13184. City Bank (Brooklyn, NY)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
October 9, 1857
Location
Brooklyn, New York (40.660, -73.951)

Metadata

Model
gpt-5-mini
Short Digest
f8ad97e7e0db08fd

Response Measures

None

Description

Newspapers report a slight run on the Brooklyn City Bank on Oct. 9, 1857, but that all demands ... were promptly paid. No suspension or closure of this bank is mentioned. Context is the wider 1857 money panic (rumors and high rates).

Events (1)

1. October 9, 1857 Run
Cause
Macro News
Cause Details
Part of the broader 1857 monetary panic and rumors affecting heavy firms; high rates and general money pressure triggered withdrawals.
Measures
The bank promptly met all demands (paid withdrawals).
Newspaper Excerpt
There was a slight run on the Brooklyn City Bank, but all demands on both institutions were promptly paid.
Source
newspapers

Newspaper Articles (2)

Article from Worcester Daily Spy, October 10, 1857

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Article Text

New York Monetary Affairs. NEW York, Oct. 9.-There has been but little change today in the aspect of our money affairs, rates continuing as high and as unsettled as yesterday, while the demand is more pressing. There were rumors affecting the standing of two or three heavy firms, but only one suspension is known, that of Gallandel & Wetmore, bankers. The run on the Park Bank subsided early this afternoon, the bank having promptly met all demands. There was a slight run on the Bowery Bank, and also on the Brooklyn City Bank, but all demands on both institutions were promptly paid. The Central Bank of Brooklyn, was enjoined today, and a receiver appointed. The bank has a circulation of $90,000, and $1000 in specie. A meeting was held this afternoon at the Merchants' Bank, at which was discussed a proposition for the banks to provide from their common resources, a fund of five or six millions, to be used in bringing forward produce to our market. At the morning session of the stock exchange, railroads were again all lower, with two or three exceptions. State stocks remained firm, with large sales. The second board showed no improvement. At a late hour the result of the conference meeting of banks and merchants transpired on 'Change. A proposition for an immediate in. crease of loans to the amount of three millions, was defeated. This decision added to the despondency in the street.


Article from The Ashland Union, October 14, 1857

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Article Text

From New York NEW YORK, Oct. 9. There has been no material change to day in the aspect of our money affairs; rates continuing as high and unsettled as yesterday, while the demand is more pressing. There were rumors affecting the standing of two or three heavy firms, but only one suspen ion is known, that of Gallandet & Wetmore, Bankers. The run on the Park Bank subsided early in the afternoon-the Bank having premptly met all demands. There was a slight run on the Bowery Bank, and also on the Brooklyn City Bank, but all demands in both institutions were promptly paid. The Central Bank, Brooklyn, was enjoined to-day and a re. ceiver appointed. The Bank has a circulation of $9,000 and $1,000 in specie. A meeting was held this afterkoon at the Merchants' Bank, at which WAS discussed the proposition for the Banks to provide from their common resor rees a fund of five or six millions to be used in bringing forward produce to our market. At a late hour the result of the conference meeting of bankers and merchants transpired on 'change. A proposition for an immediate increase of loans to the amount of three millions was defeat ed This decision added to the despondency. The Bowery bank closed its doors this afternoon, and has been suspended from the clearing bouse The bills are abundantly secured and will be taken by all the city banks. The insti tation was a small affair, with a capital of $350,000. The Park Bank fully sustained itself There was no little dissatisfaction among the Bergen Tunnel laborers, in consequence of the failure of the contractor to pay them, and because of their discharge; and to day there was talk of tearing up the track to night in case the money was not forthcoming by 6 P. M. Precaution has been taken by the Eric Company to keep things as quiet as pessible. Military will be on hand should a disturbance occur to-night. LATER-9 P. -The Eric Company did not pay the laborers to-day, and the report is that the track has been torn up. A very large meeting of ladies and others to express sympathy with the family of Commander Herndon, was held to-day. Wm. A. Duer, Esq. formerly President of Columbia College, presided. Addresses were made by several gentlemen. Resolutions were adopted and a committee appointed to receive subscriptions towards a fund for the widow and daughter of the gallant Herndon.