19079. Kensington Trust Company (Philadelphia, PA)

Bank Information

Episode Type
Run Only
Bank Type
trust company
Start Date
March 18, 1842
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini
Short Digest
7a76fcc7

Response Measures

Accommodated withdrawals

Description

Articles (Mar 1842) list Kensington among nine Philadelphia banks that resolved to resume specie payments on Mar 18, 1842. Several other local banks failed or had runs, but Kensington is described as resuming and paying specie (met withdrawals). The paper references 'something of a run' on a few banks but indicates the resumers, including Kensington, met demands. The provided bank name 'Kensington Trust Company' may be anachronistic or a slight mismatch with article references to 'Kensington' (likely Kensington Bank); therefore bank_name_unsure=true. Classified as run_only because a run/withdrawal pressure occurred but the bank resumed and remained open.

Events (1)

1. March 18, 1842 Run
Cause
Macro News
Cause Details
City-wide banking crisis and resumption of specie payments; general loss of confidence and reorganization of banks led to withdrawal pressure on several banks
Measures
Resumed full specie payments; paid out coin or own notes on demand; received large specie deposits
Newspaper Excerpt
the nine following named Banks resolved to resume this day ... Kensington ... On three or four of them there was something of a run, but they all met it without flinching
Source
newspapers

Newspaper Articles (4)

Article from The New York Herald, March 12, 1842

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Article Text

Philadelphia. [Correspondence of the Herald.] PHILADELPHIA, March 11, 1842. The Rumor of Gov, Porter's Visit untrue-Banks that will Resume-Stocks-Dr. Lardner's Quarrel with Manager Pratt. The rumor that Governor Porter is in town, for the purpose of consulting Horace Binney, Esq., as to the constitutionality of the resumption law, is without foundation. If the Governor wants advice, he can obtain it from his Secretary, Mr. Parsons, good and as sound as from any other source-not that Horace Binney is not also very able to give an opinion. It is understood that the Commercial Bank and the Philadelphia Bank have, through their boards of directors, resolved to resume on the resumption bill becoming a law. The North America, the Western, the Kensington, the Southwark, and the Moyamensing, it is understood, will also follow in the same course. The last named is the only "accepting" bank, as it is termed-the only one of the banks that issued relief notes, that has yet given indication that it will resume. The opinion prevails to some extent to day, that the banks of this class will generally contest the constitutionality of the law. Weshallsee. Business in stocks was very light today, at prices the same as yesterday. U. S. Bank notes 51 per cent discount; country relief notes have improved 4or 5 per cent; specie 4 per cent premium. Dr. Lardner continues to draw splendid audiences at the Chesnut street theatre-Jarge, fashionable and intellectual. Notwithstanding these large houses, and consequently large profits, because of the small expense, a difficulty, I regret to learn, has occurred between the lecturer and the management of the theatre, relative to the division of the receipts. The Doctor complains that the portion paid him is of a more depreciated character than that which is retained-hence the wide and apparently irreconcilable difference that has sprung up. PHILADELPHIA, March 10, 1842. Rumours from Washington-Complaints against the Girard Bank-Bank Resumption-Rumors-Stocks -Jefferson College-Movement against the United States Bank Assignees-Theatres, &c. It is said here that James Gordon Bennett has been treated at Washington by the President, to ublic dinner. This is asserted as truth, to which there is added a rumor that some change is about to take place in the Cabinet, and that the head of the Treasury Department will in all probability be assigned to this same James Gordon Bennett. From the uneasiness evinced in the elite and financial ci:cles, 1 am deeply concerned for the fate of his particular friend James Watson Webb. You will break the news to him as gently as possible. The Girard Bank is the subject of some considerable conversation among her creditors and stockbolders. It is said that a committee of the direc. torsarein sessionat the bank, engaged in reducing e her assets to availability as fast as possible, and t that the lerks daily amuse themselves by bandying jests across her counters, and over her empty k vaults. There is, however, too dead a silence pert vading these movements, and those most interested are uneasy. Rumor says that though the If cashier has not been dismissed, his salary d has been stopped. This of coure he will not care about if the assertion be true that his laay has lately fell heir to a fortune of $200,000 by the death of an uncle. There is a great diversity of opinion here to-day, respecting the resumption of specie payments by O our banks. Nothing has been heard from the banks themselves, as to whether they mean to ree spect the law or not. I am still of the opinion that kthey all, or near all, will A rumor is in circulation i. prejudicial to the solvency of one of our banks; bnt am unable to trace it to any authentic source. It e probably originated from the low price at which its e, stock is selling. y The business in stocks to-day was very light, at 1prices the same as yesterday, except in States Fives, which fell off another dollar on a share. Exchange d on New York, and specie, have both advanced h. little. The rate day is from to 5 premium. e At the commencement of Jeffersen Medical Cel lege to day, at the Musical Fund Hall, the ceremonies were of the most imposing character. The e valedictory was pronounced by Professor Houston he The degree of Doctor of Medicine was conferred upon sixty young gentlemen, from almost every on State in the Union, except New York. er Citations were sued out of the Court of Com er mon Pleas to-day, at the suit of Mr. Schwal of 's your city, against all of the several setts of the assignees of the United States Bank The object a to require these assignees to give security in doust ble the amount of the trust confided to them. ch This is more than any set of men will attempt, and if the motion can be sustained. the object sought at the late meeting of the stockholders may be rreached, to wit, a new and general assignment 0. for the equal benefit of all creditors at Mrs. Shaw made her appearance last night, the Chesnut street theatre, as Juliet" to a very ngood house--and which, but for the weather, y, haver doubt would have been much better.


