Franklin Bank - Baltimore, MD

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: January 24, 1842
Location: Baltimore, Maryland (39.290, -76.612)

Metadata

Model: gpt-5-mini
Short Digest: fbeaa2a5

Response Measures

None

Description

Article (New-York Tribune, 1842-01-24) states the Banks of Baltimore were ready to resume except the Franklin, which is winding up. No run or withdrawals are described; winding up indicates permanent closure/liquidation. I corrected OCR Fracklin to Franklin.

Events (1)

1. January 24, 1842 Suspension

Cause: Voluntary Liquidation
Cause Details: Article explicitly says the Franklin is winding up, indicating voluntary winding up/closure rather than a suspension due to panic or external action.
Newspaper Excerpt: The Banks of Baltimore ... announce their readiness to resume, excepting the Franklin, which is winding up
Source: newspapers

Newspaper Articles (1)

1. January 24, 1842 New-York Tribune New York, NY

Article from New-York Tribune, January 24, 1842

Click image to open full size in new tab

Article Text

3,000 Indiana Bonds Messrs. Pepoon & Boffman have been appointed agents for the redemption of the notes of the Back of Lansing burg. We were misinformed in relation to the injunction said to have been laid on the sale of Illinois Bonds by the Me chanies' Banking Association. Due notice was given of the sale, and no injunction has been laid. We have seen private letters from Columbus, Georgia, which state that the populace were much excited against the Banks, and had threatened an attack upon the Bank of Columbus The Columbus Guards were prepared to resistant such exhibition of violence. It will be seen by reference to a letter from our correspredent at Columbus, that a Bill has passed one branch of the Legislature of that State to enforce the resumption of specie payments after the 4th of March next. The Farmers' Bank of Cauton, Ohio, has suspended payment. The Banks of Baltimore in answer to the queries of the Legislature Committee in relation to resumption, sn. nounce their readiness to resume. excepting the Fracklin, which is winding up, and the Farmers' and Mechanics.Most of the Banks, however, think August is early enough and that it would be injudicious to resume without Peansylvania and Virginia. LONDON MONEY MARKET.-The President's Message and the Speech of the King of the French. as well as the appointment of Lord Ashburton had had a very favorable effect upon the money market. and nearly every description of stock was buoyant. Money was more plenty. On the 3d inst. Consols were 893 for the account. The premium upon Exchequer Bills was 17s. on India Bonds, premium 5x-the highest point they have touched for some time. MARKETS.-The duty on Wheat had been advanced to 23s. Sd., ou Flour 13% 3d. per bbl. Wheat had declined about 1d. per bashel in bood. The transactions were limited. The receipts of Foreign Grain and Fleur had been heavy. The stock of Cotton at Liverpcol on the 31st HIL. was 499.930 bales. The demand was very active, both for consumption and speculation, and American wysquoted at an advance of R per lb. The sales for the six days preced. ing the sailing of the steamer reached 27,000 bales, and the market continued to have a buoyant feeling. The accounts from America were looked upon as being favorable for trade and a good feeling as :0 the future business was generally entertained by commercial men. At Manchester the feeling was also better. and an improvement both in demand and prices was looked for.Yarus had slightly advanced, and Cloths were held much more firmly.