Article Text
The P ople's Bank at Patterson N. J, has been run upon for specie for several days, but the demand was promptly met. It is said to be the soundest Institution in the State.
12711. People's Bank (Paterson, NJ)
Bank Information
- Episode Type
- Run Only
- Bank Type
- state
- Start Date
- April 1, 1837*
- Location
- Paterson, New Jersey (40.917, -74.172)
Metadata
- Model
- gpt-5-mini
- Short Digest
ba5751e10ee4c1c2
Response Measures
None
Description
Contemporary reports (April 1837) state the People's Bank at Paterson, NJ, was 'run upon for specie for several days' but 'the demand was promptly met.' No suspension, receivership, or reopening mentioned. The run appears driven by the broad money-pressure/panics of April 1837 rather than a discrete misinformation event.
Events (1)
1.
April 1, 1837*
Run
- Cause
- Macro News
- Cause Details
- Run occurred during the widespread money pressure and commercial failures in April 1837; withdrawals for specie over several days.
- Measures
- Bank promptly met specie demands (paid out specie to depositors).
- Newspaper Excerpt
- The People's Bank at Patterson N. J, has been run upon for specie for several days, but the demand was promptly met.
- Source
- newspapers
Newspaper Articles (2)
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Article Text
THE PRESSURE. From the American Constellation. MONEY MATTERS AT THE NORTH. We give below the latest advices of the state of money matters at the north. Failures continue to take place of all grades, from millions down to hun. dreds of dollars. The number of failures in New York is stated at one hundred and twenty, which we presume includes leading and well known busi. ness houses only. Biddle is about shipping a mil. lion of silver dollars to England as a basis to the credit upon which his three millions of twelve months bonds are drawn. Some of the northern papers anticipa'e even worse times than have yet been experienced in the mercantile cities, and we should not be surprised if their impressions were realized. Since the work has begun, it will be bet. ter for the country that a thorough and entire pu. rification take place in the commercial world. Ere. ry tub will then once more stand upon its own bot. tom. MONEY MATTERS IN NEW YORK. On Monday at one o'clock, P. M. no failures were announced. On Satorday, it appears, several failures occurred-one account says ten or twelve, some of them large houses. We annex the follow. ing items from the New York journals and slips of Monday afternoon : From the Herali, April 10. The failures continue without intermission. A large importing house suspended on Saturday for an amount varying from one to two millions. This failure, as usual carried many o hers with it. The amount of commercial paper now daily laying over in the banks, is very great. N tarie public have more to do than they can manage. We alsoleam from various sources, that such is the entire piestraton of commerc al credit-the consternation among the banks-and the dread of the action and temper of the government on the public funds, that ma. ny other large houses, yetin solvent ire instances, are preparing to wind up their businewend stop payment. We have heard of two or three houses, with deposites of $50,000, that see no other courte before them but failure and suspension. From the New York Evening Post, April 10. REMARKS.-The pressure in the money market is unabated. We understand a number of houses have been obliged to suspend payment for the present, being unable to obtain funds on even the best securities. This state of things resulted in the call of a private meeting of a number of gentlemen at the Mayor's office on Saturday, when a committee was appointed to recommend some measure for the relief of the money market. One of the proprsitions ie, an application to the legislature (HOW in session) for a law loaning the credit of the state to the city banks for twenty years in bonds to the amount of ten millions, at an interest of 6 per cent. which should be considered as an addition to their capital to discount upon. Whether this will be a. dopted, or the legislature sanction it, is quite problematical. Somebody suggested that the banks should discontinue specie payments, but the idea was scouted. The stocks 10-day have improved a little, owing we suppose, to some of the brokers being short, and compelled to buy. There is, however, a better feeling in the street to day, money is easier. The People's Bank as Pateison, N.J. was run upon for specie for several days, but promptly met all demands. The bank is said to be the soundest in the state. From Now Orleans, we learn that the house of Mesers. J.izardi, race the first day of October last, have imported $1,374,737 in specie from Mexico and Havans. From Bicknell's Reporter, April 10. MONEY MATTERS IN PHILADELPHIA. TRE MONEY MARKET-THE PREMOURE-PHILA. DELPHIA. The pressure in the money market will continuse. Since our last, several additional failures have occurred in New York, and one or two in thiscity. MARATHON