Article from The New York Herald, March 19, 1842

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Article Text

Philadelphia. Corresponsence of the Herald.] PHILADELPHIA, March 1842 A full Resumption of Specie Payments-All non-specie paying Banks discredited and closed-Habeus Corpus es-Suicide All our banks to day entered upon a full and unconditional resumption of specie payments. Every demand of every character is met in coin-even the relief notes, of such of them as issued these bills, are redeemed in specie, the same as the banks' own promises to pay. We have now but nine banks, to wit :-Philadelphia, Commercial, North America, Farmers' and Mechanics', Southwark, Northern Liberties, Western, Kensington, and Germantown. All the others are in course of liqui. dation. The Moyamensing and the Manufacturers' and Me chanics' did not open this morning-making eight broken banks in our city out of seventeen, with an aggregate capital of $46,250,000 ! So we go. The resumption was agreed upon last night, and has been well sustained. Oa three or four of them there was something of a run. but they all met it without finching, and so confident are the people that they can stand it, or NO tired are they of suspension, that hundreds of thousands of dollars have already been carried in and deposited with them. It is well ascertained that in the aggregate more specie has been deposited with the banks than has been drawn from them. There has been great commotion throughout our city all day, and little or no business of any sort transacted. The people were so rejoiced got the sight of gold and silver, that they could think nor talk of nothing else. By to-morrow evening, the vacuum created by the withdrawal or dis. crediting of small irredeemable paper will be filled with specie, and on Monday, the banks will be found puisuing their avocations as of old. Success to every honest move they make. To-day the decision of the Judges of the Court of General Sessions was given in the case of the write of habeas corpus taken out by Nicholas Biddle, Joseph Cowperth aite, and John Andrews, which were originally heard by the Court of Common Sessions, Pleas, and sustaining remanded from the motion that Court of to the the Attorney General General to dismiss the write and bind the relators to answer at the present term of the General Sessions. The Court then ordered the parties to give bail each in the sum of$10,000 for their appearance from day o day. By the advice of their respective counsel, the defendants were committed into the custody of the Sheriff, when write of habeas corpus were sued out before the judges of the court with the view of having them discharged, and Monday, the 28th instant, fixed for hearing them. several coun in reference to the An sel argument and the Attorney took place General between the hearing of the cases separately or together, the Attorney General being anxious to have them heard jointly, and the counsel for the relators urging that they may be heard singly. The matter was left undetermined, the Court suggesting that the question might he left open until the time of hearing. Last evening, Sydney Freeman. blind manufacturer, in Second Street, below Dock, committed suicide by hanging himself. He was about 35 year of age, with a wife and two children, and appeared to be doing a good business. During the day he appeared to be much indisposed, and was left in room in the where his 8 about five o'clock afternoon, about o'clock he was discovered hanging by the bed post. The Coroner held an inquest up. n the body at 10 o'clock. Verdict accordingly. The family of the deceased is from East Jersey, or from New York. At the stock board there was but one sale to-day -10 sbares of Farmers' and Mechanics' Bank at 20, an advance of $1 on last sale. Exchange on New York prem. The paper of the banks which have slopped within the last two or three days is at a discount of about 25 per cent. The following is a statement of the condition of the Moyamensing Bank, March 2, 1842:STATEMENT OF MOYAMENBING Bank, MARCH 2, 1842.


