Allentown Bank (Allentown, PA)

Episode Information

Episode UID
5321900290695
Episode Type
Suspension → Reopening
Bank Type
state
Bank ID
532190029 hash
Start Date
November 1, 1857*
Location
Allentown, Pennsylvania (40.594, -75.478)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
bbdbc4d6364ebf4c

Response Measures

None

Description

Articles indicate Allentown Bank was among banks that had suspended specie payments in November 1857 and planned resumption Feb 1, 1858.

Events (2)
1. November 1, 1857* Suspension
Cause
Macro News
Cause Details
Part of a wider suspension of specie payments by Pennsylvania banks in November 1857 amid strained financial conditions.
Newspaper Excerpt
The law allowed the Banks thirty days after the date of suspension; ... Allentown Bank, Nov
Source
newspapers
2. February 1, 1858 Reopening
Newspaper Excerpt
The directors ... instructed their Presidents and Cashiers to ... resume on the 1st of February next, provided that the Philadelphia city banks would coöperate. ... Allentown ... were named among banks voting in the majority at this meeting.
Source
newspapers

Newspaper Articles (2)
1. 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 :-

2. January 6, 1858 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, January 6, 1858

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Article Text

126,363 Total bagsand mats The Baltimore Patriot says: Financial affairs present no special change. Confidence is gradually restoring, and we note increasing ease. The annual statements of our banks will be out to-morrow, making, as we have reason to know, a highly satisfactory exhibit. The resumption of specie payments is becoming a subject of more earnest consideration. Our banks are now, as we have just reason for believing, amply prepared to resume, if necessary, at a moment's notice; but, having acted with Philadelphia in suspending, are disposed to unite with her in resuming. It is understood, however, that the banks of Pennsylvania are contemplating resumption at an earlier period than the 1st April, as required by the Legislature. Whatever period this may be, the Maryland banks will meet it promptly in resuming. The time contemplated may be between the 1st February and the 15th of March next-possibly sooner." The aggregates of the statements of a portion of the Philadelphia Banks compare as follows: Nov. 1857. Jan. 1858. Circulation $423,643 $1,179,738 Decrease $756,095 1,232,153 2,021,362 Increase 789,209 Specie 6,337,974 8,165,517 Increase 1,827,543 Deposits From The Philadelphia Press. Though the officers representing country banks, who held a meeting at the Girard House last week, determined to keep their proceedings to themselves, and exclude the reporters, several statements calculated to satisfy public curiosity have found their way into print. Some of these are true and some are not true. It appears that the call for the meeting was not issued at the instance of the State Treasurer, and that that gentleman is not making himself particularly obnoxious to the country banks, as many have supposed. The call was issued by the Cashier of the Farmers' Bank of Reading, inviting those to whom it was addressed to attend for the purpose of considering the propriety of a speedy resumption. A correspondent, who appears to be thoroughly posted up, writes us that the directors of a majority of the banks that were represented at the meeting instructed their Presidents and Cashiers to go into the meeting and vote for resumption at the earliest possible period." Consequently, & majority of the representatives at the meeting introduced and passed a resolution that they would resume on the 1st of February next, provided that the Philadelphia city banks would coöperate. There was an attempt, on the part of some of the representatives present, to stave off this action, by introducing other considerations; but all attempt to recommend a delay of time, or ask for more legislation for the banks, was voted down by the majority. The banks voting in the majority at this meeting were, with the exception of the Harrisburg Bank, those named in The Inquirer, viz.: The Easton, Wyoming, Montgomery County, Allentown, Farmers' and Mechanics' Bank of Easton, Catasanqua, Pottstown, and the Banks of Reading, Chester County, and other near localities. Our correspondent adds that the State Treasurer cannot trouble any except such banks as have been throwing out their notes regardless of their ability to redeem them; and claims that such country banks as usually keep their notes at par in Philadelphia are better prepared for resumption than the city banks themselves. From The New-Orleans Picayune. WEALTH OF THE MEXICAN Mises.-According to the official Custom-House report, the exports of the precious metals from the port of Vera Cruz for the first five months of the present year were as follows, in round numbers: