Nov. (appears among banks with no notice of acceptance), indicating continued suspension/discredit in November.
Source
newspapers

Newspaper Articles (5)
1. September 3, 1857 Kenosha Tribune & Telegraph Kenosha, WI
Article from Kenosha Tribune & Telegraph, September 3, 1857

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Article Text

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 5, 1857 The Ottawa Free Trader Ottawa, IL
Article from The Ottawa Free Trader, September 5, 1857

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Article Text

The Bank Flurry. The bank flnrry in New York, noticed in our last, culminated about Tuesday. On that day, in addition to previous failures, the Mechanics' Banking Association closed its doors, in consequence it was said of a defalcation of one of its officers to the amount of $70,000. Beebee & Co., bankers, suspended; I. H. Prentiss & Co., hat manufactures; and Adams & Buckingham, bankers, failed. Money was painfully stringent, and a heavy run was kept up on a number of banks. About the same time fuel was added to the flame by intelligence of the failure of the Hollister Bank and Reciprocity Bank at Buffalo, and of the Detroit and Discount bank of-Hatch & Langdon, at Cincinnati. After Tuesday, however, no new failures of importance were announced, money matters in New York began to quiet down, and the opinion became prevalent that they had reached the bottom. On Thursday the stock market again opened buoyant, all classes of stock advancing largely on the day previous. N.Y. Central went up 2 per cent., Reading 17; Michigan Southern, 4; III. Central 12, &c. The reactionary movement was regarded as highly encouraging, and confidence was returning about as rapidly as a few days before it had evaperated. Thus far, we believe, the following completes the list of the banks that have failed or are discredited in consequence of the late flurry: Triverton Bank, Rhode Island. Mount Vernon Bank, Rhode Island. Farmers' Bank, Wickford, Rhode Island. Warren County Bank, Pa. Bank of Middletown, Pa. Farmers' and Drovers' Bank, Waynsburg, Penna. Wooster Bank, Conn. Bank North America, Seymour, Conn. Hollister Bank, Buffalo, N. Y. Reciprocity Bank, do., do. Sacket's H ibor Bank, N.Y. Bergen County Bank, N.J. In Chicago, the only effect of the New York failures has been to awfully tighten the money market, to create a sudden demand for gold for hoarding, and to create such a scarcity for eastern exchanges that it was procured with difficulty at any price.There have, however, been no failures, and as things brighten up at the east, doubtless the feverishness at Chicago will abate, and things in a few weeks promise to move forward smoothly again.

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

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Article Text

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 10, 1857 Keowee Courier Walhalla, Pickens, SC
Article from Keowee Courier, October 10, 1857

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Article Text

their doors this morning. The are said to be ample. Cards signe a large number of our wealthiest citize published, guaranteeing the solvency & Co., and Renwick & Peterso assuring depositors of the safety of the eposits. The public mind is very unse and there is a general run on our br The banks stand firm and aré di ounting liberally. Sr. LOUIS, Sept. 20-3 P. M.-TI ankers upon whom the runs were mai morning, freely and promptly met : hecks and thus restored confidence. T xeitement has almost entirely subsided. The immediate cause of the suspensi Bogy, Millenberger & Co. was the no of coin in transits. The probabi are that they will re-open to-morrow The assets of Anderson & Co., and Dawley and Barkdale, largely-exced the abilities. The prosumption is that th resume in a very short time. PHILADELPHIA, Sept. 30.-The ban acting in harmonious concert. Ti of Pennsylvania is arranging for basis. The business community fi utraged finance. at the want of a reliable syste MIDDLETOWN, Pa., Sept. 28.-T Bank of Middletown passed a resolution ay-making themselves individually lial all their notes. The combined weal the board of directors and cashier a million of dollars. and their eire is less than $200,000. 28.-The excitemé consequence of the unfavorable advie the East has paralyed business in tl New York exchange is quoted but only small amounts will be Pt at this rate. The paper of an iron house and a sh leather house has been protested. J. D. Holmes, manufacturer, has : RICHMOND, Sept. 30.-The conditi Richmond this morning maybe summ in a few words. It is dull, almost I and precedent. Financial affairs have respect improved; but have rather co nenced going backward, after the mann a crab. The only paper currency DE xisting here is that of the old banks a branches, and those who hold t of other banks find them, at prese entirely useless. The brokers will not b incurrent bills to-day, on any terms. onsequence of all this, business has suffer check from which it will not recover time to come. Baltimore, Sept. 30.-There is naterial change in monetary affairs he The banks, in some instances, are redee fives, as an accommodation. Spe ommands from seven to ten per cent. P for Baltimore funds. STAUNTON, Va,, Sept. 30.-The C Independent and Branch of the V Banks have suspended specie payme Charlotsville, Va., Sept. 30.-T Monticello Bank suspended the specie p ALEXANDRIA, Va., Sept. 30.--T Banks here to-day will not allow a run, a paying out small amounts only. NEW York, Sept. 30.-Thereis a par the stock market to-day, and Virgi are quoted at 70. BOSTON, Sept. 30.-The Suffolk Ba refuses to redeem the notes of the N England country banks, AWFUL RATES OF INTEREST.-Wels from unquestionable authority that th cent. and three and a half per ce month, have been demanded and be mid in our streets, within the last we What pursuit, business, or engagement v ustify such rates as these?-Freduric burg Herald. Our Fredericksburg cotemporary wo his eyes a little wider were he Charleston. We heard of a case on W nesday, in which a gentleman paid fift lollars for the use of one hundred and fi for a single day. This is at the rate of : cent. per month.-Char. Meroury, WASHINGTON, Oct. 2.-The Secret of the Interior has recently invested ne a million of dollars in State Stock irginias, North Carolinas, Tennessees, Invois', Missouris and Pennsylvanias.

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

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Article Text

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 :-