Article from Lynchburg Virginian, March 24, 1842

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Article Text

RESUMPTION. An adjourned meeting of delegates from the banks of the city and county of Philadelphia, was held at the Philadelphia Bank on Thursday evening, the 17th inst. Mr. Dundas in the chair. The following banks were represented, viz:-Philadelphia, Commercial, North America Farmers and Mechanics, Southwark, Moyamensing. Northern Liberties, Western, Manufacturers and Mechanics, Kensington, Germantown. The following resolution was offered, viz: Resolved, That on and after to-morrow, the 18th inst., the banks of the city and county of Philadelphia, assenting to this resolution, will receive on deposit an. in payment of debts, specie, or the notes of specie paying banks; and that they will pay out at their counters, specie or their own notes, exclusively, to all persons entitled to demand the same. The resolution was adopted by the following banks: Philadelphia, Commercial, North America, Farmers and Mechanics', Southwark, Northern Liberties, Western, Kensington, and Germantown. The other banks present, having accepted the Relief law, declined voting, stating that they are making arrangements for a speedy resumption. JAS. DUNDAS, Chairman. ALEXANDER CUMMINGS, Secretary. at Some of the Banks commenced paying specie yesterday, both on checks and notes, among them, Philadelphia, Commercial, Farmers' and Mechanics', and Western. It is gratifying to learn that the Philadelphia Bank received on deposit yesterday a larger amount of specie than it paid out. The "Relief" notes of the specie paying banks will be received on the same terms as other notes. [Phil. U.S. Guzette of Friday. 00 ANOTHER BANK STOPPED. -Thursday morning after a severe run upon it, the Mechantes' Bank of Philadelphia closed its doors. and is therefore in the same condition as the Pennsylvania, Girard, and Penn Township Banks. Runs were made upon two or three other Banks.The Manufacturers' and Mechanics', and the Moyamensing Banks, sustained runs and kept open until Thursday evening. when the demands were exhausted The U. S. Gazette says. that resumption has really commenced, and that gold and silver may be had for Bank notes in Philadelphia.


Article from Burlington Free Press, March 25, 1842

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Article Text

PHILADELPHIA, March 18, 1842. - A Full Resumption.--All our Banks Pay Specie.-Last night all the Banks of the City and County, that had not then broke, met at the Philadelphia Bank, when the nine following named Banks resolved to resume this day, in full, 1) wt :-Philadelphia, Commercial, North America, Farmer's and Mechanics', Southwark, Northern Liberties, Western, Ken ington, and Germantown. The only two banks that did not enter into this resolve were the Moyamensing and the Manufacturers' and Mechanics'. The e were both run pretty hard yesterday, and this morning both failed to open their doors. All he other nine have paid specie all day to all who demanded it, and there were not a few though the demands were generally light. for the purposes of change to fill the vacuum created by the withdrawal of the small "Relief" notes. The resumption is a fill one-every demand of every character was paid in specie or in the ban 's own notes. at the opt on of the presenter. The on y Banks that issued relief notes that have joined in the resumption, redeem these relief bills in coin the same as their own promises to pay, and the other Banks receive them. Notwithstanding here was a slight run the Banks stood it without flinching, and the community, as if determined to sustain them in resumption, carried in their specie on deposite by thousands. In the aggregate, the Banks have recei ed more specie in deposite than they have paid out and will open stronger tomorrow than they were today. The Farmers' and Mechanics' ank receive 870, 000 from one source, and the Philadelphia Ban $50,000. On the Commercial, Western, and Southwark. there was comparatively no run. All was quiet -110 more people about them than on ordinary bueiners tays,