Banks of Reading - Reading, PA

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: November 28, 1860
Location: Reading, Pennsylvania (40.336, -75.927)

Metadata

Model: gpt-5-mini
Short Digest: a7e27096

Response Measures

None

Description

Article (New-York Daily Tribune, 1860-11-28) reports the Farmers' Bank of Reading adopting resolutions to conform with Philadelphia banks and 'suspend specie payments' while asserting ability to meet obligations. No run, receivership, or permanent closure mentioned; suspension appears temporary/coordinated.

Events (1)

1. November 28, 1860 Suspension

Cause: Local Banks
Cause Details: Directors resolved to conform to the example of the Philadelphia banks and suspend specie payments in concert with them; not because of insolvency concerns but for policy/self-defense
Newspaper Excerpt: The banks of Reading have followed the example of the Philadelphia banks, and suspended specie payments. At a special meeting of the Directors of the Farmers' Bank of Reading, on Thursday evening, the following resolutions were adopted: Resolved, That we do not see anything in the business of the country to require a suspension of specie payments at this time, but that policy and self defense requires us to conform to the example of Philadelphia, our center of business
Source: newspapers

Newspaper Articles (1)

1. November 28, 1860 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, November 28, 1860

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Article Text

The Philadelphia Ledger says: The money market is reported easier, though, so far as we can learn, after diligent inquiry, there is little doing. We heard of 0 transaction or two on call at 9 P cent, and some few bills at from 104218 P cent. The market for this description of business is, he wever, quite unsettled. Currency quotations are equally fluetuating, though, as a general thing, the discount is much low or and more uniform than on Saturday. City bank notes are worth 1011 P cent less than gold, and exchange on New-York York and Boston is at B. premium of f@1f P cent. Baltimore is at . diacount of 1@1jp cent. The banks of Reading have followed the example of the Philadelphia banks, and suspended specie payments. At 8. special meeting of the Directors of the Farmers' Bank of Reading, on Thursday evening, the following resolutions were adopted: Resolved, That we do not see anything in the business of the country to require B suspension of specie payments at this time, but that policy and self defense requires us to conform to the example of I hiladelphia, our center of business: notwithstand. ing that we feel our ability to meet all our obligations. Resolved, That we 80 conduct our business, as to be prepared to act in concert with the banks of Philadelphia, at any future time. knowlved, That deposits be received on the same terms as under the arrangement of 1857-coin in coin, and notos in notes. The Union Bank and Savings Bank of Reading adopted $ startlar course.