Hagerstown Bank (Hagerstown, MD)

Episode Information

Episode Type
Suspension → Closure
Start Date
October 20, 1839
Location
Hagerstown, Maryland (39.642, -77.720)
Bank Type
state

Metadata

Episode ID
Bank ID
City ID
240598385
Model
gpt-5-mini
Short Digest

Notes

Articles span multiple episodes (1839 suspension, a referenced 1866 run, and the 1933 failure/receivership of the Hagerstown Bank & Trust Co.).

Events (3)
1. October 20, 1839 Suspension
Cause
Macro News
Cause Details
Part of widespread specie suspension/panic across multiple cities and banks during October 1839.
Newspaper Excerpt
The Hagerstown Bank and Washington County Bank (Md.) have suspended specie payments.
Source
newspapers
2. July 12, 1866 Run
Cause Details
Article references a past run but gives no cause or details.
Newspaper Excerpt
What's become of Judge Rench's run on the Hagerstown Bank. The Bank survives
Source
newspapers
3. March 4, 1933 Receivership
Newspaper Excerpt
Mr. Ghingher took custody of the bank on March 4, 1933. and since July of that year the bank has been in liquidation under conservatorship.
Source
newspapers

Newspaper Articles (14)
1. October 21, 1839 Morning Herald New York, NY
Article from Morning Herald, October 21, 1839

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Article Text

MONEY MARKET

Sunday, Oct 20-6, P. 175. The Liverpool is gone, and with her the hopes of the specu lators, that a suspension of our banks would have been effected by the specie which it has been hoped would be drawn to go by her. In the stock market it was, as usually is the case on Saturday, settling day, and the de operate attempt of the Philadelphians to force up stocks, aided by the wants of the shorts, succeeded in rallying fancy sto ks, of which U. States Bank is now one, and it improved 21 per cent on the close of Friday, but is still 5 per cent below the opening of that day-North American Trust & Banking Company improved 2 per cent--State Bank declined 2 per cent-American Exchange per cout-Stonington & percent-Har.em per centUtica & Schenectaly 1 per cent. Money was very scarce, and the pressure among the merchants was very severe, so much so that but a small amount of exchange was sold, and the rate early in the day fell to 8 per cent. and some good flour bills, than which none can be better, ere sold at 74 per cent. This reduction did not cause any very large amount of transactions, but effectually prevented any large shipments in specie. The Liverpool car. ried out $100,000, of which $324,000 was on account of the Girard Bank of Philadelphia. Thus has passed the heavy drain which was expected to break our banks. The institutions pursue their way steadily, and discount to a fair amount. We know several firms who have had 33 per cent of the r offering for discount done for them during the past week. Yet such is the increasing demand for money that the pressue was yesterday more severe than has been known for a long time. This will drive the merchants into realising their southern funds, notwithstanding the expenseUnited States Bank bills were generally refused at any price yesterday. Iu other money there is ao material change. In domestic exchange there is scarce anything doing. Some Phila. delphia paper was exchanged for Mobile, dollar for dollar; if per cent is offered for Mexican dollars, and 2 per cent asked; there is no demand for specie The demand for money WIS increased from the fact that large amounts feli due on account of tea sales. Towards 3 o'clock red back money sold at 7 per cent discount. The cry of failure is re-echoed from every quarter of the soath. The Hagerstown Bank and Washington County Bank (Md.) have suspended specie payments. Three of the Pitts. burg.Banks have suspended, viz : the Branch of the United States Bank, the Manufacturers' and Mechanics', and the Ex change. The Bank of Pittsburgh, at the last advices, continued pay specie. The circulation of the Pittsburgh Banks is about $600,000. The Petersburgh Intelligencer states that the North Carolina Banks have suspended specie payments. Cin cinnati was thrown into a state of great excitement on the result of the news of the su-pension in Philadelphia. It is stated that it is the intention of the Commercial Bank of Cincinnati not to susp nd the payment of specie under any circumstances. It is un lerstood that the Ohio Life and Trust Co. has suspended, and that the Franklin and Lafayette Banks have deferred fiual action, until they shall have received news from New York. It appears that the uspension in Charleston was not unanimous. The Bank of the State of South Caroli a and the Bank of Charleston, not concurring in the measure, will continue to pay specie. The Bank of Virginia an its branches have suspended. The Exchange Bank of Richmond was the first to suspend, and the general law makes the parent bank and all the branches responsible by orfeiture of their charters for the failure of one bratch. The Banks of New Bruns.vick, Camilan, Cumberland, Burlington, and all on the Wes ern side of New Jersey ha e suspended. A letter from Rochester, received in this city today states that there is every probability that the Banks of that city may be oblige to SHS. pend in The following table of one of the Macon banks, shows a strong position, having nearly dellar for dollar of specie for circulation: or the condition of the MARINE AND FIRE INSURANCE BANK and BRANCH BANK, at Macon on Monday. Oct. 7, 1839. Liabilities. Resources.

