19028. E. W. Clark & Co. (Philadelphia, PA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
October 3, 1857
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini
Short Digest
448a8728

Response Measures

None

Description

Newspaper reports (Oct 3, 1857) state E. W. Clark & Co., bankers, suspended payment that morning. The articles place this suspension in the context of multiple failures and the wider financial distress of October 1857 (Reading Railroad unable to meet payments, other banks suspending). The sources do not mention a reopening; I therefore classify as suspension_closure while noting that the ultimate permanent status is not explicitly given in these clippings.

Events (1)
1. October 3, 1857 Suspension
Cause
Macro News
Cause Details
Part of the broader financial distress of early October 1857 (multiple banking and commercial failures reported, Reading Railroad unable to meet payments).
Newspaper Excerpt
PHILADELPHIA, Oct. 3. Messrs. E. W. Clark & Co., bankers suspended payment this morning.
Source
newspapers

Newspaper Articles (2)
1. October 6, 1857 The Davenport Daily Gazette Davenport, IA
Article from The Davenport Daily Gazette, October 6, 1857

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Article Text

LATEST NEWS Financial Intelligence. BOSTON, Oct. 3. Messrs J. W. Clark & Co., bankers, suspended payment this morning. PHILADELPHIA, Oct. 3. Messrs. E. W. Clark & Co., bankers suspended payment this morning. Sr. Louts, Oct. 3. The firm of Chouteau, Harrison & Valle, iron merchants suspended yesterday. By their suspension over eight hundred persons have been thrown out of employment. They were the owners of the Iron Mountain. NEW YORK, Oct. 3. Messrs. Clark, Dodge & Co., bankers, have suspended. The Powell Bank, of Newburg, is thrown out to-day. The departure of the California mail steam er is postponed until the 7th, when the St. Louis will take the place of the Star of the West. PHILADELPHIA, Oct. 3. The papers anounce that the Reading Railroad Company was unable to meet their payments yesterday, and suffered their notes to be protested. This is a blueday forstocks. There was no sales for the Reading; ten was bid. The Pennsylvania Bank will not go into line until Monday. BOSTON, Oct. 3. The failure of Terrell & Hersey, of South Weymouth, Mass., is announced. Liabilities, $700,000 to $1,000,000.

2. October 10, 1857 The Weekly Minnesotian Saint Paul, MN
Article from The Weekly Minnesotian, October 10, 1857

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Article Text

Philadelphia Finances. PHILADELPHIA, Oct. 3. Messrs. E. W. Clark & Co., bankers, suspended payment this morning. The Powell Bank of Newbury, Mass., is thrown out to-day. The departure of the California mail steamer is postponed uncil the 7th, when the St. Louis will take the place of the Star of the West. The papers announce that the Reading Railroad Company was unable to meet their payments yesterday, and suffered their notes to be protested. This a blue day for stocks. There were no sales for Reading ; ten was bid. The Pennsylvania Bank will not go into line until Monday next.