Western Bank - Baltimore, MD

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: November 19, 1845
Location: Baltimore, Maryland (39.290, -76.612)

Metadata

Model: gpt-5-mini
Short Digest: bbd36c46

Response Measures

Accommodated withdrawals

Description

Newspaper (NY Herald) reports a rumor (Nov 19, 1845) that the Bank of Baltimore was about to close, causing a rush for specie that was calmed when other banks redeemed the bank's notes. No suspension or closure mentioned; panic described as groundless. Bank type inferred as state-chartered (common for named city banks of period).

Events (1)

1. November 19, 1845 Run

Cause: Rumor Or Misinformation
Cause Details: A circulating rumor that the Bank of Baltimore was about to close its doors prompted depositors to rush for specie; the rumor proved groundless.
Measures: Other banks promptly redeemed the Bank of Baltimore's notes and specie was paid, which restored confidence.
Newspaper Excerpt: Then came a second rumor that the Bank of Baltimore, in which there is nearly a half million of public deposits, was about closing its doors, and somewhat of a rush was made for specie there, but the prompt action of the other banks in redeeming the notes ... soon had the effect of restoring confidence
Source: newspapers

Newspaper Articles (1)

1. November 20, 1845 The New York Herald New York, NY

Article from The New York Herald, November 20, 1845

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Article Text

NOV. 19, 1845. A Bank Panic almost-City Court-Custom House Af. fairs-Markets, Sc. Throughout the day yesterday, we had a general bank panic, some two or three of our most stable banks being pointed out as in a tottering condition. First, the rumor pointed out to the Western Bank, and a general rush was made by the timid to obtain specie for their notes, which were promptly paid. Then came a second rumor that the Bank of Baltimore, in which there is nearly a half million of public deposits, was about closing its doors, and somewhat of a rush was made for specie there, but the prompt action of the other banks in redeeming the notes of these two prescribed institutions to any amount desired, soon had the effect of restoring confidence, and convincing all that their doubts and fears were wholly groundless. What the rumor was founded on, or who first set the ball in motion," no one could ascertain, though it was probably the work of some of our petty street brokers, who desired to make a raise from an artificial depreciation of their paper. The Banks of Baltimore were never so strong as at the present time, though the sudden downfall of the old Bank of Maryland makes our own citizens fearful of shadows. "A burnt child dreads the fire." The City Court yesterday succeeded in empanelling a jury from two hundred talesmen, for the trial of Stirling, the second of the rape gang. The trial is to procee this morning, and we may expect another compromise verdict, as an outrage on a German woman is not considered of any importance among certain class 8 in this city. It is to be hoped that the Court will not permit such outrageous questions, having no bearing on the case, to be put to the unfortunate victim of the outrage, as was done on the trial of Roberts. Such a course will be a disgrace to Baitimore. The President and Secretary of the Treasury have our Custom House affairs now under consideration, and, it is said are rather perplexed as to what course it will be proper to pursue. Both parties have made state. ments, and sent ambassadors to Washington, and a few days will probably settle the matter. THE MARKETS.-Nov. 18.-Sales of Howard street flour, of good standard brands, were made yesterday and this morning, from store, at $6, which price holders are now firm in asking. The market is rather quiet, neither buyers nor sellers evincing much disposition to operate until the receipts of further advices from Europe. Receipt price $5 75. Nothing done in City Mills flour-holders are firm in asking $6. Nothing done in Susquehanna or rye flour. There is 8 fair supply of wheat in market, with fair receipts. White wheat, for family flour, is worth $1 30 a $135. Sales of good to prime Maryland red wheat are making at $122 a $1 25, and ordinary to good at $1 15 a 22. Maryland new White Corn is selling at 62 a 63 cents, and yellow at 63 a 64 cents. We quote old White at 66 a 67 cents, and yellow 68 a 69. Oats 38 a 39 cents, and Rye 73 cents per bushel. Sales of Whiskey in barrels are now being made at 28 cents, and of hogsheads at 27 cents per gallon. The stock is light. STOCK AND MONEY MARKET-We have no material change to note in the Stock market, except the re-action in State six per cents, which sold yesterday at 791 a 78g. For investment permanently there is nothing doingspeculators have the field to themselves.