2. November 6, 1839 Vermont Telegraph Brandon, VT
Article from Vermont Telegraph, November 6, 1839

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Article Text

General Intelligence

A STRONG NOMINATION.-The New York Commercial Adveruser speaks of a Strong nomination' for the Assembly in Oneida County. It is headed by SPENCER KELLOGG, Esq., Treasurer of the New-York State Anti-Slavery Society, and whose house was threatened by the cele brated Utica mob of 1835.-Mass. Abolitionist. Correspondence of Commercial Advertiser. MOBILE, Oct. 10. AND STILL ANOTHER 1 Last evening the incendiaries succeeded in firing the Government-street Theatre, which, with the beautiful dwelling of Geo. G. Henry adjoining, and a number of small build. ings on the square, was totally destroyed in three hours. PROGRESS OF SUSPENSION.-From our exchange papers this morning we gather the following list of suspensions at the South and West:All the banks at Winchester, Virginia. The Hagerstown Bank, Maryland. All the banks at Raleigh, North Carolina. One paper says all the banks in North Carolina. All the Banks at Pittsburgh except the Commercial Bank. All the banks of Cincinnati except the Commercial. The suspension is limited for thirty days.-N. Y. Specialor. SHIPWRECK. Capt. Knowles of the schooner Only Daughter, which put into Norfolk, on the 221, states that a topsail schooner was capsized near Smith's Island on the morning of the 20th. Capt. K. immediately bore down to the assistance of her crew, but before he could get sufficiently near to aid them, the wreck went down, and all on board perished.The wind was fresh from the north-east at the time. Fears are entertained that the vessel lost was the Oleron, of Waldoboro, which sailed from Richmond some time since for this port, and has not since been heard of.-Boston Press & Post.

3. July 12, 1866 Maryland Free Press Hagerstown, Williamsport, MD
Article from Maryland Free Press, July 12, 1866

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Article Text

Several "What's

" What's the reason the Radical to Press and party find nothing to condemn in Frank Thomas' course in Congress. What's the reason they always select as "orators" for important occasions, such as Ward of New York who voted in Congress for Negro Suffrage. What's the reason that under Radical rule, National, State and County taxes are always increased. What's the reason the most streneous advocates for maintaining the Registry law are found among Radical office holders. What's become of Judge Rench's run on the Hagerstown Bank. The Bank survives-how's the Judge. We've heard tell before of the chap who went on a bust with a picayune to spend.

4. June 10, 1933 The Herald-Mail Hagerstown, MD

Article Text

Over $100,000 Subscribed for New Hagerstown Bank

Plans for the organization of new Hagerstown Bank and Trust Company have been set in motion and already over $100,000 the $180,000 necessary has been scribed, was learned authorita. lively yesterday. Upon completion of the plans, immediately applicalion will be made for membership in the Federal Reserve System. To form bank with all its assets in cash has been decided upon first for the benefit of the depositors of the old Hagerstown Bank and Trust company, and then others as their interests may and duty and community necessity. The fact that large number of Industrial and business leaders well hundreds of others feel that this bank needed here, evident by the fact that there has been deposited since the closing of the old bank by the banking iday new deposits 100 per cent withdrawal basis to the suin of in 1,323 new The committee which has been empowered to organize the new bank and trust company feels that this prima facie evidence that there is an important need in the community for this institution.

5. December 4, 1934 The Daily Mail Hagerstown, MD

Article Text

Ghingher Is Named As Bank Receiver

Yesterday afternoon Judge Frank G. Wagaman passed an order naming and continuing John J. Ghingher, Bank Commissioner for the State of Maryland, as receiver for the Hagerstown Bank and Trust Company. Mr. Ghingher took custody of the bank on March 4, 1933. and since July of that year the bank has been in liquidation under R conservatorship. No change has been made in the personnel. but liquidation will now proceed under the jurisdiction of the Circuit Court.

6. February 11, 1935 The Daily Mail Hagerstown, MD

Article Text

Classified Display Notices

NOTICE

TO THE CREDITORS OF THE HAGERSTOWN BANK AND TRUST COMPANY State of Maryland vs. The Hagerstown Bank and Trust Company. Equity Cause No. 12777. In the Circuit Court for Washington County, Maryland.

7. September 7, 1935 Evening Star Washington, DC
Article from Evening Star, September 7, 1935

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Article Text

BANK BUILDING SOLD Hagerstown Property Purchase Price of $100,000 Is Revealed. HAGERSTOWN, Md., September , (P).-The receiver for the Hagerstown Bank and Trust Co. today announced the sale of the Hagerstown Bank Building on the main business block of Washington street for $100,000. The purchaser is said to be Charles J. Hoover of Chicago, representing a large Chicago firm. A modern store building will be erected on the site, it is understood. The bank building is one of the oldest structures in Hagerstown.

8. September 21, 1935 The Daily Mail Hagerstown, MD

Article Text

REPORT SALE OF BUILDING

Renroh Apartments, West Franklin Street, Sold By Bank Receiver.

Sale of the Renroh Apartments, first block of West Franklin street, to Attorney Samuel C. Strite, was announced today by the receiver for the Hagerstown Bank and Trust Company. The consideration was not disclosed.

The apartment is a three-story

City Policeman B. B. Nethkin said he surprised McIntire as the latter attempted to escape from a department store with six suitcases filled with coats, dresses and other apparel. The negro said his home was in Cumberland.

When called upon to halt, the officer said, the man fired at him and fled. The policeman said he opened fire and shot McIntire in the foot. Other officers joined the chase.

9. October 19, 1935 The Daily Mail Hagerstown, MD

Article Text

Opinion Filed In Guaranty Fund Suits; Demurrers Are Sustained

Question Involved In Six Cases Basis Of Opinion Filed By Judge Frank G. Wagaman In Court Here Friday.

Another chapter in the already lengthy litigation growing out of the liquidation of the Hagerstown Bank and Trust Company was completed here yesterday with the filing of an opinion by Judge Frank G. Wagaman in a group of suits brought some weeks ago by the bank's receiver against certain individual subscribers to the second guaranty fund of the bank.

The court in sustaining demurrers on the grounds that the narrs or declarations of the suits in question do not allege that the fund was raised in the manner and form as provided in the agreement and therefore not binding.

The opinion filed here late yesterday covers but six of the more than a score of suits filed several weeks ago on behalf of John J. Ghingher, receiver, against individual subscribers to the $750,000

10. October 21, 1935 The Herald-Mail Hagerstown, MD

Article Text

OPINION IS GIVEN IN GUARANTY CASE

Demurrers Are Sustained in Decision of Judge Wagaman

Another chapter in the already lengthy litigation growing out of the liquidation of the Hagerstown Bank and Trust Company was completed here on Friday with the filing of an opinion by Judge Frank G. Wagaman in a group of suits brought some weeks ago by the bank's receiver against certain individual subscribers to the second guaranty fund of the bank.

The court in sustaining demurrers filed in behalf of the defendants is believed to have given a decided setback to the efforts of the receiver to force payment of subscriptions to the $750,000 guaranty fund of May, 1932. The demurrers were sustained on the grounds that the narrs or declarations of the suits in question do not allege that the fund was raised in the manner and form as provided

11. October 31, 1935 The Daily Mail Hagerstown, MD

Article Text

Sterling New Bank Receiver

Warren F. Sterling, Crisfield, Tuesday succeeded John J. Ghingher, resigned, as receiver of the Hagerstown Bank and Trust Company. An order of court accepting Mr. Ghingher's resignation and the appointment of Mr. Sterling together with the approval of his bond was entered on the local equity docket. Mr. Sterling recently succeeded Mr. Ghingher as State Bank Commissioner under appointment of Governor Nice.

F. D. R. TAKES A DAY OFF

HYDE PARK, N. Y., Oct. 31 (AP). President Roosevelt came home early today to the family estate here and announced he was taking the day off.

During the dedication ceremonies, this man placed his hand on the scout's shoulders and said:

"Young chap, are you the fellow who made me walk across the bridge?"

"I am," was the reply.

"Well, shake hands," said the stout man, "I'm the governor of Maryland."

12. December 4, 1935 The Daily Mail Hagerstown, MD

Article Text

BANK PLANS PAYMENT IN NEAR FUTURE

Ten Percent Distribution Will Be Made By Hagerstown Bank And Trust.

Announcement was made yesterday that a distribution of over $300,000 of funds of the Hagerstown Bank and Trust Company will be made by Warren F. Sterling, Receiver, on December 18.

The Receiver yesterday filed with the Court his first report and account providing for the initial distribution of 10 per cent of the funds of the institution. The report is subject to ratification by the Court on December 18.

In announcing the initial payment of funds of the closed bank, the Receiver in a notice said that the distribution would be made "to such general creditors of the bank whose claims are recognized and have been definitely determined both as to validity and amount. However, in all cases where the amount of a general creditor's claim has not been definitely determined, and also in those cases where a general creditor's liability to the bank or Receiver has not been definitely established, either no distribution will be made at this time or an amount less than 10 per cent of the claim will be paid, subject to adjustment later."

After an audit covering between seven and eight thousand accounts had been approved by the Banking Commissioner yesterday, the account was brought here and filed in the Circuit Court by Edward Oswald, Jr., attorney for the Receiver.

The payment of over $300,000 just before Christmas will be a great boon to business here and especially to the retail Christmas trade. The banking institution closed in February, 1933.

MARRIAGES MOUNT.

ELKTON, Md., Dec. 4 (AP) — With 840 ceremonies recorded, a new high in the marriage business was set in this "gretna green" during November. The previous record was set in August, when 744 couples secured licenses.

The new Pennsylvania law requiring several days delay between the issuance of the license and the marriage, has increased the number of licenses obtained here.

13. December 19, 1935 The Washington Times Washington, DC
Article from The Washington Times, December 19, 1935

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$317,000 YULE GIFT MADE HAGERSTOWN. Md.. Dec. 19. Santa Claus, in the guise of receivers of the Hagerstown Bank & Trust Company. is filling some 8,000 depositors' stockings with a 10 per cent payment on deposits carried by the bank when it failed several years ago. The checks total $317,000. The distribution is expected to boost Christmas sales during the next few days. Santa Claus also was active at Smithburg, where the receivers of the Peoples Bank of Smithsburg will receive checks tomorrow for $18,000, which represents a 5 per cent distribution to depositors.

14. July 29, 1937 Evening Star Washington, DC
Article from Evening Star, July 29, 1937

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Article Text

Bank Pays Dividend

By the Associated Press. BALTIMORE. July 29.-Warren F. Sterling, State bank commissioner, announced yesterday $482,667.03 has been distributed to creditors of the Hagerstown Bank & Trust Co., now in receivership.